Document:

bancrofts8ex10-1.htm

    
      

      

    

    Exhibit 10.1

    

     

     

     

     

     

    2008
BANCROFT URANIUM, INC.

    

    STOCK
OPTION AND AWARD PLAN

     

     

     

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SECTION
1: GENERAL PURPOSE OF PLAN

    

    The name
of this plan is the 2008 BANCROFT URANIUM, INC. STOCK OPTION AND AWARD PLAN (the
"Plan"). The purpose of the Plan is to enable BANCROFT URANIUM, INC., a Nevada
corporation (the "Company"), and any Parent or any Subsidiary to obtain and
retain the services of the types of Employees, Consultants and Directors who
will contribute to the Company's long range success and to provide incentives
which are linked directly to increases in share value which will inure to the
benefit of all stockholders of the Company.

    

    SECTION
2: DEFINITIONS

    

    For
purposes of the Plan, the following terms shall be defined as set forth
below:

    

    "Administrator"
shall have the meaning as set forth in Section 3, hereof.

     

    "Board"
means the Board of Directors of the Company.

     

    "Cause"
means (i) failure by an Eligible Person to substantially perform his or her
duties and obligations to the Company (other than any such failure resulting
from his or her incapacity due to physical or mental illness); (ii) engaging in
misconduct or a fiduciary breach which is or potentially is materially injurious
to the Company or its stockholders; (iii) commission of a felony; (iv) the
commission of a crime against the Company which is or potentially is materially
injurious to the Company; or (v) as otherwise provided in the Stock Option
Agreement or Stock Purchase Agreement. For purposes of this Plan, the existence
of Cause shall be determined by the Administrator in its sole
discretion.

     

    "Change
in Control" shall mean:

     

    The
consummation of a merger or consolidation of the Company with or into another
entity or any other corporate reorganization, if more than 50% of the combined
voting power (which voting power shall be calculated by assuming the conversion
of all equity securities convertible (immediately or at some future time) into
shares entitled to vote, but not assuming the exercise of any warrant or right
to subscribe to or purchase those shares) of the continuing or Surviving
Entity's securities outstanding immediately after such merger, consolidation or
other reorganization is owned, directly or indirectly, by persons who were not
stockholders of the Company immediately prior to such merger, consolidation or
other reorganization; provided, however, that in making the determination of
ownership by the stockholders of the Company, immediately after the
reorganization, equity securities which persons own immediately before the
reorganization as stockholders of another party to the transaction shall be
disregarded; or

     

    The sale,
transfer or other disposition of all or substantially all of the Company's
assets.

     

    A
transaction shall not constitute a Change in Control if its sole purpose is to
change the state of the Company's incorporation or to create a holding company
that will be owned in substantially the same proportions by the persons who held
the Company's securities immediately before such transaction.

     

    
      
        
        

      

      
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    "Code"
means the Internal Revenue Code of 1986, as amended from time to
time.

     

    "Committee"
means a committee of the Board designated by the Board to administer the
Plan.

     

    "Company"
means BANCROFT URANIUM, INC., a corporation organized under the laws of the
State of Nevada (or any successor corporation).

     

    "Consultant"
means a consultant or advisor who is a natural person or a legal entity and who
provides bona fide services to the Company, a Parent or a Subsidiary; provided
such services are not in connection with the offer or sale of securities in a
capital-raising transaction and do not directly or indirectly promote or
maintain a market for the Company's securities.

     

    "Date of
Grant" means the date on which the Administrator adopts a resolution expressly
granting a Right to a Participant or, if a different date is set forth in such
resolution as the Date of Grant, then such date as is set forth in such
resolution.

     

    "Director"
means a member of the Board.

     

    "Disability"
means that the Optionee is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment; provided,
however, for purposes of determining the term of an ISO pursuant to Section 6.6
hereof, the term Disability shall have the meaning ascribed to it under Code
Section 22(e)(3). The determination of whether an individual has a Disability
shall be determined under procedures established by the Plan
Administrator.

     

    "Eligible
Person" means an Employee, Consultant or Director of the Company, any Parent or
any Subsidiary.

     

    "Employee"
shall mean any individual who is a common-law employee (including officers) of
the Company, a Parent or a Subsidiary.

     

    "Exercise
Price" shall have the meaning set forth in Section 6.3 hereof.

     

    "Exchange
Act" means the Securities Exchange Act of 1934, as amended.

     

    "Fair
Market Value" shall mean the fair market value of a Share, determined as
follows: (i) if the Stock is listed on any established stock exchange or a
national market system, including without limitation, the NASDAQ National
Market, the Fair Market Value of a share of Stock shall be the closing sales
price for such stock (or the closing bid, if no sales were reported) as quoted
on such system or exchange (or the exchange with the greatest volume of trading
in the Stock) on the last market trading day prior to the day of determination,
as reported in the Wall Street Journal or such other source as the Administrator
deems reliable; (ii) if the Stock is quoted on the NASDAQ System (but not on the
NASDAQ National Market) or any similar system whereby the stock is regularly
quoted by a recognized securities dealer but closing sale prices are not
reported, the Fair Market Value of a share of Stock shall be the mean between
the bid and asked prices for the Stock on the last market trading day prior to
the day of determination, as reported in the Wall Street Journal or such other
source as the Administrator deems reliable; or (iii) in the absence of an
established market for the Stock, the Fair Market Value shall be determined in
good faith by the Administrator and such determination shall be conclusive and
binding on all persons.

     

    
      
        
        

      

      
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    "First
Refusal Right" shall have the meaning set forth in Section 8.7
hereof.

     

    "ISO"
means a Stock Option intended to qualify as an "incentive stock option" as that
term is defined in Section 422(b) of the Code.

     

    "Non-Employee
Director" means a member of the Board who is not an Employee of the Company, a
Parent or Subsidiary, who satisfies the requirements of such term as defined in
Rule 16b-3(b)(3)(i) promulgated by the Securities and Exchange
Commission.

     

    "Non-Qualified
Stock Option" means a Stock Option not described in Section 422(b) of the
Code.

     

    "Offeree"
means a Participant who is granted a Purchase Right pursuant to the
Plan.

     

    "Optionee"
means a Participant who is granted a Stock Option pursuant to the
Plan.

     

    "Outside
Director" means a member of the Board who is not an Employee of the Company, a
Parent or Subsidiary, who satisfies the requirements of such term as defined in
Treasury Regulations (26 Code of Federal Regulation Section
1.162-27(e)(3)).

     

    "Parent"
means any corporation (other than the Company) in an unbroken chain of
corporations ending with the Company, if each of the corporations other than the
Company owns stock possessing 50% or more of the total combined voting power of
all classes of stock in one of the other corporations in such chain. A
corporation that attains the status of a Parent on a date after the adoption of
the Plan shall be considered a Parent commencing as of such date.

     

    "Participant"
means any Eligible Person selected by the Administrator, pursuant to the
Administrator's authority in Section 3, to receive grants of
Rights.

     

    "Plan"
means this 2008 BANCROFT URANIUM, INC. STOCK OPTION AND AWARD PLAN, as the same
may be amended or supplemented from time to time.

     

    "Purchase
Price" shall have the meaning set forth in Section 7.3.

     

    "Purchase
Right" means the right to purchase Stock granted pursuant to Section
7.

     

    "Rights"
means Stock Options and Purchase Rights.

     

    "Repurchase
Right" shall have the meaning set forth in Section 8.8 of the Plan.

     

    "Service"
shall mean service as an Employee, Director or Consultant.

     

    "Stock"
means Common Stock of the Company.

     

    "Stock
Option" or "Option" means an option to purchase shares of Stock granted pursuant
to Section 6.

     

    "Stock
Option Agreement" shall have the meaning set forth in Section 6.1.

     

    "Stock
Purchase Agreement" shall have the meaning set forth in Section
7.1.

     

    
      
        
        

      

      
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    “Subsidiary"
means any corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company, if each of the corporations other than
the last corporation in the unbroken chain owns stock possessing 50% or more of
the total combined voting power of all classes of stock in one of the other
corporations in such chain. A corporation that attains the status of a
Subsidiary on a date after the adoption of the Plan shall be considered a
Subsidiary commencing as of such date.

     

    "Surviving
Entity" means the Company if immediately following any merger, consolidation or
similar transaction, the holders of outstanding voting securities of the Company
immediately prior to the merger or consolidation own equity securities
possessing more than 50% of the voting power of the corporation existing
following the merger, consolidation or similar transaction. In all other cases,
the other entity to the transaction and not the Company shall be the Surviving
Entity. In making the determination of ownership by the stockholders of an
entity immediately after the merger, consolidation or similar transaction,
equity securities which the stockholders owned immediately before the merger,
consolidation or similar transaction as stockholders of another party to the
transaction shall be disregarded. Further, outstanding voting securities of an
entity shall be calculated by assuming the conversion of all equity securities
convertible (immediately or at some future time) into shares entitled to
vote.

     

    "Ten
Percent Stockholder" means a person who on the Date of Grant owns, either
directly or through attribution as provided in Section 424 of the Code, Stock
constituting more than 10% of the total combined voting power of all classes of
stock of his or her employer corporation or of any Parent or
Subsidiary.

    

    SECTION
3: ADMINISTRATION

    

    3.1
Administrator. The Plan shall be administered by either (i) the Board, or (ii) a
Committee appointed by the Board (the group that administers the Plan is
referred to as the "Administrator").

     

    3.2
Powers in General. The Administrator shall have the power and authority to grant
to Eligible Persons, pursuant to the terms of the Plan, (i) Stock Options, (ii)
Purchase Rights or (iii) any combination of the foregoing.

     

    3.3
Specific Powers. In particular, the Administrator shall have the authority: (i)
to construe and interpret the Plan and apply its provisions; (ii) to promulgate,
amend and rescind rules and regulations relating to the administration of the
Plan; (iii) to authorize any person to execute, on behalf of the Company, any
instrument required to carry out the purposes of the Plan; (iv) to determine
when Rights are to be granted under the Plan; (v) from time to time to select,
subject to the limitations set forth in this Plan, those Eligible Persons to
whom Rights shall be granted; (vi) to determine the number of shares of Stock to
be made subject to each Right; (vii) to determine whether each Stock Option is
to be an ISO or a Non-Qualified Stock Option; (viii) to prescribe the terms and
conditions of each Stock Option and Purchase Right, including, without
limitation, the Purchase Price and medium of payment, vesting provisions and
repurchase provisions, and to specify the provisions of the Stock Option
Agreement or Stock Purchase Agreement relating to such grant or sale; (ix) to
amend any outstanding Rights for the purpose of modifying the time or manner of
vesting, the Purchase Price or Exercise Price, as the case may be, subject to
applicable legal restrictions and to the consent of the other party to such
agreement; (x) to determine the duration and purpose of leaves of absences which
may be granted to a Participant without constituting termination of their
employment for purposes of the Plan; (xi) to make decisions with respect to
outstanding Stock Options that may become necessary upon a change in corporate
control or an event that triggers anti-dilution adjustments; and (xii) to make
any and all other determinations which it determines to be necessary or
advisable for administration of the Plan.

     

    
      
        
        

      

      
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    3.4
Decisions Final. All decisions made by the Administrator pursuant to the
provisions of the Plan shall be final and binding on the Company and the
Participants.

     

    3.5 The
Committee. The Board may, in its sole and absolute discretion, from time to
time, and at any period of time during which the Company's Stock is registered
pursuant to Section 12 of the Exchange Act, delegate any or all of its duties
and authority with respect to the Plan to the Committee whose members are to be
appointed by and to serve at the pleasure of the Board. From time to time, the
Board may increase or decrease the size of the Committee, add additional members
to, remove members (with or without cause) from, appoint new members in
substitution therefor, and fill vacancies, however caused, in the Committee. The
Committee shall act pursuant to a vote of the majority of its members or, in the
case of a committee comprised of only two members, the unanimous consent of its
members, whether present or not, or by the unanimous written consent of the
majority of its members and minutes shall be kept of all of its meetings and
copies thereof shall be provided to the Board. Subject to the limitations
prescribed by the Plan and the Board, the Committee may establish and follow
such rules and regulations for the conduct of its business as it may determine
to be advisable. During any period of time during which the Company's Stock is
registered pursuant to Section 12 of the Exchange Act, all members of the
Committee shall be Non-Employee Directors and Outside Directors.

     

    3.6
Indemnification. In addition to such other rights of indemnification as they may
have as Directors or members of the Committee, and to the extent allowed by
applicable law, the Administrator and each of the Administrator's consultants
shall be indemnified by the Company against the reasonable expenses, including
attorney's fees, actually incurred in connection with any action, suit or
proceeding or in connection with any appeal therein, to which the Administrator
or any of its consultants may be party by reason of any action taken or failure
to act under or in connection with the Plan or any option granted under the
Plan, and against all amounts paid by the Administrator or any of its
consultants in settlement thereof (provided that the settlement has been
approved by the Company, which approval shall not be unreasonably withheld) or
paid by the Administrator or any of its consultants in satisfaction of a
judgment in any such action, suit or proceeding, except in relation to matters
as to which it shall be adjudged in such action, suit or proceeding that such
Administrator or any of its consultants did not act in good faith and in a
manner which such person reasonably believed to be in the best interests of the
Company, or was grossly negligent, and in the case of a criminal proceeding, had
no reason to believe that the conduct complained of was unlawful; provided,
however, that within 60 days after institution of any such action, suit or
proceeding, such Administrator or any of its consultants shall, in writing,
offer the Company the opportunity at its own expense to handle and defend such
action, suit or proceeding.

    

    SECTION
4: STOCK SUBJECT TO THE PLAN

    

    4.1 Stock
Subject to the Plan. Subject to adjustment as provided in Section 9, Four
Million Six Hundred Seventeen Thousand Eight Hundred (4,617,800) shares of
Common Stock shall be reserved and available for issuance under the Plan. Stock
reserved hereunder may consist, in whole or in part, of authorized and unissued
shares or treasury shares.

     

    
      
        
        

      

      
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    4.2 Basic
Limitation. The number of shares that are subject to Rights under the Plan shall
not exceed the number of shares that then remain available for issuance under
the Plan. The Company, during the term of the Plan, shall at all times reserve
and keep available a sufficient number of shares to satisfy the requirements of
the Plan.

     

    4.3
Additional Shares. In the event that any outstanding Option or other right for
any reason expires or is canceled or otherwise terminated, the shares allocable
to the unexercised portion of such Option or other right shall again be
available for the purposes of the Plan. In the event that shares issued under
the Plan are reacquired by the Company pursuant to the terms of any forfeiture
provision, right of repurchase or right of first refusal, such shares shall
again be available for the purposes of the Plan.

    

    SECTION
5: ELIGIBILITY

    

    Eligible
Persons who are selected by the Administrator shall be eligible to be granted
Rights hereunder subject to limitations set forth in this Plan; provided,
however, that only Employees shall be eligible to be granted ISOs
hereunder.

    

    SECTION
6: TERMS AND CONDITIONS OF OPTIONS.

    

    6.1 Stock
Option Agreement. Each grant of an Option under the Plan shall be evidenced by a
Stock Option Agreement between the Optionee and the Company. Such Option shall
be subject to all applicable terms and conditions of the Plan and may be subject
to any other terms and conditions which are not inconsistent with the Plan and
which the Administrator deems appropriate for inclusion in a Stock Option
Agreement. The provisions of the various Stock Option Agreements entered into
under the Plan need not be identical.

     

    6.2
Number of Shares. Each Stock Option Agreement shall specify the number of shares
of Stock that are subject to the Option and shall provide for the adjustment of
such number in accordance with Section 9, hereof. The Stock Option Agreement
shall also specify whether the Option is an ISO or a Non-Qualified Stock
Option.

     

    6.3
Exercise Price.

     

    6.3.1 In
General. Each Stock Option Agreement shall state the price at which shares
subject to the Stock Option may be purchased (the "Exercise Price"), which
shall, with respect to Incentive Stock Options, be not less than 100% of the
Fair Market Value of the Stock on the Date of Grant. In the case of
Non-Qualified Stock Options, the Exercise Price shall be determined in the sole
discretion of the Administrator.

     

    6.3.2
Payment. The Exercise Price shall be payable in a form described in Section 8
hereof.

    

    6.4
Withholding Taxes. As a condition to the exercise of an Option, the Optionee
shall make such arrangements as the Board may require for the satisfaction of
any federal, state, local or foreign withholding tax obligations that may arise
in connection with such exercise or with the disposition of shares acquired by
exercising an Option.

     

    6.5
Exercisability. Each Stock Option Agreement shall specify the date when all or
any installment of the Option becomes exercisable. In the case of an Optionee
who is not an officer of the Company, a Director or a Consultant, an Option
shall become exercisable at a rate of no more than 25% per year over a four-year
period commencing on January 1 following the Date of Grant and 25% each year
thereafter on January 1. Subject to the preceding sentence, the exercise
provisions of any Stock Option Agreement shall be determined by the
Administrator, in its sole discretion.

     

    
      
        
        

      

      
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    6.6 Term.
The Stock Option Agreement shall specify the term of the Option. No Option shall
be exercised after the expiration of ten years after the date the Option is
granted. Unless otherwise provided in the Stock Option Agreement, no Option may
be exercised (i) three months after the date the Optionee's Service with the
Company, its Parent or its Subsidiaries terminates if such termination is for
any reason other than death, Disability or Cause, (ii) one year after the date
the Optionee's Service with the Company, its Parent or its subsidiaries
terminates if such termination is a result of death or Disability, and (iii) if
the Optionee's Service with the Company, its Parent, or its Subsidiaries
terminates for Cause, all outstanding Options granted to such Optionee shall
expire as of the commencement of business on the date of such termination. The
Administrator may, in its sole discretion, waive the accelerated expiration
provided for in (i) or (ii). Outstanding Options that are not exercisable at the
time of termination of employment for any reason shall expire at the close of
business on the date of such termination.

     

    6.7
Leaves of Absence. For purposes of Section 6.6 above, to the extent required by
applicable law, Service shall be deemed to continue while the Optionee is on a
bona fide leave of absence. To the extent applicable law does not require such a
leave to be deemed to continue while the Optionee is on a bona fide leave of
absence, such leave shall be deemed to continue if, and only if, expressly
provided in writing by the Administrator or a duly authorized officer of the
Company, Parent, or Subsidiary for whom Optionee provides his or her
services.

     

    6.8
Modification, Extension and Assumption of Options. Within the limitations of the
Plan, the Administrator may modify, extend or assume outstanding Options
(whether granted by the Company or another issuer) or may accept the
cancellation of outstanding Options (whether granted by the Company or another
issuer) in return for the grant of new Options for the same or a different
number of shares and at the same or a different Exercise Price. Without limiting
the foregoing, the Administrator may amend a previously granted Option to fully
accelerate the exercise schedule of such Option and provide that upon the
exercise of such Option, the Optionee shall receive shares of Restricted Stock
that are subject to repurchase by the Company at the Exercise Price paid for the
Option in accordance with Section 8.8.1 with such Company's right to repurchase
at such price lapsing at the same rate as the exercise provisions set forth in
Optionee's Stock Option Agreement. The foregoing notwithstanding, no
modification of an Option shall, without the consent of the Optionee, impair the
Optionee's rights or increase the Optionee's obligations under such Option.
However, a termination of the Option in which the Optionee receives a cash
payment equal to the difference between the Fair Market Value and the Exercise
Price for all shares subject to exercise under any outstanding Option shall not
be deemed to impair any rights of the Optionee or increase the Optionee's
obligations under such Option.

    

    SECTION
7: TERMS AND CONDITIONS OF AWARDS OR SALES

    

    7.1 Stock
Purchase Agreement. Each award or sale of shares under the Plan (other than upon
exercise of an Option) shall be evidenced by a Stock Purchase Agreement between
the Purchaser and the Company. Such award or sale shall be subject to all
applicable terms and conditions of the Plan and may be subject to any other
terms and conditions which are not inconsistent with the Plan and which the
Board deems appropriate for inclusion in a Stock Purchase Agreement. The
provisions of the various Stock Purchase Agreements entered into under the Plan
need not be identical.

     

    
      
        
        

      

      
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    7.2
Duration of Offers. Unless otherwise provided in the Stock Purchase Agreement,
any right to acquire shares under the Plan (other than an Option) shall
automatically expire if not exercised by the Purchaser within 15 days after the
grant of such right was communicated to the Purchaser by the
Company.

     

    7.3
Purchase Price.

     

    7.3.1 In
General. Each Stock Purchase Agreement shall state the price at which the Stock
subject to such Stock Purchase Agreement may be purchased (the "Purchase
Price"), which, with respect to Stock Purchase Rights, shall be determined in
the sole discretion of the Administrator.

     

    7.3.2
Payment of Purchase Price. The Purchase Price shall be payable in a form
described in Section 8.

    

    7.4
Withholding Taxes. As a condition to the purchase of shares, the Purchaser shall
make such arrangements as the Board may require for the satisfaction of any
federal, state, local or foreign withholding tax obligations that may arise in
connection with such purchase.

    

    SECTION
8: PAYMENT; RESTRICTIONS

    

    8.1
General Rule. The entire Purchase Price or Exercise Price of shares issued under
the Plan shall be payable in full by, as applicable, cash or certified check for
an amount equal to the aggregate Purchase Price or Exercise Price for the number
of shares being purchased, or in the discretion of the Administrator, upon such
terms as the Administrator shall approve, (i) in the case of an Option and
provided the Company's stock is publicly traded, by a copy of instructions to a
broker directing such broker to sell the Stock for which such Option is
exercised, and to remit to the Company the aggregate Exercise Price of such
Options (a "cashless exercise"), (ii) in the case of an Option or a sale of
Stock, by paying all or a portion of the Exercise Price or Purchase Price for
the number of shares being purchased by tendering Stock owned by the Optionee,
duly endorsed for transfer to the Company, with a Fair Market Value on the date
of delivery equal to the aggregate Purchase Price of the Stock with respect to
which such Option or portion thereof is thereby exercised or Stock acquired (a
"stock-for-stock exercise") or (iii) by a stock-for-stock exercise by means of
attestation whereby the Optionee identifies for delivery specific shares of
Stock already owned by Optionee and receives a number of shares of Stock equal
to the difference between the Option shares thereby exercised and the identified
attestation shares of Stock (an "attestation exercise").

     

    8.2
Withholding Payment. The Purchase Price or Exercise Price shall include payment
of the amount of all federal, state, local or other income, excise or employment
taxes subject to withholding (if any) by the Company or any parent or subsidiary
corporation as a result of the exercise of a Stock Option. The Optionee may pay
all or a portion of the tax withholding by cash or check payable to the Company,
or, at the discretion of the Administrator, upon such terms as the Administrator
shall approve, by (i) cashless exercise or attestation exercise; (ii)
stock-for-stock exercise; (iii) in the case of an Option, by paying all or a
portion of the tax withholding for the number of shares being purchased by
withholding shares from any transfer or payment to the Optionee ("Stock
withholding"); or (iv) a combination of one or more of the foregoing payment
methods. Any shares issued pursuant to the exercise of an Option and transferred
by the Optionee to the Company for the purpose of satisfying any withholding
obligation shall not again be available for purposes of the Plan. The Fair
Market Value of the number of shares subject to Stock withholding shall not
exceed an amount equal to the applicable minimum required tax withholding
rates.

     

    
      
        
        

      

      
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    8.3
Services Rendered. At the discretion of the Administrator, shares may be awarded
under the Plan in consideration of services rendered to the Company, a Parent or
a Subsidiary prior to the award.

     

    8.4
Promissory Note. To the extent that a Stock Option Agreement or Stock Purchase
Agreement so provides, in the discretion of the Administrator, upon such terms
as the Administrator shall approve, all or a portion of the Exercise Price or
Purchase Price (as the case may be) of shares issued under the Plan may be paid
with a full-recourse promissory note. However, in the event there is a stated
par value of the shares and applicable law requires, the par value of the
shares, if newly issued, shall be paid in cash or cash equivalents. The shares
shall be pledged as security for payment of the principal amount of the
promissory note and interest thereon, and held in the possession of the Company
until said amounts are repaid in full. The interest rate payable under the terms
of the promissory note shall not be less than the minimum rate (if any) required
to avoid the imputation of additional interest under the Code. Subject to the
foregoing, the Administrator (at its sole discretion) shall specify the term,
interest rate, amortization requirements (if any) and other provisions of such
note. Unless the Administrator determines otherwise, shares of Stock having a
Fair Market Value at least equal to the principal amount of the loan shall be
pledged by the holder to the Company as security for payment of the unpaid
balance of the loan and such pledge shall be evidenced by a pledge agreement,
the terms of which shall be determined by the Administrator, in its discretion;
provided, however, that each loan shall comply with all applicable laws,
regulations and rules of the Board of Governors of the Federal Reserve System
and any other governmental agency having jurisdiction.

     

    8.5
Exercise/Pledge. To the extent that a Stock Option Agreement or Stock Purchase
Agreement so allows and if Stock is publicly traded, in the discretion of the
Administrator, upon such terms as the Administrator shall approve, payment may
be made all or in part by the delivery (on a form prescribed by the
Administrator) of an irrevocable direction to pledge shares to a securities
broker or lender approved by the Company, as security for a loan, and to deliver
all or part of the loan proceeds to the Company in payment of all or part of the
Exercise Price and any withholding taxes.

     

    8.6
Written Notice. The purchaser shall deliver a written notice to the
Administrator requesting that the Company direct the transfer agent to issue to
the purchaser (or to his designee) a certificate for the number of shares of
Common Stock being exercised or purchased or, in the case of a cashless exercise
or share withholding exercise, for any shares that were not sold in the cashless
exercise or withheld.

     

    8.7 First
Refusal Right. Each Stock Option Agreement and Stock Purchase Agreement may
provide that the Company shall have the right of first refusal (the "First
Refusal Right"), exercisable in connection with any proposed sale, hypothecation
or other disposition of the Stock purchased by the Optionee or Offeree pursuant
to a Stock Option Agreement or Stock Purchase Agreement; and in the event the
holder of such Stock desires to accept a bona fide third-party offer for any or
all of such Stock, the Stock shall first be offered to the Company upon the same
terms and conditions as are set forth in the bona fide offer.

     

    8.8
Repurchase Rights. Following a termination of the Participant's Service, the
Company may repurchase the Participant's Rights as provided in this Section 8.8
(the "Repurchase Right").

     

    
      
        
        

      

      
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    8.8.1
Repurchase Price. Following a termination of the Participant's Service the
Repurchase Right shall be exercisable at a price equal to (i) the Fair Market
Value of vested Stock or, in the case of exercisable options, the Fair Market
Value of the Stock underlying such unexercised options less the Exercise Price,
or (ii) the Purchase Price or Exercise Price, as the case may be, of unvested
Stock; provided, however, the right to repurchase unvested stock as described in
Section 8.8.1(ii) shall lapse at a rate of at least 33.33% per year over three
years from the date the Right is granted.

     

    8.8.2
Exercise of Repurchase Right. A Repurchase Right may be exercised only within 90
days after the termination of the Participant's Service (or in the case of Stock
issued upon exercise of an Option or after the date of termination or the
purchase of Stock under a Stock Purchase Agreement after the date of
termination, within 90 days after the date of the exercise or Stock purchase,
whichever is applicable) for cash or for cancellation of indebtedness incurred
in purchasing the shares.

    

    8.9
Termination of Repurchase and First Refusal Rights. Each Stock Option Agreement
and Stock Purchase Agreement shall provide that the Repurchase Rights and First
Refusal Rights shall have no effect with respect to, or shall lapse and cease to
have effect when the issuer's securities become publicly traded or a
determination is made by counsel for the Company that such Repurchase Rights and
First Refusal Rights are not permitted under applicable federal or state
securities laws.

     

    8.10 No
Transferability. Except as provided herein, a Participant may not assign, sell
or transfer Rights, in whole or in part, other than by testament or by operation
of the laws of descent and distribution.

     

    8.10.1
Permitted Transfer of Non-Qualified Option. The Administrator, in its sole
discretion may permit the transfer of a Non-Qualified Option (but not an ISO or
Stock Purchase Right) as follows: (i) by gift to a member of the Participant's
immediate family, or (ii) by transfer by instrument to a trust providing that
the Option is to be passed to beneficiaries upon death of the Settlor (either or
both (i) or (ii) referred to as a "Permitted Transferee"). For purposes of this
Section 8.10.1, "immediate family" shall mean the Optionee's spouse (including a
former spouse subject to terms of a domestic relations order); child, stepchild,
grandchild, child-in-law; parent, stepparent, grandparent, parent-in-law;
sibling and sibling-in-law, and shall include adoptive
relationships.

     

    8.10.2
Conditions of Permitted Transfer. A transfer permitted under this Section 8.10
hereof may be made only upon written notice to and approval thereof by
Administrator. A Permitted Transferee may not further assign, sell or transfer
the transferred Option, in whole or in part, other than by testament or by
operation of the laws of descent and distribution. A Permitted Transferee shall
agree in writing to be bound by the provisions of this Plan, which a copy of
said agreement shall be provided to the Administrator for approval prior to the
transfer.

    

    SECTION
9: ADJUSTMENTS; MARKET STAND-OFF

    

    9.1
Effect of Certain Changes.

     

    9.1.1
Stock Dividends, Splits, Etc. If there is any change in the number of
outstanding shares of Stock by reason of a stock split, reverse stock split,
stock dividend, recapitalization, combination or reclassification, then (i) the
number of shares of Stock available for Rights, (ii) the number of shares of
Stock covered by outstanding Rights, and (iii) the Exercise Price or Purchase
Price of any Stock Option or Purchase Right, in effect prior to such change,
shall be proportionately adjusted by the Administrator to reflect any increase
or decrease in the number of issued shares of Stock; provided, however, that any
fractional shares resulting from the adjustment shall be
eliminated.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    9.1.2
Liquidation, Dissolution, Merger or Consolidation. In the event of a dissolution
or liquidation of the Company, or any corporate separation or division,
including, but not limited to, a split-up, a split-off or a spin-off, or a sale
of substantially all of the assets of the Company; a merger or consolidation in
which the Company is not the Surviving Entity; or a reverse merger in which the
Company is the Surviving Entity, but the shares of Company stock outstanding
immediately preceding the merger are converted by virtue of the merger into
other property, whether in the form of securities, cash or otherwise, then, the
Company, to the extent permitted by applicable law, but otherwise in its sole
discretion may provide for: (i) the continuation of outstanding Rights by the
Company (if the Company is the Surviving Entity); (ii) the assumption of the
Plan and such outstanding Rights by the Surviving Entity or its parent; (iii)
the substitution by the Surviving Entity or its parent of Rights with
substantially the same terms for such outstanding Rights; or (iv) the
cancellation of such outstanding Rights without payment of any consideration,
provided that if such Rights would be canceled in accordance with the foregoing,
the Participant shall have the right, exercisable during the later of the
ten-day period ending on the fifth day prior to such merger or consolidation or
ten days after the Administrator provides the Rights holder a notice of
cancellation, to exercise such Rights in whole or in part without regard to any
installment exercise provisions in the Rights agreement.

     

    9.1.3 Par
Value Changes. In the event of a change in the Stock of the Company as presently
constituted which is limited to a change of all of its authorized shares with
par value, into the same number of shares without par value, or a change in the
par value, the shares resulting from any such change shall be "Stock" within the
meaning of the Plan.

    

    9.2
Decision of Administrator Final. To the extent that the foregoing adjustments
relate to stock or securities of the Company, such adjustments shall be made by
the Administrator, whose determination in that respect shall be final, binding
and conclusive; provided, however, that each ISO granted pursuant to the Plan
shall not be adjusted in a manner that causes such Stock Option to fail to
continue to qualify as an ISO without the prior consent of the Optionee
thereof.

     

    9.3 No
Other Rights. Except as hereinbefore expressly provided in this Section 9, no
Participant shall have any rights by reason of any subdivision or consolidation
of shares of Company stock or the payment of any dividend or any other increase
or decrease in the number of shares of Company stock of any class or by reason
of any of the events described in Section 9.1, above, or any other issue by the
Company of shares of stock of any class, or securities convertible into shares
of stock of any class; and, except as provided in this Section 9, none of the
foregoing events shall affect, and no adjustment by reason thereof shall be made
with respect to, the number or price of shares of Stock subject to Rights. The
grant of a Right pursuant to the Plan shall not affect in any way the right or
power of the Company to make adjustments, reclassifications, reorganizations or
changes of its capital or business structures or to merge or to consolidate or
to dissolve, liquidate or sell, or transfer all or part of its business or
assets.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    9.4
Market Stand-Off. Each Stock Option Agreement and Stock Purchase Agreement shall
provide that, in connection with any underwritten public offering by the Company
of its equity securities pursuant to an effective registration statement filed
under the Securities Act of 1933, as amended, including the Company's initial
public offering, the Participant shall agree not to sell, make any short sale
of, loan, hypothecate, pledge, grant any option for the repurchase of, or
otherwise dispose or transfer for value or otherwise agree to engage in any of
the foregoing transactions with respect to any Stock without the prior written
consent of the Company or its underwriters, for such period of time from and
after the effective date of such registration statement as may be requested by
the Company or such underwriters (the "Market Stand-Off").

    

    SECTION
10: AMENDMENT AND TERMINATION

    

    The Board
may amend, suspend or terminate the Plan at any time and for any reason. At the
time of such amendment, the Board shall determine, upon advice from counsel,
whether such amendment will be contingent on stockholder approval.

    

    SECTION
11: GENERAL PROVISIONS

    

    11.1
General Restrictions.

     

    11.1.1 No
View to Distribute. The Administrator may require each person acquiring shares
of Stock pursuant to the Plan to represent to and agree with the Company in
writing that such person is acquiring the shares without a view towards
distribution thereof. The certificates for such shares may include any legend
that the Administrator deems appropriate to reflect any restrictions on
transfer.

     

    11.1.2
Legends. All certificates for shares of Stock delivered under the Plan shall be
subject to such stop transfer orders and other restrictions as the Administrator
may deem advisable under the rules, regulations and other requirements of the
Securities and Exchange Commission, any stock exchange upon which the Stock is
then listed and any applicable federal or state securities laws, and the
Administrator may cause a legend or legends to be put on any such certificates
to make appropriate reference to such restrictions.

     

    11.1.3 No
Rights as Stockholder. Except as specifically provided in this Plan, a
Participant or a transferee of a Right shall have no rights as a stockholder
with respect to any shares covered by the Rights until the date of the issuance
of a Stock certificate to him or her for such shares, and no adjustment shall be
made for dividends (ordinary or extraordinary, whether in cash, securities or
other property) or distributions of other rights for which the record date is
prior to the date such Stock certificate is issued, except as provided in
Section 9.1, hereof.

    

    11.2
Other Compensation Arrangements. Nothing contained in this Plan shall prevent
the Board from adopting other or additional compensation arrangements, subject
to stockholder approval if such approval is required; and such arrangements may
be either generally applicable or applicable only in specific
cases.

     

    11.3
Disqualifying Dispositions. Any Participant who shall make a "disposition" (as
defined in Section 424 of the Code) of all or any portion of an ISO within two
years from the date of grant of such ISO or within one year after the issuance
of the shares of Stock acquired upon exercise of such ISO shall be required to
immediately advise the Company in writing as to the occurrence of the sale and
the price realized upon the sale of such shares of Stock.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    11.4
Regulatory Matters. Each Stock Option Agreement and Stock Purchase Agreement
shall provide that no shares shall be purchased or sold thereunder unless and
until (i) any then applicable requirements of state or federal laws and
regulatory agencies shall have been fully complied with to the satisfaction of
the Company and its counsel and (ii) if required to do so by the Company, the
Optionee or Offeree shall have executed and delivered to the Company a letter of
investment intent in such form and containing such provisions as the Board or
Committee may require.

     

    11.5
Recapitalizations. Each Stock Option Agreement and Stock Purchase Agreement
shall contain provisions required to reflect the provisions of Section
9.

     

    11.6
Delivery. Upon exercise of a Right granted under this Plan, the Company shall
issue Stock or pay any amounts due within a reasonable period of time
thereafter. Subject to any statutory obligations the Company may otherwise have,
for purposes of this Plan, thirty days shall be considered a reasonable period
of time.

     

    11.7
Other Provisions. The Stock Option Agreements and Stock Purchase Agreements
authorized under the Plan may contain such other provisions not inconsistent
with this Plan, including, without limitation, restrictions upon the exercise of
the Rights, as the Administrator may deem advisable.

    

    SECTION
12: INFORMATION TO PARTICIPANTS

    

    To the
extent necessary to comply with Nevada law, the Company each year shall furnish
to Participants its balance sheet and income statement unless such Participants
are limited to key Employees whose duties with the Company assure them access to
equivalent information.

    

    SECTION
13: STOCKHOLDERS AGREEMENT

    

    As a
condition to the transfer of Stock pursuant to a Right granted under this Plan,
the Administrator, in its sole and absolute discretion, may require the
Participant to execute and become a party to any agreement by and among the
Company and any of its stockholders which exists on or after the Date of Grant
(the "Stockholders Agreement"). If the Participant becomes a party to a
Stockholders Agreement, in addition to the terms of this Plan and the Stock
Option Agreement or Stock Purchase Agreement (whichever is applicable) pursuant
to which the Stock is transferred, the terms and conditions of the Stockholders
Agreement shall govern Participant's rights in and to the Stock; and if there is
any conflict between the provisions of the Stockholders Agreement and this Plan
or any conflict between the provisions of the Stockholders Agreement and the
Stock Option Agreement or Stock Purchase Agreement (whichever is applicable)
pursuant to which the Stock is transferred, the provisions of the Stockholders
Agreement shall be controlling. Notwithstanding anything to the contrary in this
Section 13, if the Stockholders Agreement contains any provisions which would
violate the Nevada Corporations Code if applied to the Participant, the terms of
this Plan and the Stock Option Agreement or Stock Purchase Agreement (whichever
is applicable) pursuant to which the Stock is transferred shall govern the
Participant's rights with respect to such provisions.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

       

    

    SECTION
14: EFFECTIVE DATE OF PLAN

    

    The
effective date of this Plan is May 16, 2008. The adoption of the Plan is subject
to approval by the Company's stockholders, which approval must be obtained
within 12 months from the date the Plan is adopted by the Board. In the event
that the stockholders fail to approve the Plan within 12 months after its
adoption by the Board, any grants of Options or sales or awards of shares that
have already occurred shall be rescinded, and no additional grants, sales or
awards shall be made thereafter under the Plan.

    

    SECTION
15: TERM OF PLAN

    

    The Plan
shall terminate automatically on May 16, 2018, but no later than the tenth
(10th) anniversary of the effective date. No Right shall be granted pursuant to
the Plan after such date, but Rights theretofore granted may extend beyond that
date. The Plan may be terminated on any earlier date pursuant to Section 10
hereof.

    

    SECTION
16: EXECUTION

    

    To record
the adoption of the Plan by the Board, the Company has caused its authorized
officer to execute the same as of May 16, 2008.

    

    

    

    BANCROFT
URANIUM, INC.

    

    

    

    By: /s/ P. Leslie Hammond

    P. Leslie
Hammond, President and CEO

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    
STOCK
OPTION AGREEMENT

    2008
BANCROFT URANIUM, INC. STOCK OPTION AND AWARD PLAN

    Notice Of
Stock Option Grant

    

    You have
been granted the following option to purchase Common Stock of BANCROFT URANIUM,
INC. (the "Company"):

    

    Name of
Optionee:

    

    Total
Number of Shares Granted:

    

    Type of
Option:

    

    Exercise
Price Per Share:

    

    Date of
Grant:

    

    Vesting
Commencement Date:

    

    Vesting
Schedule:

    

    Expiration
Date:

    

    By your
signature and the signature of the Company's authorized representative below,
you and the Company agree that this option is granted under and governed by the
terms and conditions of the 2008 BANCROFT URANIUM, INC. STOCK OPTION AND AWARD
PLAN and the STOCK OPTION AGREEMENT, both of which are attached hereto and are
incorporated herein by reference. Optionee hereby represents that both the
option and any shares acquired upon exercise of the option have been or will be
acquired for investment for his own account and not with a view to or for sale
in connection with any distribution or resale of the security.

    

    
      	
              Optionee:

            	
              BANCROFT
      URANIUM, INC.

            
	
              By:

            	
              By:
      /s/ P. Leslie Hammond

            
	
              Name:

            	
              P.
      Leslie Hammond

            
	 
      	
              President
      and CEO

            

    

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    ANNEX
I

    

    

    THE
OPTION GRANTED PURSUANT TO THIS AGREEMENT AND THE SHARES ISSUABLE UPON THE
EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN
EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL,
SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT
REQUIRED.

    

    

    2008
BANCROFT URANIUM, INC. STOCK OPTION AND AWARD PLAN:

    STOCK
OPTION AGREEMENT

    

    SECTION
1: GRANT OF OPTION

    

    1.1
Option. On the terms and conditions set forth in the notice of stock option
grant to which this agreement (the "Agreement") is attached (the "Notice of
Stock Option Grant") and this agreement, the Company grants to the individual
named in the Notice of Stock Option Grant (the "Optionee") the option to
purchase at the exercise price specified in the Notice of Stock Option Grant
(the "Exercise Price") the number of Shares set forth in the Notice of Stock
Option Grant. This option is intended to be either an ISO or a Non-Qualified
Stock Option, as provided in the Notice of Stock Option Grant.

     

    1.2 Stock
Plan and Defined Terms. This option is granted pursuant to and subject to the
terms of the 2008 BANCROFT URANIUM, INC. STOCK OPTION AND AWARD PLAN, as in
effect on the date specified in the Notice of Stock Option Grant (which date
shall be the later of (i) the date on which the Board resolved to grant this
option, or (ii) the first day of the Optionee's Service) and as amended from
time to time (the "Plan"), a copy of which is attached hereto and which the
Optionee acknowledges having received. Capitalized terms not otherwise defined
in this Agreement have the definitions ascribed to them in the
Plan.

    

    SECTION
2: RIGHT TO EXERCISE

    

    2.1
Exercisability. Subject to Sections 2.2 and 2.3 below and the other conditions
set forth in this Agreement, all or part of this option may be exercised prior
to its expiration at the time or times set forth in the Notice of Stock Option
Grant. Shares purchased by exercising this option may be subject to the Right of
Repurchase under Section 7. In addition, all of the remaining unexercised
options shall become vested and fully exercisable if (i) a Change in Control
occurs before the Optionee's Service terminates, and (ii) the option is not
assumed or an equivalent option is not substituted by the successor entity that
employs the Optionee immediately after the Change in Control or by its parent or
subsidiary.

     

    2.2
Limitation. If this option is designated as an ISO in the Notice of Stock Option
Grant, then to the extent (and only to the extent) the Optionee's right to
exercise this option causes this option (in whole or in part) to not be treated
as an ISO by reason of the $100,000 annual limitation under Section 422(d) of
the Code, such options shall be treated as Non-Qualified Stock Options,
but shall be exercisable by their terms. The determination of options to be
treated as Non-Qualified Stock Options shall be made by taking options into
account in the order in which they are granted. If the terms of this option
cause the $100,000 annual limitation under Section 422(d) of the Code to be
exceeded, a pro rata portion of each exercise shall be treated as the exercise
of a Non-Qualified Stock Option.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    2.3
Stockholder Approval. Any other provision of this Agreement notwithstanding, no
portion of this option shall be exercisable at any time prior to the approval of
the Plan by the Company's stockholders.

    

    SECTION
3: NO TRANSFER OR ASSIGNMENT OF OPTION

    

    Except as
provided herein, an Optionee may not assign, sell or transfer the option, in
whole or in part, other than by testament or by operation of the laws of descent
and distribution. The Administrator, in its sole discretion may permit the
transfer of a Non-Qualified Option (but not an ISO) as follows: (i) by gift to a
member of the Participant's immediate family, or (ii) by transfer by instrument
to a trust providing that the Option is to be passed to beneficiaries upon death
of the Settlor (either or both (i) or (ii) referred to as a "Permitted
Transferee"). For purposes of this Section 3, "immediate family" shall mean the
Optionee's spouse (including a former spouse subject to terms of a domestic
relations order); child, stepchild, grandchild, child-in-law; parent,
stepparent, grandparent, parent-in-law; sibling and sibling-in-law, and shall
include adoptive relationships. A transfer permitted under this Section 3 hereof
may be made only upon written notice to and approval thereof by Administrator. A
Permitted Transferee may not further assign, sell or transfer the transferred
option, in whole or in part, other than by testament or by operation of the laws
of descent and distribution. A Permitted Transferee shall agree in writing to be
bound by the provisions of this Plan, which agreement shall be submitted to and
approved by the Administrator before the transfer.

    

    SECTION
4: EXERCISE PROCEDURES

    

    4.1
Notice of Exercise. The Optionee or the Optionee's representative may exercise
this option by delivering a written notice in the form of Exhibit A attached
hereto ("Notice of Exercise") to the Company in the manner specified pursuant to
Section 14.4 hereof. Such Notice of Exercise shall specify the election to
exercise this option, the number of Shares for which it is being exercised and
the form of payment, which must comply with Section 5. The Notice of Exercise
shall be signed by the person who is entitled to exercise this option. In the
event that this option is to be exercised by the Optionee's representative, the
notice shall be accompanied by proof (satisfactory to the Company) of the
representative's right to exercise this option.

     

    4.2
Issuance of Shares. After receiving a proper Notice of Exercise, the Company
shall cause to be issued a certificate or certificates for the Shares as to
which this option has been exercised, registered in the name of the person
exercising this option (or in the names of such person and his or her spouse as
community property or as joint tenants with right of survivorship). The Company
shall cause such certificate or certificates to be deposited in escrow or
delivered to or upon the order of the person exercising this
option.

     

    4.3
Withholding Taxes. In the event that the Company determines that it is required
to withhold any tax as a result of the exercise of this option, the Optionee, as
a condition to the exercise of this option, shall make arrangements satisfactory
to the Company to enable it to satisfy all withholding requirements. The
Optionee shall also make arrangements satisfactory to the Company to enable it
to satisfy any withholding requirements that may arise in connection with the
vesting or disposition of Shares purchased by exercising this option, and shall
provide to the Company his/her/its social security number or employment
identification number.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
SECTION
5: PAYMENT FOR STOCK

    

    5.1
General Rule. The entire Exercise Price of Shares issued under the Plan shall be
payable in full by cash or cashier's check for an amount equal to the aggregate
Exercise Price for the number of shares being purchased. Alternatively, in the
sole discretion of the Plan Administrator and upon such terms as the Plan
Administrator shall approve, the Exercise Price may be paid by:

     

    5.1.1
Cashless Exercise. Provided the Company's Common Stock is publicly traded, a
copy of instructions to a broker directing such broker to sell the Shares for
which this option is exercised, and to remit to the Company the aggregate
Exercise Price of such option ("Cashless Exercise");

     

    5.1.2
Stock-For-Stock Exercise. Paying all or a portion of the Exercise Price for the
number of Shares being purchased by tendering Shares owned by the Optionee, duly
endorsed for transfer to the Company, with a Fair Market Value on the date of
delivery equal to the Exercise Price multiplied by the number of Shares with
respect to which this option is being exercised (the "Purchase Price") or the
aggregate Purchase Price of the shares with respect to which this option or
portion hereof is exercised ("Stock-for-Stock Exercise"); or

     

    5.1.3
Attestation Exercise. By a stock for stock exercise by means of attestation
whereby the Optionee identifies for delivery specific Shares already owned by
Optionee and receives a number of Shares equal to the difference between the
Option Shares thereby exercised and the identified attestation Shares
("Attestation Exercise").

    

    5.2
Withholding Payment. The Exercise Price shall include payment of the amount of
all federal, state, local or other income, excise or employment taxes subject to
withholding (if any) by the Company or any parent or subsidiary corporation as a
result of the exercise of a Stock Option. The Optionee may pay all or a portion
of the tax withholding by cash or check payable to the Company, or, at the
discretion of the Administrator, upon such terms as the Administrator shall
approve, by (i) Cashless Exercise or Attestation Exercise; (ii) Stock-for-Stock
Exercise; (iii) in the case of an Option, by paying all or a portion of the tax
withholding for the number of shares being purchased by withholding shares from
any transfer or payment to the Optionee ("Stock withholding"); or (iv) a
combination of one or more of the foregoing payment methods. Any shares issued
pursuant to the exercise of an Option and transferred by the Optionee to the
Company for the purpose of satisfying any withholding obligation shall not again
be available for purposes of the Plan. The fair market value of the number of
shares subject to Stock withholding shall not exceed an amount equal to the
applicable minimum required tax withholding rates.

     

    5.3
Promissory Note. The Plan Administrator, in its sole discretion, upon such terms
as the Plan Administrator shall approve, may permit all or a portion of the
Exercise Price of Shares issued under the Plan to be paid with a full-recourse
promissory note. However, in the event there is a stated par value of the shares
and applicable law requires, the par value of the shares, if newly issued, shall
be paid in cash or cash equivalents. The Shares shall be pledged as security for
payment of the principal amount of the promissory note and interest thereon, and
shall be held in the possession of the Company until the promissory note is
repaid in full. Subject to the foregoing, the Plan Administrator (at its sole
discretion) shall specify the term, interest rate, amortization requirements (if
any) and other provisions of such note.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    5.4
Exercise/Pledge. In the discretion of the Plan Administrator, upon such terms as
the Plan Administrator shall approve, payment may be made all or in part by the
delivery (on a form prescribed by the Plan Administrator) of an irrevocable
direction to pledge Shares to a securities broker or lender approved by the
Company, as security for a loan, and to deliver all or part of the loan proceeds
to the Company in payment of all or part of the Exercise Price and any
withholding taxes.

    

    SECTION
6: TERM AND EXPIRATION

    

    6.1 Basic
Term. This option shall expire and shall not be exercisable after the expiration
of the earliest of (i) the Expiration Date specified in the Notice of Stock
Option Grant, (ii) three months after the date the Optionee's Service with the
Company and its Subsidiaries terminates if such termination is for any reason
other than death, Disability or Cause, (iii) one year after the date the
Optionee's Service with the Company and its Subsidiaries terminates if such
termination is a result of death or Disability, and (iv) if the Optionee's
Service with the Company and its Subsidiaries terminates for Cause, all
outstanding Options granted to such Optionee shall expire as of the commencement
of business on the date of such termination. Outstanding Options that are not
exercisable at the time of termination of employment for any reason shall expire
at the close of business on the date of such termination. The Plan Administrator
shall have the sole discretion to determine when this option is to expire. For
any purpose under this Agreement, Service shall be deemed to continue while the
Optionee is on a bona fide leave of absence, if such leave to the extent
required by applicable law. To the extent applicable law does not require such a
leave to be deemed to continue while the Optionee is on a bona fide leave of
absence, such leave shall be deemed to continue if, and only if, expressly
provided in writing by the Administrator or a duly authorized officer of the
Company, Parent or Subsidiary for whom Optionee provides his or her
services.

     

    6.2
Exercise After Death. All or part of this option may be exercised at any time
before its expiration under Section 6.1 above by the executors or administrators
of the Optionee's estate or by any person who has acquired this option directly
from the Optionee by beneficiary designation, bequest or inheritance, but only
to the extent that this option had become exercisable before the Optionee's
death. When the Optionee dies, this option shall expire immediately with respect
to the number of Shares for which this option is not yet exercisable and with
respect to any Share that is subject to the Right of Repurchase (as such term is
defined in below) (the "Restricted Stock").

     

    6.3
Notice Concerning ISO Treatment. If this option is designated as an ISO in the
Notice of Stock Option Grant, it ceases to qualify for favorable tax treatment
as an ISO to the extent it is exercised (i) more than three months after the
date the Optionee ceases to be an Employee for any reason other than death or
permanent and total disability (as defined in Section 22(e)(3) of the Code),
(ii) more than 12 months after the date the Optionee ceases to be an Employee by
reason of such permanent and total disability, or (iii) after the Optionee has
been on a leave of absence for more than 90 days, unless the Optionee's
reemployment rights are guaranteed by statute or by contract.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    SECTION
7: RIGHT OF REPURCHASE

    

    7.1
Option Repurchase Right. Following a termination of the Optionee's Service, the
Company shall have the option to repurchase the Optionee's vested and
exercisable options at a price equal to the Fair Market Value of the Stock
underlying such options, less the Exercise Price (the "Option Repurchase
Right").

     

    7.2 Stock
Repurchase Right. Unless they have become vested in accordance with the Notice
of Stock Option Grant and Section 7.4 below, the stock acquired under this
Agreement initially shall be Restricted Stock and shall be subject to a right
(but not an obligation) of repurchase by the Company, which shall be exercisable
at a price equal to the Exercise Price paid for the Restricted Stock (the "Stock
Repurchase Right"). Vested stock acquired under this Agreement shall be subject
to a right (but not an obligation) of repurchase by the Company, which shall be
exercisable at a price equal to the Fair Market Value of the vested
Stock.

     

    7.3
Condition Precedent to Exercise. The Option Repurchase Right and Stock
Repurchase Rights (collectively, the "Right of Repurchase") shall be exercisable
over Restricted Stock only during the 90-day period next following the later
of:

     

    7.3.1 The
date when the Optionee's Service terminates for any reason, with or without
Cause, including (without limitation) death or disability; or

     

    7.3.2 The
date when this option was exercised by the Optionee, the executors or
administrators of the Optionee's estate, or any person who has acquired this
option directly from the Optionee by bequest, inheritance or beneficiary
designation.

    

    7.4 Lapse
of Right of Repurchase. The Right of Repurchase shall lapse with respect to the
Shares subject to this option in accordance with the vesting schedule set forth
in the Notice of Stock Option Grant. In addition, the Right of Repurchase shall
lapse and all of the remaining Restricted Stock shall become vested if (i) a
Change in Control occurs before the Optionee's Service terminates, and (ii) the
Right of Repurchase is not assigned to the entity that employs the Optionee
immediately after the Change in Control or to its parent or subsidiary. The
Right of Repurchase shall lapse with respect to (i) Shares that are registered
under a then currently effective registration statement under applicable federal
securities laws and the issuer is subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act or becomes an investment company
registered or required to be registered under the Investment Company Act of
1940, or (ii) Shares for which a determination is made by counsel for the
Company that such Exercise Price restrictions are not required in the
circumstances under applicable federal or state securities laws.

     

    7.5
Exercise of Right of Repurchase. The Company shall exercise the Right of
Repurchase by written notice delivered to the Optionee prior to the expiration
of the 90-day period specified in Section 7.3 above. The notice shall set forth
the date on which the repurchase is to be effected, which must occur within 31
days of the notice. The certificate(s) representing the Restricted Stock to be
repurchased shall, prior to the close of business on the date specified for the
repurchase, be delivered to the Company properly endorsed for transfer. The
Company shall, concurrently with the receipt of such certificate(s), pay to the
Optionee the Purchase Price determined according to this Section 7. Payment
shall be made in cash or cash equivalents or by canceling indebtedness to the
Company incurred by the Optionee in the purchase of the Restricted Stock. The
Right of Repurchase shall terminate with respect to any Restricted Stock for
which it has not been timely exercised pursuant to this Section
7.5.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    7.6
Rights of Repurchase Adjustments. If there is any change in the number of
outstanding shares of Stock by reason of a stock split, reverse stock split,
stock dividend, an extraordinary dividend payable in a form other than stock,
recapitalization, combination or reclassification, or a similar transaction
affecting the Company's outstanding securities without receipt of consideration,
then (i) any new, substituted or additional securities or other property
(including money paid other than as an ordinary cash dividend) distributed with
respect to any Restricted Stock (or into which such Restricted Stock thereby
become convertible) shall immediately be subject to the Right of Repurchase; and
(ii) appropriate adjustments to reflect the distribution of such securities or
property shall be made to the number and/or class of the Restricted Stock and to
the price per share to be paid upon the exercise of the Right of Repurchase;
provided, however, that the aggregate Purchase Price payable for the Restricted
Stock shall remain the same.

     

    7.7
Termination of Rights as Stockholder. If the Company makes available, at the
time and place and in the amount and form provided in this Agreement, the
consideration for the Restricted Stock to be repurchased in accordance with this
Section 7, then after such time the person from whom such Restricted Stock is to
be repurchased shall no longer have any rights as a holder of such Restricted
Stock (other than the right to receive payment of such consideration in
accordance with this Agreement). Such Restricted Stock shall be deemed to have
been repurchased in accordance with the applicable provisions hereof, whether or
not the certificate(s) therefore have been delivered as required by this
Agreement.

     

    7.8
Escrow. Upon issuance, the certificates for Restricted Stock shall be deposited
in escrow with the Company to be held in accordance with the provisions of this
Agreement. Any new, substituted or additional securities or other property
described in Section 7.6 above shall immediately be delivered to the Company to
be held in escrow, but only to the extent the Shares are at the time Restricted
Stock. All regular cash dividends on Restricted Stock (or other securities at
the time held in escrow) shall be paid directly to the Optionee and shall not be
held in escrow. Restricted Stock, together with any other assets or securities
held in escrow hereunder, shall be (i) surrendered to the Company for repurchase
and cancellation upon the Company's exercise of its Right of Repurchase or Right
of First Refusal or (ii) released to the Optionee upon the Optionee's request to
the extent the Shares are no longer Restricted Stock (but not more frequently
than once every six months). In any event, all Shares which have vested (and any
other vested assets and securities attributable thereto) shall be released
within 60 days after the earlier of (i) the Optionee's cessation of Service or
(ii) the lapse of the Right of First Refusal.

    

    SECTION
8: RIGHT OF FIRST REFUSAL

    

    8.1 Right
of First Refusal. In the event that the Company's stock is not readily tradable
on an established securities market and the Optionee proposes to sell, pledge or
otherwise transfer to a third party any Shares acquired under this Agreement, or
any interest in such Shares, to any person, entity or organization (the
"Transferee") the Company shall have the Right of First Refusal with respect to
all (and not less than all) of such Shares (the "Right of First Refusal"). If
the Optionee desires to transfer Shares acquired under this Agreement, the
Optionee shall give a written transfer notice ("Transfer Notice") to the Company
describing fully the proposed transfer, including the number of Shares proposed
to be transferred, the proposed transfer price, the name and address of the
proposed Transferee and proof satisfactory to the Company that the proposed sale
or transfer will not violate any applicable federal or state securities laws.
The Transfer Notice shall be signed both by the Optionee and by the proposed
Transferee and must constitute a binding commitment of both parties to the
transfer of the Shares. The Company shall have the right to purchase all, and
not less than all, of the Shares on the terms of the proposal described in the
Transfer Notice by delivery of a notice of exercise of the Right of First
Refusal within 30 days after the date when the Transfer Notice was received by
the Company. The Company's rights under this Section 8.1 shall be freely
assignable, in whole or in part.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    8.2
Additional Shares or Substituted Securities. In the event of the declaration of
a stock dividend, the declaration of an extraordinary dividend payable in a form
other than stock, a spin-off, a stock split, an adjustment in conversion ratio,
a recapitalization or a similar transaction affecting the Company's outstanding
securities without receipt of consideration, any new, substituted or additional
securities or other property (including money paid other than as an ordinary
cash dividend) which are by reason of such transaction distributed with respect
to any Shares subject to this Section 8 or into which such Shares thereby become
convertible shall immediately be subject to this Section 8. Appropriate
adjustments to reflect the distribution of such securities or property shall be
made to the number and/or class of the Shares subject to this Section
8.

     

    8.3
Termination of Right of First Refusal. Any other provision of this Section 8
notwithstanding, in the event that the Stock is readily tradable on an
established securities market when the Optionee desires to transfer Shares, the
Company shall have no Right of First Refusal, and the Optionee shall have no
obligation to comply with the procedures prescribed by this Section
8.

     

    8.4
Permitted Transfers. This Section 8 shall not apply to a transfer (i) by gift to
a member of the Participant's immediate family or (ii) by transfer by instrument
to a trust providing that the Option is to be passed to beneficiaries upon death
of the Settlor. For purposes of this Section 8.4, "immediate family" shall mean
the Optionee's spouse (including a former spouse subject to terms of a domestic
relations order); child, stepchild, grandchild, child-in-law; parent,
stepparent, grandparent, parent-in-law; sibling and sibling-in-law, and shall
include adoptive relationships.

     

    8.5
Termination of Rights as Stockholder. If the Company makes available, at the
time and place and in the amount and form provided in this Agreement, the
consideration for the Shares to be purchased in accordance with this Section 8,
then after such time the person from whom such Shares are to be purchased shall
no longer have any rights as a holder of such Shares (other than the right to
receive payment of such consideration in accordance with this Agreement). Such
Shares shall be deemed to have been purchased in accordance with the applicable
provisions hereof, whether or not the certificate(s) therefore have been
delivered as required by this Agreement.

    

    SECTION
9: OBLIGATION TO SELL.

    

    Notwithstanding
anything herein to the contrary, if at any time following Optionee's acquisition
of Shares hereunder, stockholders of the Company owning 51% or more of the
shares of the Company (on a fully diluted basis) (the "Control Sellers") enter
into an agreement (including any agreement in principal) to transfer all of
their shares to any person or group of persons who are not affiliated with the
Control Sellers, such Control Sellers may require each stockholder who is not a
Control Seller (a "Non-Control Seller") to sell all of their shares to such
person or group of persons at a price and on terms and conditions the same as
those on which such Control Sellers have agreed to sell their shares, other than
terms and conditions relating to the performance or non-performance of services.
For the purposes of the preceding sentence, an affiliate of a Control Seller is
a person who controls, which is controlled by, or which is under common control
with, the Control Seller.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    SECTION
10: STOCKHOLDERS AGREEMENT

    

    As a
condition to the transfer of Stock pursuant to this Stock Option Agreement, the
Administrator, in its sole and absolute discretion, may require the Participant
to execute and become a party to any agreement by and among the Company and any
of its stockholders which exists on or after the Date of Grant (the
"Stockholders Agreement"). If the Participant becomes a party to a Stockholders
Agreement, in addition to the terms of the Plan and this Stock Option Agreement,
the terms and conditions of Stockholders Agreement shall govern Participant's
rights in and to the Stock; and if there is any conflict between the provisions
of the Stockholders Agreement and the Plan or any conflict between the
provisions of the Stockholders Agreement and this Stock Option Agreement, the
provisions of the Stockholders Agreement shall be controlling. Notwithstanding
anything to the contrary in this Section 10, if the Stockholders Agreement
contains any provisions which would violate Nevada corporate law if applied to
the Participant, the terms of the Plan and this Stock Option Agreement shall
govern the Participant's rights with respect to such provisions.

    

    SECTION
11: LEGALITY OF INITIAL ISSUANCE

    

    No Shares
shall be issued upon the exercise of this option unless and until the Company
has determined that:

     

    11.1 It
and the Optionee have taken any actions required to register the Shares,
provided the Stock is publicly traded, under the Securities Act of 1933, as
amended (the "Securities Act"), or to perfect an exemption from the registration
requirements thereof;

     

    11.2 Any
applicable listing requirement of any stock exchange on which Stock is listed
has been satisfied; and

     

    11.3 Any
other applicable provision of state or federal law has been
satisfied.

    

    SECTION
12: NO REGISTRATION RIGHTS

    

    The
Company may, but shall not be obligated to, register or qualify the sale of
Shares under the Securities Act or any other applicable law. The Company shall
not be obligated to take any affirmative action in order to cause the sale of
Shares under this Agreement to comply with any law.

    

    SECTION
13: RESTRICTIONS ON TRANSFER

    

    13.1
Securities Law Restrictions. Regardless of whether the offering and sale of
Shares under the Plan have been registered under the Securities Act or have been
registered or qualified under the securities laws of any state, the Company, at
its discretion, may impose restrictions upon the sale, pledge or other transfer
of such Shares (including the placement of appropriate legends on stock
certificates or the imposition of stop-transfer instructions) if, in the
judgment of the Company, such restrictions are necessary or desirable in order
to achieve compliance with the Securities Act, the securities laws of any state
or any other law.

     

    13.2
Market Stand-Off. In the event of an underwritten public offering by the Company
of its equity securities pursuant to an effective registration statement filed
under the Act, including the Company's initial public offering (a "Public
Offering"), the Optionee shall not transfer for value any shares of Stock
without the prior written consent of the Company or its underwriters, for such
period of time from and after the effective date of such registration statement
as may be requested by the Company or such underwriters (the "Market
Stand-Off"). The Market Stand-off shall be in effect for such period of time
following the date of the final prospectus for the offering as may be requested
by the Company or such underwriters. In the event of the declaration of a stock
dividend, a spin-off, a stock split, an adjustment in conversion ratio, a
recapitalization or a similar transaction affecting the Company's outstanding
securities without receipt of consideration, any new, substituted or additional
securities which are by reason of such transaction distributed with respect to
any Shares subject to the Market Stand-Off, or into which such Shares thereby
become convertible, shall immediately be subject to the Market Stand-Off. In
order to enforce the Market Stand-Off, the Company may impose stop-transfer
instructions with respect to the Shares acquired under this Agreement until the
end of the applicable stand-off period.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    13.3
Investment Intent at Grant. The Optionee represents and agrees that the Shares
to be acquired upon exercising this option will be acquired for investment, and
not with a view to the sale or distribution thereof.

     

    13.4
Investment Intent at Exercise. In the event that the sale of Shares under the
Plan is not registered under the Securities Act but an exemption is available
which requires an investment representation or other representation, the
Optionee shall represent and agree at the time of exercise that the Shares being
acquired upon exercising this option are being acquired for investment, and not
with a view to the sale or distribution thereof, and shall make such other
representations as are deemed necessary or appropriate by the Company and its
counsel.

     

    13.5
Legends. All certificates evidencing Shares purchased under this Agreement in an
unregistered transaction shall bear the following legend (and such other
restrictive legends as are required or deemed advisable under the provisions of
any applicable law):

    

    "THE
SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT
AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL,
SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT
REQUIRED."

    

    13.6
Removal of Legends. If, in the opinion of the Company and its counsel, any
legend placed on a stock certificate representing Shares sold under this
Agreement no longer is required, the holder of such certificate shall be
entitled to exchange such certificate for a certificate representing the same
number of Shares but without such legend.

     

    13.7
Administration. Any determination by the Company and its counsel in connection
with any of the matters set forth in this Section 13 shall be conclusive and
binding on the Optionee and all other persons.

    

    SECTION
14: MISCELLANEOUS PROVISIONS

    

    14.1
Rights as a Stockholder. Neither the Optionee nor the Optionee's representative
shall have any rights as a stockholder with respect to any Shares subject to
this option until the Optionee or the Optionee's representative becomes entitled
to receive such Shares by filing a notice of exercise and paying the Exercise
Price pursuant to Section 4 and Section 5 hereof.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    14.2
Adjustments. If there is any change in the number of outstanding shares of Stock
by reason of a stock split, reverse stock split, stock dividend,
recapitalization, combination or reclassification, then (i) the number of shares
subject to this option and (ii) the Exercise Price of this option, in effect
prior to such change, shall be proportionately adjusted to reflect any increase
or decrease in the number of issued shares of Stock; provided, however, that any
fractional shares resulting from the adjustment shall be
eliminated.

     

    14.3 No
Retention Rights. Nothing in this option or in the Plan shall confer upon the
Optionee any right to continue in Service for any period of specific duration or
interfere with or otherwise restrict in any way the rights of the Company (or
any Parent or Subsidiary employing or retaining the Optionee) or of the
Optionee, which rights are hereby expressly reserved by each, to terminate his
or her Service at any time and for any reason, with or without
Cause.

     

    14.4
Notice. Any notice required by the terms of this Agreement shall be given in
writing and shall be deemed effective upon personal delivery or upon deposit
with the United States Postal Service, by registered or certified mail, with
postage and fees prepaid. Notice shall be addressed the Optionee at the address
set forth in the records of the Company. Notice shall be addressed to the
Company at:

    

    BANCROFT
URANIUM, INC.

    8655 East
Via De Ventura, Suite G200

    Scottsdale,
AZ 85258

    

    14.5
Entire Agreement. The Notice of Stock Option Grant, this Agreement and the Plan
constitute the entire contract between the parties hereto with regard to the
subject matter hereof. They supersede any other agreements, representations or
understandings (whether oral or written and whether express or implied) that
relate to the subject matter hereof.

     

    14.6
Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEVADA WITHOUT REGARD TO ITS CHOICE OF LAWS
PROVISIONS, AS NEVADA LAWS ARE APPLIED TO CONTRACTS ENTERED INTO AND PERFORMED
IN SUCH STATE.

     

    14.7
Attorneys' Fees. In the event that any action, suit or proceeding is instituted
upon any breach of this Agreement, the prevailing party shall be paid by the
other party thereto an amount equal to all of the prevailing party's costs and
expenses, including attorneys' fees incurred in each and every such action, suit
or proceeding (including any and all appeals or petitions therefrom). As used in
this Agreement, "attorneys' fees" shall mean the full and actual cost of any
legal services actually performed in connection with the matter involved
calculated on the basis of the usual fee charged by the attorney performing such
services and shall not be limited to "reasonable attorneys' fees" as defined in
any statute or rule of court.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
EXHIBIT
A

    TO

    2008
BANCROFT URANIUM, INC. STOCK OPTION AND AWARD PLAN:

    STOCK
OPTION AGREEMENT

    ANNEX
I

    

    

    NOTICE OF
EXERCISE

    

    (To be
signed only upon exercise of the Option)

    

    

    BANCROFT
URANIUM, INC.

    8655 East
Via De Ventura, Suite G200

    Scottsdale,
AZ 85258

    

    The
undersigned, the holder of the enclosed Stock Option Agreement, hereby
irrevocably elects to exercise the purchase rights represented by the Option and
to purchase thereunder __________* shares of Common Stock of BANCROFT URANIUM,
INC. (the "Company"), and herewith encloses payment of $_______ and/or _________
shares of the Company's common stock in full payment of the purchase price of
such shares being purchased.

    

    

    Dated:

    

    ________________________

    

    NOTICE:
YOUR STOCK MAY BE SUBJECT TO RESTRICTIONS AND FORFEITABLE UNDER THE NOTICE OF
STOCK OPTION GRANT AND STOCK OPTION AGREEMENT

    

    (Signature
must conform in all respects to name of holder as specified on the face of the
Option)

    

    

    

    ______________________________________________

    

    ______________________________________________

    (Please
Print Name)

    

    

    ______________________________________________

    

    ______________________________________________

    (Address)

    

    

    * Insert
here the number of shares called for on the face of the Option, or, in the case
of a partial exercise, the number of shares being exercised, in either case
without making any adjustment for additional Common Stock of the Company, other
securities or property that, pursuant to the adjustment provisions of the
Option, may be deliverable upon exercise.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
FORM OF
RESOLUTIONS FOR OPTION GRANTS

    

    

    RESOLUTIONS
ADOPTED BY UNANIMOUS WRITTEN CONSENT

    OF THE
BOARD OF DIRECTORS OF

    BANCROFT
URANIUM, INC.

    

    As of
______________, 2008

    

    The
undersigned directors, constituting the entire board of directors (the "Board")
of BANCROFT URANIUM, INC., a Nevada corporation (the "Company"), hereby take the
following actions, adopt the following resolutions, and transact the following
business, by written consent without a meeting, as of the date above written,
pursuant to the applicable corporate laws of the State of Nevada and the
Company's Bylaws.

    

    WHEREAS,
the Company previously adopted the 2008 BANCROFT URANIUM, INC. STOCK OPTION AND
AWARD PLAN (the "Plan"), and has delegated the responsibility to administer the
Plan to the Board;

    

    WHEREAS,
_____________ shares of Common Stock of the Company were originally reserved for
issuance under the Plan;

    

    WHEREAS,
as of the date hereof, _____________ shares remain available for issuance under
the Plan; and

    

    WHEREAS,
the Board has determined that it is in the best interests of this Company and
its stockholders to provide, under the Plan, equity incentives to those
employees, directors and/or consultants of the Company identified
below.

    

    NOW,
THEREFORE, BE IT RESOLVED, that the persons listed on the Exhibit A, which is
attached hereto and incorporated herein by reference, which exhibit was reviewed
by the Board and shall be included with this Consent, are hereby granted, as of
the date hereof, an option (the "Option") to purchase the number of shares with
the vesting schedule and exercise price as set forth in Exhibit A;

    

    RESOLVED
FURTHER, that each of the Options shall be either a Non-Qualified Stock Option
or an ISO (as such terms are defined in the Plan) as specified in Exhibit
A;

    

    RESOLVED
FURTHER, that the Options shall be evidenced by stock option agreements and be
subject to the restrictions (including transfer and/or repurchase rights), if
any, set forth in such stock option agreements;

    

    RESOLVED
FURTHER, that the Options shall be granted pursuant to the exemptions provided
under Section 701 of the Securities Act Rules and NEVADA Securities
Laws;

    

    RESOLVED
FURTHER, that there is hereby reserved and set aside under the Plan the number
of shares adequate to cover the shares underlying the Options granted herein;
and

    

    RESOLVED
FURTHER, that the officers of this Company, and each of them, be, and they
hereby are, authorized, directed and empowered for and on behalf of the Company
to do or cause to be done all such acts and things and to sign, deliver and/or
file all such documents and notices as any of such officers may deem necessary
or advisable in order to carry out and perform the foregoing resolutions and the
intention thereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
The
Secretary of the Corporation is directed to file the original executed copy of
this Consent with the minutes of proceedings of the Board.

    

    IN
WITNESS WHEREOF, each of the undersigned has executed this consent as of the
date first written above.

    

    DIRECTORS:

    

    
      	

              /s/
      P. Leslie Hammond  

            	 
      	

              /s/
      David Naylor  

            
	
              P.
      Leslie Hammond

            	 
      	
              David
      Naylor

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
A

    TO

    FORM OF
RESOLUTIONS FOR OPTION GRANTS

    

    

    

    Stock
Option Grant Information

    

    
      	
              Name

            	
              No.
      Shares

            	
              ISO
      or NQSO

            	
              Exercise
      Price*

            	
              Vesting
      Schedule

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      

    

    

    

    * In the
case of an ISO, the per share exercise price must be at least 100% of the Fair
Market Value (as such term is defined in the Plan) of the underlying share as of
the date of grant.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    STOCK
PURCHASE AGREEMENT

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    STOCK
PURCHASE CERTIFICATE

    

    THIS IS
TO CERTIFY that BANCROFT URANIUM, INC., a Nevada corporation (the "Company"),
has offered you (the "Purchaser") the right to purchase Common Stock (the
"Stock" or "Shares") of the Company under its 2008 BANCROFT URANIUM, INC. STOCK
OPTION AND AWARD PLAN (the "Plan"), as follows:

    

    
      	
              Name
      of Purchaser:

            	 
      
	
              Address
      of Purchaser:

            	 
      
	 
      	 
      
	
              Number
      of Shares:

            	 
      
	
              Purchase
      Price:

            	
              $

            
	
              Offer
      Grant Date:

            	 
      
	
              Offer
      Expiration Date:

            	
              15
      days after the Offer Grant Date

            
	
              Vesting
      Commencement Date:

            	 
      
	
              Vesting
      Schedule:

            	 
      
	 
      	 
      

    

     

    By your
signature and the signature of the Company's representative below, you and the
Company agree to be bound by all of the terms and conditions of the Stock
Purchase Agreement, which is attached hereto as Annex I and the Plan (both
incorporated herein by this reference as if set forth in full in this document).
By executing this Agreement, Purchaser hereby irrevocably elects to exercise the
purchase rights granted pursuant to the Stock Purchase Agreement and to purchase
________ shares of Stock of BANCROFT URANIUM, INC., and herewith encloses
payment of $ ____________ in payment of the purchase price of the shares being
purchased.

     

    
      	PURCHASER:	BANCROFT URANIUM, INC.
	 	 
	By:______________________	By:
      /s/ P. Leslie
      Hammond
	 	P.
      Leslie Hammond
	Print
      Name:________________	Its:President and CEO

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    ANNEX
I

    to

    STOCK
PURCHASE AGREEMENT

    

    

    THE STOCK
GRANTED PURSUANT TO THIS AGREEMENT HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED
WITHOUT AN EFFECTIVE REGISTRATION UNDER SUCH ACT OR AN OPINION OF COUNSEL,
SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT
REQUIRED.

    

    

    2008
BANCROFT URANIUM, INC. STOCK OPTION AND AWARD PLAN:

    STOCK
PURCHASE AGREEMENT

    

    This
Stock Purchase Agreement (this "Agreement") is made and entered into on the
execution date of the Stock Purchase Certificate to which it is attached (the
"Certificate"), by and between BANCROFT URANIUM, INC., a Nevada corporation (the
"Company"), and the Director, Employee or Consultant ("Purchaser") named in the
Certificate.

    

    Pursuant
to the 2008 BANCROFT URANIUM, INC. STOCK OPTION AND AWARD PLAN (the "Plan"), the
Administrator of the Plan has authorized the grant to Purchaser of the right to
purchase shares of the Company's Common Stock, upon the terms and subject to the
conditions set forth in this Agreement and in the Plan. Capitalized terms not
otherwise defied herein shall have the meanings ascribed to them in the
Plan.

    

    SECTION
1: THE OFFER.

    

    1.1 Offer
of the Stock. The Company hereby offers to sell to purchaser the number of
shares of stock set forth in the certificate at the price and subject to the
restrictions set forth in this Agreement (the shares of stock which you purchase
under this agreement are referred to as the "Stock" or "Shares").

     

    1.2
Purchase Price. The Purchase Price for the Stock is set forth in the
Certificate.

     

    1.3
Payment For The Stock. Purchaser may pay for the stock by delivering to the
company the purchase price in the form of either (i) cash or cashier's check or
(ii) your promissory note, in the form of the Promissory Note attached to this
agreement as Exhibit A. If Purchaser pays for the stock by delivery of the
Promissory Note, Purchaser must also deliver to the company at the same time one
executed copy of both the Security Agreement attached as Exhibit B and the Stock
Assignment attached as Exhibit C.

     

    1.4
Expiration of Offer. This offer expires at 5:00 o'clock p.m. on the date set
forth in the certificate.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    SECTION
2: ACCEPTANCE OF THE OFFER.

    

    There is
no obligation to exercise the rights granted to you under this Agreement, in
whole or in part. Purchaser may purchase fewer shares than the number offered to
Purchaser in this Agreement. If Purchaser decides to accept the offer and
purchase any shares offered, Purchaser must do the following:

    

    2.1
Complete Documents. Complete, sign and date one copy of the Certificate, and, if
Purchaser is paying by delivery of a promissory note, one copy each of the
attached Promissory Note, Security Agreement and Stock Assignment;

     

    2.2
Spousal Consent. If Purchaser is married, Purchaser must have his or her spouse
sign and date one copy of the attached Spousal Consent; and

     

    2.3
Deliver to Company. Deliver to the Company on or before the time the offer
expires, the signed copy of this Agreement, the Spousal Consent, and payment for
the Stock, in cash, by cashier's check or by the Promissory Note. If Purchaser
is paying for the stock by the Promissory Note, Purchaser must also deliver to
the Company the executed original Promissory Note, Security Agreement and Stock
Assignment.

    

    Purchaser
should retain a copy of all of the signed documents for his or her files, and if
Purchaser does so, Purchaser should mark the retained copy of the Promissory
Note "COPY." THE SIGNED PROMISSORY NOTE IS A NEGOTIABLE INSTRUMENT AND IS
ENFORCEABLE AGAINST PURCHASER BY ANY HOLDER OF THE PROMISSORY NOTE, AND ANY
ADDITIONAL SIGNED COPIES WHICH ARE NOT MARKED "COPY" MAY ALSO BE NEGOTIABLE
INSTRUMENTS WHICH ARE ENFORCEABLE AGAINST PURCHASER BY THEIR
HOLDER.

    

    SECTION
3: RESTRICTIONS ON THE STOCK.

    

    3.1
Restrictions on Transfer of Shares. Purchaser shall not sell, make any short
sale of, loan, hypothecate, pledge, grant any option for the repurchase of, or
otherwise dispose or transfer for value (each a "Transfer") or otherwise agree
to engage in any of the foregoing transactions with respect to any shares of
Stock. The Company shall not be required to register any such Transfer and the
Company may instruct its transfer agent not to register any such Transfer,
unless and until all of the following events shall have occurred:

     

    3.1.1 The
Company has declined to exercise the right of first refusal provided for in
Section 5 hereof;

     

    3.1.2 The
Shares are Transferred pursuant to and in conformity with: (i) (x) an effective
registration statement filed with the Securities and Exchange Commission (the
"Commission") pursuant to the Securities Act of 1933, as amended (the "Act") or
(y) an exemption from registration under the Act; and (ii) the securities laws
of any state of the United States; and

     

    3.1.3
Purchaser has, prior to the Transfer of such Shares, and if requested by the
Company, provided all relevant information to the Company's counsel so that upon
the Company's request, the Company's counsel is able to deliver, and actually
prepares and delivers to the Company a written opinion that the proposed
Transfer is: (i) (x) pursuant to a registration statement which has been filed
with the Commission and is then effective or (y) exempt from registration under
the Act as then in effect, and the Rules and Regulations of the Commission
thereunder; and (ii) is either qualified or registered under any applicable
state securities laws, or exempt from such qualification or registration. The
Company shall bear all reasonable costs of preparing such opinion.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    3.2
Additional Restrictions on Transfer of Non-Vested Shares. Purchaser agrees, for
himself or herself and for his or her heirs, successors and assigns, that
Purchaser shall have no right or power under any circumstance to Transfer any
interest in shares of the Stock which are "Non-Vested Shares," as determined by
the schedule set forth in the Certificate, except to the Company. As used in
this Agreement, "Vested Shares" means all shares of the Stock which Purchaser
has the right to Transfer at a specified point in time and "Non-Vested Shares"
means all shares of the Stock which Purchaser does not have the right to
Transfer at a specified point in time. The Certificate sets forth the vesting
schedule.

     

    3.3
Company's Repurchase Right.

     

    3.3.1
Scope of Repurchase Right. Unless they have become vested, the Shares acquired
under this Agreement initially shall be "Restricted Stock" and shall be subject
to a right (but not an obligation) of repurchase by the Company (the "Repurchase
Right"). The Purchaser shall not transfer, assign, encumber or otherwise dispose
of any Restricted Stock, except as provided in the following sentence. The
Purchaser may transfer Restricted Stock:

     

    3.3.1.1
By testament or intestate succession or by transfer by instrument to a trust
providing that the Restricted Stock is to be passed to one or more beneficiaries
upon death of the Settlor; or

     

    3.3.1.2
To the Purchaser's "immediate family," as that term is defined in the Plan
(together, "Transferee").

     

    Provided,
however, in either case the Transferee must agree in writing on a form
prescribed by the Company to be bound by all provisions of this Agreement. If
the Purchaser transfers any Restricted Stock, then this Section 3 will apply to
the Transferee to the same extent as to the Purchaser.

    

    3.3.2
Exercise Period. The Repurchase Right shall be exercisable only during the
90-day period following the later of the date when the Purchaser's service as an
Employee, outside Director or Consultant ("Service") terminates for any reason,
with or without cause, including (without limitation) death or
disability.

     

    3.3.3 Non
Applicability and Lapse of Repurchase Right. The Repurchase Right shall lapse
with respect to the Shares in accordance with the vesting schedule set forth in
the Certificate. In addition, the Repurchase Right shall lapse and all of such
Stock shall become vested if (i) a Change in Control occurs before the
Purchaser's Service terminates and (ii) the options are not assumed by, or
Repurchase Right is not assigned to, the entity that employs the Participant
immediately after the Change in Control or to its parent or
subsidiary.

     

    The
Repurchase Right shall not exist with respect to shares of Stock that have been
registered under a then currently effective registration statement under
applicable federal securities laws and the issuer is subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act or becomes an investment
company registered or required to be registered under the Investment Company Act
of 1940, or (ii) a determination is made by counsel for the Company that such
Exercise Price restrictions are not required in the circumstances under
applicable federal or state securities laws.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    3.3.4
Repurchase Price. Following a termination of the Participant's Service, which
does not result from the Company's termination of Service for Cause, the
Repurchase Right shall be exercisable at a price equal to (i) the Fair Market
Value of vested Stock and (ii) the Purchase Price of unvested Stock. Following
the termination of the Participant's Service for Cause, the Repurchase Right
shall be exercisable as to both vested and unvested Shares at a price equal to
the Purchase Price as set forth in the Certificate.

     

    3.3.5
Rights of Repurchase Adjustments. If there is any change in the number of
outstanding shares of Stock by reason of a stock split, reverse stock split,
stock dividend, an extraordinary dividend payable in a form other than stock,
recapitalization, combination or reclassification, or a similar transaction
affecting the Company's outstanding securities without receipt of consideration,
then (i) any new, substituted or additional securities or other property
(including money paid other than as an ordinary cash dividend) distributed with
respect to any Restricted Stock (or into which such Restricted Stock thereby
become convertible) shall immediately be subject to the Right of Repurchase; and
(ii) appropriate adjustments to reflect the distribution of such securities or
property shall be made to the number and/or class of the Restricted Stock and to
the price per share to be paid upon the exercise of the Right of Repurchase;
provided, however, that the aggregate Purchase Price payable for the Restricted
Stock shall remain the same.

     

    3.3.6
Escrow. Upon issuance, the certificates for Restricted Stock shall be deposited
in escrow with the Company to be held in accordance with the provisions of this
Agreement. Any new, substituted or additional securities or other property
described in Section 3.3.5 above shall immediately be delivered to the Company
to be held in escrow, but only to the extent the Shares are at the time
Restricted Stock. All regular cash dividends on Restricted Stock (or other
securities at the time held in escrow) shall be paid directly to the Purchaser
and shall not be held in escrow. Restricted Stock, together with any other
assets or securities held in escrow hereunder, shall be (i) surrendered to the
Company for repurchase and cancellation upon the Company's exercise of its Right
of Repurchase or Right of First Refusal or (ii) released to the Purchaser upon
the Purchaser's request to the extent the Shares are no longer Restricted Stock
(but not more frequently than once every six months). In any event, all Shares
which have vested (and any other vested assets and securities attributable
thereto) shall be released within 60 days after the earlier of (i) the
Purchaser's cessation of Service or (ii) the lapse of the Right of First
Refusal.

    

    3.4
Retention of Non-Vested Shares. Purchaser shall immediately deliver to the
Company each certificate representing Non-Vested Shares issued to Purchaser
hereunder, or deemed to be issued to Purchaser hereunder, together with the
collateral instruments of transfer executed in blank, to be held by the Company
until such time as all shares represented by that certificate are Vested Shares
and any indebtedness with respect to those shares has been paid in full;
provided, however, that if the Company holds a certificate representing Vested
Shares and Non-Vested Shares, and any indebtedness with respect to the Vested
Shares has been paid in full, upon Purchaser's request the Company will cause a
certificate representing the Vested Shares to be delivered to Purchaser, but the
Company will retain any certificate representing the Non-Vested
Shares.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    3.5
Non-Complying Transfers. Every attempted Transfer of any shares of the Stock in
violation of this Section 3 shall be null and void ab initio, and of no force or
effect.

    

    SECTION
4: LEGENDS ON STOCK CERTIFICATES.

    

    Purchaser
agrees that the Company may place on each certificate representing Shares the
following legend:

    

    "THE
SECURITIES EVIDENCED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, ASSIGNED,
PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH THE
TERMS OF AN AGREEMENT BETWEEN THE ISSUER AND THE REGISTERED HOLDER OF THIS
CERTIFICATE, WHICH AGREEMENT PROVIDES, AMONG OTHER THINGS, THAT THE ISSUER HAS A
RIGHT TO REPURCHASE THE SECURITIES EVIDENCED BY THIS CERTIFICATE. A COPY OF THAT
AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE ISSUER."

    

    SECTION
5: RIGHT OF FIRST REFUSAL.

    

    5.1 Right
of First Refusal. In the event that the Stock is not readily tradable on an
established securities market and the Purchaser proposes to sell, pledge or
otherwise transfer to a third party any Shares acquired under this Agreement, or
any interest in such Shares, to any person, entity or organization (the
"Transferee") the Company shall have the Right of First Refusal with respect to
all (and not less than all) of such Shares (the "Right of First Refusal"). If
the Purchaser desires to transfer Shares acquired under this Agreement, the
Purchaser shall give a written transfer notice ("Transfer Notice") to the
Company describing fully the proposed transfer, including the number of Shares
proposed to be transferred, the proposed transfer price, the name and address of
the proposed Transferee and proof satisfactory to the Company that the proposed
sale or transfer will not violate any applicable federal or state securities
laws. The Transfer Notice shall be signed both by the Purchaser and by the
proposed Transferee and must constitute a binding commitment of both parties to
the transfer of the Shares. The Company shall have the right to purchase all,
and not less than all, of the Shares on the terms of the proposal described in
the Transfer Notice by delivery of a notice of exercise of the Right of First
Refusal within 30 days after the date when the Transfer Notice was received by
the Company. The Company's rights under this Section 5 shall be freely
assignable, in whole or in part.

     

    5.2
Additional Shares or Substituted Securities. In the event of the declaration of
a stock dividend, the declaration of an extraordinary dividend payable in a form
other than stock, a spin-off, a stock split, an adjustment in conversion ratio,
a recapitalization or a similar transaction affecting the Company's outstanding
securities without receipt of consideration, any new, substituted or additional
securities or other property (including money paid other than as an ordinary
cash dividend) which are by reason of such transaction distributed with respect
to any Shares subject to this Section 5 or into which such Shares thereby become
convertible shall immediately be subject to this Section 5. Appropriate
adjustments to reflect the distribution of such securities or property shall be
made to the number and/or class of the Shares subject to this Section
5.

     

    5.3
Termination of Right of First Refusal. Any other provision of this Section 5
notwithstanding, in the event that the Stock is readily tradable on an
established securities market when the Purchaser desires to transfer Shares, the
Company shall have no Right of First Refusal, and the Purchaser shall have no
obligation to comply with the procedures prescribed by this Section
5.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    5.4
Permitted Transfers. This Section 5 shall not apply to a transfer (i) by gift to
a member of the Participant's immediate family or (ii) by transfer by instrument
to a trust providing that the Shares is to be passed to beneficiaries upon death
of the Settlor. For purposes of this Section 5.4, "immediate family" shall mean
the Purchaser's spouse (including a former spouse subject to terms of a domestic
relations order); child, stepchild, grandchild, child-in-law; parent,
stepparent, grandparent, parent-in-law; sibling and sibling-in-law, and shall
include adoptive relationships.

     

    5.5
Termination of Rights as Stockholder. If the Company makes available, at the
time and place and in the amount and form provided in this Agreement, the
consideration for the Shares to be purchased in accordance with this Section 5,
then after such time the person from whom such Shares are to be purchased shall
no longer have any rights as a holder of such Shares (other than the right to
receive payment of such consideration in accordance with this Agreement). Such
Shares shall be deemed to have been purchased in accordance with the applicable
provisions hereof, whether or not the certificate(s) therefor have been
delivered as required by this Agreement.

    

    SECTION
6: OBLIGATION TO SELL.

    

    Notwithstanding
anything herein to the contrary, if at any time following Purchaser's
acquisition of Shares hereunder, stockholders of the Company owning 51% or more
of the shares of the Company (on a fully diluted basis) (the "Control Sellers")
enter into an agreement (including any agreement in principal) to transfer all
of their shares to any person or group of persons who are not affiliated with
the Control Sellers, such Control Sellers may require each stockholder who is
not a Control Seller (a "Non-Control Seller") to sell all of their shares to
such person or group of persons at a price and on terms and conditions the same
as those on which such Control Sellers have agreed to sell their shares, other
than terms and conditions relating to the performance or non-performance of
services. For the purposes of the preceding sentence, an affiliate of a Control
Seller is a person who controls, which is controlled by, or which is under
common control with, the Control Seller.

    

    SECTION
7: STOCKHOLDERS AGREEMENT.

    

    As a
condition to the transfer of Stock pursuant to this Stock Purchase Agreement,
the Administrator, in its sole and absolute discretion, may require the
Participant to execute and become a party to any agreement by and among the
Company and any of its stockholders which exists on or after the Date of Grant
(the "Stockholders Agreement"). If the Participant becomes a party to a
Stockholders Agreement, in addition to the terms of the Plan and this Stock
Purchase Agreement, the terms and conditions of Stockholders Agreement shall
govern Participant's rights in and to the Stock; and if there is any conflict
between the provisions of the Stockholders Agreement and the Plan or any
conflict between the provisions of the Stockholders Agreement and this Stock
Purchase Agreement, the provisions of the Stockholders Agreement shall be
controlling. Notwithstanding anything to the contrary in this Section 7, if the
Stockholders Agreement contains any provisions which would violate Nevada law if
applied to the Participant, the terms of the Plan and this Stock Purchase
Agreement shall govern the Participant's rights with respect to such
provisions.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    SECTION
8: WAIVER OF RIGHTS TO PURCHASE STOCK.

    

    By
signing this Agreement, Purchaser acknowledges and agrees that neither the
Company nor any other person or entity is under any obligation to sell or
transfer to Purchaser any option or equity security of the Company, other than
the shares of Stock subject to this Agreement and any other right or option to
purchase Stock which was previously granted in writing to Purchaser by the Board
(or a committee thereof). By signing this Agreement, except as provided in the
immediately preceding sentence, Purchaser specifically waives all rights he or
she may have had prior to the date of this Agreement to receive any option or
equity security of the Company.

    

    SECTION
9: INVESTMENT INTENT.

    

    Purchaser
represents and agrees that if he or she purchases the Stock in whole or in part
and if at the time of such purchase the Stock has not been registered under the
Act, that he or she will acquire the Stock upon such purchase for the purpose of
investment and not with a view to the distribution of such Stock and upon each
purchase, he or she will furnish to the Company a written statement to such
effect.

    

    SECTION
10: GENERAL PROVISIONS.

    

    10.1
Further Assurances. Purchaser shall promptly take all actions and execute all
documents requested by the Company which the Company deems to be reasonably
necessary to effectuate the terms and intent of this Agreement. Any sale or
transfer of the Stock to Purchaser by the Company shall be made free of any and
all claims, encumbrances, liens and restrictions of every kind, other than those
imposed by this Agreement.

     

    10.2
Notices. All notices, requests, demands and other communications under this
Agreement shall be in writing and shall be given to the parties hereto as
follows:

     

    10.2.1 If
to the Company, to:

     

    BANCROFT
URANIUM, INC.

    8655 East
Via De Ventura, Suite G200

    Scottsdale,
AZ 85258

    

    10.2.2 If
to Purchaser, to the address set forth in the records of the
Company.

     

    10.2.3
Any such notice request, demand or other communication shall be effective (i) if
given by mail, 72 hours after such communication is deposited in the mail by
first-class certified mail, return receipt requested, postage pre-paid,
addressed as aforesaid, or (ii) if given by any other means, when delivered at
the address specified in this Section 10.2.

    

    10.3
Transfer of Rights under this Agreement. The Company may at any time transfer
and assign its rights and delegate its obligations under this Agreement to any
other person, Company, firm or entity, including its officers, Directors and
stockholders, with or without consideration.

     

    10.4
Purchase Rights Non Transferable. Purchaser may not sell, transfer, assign or
otherwise dispose of any rights hereunder except by testament or the laws of
descent and distribution and the rights hereunder may be exercised during the
lifetime of Purchaser only by the Purchaser or by his or her guardian or legal
representative.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    10.5
Market Stand-Off. In the event of an underwritten public offering by the Company
of its equity securities pursuant to an effective registration statement filed
under the Act, including the Company's initial public offering (a "Public
Offering"), Purchaser shall not transfer for value any shares of Stock without
the prior written consent of the Company or its underwriters, for such period of
time from and after the effective date of such registration statement as may be
requested by the Company or such underwriters (the "Market Stand-Off"). The
Market Stand-Off shall be in effect for such period of time following the date
of the final prospectus for the offering as may be requested by the Company or
such underwriters. In the event of the declaration of a stock dividend, a
spin-off, a stock split, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company's outstanding securities without
receipt of consideration, any new, substituted or additional securities which
are by reason of such transaction distributed with respect to any Shares subject
to the Market Stand-Off, or into which such Shares thereby become convertible,
shall immediately be subject to the Market Stand-Off. In order to enforce the
Market Stand-Off, the Company may impose stop-transfer instructions with respect
to the Shares acquired under this Agreement until the end of the applicable
stand-off period.

     

    10.6
Adjustment. If there is any change in the number of outstanding shares of Stock
by reason of a stock split, reverse stock split, stock dividend, an
extraordinary dividend payable in a form other than stock, recapitalization,
combination or reclassification, or a similar transaction affecting the
Company's outstanding securities without receipt of consideration, then (i) any
new, substituted or additional securities or other property (including money
paid other than as an ordinary cash dividend) distributed with respect to any
Restricted Stock (or into which such Restricted Stock thereby become
convertible) shall immediately be subject to the Repurchase Right; and (ii)
appropriate adjustments to reflect the distribution of such securities or
property shall be made to the number and/or class of the Restricted Stock and to
the price per share to be paid upon the exercise of the Repurchase Right;
provided, however, that the aggregate purchase price payable for the Restricted
Stock shall remain the same.

     

    10.7
Successors and Assigns. Except to the extent this Agreement is specifically
limited by the terms and provisions of this Agreement, this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective
successor, assigns, heirs and personal representatives.

     

    10.8
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEVADA, WITHOUT REGARD TO ITS CHOICE OF LAW
PROVISIONS, AS NEVADA LAWS ARE APPLIED TO CONTRACTS ENTERED INTO AND PERFORMED
IN SUCH STATE.

     

    10.9
Severability. Should any paragraph or any part of a paragraph within this Stock
Purchase Agreement be rendered void, invalid or unenforceable by any court of
law for any reason, such invalidity or unenforceability shall not void or render
invalid or unenforceable any other paragraph or part of a paragraph in this
Stock Purchase Agreement.

     

    10.10
Attorneys' Fees. In the event that any action, suit or proceeding is instituted
upon any breach of this Agreement, the prevailing party shall be paid by the
other party thereto an amount equal to all of the prevailing party's costs and
expenses, including attorneys' fees incurred in each and every such action, suit
or proceeding (including any and all appeals or petitions therefrom). As used in
this Agreement, "attorneys' fees" shall mean the full and actual cost of any
legal services actually performed in connection with the matter involved
calculated on the basis of the usual fee charged by the attorney performing such
services and shall not be limited to "reasonable attorneys' fees" as defined in
any statute or rule of court.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    10.11 The
Plan. This Agreement is made pursuant to the Plan, and it is intended, and shall
be interpreted in a manner, to comply herewith. Any provision of this Agreement
inconsistent with the Plan shall be superseded and governed by the
Plan.

     

    10.12
Miscellaneous. Title and captions contained in this Agreement are inserted for
convenience and reference only and do not constitute a part of this Agreement
for any purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
SPOUSAL
CONSENT

    

    The
undersigned spouse of __________________________ does hereby consent to the
execution of the foregoing Agreement by _____________________, and the
performance by him (or her) of his (or her) obligations thereunder.

    

    
      	
              Dated:_______________

            	 
      	___________________________
	 
      	 
      	
              Signature

            

    

     

     

     

     

    
 

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    EXHIBIT
A

    to

    ANNEX
I

    of

    STOCK
PURCHASE AGREEMENT

    

    PROMISSORY
NOTE

    

    

    
      	
              $

            	 
      	
              Date:

            

    

    

    FOR VALUE
RECEIVED, the undersigned promises to pay to BANCROFT URANIUM, INC., a Nevada
corporation, 8655 East Via De Ventura, Suite G200, Scottsdale, AZ 85258 (the "Company"), the principal sum of
$_______________ with interest from the date hereof on the unpaid principal
balance at the rate of _______% per annum, compounded annually. Accrued but
unpaid interest under this Note shall be due and payable annually on the date
immediately preceding the anniversary of this Note, at the rate of ____% per
annum, and the unpaid principal balance and any remaining accrued but unpaid
interest shall be due and payable on _______________, _____.

    

    All sums
paid hereunder shall be paid in lawful money of the United States of America at
the principal executive offices of the Company or at such other place as the
holder of this Note shall have designated to the undersigned in writing. The
principal amount of this Note may be paid in whole or in part (in either case
with any interest accrued through the date of payment) at any time or from time
to time, prior to maturity, without penalty or charge for prepayment. All sums
paid hereunder shall be applied first to any unpaid interest and then to the
principal amount then outstanding.

    

    If
service of the undersigned with the Company is terminated for any reason, with
or without cause, the holder of this Note shall be entitled at its option to
demand payment of the full principal amount of this Note then unpaid, together
with all interest accrued thereon to the date of payment, by delivery to the
undersigned of written demand. Not later than 30 days after delivery of such
demand the undersigned shall pay the principal amount together with all accrued
interest.

    

    The
undersigned shall pay to the holder of this Note reasonable attorneys' fees and
all costs and other expenses (including, without limitation, fees, costs and
expenses of litigation) incurred by the holder in enforcing this Note. This Note
is secured by a Security Agreement of even date herewith between the Company and
the undersigned. The holder of this Note is entitled to the benefits of the
Security Agreement and may enforce the agreements of the undersigned contained
therein and exercise the remedies provided for thereby or otherwise available
with respect to this Note.

    

    

    Borrower:

    

    

    Print
name and Address:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
B

    to

    ANNEX
I

    of

    STOCK
PURCHASE AGREEMENT

    

    SECURITY
AGREEMENT

    

    

    THIS
SECURITY AGREEMENT (the "Security Agreement") is made and entered into as of the
___ day of ______________, ____, between BANCROFT URANIUM, INC., a Nevada
corporation ("Lender") and ___________________ ("Debtor").

    

    WHEREAS,
Debtor has concurrently herewith purchased from Lender _____ shares of Lender's
Stock (the "Stock") pursuant to that certain Stock Purchase Agreement, dated
________________, ____, between Lender and Debtor (the "Purchase Agreement") and
has made payment therefor by delivery of Debtor's promissory note of even date
herewith (the "Note"); and

    

    WHEREAS,
Debtor and Lender desire to have Debtor grant to Lender a security interest in
the collateral described below as security for Debtor's performance of the terms
and conditions of the Purchase Agreement, the Note and this Security
Agreement.

    

    NOW,
THEREFORE, on the basis of the above facts and in consideration of the mutual
covenants and agreements set forth below, Lender and Debtor agree as
follows:

    

    SECTION
1: GRANT OF SECURITY INTEREST.

    

    As
security for Debtor's full and faithful performance of each and all of its
obligations and liabilities under the Note, and any and all modifications,
extensions or renewals thereof, the Purchase Agreement and this Security
Agreement, Debtor hereby grants and assigns to Lender a continuing security
interest in and to the Stock, and all stock dividends, cash dividends,
liquidating dividends, new securities and all other property, moneys and rights
to which Debtor may become entitled on account thereof (the
"Collateral").

    

    SECTION
2: PERFECTION OF SECURITY INTEREST.

    

    To
perfect Lender's security interest in and lien on the Collateral, Debtor shall,
upon the execution of this Agreement, immediately deliver to Lender, together
with collateral instruments of transfer executed in blank, all certificates
representing the Stock to be held by Lender until released pursuant to Section 6
hereof.

    

    SECTION
3: DEFAULT.

    

    At the
sole and exclusive option of Lender, upon an Event of Default (as defined in
Section 3.2 below) Lender may exercise any or all of the rights and remedies of
a secured party under the Nevada Uniform Commercial Code, as amended from time
to time. All rights and remedies of Lender shall be cumulative and may be
exercised successively or concurrently and without impairment of Lender's
interest in the Collateral.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    As used
herein, an Event of Default ("Event of Default") shall mean any of the
following:

    

    The
failure of Debtor to perform any of its obligations under the Purchase
Agreement, the Note or this Security Agreement; or

    

    The
occurrence of one or more of the following: (i) Debtor becoming the subject of
any case or action or order for relief under the Bankruptcy Reform Act of 1978;
(ii) the filing by Debtor of a petition or answer to take advantage of any
bankruptcy, reorganization, insolvency, readjustment of debts, dissolution or
liquidation law or statute, or the filing of any answer admitting the material
allegations of a petition filed against Debtor in any proceeding under any such
law or the taking of any action by Debtor for the purpose of effecting the
foregoing; the appointment of a trustee, receiver or custodian of Debtor or any
of Debtor's material assets or properties; (iii) Debtor making an assignment for
the benefit of creditors; or (iv) the occurrence of any other act by Debtor or
Debtor's creditors which Lender reasonably determines may jeopardize Debtor's
ability to pay the Note or perform Debtor's obligations under the Purchase
Agreement or this Security Agreement.

    

    SECTION
4: WARRANTIES AND REPRESENTATIONS OF DEBTOR.

    

    Debtor
hereby represents and warrants that the Collateral is free and clear of any
security interest, lien, restriction or encumbrance and that he has the full
right and power to transfer the Collateral to Lender free and clear thereof and
to enter into and carry out the Purchase Agreement, the Note and this Security
Agreement.

    

    SECTION
5: POWER OF ATTORNEY.

    

    Debtor
hereby appoints Lender's Secretary as his true and lawful attorney-in-fact to
transfer the Collateral or cause it to be transferred on Lender's books whenever
Lender determines in its sole and absolute discretion that such transfer is
necessary or advisable to protect its rights or interests under this Security
Agreement.

    

    SECTION
6: RELEASE OF THE COLLATERAL.

    

    Within
five days following receipt by Lender of the unpaid principal amount of the Note
from Debtor, Lender shall release from its security interest hereunder and
deliver or cause to be delivered to Debtor the Stock.

    

    SECTION
7: WAIVERS.

    

    No waiver
by Lender of any breach or default by Debtor under the Purchase Agreement, the
Note or this Security Agreement shall be deemed a waiver of any breach or
default thereafter occurring, and the taking of any action by Lender shall not
be deemed an election of that action in exclusion of any other action. The
rights, privileges, remedies and options granted to Lender under this Security
Agreement or under any applicable law shall be deemed cumulative and may be
exercised successively or concurrently.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SECTION
8: GENERAL PROVISIONS.

    

    8.1
Notices. All notices, requests, demands or other communications under this
Security Agreement shall be in writing and shall be given to parties hereto as
follows: If to the Company, to:

     

    BANCROFT
URANIUM, INC.

    8655 East
Via De Ventura, Suite G200

    Scottsdale,
AZ 85258

    

    If to
Debtor, to the address set forth in the records of the Company, or such other
address as may be furnished by either such party in writing to the other party
hereto.

    

    Any such
notice, request, demand or other communication shall be effective (i) if given
by mail, 72 hours after such communication is deposited in the mail by
first-class certified mail, return receipt requested, postage prepaid, addressed
as aforesaid, or (ii) if given by any other means, when delivered at the address
specified in this Paragraph 8.

    

    8.2
Successors and Assigns. This Security Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective successors, assigns,
heirs and personal representatives.

     

    8.3
Severability. Should any paragraph or any part of a paragraph within this
Security Agreement be rendered void, invalid or unenforceable by any court of
law for any reason, such invalidity or unenforceability shall not void or render
invalid or unenforceable any other paragraph or part of a paragraph in this
Security Agreement.

     

    8.4
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEVADA WITHOUT REGARD TO ITS CHOICE OF LAW
PROVISIONS, AS NEVADA LAWS ARE APPLIED TO CONTRACTS ENTERED INTO AND PERFORMED
IN SUCH STATE.

     

    8.5
Attorneys' Fees. In the event that any action, suit or proceeding is instituted
upon any breach of this Security Agreement, the prevailing party shall be paid
by the other party thereto an amount equal to all of the prevailing party's
costs and expenses, including attorneys' fees incurred in each and every such
action, suit or proceeding (including any and all appeals or petitions
therefrom). As used in this Agreement, "Attorneys' Fees" shall mean the full and
actual cost of any legal services actually performed in connection with the
matter involved calculated on the basis of the usual fee charged by the attorney
performing such services and shall not be limited to "reasonable attorneys'
fees" as defined in any statute or rule of court.

     

    8.6
Entire Agreement. The making, execution and delivery of this Security Agreement
by the parties hereto have been induced by no representations, statements,
warranties or agreements other than those herein expressed. This Security
Agreement, the Purchase Agreement and the Note embody the entire understanding
of the parties and there are no further or other agreements or understandings,
written or oral, in effect between the parties relating to the subject matter
hereof, unless expressly referred to by reference herein.

     

    8.7
Miscellaneous. Titles and captions contained in this Security Agreement are
inserted for convenience of reference only and do not constitute part of this
Security Agreement for any other purpose.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Security
Agreement as of the date first above written.

    

    

    
      	
              DEBTOR:

            	 
      	
              LENDER:
      BANCROFT URANIUM, INC.

            
	 
      	 
      	
              By:
      /s/ P.
      Leslie Hammond

            
	
              (Sign)

            	 
      	
              P.
      Leslie Hammond

            
	 
      	 
      	
              Its:
      President and CEO

            
	
              (Please
      print name and address)

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
C

    to

    ANNEX
I

    of

    STOCK
PURCHASE AGREEMENT

    

    STOCK
ASSIGNMENT

    SEPARATE
FROM CERTIFICATE

    

    

    For Value
Received, _________________________________ ("Holder") hereby sells, assigns and
transfers unto ____________________________________ (________) shares (the
"Shares") of the Stock of BANCROFT URANIUM, INC., a Nevada corporation (the
"Company"), held of record by Holder and represented by Certificate No. ______,
and hereby irrevocably constitutes and appoints as Holder's attorney to transfer
the Shares on the books of the Company, with full power of substitution in the
premises.

    

    The
signature to this assignment must correspond with the name written upon the face
of the Certificate in every particular without any alteration or addition or any
other change.

    

    Dated

    

    ________________________

    

    

    ________________________________________________________

    (Signature
of Holder)

    

    ________________________________________________________

     

    ________________________________________________________

    (Please
print name and address)

    

    

    SIGNATURE
GUARANTEED BY:

    

    (Holder's
signature must be guaranteed by a

    bank, a
trust company or a brokerage firm):

    

    

    _________________________________

     

    _________________________________

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
LETTER
REGARDING

    FEDERAL
AND _________ TAX CONSEQUENCES

     

     

    BANCROFT
URANIUM, INC.

    8655 East
Via De Ventura, Suite G200

    Scottsdale,
AZ 85258

    

    [Purchaser]

    

    

    Dear:________________________

    

    This
letter is to notify you of certain federal and ___________ income tax
consequences to you as a result of your purchase of shares (the "Shares") of
Common Stock of BANCROFT URANIUM, INC. (the "Company") pursuant to the Stock
Purchase Agreement dated __________, 2008 between you and the
Company.

    

    The
conclusion of this letter is that, if the purchase price for the Shares equals
their fair market value on the date you sign the Stock Purchase Agreement, you
should send copies of the attached form (the "Section 83 Form") relating to
Section 83 ("Section 83") of the Internal Revenue Code of 1986 (the "Internal
Revenue Code"), to the Internal Revenue Service and the Company, not later than
30 days after the date of the Stock Purchase Agreement. If the purchase price
for the Shares is less than their fair market value on the date you sign the
Stock Purchase Agreement, you should consider carefully whether or not you
should file the Section 83 Form within 30 days after you sign the Stock Purchase
Agreement.

    

    Federal
Income Tax Consequences

    

    Certain
federal income tax consequences to you in connection with your purchase of the
Shares are determined in accordance with Section 83.

    

    Section
83(a). Under Section 83(a), a person to whom property is transferred in
connection with the performance of services ("Section 83 property") must
recognize ordinary income in the year the property is transferred in an amount
equal to the fair market value of the Section 83 property at the time it is
transferred less the amount, if any, paid for the Section 83 property, unless
the Section 83 property is not transferable and is subject to a substantial risk
of forfeiture (collectively, a "Restriction on Transfer"). If there is a
Restriction on Transfer, then the person acquiring Section 83 property will not
recognize income until the Restriction on Transfer lapses (unless a Section
83(b) election is made - see below), at which time the person must recognize as
ordinary income the fair market value of the Section 83 property at that time
less the amount, if any, paid for the Section 83 property.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Your
purchase of the Shares probably constitutes a transfer of Section 83 property.
Further, the Stock Purchase Agreement provides that, if you cease to be employed
by the Company for any reason, the Company must repurchase from you and you must
sell to the Company all Non-Vested Shares (as defined in the Stock Purchase
Agreement) for an amount which may be less than their fair market value. Under
Regulations promulgated under Section 83, these provisions probably constitute a
Restriction on Transfer over your Non-Vested Shares. Thus, under Section 83(a),
you would not be required to recognize any income as a result of your purchase
of the Shares until they vest; when they vest, you would be required under
Section 83(a) to recognize as ordinary income the excess, if any, of the fair
market value of the Shares (as of the day they vest) over the price you paid for
those Shares under the Stock Purchase Agreement. If the price of the Company's
Common Stock is greater when the Shares vest than when you purchased them, you
could have a substantial tax liability in connection with your purchase of the
Shares when they vest.

    

    Section
83(b) Election. Section 83(b) provides an alternative method for taxing Section
83 property. Under Section 83(b), a person may elect to recognize ordinary
income in the year Section 83 property is transferred to him or her, rather then
waiting until it vests. Thus, if you make a Section 83(b) election, you will be
required to recognize as ordinary income in the year you purchase the Shares the
difference, if any, between the fair market value of the Shares on the date you
sign the Stock Purchase Agreement and the purchase price you pay for the Shares.
For example, if you make the Section 83(b) election and you paid a purchase
price for the Shares equal to their fair market value, you will not pay any
taxes in the year of the purchase in connection with your purchase of the
Shares. On the other hand, if you make the Section 83(b) election and the
purchase price of the Shares is less than their fair market value on the date
you sign the Stock Purchase Agreement, you will be required to pay taxes on the
difference between those amounts in the year of the purchase. In either case,
however, if you make the Section 83(b) election, you will not be required to
recognize any income when the Shares vest.

    

    To make
the Section 83(b) election, you must file the Section 83 Form with both the
Company and the Internal Revenue Service office where you file federal income
tax returns. You must file the Section 83(b) Form within 30 days after you sign
the Stock Purchase Agreement. In addition, you must attach a copy of the Section
83(b) Form to your income tax return that covers the year in which you filed the
Form.

    

    Sale of
Section 83 Property. If a person sells Section 83 property after the Restriction
on Transfer lapses (or after making a Section 83(b) election), he or she will
recognize taxable gain or loss equal to the difference between the amount
realized upon the sale of the Section 83 property and the person's "adjusted
basis" for the Section 83 property. The person's adjusted basis for the Section
83 property will be (i) the amount paid for the Section 83 property plus (ii)
any amount which the person has included in gross income pursuant to the Section
83(b) election. Thus, upon sale, you will recognize taxable gain or loss equal
to the difference between the sale price of the Shares and your adjusted basis
for the Shares.

    

    In
general, the gain or loss you recognize will be capital gain or loss if the
following "Capital Gain Requirements" are met: (i) the Section 83 property is a
capital asset and (ii) the Section 83 property is held for more than 12 months
from either the date the Restrictions on Transfer lapse or, if a Section 83(b)
election is made, the date the Section 83 property is acquired. Thus, as the
Shares are probably a capital asset in your hands, you will recognize capital
gain or loss upon their sale if you hold them for more than 12 months from
either the date they vest or, if you make the Section 83(b) election, from the
date you sign the Stock Purchase Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Forfeiture
of Section 83 Property. If a person's interest in Section 83 property is
forfeited, the person will recognize gain or loss equal to the difference
between the amount realized upon forfeiture and the amount paid for the Section
83 property. In your case, if your employment with the Company is terminated
before all of the Shares have vested, the Company is obligated to repurchase
from you, and you are obligated to sell to the Company, any Non-Vested Shares at
the price you paid for them. As there would be no difference between the amount
realized upon forfeiture and the amount paid for the Shares, you would not be
required to recognize any gain or loss at that time. However, upon forfeiture,
you would not be able to recoup any taxes you pay pursuant to a Section 83(b)
election.

    

    Nevada
Income Tax Consequences.

    

    The
Nevada income tax consequences to you in connection with your purchase of the
Shares are identical to the federal income tax consequences. To make the Section
83(b) election in Nevada, you must file the Section 83(b) Form with the Internal
Revenue Service, as described above; there are no extra filing requirements for
making the Section 83(b) election in Nevada.

    

    If you
have any questions concerning the tax consequences described in this letter,
please feel free to call me.

    

    Sincerely,

    

    BANCROFT
URANIUM, INC.

    

    By: /s/ P. Leslie Hammond

    P. Leslie
Hammond

    Its:
President and CEO

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ELECTION
TO INCLUDE IN GROSS INCOME IN

    YEAR OF
TRANSFER PURSUANT TO SECTION 83(b)

    OF THE
INTERNAL REVENUE CODE

    

    

    The
undersigned hereby makes an election pursuant to the provisions of Section 83(b)
of the Internal Revenue Code of 1986, as amended, and the regulations of the
Commissioner of Internal Revenue promulgated thereunder, with respect to the
Section 83 property described below, and supplies the following information in
connection with that election:

    

    The name,
address, taxable year and taxpayer identification number of the undersigned
are:

    

    
      	
              Name:

            	 
      	 
      
	 
      	 
      	 
      
	
              Address:

            	_______________________	 
      
	 
      	 
      	 
      
	 
      	_______________________	 
      
	 
      	_______________________	 
      
	 
      	 
      	 
      
	
              Taxable
      Year ________

            	 
      	
              Taxpayer
      I.D. No.__________

            

    

    

    The
description of the Section 83 property with respect to which the undersigned is
making the election is as follows:

    

    _______________
(_____) shares (the "Subject Shares") of the Common Stock of BANCROFT URANIUM,
INC., a Nevada corporation (the "Company").

    

    

    The date
upon which the Subject Shares were transferred to, and acquired by, the
undersigned was ____________, ________.

    

    The
Subject Shares are subject to restrictions under a ___________ vesting period.
If the undersigned's employment terminates, the Company is obligated to purchase
and the undersigned is obligated to sell to the Company all Subject Shares that
are not vested for a purchase price, which in certain circumstances may be less
than the fair market value of the Subject Shares.

    

    The fair
market value of the Subject Shares at the time of the transfer to, and
acquisition by, the undersigned (determined without regard to any restrictions
other than restrictions which by their terms will never lapse) was $_____ per
share.

    

    The
amount paid by the undersigned for the Subject Shares was $____ per
share.

    

    The
undersigned has furnished a copy of this election to the Company.

    

    

    [Signature
Page Follows]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Dated:

    
      ________________________

      

      

       

       

       

       

      ________________________________________________________

    

    (Signature)

    

    Make 4
copies

    

    (1) IRS
(to be filed at the IRS where you ordinarily file your returns) within 30 days
of the purchase

    (1) IRS
(to be filed with your income tax return)

    (1)
BANCROFT URANIUM, INC.

    (1) Copy
for purchaser

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    FORM OF
RESOLUTIONS FOR PURCHASE RIGHTS GRANTS

    

    

    RESOLUTIONS
ADOPTED BY UNANIMOUS WRITTEN CONSENT

    OF THE
BOARD OF DIRECTORS OF

    BANCROFT
URANIUM, INC.

    

    As of
__________________, 2008

    

    

    

    The
undersigned directors, constituting the entire board of directors (the "Board")
of BANCROFT URANIUM, INC., a Nevada corporation (the "Company"), hereby take the
following actions, adopt the following resolutions, and transact the following
business, by written consent without a meeting, as of the date above written,
pursuant to the applicable corporate laws of the State of Nevada and the
Company's Bylaws.

    

    WHEREAS,
The Company Previously Adopted the 2008 BANCROFT URANIUM, INC. STOCK OPTION AND
AWARD PLAN (The "Plan"), and has delegated the responsibility to administer the
Plan to the Board;

    

    WHEREAS,
_______________ shares of Common Stock of the Company were originally reserved
for issuance under the Plan;

    

    WHEREAS,
as of the date hereof, _____________ shares remain available for issuance under
the Plan; and

    

    WHEREAS,
the Board has determined that it is in the best interests of this company and
its stockholders to provide, under the plan, equity incentives to those
employees of the company identified below.

    

    NOW,
THEREFORE, BE IT RESOLVED, that the persons listed on the Exhibit A, which
exhibit was reviewed by the Board and shall be included with this Consent, are
hereby granted, as of the date hereof, the current right to purchase (the
"Purchase Right") the number of shares at the per share purchase price as set
forth in Exhibit A at any time on or prior to the date which is 15 days from the
date this grant is first communicated to each recipient;

    

    RESOLVED
FURTHER, that this Company be, and it hereby is, authorized to accept a
promissory note from each purchaser as consideration for the stock so purchased,
in such form (including security for the obligation thereunder) heretofore
approved by the Board;

    

    RESOLVED
FURTHER, that the officers of this Company, and each of them, be, and they
hereby are, authorized, directed and empowered for and on behalf of this Company
to prepare or cause to be prepared a stock purchase agreement, promissory note
and/or security agreement (the "Purchase Agreements") to represent the rights
granted at this meeting substantially in the form, and containing the terms and
provisions, heretofore approved by the Board, and containing such other terms
and provisions as such officers shall, upon advice of counsel, determine to be
necessary or appropriate, their execution of such Purchase Agreements to
conclusively evidence such determination;

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    RESOLVED
FURTHER, that the Purchase Rights shall be evidenced by stock purchase
agreements and be subject to the restrictions (including transfer and/or
repurchase rights), if any, set forth in such stock purchase
agreements;

    

    RESOLVED
FURTHER, that the Purchase Rights shall be granted pursuant to the exemptions
provided under Section 701 of the Securities Act Rules and Nevada Corporate
Securities Laws;

    

    RESOLVED
FURTHER, that there is hereby reserved and set aside under the Plan the number
of shares adequate to cover the shares underlying the Purchase Rights granted
herein;

    

    RESOLVED
FURTHER, that upon receipt of executed Purchase Agreements from the person or
persons granted rights hereunder, the officers of this Company, and each of
them, be, and they hereby are, authorized, directed and empowered for and on
behalf of this Company to issue the stock so purchased, and to do or cause to be
done all such further acts and things and to sign, deliver and/or file all such
documents and notices as any of such officers may deem necessary or advisable in
order to carry out and perform the foregoing resolutions and the intention
thereof; and

    

    RESOLVED
FURTHER, that the officers of this Company, and each of them, be, and they
hereby are, authorized, directed and empowered for and on behalf of the Company
to do or cause to be done all such acts and things and to sign, deliver and/or
file all such documents and notices as any of such officers may deem necessary
or advisable in order to carry out and perform the foregoing resolutions and the
intention thereof.

    

    The
Secretary of the Corporation is directed to file the original executed copy of
this Consent with the minutes of proceedings of the Board.

    

    IN
WITNESS WHEREOF, each of the undersigned has executed this consent as of the
date first written above.

    

    DIRECTORS:

    

    
      	

              /s/
      P. Leslie Hammond  

            	 
      	

              /s/
      David Naylor  

            
	
              P.
      Leslie Hammond

            	 
      	
              David
      Naylor

            
	 
      	 
      	 
      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
A

    

    

    Purchase
Rights Grant Information

    

    
      	
              Name

            	
              No.
      Shares

            	
              Purchase
      PriceExhibit 10.11.12

 

 

TWELFTH AMENDMENT TO, AND WAIVER UNDER, CREDIT AGREEMENT

 

THIS
TWELFTH AMENDMENT TO, AND WAIVER UNDER, CREDIT AGREEMENT (this “Twelfth
Amendment”) is made and entered into as of May 20, 2008, by and among the
financial institutions identified on the signature pages hereof (such
financial institutions, together with their respective successors and assigns,
are referred to hereinafter each individually as a “Lender” and
collectively as the “Lenders”), WELLS FARGO FOOTHILL, INC., a California
corporation, as arranger and administrative agent for the Lenders (in such
capacities, together with any successor arranger and administrative agent, “Agent”),
and TRC COMPANIES, INC., a Delaware corporation (the “Administrative
Borrower”), on behalf of all Borrowers.

 

WITNESSETH:

 

WHEREAS,
the Administrative Borrower, the Administrative Borrower’s Subsidiaries party
thereto, the Lenders and Agent are parties to that certain Credit Agreement,
dated as of July 17, 2006 (as amended as of October 31, 2006, as of November 29,
2006, as of December 29, 2006, as of January 31, 2007, as of July 30,
2007, as of September 25, 2007, as of November 28, 2007, as of December 14,
2007, as of March 3, 2008, as of April 4, 2008, and as of April 22,
2008, and as the same may be further amended, modified, supplemented or amended
and restated from time to time, the “Credit Agreement”);

 

WHEREAS,
pursuant to Section 5.9 of the Credit Agreement, Borrowers are
obligated to keep their and their Restricted Subsidiaries’ Inventory and
Equipment (other than vehicles and Equipment out for repair or maintained with
customers in the ordinary course of business) only at the locations specified
on Schedule 4.5; provided, however, that Administrative
Borrower may amend Schedule 4.5 so long as such amendment occurs by
written notice to Agent not less than 30 days prior to the date on which such
Inventory or Equipment is moved to such new location, so long as such new
location is within the continental United States, and so long as, at the time
of such written notification, the applicable Borrower provides Agent a
Collateral Access Agreement with respect thereto (provided that a Collateral
Access Agreement shall only be required to be delivered if books and records
are maintained at such location);

 

 WHEREAS, TRC Environmental Corporation moved
certain of its Inventory and Equipment, from 2313 W. Sam Houston Parkway North,
Houston, Texas 77043 and 1500 City West Boulevard, Houston, Texas 77042 to
10011 Meadowglen, Houston, Texas 77042, without providing to Agent the notice
and Collateral Access Agreement required by Section 5.9 of the
Credit Agreement;

 

WHEREAS,
pursuant to the Ninth Amendment to, and Waiver under Credit Agreement dated as
of March 3, 2008 among the parties hereto, in consideration of the waiver
provided therein by Agent and the Lenders, the Borrowers agreed to deliver to
Agent a Collateral Access Agreement with respect to the Collateral located at
10011 Meadowglen, Houston, Texas 77042 (the “Meadowglen Collateral Access
Agreement”) on or prior to April 30, 2008;

 

WHEREAS,
the Borrowers have not yet delivered to Agent the Meadowglen Collateral Access
Agreement (the “Section 5.9 Default”);

 

 

 

 

WHEREAS,
pursuant to Section 6.16(a) of the Credit Agreement, the
Borrowers were required to achieve EBITDA of at least $9,018,000 for the
9-month period ended March 31, 2008 (the “March 2008 EBITDA
Requirement”);

 

WHEREAS,
the Borrowers have failed to comply with the March 2008 EBITDA Requirement
(the “March 2008 EBITDA Default”, and together with the Section 5.9
Default, the “Applicable Defaults”);

 

WHEREAS,
the Administrative Borrower has requested Agent and the Lenders to waive the
Applicable Defaults, and Agent and the Lenders have agreed to do so subject to
the terms and conditions set forth herein; and

 

WHEREAS,
Agent, the Lenders and the Borrowers have agreed to amend the Credit Agreement,
all as herein provided subject to the terms and conditions set forth herein;

 

NOW,
THEREFORE, in consideration of
the agreements and provisions herein contained, the parties hereto do hereby
agree as follows:

 

Section 1.              Definitions.  Any capitalized terms used but not otherwise
defined herein shall have the meanings ascribed to such terms in the Credit
Agreement.

 

Section 2.              Waivers Under Credit Agreement.  Subject to the satisfaction of the terms and
conditions set forth herein, Agent and the Required Lenders hereby (a) waive
the Section 5.9 Default; provided that the waiver under this clause
(a) shall be rescinded and no longer effective as of June 15, 2008 if
the Borrowers fail to deliver to Agent the Meadowglen Collateral Access
Agreement on or prior to June 15, 2008; and (b) waive the March 2008
EBITDA Default.

 

Section 3.              Amendments to Credit
Agreement.  Subject to the
terms and conditions set forth herein, the Credit Agreement is hereby amended,
as of the Effective Date (defined below), as follows:

 

3.01.       Amendments to
Schedule 5.3 of the Credit Agreement.  The left hand column in the third row of the
table in Schedule 5.3 to the Credit Agreement relating to Parent’s
Projections is hereby amended by adding the following at the end thereof: “; provided,
further, that with respect to fiscal year 2009, Borrowers shall deliver
the required information and documents to Agent on or prior to July 31,
2008.”

 

3.02.       Amendments to Section 6.16(a) of
the Credit Agreement.  Section 6.16(a) of
the Credit Agreement is hereby amended by deleting it in its entirety and
inserting the following in lieu thereof:

 

(a)           Minimum EBITDA.  Fail to achieve EBITDA, measured on a quarterly basis, of
at least the required amount set forth in the following table for the
applicable period set forth opposite thereto:

 

 

2

 

	
   

  	
   

  	
  Applicable Amount

  	
   

  	
   

  	
  Applicable Period

  	
   

  	
   

  
	
   

  	
   

  	
  $7,945,000

  	
   

  	
   

  	
  For the 12 month period
  ending June 30, 2008

  	
   

  	
   

  
	
   

  	
   

  	
  An amount determined by
  Agent based on the projections delivered pursuant to Section 5.3
  satisfactory to Agent (or if Borrowers fail to timely deliver such
  projections, an amount reasonably determined by Agent but in no event less
  than $2,400,000), unless otherwise agreed to in writing by Agent, Required
  Lenders and Borrowers

  	
   

  	
   

  	
  For the 3 month period
  ending September 30, 2008

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  An amount determined by
  Agent based on the projections delivered pursuant to Section 5.3
  satisfactory to Agent (or if Borrowers fail to timely deliver such
  projections, an amount reasonably determined by Agent), unless otherwise
  agreed to in writing by Agent, Required Lenders and Borrowers

  	
   

  	
   

  	
  For the 6 month period ending
  December 31, 2008

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  An amount determined by
  Agent based on the projections delivered pursuant to Section 5.3
  satisfactory to Agent (or if Borrowers fail to timely deliver such
  projections, an amount reasonably determined by Agent), unless otherwise
  agreed to in writing by Agent, Required Lenders and Borrowers

  	
   

  	
   

  	
  For the 9 month period
  ending March 31, 2009

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  An amount determined by
  Agent based on the projections delivered pursuant to Section 5.3
  satisfactory to Agent (or if Borrowers fail to timely deliver such
  projections, an amount reasonably determined by Agent but in no event less
  than $13,000,000), unless otherwise agreed to in writing by Agent, Required
  Lenders and Borrowers

  	
   

  	
   

  	
  For the 12 month period
  ending June 30, 2009

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  An amount determined by
  Agent based on the projections delivered pursuant to Section 5.3
  satisfactory to Agent (or if Borrowers fail to timely deliver such
  projections, an amount reasonably determined by Agent but in no event less
  than $16,000,000), unless otherwise agreed to in writing by Agent, Required
  Lenders and Borrowers

  	
   

  	
   

  	
  For the 12 month period
  ending each quarter thereafter

  	
   

  	
   

  

 

3

 

 

Section 4.              Representations
and Warranties.  In order to induce
Agent and the Lenders to enter into this Twelfth Amendment, the Administrative
Borrower, for itself and on behalf of all of the other Borrowers, hereby
represents and warrants that:

 

4.01.       No Default.  At and as of the date of this Twelfth
Amendment and at and as of the Effective Date and both prior to (other than
with respect to the Applicable Defaults) and after giving effect to this
Twelfth Amendment, no Default or Event of Default exists and is continuing.

 

4.02.       Representations and
Warranties True and Correct. 
At and as of the date of this Twelfth Amendment and both prior to (other
than with respect to the Applicable Defaults) and after giving effect to this
Twelfth Amendment, each of the representations and warranties contained in the
Credit Agreement and other Loan Documents is true and correct in all material
respects.

 

4.03.       Corporate Power,
Etc.  Administrative
Borrower (a) has all requisite corporate power and authority to execute
and deliver this Twelfth Amendment and to consummate the transactions
contemplated hereby for itself and, in the case of Administrative Borrower, on
behalf of all of the other Borrowers, and (b) has taken all action,
corporate or otherwise, necessary to authorize the execution and delivery of
this Twelfth Amendment and the consummation of the transactions contemplated
hereby for itself and, in the case of Administrative Borrower, on behalf of all
of the other Borrowers.

 

4.04.       No Conflict.  The execution, delivery and performance by
Administrative Borrower (on behalf of itself and all of the other Borrowers) of
this Twelfth Amendment will not (a) violate any provision of federal,
state, or local law or regulation applicable to any Borrower, the Governing
Documents of any Borrower, or any order, judgment or decree of any court or
other Governmental Authority binding on any Borrower, (b) conflict with or
result in any breach of, or constitute (with due notice or lapse of time or
both) a default under any material contractual obligation of any Borrower, (c) result
in or require the creation or imposition of any Lien of any nature whatsoever
upon any properties or assets of any Borrower, other than Permitted Liens, or (d) require
any approval of any Borrower’s interestholders or any approval or consent of
any Person under any material contractual obligation of any Borrower, other
than consents or approvals that have been obtained and that are still in force
and effect.

 

4.05.       Binding Effect.  This Twelfth Amendment has been duly executed
and delivered by the Administrative Borrower (on behalf of itself and all of
the other Borrowers) and constitutes the legal, valid and binding obligation of
the Administrative Borrower (on behalf of itself and all of the other
Borrowers), enforceable against the Administrative Borrower (on behalf of
itself and all of the other Borrowers) in accordance with its terms, except as
such enforceability may be limited by (a) applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws, now or hereafter
in effect, relating to or affecting the enforcement of creditors’ rights
generally, and (b) the application of general principles of equity
(regardless of whether such enforceability is considered in a proceeding in
equity or at law).

 

Section 5.              Conditions.  This Twelfth Amendment shall be
effective upon the fulfillment by the Borrowers, in a manner satisfactory to
Agent and the Lenders, of all of the following conditions precedent set forth
in this Section 5 (such date, the “Effective Date”):

 

5.01.       Execution of the
Twelfth Amendment.  Each of
the parties hereto shall have executed an original counterpart of this Twelfth
Amendment and shall have delivered (including by way of telefacsimile or
electronic mail) the same to Agent.

 

5.02.       Amendment Fee.  Borrowers shall have paid to Agent, for the ratable
benefit of the Lenders, in immediately available funds an amendment fee equal
to $75,000.

 

5.03.       Representations and
Warranties.  As of the Effective
Date, the representations and warranties set forth in Section 4
hereof shall be true and correct.

 

5.04.       Compliance with Terms. 
Borrowers shall have complied in all respects with the terms hereof and
of any other agreement, document, instrument or other writing to be delivered
by Borrowers in connection herewith.

 

4

 

5.05.       Delivery
of Other Documents.  Agent shall have received all other
instruments, documents and agreements as Agent may reasonably request, in form
and substance reasonably satisfactory to Agent.

 

Section 6.              Miscellaneous.

 

6.01.       Continuing Effect.  Except as specifically provided herein, the
Credit Agreement and the other Loan Documents shall remain in full force and
effect in accordance with their respective terms and are hereby ratified and
confirmed in all respects.

 

6.02.       No Waiver;
Reservation of Rights.  This Twelfth
Amendment is limited as specified and the execution, delivery and effectiveness
of this Twelfth Amendment shall not operate as a modification, acceptance or
waiver of any provision of the Credit Agreement, or any other Loan Document,
except as specifically set forth herein. 
Notwithstanding
anything contained in this Twelfth Amendment to the contrary, Agent and the
Lenders expressly reserve the right to exercise any and all of their rights and
remedies under the Credit Agreement, any other Loan Document and applicable law
in respect of any Default or Event of Default (except to the extent set forth
in Section 2 with respect to the Applicable Defaults).

 

6.03.       References.

 

(a)           From and after the Effective Date, (i) the Credit Agreement, the other Loan Documents and
all agreements, instruments and documents executed and delivered in connection
with any of the foregoing shall each be deemed amended hereby to the extent
necessary, if any, to give effect to the provisions of this Twelfth Amendment
and (ii) all of the terms and provisions of this Twelfth Amendment are
hereby incorporated by reference into the Credit Agreement, as applicable, as
if such terms and provisions were set forth in full therein, as applicable.

 

(b)           From and after the Effective Date, (i) all
references in the Credit Agreement to “this Agreement”, “hereto”, “hereof”,
“hereunder” or words of like import referring to the Credit Agreement shall
mean the Credit Agreement as amended hereby and (ii) all references in the
Credit Agreement, the other Loan Documents or any other agreement, instrument
or document executed and delivered in connection therewith to  “Credit Agreement”, “thereto”, “thereof”,
“thereunder” or words of like import referring to the Credit Agreement shall
mean the Credit Agreement as amended hereby.

 

6.04.       Governing Law.  THIS TWELFTH AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

6.05.       Severability.  The provisions of this Twelfth Amendment are
severable, and if any clause or provision shall be held invalid or
unenforceable in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect only such clause or provision, or part thereof,
in such jurisdiction and shall not in any manner affect such clause or
provision in any other jurisdiction, or any other clause or provision in this
Twelfth Amendment in any jurisdiction.

 

6.06.       Counterparts.  This Twelfth Amendment may be executed in any
number of counterparts, each of which counterparts when executed and delivered
shall be an original, but all of which shall together constitute one and the
same instrument.  Delivery of an executed
counterpart of 

 

 

5

 

 

this
Twelfth Amendment by telefacsimile or electronic mail shall be equally
effective as delivery of a manually executed counterpart.  A complete set of counterparts shall be
lodged with the Administrative Borrower, Agent and each Lender.

 

6.07.       Headings.  Section headings in this Twelfth
Amendment are included herein for convenience of reference only and shall not
constitute a part of this Twelfth Amendment for any other purpose.

 

6.08.       Binding Effect;
Assignment.  This Twelfth Amendment
shall be binding upon and inure to the benefit of Borrowers, Agent and the
Lenders and their respective successors and assigns; provided, however,
that the rights and obligations of Borrowers under this Twelfth Amendment shall
not be assigned or delegated without the prior written consent of Agent and the
Lenders.

 

6.09.       Expenses.  Borrowers agree to pay Agent upon demand, for
all reasonable expenses, including reasonable fees of attorneys and paralegals
for Agent and the Lenders (who may be employees of Agent or the Lenders),
incurred by Agent and the Lenders in connection with the preparation,
negotiation and execution of this Twelfth Amendment and any document required
to be furnished herewith.

 

6.10.       Integration.  This Twelfth Amendment, together with the
other Loan Documents, incorporates all negotiations of the parties hereto with
respect to the subject matter hereof and is the final expression and agreement
of the parties hereto with respect to the subject matter hereof.

 

[Signature
page follows]

 

 

 

6

 

 

IN
WITNESS WHEREOF, the parties hereto have caused this Twelfth Amendment to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

 

	
   

  	
   

  	
  ADMINISTRATIVE
  BORROWER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TRC
  COMPANIES, INC., a Delaware

  
	
   

  	
   

  	
  corporation,
  as Administrative Borrower, on

  
	
   

  	
   

  	
  behalf
  of itself and all other Borrowers

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /S/
  Martin H. Dodd

  
	
   

  	
   

  	
  Name:

  	
  Martin H. Dodd

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  AGENT AND LENDERS:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WELLS FARGO FOOTHILL, INC.,

  
	
   

  	
   

  	
  as Agent and as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /S/ Jason
  P. Shanahan

  
	
   

  	
   

  	
  Name:

  	
  Jason P. Shanahan

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TEXTRON FINANCIAL CORPORATION,

  
	
   

  	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /S/ Chris
  Grivakis

  
	
   

  	
   

  	
  Name:

  	
  Chris Grivakis

  
	
   

  	
   

  	
  Title:

  	
  Senior Account Executive

  
	
   

  	
   

  	
   

  
									

 

[SIGNATURE PAGE OF TWELFTH AMENDMENT]

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