Document:

Unassociated Document

    

    GUARANTY

     

    This
      GUARANTY AGREEMENT (this
      “Agreement”),
      dated
      as of March 28, 2008 is made by each of the undersigned (each a "Guarantor",
      and
      collectively, the "Guarantors"),
      in
      favor of YA
      GLOBAL INVESTMENTS, L.P.
      (the
“Secured
      Party”).

     

    WHEREAS,
      in
      connection with the Securities Purchase Agreement, of even date herewith, by
      and
      among INTREPID
      TECHNOLOGY AND RESOURCES, INC.,
      an
      Idaho corporation (the "Company")
      and
      the Secured Party (the “Securities
      Purchase Agreement”),
      the
      Company has agreed, upon the terms and subject to the conditions of the
      Securities Purchase Agreement, to issue to the Secured Party (i) an aggregate
      original principal amount of $585,000 of secured convertible debentures (the
      “Convertible
      Debentures”),
      which
      shall be convertible into shares of the Company’s common stock, par value $0.005
      per share (“Common
      Stock”);
      and
      (ii) warrants (the “Warrants”)
      to be
      exercisable to acquire additional shares of Common Stock initially in that
      number of shares of Common Stock set forth in the Securities Purchase
      Agreement;

     

    WHEREAS,
      each
      Guarantor is executing and delivering that certain Security Agreement, of even
      date hereof (the “Security
      Agreement”),
      granting a lien in all of the Pledged Property (as defined in the Security
      Agreement) to the Secured Party;

     

    WHEREAS,
      it
      is a
      condition precedent to the Secured Party purchasing the Convertible Debentures
      and Warrants pursuant to the Securities Purchase Agreement that the Guarantors
      shall have executed and delivered to the Secured Party this Agreement
      guaranteeing all of the obligations of the Company under the Transaction
      Documents (as defined in the Security Agreement, the “Transaction
      Documents”); 

     

    WHEREAS,
      the
      Secured Party has extended financial accommodations to the Company, pursuant
      to
      the Convertible Debentures or otherwise, and the Guarantors will directly
      benefit from the extension of such financial accommodation as part of the
      affiliated business operations of the Guarantors and the Company;

     

    NOW,
      THEREFORE,
      in
      consideration of the premises and the agreements herein and in order to induce
      the Secured Party to perform under the Securities Purchase Agreement, each
      Guarantor hereby agrees with the Secured Party as follows:

     

    1.  Definitions.
      Reference is hereby made to the Securities Purchase Agreement and the
      Convertible Debentures issued pursuant thereto for a statement of the terms
      thereof. All terms used in this Guaranty, which are defined in the Securities
      Purchase Agreement or the Convertible Debentures and not otherwise defined
      herein, shall have the same meanings herein as set forth therein. 

     

    2.  Guaranty.
      The
      Guarantors, as direct obligors and not merely as surety, jointly and severally,
      hereby unconditionally and irrevocably, guaranty the full payment and prompt
      performance, as and when due and payable, by stated maturity or otherwise,
      of
      all Obligations (as defined in the Security Agreement) of the Company from
      time
      to time owing by it to the Secured Party (such obligations, to the extent not
      paid by the Company, being the "Guaranteed
      Obligations"),
      and
      agree to pay any and all expenses (including reasonable counsel fees and
      expenses) reasonably incurred by the Secured Party in enforcing any rights
      under
      this Guaranty. Without limiting the generality of the foregoing, each
      Guarantor's liability hereunder shall extend to all amounts that constitute
      part
      of the Guaranteed Obligations and would be owed by the Company to the Secured
      Party but for the fact that they are unenforceable or not allowable due to
      the
      existence of an insolvency proceeding involving any Guarantor or the Company
      (each, a "Transaction
      Party").

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    3.  Guaranty
      Absolute; Continuing Guaranty; Assignments.

     

    (a)  The
      Guarantors, jointly and severally, guaranty that the Guaranteed Obligations
      will
      be paid strictly in accordance with the terms of the Transaction Documents,
      regardless of any law, regulation or order now or hereafter in effect in any
      jurisdiction affecting any of such terms or the rights of the Secured Party
      with
      respect thereto. The obligations of each Guarantor under this Guaranty are
      independent of the Guaranteed Obligations, and a separate action or actions
      may
      be brought and prosecuted against any Guarantor to enforce such obligations,
      irrespective of whether any action is brought against any Transaction Party
      or
      whether any Transaction Party is joined in any such action or actions. The
      liability of any Guarantor under this Guaranty shall be irrevocable, absolute
      and unconditional irrespective of, and each Guarantor hereby irrevocably waives,
      to the extent permitted by law, any defenses it may now or hereafter have in
      any
      way relating to, any or all of the following:

     

    (i)  any
      lack of validity or enforceability of any Transaction Document or any agreement
      or instrument relating thereto;

     

    (ii)  any
      change in the time, manner or place of payment of, or in any other term of,
      all
      or any of the Guaranteed Obligations, or any other amendment or waiver of or
      any
      consent to departure from any Transaction Document, including, without
      limitation, any increase in the Guaranteed Obligations resulting from the
      extension of additional credit to any Transaction
      Party
      or
      otherwise;

     

    (iii)  any
      taking, exchange, release or non-perfection of any Pledged Property (as defined
      in the Security Documents), or any taking, release or amendment or waiver of
      or
      consent to departure from any other guaranty, for all or any of the Guaranteed
      Obligations;

     

    (iv)  any
      change, restructuring or termination of the corporate, limited liability company
      or partnership structure or existence of any Transaction
      Party;
      or

     

    (v)  any
      failure of the Secured Party to assert a claim or demand or to enforce or
      exercise any right or remedy against any Transaction Party for any
      reason;

     

    (vi)  any
      other circumstance (including any statute of limitations) or any existence
      of or
      reliance on any representation by the Secured Party that might otherwise
      constitute a defense available to, or a discharge of, any Transaction Party
      or
      any other guarantor or surety.

     

    (vii)  This
      Guaranty shall continue to be effective or be reinstated, as the case may be,
      if
      at any time any payment or performance of the Guaranteed Obligations, or any
      part thereof, is rescinded or must otherwise be returned by the Secured Party
      or
      any other person upon the insolvency, bankruptcy or reorganization of any
      Transaction Party or otherwise, all as though such payment had not been
      made.

     

    
      
         

      

      
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    (viii)  This
      Guaranty is a continuing guaranty and shall (i) remain in full force and effect
      until the indefeasible cash payment in full of the Guaranteed Obligations (other
      than inchoate indemnity obligations) and (ii) be binding upon each Guarantor
      and
      its respective successors and assigns. This Guaranty shall inure to the benefit
      of and be enforceable by the Secured
      Party and
      its
      successors, and permitted pledgees, transferees and assigns. Without limiting
      the generality of the foregoing sentence, the Secured Party may pledge, assign
      or otherwise transfer all or any portion of its rights and obligations under
      and
      subject to the terms of any Transaction Document to any other Person, and such
      other Person shall thereupon become vested with all the benefits in respect
      thereof granted to the Secured Party herein or otherwise, in each case as
      provided in the Securities Purchase Agreement or such Transaction
      Document.

     

    4.  Waivers.
      To the
      extent permitted by applicable law, each Guarantor hereby waives demand,
      presentment, suit against or joinder of any other person, promptness, diligence,
      notice of acceptance and any other notice with respect to any of the Guaranteed
      Obligations and this Guaranty and any requirement that the Secured Party exhaust
      any right or take any action against any Transaction Party or any other Person
      or any Pledged Property. The Guarantor acknowledges that it will receive direct
      and indirect benefits from the financing arrangements contemplated herein and
      that the waiver set forth in this Section 4 is knowingly made in contemplation
      of such benefits. The Guarantors hereby waive any right to revoke this Guaranty,
      and acknowledges that this Guaranty is continuing in nature and applies to
      all
      Guaranteed Obligations, whether existing now or in the future.

     

    5.  Subrogation.
      No
      Guarantor may exercise any rights that it may now or hereafter acquire against
      any Transaction Party or any other guarantor that arise from the existence,
      payment, performance or enforcement of any Guarantor's obligations under this
      Guaranty, including, without limitation, any right of subrogation,
      reimbursement, exoneration, contribution or indemnification and any right to
      participate in any claim or remedy of the Secured Party against any Transaction
      Party or any other guarantor or any Pledged Property, whether or not such claim,
      remedy or right arises in equity or under contract, statute or common law,
      including, without limitation, the right to take or receive from any Transaction
      Party or any other guarantor, directly or indirectly, in cash or other property
      or by set-off or in any other manner, payment or security solely on account
      of
      such claim, remedy or right, unless and until all of the Guaranteed Obligations
      (other than inchoate indemnity obligations) and all other amounts payable under
      this Guaranty (other than inchoate indemnity obligations) shall have
      indefeasibly been paid in full in cash. If any amount shall be paid to the
      Guarantor in violation of the immediately preceding sentence at any time prior
      to the later of the payment in full in cash of the Guaranteed Obligations and
      all other amounts payable under this Guaranty, such amount shall be held in
      trust for the benefit of the Secured Party and shall forthwith be paid to the
      Secured Party to be credited and applied to the Guaranteed Obligations and
      all
      other amounts payable under this Guaranty, whether matured or unmatured, in
      accordance with the terms of the Transaction Document, or to be held as Pledged
      Property for any Guaranteed Obligations or other amounts payable under this
      Guaranty thereafter arising. If (a) any Guarantor shall make payment to the
      Secured Party of all or any part of the Guaranteed Obligations, and (b) all
      of the Guaranteed Obligations (other than inchoate indemnity obligations) and
      all other amounts payable under this Guaranty (other than inchoate indemnity
      obligations) shall indefeasibly be paid in full in cash, the Secured Party
      will,
      at such Guarantor's request and expense, execute and deliver to such Guarantor
      appropriate documents, without recourse and without representation or warranty,
      necessary to evidence the transfer by subrogation to such Guarantor of an
      interest in the Guaranteed Obligations resulting from such payment by such
      Guarantor.

     

    
      
         

      

      
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    6.  Representations,
      Warranties and Covenants. 

     

    (a)  Each
      Guarantor hereby represents and warrants as of the date first written above
      as
      follows:

     

    (i)  The
      Guarantor (A) is a corporation, limited liability company or limited partnership
      duly organized, validly existing and in good standing under the laws of the
      jurisdiction of its organization, (B) has all corporate, limited liability
      company or limited partnership power and authority to conduct its business
      as
      now conducted and as presently contemplated and to execute and deliver this
      Guaranty and each other Transaction Document to which the
      Guarantor
      is a
      party, and to consummate the transactions contemplated hereby and thereby and
      (C) is duly qualified to do business and is in good standing in each
      jurisdiction in which the character of the properties owned or leased by it
      or
      in which the transaction of its business makes such qualification necessary
      except where the failure to be so qualified would not result in a Material
      Adverse Effect.

     

    (ii)  The
      execution, delivery and performance by the
      Guarantor
      of this
      Guaranty and each other Transaction Document to which the
      Guarantor
      is a
      party (A) have been duly authorized by all necessary corporate, limited
      liability company or limited partnership action, (B) do not and will not
      contravene its charter or by-laws, its limited liability company or operating
      agreement or its certificate of partnership or partnership agreement, as
      applicable, or any applicable law or any contractual restriction binding on
      the
      Guarantor
      or its
      properties (except where the contravention of such contractual restriction
      would
      not result in a Material Adverse Effect), (C) do not and will not result in
      or
      require the creation of any lien (other than pursuant to any Transaction
      Document) upon or with respect to any of its properties, and (D) do not and
      will
      not result in any default, noncompliance, suspension, revocation, impairment,
      forfeiture or nonrenewal of any material permit, license, authorization or
      approval applicable to it or its operations or any of its
      properties.

     

    (iii)  No
      authorization or approval or other action by, and no notice to or filing with,
      any governmental authority is required in connection with the due execution,
      delivery and performance by the
      Guarantor
      of this Guaranty or any of the other Transaction Documents to which the
      Guarantor is a party (other than expressly provided for in any of the
      Transaction Documents).

     

    (iv)  Each
      of this Guaranty and the other Transaction Documents to which the Guarantor
      is
      or will be a party, when delivered, will be, a legal, valid and binding
      obligation of the
      Guarantor,
      enforceable against the
      Guarantor
      in
      accordance with its terms, except as may be limited by applicable bankruptcy,
      insolvency, reorganization, moratorium, fraudulent conveyance, suretyship or
      other similar laws and equitable principles (regardless of whether enforcement
      is sought in equity or at law). 

     

    
      
         

      

      
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    (v)  There
      is no pending or, to the knowledge of the
      Guarantor,
      threatened action, suit or proceeding against the
      Guarantor
      or to
      which any of the properties of the
      Guarantor
      is
      subject, before any court or other governmental authority or any arbitrator
      that
      (A) if adversely determined, could reasonably be expected to have a Material
      Adverse Effect or (B) relates to this Guaranty or any of the other Transaction
      Documents to which the
      Guarantor
      is a
      party or any transaction contemplated hereby or thereby.

     

    (vi)  The
      Guarantor (A) has read and understands the terms and conditions of the
      Securities Purchase Agreement and the other Transaction Documents, and (B)
      now
      has and will continue to have independent means of obtaining information
      concerning the affairs, financial condition and business of the Company and
      the
      other Transaction Parties, and has no need of, or right to obtain from the
      Secured Party, any credit or other information concerning the affairs, financial
      condition or business of the Company or the other Transaction Parties that
      may
      come under the control of the Secured Party.

     

    7.  Right
      of Set-off.
      Upon
      the occurrence and during the continuance of any Event of Default, the
      Secured Party may, and is hereby authorized to, at any time and from time to
      time, without notice to the Guarantors (any such notice being expressly waived
      by each Guarantor) and to the fullest extent permitted by law, set-off and
      apply
      any and all deposits (general or special, time or demand, provisional or final)
      at any time held and other indebtedness at any time owing by the Secured Party
      to or for the credit or the account of any Guarantor against any and all
      obligations of the Guarantors now or hereafter existing under this Guaranty
      or
      any other Transaction Document, irrespective of whether or not the Secured
      Party
      shall have made any demand under this Guaranty or any other Transaction Document
      and although such obligations may be contingent or unmatured. The Secured Party
      agrees to notify the relevant Guarantor promptly after any such set-off and
      application made by the Secured Party, provided that the failure to give such
      notice shall not affect the validity of such set-off and application. The rights
      of the Secured Party under this Section 7 are in addition to other rights and
      remedies (including, without limitation, other rights of set-off) which the
      Secured Party may have under this Guaranty or any other Transaction Document
      in
      law or otherwise.

     

    8.  Notices,
      Etc.
      All
      notices and other communications provided for hereunder shall be in writing
      and
      shall be mailed, telecopied or delivered, if to any Guarantor, to it at its
      address set forth on the signature page hereto, or if to the Secured Party,
      to
      it at its respective address set forth in the Securities Purchase Agreement;
      or
      as to either such Person at such other address as shall be designated by such
      Person in a written notice to such other Person complying as to delivery with
      the terms of this Section 8. All such notices and other communications shall
      be
      effective (i) if mailed (by certified mail, postage prepaid and return receipt
      requested), when received or three Business Days after deposited in the mails,
      whichever occurs first; (ii) if telecopied, when transmitted and confirmation
      is
      received, provided same is on a Business Day and, if not, on the next Business
      Day; or (iii) if delivered by hand, upon delivery, provided same is on a
      Business Day and, if not, on the next Business Day.

     

    
      
         

      

      
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    9.  Governing
      Law.
      This
      Agreement shall be governed by and interpreted in accordance with the laws
      of
      the State of New Jersey without regard to the principles of conflict of laws.
      The parties further agree that any action between them shall be heard in Hudson
      County, New Jersey, and expressly consent to the jurisdiction and venue of
      the
      Superior Court of New Jersey, sitting in Hudson County and the United States
      District Court for the District of New Jersey sitting in Newark, New Jersey
      for
      the adjudication of any civil action asserted pursuant to this
      Paragraph.

     

    10.  WAIVER
      OF JURY TRIAL, ETC.
      EACH
      GUARANTOR HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING
      OR COUNTERCLAIM CONCERNING ANY RIGHTS UNDER THIS GUARANTY OR THE OTHER
      TRANSACTION DOCUMENTS, OR UNDER ANY AMENDMENT, WAIVER, CONSENT, INSTRUMENT,
      DOCUMENT OR OTHER AGREEMENT DELIVERED OR WHICH IN THE FUTURE MAY BE DELIVERED
      IN
      CONNECTION HEREWITH OR THEREWITH, OR ARISING FROM ANY FINANCING RELATIONSHIP
      EXISTING IN CONNECTION WITH THIS GUARANTY OR THE OTHER TRANSACTION DOCUMENTS,
      AND AGREES THAT ANY SUCH ACTION, PROCEEDING OR COUNTERCLAIM SHALL BE TRIED
      BEFORE A COURT AND NOT BEFORE A JURY. EACH GUARANTOR CERTIFIES THAT NO OFFICER,
      REPRESENTATIVE, AGENT OR ATTORNEY OF THE SECURED PARTY HAS REPRESENTED,
      EXPRESSLY OR OTHERWISE, THAT THE SECURED PARTY WOULD NOT, IN THE EVENT OF ANY
      ACTION, PROCEEDING OR COUNTERCLAIM, SEEK TO ENFORCE THE FOREGOING WAIVERS.
      EACH
      GUARANTOR HEREBY ACKNOWLEDGES THAT THIS PROVISION IS A MATERIAL INDUCEMENT
      FOR
      THE SECURED PARTY ENTERING INTO THIS AGREEMENT.

     

    11.  Maximum
      Liability.

     

      Notwithstanding
      any provision herein contained to the contrary, each Guarantor's liability
      under
      this Guaranty shall be limited to an amount not to exceed as of any date of
      determination the amount which could be claimed by any Secured Party from such
      Guarantor under this Guaranty without rendering such claim voidable or avoidable
      under Section 548 of the Bankruptcy Code (11
      U.S.C.
§§ 101 et
      seq.)
      or
      under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent
      Conveyance Act or similar statute or common law (the "Avoidance
      Provisions")
      after
      taking into account, among other things, such Guarantor's right of contribution
      and indemnification from each other Guarantor, if any. To the end set forth
      above, but only to the extent that the Guaranteed Obligations would otherwise
      be
      subject to avoidance under the Avoidance Provisions, if such Guarantor is not
      deemed to have received valuable consideration, fair value, fair consideration
      or reasonably equivalent value for the Guaranteed Obligations, or if the
      Guaranteed Obligations would render such Guarantor insolvent, or leave such
      Guarantor with an unreasonably small capital to conduct its business, or cause
      such Guarantor to have incurred debts (or to have intended to have incurred
      debts) beyond its ability to pay such debts as they mature, in each case as
      of
      the time any of the Guaranteed Obligations is deemed to have been incurred
      for
      the purposes of the Avoidance Provisions, the maximum Guaranteed Obligations
      for
      which such Guarantor shall be liable hereunder shall be reduced to that amount
      which, after giving effect thereto, would not cause the Guaranteed Obligations
      as so reduced, to be subject to avoidance under the Avoidance
      Provisions.

     

    
      
         

      

      
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    12.  Miscellaneous.
      

     

    (i)  Each
      Guarantor will make each payment hereunder in lawful money of the United States
      of America and in immediately available funds to the Secured Party, at such
      address specified by the Secured Party from time to time by notice to the
      Guarantors.

     

    (ii)  No
      amendment or waiver of any provision of this Guaranty and no consent to any
      departure by any Guarantor therefrom shall in any event be effective unless
      the
      same shall be in writing and signed by each Guarantor and the Secured Party,
      and
      then such waiver or consent shall be effective only in the specific instance
      and
      for the specific purpose for which given.

     

    (iii)  No
      failure on the part of the Secured Party to exercise, and no delay in
      exercising, any right hereunder or under any other Transaction Document shall
      operate as a waiver thereof, nor shall any single or partial exercise of any
      right hereunder or under any Transaction Document preclude any other or further
      exercise thereof or the exercise of any other right. The rights and remedies
      of
      the Secured Party provided herein and in the other Transaction Documents are
      cumulative and are in addition to, and not exclusive of, any rights or remedies
      provided by law. The rights of the Secured Party under any Transaction Document
      against any party thereto are not conditional or contingent on any attempt
      by
      the Secured Party to exercise any of their respective rights under any other
      Transaction Document against such party or against any other
      Person.

     

    (iv)  Any
      provision of this Guaranty that is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining portions
      hereof or affecting the validity or enforceability of such provision in any
      other jurisdiction.

     

    (v)  This
      Guaranty shall (i) be binding on each Guarantor and its respective successors
      and assigns, and (ii) inure, together with all rights and remedies of the
      Secured Party hereunder, to the benefit of the Secured Party and their
      respective successors, transferees and assigns. Without limiting the generality
      of clause (ii) of the immediately preceding sentence, the Secured Party may
      assign or otherwise transfer its rights and obligations under the Securities
      Purchase Agreement or any other Transaction Document to any other Person in
      accordance with the terms thereof, and such other Person shall thereupon become
      vested with all of the benefits in respect thereof granted to the Secured Party,
      as the case may be, herein or otherwise. None of the rights or obligations
      of
      any Guarantor hereunder may be assigned or otherwise transferred without the
      prior written consent of Secured Party.

     

    (vi)  For
      said good and valuable consideration, the Guarantors also shall indemnify,
      defend, and hold the Secured Party, or any agent, employee, officer, attorney,
      or representative of the Secured Party, harmless of and from any claim brought
      or threatened against the Secured Party or any such person so indemnified by
      any
      Guarantor; any other obligor or endorser of the Obligations or any other person
      (as well as from attorneys' fees and expenses in connection therewith) on
      account of the Secured Party's relationship with the Guarantors, or any other
      obligor or endorser of the Obligations.

     

    
      
         

      

      
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    (vii)  Pursuant
      to Section 6.13 of the Security Agreement, each subsidiary of the Guarantors
      that is formed or acquired after the execution of this Guaranty is required
      to
      execute the Guaranty. Such subsidiary shall become a Guarantor hereunder with
      the same force and effect as if originally named as a Guarantor herein. The
      execution and delivery of any instrument adding an additional Guarantor as
      a
      party to this Guaranty shall not require the consent of any other Guarantor
      hereunder. The rights and obligations of each Guarantor hereunder shall remain
      in full force and effect notwithstanding the addition of any new Guarantor
      as a
      party to this Guaranty.

     

    (viii)  This
      Guaranty reflects the entire understanding of the transaction contemplated
      hereby and shall not be contradicted or qualified by any other agreement, oral
      or written, entered into before the date hereof.

     

    (ix)  Section
      headings herein are included for convenience of reference only and shall not
      constitute a part of this Agreement for any other purpose.

     

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    IN
      WITNESS WHEREOF, the
      parties hereto have executed this Guaranty as of the date first above
      written.

    

    
      	 	 GUARANTOR:
	 	 INTREPID
              TECHNOLOGY AND RESOURCES BIOGAS, LLC
	 	 	 
	 	 By:  	
              /s/
                Jacob D. Dustin

            
	 	 Name: 	
              Jacob
                D. Dustin

            
	 	 Title: 	
              Manager

            
	 	 	 
	 	 	 
	 	
               Address
                For Notices:

               501
                West Broadway, Suite 200

               Idaho
                Falls, ID 83402

               Jurisdiction
                of Incorporation, Organization or Formation:
                Idaho

            
	 	 
	 	 Organizational
              ID: 32-0183568
	 	 	 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the
      parties hereto have executed this Guaranty as of the date first above
      written.

     

    

    
      	 	 GUARANTOR:
	 	 Intrepid
              Engineering Services, Inc.
	 	 	 
	 	 By:  	
              /s/
                Jacob D. Dustin

            
	 	 Name: 	
              Jacob
                D. Dustin

            
	 	 Title: 	
              President

            
	 	 	 
	 	 	 
	 	
               Address
                For Notices:

               501
                West Broadway, Suite 200

               Idaho
                Falls, ID 83402

               

               Jurisdiction
                of Incorporation, Organization or Formation: Idaho

            
	 	 
	 	 Organizational
              ID: 82-0488989
	 	 	 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the
      parties hereto have executed this Guaranty as of the date first above
      written.

    

    
      	 	 GUARANTOR:
	 	 Magic
              Valley Energy Company, LLC
	 	 	 
	 	 By:  	
              /s/
                Jacob D. Dustin

            
	 	 Name: 	
              Jacob
                D. Dustin

            
	 	 Title: 	
              Manager

            
	 	 	 
	 	 	 
	 	
               Address
                For Notices:

               501
                West Broadway, Suite 200

               Idaho
                Falls, ID 83402

               

               Jurisdiction
                of Incorporation, Organization or Formation:
                Idaho

            
	 	 
	 	 Organizational
              ID: 37-1460426
	 	 	 

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the
      parties hereto have executed this Guaranty as of the date first above
      written.

    

    
      	 	 GUARANTOR:
	 	 Yakima
              Valley Biogas, LLC
	 	 	 
	 	 By:  	
              /s/
                Jacob D. Dustin

            
	 	 Name: 	
              Jacob
                D. Dustin

            
	 	 Title: 	
              Manager

            
	 	 	 
	 	 	 
	 	
               Address
                For Notices:

               501
                West Broadway, Suite 200

               Idaho
                Falls, ID 83402

               

               Jurisdiction
                of Incorporation, Organization or Formation:
                Delaware

            
	 	 
	 	 Organizational
              ID: 4207011 (no EIN)REGISTRATION
      RIGHTS AGREEMENT

     

    THIS
      REGISTRATION RIGHTS AGREEMENT
      (this
“Agreement”)
      is
      dated as of March 28, 2008, by and among INTREPID
      TECHNOLOGY AND RESOURCES, INC.,
      an Idaho
      corporation (the “Company”),
      and
      the undersigned Buyers listed on Schedule I attached hereto (each, a
“Buyer”
and
      collectively, the “Buyers”).

     

    WHEREAS:

     

    A. In
      connection with the Securities Purchase Agreement, of even date herewith, by
      and
      among the parties hereto (the “Securities
      Purchase Agreement”),
      the
      Company has agreed, upon the terms and subject to the conditions of the
      Securities Purchase Agreement, to issue and sell to the Buyers (i) secured
      convertible debentures (the “Convertible
      Debentures”)
      which
      shall be convertible into shares of the Company’s common stock, par value $0.005
      per share (the “Common
      Stock”
and
      as
      converted, the “Conversion
      Shares”)
      in
      accordance with the terms of the Convertible Debentures, and (ii) warrants
      (the
“Warrants”),
      which
      will be exercisable to purchase shares of Common Stock (as exercised,
      collectively, the “Warrant
      Shares”).
      

     

    C. Capitalized
      terms not defined herein shall have the meaning ascribed to them in the
      Securities Purchase Agreement.

     

    B. To
      induce
      the Buyers to execute and deliver the Securities Purchase Agreement, the Company
      has agreed to provide certain registration rights under the Securities Act
      of
      1933, as amended, and the rules and regulations thereunder, or any similar
      successor statute (collectively, the “Securities
      Act”),
      and
      applicable state securities laws.

     

    NOW,
      THEREFORE,
      in
      consideration of the premises and the mutual covenants contained herein and
      other good and valuable consideration, the receipt and sufficiency of which
      are
      hereby acknowledged, the Company and the Buyers hereby agree as
      follows:

     

    1. DEFINITIONS.

     

    As
      used
      in this Agreement, the following terms shall have the following
      meanings:

     

    (a) “Effectiveness
      Deadline”
means,
      with respect to the initial Registration Statement required to be filed
      hereunder, the one hundred twentieth (120th)
      calendar day following receipt of or written demand from the Buyers requesting
      the filing of such Registration Statement(s), and, with respect to any
      additional Registration Statement(s) which may be required pursuant to Section
      3(c), the one hundred twentieth (120th)
      calendar day following the date on which the Company first knows, or reasonably
      should have known, that such additional Registration Statement(s) is/are
      required hereunder; provided, however, in the event the Company is notified
      by
      the U.S. Securities and Exchange Commission (“SEC”)
      that
      one of the above Registration Statements will not be reviewed or is no longer
      subject to further review and comments, the Effectiveness Date as to such
      Registration Statement shall be the fifth (5th)
      Trading
      Day following the date on which the Company is so notified if such date precedes
      the dates required above.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) “Filing
      Deadline”
means,
      with respect to the initial Registration Statement required hereunder, the
      thirtieth (30th)
      calendar day following receipt of or written demand from the Buyers requesting
      the filing of such Registration Statement(s), and, with respect to any
      additional Registration Statement(s) which may be required pursuant to Section
      3(c), the one hundred twentieth (120th)
      calendar day following the date on which the Company first knows, or reasonably
      should have known, that such additional Registration Statement(s) is/are
      required.

     

    (c) “Person”
means
      a
      corporation, a limited liability company, an association, a partnership, an
      organization, a business, an individual, a governmental or political subdivision
      thereof or a governmental agency.

     

    (d) “Prospectus”
means
      the prospectus included in a Registration Statement (including, without
      limitation, a prospectus that includes any information previously omitted from
      a
      prospectus filed as part of an effective registration statement in reliance
      upon
      Rule 430A promulgated under the Securities Act), as amended or supplemented
      by
      any prospectus supplement, with respect to the terms of the offering of any
      portion of the Registrable Securities covered by a Registration Statement,
      and
      all other amendments and supplements to the Prospectus, including post-effective
      amendments, and all material incorporated by reference or deemed to be
      incorporated by reference in such Prospectus.

     

    (e) “Registrable
      Securities”
means
      all of (i) the Conversion Shares issuable upon conversion of the Convertible
      Debentures, (ii) the Warrant Shares issued or issuable upon exercise of the
      Warrants, (iii) any additional shares issuable in connection with any
      anti-dilution provisions in the Warrants or the Convertible Debentures (without
      giving effect to any limitations on exercise set forth in the Warrants or
      Convertible Debentures) and (iv) any shares of Common Stock issued or issuable
      with respect to the Conversion Shares, the Convertible Debentures, the Warrant
      Shares, or the Warrants as a result of any stock split, dividend or other
      distribution, recapitalization or similar event or otherwise, without regard
      to
      any limitations on the conversion of the Convertible Debentures or exercise
      of
      the Warrants.

     

    (f) “Registration
      Statement”
means
      the registration statements required to be filed hereunder and any additional
      registration statements contemplated by Section 3(c), including (in each case)
      the Prospectus, amendments and supplements to such registration statement or
      Prospectus, including pre- and post-effective amendments, all exhibits thereto,
      and all material incorporated by reference or deemed to be incorporated by
      reference in such registration statement.

     

    (g) “Required
      Registration Amount”
      means (i)
      with
      respect to the initial Registration Statement at least 60,000,000 shares
      of
      Common Stock issued or to be issued upon conversion of the Convertible
      Debentures and Four Million Two Hundred Thousand (4,200,000) shares of Common
      Stock issued or to be issued upon exercise of the Warrants and (ii) with respect
      to subsequent Registration Statements all remaining Registrable Securities
      to be
      filed, in each case subject to any cutback set forth in Section
      3(c).

     

    (h) “Rule
      415”
means
      Rule 415 promulgated by the SEC pursuant to the Securities Act, as such Rule
      may
      be amended from time to time, or any similar rule or regulation hereafter
      adopted by the SEC having substantially the same purpose and effect as such
      Rule.

     

    
      
        
        

      

      
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    2. REGISTRATION.

     

    (a) On
      or
      prior to each Filing Deadline, the Company shall prepare and file with the
      SEC a
      Registration Statement on Form S-1 (or, if the Company is then eligible, on
      Form
      S-3) covering the resale of all of the Registrable Securities. The Registration
      Statement prepared pursuant hereto shall register for resale at least the number
      of shares of Common Stock equal to the Required Registration Amount as of date
      the Registration Statement is initially filed with the SEC. The Registration
      Statement shall contain the “Selling
      Stockholders”
and
      “Plan
      of Distribution”
      sections in substantially the form attached hereto as Exhibit
      A
      and
      contain all the required disclosures set forth on Exhibit
      B.
      The
      Company shall use its best efforts to have the Registration Statement declared
      effective by the SEC as soon as practicable, but in no event later than the
      Effectiveness Deadline. By 9:30 am on the date following the date of
      effectiveness, the Company shall file with the SEC in accordance with Rule
      424
      under the Securities Act the final Prospectus to be used in connection with
      sales pursuant to such Registration Statement. The Company shall cause the
      Registration Statement to remain effective until all of the Registrable
      Securities have been sold or may be sold without volume restrictions under
      Rule
      144, as determined by the counsel to the Company pursuant to a written opinion
      letter to such effect, addressed and acceptable to the Company’s transfer agent
      and the affected Buyers (“Registration
      Period”).
      Prior
      to the filing of the Registration Statement with the SEC, the Company shall
      furnish a draft of the Registration Statement to the Buyers for their review
      and
      comment. The Buyers shall furnish comments on the Registration Statement to
      the
      Company within twenty-four (24) hours of the receipt thereof from the
      Company.

     

    (b) Failure
      to File or Obtain Effectiveness of the Registration Statement.
      If: (i)
      a Registration Statement is not filed on or prior to its Filing Date (if the
      Company files a Registration Statement without affording the Buyers the
      opportunity to review and comment on the same as required by Section 3(a),
      the
      Company shall not be deemed to have satisfied this clause (i)), or (ii) the
      Company fails to file with the SEC a request for acceleration in accordance
      with
      Rule 461 promulgated under the Securities Act, within five (5) Trading Days
      of
      the date that the Company is notified (orally or in writing, whichever is
      earlier) by the SEC that a Registration Statement will not be “reviewed” or not
      subject to further review, or (iii) a Registration Statement filed or required
      to be filed hereunder is not declared effective by the SEC by its Effectiveness
      Deadline, or (iv) after the effectiveness, a Registration Statement ceases
      for
      any reason to remain continuously effective as to all Registrable Securities
      for
      which it is required to be effective, or the Holders are otherwise not permitted
      to utilize the Prospectus therein to resell such Registrable Securities for
      more
      than thirty (30) consecutive calendar days or more than an aggregate of forty
      (40) calendar days during any twelve (12) month period (which need not be
      consecutive calendar days) (any such failure or breach being referred to as
      an
“Event”),
      then
      in addition to any other rights the holders of the Convertible Debentures may
      have hereunder or under applicable law, on each such Event date and on each
      monthly anniversary of each such Event date (if the applicable Event shall
      not
      have been cured by such date) until the applicable Event is cured, the Company
      shall pay to each holder of Convertible Debentures an amount in cash, as partial
      liquidated damages (“Liquidated
      Damages”)
      and
      not as a penalty, equal to two percent (2%) of the aggregate purchase price
      paid
      by such holder pursuant to the Securities Purchase Agreement for any Convertible
      Debentures then held by such holder. The parties agree that (1) the Company
      shall not be liable for Liquidated Damages under this Agreement with respect
      to
      any Warrants or Warrant Shares and (2) the maximum aggregate Liquidated Damages
      payable to a holder of Convertible Debentures under this Agreement shall be
      twenty-four percent (24%) of the aggregate Purchase Price paid by such holder
      pursuant to the Securities Purchase Agreement. The partial Liquidated Damages
      pursuant to the terms hereof shall apply on a daily pro-rata basis for any
      portion of a month prior to the cure of an Event.

     

    
      
        
        

      

      
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    (c) Liquidated
      Damages.
      The
      Company and the Buyer hereto acknowledge and agree that the sums payable under
      subsection 2(b) above shall constitute liquidated damages and not penalties
      and
      are in addition to all other rights of the Buyer, including the right to call
      a
      default. The parties further acknowledge that (i) the amount of loss or damages
      likely to be incurred is incapable or is difficult to precisely estimate, (ii)
      the amounts specified in such subsections bear a reasonable relationship to,
      and
      are not plainly or grossly disproportionate to, the probable loss likely to
      be
      incurred in connection with any failure by the Company to obtain or maintain
      the
      effectiveness of a Registration Statement, (iii) one of the reasons for the
      Company and the Buyer reaching an agreement as to such amounts was the
      uncertainty and cost of litigation regarding the question of actual damages,
      and
      (iv) the Company and the Buyer are sophisticated business parties and have
      been
      represented by sophisticated and able legal counsel and negotiated this
      Agreement at arm’s length. 

     

    3. RELATED
      OBLIGATIONS.

     

    (a) The
      Company shall, not less than three (3) Trading Days prior to the filing of
      each
      Registration Statement and not less than one (1) Trading Day prior to the filing
      of any related amendments and supplements to all Registration Statements (except
      for annual reports on Form 10-K), furnish to each Buyer copies of all such
      documents proposed to be filed, which documents (other than those incorporated
      or deemed to be incorporated by reference) will be subject to the reasonable
      and
      prompt review of such Buyers, The Company shall not file a Registration
      Statement or any such Prospectus or any amendments or supplements thereto to
      which the Buyers shall reasonably object in good faith; provided
      that,
      the Company is notified of such objection in writing no later than two (2)
      Trading Days after the Buyers have been so furnished copies of a Registration
      Statement.

     

    (b) The
      Company shall (i) prepare and file with the SEC such amendments (including
      post-effective amendments) and supplements to a Registration Statement and
      the
      Prospectus used in connection with such Registration Statement, which prospectus
      is to be filed pursuant to Rule 424 promulgated under the Securities Act, as
      may
      be necessary to keep such Registration Statement effective at all times during
      the Registration Period, and prepare and file with the SEC such additional
      Registration Statements in order to register for resale under the Securities
      Act
      all of the Registrable Securities; (ii) cause the related Prospectus to be
      amended or supplemented by any required Prospectus supplement (subject to the
      terms of this Agreement), and as so supplemented or amended to be filed pursuant
      to Rule 424; (iii) respond as promptly as reasonably possible to any comments
      received from the SEC with respect to a Registration Statement or any amendment
      thereto and as promptly as reasonably possible provide the Buyers true and
      complete copies of all correspondence from and to the SEC relating to a
      Registration Statement (provided that the Company may excise any information
      contained therein which would constitute material non-public information as
      to
      any Buyer which has not executed a confidentiality agreement with the Company);
      and (iv) comply with the provisions of the Securities Act with respect to the
      disposition of all Registrable Securities of the Company covered by such
      Registration Statement until such time as all of such Registrable Securities
      shall have been disposed of in accordance with the intended methods of
      disposition by the seller or sellers thereof as set forth in such Registration
      Statement. In the case of amendments and supplements to a Registration Statement
      which are required to be filed pursuant to this Agreement (including pursuant
      to
      this Section 3(b)) by reason of the Company’s filing a report on Form 10-KSB or
      Form 8-K or any analogous report under the Securities Exchange Act of 1934,
      as
      amended (the “Exchange
      Act”),
      the
      Company shall incorporate such report by reference into the Registration
      Statement, if applicable, or shall file such amendments or supplements with
      the
      SEC on the same day on which the Exchange Act report is filed which created
      the
      requirement for the Company to amend or supplement the Registration Statement.
      

     

    
      
        
        

      

      
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    (c) Reduction
      of Registrable Securities Included in a Registration Statement.
      Notwithstanding anything contained herein, in the event that the SEC requires
      the Company to reduce the number of Registrable Securities to be included in
      a
      Registration Statement in order to allow the Company to rely on Rule 415 with
      respect to a Registration Statement, then the Company shall be obligated to
      include in such Registration Statement (which may be a subsequent Registration
      Statement if the Company needs to withdraw the initial Registration Statement
      and refile a new Registration Statement in order to rely on Rule 415) only
      such
      limited portion of the Registrable Securities as the SEC shall permit. Any
      Registrable Securities that are excluded in accordance with the foregoing terms
      are hereinafter referred to as “Cut
      Back Securities”.
      To the
      extent Cut Back Securities exist, as soon as may be permitted by the SEC, the
      Company shall be required to file a Registration Statement covering the resale
      of the Cut Back Securities and shall use best efforts to cause such Registration
      Statement to be declared effective as promptly as practicable
      thereafter.

     

    (d) The
      Company shall furnish to each Buyer whose Registrable Securities are included
      in
      any Registration Statement, without charge, (i) at least one (1) copy of such
      Registration Statement as declared effective by the SEC and any amendment(s)
      thereto, including financial statements and schedules, all documents
      incorporated therein by reference, all exhibits and each preliminary prospectus,
      (ii) ten (10) copies of the final prospectus included in such Registration
      Statement and all amendments and supplements thereto (or such other number
      of
      copies as such Buyer may reasonably request) and (iii) such other documents
      as
      such Buyer may reasonably request from time to time in order to facilitate
      the
      disposition of the Registrable Securities owned by such Buyer.

     

    (e) The
      Company shall use its best efforts to (i) register and qualify the Registrable
      Securities covered by a Registration Statement under such other securities
      or
“blue sky” laws of such jurisdictions in the United States as any Buyer
      reasonably requests, (ii) prepare and file in those jurisdictions, such
      amendments (including post-effective amendments) and supplements to such
      registrations and qualifications as may be necessary to maintain the
      effectiveness thereof during the Registration Period, (iii) take such other
      actions as may be necessary to maintain such registrations and qualifications
      in
      effect at all times during the Registration Period, and (iv) take all other
      actions reasonably necessary or advisable to qualify the Registrable Securities
      for sale in such jurisdictions; provided, however, that the Company shall not
      be
      required in connection therewith or as a condition thereto to (w) make any
      change to its articles of incorporation or by-laws, (x) qualify to do business
      in any jurisdiction where it would not otherwise be required to qualify but
      for
      this Section 3(d), (y) subject itself to general taxation in any such
      jurisdiction, or (z) file a general consent to service of process in any such
      jurisdiction. The Company shall promptly notify each Buyer who holds Registrable
      Securities of the receipt by the Company of any notification with respect to
      the
      suspension of the registration or qualification of any of the Registrable
      Securities for sale under the securities or “blue sky” laws of any jurisdiction
      in the United States or its receipt of actual notice of the initiation or threat
      of any proceeding for such purpose.

     

    
      
        
        

      

      
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    (f) As
      promptly as practicable after becoming aware of such event or development,
      the
      Company shall notify each Buyer in writing of the happening of any event as
      a
      result of which the Prospectus included in a Registration Statement, as then
      in
      effect, includes an untrue statement of a material fact or omission to state
      a
      material fact required to be stated therein or necessary to make the statements
      therein, in light of the circumstances under which they were made, not
      misleading (provided that in no event shall such notice contain any material,
      nonpublic information), and promptly prepare a supplement or amendment to such
      Registration Statement to correct such untrue statement or omission, and deliver
      ten (10) copies of such supplement or amendment to each Buyer. The Company
      shall
      also promptly notify each Buyer in writing (i) when a Prospectus or any
      Prospectus supplement or post-effective amendment has been filed, and when
      a
      Registration Statement or any post-effective amendment has become effective
      (notification of such effectiveness shall be delivered to each Buyer by
      facsimile on the same day of such effectiveness), (ii) of any request by the
      SEC
      for amendments or supplements to a Registration Statement or related prospectus
      or related information, and (iii) of the Company’s reasonable determination
      that a post-effective amendment to a Registration Statement would be
      appropriate.

     

    (g) The
      Company shall use its best efforts to prevent the issuance of any stop order
      or
      other suspension of effectiveness of a Registration Statement, or the suspension
      of the qualification of any of the Registrable Securities for sale in any
      jurisdiction within the United States of America and, if such an order or
      suspension is issued, to obtain the withdrawal of such order or suspension
      at
      the earliest possible moment and to notify each Buyer who holds Registrable
      Securities being sold of the issuance of such order and the resolution thereof
      or its receipt of actual notice of the initiation or threat of any proceeding
      for such purpose.

     

    (h) If,
      after
      the execution of this Agreement, a Buyer believes, after consultation with
      its
      legal counsel, that it could reasonably be deemed to be an underwriter of
      Registrable Securities, at the request of any Buyer, the Company shall furnish
      to such Buyer, on the date of the effectiveness of the Registration Statement
      and thereafter from time to time on such dates as a Buyer may reasonably request
      (i) a letter, dated such date, from the Company’s independent certified public
      accountants in form and substance as is customarily given by independent
      certified public accountants to underwriters in an underwritten public offering,
      and (ii) an opinion, dated as of such date, of counsel representing the Company
      for purposes of such Registration Statement, in form, scope and substance as
      is
      customarily given in an underwritten public offering, addressed to the
      Buyers.

     

    (i) If,
      after
      the execution of this Agreement, a Buyer believes, after consultation with
      its
      legal counsel, that it could reasonably be deemed to be an underwriter of
      Registrable Securities, at the request of any Buyer, the Company shall make
      available for inspection by (i) any Buyer and (ii) one (1) firm of
      accountants or other agents retained by the Buyers (collectively, the
“Inspectors”)
      all
      pertinent financial and other records, and pertinent corporate documents and
      properties of the Company (collectively, the “Records”),
      as
      shall be reasonably deemed necessary by each Inspector, and cause the Company’s
      officers, directors and employees to supply all information which any Inspector
      may reasonably request; provided, however, that each Inspector shall agree,
      and
      each Buyer hereby agrees, to hold in strict confidence and shall not make any
      disclosure (except to a Buyer) or use any Record or other information which
      the
      Company determines in good faith to be confidential, and of which determination
      the Inspectors are so notified, unless (a) the disclosure of such Records is
      necessary to avoid or correct a misstatement or omission in any Registration
      Statement or is otherwise required under the Securities Act, (b) the release
      of
      such Records is ordered pursuant to a final, non-appealable subpoena or order
      from a court or government body of competent jurisdiction, or (c) the
      information in such Records has been made generally available to the public
      other than by disclosure in violation of this or any other agreement of which
      the Inspector and the Buyer has knowledge. Each Buyer agrees that it shall,
      upon
      learning that disclosure of such Records is sought in or by a court or
      governmental body of competent jurisdiction or through other means, give prompt
      notice to the Company and allow the Company, at its expense, to undertake
      appropriate action to prevent disclosure of, or to obtain a protective order
      for, the Records deemed confidential.

     

    
      
        
        

      

      
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    (j) The
      Company shall hold in confidence and not make any disclosure of information
      concerning a Buyer provided to the Company unless (i) disclosure of such
      information is necessary to comply with federal or state securities laws, (ii)
      the disclosure of such information is necessary to avoid or correct a
      misstatement or omission in any Registration Statement, (iii) the release of
      such information is ordered pursuant to a subpoena or other final,
      non-appealable order from a court or governmental body of competent
      jurisdiction, or (iv) such information has been made generally available to
      the
      public other than by disclosure in violation of this Agreement or any other
      agreement. The Company agrees that it shall, upon learning that disclosure
      of
      such information concerning a Buyer is sought in or by a court or governmental
      body of competent jurisdiction or through other means, give prompt written
      notice to such Buyer and allow such Buyer, at the Buyer’s expense, to undertake
      appropriate action to prevent disclosure of, or to obtain a protective order
      for, such information.

     

    (k) The
      Company shall use its best efforts either to cause all the Registrable
      Securities covered by a Registration Statement (i) to be listed on each
      securities exchange on which securities of the same class or series issued
      by
      the Company are then listed, if any, if the listing of such Registrable
      Securities is then permitted under the rules of such exchange or (ii) the
      inclusion for quotation on the National Association of Securities Dealers,
      Inc.
      OTC Bulletin Board for such Registrable Securities. The Company shall pay all
      fees and expenses in connection with satisfying its obligation under this
      Section 3(j).

     

    (l) The
      Company shall cooperate with each Buyer who holds Registrable Securities being
      offered and, to the extent applicable, to facilitate the timely preparation
      and
      delivery of certificates (not bearing any restrictive legend) representing
      the
      Registrable Securities to be offered pursuant to a Registration Statement and
      enable such certificates to be in such denominations or amounts, as the case
      may
      be, as the Buyers may reasonably request and registered in such names as the
      Buyers may request.

     

    
      
        
        

      

      
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    (m) The
      Company shall use its best efforts to cause the Registrable Securities covered
      by the applicable Registration Statement to be registered with or approved
      by
      such other governmental agencies or authorities as may be necessary to
      consummate the disposition of such Registrable Securities.

     

    (n) The
      Company shall make generally available to its security holders as soon as
      practical, but not later than ninety (90) days after the close of the period
      covered thereby, an earnings statement (in form complying with the provisions
      of
      Rule 158 under the Securities Act) covering a twelve (12) month period beginning
      not later than the first day of the Company’s fiscal quarter next following the
      effective date of the Registration Statement.

     

    (o) The
      Company shall otherwise use its best efforts to comply with all applicable
      rules
      and regulations of the SEC in connection with any registration
      hereunder.

     

    (p) Within
      two (2) business days after a Registration Statement which covers Registrable
      Securities is declared effective by the SEC, the Company shall deliver, and
      shall cause legal counsel for the Company to deliver, to the transfer agent
      for
      such Registrable Securities (with copies to the Buyer whose Registrable
      Securities are included in such Registration Statement) confirmation that such
      Registration Statement has been declared effective by the SEC in the form
      attached hereto as Exhibit
      C.

     

    (q) The
      Company shall take all other reasonable actions necessary to expedite and
      facilitate disposition by each Buyer of Registrable Securities pursuant to
      a
      Registration Statement.

     

    4. OBLIGATIONS
      OF THE BUYERS.

     

    (a) Each
      Buyer agrees that, upon receipt of any notice from the Company of the happening
      of any event of the kind described in Section 3(f) such Buyer will immediately
      discontinue disposition of Registrable Securities pursuant to any Registration
      Statement covering such Registrable Securities until such Buyer’s receipt of the
      copies of the supplemented or amended prospectus contemplated by Section 3(f)
      or
      receipt of notice that no supplement or amendment is required. Notwithstanding
      anything to the contrary, the Company shall cause its transfer agent to deliver
      unlegended certificates for shares of Common Stock to a transferee of a Buyer
      in
      accordance with the terms of the Securities Purchase Agreement in connection
      with any sale of Registrable Securities with respect to which a Buyer has
      entered into a contract for sale prior to the Buyer’s receipt of a notice from
      the Company of the happening of any event of the kind described in Section
      3(f)
      or the first sentence of 3(e) and for which the Buyer has not yet
      settled.

     

    (b) Each
      Buyer covenants and agrees that it will comply with the prospectus delivery
      requirements of the Securities Act as applicable to it or an exemption therefrom
      in connection with sales of Registrable
      Securities pursuant to the Registration Statement.

     

    5. EXPENSES
      OF REGISTRATION.

     

    All
      expenses incurred in connection with registrations, filings or qualifications
      pursuant to Sections 2 and 3, including, without limitation, all registration,
      listing and qualifications fees, printers, legal and accounting fees shall
      be
      paid by the Company. 

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    6. INDEMNIFICATION.

     

    With
      respect to Registrable Securities which are included in a Registration Statement
      under this Agreement:

     

    (a) To
      the
      fullest extent permitted by law, the Company will, and hereby does, indemnify,
      hold harmless and defend each Buyer, the directors, officers, partners,
      employees, agents, representatives of, and each Person, if any, who controls
      any
      Buyer within the meaning of the Securities Act or the Exchange Act (each, an
      “Indemnified
      Person”),
      against any losses, claims, damages, liabilities, judgments, fines, penalties,
      charges, costs, reasonable attorneys’ fees, amounts paid in settlement or
      expenses, joint or several (collectively, “Claims”)
      incurred in investigating, preparing or defending any action, claim, suit,
      inquiry, proceeding, investigation or appeal taken from the foregoing by or
      before any court or governmental, administrative or other regulatory agency,
      body or the SEC, whether pending or threatened, whether or not an indemnified
      party is or may be a party thereto (“Indemnified
      Damages”),
      to
      which any of them may become subject insofar as such Claims (or actions or
      proceedings, whether commenced or threatened, in respect thereof) arise out
      of
      or are based upon: (i) any untrue statement or alleged untrue statement of
      a
      material fact in a Registration Statement or any post-effective amendment
      thereto or in any filing made in connection with the qualification of the
      offering under the securities or other “blue sky” laws of any jurisdiction in
      which Registrable Securities are offered (“Blue
      Sky Filing”),
      or
      the omission or alleged omission to state a material fact required to be stated
      therein or necessary to make the statements therein not misleading; (ii) any
      untrue statement or alleged untrue statement of a material fact contained in
      any
      final prospectus (as amended or supplemented, if the Company files any amendment
      thereof or supplement thereto with the SEC) or the omission or alleged omission
      to state therein any material fact necessary to make the statements made
      therein, in light of the circumstances under which the statements therein were
      made, not misleading; or (iii) any violation or alleged violation by the Company
      of the Securities Act, the Exchange Act, any other law, including, without
      limitation, any state securities law, or any rule or regulation there under
      relating to the offer or sale of the Registrable Securities pursuant to a
      Registration Statement (the matters in the foregoing clauses (i) through (iii)
      being, collectively, “Violations”).
      The
      Company shall reimburse the Buyers and each such controlling person promptly
      as
      such expenses are incurred and are due and payable, for any legal fees or
      disbursements or other reasonable expenses incurred by them in connection with
      investigating or defending any such Claim. Notwithstanding anything to the
      contrary contained herein, the indemnification agreement contained in this
      Section 6(a): (x) shall not apply to a Claim by an Indemnified Person arising
      out of or based upon a Violation which occurs in reliance upon and in conformity
      with information furnished in writing to the Company by such Indemnified Person
      expressly for use in connection with the preparation of the Registration
      Statement or any such amendment thereof or supplement thereto; (y) shall not
      be
      available to the extent such Claim is based on a failure of the Buyer to deliver
      or to cause to be delivered the prospectus made available by the Company, if
      such prospectus was timely made available by the Company pursuant to Section
      3(c); and (z) shall not apply to amounts paid in settlement of any Claim if
      such settlement is effected without the prior written consent of the Company,
      which consent shall not be unreasonably withheld. Such indemnity shall remain
      in
      full force and effect regardless of any investigation made by or on behalf
      of
      the Indemnified Person and shall survive the transfer of the Registrable
      Securities by the Buyers pursuant to Section 9 hereof.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (b) In
      connection with a Registration Statement, each Buyer agrees to severally and
      not
      jointly indemnify, hold harmless and defend, to the same extent and in the
      same
      manner as is set forth in Section 6(a), the Company, each of its directors,
      each
      of its officers, employees, representatives, or agents and each Person, if
      any,
      who controls the Company within the meaning of the Securities Act or the
      Exchange Act (each an “Indemnified
      Party”),
      against any Claim or Indemnified Damages to which any of them may become
      subject, under the Securities Act, the Exchange Act or otherwise, insofar as
      such Claim or Indemnified Damages arise out of or is based upon any Violation,
      in each case to the extent, and only to the extent, that such Violation occurs
      in reliance upon and in conformity with written information furnished to the
      Company by such Buyer expressly for use in connection with such Registration
      Statement; and, subject to Section 6(d), such Buyer will reimburse any legal
      or
      other expenses reasonably incurred by them in connection with investigating
      or
      defending any such Claim; provided, however, that the indemnity agreement
      contained in this Section 6(b) and the agreement with respect to contribution
      contained in Section 7 shall not apply to amounts paid in settlement of any
      Claim if such settlement is effected without the prior written consent of such
      Buyer, which consent shall not be unreasonably withheld; provided, further,
      however, that the Buyer shall be liable under this Section 6(b) for only that
      amount of a Claim or Indemnified Damages as does not exceed the net proceeds
      to
      such Buyer as a result of the sale of Registrable Securities pursuant to such
      Registration Statement. Such indemnity shall remain in full force and effect
      regardless of any investigation made by or on behalf of such Indemnified Party
      and shall survive the transfer of the Registrable Securities by the Buyers
      pursuant to Section 9. Notwithstanding anything to the contrary contained
      herein, the indemnification agreement contained in this Section 6(b) with
      respect to any prospectus shall not inure to the benefit of any Indemnified
      Party if the untrue statement or omission of material fact contained in the
      prospectus was corrected and such new prospectus was delivered to each Buyer
      prior to such Buyer’s use of the prospectus to which the Claim
      relates.

     

    (c) Promptly
      after receipt by an Indemnified Person or Indemnified Party under this Section
      6
      of notice of the commencement of any action or proceeding (including any
      governmental action or proceeding) involving a Claim, such Indemnified Person
      or
      Indemnified Party shall, if a Claim in respect thereof is to be made against
      any
      indemnifying party under this Section 6, deliver to the indemnifying party
      a
      written notice of the commencement thereof, and the indemnifying party shall
      have the right to participate in, and, to the extent the indemnifying party
      so
      desires, jointly with any other indemnifying party similarly noticed, to assume
      control of the defense thereof with counsel mutually satisfactory to the
      indemnifying party and the Indemnified Person or the Indemnified Party, as
      the
      case may be; provided, however, that an Indemnified Person or Indemnified Party
      shall have the right to retain its own counsel with the fees and expenses of
      not
      more than one (1) counsel for such Indemnified Person or Indemnified Party
      to be
      paid by the indemnifying party, if, in the reasonable opinion of counsel
      retained by the indemnifying party, the representation by such counsel of the
      Indemnified Person or Indemnified Party and the indemnifying party would be
      inappropriate due to actual or potential differing interests between such
      Indemnified Person or Indemnified Party and any other party represented by
      such
      counsel in such proceeding. The Indemnified Party or Indemnified Person shall
      cooperate fully with the indemnifying party in connection with any negotiation
      or defense of any such action or claim by the indemnifying party and shall
      furnish to the indemnifying party all information reasonably available to the
      Indemnified Party or Indemnified Person which relates to such action or claim.
      The indemnifying party shall keep the Indemnified Party or Indemnified Person
      fully apprised at all times as to the status of the defense or any settlement
      negotiations with respect thereto. No indemnifying party shall be liable for
      any
      settlement of any action, claim or proceeding effected without its prior written
      consent; provided, however, that the indemnifying party shall not unreasonably
      withhold, delay or condition its consent. No indemnifying party shall, without
      the prior written consent of the Indemnified Party or Indemnified Person,
      consent to entry of any judgment or enter into any settlement or other
      compromise which does not include as an unconditional term thereof the giving
      by
      the claimant or plaintiff to such Indemnified Party or Indemnified Person of
      a
      release from all liability in respect to such claim or litigation. Following
      indemnification as provided for hereunder, the indemnifying party shall be
      subrogated to all rights of the Indemnified Party or Indemnified Person with
      respect to all third parties, firms or corporations relating to the matter
      for
      which indemnification has been made. The failure to deliver written notice
      to
      the indemnifying party within a reasonable time of the commencement of any
      such
      action shall not relieve such indemnifying party of any liability to the
      Indemnified Person or Indemnified Party under this Section 6, except to the
      extent that the indemnifying party is prejudiced in its ability to defend such
      action.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (d) The
      indemnification required by this Section 6 shall be made by periodic payments
      of
      the amount thereof during the course of the investigation or defense, as and
      when bills are received or Indemnified Damages are incurred.

     

    (e) The
      indemnity agreements contained herein shall be in addition to (i) any cause
      of action or similar right of the Indemnified Party or Indemnified Person
      against the indemnifying party or others, and (ii) any liabilities the
      indemnifying party may be subject to pursuant to the law.

     

    7. CONTRIBUTION.

     

    To
      the
      extent any indemnification by an indemnifying party is prohibited or limited
      by
      law, the indemnifying party agrees to make the maximum contribution with respect
      to any amounts for which it would otherwise be liable under Section 6 to the
      fullest extent permitted by law; provided, however, that: (i) no seller of
      Registrable Securities guilty of fraudulent misrepresentation (within the
      meaning of Section 11(f) of the Securities Act) shall be entitled to
      contribution from any seller of Registrable Securities who was not guilty of
      fraudulent misrepresentation; and (ii) contribution by any seller of Registrable
      Securities shall be limited in amount to the net amount of proceeds received
      by
      such seller from the sale of such Registrable Securities.

     

    8. REPORTS
      UNDER THE EXCHANGE ACT.

     

    With
      a
      view to making available to the Buyers the benefits of Rule 144 promulgated
      under the Securities Act or any similar rule or regulation of the SEC that
      may
      at any time permit the Buyers to sell securities of the Company to the public
      without registration (“Rule
      144”)
      the
      Company agrees to:

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (a) make
      and
      keep public information available, as those terms are understood and defined
      in
      Rule 144;

     

    (b) file
      with
      the SEC in a timely manner all reports and other documents required of the
      Company under the Securities Act and the Exchange Act so long as the Company
      remains subject to such requirements (it being understood that nothing herein
      shall limit the Company’s obligations under Section 4(c) of the Securities
      Purchase Agreement) and the filing of such reports and other documents as are
      required by the applicable provisions of Rule 144; and

     

    (c) furnish
      to each Buyer so long as such Buyer owns Registrable Securities, promptly upon
      request, (i) a written statement by the Company that it has complied with the
      reporting requirements of Rule 144, the Securities Act and the Exchange Act,
      (ii) a copy of the most recent annual or quarterly report of the Company and
      such other reports and documents so filed by the Company, and (iii) such other
      information as may be reasonably requested to permit the Buyers to sell such
      securities pursuant to Rule 144 without registration.

     

    9. AMENDMENT
      OF REGISTRATION RIGHTS.

     

    Provisions
      of this Agreement may be amended and the observance thereof may be waived
      (either generally or in a particular instance and either retroactively or
      prospectively), only with the written consent of the Company and Buyers who
      then
      hold at least two-thirds (2/3) of the Registrable Securities. Any amendment
      or
      waiver effected in accordance with this Section 9 shall be binding upon
      each Buyer and the Company. No such amendment shall be effective to the extent
      that it applies to fewer than all of the holders of the Registrable Securities.
      No consideration shall be offered or paid to any Person to amend or consent
      to a
      waiver or modification of any provision of any of this Agreement unless the
      same
      consideration also is offered to all of the parties to this
      Agreement.

     

    10. MISCELLANEOUS.

     

    (a) A
      Person
      is deemed to be a holder of Registrable Securities whenever such Person owns
      or
      is deemed to own of record such Registrable Securities or owns the right to
      receive the Registrable Securities. If the Company receives conflicting
      instructions, notices or elections from two (2) or more Persons with respect
      to
      the same Registrable Securities, the Company shall act upon the basis of
      instructions, notice or election received from the registered owner of such
      Registrable Securities.

     

    (b) No
      Piggyback on Registrations.
      Except
      as set forth on Schedule
      10(b)
      attached
      hereto, neither the Company nor any of its security holders (other than the
      Buyers in such capacity pursuant hereto) may include securities of the Company
      in the initial Registration Statement other than the Registrable Securities.
      The
      Company shall not file any other registration statements until the initial
      Registration Statement required hereunder is declared effective by the SEC,
      provided that this Section 10(b) shall not prohibit the Company from filing
      amendments to registration statements already filed.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (c) Piggy-Back
      Registrations.
      If at
      any time during the Registration Period there is not an effective Registration
      Statement covering all of the Registrable Securities and the Company shall
      determine to prepare and file with the SEC a registration statement relating
      to
      an offering for its own account or the account of others under the Securities
      Act of any of its equity securities, other than on Form S-4 or Form S-8 (each
      as
      promulgated under the Securities Act) or their then equivalents relating to
      equity securities to be issued solely in connection with any acquisition of
      any
      entity or business or equity securities issuable in connection with the stock
      option or other employee benefit plans, then the Company shall send to each
      Buyer a written notice of such determination and, if within fifteen (15) days
      after the date of such notice, any such Buyer shall so request in writing,
      the
      Company shall include in such registration statement all or any part of such
      Registrable Securities such Buyer requests to be registered; provided,
      however,
      that,
      the Company shall not be required to register any Registrable Securities
      pursuant to this Section 10(c) that are eligible for resale under Rule 144
      promulgated under the Securities Act or that are the subject of a then effective
      Registration Statement.

     

    (d) Any
      notices, consents, waivers or other communications required or permitted to
      be
      given under the terms of this Agreement must be in writing and will be deemed
      to
      have been delivered: (i) upon receipt, when delivered personally; (ii) upon
      receipt, when sent by facsimile (provided confirmation of transmission is
      mechanically or electronically generated and kept on file by the sending party);
      or (iii) one (1) business day after deposit with a nationally recognized
      overnight delivery service, in each case properly addressed to the party to
      receive the same. The addresses and facsimile numbers for such communications
      shall be:

     

    
      	
              If
                to the Company, to:

            	
              Intrepid
                Technology and Resources, Inc.

            
	 	
              501
                West Broadway, Suite 300

            
	 	
              Idaho
                Falls, ID 83402

            
	 	
              Attention:
                Jacob D. Dustin

            
	 	
              Telephone:
                (208) 529-5337

            
	 	
              Facsimile:
                (208) 529-1014

            
	 	 
	
              With
                Copy to:

            	
              Kirkpatrick
                & Lockhart Preston Gates Ellis LLP

            
	 	
              200
                South Biscayne Boulevard, Suite 2000

            
	 	
              Miami,
                Florida 33131

            
	 	
              Attention: Clayton
                E. Parker, Esq.

            
	 	
              Telephone: (305)
                539-3306

            
	 	
              Facsimile: (305)
                358-7095

            
	 	 

    

    If
      to an
      Buyer, to its address and facsimile number on the Schedule of Buyers attached
      hereto, with copies to such Buyer’s representatives as set forth on the Schedule
      of Buyers or to such other address and/or facsimile number and/or to the
      attention of such other person as the recipient party has specified by written
      notice given to each other party five (5) business days prior to the
      effectiveness of such change. Written confirmation of receipt (A) given by
      the
      recipient of such notice, consent, waiver or other communication, (B)
      mechanically or electronically generated by the sender’s facsimile machine
      containing the time, date, recipient facsimile number and an image of the first
      page of such transmission or (C) provided by a courier or overnight courier
      service shall be rebuttable evidence of personal service, receipt by facsimile
      or receipt from a nationally recognized overnight delivery service in accordance
      with clause (i), (ii) or (iii) above, respectively.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

       

    

    (e) Failure
      of any party to exercise any right or remedy under this Agreement or otherwise,
      or delay by a party in exercising such right or remedy, shall not operate as
      a
      waiver thereof.

     

    (f) The
      laws
      of the State of New Jersey shall govern all issues concerning the relative
      rights of the Company and the Buyers as its stockholders. All other questions
      concerning the construction, validity, enforcement and interpretation of this
      Agreement shall be governed by the internal laws of the State of New Jersey,
      without giving effect to any choice of law or conflict of law provision or
      rule
      (whether of the State of New Jersey or any other jurisdiction) that would cause
      the application of the laws of any jurisdiction other than the State of New
      Jersey. Each party hereby irrevocably submits to the non-exclusive jurisdiction
      of the Superior Courts of the State of New Jersey, sitting in Hudson County,
      New
      Jersey and federal courts for the District of New Jersey sitting Newark, New
      Jersey, for the adjudication of any dispute hereunder or in connection herewith
      or with any transaction contemplated hereby or discussed herein, and hereby
      irrevocably waives, and agrees not to assert in any suit, action or proceeding,
      any claim that it is not personally subject to the jurisdiction of any such
      court, that such suit, action or proceeding is brought in an inconvenient forum
      or that the venue of such suit, action or proceeding is improper. Each party
      hereby irrevocably waives personal service of process and consents to process
      being served in any such suit, action or proceeding by mailing a copy thereof
      to
      such party at the address for such notices to it under this Agreement and agrees
      that such service shall constitute good and sufficient service of process and
      notice thereof. Nothing contained herein shall be deemed to limit in any way
      any
      right to serve process in any manner permitted by law. If any provision of
      this
      Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity
      or unenforceability shall not affect the validity or enforceability of the
      remainder of this Agreement in that jurisdiction or the validity or
      enforceability of any provision of this Agreement in any other jurisdiction.
      EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT
      TO
      REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
      CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
      CONTEMPLATED HEREBY.

     

    (g) This
      Agreement shall inure to the benefit of and be binding upon the permitted
      successors and assigns of each of the parties hereto.

     

    (h) The
      headings in this Agreement are for convenience of reference only and shall
      not
      limit or otherwise affect the meaning hereof.

     

    (i) This
      Agreement may be executed in identical counterparts, each of which shall be
      deemed an original but all of which shall constitute one and the same agreement.
      This Agreement, once executed by a party, may be delivered to the other party
      hereto by facsimile transmission of a copy of this Agreement bearing the
      signature of the party so delivering this Agreement.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    (j) Each
      party shall do and perform, or cause to be done and performed, all such further
      acts and things, and shall execute and deliver all such other agreements,
      certificates, instruments and documents, as the other party may reasonably
      request in order to carry out the intent and accomplish the purposes of this
      Agreement and the consummation of the transactions contemplated
      hereby.

     

    (k) The
      language used in this Agreement will be deemed to be the language chosen by
      the
      parties to express their mutual intent and no rules of strict construction
      will
      be applied against any party.

     

    (l) This
      Agreement is intended for the benefit of the parties hereto and their respective
      permitted successors and assigns, and is not for the benefit of, nor may any
      provision hereof be enforced by, any other Person.

    

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    
      IN
        WITNESS WHEREOF,
        each
        Buyer and the Company have caused their signature page to this Registration
        Rights Agreement to be duly executed as of the date first above
        written.

       

      
        	 	COMPANY:
	 	INTREPID
                TECHNOLOGY AND RESOURCES, INC.
	 	 	 
	 	
                By:

              	
                /s/
                  Jacob D. Dustin

              
	 	
                Name:

              	
                Jacob
                  D. Dustin

              
	 	
                Title:

              	
                President

              
	 	 	 

      

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF,
        each
        Buyer and the Company have caused their signature page to this Registration
        Rights Agreement to be duly executed as of the date first above
        written.

       

      
        	 	BUYER:
	 	YA
                GLOBAL INVESTMENTS, L.P.
	 	 	 
	 	
                By:

              	
                Yorkville
                  Advisors, LLC

              
	 	
                Its:

              	
                Investment
                  Manager

              
	 	 	 
	 	 	 
	 	
                By:

              	
                /s/
                  Mark Angelo

              
	 	
                Name: 

              	
                Mark
                  Angelo

              
	 	
                Title: 

              	
                Portfolio
                  Manager

              

      

      

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        I

       

      SCHEDULE
        OF BUYERS

      

      
        	
                Buyer

              	
                Address/Facsimile
                  

                Number
                  of Buyer

              	
                Address/Facsimile
                  

                Number
                  of Buyer’s Representative

              
	 	 	 
	
                YA
                  Global Investments, L.P.

              	
                101
                  Hudson Street - Suite 3700

              	
                101
                  Hudson Street - Suite 3700

              
	 	
                Jersey
                  City, NJ 07302

              	
                Jersey
                  City, NJ 07302

              
	 	
                Facsimile: (201)
                  985-8266

              	
                Facsimile: (201)
                  985-8266

              
	 	 	
                Attention:
                  David Gonzalez, Esq.

              
	 	 	 
	 	 	 
	 	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

       

      SELLING
        STOCKHOLDERS

       

      AND
        PLAN OF DISTRIBUTION

      

      Selling
        Stockholders

      

      The
        shares of Common Stock being offered by the selling stockholders are issuable
        upon conversion of the convertible debentures and upon exercise of the warrants.
        For additional information regarding the issuance of those convertible notes
        and
        warrants, see “Private Placement of Convertible Debentures and Warrants” above.
        We are registering the shares of Common Stock in order to permit the selling
        stockholders to offer the shares for resale from time to time. Except as
        otherwise notes and except for the ownership of the convertible Debentures
        and
        the warrants issued pursuant to the Securities Purchase Agreement, the selling
        stockholders have not had any material relationship with us within the past
        three years.

       

      The
        table
        below lists the selling stockholders and other information regarding the
        beneficial ownership of the shares of Common Stock by each of the selling
        stockholders. The second column lists the number of shares of Common Stock
        beneficially owned by each selling stockholder, based on its ownership of
        the
        convertible debentures and warrants, as of ________, 200_, assuming conversion
        of all convertible debentures and exercise of the warrants held by the selling
        stockholders on that date, without regard to any limitations on conversions
        or
        exercise.

       

      The
        third
        column lists the shares of Common Stock being offered by this prospectus
        by the
        selling stockholders.

       

      In
        accordance with the terms of a registration rights agreement with the selling
        stockholders, this prospectus generally covers the resale of at least (i)
        300%
        of the number of Conversion Shares issued and issuable pursuant to the
        convertible debentures as of the trading day immediately preceding the date
        the
        registration statement is initially filed with the SEC, and (ii) 100% of
        the
        number of warrant shares issued and issuable pursuant to the warrants as
        of the
        trading day immediately preceding the date the registration statement is
        initially filed with the SEC.
        Because
        the conversion price of the convertible debentures and the exercise price
        of the
        warrants may be adjusted, the number of shares that will actually be issued
        may
        be more or less than the number of shares being offered by this prospectus.
        The
        fourth column assumes the sale of all of the shares offered by the selling
        stockholders pursuant to this prospectus.

       

      Under
        the
        terms of the convertible debentures and the warrants, a selling stockholder
        may
        not convert the convertible debentures or exercise the warrants to the extent
        such conversion or exercise would cause such selling stockholder, together
        with
        its affiliates, to beneficially own a number of shares of Common Stock which
        would exceed 4.99% of our then outstanding shares of Common Stock following
        such
        conversion or exercise, excluding for purposes of such determination shares
        of
        Common Stock issuable upon conversion of the convertible debentures which
        have
        not been converted and upon exercise of the warrants which have not been
        exercised. The number of shares in the second column does not reflect this
        limitation. The selling stockholders may sell all, some or none of their
        shares
        in this offering. See "Plan of Distribution."

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                 

                 

                Name
                  of Selling Stockholder

              	
                 

                Number
                  of Shares Owned Prior to Offering

              	
                Maximum
                  Number of Shares to be Sold Pursuant to this
                  Prospectus

              	
                 

                Number
                  of Shares Owned After Offering

              
	 	 	 	 
	
                YA
                  Global Investments, L.P. (1)

              	 	 	 

      

       

      (1) YA
        Global
        Investments, L.P. is a Cayman Island exempt limited partnership. YA Global
        Investments, L.P. is managed by Yorkville Advisors, LLC. Investment decisions
        for Yorkville Advisors are made by Mark Angelo, its portfolio manager.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Plan
        of
        Distribution

       

      Each
        Selling Stockholder (the “Selling
        Stockholders”)
        of the
        common stock and any of their pledgees, assignees and successors-in-interest
        may, from time to time, sell any or all of their shares of common stock on
        the
        OTCBB or any other stock exchange, market or trading facility on which the
        shares are traded or in private transactions. These sales may be at fixed
        or
        negotiated prices. A Selling Stockholder may use any one or more of the
        following methods when selling shares:

       

      
        	 	
                ·

              	
                ordinary
                  brokerage transactions and transactions in which the broker-dealer
                  solicits purchasers;

              

      

       

      
        	 	
                ·

              	
                block
                  trades in which the broker-dealer will attempt to sell the shares
                  as agent
                  but may position and resell a portion of the block as principal
                  to
                  facilitate the transaction;

              

      

       

      
        	 	
                ·

              	
                purchases
                  by a broker-dealer as principal and resale by the broker-dealer
                  for its
                  account;

              

      

       

      
        	 	
                ·

              	
                an
                  exchange distribution in accordance with the rules of the applicable
                  exchange;

              

      

       

      
        	 	
                ·

              	
                privately
                  negotiated transactions;

              

      

       

      
        	 	
                ·

              	
                broker-dealers
                  may agree with the Selling Stockholders to sell a specified number
                  of such
                  shares at a stipulated price per
                  share;

              

      

       

      
        	 	
                ·

              	
                through
                  the writing or settlement of options or other hedging transactions,
                  whether through an options exchange or otherwise;
                  

              

      

       

      
        	 	
                ·

              	
                a
                  combination of any such methods of sale;
                  or

              

      

       

      
        	 	
                ·

              	
                any
                  other method permitted pursuant to applicable
                  law.

              

      

       

      The
        Selling Stockholders may also sell shares under Rule 144 under the Securities
        Act of 1933, as amended (the “Securities
        Act”),
        if
        available, rather than under this prospectus.

       

      Broker-dealers
        engaged by the Selling Stockholders may arrange for other brokers-dealers
        to
        participate in sales. Broker-dealers may receive commissions or discounts
        from
        the Selling Stockholders (or, if any broker-dealer acts as agent for the
        purchaser of shares, from the purchaser) in amounts to be negotiated, but,
        except as set forth in a supplement to this Prospectus, in the case of an
        agency
        transaction not in excess of a customary brokerage commission in compliance
        with
        NASDR Rule 2440; and in the case of a principal transaction a markup or markdown
        in compliance with NASDR IM-2440. 

       

      In
        connection with the sale of the common stock or interests therein, the Selling
        Stockholders may enter into hedging transactions with broker-dealers or other
        financial institutions, which may in turn engage in short sales of the Common
        Stock in the course of hedging the positions they assume. The Selling
        Stockholders may also enter into option or other transactions with
        broker-dealers or other financial institutions or the creation of one or
        more
        derivative securities which require the delivery to such broker-dealer or
        other
        financial institution of shares offered by this prospectus, which shares
        such
        broker-dealer or other financial institution may resell pursuant to this
        prospectus (as supplemented or amended to reflect such
        transaction).

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      The
        Selling Stockholders and any broker-dealers or agents that are involved in
        selling the shares may be deemed to be “underwriters” within the meaning of the
        Securities Act in connection with such sales. In such event, any commissions
        received by such broker-dealers or agents and any profit on the resale of
        the
        shares purchased by them may be deemed to be underwriting commissions or
        discounts under the Securities Act. Each Selling Stockholder has informed
        the
        Company that it does not have any written or oral agreement or understanding,
        directly or indirectly, with any person to distribute the Common Stock. In
        no
        event shall any broker-dealer receive fees, commissions and markups which,
        in
        the aggregate, would exceed eight percent (8%).

       

      The
        Company is required to pay certain fees and expenses incurred by the Company
        incident to the registration of the shares. The Company has agreed to indemnify
        the Selling Stockholders against certain losses, claims, damages and
        liabilities, including liabilities under the Securities Act. 

       

      Because
        Selling Stockholders may be deemed to be “underwriters” within the meaning of
        the Securities Act, they will be subject to the prospectus delivery requirements
        of the Securities Act including Rule 172 thereunder. In addition, any securities
        covered by this prospectus which qualify for sale pursuant to Rule 144 under
        the
        Securities Act may be sold under Rule 144 rather than under this prospectus.
        There is no underwriter or coordinating broker acting in connection with
        the
        proposed sale of the resale shares by the Selling Stockholders.

       

      We
        agreed
        to keep this prospectus effective until the earlier of (i) the date on which
        the
        shares may be resold by the Selling Stockholders without registration and
        without regard to any volume limitations by reason of Rule 144(k) under the
        Securities Act or any other rule of similar effect or (ii) all of the shares
        have been sold pursuant to this prospectus or Rule 144 under the Securities
        Act
        or any other rule of similar effect. The resale shares will be sold only
        through
        registered or licensed brokers or dealers if required under applicable state
        securities laws. In addition, in certain states, the resale shares may not
        be
        sold unless they have been registered or qualified for sale in the applicable
        state or an exemption from the registration or qualification requirement
        is
        available and is complied with.

       

      Under
        applicable rules and regulations under the Exchange Act, any person engaged
        in
        the distribution of the resale shares may not simultaneously engage in market
        making activities with respect to the common stock for the applicable restricted
        period, as defined in Regulation M, prior to the commencement of the
        distribution. In addition, the Selling Stockholders will be subject to
        applicable provisions of the Exchange Act and the rules and regulations
        thereunder, including Regulation M, which may limit the timing of purchases
        and
        sales of shares of the common stock by the Selling Stockholders or any other
        person. We will make copies of this prospectus available to the Selling
        Stockholders and have informed them of the need to deliver a copy of this
        prospectus to each purchaser at or prior to the time of the sale (including
        by
        compliance with Rule 172 under the Securities Act).

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

       

      OTHER
        DISCLOSURES 

      

      See
        attachment provided separately. 

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

       

      FORM
        OF NOTICE OF EFFECTIVENESS

      OF
        REGISTRATION STATEMENT

      

      Attention: 

      

      
        	 	
                Re:

              	
                INTREPID
                  TECHNOLOGY AND RESOURCES,
                  INC.

              

      

      

      Ladies
        and Gentlemen:

      

      We
        are
        counsel to Intrepid Technology and Resources, Inc., an Idaho corporation
        (the
“Company”),
        and
        have represented the Company in connection with that certain Securities Purchase
        Agreement (the “Securities
        Purchase Agreement”)
        entered into by and among the Company and the Buyers named therein
        (collectively, the “Buyers”)
        pursuant to which the Company issued to the Buyers shares of its Common Stock,
        par value $0.005 per share (the “Common
        Stock”).
        Pursuant to the Purchase Agreement, the Company also has entered into a
        Registration Rights Agreement with the Buyers (the “Registration
        Rights Agreement”)
        pursuant to which the Company agreed, among other things, to register the
        Registrable Securities (as defined in the Registration Rights Agreement)
        under
        the Securities Act of 1933, as amended (the “Securities
        Act”).
        In
        connection with the Company’s obligations under the Registration Rights
        Agreement, on ____________ ____, the Company filed a Registration Statement
        on
        Form ________ (File No. 333-_____________) (the “Registration
        Statement”)
        with
        the Securities and Exchange Commission (the “SEC”)
        relating to the Registrable Securities which names each of the Buyers as
        a
        selling stockholder there under.

       

      In
        connection with the foregoing, we advise you that a member of the SEC’s staff
        has advised us by telephone that the SEC has entered an order declaring the
        Registration Statement effective under the Securities Act at [ENTER
        TIME OF EFFECTIVENESS]
        on
[ENTER
        DATE OF EFFECTIVENESS]
        and we
        have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that
        any stop order suspending its effectiveness has been issued or that any
        proceedings for that purpose are pending before, or threatened by, the SEC
        and
        the Registrable Securities are available for resale under the Securities
        Act
        pursuant to the Registration Statement.

       

      
        	
                Very
                  truly yours,

              
	 	 
	
                [Law
                  Firm]

              
	 	 
	
                By:

              	
                 

              

      

      

      cc: [LIST
        NAMES OF BUYERS]

      

      
        
          
          

        

        
          7

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