Document:

Liberty Star Uranium & Metals Corp.: Exhibit 10.1 - Filed by newsfilecorp.com

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES
AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND HAVE BEEN
ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “1933 ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR
SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS. 

STOCK OPTION AGREEMENT 
(U.S. Persons) 

This AGREEMENT is entered into as of the <> day of
<>, 201___ (the “Date of Grant”). 

BETWEEN: 

  
    
      LIBERTY STAR URANIUM & METALS CORP., a
        company incorporated pursuant to the laws of the State of Nevada, with an office
        at 5610 E Sutler Lane, Tuscon, Arizona 85712 

      (the “Company”) 

    

  

AND: 

  
    
      <>, a businessman with an address at <> 

      (the
        “Optionee”) 

    

  

WHEREAS: 

A.                    The
Company’s board of directors (the “Board”) has approved and adopted a 2010 Stock
Option Plan (the “Plan”), whereby the Board is authorized to grant stock options
to purchase shares of common stock of the Company to the directors, officers,
employees and consultants of the Company and its subsidiaries;

B.                    The
Optionee is a director, officer, employee or consultant of the Company or
subsidiary of the Company; and 

C.        
           The Company wishes
to grant stock options to purchase a total of <>[INSERT NUMBER OF
OPTIONS] Optioned Shares (as defined herein) to the Optionee, as follows:

__________________   
Incentive Stock Options 

                   X                       
Non Qualified Stock Options 

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of
the covenants and agreements set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows: 

	1. 	
      DEFINITIONS

	 	 
	1.1 	
      In this Agreement, the following terms shall have the
      following meanings:

	 	(a) 	
      “Common Stock” means the shares of common stock of
      the Company;

	 	 	 
	 	(b) 	
      “Exercise Price” means $0.<>_____per
      share;

	 	 	 
	 	(c) 	
      “Expiry Date” means <>,
  201____;

2 

	 	(d) 	
      “Notice of Exercise” means a notice in writing
      addressed to the Company at its address first recited hereto (or such
      other address of which the Company may from time to time notify the
      Optionee in writing), substantially in the form attached as Schedule “D”
      hereto, which notice shall specify therein the number of Optioned Shares
      in respect of which the Options are being exercised;

	 	 	 
	 	(e) 	
      “Options” means the irrevocable right and option
      to purchase, from time to time, all, or any part of the Optioned Shares
      granted to the Optionee by the Company pursuant to Section 2.1 of this
      Agreement;

	 	 	 
	 	(f) 	
      “Optioned Shares” means the shares of Common Stock
      that are issued pursuant to the exercise of the Options;

	 	 	 
	 	(g) 	
      “Securities” means, collectively, the Options and
      the Optioned Shares;

	 	 	 
	 	(h) 	
      “Shareholders” means holders of record of the
      shares of Common Stock;

	 	 	 
	 	(i) 	
      “U.S. Person” shall have the meaning ascribed
      thereto in Regulation S under the 1933 Act, and for the purpose of the
      Agreement includes any person in the United States; and

	 	 	 
	 	(j) 	
      “Vested Options” means the Options that have
      vested in accordance with Section 2.2 of this
Agreement.

	1.2 	
      Capitalized terms not otherwise defined herein shall have
      the meanings ascribed thereto in the Plan.

	 	 
	2. 	
      THE OPTIONS

2.1                    The
Company hereby grants to the Optionee, on the terms and conditions set out in
this Agreement and in the Plan, Options to purchase a total of <> Optioned
Shares at the Exercise Price. 

2.2                   
The Options will vest in accordance with Schedule “A” to this Agreement. The
Options may be exercised immediately after vesting. 

2.3                    The
Options shall, at 5:00 p.m. (Pacific time) on the Expiry Date, expire and be of
no further force or effect whatsoever. 

2.4                   
The Company shall not be obligated to cause the issuance, transfer or delivery
of a certificate or certificates representing Optioned Shares to the Optionee,
until provision has been made by the Optionee, to the satisfaction of the
Company, for the payment of the aggregate Exercise Price for all Optioned Shares
for which the Options shall have been exercised, and for satisfaction of any tax
withholding obligations associated with such exercise. 

2.5                    The
Optionee shall have no rights whatsoever as a shareholder in respect of any of
the Optioned Shares (including any right to receive dividends or other
distribution therefrom or thereon) except in respect of which the Options have
been properly exercised in accordance with the terms of this Agreement. 

2.6                   
The Options will terminate in accordance with the provisions of the Plan. 

2.7                    Subject
to the provisions of this Agreement and the Plan and subject to compliance with
any applicable securities laws, the Options shall be exercisable, in full or in
part, at any time after vesting, until termination; provided, however, that if
the Optionee is subject to the reporting and liability provisions of Section 16
of the Securities Exchange Act of 1934, as amended, with respect
to the Common Stock, the Optionee shall be precluded from selling, transferring
or otherwise disposing of any Common Stock underlying any of the Options during
the six months immediately following the grant of the Options. If less than all
of the shares included in the vested portion of any Options are purchased, the
remainder may be purchased at any subsequent time prior to the Expiry Date. Only
whole shares may be issued pursuant to the exercise of any Options, and to the
extent that any Option covers less than one (1) share, it is not exercisable.

2.8                   
Each exercise of the Options shall be by means of delivery of a Notice of
Exercise (which may be in the form attached hereto as Schedule “B”) to the
President of the Company at its principal executive office, specifying the
number of Optioned Shares to be purchased and accompanied by payment in cash or
by certified check or cashier’s check in the amount of the full Exercise Price
for the Common Stock to be purchased. In addition to payment in cash or by
certified check or cashier’s check and if agreed to in advance by the Company,
the Optionee or transferee of the Options may pay for all or any portion of the aggregate Exercise Price by complying
with any other payment mechanism approved by the Board at the time of exercise.

3 

2.9                   
Notwithstanding anything to the contrary in this Agreement, the Optionee may
elect to receive, without the payment by the Optionee of any additional
consideration, Optioned Shares equal to the value of the Options or any portion
hereof by the surrender of the Options or such portion to the Company.
Thereupon, the Company shall issue to the Optionee such number of fully paid and
non-assessable Optioned Shares as is computed using the following formula: 

X = Y (A – B)

     A 

	where: 	X = 	
      the number of Optioned Shares to be issued to the
      Optionee pursuant to this section. 

	  	  	   
		Y = 	
      the number of Optioned Shares covered by this Agreement
      for which the Options shall have been exercised pursuant to this section.
      

	  	  	   
		A = 	
      the Fair Market Value (defined below) of one Optioned
      Share, as determined at the time the Options shall have been exercised
      pursuant to this section. 

	  	  	   
		B = 	
      the Exercise Price per Optioned Share in effect under the
      Options at the time the Options shall have been exercised pursuant to this
      section. 

“Fair Market Value” of a Optioned Share as of the date on which
the Optionee notifies the Company of his or her exercise of the Options (the
“Determination Date”) shall mean the last reported sales price of the shares of
Common Stock as reported on the Over-the-Counter Bulletin Board on the trading
day immediately prior to the Determination Date; provided, however, that if: (i)
the shares of Common Stock are neither traded on the Over-the-Counter Bulletin
Board nor on a national securities exchange, then Fair Market Value shall be the
average of the closing or last reported sale prices of the shares of Common
Stock over the 30-day period immediately prior to the Determination Date
reflected in the over-the-counter market, as reported by Pinksheets, LLC or any
organization performing a similar function, or if closing prices are not then
routinely reported for the over-the-counter market, the average of the last bid
and asked prices of the shares of Common Stock over the 30-day period ending
five business days prior to the Determination Date; and (ii) if there is no
public market for the shares of Common Stock, then Fair Market Value shall be
determined in good faith by the Board. 

2.10                
It is a condition precedent to the issuance of Optioned Shares that the Optionee
execute and/or deliver to the Company all documents and withholding taxes
required in accordance with applicable laws. 

2.11                 Nothing
in this Agreement shall obligate the Optionee to purchase any Optioned Shares
except those Optioned Shares in respect of which the Optionee shall have
exercised the Options in the manner provided in this Agreement or the Plan. 

2.12                 Reference
is made to the Plan for particulars of the rights and obligations of the
Optionee and the Company in respect of: 

	 	(a) 	
      the terms and conditions on which the Options are
      granted; and,

	 	 	 
	 	(b) 	
      a consolidation or subdivision of the Company’s share
      capital or an amalgamation or merger;

all to the same effect as if the provisions of the Plan were
set out in this Agreement and to all of which the Optionee assents. 

2.13                
By accepting the Options, the Optionee represents and agrees that none of the
Optioned Shares purchased upon exercise of the Options will be distributed in
violation of applicable federal and state laws and regulations. The Optionee
further represents and agrees to provide the Company with any other document
reasonably requested by the Company or the Company’s Counsel. 

3.                    
 DOCUMENTS REQUIRED FROM OPTIONEE 

3.1                    The
Optionee must complete, sign and return to the Company: 

4 

	 	(a) 	
      an executed copy of this Agreement; and

	 	 	 
	 	(b) 	
      one of two questionnaires in the forms attached hereto as
      Schedule “B” and Schedule “C”, whichever applies.

3.2                   
The Optionee shall complete, sign and return to the Company as soon as possible,
on request by the Company, any documents, questionnaires, notices and
undertakings as may be required by regulatory authorities, and applicable law.

4.                     
SUBJECT TO STOCK OPTION PLAN 

The terms of the Options will be subject to the Plan, as may
from time to time be amended, and any inconsistencies between this Agreement and
the Plan, as the same may be from time to time amended, shall be governed by the
provisions of the Plan. A copy of the Plan will be delivered to the Optionee,
and will be available for inspection at the principal offices of the Company.

5.                     
ACKNOWLEDGEMENTS OF THE OPTIONEE 

5.1                    The
Optionee acknowledges and agrees that: 

	 	(a) 	
      the Securities have not been registered under the 1933
      Act or under any state securities or “blue sky” laws of any state of the
      United States, and are being offered only in a transaction not involving
      any public offering within the meaning of the 1933 Act, and, unless so
      registered, may not be offered or sold in the United States or to U.S.
      Persons, except pursuant to an effective registration statement under the
      1933 Act, or pursuant to an exemption from, or in a transaction not
      subject to, the registration requirements of the 1933 Act, and in each
      case only in accordance with applicable state securities laws;

	 	 	 
	 	(b) 	
      the Company will refuse to register any transfer of the
      Securities not made in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act or
      pursuant to an available exemption from, or in a transaction not subject
      to, the registration requirements of the 1933 Act;

	 	 	 
	 	(c) 	
      the decision to execute this Agreement and acquire the
      Securities hereunder has not been based upon any oral or written
      representation as to fact or otherwise made by or on behalf of the Company
      and such decision is based solely upon a review of publicly available
      information regarding the Company that is available on the website of the
      United States Securities and Exchange Commission (the “SEC”) at
      www.sec.gov (the “Company Information”);

	 	 	 
	 	(d) 	
      there are risks associated with an investment in the
      Securities;

	 	 	 
	 	(e) 	
      the Optionee and the Optionee’s advisor(s) (if
      applicable) have had a reasonable opportunity to ask questions of and
      receive answers from the Company in connection with the distribution of
      the Securities hereunder, and to obtain additional information, to the
      extent possessed or obtainable without unreasonable effort or expense,
      necessary to verify the accuracy of the information about the
    Company;

	 	 	 
	 	(f) 	
      the books and records of the Company were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Optionee during reasonable business hours at its
      principal place of business, and all documents, records and books in
      connection with the distribution of the Securities hereunder have been
      made available for inspection by the Optionee, the Optionee’s attorney
      and/or advisor(s) (if applicable);

	 	 	 
	 	(g) 	
      the Company and others are entitled to rely upon the
      truth and accuracy of the acknowledgements, representations, warranties,
      statements, answers, covenants and agreements contained in this Agreement
      and agrees that if any of such acknowledgements, representations,
      warranties, statements, answers, covenants, and agreements are no longer
      accurate or have been breached, the Optionee shall promptly notify the
      Company, and the Optionee will hold harmless the Company from any loss or
      damage it may suffer as a result of the Optionee’s failure to correctly
      complete this Agreement;

5 

	 	(h) 	
      the Optionee has been advised to consult its own legal,
      tax and other advisors with respect to the merits and risks regarding the
      exercise of the Options and the issuance of the Optioned Shares and with
      respect to applicable resale restrictions and it is solely responsible
      (and the Company is in not any way responsible) for compliance with
      applicable resale restrictions;

	 	 	 
	 	(i) 	
      the Optionee will indemnify and hold harmless the Company
      and, where applicable, its directors, officers, employees, agents,
      advisors and shareholders, from and against any and all loss, liability,
      claim, damage and expense whatsoever (including, but not limited to, any
      and all fees, costs and expenses whatsoever reasonably incurred in
      investigating, preparing or defending against any claim, lawsuit,
      administrative proceeding or investigation whether commenced or
      threatened) arising out of or based upon any representation or warranty of
      the Optionee contained herein or in any document furnished by the Optionee
      to the Company in connection herewith being untrue in any material respect
      or any breach or failure by the Optionee to comply with any covenant or
      agreement made by the Optionee to the Company in connection
    therewith;

	 	 	 
	 	(j) 	
      the Securities are not listed on any stock exchange or
      automated dealer quotation system and no representation has been made to
      the Optionee that any of the Securities will become listed on any stock
      exchange or automated dealer quotation system, except that currently
      certain market makers make market in the shares of the Company’s common
      stock on the OTC Bulletin Board;

	 	 	 
	 	(k) 	
      neither the SEC nor any other securities commission or
      similar regulatory authority has reviewed or passed on the merits of the
      Securities;

	 	 	 
	 	(l) 	
      no documents in connection with this Agreement have been
      reviewed by the SEC or any state securities administrators;

	 	 	 
	 	(m) 	
      there is no government or other insurance covering any of
      the Securities; and

	 	 	 
	 	(n) 	
      this Agreement is not enforceable by the Optionee unless
      it has been accepted by the Company.

6.                     
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE OPTIONEE 

The Optionee hereby represents and warrants to and covenants
with the Company (which representations, warranties and covenants shall survive
the closing) that: 

	 	(a) 	
      the Optionee is a director, officer, employee or
      consultant of the Company or subsidiary of the Company;

	 	 	 
	 	(b) 	
      if the Optionee is an employee or consultant of the
      Company or subsidiary of the Company, the Optionee is a bona fide employee
      or consultant of the Company or subsidiary of the Company;

	 	 	 
	 	(c) 	
      the Optionee is a U.S. Person;

	 	 	 
	 	(d) 	
      the Optionee has received and carefully read this
      Agreement and the Company Information (especially, the Company’s annual
      report on Form 10-K filed with the SEC on May 13, 2010 (the “Form 10-K”)
      and any reports or documents filed by the Company under sections 13(a),
      14(a), 14(c), and 15(d) of the Securities Exchange Act of 1934 since the
      filing of the Form 10-K) and any material changes in the Company’s affairs
      that are not disclosed in the Company Information;

	 	 	 
	 	(e) 	
      the Optionee has received a brief description of the
      Securities and the use of proceeds from the distribution of the
      Securities;

	 	 	 
	 	(f) 	
      the Optionee has duly executed and delivered this
      Agreement and it constitutes a valid and binding agreement of the Optionee
      enforceable against the Optionee in accordance with its terms;

	 	 	 
	 	(g) 	
      the Optionee has concurrently executed and delivered the
      questionnaire in the form attached as Schedule “B” or Schedule “C” and the
      representations and warranties contained in such questionnaire are true
      and correct;

6 

	 	(h) 	
      the Optionee has the legal capacity and competence to
      enter into and execute this Agreement and to take all actions required
      pursuant hereto and, if the Optionee is a corporation, it is duly
      incorporated and validly subsisting under the laws of its jurisdiction of
      incorporation and all necessary approvals by its directors, shareholders
      and others have been obtained to authorize execution and performance of
      this Agreement on behalf of the Optionee;

	 	 	 	 
	 	(i) 	
      the Optionee:

	 	 	 	 
	 		(i) 	
      has adequate net worth and means of providing for its
      current financial needs and possible personal contingencies,

	 	 	 	 
	 		(ii) 	
      has no need for liquidity in this investment,
  and

	 	 	 	 
	 		(iii) 	
      is able to bear the economic risks of an investment in
      the Securities for an indefinite period of time, and can afford the
      complete loss of such investment;

	 	(j) 	
      the Optionee has the requisite knowledge and experience
      in financial and business matters as to be capable of evaluating the
      merits and risks of the investment in the Securities and the Company, and
      the Optionee is providing evidence of such knowledge and experience in
      these matters through the information requested in this
  Agreement;

	 	 	 
	 	(k) 	
      the Optionee is aware that an investment in the Company
      is speculative and involves certain risks, including the possible loss of
      the investment, and the Optionee has carefully read and considered the
      matters set forth under the caption “Risk Factors” appearing in the
      Company’s various disclosure documents, filed with the SEC;

	 	 	 
	 	(l) 	
      the entering into of this Agreement and the transactions
      contemplated hereby do not result in the violation of any of the terms and
      provisions of any law applicable to, or, if applicable, the constating
      documents of, the Optionee, or of any agreement, written or oral, to which
      the Optionee may be a party or by which the Optionee is or may be
      bound;

	 	 	 
	 	(m) 	
      the Optionee is purchasing the Securities for its own
      account for investment purposes only and not for the account of any other
      person and not for distribution, assignment or resale to others, and no
      other person has a direct or indirect beneficial interest is such
      Securities, and the Optionee has not subdivided his interest in the
      Securities with any other person;

	 	 	 
	 	(n) 	
      the Optionee is not an underwriter of, or dealer in, the
      shares of the Company’s common stock, nor is the Optionee participating,
      pursuant to a contractual agreement or otherwise, in the distribution of
      the Securities;

	 	 	 
	 	(o) 	
      the Optionee understands and agrees that the Company and
      others will rely upon the truth and accuracy of the acknowledgements,
      representations, statements, answers and agreements contained in this
      Agreement, and agrees that if any of such acknowledgements,
      representations, statements, answers and agreements are no longer accurate
      or have been breached, the Optionee shall promptly notify the
    Company;

	 	 	 
	 	(p) 	
      the Optionee has made an independent examination and
      investigation of an investment in the Securities and the Company and has
      depended on the advice of its legal and financial advisors and agrees that
      the Company will not be responsible in anyway whatsoever for the
      Optionee’s decision to acquire the Securities;

	 	 	 
	 	(q) 	
      if the Optionee is acquiring the Securities as a
      fiduciary or agent for one or more investor accounts, the Optionee has
      sole investment discretion with respect to each such account, and the
      Optionee has full power to make the foregoing acknowledgements,
      representations and agreements on behalf of such account;

	 	 	 
	 	(r) 	
      the Optionee is not aware of any advertisement of any of
      the Securities and is not acquiring the Securities as a result of any form
      of general solicitation or general advertising including advertisements,
      articles, notices or other communications published in any newspaper,
      magazine or similar media or broadcast over radio or television, or any seminar or meeting whose
      attendees have been invited by general solicitation or general
  advertising; and,

7 

	 	(s) 	
      no person has made to the Optionee any written or oral
      representations:

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Securities,

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Securities,

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the Securities,
      or

	 	 	 	 
	 		(iv) 	
      that any of the Securities will be listed and posted for
      trading on any stock exchange or automated dealer quotation system or that
      application has been made to list and post any of the Securities of the
      Company on any stock exchange or automated dealer quotation system, except
      that currently certain market makers make market in the shares of the
      Company’s common stock on the OTC Bulletin Board.

7.                     
ACKNOWLEDGEMENT AND WAIVER 

The Optionee has acknowledged that the decision to purchase the
Securities was solely made on the basis of publicly available information
contained in the Company Information. The Optionee hereby waives, to the fullest
extent permitted by law, any rights of withdrawal, rescission or compensation
for damages to which the Optionee might be entitled in connection with the
distribution of any of the Securities. 

8.                     
PROFESSIONAL ADVICE 

The acceptance of the Options and the sale of Common Stock
issued pursuant to the exercise of Options may have consequences under federal
and state tax and securities laws which may vary depending upon the individual
circumstances of the Optionee. Accordingly, the Optionee acknowledges that he or
she has been advised to consult his or her personal legal and tax advisor in
connection with this Agreement and his or her dealings with respect to Options.
Without limiting other matters to be considered with the assistance of the
Optionee’s professional advisors, the Optionee should consider: (a) whether upon
the exercise of Options, the Optionee will file an election with the Internal
Revenue Service pursuant to Section 83(b) of the Code and the implications of
alternative minimum tax pursuant to the Code; (b) the merits and risks of an
investment in the underlying Optioned Shares; and (c) any resale restrictions
that might apply under applicable securities laws. 

9.         
           
LEGENDING OF SUBJECT SECURITIES 

9.1                    The
Optionee hereby acknowledges that that upon the issuance thereof, and until such
time as the same is no longer required under the applicable securities laws and
regulations, the certificates representing any of the Securities will bear a
legend in substantially the following form: 

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES
AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND HAVE BEEN
ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “1933 ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR
SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS. 

9.2                   
The Optionee hereby acknowledges and agrees to the Company making a notation on
its records or giving instructions to the registrar and transfer agent of the
Company in order to implement the restrictions on transfer set forth and
described in this Agreement. 

8 

10.                   
RESALE RESTRICTIONS 

Resale restrictions may apply. Any resale of the Optioned
Shares received upon exercising any Options will be subject to resale
restrictions contained in the securities legislation applicable to the Optionee.
The Optionee acknowledges and agrees that the Optionee is solely responsible
(and the Company is not in any way responsible) for compliance with applicable
resale restrictions. 

11.                    NO
EMPLOYMENT RELATIONSHIP 

The grant of an Option shall in no way constitute any form of
agreement or understanding binding on the Company or any related company,
express or implied, that the Company or any related company will employ or
contract with an Optionee, for any length of time, nor shall it interfere in any
way with the Company’s or, where applicable, a related company’s right to
terminate Optionee’s employment at any time, which right is hereby reserved.

12.                    GOVERNING
LAW 

This Agreement is governed by the laws of the State of Nevada.

13.                   
COSTS 

The Optionee acknowledges and agrees that all costs and
expenses incurred by the Optionee (including any fees and disbursements of any
special counsel retained by the Optionee) relating to the acquisition of the
Securities shall be borne by the Optionee. 

14.                   
SURVIVAL 

This Agreement, including without limitation the
representations, warranties and covenants contained herein, shall survive and
continue in full force and effect and be binding upon the parties hereto
notwithstanding the completion of the purchase of the shares underlying the
Options by the Optionee pursuant hereto. 

15.                    ASSIGNMENT

This Agreement is not transferable or assignable. 

16.                    CURRENCY

Unless explicitly stated otherwise, all funds in this Agreement
are stated in United States dollars. 

17.                    SEVERABILITY

The invalidity or unenforceability of any particular provision
of this Agreement shall not affect or limit the validity or enforceability of
the remaining provisions of this Agreement. 

18.                    COUNTERPARTS
AND ELECTRONIC MEANS 

This Agreement may be executed in several counterparts, each of
which will be deemed to be an original and all of which will together constitute
one and the same instrument. Delivery of an executed copy of this Agreement by
electronic facsimile transmission or other means of electronic communication
capable of producing a printed copy will be deemed to be execution and delivery
of this Agreement as of the date first above written. 

19.                     
ENTIRE AGREEMENT

This Agreement is the only agreement between the Optionee and
the Company with respect to the Options, and this Agreement and the Plan, once
approved, supersede all prior and contemporaneous oral and written statements
and representations and contain the entire agreement between the parties with
respect to the Options. 

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

9 

LIBERTY STAR URANIUM & METALS CORP. 

	Per: 	 	 
	 	Authorized Signatory 	 

	WITNESSED BY: 	)	
	  	)	
	  	)	
	  	)	
	  	)	
	Name 	)	
	  	)	<>[NAME OF OPTIONEE] 
	  	)	
	Address 	)	
	  	)	
	  	)	
	  	)	
	  	)	
	Occupation 	)	

SCHEDULE “A” 

VESTING SCHEDULE 

Incentive Stock Options 

	Date 	Number of Options to Vest 
	 	 
	 	 
	 	 
	 	 

Non Qualified Stock Options 

	Date 	Number of Options to Vest 
	August 10, 2010 	<> 
	 	 
	 	 
	 	 

SCHEDULE “B” 

ACCREDITED INVESTOR QUESTIONNAIRE 

All capitalized terms herein, unless otherwise defined, have
the meanings ascribed thereto in the Stock Option Agreement. 

The Optionee covenants, represents and warrants to the Company
that he or she satisfies one or more of the categories of “Accredited
Investors”, as defined by Regulation D promulgated under the Securities Act of
1933 (the “Securities Act”), as indicated below: (Please initial in the space
provide those categories, if any, of an “Accredited Investor” which the Optionee
satisfies) 

	 	___________ 	Category 1 	
      An organization described in Section 501(c)(3) of the
      United States Internal Revenue Code, a corporation, a Massachusetts or
      similar business trust or partnership, not formed for the specific purpose
      of acquiring the Securities, with total assets in excess of US $5,000,000;
      

	 	 	  	     
	 	___________ 	Category 2 	
      A natural person whose individual net worth, or joint net
      worth with that person’s spouse, on the date of grant or exercise exceeds
      US $1,000,000 excluding the value of the primary residence of such
      person(s) and the related amount of indebtedness secured by the primary
      residence up to its fair market value. 

	 	 	  	     
	 	___________ 	Category 3 	
      A natural person who had an individual income in excess
      of US $200,000 in each of the two most recent years or joint income with
      that person’s spouse in excess of US $300,000 in each of those years and
      has a reasonable expectation of reaching the same income level in the
      current year; 

	 	 	  	     
	 	___________ 	Category 4 	
      A “bank” as defined under Section (3)(a)(2) of the
      Securities Act or savings and loan association or other institution as
      defined in Section 3(a)(5)(A) of the Securities Act acting in its
      individual or fiduciary capacity; a broker dealer registered pursuant to
      Section 15 of the Securities Exchange Act of 1934 (United States);
      an insurance company as defined in Section 2(13) of the Securities Act; an
      investment company registered under the Investment Company Act of
      1940 (United States) or a business development company as defined in
      Section 2(a)(48) of such Act; a Small Business Investment Company licensed
      by the U.S. Small Business Administration under Section 301(c) or (d) of
      the Small Business Investment Act of 1958 (United States); a
      plan with total assets in excess of US $5,000,000 established and
      maintained by a state, a political subdivision thereof, or an agency or
      instrumentality of a state or a political subdivision thereof, for the
      benefit of its employees; an employee benefit plan within the meaning of
      the Employee Retirement Income Security Act of 1974 (United States)
      whose investment decisions are made by a plan fiduciary, as defined in
      Section 3(21) of such Act, which is either a bank, savings and loan
      association, insurance company or registered investment adviser, or if the
      employee benefit plan has total assets in excess of US $5,000,000, or, if
      a self- directed plan, whose investment decisions are made solely by
      persons that are accredited investors; 

	 	 	  	     
	 	___________ 	Category 5 	
      A private business development company as defined in
      Section 202(a)(22) of the Investment Advisers Act of 1940 (United
      States); 

	 	 	  	     
	 	___________	Category 6 	
      A director or executive officer of the Company;
  

- 2 - 

	 	___________	Category 7 	
      A trust with total assets in excess of US $5,000,000, not
      formed for the specific purpose of acquiring the Securities, whose
      purchase is directed by a sophisticated person as described in Rule
      506(b)(2)(ii) under the Securities Act; 

	 	 	  	     
	 	___________ 	Category 8 	
      An entity in which all of the equity owners satisfy the
      requirements of one or more of the foregoing categories;

Note that the Optionee claiming to satisfy one of the above
categories of Accredited Investor may be required to supply the Company with a
balance sheet, prior years’ federal income tax returns or other appropriate
documentation to verify and substantiate the Optionee’s status as an Accredited
Investor. 

	
      If the Optionee is an entity which initialled the last
      category in reliance upon the Accredited Investor categories above, state
      the name, address, total personal income from all sources for the previous
      calendar year, and the net worth (exclusive of home, home furnishings and
      personal automobiles) for each equity owner of the said entity: 

	  
	

All information contained in this Questionnaire will be treated
as confidential. However, by signing and returning this Questionnaire, the
Optionee agrees that, if necessary, this Questionnaire may be presented to such
parties as the Company deems appropriate to establish the availability, under
the Securities Act or applicable state securities law, of exemption from
registration in connection with the issuance of the Securities hereunder. 

The Optionee hereby certifies that the information contained in
this Questionnaire is complete and accurate and the Optionee will notify the
Company promptly of any change in any such information. 

IN WITNESS WHEREOF, the undersigned has executed this
Questionnaire as of the _______ day of __________________, 20__. 

 

	 	X
  
	 	Signature 
	 	 
	 	 
	 	Print or Type Name 
	 	 
	 	 
	 	Social Security/Tax I.D. No.

SCHEDULE “C” 

PROSPECTIVE INVESTOR SUITABILITY QUESTIONNAIRE 

All capitalized terms herein, unless otherwise defined, have
the meanings ascribed thereto in the Stock Option Agreement. 

The purpose of this Questionnaire is to assure the Company that
the Optionee will meet the standards imposed by the Securities Act of 1933 (the
“Securities Act”) and the appropriate exemptions of applicable state securities
laws. The Company will rely on the information contained in this Questionnaire
for the purposes of such determination. The Option and the Optioned Shares
(together, the “Securities”) will not be registered under the Securities Act and
has been issued in reliance upon the exemption from registration afforded by
Section 3(b) and/or Section 4(2) of the Securities Act and/or Regulation D
promulgated thereunder. This Questionnaire is not an offer of any securities of
the Company in any state other than those specifically authorized by the
Company. 

Please attach additional pages if necessary to answer any
question fully. 

REPRESENTATIONS OF OPTIONEE 

This item is presented in alternative form. Please initial in
the space provided the applicable alternative. 

	____	
      ALTERNATIVE ONE: The Optionee covenants, represents and
      warrants to the Company that he or she has such knowledge and experience
      in financial and business matters that he or she is capable of evaluating
      the relative merits and risks of an investment in the Securities and
      Company and is not utilizing a purchaser representative in connection with
      evaluating such merits and risks. The Optionee is providing evidence of
      its knowledge and experience in these matters through the information
      requested below in this Questionnaire. 

	 	     
	____ 	
      ALTERNATIVE TWO: The Optionee covenants, represents and
      warrants to the Company that he or she has chosen to use the services of a
      purchaser representative acceptable to the Optionee in connection with the
      Optionee’s acquisition of the Securities. The Optionee hereby acknowledges
      that the person named below is his or her purchaser representative who
      will assist and advise the Optionee in evaluating the merits and risks of
      an investment in the Securities and the Company and affirms that such
      purchaser representative has previously disclosed in writing any material
      relationship that exists between the purchaser representative (or its
      affiliates) and the Company (or its affiliates) that is mutually
      understood to be contemplated, or that has existed at any time during the
      previous two years, and any compensation received or to be received as a
      result of such relationship. 

	 	  
	 	  
	____	(name of Purchaser
      Representative) 
	 	  
	 	  
	____	(address of Purchaser
      Representative) 
	 	  
	____	
      If the Optionee utilizes a purchaser representative, this
      Questionnaire must be accompanied by a completed and signed purchaser
      representative Questionnaire, a copy of which can be obtained from the
      Company upon request. 

- 2 - 

FOR INDIVIDUAL INVESTORS 

	1. 	
      Name:______________________________________________________________________________________

	 	 
	2. 	
      Residential Address & Telephone
      Number:__________________________________________________________

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	3. 	
      Length of Residence in State of
      Residence:__________________________________________________________

	 	 
	4. 	
      U.S. Citizen: 

      ____    
      Yes                  
      _____    No 

	 	 
	5. 	
      Social Security
      Number:________________________________________________________________________

	 	 
	6. 	
      Business Address & Telephone
      Number:___________________________________________________________

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	7. 	
      Preferred Mailing
      Address:               
      _____   
      Residence                
      _____   Business

	 	 
	8. 	
      Date of
      Birth:________________________________________________________________________________

	 	 
	9. 	
      Employer and
      Position:_________________________________________________________________________

	 	 
	10. 	
      Name of Business:
      ____________________________________________________________________________

	 	 
	11. 	
      Business or Professional Education and
  Degrees:

	 	School 	Degree 	Year Received 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

	12. 	
      Prior Employment (last 5
years):

	 	Employer 	Nature of Duties 	Dates of Employment 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

- 3 - 

	13. 	
      Relationship to the Company, if any:
      _______________________

	 	 
	14. 	
      Is the Optionee an officer of director of a publicly-held
      company?

	 	 
		
      ____    
      Yes                  
      _____    No 

	 	 
		
      If yes, specify
      company:_______________________________________________________________________________________

	 	 
	15. 	
      Does the Optionee beneficially own 10% or more of the
      voting securities of a publicly-held company?

	 	 
		
      ____    
      Yes                  
      _____    No 

	 	 
		
      If yes, specify
      company:_______________________________________________________________________________________

	 	 
	16. 	
      Within the last 5 years, has the Optionee personally
      invested in investments sold by means of private placements in reliance on
      exemptions from registration under the Securities Act and state securities
      laws?

	 	 
		
      ____    
      Yes                  
      _____    No 

	 	 
	17. 	
      Prior investments by the Optionee which were purchased in
      reliance on exemptions from registration under the Securities Act and
      State securities laws (initial the highest number
  applicable):

Amount (Cumulative) 

	Real Estate: 	Up to 	$50,000 to 	Over 
	               
       
       None:  __________        
    	$50,000   __________	$250,000   __________	$250,000   __________
	  	  	  	  
	Securities: 	Up to 	$50,000 to 	Over 
	               
         None:  __________	$50,000   __________	$250,000   __________	$250,000   __________
	  	  	  	  
	Other: 	Up to 	$50,000 to 	Over 
	               
         None:  __________	$50,000   __________	$250,000   __________	$250,000   __________

	18. 	
      Does the Optionee consider itself to be an experienced
      and sophisticated investor?

	 	 
		
      ____    
      Yes                  
      _____    No 

	 	 
		
      If so, please provide evidence of investment
      sophistication and/or experience:

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	19. 	
      Does the Optionee, or any person authorized to execute
      this Questionnaire, consider itself to have such knowledge of the Company
      and its business and such experience in financial and business matters to
      enable it to evaluate the merits and risks of an investment in the
      Securities and the Company, should the Optionee be given an opportunity to
      so invest?

	 	 
		
      ____    
      Yes                  
      _____    No 

- 4 - 

	20. 	
      If the Optionee is an individual, please indicate the
      Optionee’s and his/her spouse’s combined gross income during the preceding
      two years (initial the highest number
applicable):

	2009 	2008 
	 	 
	______   Less than $75,000 	______   Less than $75,000 
	 	 
	______   $75,001 to $100,000 	______   $75,001 to $100,000 
	 	 
	______   $100,001 to $200,000 	______   $100,001 to $200,000 
	 	 
	______   $200,001 to $300,000 	______   $200,001 to $300,000 
	 	 
	______   $Over $300,000 	______   $Over $300,000

	21. 	
      If the Optionee is an individual, please indicate the
      Optionee’s and his/her spouse’s combined estimated net worth (exclusive of
      home, home furnishings and personal automobiles) (initial the highest
      number applicable):

	______   Less than $100,000 	______   $300,0001 to $500,000 
	 	 
	______   $100,001 to $200,000 	______   $500,001 to $1,000,000

	 	 
	______   $200,001 to $300,000 	______   Over $1,000,000
  

	22. 	
      Regardless of the amount of the proposed
    investment:

(a)          
Will the Optionee’s proposed investment exceed 10% of its individual net worth,
or the Optionee’s joint net worth with its spouse as determined in paragraph 22
above? 

____    
Yes                  
_____    No 

(b)          
Will the Optionee be able to bear the economic risk of its investment in this
transaction? 

____    
Yes                  
_____    No 

	23. 	
      Please provide answers to the following
  questions.

	 	
      (a)          
      State total assets of the Optionee, including cash, stocks and bonds,
      automobiles, real estate, and 

	 	
       

	 	
      $ 

	 	
       

		
      (b)          
      State total liabilities of the Optionee including real estate
      indebtedness, accounts payable, taxes payable and any other liabilities:
      

	 	
       

	 	
      $ 

	 	
       

		
      (c)          
      State annual income of the Optionee including salary, securities income,
      rental income and any other income: 

	 	
       

	 	
      $ 

	 	
       

		
      (d)          
      State annual expenses of the Optionee, excluding ordinary living expenses,
      including real estate payments, rent, property taxes and other expenses:
      

- 5 - 

	 	$
  

(e)          
Does the Optionee expect the amount of its assets, liabilities, income and
expenses, as stated above, to be subject to significant change in the future:

____    
Yes                  
_____    No 

	 	If yes, explain: 
	 	 
	 	 
	 	 
	 	 
	 	 

All information contained in this Questionnaire will be treated
as confidential. However, by signing and returning this Questionnaire, the
Optionee agrees that, if necessary, this Questionnaire may be presented to such
parties as the Company deems appropriate to establish the availability, under
the Securities Act or applicable state securities law, of exemption from
registration in connection with the issuance of the Securities hereunder. 

The Optionee hereby certifies that the information contained in
this Questionnaire is complete and accurate and the Optionee will notify the
Company promptly of any change in any such information.

IN WITNESS WHEREOF, the undersigned has executed this
Questionnaire as of the ____ day of _____________________, 20__. 

	 	X
  
	 	Signature 
	 	 
	 	 
	 	Print or Type Name 
	 	 
	 	 
	 	Social Security/Tax I.D. No.

SCHEDULE “D” 

NOTICE OF EXERCISE 

	TO: 	Liberty Star Uranium & Metals
      Corp. 
	  	5610 E Sutler Lane 
	  	Tuscon, Arizona 85712
  

This Notice of Exercise shall constitute a proper Notice of
Exercise pursuant to section 2.8 of the Stock Option Agreement dated August 10,
2010 (the “Agreement”), between Liberty Star Uranium & Metals Corp. (the
“Company”) and the undersigned. The undersigned hereby elects to exercise the
Optionee’s options to purchase ____________________ shares of the common stock
of the Company at a price of US $0.038 per share, for aggregate consideration of
US $____________, on the terms and conditions set forth in the Agreement. 

(Please check the ONE box applicable): 

[   ]      Payment in cash
or by certified check or cashier’s check accompanies this notice. 

[   ]      The Optionee
wishes to exercise the options without payment in cash or by certified check or
cashier’s check in accordance with the formula set forth in section 2.9 of the
Agreement. 

The Optionee hereby represents and warrants to the Company that
all representations and warranties set out in the Agreement are true as of the
date of the exercise of the options under the Agreement. 

The Optionee hereby further represents and warrants to the
Company that the shares are being purchased only for investment and without
intention to sell or distribute such shares. 

The Optionee hereby directs the Company to issue, register and
deliver the certificates representing the shares as follows: 

	Registration Information: 	 	Delivery Instructions: 
	 	 	 
	 	 	 
	Name to appear on
      certificates 	 	Name
  
	 	 	 
	 	 	 
	Address 	 	Address
    
	 	 	 
	 	 	 
	City, State, and Zip
      Code 	 	 
    
	 	 	 
	 	 	 
	  	 	Telephone Number 

DATED at _____________________________, the _______ day of
______________, _______. 

	 	X 
	 	Signature 
	 	 
	 	(Name and, if applicable, Office) 
	 	 
	 	(Address) 
	 	 
	 	(City, State, and Zip Code) 
	 	 
	 	Fax Number or E-mail Address 
	 	 
	 	Social Security/Tax I.D. No.Exhibit 4.01 Asset Purchase Agreement

Exhibit 4.01

	
	 

	ASSET PURCHASE AND SALE AGREEMENT

	 

	by and between

	 

	Environmental Science and Technologies, Inc. (“EST”);

SorbTech Manufacturing, Inc. (“Purchaser”)

	 

	And

	 

	Mark Ceaser (“Seller”)

	 

	 

	 

	 

	Dated as of September 23, 2013

	 

	 

1

ASSET PURCHASE AND SALE AGREEMENT

(SORBTECH) 

THIS ASSET PURCHASE AND SALE AGREEMENT (this “Agreement”), dated as of September 23, 2013 (“Effective Date”), is by and between Environmental Science and Technologies, Inc., a Delaware Corporation (“EST”), SorbTech Manufacturing, Inc., a Delaware Corporation that is a wholly-owned subsidiary of EST (the “Purchaser”), each having its principal place of business at 4 Wilder Dr., #7, Plaistow, NH 03865, and Mark Ceaser, an individual with an address of 49 Pocono Forest Gouldsboro, PA 1842433 (the “Seller”).

RECITALS

A.

The Seller has inventory, intellectual property, patents, trademarks and a business plan with respect to a business involving the manufacture, distribution and sale of proprietary consumer and commercial spill control products for the hazardous and bio-hazardous waste clean-up markets (the “Business”);

B.

The Purchaser desires to purchase from the Seller, and the Seller desires to sell and transfer to the Purchaser, the business plan related to the Business, together with his right, title and interest in and to all assets related to the Business, including, but not limited to, (i) inventory, (ii) any goodwill associated with the Business and (iii) all intellectual property associated with the Business, including but not limited to related trademarks and patents (the “Purchased Assets”). 

NOW, THEREFORE, in consideration of the mutual promises and representations and subject to the terms and conditions herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.

DEFINITIONS

“Agreement” has the meaning set forth in the preamble.

“Bill of Sale” has the meaning set forth in Section 3.3.

“Business” has the meaning set forth in the recitals.

“EST” has the meaning set forth in the preamble. 

 “Governmental Authority” means any government or political subdivision or regulatory body, whether federal, state, local or foreign, or any agency or instrumentality of any such government or political subdivision or regulatory authority, or any federal, state, local or foreign court or arbitrator.

“Indemnified Person” means any person entitled to be indemnified under Section 7.

“Indemnifying Person” means any person obligated to indemnify another person under Section 7.

“Intellectual Property” or “IP” means the patents, know-how, trade secrets, and confidential and proprietary information related to the Business. 

 

“Law” means any law, statute, code, ordinance, regulation or other requirement of any Governmental Authority.

“Lien” means any mortgage, lien, pledge, encumbrance, security interest, claim, charge, and/or defect in title or other restriction.

2

 “Order” means any order, judgment, injunction, award, decree, ruling, charge or writ of any Governmental Authority.

“Permit” means any permit, license, approval, consent, or authorization issued by a Governmental Authority. 

“Person” means any individual, sole proprietorship, partnership, corporation, limited liability company, unincorporated society or association, trust, or other entity.

“Proceeding” means any complaint, action, lawsuit, hearing, investigation, charge, audit, claim or demand.

“Purchased Assets” has the meaning set forth in Section 2.

“Purchase Price” has the meaning set forth in Section 3.  

“Purchaser” has the meaning set forth in the preamble.

“Seller” has the meaning set forth in the preamble.

“Seller Disclosure Schedule” means the schedule attached hereto as Exhibit A.

“Third Party Action” means any written assertion of a claim, or the commencement of any action, suit, or proceeding, by a third party as to which any person believes it may be an Indemnified Person hereunder. 

2.

PURCHASE OF ASSETS.  

2.1

The Purchaser hereby purchases from the Seller, and the Seller hereby sells and transfers to the Purchaser, all of the Seller’s right, title and interest in the following assets:

(a)

 all Intellectual Property (including patents) related to the Business, 

(b)

any goodwill associated with the Business

(c)

all trademarks and trade names related to the Business, including those   listed on Exhibit A to the Trademark Assignment attached hereto 

(d)

all inventory related to the Business

(hereinafter referred to as the “Assets” or “Purchased Assets”).

3.

PURCHASE PRICE

3.1

Purchase Price.  In consideration of the transfer of the Business and the Purchased Assets, EST shall (i) issue to the Seller 350,000 shares of EST’s restricted common stock and (ii) pay to the Seller the sum of $25,000, as follows: $2500 per month for 10 months, commencing on September 15, 2013, the receipt of which payment the Seller acknowledges.

3.2

Title.  Upon receipt of full payment of the Purchase Price, all Seller’s right, title and interest in and to the Purchased Assets, shall, without further action on the part of the Seller, be vested in the Purchaser free and clear of any and all Liens.

3.3

Delivery by the Seller.  The Seller shall concurrently with the execution of this Agreement deliver to the Purchaser a bill of sale, Patent Assignment and Trademark Assignment conveying all property included within the Purchased Assets (the “Bill of Sale”) in the forms attached hereto.

3

4.

REPRESENTATIONS AND WARRANTIES OF THE SELLER

The Seller hereby represents and warrants to the Purchaser and EST as follows:

4.1

Execution, Delivery and Performance of Agreement.  The Seller has the power and authority to execute, deliver and perform fully his obligations under this Agreement.

4.2

Title to Assets.  Seller has pursuant to this Agreement transferred to Purchaser good and marketable title to the Purchased Assets, free and clear of any and all Liens.

4.3

Enforceability.  The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary action on the part of the Seller and constitute the valid and legally binding obligations of the Seller enforceable against the Seller in accordance with its terms.

4.4

No Conflict.  Neither the execution of this Agreement, nor the performance by the Seller of its obligations hereunder will violate or conflict with any agreement by which the Seller is bound, or any applicable Law or Order.

4.5

Consents.  No consent of any third party or Governmental Authority is required in connection with the execution and delivery by the Seller of this Agreement and/or the consummation of the transactions contemplated hereby.

4.6

Accredited Investor Status.  The Seller is an “accredited investor” within the meaning of Regulation D under the Securities Act of 1933, as amended.

4.7

Absence of Undisclosed Liabilities. The Business has no liabilities of any nature, whether accrued, absolute, contingent or otherwise (including without limitation liabilities as guarantor or otherwise with respect to obligations of others, or liabilities for taxes due or then accrued or to become due), except as disclosed on a Schedule 4.7 to this Agreement.

4.8 

Inventories. All inventories of finished goods and raw materials will be of a quantity and quality normally salable in the ordinary course of business at commercially reasonable prices consistent with the Seller’s prior experience. Purchase commitments for raw materials and parts are not in excess of normal requirements and none are at prices in excess of current market prices.

4.9

Intellectual Property. All Intellectual Property held by the Seller is listed on the Seller Disclosure Schedule.  There is no Intellectual Property, other than those set forth on the Seller Disclosure Schedule, necessary to, or regularly used in, the conduct of the Business as presently conducted or as presently proposed to be conducted. 

Except as set forth on the Seller Disclosure Schedule, all patents and trademarks constituting a part of the Purchased Assets:

(1)

have been duly registered, filed in, or issued by, the United States Patent and Trademark Office, United States Register of Copyrights, or the corresponding offices of other countries identified on said schedule;

(2)

have been properly maintained and renewed in accordance with all applicable laws and regulations in the United States and such foreign countries;

(3)

in the case of patents or patent applications, have been duly assigned to Seller and such assignment(s) have been recorded with the appropriate Governmental Authorities; and

(4)

are freely transferable (except as otherwise required by Law). 

4

All Intellectual Property Rights listed on the Seller Disclosure Schedule, whether or not statutorily created:

(1)

are owned exclusively by the Seller, free and clear of any licenses, sub-licenses or Encumbrances, such that no other person has any right or interest in or license to use or right to license others to use any of the Intellectual Property; and 

(2)

are not subject to any outstanding Court Order.

No Proceeding to which the Seller is a party has been commenced which (i) challenges the rights of the Seller in respect of the Intellectual Property listed on the Seller Disclosure Schedule (ii) charges the Seller with infringement of any other person’s Intellectual Property Rights.  To the Knowledge of the Seller, no such Proceeding has been threatened, nor has any such Proceeding to which the Seller is not a party been filed or threatened to be filed.

To the Knowledge of the Seller, the Seller is not infringing upon any Intellectual Property Rights of any other person.  To the Knowledge of the Seller, none of the Intellectual Property listed on the Seller Disclosure Schedule is being infringed by any other person.

In addition to the Intellectual Property described above, the Seller has the right to use, free and clear of any claims or rights of others, all Trade Secrets required for or used in the manufacture or marketing of all products formerly or presently sold by the Seller, including products licensed from others.  The Seller has disclosed to Purchaser all written documentation relating to his Trade Secrets and has adopted measures adequate to protect his Trade Secrets.   

5.

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

The Purchaser and EST hereby represent and warrant to the Seller as follows:

5.1

Existence and Good Standing.  The Purchaser and EST are each a Delaware Corporation, duly formed, validly existing and in good standing under the laws of the state of Delaware.

5.2

Execution, Delivery and Performance of Agreement.  The Purchaser and EST each have the power and authority to execute, deliver and perform fully their respective obligations under this Agreement. 

5.3

Enforceability.  The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary action on the part of the Purchaser and EST and constitute the valid and legally binding obligations of the Purchaser and EST enforceable against them in accordance with its terms.

5.4

No Conflict.  Neither the execution of this Agreement, nor the performance by the Purchaser and EST of their respective obligations hereunder or thereunder will violate or conflict with the EST or Purchaser’s entry into or performance under this Agreement or EST or Purchaser’s organizational documents, or any applicable Law or Order.

5.5

Consents.  No consent of any third party or Governmental Authority is required in connection with the execution and delivery by the Purchaser or EST of this Agreement and/or the consummation of the transactions contemplated hereby.

5

6. 

COVENANTS AND AGREEMENTS

6.1

Further Assurances.  After the date hereof, at the reasonable request of the other party, the Seller and Purchaser/EST shall execute and deliver or cause to be executed and delivered to the other party such bills of sale (or other instruments) as required by this Agreement, in order to implement the transactions contemplated by this Agreement.

6.2

Non-Competition/Non-solicitation/Other Agreements. For a period of five (5) years from the date hereof,  the Seller shall not directly or indirectly (i) sell products to any current or then existing customer of the Purchaser or Seller which compete with any products related to the Business; (ii) have any interest in any company or entity which sells products to any current or then existing customer of the Purchaser or Seller which compete with any products related to the Business; and (iii) employ or solicit for employment any employee of the Purchaser who is employed by the Purchaser in the Business. The Purchaser and the Seller shall enter into the following agreements in connection with the closing contemplated hereby: a noncompetition/non-solicitation agreement, a nondisclosure agreement and a work for hire agreement.

6.3

Employment of Seller. The Purchaser shall hire the Seller as an employee at a base annual salary of sixty-five thousand U.S. Dollars ($65,000), paid weekly.  The term of the Seller’s employment shall be three years, subject to termination by either party with or without cause upon 30 days written notice. In the event the Purchaser terminates the Seller’s employment without cause, the Seller shall be entitled to one week of severance for each full year of service to the Purchaser. The Seller’s Base salary will be reviewed and adjusted annually based on the completion of mutually agreed upon performance objectives. As an employee of the Purchaser, the Seller will receive the following benefits: a company laptop computer, five (5) sick days and two (2) weeks paid vacation.  After maintaining continuous employment with the Purchaser for three (3) years, the Seller will gain an additional two (2) weeks paid vacation (four (4) total weeks’ vacation in the aggregate.) The Seller will be entitled on the 15th day of each month to monthly reimbursement of automobile expenses up to $400, subject to submission of an automobile expense report by the first Monday of each month. In addition to his base salary, the Purchaser shall pay to the Seller, for so long as he is an employee of the Purchaser, (i) a two and one half percent (2.5%) commission on all SorbTech product net sales generated directly as a result of his efforts (this commission shall be payable quarterly in arrears) and (ii) a five percent (5%) commission on net sales of all OMNI/Ajax products sold by the Purchaser (this 5% commission will be paid bi-annually in arrears).

6.4 

NO OTHER WARRANTIES; LIMITATION OF LIABILITY. NEITHER PARTY MAKES ANY OTHER REPRESENTATIONS OR WARRANTIES, EXPRESS, IMPLIED, OR OTHERWISE, EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS AGREEMENT. 

6

7.

INDEMNIFICATION

7.1

Survival; Right to Indemnification Not Affected By Knowledge or Materiality. 

(a)

All representations, warranties, covenants, and obligations in this Agreement, will survive the execution of this Agreement. 

(b)

The right of the Indemnified Party to indemnification for losses or other remedy based on breach of the  representations, warranties, and/or covenants set forth in this Agreement will not be affected by the closing of the transaction contemplated by this Agreement, or any information of which the Indemnified Party may have imputed or constructive knowledge prior to the Effective Date, provided that the rights and remedies of the Indemnified Party in respect of any of the foregoing shall not extend to any event or matter which otherwise might have affected such rights and remedies as provided in any specific written waiver or release by the Indemnified Party.          

(c)

For the purpose of determining whether there is a claim for losses under this Section and calculation of the amount of such losses, any qualification of any representation or warranty by reference to the materiality of matters stated therein, and any limitations of such representations as being to the knowledge of any person, or words to similar effect, shall be disregarded. 

7.2

Indemnification by the Seller

Subject to the limitations in Section 7.3 below, and in consideration of the payment of the Purchase Price, the Seller shall defend, indemnify and hold Purchaser and EST harmless from and against any losses, liabilities or expenses, including reasonable attorney’s fees, directly incurred by Purchaser/EST resulting from any Third Party Action that is instituted against either of them, resulting from or arising out of any breach of any of the representations or warranties made by the Seller in or pursuant to this Agreement.

7.3

Limitations on Indemnification by the Seller.  

The right to indemnification under Section 7.2 is subject to the following limitations:

(a)

The Seller shall have no liability under Section 7.2 unless Purchaser or EST as the case may be gives prompt written notice to the Seller asserting a claim for losses, including reasonably detailed facts and circumstances pertaining thereto, before the expiration of a period of three (3) years after the date hereof for all claims of any type or nature whatsoever. 

(b)

The aggregate liability for indemnification under this Section 7 shall not under any circumstances exceed the Purchase Price.   

7

7.4

Defense of Third Party Actions.

(a)

Promptly after receipt of notice of any Third Party Action, any person who believes he, she or it may be an Indemnified Person will give prompt written notice to the potential Indemnifying Person of such action.  

(b)

Upon receipt of a written notice of a Third Party Action, the Indemnifying Person shall control the defense and settlement of such Third Party Action. The Indemnified Person shall render all assistance as shall be reasonable and shall have the right to participate in and appoint its own counsel (at its own cost) and be present at the defense of such Third Party Action, but not to control the defense, negotiation or settlement thereof, which control shall remain with the Indemnifying Person.

(c)

Each Indemnifying Person hereby consents to the non-exclusive jurisdiction of any court in which a Proceeding is brought against any Indemnified Person for purposes of any claim that an Indemnified Person may have under this Agreement with respect to such Proceeding or the matters alleged therein, and agree that process may be served on them with respect to such a claim anywhere in the world.

7.5

Payment of Indemnification.

Subject to Section 7 above, claims for indemnification under this Section shall be paid or otherwise satisfied by Indemnifying Persons within thirty (30) days after receipt of written notice thereof given by the Indemnified Person in writing. 

8.

REMEDIES

8.1

Survival.  The provisions contained in Sections 6.2, 6.4, 7, 8.1, 9.1, 9.2, 9.3, 9.8 and 9.9 shall survive any termination of this Agreement. 

9.

MISCELLANEOUS

9.1

Confidentiality.  In the event that the transactions contemplated hereby are not consummated, each party will keep confidential, not disclose and not use for its own benefit (and will cause its subsidiaries, employees, officers and directors to keep confidential, not disclose, and not use for their own benefit) any information, whether written, oral or in electronic format and whether or not identified as “confidential” at the time of its disclosure, obtained with respect to the other party or its subsidiaries, employees, officers and directors as a result of the transaction contemplated hereby or Purchaser’s due diligence process in connection herewith (“Confidential Information”).  The obligation set forth in the preceding sentence will not apply to Confidential Information which (i) is in the public domain on the date hereof, (ii) enters the public domain after the date hereof (other than by reason of the breach of any confidentiality obligation), (iii) was known to the receiving party prior to receipt from the disclosing party, (iv) is independently developed by the receiving party after the date hereof, (v) is disclosed to the receiving party by a third party not in violation of the proprietary or other rights of the other party or (vi) is disclosed pursuant to a requirement of law or judicial process.  

9.2

Expenses.  Each of the parties hereto shall bear its respective expenses incurred or to be incurred in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.

9.3

No Assignment.  The rights and obligations of the parties hereunder may not be assigned without the prior written consent of the other party hereto, except that Purchaser may assign its rights and obligations hereunder to any wholly-owned subsidiary formed for the purpose of making the acquisition contemplated hereby.

9.4

Headings.  The headings contained in this Agreement are included for purposes of convenience only, and will not affect the meaning or interpretation of this Agreement.

8

9.5

Integration, Modification and Waiver.  This Agreement, together with the Schedules or other instruments as may be delivered hereunder, constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, representations, understandings, communications, whether written or verbal between the parties in relation thereto.  No supplement, modification or amendment of this Agreement will be binding unless executed in writing by each of the parties’ duly authorized representatives hereto.  No waiver of any of the provisions of this Agreement will be deemed to be or will constitute a continuing waiver.  No waiver will be binding unless executed in writing by the party making the waiver.  The recitals shall form part of this Agreement.

9.6 

Construction.  The parties have participated jointly in the negotiation and drafting of this Agreement.  In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.  Any reference to any federal, state, local or foreign statute or law will be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise.  The word “including” means including without limitation.  Any reference to the singular in this Agreement also includes the plural and vice versa.

9.7

Severability.  If any provision of this Agreement or the application of any provision hereof to any party or circumstance is, to any extent, adjudged invalid or unenforceable by a court of competent jurisdiction, the application of the remainder of such provision to such party or circumstance, the application of such provision to other parties or circumstances, and the application of the remainder of this Agreement will not be affected thereby.

9.8

Notices.  All notices and other communications required or permitted hereunder must be in writing and will be deemed to have been duly given when delivered in person, or when dispatched by electronic mail or facsimile transmission (provided there is confirmation of such facsimile transmission), or the next business day after having been dispatched by an internationally recognized courier service to the appropriate party at the address specified below:

If to the Seller:

Mark Ceaser

49 Pocono Forest

Gouldsboro, PA 18424

Fax: 570-848-4186]

If to the Purchaser: 

Michael G. Faris, COO

Environmental Science and Technologies, Inc.

4 Wilder Dr., #7 

Plaistow, NH 03865

Fax: 603-378-0816

Email: mfaris@enviroscitech.com

Any party hereto may change its address or facsimile number for the purposes of this Section 9.8 by giving notice as provided herein.

9.9

Governing Law.  This Agreement is to be governed by and construed and enforced in accordance with the laws of the State of Delaware without regard to principles of conflicts of law.  

9

9.10

Counterparts.  This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.  The exchange of a fully executed Agreement (in counterparts or otherwise) by fax or electronic transmission is sufficient to bind the parties to the terms and conditions of this Agreement.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

		
	 
	Environmental Science and Technologies, Inc.

By: /s/ Michael G. Faris

Name: Michael G. Faris

Title: Chief Operating Officer

SorbTech Manufacturing, Inc.

By: /s/ Michael G. Faris 

Name: Michael G. Faris

Title: Chief Operating Officer

	 
	

Seller:

/s/ Mark Ceaser

Name: Mark Ceaser

10

Exhibit A 

Seller Disclosure Schedule

11

BILL OF SALE

This Bill of Sale dated as of September 23, 2013, is made by Mark Ceaser (“Seller”) and SorbTech Manufacturing, Inc., a Delaware Corporation (“Purchaser”).  All capitalized words and terms used in this Bill of Sale and not defined herein shall have the respective meanings ascribed to them in the Asset Purchase and Sale Agreement dated the date hereof between Seller and Purchaser (the “Agreement”).

WHEREAS, pursuant to the Agreement, Seller has agreed to sell, transfer, convey, and assign to Purchaser certain assets of Seller, and Purchaser;

NOW, THEREFORE for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller hereby agrees as follows:

1.

Seller hereby sells, transfers, conveys, and assigns to Purchaser all of the Purchased Assets.  

2.

This sale, transfer, conveyance and assignment has been executed and delivered by Seller in accordance with the Agreement.

3.

Seller, by its execution of this Bill of Sale, and Purchaser, by its acceptance of this Bill of Sale, each hereby acknowledges and agrees that neither the representations and warranties nor the rights and remedies of any party under the Agreement shall be deemed to be enlarged, modified or altered in any way by this instrument.

IN WITNESS WHEREOF, Seller and Purchaser have caused this instrument to be duly executed as of and on the date first above written.

SELLER: 

/s/ Mark Ceaser

Mark Ceaser, individually

ACCEPTED:

PURCHASER:

SORBTECH MANUFACTURING, INC.

a Delaware Corporation

By: /s/ Michael G Faris 

Name: Michael G. Faris

Title: Chief Operating Officer

12

TRADEMARK ASSIGNMENT

TRADEMARK ASSIGNMENT (“Assignment”) effective as of September 23, 2013 by Mark Ceaser an individual with an address care of 49 Pocono Forrest, Gouldsboro, PA 18424 (“Assignor”) to SorbTech Manufacturing, Inc., a Delaware corporation (“Assignee”).

RECITALS

WHEREAS, Assignor and Assignee are parties to a certain Asset Purchase Agreement dated the date hereof (the “Purchase Agreement”), under which Assignor agreed to sell, and Assignee agreed to purchase, certain assets used by Assignor in environmental containment product business (the “Business”); and

WHEREAS, included among the assets to be purchased by Assignee are those registered trademarks listed on Exhibit A to the Trademark Assignment attached hereto and all the registration applications and unregistered or common law trademarks, service marks, trade names, domain names, and logos used by Assignor in connection with the Business (collectively the “Marks”); and

WHEREAS, Assignee is this date purchasing the Business subject to and in accordance with the terms of the Purchase Agreement. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Assignor, Assignor hereby agrees as follows:

1.

Definitions.  All terms not otherwise defined in this assignment shall have the meanings ascribed to them in the purchase agreement.

2.

Assignment.  Assignor hereby grants, transfers, assigns, sells, conveys and relinquishes exclusively to assignee, its successors and assigns forever, the entire title, right, interest, ownership and all subsidiary rights in and to the marks, together with the registrations of and registrations for the marks, and the good will of the business symbolized by and associated with said marks and registrations thereof, including, but not limited to, the following:

1.

the right to sue and recover for, and the right to profits or damages due or accrued arising out of or in connection with, any and all past, present or future infringements or dilution of or damage or injury to the Marks or the registrations thereof or such associated goodwill;

2.

the right to prosecute and secure registrations therein in Assignee’s own name and to secure renewals and extension of the registrations and applications for registrations in the United States of America or any other country; and the right to determine, in Assignee’s sole discretion whether or not any registrations or applications for registration of the Marks shall be preserved and maintained or registered.

13

IN WITNESS WHEREOF, the Assignor has executed this Assignment to be executed as a sealed instrument as of the date written below.

/s/ Mark Ceaser

Name:  Mark Ceaser, individually

Date: September 23, 2013

--------------------------------------------------------

NOTARIZATION

State of _____________)

County of ___________ ) ss.

Before me personally appeared the above named Mark Ceaser, personally known to me and by me personally known to be the person who executed the above instrument, who, being duly sworn, acknowledged the foregoing instrument to be his free act and deed, this 23th day of September, 2013. 

________________________________

Notary Public

My Commission Expires: ____________

14

EXHIBIT A

List of Trademarks

Mercury Magnet TM, BioSet TM, OMNI-KAP TM, SorbaSolv TM, SorbaSet TM, SorbaSet S TM, SorbaSet B TM, ChemoSet TM, FormaSet TM, OMNI-Fix TM, OMNI-TRAP TM, STOP-IT! TM, HAZ MAT STAT PAK TM, OMNI-BATTERY TM, Spill Response Kit, OMNI-DAM TM, Diking Kit.   

15

PATENT ASSIGNMENT

WHEREAS, the undersigned assignee of the inventor(s) (Anthony Ceaser), (hereinafter singly and collectively referred to as “ASSIGNOR”) of the address(es) indicated below, have invented subject matter disclosed in the patent application set forth on Exhibit A hereto.  

AND WHEREAS, SorbTech Manufacturing Inc.  (hereinafter “ASSIGNEE”), a corporation organized and existing under and by virtue of the laws of the State of Delaware, having its principal place of business and mailing address at 4 Wilder Dr., #7, Plaistow, NH 03865 acquired an interest therein as of September 23, 2013, and the ASSIGNOR and ASSIGNEE wish to memorialize that interest with the execution and recordation of this Assignment;

AND WHEREAS, a “formal application,” as referred to herein, shall mean any provisional, non-provisional, continuation, continuation in part, divisional, reissue, reexamination, foreign, PCT or other  patent application or like document;

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, ASSIGNOR by these presents does sell, assign and transfer unto ASSIGNEE, its successors, assigns and legal representatives, the full and exclusive right, title and interest in and to the invention as described in the applications listed on Exhibit A, including patent, copyright and any other intellectual property rights, any provisional, non-provisional, continuation, continuation in part, divisional, reissue, reexamination, foreign, PCT or other patent application or like document, or any other application which claims priority to said application, in the United States and all foreign countries, together with the right of priority under the International Convention for the Protection of Industrial Property, Inter-American Convention Relating to Patents, Designs and Industrial Models, and any other international agreements to which the United States adheres, and hereby authorizes and requests the Commissioner of Patents to issue any Letters Patent issuing from or claiming priority to said application to ASSIGNEE, for the sole use and benefit of ASSIGNEE, its successors, assigns and legal representatives;

AND HEREBY AGREE to transfer, upon request of ASSIGNEE, its successors, assigns and legal representatives, and without further remuneration, a like interest in and to any improvements, derivative works, and formal applications based thereon, growing out of or relating to the invention;

AGREEING, FURTHERMORE, without further remuneration, to provide all reasonable assistance and execute any papers requested by ASSIGNEE, its successors, assigns and legal representatives, to preserve and/or acquire ASSIGNEE’s full protection and title in and to the invention hereby transferred;

AGREEING, FURTHERMORE, upon request of ASSIGNEE, and without further remuneration, to execute any and all papers desired by ASSIGNEE for the filing and granting of formal applications based on the invention or improvements therein, and for the filing and granting of foreign applications and the perfecting of title thereto in ASSIGNEE.

In the event that the Application Number and/or filing date is not available when this Assignment is executed, I hereby authorize and request any attorney associated with The Nossiff Law Firm, LLP, to insert above the filing date and/or the application number of said application when known. 

16

EXECUTED as of the date(s) written below by ASSIGNOR:

				
	INVENTOR’S NAME

	ADDRESS

	SIGNATURE

	DATE

	Anthony D. Ceaser 

Mark Ceaser

	Deceased

49 Pocono Forest Gouldsboro, PA

	/s/ Mark Ceaser

	09/23/12

STATE OF ____________

)

) ss.

County of ___________

)

On this ______ day of _________________, 2013, before me, a notary public in and for said county, appeared Mark Ceaser, who is personally known to me to be the same person whose name is subscribed to the foregoing instrument, and he acknowledged that he signed, sealed and delivered the said instrument as a free and voluntary act for the uses and purposes therein set forth.

(Seal)

__________________________________________

Notary Public

My commission expires:

17

EXHIBIT A

			
	Serial No. 

	Title 

	Filing Date 

	#4, 517, 095

	Fluoride containing compositions for removal of pollutants from wastewater’s and methods of utilizing same

	December 8, 1983

	#4, 780, 518

	Oil spill absorbent material

	February 24, 1987

	#5, 612, 385

	Aerated fibrous foam compositions

	August 30, 1994

18

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