Document:

Exhibit 10.83

 

RECOVERY ENERGY, INC.

2012 EQUITY INCENTIVE PLAN

STOCK OPTION AWARD AGREEMENT

 

This Stock Option
Award Agreement (the “Agreement”), is made as of the 14th day of April 2015, by and between Lilis Energy,
Inc., a Nevada corporation (the “Company”), and Kevin Nanke (the “Participant”).

 

WHEREAS, the
Company desires to encourage and enable the Participant to acquire a proprietary interest in the Company through ownership of
shares of the Company’s Common Stock, par value $0.0001 per share (the “Shares”), pursuant to the terms and
conditions of the Company’s 2012 Equity Incentive Plan (the “Plan”) and this Agreement. Such ownership will
provide the Participant with additional incentive to promote the success of the Company; and

 

WHEREAS, the
Company and the Participant are parties to that certain Employment Agreement dated March 6, 2015 (the “Employment Agreement”).

 

NOW, THEREFORE,
in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties
agree as follows:

 

1.            Definitions.
For purposes of this Agreement, all capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed
to them in the Plan.

 

2.            Grant
of Option. The Company hereby grants to the Participant options (the “Options”) to purchase up to 750,000 Shares
at the exercise price (the “Exercise Price”) of $0.99 per Share, subject to the terms and conditions of this Agreement
and the Plan.

 

3.             Expiration
Date. The Options granted hereby shall expire upon the ten year anniversary of the Effective Date (such date being the
“Expiration Date”). Except as may be otherwise set forth herein, the Options may not be exercised after the
Expiration Date.

 

4.            Vesting.
The Options shall vest and be exercisable by the Participant as follows:

 

(a)           Participant’s
option to purchase 250,000 shares of Common Stock shall become exercisable on the first anniversary of the Effective
Date (as defined in the Employment Agreement);

 

(b)           Participant’s
option to purchase an additional 250,000 shares of Common Stock shall become exercisable on the  second anniversary of the
Effective Date; and

 

(c)           Participant’s option to purchase an additional 250,000 shares of Common Stock shall become exercisable on the third anniversary
of the Effective Date.

 

    	 

    	 

    

 

5.           
Separation from Service.

 

(a)           If the Participant’s employment is terminated by the Company for Cause (as defined in the Employment Agreement), then all
Options shall terminate.

 

(b)           If the Participant terminates his employment without Good Reason (as defined in the Employment Agreement), then all Options shall
terminate on the date that is 90 days after the date of termination of the Participant’s Continuous Service (as defined
in the Plan), but not later than the Expiration Date.

 

(c)           In the event of Participant’s Disability (as defined in the Plan), the Participant may exercise the Options at any time
within one (1) year after the date of termination but not later than the Expiration Date.

 

(d)           In the event of Participant’s death or if a Participant should die within a period of 90 days after termination of the Participant’s
Continuous Service for reason other than Cause (as defined in the Plan), the personal representatives of the Participant’s
estate or the person or persons who shall have acquired the Options from the Participant by bequest or inheritance may exercise
the Options at any time within one (1) year after the date of death, but not later than the Expiration Date.

 

6.            Sale,
Merger or Dissolution. In the event of a Change in Control (as defined in the Employment Agreement), the Company shall give the Participant
notice thereof and the Options, whether or not currently vested and exercisable, shall become immediately vested and exercisable
immediately prior to the effective date of such event, and the Board shall have the power and discretion to provide alternatives
regarding the terms and conditions for the exercise of, or modification of, the Options in accordance with the Plan.

 

7.            Non-Assignability.
The Option granted hereby and any right arising thereunder may not be transferred, assigned, pledged or hypothecated (whether
by operation of law or otherwise), except by will or the applicable laws of descent and distribution, and the Options and any
rights arising thereunder shall not be subject to execution, attachment or similar process. The Options shall be exercisable during
the lifetime of the Participant only by the Participant. Any attempted assignment, transfer, pledge, hypothecation or other disposition
of an Option not specifically permitted herein or in the Plan shall be null and void and without effect.

 

8.         
  Mode of Exercise.

 

(a)          The
Options may be exercised by delivery of an irrevocable notice of exercise in by the Participant to the Company, stating the number
of shares being purchased.

 

(b)          The
right to receive the Shares of the Company’s Common Stock upon exercise of the Options shall be conditioned upon the delivery
by the Participant of payment for shares and withholding taxes incurred by reason of the exercise and certain representations,
if requested by the Administrator. Acceptable forms of consideration for exercising the Options may include:

 

(1)        cash, check or wire transfer (denominated in U.S. Dollars);

 

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(2)        subject to the Company’s discretion to refuse for any reason and at any time to accept such consideration and subject to
any conditions or limitations established by the Administrator, other shares of the Company’s Common Stock held by the Participant
which have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Options to be exercised;

 

(3)        delivery of a notice that the Participant has placed a market sell order with a broker with respect to the Shares then issuable
upon exercise of the Options, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale
to the Company in satisfaction of the aggregate payments required; provided, that payment of such proceeds is then made to the
Company upon settlement of such sale;

 

(4)        subject to the Company’s discretion to refuse for any reason and at any time to accept such consideration and subject to
any conditions or limitations established by the Administrator, cashless “net exercise” arrangement pursuant to which
the Company will reduce the number of shares issued upon exercise by the largest whole number of shares having an aggregate Fair
Market Value that does not exceed the aggregate exercise price, together with required withholding amounts (if any), provided
that the Company shall accept a cash or other payment from the Participant to the extent of any remaining balance not satisfied
by such reduction in the number of whole shares to be issued;

 

(5)        such other consideration and method of payment for the issuance of Shares of Common Stock to the extent permitted by Applicable
Laws and acceptable to the Administrator; and

 

(6)        any combination of the foregoing methods of payment.

 

9.            Recapitalization.
The number of Shares covered by the Options and the Exercise Price shall be proportionately adjusted for any increase or decrease
in the number or type of issued Shares resulting from a stock split, reverse stock split, stock dividend, combination or reclassification
of the Common Stock, or any other increase or decrease in the number of issued shares of Common Stock effected without receipt
of consideration by the Company.  The conversion of any convertible securities of the Company shall not be deemed to have
been “effected without receipt of consideration.”  Such adjustment shall be made by the Board, whose determination
in that respect shall be final, binding and conclusive.  

 

10.          Plan
Controlling. This Agreement is intended to conform in all respects with the requirements of the Plan. Inconsistencies between
the requirements of this Agreement and the Plan shall be resolved according to the terms of the Plan. The Participant acknowledges
receipt of a copy of the Plan.

 

11.          Rights
Prior to Exercise of Option. The Participant shall not have any rights as a shareholder with respect to any Shares subject
to the Option prior to the date on which he is recorded as the holder of such Shares on the records of the Company.

 

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12.          Withholding Taxes. The Company shall have the right to require the Participant or his beneficiaries or legal representatives
to remit to the Company an amount sufficient to satisfy any federal, state and local withholding tax requirements, including upon
the grant, vesting or exercise of this Option. Whenever payments under the Plan or this Agreement are to be made to any Participant
in cash, such payments shall be net of any amounts sufficient to satisfy all applicable taxes, including without limitation, all
applicable federal, state and local withholding tax requirements to be withheld or submitted by the Company concerning such payments.
The Board may, in its sole discretion, allow the Participant to satisfy withholding tax obligations by electing to have the Company
withhold from the Shares to be issued upon exercise of an Option that number of Shares having a Fair Market Value equal to the
minimum amount required to be withheld.  The Fair Market Value of the Shares to be withheld shall be determined on the date
that the amount of tax to be withheld is to be determined.

 

13.          Section
409A. The Options granted hereunder are intended to comply with or be exempt from the requirements of Code Section 409A, and
the Agreement shall be interpreted accordingly. In no event, however, shall the Company be liable to the Participant for any tax,
penalties or interest that may be due in respect of any the Options as a result of the application of Code Section 409A, except
to the extent that such tax, penalty or interest results from a breach of this Agreement by the Company.

 

14.          Governing Law. This Agreement and all rights arising hereunder shall be governed by, and construed and interpreted in accordance
with, the laws of the State of Colorado.

 

15.          Venue; Dispute Resolutions. This Agreement shall be subject to the venue and dispute resolution provisions set forth in Sections
17 and 18 of the Employment Agreement.

 

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NEITHER THE PLAN NOR THIS AGREEMENT
SHALL BE CONSTRUED AS GIVING THE PARTICIPANT THE RIGHT TO BE RETAINED IN THE EMPLOY OR SERVICE OF THE COMPANY OR ANY AFFILIATE
THEREOF, NOR SHALL THEY INTERFERE IN ANY WAY WITH THE RIGHT OF THE COMPANY OR ANY AFFILIATE THEREOF, AS APPLICABLE, TO TERMINATE
THE PARTICIPANT’S EMPLOYMENT OR SERVICE AT ANY TIME WITH OR WITHOUT CAUSE.

 

* * * * *

 

Executed as of
the day and year first above written.

  

	 	LILIS ENERGY,
    INC.
	 	 	 
	 	By:	/s/ Abraham Mirman
	 	 	Name: Abraham Mirman
	 	 	Title:   Chief Executive Officer

	 	 	 
	 	PARTICIPANT
	 	 	 
	 	By:	/s/ Kevin Nanke
	 	 	Kevin Nanke

 

 

5Exhibit
10.84

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

THIS
EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) is entered into this 16th day of March, 2015 (the “Effective
Date”) by and between Lilis Energy, Inc. (the “Company”), and Ariella Fuchs (“Executive”).
Executive and the Company are referred to individually as a “Party” and collectively as the “Parties.”

 

WHEREAS,
the Parties desire to enter into this Agreement setting forth the terms and conditions for the employment relationship between
Executive and the Company.

 

NOW,
THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained herein, and for other
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows:

 

1.            Employment.
The Parties agree that Executive’s employment with the Company is subject to the terms and conditions set forth herein.

 

2.            Employment
At-Will. The Parties understand and agree that Executive is an employee at-will, and that Executive may resign, or the Company
may terminate Executive’s employment, at any time, for any or for no reason, with or without cause or warning.

 

3.            Position.
Executive shall be employed as and hold the title of General Counsel of the Company, with such duties and responsibilities
that are customary in that position for public companies.

 

4.            Scope
of Services. Executive agrees, during the period of Executive’s employment by the Company, to devote all of Executive’s
business time, energy and best efforts to carry out her responsibilities with respect to the business and affairs of the Company
and its affiliates. In addition, the Parties acknowledge and agree that Executive may (a) engage in and manage Executive’s
passive personal investments, (b) engage in charitable and civic activities, and (c) engage in such other activities that the
Company and Executive mutually agree to; provided, however, that such activities shall be permitted so long as such activities
do not conflict with the business and affairs of the Company or interfere with the performance of Executive’s duties hereunder.

 

5.            Salary,
Compensation, and Benefits.

 

5.1             Base
Salary. During Executive’s employment, the Company agrees to pay, and Executive agrees to accept, as Executive’s
salary for all services to be rendered by Executive hereunder, a salary at an annual rate of Two Hundred Thirty Thousand Dollars
($230,000) (the “Base Salary”), payable in installments pursuant to the Company’s standard payroll practices
and policies. The Base Salary may be subject to annual increases in the sole discretion of the Company.

 

5.2             Stock
Grant. As of the Effective Date, Executive shall be granted 50,000 shares of the Company’s common stock (the “Stock
Bonus”) pursuant to the Company’s 2012 Equity Incentive Plan (the “Plan”).

 

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5.3             Option
Bonus. Subject to the conditions and performance goals set forth below, the Company hereby grants, pursuant to the Plan, to
the Executive on the Effective Date an incentive stock option to purchase up to 300,000 shares of the common stock of the Company
at a strike price equal to the closing share price for the Company’s common stock as reported on the national exchange on
which the Company’s share price is reported at the close of trading on the Effective Date, which shall become exercisable
as follows: (a) executive’s option to purchase up to 100,000 shares of Company common stock shall vest and become exercisable
upon the first anniversary of the Effective Date; (b) Executive’s option to purchase up to 100,000 shares of Company common
stock shall vest and become exercisable upon the second anniversary of the Effective Date, and (c) Executive’s option to
purchase up to 100,000 shares of Company common stock shall vest and become exercisable upon the third anniversary of the Effective
Date.

 

5.4             Cash
Incentive Bonus. Executive shall receive a lump-sum cash payment if and to the extent that during the period between the Effective
Date and the one-year anniversary of the Effective Date (the “Measurement Period”), the following conditions
are satisfied (the “Incentive Bonus”), to be paid within 30 days after achievement of such condition:

 

(a)             Executive
will be granted a cash bonus equal to 50% of her Base Salary payable to the Executive in the event that, during the Measurement
Period, the Company has determined that its annualized gross production average for a consecutive 90-day period is equal to or
exceeds 500 BOE per day.

 

(b)             Without
duplication of the amount described in the preceding clause (a), Executive will be granted a cash bonus equal to 100% of her Base
Salary payable to the Executive in the event that, during the Measurement Period, the Company has determined that its annualized
gross production average for a consecutive 90-day period is equal to or exceeds 1,250 BOE per day.

 

(c)             Without
duplication of the amounts described in the preceding clauses (a) and (b), Executive will be granted a cash bonus equal to 200%
of her Base Salary payable to the Executive in the event that, during the Measurement Period, the Company has determined that
its annualized gross production average for a consecutive 90-day period is equal to or exceeds 2,500 BOE per day.

 

(d)             Without
duplication of the amounts described in the preceding clauses (a), (b) and (c), Executive will be granted a cash bonus equal to
300% of her Base Salary payable to the Executive in the event that, during the Measurement Period, the Company has determined
that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 3,750 BOE per day.

 

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(e)             Without
duplication of the amounts described in the preceding clauses (a), (b), (c) and (d), Executive will be granted a cash bonus equal
to 400% of her Base Salary payable to the Executive in the event that, during the Measurement Period, the Company has determined
that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 5,000 BOE per day.

 

(f)             Without
duplication of the amounts described in the preceding clauses (a), (b), (c), (d) and (e), Executive will be granted a cash bonus
equal to 500% of her Base Salary payable to the Executive in the event that, during the Measurement Period, the Company has determined
that its annualized gross production average for a consecutive 90-day period is equal to or exceeds 6,250 BOE per day.

 

5.5             Welfare
and Benefit Plans. During Executive’s employment, (A) Executive shall be entitled to participate in all incentive,
savings and retirement plans, practices, policies and programs of the Company; and (B) Executive and/or Executive’s
family, as the case may be, shall be eligible to participate in, and shall receive all benefits under, all welfare benefit plans,
practices, policies and programs provided by the Company (including, to the extent provided, without limitation, medical, prescription,
dental, vision, disability, salary continuance, employee life insurance, group life insurance, accidental death and travel accident
insurance plans and programs) (all such plans collectively, the “Plans”). Except as provided herein, the Company
shall not be required to establish or continue the Plans or take any action to cause Executive to be eligible for any Plans on
a basis more favorable than that applicable to all its executive-level employees generally. The Company reserves the right to
modify or discontinue the Plans in the Company’s sole discretion.

 

5.6             Reimbursement.
The Company shall reimburse Executive (or, in the Company’s sole discretion, shall pay directly), upon presentation of vouchers
and other supporting documentation as the Company may reasonably require, for reasonable out-of-pocket expenses incurred by Executive
relating to the business or affairs of the Company or the performance of Executive’s duties hereunder, including, without
limitation, reasonable expenses with respect to mileage, entertainment, travel and similar items, dues for membership in professional
organizations, and similar professional development expenses, provided that the incurring of such expenses shall have been
approved in accordance with the Company’s regular reimbursement procedures and practices in effect from time to time.

 

5.7             Vacation.
In addition to statutory holidays, Executive shall be entitled to no less than four (4) weeks paid vacation each calendar year
during Executive’s employment. Vacation shall accrue pursuant to the Company’s vacation accrual policy applicable
to all employees of the Company.

 

5.8             Withholding.
The Company may withhold from Executive’s compensation all applicable amounts required by law.

 

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5.9             Reservation
of Rights. The Company reserves the right to modify, suspend or discontinue any and all of the employee benefit plans, practices,
policies and programs referenced in Sections 5.5 through 5.7 above at any time without recourse by Executive so long as such action
is taken with respect to senior executives generally and does not single out Executive.

 

6.            Payments
Upon Termination of Employment.

 

6.1             Accrued
but Unpaid Salary and Bonus. In the event Executive’s employment with the Company terminates for any reason, the Company
shall pay to Executive (or, in the event of Executive’s death, to Executive’s estate or named beneficiary) (a) any
Base Salary, vacation pay, expense reimbursements, and benefits that are accrued but unpaid as of the date of termination and
(b) any earned but unpaid bonus for any prior or current year.

 

6.2             Severance.

 

(a)             Upon
termination of Executive’s employment with the Company by the Company without Cause (as defined below) or upon Executive’s
resignation from employment for Good Reason (as defined below), in either case absent a Change in Control (as defined below),
in each case contingent upon Executive’s execution, non-revocation, and delivery of a Confidential Severance and Release
Agreement in a form substantially similar to Schedule A of this Agreement (the “Release Agreement”), Executive
shall be entitled to the following: (i) a lump sum severance payment in an amount equal to six (6) months of the Base Salary in
effect immediately prior to Executive’s last date of employment, less applicable withholdings and deductions; and (ii) immediate
and full vesting of and lifting of restrictions on any unvested shares included in the Plan.

 

(b)             Upon
termination of Executive’s employment with the Company by the Company without Cause or upon Executive’s resignation
from employment for Good Reason, in either case within one year of a Change in Control, in each case contingent upon Executive’s
execution, non-revocation, and delivery of the Release Agreement, Executive shall be entitled to the following: (i) a lump sum
severance payment in an amount equal to twenty four (24) months of the Base Salary in effect immediately prior to Executive’s
last date of employment, less applicable withholdings and deductions; and (ii) immediate and full vesting of and lifting of restrictions
on any unvested shares included in the Plan.

 

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(c)             The
Company’s obligations under this Section 6.2 are subject to the requirements and time periods set forth in this Section
6.2 and in the Release Agreement. Prior to receiving the payments described in this Section 6.2, Executive shall execute the Release
Agreement in substantially the form attached hereto as Schedule A on or before the date seventy-five (75) days after the last
day of Executive’s employment. If Executive fails to timely execute and remit the Release Agreement in substantially the
form attached hereto as Schedule A, Executive waives any right to the payments provided under this Section 6.2. The Company will
have no further obligations to Executive under this Agreement or otherwise after making payments pursuant to this Section 6.2.
Payments under this Section 6.2 shall be made within fifteen (15) days of Executive’s execution and delivery of the Release
Agreement, provided that Executive does not revoke the Release Agreement.

 

(d)             Executive
agrees that payments made pursuant to this Section 6.2 shall constitute the exclusive and sole remedy for any termination of Executive’s
employment, and Executive covenants not to assert or pursue any other remedies, at law or in equity, with respect to any termination
of employment. The foregoing shall not limit any of Executive’s rights with regard to any rights to indemnification, advancement
or payment of legal fees and costs, and coverage under directors and officers liability insurance.

 

(e)             During
the eighteen-month period following the date of the termination of Executive’s employment, the Company shall allow Executive
and her eligible dependents to continue to be covered by all medical, vision and dental benefit plans maintained by the Company
under which Executive was covered immediately prior to the date of Executive’s termination of employment at the same active
employee premium cost as a similarly situated active employee; provided, however, that in the event that Executive’s employment
is terminated without Cause or as the result of a Change in Control, the Company shall pay all such expenses on behalf of the
Executive and her eligible dependents during the entire eighteen-month period following the date of the termination of Executive’s
employment.

 

(f)             Anything
in this Agreement to the contrary notwithstanding, the Company shall have the right to terminate all payments and benefits owing
to Executive pursuant to this Section 6.2 upon the Company’s discovery of any material breach by Executive of Executive’s
obligations under the Release Agreement or Section 8 of this Agreement.

 

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7.            Definitions.
Capitalized terms used in this Agreement but not otherwise defined herein shall have the meaning hereby assigned to them as follows:

 

7.1             “Cause”
shall mean the Executive’s: (i) dishonesty (including, but not limited to, theft or embezzlement of Company funds or assets);
(ii) conviction of, or guilty plea or no contest plea, to a felony charge or any misdemeanor involving moral turpitude; (iii) noncompliance
in any material respect with any laws or regulations, foreign or domestic, affecting the operation of the Company’s business;
(iv) material violation of any lawful express direction or any rule, regulation or policy established by the Company that is consistent
with the terms of this Agreement; (v) material breach of this Agreement or any other agreement with the Company or breach of the
Executive’s fiduciary duties to the Company; (vi) incompetence, negligence, or misconduct in the performance of the Executive’s
duties; (vii) repeated and consistent failure to be present at work during normal business hours except during vacation periods
or absences due to temporary illness; (viii) abuse of alcohol or drugs which interferes with the Executive’s performance
of her duties; or (ix) any conduct by Executive that may have a material adverse effect to the Company’s business or reputation.

 

7.2             “Change
in Control” shall mean (i) one person (or more than one person acting as a group) acquires ownership of stock of the
Company that, together with the stock held by such person or group, constitutes more than 50% of the total fair market value or
total voting power of the stock of the Company; provided that, a Change in Control shall not occur if any person (or more than
one person acting as a group) owns more than 50% of the total fair market value or total voting power of the Company’s stock
and acquires additional stock; (ii) one person (or more than one person acting as a group) acquires (or has acquired during the
twelve-month period ending on the date of the most recent acquisition) ownership of the Company’s stock possessing 30% or
more of the total voting power of the stock of the Company; (iii) a majority of the members of the Board are replaced during any
twelve-month period by directors whose appointment or election is not endorsed by a majority of the Board before the date of appointment
or election; or (iv) the sale of all or substantially all of the Company’s assets. Notwithstanding the foregoing, a Change
in Control shall not occur unless such transaction constitutes a change in the ownership of the Company, a change in effective
control of the Company, or a change in the ownership of a substantial portion of the Company’s assets under Section 409A
of the Internal Revenue Code.

 

7.3             “Good
Reason” shall mean, in the context of a resignation by Executive, a resignation that occurs within thirty (30) days
following (i) a material diminution of Executive’s duties, excluding inadvertent or isolated actions not taken in bad faith
and promptly remedied after written notice thereof, (ii) any material reduction in Executive’s Base Salary or nonpayment
of Executive’s Base Salary, (iii) any material breach of this Agreement by the Company, or (iv) a material violation by
the Company of the antifraud provisions of the Federal securities laws that is not caused by Executive, as finally determined
by a court or other governmental body, provided that in the case of (iii) above, Good Reason shall only exist where Executive
has provided the Company with written notice of the breach and, if the breach is reasonably capable of being cured within a period
of fifteen (15) business days, the Company has failed to cure within fifteen (15) business days.

 

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8.            Confidential
Information.

 

8.1             For
the purposes of this Agreement, “Confidential Information” means all proprietary information, data, knowledge,
and know-how relating, directly or indirectly, to the Company and its business, including, without limitation: (i) business
plans and strategies, prospect information, financial information, investment plans, marketing plans and strategies, and/or financial
plans and strategies; (ii) confidential personnel or human resources data; (iii) all of the Company’s technical
and business information, whether patentable or not, which is of a confidential, trade secret or proprietary character; (iv) the
identity of customers; (v) existing or prospective oil or gas properties, investors, participation agreements, working, royalty
or other interests; contract terms; (vi) bidding information and strategies; pricing methods or information; (vii) computer software;
computer software methods and documentation; (viii) hardware; (ix) the Company’s methods of operation; (x) the procedures,
forms and techniques used in servicing accounts or properties; (xi) seismic, geophysical, petrophysical, or geological data; (xii)
well logs and other well data; and (xiii) any other documents, information or data that the Company requires to be maintained
in confidence for the Company’s business success or that constitutes material non-public information under the U.S. securities
laws. The list set forth above is not intended by the Company to be a comprehensive list of Confidential Information. All Confidential
Information shall be treated as Confidential Information regardless of whether it pertains to the Company or its customers and
regardless of whether it is stamped as “confidential.”

 

8.2             Executive
acknowledges that the success of the Company depends in large part on the protection of the Confidential Information. Executive
further acknowledges that in the course of Executive’s employment with the Company, Executive will become familiar with
the Company’s Confidential Information. Executive recognizes and acknowledges that the Confidential Information is a valuable,
special and unique asset of the Company’s business, access to and knowledge of which are essential to the performance of
Executive’s duties hereunder. Executive acknowledges that use or disclosure of the Confidential Information outside the
performance of Executive’s job duties for the Company would cause harm and/or damage to the Company.

 

8.3             Both
during or after the term of Executive’s employment by the Company, Executive agrees that Executive will not, except in the
ordinary course of Executive’s employment with the Company, disclose any Confidential Information to any person, firm, business,
company, corporation, association, or any other entity for any reason or purpose whatsoever. Executive also agrees that Executive
will not make use of any Confidential Information for Executive’s own purposes or for the benefit of any person, firm, business,
company, corporation, or any other entity (except the Company) under any circumstances during or after the term of Executive’s
employment. Executive shall consider and treat as confidential all Confidential Information in any way relating to the Company’s
business and affairs, whether created by Executive or otherwise coming into Executive’s possession before, during, or after
the termination of Executive’s employment. Executive shall secure and protect the Confidential Information in a manner designed
to prevent all access and uses thereof contrary to the terms of this Agreement. Executive further agrees that Executive shall
use Executive’s best efforts to assist the Company in identifying and preventing any use or disclosure of the Confidential
Information contrary to this Agreement.

 

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8.4             Executive
represents and warrants that, upon separation of employment, and without any request by the Company, Executive will return to
Company any and all property, documents, and files (including all recorded media, such as papers, computer disks or other data
storage devices, copies, photographs, maps, transparencies, and microfiche) that contain Confidential Information or relate in
any way to Company or its business. Executive agrees, to the extent Executive possesses any files, data, or information relating
in any way to Company or its business on any personal computer, Executive will delete those files, data, or information (and will
retain no copies in any form). Executive also will return any Company tools, equipment, calling cards, credit cards, access cards
or keys, any keys to any filing cabinets and/or vehicles, and all other Company property in any form prior to the last date of
employment.

 

9.            Equitable
Remedies. The services to be rendered by Executive and the Confidential Information entrusted to Executive as a result of
Executive’s employment by the Company are of a unique and special character, and, notwithstanding any other provision in
this Agreement, any breach by Executive of this Agreement, including a breach of Section 8 (including any subsection), will
cause the Company immediate and irreparable injury and damage, for which monetary relief would be inadequate or difficult to quantify.
The Company will be entitled to, in addition to all other remedies available to it, injunctive relief, specific performance, or
any other equitable relief to prevent a breach and to secure the enforcement of the provisions of this Agreement. It is hereby
further agreed that the provisions of Section 8 are separate from and independent of the remainder of this Agreement and
that these provisions are specifically enforceable by the Company notwithstanding any claim made by Executive against the Company.
Injunctive relief may be granted immediately upon the commencement of any such action, and the Company need not post a bond to
obtain temporary or permanent injunctive relief.

 

10.          Business
Opportunities. Executive shall promptly disclose to the Company all business ideas, prospects, proposals, and other opportunities
pertaining to any aspect of the Company’s business that are originated by any third parties and brought to the attention
of Executive during the term of Executive’s employment by the Company.

 

11.          Representations
and Warranties. Executive hereby represents and warrants to the Company as follows:

 

11.1           Executive
acknowledges the success of the Company’s business depends in large part on the protection of the Confidential Information
and trade secrets. Executive acknowledges Executive’s access to the Confidential Information, coupled with the personal
relationships and goodwill between the Company and its customers, would enable Executive to compete unfairly against the Company;

 

11.2           Executive
has full power, authority, and capacity to enter into this Agreement and to perform her obligations hereunder. This Agreement
has been voluntarily executed by Executive and constitutes a valid and binding agreement of Executive;

 

11.3           Executive
has read this Agreement and has had the opportunity to have this Agreement reviewed by Executive’s legal counsel;

 

    	8

    	 

    

 

11.4           Given
the nature of the business in which the Company is engaged, the restrictions in Section 8 above are reasonable and necessary to
protect the legitimate interests of the Company;

 

11.5           Executive
acknowledges and agrees that Executive’s continued employment with the Company is sufficient consideration for this Agreement;

 

11.6           Executive
is among the Company’s executive personnel, management personnel, or officers and employees who constitute professional
staff to executive and management personnel. Moreover, Executive acknowledges this Agreement is intended to protect the Company’s
trade secrets and Confidential Information;

 

11.7           To
the best of Executive’s knowledge, Executive’s employment with the Company will not (1) conflict with or result in
a breach of any of the provisions of, (2) constitute a default under, (3) result in the violation of, (4) give any third party
the right to terminate or to accelerate any obligation under, or (5) require any authorization, consent, approval, execution,
or other action by or notice to any court or other governmental body under the provisions of any other agreement or instrument
to which Executive is a party;

 

11.8           Executive
has not previously and will not in the future disclose to the Company any proprietary information, trade secrets, or other confidential
information belonging to any previous employer; and

 

11.9           Executive
will notify business partners and future employers of Executive’s obligations under this Agreement.

 

12.          Waivers
and Amendments. The respective rights and obligations of the Company and Executive under this Agreement may be waived (either
generally or in a particular instance, either retroactively or prospectively, and either for a specified period of time or indefinitely)
or amended only with the written consent of a duly authorized representative of the Company and Executive. The waiver by either
Party of a breach of any provision of this Agreement by the other Party shall not operate or be construed as a waiver of any subsequent
breach by such other Party. The failure of either Party to insist upon strict performance of any of the terms or conditions of
this Agreement shall not constitute a waiver of any of such Party’s rights hereunder.

 

13.          Successors
and Assigns. The provisions hereof shall inure to the benefit of, and be binding upon and assignable to, successors of the
Company by way of merger, consolidation or sale. Executive may not assign or delegate to any third person Executive’s obligations
under this Agreement. The rights and benefits of Executive under this Agreement are personal to him (or, in the event of Executive’s
death or disability, Executive’s personal representative, heirs, or beneficiaries), and no such right or benefit shall be
subject to voluntary or involuntary alienation, assignment or transfer.

 

    	9

    	 

    

 

14.          Entire
Agreement. This Agreement, including Schedule A, constitutes the full and entire understanding and agreement of the Parties
with regard to the subjects hereof and supersedes in its entirety all other or prior or contemporaneous agreements, whether oral
or written, with respect thereto.

 

15.          Notices.
Any notices, consents, or other communications required to be sent or given hereunder by either of the Parties shall in every
case be in writing and shall be deemed properly served if (a) delivered personally, (b) sent by registered or certified mail,
in all such cases with first class postage prepaid, return receipt requested, or (c) delivered by a nationally recognized overnight
courier service to the Parties at the addresses set forth below:

 

	 	If to the Company: 	Lilis Energy, Inc.

Attention:
Chief Executive Officer

216 16th Street, Suite 1350

Denver, CO 80202

 

	 	If to Executive:	Ariella Fuchs

10
Downing Street, Apt. 5B

New York, NY 10014

or to
the current address listed in the Company’s records.

 

16.          Venue
and Applicable Law. This Agreement shall be interpreted and construed in accordance with the laws of the State of Colorado,
without regard to its conflicts of law provisions. Venue and jurisdiction will be in the New York state or federal courts. In
addition to any other relief that may be granted by such courts, the prevailing Party in any litigation arising from this Agreement
shall be entitled to an award of reasonable attorneys’ fees and expenses incurred in connection therewith.

 

17.          Waiver
of Jury Trial. EACH OF THE PARTIES HERETO HEREBY VOLUNTARILY AND IRREVOCABLY WAIVES TRIAL BY JURY IN ANY ACTION OR OTHER PROCEEDING
BROUGHT IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY.

 

18.          Section
409A.

 

18.1           This
Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”)
and shall be construed accordingly. It is the intention of the Parties that payments or benefits payable under this Agreement
shall not be subject to the additional tax or interest imposed pursuant to Section 409A. To the extent such potential payments
or benefits are or could become subject to Section 409A, the Parties shall cooperate to amend this Agreement with the goal of
giving Executive the economic benefits described herein in a manner that does not result in such tax or interest being imposed;
provided, however, in no event shall the Company be liable to Executive for any taxes, interest, or penalties due as a result
of the application of Section 409A to any payments or benefits provided hereunder.

 

18.2           Each
payment provided for in this Agreement shall, to the extent permissible under Section 409A, be deemed a separate payment for purposes
of Section 409A.

 

    	10

    	 

    

 

18.3           Payments
or benefits pursuant to this Agreement shall be treated as exempt from Section 409A to the maximum extent possible under Treasury
Regulation Section 1.409A-1(b)(9)(v), and/or under any other exemption that may be applicable, and this Agreement shall be construed
accordingly.

 

18.4           All
taxable expenses or other reimbursements or in-kind benefits under this Agreement shall be made on or prior to the last day of
the taxable year following the taxable year in which such expenses were incurred by Employee. Any such taxable reimbursement or
any taxable in-kind benefits provided in one calendar year shall not affect the expenses eligible for reimbursement or in-kind
benefits to be provided in any other taxable year.

 

18.5           Executive
shall have no right to designate the date of any payment hereunder.

 

18.6           The
definition of Good Reason is intended to constitute “good reason” as such term is used in Treas. Reg. §1.409A-1(n)(2)
and shall be interpreted and construed accordingly, and to the maximum extent permitted by Section 409A and guidance thereunder,
a termination for Good Reason shall be an “involuntary separation from service” as such term is used in Treas. Reg.
§1.409A-1(n). For purposes of Section 6 of this Agreement, “termination” (or any similar term) when used in reference
to Executive’s employment shall mean “separation from service” with the Company within the meaning of Section
409A(a)(2)(A)(i) of the Code and applicable administrative guidance issued thereunder, and Executive shall be considered to have
terminated employment with the Company when, and only when, Executive incurs a “separation from service” with the
Company within the meaning of Section 409A(a)(2)(A)(i) of the Code and applicable administrative guidance issued thereunder.

 

18.7           Notwithstanding
any other provision of this Agreement to the contrary, if (1) on the date of Executive’s separation from service (as such
term is used or defined in Code Section 409A(a)(2)(A)(i), Treasury Regulation Section 1.409A-1(h), or any successor law or regulation),
any of the Company’s equity is publicly traded on an established securities market or otherwise (within the meaning of Section
409A(a)(2)(B)(i) of the Code) and (2) as a result of such separation from service, the Executive would receive any payment that,
absent the application of this sentence, would be subject to interest and additional tax imposed pursuant to Code Section 409A
as a result of the application of Code Section 409A(2)(B)(i), then, to the extent necessary to avoid the imposition of such interest
and additional tax, such payment shall be deferred until the earlier of (i) 6 months after the Executive’s separation from
service, (ii) the Executive’s death, (iii) or such earlier time as may be permitted under Code Section 409A.

 

19.          Severability;
Titles and Subtitles; Gender; Singular and Plural; Counterparts; Facsimile.

 

19.1           In
case any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions of this Agreement shall not in any way be affected or impaired thereby. In the event any provision is
held illegal, invalid, or unenforceable, such provision shall be limited or revised by a court of competent jurisdiction so as
to give effect to the provision to the fullest extent permitted by applicable law.

 

    	11

    	 

    

 

19.2           The
titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in
construing this Agreement.

 

19.3           The
use of any gender in this Agreement shall be deemed to include the other genders, and the use of the singular in this Agreement
shall be deemed to include the plural (and vice versa), wherever appropriate.

 

19.4           This
Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together constitute
one instrument.

 

19.5           Counterparts
of this Agreement (or applicable signature pages hereof) that are manually signed and delivered by facsimile or electronic transmission
shall be deemed to constitute signed original counterparts hereof and shall bind the Parties signing and delivering in such manner.

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement on the date first above specified.

 

	COMPANY:	 	EXECUTIVE:
	 	 	 	 
	Lilis Energy, Inc.	 	 
	 	 	 	 
	By:	/s/Abraham Mirman	 	/s/ Ariella Fuchs
	Name:	Abraham Mirman	 	Ariella Fuchs
	Title:	Chief Executive Officer	 	 

 

    	12

    	 

    

 

Schedule
A

 

Form
of Confidential Severance and Release Agreement

 

CONFIDENTIAL
SEVERANCE AND RELEASE AGREEMENT

 

This
Confidential Severance and Release Agreement (“Agreement”) is made between (i) ________________ (“Executive”)
and (ii) ___________________(the “Company”). Executive and the Company are referred to individually as a “Party”
and collectively as the “Parties.”

 

RECITALS

 

WHEREAS,
Executive’s employment with the Company ended effective [DATE];

 

WHEREAS,
the Parties wish to resolve fully and finally potential disputes regarding Executive’s employment with the Company; and

 

WHEREAS,
in order to accomplish this end, the Parties are willing to enter into this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual promises and undertakings contained herein, the Parties to this Agreement agree as follows:

 

TERMS

 

1.            Separation
and Effective Date. Executive’s last day of employment with the Company was [DATE] (the “Separation Date”).
This Agreement shall become effective on the eighth day after Executive signs this Agreement (the “Effective Date”),
so long as Executive does not revoke this Agreement pursuant to Paragraph 6(g) below. Executive must elect to execute this Agreement
within seventy-five (75) days of the Separation Date. In the event Executive does not sign the Agreement within the seventy-five
day period, the terms of this Agreement are null and void and without effect.

 

2.            Consideration.

 

a.               After
the Effective Date, and on the express condition that Executive has not revoked this Agreement, (i) the Company will pay Executive
a lump sum severance payment in an amount equal to six (6) months of Executive’s Base Salary in effect immediately
prior to Executive’s last date of employment, less applicable withholdings and deductions; and (ii) to the extent applicable,
immediate and full vesting of and lifting of restrictions on any unvested shares included in the 2012 Equity Incentive Plan.

 

b.               Reporting
of and withholding on any payment under this Paragraph for tax purposes shall be at the discretion of the Company in conformance
with applicable tax laws. If a claim is made against the Company for any additional tax or withholding in connection with or arising
out of any payment pursuant to subparagraph (a) above, Executive shall pay any such claim within thirty (30) days of being notified
by the Company and agrees to indemnify the Company and hold it harmless against such claims, including, but not limited to, any
taxes, attorneys’ fees, penalties, and/or interest, which are or become due from the Company.

 

    	13

    	 

    

 

3.            General
Release.

 

a.               Executive,
for Executive and for Executive’s affiliates, successors, heirs, subrogees, assigns, principals, agents, partners, employees,
associates, attorneys, and representatives, voluntarily, knowingly, and intentionally releases and discharges the Company and
each of its predecessors, successors, parents, subsidiaries, affiliates, and assigns and each of their respective officers, directors,
principals, shareholders, board members, committee members, employees, agents, and attorneys from any and all claims, actions,
liabilities, demands, rights, damages, costs, expenses, and attorneys’ fees (including, but not limited to, any claim of
entitlement for attorneys’ fees under any contract, statute, or rule of law allowing a prevailing party or plaintiff to
recover attorneys’ fees) of every kind and description from the beginning of time through the Effective Date (the “Released
Claims”).

 

b.               The
Released Claims include, but are not limited to, those which arise out of, relate to, or are based upon: (i)
Executive’s employment with the Company or the termination thereof; (ii) statements, acts, or omissions by the Parties
whether in their individual or representative capacities; (iii) express or implied agreements between the Parties, (except as
provided herein) and claims under any severance plan; (iv) any stock or stock option grant, agreement, or plan; (v) all
federal, state, and municipal statutes, ordinances, and regulations, including, but not limited to, claims of discrimination
based on race, color, national origin, age, sex, sexual orientation, religion, disability, veteran status, whistleblower
status, public policy, or any other characteristic of Executive under the Age Discrimination in Employment Act, the Older
Workers Benefit Protection Act, the Americans with Disabilities Act, the Equal Pay Act, Title VII of the Civil Rights Act of
1964 (as amended), the Employee Retirement Income Security Act of 1974, the Rehabilitation Act of 1973, Family and Medical
Leave Act, the Worker Adjustment and Retraining Notification Act or any other federal, state, or municipal law prohibiting
discrimination or termination for any reason; (vi) state and federal common law; (vii) the failure of this Agreement, or of
any other employment, severance, profit sharing, bonus, equity incentive or other compensatory plan to which Executive and
the Company are or were parties, to comply with, or to be operated in compliance with, Internal Revenue Code Section 409A, or
any similar provision of state or local income tax; and (viii) any claim which was or could have been raised by
Executive.

 

4.            Unknown
Facts. This Agreement includes claims of every nature and kind, known or unknown, suspected or unsuspected. Executive hereby
acknowledges that Executive may hereafter discover facts different from, or in addition to, those which Executive now knows or
believes to be true with respect to this Agreement, and Executive agrees that this Agreement and the releases contained herein
shall be and remain effective in all respects, notwithstanding such different or additional facts or the discovery thereof.

 

5.            No
Admission of Liability. The Parties agree that nothing contained herein, and no action taken by any Party hereto with regard
to this Agreement, shall be construed as an admission by any Party of liability or of any fact that might give rise to liability
for any purpose whatsoever.

 

    	14

    	 

    

 

6.            Warranties.
Executive warrants and represents as follows:

 

a.               Executive
has read this Agreement, and Executive agrees to the conditions and obligations set forth in it.

 

b.               Executive
voluntarily executes this Agreement (i) after having been advised to consult with legal counsel, (ii) after having had opportunity
to consult with legal counsel, and (iii) without being pressured or influenced by any statement or representation or omission
of any person acting on behalf of the Company including, without limitation, the officers, directors, board members, committee
members, employees, agents, and attorneys for the Company.

 

c.               Executive
has no knowledge of the existence of any lawsuit, charge, or proceeding against the Company or any of its officers, directors,
board members, committee members, employees, successors, affiliates, or agents arising out of or otherwise connected with any
of the matters herein released. Subject to the provisions of Paragraph 13 below, in the event that any such lawsuit, charge, or
proceeding has been filed, Executive immediately will take all actions necessary to withdraw or terminate that lawsuit, charge,
or proceeding.

 

d.               Executive
has not previously disclosed any information which would be a violation of the confidentiality provisions set forth below if such
disclosure were to be made after the execution of this Agreement.

 

e.               Executive
has full and complete legal capacity to enter into this Agreement.

 

f.                Executive
has had at least twenty-one (21) days in which to consider the terms of this Agreement. In the event that Executive executes this
Agreement in less time, it is with the full understanding that Executive had the full twenty-one (21) days if Executive so desired
and that Executive was not pressured by the Company or any of its representatives or agents to take less time to consider the
Agreement. In such event, Executive expressly intends such execution to be a waiver of any right Executive had to review the Agreement
for a full twenty-one (21) days.

 

g.               Executive
has been informed and understands that (i) to the extent that this Agreement waives or releases any claims Executive might have
under the Age Discrimination in Employment Act, Executive may rescind Executive’s waiver and release within seven (7) calendar
days of Executive’s execution of this Agreement and (ii) any such rescission must be in writing and e-mailed and hand delivered
to [NAME AND CONTACT INFO], within the seven-day period.

 

    	15

    	 

    

 

h.               Executive
admits, acknowledges, and agrees that (i) Executive is not otherwise entitled to the amount set forth in Paragraph 2 and (ii)
that amount is good and sufficient consideration for this Agreement.

 

i.                Executive
admits, acknowledges, and agrees that Executive has been fully and finally paid or provided all wages, compensation, vacation,
bonuses, stocks, stock options, or other benefits from the Company which are or could be due to Executive under the terms of Executive’s
employment with the Company, or otherwise.

 

7.            Confidential
Information.

 

a.               Except
as herein provided, all discussions regarding this Agreement, including, but not limited to, the amount of consideration, offers,
counteroffers, or other terms or conditions of the negotiations or the agreement reached shall be kept confidential by Executive
from all persons and entities other than the Parties to this Agreement. Executive may disclose the amount received in consideration
of the Agreement only if necessary (i) for the limited purpose of making disclosures required by law to agents of the local,
state, or federal governments; (ii) for the purpose of enforcing any term of this Agreement; or (iii) in response to
compulsory process, and only then after giving the Company ten (10) days advance notice of the compulsory process and affording
the Company the opportunity to obtain any necessary or appropriate protective orders. Otherwise, in response to inquiries about
Executive’s employment and this matter, Executive shall state, “My employment with the Company has ended” and
nothing more.

 

b.               Executive
shall not use, nor disclose to any third party, any of the Company’s business, personnel, or financial information that
Executive learned during Executive’s employment with the Company. Executive hereby expressly acknowledges that any breach
of this Paragraph 7 shall result in a claim for injunctive relief and/or damages against Executive by the Company, and possibly
by others.

 

8.            Section
409A. This Agreement is intended to comply with Section 409A of the Code and Treasury Regulations promulgated thereunder (“Section
409A”) and shall be construed accordingly. It is the intention of the Parties that payments or benefits payable under this
Agreement not be subject to the additional tax or interest imposed pursuant to Section 409A. To the extent such potential payments
or benefits are or could become subject to Section 409A, the Parties shall cooperate to amend this Agreement with the goal of
giving Executive the economic benefits described herein in a manner that does not result in such tax or interest being imposed.
Executive shall, at the request of the Company, take any reasonable action (or refrain from taking any action), required to comply
with any correction procedure promulgated pursuant to Section 409A. Each payment to be made under this Agreement shall be a separate
payment, and a separately identifiable and determinable payment, to the fullest extent permitted under Section 409A.

 

9.            Non-Disparagement.
Executive agrees not to make to any person any statement that disparages the Company or reflects negatively on the Company, including,
but not limited to, statements regarding the Company’s financial condition, employment practices, or officers, directors,
board members, committee members, employees, successors, affiliates, or agents.

 

    	16

    	 

    

 

10.          Cooperation.
Executive agrees to cooperate with and assist the Company with any investigation, lawsuit, arbitration, or other proceeding to
which the Company is subjected. Executive will make Executive available for preparation for, and attendance of, hearings, proceedings
or trial, including pretrial discovery and trial preparation. Executive further agrees to perform all acts and execute any documents
that may be necessary to carry out the provisions of this Paragraph 10.

 

11.          Return
of Property and Information. Executive represents and warrants that, prior to Executive’s execution of this Agreement,
Executive will return to the Company any and all property, documents, and files, including any documents (in any recorded media,
such as papers, computer disks or other data storage devices, copies, photographs, maps, transparencies, and microfiche) that
relate in any way to the Company or the Company’s business. Executive agrees that, to the extent that Executive possesses
any files, data, or information relating in any way to the Company or the Company’s business on any personal computer, Executive
will delete those files, data, or information (and will retain no copies in any form). Executive also will return any tools, equipment,
calling cards, credit cards, access cards or keys, any keys to any filing cabinets, vehicles, vehicle keys, and all other property
in any form prior to the date Executive executes this Agreement.

 

12.          No
Application. Executive agrees that Executive will not apply for any job or position as an employee, consultant, independent
contractor, or otherwise, with the Company or its subsidiaries or affiliates. Executive warrants that no such applications are
pending at the time this Agreement is executed.

 

13.          Administrative
Proceedings. Executive acknowledges and understands that this Agreement does not prohibit or prevent Executive from filing
a charge with a federal agency, including the Equal Employment Opportunity Commission (the “EEOC”) or equivalent state
agency or from participating in a federal or state agency investigation. Notwithstanding the foregoing, Executive waives any right
to any monetary recovery should any party, including, without limitation, any federal, state or local governmental entity or administrative
agency, pursue any claims on Executive’s behalf arising out of, relating to, or in any way connected with the Released Claims.

 

14.          Severability.
If any provision of this Agreement is held illegal, invalid, or unenforceable, such holding shall not affect any other provisions
hereof. In the event any provision is held illegal, invalid, or unenforceable, such provision shall be limited so as to effect
the intent of the Parties to the fullest extent permitted by applicable law. Any claim by Executive against the Company shall
not constitute a defense to enforcement by the Company.

 

15.          Assignments.
The Company may assign its rights under this Agreement. No other assignment is permitted except by written permission of the Parties.

 

    	17

    	 

    

 

16.          Enforcement.
The releases contained herein do not release any claims for enforcement of the terms, conditions, or warranties contained in this
Agreement. The Parties shall be free to pursue any remedies available to them to enforce this Agreement.

 

17.          Survival
of Restrictive Covenants and Other Provisions. Executive and the Company are parties to an Executive Employment Agreement
dated as of [DATE] (the “Employment Agreement”). The Parties expressly acknowledge and agree that notwithstanding
Paragraph 18 of this Agreement, Sections 8 (Non-Competition; Non-Solicitation; Anti-Raiding), 9 (Confidential Information), 10
(Equitable Remedies), and Sections 13-20 (to the extent required to interpret, enforce, and give effect to Sections 8, 9, and
10) of the Employment Agreement will continue in full force and effect; provided, however, that any provisions of the Employment
Agreement that expire by their terms shall no longer have any force or effect.

 

18.          Entire
Agreement. Except as provided in Paragraph 17, this Agreement is the entire agreement between the Parties. Except as provided
herein, this Agreement supersedes any and all prior oral or written promises or agreements between the Parties. Executive acknowledges
that Executive has not relied on any promise, representation, or statement other than those set forth in this Agreement. This
Agreement cannot be modified except in writing signed by all Parties.

 

19.          Interpretation.
The determination of the terms of, and the drafting of, this Agreement has been by mutual agreement after negotiation, with consideration
by and participation of all Parties. Accordingly, the Parties agree that rules relating to the interpretation of contracts against
the drafter of any particular clause shall not apply in the case of this Agreement. The term “Paragraph” shall refer
to the enumerated paragraphs of this Agreement. The headings contained in this Agreement are for convenience of reference only
and are not intended to limit the scope or affect the interpretation of any provision of this Agreement.

 

20.          Choice
of Law and Venue. This Agreement shall be construed and interpreted in accordance with the laws of the State of Colorado,
without regard to its conflict of laws rules. Venue shall be in the Colorado state or federal courts.

 

21.          Waiver.
The failure of any Party to insist upon strict performance of any of the terms or conditions of this Agreement shall not constitute
a waiver of any of such Party’s rights hereunder.

 

22.          Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

[Signature
Page Follows]

 

    	18

    	 

    

 

IN
WITNESS WHEREOF, the Parties have executed this Confidential Severance and Release Agreement on the dates written below.

 

	EXECUTIVE	 	 
	 	 	 
	 	 	 
	●	 	Date
	 	 	 
	THE COMPANY	 	 
	 	 	 
	 	 	 
	●	 	Date
	By:	 	 
	Title:	 	 

 

 

19

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