Document:

EXECUTION COPY

 

 

AMENDMENT TO EMPLOYMENT AGREEMENT

 

This AMENDMENT (this “Amendment”)
is made effective as of October 15, 2012, to that certain Employment Agreement, dated on or about July 26, 2012 (the “Employment
Agreement”) by and between Emerald Oil, Inc., a Montana corporation formerly known as Voyager Oil & Gas, Inc. (the
“Company”), and Karl Osterbuhr (“Employee”). Capitalized words and phrases used in this Amendment
but not defined herein shall have the meanings set forth in the Employment Agreement. Employee and the Company are referred to
collectively herein as the “Parties.”

 

R E C I T
A L S:

 

WHEREAS, the Parties entered into the Employment
Agreement on or about July 26, 2012; and

 

WHEREAS, the Parties wish to amend certain
provisions of the Employment Agreement effective as of the date hereof.

 

NOW THEREFORE, the Parties hereby agree
as follows:

 

1.     
Amendment to Section 4(c) of the Employment Agreement. Section 4(c) of the Employment Agreement is hereby deleted
in its entirety and replaced with the following:

 

(c)Intentionally Deleted.

 

2.     
Amendment to Section 4 of the Employment Agreement. Section 4 of the Employment Agreement is hereby amended to add
the following:

 

(e)Discretionary Bonus.  Employee
shall be eligible for one or more discretionary bonuses (each, a “Discretionary Bonus”) equal to an amount and form
of bonus, whether in cash, equity awards or a combination thereof, as determined by the Compensation Committee, in its discretion. 
The Discretionary Bonus shall be based on the Compensation Committee’s evaluation of the condition of Company’s business,
the results of operations, Employee’s individual performance for the relevant period, the satisfaction by Employee or Company
of goals and milestones that may be established by the Compensation Committee, or any combination thereof, as the Compensation
Committee may decide in its sole discretion.  Each Discretionary Bonus shall be paid on such date as determined by the Compensation
Committee, but no later than seventy five (75) days after the end of the calendar year in which the Discretionary Bonus is approved
by the Committee. Employee and the Company agree that a portion of any Discretionary Bonus may be based on the Compensation Committee’s
evaluation of Employee’s and Company’s achievement of performance goals that may be established by the Compensation
Committee after discussion with Employee and other executive officers of the Company.  If and to the extent that the Compensation
Committee does not establish such performance goals, Employee’s Discretionary Bonus will be wholly within the discretion
of the Committee.

 

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3.     
References in the Employment Agreement. All references in the Employment Agreement to “this Agreement”
shall mean the Employment Agreement as amended by this Amendment.

 

4.     
No Other Amendments. Except as modified by this Amendment, the Employment Agreement shall remain in full force and
effect. Nothing herein shall be held to alter, vary or otherwise affect the terms, conditions and provisions of the Employment
Agreement, other than as expressly contemplated herein.

 

5.     
Severability. If any provision of this Amendment shall be held invalid, illegal or unenforceable, the validity, legality
or enforceability of the other provisions hereof shall not be affected thereby, and there shall be deemed substituted for the provision
at issue a valid, legal and enforceable provision as similar as possible to the provision at issue.

 

6.     
Applicable Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Colorado.

 

7.     
Counterparts. This Amendment may be executed in multiple counterparts, each of which shall be an original and all
of which taken together shall constitute one and the same agreement.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the undersigned have
duly executed and delivered this Amendment as of the date first written above.

 

 

 

	 	 	 	EMERALD OIL, INC.	 
	 	 	 	 	 
	 	 	 	/s/ McAndrew Rudisill	 
	 	 	 	Name: McAndrew Rudisill	 
	 	 	 	Title: President	 

 

	 	 	 	EMPLOYEE:	 
	 	 	 	 	 
	 	 	 	/s/ Karl Osterbuhr	
	 	 	 	Karl Osterbuhrl	 

  

[Employment Agreement Amendment - Osterbuhr]EXECUTION COPY

 

 

AMENDMENT TO EMPLOYMENT AGREEMENT

 

This AMENDMENT (this “Amendment”)
is made effective as of October 15, 2012, to that certain Employment Agreement, dated on or about July 26, 2012 (the “Employment
Agreement”) by and between Emerald Oil, Inc., a Montana corporation formerly known as Voyager Oil & Gas, Inc. (the
“Company”), and Mitchell R. Thompson (“Employee”). Capitalized words and phrases used in
this Amendment but not defined herein shall have the meanings set forth in the Employment Agreement. Employee and the Company are
referred to collectively herein as the “Parties.”

 

R E C I T
A L S:

 

WHEREAS, the Parties entered into the Employment
Agreement on or about July 26, 2012; and

 

WHEREAS, the Parties wish to amend certain
provisions of the Employment Agreement effective as of the date hereof.

 

NOW THEREFORE, the Parties hereby agree
as follows:

 

1.     
Amendment to Section 4(c) of the Employment Agreement. Section 4(c) of the Employment Agreement is hereby deleted
in its entirety and replaced with the following:

 

(c)Intentionally Deleted.

 

2.     
Amendment to Section 4 of the Employment Agreement. Section 4 of the Employment Agreement is hereby amended to add
the following:

 

(e)Discretionary Bonus.  Employee
shall be eligible for one or more discretionary bonuses (each, a “Discretionary Bonus”) equal to an amount and form
of bonus, whether in cash, equity awards or a combination thereof, as determined by the Compensation Committee, in its discretion. 
The Discretionary Bonus shall be based on the Compensation Committee’s evaluation of the condition of Company’s business,
the results of operations, Employee’s individual performance for the relevant period, the satisfaction by Employee or Company
of goals and milestones that may be established by the Compensation Committee, or any combination thereof, as the Compensation
Committee may decide in its sole discretion.  Each Discretionary Bonus shall be paid on such date as determined by the Compensation
Committee, but no later than seventy five (75) days after the end of the calendar year in which the Discretionary Bonus is approved
by the Committee. Employee and the Company agree that a portion of any Discretionary Bonus may be based on the Compensation Committee’s
evaluation of Employee’s and Company’s achievement of performance goals that may be established by the Compensation
Committee after discussion with Employee and other executive officers of the Company.  If and to the extent that the Compensation
Committee does not establish such performance goals, Employee’s Discretionary Bonus will be wholly within the discretion
of the Committee.

 

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3.     
References in the Employment Agreement. All references in the Employment Agreement to “this Agreement”
shall mean the Employment Agreement as amended by this Amendment.

 

4.     
No Other Amendments. Except as modified by this Amendment, the Employment Agreement shall remain in full force and
effect. Nothing herein shall be held to alter, vary or otherwise affect the terms, conditions and provisions of the Employment
Agreement, other than as expressly contemplated herein.

 

5.     
Severability. If any provision of this Amendment shall be held invalid, illegal or unenforceable, the validity, legality
or enforceability of the other provisions hereof shall not be affected thereby, and there shall be deemed substituted for the provision
at issue a valid, legal and enforceable provision as similar as possible to the provision at issue.

 

6.     
Applicable Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Colorado.

 

7.     
Counterparts. This Amendment may be executed in multiple counterparts, each of which shall be an original and all
of which taken together shall constitute one and the same agreement.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the undersigned have
duly executed and delivered this Amendment as of the date first written above.

 

 

 

	 	 	 	EMERALD OIL, INC.	 
	 	 	 	 	 
	 	 	 	/s/ McAndrew Rudisill	 
	 	 	 	Name: McAndrew Rudisill	 
	 	 	 	Title: President	 

 

	 	 	 	EMPLOYEE:	 
	 	 	 	 	 
	 	 	 	/s/ Mitchell R. Thompson	 
	 	 	 	Mitchell R. Thompson	 

 

[Employment Agreement Amendment - Thompson]PROMISSORY NOTE

 

	Up to $150,000	Date: Sept 6, 2012	Denver, Colorado

 

 

  

THIS PROMISSORY NOTE
(“Note”) is entered into as of September 6, 2012 (the “Effective Date”) by and between Eastern Resources,
Inc., (“Payor”), and Black Diamond Holdings, LLC (the “Lender”). The Payor and Lender are hereafter sometimes
referred to individually as “Party” or collectively as “Parties”.

 

AGREEMENT 

 

FOR VALUE RECEIVED,
Payor hereby promises to pay to the order of Lender the total dollar amount of up to ONE HUNDRED FIFTY THOUSAND and NO/100 ($150,000)
(the “Principal Amount”), together with interest on the outstanding Principal Amount calculated from the date hereof
in accordance with the provisions of this Note.

 

1.           Use
of Proceeds. Payor will use the Principal Amount for working capital.

 

2.           Interest.

 

(a)          Interest
on this note shall accrue from September 6, 2012, on the unpaid principal (drawn down by the Payor) at the rate of 0.5% per
month (“Interest”). Upon an Event of Default the interest rate on this Note shall be the sum of the then current
rate plus six percent (6%).

 

(b)          
consisting of twelve 30-day months.

 

3.           Scheduled
Payments. The principal amount and all accrued interest shall be payable on or before September 30, 2012.

 

4.           Prepayments
of Note. Payor may at any time prepay, without premium or penalty, all or any portion of Payor’s obligations under the
Note. All prepayments shall be applied in the manner set forth below in Section 6, hereof.

 

5.           Application
of Payments. Unless otherwise expressly provided in this Note, all payments made on this Note shall be applied, (i) first to
the payment of the Interest and other charges then accrued and due on the unpaid Principal Amount of this Note, then (ii) the remainder
of all such payments shall be applied to the reduction of the unpaid Principal Amount. Upon written request of Lender, Payor agrees
to make all payments by electronic transfer of funds or other form of currently available funds acceptable to Lender.

 

    	 

    	 

    

 

6.           Events
of Default.

 

(a)          Definition.
For the purpose of this Note, an Event of Default will be deemed to have occurred if:

 

(i)          Payor
fails to pay within five (5) days after written notice from Lender any Principal Amount then due and payable on this Note, or within
fifteen (15) days after written notice from Lender any interest or other amount then due and payable on this Note;

 

(ii)         Payor
fails in any respect to perform or observe any other material provision contained in this Note and such failure continues for a
period of fifteen (15) days after notice by the Lender of such failure;

 

(iii)        Payor
makes an assignment for the benefit of creditors or admits in writing Payor’s inability to pay Payor’s debts generally
as they become due; or an order, judgment or decree is entered adjudicating Payor bankrupt or insolvent; or any order for relief
with respect to Payor is entered under the Bankruptcy Code of 1978, as amended; or Payor petitions or applies to any tribunal for
the appointment of a custodian, trustee, receiver or liquidator, or commences any proceeding relating to Payor under any bankruptcy,
reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction; or any such
petition or application is filed, or any such proceeding is commenced, against Payor and either (A) Payor by any act indicates
Payor’s approval thereof, consents thereto or acquiesces therein or (B) such petition, application or proceeding is not dismissed
within sixty (60) days.

 

(b)          Consequences
of Events of Default.

 

(i)          If
an Event of Default (other than the type described in Section 7(a)(iv) hereof) occurs, the Lender may declare, by notice of default
given to Payor, the entire outstanding Principal Amount of this Note, together with all accrued, unpaid interest thereon and any
other amounts due hereunder, immediately due and payable, and Lender may otherwise exercise any and all rights as set forth in
this Note.

 

(ii)         If
an Event of Default of the type described in Section 7(a)(iv) hereof occurs, then all of the outstanding Principal Amount of this
Note, together with all accrued, unpaid interest thereon and any other amounts due hereunder, shall automatically be immediately
due and payable without any further action on the part of the Lender, and Lender otherwise may exercise any and all rights as set
forth in this Note.

 

7.           Amendment
and Waiver. Except as otherwise expressly provided herein, the provisions of this Note may be amended and Payor may take any
action herein prohibited or omit to perform any act herein required to be performed by Payor, only if Payor has obtained the written
consent of the Lender.

 

8.           Cancellation.
After all obligations for the payment of money arising under this Note have been paid in full, this Note will be surrendered to
Payor for cancellation.

 

9.           Costs
of Enforcement. Subject to Section 12 below, Payor agrees to pay, and to indemnify and hold harmless the Lender from,
against and for any and all liabilities, obligations, claims, damages, actions, penalties, causes of action, losses, judgments,
suits, costs, expenses and disbursements, including without limitation, reasonable attorneys’ fees, incurred or arising in
connection with the enforcement by the Lender of its rights under this Note.

 

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10.         Waiver
of Presentment, Demand and Dishonor.

 

(a)          Payor
hereby waives presentment for payment, protest, demand, notice of protest, notice of nonpayment and diligence with respect to this
Note.

 

(b)          No
failure on the part of Lender to exercise any right or remedy hereunder with respect to Payor, whether before or after the happening
of an Event of Default, shall constitute waiver of any such Event of Default or of any other Event of Default by Lender. No failure
to accelerate the debt of Payor evidenced hereby by reason of an Event of Default or indulgence granted from time to time shall
be construed to be a waiver of the right to insist upon prompt payment thereafter; or shall be deemed to be a novation of this
Note or a reinstatement of such debt evidenced hereby or a waiver of such right of acceleration or any other right, or be construed
so as to preclude the exercise of any right Lender may have, whether by the laws of the state governing this Note, by agreement
or otherwise; and Payor hereby expressly waives the benefit of any statute or rule of law or equity that would produce a result
contrary to or in conflict with the foregoing.

 

(c)          Payor
does not waive or renounce any rights to the benefits of any statute of limitations or any moratorium, appraisement, exemption,
or homestead now provided or that hereafter may be provided by any federal or applicable state statute, including but not limited
to exemptions provided by or allowed under the Bankruptcy Code of 1978, as amended, both as to Payor and as to all of Payor’s
property, whether real or personal, against the enforcement and collection of the obligations evidenced by this Note and any and
all extensions, renewals, and modifications hereof.

 

11.         Usury.
Payor and Lender intend that the obligations evidenced by this Note conform strictly to the applicable usury laws from time to
time in force. All agreements between Payor and Lender, whether now existing or hereafter arising and whether oral or written,
hereby are expressly limited so that in no contingency or event whatsoever, whether by acceleration of maturity hereof or otherwise,
shall the amount paid or agreed to be paid to Lender, or collected by Lender, by or on behalf of Payor for the use, forbearance
or detention of the money to be loaned to Payor hereunder or otherwise, or for the payment or performance of any covenant or obligation
contained herein of Payor to Lender, or in any other document evidencing, securing or pertaining to such indebtedness evidenced
hereby, exceed the maximum amount permissible under applicable usury law. If under any circumstances whatsoever, fulfillment of
any provision thereof or any other document, at the time performance of such provisions shall be due, shall involve transcending
the limit of validity prescribed by law, then ipso facto, the obligation to be fulfilled shall be reduced to the limit of
such validity and if under any circumstances Lender ever shall receive from or on behalf of Payor an amount deemed interest, by
applicable law, which would exceed the highest lawful rate such amount that would be excessive interest under applicable usury
laws shall be applied to the reduction of Payor’s principal amount owing hereunder and not to the payment of interest, or
if such excessive interest exceeds the unpaid balance of principal and such other indebtedness, the excess shall be deemed to have
been a payment made by mistake and shall be refunded to Payor or to any other person making such payment on Payor’s behalf.

 

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12.         Governing
Law. The validity, construction and interpretation of this Note will be governed by and construed in accordance with the internal
laws of the State of Colorado.

 

13.         Conflict
of Terms. If and to the extent that there are any discrepancies between the provisions of this Note and any other document
securing or pertaining to the indebtedness evidenced by this Note, the provisions of this Note shall control.

 

14.         Notice.
For the purpose of this Note, notices and all other communications provided for in this Note shall be in writing and shall be given
to the respective addresses set forth in the preamble of this Note with a copy to Steven N. Levine, Esq., 1430 Wynkoop Street,
Suite 300, Denver, Colorado 80202, or to such other address as either party may have furnished to the other in writing in accordance
herewith. Each such notice or other communication shall be effective (i) if given by prepaid overnight courier, upon receipt,
or (ii) if given by United States mail, postage prepaid, return receipt requested, the later of actual receipt or three (3)
business days after deposit with the United States postal service; provided that notice of change of address shall be effective
only upon actual receipt.

 

15.         Assignment.
Absent the prior written consent of the other party hereto, this Note shall not be assignable by the Payor or Lender.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF,
Payor has executed and delivered this Promissory Note on the date first above written.

 

	 	EASTERN RESOURCES, INC.
	 	 
	 	 
	 	By:  Robert Trenaman
	 	Title: President

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