Document:

Camber Energy, Inc. 8-K

 

Exhibit 10.5

 

FORM OF

INDEMNIFICATION AGREEMENT

 

This
Indemnification Agreement (“Agreement”) is entered into as of [DATE] by and between Camber
Energy, Inc., a Nevada corporation (the “Company”) and [Indemnitee], an individual
(“Indemnitee”).

 

RECITALS

 

A. The Company and
Indemnitee recognize the continued difficulty in obtaining liability insurance for its directors, officers, employees, agents and
fiduciaries, the significant increases in the cost of such insurance and the general reductions in the coverage of such insurance.

 

B. The Company and
Indemnitee further recognize the substantial increase in corporate litigation in general, subjecting directors, officers, employees,
agents and fiduciaries to expensive litigation risks at the same time as the availability and coverage of liability insurance has
been severely limited.

 

C. Indemnitee does
not regard the current protection available as adequate under the present circumstances, and Indemnitee may not be willing to continue
to serve the Company in the position of [Position] of the Company without additional protection.

 

D. The Company desires
to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve the Company and, in part, in order
to induce Indemnitee to provide services to the Company, wishes to provide for the indemnification and advancing of expenses to
Indemnitee to the maximum extent permitted by law.

 

In view of the considerations
set forth above, the Company desires that Indemnitee be indemnified by the Company as set forth herein.

 

NOW, THEREFORE, the Company and Indemnitee
hereby agree as follows:

 

1.           Indemnification.

 

(a) Indemnification
of Expenses. The Company shall indemnify to the fullest extent permitted by law if Indemnitee was or is or becomes a party
to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, any threatened,
pending or completed action, suit, proceeding or alternative dispute resolution mechanism, or any hearing, inquiry or investigation
that Indemnitee in good faith believes might lead to the institution of any such action, suit, proceeding or alternative dispute
resolution mechanism, whether civil, criminal, administrative, investigative or other (hereinafter a “Claim”)
by reason of (or arising in part out of) any event or occurrence related to the fact that Indemnitee is or was a director, officer,
employee, agent or fiduciary of the Company, or any subsidiary of the Company, or is or was serving at the request of the Company
as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other enterprise,
or by reason of any action or inaction on the part of Indemnitee while serving in such capacity (hereinafter an “Indemnifiable
Event”) against any and all expenses (including attorneys’ fees and all other costs, expenses and obligations
incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing
to defend, be a witness in or participate in, any such action, suit, proceeding, alternative dispute resolution mechanism, hearing,
inquiry or investigation), judgments, fines, penalties and amounts paid in settlement (if such settlement is approved in advance
by the Company, which approval shall not be unreasonably withheld) of such Claim and any federal, state, local or foreign taxes
imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement (collectively, hereinafter
“Expenses”), including all interest, assessments and other charges paid or payable in connection with
or in respect of such Expenses. Such payment of Expenses shall be made by the Company as soon as practicable but in any event no
later than twenty (20) days after written demand by Indemnitee therefor is presented to the Company.

 

     

     

    

 

(b) Reviewing Party.
Notwithstanding the foregoing, (i) the obligations of the Company under Section 1(a) shall be subject to the condition that the
Reviewing Party (as described in Section 10(e) hereof) shall not have determined (in a written opinion, in any case in which the
Independent Legal Counsel referred to in Section 10(c) hereof is involved) that Indemnitee would not be permitted to be indemnified
under applicable law, and (ii) the obligation of the Company to make an advance payment of Expenses to Indemnitee pursuant to Section
2(a) (an “Expense Advance”) shall be subject to the condition that, if, when and to the extent that the
Reviewing Party determines that Indemnitee would not be permitted to be so indemnified under applicable law, the Company shall
be entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid;
provided, however, that if Indemnitee has commenced or thereafter commenced legal proceedings in a court of competent jurisdiction
to secure a determination that Indemnitee should be indemnified under applicable law, any determination made by the Reviewing Party
that Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and Indemnitee shall not be
required to reimburse the Company for any Expense Advance until a final judicial determination is made with respect thereto (as
to which all rights of appeal therefrom have been exhausted or lapsed). The Indemnitee’s obligation to reimburse the Company
for any Expense Advance shall be unsecured and no interest shall be charged thereon. If there has not been a Change in Control
(as defined in Section 10(c) hereof), the Reviewing Party shall be selected by the Board of Directors, and if there has been such
a Change in Control (other than a Change in Control which has been approved by a majority of the Company’s Board of Directors
who were directors immediately prior to such Change in Control), the Reviewing Party shall be the Independent Legal Counsel referred
to in Section 10(c) hereof. If there has been no determination by the Reviewing Party or if the Reviewing Party determines that
Indemnitee substantively would not be permitted to be indemnified in whole or in part under applicable law, Indemnitee shall have
the right to commence litigation seeking an initial determination by the court or challenging any such determination by the Reviewing
Party or any aspect thereof, including the legal or factual basis therefor, and the Company hereby consents to service of process
and to appear in any such proceeding. Any determination by the Reviewing Party otherwise shall be conclusive and binding on the
Company and Indemnitee.

 

(c) Change in Control.
The Company agrees that if there is a Change in Control of the Company (other than a Change in Control which has been approved
by a majority of the Company’s Board of Directors who were directors immediately prior to such Change in Control) then, with
respect to all matters thereafter arising concerning the rights of the Indemnitee to payments of Expenses and Expense Advances
under this Agreement or any other agreement or under the Company’s Articles of Incorporation, as amended, or Bylaws as now
or hereafter in effect, Independent Legal Counsel (as defined in Section 10(d) hereof) shall be selected by Indemnitee and approved
by the Company (which approval shall not be unreasonably withheld, conditioned or delayed). Such counsel, among other things, shall
render its written opinion to the Company and Indemnitee as to whether and to what extent Indemnitee would be permitted to be indemnified
under applicable law and the Company agrees to abide by such opinion. The Company agrees to pay the reasonable fees of the Independent
Legal Counsel referred to above and to fully indemnify such counsel against any and all expenses (including attorneys’ fees),
claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

    
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	Indemnification Agreement	 [Indemnitee]

     

    

 

(d) Mandatory Payment
of Expenses. Notwithstanding any other provision of this Agreement other than Section 9 hereof, to the extent that Indemnitee
has been successful on the merits or otherwise, including, without limitation, the dismissal of an action without prejudice, in
defense of any action, suit, proceeding, inquiry or investigation referred to in Section (1)(a) hereof or in the defense of any
claim, issue or matter therein, Indemnitee shall be indemnified against all Expenses incurred by Indemnitee in connection therewith.

 

2.           Expenses;
Indemnification Procedure.

 

(a) Advancement
of Expenses. The Company shall advance all Expenses incurred by Indemnitee. The advances to be made hereunder shall be paid
by the Company to Indemnitee as soon as practicable but in any event no later than twenty (20) days after written demand by Indemnitee
therefor to the Company.

 

(b) Notice/Cooperation
by Indemnitee. Indemnitee shall, as a condition precedent to Indemnitee’s right to be indemnified under this Agreement,
give the Company notice in writing as soon as practicable of any Claim made against Indemnitee for which indemnification will or
could be sought under this Agreement. Notice to the Company shall be directed to the Board of Directors of the Company at the address
set forth in Section 14(d)(i) hereof (or such other address as the Company shall designate in writing to Indemnitee as provided
in Section 14 hereof). In addition, Indemnitee shall give the Company such information and cooperation as it may reasonably require
and as shall be within Indemnitee’s power.

 

(c) No Presumptions;
Burden of Proof. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with
or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption
that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that
indemnification is not permitted by applicable law. In addition, neither the failure of the Reviewing Party to have made a determination
as to whether Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by
the Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement
of legal proceedings by Indemnitee to secure a judicial determination that Indemnitee should be indemnified under applicable law,
shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has not met any particular standard of conduct
or did not have any particular belief. In connection with any determination by the Reviewing Party or otherwise as to whether Indemnitee
is entitled to be indemnified hereunder, the burden of proof shall be on the Company to establish that Indemnitee is not so entitled.

 

(d) Notice to Insurers.
If, at the time of the receipt by the Company of a notice of a Claim pursuant to Section 2(b) hereof, the Company has liability
insurance in effect which may cover such Claim, the Company shall give prompt notice of the commencement of such Claim to the insurers
in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable
action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such action, suit, proceeding,
inquiry or investigation in accordance with the terms of such policies.

 

    
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	Indemnification Agreement	 [Indemnitee]

     

    

 

(e) Selection of
Counsel. In the event the Company shall be obligated hereunder to pay the Expenses of any Claim, the Company shall be entitled
to assume the defense of such Claim with counsel approved by Indemnitee, which approval shall not be unreasonably withheld, upon
the delivery to Indemnitee of written notice of its election so to do. After delivery of such notice, approval of such counsel
by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement
for any fees of counsel subsequently incurred by Indemnitee with respect to the same Claim; provided that, (i) Indemnitee shall
have the right to employ Indemnitee’s counsel in any such Claim at Indemnitee’s expense and (ii) if (A) the employment
of counsel by Indemnitee has been previously authorized by the Company, (B) Indemnitee shall have reasonably concluded that there
is a conflict of interest between the Company and Indemnitee in the conduct of any such defense, or (C) the Company shall not continue
to retain such counsel to defend such Claim, then the fees and expenses of Indemnitee’s counsel shall be at the expense of
the Company. The Company shall have the right to conduct such defense as it sees fit in its sole discretion, including the right
to settle any claim against Indemnitee without the consent of the Indemnitee.

 

3.           Additional
Indemnification Rights; Non-exclusivity.

 

(a) Scope. The
Company hereby agrees to indemnify Indemnitee to the fullest extent permitted by law, notwithstanding that such indemnification
is not specifically authorized by the other provisions of this Agreement, the Company’s Articles of Incorporation, as amended,
the Company’s Bylaws, as amended, or by statute. In the event of any change after the date of this Agreement in any applicable
law, statute or rule which expands the right of a Nevada corporation to indemnify a member of its Board of Directors or an officer,
employee, agent or fiduciary, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater
benefits afforded by such change. In the event of any change in any applicable law, statute or rule which narrows the right of
a Nevada corporation to indemnify a member of its Board of Directors or an officer, employee, agent or fiduciary, such change,
to the extent not otherwise required by such law, statute or rule to be applied to this Agreement, shall have no effect on this
Agreement or the parties’ rights and obligations hereunder except as set forth in Section 8(a) hereof.

 

(b) Non-exclusivity.
The indemnification provided by this Agreement shall be in addition to any rights to which Indemnitee may be entitled under the
Company’s Articles of Incorporation, as amended, its Bylaws, as amended, any agreement, any vote of stockholders or directors,
the Nevada Revised Statutes, or otherwise. The indemnification provided under this Agreement shall continue as to Indemnitee for
any action Indemnitee took or did not take while serving in an indemnified capacity even though Indemnitee may have ceased to serve
in such capacity.

 

(c) Change in Domicile.
In the event the Company shall at any time change its state or other jurisdiction of organization from Nevada, each reference herein
to “Nevada” shall refer to such state or other jurisdiction of organization which rules and regulations
the Company is then organized under and each reference herein to the “Nevada Revised Statutes” shall
refer to such analogous statutes of such state or other jurisdiction of organization which the Company is then organized under.

 

4.           No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with any Claim
made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy, Articles
of Incorporation, as amended, Bylaws, as amended, or otherwise) of the amounts otherwise indemnifiable hereunder from any party
whatsoever.

 

5.           Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some
or a portion of Expenses incurred in connection with any Claim, but not, however, for the total amount thereof, the Company shall
nevertheless indemnify Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

 

    
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	Indemnification Agreement	 [Indemnitee]

     

    

 

6.          Mutual
Acknowledgment. Both the Company and Indemnitee acknowledge that in certain instances, Federal law or applicable public policy
may prohibit the Company from indemnifying its directors, officers, employees, agents or fiduciaries under this Agreement or otherwise.
Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the
Securities and Exchange Commission to submit the question of indemnification to a court in certain circumstances for a determination
of the Company’s right under public policy to indemnify Indemnitee.

 

7.          Liability
Insurance. The Company shall, from time to time, make the good faith determination whether or not it is practicable for the
Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and
directors of the Company with coverage for losses from wrongful acts, or to ensure the Company’s performance of its indemnification
obligations under this Agreement. Among other considerations, the Company will weigh the costs of obtaining such insurance coverage
against the protection afforded by such coverage. In all policies of directors’ and officers’ liability insurance,
Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are accorded
to the most favorably insured of the Company’s directors, if Indemnitee is a director; of the Company’s officers, if
Indemnitee is not a director of the Company but is an officer; of the Company’s key employees, if Indemnitee is not an officer
or director but is a key employee; or of any combination of the foregoing in which Indemnitee serves, if Indemnity serves in more
capacities than just a director, an officer or a key employee. Notwithstanding the foregoing, the Company shall have no obligation
to obtain or maintain such insurance if the Company determines in good faith that such insurance is not reasonably available, if
the premium costs for such insurance are disproportionate to the amount of coverage provided, if the coverage provided by such
insurance is limited by exclusions so as to provide an insufficient benefit, or if Indemnitee is covered by similar insurance maintained
by a subsidiary or parent of the Company.

 

8.           Exceptions.
Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement:

 

(a) Excluded Action
or Omissions. To indemnify Indemnitee for Expenses resulting from acts, omissions or transactions for which Indemnitee is prohibited
from receiving indemnification under this Agreement or applicable law;

 

(b) Claims Initiated
by Indemnitee. To indemnify or advance expenses to Indemnitee with respect to Claims initiated or brought voluntarily by Indemnitee
and not by way of defense, except (i) with respect to actions or proceedings brought to establish or enforce a right to indemnification
under this Agreement or any other agreement or insurance policy or under the Company’s Articles of Incorporation, as amended,
or Bylaws now or hereafter in effect relating to Claims for Indemnifiable Events, (ii) in specific cases if the Board of Directors
has approved the initiation or bringing of such Claim, or (iii) as otherwise required under the Nevada Revised Statutes, regardless
of whether Indemnitee ultimately is determined to be entitled to such indemnification, advance expense payment or insurance recovery,
as the case may be;

 

(c) Lack of Good
Faith. To indemnify Indemnitee for any expenses incurred by Indemnitee with respect to any proceeding instituted by Indemnitee
to enforce or interpret this Agreement, if a court of competent jurisdiction determines that each of the material assertions made
by Indemnitee in such proceeding was not made in good faith or was frivolous; or

 

    
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	Indemnification Agreement	 [Indemnitee]

     

    

 

(d) Claims Under
Section 16(b). To indemnify Indemnitee for expenses and the payment of profits arising from the purchase and sale by Indemnitee
of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute.

 

9.          Period
of Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company
against Indemnitee, Indemnitee’s estate, spouse, heirs, executors or personal or legal representatives after the expiration
of one (1) year from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished
and deemed released unless asserted by the timely filing of a legal action within such one-year period; provided, however, that
if any shorter period of limitations is otherwise applicable to any such cause of action, such shorter period shall govern.

 

10.         Construction
of Certain Phrases.

 

(a) For purposes of
this Agreement, references to the “Company” shall include, in addition to the resulting corporation,
any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate
existence had continued, would have had power and authority to indemnify its directors, officers, employees, agents or fiduciaries,
so that if Indemnitee is or was a director, officer, employee, agent or fiduciary of such constituent corporation, or is or was
serving at the request of such constituent corporation as a director, officer, employee, agent or fiduciary of another corporation,
partnership, joint venture, employee benefit plan, trust or other enterprise, Indemnitee shall stand in the same position under
the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to
such constituent corporation if its separate existence had continued.

 

(b) For purposes of
this Agreement, references to “other enterprises” shall include employee benefit plans; references to
“fines” shall include any excise taxes assessed on Indemnitee with respect to an employee benefit plan;
and references to “serving at the request of the Company” shall include any service as a director, officer,
employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee,
agent or fiduciary with respect to an employee benefit plan, its participants or its beneficiaries; and if Indemnitee acted in
good faith and in a manner Indemnitee reasonably believed to be in the interest of the participants and beneficiaries of an employee
benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company”
as referred to in this Agreement.

 

(c) For purposes of
this Agreement a “Change in Control” shall be deemed to have occurred if, on or after the date of this
Agreement, (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company
acting in such capacity or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company, becomes the “beneficial owner” (as defined in
Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing more than 50% of the total voting
power represented by the Company’s then outstanding Voting Securities (as defined in Section 10(f) hereof), (ii) during any
period of two (2) consecutive years, individuals who at the beginning of such period constitute the Board of Directors of the Company
and any new director whose election by the Board of Directors or nomination for election by the Company’s stockholders was
approved by a vote of at least two thirds (2/3) of the directors then still in office who either were directors at the beginning
of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority
thereof, or (iii) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation other
than a merger or consolidation which would result in the Voting Securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity)
at least 80% of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding
immediately after such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the
Company or an agreement for the sale or disposition by the Company of (in one transaction or a series of related transactions)
all or substantially all of the Company’s assets.

 

    
	Page 6 of 10	Camber Energy, Inc. and
	Indemnification Agreement	 [Indemnitee]

     

    

 

(d) For purposes of
this Agreement, “Independent Legal Counsel” shall mean an attorney or firm of attorneys, selected in
accordance with the provisions of Section 1(c) hereof, who shall not have otherwise performed services for the Company or Indemnitee
within the last three (3) years (other than with respect to matters concerning the rights of Indemnitee under this Agreement, or
of other indemnitees under similar indemnity agreements).

 

(e) For purposes of
this Agreement, a “Reviewing Party” shall mean any appropriate person or body consisting of a member
or members of the Company’s Board of Directors or any other person or body appointed by the Board of Directors who is not
a party to the particular Claim for which an Indemnitee is seeking indemnification, or Independent Legal Counsel.

 

(f) For purposes of
this Agreement, “Voting Securities” shall mean any securities of the Company that vote generally in the
election of directors.

 

(g) For the purposes
of this Agreement, “Articles of Incorporation” shall mean the Articles of Incorporation, or similar governing
document of the Company in effect as of the date of determination.

 

(h) For the purposes
of this Agreement, “Bylaws” shall mean the Bylaws of the Company in effect as of the date of determination.

 

11.         Counterparts,
Effect of Facsimile, Emailed and Photocopied Signatures. This Agreement and any signed agreement or instrument entered into
in connection with this Agreement, and any amendments hereto or thereto, may be executed in one or more counterparts, all of which
shall constitute one and the same instrument. Any such counterpart, to the extent delivered by means of a facsimile machine or
by .pdf, .tif, .gif, .jpeg or similar attachment to electronic mail (any such delivery, an “Electronic Delivery”)
shall be treated in all manner and respects as an original executed counterpart and shall be considered to have the same binding
legal effect as if it were the original signed version thereof delivered in person. At the request of any party, each other party
shall re execute the original form of this Agreement and deliver such form to all other parties. No party shall raise the use of
Electronic Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated
through the use of Electronic Delivery as a defense to the formation of a contract, and each such party forever waives any such
defense, except to the extent such defense relates to lack of authenticity.

 

    
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	Indemnification Agreement	 [Indemnitee]

     

    

 

12.        Binding
Effect; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the
parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation
or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, and personal and legal representatives.
The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise)
to all, substantially all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and
substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform if no such succession had taken place. This Agreement shall continue in effect
with respect to Claims relating to Indemnifiable Events regardless of whether Indemnitee continues to serve as a director, officer,
employee, agent or fiduciary of the Company or of any other enterprise at the Company’s request.

 

13.        Attorneys’
Fees. In the event that any action is instituted by Indemnitee under this Agreement or under any liability insurance policies
maintained by the Company to enforce or interpret any of the terms hereof or thereof, Indemnitee shall be entitled to be paid all
Expenses incurred by Indemnitee with respect to such action, regardless of whether Indemnitee is ultimately successful in such
action, and shall be entitled to the advancement of Expenses with respect to such action, unless, as a part of such action, a court
of competent jurisdiction over such action determines that each of the material assertions made by Indemnitee as a basis for such
action was not made in good faith or was frivolous. In the event of an action instituted by or in the name of the Company under
this Agreement to enforce or interpret any of the terms of this Agreement, Indemnitee shall be entitled to be paid all Expenses
incurred by Indemnitee in defense of such action (including costs and expenses incurred with respect to Indemnitee’s counterclaims
and cross-claims made in such action), and shall be entitled to the advancement of Expenses with respect to such action, unless,
as a part of such action, a court having jurisdiction over such action determines that each of Indemnitee’s material defenses
to such action was made in bad faith or was frivolous.

 

14.        Notice.
All notices and other communications required or permitted hereunder shall be in writing, shall be effective when given, and shall
in any event be deemed to be given (a) five (5) days after deposit with the U.S. Postal Service or other applicable postal service,
if delivered by first class mail, postage prepaid, (b) upon delivery, if delivered by hand, (c) one (1) business day after the
business day of deposit with Federal Express or similar overnight courier, freight prepaid, or (d) one (1) day after the business
day of delivery by facsimile transmission, if delivered by facsimile transmission, with copy by first class mail, postage prepaid,
to the parties and the following addresses:

 

	(i) if to the Company, to:	 	Attention:
Board of Directors
	 	 	Camber Energy, Inc.
	 	 	1415 Louisiana, Suite 3500
	 	 	Houston, Texas 77002
	 	 	Fax: ________________
	 	 	 
	(ii) if to Indemnitee, to:	 	[Indemnitee]
	 	 	 
	 	 	Address
	 	 	 
	 	 	Address
	 	 	 
	 	 	Address
	 	 	 
	 	 	Fax

 

or at such other address as such party
may designate by ten (10) days’ advance written notice to the other party hereto.

 

    
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	Indemnification Agreement	 [Indemnitee]

     

    

 

15.        Consent
to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the State
of Texas for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement and agree
that any action instituted under this Agreement shall be commenced, prosecuted and continued only in the courts of the State of
Texas, which shall be the exclusive and only proper forum for adjudicating such a claim.

 

16.         Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within
a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable,
and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent
possible, the provisions of this Agreement (including, without limitations, each portion of this Agreement containing any provision
held to be invalid, void or otherwise unenforceable that is not itself invalid, void or unenforceable) shall be construed so as
to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

 

17.         Choice
of Law. This Agreement shall be governed by and its provisions construed and enforced in accordance with the laws of the State
of Texas, as applied to contracts between Texas residents, entered into and to be performed entirely within the State of Texas,
without regard to the conflict of laws principles thereof.

 

18.         Subrogation.
In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee who shall execute all documents required and shall do all acts that may be necessary to secure such rights
and to enable the Company effectively to bring suit to enforce such rights.

 

19.         Amendment
and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless it is
in writing signed by both the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

20.        Integration
and Entire Agreement. This Agreement sets forth the entire understanding between the parties hereto and supersedes and merges
all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter hereof between
the parties hereto.

 

21.         No
Construction as Employment Agreement. Nothing contained in this Agreement shall be construed as giving Indemnitee any right
to be retained in the employ of the Company or any of its subsidiaries.

 

    
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	Indemnification Agreement	 [Indemnitee]

     

    

 

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

	 	 	 	 
	 	CAMBER ENERGY, INC.
	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 	 

  

AGREED TO AND ACCEPTED BY:

 

	[Indemnitee]	 

 

    
	Page 10 of 10	Camber Energy, Inc. and
	Indemnification Agreement	 [Indemnitee]SECURITIES
PURCHASE AGREEMENT

 

This SECURITIES PURCHASE AGREEMENT (the “Agreement”), dated as of July 1, 2019, by and
between Verus International, Inc., a Delaware corporation, with headquarters located at 9841 Washingtonian Boulevard, #390,
Gaithersburg, MD 20878 (the “Company”), and Eagle Equities, LLC, a Nevada limited liability company, with its address
at 390 Whalley Ave., New Haven, CT 06511 (the “Buyer”).

 

WHEREAS:

 

A.
The Company and the Buyer are executing and delivering this Agreement in reliance upon Section 4(a)(2) of the Securities Act of
1933, as amended (the “1933 Act”) promulgated by the United States Securities and Exchange Commission (the “SEC”);
and

 

B.
Buyer desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement
a 4% convertible note of the Company, in the form attached hereto as Exhibit A, in the aggregate principal amount
of $605,000.00 (together with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto
in accordance with the terms thereof, the “Note”), convertible into shares of common stock, of the Company, par value
$0.000001 per share (the “Common Stock”), upon the terms and subject to the limitations and conditions set forth in
such Note. The Note shall contain an original issue discount (“OID”) of $90,000 such that the purchase price of the
Note shall be $515,000.

 

NOW
THEREFORE, the Company and the Buyer severally (and not jointly) hereby agree as follows:

 

1.
Purchase and Sale of the Note.

 

a.
Purchase of the Note. On the Closing Date (as defined herein), the Company shall issue and sell to the Buyer and the Buyer
agrees to purchase from the Company the Note in the principal amount of $605,000.00 (which includes an original issuance discount
of

$90,000.00
(the “OID”)).

 

b. Form
of Payment. On the Closing Date (i) the Buyer shall pay $605,000.00 (less the OID and $15,000 in legal fees) (the
“Purchase Price”) for the Note to be issued and sold to it at the Closing (as defined herein) by wire transfer of
immediately available funds to the Company, in accordance with the Company’s written wiring instructions, against
delivery of the Note in the principal amount equal to the Purchase Price, and (ii) the Company shall deliver such duly
executed Note on behalf of the Company, to the Buyer, against delivery of such Purchase Price.

 

c.
Closing Date. The date and time of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”)
shall be on or about July 1, 2019, or such other mutually agreed upon time. The closing of the transactions contemplated by this
Agreement (the “Closing”) shall occur on the Closing Date at such location as may be agreed to by the parties.

 

    	 

    	 

    

 

2.
Buyer’s Representations and Warranties. The Buyer represents and warrants to the Company that:

 

a.
Investment Purpose. As of the date hereof, the Buyer is purchasing the Note and the shares of Common Stock issuable upon
conversion of or otherwise pursuant to the Note (such shares of Common Stock being collectively referred to herein as the “Conversion
Shares” and, collectively with the Note, the “Securities”) for its own account and not with a present view towards
the public sale or distribution thereof, except pursuant to sales registered or exempted from registration under the 1933 Act;
provided, however, that by making the representations herein, the Buyer does not agree to hold any of the Securities
for any minimum or other specific term and reserves the right to dispose of the Securities at any time in accordance with or pursuant
to a registration statement or an exemption under the 1933 Act.

 

b.
Accredited Investor Status. The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of
Regulation D (an “Accredited Investor”).

 

c.
Reliance on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance upon specific
exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying
upon the truth and accuracy of, and the Buyer’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Buyer set forth herein in order to determine the availability of such exemptions and the eligibility
of the Buyer to acquire the Securities.

 

d.
Information. The Buyer and its advisors, if any, have been furnished with all materials relating to the business, finances
and operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the
Buyer or its advisors. The Buyer and its advisors, if any, have been afforded the opportunity to ask questions of the Company.
Notwithstanding the foregoing, the Company has not disclosed to the Buyer any material non-public information and will not disclose
such information unless such information is disclosed to the public prior to or promptly following such disclosure to the Buyer.
Neither such inquiries nor any other due diligence investigation conducted by Buyer or any of its advisors or representatives
shall modify, amend or affect Buyer’s right to rely on the Company’s representations and warranties contained in Section
3 below. The Buyer understands that its investment in the Securities involves a significant degree of risk.

 

e.
Governmental Review. The Buyer understands that no United States federal or state agency or any other government or governmental
agency has passed upon or made any recommendation or endorsement of the Securities.

 

    	2

    	 

    

 

f.
Transfer or Re-sale. The Buyer understands that (i) the sale or re-sale of the Securities has not been and is not being
registered under the 1933 Act or any applicable state securities laws, and the Securities may not be transferred unless (a) the
Securities are sold pursuant to an effective registration statement under the 1933 Act, (b) the Buyer shall have delivered to
the Company, at the cost of the Buyer, an opinion of counsel that shall be in form, substance and scope customary for opinions
of counsel in comparable transactions to the effect that the Securities to be sold or transferred may be sold or transferred pursuant
to an exemption from such registration, which opinion shall be accepted by the Company, (c) the Securities are sold or transferred
to an “affiliate” (as defined in Rule 144 promulgated under the 1933 Act (or a successor rule) (“Rule 144”)
of the Buyer who agrees to sell or otherwise transfer the Securities only in accordance with this Section 2(f) and who is an Accredited
Investor, (d) the Securities are sold pursuant to Rule 144, or (e) the Securities are sold pursuant to Regulation S under the
1933 Act (or a successor rule) (“Regulation S”), and the Buyer shall have delivered to the Company, at the cost of
the Buyer, an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in corporate transactions,
which opinion shall be accepted by the Company; (ii) any sale of such Securities made in reliance on Rule 144 may be made only
in accordance with the terms of said Rule and further, if said Rule is not applicable, any re-sale of such Securities under circumstances
in which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that term is defined
in the 1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and regulations of the SEC thereunder;
and (iii) neither the Company nor any other person is under any obligation to register such Securities under the 1933 Act or any
state securities laws or to comply with the terms and conditions of any exemption thereunder (in each case). Notwithstanding the
foregoing or anything else contained herein to the contrary, the Securities may be pledged as collateral in connection with a
bona fide margin account or other lending arrangement.

 

g.
Legends. The Buyer understands that until such time as the Securities have been registered under the 1933 Act may be sold
pursuant to Rule 144 or Regulation S without any restriction as to the number of Securities as of a particular date that can then
be immediately sold, the Conversion Shares may bear a restrictive legend in substantially the following form (and a stop-transfer
order may be placed against transfer of the certificates for such Securities):

 

“NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN
A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE
144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

    	3

    	 

    

 

The
legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security
upon which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for
sale under an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to Rule 144 or Regulation
S without any restriction as to the number of Securities as of a particular date that can then be immediately sold, or (b) such
holder provides the Company with an opinion of counsel, in form, substance and scope customary for opinions of counsel in comparable
transactions, to the effect that a public sale or transfer of such Securities may be made without registration under the 1933
Act, which opinion shall be accepted by the Company so that the sale or transfer is effected. The Buyer agrees to sell all Securities,
including those represented by a certificate(s) from which the legend has been removed, in compliance with applicable securities
laws and prospectus delivery requirements, if any. In the event that the Company does not accept the opinion of counsel provided
by the Buyer with respect to the transfer of Securities pursuant to an exemption from registration, such as Rule 144 or Regulation
S, within three (3) business days, it will be considered an Event of Default under the Note.

 

h.
Authorization; Enforcement. This Agreement has been duly and validly authorized. This Agreement has been duly executed
and delivered on behalf of the Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer enforceable in
accordance with its terms.

 

i.
Economic Risk. The Buyer has the financial ability to bear the economic risk of the Buyer’s investment, has adequate
means for providing for its current needs and contingencies, and has no need for liquidity with respect to an investment in the
Company.

 

3.
Representations and Warranties of the Company. The Company represents and warrants to the Buyer that:

 

a.
Organization and Qualification. The Company and each of its subsidiaries, is a corporation duly organized, validly existing
and, except RealBiz Media Group, Inc., a Florida corporation, in good standing under the laws of the jurisdiction in which it
is incorporated, with full power and authority (corporate and other) to own, lease, use and operate its properties and to carry
on its business as and where now owned, leased, used, operated and conducted.

 

Authorization;
Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement, the
Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms
hereof and thereof, (ii) the execution and delivery of this Agreement, the Note by the Company and the consummation by it of the
transactions contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance and reservation
for issuance of the Conversion Shares issuable upon conversion or exercise thereof) have been duly authorized by the Company’s
Board of Directors and no further consent or authorization of the Company, its Board of Directors, or its shareholders is required,
(iii) this Agreement has been duly executed and delivered by the Company by its authorized representative, and such authorized
representative is the true and official representative with authority to sign this Agreement and the other documents executed
in connection herewith and bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution and delivery
by the Company of the Note, each of such instruments will constitute, a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms except as may be limited by bankruptcy, reorganization, insolvency, moratorium
and similar laws of general application relating to or affecting the enforcement of rights of creditors, and except as enforceability
of the obligations hereunder are subject to general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or law).

 

    	4

    	 

    

 

b.
Issuance of Conversion Shares. The Conversion Shares are duly authorized and reserved for issuance and, upon conversion
of the Note in accordance with its respective terms, will be validly issued, fully paid and non-assessable, and free from all
taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other
similar rights of stockholders of the Company and will not impose personal liability upon the holder thereof.

 

c.
Acknowledgment of Dilution. The Company understands and acknowledges the potentially dilutive effect to the Common Stock
upon the issuance of the Conversion Shares upon conversion of the Note. The Company further acknowledges that its obligation to
issue Conversion Shares upon conversion of the Note in accordance with this Agreement, the Note is absolute and unconditional
regardless of the dilutive effect that such issuance may have on the ownership interests of other shareholders of the Company.

 

d.
No Conflicts. The execution, delivery and performance of this Agreement, the Note by the Company and the consummation by
the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation for
issuance of the Conversion Shares) will not (i) conflict with or result in a violation of any provision of the Company’s
Amended and Restated Certificate of Incorporation, as amended, or Amended and Restated By-laws, or (ii) violate or conflict with,
or result in a breach of any provision of, or constitute a default (or an event which with notice or lapse of time or both could
become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
indenture, patent, patent license or instrument to which the Company or any of its subsidiaries is a party, or (iii) result in
a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations
and regulations of any self- regulatory organizations to which the Company or its securities are subject) applicable to the Company
or any of its subsidiaries or by which any property or asset of the Company or any of its subsidiaries is bound or affected (except
for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually
or in the aggregate, have a Material Adverse Effect). All consents, authorizations, orders, filings and registrations which the
Company is required to obtain pursuant to the preceding sentence have been obtained or effected on or prior to the date hereof.
The Company is not in violation of the listing requirements of the OTC Markets Exchange (the “OTC MARKETS”) and does
not reasonably anticipate that the Common Stock will be delisted by the OTC MARKETS in the foreseeable future, nor are the Company’s
securities “chilled” by FINRA. The Company and its subsidiaries are unaware of any facts or circumstances which might
give rise to any of the foregoing. “Material Adverse Effect” means any material adverse effect on (i) the business,
properties, assets, liabilities, operations (including results thereof), condition (financial or otherwise) or prospects of the
Company or any Subsidiary, individually or taken as a whole, (ii) the transactions contemplated hereby or in any of the other
transaction documents or (iii) the authority or ability of the Company to perform its obligations under any of the transaction
documents.

 

    	5

    	 

    

 

e.
Absence of Litigation. Except as disclosed in the Company’s public filings, there is no action, suit, claim, proceeding,
inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending
or, to the knowledge of the Company or any of its subsidiaries, threatened against or affecting the Company or any of its subsidiaries,
or their officers or directors in their capacity as such, that could have a Material Adverse Effect. The Company and its subsidiaries
are unaware of any facts or circumstances which might give rise to any of the foregoing.

 

f.
Acknowledgment Regarding Buyer’s Purchase of Securities. The Company acknowledges and agrees that the Buyer is acting
solely in the capacity of arm’s length purchasers with respect to this Agreement and the transactions contemplated hereby.
The Company further acknowledges that the Buyer is not acting as a financial advisor or fiduciary of the Company (or in any similar
capacity) with respect to this Agreement and the transactions contemplated hereby and any statement made by the Buyer or any of
its respective representatives or agents in connection with this Agreement and the transactions contemplated hereby is not advice
or a recommendation and is merely incidental to the Buyer’s purchase of the Securities. The Company further represents to
the Buyer that the Company’s decision to enter into this Agreement has been based solely on the independent evaluation of
the Company and its representatives.

 

g.
No Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has
directly or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances
that would require registration under the 1933 Act of the issuance of the Securities to the Buyer.

 

h.
Title to Property. The Company and its subsidiaries have good and marketable title in fee simple to all real property and
good and marketable title to all personal property owned by them which is material to the business of the Company and its subsidiaries,
in each case free and clear of all liens, encumbrances and defects or such as would not have a Material Adverse Effect. Any real
property and facilities held under lease by the Company and its subsidiaries are held by them under valid, subsisting and enforceable
leases with such exceptions as would not have a Material Adverse Effect.

 

i.
Bad Actor. No officer or director of the Company would be disqualified under Rule 506(d) of the 1933 Act on the basis of
being a “bad actor” as described in Rule 506(d) under the 1933 Act.

 

j.
Breach of Representations and Warranties by the Company. If the Company breaches any of the representations or warranties
set forth in this Section 3, and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will
be considered an Event of default under the Note.

 

    	6

    	 

    

 

4.
COVENANTS.

 

a.
Expenses. At the Closing, the Company shall reimburse Buyer for expenses incurred by it in connection with the negotiation,
preparation, execution, delivery and performance of this Agreement and the other agreements to be executed in connection herewith,
including, without limitation, reasonable attorneys’ and consultants’ fees and expenses, transfer agent fees, fees
for stock quotation services, fees relating to any amendments or modifications of the transaction documents or any consents or
waivers of provisions in the transaction documents, fees for the preparation of opinions of counsel, escrow fees, and costs of
restructuring the transactions contemplated by the transaction documents; provided, however, such reimbursement shall not exceed
$15,000 in the aggregate.

 

b.
Listing. The Company will obtain and, so long as the Buyer owns any of the Securities, maintain the listing and trading
of its Common Stock on the OTC MARKETS or any equivalent replacement exchange, including the New York Stock Exchange, the NYSE
American, The NASDAQ Capital Market, The NASDAQ Global Market or The NASDAQ Global Select Market,  and will comply in all respects
with the Company’s reporting, filing and other obligations under the bylaws or rules of the Financial Industry Regulatory
Authority (“FINRA”) and such exchanges, as applicable. The Company shall promptly provide to the Buyer copies of any
notices it receives from the OTC MARKETS and any other exchanges or quotation systems on which the Common Stock is then listed
regarding the continued eligibility of the Common Stock for listing on such exchanges and quotation systems.

 

c.
Corporate Existence. So long as any principal amount of the Note remains outstanding, the Company shall maintain its corporate
existence and shall not sell all or substantially all of the Company’s assets, except in the event of a merger or consolidation
or sale of all or substantially all of the Company’s assets, where the surviving or successor entity in such transaction
(i) assumes the Company’s obligations hereunder and under the agreements and instruments entered into in connection herewith
and (ii) is a publicly traded corporation whose Common Stock is listed for trading on the OTC MARKETS, the New York Stock Exchange,
the NYSE American, The NASDAQ Capital Market, The NASDAQ Global Market or The NASDAQ Global Select Market.

 

d.
Intentionally Omitted.

 

e.
Funding Lock Up. For a period of 60 days following the closing of the sale of the First Note, the Company shall not consummate
any convertible financing.

 

f.
Breach of Covenants. If the Company breaches any of the covenants set forth in this Section 4, and in addition to any other
remedies available to the Buyer pursuant to this Agreement, it will be considered an Event of Default under the Note.

 

    	7

    	 

    

 

5.
Governing Law; Miscellaneous.

 

a.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Agreement shall be brought only in the state courts of New York or in the federal courts located in the state and county
of New York. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted
hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. THE
COMPANY AND BUYER WAIVE TRIAL BY JURY. The prevailing party shall be entitled to recover from the other party its reasonable
attorney’s fees and costs. Each party hereby irrevocably waives personal service of process and consents to process being
served in any suit, action or proceeding in connection with this Agreement or any other transaction document by mailing a copy
thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect
for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and
notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted
by law.

 

b.
Counterparts; Signatures by Facsimile. This Agreement may be executed in one or more counterparts, each of which shall
be deemed an original but all of which shall constitute one and the same agreement and shall become effective when counterparts
have been signed by each party and delivered to the other party. This Agreement, once executed by a party, may be delivered to
the other party hereto by facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering
this Agreement.

 

c.
Headings. The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the
interpretation of, this Agreement.

 

d.
Severability. In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute
or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any
law shall not affect the validity or enforceability of any other provision hereof.

 

e.
Entire Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire understanding of
the parties with respect to the matters covered herein and therein. No provision of this Agreement may be waived or amended other
than by an instrument in writing signed by the Company and the Buyer.

 

    	8

    	 

    

 

f.
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder
shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered
or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid,
(iv) via electronic mail or (v) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such
other address as such party shall have specified most recently by written notice. Any notice or other communication required or
permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation
generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during
normal business hours where such notice is to be received) or delivery via electronic mail, or the first business day following
such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or
(b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address,
or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:

 

If
to the Company, to:

 

Verus
International, Inc.

9841
Washingtonian Boulevard, #390

Gaithersburg,
MD 20878

Attn: Anshu Bhatnagar, CEO

 

With
a copy to (which shall not constitute notice)

 

Sheppard
Mullin Richter & Hampton, LLP

30 Rockefeller Plaza, 38th Floor

New
York, NY 10112

Attn: Andrea Cataneo, Esq.

 

If
to the Buyer:

 

Eagle Equities, LLC

390 Whalley Ave.

New Haven, CT 06511

Attn: Yakov Borenstein

 

Each
party shall provide notice to the other party of any change in address.

 

g.
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and assigns. Neither the Company nor the Buyer shall assign this Agreement or any rights or obligations hereunder without the
prior written consent of the other. Notwithstanding the foregoing, the Buyer may assign its rights hereunder to any person that
purchases Securities in a private transaction from the Buyer or to any of its “affiliates,” as that term is defined
under the Securities Exchange Act of 1934, without the consent of the Company.

 

h.
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

i.
Survival. The representations and warranties of the Company and the agreements and covenants set forth in this Agreement
shall survive the Closing hereunder. The Company agrees to indemnify and hold harmless the Buyer and all of its officers, directors,
employees and agents for loss or damage arising as a result of or related to any breach or alleged breach by the Company of any
of its representations, warranties and covenants set forth in this Agreement or any of its covenants and obligations under this
Agreement, including advancement of expenses as they are incurred.

 

    	9

    	 

    

 

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

 

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

 

l.
Remedies. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the
Buyer by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the
remedy at law for a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or
threatened breach by the Company of the provisions of this Agreement, that the Buyer shall be entitled, in addition to all other
available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining,
preventing or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity
of showing economic loss and without any bond or other security being required.

 

[signature
page to follow]

 

    	10

    	 

    

 

IN
WITNESS WHEREOF, the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above
written.

 

Verus
International, Inc.

 

	By:	 	 
	Name:	Anshu
    Bhatnagar	 
	Title:	Chief
    Executive Officer	 

 

	Eagle
    Equities, LLC	 
	 	 	 
	By:	 	 
	Name:	Yakov Borenstein	 
	Title:	 Manager	 

 

	AGGREGATE
    SUBSCRIPTION AMOUNT:	 
	 	 
	Aggregate
    Principal Amount of the Notes:	$605,000.00
	 	 
	Aggregate Purchase Price:	 
	 	 
	Note:
    $605,000.00 less $90,000.00 in OID less $15,000 in legal fees.	 

 

    	11

    	 

    

 

EXHIBIT
A

NOTE-
$605,000.00

 

    	12

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