Document:

EXHIBIT 10.2

 

EXECUTIVE EMPLOYMENT
AGREEMENT

 

This Executive Employment
Agreement (this “Agreement”) is made as of April 1, 2013 (the “Effective Date”) between ARMADA OIL, INC.,
a Nevada corporation (the “Company”) having its principal offices at 5220 Spring Valley Road, Suite 615, Dallas, Texas,
and JAMES J. CERNA, JR. (the “Executive”), an individual residing at _________________________________.

 

WITNESSETH:

 

WHEREAS, the Executive
desires to be employed by the Company as its President and the Company wishes to employ the Executive in such capacity;

 

NOW, THEREFORE,
in consideration of the foregoing recitals and the respective covenants and agreements of the parties contained in this document,
the Company and the Executive hereby agree as follows:

 

1.          Employment
and Duties.

 

(a)        The
Company agrees to employ and the Executive agrees to serve as the Company’s President. The duties and responsibilities of
the Executive shall include such duties and responsibilities as the Board may from time to time reasonably assign to the Executive.

 

The Executive shall
devote substantially all of his working time and efforts during the Company’s normal business hours to the business and affairs
of the Company and its subsidiaries and to the diligent and faithful performance of the duties and responsibilities duly assigned
to him pursuant to this Agreement. The particular job responsibilities of the Executive are set forth in Exhibit A attached hereto.

 

(b)        Executive
recognizes that during the period of Executive’s employment hereunder, Executive owes an undivided duty of loyalty to the
Company, and Executive will use Executive’s good faith efforts to promote and develop the business of the Company and its
subsidiaries (the Company’s subsidiaries from time to time, together with any other affiliates of the Company, the “Affiliates”).
Recognizing and acknowledging that it is essential for the protection and enhancement of the name and business of the Company and
the goodwill pertaining thereto, Executive shall perform the Executive’s duties under this Agreement professionally, in accordance
with the applicable laws, rules and regulations and such standards, policies and procedures established by the Company and the
industry from time to time.

 

(c)        However,
the parties agree that: (i) Executive may devote a reasonable amount of his time to civic, community, or charitable activities
and may serve as a director of other corporations (provided that any such other corporation is not a competitor of the Company,
as determined by the Board) and to other types of business or public activities not expressly mentioned in this paragraph and (ii)
Executive may participate as a non-employee director and/or investor in other companies and projects as disclosed by Executive
to, and approved by, the Board, so long as Executive’s responsibilities with respect thereto do not conflict or interfere
with the faithful performance of his duties to the Company.

 

    	 

    	 

    

 

2.          Term.
The term of this Agreement shall commence on the Effective Date and shall continue for a period of two (2) years and shall be automatically
renewed for successive one year periods thereafter unless either party provides the other party with written notice of his or its
intention not to renew this Agreement at least three months prior to the expiration of the initial term or any renewal term of
this Agreement. “Employment Period” shall mean the initial two year term plus renewals, if any. In any event, the Employment
Period may be terminated as hereinafter provided.

 

3.          Place
of Employment. The Executive’s services shall be performed at the Company’s offices located in the State of Texas,
and any other location where the Company now or hereafter has an office or business facility. The parties acknowledge, however,
that the Executive may be required to travel in connection with the performance of his duties hereunder.

 

4.          Base Salary. The Executive shall be entitled to receive a salary from the Company during the
Employment Period at a rate of $144,000 per year (the "Base Salary"). The Base Salary may be increased on each anniversary
of the Effective Date at the Board's sole discretion. The Base Salary shall be paid in periodic installments in accordance
with the Company’s regular payroll practices.

 

5.          Bonus,
(a) The Company may pay the Executive an annual or periodic bonus (the "Bonus"), at such time and in such amount as may
be determined by the Board in its sole discretion. The Board may or may not determine that all or any portion of the Bonus shall
be earned upon the achievement of operational, financial or other milestones ("Milestones") established by the Board
and that all or any portion of any Bonus shall be paid in cash, securities or other property. (b) The Executive shall be eligible
to participate in any other bonus or incentive program established by the Company for executives of the Company.

 

6.          Expenses.
The Executive shall be entitled to prompt reimbursement by the Company for all reasonable ordinary and necessary travel, entertainment
and other expenses incurred by the Executive while employed (in accordance with the policies and procedures established by the
Company for its senior executive officers) in the performance of his duties and responsibilities under this Agreement; provided,
that the Executive shall properly account for such expenses in accordance with Company policies and procedures.

 

7.          Other Benefits.
During the term of this Agreement, the Executive and Executive’s dependents shall be eligible to participate in incentive,
savings, retirement (401(k)) and welfare benefit plans, including, without limitation, health, medical, dental, vision, life (including
accidental death and dismemberment) and disability insurance plans (collectively, the “Benefit Plans”), in substantially
the same manner and at substantially the same levels as the Company makes such opportunities available to the Company’s other
managerial or salaried executive employees and their dependents.

 

8.          Vacation.
During the term of this Agreement, the Executive shall be entitled to 21 paid vacation days per year in accordance with standard
policy to be established by the Company. The Executive shall be entitled to carry over any accrued, unused vacation days from year
to year without limitation.

 

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9.          Termination
of Employment. Any other provisions of this Agreement to the contrary notwithstanding, the Executive’s employment may
be terminated under the following conditions:

 

(a)         Death.
If the Executive dies during the Employment Period, this Agreement and the Executive’s employment with the Company shall
automatically terminate and the Company shall have no further obligations to the Executive or his heirs, administrators or executors
with respect to compensation and benefits accruing thereafter, except for the obligation to pay to the Executive’s heirs,
administrators or executors any earned but unpaid Base Salary, unpaid pro rata annual bonus, if any, and unused vacation
days accrued through the date of death and reimbursement of any and all reasonable expenses paid or incurred by the Executive in
connection with and related to the performance of his duties and responsibilities for the Company during the period ending on the
termination date. The Company shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA
and FUTA, and other appropriate deductions. In addition, the Executive’s spouse and minor children shall be entitled to continued
coverage, at the Company’s expense, under all health, medical, dental and vision insurance plans in which the Executive was
a participant immediately prior to his last date of employment with the Company for a period of one year following the death of
the Executive.

 

(b)         Disability.
In the event that, during the term of this Agreement, the Executive shall be prevented from performing his duties and responsibilities
hereunder to the full extent required by the Company by reason of Disability (as defined below) this Agreement and the Executive’s
employment with the Company shall automatically terminate and the Company shall have no further obligations or liability to the
Executive or his heirs, administrators or executors with respect to compensation and benefits accruing thereafter, except for the
obligation to pay the Executive or his heirs, administrators or executors any earned but unpaid Base Salary, unpaid pro rata
annual bonus, if any, and unused vacation days accrued through the Executive’s last date of employment with the Company and
reimbursement of any and all reasonable expenses paid or incurred by the Executive in connection with and related to the performance
of his duties and responsibilities for the Company during the period ending on the termination date. The Company shall deduct,
from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions through
the last date of the Executive’s employment with the Company. For purposes of this Agreement, “Disability” shall
mean a physical or mental disability that prevents the performance by the Executive, with or without reasonable accommodation,
of his duties and responsibilities hereunder for a period of not less than an aggregate of three months during any twelve consecutive
months.

 

(c)          Cause.

 

(1)         At
any time during the Employment Period, the Company may terminate this Agreement and the Executive’s employment hereunder
for Cause. For purposes of this Agreement, “Cause” shall mean: (a) the willful and continued failure of the Executive
to perform substantially his duties and responsibilities for the Company (other than any such failure resulting from a Disability)
after a written demand by the Board for substantial performance is delivered to the Executive by the Company, which specifically
identifies the manner in which the Board believes that the Executive has not substantially performed his duties and responsibilities,
which willful and continued failure is not cured by the Executive within 30 days of his receipt of such written demand; (b) the
conviction of, or plea of guilty or nolo contendere to, a felony, (c), violation of Sections 11 or 12 of this Agreement,
or (d) fraud, dishonesty or gross misconduct which is materially and demonstratively injurious to the Company. Termination under
Section 9(c)(1)(b), 9(c)(1)(c) or 9(c)(1)(d) above shall not be subject to cure.

 

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(2)         Upon
termination of this Agreement for Cause, the Company shall have no further obligations or liability to the Executive or his heirs,
administrators or executors with respect to compensation and benefits thereafter, except for the obligation to pay the Executive
any earned but unpaid Base Salary, unused vacation days accrued through the Executive’s last date of employment with the
Company and reimbursement of any and all reasonable expenses paid or incurred by the Executive in connection with and related to
the performance of his duties and responsibilities for the Company during the period ending on the termination date. The Company
shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate
deductions.

 

(d)          Change
of Control. For purposes of this Agreement, “Change of Control” shall mean the occurrence of any one or more of
the following: (i) the accumulation, whether directly, indirectly, beneficially or of record, by any individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”))
of 50% or more of the shares of the outstanding equity securities of the Company, (ii) a merger or consolidation of the Company
in which the Company does not survive as an independent company or upon the consummation of which the holders of the Company’s
outstanding equity securities prior to such merger or consolidation own less than 50% of the outstanding equity securities of the
Company after such merger or consolidation, or (iii) a sale of all or substantially all of the assets of the Company; provided,
however, that the following acquisitions shall not constitute a Change of Control for the purposes of this Agreement: (A) any acquisitions
of common stock or securities convertible into common stock directly from the Company, or (B) any acquisition of common stock or
securities convertible into common stock by any employee benefit plan (or related trust) sponsored by or maintained by the Company.

 

(e)          Good
Reason.

 

(1)         At
any time during the term of this Agreement, subject to the conditions set forth in Section 9(e)(2) below, the Executive may terminate
this Agreement and the Executive’s employment with the Company for “Good Reason.” For purposes of this Agreement,
“Good Reason” shall mean the occurrence of any of the following events: (A) the assignment, without the Executive’s
consent, to the Executive of duties that are significantly different from, and that result in a substantial diminution of, the
duties that he assumed on the Effective Date; (B) the assignment, without the Executive’s consent, to the Executive of a
title that is different from and subordinate to the title of President; (C) any termination of the Executive’s employment
by the Company, other than a termination for Cause, within 12 months after a Change of Control; (D) the assignment, without the
Executive’s consent, to the Executive of duties that are significantly different from, and that result in a substantial diminution
of, the duties that he assumed as President on the Effective Date within 12 months after a Change of Control; or (E) material breach
by the Company of this Agreement.

 

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(2)         The
Executive shall not be entitled to terminate this Agreement for Good Reason unless and until he shall have delivered written notice
to the Company of his intention to terminate this Agreement and his employment with the Company for Good Reason, which notice specifies
in reasonable detail the circumstances claimed to provide the basis for such termination for Good Reason, and the Company shall
not have eliminated the circumstances constituting Good Reason within 30 days of its receipt from the Executive of such written
notice.

 

(3)         In
the event that the Executive terminates this Agreement and his employment with the Company for Good Reason, the Company shall pay
or provide to the Executive (or, following his death, to the Executive’s heirs, administrators or executors): (A) any earned
but unpaid Base Salary, unpaid pro rata annual bonus, if any, and unused vacation days accrued through the Executive’s
last day of employment with the Company; (B) continued coverage, at the Company’s expense, under all Benefits Plans in which
the Executive was a participant immediately prior to his last date of employment with the Company, or, in the event that any such
Benefit Plans do not permit coverage of the Executive following his last date of employment with the Company, under benefit plans
that provide no less coverage than such Benefit Plans, for a period of one year following the termination of employment; and (C)
reimbursement of any and all reasonable expenses paid or incurred by the Executive in connection with and related to the performance
of his duties and responsibilities for the Company during the period ending on the termination date. All payments due hereunder
shall be payable according to the Company’s standard payroll procedures. The Company shall deduct, from all payments made
hereunder, all applicable taxes, including income tax, FICA and FUTA, and other appropriate deductions.

 

(f)          Without
“Good Reason” by the Executive or “Cause” by the Company.

 

(1)         By
the Executive. At any time during the term of this Agreement, the Executive shall be entitled to terminate this Agreement and
the Executive’s employment with the Company without Good Reason by providing prior written notice of at least 30 days to
the Company. The Executive’s failure to renew the term of this Agreement pursuant to Section 2 hereof shall be deemed a termination
by the Executive without Good Reason, and no additional notice shall be required other than that provided for in Section 2. Upon
termination by the Executive of this Agreement and the Executive’s employment with the Company without Good Reason, the Company
shall have no further obligations or liability to the Executive or his heirs, administrators or executors with respect to compensation
and benefits thereafter, except for the obligation to pay the Executive any earned but unpaid Base Salary, unused vacation days
accrued through the Executive’s last day of employment with the Company and reimbursement of any and all reasonable expenses
paid or incurred by the Executive in connection with and related to the performance of his duties and responsibilities for the
Company during the period ending on the termination date. The Company shall deduct, from all payments made hereunder, all applicable
taxes, including income tax, FICA and FUTA, and other appropriate deductions.

 

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(2)         By
the Company. At any time during the term of this Agreement, the Company shall be entitled to terminate this Agreement and the
Executive’s employment with the Company without Cause by providing prior written notice of at least 30 days to the Executive.
The Company’s failure to renew the term of this Agreement pursuant to Section 2 hereof shall be deemed a termination by the
Company without Cause, and no additional notice shall be required other than that provided for in Section 2. Upon termination by
the Company of this Agreement and the Executive’s employment with the Company without Cause, the Company shall pay or provide
to the Executive (or, following his death, to the Executive’s heirs, administrators or executors): (A) any earned but unpaid
Base Salary, unpaid pro rata annual bonus, if any, and unused vacation days accrued through the Executive’s last day
of employment with the Company; (B) continued coverage, at the Company’s expense, under all Benefits Plans in which the Executive
was a participant immediately prior to his last date of employment with the Company, or, in the event that any such Benefit Plans
do not permit coverage of the Executive following his last date of employment with the Company, under benefit plans that provide
no less coverage than such Benefit Plans, for a period of one year following the termination of employment; and (C) reimbursement
of any and all reasonable expenses paid or incurred by the Executive in connection with and related to the performance of his duties
and responsibilities for the Company during the period ending on the termination date. All payments due hereunder shall be payable
according to the Company’s standard payroll procedures. The Company shall deduct, from all payments made hereunder, all applicable
taxes, including income tax, FICA and FUTA, and other appropriate deductions.

 

10.         Severance
Period.

 

(a)         During
the first year of the Agreement, in the event that termination of the Executive occurs as described in 9 (d), 9 (e), or 9 (f) (2),
the Company shall pay to the Executive severance in an amount equal to the then applicable Base Salary
for a period equal to six months (the "Severance Period"), subject to the Executive's continued compliance with Sections
11 and 12 of this Agreement, following the Executive's termination and subject to the Company's regular payroll practices and required
withholdings. The Executive shall continue to receive all Benefits during the Severance Period. The Executive shall not have any
further rights under this Agreement or otherwise to receive any other compensation or benefits after such termination.

 

(b)         During
the second and any subsequent years of the Agreement, in the event that termination of the Executive occurs as described in 9 (d),
9 (e), or 9 (f) (2), the Company shall pay to the Executive severance in an amount equal to the then
applicable Base Salary for a period equal to three months (the "Severance Period"), subject to the Executive's continued
compliance with Sections 11 and 12 of this Agreement, following the Executive's termination and subject to the Company's regular
payroll practices and required withholdings. The Executive shall continue to receive all Benefits during the Severance Period.
The Executive shall not have any further rights under this Agreement or otherwise to receive any other compensation or benefits
after such termination.

 

11.         Confidential
Information.

 

(a)          The
Executive expressly acknowledges that, in the performance of his duties and responsibilities with the Company, he has been exposed
since prior to the Effective Date, and will be exposed, to the trade secrets, business and/or financial secrets and confidential
and proprietary information of the Company, its affiliates and/or its clients, business partners or customers (“Confidential
Information”). The term “Confidential Information” includes information or material that has actual or potential
commercial value to the Company, its affiliates and/or its clients, business partners or customers and is not generally known to
and is not readily ascertainable by proper means to persons outside the Company, its affiliates and/or its clients or customers.
However, Confidential Information shall not include pre-existing information known to the Executive and not learned during the
course of employment.

 

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(b)          Except
as authorized in writing by the Board, during the performance of the Executive’s duties and responsibilities for the Company
and until such time as any such Confidential Information becomes generally known to and readily ascertainable by proper means to
persons outside the Company, its affiliates and/or its clients, business partners or customers, the Executive agrees to keep strictly
confidential and not use for his personal benefit or the benefit to any other person or entity (other than the Company) the Confidential
Information. “Confidential Information” includes, without limitation, the following, whether or not expressed in a
document or medium, regardless of the form in which it is communicated, and whether or not marked “trade secret” or
“confidential” or any similar legend: (i) lists of and/or information concerning customers, prospective customers,
suppliers, employees, consultants, co-venturers and/or joint venture candidates of the Company, actual or prospective distributors,
its affiliates or its clients or customers; (ii) information submitted by customers, prospective customers, suppliers, employees,
distributors, consultants and/or co-venturers of the Company, its affiliates and/or its clients or customers; (iii) non-public
information proprietary to the Company, its affiliates and/or its clients or customers, including, without limitation, cost information,
profits, sales information, prices, accounting, unpublished financial information, business plans or proposals, expansion plans
(for current and proposed facilities), markets and marketing methods, advertising and marketing strategies, administrative procedures
and manuals, the terms and conditions of the Company’s contracts and trademarks and patents under consideration, distribution
channels, franchises, investors, sponsors and advertisers; (iv) proprietary technical information and/or intellectual property
concerning or relating to products and services of the Company, its affiliates and/or its clients, business partners or customers,
including, without limitation, product data and specifications, diagrams, flow charts, know how, processes, designs, formulae,
inventions and product development; (v) lists of and/or information concerning applicants, candidates or other prospects for employment,
independent contractor or consultant positions at or with any actual or prospective customer or client of the Company and/or its
affiliates, any and all confidential processes, inventions or methods of conducting business of the Company, its affiliates and/or
its clients, business partners or customers; (vi) acquisition or merger targets; (vii) business plans or strategies, data, records,
financial information or other trade secrets concerning the actual or contemplated business, strategic alliances, policies or operations
of the Company or its affiliates; or (viii) any and all versions of proprietary computer software (including source and object
code), hardware, firmware, code, discs, tapes, data listings and documentation of the Company; or (ix) any other confidential information
disclosed to the Executive by, or which the Executive obligated under a duty of confidence from, the Company, its affiliates, and/or
its clients, business partners or customers.

 

(c)          The
Executive affirms that he does not possess and will not rely upon the protected trade secrets or confidential or proprietary information
of any prior employer(s) in providing services to the Company.

 

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(d)          In
the event that the Executive’s employment with the Company terminates for any reason, the Executive shall deliver forthwith
to the Company any and all originals and copies, including those in electronic or digital formats, of the Confidential Information.

 

12.         Non-Compete
and Non-Solicitation.

 

(a)          The
Executive will not hold, accept or otherwise acquire any position with another entity, as a shareholder, partner, consultant, officer
or director, which such position imposes on him, or may impose upon him in the future, a duty which could result in a conflict
of interest arising between the Executive and the Company respecting any aspect of oil and gas exploration and production, including,
without limitation, acquisition or divestiture of properties, access to financing and personnel, except that the Executive
shall be permitted to engage in non-competitive consulting activities with other exploration and/or production companies, not to
exceed in the aggregate twenty (20) days in any calendar year, and provided that the activities are non-competitive with the Company
and approved in advance by the Company’s Board in writing.

 

(b)          In
the event that the Executive terminates his employment and the Company is not in default of any material provision of this Agreement,
the Executive shall not, directly or indirectly, own, manage, operate, finance, control or participate in the ownership, management,
operation, financing, or control of, be employed by, associated with, or in any manner connected with, lend any credit to, or render
services or advice to any business, firm, corporation, partnership, association, joint venture or other entity that engages in
or conducts the business of oil and gas exploration or any other business the same as or substantially similar to the business
then engaged in or conducted by, or then proposed to be engaged in or conducted by, the Company or included in the future strategic
plan of the Company, anywhere within those states where the Company owns or operates properties at the time the Executive terminates
his employment with the Company; provided, however, that the Executive may own less than 5% of the outstanding shares
of any class of securities of any enterprise (but without otherwise participating in the activities of such enterprise) if such
securities are listed on any national or regional securities exchange or have been registered under Section 12(g) of the Exchange
Act. This restriction on the Executive’s activities shall terminate six (6) months from the date of such termination. In
the event that the Company shall merge or be acquired or if this Agreement is otherwise assigned by the Company to another entity,
the Executive expressly consents to the assignment of this provision to such successor or assignee.

 

(c)          For
a period of six (6) months after the termination of his employment, the Executive shall not:

 

(1)         Recruit,
solicit or hire, or attempt to recruit, solicit or hire, any employee, or independent contractor of the Company to leave the employment
(or independent contractor relationship) thereof, whether or not any such employee or independent contractor is party to an employment
agreement;

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(2)         Attempt
in any manner to solicit or accept from any customer of the Company, with whom the Company had significant contact during the term
of the Agreement, business of the kind or competitive with the business done by the Company with such customer or to persuade or
attempt to persuade any such customer to cease to do business or to reduce the amount of business which such customer has customarily
done or is reasonably expected to do with the Company, or if any such customer elects to move its business to a person other than
the Company, provide any services (of the kind or competitive with the business of the Company) for such customer, or have any
discussions regarding any such service with such customer, on behalf of such other person; or

 

(3)         Interfere
with any relationship, contractual or otherwise, between the Company and any other party, including, without limitation, any supplier,
distributor, co-venturer or joint venturer of the Company to discontinue or reduce its business with the Company or otherwise interfere
in any way with the business of the Company.

 

13.         Construction
and Enforcement of Sections 11 and 12. The parties hereto recognize and acknowledge that the provisions of Sections 11 and
12 are of great importance and value to the Company. The Executive recognizes that the provisions of Sections 11 and 12 are necessary
for the Company's protection, are reasonable restraints ancillary to the formation and organization of the business and the retention
of the Executive to run the business, and that the Company would be irreparably damaged by a breach thereof and would not be adequately
compensated by monetary damages. The Company, therefore, in addition to its other remedies, shall be entitled to an injunction
from any court having jurisdiction restraining any violation or threatened violation of the provisions of Sections 11 and 12, without
the necessity of proving monetary damages, without the necessity of proving that monetary damages would be insufficient, and without
the necessity of posting a bond. If any provision of Sections 11 and 12 is held to be unenforceable because of the scope, duration
or area of its applicability, the court making such determination shall have the power to modify such scope, duration or area,
or all of them, and such provision shall then be applicable in such modified form. If any provision of Sections 11 and 12 shall
be held to be invalid, prohibited or unenforceable in any jurisdiction for any reason, such provision, as to such jurisdiction,
shall be ineffective to the extent of such invalidity, prohibition or unenforceability, without invalidating the remaining provisions
of Sections 11 and 12 or affecting the validity or enforceability of such provisions in any other jurisdiction

 

14.         Inventions
and Patents. The Executive acknowledges that all inventions, innovations, improvements, know-how, plans, development, methods,
designs, analyses, specifications, software, drawings, reports and all similar or related information (whether or not patentable
or reduced to practice) which related to any of the Company’s actual or proposed business activities and which are created,
designed or conceived, developed or made by the Executive during the Executive’s past or future employment by the Company
or any Affiliates, or any predecessor thereof (“Work Product”), belong to the Company, or its Affiliates, as applicable.
Any copyrightable work falling within the definition of Work Product shall be deemed a “work made for hire” and ownership
of all right title and interest shall rest in the Company. The Executive hereby irrevocably assigns, transfers and conveys, to
the full extent permitted by law, all right, title and interest in the Work Product, on a worldwide basis, to the Company to the
extent ownership of any such rights does not automatically vest in the Company under applicable law. The Executive will promptly
disclose any such Work Product to the Company and perform all actions requested by the Company (whether during or after employment)
to establish and confirm ownership of such Work Product by the Company (including, without limitation, assignments, consents, powers
of attorney and other instruments).

 

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15.         Dispute
Resolution. Any and all controversies, claims, or disputes arising out of, relating to, or resulting from this Agreement shall
be subject to binding arbitration under the Nevada Uniform Arbitration Act of 2000 (the “Act”) and pursuant to Nevada
law. Any arbitration will be administered by the American Arbitration Association (“AAA”) in accordance with its Rules
for the Resolution of Commercial Disputes. The Executive agrees that the arbitrator shall have the power to decide any motions
brought by any party to the arbitration, including motions for summary judgment and/or adjudication and motions to dismiss and
demurrers, prior to any arbitration hearing. The Executive also agrees the arbitrator shall have the power to award any remedies,
including attorneys’ fees and costs, available under applicable law. The Executive understands that each party shall bear
its own costs and expenses, including attorneys’ fees, incurred in connection with any arbitration. The decision of the arbitrator
shall be in writing. Except as provided by the Act or as set forth herein, arbitration shall be the sole, exclusive and final remedy
for any dispute under this Agreement. Accordingly, except as provided by the Act or as set forth herein, neither the Executive
nor the Company will be permitted to pursue court action regarding this Agreement. In addition to the right under the Act to petition
the court for provisional relief, the Executive agrees that any party may also petition the court for injunctive or other forms
of relief where either party alleges or claims a violation of the provisions of Section 11 or 12 of this Agreement or any confidential
information or invention assignment agreement between the Executive and the Company or any other agreement regarding trade secrets,
confidential information, non-solicitation. In the event either party seeks such injunctive or such other relief, the prevailing
party shall be entitled to recover reasonable costs and attorneys’ fees.

 

16.         Release
upon Termination or Expiration. In the event that the employment of the Executive with the Company is terminated or expires
for any reason, in exchange for payment in full of all amounts owing to Executive under the terms of this Agreement at the date
of termination, the Executive shall execute and deliver to the Company a general release in form to be determined by the Company,
to the effect that Executive acknowledges that receipt of any monies and benefits pursuant to the terms of this Agreement is in
full satisfaction of any and all outstanding claims or entitlements which the Executive may otherwise have against the Company,
as well as the officers, directors, employees and agents of the Company.

 

17.         Notices.
For purposes of this Agreement, notices and other communications provided for in this Agreement shall be in writing and shall be
delivered personally or sent by United States certified mail, return receipt requested, postage prepaid, or by a nationally recognized
overnight courier, addressed as follows:

 

	If to the Executive:	JAMES J. CERNA, JR.
	 	_______________________ 
	 	_______________________
	 	 
	If to the Company:	ARMADA OIL, INC.
	 	Attention:  Chief Executive Officer
	 	5220 Spring Valley Road, Suite 615 
	 	Dallas, Texas 75254

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or to such other address or the
attention of such other person as the recipient party has previously furnished to the other party in writing in accordance with
this paragraph. Such notices or other communications shall be effective upon delivery or, if earlier, three days after they have
been mailed as provided above.

 

18.         No
Violation. The Executive hereby represents that his entry into this Agreement and performance of his duties hereunder
will not violate the terms or conditions of any other agreement to which the Executive is a party or by which he is bound.

 

19.         Public
Company Obligations; Indemnification.

 

(a)         
Executive acknowledges that the Company is a public company shares of whose common stock have been registered under the US Securities
Act of 1933, as amended (the “Securities Act”), and whose common stock is registered under the Exchange Act, and that
this Agreement will be subject to the public filing requirements of the Exchange Act. In addition, both parties acknowledge that
the Executive’s compensation and perquisites (each as determined by the rules of the US Securities and Exchange Commission
(the “SEC”) or any other regulatory body or exchange having jurisdiction) (which may include benefits or regular or
occasional aid/assistance, such as recreation, club memberships, meals, education for his family, vehicle, lodging or clothing,
occasional bonuses or anything else he receives, during the Employment Period and any renewals thereof, in cash or in kind) paid
or payable or received or receivable under this Agreement or otherwise, and his transactions and other dealings with the Company,
will be required to be publicly disclosed.

 

(b)         Executive
acknowledges and agrees that the applicable insider trading rules, transaction reporting rules, limitations on disclosure of non-public
information and other requirements set forth in the Securities Act, the Exchange Act and rules and regulations promulgated by the
SEC may apply to this Agreement and Executive’s employment with the Company. Any and all shares of stock, options, restricted
stock units and other equity awards granted to or beneficially owned by the Executive will be subject to the share ownership guidelines
and insider trading and blackout policies adopted from time to time by the Board of Directors for senior executives of the Company
and will also be subject to applicable holding periods and transaction reporting requirements under applicable securities laws.

 

(c)          Executive
(on behalf of himself, as well as the Executive’s executors, heirs, administrators and assigns) absolutely and unconditionally
agrees to indemnify and hold harmless the Company and all of its past, present and future affiliates, executors, heirs, administrators,
shareholders, employees, officers, directors, attorneys, accountants, agents, representatives, predecessors, successors and assigns
from any and all claims, debts, demands, accounts, judgments, causes of action, equitable relief, damages, costs, charges, complaints,
obligations, controversies, actions, suits, proceedings, expenses, responsibilities and liabilities of every kind and character
whatsoever (including, but not limited to, reasonable attorneys’ fees and costs) in the event of Executive’s breach
of any obligation of Executive under the Securities Act, the Exchange Act, any rules promulgated by the SEC and any other applicable
federal, state or foreign laws, rules, regulations or orders.

 

    	11

    	 

    

 

19.         Miscellaneous.

 

(a)          All
issues and disputes concerning, relating to or arising out of this Agreement and from the Executive’s employment by the Company,
including, without limitation, the construction and interpretation of this Agreement, shall be governed by and construed in accordance
with the internal laws of the State of New York, without giving effect to that state’s principles of conflicts of law.

 

(b)          The
Executive and the Company agree that any provision of this Agreement deemed unenforceable or invalid may be reformed to permit
enforcement of the objectionable provision to the fullest permissible extent. Any provision of this Agreement deemed unenforceable
after modification shall be deemed stricken from this Agreement, with the remainder of the Agreement being given its full force
and effect.

 

(c)          Failure
or delay on the part of either party hereto to enforce any right, power or privilege hereunder shall not be deemed to constitute
a waiver thereof. Additionally, a waiver by either party or a breach of any promise hereof by the other party shall not operate
as or be construed to constitute a waiver of any subsequent waiver by such other party.

 

(d)          The
Executive and the Company independently have made all inquiries regarding the qualifications and business affairs of the other
which either party deems necessary. The Executive affirms that he fully understands this Agreement’s meaning and legally
binding effect. Each party has participated fully and equally in the negotiation and drafting of this Agreement. Each party assumes
the risk of any misrepresentation or mistaken understanding or belief relied upon by him or it in entering into this Agreement.

 

(e)          The
Executive’s obligations under this Agreement are personal in nature and may not be assigned by the Executive to any other
person or entity. This Agreement shall be enforceable by the Company and its parents, affiliates, successors and assigns, and the
Company shall require any successors and assigns to expressly assume and agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform it if no such succession or assignment had taken place.

 

(f)          This
instrument constitutes the entire Agreement between the parties regarding its subject matter. When signed by each of the parties,
this Agreement supersedes and nullifies all prior or contemporaneous conversations, negotiations, or agreements, oral and written,
regarding the subject matter of this Agreement. In any future construction of this Agreement, this Agreement should be given its
plain meaning. This Agreement may be amended only by a writing signed by the parties.

 

(g)          This
Agreement may be executed in counterparts. A counterpart transmitted via facsimile and all executed counterparts, when taken together,
shall constitute sufficient proof of the parties’ entry into this Agreement. The parties agree to execute any further or
future documents which may be necessary to allow the full performance of this Agreement. This Agreement contains headings for ease
of reference. The headings have no independent meaning.

 

SIGNATURE PAGE IMMEDIATELY FOLLOWS

 

    	12

    	 

    

 

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

 

	The Executive:	 
	 	 
	 	 
	Name: James J. Cerna, Jr.	 
	 	 
	The Company:	 
	 	 
	

                    ARMADA OIL, INC.,  a Nevada

                    corporation 
	 
	 	 	 
	By:	 	 
	 		 
	Name:	 	 
	 		 
	Title:	 	 

 

    	13

    	 

    

 

EXHIBIT A

 

JOB RESPONSIBILITIES

 

The President
will report to the Chief Executive Officer and work collaboratively with the CEO and the Board of Directors in assisting with the
transformation of the Company from its current stage to a more mature organization capable of delivering on its long term vision.
He will be the company’s primary contact with the investment community and will participate as necessary with capital
formation, stock promotion, deal and non-deal road shows, marketing and oil & gas operations as
well as assisting with the general and administrative activities of the company as necessary. 

 

    	14EXHIBIT 10.3

 

STOCK OPTION AGREEMENT

ARMADA OIL, INC.

 

THIS AGREEMENT is entered into as of the
____ day of _______, 201_ (the “Date of Grant”)

 

BETWEEN:

 

ARMADA OIL, INC., a company
incorporated pursuant to the laws of the State of Nevada,

 

(the “Company”)

 

		AND:	[Name of Recipient]

 

(the “Optionee”).

 

WHEREAS:

 

The Board of Directors of the Company (the
“Board”) has approved and adopted the Armada Oil, Inc. 2012 Long-Term Incentive Plan (the “2012 Plan”),
pursuant to which the Board is authorized to grant to employees and other selected persons stock options to purchase common shares
of the Company (the “Common Stock”);

 

The 2012 Plan provides for the granting
of stock options that either (i) are intended to qualify as “Incentive Stock Options” within the meaning of Section
422 of the Internal Revenue Code of 1986, as amended (the “Code”), or (ii) do not qualify under Section 422 of the
Code (“Non-Qualified Stock Options”); and

 

The Board has authorized the grant to Optionee
of options to purchase a total of _______________________ (_______) shares of Common Stock (the “Options”),
which Options are intended to be (select one):

 

[  ]    Incentive Stock Options;

[  ]   Non-Qualified Stock
Options

 

NOW THEREFORE, the Company agrees to offer
to the Optionee the option to purchase, upon the terms and conditions set forth herein and in the Plan, __________________ (______)
shares of Common Stock. Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the 2012
Plan.

 

1.          Exercise Price.
The exercise price of the options shall be US $_____ per share.

 

2.          Limitation on the
Number of Shares. If the Options granted hereby are Incentive Stock Options, the number of shares which may be acquired upon
exercise thereof is subject to any limitations set forth in the 2012 Plan.

    	 

    	 

    

 

3.          Vesting Schedule.
The Options shall vest in accordance with Exhibit A. In the event of a Change in Control, the vesting schedule shall accelerate
and any options not yet vested shall become vested concurrent with the closing of that event.

 

4.          Options not
Transferable. The Options may not be transferred, assigned, pledged or hypothecated in any manner (whether by operation of
law or otherwise) other than by will, by applicable laws of descent and distribution or, in the case of a Non-Qualified Stock Option,
pursuant to a qualified domestic relations order, and shall not be subject to execution, attachment or similar process; provided,
however, that if the Options represent a Non-Qualified Stock Option, such Option is transferable without payment of consideration
to immediate family members of the Optionee or to trusts or partnerships established exclusively for the benefit of the Optionee
and Optionee’s immediate family members. Upon any attempt to transfer, pledge, hypothecate or otherwise dispose of any Option
or of any right or privilege conferred by the 2012 Plan contrary to the provisions thereof, or upon the sale, levy or attachment
or similar process upon the rights and privileges conferred by the 2012 Plan, such Option shall thereupon terminate and become
null and void.

 

5.          Investment Intent.
By accepting the Options, the Optionee represents and agrees that none of the shares of Common Stock purchased upon exercise of
the Options will be distributed in violation of applicable federal and state laws and regulations. In addition, the Company may
require, as a condition of exercising the Options, that the Optionee execute an undertaking, in such a form as the Company shall
reasonably specify, that the Stock is being purchased only for investment and without any then-present intention to sell or distribute
such shares.

 

6.          Termination
of Service and Options. Vested Options shall terminate, to the extent not previously exercised, upon the occurrence of the
first of the following events:

 

		(a)	Expiration. Five (5) years from the Date of Grant.

 

		(b)	Termination for Cause. The date of the first discovery by the Company of any reason for
an Optionee’s Termination of Service with the Company or any Subsidiary for cause (as determined in the sole discretion of
the Board, the Committee or the Committee-designated officer, the “2012 Plan Administrator”), and, if an Optionee’s
employment or contractual relationship is suspended pending any investigation by the Company as to whether the Optionee’s
Termination of Service should be for cause, the Optionee’s rights under this Agreement and the 2012 Plan shall likewise be
suspended during the period of any such investigation.

 

		(c)	Termination Due to Death or Total and Permanent Disability. The expiration of one (1) year
from the date of the death of the Optionee or the Termination of Service of an Optionee by reason of Total and Permanent Disability.
If an Optionee’s Termination of Service is caused by death, any Option held by the Optionee shall be exercisable only by
the person or persons to whom such Optionee’s rights under such Option shall pass by the Optionee’s will or by the
laws of descent and distribution.

 

    	2

    	 

    

 

		(d)	Termination for Any Other Reason. The expiration of twelve (12) months from the date of
an Optionee’s Termination of Service with the Company or any Subsidiary for any reason whatsoever other than Termination
of Service for cause, death or Total and Permanent Disability.

 

Each unvested Option granted pursuant hereto
shall terminate immediately upon the Optionee’s Termination of Service with the Company or Subsidiary for any reason whatsoever,
including Total and Permanent Disability unless otherwise provided by the 2012 Plan Administrator.

 

7.          Stock. In
the case of any stock split, stock dividend or like change in the nature of shares of Stock covered by this Agreement, the number
of shares and exercise price shall be proportionately adjusted as provided in Articles 11 and 12 of the 2012 Plan.

 

8.          Exercise of
Option. Options shall be exercisable, in full or in part, at any time after vesting, until termination; provided, however,
that any Optionee who is subject to the reporting and liability provisions of Section 16 of the Securities Exchange Act of 1934
with respect to the Common Stock shall be precluded from selling or transferring any Common Stock or other security underlying
an Option during the six (6) months immediately following the grant of that Option. If less than all of the shares included in
the vested portion of any Option are purchased, the remainder may be purchased at any subsequent time prior to the expiration of
the Option term. No portion of any Option for less than fifty (50) shares (as adjusted pursuant to Articles 11 or 12 of the 2012
Plan) may be exercised; provided, that if the vested portion of any Option is less than fifty (50) shares, it may be exercised
with respect to all shares for which it is vested. Only whole shares may be issued pursuant to an Option, and to the extent that
an Option covers less than one (1) share, it is unexercisable.

 

Each exercise of the Option shall be by
means of delivery of a notice of election to exercise (which may be in the form attached hereto as Exhibit B) to the CEO
of the Company at its principal executive office, specifying the number of shares of Common Stock to be purchased and accompanied
by payment in cash by certified check or cashier’s check in the amount of the full exercise price for the Common Stock to
be purchased. In addition to payment in cash by certified check or cashier’s check, an Optionee or transferee of an Option
may pay for all or any portion of the aggregate exercise price by complying with one or more of the following alternatives:

 

		(a)	by delivering to the Company shares of Common Stock previously held by such person, duly endorsed
for transfer to the Company, or by the Company withholding shares of Common Stock otherwise deliverable pursuant to exercise of
the Option, which shares of Common Stock received or withheld shall have a fair market value at the date of exercise (as determined
by the 2012 Plan Administrator) equal to the aggregate purchase price to be paid by the Optionee upon such exercise;

 

    	3

    	 

    

 

Solely for the purposes of this
paragraph, “fair market value” per share of Common Stock shall mean (A) the average of the closing sales prices, as
quoted on the primary national or regional stock exchange on which the Common Stock is listed, or, if not listed, the OTC Markets
if quoted thereon, on the twenty (20) trading days immediately preceding the date on which the notice of election to exercise is
deemed to have been sent to the Company, or (B) if the Common Stock is not publicly traded as set forth above, as reasonably and
in good faith determined by the Board of Directors of the Company as of the date which the notice of election to exercise is deemed
to have been sent to the Company.

 

For purposes of Rule 144 promulgated
under the Securities Act, it is intended, understood and acknowledged that the shares of Common Stock issued in a cashless exercise
transaction shall be deemed to have been acquired by the Optionee, and the holding period for such shares shall be deemed to have
commenced, on the date the Options were originally issued; or

 

		(b)	by complying with any other payment mechanism approved by the 2012 Plan Administrator at the time
of exercise.

 

It is a condition precedent to the issuance
of shares of Common Stock that the Optionee execute and/or deliver to the Company all documents and withholding taxes required
in accordance with Section 15.7 of the 2012 Plan.

 

9.          Holding period
for Incentive Stock Options. In order to obtain the tax treatment provided for Incentive Stock Options by Section 422 of the
Code, the shares of Common Stock received upon exercising any Incentive Stock Options received pursuant to this Agreement must
be sold, if at all, after a date which is later of two (2) years from the date this agreement is entered into or one (1) year from
the date upon which the Options are exercised. The Optionee agrees to report sales of shares prior to the above determined date
to the Company within one (1) business day after such sale is concluded. The Optionee also agrees to pay to the Company, within
five (5) business days after such sale is concluded, the amount necessary for the Company to satisfy its withholding requirement
required by the Code in the manner specified in Section 15.7 of the 2012 Plan. Nothing in this Section 9 is intended as a representation
that Common Stock may be sold without registration under state and federal securities laws or an exemption therefrom or that such
registration or exemption will be available at any specified time.

 

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

 

11.         Subject to
2012 Plan. The terms of the Options are subject to the provisions of the 2012 Plan, as the same may from time to time be amended,
and any inconsistencies between this Agreement and the 2012 Plan, as the same may be from time to time amended, shall be governed
by the provisions of the 2012 Plan, a copy of which has been delivered to the Optionee, and which is available for inspection at
the principal offices of the Company.

 

    	4

    	 

    

 

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

 

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

 

14.          Entire Agreement.
This Agreement is the only agreement between the Optionee and the Company with respect to the Options, and this Agreement and the
2012 Plan supersede all prior and contemporaneous oral and written statements and representations and contain the entire agreement
between the parties with respect to the Options.

 

15.          Notices.
Any notice required or permitted to be made or given hereunder shall be mailed or delivered personally to the addresses set forth
below, or as changed from time to time by written notice to the other:

 

	The Company:	Armada Oil, Inc.
	 	5220 Spring Valley Rd
	 	Suite 615
	 	Dallas, TX 75254
	 	Attention:  CEO
	 	 
	With a copy to:	Gottbetter & Partners, LLP
	 	488 Madison Avenue, 12th Floor
	 	New York, NY 10022
	 	Attention: Adam S. Gottbetter
	 	 
	The Optionee:	 

 

    	5

    	 

    

 

	ARMADA OIL, INC.	 
	 	 	 
	Per:	 	 
	 	Randy M. Griffin, CEO	 
	 	 	 
	 	 
	[Name of Recipient]	 
	 	 	 
	 	 
	Tax ID #	 

 

    	6

    	 

    

 

EXHIBIT
A

 

TERMS OF THE OPTION

 

 

	Name of the Optionee:	____________________
	 	 
	Date of Grant:	_____ __, 201_
	 	 
	Designation:	[Incentive] [Non-Qualified] Stock Options
	 	 
	1.       Number of Options granted:	___________ shares
	 	 
	2.       Purchase Price:	$______ per share
	 	 
	3.       Vesting Dates:	
         _____ __, 201_ – _________ shares

	 	 
	4.       Expiration Date:	_____ __, 201_

 

    	7

    	 

    

 

EXHIBIT
B

 

		To:	Armada Oil, Inc.

 

Attention: CEO

 

Notice of Election to Exercise

 

This Notice of Election to Exercise shall
constitute proper notice under Armada Oil, Inc.’s (the “Company”) 2012 Long-Term Incentive Plan (the “2012
Plan”) pursuant to Section 8 of that certain Stock Option Agreement (the “Agreement”) dated as of the ___ day
of _______, 201_, between the Company and the undersigned.

 

The undersigned hereby elects to
exercise Optionee’s option to purchase ______________ shares of the common stock of the Company at a price of US$____
per share, for aggregate consideration of US$_________, on the terms and conditions set forth in the Agreement and the 2012 Plan. Such
aggregate consideration, in the form specified in Section 8 of the Agreement, accompanies this notice.

 

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

 

	Registration Information:	 	Delivery Instructions:
	 	 	 
	Name to appear on certificates	 	Name
	 	 	 
	Address	 	Address
	 	 	 
	 	 	 
	 	 	 
	 	 	Telephone Number

 

DATED at ____________________________________, the day of ________________________,
20___.

 

	 	 
	 	(Name of Optionee – Please type or print)
	 	 
	 	 
	 	(Signature and, if applicable, Office)
	 	 
	 	 
	 	(Address of Optionee)
	 	 
	 	 
	 	(City, State, and Zip Code of Optionee)

 

    	8

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