Document:

Exhibit 10.3

 

COMMERCIAL PLEDGE AND SECURITY AGREEMENT

 

	
        Principal

        $700,000.00
	
        Loan Date

        03-10-2020
	
        Maturity

        03-09-2021
	
        Loan No

        22118079
	
        Call / Coll

        AS
	Account	Officer A05	Initials
	References in the boxes above are or Lender's use only and do not limit the applicability of this document to any particular loan or item. 

Any item above containing ""'" has been omitted due to text length limitations.

 

	Borrower	Black Ridge Oil & Gas, Inc.

    110 North 5th Street, Suite 410

    Minneapolis, MN 55403	Lender	CADENCE BANK, N.A.

    Private Bkg TX Hou Wms Tower

    2800 Post Oak Boulevard, Suite 3400

    Houston, TX 77056

    (713) 871-4000

 

 

 

THIS
COMMERCIAL PLEDGE AND SECURITY AGREEMENT dated March 10, 2020, is made and executed between Black Ridge Oil & Gas, Inc. ("Grantor"
and CADENCE BANK, N.A. ("Lender").

 

GRANT OF SECURITY
INTEREST. For valuable consideration, Grantor grants to Lender a security interest in the Collateral to secure the Indebtedness
and agrees that Lender shall have the rights stated in this Agreement with respect to the Collateral, in addition to all other
rights which Lender may have by law.

 

COLLATERAL DESCRIPTION.
The word "Collateral" as used in this Agreement means Grantor's present and future rights, title and interest in
and to the following described investment property, together with any and all present and future additions thereto, substitutions
therefor, and replacements thereof, together with any and all present and future certificates and/or instruments evidencing any
stock and further together with all Brokerage Accounts, all books and records relating to the Collateral in any form, and all Income
and Proceeds as described herein:

 

Account# 7G7-14468

500,000 Shares of Allied Esports Entertainment
Inc. Stock, Cusip No. AESE

 

REPRESENTATIONS AND WARRANTIES WITH RESPECT TO
THE COLLATERAL. Grantor represents and warrants to Lender that:

 

Ownership. Grantor
is the lawful owner of the Collateral free and clear of all security interests, liens, encumbrances and claims of others except
as disclosed to and accepted by Lender in writing prior to execution of this Agreement.

 

Right to Pledge. Grantor has the full right,
power and authority to enter into this Agreement and to pledge the Collateral.

 

Authority; Binding Effect.
Grantor has the full right, power and authority to enter into this Agreement and to grant a security interest in the Collateral
to Lender. This Agreement is binding upon Grantor as well as Grantor's successors and assigns, and is legally enforceable in accordance
with its terms. The foregoing representations and warranties, and all other representations and warranties contained in this Agreement
are and shall be continuing in nature and shall remain in full force and effect until such time as this Agreement is terminated
or cancelled as provided herein.

 

No Further Assignment.
Grantor has not, and shall not, sell, assign, transfer, encumber or otherwise dispose of any of Grantor's rights in the Collateral
except as provided in this Agreement.

 

No Defaults.
There are no defaults existing under the Collateral, and there are no offsets or counterclaims to the same. Grantor will strictly
and promptly perform each of the terms, conditions, covenants and agreements, if any, contained in the Collateral which are to
be performed by Grantor.

 

No Violation.
The execution and delivery of this Agreement will not violate any law or agreement governing Grantor or to which Grantor is
a party, and its certificate or articles of incorporation and bylaws do not prohibit any term or condition of this Agreement.

 

Financing Statements.
Grantor authorizes Lender to file a UCC financing statement, or alternatively, a copy of this Agreement to perfect Lender's
security interest. At Lender's request, Grantor additionally agrees to sign all other documents that are necessary to perfect,
protect, and continue Lender's security interest in the Property. Grantor will pay all filing fees, title transfer fees, and other
fees and costs involved unless prohibited by law or unless Lender is required by law to pay such fees and costs. Grantor irrevocably
appoints Lender to execute documents necessary to transfer title if there is a default. Lender may file a copy of this Agreement
as a financing statement.

 

LENDER'S RIGHTS AND OBLIGATIONS
WITH RESPECT TO THE COLLATERAL. Lender may hold the Collateral until all Indebtedness has been paid and satisfied. Thereafter
Lender may deliver the Collateral to Grantor or to any other owner of the Collateral. Lender shall have the following rights in
addition to all other rights Lender may have by law:

 

 

 

    	 	 	 

     

    

 

COMMERCIAL PLEDGE AND SECURITY
AGREEMENT 

	Loan No: 22118079	(Continued)	Page 2

 

Maintenance and Protection
of Collateral. Lender may, but shall not be obligated to, take such steps as it deems necessary or desirable to protect, maintain,
insure, store, or care for the Collateral, including paying of any liens or claims against the Collateral. This may include such
things as hiring other people, such as attorneys, appraisers or other experts. Lender may charge Grantor for any cost incurred
in so doing. When applicable law provides more than one method of perfection of Lender's security interest, Lender may choose the
method(s) to be used. If the Collateral consists of stock, bonds or other investment property for which no certificate has been
issued, Grantor agrees, at Lender's request, either to request issuance of an appropriate certificate or to give instructions on
Lender's forms to the issuer, transfer agent, mutual fund company, or broker, as the case may be, to record on its books or records
Lender's security interest in the Collateral. Grantor also agrees to execute any additional documents. including but not limited
to. a control agreement. necessary to perfect Lender's security interest as Lender may desire.

 

Income and Proceeds from
the Collateral. Lender may receive all Income and Proceeds and add it to the Collateral. Grantor agrees to deliver to Lender
immediately upon receipt, in the exact form received and without commingling with other property, all Income and Proceeds from
the Collateral which may be received by, paid, or delivered to Grantor or for Grantor's account, whether as an addition to, in
discharge of, in substitution of, or in exchange for any of the Collateral.

 

Application
of Cash. At Lender's option, Lender may apply any cash, whether included in the Collateral or received as Income and Proceeds
or through liquidation, sale, or retirement, of the Collateral, to the satisfaction of the Indebtedness or such portion thereof
as Lender shall choose, whether or not matured.

 

Transactions with
Others. Lender may (1) extend time for payment or other performance, (2) grant a renewal or change in terms or
conditions, or (3) compromise, compound or release any obligation, with any one or more Obligors, endorsers, or Guarantors of
the Lender deems advisable, without obtaining the prior written consent of Grantor, and no such act or failure to act shall
affect Lender's rights against Grantor or the Collateral.

 

All
Collateral Secures Indebtedness. All Collateral shall be security for the Indebtedness, whether the Collateral is located
at one or more offices or branches of Lender. This will be the case whether or not the office or branch where Grantor obtained
Grantor's loan knows about the Collateral or relies upon the Collateral as security.

 

Collection
of Collateral. Lender at Lender's option may, but need not, collect the Income and Proceeds directly from the Obligors. Grantor
authorizes and directs the Obligors, if Lender decides to collect the Income and Proceeds, to pay and deliver to Lender all Income
and Proceeds from the Collateral and to accept Lender's receipt for the payments.

 

Power of Attorney. Grantor
irrevocably appoints Lender as Grantor's attorney-in-fact, with full power of substitution, (a) to demand, collect, receive, receipt
for, sue and recover all Income and Proceeds and other sums of money and other property which may now or hereafter become due,
owing or payable from the Obligors in accordance with the terms of the Collateral; (b) to execute, sign and endorse any and all
instruments, receipts, checks, drafts and warrants issued in payment for the Collateral; (c) to settle or compromise any and all
claims arising under the Collateral, and in the place and stead of Grantor, execute and deliver Grantor's release and acquittance
for Grantor; (d) to file any claim or claims or to take any action or institute or take part in any proceedings, either in Lender's
own name or in the name of Grantor, or otherwise, which in the discretion of Lender may seem to be necessary or advisable; and
(e) to execute in Grantor's name and to deliver to the Obligors on Grantor's behalf, at the time and in the manner specified by
the Collateral, any necessary instruments or documents.

 

Perfection
of Security Interest. Upon Lender's request, Grantor will deliver to Lender any and all of the documents evidencing or constituting
the Collateral. When applicable law provides more than one method of perfection of Lender's security interest, Lender may choose
the method(s) to be used. Upon Lender's request, Grantor will sign and deliver any writings necessary to perfect Lender's security
interest. If any of the Collateral consists of securities for which no certificate has been issued, Grantor agrees, at Lender's
option, either to request issuance of an appropriate certificate or to execute appropriate instructions on Lender's forms instructing
the issuer, transfer agent, mutual fund company, or broker, as the case may be, to record on its books or records, by book-entry
or otherwise, Lender's security interest in the Collateral. Grantor hereby appoints Lender as Grantor's irrevocable attorney-in-fact
for the purpose of executing any documents necessary to perfect, amend, or to continue the security interest granted in this Agreement
or to demand termination of filings of other secured parties. This is a continuing Security Agreement and will continue in
effect even though all or any part of the Indebtedness is paid in full and even though for a period of time Grantor may not be
indebted to Lender.

 

 

 

    	 	 	 

     

    

 

COMMERCIAL PLEDGE AND SECURITY
AGREEMENT 

	Loan No: 22118079	(Continued)	Page 3

 

 

LENDER'S EXPENDITURES.
If any action or proceeding is commenced that would materially affect Lender's interest in the Collateral or if Grantor fails
to comply with any provision of this Agreement or any Related Documents, including but not limited to Grantor's failure to discharge
or pay when due any amounts Grantor is required to discharge or pay under this Agreement or any Related Documents, Lender on Grantor's
behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging
or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on the Collateral and
paying all costs for insuring, maintaining and preserving the Collateral. All such expenditures paid by Lender for such purposes
will then bear interest at the Note rate from the date paid by Lender to the date of repayment by Grantor. All such expenses will
become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the balance of the Note
and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable
insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at
the Mote's maturity. The Agreement also will secure payment of these amounts. Such right shall be in addition to all other rights
and remedies to which Lender may be entitled upon Default.

 

LIMITATIONS ON OBLIGATIONS
OF LENDER. Lender shall use ordinary reasonable care in the physical preservation and custody of the Collateral in Lender's
possession, but shall have no other obligation to protect the Collateral or its value. In particular, but without limitation, Lender
shall have no responsibility for (A) any depreciation in value of the Collateral or for the collection or protection of any Income
and Proceeds from the Collateral, (B) preservation of rights against parties to the Collateral or against third persons, (C) ascertaining
any maturities, calls, conversions, exchanges, offers, tenders, or similar matters relating to any of the Collateral, or (D) informing
Grantor about any of the above, whether or not Lender has or is deemed to have knowledge of such matters. Except as provided above,
Lender shall have no liability for depreciation or deterioration of the Collateral.

 

DEFAULT. Each of the following
shall constitute an Event of Default under this Agreement:

 

Payment Default. Grantor fails to make any payment when due under the Indebtedness.

 

Other Defaults. Grantor
fails to comply with or to perform any other term, obligation, covenant or condition contained in this Agreement or in any of the
Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement
between Lender and Grantor.

 

Default in Favor
of Third Parties. Any guarantor or Grantor defaults under any loan, extension of credit, security agreement, purchase or sales
agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of any guarantor's
or Grantor's property or ability to perform their respective obligations under this Agreement or any of the Related Documents.

 

False Statements. Any
warranty, representation or statement made or furnished to Lender by Grantor or on Grantor's behalf under this Agreement or the
Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false
or misleading at any time thereafter.

 

Defective Collateralization.
This Agreement or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document
to create a valid and perfected security interest or lien) at any time and for any reason.

 

Insolvency. The dissolution
or termination of Grantor's existence as a going business, the insolvency of Grantor, the appointment of a receiver for any part
of Grantor's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding
under any bankruptcy or insolvency laws by or against Grantor.

 

Creditor
or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help,
repossession or any other method, by any creditor of Grantor or by any governmental agency against any collateral securing the
Indebtedness. This includes a garnishment of any of Grantor's accounts, including deposit accounts, with Lender. However, this
Event of Default shall not apply if there is a good faith dispute by Grantor as to the validity or reasonableness of the claim
which is the basis of the creditor or forfeiture proceeding and if Grantor gives Lender written notice of the creditor or forfeiture
proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined
by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.

 

 

 

    	 	1	 

     

    

 

COMMERCIAL PLEDGE AND SECURITY
AGREEMENT 

	Loan No: 22118079	(Continued)	Page 4

 

 

Events Affecting Guarantor. Any
of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or Guarantor dies or becomes incompetent
or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.

 

Adverse Change. A
material adverse change occurs in Grantor's financial condition, or Lender believes the prospect of payment or performance of the
Indebtedness is impaired.

 

RIGHTS AND REMEDIES
ON DEFAULT. If an Event of Default occurs under this Agreement, at any time thereafter, Lender may exercise any one or more
of the following rights and remedies:

 

Accelerate Indebtedness.
Declare all Indebtedness, including any prepayment penalty which Grantor would be required to pay, immediately due and payable,
without notice of any kind to Grantor.

 

Collect the Collateral.
Collect any of the Collateral and, at Lender's option and to the extent permitted by applicable law, retain possession of the
Collateral while suing on the Indebtedness.

 

Sell
the Collateral. Sell the Collateral, at Lender's discretion, as a unit or in parcels, at one or more public or private sales.
Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized
market, Lender shall give or mail to Grantor, and other persons as required by law, notice at least ten (10) days in advance of
the time and place of any public sale, or of the time after which any private sale may be made. However, no notice need be provided
to any person who, after an Event of Default occurs, enters into and authenticates an agreement waiving that person's right to
notification of sale. Grantor agrees that any requirement of reasonable notice as to Grantor is satisfied if Lender mails notice
by ordinary mail addressed to Grantor at the last address Grantor has given Lender in writing. If a public sale is held, there
shall be sufficient compliance with all requirements of notice to the public by a single publication in any newspaper of general
circulation in the county where the Collateral is located, setting forth the time and place of sale and a brief description of
the property to be sold. Lender may be a purchaser at any public sale.

 

Sell Securities. Sell
any securities included in the Collateral in a manner consistent with applicable federal and state securities laws. If, because
of restrictions under such laws, Lender is unable, or believes Lender is unable, to sell the securities in an open market transaction,
Grantor agrees that Lender will have no obligation to delay sale until the securities can be registered. Then Lender may make a
private sale to one or more persons or to a restricted group of persons, even though such sale may result in a price that is less
favorable than might be obtained in an open market transaction. Such a sale will be considered commercially reasonable. If any
securities held as Collateral are "restricted securities" as defined in the Rules of the Securities and Exchange Commission
(such as Regulation D or Rule 144) or the rules of state securities departments under state "Blue Sky" laws, or if Grantor
or any other owner of the Collateral is an affiliate of the issuer of the securities, Grantor agrees that neither Grantor, nor
any member of Grantor's family, nor any other person signing this Agreement will sell or dispose of any securities of such issuer
without obtaining Lender's prior written consent.

 

Rights
and Remedies with Respect to Investment Property, Financial Assets and Related Collateral. In addition to other rights and
remedies granted under this Agreement and under applicable law, Lender may exercise any or all of the following rights and remedies:
(1) register with any issuer or broker or other securities intermediary any of the Collateral consisting of investment property
or financial assets (collectively herein, "investment property") in Lender's sole name or in the name of Lender's broker,
agent or nominee; (2) cause any issuer, broker or other securities intermediary to deliver to Lender any of the Collateral consisting
of securities, or investment property capable of being delivered; (3) enter into a control agreement or power of attorney with
any issuer or securities intermediary with respect to any Collateral consisting of investment property, on such terms as Lender
may deem appropriate, in its sole discretion, including without limitation, an agreement granting to Lender any of the rights
provided hereunder without further notice to or consent by Grantor; (4) execute any such control agreement on Grantor's behalf
and in Grantor's name, and hereby irrevocably appoints Lender as agent and attorney-in-fact, coupled with an interest, for the
purpose of executing such control agreement on Grantor's behalf; (5) exercise any and all rights of Lender under any such control
agreement or power of attorney; (6) exercise any voting, conversion, registration, purchase, option, or other rights with respect
to any Collateral; (7) collect, with or without legal action, and issue receipts concerning any notes, checks, drafts, remittances
or distributions that are paid or payable with respect to any Collateral consisting of investment property. Any control agreement
entered with respect to any investment property shall contain the following provisions, at Lender's discretion. Lender shall be
authorized to instruct the issuer, broker or other securities intermediary to take or to refrain from taking such actions with
respect to the investment property as Lender may instruct, without further notice to or consent by Grantor. Such actions may include
without limitation the issuance of entitlement orders, account instructions, general trading or buy or sell orders, transfer and
redemption orders, and stop loss orders. Lender shall be further entitled to instruct the issuer, broker or securities intermediary
to sell or to liquidate any investment property, or to pay the cash surrender or account termination value with respect to any
and all investment property, and to deliver all such payments and liquidation proceeds to Lender. Any such control agreement shall
contain such authorizations as are necessary to place Lender in "control" of such investment collateral, as contemplated
under the provisions of the Uniform Commercial Code, and shall fully authorize Lender to issue "entitlement orders"
concerning the transfer, redemption, liquidation or disposition of investment collateral, in conformance with the provisions of
the Uniform Commercial Code.

 

 

 

    	 	 	 

     

    

 

COMMERCIAL PLEDGE AND SECURITY
AGREEMENT 

	Loan No: 22118079	(Continued)	Page 5

 

 

Foreclosure. Maintain a judicial suit for
foreclosure and sale of the Collateral.

 

Transfer Title. Effect
transfer of title upon sale of all or part of the Collateral. For this purpose, Grantor irrevocably appoints Lender as Grantor's
attorney-in-fact to execute endorsements, assignments and instruments in the name of Grantor and each of them (if more than one)
as shall be necessary or reasonable.

 

Other Rights and Remedies.
Have and exercise any or all of the rights and remedies of a secured creditor under the provisions of the Uniform Commercial
Code, at law, in equity, or otherwise.

 

Application
of Proceeds. Apply any cash which is part of the Collateral, or which is received from the collection or sale of the Collateral,
to reimbursement of any expenses, including any costs for registration of securities, commissions incurred in connection with
a sale, Lender's reasonable attorneys' fees and court costs, whether or not there is a lawsuit and including any fees on appeal,
incurred by Lender in connection with the collection and sale of such Collateral and to the payment of the Indebtedness of Grantor
to Lender, with any excess funds to be paid to Grantor as the interests of Grantor may appear. Grantor agrees, to the extent permitted
by law, to pay any deficiency after application of the proceeds of the Collateral to the Indebtedness.

 

Election
of Remedies. Except as may be prohibited by applicable law, all of Lender's rights and remedies, whether evidenced by this
Agreement, the Related Documents, or by any other writing, shall be cumulative and may be exercised singularly or concurrently.
Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or
to take action to perform an obligation of Grantor under this Agreement, after Grantor's failure to perform, shall not affect
Lender's right to declare a default and exercise its remedies.

 

MISCELLANEOUS PROVISIONS. The following miscellaneous provisions
are a part of this Agreement:

 

Amendments. This
Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters
set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in writing and signed
by the party or parties sought to be charged or bound by the alteration or amendment.

 

Attorneys' Fees; Expenses.
Grantor agrees to pay upon demand all of Lender's costs and expenses, including Lender's Lender's reasonable attorneys' fees
and Lender's legal expenses, incurred in connection with the enforcement of this Agreement. Lender may hire or pay someone else
to help enforce this Agreement, and Grantor shall pay the costs and expenses of such enforcement. Costs and expenses include Lender's
Lender's reasonable attorneys' fees and legal expenses whether or not there is a lawsuit, including Lender's reasonable attorneys'
fees and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals,
and any anticipated post-judgment collection services. Grantor also shall pay all court costs and such additional fees as may be
directed by the court.

 

Caption Headings.
Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define the provisions
of this Agreement.

 

Governing Law. With respect
to procedural matters related to the perfection and enforcement of Lender's rights against the Collateral, this Agreement will
be governed by federal law applicable to Lender and to the extent not preempted by federal law, the laws of the State of Minnesota.
In all other respects, this Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by
federal law, the laws of the State of Texas without regard to its conflicts of law provisions. However, if there ever is a question
about whether any provision of this Agreement is valid or enforceable, the provision that is questioned will be governed by whichever
state or federal law would find the provision to be valid and enforceable. The loan transaction that is evidenced by the Note and
this Agreement has been applied for, considered, approved and made, and all necessary loan documents have been accepted by Lender
in the State of Texas.

 

 

 

    	 	 	 

     

    

 

COMMERCIAL PLEDGE AND SECURITY
AGREEMENT 

	Loan No: 22118079	(Continued)	Page 6

 

 

Choice of Venue. If
there is a lawsuit, and if the transaction evidenced by this Agreement occurred in Harris County, Grantor agrees upon Lender's
request to submit to the jurisdiction of the courts of Harris County, State of Texas.

 

No Waiver by Lender.
Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing and signed
by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other
right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of Lender's right otherwise
to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course
of dealing between Lender and Grantor, shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as
to any future transactions. Whenever the consent of Lender is required under this Agreement, the granting of such consent by Lender
in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases
such consent may be granted or withheld in the sole discretion of Lender.

 

Notices.
Any notice required to be given under this Agreement shall be given in writing, and shall be effective when actually delivered,
when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight
courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid,
directed to the addresses shown near the beginning of this Agreement. Any party may change its address for notices under this
Agreement by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party's
address. For notice purposes, Grantor agrees to keep Lender informed at all times of Grantor's current address. Unless otherwise
provided or required by law, if there is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice
given to all Grantors.

 

Severability. If
a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to any circumstance,
that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible,
the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision
cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity,
or unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision
of this Agreement.

 

Successors and Assigns.
Subject to any limitations stated in this Agreement on transfer of Grantor's interest, this Agreement shall be binding upon
and inure to the benefit of the parties, their successors and assigns. If ownership of the Collateral becomes vested in a person
other than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Agreement and
the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Agreement or liability
under the Indebtedness.

 

Time
is of the Essence. Time is of the essence in the performance of this Agreement.

 

Waive
Jury. All parties to this Agreement hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought
by any party against any other party.

 

DEFINITIONS. The
following capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically stated
to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and
terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words
and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code:

 

Agreement.
The word "Agreement" means this Commercial Pledge and Security Agreement, as this Commercial Pledge and Security
Agreement may be amended or modified from time to time, together with all exhibits and schedules attached to this Commercial Pledge
and Security Agreement from time to time.

 

Borrower.
The word "Borrower" means Black Ridge Oil & Gas, Inc. and includes all co-signers and co-makers signing the
Note and all their successors and assigns.

 

 

    	 	2	 

     

    

 

COMMERCIAL PLEDGE AND SECURITY
AGREEMENT 

	Loan No: 22118079	(Continued)	Page 7

 

 

Brokerage Accounts. The
words "Brokerage Accounts" mean any securities accounts or commodity accounts included in the Collateral at any time,
together with all credit balances and money credited to the account, all investment property carried in the account, and, except
as otherwise agreed by Lender in writing, all other securities accounts and commodity accounts Grantor maintains with the same
broker.

 

Collateral.
The word "Collateral" means all of Grantor's right, title and interest in and to all the Collateral as described
in the Collateral Description section of this Agreement.

 

Default.
The word "Default" means the Default set forth in this Agreement in the section titled "Default".

 

Event of Default. The words "Event
of Default" mean any of the events of default set forth in this Agreement in the default section of this Agreement.

 

Grantor. The word "Grantor" means
Black Ridge Oil & Gas, Inc..

 

Guarantor. The word "Guarantor"
means any guarantor, surety, or accommodation party of any or all of the Indebtedness.

 

Guaranty. The word
"Guaranty" means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the
Note.

 

Income and Proceeds.
The words "Income and Proceeds" mean all present and future income, proceeds, earnings, increases, and substitutions
from or for the Collateral of every kind and nature, including without limitation all payments, interest, profits, distributions,
benefits, rights, options, warrants, dividends, stock dividends, stock splits, stock rights, regulatory dividends, subscriptions,
monies, claims for money due and to become due, proceeds of any insurance on the Collateral, shares of stock of different par value
or no par value issued in substitution or exchange for shares included in the Collateral, and all other property Grantor is entitled
to receive on account of such Collateral, including accounts, documents, instruments, chattel paper, investment property, and general
intangibles.

 

Indebtedness. The word
"Indebtedness" means the indebtedness evidenced by the Note or Related Documents, including all principal and interest
together with all other indebtedness and costs and expenses for which Grantor is responsible under this Agreement or under any
of the Related Documents.

 

Lender. The word "Lender" means CADENCE
BANK, N.A., its successors and assigns.

 

Note.
The word "Note" means the Note dated March 10, 2020 and executed by Black Ridge Oil & Gas, Inc. in the principal
amount of $700,000.00, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and
substitutions for the note or credit agreement.

 

Obligor. The word "Obligor"
means without limitation any and all persons obligated to pay money or to perform some other act under the Collateral.

 

Property. The word
"Property" means all of Grantor's right, title and interest in and to all the Property as described in the "Collateral
Description" section of this Agreement.

 

Related Documents. The
words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements,
guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements
and documents, whether now or hereafter existing, executed in connection with the Indebtedness.

 

 

 

    	 		 

     

    

 

COMMERCIAL PLEDGE AND SECURITY
AGREEMENT 

	Loan No: 22118079	(Continued)	Page 8

 

 

GRANTOR HAS READ AND
UNDERSTOOD ALL THE PROVISIONS OF THIS COMMERCIAL PLEDGE AND SECURITY AGREEMENT AND AGREES TO ITS TERMS. THIS AGREEMENT IS DATED
MARCH 10, 2020.

 

GRANTOR:

 

BLACK RIDGE OIL & GAS, INC.

 

	By:	/s/ Kenneth DeCubellis

                                         Kenneth DeCubellis, Chief Executive/Interim Chief

                                         Financial Officer/Secretary of Black Ridge Oil & Gas,

                                         Inc.

 

LENDER:

 

CADENCE BANK, N.A.

 

	By:	

Authorized SignerExhibit 10.4

 

COMMERCIAL GUARANTY

 

	
        Principal

        $700,000.00
	
        Loan Date

        03-10-2020
	
        Maturity

        03-09-2021
	
        Loan No

        22118079
	
        Call / Coll

        AS
	Account	Officer A05	Initials
	References in the boxes above are or Lender's use only and do not limit the applicability of this document to any particular loan or item. 

Any item above containing ""'" has been omitted due to text length limitations.

 

	Borrower	Black Ridge Oil & Gas, Inc.

    110 North 5th Street, Suite 410

    Minneapolis, MN 55403	Lender	CADENCE BANK, N.A.

    Private Bkg TX Hou Wms Tower

    2800 Post Oak Boulevard, Suite 3400

    Houston, TX 77056

    (713) 871-4000
	 	 	 	 
	Guarantor:	Bradley Berman

    19455 Cedarhurst Street

    Wayzata, MN 55391	 	 

 

 

 

CONTINUING GUARANTEE OF
PAYMENT AND PERFORMANCE. For good and valuable consideration, Guarantor absolutely and unconditionally guarantees full and
punctual payment and satisfaction of Guarantor's Share of the Indebtedness of Borrower to Lender, and the performance and discharge
of all Borrower's obligations under the Note and the Related Documents. This is a guaranty of payment and performance and not
of collection, so Lender can enforce this Guaranty against Guarantor even when Lender has not exhausted Lender's remedies against
anyone else obligated to pay the Indebtedness or against any collateral securing the Indebtedness, this Guaranty or any other
guaranty of the Indebtedness. Guarantor will make any payments to Lender or its order, on demand, in legal tender of the United
States of America, in same-day funds, without set-off or deduction or counterclaim, and will otherwise perform Borrower's obligations
under the Note and Related Documents. Under this Guaranty, Guarantor's obligations are continuing.

 

INDEBTEDNESS. The
word "Indebtedness" as used in this Guaranty means all of the principal amount outstanding from time to time and at any
one or more times, accrued unpaid interest thereon and all collection costs and legal expenses related thereto permitted by law,
Lender's reasonable attorneys' fees, arising from any and all debts, liabilities and obligations of every nature or form,
now existing or hereafter arising or acquired, that Borrower individually or collectively or interchangeably with others, owes
or will owe Lender. "Indebtedness" includes, without limitation, loans, advances, debts, overdraft indebtedness, credit
card indebtedness, lease obligations, liabilities and obligations under any interest rate protection agreements or foreign currency
exchange agreements or commodity price protection agreements, other obligations, and liabilities of Borrower, and any present or
future judgments against Borrower, future advances, loans or transactions that renew, extend, modify, refinance, consolidate or
substitute these debts, liabilities and obligations whether: voluntarily or involuntarily incurred; due or to become due by their
terms or acceleration; absolute or contingent; liquidated or unliquidated; determined or undetermined; direct or indirect; primary
or secondary in nature or arising from a guaranty or surety; secured or unsecured; joint or several or joint and several; evidenced
by a negotiable or non-negotiable instrument or writing; originated by Lender or another or others; barred or unenforceable against
Borrower for any reason whatsoever; for any transactions that may be voidable for any reason (such as infancy, insanity, ultra
vires or otherwise); and originated then reduced or extinguished and then afterwards increased or reinstated.

 

If Lender presently holds
one or more guaranties, or hereafter receives additional guaranties from Guarantor, Lender's rights under all guaranties shall
be cumulative. This Guaranty shall not (unless specifically provided below to the contrary) affect or invalidate any such other
guaranties. Guarantor's liability will be Guarantor's aggregate liability under the terms of this Guaranty and any such other unterminated
guaranties.

 

 

 

    	 	 	 

     

    

 

COMMERCIAL GUARANTY 

	Loan No: 22118079	(Continued)	Page 2

 

GUARANTOR'S SHARE OF
THE INDEBTEDNESS. The words "Guarantor's Share of the Indebtedness" as used in this Guaranty mean an amount not to
exceed Two Hundred Sixty-two Thousand Five Hundred & 00/100 Dollars ($262,500.00) of the principal amount of the Indebtedness
that is outstanding from time to time and at any one or more times. "Guarantor's Share of the Indebtedness" also includes
all accrued unpaid interest on the Indebtedness and all collection costs, expenses and Lender's reasonable attorneys' fees whether
or not there is a lawsuit, and if there is a lawsuit, any fees and costs for trial and appeals paid or incurred by Lender for the
collection of the Indebtedness, the realization on any collateral securing the Indebtedness or any guaranty of the Indebtedness
(including this Guaranty), or the enforcement of this Guaranty.

 

Guarantor's Share of the
Indebtedness will only be reduced by sums actually paid by Guarantor under this Guaranty, but will not be reduced by sums from
any other source including, but not limited to, sums realized from any collateral securing the Indebtedness or this Guaranty, or
payments by anyone other than Guarantor, or reductions by operation of law, judicial order or equitable principles. Lender has
the sole and absolute discretion to determine how sums shall be applied among guaranties of the Indebtedness.

 

The above limitation on liability is not a restriction
on the amount of the Note of Borrower to Lender either in the aggregate or at any one time.

 

CONTINUING GUARANTY.
THIS IS A "CONTINUING GUARANTY" UNDER WHICH GUARANTOR AGREES TO GUARANTEE THE FULL AND PUNCTUAL PAYMENT, PERFORMANCE
AND SATISFACTION OF THE GUARANTOR'S SHARE OF THE INDEBTEDNESS OF BORROWER TO LENDER, NOW EXISTING OR HEREAFTER ARISING OR ACQUIRED,
ON A CONTINUING BASIS. ACCORDINGLY, ANY PAYMENTS MADE ON THE INDEBTEDNESS WILL NOT DISCHARGE OR DIMINISH GUARANTOR'S OBLIGATIONS
AND LIABILITY UNDER THIS GUARANTY FOR ANY REMAINING AND SUCCEEDING INDEBTEDNESS EVEN WHEN ALL OR PART OF THE OUTSTANDING INDEBTEDNESS
MAY BE A ZERO BALANCE FROM TIME TO TIME.

 

DURATION OF GUARANTY. This Guaranty will take effect when received by Lender
without the necessity of any acceptance by Lender, or any notice to Guarantor or to Borrower, and will continue in full
force until all the Indebtedness incurred or contracted before receipt by Lender of any notice of revocation shall have been fully
and finally paid and satisfied and all of Guarantor's other obligations under this Guaranty shall have been performed in full.
If Guarantor elects to revoke this Guaranty, Guarantor may only do so in writing. Guarantor's written notice of revocation must
be mailed to Lender, by certified mail, at Lender's address listed above or such other place as Lender may designate in writing.
Written revocation of this Guaranty will apply only to new Indebtedness created after actual receipt by Lender of Guarantor's
written revocation and Lender's written acknowledgment of receipt. For this purpose and without limitation, the term "new
Indebtedness" does not include the Indebtedness which at the time of notice of revocation is contingent, unliquidated, undetermined
or not due and which later becomes absolute, liquidated, determined or due. For this purpose and without limitation, "new
Indebtedness" does not include all or part of the Indebtedness that is: incurred by Borrower prior to revocation; incurred
under a commitment that became binding before revocation; any renewals, extensions, substitutions, and modifications of the Indebtedness.
This Guaranty shall bind Guarantor's estate as to the Indebtedness created both before and after Guarantor's death or incapacity,
regardless of Lender's actual notice of Guarantor's death. Subject to the foregoing, Guarantor's executor or administrator or
other legal representative may terminate this Guaranty in the same manner in which Guarantor might have terminated it and with
the same effect. Release of any other guarantor or termination of any other guaranty of the Indebtedness shall not affect the
liability of Guarantor under this Guaranty. A revocation Lender receives from any one or more Guarantors shall not affect the
liability of any remaining Guarantors under this Guaranty. It is anticipated that fluctuations may occur in the aggregate amount
of the Indebtedness covered by this Guaranty, and Guarantor specifically acknowledges and agrees that reductions in the amount
of the Indebtedness, even to zero dollars ($0.00), shall not constitute a termination of this Guaranty. This Guaranty is binding
upon Guarantor and Guarantor's heirs, successors and assigns so long as any of the Guarantor's Share of the Indebtedness remains
unpaid and even though the Guarantor's Share of the Indebtedness may from time to time be zero dollars ($0.00).

 

GUARANTOR'S AUTHORIZATION TO LENDER. Guarantor authorizes Lender, either before
or after any revocation hereof, without notice or demand and without lessening or otherwise affecting Guarantor's liability under
this Guaranty, from time to time: (A) prior to revocation as set forth above, to make one or more additional secured or unsecured
loans to Borrower, to lease equipment or other goods to Borrower, or otherwise to extend additional credit to Borrower; (B) to
alter, compromise, renew, extend, accelerate, or otherwise change one or more times the time for payment or other terms of the
Indebtedness or any part of the Indebtedness, including increases and decreases of the rate of interest on the Indebtedness; extensions
may be repeated and may be for longer than the original loan term; (C) to take and hold security for the payment of this Guaranty
or the Indebtedness, and exchange, enforce, waive, subordinate, fail or decide not to perfect, and release any such security,
with or without the substitution of new collateral; (D) to release, substitute, agree not to sue, or deal with any one or more
of Borrower's sureties, endorsers, or other guarantors on any terms or in any manner Lender may choose; (E) to determine how,
when and what application of payments and credits shall be made on the Indebtedness; (F) to apply such security and direct the
order or manner of sale thereof, including without limitation, any nonjudicial sale permitted by the terms of the controlling
security agreement or deed of trust, as Lender in its discretion may determine; (G) to sell, transfer, assign or grant participations
in all or any part of the Indebtedness; and (H) to assign or transfer this Guaranty in whole or in part.

 

 

 

    	 	 	 

     

    

 

COMMERCIAL GUARANTY

	Loan No: 22118079	(Continued)	Page 3

 

 

GUARANTOR'S REPRESENTATIONS AND WARRANTIES. Guarantor represents and warrants
to Lender that (A) no representations or agreements of any kind have been made to Guarantor which would limit or qualify in any
way the terms of this Guaranty; (B) this Guaranty is executed at Borrower's request and not at the request of Lender; (C) Guarantor
has full power, right and authority to enter into this Guaranty; (D) the provisions of this Guaranty do not conflict with or result
in a default under any agreement or other instrument binding upon Guarantor and do not result in a violation of any law, regulation,
court decree or order applicable to Guarantor; (E) Guarantor has not and will not, without the prior written consent of Lender,
sell, lease, assign, encumber, hypothecate, transfer, or otherwise dispose of all or substantially all of Guarantor's assets,
or any interest therein; (F) upon Lender's request, Guarantor will provide to Lender financial and credit information in form
acceptable to Lender, and all such financial information which currently has been, and all future financial information which
will be provided to Lender is and will be true and correct in all material respects and fairly present Guarantor's financial condition
as of the dates the financial information is provided; (G) no material adverse change has occurred in Guarantor's financial condition
since the date of the most recent financial statements provided to Lender and no event has occurred which may materially adversely
affect Guarantor's financial condition; (H) no litigation, claim, investigation, administrative proceeding or similar action (including
those for unpaid taxes) against Guarantor is pending or threatened; (I) Lender has made no representation to Guarantor as to the
creditworthiness of Borrower; and (J) Guarantor has established adequate means of obtaining from Borrower on a continuing basis
information regarding Borrower's financial condition. Guarantor agrees to keep adequately informed from such means of any facts,
events, or circumstances which might in any way affect Guarantor's risks under this Guaranty, and Guarantor further agrees that,
absent a request for information, Lender shall have no obligation to disclose to Guarantor any information or documents acquired
by Lender in the course of its relationship with Borrower.

 

GUARANTOR'S WAIVERS. Except as prohibited by applicable law, Guarantor
waives any right to require Lender (A) to continue lending money or to extend other credit to Borrower; (B) to make any
presentment, protest, demand, or notice of any kind, including notice of any nonpayment of the Indebtedness or of any
nonpayment related to any collateral, or notice of any action or nonaction on the part of Borrower, Lender, any surety,
endorser, or other guarantor in connection with the Indebtedness or in connection with the creation of new or additional
loans or obligations; (C) to resort for payment or to proceed directly or at once against any person, including Borrower or
any other guarantor; (D)  to proceed directly against or exhaust any collateral held by Lender from Borrower, any other
guarantor, or any other person; (E) to give notice of the terms, time, and place of any public or private sale of personal
property security held by Lender from Borrower or to comply with any other applicable provisions of the Uniform Commercial
Code; (F) to pursue any other remedy within Lender's power; or (G) to commit any act or omission of any kind, or at any time,
with respect to any matter whatsoever.

 

Guarantor waives all rights of Guarantor under Chapter 43 of the Texas Civil
Practice and Remedies Code. Guarantor also waives any and all rights or defenses based on suretyship or impairment of
collateral including, but not limited to, any rights or defenses arising by reason of (A) any "one action" or
"anti-deficiency" law or any other law which may prevent Lender from bringing any action, including a claim for
deficiency, against Guarantor, before or after Lender's commencement or completion of any foreclosure action, either
judicially or by exercise of a power of sale; (B) any election of remedies by Lender which destroys or otherwise adversely
affects Guarantor's subrogation rights or Guarantor's rights to proceed against Borrower for reimbursement, including without
limitation, any loss of rights Guarantor may suffer by reason of any law limiting, qualifying, or discharging the
Indebtedness; (C) any disability or other defense of Borrower, of any other guarantor, or of any other person, or by reason
of the cessation of Borrower's liability from any cause whatsoever, other than payment in full in legal tender, of the
Indebtedness; (D) any right to claim discharge of the Indebtedness on the basis of unjustified impairment of any collateral
for the Indebtedness; (E)  any statute of limitations, if at any time any action or suit brought by Lender against
Guarantor is commenced, there is outstanding Indebtedness which is not barred by any applicable statute of limitations; or
(F) any defenses given to guarantors at law or in equity other than actual payment and performance of the Indebtedness. If
payment is made by Borrower, whether voluntarily or otherwise, or by any third party, on the Indebtedness and thereafter
Lender is forced to remit the amount of that payment to Borrower's trustee in bankruptcy or to any similar person under any
federal or state bankruptcy law or law for the relief of debtors, the Indebtedness shall be considered unpaid for the purpose
of the enforcement of this Guaranty.

 

Guarantor further waives
and agrees not to assert or claim at any time any deductions to the amount guaranteed under this Guaranty for any claim of setoff,
counterclaim, counter demand, recoupment or similar right, whether such claim, demand or right may be asserted by the Borrower,
the Guarantor, or both.

 

GUARANTOR'S UNDERSTANDING
WITH RESPECT TO WAIVERS. Guarantor warrants and agrees that each of the waivers set forth above is made with Guarantor's full
knowledge of its significance and consequences and that, under the circumstances, the waivers are reasonable and not contrary to
public policy or law. If any such waiver is determined to be contrary to any applicable law or public policy, such waiver shall
be effective only to the extent permitted by law or public policy.

 

 

 

    	 	 	 

     

    

 

COMMERCIAL GUARANTY

	Loan No: 22118079	(Continued)	Page 4

 

 

RIGHT OF SETOFF. To
the extent permitted by applicable law, Lender reserves a right of setoff in all Guarantor's accounts with Lender (whether checking,
savings, or some other account). This includes all accounts Guarantor holds jointly with someone else and all accounts Guarantor
may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would
be prohibited by law. Guarantor authorizes Lender, to the extent permitted by applicable law, to hold these funds if there is a
default, and Lender may apply the funds in these accounts to pay what Guarantor owes under the terms of this Guaranty.

 

SUBORDINATION OF BORROWER'S DEBTS TO GUARANTOR. Guarantor agrees that the
Indebtedness, whether now existing or hereafter created, shall be superior to any claim that Guarantor may now have or
hereafter acquire against Borrower, whether or not Borrower becomes insolvent.
Guarantor hereby expressly subordinates any claim Guarantor may have against Borrower, upon any account whatsoever, to any
claim that Lender may now or hereafter have against Borrower. In the event of insolvency and consequent liquidation of the
assets of Borrower, through bankruptcy, by an assignment for the benefit of creditors, by voluntary liquidation, or
otherwise, the assets of Borrower applicable to the payment of the claims of both Lender and Guarantor shall be paid to
Lender and shall be first applied by Lender to the Indebtedness. Guarantor does hereby assign to Lender all claims which it
may have or acquire against Borrower or against any assignee or trustee in bankruptcy of Borrower; provided however, that
such assignment shall be effective only for the purpose of assuring to Lender full payment in legal tender of the
Indebtedness. If Lender so requests, any notes or credit agreements now or hereafter evidencing any debts or obligations of
Borrower to Guarantor shall be marked with a legend that the same are subject to this Guaranty and shall be delivered to
Lender. Guarantor agrees, and Lender is hereby authorized, in the name of Guarantor, from time to time to file financing
statements and continuation statements and to execute documents and to take such other actions as Lender deems necessary or
appropriate to perfect, preserve and enforce its rights under this Guaranty.

 

MISCELLANEOUS PROVISIONS. The following miscellaneous
provisions are a part of this Guaranty:

 

Amendments. This
Guaranty, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters
set forth in this Guaranty. No alteration of or amendment to this Guaranty shall be effective unless given in writing and signed
by the party or parties sought to be charged or bound by the alteration or amendment.

 

Attorneys' Fees; Expenses.
Guarantor agrees to pay upon demand all of Lender's costs and expenses, including Lender's reasonable attorneys' fees and Lender's
legal expenses, incurred in connection with the enforcement of this Guaranty. Lender may hire or pay someone else to help enforce
this Guaranty, and Guarantor shall pay the costs and expenses of such enforcement. Costs and expenses include Lender's reasonable
attorneys' fees and legal expenses whether or not there is a lawsuit, including Lender's reasonable attorneys' fees and legal expenses
for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated
post-judgment collection services. Guarantor also shall pay all court costs and such additional fees as may be directed by the
court.

 

Caption Headings. Caption
headings in this Guaranty are for convenience purposes only and are not to be used to interpret or define the provisions of this
Guaranty.

 

Governing Law. This
Guaranty will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the
State of Texas without regard to its conflicts of law provisions.

 

Choice of Venue. If there
is a lawsuit, and if the transaction evidenced by this Guaranty occurred in Harris County, Guarantor agrees upon Lender's request
to submit to the jurisdiction of the courts of Harris County, State of Texas.

 

Integration. Guarantor
further agrees that Guarantor has read and fully understands the terms of this Guaranty; Guarantor has had the opportunity to
be advised by Guarantor's attorney with respect to this Guaranty; the Guaranty fully reflects Guarantor's intentions and parol
evidence is not required to interpret the terms of this Guaranty. Guarantor hereby indemnifies and holds Lender harmless from
all losses, claims, damages, and costs (including Lender's attorneys' fees) suffered or incurred by Lender as a result of any
breach by Guarantor of the warranties, representations and agreements of this paragraph.

 

 

 

    	 	 	 

     

    

 

COMMERCIAL GUARANTY 

	Loan No: 22118079	(Continued)	Page 5

 

 

Interpretation. In
all cases where there is more than one Borrower or Guarantor, then all words used in this Guaranty in the singular shall be deemed
to have been used in the plural where the context and construction so require; and where there is more than one Borrower named
in this Guaranty or when this Guaranty is executed by more than one Guarantor, the words "Borrower" and "Guarantor"
respectively shall mean all and any one or more of them. The words "Guarantor," "Borrower," and "Lender"
include the heirs, successors, assigns, and transferees of each of them. If a court finds that any provision of this Guaranty
is not valid or should not be enforced, that fact by itself will not mean that the rest of this Guaranty will not be valid or
enforced. Therefore, a court will enforce the rest of the provisions of this Guaranty even if a provision of this Guaranty may
be found to be invalid or unenforceable. If any one or more of Borrower or Guarantor are corporations, partnerships, limited liability
companies, or similar entities, it is not necessary for Lender to inquire into the powers of Borrower or Guarantor or of the officers,
directors, partners, managers, or other agents acting or purporting to act on their behalf, and any indebtedness made or created
in reliance upon the professed exercise of such powers shall be guaranteed under this Guaranty.

 

Notices. Any notice
required to be given under this Guaranty shall be given in writing, and, except for revocation notices by Guarantor, shall be
effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited
with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified
or registered mail postage prepaid, directed to the addresses shown near the beginning of this Guaranty. All revocation notices
by Guarantor shall be in writing and shall be effective upon delivery to Lender as provided in the section of this Guaranty entitled
"DURATION OF GUARANTY." Any party may change its address for notices under this Guaranty by giving formal written notice
to the other parties, specifying that the purpose of the notice is to change the party's address. For notice purposes, Guarantor
agrees to keep Lender informed at all times of Guarantor's current address. Unless otherwise provided or required by law, if there
is more than one Guarantor, any notice given by Lender to any Guarantor is deemed to be notice given to all Guarantors.

 

No Waiver by Lender.
Lender shall not be deemed to have waived any rights under this Guaranty unless such waiver is given in writing and signed
by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other
right. A waiver by Lender of a provision of this Guaranty shall not prejudice or constitute a waiver of Lender's right otherwise
to demand strict compliance with that provision or any other provision of this Guaranty. No prior waiver by Lender, nor any course
of dealing between Lender and Guarantor, shall constitute a waiver of any of Lender's rights or of any of Guarantor's obligations
as to any future transactions. Whenever the consent of Lender is required under this Guaranty, the granting of such consent by
Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all
cases such consent may be granted or withheld in the sole discretion of Lender.

 

Successors and Assigns.
Subject to any limitations stated in this Guaranty on transfer of Guarantor's interest, this Guaranty shall be binding upon
and inure to the benefit of the parties, their successors and assigns.

 

Waive Jury. Lender and
Guarantor hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Lender or Guarantor
against the other.

 

DEFINITIONS. The
following capitalized words and terms shall have the following meanings when used in this Guaranty. Unless specifically stated
to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and
terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words
and terms not otherwise defined in this Guaranty shall have the meanings attributed to such terms in the Uniform Commercial Code:

 

Borrower. The word
"Borrower" means Black Ridge Oil & Gas, Inc. and includes all co-signers and co-makers signing the Note and all
their successors and assigns.

 

Guarantor. The word
"Guarantor" means everyone signing this Guaranty, including without limitation Bradley Berman, and in each case, any
signer's successors and assigns.

 

Guarantor's Share of
the Indebtedness. The words "Guarantor's Share of the Indebtedness" mean Guarantor's indebtedness to Lender as more
particularly described in this Guaranty.

 

Guaranty. The word "Guaranty" means
this guaranty from Guarantor to Lender.

 

Indebtedness. The word "Indebtedness"
means Borrower's indebtedness to Lender as more particularly described in this Guaranty.

 

Lender. The word "Lender" means CADENCE
BANK, N.A., its successors and assigns.

 

Note.
The word "Note" means the promissory note dated March 10, 2020, in the original principal amount of $700,000.00
from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and
substitutions for the promissory note or agreement.

 

Related Documents. The
words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties,
security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and
documents, whether now or hereafter existing, executed in connection with the Indebtedness.

 

EACH UNDERSIGNED GUARANTOR
ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS GUARANTY AND AGREES TO ITS TERMS. IN ADDITION, EACH GUARANTOR UNDERSTANDS THAT
THIS GUARANTY IS EFFECTIVE UPON GUARANTOR'S EXECUTION AND DELIVERY OF THIS GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE
UNTIL TERMINATED IN THE MANNER SET FORTH IN THE SECTION TITLED "DURATION OF GUARANTY". NO FORMAL ACCEPTANCE BY LENDER
IS NECESSARY TO MAKE THIS GUARANTY EFFECTIVE. THIS GUARANTY IS DATED MARCH 10, 2020.

 

GUARANTOR:

 

_________________ 

Bradley
Berman

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