Document:

Exhibit 10.1

 

SETTLEMENT AGREEMENT AND GENERAL RELEASE
OF ALL CLAIMS

 

This Settlement Agreement and General Release
of All Claims (“Agreement”) is entered into as of this 30th day of September, 2013 (the “Effective Date”),
by and between John H. Alexander, an individual (“Alexander”) on the one hand, and Pyramid Oil Company, a California
corporation (“PDO”) on the other hand.

 

RECITALS

 

This Agreement is made with reference to
the following facts (which facts are agreed to by the parties):

 

A.Certain members of the Board of Directors
of PDO have conflicting views with Alexander, a director and CEO of PDO, on the path that PDO should follow with respect to its
acquisition policies. As a result, there has been a deadlock on the Board that has resulted in PDO’s not taking decisive
action with respect to acquisition matters;

 

B.Michael Herman, a director and largest
shareholder of PDO, also has views different from Alexander’s with respect to PDO’s acquisition policies;

 

C.Alexander disputes Herman’s
assessment and feels that the policies and business plans pursued by PDO over the past several years have been responsible and
prudent and have placed PDO in a very sound financial position; and

 

D.PDO and Alexander entered into an
Employment Agreement effective as of February 21, 2002 and certain amendments to the same (collectively the “Employment Agreement");
and the parties now wish to resolve all disputes relating to the Employment Agreement and the acquisition policies of PDO (collectively,
the “Disputes”) by terminating the Employment Agreement and by agreeing to the terms and conditions set forth below.

 

AGREEMENT

 

NOW, THEREFORE, the Parties, for good and
adequate consideration, receipt of which is hereby acknowledged, agree as follows:

 

1.                 
Settlement Terms. The following terms are each material and required consideration for the execution and performance
of this Agreement by the Parties.

 

1.1.           
Termination of the Employment Agreement. Upon the full execution of this Agreement, the Employment Agreement shall
be terminated and be of no further force and effect.

 

1.2.           
Alexander’s Resignation. Concurrently with this Agreement, Alexander shall tender his resignation as a director
and officer of PDO.

 

    	 

    	 

    

 

1.3.           
Payout Under the Employment Agreement. PDO will pay to Alexander all amounts owing to Alexander under the Employment
Agreement in the total aggregate sum of $967,329.08. Such sum shall be paid in three (3) equal installments of $322,443 each; the
first due on April 5, 2014, the second due on January 5, 2015, and the third due on January 5, 2016. Concurrently with this Agreement,
PDO shall secure these amounts by placing the total funds necessary for the full payout in an irrevocable “Rabbi Trust”
(the “Trust”) in the form attached as Exhibit “A” hereto. All appropriate deductions and withholdings will
be made by PDO in accordance with PDO’s normal payroll practices in calculating the total amount to be paid to Alexander
from the Trust.

 

1.4.           
Assignment of Automobile. Upon the full execution of this Agreement, PDO shall assign to Alexander unencumbered title
to his PDO automobile.

 

1.5.           
Consulting Agreement. Concurrently with this Agreement, PDO and Alexander shall enter into a Consulting Agreement
in the form attached as Exhibit “B” hereto.

 

1.6.           
Directors and Officers Liability Insurance. Concurrently with this Agreement, PDO shall use its best reasonable efforts
to continue its presently existing Directors and Officers Liability Insurance Policy or a policy substantially similar thereto,
provided such policy can be obtained or maintained at a commercially reasonable cost for a period of five (5) years providing continuing
insurance coverage for Alexander and John Turco (“Turco”) as insureds under such policy.

 

1.7.           
Indemnity Agreement. Concurrently with this Agreement, PDO shall provide an Indemnity Agreement for Alexander and
Turco in the form attached hereto as Exhibit “C” hereto.

 

1.8.           
Stock Purchase Agreement. Concurrently with this Agreement, Michael Herman shall purchase all shares of common stock
of PDO presently held by Alexander and shares to be issued to Alexander pursuant to PDO’s Severance and Award Agreements,
pursuant to a Stock Purchase Agreement, in the form attached as Exhibit “D” hereto.

 

2.                 
Releases.

 

2.1.           
Release by Alexander - Age Discrimination Waiver. In consideration of and in return for the promises and covenants
undertaken herein, and for other good and valuable consideration, receipt of which is hereby acknowledged, Alexander,
for himself, for his heirs, beneficiaries, successors, assigns, agents, employees, executors, administrators, and representatives,
and for anyone who has or obtains rights or claims from his, hereby releases and absolutely forever discharges PDO, its
predecessors, shareholders, successors, parents, subsidiaries, affiliates, agents, assigns, insurers, representatives, officers,
members, directors, principals and attorneys from any and all claims, demands, debts, liabilities, obligations, and causes of action
of every kind and nature whatsoever, whether now known or unknown, suspected or unsuspected, which Alexander may have or ever may
have had pertaining to the Disputes or otherwise, including claims relating to wrongful discharge in violation of public policy
or any legal restrictions on PDO’s right to terminate employees, or any federal, state, or other governmental statute, regulation
or ordinance, including without limitation: ( i) Title VII of the Civil Rights Act of 1964 (race, color, religion, sex, and national
origin discrimination); (ii) 42 U.S.C. Section 1981 (discrimination); ( iii) 29 U.S.C. Section 206(d)(1) (equal pay); (iv) 29 U.S.C.
Section 621 et seq. (age discrimination); (v) the California Fair Employment and Housing Act (discrimination including race, color,
national origin, ancestry, physical handicap, medical condition, marital status, sex or age); (vi) Executive Order 11246 (race,
color , religion, sex and national origin discrimination); (vii) Executive Order 11141 (age discrimination;’ (viii) Sections
503 and 504 of the Rehabilitation Act of 1973 (handicap discrimination); (ix) California Labor Code (wages, hours and other regulations
of employment); and (x) the Employee Retirement Income Security Act of 1974 (ERISA) (denial of employee benefits). Notwithstanding
the foregoing, nothing in this Agreement is intended to release, waive, or discharge any obligations or claims arising out of this
Agreement.

 

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Alexander understands and hereby agrees
that, by entering into this Agreement, he is expressly waiving any and all claims he may have arising under the Age Discrimination
in Employment Act of 1967, as amended, in existence on or before the date hereof. Alexander expressly acknowledges and agrees he:
(i) will receive compensation beyond that which he was already entitled to receive before entering into this Agreement; (ii) has
been represented by an attorney of his choice in negotiating this Agreement; (iii) is hereby advised in writing to consult with
an attorney before signing this Agreement; (iv) was given a copy of this Agreement on September __, 2013 and informed that he has
twenty-one days within which to consider the Agreement; and (v) was informed that he has even (7) days following the date of execution
of the Agreement in which to revoke the Agreement.

 

2.2.           
PDO’s Release. In consideration of and in return for the promises and covenants undertaken herein, and for
other good and valuable consideration, receipt of which is hereby acknowledged, PDO hereby releases and absolutely forever discharges
Alexander, his predecessors, successors, parents, affiliates, agents, assigns, insurers, representatives, and attorneys from any
and all claims, lawsuits, proceedings, complaints, demands, debts, liabilities, obligations, attorneys’ fees, and causes
of actions of every kind and nature whatsoever, whether now known or unknown, suspected or unsuspected, which PDO may have or ever
may have had pertaining to the Disputes or otherwise. Notwithstanding the foregoing, nothing in this Agreement is intended to release,
waive, or discharge any obligations or claims arising out of this Agreement.

 

2.3.           
Waiver of Civil Code §1542. The Parties agree that the releases contained hereinabove are full and final releases
covering all known as well as all unknown or unanticipated injuries, debts, claims, or damages. The Parties waive any and all rights
or benefits that he or it may now have, or in the future may have, under the terms of §1542 of the California Civil Code that
provides as follows:

 

“A general release does not extend to claims
which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by
him or her must have materially affected his or her settlement with the debtor.”

 

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3.                 
Representations and Warranties:

 

3.1.           
Factual Investigation: Each of the Parties has made such investigation of the facts pertaining to the terms set forth
herein and of all the matters pertaining thereto as he or it deems necessary.

 

3.2.           
Knowledge and Consent of Parties: The Parties mutually warrant and represent that they have read and understand this
Agreement and that this Agreement is executed voluntarily and without duress or undue influence on the part of or on behalf of
any of the Parties. The Parties hereby acknowledge that they are fully aware of the contents of this Agreement and of the legal
effect of each and every provision thereof.

 

3.3.           
No Prior Assignment or Transfer. Neither of the Parties has heretofore assigned, transferred, or granted, or purported
to assign, transfer, or grant, any of the rights at issue in this Agreement.

 

3.4.           
Authority. Each of the Parties who signs this Agreement warrants that he or it has full authority to enter into the
Agreement and will defend, indemnify, and hold harmless all other Parties if that authority is later challenged.

 

3.5.           
Agreement to Cooperate. The Parties agree to use their best efforts to cooperate with each other in accomplishing
the intent of this Agreement and agree to execute any additional documents or take any actions that are reasonably necessary or
desirable in order to effectuate the transactions contemplated hereby.

 

4.                 
No Admissions of Liability. The Parties expressly deny any violation of any international, federal, state, or local
statute, ordinance, rule, regulation, policy, order, or other law. This Agreement is the compromise of disputed claims and nothing
contained herein is to be construed as an admission of liability on the part of the parties hereby released, or any of them, by
whom liability is expressly denied. Moreover, neither this Agreement nor anything in it shall be construed to be admissible in
any proceeding as evidence of or an admission by the released parties of any violation of any international, federal, state or
local statute, ordinance, rule, regulation, policy, order or other law, or of any liability. This Agreement may be introduced,
however, in any proceeding to enforce the Agreement. Such introduction shall be pursuant to an order protecting its confidentiality
if one is available.

 

5.                 
Nondisparagement. The Parties hereby agree not to make any disparaging statements about the other Party to any of
the other Party’s past, present, or future customers, employees, clients, contractors, vendors, or other partners, or to
the media or any other person (orally or by any other medium of communication, including Internet communications such as e-mails,
messaged boards, “chat rooms” and Web postings). As used herein, the term “disparaging statement” means
any communication, oral, written, or otherwise, that would cause or tend to cause humiliation, embarrassment, or harm (economic
or otherwise), or to cause a recipient of such communication to question the business condition, integrity, product, service, quality,
confidence, or good character of any of these persons or entities. The only explanation for Alexander’s separation from PDO
shall be that “It was amicable.”

 

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6.                 
General Provisions. This Agreement sets forth the entire agreement between the Parties and fully supersedes any and
all prior agreements or understandings, whether oral or in writing, between the Parties pertaining to the subject matter of this
Agreement. No promise or representation has been made by any Party or Party representative, other than those contained in this
Agreement. No breach of any provision of this Agreement may be waived unless in a writing signed by the party waiving such breach;
and any such waiver is not a waiver of other acts or provisions. This Agreement may be amended only by written agreement of all
the Parties. This Agreement may be signed in counterparts, each of which shall be deemed an original. Each provision of this Agreement
shall be construed as jointly drafted. Each party shall pay its or his/or its own attorneys’ fees and costs incurred due
to the negotiation or signing of this Agreement and the matters released in the Agreement. To the extent that this Agreement benefits
persons or entities not signatory hereto, this Agreement hereby is declared to be made for each of their express benefits and uses.

 

7.                 
Interpretation. This Agreement shall be governed by the laws of the State of California, without regard to the principles
of conflicts of law.

 

PLEASE READ CAREFULLY. THIS SETTLEMENT
AGREEMENT AND GENERAL RELEASE OF ALL CLAIMS INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 

The Parties have read the foregoing Agreement
and accept and agree to the provisions it contains and hereby execute it voluntarily with full understanding of its consequences.
Should there be prelitigation and/or litigation efforts to enforce or interpret this Agreement, the prevailing party shall be entitled
to its attorneys’ fees and costs.

 

8.                 
Incorporation of Exhibits by Reference. True and correct copies of all Exhibits referred to in this Agreement are
attached and incorporated into this Agreement by reference as though fully set out in this Agreement.

 

9.                 
Integration. This Agreement constitutes the entire understanding between the Parties and supersedes all prior written
and oral communications and agreements.

 

10.             
Separate Counsel. The Parties acknowledge, represent, and warrant that they have had the advice of separate counsel
in negotiating and entering into this Agreement and do so of their own free will.

 

11.             
Confidentiality. Except as otherwise required by the Federal Securities laws, the terms of this Agreement shall remain
strictly confidential by the Parties. If inquiries are made the Parties shall state “the matter has been resolved to everyone’s
satisfaction.”

 

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12.             
Disputes; Attorney’s Fees; Law; Venue. If any legal proceeding or litigation instituted by a party against
the other arising out of this Agreement, the prevailing party shall be entitled to recover its reasonable attorney’s fees
and costs as determined by the arbitrator, arbitrators, or court, in addition to any judgment awarded. This Agreement is executed
in Kern County, California and California law shall govern as to the construction, interpretation, and enforcement of this Agreement
and the rights and obligations of the parties to this Agreement; without reference to conflicts of law principles. Proper venue
for any legal proceeding, arbitration, or other litigation arising out of this Agreement shall be in Bakersfield, California, only,
and the parties waive any right to a change of venue. The parties waive their respective rights to a jury trial, it being the parties’
intent that the dispute be heard by a judge only.

 

(Signatures
on the Following Page)

 

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THE FOREGOING IS AGREED TO AS OF THE DATES INDICATED BELOW:

 

	Dated:September 30, 2013	
        Pyramid Oil Company,

        a California corporation

         

         

        By:/s/ Michael Herman                            

        Michael Herman, Its  Chairmen
        

         

         

        By:/s/ John Alexander                             

        John Alexander , Its  President
        

         

	Dated:September 30, 2013	
        John H. Alexander

         

         

        By:/s/ John H. Alexander                          

        John Alexander, an individual

         

         

 

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ENDORSEMENT 

 

 

I, John H. Alexander, hereby acknowledge
that I was given or took 21 days to consider the foregoing Settlement Agreement and Mutual General Release (“Agreement”)
and voluntarily chose to sign the Agreement prior to the expiration of the 21-day period.

 

I declare under penalty of perjury under
the laws of the State of California that the foregoing is true and correct.

 

Executed this 30th day of September, 2013
in Bakersfield, California.

 

 

	 	/s/ John H. Alexander

      John H. Alexander

 

 

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CONSENT OF SPOUSE

 

 

I, Deborah Alexander, acknowledge that I
have read the foregoing Settlement Agreement and Mutual General Release (“Agreement”) and that I know its contents.
I am aware that by its provisions my spouse, John H. Alexander, agrees to waive and release certain claims against PDO and others,
including my community interest, if any, in such claims. I am aware that my spouse was given or took 21 days to consider the foregoing
Agreement and voluntarily chose to sign the Agreement prior to the expiration of the 21-day period. I hereby consent to my spouse’s
waiver and release of the released claims and to my spouse’s execution of the Agreement prior to the expiration of the 21-day
period and agree that the released claims and my interest in them are subject to the provisions of the Agreement and that I will
take no action at any time to hinder operation of the Agreement or to assert any of the released claims.

 

I declare under penalty of perjury under
the laws of the State of California that the foregoing is true and correct.

 

Executed this
30th day of September,. 2013 in Bakersfield, California.

 

 

	 	/s/ Deborah Alexander

      Deborah Alexander

 

    	9Exhibit 10.2

 

TRUST AGREEMENT

 

This Agreement (“Trust Agreement”)
is effective as of October 1, 2013, by and between Pyramid Oil Company ( “Company”) and Gilbert Ansolabehere
(“Trustee”).

 

The parties, for good and valuable consideration,
receipt of which is hereby acknowledged, agree as follows:

 

Recitals

 

WHEREAS, Company has incurred liability
under the terms of a Settlement Agreement entered into with John Alexander (“Alexander”), effective as of even
date (the “Settlement”);

 

WHEREAS, Company wishes to establish a trust
(hereinafter called the "Trust") and to contribute to the Trust assets that shall be held therein, subject to the claims
of Company's creditors in the event of Company's Insolvency, as herein defined, until paid to Alexander (or his heirs or estate
in the event of his death; and the reference to Alexander hereafter is intended to include his heirs or estate) at such times as
specified in the Settlement;

 

WHEREAS, it is the intention of Company
to make a single contribution to the Trust to provide a source of funds to satisfy such liability;

 

NOW, THEREFORE, the parties do hereby establish
the Trust and agree that the Trust shall be comprised, held and disposed of as follows:

 

Section 1. Establishment of Trust

 

(a) Company hereby deposits with Trustee
in trust $967,329 in cash, which shall be the principal of the Trust to be held, administered and disposed of by Trustee as provided
in this Trust Agreement.

 

(b) The Trust hereby established shall be
irrevocable.

 

(c) The Trust is intended to be a grantor
trust, of which Company is the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal
Revenue Code of 1986, as amended, and shall be construed accordingly.

 

(d) The principal of the Trust, and any
earnings thereon shall be held separate and apart from other funds of Company and shall be for the uses and purposes of Alexander
or general creditors of Company as herein set forth. Alexander shall be the sole beneficiary of this Trust. Any rights created
under this Trust Agreement shall be mere unsecured contractual rights of Alexander against the Company. Any assets held by the
Trust will be subject to the claims of the Company's general creditors under federal and state law in the event of Insolvency,
as defined in Section 3(a) hereof.

 

    	 

    	 

    

  

Section 2. Payments to Alexander.
Trustee shall make the following payments, as provided under the Settlement, to Alexander or his heirs: $322,443 on each of April
5, 2014, January 5, 2015 and January 5, 2016. The Company shall advise Trustee of the amount to be withheld from each such payment
to make provision for the reporting and withholding of any federal, state or local taxes that may be required to be withheld from
each such payment and shall distribute to the Company such amount solely for remittance by Company to the appropriate taxing authorities.

 

Section 3. Trustee’s Responsibility
Regarding Payments to Trust Beneficiary

When Company is Insolvent.

 

(a) Trustee shall cease payment of benefits
to Alexander or his heirs if the Company is Insolvent. The Company shall be considered "Insolvent" for purposes of this
Trust if (i) the Company is unable to pay its debts as they become due, or (ii) the Company is subject to a pending proceeding
as a debtor under the United States Bankruptcy Code.

 

(b) At all times during the continuance
of this Trust, as provided in Section 1(d) hereof, the principal and income of the Trust shall be subject to claims of general
creditors of Company under federal and state law as set forth below.

 

(1) The Board of Directors and the Chief
Executive Officer of the Company shall have the duty to inform Trustee in writing of the Company's Insolvency. If a person claiming
to be a creditor of Company alleges in writing to Trustee that the Company has become Insolvent, Trustee shall determine whether
the Company is Insolvent and, pending such determination, Trustee shall discontinue payments to Alexander.

 

(2) Unless Trustee has actual knowledge
of Company's Insolvency, or has received notice from Company or a person claiming to be a creditor alleging that Company is Insolvent,
Trustee shall have no duty to inquire whether Company is Insolvent. Trustee may in all events rely on such evidence concerning
Company's solvency as may be furnished to Trustee and that provides Trustee with a reasonable basis for making a determination
concerning the Company's solvency.

 

(3) If at any time Trustee has determined
that the Company is Insolvent, Trustee shall discontinue payments to Alexander or his heirs and shall hold the assets of the Trust
for the benefit of Company's general creditors. Nothing in this Trust Agreement shall in any way diminish any rights of Alexander
or his heirs from pursuing the rights provided under the Settlement as general creditors of Company.

 

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(4) Trustee shall resume the payment of
benefits to Alexander or his heirs in accordance with Section 2 of this Trust only after Trustee has determined that the Company
is not Insolvent (or is no longer Insolvent).

 

(c) Provided that there are sufficient assets,
if Trustee discontinues the payments to Alexander pursuant to Section 3 hereof and subsequently resumes such payments, the first
payment following such discontinuance shall include the aggregate amount of all payments due to Alexander or his heirs under the
Settlement for the period of such discontinuance.

 

Section 4. No Payments to Company.
Except as otherwise provided herein, Company shall have no right or power to direct Trustee to return to Company or to divert to
others any of the Trust assets before all payments have been made to Alexander.

 

Section 5. Investment Authority.

 

(a) All rights associated with assets of
the Trust shall be exercised by Trustee or the person designated by Trustee, and shall in no event be exercisable by or rest with
Alexander.

 

(b) In no event may Trustee invest in securities
(including stock or rights to acquire stock) or obligations issued by Company. Trustee shall deposit the funds held in the Trust
in one or more banks, each of which shall have a minimum of $10 billion in assets, and in one or more interest bearing federally
insured accounts in such banks.

 

Section 6. Disposition of Income.
During the term of this Trust, all income received by the Trust, net of expenses and taxes, shall be accumulated and paid first
to Alexander in satisfaction of the amounts due to him (if otherwise diminished because of the Insolvency of the Company) or second
to the Trustee as part of the fee for Trustee’s services.

 

Section 7. Accounting by Trustee.
On behalf of Trustee and subject to Trustee’s review, the accountant for the Company, shall, at the Company’s expense,
maintain and keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions of the
Trust. Within 90 days following the close of each calendar year and within 60 days after the removal or resignation of Trustee,
such accountant shall deliver to Company a written account of the administration of the Trust during such year or during the period
from the close of the last preceding year to the date of such removal or resignation, setting forth all transactions effected by
it and showing all cash, and other property, if any, held in the Trust at the end of such year or as of the date of such removal
or resignation, as the case may be.

 

Section 8. Responsibility of Trustee.

 

(a) Trustee shall act with the care, skill,
prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with
such matters would use in the conduct of an enterprise of a like character and with like aims, provided, however, that Trustee
shall incur no liability to any person for any action taken pursuant to a direction, request or approval given by the Company which
is contemplated by, and in conformity with, the terms of the Settlement or this Trust Agreement and is given in writing by Company.
In the event of a dispute between the Company and any party as it relates to the Trust, Trustee may apply to a court of competent
jurisdiction to resolve the dispute.

 

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(b) If Trustee undertakes or defends any
litigation arising in connection with the Trust, Company agrees to indemnify Trustee against Trustee's costs, expenses and liabilities
(including, without limitation, attorneys' fees and expenses) relating thereto and to be primarily liable for such payments.

 

(c) Trustee may consult with legal counsel
(who may also be counsel for Company) with respect to any of its duties or obligations hereunder.

 

(d) Trustee may hire, at Company’s
expense, agents, accountants, actuaries, investment advisors, financial consultants or other professionals to assist it in performing
any of its duties or obligations hereunder.

 

(e) Trustee shall have, without exclusion,
all powers conferred on Trustees by applicable law, unless expressly provided otherwise herein.

 

(f) Notwithstanding any powers granted to
Trustee pursuant to the Trust Agreement or to applicable law, Trustee shall not have any power that could give the Trust the objective
of carrying on a business and dividing the gains therefrom, within the meaning of Section 301.7701-2 of the Procedure and Administrative
Regulations promulgated pursuant to the Internal Revenue Code.

 

Section
9. Compensation and Expenses of Trustee. Except as otherwise provided, Company shall pay all administrative and Trustee's
fees and expenses.

 

Section 10. Resignation and Removal of
Trustee.

 

(a) Trustee may resign at any time by written
notice to Company, which shall be effective 30 days after receipt of such notice unless Company and Trustee agree otherwise. Trustee
shall select a successor Trustee prior to the effective date of Trustee's resignation

 

(b) Trustee may be removed by the Company,
only on the basis of Trustee’s incapacity on 30 days’ notice or upon shorter notice accepted by Trustee. The Company
shall apply to a court of competent jurisdiction for the appointment of a successor Trustee or for instructions.

 

    	4

    	 

    

 

Section
11. Amendment or Termination.

 

(a) This Trust Agreement may be amended
by a written instrument executed by Trustee and the Company. Notwithstanding the foregoing, no such amendment shall conflict with
the terms of the Settlement or shall make the Trust revocable.

 

(b) The Trust shall not terminate until
the final payment is made as provided herein unless there are no assets remaining in the Trust. Upon termination of the Trust any
assets remaining in the Trust shall be returned to Company.

 

 

Section 12. Disputes; Attorneys’
Fees; Law; Venue. If any legal proceeding or litigation instituted by a party against the other arising out of this Agreement,
the prevailing party shall be entitled to recover its reasonable attorney’s fees and costs as determined by the arbitrator,
arbitrators, or court, in addition to any judgment awarded. This Agreement is executed in Kern County, California and California
law shall govern as to the construction, interpretation, and enforcement of this Agreement and the rights and obligations of the
parties to this Agreement; without reference to conflicts of law principles. Proper venue for any legal proceeding, arbitration,
or other litigation arising out of this Agreement shall be in Bakersfield, California, only, and the parties waive any right to
a change of venue. The parties waive their respective rights to a jury trial, it being the parties’ intent that the dispute
be heard by a judge only.

 

Section 13. Miscellaneous.

 

(a) Any provision of the Trust Agreement
prohibited by law shall be ineffective to the extent of any such prohibition, without invalidating the remaining provisions thereof.

 

(b) Payments to Alexander under this Trust
may not be anticipated, assigned (either at law or in equity), alienated, pledged, encumbered or subjected to attachment, garnishment,
levy, execution or other legal or equitable process.

 

(c) This Trust Agreement shall be governed
by and construed in accordance with the laws of the State of California.

 

 

Signatures on following page

 

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EXECUTED on the date above written at Los
Angeles, California.

 

Pyramid Oil Company

 

 

		By:	/s/ Michael Herman

Michael
Herman

 

 

Trustee

 

/s/  Gilbert Ansolabehere

      Gilbert
Ansolabehere

 

    	6

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