Document:

Exhibit 10.2

 

MEDIANET
GROUP TECHNOLOGIES, INC.

Non-Qualified Stock Option Agreement

This Non-Qualified
Stock Option Agreement certifies that, pursuant to the MediaNet Group Technologies, Inc. (the “Company”) Omnibus
Equity Compensation Plan (the “Plan”), the Compensation Committee has granted an option to purchase shares of common
stock, par value $.001 per share (the “Common Stock”) of MediaNet Group Technologies, Inc. as stated below. Capitalized
terms used herein and not defined shall have the meaning ascribed to such terms in the Plan.

	 	Optionee:	Charles Arizmendi	 
	 	 	 	 	 
	 	Address:	6118 Vista Linda Ln	 
	 	 	Boca Raton FL 33433	 
	 	 	 	 	 
	 	Number of Shares	5 million shares of the Common Stock (the Subject “Option Shares”)
	 	to the Option	 	 	 
	 	 	 	 	 
	 	Option Exercise Price:	US$0.31 per share of Common Stock (the “Per	 
	 	 	 	 	 
	 	 	Share Exercise Price.	 
	 	 	 	 	 
	 	Grant Date:	November 30, 2011 (the “Grant Date”)	 
	 	 	 	 	 
	 	 	MEDIANET GROUP TECHNOLOGIES, INC.	 
	 	 	 	 	 
	Dated:  As of November 30, 2011	By:	 	 
	 	 	 	Name: Michael Hansen	 
	 	 	 	Title: CEO	 
	 	 	 	 	 	 

 

The undersigned hereby
accepts the foregoing option and agrees to the terms and conditions thereof as described in Exhibit A attached hereto and
made a part hereof. The undersigned hereby acknowledges receipt of a copy of the MediaNet Group Technologies, Inc. Omnibus Equity
Compensation Plan, a copy of which is attached hereto as Exhibit B, and agrees to be bound by the terms of such Plan.

 

	 	 	OPTIONEE	 
	Dated:  As of November 30, 2011	 	 	 
	 	 	Name: Charles Arizmendi	 

 

    	 

    	 	

    
 

EXHIBIT A

 

Terms and conditions of the Non-Qualified
Stock Option Agreement for Employees

 

Grant of Option.
MediaNet Group Technologies, Inc., a Nevada corporation (the “Company”), hereby grants to the Optionee, as of the Grant
Date an option (the “Option”), pursuant to the Plan, to purchase the Option Shares at the Per Share Exercise Price,
purchasable as set forth in and subject to the terms and conditions of this Option and the Plan. Except where the context otherwise
requires, the term “Company” shall include all future subsidiaries of the Company as defined in Sections 424(e) and
424(f) of the Internal Revenue Code of 1986, as amended or replaced from time to time (the “Code”).

Non-Qualified
Stock Option. The Option shall constitute and be treated at all times by the Optionee and the Company as a "non-qualified
stock option" for U.S. Federal income tax purposes and shall not constitute and shall not be treated as an "incentive
stock option" as defined under Section 422(b) of the Code.

Exercise of Option
and Provisions for Termination; Vesting Schedule. The Option shall vest as follows: 312,500 of the Option Shares will vest
and become exercisable on March 31, 2012; 312,500 of the Option Shares will vest and become exercisable at the end of each of fifteen
successive calendar quarters thereafter. Except as otherwise provided in this Agreement, this Option may be exercised at any time
during the period (the “Exercise Period”) commencing on March 31, 2012 and terminating on March 31, 2022 (the “Expiration
Date”). This Option may not be exercised at any time on or after the Expiration Date.

Exercise Procedure.
Subject to the conditions set forth in this Agreement and the Plan, this Option shall be exercised by the Optionee’s delivery
of written notice of exercise to the General Counsel of the Company, specifying the number of Option Shares to be purchased and
the purchase price to be paid therefore (the “Purchase Price”). Such notice must be signed and dated and be accompanied
by payment in full of the Purchase Price in accordance with Section 4 of this Agreement. Such exercise shall be effective upon
receipt by the General Counsel of the Company of such written notice together with the Purchase Price. The Optionee may purchase
less than the number of Shares covered hereby, provided that no partial exercise of this Option may be for any fractional Share.

Payment of Purchase
Price. Payment of the Purchase Price for the Shares purchased upon the exercise of this Option shall be made by delivery to
the Company of one or some combination of the following items of consideration with a value on the date of exercise equal to the
Purchase Price of the subject Shares:

cash;

a certified check
or bank check;

a cash equivalent
instrument that is reasonably acceptable to the Company; or

shares of Common Stock
(provided that the such shares of Common Stock have been held by the Optionee (or any other person or persons exercising the Option)
for at least six months).

Delivery of Option
Shares: Compliance with Securities Law, Etc.

General. The
Company shall, upon payment of the option price for the number of Option Shares purchased and paid for, make prompt delivery of
such Option Shares to the Optionee, provided that if any law or regulation require the Company to take any action
with respect to such Option Shares before the issuance thereof, then the date of delivery of such Option Shares shall be extended
for the period necessary to complete such action.

Listing Qualifications,
Securities Law Compliance, Etc. Notwithstanding anything to the contrary in this Agreement, no shares of Common Stock purchased
upon exercise of the Option, and no certificate representing such shares, shall be issued or delivered if (a) such shares have
not been admitted to listing upon official notice of issuance on each stock exchange, if any, upon which shares of that class
are then listed, or (b) in the opinion of counsel to the Company, such issuance or delivery would (i) cause the Company
to be in violation of or to incur liability under any federal, state or other securities law, or any other requirement of law
or any requirement of any stock exchange regulations or listing agreement to which the Company is a party, or of any administrative
or regulatory body having jurisdiction over the Company or (ii) require registration (apart from any registrations as have
been theretofore completed by the Company covering such shares) under any federal, state, or other securities or similar law.

    	 

    	 	

    

No Special Employment
or Similar Rights. Nothing contained in the Plan or this Option shall be construed or deemed by a person under any circumstances
to bind the Company to continue the employment or other relationship of the Optionee with the Company for the period within which
this Option may be exercised or otherwise.

Rights as a Shareholder.
The Optionee shall have no rights as a shareholder with respect to any Option Shares which may be purchased by exercise of this
Option (including, without limitation, any rights to receive dividends or non-cash distributions with respect to such Option Shares)
unless and until a certificate representing such Option Shares is duly issued and delivered to the Optionee. No adjustment shall
be made for dividends or other rights for which the record date is prior to the date such certificate is issued.

Adjustment Provisions.

General. If,
through or as a result of any consolidation of shares of Common Stock, merger or consolidation of the Company or its Subsidiaries
or sale or other disposition by the Company or its Subsidiaries of all or a portion of its assets, any other change in the Company's
or its Subsidiaries' corporate structure, or any distribution to shareholders other than a cash dividend results in the outstanding
shares of Common Stock, or any securities exchanged therefor or received in their place, being exchanged for a different number
or class of shares of Common Stock or other securities of the Company, or for shares of Common Stock or other securities of any
other Company; or new, different or additional shares or other securities of the Company or of any other Company being received
by the holders of outstanding shares of Common Stock, the Optionee shall, with respect to this Option or any unexercised portion
hereof, be entitled to the rights and benefits, and be subject to the limitations, set forth in the Plan.

Board Authority
to Make Adjustments. Any adjustments under this Section 8 will be made by the Board of Directors and/or the Compensation Committee,
whose determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive.
No fractional Shares will be issued pursuant to this Option on account of any such adjustments.

Withholding Taxes.
The Company’s obligation to deliver Option Shares upon the exercise of this Option shall be subject to the Optionee’s
satisfaction of all applicable, federal, state and local income and employment tax withholding requirements.

Financial Restatements
Due to Intentional Misconduct or Gross Negligence.

(a)In the event
that the disinterested and independent (as determined in accordance with the NYSE AMEX listing standards) members of the Board
of Directors determine (the “Board Determination”) that the Optionee’s intentional misconduct or gross negligence
directly or indirectly caused or contributed to a restatement of the Company’s consolidated financial statements due to the
material non-compliance of the Company with any financial reporting requirement under the U.S. federal securities laws, whether
such restatement is required by law or the Board of Directors determines, in its discretion, such restatement is necessary or desirable
to serve the best interests of the Company, then any vested and unvested Options then held by the Optionee that were granted during
the three month period prior to or the nine month period following the first public issuance or filing with the Securities Exchange
Commission (whichever occurs first) of the incorrect financial statements shall be immediately cancelled and rendered null and
void without any payment therefor. In addition, for any Options that were exercised during the nine month period following the
first public issuance or filing with the Securities Exchange Commission (whichever occurs first) of the incorrect financial statements
(the “Covered Options”), the Optionee shall be required to repay or otherwise reimburse the Company, upon demand, an
amount in cash or shares of Common Stock having a value equal to the amount described in clause (i), (ii) or (iii) below, depending
on whether the Optionee still holds the Option Shares acquired upon exercise of the Covered Options:

    	 

    	 	

    

(i)to the extent
that such Option Shares have been sold, the difference between the aggregate proceeds received from such sale of such Option Shares
over the aggregate Option Exercise Price for such Option Shares,

(ii)to the extent
that such Option Shares have been transferred otherwise than for value (ex. a transfer by gift, a transfer upon death), the difference
between: (x) the greatest of (a) the Fair Market Value (as defined in the Plan) of such Option Shares on the date the Covered Options
were exercised, (b) the Fair Market Value of such Option Shares on the date the Option Shares underlying the Covered Options were
transferred and (c) the Fair Market Value of such Option Shares on the date of the Board Determination and (y) the aggregate Option
Exercise Price with respect to such Option Shares; and/or

(iii)to the
extent that such Option Shares have not been sold or otherwise transferred at the time the Company demand is made, the difference
between: (x) the greater of (a) the Fair Market Value of such Option Shares on the date the Covered Options were exercised and
(b) the Fair Market Value of such Option Shares on the date of the Board Determination and (y) the aggregate Option Exercise Price
with respect to such Option Shares.

(b)This section
does not constitute the Company’s exclusive remedy for the Optionee’s commission of intentional misconduct or gross
negligence. The Company may seek any additional legal or equitable remedy, including injunctive relief, for any such violations.
The provisions in this section are essential economic conditions to the Company’s grant of Options to the Optionee. By receiving
the grant of Options hereunder, the Optionee agrees that the Company may deduct from any amounts it owes the Optionee from time
to time (such as wages or other compensation, deferred compensation credits, vacation pay, any severance or other payments owed
following a Termination of Employment, as well as any other amounts owed to the Optionee by the Company) to the extent of any amounts
the Optionee owes the Company under this section. The provisions of this section and any amounts repayable by the Optionee hereunder
are intended to be in addition to any rights to repayment the Company may have under Section 304 of the Sarbanes-Oxley Act of 2002
and other applicable law.

Representations.
The Optionee represents, warrants and covenants that:

Any Option Shares
purchased upon the exercise of this Option shall be acquired for the Optionee’s account for investment only, and not with
a view to, or for sale in connection with, any distribution of the Option Shares in violation of the Securities Act, or any rule
or regulation under the Securities Act. 

The Optionee has had
such opportunity as he or she has deemed adequate to obtain from representatives of the Company such information as is necessary
to permit the Optionee to evaluate the merits and risks of his or her investment in the Company.

The Optionee is able
to bear the economic risk of holding such Option Shares acquired pursuant to the exercise of this Option for an indefinite period.

The Optionee understands
the tax consequences of the granting of the Option, the acquisition of rights to exercise the Option with respect to any Option
Shares, the exercise, release or other disposal of the Option and purchase of Option Shares hereunder, and the subsequent sale
or other disposition of any Option Shares acquired hereunder. In addition, the Optionee understands that the Company may be required
to pay, or account for taxes in respect of any compensation income, or other income or gain realized by the Optionee upon exercise
of the Option granted hereunder. To the extent that the Company is required to pay, account for or withhold any such taxes, then,
unless both the Optionee and the Compensation Committee have otherwise agreed upon alternate arrangements, the Optionee hereby
agrees that the Company may deduct from any payments of any kind otherwise due to the Optionee an amount equal to the total taxes
required to be so paid, accounted for or withheld (as permitted by law), or if such payments are inadequate to satisfy such taxes,
or if no such payments are due or to become due to the Optionee, then the Optionee agrees to provide the Company with cash funds
or make other arrangements satisfactory to the Company regarding such payment. It is understood that all matters with respect to
the total amount of taxes to be withheld in respect of any such compensation income shall be determined by the Company in its sole
discretion.

    	 

    	 	

    

By making payment upon exercise of this
option, the Optionee shall be deemed to have reaffirmed, as of the date of such payment, the representations made in this Section
11.

Restrictions
on Transfer of Option Shares.

The Optionee hereby
acknowledges and agrees that the Option shall not be transferable by the Optionee other than by will or by the laws of descent
and distribution, and shall be exercisable during the lifetime of the Optionee only by him or by his guardian or legal representative.

The Optionee hereby
acknowledges that in connection with any public offering of the Company’s Common Stock, the underwriters for the Company
may require that the Company's officers, directors, and/or certain other shareholders not sell their Shares for a certain period
of time before or after the effectiveness of any registration statement of the Company filed in connection with such offering.
The Optionee hereby agrees that upon the Company's request in connection with any such public offering, that the Optionee will
not, directly or indirectly, offer, sell, contract to sell, make subject to any purchase option, or otherwise dispose of any Option
Shares for a period requested by the underwriter or its representative, not to exceed ten (10) days before and 90 days after the
date of the effectiveness of any such registration statement, without the prior written consent of the underwriter or its representative.

Legends.
All stock certificates representing Option Shares issued to the Optionee upon exercise of this Option shall have affixed thereto
legends substantially in the following form, in addition to any other legends required by applicable state law:

“The shares of stock represented
by this certificate are subject to certain restrictions on transfer contained in an Option Agreement, a copy of which will be furnished
upon request by the issuer.”  

Termination
of Employment. The Option shall lapse and cease to be exercisable within three months following a Termination of Employment
for any reason (the “Termination Exercise Period”). Upon a Termination of Employment of the Optionee by the Company
for any reason other than for cause, the Option granted hereunder, to the extent not previously exercisable and vested, shall
become immediately exercisable and fully vested in accordance with its terms. Notwithstanding the foregoing, the Termination Exercise
Period shall be extended to one year and the Option granted hereunder, to the extent not previously exercisable and vested, shall
become immediately exercisable and fully vested in accordance with its terms, in the event employment shall have terminated:

as a result of
Retirement or Disability; and

(ii) as a
result of death, or if death shall have occurred during the Termination Exercise Period. 

The Compensation Committee reserves
the right to cancel or suspend the Option granted hereunder if the Optionee is terminated for cause or the Compensation Committee
determines that the Optionee is competing or has competed with the Company as set forth in Sections 3.15 and 14.2 of the Plan.

Effectiveness
of the Grant of the Option. The grant of the Option by the Company to the Optionee shall not become effective until the Optionee
executes the cover page of this Agreement and returns this Agreement with the executed cover page to the Company. In the event
the Optionee fails to execute and return this Agreement to the Company within one month after the Grant Date, this Agreement shall
immediately terminate in all respects and this Agreement shall immediately cease to be an operative contract.

Plan Documents.
This Agreement is qualified in its entirety by reference to the provisions of the Plan, as amended from time to time, which are
hereby incorporated herein by reference. The interpretation and construction by the Compensation Committee of the Plan, this Agreement,
the Option granted hereunder, and such rules and regulations as may be adopted by the Compensation Committee for the purpose of
administering the Plan, shall be final, binding and conclusive. Until the Option shall expire, terminate, or be exercised in full,
the Company shall, upon written request therefor, send a copy of the Plan, in its then-current form, to the Optionee or any other
person or entity then entitled to exercise the Options.

    	 

    	 	

    

Miscellaneous.

This Agreement may
(except as provided in the Plan) only be amended, altered or modified by a written instrument signed by the parties hereto, or
their respective successors, and it may not be terminated (except as provided herein or in the Plan).

All notices under
this Option shall be mailed or delivered by hand to (i) the Company at the address set forth below, (ii) the Optionee at the address
set forth on the first page of this option, or (iii) at such other address as may be designated in writing by either of the parties
to one another.

	 	If to the Company:	MediaNet Group Technologies, Inc.
	 	 	5200 Town Center Circle, Suite 601
	 	 	Boca Raton, FL 33486
	 	 	 
	 	If to the Optionee:	See address of Optionee on the cover page of this Agreement.

Applicable Law.
This Option shall be governed by and construed in accordance with the laws of the State of Florida, but without regard to the principle
of conflict of laws thereof. If any one or more provisions of this Agreement shall be found to be illegal or unenforceable in any
respect, the validity and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby.
The parties hereto hereby submit themselves to the exclusive jurisdiction of the state or Federal courts located in Palm Beach
County, Florida and (a) agree and acknowledge that any claim, action or proceeding regarding the Company or this Agreement shall
be brought in such courts, and (b) hereby waive any objections to such venue, including, without limitation, any objections based
on such venue being an inconvenient forum.

Entire Agreement.
This Agreement constitutes the entire agreement between the Company and the Optionee and supersedes any prior agreements and understandings,
oral or written, between the Company and the Optionee concerning the subject matter of this Agreement.

Construction.
The section headings contained in this Agreement are for reference only and shall have no effect on the interpretation of any of
the provisions of this Agreement.

Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company and upon
the legal representatives, executors, administrators, heirs, legatees and any permitted assignee of the Optionee.

    	 

    	 	

    

 EXHIBIT B

 

COMPANY’S OMNIBUS EQUITY COMPENSATION
PLAN

 

[See Attached]THIS OPTION HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE OPTIONEE WILL NOT TRANSFER THIS OPTION OR THE UNDERLYING COMMON SHARES UNLESS
(I) THERE IS AN EFFECTIVE REGISTRATION COVERING SUCH OPTION OR SUCH SHARES, AS THE CASE MAY BE, UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS, (II) AMERICAN EAGLE ENERGY INC. FIRST RECEIVES A LETTER FROM AN ATTORNEY, ACCEPTABLE
TO IT, STATING THAT, IN THE OPINION OF THE ATTORNEY, THE PROPOSED TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, AND UNDER ALL APPLICABLE STATE SECURITIES LAWS, OR (III) THE TRANSFER IS MADE PURSUANT TO RULE 144 UNDER THE
SECURITIES ACT OF 1933, AS AMENDED.

NON-QUALIFIED STOCK OPTION AGREEMENT

THIS STOCK OPTION
AGREEMENT (the “Agreement”) is made and entered into effective as of the 21st day of February, 2012 (the
“Effective Date”), by and between American Eagle Energy Corporation, a Nevada corporation (“AMZG”),
and Andrew Calerich (the “Optionee”).

1.Recitals.
Optionee is a member of the Board of Directors of AMZG. AMZG desires to provide Optionee with the opportunity to obtain additional
share ownership in AMZG so that Optionee may have a significant proprietary interest in the Corporation’s success. AMZG therefore
hereby issues Optionee this non-qualified option to purchase shares of its stock pursuant to the terms of, and subject to the conditions
set forth in, this Agreement.

2.Shares
Subject to Option. As of the Effective Date, AMZG hereby grants to the Optionee the option (“Option”) to
purchase two hundred thousand (200,000) shares of AMZG’s common stock (the “Optioned Shares”), at the
price set forth in the Paragraph of this Agreement entitled “Exercise Price” (the “Exercise Price”),
subject to the terms and conditions and within the period of time set forth in this Agreement. This Option is intended to be a
non-statutory, non-qualified stock option which does not qualify as an “incentive stock option” under Section
422 of the Internal Revenue Code of 1986, as amended (the “Code”).

3.Term.
This Agreement and the Option granted hereunder shall expire at 6:00 p.m. Mountain Time on the fifth anniversary of the Effective
Date. If all or any portion of this Option is unexercised upon the expiration of this Agreement, then, to that extent, this Option
shall be deemed to have been forfeited and of no further force or effect.

4.Vesting.

4.1Vesting
Schedule. Subject to the terms of the Subparagraph in this Agreement entitled “Change in Control,” the Option
granted hereunder shall vest as follows: fifty percent (50%) of the Optioned Shares shall vest on February 21, 2013, and fifty
percent (50%) of the Optioned Shares shall vest on February 21, 2014, in each event subject to the Optionee’s continued
service as an employee of, consultant to, or director of AMZG through such dates. From and after the respective vesting dates
and through the expiration hereof, the Option may be fully and immediately exercisable in whole or in part at any time and from
time to time in respect of such Optioned Shares.

    	1

    	 

    

4.2Change
in Control. Notwithstanding the vesting schedule set forth in the Subparagraph of this Agreement entitled “Vesting
Schedule” immediately above, if at any time prior to full vesting of all of the Optioned Shares and while Optionee is performing
services for AMZG a Change in Control (as that phrase is defined below) in AMZG occurs, Optionee’s grant and right to exercise
this Option shall immediately and fully vest and this Option shall immediately be exercisable as to one hundred percent (100%)
of the Optioned Shares (or such percentage of the Optioned Shares as may not then have been previously purchased) on the date immediately
preceding the consummation of such transaction. For purposes of this Agreement, “Change of Control” shall mean the
occurrence of any of the following events: (i) the consummation of any transaction after the Effective Date in which any person
or entity or group of related persons and\or entities becomes the beneficial owner, directly or indirectly, of securities representing
more than thirty percent (30%) of the combined voting power of AMZG’s then outstanding voting securities, or (ii) three or
more directors, whose election or nomination for election is not approved by a majority of the members of AMZG’s Board of
Directors on the Effective Date, are elected within any twelve month period to serve on its Board of Directors, or (iii) any merger
(other than a merger in which AMZG is the survivor and there is no change of control pursuant to (i) or (ii) of this sentence),
reorganization, consolidation, liquidation, winding up or dissolution of AMZG or the sale of all or substantially all of its assets.

5.Exercise
Price. Subject to the provisions of the Paragraph in this Agreement entitled “Vesting” and for adjustment
in the manner provided below, the exercise price for each Optioned Share shall be ninety-two cents ($0.92).

6.Method
of Exercise. This Option shall be deemed to be exercised when written notice identifying the number of Optioned Shares as to
which this Option is then being exercised has been provided to AMZG in accordance with the terms of this Option and full payment
for the Optioned Shares with respect to which the Option is exercised has been received by AMZG. Upon the exercise of this Option
in whole or in part and payment of the Exercise Price in the manner provided by this Agreement, AMZG shall, as soon thereafter
as practicable, deliver to the Optionee a certificate or certificates for the shares purchased. The Exercise Price for the Optioned
Shares to be purchased upon the exercise of the Option may be paid (i) in cash or cash equivalents, (ii) by delivery (by either
actual delivery or attestation) of AMZG shares of its common stock already owned by the Optionee, having a Fair Market Value, defined
below, on the date of exercise less than (with the balance paid in cash or cash equivalents) or equal to the aggregate Exercise
Price for the purchased shares, (iii) to the extent permitted by law, by a “cashless exercise” procedure approved by
AMZG in the exercise of its reasonable discretion, or (iv) by a combination of the foregoing methods. The term “Fair Market
Value” for shares of AMZG’s common stock on any particular date shall mean the last reported sale price of the common
stock on the principal market on which the common stock trades on such date or, if no trades of common stock are made or reported
on such date, then on the next preceding date on which the common stock traded. If AMZG’s common stock ceases to be traded
on any market, the Optionee and the Board of Directors of AMZG shall mutually agree upon an alternative method of determining the
Fair Market Value for shares of AMZG’s common stock.

7.Withholding.
AMZG may, in its discretion, require that the Optionee pay to it at or after the time of the exercise of any portion of this Option
any such additional amount as AMZG deems necessary, in the exercise of its reasonable discretion, to satisfy its liability to withhold
federal, state, or local income tax or any other tax incurred by reason of the exercise of this Option. The Optionee may satisfy
this requirement by (i) tendering to AMZG shares of AMZG’s common stock already owned by the Optionee, which, in the case
of shares of common stock purchased by the Optionee pursuant to the exercise of an option granted by AMZG, have been held by the
Optionee for at least six months following the date of such purchase or (ii) by electing to have AMZG withhold from delivery Optioned
Shares, provided that, in either case, such shares have a Fair Market Value equal to the minimum amount of tax required to be withheld.
Such shares shall be valued on the date as of which the amount of tax to be withheld is determined. Fractional share amounts shall
be settled in cash. Such election may be made with respect to all or any portion of the Optioned Shares to be delivered pursuant
to exercise of this Option.

    	2

    	 

    
 

8.Adjustment
of Optioned Shares. In the event that there is any stock dividend, stock split, reverse stock split, combination, reclassification,
reorganization, recapitalization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of common stock
or other securities of AMZG, issuance of warrants or other rights to purchase common stock or other securities of AMZG, or other
similar corporate transaction or events that affect the common stock of AMZG such that an adjustment is necessary to prevent dilution
or enlargement of the benefits or potential benefits intended to be made available pursuant to this Option, then the number of
unexercised Optioned Shares subject to this Option and the exercise price per share of such Optioned Shares shall be proportionately
adjusted.

9.Option
Non-Transferable. This Option shall not be transferable other than by will or the laws of descent and distribution and this
Option shall be exercisable during the Optionee’s lifetime only by the Optionee or her guardian or legal representative.
Any purported assignment of this Option, or of any right or privilege conferred hereunder, contrary to the provisions hereof shall
be null and void.

10.
Laws and Regulations. No shares of common stock shall be issued under this Option unless and until all legal requirements applicable
to the issuance of such shares have been complied with to the satisfaction of AMZG in the exercise of its reasonable discretion.

11.
Rights in Stock Before Issuance and Delivery. The Optionee shall not be entitled to the privileges of stock ownership in respect
of any shares issuable upon exercise of this Option, unless and until such shares have been issued to the Optionee by AMZG. Except
as provided in this Agreement, no adjustment shall be made in the number of shares of common stock issued to the Optionee or in
any other rights of the Optionee upon exercise of this Option by reason of any dividend (other than a stock dividend), distribution,
or other right granted to AMZG’s stockholders for which the record date is prior to the date of exercise of this Option.

12.
Tax Consequences.

12.1Section
409A. This Option is intended to meet the requirements of Internal Revenue Code Section 409A and the Treasury Regulations promulgated
thereunder. If the Option contained in this Agreement is determined to be taxable to the Optionee and/or to AMZG, then AMZG, after
consultation with the Optionee, shall have the authority to adopt, prospectively or retroactively, such amendments to this Agreement
that AMZG determines in its reasonable discretion to be appropriate to: (i) exempt the transactions contemplated under this Agreement
from Section 409A; (ii) make this Agreement comply with the requirements of Section 409A; or (iii) avoid more generally the
adverse tax consequences of Section 409A as it applies to this Agreement.

    	3

    	 

    
 

12.2Other Tax
Consequences. Except as otherwise provided in this Agreement, the Optionee acknowledges that AMZG has not made any representations
or warranties to the Optionee with respect to the tax consequences related to the transactions contemplated in this Agreement,
and the Optionee is in no manner relying on AMZG or its representatives for an assessment of such tax consequences. The Optionee
acknowledges that (i) there may be adverse tax consequences upon acquisition or disposition of this Option or the Shares subject
to this Option, (ii) AMZG has no responsibility to the Optionee to ensure any particular tax result, and (iii) Optionee should
consult her own tax advisor prior to the acquisition, exercise, or disposition of this Option and the underlying Shares with regard
the particular tax treatment of this Option as it relates to the Optionee.

13.Miscellaneous.

13.1Agreement
Binding. This Agreement shall be binding upon the parties, their legal representatives, and permitted successors and
assigns.

13.2Entire
Agreement. This Agreement supersedes any statements, representations, or agreements of AMZG with respect to the grant
of the Option made herein and any related rights set forth herein and affecting the grant of this Option and the Optionee hereby
waives any rights or claims related to any such statements, representations, or agreements. Except to the extent specifically
set forth herein, this Agreement does not supersede or amend any existing agreement, between the Optionee and AMZG. No addition
to or modification of any provision of this Agreement shall be binding upon the Optionee or AMZG unless made in writing and signed
by both the Optionee and AMZG.

13.3Notice.
All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall
be in writing and shall be deemed to have been given (a) when delivered to and received personally by the recipient, (b) when
sent to and received by the recipient by facsimile (receipt electronically confirmed by sender’s facsimile machine) if during
normal business hours of the recipient, otherwise on the next business day, (c) one business day after the date when sent to the
recipient by reputable express overnight courier service (charges prepaid) and delivery confirmed, or (d) three business days
after the date when mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid and
such receipt is confirmed. Such notices, demands and other communications shall be sent to the parties at the addresses indicated
below or to such other address as a party may direct on written notice given pursuant to the terms of this Sub-paragraph:

	If to the Optionee:	 	Andrew Calerich
	 	 	1555 West 141st Way
	 	 	Westminster, Colorado 80023
	 	 	Fax:  N/A
	 	 	 
	If to AMZG:	 	American Eagle Energy Corporation
	 	 	2549 West Main Street, Suite 202
	 	 	Littleton, Colorado 80120
	 	 	Fax:  303-798-5767
	 	 	Attn:  Bradley Colby, Chief Executive Officer

    	4

    	 

    

13.4Non-Waiver. No delay or
failure by either party to exercise any right under this Agreement, and no partial or single exercise of that right, shall constitute
a waiver of that or any other right, unless otherwise expressly provided herein.

13.5Governing
Law; Jurisdiction; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado,
exclusive of the conflict of law provisions thereof. The parties agree that the District Court of the County of Arapahoe, State
of Colorado shall have exclusive jurisdiction, including in personam jurisdiction, and shall be the exclusive venue for
any and all controversies and claims arising out of or relating to this Agreement or a breach thereof, except as otherwise jointly
agreed upon by the parties.

13.6Attorneys’
Fees. If any party shall commence any action or proceeding against another party in order to enforce the provisions hereof,
or to recover damages as the result of alleged breach of any of the provisions hereof, the prevailing party therein shall be entitled
to recover all reasonable costs incurred in connection therewith, including, but not limited to, reasonable attorney’s fees.

13.7Gender
and Number. As used herein, the masculine gender shall include the feminine and neuter genders, and the singular shall include
the plural, and vice versa, where the context requires.

13.8Caption.
All captions, titles, headings, and divisions hereof are for purposes of convenience and reference only and shall not be construed
to limit or affect the interpretation of this Agreement.

13.9Counterparts
and Electronic Signatures. For the convenience of the parties, any number of counterparts of this Agreement may be executed
by any one or more parties hereto, and each such executed counterpart shall be, and shall be deemed to be, an original, but all
of which shall constitute, and shall be deemed to constitute, in the aggregate but one and the same instrument. This Agreement
may be circulated for signature through electronic transmission, including, without limitation, facsimile and email, and all signatures
so obtained and transmitted shall be deemed for all purposes under this Agreement to be original signatures until such time, if
ever, as original counterparts are exchanged by the parties.

IN WITNESS WHEREOF,
AMZG has executed this Agreement as of the day and year first above written.

	AMERICAN EAGLE ENERGY CORPORATION
	 	 
	By:	 	 
	 	Bradley Colby, Chief Executive Officer
	 	 
	 	 
	Andrew Calerich

    	5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}]]