Document:

Exhibit
      10.1

    Stock
      Agreement

    

    THORIUM
      POWER, LTD

    

    NOTICE
      OF GRANT

     

    
      	Name:
              Erik Hallstrom	Address:	2815
              28th Street, NW
	 	 	Washington, DC
              20008

    

    

    You
      have
      been granted the number of shares (the “Restricted
      Shares”)
      of
      restricted common stock of the Corporation (“Restricted
      Stock”)
      specified below subject to the terms and conditions of the attached Restricted
      Stock Grant Agreement.

     

    
      
        	
                Date
                  of Grant:

              	
                April
                  12, 2007

              
	 	 
	
                Vesting
                  Commencement Date:

              	
                February
                  1, 2007

              
	 	 
	Purchase
                Price per share of Restricted
                Stock: 	
                $0

              
	 	 
	Total
                Number of shares of Restricted Stock
                Granted	
                1,000,000

              
	 	 
	
                Total
                  Purchase Price:

              	
                $0

              

      

       

    

    Vesting
      Schedule:

    

    The
      shares of Restricted Stock shall vest and no longer be subject to forfeiture
      in
      accordance with the following schedule:

    

    The
      Restricted Stock shall vest with respect to 1/36 of the total number of shares
      on the Vesting Commencement Date, and shall thereafter vest with respect to
      1/36
      the total number of shares on the first day of each month thereafter until
      all
      the remaining shares have vested. All of the Nonvested Shares (as defined
      herein) immediately and automatically vest in full
      upon (i)
      a Change of Control, (ii) termination of the Executive by the Company without
      Cause, or (iii) the cessation of the Executive’s employment with the Company for
      Good Reason (each as defined in the Employment Agreement). 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    THORIUM
      POWER, LTD

    

    RESTRICTED
      STOCK GRANT AGREEMENT

     

    This
      RESTRICTED
      STOCK GRANT AGREEMENT (“Agreement”),
      dated
      as of the date specified in the Notice of Grant (which is expressly incorporated
      herein and made a part hereof, the “Notice
      of Grant”),
      is
      made by and between THORIUM POWER, LTD., a Nevada corporation (the “Corporation”),
      and
      ERIK HALLSTROM (the “Grantee,”
which
      term as used herein shall be deemed to include any successor to the Grantee
      by
      will or by the laws of descent and distribution, unless the context shall
      otherwise require).

     

    BACKGROUND

     

    Pursuant
      to the terms and conditions of that certain employment agreement between the
      Corporation and the Grantee dated February 1, 2007 (the “Employment
      Agreement”)
      the
      Corporation has approved the issuance to the Grantee, effective as of the date
      set forth above, of an award of the number of shares of Restricted Stock as
      is
      set forth in the attached Notice of Grant.

     

    NOW,
      THEREFORE,
      in
      consideration of the mutual premises and undertakings hereinafter set forth,
      the
      parties hereto agree as follows:

     

    
      1.  Grant
        of Restricted Stock.
        The
        Corporation hereby grants to Grantee, and Grantee hereby accepts the number
        of
        shares of Restricted Stock set forth in the Notice of Grant. 

       

      2.  Stockholder
        Rights.
        Until
        such time as all or any part of the Restricted Stock is forfeited to the
        Corporation under this Agreement, if ever, Grantee (or any successor in
        interest) shall have the rights of a stockholder (including voting rights)
        with
        respect to the Restricted Stock that has been issued, including the Restricted
        Stock that has been issued, but not yet vested, subject, however, to the
        transfer restrictions of Section 3.

       

      3.  Vesting
        of Restricted Stock.
        

       

      (a)  The
        shares of Restricted Stock shall be restricted and subject to forfeiture
        pursuant to Section 4 until vested pursuant to this Section 3 or Section
        6(b).
        The shares of Restricted Stock shall vest, and no longer be subject to
        forfeiture, (such shares of Restricted Stock becoming “Vested
        Shares”)
        in
        accordance with the vesting schedule set forth in the Notice of Grant. All
        shares of Restricted Stock which have not become Vested Shares are hereinafter
        sometimes referred to as “Nonvested
        Shares.”

       

      (b)  The
        Grantee acknowledges that the vesting of the foregoing shares of Restricted
        Stock may create significant income tax liability to the Grantee and has
        reviewed and understands Section 8 of this Agreement.

       

      (c)  Nonvested
        Shares may not be sold, transferred, assigned, pledged, or otherwise disposed
        of, directly or indirectly.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      4.  Forfeiture
        of Shares.
        Except
        as provided for accelerated vesting in the Notice of Grant, at such time
        as
        Grantee employment or other relationship with the Corporation ceases for
        any
        reason, including death or disability, then, in such event, any Nonvested
        Shares
        shall be automatically forfeited to the Corporation unless the Corporation
        otherwise notifies the Grantee. Upon notice from the Corporation of such
        forfeiture, the Grantee shall immediately return to the Corporation any stock
        certificate that evidences Nonvested Shares and shall execute any and all
        such
        documents and instruments to allow the Corporation to reacquire the forfeited
        shares.

       

      5.  Legend.
        All
        stock certificates evidencing the Nonvested Shares shall be imprinted with
        a
        legend substantially as follows:

       

      “THE
        SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS
        AGAINST TRANSFER AND FORFEITURE, AS SET FORTH IN A RESTRICTED STOCK GRANT
        AGREEMENT DATED FEBRUARY 1, 2007. TRANSFER OF THESE SHARES MAY BE MADE ONLY
        IN
        COMPLIANCE WITH THE PROVISIONS OF SAID AGREEMENT, A COPY OF WHICH IS ON FILE
        AT
        THE PRINCIPAL OFFICE OF THE CORPORATION.”

       

      6.  Recapitalizations,
        Exchanges, Mergers, Etc. 

       

      (a)  The
        provisions of this Agreement shall apply to the full extent set forth herein
        with respect to any and all shares of capital stock of the Corporation or
        successor of the Corporation which may be issued in respect of, in exchange
        for,
        or in substitution for the Restricted Stock by reason of any stock dividend,
        split, reverse split, combination, recapitalization, reclassification, merger,
        consolidation or otherwise which does not terminate this Agreement. Except
        as
        otherwise provided herein, this Agreement is not intended to confer upon
        any
        other person except the parties hereto any rights or remedies hereunder.
        In
        addition, without limiting the accelerated vesting provision contained in
        the
        Notice of Grant, in the event of a business combination, sale of all or
        substantially all of the Corporation’s assets, recapitalization or similar
        event, the Board of Directors of the Corporation shall have the right to
        make an
        equitable adjustment to the terms of this Agreement and to provide for
        substitute property (including cash or other securities) in lieu of, or in
        exchange for, the Restricted Stock granted hereunder.

       

      (b)  Without
        limiting the accelerated vesting provision contained in the Notice of Grant,
        any
        adjustments made under this Section 6 will be made by the Board of Directors,
        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 on account of any such adjustments.

       

      7.  No
        Employment Contract Created.
        The
        issuance of the shares of Restricted Stock shall not be construed as granting
        to
        Grantee any right with respect to continuance of employment or any other
        business relationship by the Corporation or any of its Subsidiaries. The
        right
        of the Corporation or any of its Subsidiaries to terminate at will Grantee's
        employment or terminate a business relationship with the Grantee at any time
        (whether by dismissal, discharge or otherwise), with or without cause, is
        specifically reserved, subject to any other written employment or other
        agreement to which the Corporation and Grantee may be a party.

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      8.  Section
        83(b) Election.
        Grantee
        understands that under Section 83 of the Internal Revenue Code of 1986, as
        amended (the “Code”),
        the
        excess of the fair market value of the shares of Restricted Stock on the
        date
        any forfeiture restrictions applicable to such shares of Restricted Stock
        lapse
        over the purchase price paid for such shares of Restricted Stock will be
        reportable as ordinary income at that time. Grantee understands, however,
        that
        Grantee may elect to be taxed at the time the shares of Restricted Stock
        are
        acquired hereunder, rather than when and as such shares of Restricted Stock
        cease to be subject to such forfeiture restrictions, by filing an election
        under
        Section 83(b) of the Code with the Internal Revenue Service within thirty
        (30)
        days after the date of this Agreement. GRANTEE ACKNOWLEDGES THAT IT IS GRANTEE'S
        SOLE RESPONSIBILITY, AND NOT THE CORPORATION'S, TO FILE A TIMELY ELECTION
        UNDER
        SECTION 83(b), EVEN IF GRANTEE REQUESTS THE CORPORATION OR ITS REPRESENTATIVES
        TO MAKE THIS FILING ON GRANTEE’S BEHALF.

       

      9.  Tax
        Witholding.
        The
        Corporation shall be entitled to withhold from Grantee’s compensation any
        amounts necessary to satisfy applicable tax withholding with respect to the
        grant and vesting of the shares of Restricted Stock.

       

      10.  Interpretation.
        The
        shares of Restricted Stock are being issued pursuant to the terms of the
        Employment Agreement, and shall in all respects be interpreted in accordance
        therewith. 

       

      11.  Notices.
        All
        notices or other communications which are required or permitted hereunder
        shall
        be in writing and sufficient if (i)
        personally delivered or sent by telecopy, (ii)
        sent by
        nationally-recognized overnight courier or (iii)
        sent by
        registered or certified mail, postage prepaid, return receipt requested,
        addressed as follows:

       

      if
        to the
        Grantee, to the address (or telecopy number) set forth on the Notice of Grant;
        and

      

      if
        to the
        Corporation, to its principal executive office as specified in any report
        filed
        by the Corporation with the Securities and Exchange Commission or to such
        address as the Corporation may have specified to the Grantee in writing,
        Attention: Corporate Secretary;

      

      or
        to
        such other address as the party to whom notice is to be given may have furnished
        to the other party in writing in accordance herewith. Any such communication
        shall be deemed to have been given (i) when delivered, if personally delivered,
        or when telecopied, if telecopied, (ii) on the first Business Day (as
        hereinafter defined) after dispatch, if sent by nationally-recognized overnight
        courier and (iii) on the third Business Day following the date on which the
        piece of mail containing such communication is posted, if sent by mail. As
        used
        herein, “Business
        Day”
means
        a
        day that is not a Saturday, Sunday or a day on which banking institutions
        in the
        city to which the notice or communication is to be sent are not required
        to be
        open. 

      

      12.  Specific
        Performance.
        Grantee
        expressly agrees that the Corporation will be irreparably damaged if the
        provisions of this Agreement are not specifically enforced. Upon a breach
        or
        threatened breach of the terms, covenants and/or conditions of this Agreement
        by
        the Grantee,
        the
        Corporation shall, in addition to all other remedies, be entitled to a temporary
        or permanent injunction, without showing any actual damage, and/or decree
        for
        specific performance, in accordance with the provisions hereof and thereof.
        

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      13.  No
        Waiver.
        No
        waiver of any breach or condition of this Agreement shall be deemed to be
        a
        waiver of any other or subsequent breach or condition, whether of like or
        different nature.

       

      14.  Grantee
        Undertaking.
        The
        Grantee hereby agrees to take whatever additional actions and execute whatever
        additional documents the Corporation may in its reasonable judgment deem
        necessary or advisable in order to carry out or effect one or more of the
        obligations or restrictions imposed on the Grantee pursuant to the express
        provisions of this Agreement.

       

      15.  Modification
        of Rights.
        The
        rights of the Grantee are subject to modification and termination in certain
        events as provided in this Agreement and the Employment Agreement.

       

      16.  Governing
        Law.
        This
        Agreement shall be governed by, and construed in accordance with, the laws
        of
        the State of Nevada applicable to contracts made and to be wholly performed
        therein, without giving effect to its conflicts of laws principles.

       

      17.  Counterparts;
        Facsimile Execution.
        This
        Agreement may be executed in one or more counterparts, each of which shall
        be
        deemed to be an original, but all of which together shall constitute one
        and the
        same instrument. Facsimile execution and delivery of this Agreement is legal,
        valid and binding execution and delivery for all purposes.

       

      18.  Entire
        Agreement.
        This
        Agreement (including the Notice of Grant) and the Employment Agreement,
        constitute the entire agreement between the parties with respect to the subject
        matter hereof, and supersede all previously written or oral negotiations,
        commitments, representations and agreements with respect thereto.

       

      19.  Severability.
        In the
        event one or more of the provisions of this Agreement should, for any reason,
        be
        held to be invalid, illegal or unenforceable in any respect, such invalidity,
        illegality or unenforceability shall not affect any other provisions of this
        Agreement, and this Agreement shall be construed as if such invalid, illegal
        or
        unenforceable provision had never been contained herein. 

       

      20.  WAIVER
        OF JURY TRIAL.
        THE
        GRANTEE HEREBY EXPRESSLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY
        JURY
        IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY
        COUNTERCLAIM THEREIN.

       

    

    [signature
      page follows]

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

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

     

    
      
        	 	 	 
	 	
                THORIUM
                  POWER, LTD.

              
	 
 	 
 	 
 
	
              	By:  	/s/ Seth
                Grae
	 	
                

              
	 	
                
                  Name:
                    Seth Grae  

                  Title:
                    President and Chief Executive
                    Officer

                

              

      

      
        	 	 	 
	 	
                
                  GRANTEE:

                

              
	 
 	 
 	 
 
	
              	 	/s/ Erik
                Hallstrom
	 	
                

              
	 	
                
                  Name:
                    Erik Hallstrom

                

              

      

      

        
          
             

          

          
            5Exhibit
      10.2

    Option
      Agreement

    

    THORIUM
      POWER, LTD.

    

    AMENDED
      AND RESTATED 2006 STOCK PLAN

    

    NOTICE
      OF GRANT

    

    Capitalized
      but otherwise undefined terms in this Notice of Grant and the attached Stock
      Option Agreement shall have the same defined meanings as in the Amended and
      Restated 2006 Stock Plan (the “Plan”). 

     

    
      
        	Name:
                Erik Hallstrom	
                Address:

              	2815
                28th Street, NW
	 	 	Washington,
                DC 20008

      

      

      
        You
          have
          been granted an option (the “Option”) to purchase Common Stock of the
          Corporation, subject to the terms and conditions of the Plan and the attached
          Stock Option Agreement, as follows:

      

       

      
        
          	
                  Date
                    of Grant:

                	
                  April
                    12, 2007

                
	 	 
	
                  Vesting
                    Commencement Date:

                	
                  August
                    1, 2007

                
	 	 
	
                  
                    Option
                      Price per Share:

                  

                	
                  $0.30

                
	 	 
	
                  
                    Total
                      Number of Shares Granted:

                  

                	
                  1,000,000

                
	 	 
	
                  Total
                    Option Price:

                	
                  $300,000

                
	 	 
	Type
                  of Option:	Nonqualified
                  Stock Option
	 	 
	Term/Expiration
                  Date:	Ten
                  (10) years after Date of Grant 

        

      

    

    Vesting
      Schedule:

    

    The
      Option shall vest, in whole or in part, in accordance with the following
      schedule:

    

    The
      Option shall vest with respect to 6/48 of the Total Number of Shares Granted
      (as
      specified above) on the Vesting Commencement Date and shall thereafter vest
      1/48
      on the first day of each month until all shares underlying the Option have
      vested. The
      Option shall immediately and automatically vest in full
      upon (i)
      a Change of Control, (ii) termination of the Executive by the Company without
      Cause, or (iii) the cessation of the Executive’s employment with the Company for
      Good Reason (each as defined in the Employment Agreement).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    THORIUM
      POWER, LTD.

    

    AMENDED
      AND RESTATED 2006 STOCK PLAN

    

    STOCK
      OPTION AGREEMENT

     

    This
      STOCK
      OPTION AGREEMENT (“Agreement”),
      dated as of the 12th day of April, 2007 is made by and between THORIUM POWER,
      LTD., a Nevada corporation (the “Corporation”), and ERIK HALLSTROM. (the
“Optionee”), which term as used herein shall be deemed to include any successor
      to the Optionee by will or by the laws of descent and distribution, unless
      the
      context shall otherwise require).

     

    BACKGROUND

     

    Pursuant
      to the Corporation’s Amended and Restated 2006 Stock Plan (the “Plan”), the
      Corporation, acting through the Committee of the Board of Directors (if a
      committee has been formed to administer the Plan) or its entire Board of
      Directors (if no such committee has been formed) responsible for administering
      the Plan (in either case, referred to herein as the “Committee”), approved the
      issuance to the Optionee, effective as of the date set forth above, of a stock
      option to purchase shares of Common Stock of the Corporation at the price (the
      “Option Price”) set forth in the attached Notice of Grant (which is expressly
      incorporated herein and made a part hereof, the “Notice of Grant”), upon the
      terms and conditions hereinafter set forth.

     

    NOW,
      THEREFORE,
      in consideration of the mutual premises and undertakings hereinafter set forth,
      the parties hereto agree as follows:

     

    
      1.  Option;
        Option Price.
        On behalf of the Corporation, the Committee hereby grants to the Optionee
        the
        option (the “Option”) to purchase, subject to the terms and conditions of this
        Agreement and the Plan (which is incorporated by reference herein and which
        in
        all cases shall control in the event of any conflict with the terms, definitions
        and provisions of this Agreement), that number of shares of Common Stock
        of the
        Corporation set forth in the Notice of Grant, at an exercise price per share
        equal to the Option Price as is set forth in the Notice of Grant (the “Optioned
        Shares”). If designated in the Notice of Grant as an “incentive stock option,”
the Option is intended to qualify for Federal income tax purposes as an
“incentive stock option” within the meaning of Section 422 of the Code. A copy
        of the Plan as in effect on the date hereof has been supplied to the Optionee,
        and the Optionee hereby acknowledges receipt thereof. 

       

      2.  Term.
        The term (the “Option Term”) of the Option shall commence on the date of this
        Agreement and shall expire on the Expiration Date set forth in the Notice
        of
        Grant unless such Option shall theretofore have been terminated in accordance
        with the terms of the Notice of Grant, this Agreement or of the
        Plan.

       

      3.  Time
        of Exercise.
        

       

      (a)  Unless
        accelerated in the discretion of the Committee or as otherwise provided herein,
        the Option shall become exercisable during its term in accordance with the
        Vesting Schedule set out in the Notice of Grant. Subject to the provisions
        of
        Sections 5 and 8 hereof, shares as to which the Option becomes exercisable
        pursuant to the foregoing provisions may be purchased at any time thereafter
        prior to the expiration or termination of the Option.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (b)  Anything
        contained in this Agreement to the contrary notwithstanding, to the extent
        the
        Option is intended to be an Incentive Stock Option, the Option shall not
        be
        exercisable as an Incentive Stock Option, and shall be treated as a
        Non-Statutory Option, to the extent that the aggregate Fair Market Value
        on the
        date hereof of all stock with respect to which Incentive Stock Options are
        exercisable for the first time by the Optionee during any calendar year (under
        the Plan and all other plans of the Corporation, its parent and its
        subsidiaries, if any) exceeds $100,000.

       

      4.  Termination
        of Option.

       

      (a)  
        The Optionee may exercise the Option (but only to the extent the Option was
        exercisable at the time of termination of the Optionee’s business relationship
        with the Corporation, its parent or any of its subsidiaries) at any time
        within
        three (3) months following the termination of the Optionee’s business
        relationship with the Corporation, its parent or any of its subsidiaries,
        but
        not later than the scheduled expiration date. If the termination of the
        Optionee’s business relationship is for cause or is otherwise attributable to a
        breach by the Optionee of an employment, non-competition, non-disclosure
        or
        other material agreement, the Option shall expire immediately upon such
        termination. If the Optionee is a natural person who dies while in a business
        relationship with the Corporation, its parent or any of its subsidiaries,
        this
        option may be exercised, to the extent of the number of shares with respect
        to
        which the Optionee could have exercised it on the date of his death, by his
        estate, personal representative or beneficiary to whom this option has been
        assigned pursuant to Section 9 of the Plan, at any time within the twelve
        (12)
        month period following the date of death. If the Optionee is a natural person
        whose business relationship with the Corporation, its parent or any of its
        subsidiaries is terminated by reason of his disability, this Option may be
        exercised, to the extent of the number of shares with respect to which the
        Optionee could have exercised it on the date the business relationship was
        terminated, at any time within the twelve (12) month period following the
        date
        of such termination, but not later than the scheduled expiration date. At
        the
        expiration of such three (3) or twelve (12) month period or the scheduled
        expiration date, whichever is the earlier, this Option shall terminate and
        the
        only rights hereunder shall be those as to which the Option was properly
        exercised before such termination.

       

      (b)  Anything
        contained herein to the contrary notwithstanding, the Option shall not be
        affected by any change of duties or position of the Optionee (including a
        transfer to or from the Corporation, its parent or any of its subsidiaries)
        so
        long as the Optionee continues in a Business Relationship with the Corporation,
        its parent or any of its subsidiaries.

       

      5.  Procedure
        for Exercise.

       

      (a)  The
        Option may be exercised, from time to time, in whole or in part (but for
        the
        purchase of whole shares only), by delivery of a written notice in the form
        attached as Exhibit
        A
        hereto (the “Notice”) from the Optionee to the Secretary of the Corporation,
        which Notice shall: 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (i)  state
        that the Optionee elects to exercise the Option;

       

      (ii)  state
        the number of shares with respect to which the Option is being exercised
        (the
“Optioned Shares”);

       

      (iii)  state
        the method of payment for the Optioned Shares pursuant to Section
        5(b);

       

      (iv)  state
        the date upon which the Optionee desires to consummate the purchase of the
        Optioned Shares (which date must be prior to the termination of such Option
        and
        no later than 30 days from the delivery of such Notice);

       

      (v)  include
        any representations of the Optionee required under Section 8(b); 

       

      (vi)  if
        the Option shall be exercised in accordance with Section 9 of the Plan by
        any
        person other than the Optionee, include evidence to the satisfaction of the
        Committee of the right of such person to exercise the Option; and

       

      (b)  Payment
        of the Option Price for the Optioned Shares shall be made either (i) by delivery
        of cash or a check to the order of the Corporation in an amount equal to
        the
        Option Price, (ii) if approved by the Committee, by delivery to the Corporation
        of shares of Common Stock of the Corporation having a Fair Market Value on
        the
        date of exercise equal in amount to the Option Price of the options being
        exercised, (iii) by any other means which the Board of Directors determines
        are
        consistent with the purpose of the Plan and with applicable laws and regulations
        (including, without limitation, the provisions of Rule 16b-3 and Regulation
        T
        promulgated by the Federal Reserve Board), or (iv) by any combination of
        such
        methods of payment. Notwithstanding any provisions herein to the contrary,
        if
        the Fair Market Value of one share of Common Stock of the Corporation is
        greater
        than the Option Price (at the date of calculation as set forth below), in
        lieu
        of paying the Option Price in cash, the Optionee may elect to receive shares
        equal to the value (as determined below) of the Optioned Shares by delivering
        notice of such election to the Corporation in which event the Corporation
        shall
        issue to the Optionee a number of shares of Common Stock computed using the
        following formula:

       

      
        	                        
                	
                X =Y(A-B)

                   A

              

      

      
        	 	 	 	 	 	 

        	 	 	 	 	 	 

        	 	 	 	 	 	 

        	 	 	Where	X	=	the number of shares of Common Stock to be issued
                to the
                Optionee

        	 	 	 	 	 	 

        	 	 	 	
                Y

              	
                =

              	
                the
                  number of Optioned Shares

              

      

       

      
        	 	 	 	
                A

              	
                =

              	
                the
                  Fair Market Value of one share of Common Stock (at the date of
                  such
                  calculation)

              

      

       

      
        	 	 	
                B
                  

              	
                =
                  

              	
                Option
                  Price (as adjusted to the date of such
                  calculation)

              

      

      (c)  The
        Corporation shall issue a stock certificate in the name of the Optionee (or
        such
        other person exercising the Option in accordance with the provisions of Section
        9 of the Plan) for the Optioned Shares as soon as practicable after receipt
        of
        the Notice and payment of the aggregate Option Price for such
        shares.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      6.  No
        Rights as a Stockholder.
        The Optionee shall not have any privileges of a stockholder of the Corporation
        with respect to any Optioned Shares until the date of issuance of a stock
        certificate pursuant to Section 5(c).

       

      7.   Adjustments.
        The Plan contains provisions covering the treatment of options in a number
        of
        contingencies such as stock splits and mergers. Provisions in the Plan for
        adjustment with respect to stock subject to options and the related provisions
        with respect to successors to the business of the Corporation are hereby
        made
        applicable hereunder and are incorporated herein by reference. In general,
        the
        Optionee should not assume that options would survive the acquisition of
        the
        Corporation.

       

      8.  Additional
        Provisions Related to Exercise.
        

       

      (a)  The
        Option shall be exercisable only on such date or dates and during such period
        and for such number of shares of Common Stock as are set forth in this
        Agreement.

       

      (b)  To
        exercise the Option, the Optionee shall follow the procedures set forth in
        Section 5 hereof. Upon the exercise of the Option at a time when there is
        not in
        effect a registration statement under the Securities Act of 1933, as amended
        (the “Securities Act”), relating to the shares of Common Stock issuable upon
        exercise of the Option, the Committee in its discretion may, as a condition
        to
        the exercise of the Option, require the Optionee (i) to execute an Investment
        Representation Statement substantially in the form set forth in Exhibit
        B
        hereto and (ii) to make such other representations and warranties as are
        deemed
        appropriate by counsel to the Corporation. 

       

      (c)  Stock
        certificates representing shares of Common Stock acquired upon the exercise
        of
        Options that have not been registered under the Securities Act shall, if
        required by the Committee, bear an appropriate restrictive legend referring
        to
        the Securities Act. No shares of Common Stock shall be issued and delivered
        upon
        the exercise of the Option unless and until the Corporation and/or the Optionee
        shall have complied with all applicable Federal or state registration, listing
        and/or qualification requirements and all other requirements of law or of
        any
        regulatory agencies having jurisdiction.

       

      9.   No
        Evidence of Employment or Service.
        Nothing contained in the Plan or this Agreement shall confer upon the Optionee
        any right to continue in employment with the Corporation, its parent or any
        of
        its subsidiaries or interfere in any way with the right of the Corporation,
        its
        parent or its subsidiaries (subject to the terms of any separate agreement
        to
        the contrary) to terminate the Optionee’s business relationship or to increase
        or decrease the Optionee’s compensation at any time.

       

      10.  Restriction
        on Transfer.
        The Option may not be transferred, pledged, assigned, hypothecated or otherwise
        disposed of in any way by the Optionee, except by will or by the laws of
        descent
        and distribution, and may be exercised during the lifetime of the Optionee
        only
        by the Optionee. If the Optionee dies, the Option shall thereafter be
        exercisable, during the period specified in Section 4, by his executors or
        administrators to the full extent to which the Option was exercisable by
        the
        Optionee at the time of his death. The Option shall not be subject to execution,
        attachment or similar process. Any attempted assignment, transfer, pledge,
        hypothecation or other disposition of the Option contrary to the provisions
        hereof, and the levy of any execution, attachment or similar process upon
        the
        Option, shall be null and void and without effect. The words “transfer” and
“dispose” include without limitation the making of any sale, exchange,
        assignment, gift, security interest, pledge or other encumbrance, or any
        contract therefor, any voting trust or other agreement or arrangement with
        respect to the transfer of any interest, beneficial or otherwise, in the
        Option,
        the creation of any other claim thereto or any other transfer or disposition
        whatsoever, whether voluntary or involuntary, affecting the right, title,
        interest or possession with respect to the Option.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      11.  Specific
        Performance.
        Optionee expressly agrees that the Corporation will be irreparably damaged
        if
        the provisions of this Agreement and the Plan are not specifically enforced.
        Upon a breach or threatened breach of the terms, covenants and/or conditions
        of
        this Agreement or the Plan by the Optionee, the Corporation shall, in addition
        to all other remedies, be entitled to a temporary or permanent injunction,
        without showing any actual damage, and/or decree for specific performance,
        in
        accordance with the provisions hereof and thereof. The Board of Directors
        shall
        have the power to determine what constitutes a breach or threatened breach
        of
        this Agreement or the Plan. Any such determinations shall be final and
        conclusive and binding upon the Optionee.

       

      12.  Disqualifying
        Dispositions.
        To the extent the Option is intended to be an Incentive Stock Option, and
        if the
        Optioned Shares are disposed of within two years following the date of this
        Agreement or one year following the issuance thereof to the Optionee (a
“Disqualifying Disposition”), the Optionee shall, immediately prior to such
        Disqualifying Disposition, notify the Corporation in writing of the date
        and
        terms of such Disqualifying Disposition and provide such other information
        regarding the Disqualifying Disposition as the Corporation may reasonably
        require.

       

      13.  Notices.
        All notices or other communications which are required or permitted hereunder
        shall be in writing and sufficient if (i)
        personally delivered or sent by telecopy, (ii)
        sent by nationally-recognized overnight courier or (iii)
        sent by registered or certified mail, postage prepaid, return receipt requested,
        addressed as follows: 

       

      if
        to the Optionee, to the address (or telecopy number) set forth on the Notice
        of
        Grant; and

      

      if
        to the Corporation, to its principal executive office as specified in any
        report
        filed by the Corporation with the Securities and Exchange Commission or to
        such
        address as the Corporation may have specified to the Optionee in writing,
        Attention: Corporate Secretary;

      

      or
        to such other address as the party to whom notice is to be given may have
        furnished to the other party in writing in accordance herewith. Any such
        communication shall be deemed to have been given (i) when delivered, if
        personally delivered, or when telecopied, if telecopied, (ii) on the first
        Business Day (as hereinafter defined) after dispatch, if sent by
        nationally-recognized overnight courier and (iii) on the third Business Day
        following the date on which the piece of mail containing such communication
        is
        posted, if sent by mail. As used herein, “Business Day” means a day that is not
        a Saturday, Sunday or a day on which banking institutions in the city to
        which
        the notice or communication is to be sent are not required to be
        open.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      14.   No
        Waiver.
        No waiver of any breach or condition of this Agreement shall be deemed to
        be a
        waiver of any other or subsequent breach or condition, whether of like or
        different nature.

       

      15.  Optionee
        Undertaking.
        The Optionee hereby agrees to take whatever additional actions and execute
        whatever additional documents the Corporation may in its reasonable judgment
        deem necessary or advisable in order to carry out or effect one or more of
        the
        obligations or restrictions imposed on the Optionee pursuant to the express
        provisions of this Agreement.

       

      16.  Modification
        of Rights.
        The rights of the Optionee are subject to modification and termination in
        certain events as provided in this Agreement and the Plan.

       

      17.  Governing
        Law.
        This Agreement shall be governed by, and construed in accordance with, the
        laws
        of the State of Nevada applicable to contracts made and to be wholly performed
        therein, without giving effect to its conflicts of laws principles.

       

      18.  Counterparts;
        Facsimile Execution.
        This Agreement may be executed in one or more counterparts, each of which
        shall
        be deemed to be an original, but all of which together shall constitute one
        and
        the same instrument. Facsimile execution and delivery of this Agreement is
        legal, valid and binding execution and delivery for all purposes.

       

      19.  Entire
        Agreement.
        This Agreement (including the Notice of Grant), the Optionee’s employment
        agreement with the Corporation dated February 1, 2007, and the Plan, and,
        upon
        execution, the Notice and Investment Representation Statement, constitute
        the
        entire agreement between the parties with respect to the subject matter hereof,
        and supersede all previously written or oral negotiations, commitments,
        representations and agreements with respect thereto.

       

      20.  Severability.
        In the event one or more of the provisions of this Agreement should, for
        any
        reason, be held to be invalid, illegal or unenforceable in any respect, such
        invalidity, illegality or unenforceability shall not affect any other provisions
        of this Agreement, and this Agreement shall be construed as if such invalid,
        illegal or unenforceable provision had never been contained herein.

       

      21.  WAIVER
        OF JURY TRIAL.
        THE OPTIONEE HEREBY EXPRESSLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL
        BY
        JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR
        ANY
        COUNTERCLAIM THEREIN.

       

    

    [Signature
      Page Follows]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

    
      
        	 	 	 
	 	
                THORIUM
                  POWER, LTD.

              
	 
 	 
 	 
 
	
              	By:  	/s/ Seth
                Grae
	 	
                

              
	 	
                
                  Seth
                    Grae  

                  President
                    and Chief Executive Officer

                

              

      

      
        	 	 	 
	 	
                
                  OPTIONEE:

                

              
	 
 	 
 	 
 
	
              	 	/s/ Erik
                Hallstrom
	 	
                

              
	 	
                
                  Erik
                    Hallstrom

                

              

      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    NOTE
      RE: EXHIBITS

    

    

    EXHIBITS
      A AND B ARE TO BE SIGNED

    

    WHEN
      OPTIONS ARE EXERCISED,

    

    NOT
      WHEN OPTION AGREEMENT IS SIGNED.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    THORIUM
      POWER, LTD.

    

    AMENDED
      AND RESTATED 2006 STOCK PLAN

    

    EXERCISE
      NOTICE

    

    Thorium
      Power, Ltd.

    Attention:
      Chief Executive Officer

    

    1. Exercise
      of Option.
      Effective as of today, _______________________, 20__ , the undersigned (the
      “Optionee”) hereby elects to exercise the Optionee’s option to purchase
      ________________ shares of the Common Stock (the “Shares”) of Thorium Power,
      Ltd. (the “Corporation”) under and pursuant to the Amended and Restated 2006
      Stock Plan (the “Plan”) and the Stock Option Agreement dated December __, 2006
      (the “Stock Option Agreement”), with the purchase of the Shares to be
      consummated on ______________ ___, ____ (the “Effective Date”), which date is
      prior to the termination of the Option and no later than 30 days from the date
      of delivery of this Notice.

    

    2. Representations
      of the Optionee.
      The Optionee acknowledges that the Optionee has received, read and understood
      the Plan and the Stock Option Agreement and agrees to abide by and be bound
      by
      their terms and conditions. 

    

    3. Rights
      as Shareholder; Shares Subject to Stockholders Agreement.
      Until the stock certificate evidencing such Shares is issued (as evidenced
      by
      the appropriate entry on the books of the Corporation or of a duly authorized
      transfer agent of the Corporation), no right to vote or receive dividends or
      any
      other rights as a stockholder shall exist with respect to the Shares,
      notwithstanding the exercise of the Option. The Corporation shall issue (or
      cause to be issued) such stock certificate promptly after the Effective Date,
      provided the applicable price has been paid and the required documents have
      been
      received. No adjustment will be made for a dividend or other right for which
      the
      record date is prior to the date the stock certificate is issued, except as
      otherwise provided in the Plan. Unless waived by the Corporation in writing,
      the
      Shares shall automatically become subject to the terms and conditions of any
      stockholders agreement or similar agreement to which a majority of the
      outstanding capital stock of the Corporation is subject at the time of exercise
      and the Optionee shall sign as a condition to the issuance of the Shares such
      joinder agreement, signature pages or other documents in order to evidence
      the
      Optionee’s agreement to be so bound.

    

    4. Tax
      Consultation.
      The Optionee understands that the Optionee may suffer adverse tax consequences
      as a result of the Optionee’s purchase or disposition of the Shares. The
      Optionee represents that the Optionee has consulted with any tax consultants
      the
      Optionee deems advisable in connection with the purchase or disposition of
      the
      Shares and that the Optionee is not relying on the Corporation for any tax
      advice.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    5. Successors
      and Assigns.
      The Corporation may assign any of its rights under the Stock Option Agreement
      to
      single or multiple assignees (who may be stockholders, officers, directors,
      employees or consultants of the Corporation), and this Agreement shall inure
      to
      the benefit of the successors and assigns of the Corporation. Subject to the
      restrictions on transfer set forth in the Stock Option Agreement, this Agreement
      shall be binding upon the Optionee and his or her heirs, executors,
      administrators, successors and assigns.

    

    6. Interpretation.
      Any dispute regarding the interpretations of this Agreement shall be submitted
      by the Optionee or by the Corporation forthwith to the Committee, which shall
      review such dispute at its next regular meeting. The resolution of such a
      dispute by the Committee shall be final and binding on the Corporation and
      on
      the Optionee.

    

    7. Governing
      Laws: Severability.
      This Agreement shall be governed by, and construed in accordance with, the
      laws
      of the State of New York applicable to contracts made and to be wholly performed
      therein, without giving effect to its conflicts of laws principles. Should
      any
      provision of this Agreement be determined by a court of law to be illegal or
      unenforceable, the other provisions shall nevertheless remain effective and
      shall remain enforceable.

    

    8. Notices.
      Any notice required or permitted hereunder shall be given in writing and shall
      be deemed effectively given if given in the manner specified in the Stock Option
      Agreement.

    

    9. Further
      Instruments.
      The parties agree to execute such further instruments and to take such further
      action as may be reasonably necessary to carry out the purposes and intent
      of
      this Agreement.

    

    10. Delivery
      of Payment.
      The Optionee herewith delivers to the Corporation the full Option Price for
      the
      Shares.

    

    11. Entire
      Agreement.
      The Plan, the Notice of Grant, and the Stock Option Agreement are incorporated
      herein by reference. This Agreement, the Plan, the Notice of Grant, the Stock
      Option Agreement, and the Investment Representation Statement constitute the
      entire agreement of the parties and supersede in their entirety all prior
      undertakings and agreements of the Corporation and the Optionee with respect
      to
      the subject matter hereof.

    

      
        	
                Submitted
                  by:

              	
                Accepted
                  by:

              
	 	 
	
                OPTIONEE:

              	
                THORIUM
                  POWER, LTD.

              
	 	 
	 	 
	 	
                By:_____________________________

              
	 	 
	
                ___________________________

              	
                Its:______________________________

              
	
                ERIK
                  HALLSTROM

              	 

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

    

    THORIUM
      POWER, LTD.

    

    AMENDED
      AND RESTATED 2006 STOCK PLAN

    

    

    INVESTMENT
      REPRESENTATION STATEMENT

    

      
        	
                OPTIONEE

              	
                :

              	 	 
	 	 	 	 
	
                CORPORATION

              	
                :

              	
                THORIUM
                  POWER, LTD.

              	 
	 	 	 	 
	
                SECURITY

              	
                :

              	
                Common
                  Stock

              	 
	 	 	 	 
	
                AMOUNT

              	
                :

              	 	 
	 	 	 	 
	
                DATE

              	
                :

              	 	 

      

In
      connection with the purchase of the above-listed Securities, the undersigned
      Optionee represents to the Corporation the following:

    

    (a) The
      Optionee is aware of the Corporation’s business affairs and financial condition
      and has acquired sufficient information about the Corporation to reach an
      informed and knowledgeable decision to acquire the Securities. The Optionee
      is
      acquiring these Securities for investment for the Optionee’s own account only
      and not with a view to, or for resale in connection with, a “distribution”
thereof within the meaning of the Securities Act of 1933, as amended (the
“Securities Act”).

    

    (b) The
      Optionee acknowledges and understands that the Securities constitute “restricted
      securities” under the Securities Act and have not been registered under the
      Securities Act in reliance upon a specific exemption therefrom, which exemption
      depends upon, among other things, the bona fide nature of the Optionee’s
      investment intent as expressed herein. In this connection, the Optionee
      understands that, in the view of the Securities and Exchange Commission, the
      statutory basis for such exemption may be unavailable if the Optionee’s
      representation was predicated solely upon a present intention to hold these
      Securities for the minimum capital gains period specified under tax statutes,
      for a deferred sale, for or until an increase or decrease in the market price
      of
      the Securities, or for a period of one year or any other fixed period in the
      future. The Optionee further understands that the Securities must be held
      indefinitely unless they are subsequently registered under the Securities Act
      or
      an exemption from such registration is available. The Optionee further
      acknowledges and understands that the Corporation is under no obligation to
      register the Securities. The Optionee understands that the certificate
      evidencing the Securities will be imprinted with a legend which prohibits the
      transfer of the Securities unless they are registered or such registration
      is
      not required in the opinion of counsel satisfactory to the Corporation and
      other
      legends required under the applicable state or federal securities
      laws.

    

    

    Signature
      of Optionee: _____________________________

    ERIK
      HALLSTROM

    Date:__________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}]]