Document:

EMPLOYMENT
      AGREEMENT

    

     

    THIS
      EMPLOYMENT AGREEMENT (this
      “Agreement”)
      is
      dated the 29th day of April, 2008 (the “Effective
      Date”),
      by
      and between Platinum Energy Resources, Inc., a Delaware corporation (the
“Company”),
      and
      Robert L. Kovar, Jr. (the “Executive”).

     

    WITNESSETH:

     

    WHEREAS,
      on
      March 18, 2008, the Company and its wholly owned subsidiary, Permsub, Inc.,
      a
      Delaware corporation (“Merger
      Sub”),
      entered into an Agreement and Plan of Merger among the parties (the
“Merger
      Agreement”)
      with
      Maverick Engineering, Inc., a Texas corporation (“MEI”)
      and
      Robert L. Kovar Services, LLC, as stockholder representative, pursuant to which
      Merger Sub will merger with and into MEI (the “Merger”);

     

    WHEREAS,
      it is a
      condition to the Merger that the Company and the Executive enter into this
      Agreement pursuant to which the Company will employ Executive as Chief Operating
      Officer of the Company and as President of MEI; and

     

    WHEREAS,
      the
      Company desires to employ the Executive, and the Executive wishes to accept
      such
      employment with the Company, upon the terms and conditions set forth in this
      Agreement;

     

    NOW,
      THEREFORE, in
      consideration of the mutual promises and agreements set forth herein and other
      good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties hereto, intending to be legally bound, agree as
      follows:

     

    1. Employment.
      The
      Company hereby employs the Executive as Chief Operating Officer of the Company
      and as President of MEI, and the Executive hereby accepts such employment by
      the
      Company, upon the terms and conditions hereinafter set forth.

     

    2. Employment
      Period.
      Subject
      to the provisions of Section
      7
      hereof,
      the term of the employment shall be for an initial period commencing on the
      Effective Date and ending on the earlier to occur of (i) the fifth anniversary
      of the Effective Date, or (ii) the occurrence of a Parent Exit Event (as defined
      in Section 11 below). This Agreement and the term of the employment hereunder
      may be renewed for additional periods to be mutually determined by the parties
      hereto in writing, on the same terms and conditions as set forth herein or
      upon
      such other terms and conditions as they may mutually determine in writing.
      The
      term of the Executive’s employment hereunder, including any continuation of the
      original term, is hereinafter referred to as the “Employment
      Period.”

     

    3. Compensation.
      

     

    (a) For
      performance of all services rendered under this Agreement, the Company shall
      pay
      the Executive a base salary at an annual rate of $200,000 payable in
      installments in accordance with the Company’s customary payroll practices, but
      no less frequently than once each month. The Company shall withhold from any
      and
      all payments required to be made to the Executive pursuant to this Agreement
      all
      federal, state, local and/or other taxes that are required to be withheld in
      accordance with applicable statutes and/or regulations. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b) In
      addition to base salary, the Executive shall be eligible for a performance
      bonus
      in such amount and payable at such time or times as the Board of Directors
      of
      the Company (the “Board”),
      or
      any compensation committee thereof, may in its sole discretion determine, which
      bonus may be pursuant to the incentive compensation plan of the Company or
      otherwise as may be determined by the Board or committee thereof. The actual
      amount of any bonus, if any, shall be determined by the Board or committee
      in
      its sole discretion. To be eligible for any performance bonus, or any other
      bonus, Executive must be in the employ of Company upon date of
      payment.

     

    (c) On
      the
      Effective Date, the Executive shall receive from the Company an initial grant
      of
      stock options pursuant to the Company’s 2006 Long-Term Incentive Compensation
      Plan (the “Plan”)
      to
      purchase 50,000 shares of common stock of the Company in the form of
      non-qualified stock options. On each of the four succeeding anniversaries of
      the
      Effective Date during the Employment Period, Executive shall receive an
      additional 50,000 non-qualified stock options pursuant to the Plan. All of
      such
      stock options: (i) shall entitle the Executive to purchase shares of the Company
      common stock at an exercise price equal to the Fair Market Value (as defined
      in
      the Plan)per share of the Company’s common stock on the date of grant; and (ii)
      shall vest with respect to 10,000 of the shares on each anniversary of the
      grant
      until all shares represented by the stock options are granted in accordance
      with
      the following schedule:

    

    
      	
              Date

            	
              Options
                Granted

            	
              Options
                Vested

            	
              Cumulative
                Number of Vested Options

            
	 	 	 	 
	
              April
                29, 2008

            	
              50,000

            	
              0

            	
              0

            
	
              April
                29, 2009

            	
              50,000

            	
              10,000

            	
              10,000

            
	
              April
                29, 2010

            	
              50,000

            	
              20,000

            	
              30,000

            
	
              April
                29, 2011

            	
              50,000

            	
              30,000

            	
              60,000

            
	
              April
                29, 2012

            	
              50,000

            	
              40,000

            	
              100,000

            
	
              April
                29, 2013

            	
              0

            	
              50,000

            	
              150,000

            
	
              April
                29, 2014

            	
              0

            	
              40,000

            	
              190,000

            
	
              April
                29, 2015

            	
              0

            	
              30,000

            	
              220,000

            
	
              April
                29, 2016

            	
              0

            	
              20,000

            	
              240,000

            
	
              April
                29, 2017

            	
              0

            	
              10,000

            	
              250,000

            

    

     

    and
      (iii)
      shall expire upon the tenth anniversary of the date of the grant of such
      options, or any later date made applicable by the terms of the Plan. A form
      of
      stock option award agreement is attached hereto as Exhibit
      A,
      which
      Executive agrees to execute and deliver to the Company on the Effective
      Date.

     

    
      
         

      

      
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    (d) Nothing
      contained in this Agreement shall be interpreted as a guarantee of a salary
      increase or annual or other bonus. No termination or amendment of the Plan
      will
      relieve the Company of its obligations hereunder with respect to the stock
      options to be granted pursuant to this Agreement.

     

    (e) The
      compensation set forth in this Section
      3
      shall
      constitute total compensation for the Executive as an officer, director or
      employee of the Company and any of its subsidiaries, including MEI.

     

    4.
      Duties.
      The
      Executive shall be employed as Chief Operating Officer of the Company and as
      President of MEI, and shall have such duties and responsibilities on behalf
      of
      the Company and MEI as are customarily performed by individuals holding such
      positions in the oil and gas and engineering industries, respectively. The
      Executive shall also perform such duties and responsibilities as set forth
      in
      the bylaws of the Company or as are assigned or delegated to him by the Board
      or
      its designee. Executive shall report directly to the board of directors of
      the
      Company. The Executive shall devote his entire working time, attention and
      energy exclusively to the business of the Company and MEI and shall cooperate
      fully with the Board in the advancement of the best interests of the Company.
      The Executive agrees not to engage in any activities outside of the scope of
      the
      Executive’s employment that would detract from, or interfere with, the
      fulfillment of his responsibilities or duties under this Agreement. The
      Executive agrees that the Executive will not serve as a director or the
      equivalent position of any company or entity, and will not render services
      of a
      business, professional or commercial nature to any other person or firm, without
      the prior written consent of the Board. If elected as a director of the Company
      or any of its subsidiaries, the Executive agrees to fulfill the duties of such
      directorships without additional compensation.

     

    5. Expenses.
      Subject
      to compliance by the Executive with such policies regarding expenses and expense
      reimbursement as may be adopted from time to time by the Company , the Executive
      is authorized to incur reasonable expenses in the performance of his duties
      hereunder in furtherance of the business and affairs of the Company, and the
      Company will reimburse the Executive for all such reasonable expenses, upon
      the
      presentation by the Executive of an itemized account satisfactory to the Company
      in substantiation of such expenses when claiming reimbursement.

     

    6. Employee
      Benefits; Vacations.
      The
      Executive shall be eligible to participate in such life insurance, medical
      and
      other employee benefit plans of the Company that may be in effect from time
      to
      time, to the extent he is eligible under the terms of those plans, on the same
      basis as other similarly-situated executive officers of the Company. The Company
      may from time to time modify or eliminate any or all benefits extended or
      provided in its sole discretion. The Executive shall be entitled to four weeks
      paid vacation per year, to be taken in accordance with the policies of the
      Company in effect from time to time, as determined by the Board. 

     

    7. Termination.
      Upon
      termination of the Executive’s employment, the Executive shall be entitled to
      any earned but unpaid base salary, as well as the additional benefits provided
      below in this Section 7. All capitalized terms used in this Section
      7
      and not
      previously defined are defined
      below in
      Section
      11.

     

    
      
         

      

      
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    (a) In
      the
      event that the Executive’s employment is terminated by the Company for reasons
      other than Cause or in the event that Executive resigns his employment for
      Good
      Reason, the Executive will be provided a severance package which shall consist
      of a continuation for a period of eighteen (18) months following the date of
      termination of (A) salary under Section
      3(a),
      payable
      in accordance with the Company's customary payroll practices,
      and (B)
      employee benefits as provided under Section
      6.
      Executive shall also be paid an amount equal to the prorated portion of the
      performance bonus paid to him, if any, in the last full fiscal year of his
      employment by the Company. The Executive and the Company agree and stipulate
      that the foregoing severance benefit is intended to fully compensate Executive
      for the consequences suffered by him in the event of a termination of his
      employment hereunder by the Company for reasons other than Cause or by the
      Executive with Good Reason, which consequences are uncertain and difficult
      to
      prospectively determine, Such severance is not a penalty, and shall not be
      subject to reduction in the event that Executive obtains other employment during
      any period over which such severance is payable.

     

    (b) In
      the
      event that the Executive’s employment is terminated by the Company for Cause or
      the Executive resigns without Good Reason, the Executive will not be entitled
      to
      a severance package and no payments or benefits hereunder (other than payment
      of
      earned but unpaid base salary) shall be owing or payable by the
      Company. In
      the
      event Employee is terminated for Cause or because of Disability, he will
      promptly resign from any officer and/or director positions he may hold at the
      Company or any of its subsidiaries.

     

    (c)
       In
      the
      event of the Executive’s death or Disability, the Company may (in the case of
      Disability) terminate the Executive’s employment and its sole obligation
      hereunder shall be to continue to pay to the Executive (or, in the case of
      death
      or incompetence, to his personal representative) his salary under Section
      3(a)
      hereof
      for a period of twelve (12) months following the date of death or termination.
      Executive shall also be paid a prorated portion of his bonus paid in the last
      full fiscal year. 

     

    (d) Pursuant
      to applicable tax regulations, with respect to any incentive stock options
      or
      nonqualified stock options granted to the Executive, in the event that the
      Executive’s employment is terminated by the Company for Cause or by Executive
      without Good Reason all unvested stock options will be forfeited by the
      Executive and shall be cancelled. In the event that the Executive’s employment
      is terminated by the Company without Cause or by Executive with Good Reason
      or
      in the event of a Payoff Event or Parent Exit Event (as defined below in
Section
      11),
      all
      stock options actually granted prior to such termination date shall immediately
      vest. If the Executive’s employment terminates by reason of death or Disability,
      the Executive or the Executive’s personal representative will have twelve (12)
      months in which to exercise any vested incentive stock options and, with respect
      to vested nonqualified stock options, the Executive or the Executive’s personal
      representative will have the remaining term of the option period in which to
      exercise the option, and any unvested stock options as of such date of
      termination shall be cancelled. Notwithstanding the provisions of this
      subsection (c), in no event may any option be exercised past the expiration
      date
      of the option. The board of directors of Platinum may, in its sole discretion,
      accelerate the vesting of any unvested options in the event of termination
      of
      employment. The provisions herein relating to the exercise of options in the
      event of termination are intended to modify the provisions of Section 11.2
      of
      Platinum’s 2006 Long-Term Incentive Plan, as it may be amended (the “Plan”) with
      respect to the Executive and are intended to be consistent with the stock option
      award agreement issued to Executive and, in the event of any conflict, the
      terms
      of the stock option award agreement shall govern.

     

    
      
         

      

      
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    (e) Notwithstanding
      any termination of the Executive’s employment for any reason whatsoever (with or
      without Cause or Good Reason), the Executive will continue to be bound by the
      provisions of the Section
      8
      below.

     

    (f) In
      the
      event of a termination of the Executive’s employment by the Company for Cause or
      by Executive without Good Reason, the Cash Flow Note (as such term is defined
      in
      the Merger Agreement) issued to Executive shall, in accordance with the terms
      of
      the Cash Flow Note, be cancelled and the Company will no longer be obligated
      to
      make any of the payments thereunder. In the event of a termination of the
      Executive’s employment by the Company without Cause or by Executive for Good
      Reason, the outstanding aggregate principal amount of the Cash Flow Note issued
      to the Executive shall, in accordance with the terms of the Cash Flow Note,
      become immediately due and payable in full.

     

    (g) All
      payments and benefits provided pursuant to subdivisions (a), (c) and (f) of
      this
Section
      7
      shall be
      conditioned upon the Executive’s (or, in the case of his death or incompetence,
      the Executive’s personal representative’s) execution and non-revocation of a
      general release substantially in the form attached hereto as Exhibit
      B
      at the
      time of termination. The Executive’s refusal to execute such general release
      shall constitute a waiver by the Executive of any and all payments and benefits
      referenced in this Section
      7.
      

     

    (h) In
      the
      event the Executive materially breaches the terms of Section
      8
      below or
      any of the terms of the general release shown as Exhibit
      B,
      all of
      the Company’s obligations to the Executive pursuant to this Section
      7
      shall
      terminate and be void. 

     

    8. Confidentiality,
      Non-solicitation and Non-competition.
      

    

    (a)
      Confidentiality.
      The
      Company considers the protection of its confidential information and proprietary
      materials to be very important. In connection with his duties, Company shall
      provide Executive with Confidential Information essential and relevant to the
      performance of job duties. Other than in the normal course of fulfilling
      Executive’s duties to and positions with the Company, its subsidiaries and
      affiliates, the Executive in return shall: (i) receive and hold all Confidential
      Information absolutely secret, undisclosed, in trust and in confidence, and
      shall comply with the Company’s policies and guidelines and use his best efforts
      for the protection of Confidential Information; and (ii) not reveal or disclose
      to any person outside the Company or use for his own benefit, whether by private
      communication or by public address or publication or otherwise, any Confidential
      Information without the Company’s specific written authorization or except as
      required by a mandatory provision of applicable law, provided however, that
      prior to any unauthorized use or disclosure of Confidential Information that
      is
      required by law, the Executive shall ,unless prohibited from doing so by
      applicable law, use best efforts to give the Company prior notice of any
      disclosure of Confidential Information required by law and shall permit and
      cooperate with any effort by the Company to obtain a protective order or similar
      protection for the Corporation. 

     

    
      
         

      

      
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    All
      Confidential Information, including originals, copies and other forms thereof,
      however and whenever produced, shall be the sole property of the Company, not
      to
      be removed from the premises or custody of the Company, except in the normal
      course of business. 

    

    (1)
      “Confidential Information” shall mean the following information, whether or not
      originated by the Executive that relates to the business or affairs of the
      Company, its subsidiaries, or affiliates: 

    

    (i)
      “Material Information” meaning any information relating to the business,
      operations, capital and affairs of the Company that when released would have,
      or
      would reasonably be expected to have, a significant effect on the market price
      or value of any of the Company’s securities (or the securities of other
      companies with whom the Company may be conducting confidential negotiations).
      Material information consists of both material facts and material changes
      relating to the Company’s business, operations, capital and affairs and includes
      developments in the Company’s business, operations, capital and affairs;

     

    (ii)
      “Business Opportunities” meaning all business ideas, prospects, proposals or
      other opportunities pertaining to the lease, acquisition, exploration,
      production, gathering or marketing of oil and gas and related products and
      the
      exploration potential of geographical areas on which oil and gas exploration
      prospects are located, which are developed by the Company during the term
      hereof, or originated by any third party and brought to the attention of the
      Company during the term hereof, together with information relating thereto
      (including, without limitation, geological and seismic data and interpretations
      thereof, whether in the form of maps, charts, logs, seismographs, calculations,
      summaries, memoranda, opinions or other written or charted means); 

    

    (iii)
      “Proprietary Information” meaning any and all records, notes, memoranda, data,
      ideas, patterns, processes, methods, techniques, systems, formulas, patents,
      models, samples, specimens, devices, programs, computer software, writings,
      research, personnel information, plans, customer lists, supplier lists, pricing
      materials and policies, purchasing methods and policies, seismic data, estimated
      or actual reserve amounts, potential drilling locations or any other information
      of whatever nature in the possession or control of the Company which has not
      been published or disclosed to the general public, over which the Company
      exercises reasonable efforts to maintain in confidence or which is the type
      of
      information that a similarly situated company would have an expectation would
      remain in confidence, and which gives to the Company an opportunity to obtain
      an
      advantage over competitors who do not know of or currently use such confidential
      information. 

    

    The
      above
      notwithstanding, information that:
      (A) was
      at the time of receipt by a third person otherwise known to that third person
      from a source other than the Executive; (B) has been published or is otherwise
      within the public domain, or is generally known to the public at the time of
      its
      disclosure; or (C) becomes known or available to the recipient from a source
      other than the Executive, is not Confidential Information
      hereunder.

     

    
      
         

      

      
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    (2)
      Executive acknowledges and agrees that: (a) he will receive or will become
      eligible to receive substantial benefits and compensation as a result of his
      employment by the Company, which benefits and compensation are offered to him
      only because and on condition of his willingness to commit his best efforts
      and
      loyalty to the Company, including abiding by the terms and restrictions in
      this
Section
      8;
      (b) as
      a result of the acquisition of Confidential Information, the Executive will
      occupy a position of trust and confidence with the Company and its subsidiaries,
      and affiliates; (c) the Business Opportunities constitute the exclusive property
      of the Company; (d) the Executive’s position of trust and knowledge of
      Confidential Information would enable the Executive to put the Company at a
      significant competitive disadvantage if the Executive breaches the restrictions
      in this Section
      8;
      (e)
      irreparable damage would result to the Company if the provisions of this
Section
      8
      hereof
      are not specifically enforced, and the Company shall be entitled to any
      appropriate legal, equitable, or other remedy, including injunctive relief,
      in
      respect of any failure or continuing failure on his part to comply with Section
      8: and (g) any breach of this Section
      8
      shall
      constitute grounds for termination of the Executive’s employment for Cause.

    

    (b)
      Non-solicitation.
      The
      Executive covenants and agrees that he will not at any time during his
      employment by the Company and for a period of eighteen (18) months thereafter
      (the “Restricted
      Period”),
      solicit, employ or otherwise, engage, as an employee, independent consultant
      or
      otherwise, any person who is an employee of the Company as of the Executive’s
      last day of employment with the Company, or in any manner induce or attempt
      to
      induce any employee of the Company to terminate his or her employment with
      the
      Company (as the case may be), or (iii) except as otherwise permitted after
      the
      expiration of the Restricted Period, at any time during or after the termination
      of the Executive's employment by the Company, interfere with the relationship
      of
      the Company with any person, including any person who at any time during the
      Employment Period was an employee of the Company.

    

    (c)
      Non-competition.
      While
      employed by the Company and for a period of eighteen (18) months thereafter,
      Executive will not compete with the Company in any State in the United States
      in
      which the Company is, on the date hereof or on the date of termination, engaged
      in business, either in the form of ongoing business operations or active efforts
      to establish business operations. In accordance with this restriction regarding
      scope of activity, but without limiting its terms, while employed by the
      Company, Executive will not: (i) enter into or engage in any business which
      competes with the Company’s business or that will result in the use or
      disclosure of the Company’s Confidential Information; (ii) solicit customers,
      business, patronage or orders for, or sell, any products or services in
      competition with, or for any business that competes with, the Company’s
      business; (iii) divert, entice or otherwise take away any customers, business,
      patronage or orders of the Company or attempt to do so; or (iv) promote or
      assist, financially or otherwise, any person, firm, association, partnership,
      corporation or other entity engaged in any business which competes with the
      Company’s business. The covenant of the Executive contained in Section 8(c) is
      referred to herein as the Executive’s “Non-Compete
      Covenant.”  

     

    
      
         

      

      
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    The
      foregoing notwithstanding, Executive may, without breaching or violating the
      Executive’s Non-Compete Covenant: (i) at any time following termination of
      Executive’s employment by the Company (but before the end of the Restricted
      Period), acquire, invest in, own and dispose of interests in minerals, royalty
      interests, overriding royalty interests, non-operating working interests and
      other non-operating interests in individual oil and gas properties or (ii)
      subject to the compliance with the Company’s Code of Ethics, at any time during
      or after Executive’s employment by the Company, directly or indirectly, acquire,
      invest in, own and dispose of publicly traded securities (in the aggregate
      being
      less than 3% of the total outstanding amount of any such securities) of
      companies other than the Company engaged in one or more competing business
      of
      the Company; provided however that during Executive’s employment Executive shall
      have no agreements, arrangements or other relationships with such company other
      than consumer agreements or community charitable organization relationships
      of
      the sort that such companies routinely maintain with members of the public
      at
      large, meaning that nothing herein shall prevent the Executive from, for
      example, holding a credit card issued by or soliciting a charitable contribution
      from a publicly traded oil company. 

    

    The
      Company acknowledges that Executive, through his interest in Kovar Mineral
      Partners, owns certain non-operating interests in individual oil and gas
      properties as of the date hereof (the “Mineral
      Properties”);
      such
      ownership is within the exception provided by the preceding paragraph.

    

    (d)
      Indirect
      competition.
      For the
      purposes of Sections
      8(b)
      and
8(c),
      but
      without limitation thereof, Executive will be in violation thereof if Executive
      engages in any or all of the activities set forth therein directly as an
      individual on Executive’s own account, or indirectly as a partner, joint
      venturer, employee, agent, salesperson, consultant, officer and/or director
      of
      any firm, association, partnership, corporation or other entity.

    

    (e)
      Company.
      For the
      purposes of this Section
      8,
      the
      Company shall include any and all direct and indirect subsidiaries of the
      Company for which Executive worked or had responsibility at the time of
      termination of his employment and at any time during the two (2) year period
      prior to such termination. 

    

    (f)
      Survival.
      Notwithstanding the termination of this Agreement and the Executive’s
      employment, the provisions of this Section
      8
      shall
      survive such termination.

    

    (g)
      Enforcement.
      It is
      the desire and intent of the parties hereto that the provisions of this
      Agreement be enforceable to the fullest extent permissible under the laws and
      public policies applied in each jurisdiction in which enforcement is sought.
      Accordingly, to the extent that a restriction contained in this Agreement is
      more restrictive than permitted by the laws of any jurisdiction where this
      Agreement may be subject to review and interpretation, the terms of such
      restriction, for the purpose only of the operation of such restriction in such
      jurisdiction, will be the maximum restriction allowed by the laws of such
      jurisdiction and such restriction will be deemed to have been revised
      accordingly herein.

    

    9. Cooperation
      with the Company after Termination.
      Following termination of this Agreement for any reason (with or without Cause
      or
      Good Reason), the Executive shall fully cooperate with the Company in all
      matters relating to the winding up of the Executive's services under this
      Agreement and the orderly transfer of such matters to any person designated
      by
      the Company and shall promptly return to the Company all of the property of
      the
      Company (including any Confidential Information, and any copies thereof) and
      any
      other materials or information related to the Company, including all work
      product, whether finished or unfinished, prepared or produced by the Executive
      for the benefit of the Company under this Agreement.

     

    
      
         

      

      
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    10. No
      Conflict.
      The
      Executive hereby represents and warrants to the Company that (a) this Agreement
      constitutes the Executive’s legal and binding obligation, enforceable against
      him in accordance with its terms, (b) his execution and performance of this
      Agreement does not and will not breach any other agreement, arrangements,
      understanding, obligation of confidentiality or employment relationship to
      which
      he is a party or by which he is bound, and (c) during the Employment Period,
      he
      will not enter into any agreement, either written or oral, in conflict with
      this
      Agreement or his obligations hereunder.

     

    11. Definitions.

     

    (a) The
      term
“Cause” shall mean: (i) the Executive’s failure or refusal to perform the
      Executive’s duties or carry out the reasonable and lawful directions of the
      Board (other than as a result of physical or mental illness, accident or injury)
      or any other material breach of this Agreement by the Executive (other than
      Section
      8
      which is
      covered by (viii) below); (ii) dishonesty, misconduct or illegal conduct by
      the
      Executive in connection with the Executive’s employment with the Company; (iii)
      the Executive’s conviction of, or plea of guilty or nolo contendere to, a charge
      of commission of a felony or any misdemeanor involving moral turpitude, or
      a
      material violation by the Executive of federal or state securities laws as
      determined by a court or other governmental body of competent jurisdiction;
      (iv)
      the Executive’s unlawful possession, use, sale or distribution of narcotics or
      other controlled substances; (v) a violation by the Executive of any Company
      policy or procedure resulting in material and demonstrable harm to the Company
      including, without limitation, a material violation of the Company’s Code of
      Ethics; (vi) any willful act or omission by Executive in the scope of his
      employment by the Company which in the reasonable and good faith judgment of
      the
      Board is of the type of act of omission that could reasonable result (A) in
      the
      assessment of a civil or criminal penalty against the Executive, the Company
      or
      its affiliates, (B) in a violation of any material foreign or United States
      federal, State, or local law or regulation having the force of law, or (C)
      is
      materially injurious to the Company or any of its affiliates; (vii) any
      intentional misrepresentation by the Executive of a material fact to, or
      intentional concealment by the Executive of a material fact from, (A) the Board
      or (B) the chief executive officer or any other member of senior management
      of
      the Company, where the misrepresentation or concealment results in the
      reasonable and good faith judgment of the Board in material and demonstrable
      harm to the Company (including, for example, the Company’s materially violating
      federal or state securities laws); and (viii) any breach by the Executive of
      the
      provisions of Section
      8
      hereof;
      provided, however, in the case of clause (i) above, the Company shall be
      required to give the Executive thirty (30) calendar days prior written notice
      of
      its intention to terminate the Executive for Cause and the Executive shall
      have
      the opportunity during such thirty (30) day period to cure such event if such
      event is capable of being cured; provided, further, that in the event that
      the
      Executive terminates his employment with the Company during such thirty (30)
      day
      period for any reason, other than for Good Reason the basis of which occurred
      prior to the date of notice of intention to terminate, such termination shall
      be
      considered a termination for Cause. 

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    (b) The
      term
“Disability” shall mean if the Executive is incapacitated or disabled by
      accident or sickness or otherwise so as to render him mentally or physically
      incapable of performing the services required to be performed by him under
      this
      Agreement for a period of 90 consecutive days or longer, or for an aggregate
      of
      90 days during any twelve-month period.

     

    (c) The
      term
“Good Reason” shall mean: (i) any material adverse change in the Executive’s
      title or any material diminution in the Executive’s authority or
      responsibilities taken as a whole; (ii) the imposition of a requirement upon
      Executive that he relocate his residence from Victoria County, Texas or that
      his
      normal place of report is other than a location in Victoria County, Texas;
      and
      (iii) any material breach by the Company of its obligations under this
      Agreement; provided that, in any case, the Executive provides the Company with
      written notice of the Executive’s intention to terminate the Executive’s
      employment for Good Reason within thirty (30) days after Executive becoming
      aware of the occurrence of the event that the Executive believes would
      constitute Good Reason, gives the Company an opportunity to cure for thirty
      (30)
      days following receipt of such notice from the Executive, if the event is
      capable of being cured or, if not capable of being cured, to have the Company’s
      representatives meet with the Executive and the Executive’s counsel to be heard
      regarding whether Good Reason exists for the Executive to terminate the
      Executive’s employment with the Company.

     

    (d) The
      term
“Parent Exit Event” shall mean a Change In Control Event as defined in the
      Plan.

     

    (e) The
      term
“Payoff Event” shall have the meaning given it in the Cash Flow Note issued to
      the Executive pursuant to the Merger Agreement.

     

    (f) The
      term
“person” shall mean any individual, corporation, firm, association, partnership,
      other legal entity or other form of business organization.

     

    12. Successors
      and Assigns; Entire Agreement; No Assignment.
      This
      Agreement shall bind and inure to the benefit of the parties hereto and their
      respective successors or heirs, distributees and personal representatives.
      This
      Agreement contains the entire agreement between the parties with respect to
      the
      subject matter hereof and supersede other prior and contemporaneous arrangements
      or understandings with respect thereto. The Executive may not assign this
      Agreement without the prior written consent of the Company.

     

    13. Notices.
      All
      notices and other communications required or permitted hereunder or necessary
      or
      convenient in connection herewith shall be in writing and shall be deemed to
      have been given when hand-delivered, mailed by registered or certified mail
      (three days after deposited), faxed (with confirmation received) or sent by
      a
      nationally recognized courier service, as follows (provided that notice of
      change of address shall be deemed given only when received):

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    If
      to the
      Company: 

    

    Platinum
      Energy Resources, Inc.

    25
      Phillips Parkway

    Montvale,
      New Jersey 07645

    Attention:
      Barry Kostiner

    Facsimile:
      [        ]

    

    With
      a
      copy to 

    

    Sills
      Cummis & Gross P.C.

    One
      Riverfront Plaza

    Newark,
      New Jersey 07102

    Attention:
      Eliezer Helfgott

    Facsimile:
      (973) 643-6500

    

    If
      to the
      Executive: 

    

    Mr.
      Robert L. Kovar, Jr.

    1345
      Bent
      Oaks Drive 

    Inez,
      Texas 77968

     

    

    or
      to
      such other names and addresses as the Company or the Executive, as the case
      may
      be, shall designate by notice to each other person entitled to receive notices
      in the manner specified in this Section.

     

    14. Changes;
      No Waiver; Remedies Cumulative.
      The
      terms and provisions of this Agreement may not be modified or amended, or any
      of
      the provisions hereof waived, temporarily or permanently, without the prior
      written consent of each of the parties hereto. Either party’s waiver or failure
      to enforce the terms of this Agreement or any similar agreement in one instance
      shall not constitute a waiver of its or his rights hereunder with respect to
      other violations of this or any other agreement. No remedy conferred upon the
      Company or the Executive by this Agreement is intended to be exclusive of any
      other remedy, and each and every such remedy shall be cumulative and shall
      be in
      addition to any other remedy given hereunder or now or hereafter existing at
      law
      or in equity.

     

    15. Governing
      Law; Jurisdiction.
      This
      Agreement and (unless otherwise provided) all amendments hereof and waivers
      and
      consents hereunder shall be governed by the law of the State of Texas, without
      regard to the conflicts of law principles. Each party hereby submits himself
      and
      itself, for the sole purpose of this Agreement and any controversy arising
      hereunder and thereunder, to the exclusive jurisdiction of the state and Federal
      courts located in the State of Texas, and waives any objection (on the grounds
      of lack of jurisdiction, forum non conveniens or otherwise) to the exercise
      of
      such jurisdiction over it by any such court in the State of Texas. Each party
      hereby agrees that service of process may be served on him or it by certified
      mail, return receipt requested, or overnight courier, sent to address of such
      entity listed in Section
      13
      above
      (or such other address as any such party notifies the others thereof by written
      notice). THE PARTIES HEREBY EXPRESSLY WAIVE THEIR RIGHTS TO HAVE A JURY
      TRIAL.

     

    16. Severability.
      The
      Executive and the Company agree that should any provision of this Agreement
      be
      judicially determined invalid or unenforceable, that portion of this Agreement
      may be modified to comply with the law. The Executive and the Company further
      agree that the invalidity or unenforceability of any provision of this Agreement
      will not affect the validity or enforceability of its remaining
      provisions.

     

    17. Headings;
      Counterparts.
      All
      section headings are for convenience only. This Agreement may be executed in
      several counterparts, each of which is an original. 

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

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

     

    
      	 	 	 
	 	PLATINUM
              ENERGY RESOURCES, INC.
	 
 	 
 	 
 
	 	By:  	/s/
              Barry Kostiner
	 	
              
Name:
              Barry Kostiner
	 	Title:
              Chief Executive Officer
	 	 
	 	 
	 	 /s/
              Robert L. Kovar
	 	
              
Robert
              L. Kovar

    

     

    
      
         

      

      
        12PLATINUM
      ENERGY RESOURCES, INC. 2006 LONG-TERM INCENTIVE PLAN

     

    NOTICE
      OF STOCK OPTION AWARD

    

      
        	
                Grantee’s
                  Name and Address:

              	
                Robert
                  L. Kovar

              
	 	
                1345
                  Bent Oaks Drive

              
	 	
                Inez,
                  Texas 77968

              

      

    

    

    You
      have
      been granted an option to purchase shares of Common Stock, subject to the terms
      and conditions of this Notice of Stock Option Award (the “Notice”), the Platinum
      Energy Resources, Inc. 2006 Long-Term Incentive Plan, as amended from time
      to
      time (the “Plan”), and the Stock Option Award Agreement (the “Option Agreement”)
      attached hereto, as follows. Unless otherwise defined herein or in the Option
      Agreement, capitalized terms used herein shall have the respective meaning
      ascribed to such terms in the Plan.

    

      
        	
                Date
                  of Award:

              	
                April
                  29, 2008 

              
	 	 
	
                Vesting
                  Commencement Date:

              	
                April
                  29, 2009

              
	 	 
	
                Exercise
                  Price per Share:

              	
                $5.15

              

      

    

    

      
        	
                Total
                  Number of Shares Subject

              	 
	
                to
                  the Option (the “Shares”):

              	
                50,000

              
	 	 
	
                Total
                  Exercise Price:

              	
                $257,500.00

              
	 	 
	
                Type
                  of Option:

              	
                _____
                  Incentive Stock Option

              
	 	 
	 	
                X         
                  Non-Qualified Stock Option

              
	 	 
	
                Expiration
                  Date:

              	
                April
                  29, 2018

              

      

    

     

    Post-Termination
      Exercise Period:  Three
      (3)
      Months except as otherwise provided in Section 7(d) of the Employment Agreement
      dated April 29, 2008 between
      Platinum and Grantee
      (the
“Employment Agreement”)

     

    Vesting
      Schedule:

     

    Subject
      to Grantee’s continued employment by Platinum Energy Resources, Inc., or one of
      its subsidiaries (“Platinum”), the terms and provisions of the Employment
      Agreement, and other limitations set forth in this Notice, the Plan and the
      Option Agreement, the Option may be exercised, in whole or in part, in
      accordance with the following five year vesting schedule: 

     

    20%
      of
      the Options shall vest on the first year anniversary of the Date of Award and
      20% on each year anniversary thereafter.

     

    In
      the
      event that Grantee’s employment is terminated by Platinum for Cause (as
      defined in the Employment Agreement) or
      by
      Grantee without Good Reason (as
      defined in the Employment Agreement), all
      unvested stock options will be forfeited by the Grantee and shall be cancelled.
      In the event that the Grantee’s employment is terminated by Platinum without
      Cause or by Grantee with Good Reason or in the event of a Payoff Event
(as
      defined in the Employment Agreement) or
      Change
      of Control Event (as
      defined in the Plan),
      all
      stock options actually granted prior to such termination date shall immediately
      vest. If the Grantee’s employment terminates by reason of death or Disability
(as
      defined in the Employment Agreement),
      the
      Grantee or the Grantee’s personal representative will have the remaining term of
      the option period in which to exercise the option, and any unvested stock
      options as of such date of termination shall be cancelled. Notwithstanding
      the
      provisions of this Notice, in no event may any option be exercised past the
      expiration date of the option. The board of directors of Platinum may, in its
      sole discretion, accelerate the vesting of any unvested options in the event
      of
      termination of employment. The provisions herein relating to the exercise of
      options in the event of termination are intended to modify the provisions of
      Section 11.2 of the Plan. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the Company and the Grantee have executed this Notice and
      agree
      that the Option is to be governed by the terms and conditions of this Notice,
      the Plan, and the Option Agreement.

     

    
      	 	 	 
	 	
              PLATINUM
                ENERGY RESOURCES, INC.,

              a
                Delaware corporation

            
	 
 	 
 	 
 
	 	By:  	/s/
              Barry Kostiner
	 	
              
Name:
              Barry Kostiner
	 	Title:
              Chief Executive Officer

    

     

    SUBJECT
      TO ANY CONTRARY TERMS OR PROVISIONS OF THE EMPLOYMENT AGREEMENT, THE GRANTEE
      ACKNOWLEDGES AND AGREES THAT THE OPTION SHALL VEST, IF AT ALL, ONLY DURING
      THE
      PERIOD OF THE GRANTEE’S EMPLOYMENT WITH PLATINUM (NOT THROUGH THE ACT OF BEING
      HIRED, BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER). THE GRANTEE
      FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE OPTION
      AGREEMENT, OR THE PLAN SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT
      TO
      FUTURE AWARDS OR CONTINUATION OF GRANTEE’S EMPLOYEMENT, NOR SHALL IT INTERFERE
      IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE RIGHT OF THE GRANTEE’S EMPLOYER TO
      TERMINATE GRANTEE’S EMPLOYEMENT, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT
      NOTICE. 

     

    The
      Grantee acknowledges receipt of a copy of the Plan and the Option Agreement,
      and
      represents that he or she is familiar with the terms and provisions thereof,
      and
      hereby accepts the Option subject to all of the terms and provisions hereof
      and
      thereof. The Grantee has reviewed this Notice, the Plan, and the Option
      Agreement in their entirety, has had an opportunity to obtain the advice of
      counsel prior to executing this Notice, and fully understands all provisions
      of
      this Notice, the Plan and the Option Agreement. The Grantee hereby agrees that
      all disputes arising out of or relating to this Notice, the Plan and the Option
      Agreement shall be resolved in accordance with Section 14 of the Option
      Agreement. The Grantee further agrees to notify the Company upon any change
      in
      the residence address indicated in this Notice.

     

    
      	Dated: April 29, 2008	
              Signed:
/s/Robert
                L. Kovar

            

    

      

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    Award
      Number: ___________

     

    PLATINUM
      ENERGY RESOURCES, INC. 2006 LONG-TERM INCENTIVE PLAN

     

    STOCK
      OPTION AWARD AGREEMENT

     

    1. Grant
      of Option.
      Platinum Energy Resources, Inc., a Delaware corporation (the “Company”), hereby
      grants to the Grantee (the “Grantee”) named in the Notice of Stock Option Award
      which is attached to this Stock Option Award Agreement (the “Notice”), an option
      (the “Option”) to purchase the Total Number of Shares of Common Stock subject to
      the Option (the “Shares”) set forth in the Notice, at the Exercise Price per
      Share set forth in the Notice (the “Exercise Price”) subject to the terms and
      provisions of the Notice, this Stock Option Award Agreement (the “Option
      Agreement”) and the Company’s 2006 Long-Term
      Incentive Plan, as amended from time to time (the “Plan”), which are
      incorporated herein by reference. Unless otherwise defined herein, capitalized
      terms used herein shall have the respective meanings ascribed to such terms
      in
      the Plan (or, if not defined in the Plan, as defined in the Notice).

     

    If
      designated in the Notice as an Incentive Stock Option, the Option is intended
      to
      qualify as an Incentive Stock Option as defined in Section 422 of the Code.
      However, notwithstanding such designation, to the extent that the aggregate
      Fair
      Market Value of the Shares subject to Options designated as Incentive Stock
      Options which become exercisable for the first time by the Grantee during any
      calendar year (under all plans of the Company or any Parent or Subsidiary of
      the
      Company) exceeds $100,000, such excess Options, to the extent of the Shares
      covered thereby in excess of the foregoing limitation, shall be treated as
      Non-Qualified Stock Options. For this purpose, Incentive Stock Options shall
      be
      taken into account in the order in which they were granted, and the Fair Market
      Value of the Shares shall be determined as of the date the Option with respect
      to such Shares is awarded 

     

    2. Exercise
      of Option.

     

    (a) Right
      to Exercise.
      The
      Option shall be exercisable during its term in accordance with the Vesting
      Schedule set out in the Notice and with the applicable provisions of the Plan
      and this Option Agreement by delivery of an exercise notice (a form of which
      is
      attached as Exhibit A) or by other such procedure as specified from time to
      time
      by the Administrator. The term “Administrator” used herein refers to the Board
      or a committee of the Board duly appointed to administer the Plan. The Option
      shall be subject to the provisions of Section 11.5 of the Plan relating to
      the vesting and exercisability of the Option in the event of a Change of Control
      Event.  The
      Grantee shall be subject to reasonable limitations on the number of requested
      exercises during any monthly or weekly period as determined by the
      Administrator. In no event shall the Company issue fractional Shares.

     

    (b) Method
      of Exercise.
      The
      Option shall be exercisable by delivery of an Exercise Notice (substantially
      in
      the form attached hereto as Exhibit A) or by other such procedure as
      specified from time to time by the Administrator which shall state the election
      to exercise the Option, the whole number of Shares in respect of which the
      Option is being exercised, and such other provisions as may be required by
      the
      Administrator. The Exercise Notice shall be signed by the Grantee and shall
      be
      delivered in person, by certified mail, reputable overnight courier service
      or
      by such other method as determined from time to time by the Administrator,
      to
      the Company accompanied by payment of the Exercise Price. The Option shall
      be
      deemed to be exercised upon receipt by the Company of such written notice
      accompanied by the Exercise Price delivered in a manner provided for under
      Section 4 below.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (c) Taxes.
      No
      Shares will be delivered to the Grantee or other person pursuant to the exercise
      of the Option until the Grantee or other person has made arrangements acceptable
      to the Administrator for the satisfaction of applicable income tax, employment
      tax, and social security tax withholding obligations, including, without
      limitation, such other tax obligations of the Grantee incident to the receipt
      of
      Shares or the disqualifying disposition of Shares received on exercise of an
      Incentive Stock Option. Upon exercise of the Option, the Company or the
      Grantee’s employer may offset or withhold (from any amount owed by the Company
      or the Grantee’s employer to the Grantee) or collect from the Grantee or other
      person an amount sufficient to satisfy such tax obligations and/or the
      employer’s withholding obligations.

     

    3. Grantee’s
      Representations.
      The
      Grantee understands that neither the Option nor the Shares exercisable pursuant
      to the Option have been registered under the Securities Act of 1933, as
      amended, or any United States or other securities laws. In the event the
      Shares purchasable pursuant to the exercise of the Option have not been
      registered under the Securities Act of 1933, as amended, at the time the Option
      is exercised, the Grantee shall, if requested by the Company, concurrently
      with
      the exercise of all or any portion of the Option, deliver to the Company his
      or
      her Investment Representation Statement in the form attached hereto as
      Exhibit B.

     

    4. Method
      of Payment.
      Payment
      of the Exercise Price shall be made by any of the following, or a combination
      thereof, at the election of the Grantee; provided, however, that such exercise
      method does not then violate any applicable law, rule or regulation and,
      provided further, that the portion of the Exercise Price equal to the par value
      of the Shares must be paid in cash or other legal consideration permitted by
      the
      Delaware General Corporation Law:

     

    (a) cash;

     

    (b) check
      or
      money order;

     

    (c) by
      delivering shares of Common Stock having a Fair Market Value on the date of
      payment equal to the amount of the exercise price, but only to the extent that
      such exercise of the Option would not result in an accounting compensation
      charge to the Company for financial accounting purposes with respect to the
      Shares used to pay the exercise price, unless otherwise determined by the
      Administrator; or

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (d) if
      so
      approved by the Administrator, payment through a broker-dealer sale and
      remittance procedure pursuant to which the Grantee (i) shall provide written
      instructions to a Company-designated brokerage firm to effect the immediate
      sale
      of some or all of the purchased Shares and remit to the Company, out of the
      sale
      proceeds available on the settlement date, sufficient funds to cover the
      aggregate exercise price payable for the purchased Shares and (ii) shall provide
      written directives to the Company to deliver the certificates for the purchased
      Shares directly to such brokerage firm in order to complete the sale
      transaction.

     

    5. Restrictions
      on Exercise.
      The
      Option may not be exercised if the issuance of the Shares subject to the Option
      upon such exercise
      would constitute a violation of any applicable laws, rules or regulations.
      

     

    6. Transferability
      of Option.
      The
      Option, if an Incentive Stock Option, may not be transferred in any manner
      other
      than by will or by the laws of descent and distribution and may be exercised
      during the lifetime of the Grantee only by the Grantee; provided, however,
      that
      the Grantee may designate a beneficiary of the Grantee’s Incentive Stock Option
      in the event of the Grantee’s death on a beneficiary designation form provided
      by the Administrator. No transfer permitted hereby shall be effective to bind
      the Company unless the Administrator has been furnished with written notice
      of
      such transfer and an authenticated copy of the will and/or such other evidence
      as the Administrator may deem necessary to establish the validity of the
      transfer and the acceptance by the transferee of the terms and conditions of
      such Award.

     

    The
      Option, if a Non-Qualified Stock Option, may be transferred to any person by
      will and by the laws of descent and distribution. Non-Qualified Stock Options
      also may be transferred during the lifetime of the Grantee by gift (there may
      be
      no consideration for any such transfer) to: (i) the ex-spouse of the Grantee
      pursuant to the terms of a domestic relations order; (ii) the Immediate Family
      Members; (iii) a trust or trusts for the exclusive benefit of the Immediate
      Family Members; or (iv) a partnership or limited liability company in which
      such
      Immediate Family Members are the only partners or members. The terms of the
      Option shall be binding upon the executors, administrators, heirs, successors
      and transferees of the Grantee. The terms hereof relating to termination of
      employment shall continue to be applied with respect to Grantee, following
      which
      the Nonqualified Stock Options shall be exercisable by the transferee only
      to
      the extent, and for the periods specified in, such termination provisions.
      No
      transfer shall be effective to bind the Company unless the Company shall have
      been furnished with written notice of such transfer together with such other
      documents regarding the transfer as the Administrator shall request. 

     

    7. Term
      of Option.
      The
      Option may be exercised no later than the Expiration Date set forth in the
      Notice or such earlier date as otherwise provided herein.

     

    8. Stop-Transfer
      Notices.
      In
      order to ensure compliance with the restrictions on transfer set forth in this
      Option Agreement, the Notice or the Plan, the Company may issue appropriate
      “stop transfer” instructions to its transfer agent, if any, and, if the Company
      transfers its own securities, it may make appropriate notations to the same
      effect in its own records.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    9. Refusal
      to Transfer.
      The
      Company shall not be required (i) to transfer on its books any Shares that
      have been sold or otherwise transferred in violation of any of the provisions
      of
      this Option Agreement or (ii) to treat as owner of such Shares or to accord
      the right to vote or pay dividends to any purchaser or other transferee to
      whom
      such Shares shall have been so transferred.

     

    10. Tax
      Consequences.
      The
      Grantee may incur tax liability as a result of the Grantee's purchase or
      disposition of Shares. THE GRANTEE SHOULD CONSULT A TAX ADVISER BEFORE
      EXERCISING THE OPTION OR DISPOSING OF SHARES.

     

    11. Lock-Up
      Agreement.

     

    (a) Agreement.
      The
      Grantee, if requested by the Company and the lead underwriter of any public
      offering of the Common Stock or other securities of the Company (the “Lead
      Underwriter”), hereby irrevocably agrees not to sell, contract to sell, grant
      any option to purchase, transfer the economic risk of ownership in, make any
      short sale of, pledge or otherwise transfer or dispose of any interest in any
      Common Stock or any securities convertible into or exchangeable or exercisable
      for or any other rights to purchase or acquire Common Stock (except Common
      Stock
      included in such public offering or acquired on the public market after such
      offering) during the 180-day period following the effective date of a
      registration statement of the Company filed under the Securities Act
      of 1933, as amended, or such shorter period of time as the Lead Underwriter
      shall specify. The Grantee further agrees to sign such documents as may be
      reasonably requested by the Lead Underwriter to effect the foregoing and agrees
      that the Company may impose stop-transfer instructions with respect to such
      Common Stock subject to the lock-up period until the end of such period. The
      Company and the Grantee acknowledge that each Lead Underwriter of a public
      offering of the Company’s stock, during the period of such offering and for the
      180-day period thereafter, is an intended beneficiary of this
      Section.

     

    (b) No
      Amendment Without Consent of Underwriter.
      During
      the period from identification as a Lead Underwriter in connection with any
      public offering of the Company’s Common Stock until the earlier of (i) the
      expiration of the lock-up period specified in Section 11(a) in connection
      with such offering or (ii) the abandonment of such offering by the Company
      and the Lead Underwriter, the provisions of this Section may not be amended
      or
      waived except with the consent of the Lead Underwriter.

     

    12. Entire
      Agreement: Governing Law.
      The
      Notice, the Plan and this Option Agreement constitute the entire agreement
      of
      the parties with respect to the subject matter hereof and supersede in their
      entirety all prior undertakings and agreements of the Company and the Grantee
      with respect to the subject matter hereof, and may not be modified adversely
      to
      the Grantee’s interest except by means of a writing signed by the Company and
      the Grantee. Nothing in the Notice, the Plan and this Option Agreement (except
      as expressly provided therein) is intended to confer any rights or remedies
      on
      any persons other than the parties. The Notice, the Plan and this Option
      Agreement are to be construed in accordance with and governed by the internal
      laws of the State
      of
      Delaware without giving effect to any choice of law rule that would cause the
      application of the laws of any jurisdiction other than the internal laws of
      the
      State of Delaware to the rights and duties of the parties. Should any provision
      of the Notice, the Plan or this Option Agreement be determined by a court of
      law
      to be illegal or unenforceable, such provision shall be enforced to the fullest
      extent allowed by law and the other provisions shall nevertheless remain
      effective and shall remain enforceable. 

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    13. Headings.
      The
      captions used in the Notice and this Option Agreement are inserted for
      convenience and shall not be deemed a part of the Option for construction or
      interpretation. 

     

    14. Dispute
      Resolution
      The
      provisions of this Section shall be the exclusive means of resolving disputes
      arising out of or relating to the Notice, the Plan and this Option Agreement.
      The Company, the Grantee, and the Grantee’s assignees (the “parties”) shall
      attempt in good faith to resolve any disputes arising out of or relating to
      the
      Notice, the Plan and this Option Agreement by negotiation between individuals
      who have authority to settle the controversy. Negotiations shall be commenced
      by
      either party by notice of a written statement of the party’s position and the
      name and title of the individual who will represent the party. Within
      thirty (30) days of the written notification, the parties shall meet at a
      mutually acceptable time and place, and thereafter as often as they reasonably
      deem necessary, to resolve the dispute. If the dispute has not been resolved
      by
      negotiation, the parties agree that any suit, action, or proceeding arising
      out
      of or relating to the Notice, the Plan or this Option Agreement shall be brought
      in the United States District Court located nearest to the Company's
      executive offices (or should such court lack jurisdiction to hear such action,
      suit or proceeding, in a Delaware state court in the county in which the
      Company's executive offices are located) and that the parties shall submit
      to
      the jurisdiction of such court. The parties irrevocably waive, to the fullest
      extent permitted by law, any objection the party may have to the laying of
      venue
      for any such suit, action or proceeding brought in such court. THE PARTIES
      ALSO
      EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH
      SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section shall
      for any reason be held invalid or unenforceable, it is the specific intent
      of
      the parties that such provisions shall be modified to the minimum extent
      necessary to make it or its application valid and enforceable.

     

    15. Notices.
      Any
      notice required or permitted hereunder shall be given in writing and shall
      be
      deemed effectively given upon personal delivery, one business day following
      deposit with a reputable overnight courier service or three business days
      following deposit in the United States mail by certified mail, with postage
      and fees prepaid, addressed to the other party at its address as shown beneath
      its signature in the Notice, or to such other address as such party may
      designate in writing from time to time to the other party delivered in
      accordance with this Section.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    EXHIBIT
      A

     

    PLATINUM
      ENERGY RESOURCES, INC. 2006 LONG-TERM INCENTIVE PLAN

     

    EXERCISE
      NOTICE

     

    Platinum
      Energy Resources, Inc.

    25
      Philips Parkway

    Montvale,
      NJ 07645

    Attention:
      Chief Executive Officer

     

    1. Effective
      as of today, ______________, ___ the undersigned (the “Grantee”) hereby elects
      to exercise the Grantee’s option to purchase ___________ shares of the Common
      Stock (the “Shares”) of Platinum Energy Resources, Inc. (the “Company”) under
      and pursuant to the Company’s 2006 Long-Term Incentive Plan, as amended from
      time to time (the “Plan”), and the [  ] Incentive
      [  ] Non-Qualified Stock Option Award Agreement (the “Option
      Agreement”) and Notice of Stock Option Award (the “Notice”) dated
      ______________, ________. Unless otherwise defined herein, the terms defined
      in
      the Plan shall have the same defined meanings in this Exercise
      Notice.

     

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

     

    3. Rights
      as Stockholder.
      Until
      the stock certificate evidencing such Shares is issued (as evidenced by the
      appropriate entry on the books of the Company or of a duly authorized transfer
      agent of the Company), 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 Company shall issue (or cause to be issued) such
      stock certificate promptly after the Option is exercised. 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 provided in the
      Plan.

     

    4. Delivery
      of Payment.
      The
      Grantee herewith delivers to the Company the full Exercise Price for the
      Shares.

     

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

     

    6. Taxes.
      The
      Grantee agrees to satisfy all applicable foreign, federal, state and local
      income and employment tax withholding obligations and herewith delivers to
      the
      Company the full amount of such obligations or has made arrangements acceptable
      to the Company to satisfy such obligations. In the case of an Incentive Stock
      Option, the Grantee also agrees, as partial consideration for the designation
      of
      the Option as an Incentive Stock Option, to notify the Company in writing within
      thirty (30) days of any disposition of any shares acquired by exercise of
      the Option if such disposition occurs within two (2) years from the Date of
      Award or within one (1) year from the date the Shares were transferred to
      the Grantee. If the Company is required to satisfy any foreign, federal, state
      or local income or employment tax withholding obligations as a result of such
      an
      early disposition, the Grantee agrees to satisfy the amount of such withholding
      in a manner that the Administrator prescribes. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    7. Restrictive
      Legends.
      The
      Grantee understands and agrees that the Company shall cause the legends set
      forth below or legends substantially equivalent thereto, to be placed upon
      any
      certificate(s) evidencing ownership of the Shares together with any other
      legends that may be required by the Company or by state or federal securities
      laws, unless such shares have been registered under the Securities Act of 1933
      and any necessary state securities laws, as determined by the
      Administrator:

     

    THE
      SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT
      OF 1933 (THE “ACT”) OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR
      OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED
      UNDER
      THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE
      SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN
      COMPLIANCE THEREWITH.

     

    8. Successors
      and Assigns.
      The
      Company may assign any of its rights under this Exercise Notice to single or
      multiple assignees, and this agreement shall inure to the benefit of the
      successors and assigns of the Company. Subject to the restrictions on transfer
      herein set forth, this Exercise Notice shall be binding upon the Grantee and
      his
      or her heirs, executors, administrators, successors and assigns.

     

    9. Headings.
      The
      captions used in this Exercise Notice are inserted for convenience and shall
      not
      be deemed a part of this agreement for construction or interpretation.

     

    10. Dispute
      Resolution.
      The
      provisions of Section 14 of the Option Agreement shall be the exclusive
      means of resolving disputes arising out of or relating to this Exercise
      Notice.

     

    11. Governing
      Law; Severability.
      This
      Exercise Notice is to be construed in accordance with and governed by the
      internal laws of the State of Delaware without giving effect to any choice
      of
      law rule that would cause the application of the laws of any jurisdiction other
      than the internal laws of the State of Delaware to the rights and duties of
      the
      parties. Should any provision of this Exercise Notice be determined by a court
      of law to be illegal or unenforceable, such provision shall be enforced to
      the
      fullest extent allowed by law and the other provisions shall nevertheless remain
      effective and shall remain enforceable.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    12. Notices.
      Any
      notice required or permitted hereunder shall be given in writing and shall
      be
      deemed effectively given upon personal delivery, one business day following
      deposit with a reputable overnight courier service, or three business days
      following deposit in the United States mail by certified mail with postage
      and fees prepaid, addressed to the other party at its address as shown below
      beneath its signature, or to such other address as such party may designate
      in
      writing from time to time to the other party.

     

    13. 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.

     

    14. Entire
      Agreement.
      The
      Notice, the Plan and the Option Agreement are incorporated herein by reference
      and together with this Exercise Notice constitute the entire agreement of the
      parties with respect to the subject matter hereof and supersede in their
      entirety all prior undertakings and agreements of the Company and the Grantee
      with respect to the subject matter hereof, and may not be modified adversely
      to
      the Grantee’s interest except by means of a writing signed by the Company and
      the Grantee; provided that if the Grantee is also an officer of the Company,
      the
      person signing such writing on behalf of the Company must be an officer of
      the
      Company other than the Grantee. Nothing in the Notice, the Plan, the Option
      Agreement and this Exercise Notice (except as expressly provided therein) is
      intended to confer any rights or remedies on any persons other than the parties.
      

     

    
      	
              Submitted
                by:

            	
              Accepted
                by:

            
	 	 
	
              GRANTEE:

            	
              PLATINUM
                ENERGY RESOURCES, INC.

            
	 	 
	
              __________________________________

              (Signature)

            	
              By: 
                ______________________________

              Name:

              Title:

            
	 	 
	
              Address:

            	 
	
              __________________________________

              __________________________________ 

            	 

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

    

     

    EXHIBIT
      B

     

    PLATINUM
      ENERGY RESOURCES, INC. 20026 LONG-TERM INCENTIVE PLAN

     

    INVESTMENT
      REPRESENTATION STATEMENT

     

     

    
      	GRANTEE:	_____________________________________

      	 	 

      	COMPANY:	
              PLATINUM
                ENERGY RESOURCES, INC.

            

    

     

    
      	SECURITY:	
              COMMON
                STOCK

            

      	 	 

      	AMOUNT:	_____________________________________

      	 	 

      	DATE:	_____________________________________

    

     

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

     

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

     

    (b) Grantee
      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 Grantee’s investment
      intent as expressed herein. Grantee 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. Grantee
      further acknowledges and understands that the Company is under no obligation
      to
      register the Securities. Grantee 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 Company.

     

    (c) Grantee
      is familiar with the provisions of Rule 701 and Rule 144, each
      promulgated under the Securities Act, which, in substance, permit limited public
      resale of “restricted securities” acquired, directly or indirectly from the
      issuer thereof, in a non-public offering subject to the satisfaction of certain
      conditions. Rule 701 provides that if the issuer qualifies under
      Rule 701 at the time of the grant of the Option to the Grantee, the
      exercise will be exempt from registration under the Securities Act. In the
      event
      the Company becomes subject to the reporting requirements of Section 13 or
      15(d) of the Securities Exchange Act of 1934, ninety (90) days
      thereafter (or such longer period as any market stand-off agreement may require)
      the Securities exempt under Rule 701 may be resold, subject to the
      satisfaction of certain of the conditions specified by Rule 144, including:
      (1) the resale being made through a broker in an unsolicited “broker’s
      transaction” or in transactions directly with a market maker (as said term is
      defined under the Securities Exchange Act of 1934); and, in the case of an
      affiliate, (2) the availability of certain public information about the
      Company, (3) the amount of Securities being sold during any three month
      period not exceeding the limitations specified in Rule 144(e), and
      (4) the timely filing of a Form 144, if applicable.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    In
      the
      event that the Company does not qualify under Rule 701 at the time of grant
      of the Option, then the Securities may be resold in certain limited
      circumstances subject to the provisions of Rule 144, which requires the
      resale to occur not less than six months after the later of the date the
      Securities were sold by the Company or the date the Securities were sold by
      an
      affiliate of the Company, if the condition set forth in Section (2) of the
      paragraph immediately above is met or not less than one year thereafter if
      such
      condition is not met, within the meaning of Rule 144; and, in the case of
      acquisition of the Securities by an affiliate, the satisfaction of the
      conditions set forth in sections (1), (2), (3) and (4) of the paragraph
      immediately above.

     

    (d) Grantee
      further understands that in the event all of the applicable requirements of
      Rule 701 or 144 are not satisfied, registration under the Securities Act,
      compliance with Regulation A, or some other registration exemption will be
      required; and that, notwithstanding the fact that Rules 144 and 701 are not
      exclusive, the Staff of the Securities and Exchange Commission has expressed
      its
      opinion that persons proposing to sell private placement securities other than
      in a registered offering and otherwise than pursuant to Rules 144 or 701
      will have a substantial burden of proof in establishing that an exemption from
      registration is available for such offers or sales, and that such persons and
      their respective brokers who participate in such transactions do so at their
      own
      risk. Grantee understands that no assurances can be given that any such other
      registration exemption will be available in such event.

     

    (e) Grantee
      represents that he or she is a resident of the state of
      _________________.

    

    
      	 	Signature of Grantee:
	 	 
	 	____________________________________ 
	 	 
	 	Date: _____________,
              ____

    

     

    
      
         

      

      
        2

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