Document:

EXHIBIT
      10.2

    

    FORM
      OF WARRANT

    

    NEITHER
      THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR
      THE
      SECURITIES FOR WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED
      OR
      QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES
      LAWS. SUCH SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF
      WITHOUT EITHER (I) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER
      THE SECURITIES ACT OF 1933, AS AMENDED, (II) AN OPINION OF COUNSEL, IN A FORM
      REASONABLY ACCEPTABLE TO THE COMPANY, THAT SUCH TRANSFER MAY BE MADE WITHOUT
      REGISTRATION UNDER SAID ACT OR (III) SUCH TRANSFER BEING MADE PURSUANT TO RULE
      144 UNDER SAID ACT. 

    

    NORTHERN
      OIL & GAS, INC.

    

    WARRANT

    

    Warrant
      No.: __________

    Number
      of
      Shares:______

    Date
      of
      Issuance: September [___], 2007 (“Issuance
      Date”)

    

    Northern
      Oil & Gas, Inc., a Nevada corporation (the “Company”),
      hereby certifies that, for value received, the receipt and sufficiency of which
      are hereby acknowledged, [NAME OF HOLDER], the registered holder hereof or
      its
      permitted assigns (the “Holder”),
      is
      entitled, subject to the terms set forth below, to purchase from the Company,
      at
      the Exercise Price (as defined below) then in effect, at any time or times
      on or
      after the date hereof, but not after 11:59 p.m., New York Time, on the
      Expiration Date (as defined below), [NUMBER OF SHARES (________)] fully paid
      nonassessable shares of Common Stock (as defined below) (the
      “Warrant
      Shares”).
      This
      Warrant (including all Warrants issued in exchange, transfer or replacement
      hereof, the “Warrants”)
      is one
      of the Warrants (the “PA
      Warrants”)
      issued
      pursuant to Section 1 of a Subscription Agreement, dated as of September ___,
      2007 (the “Subscription
      Date”),
      that
      was entered into between the Company and the Holder as part of a series of
      subscription agreements entered into between the Company and the purchasers
      (the
“Purchasers”)
      referred to therein (the subscription agreements collectively, the “Purchase
      Agreement”).
      Except as defined in Section 16 or otherwise defined herein, capitalized terms
      used but not defined in this Warrant shall have the meanings ascribed to such
      terms in the Purchase Agreement. 

     

    
      
        
        

      

      
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    23. EXERCISE
      OF WARRANT.

     

    (a)
      Mechanics
      of Exercise.
      Subject
      to the terms and conditions hereof (including, without limitation, the
      limitations set forth in Section 1(f)), this Warrant may be exercised by the
      Holder on any day on or after the date hereof, in whole or in part, by
      (i) delivery of a written notice, in the form attached hereto as
Exhibit
      A
      (the
“Exercise
      Notice”),
      of
      the Holder’s election to exercise this Warrant and (ii) (A) payment to the
      Company of an amount equal to the applicable Exercise Price multiplied by the
      number of Warrant Shares as to which this Warrant is being exercised (the
“Aggregate
      Exercise Price”)
      in
      cash or wire transfer of immediately available funds or (B) by notifying the
      Company that this Warrant is being exercised pursuant to a Cashless Exercise
      (as
      defined in Section 1(d)), if then available under Section 1(d). Upon exercise
      in
      full of this Warrant, the Holder shall deliver the original Warrant in order
      to
      effect an exercise hereunder, or, in the alternative, an affidavit of lost
      instrument in form reasonably satisfactory to the Company. Execution and
      delivery of the Exercise Notice with respect to less than all of the Warrant
      Shares shall have the same effect as cancellation of the original Warrant and
      issuance of a new Warrant evidencing the right to purchase the remaining number
      of Warrant Shares. On or before the first Business Day following the date on
      which the Company has received each of the Exercise Notice and the Aggregate
      Exercise Price (or notice of a Cashless Exercise, if then available under
      Section 1(d)) (the “Exercise
      Delivery Documents”),
      the
      Company shall transmit by facsimile an acknowledgment of confirmation of receipt
      of the Exercise Delivery Documents to the Holder and the Company’s transfer
      agent (the “Transfer
      Agent”).
      On or
      before the third Business Day following the date on which the Company has
      received all of the Exercise Delivery Documents (the “Share
      Delivery Date”),
      the
      Company shall (X) provided that the Transfer Agent is participating in The
      Depository Trust Company (“DTC”)
      Fast
      Automated Securities Transfer Program and if the Holder is entitled to receive
      shares not bearing a legend pursuant to Section 5(b) of the Purchase Agreement,
      upon the request of the Holder, credit such aggregate number of shares of Common
      Stock to which the Holder is entitled pursuant to such exercise to the Holder’s
      or its designee’s balance account with DTC through its Deposit Withdrawal Agent
      Commission system, or (Y) if the Transfer Agent is not participating in the
      DTC
      Fast Automated Securities Transfer Program, issue and dispatch by overnight
      courier to the address as specified in the Exercise Notice, a certificate,
      registered in the Company’s share register in the name of the Holder or its
      designee, for the number of shares of Common Stock to which the Holder is
      entitled pursuant to such exercise. Upon delivery of the Exercise Notice and
      Aggregate Exercise Price referred to in clause (ii)(A) above (or notice of
      a
      Cashless Exercise, if then available under Section 1(d)), the Holder shall
      be
      deemed for all corporate purposes to have become the holder of record of the
      Warrant Shares with respect to which this Warrant has been exercised,
      irrespective of the date of delivery of the certificates evidencing such Warrant
      Shares. If this Warrant is submitted in connection with any exercise pursuant
      to
      this Section 1(a) and the number of Warrant Shares represented by this Warrant
      submitted for exercise is greater than the number of Warrant Shares being
      acquired upon an exercise, then the Company shall as soon as practicable and
      in
      no event later than three Business Days after any exercise and at its own
      expense, issue a new Warrant (in accordance with Section 7(d)) representing
      the
      right to purchase the number of Warrant Shares purchasable immediately prior
      to
      such exercise under this Warrant, less the number of Warrant Shares with respect
      to which this Warrant is exercised. No fractional shares of Common Stock are
      to
      be issued upon the exercise of this Warrant, but rather the number of shares
      of
      Common Stock to be issued shall be rounded up to the nearest whole number.
      The
      Company shall pay any and all taxes which may be payable with respect to the
      issuance and delivery of Warrant Shares upon exercise of this Warrant.

     

    
      
        
        

      

      
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    (b)
      Exercise
      Price.
      For
      purposes of this Warrant, “Exercise
      Price”
means
      [$5.00/$6.00], subject to adjustment as provided herein. [Note:
      Each Purchaser will receive a warrant with an exercise price of $5.00 (and
      a
      term of 18 months) for a number of shares of Common Stock equal to one-half
      of
      the shares purchased by the Purchaser in the Offering, and a warrant with an
      exercise price of $6.00 (and a term of 48 months) for a number of shares of
      Common Stock equal to one-half of the shares purchased by the Purchaser in
      the
      Offering.]

     

    (c)
      Company’s
      Failure to Timely Deliver Securities.
      If the
      Company shall fail for any reason or for no reason to issue to the Holder within
      three (3) Business Days of receipt of the Exercise Delivery Documents, a
      certificate for the number of shares of Common Stock to which the Holder is
      entitled and register such shares of Common Stock on the Company’s share
      register or to credit the Holder’s balance account with DTC for such number of
      shares of Common Stock to which the Holder is entitled upon the Holder’s
      exercise of this Warrant, then, in addition to all other remedies available
      to
      the Holder, the Company shall pay in cash to the Holder on each day after such
      third Business
      Day that the issuance of such shares of Common Stock is not timely effected
      an
      amount equal to 1.5% of the product of (A) the sum of the number of shares
      of
      Common Stock not issued to the Holder on a timely basis and to which the Holder
      is entitled and (B) the Closing Sale Price of the shares of Common Stock on
      the
      trading day immediately preceding the last possible date which the Company
      could
      have issued such shares of Common Stock to the Holder without violating Section
      1(a). In addition to the foregoing, if within three (3) trading days after
      the
      Company’s receipt of the facsimile copy of a Exercise Notice the Company shall
      fail to issue and transmit for delivery a certificate to the Holder and register
      such shares of Common Stock on the Company’s share register or credit the
      Holder’s balance account with DTC for the number of shares of Common Stock to
      which the Holder is entitled upon such holder’s exercise hereunder, and if on or
      after such trading day the Holder purchases (in an open market transaction
      or
      otherwise) shares of Common Stock to deliver in satisfaction of a sale by the
      Holder of shares of Common Stock issuable upon such exercise that the Holder
      anticipated receiving from the Company (a “Buy-In”),
      then
      the Company shall, within three Business Days after the Holder’s request and in
      the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to
      the Holder’s total purchase price (including brokerage commissions, if any) for
      the shares of Common Stock so purchased (the “Buy-In
      Price”),
      at
      which point the Company’s obligation to deliver such certificate (and to issue
      such shares of Common Stock) shall terminate, or (ii) promptly honor its
      obligation to deliver to the Holder a certificate or certificates representing
      such shares of Common Stock and pay cash to the Holder in an amount equal to
      the
      excess (if any) of the Buy-In Price over the product of (A) such number of
      shares of Common Stock, times (B) the Closing Bid Price on the date of
      exercise.

     

    (d)
      Cashless
      Exercise.
       Notwithstanding
      anything contained herein to the contrary, if a Registration Statement (as
      defined in the Registration Rights Agreement) covering the Warrant Shares that
      are the subject of the Exercise Notice is not then available for the resale
      of
      such Warrant Shares, the Holder may, in its sole discretion, exercise this
      Warrant in whole or in part and, in lieu of making the cash payment otherwise
      contemplated to be made to the Company upon such exercise in payment of the
      Aggregate Exercise Price, elect instead to receive upon such exercise the “Net
      Number” of shares of Common Stock determined according to the following formula
      (a “Cashless
      Exercise”):

     

    
      
        
        

      

      
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    Net
      Number = (A
      x
      B) - (A x C)

                                                                                        
      B

     

    For
      purposes of the foregoing formula:

     

    A
      = the
      total number of shares with respect to which this Warrant is then being
      exercised.

     

    B
      = the
      Closing Sale Price of the shares of Common Stock (as reported by Bloomberg)
      on
      the date immediately preceding the date of the Exercise Notice.

     

    C
      = the
      Exercise Price then in effect for the applicable Warrant Shares at the time
      of
      such exercise.

     

    (e)
      Disputes.
      In the
      case of a dispute as to the determination of the Exercise Price or the
      arithmetic calculation of the Warrant Shares, the Company shall promptly issue
      to the Holder the number of Warrant Shares that are not disputed and resolve
      such dispute in accordance with Section 13.

     

    (f)
      Limitations
      on Exercises.
      The
      Company shall not effect the exercise of this Warrant, and the Holder shall
      not
      have the right to exercise this Warrant, to the extent that after giving effect
      to such exercise, such Person (together with such Person’s affiliates) would
      beneficially own in excess of 9.99% of the shares of Common Stock outstanding
      immediately after giving effect to such exercise. For purposes of the foregoing
      sentence, the aggregate number of shares of Common Stock beneficially owned
      by
      such Person and its affiliates shall include the number of shares of Common
      Stock issuable upon exercise of this Warrant with respect to which the
      determination of such sentence is being made, but shall exclude shares of Common
      Stock that would be issuable upon (i) exercise of the remaining, unexercised
      portion of this Warrant beneficially owned by such Person and its affiliates
      and
      (ii) exercise or conversion of the unexercised or unconverted portion of any
      other securities of the Company beneficially owned by such Person and its
      affiliates (including, without limitation, any convertible notes or convertible
      preferred stock or warrants) subject to a limitation on conversion or exercise
      analogous to the limitation contained herein. Except as set forth in the
      preceding sentence, for purposes of this paragraph, beneficial ownership shall
      be calculated in accordance with Section 13(d) of the Securities Exchange Act
      of
      1934, as amended. For any reason at any time, upon the written or oral request
      of the Holder, the Company shall within one Business Day confirm orally and
      in
      writing to the Holder the number of shares of Common Stock then outstanding.
      In
      any case, the number of outstanding shares of Common Stock shall be determined
      after giving effect to the conversion or exercise of securities of the Company,
      including the PA Warrants, by the Holder and its affiliates since the date
      as of
      which such number of outstanding shares of Common Stock was
      reported.

     

    
      
        
        

      

      
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    24.
      ADJUSTMENT
      OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES.
      The
      Exercise Price and the number of Warrant Shares shall be adjusted from time
      to
      time as follows:

     

    (a)
      Adjustment
      upon Issuance of Common Stock.
      If at
      any time on or after the Subscription Date and before the date that is eighteen
      (18) months after the Subscription Date, the Company issues or sells, or in
      accordance with this Section 2 is deemed to have issued or sold, any shares
      of
      Common Stock (including the issuance or sale of shares of Common Stock owned
      or
      held by or for the account of the Company, but excluding Excluded Securities)
      for a consideration per share (the “New
      Issuance Price”)
      less
      than a price (the “Applicable
      Price”)
      equal
      to the Exercise Price in effect immediately prior to such issue or sale or
      deemed issuance or sale (the foregoing, a “Dilutive
      Issuance”),
      then
      immediately after such Dilutive Issuance the Exercise Price then in effect
      shall
      be reduced to an amount equal to the New Issuance Price. Upon each such
      adjustment of the Exercise Price hereunder, the number of Warrant Shares shall
      be adjusted to the number of shares of Common Stock determined by multiplying
      the Exercise Price in effect immediately prior to such adjustment by the number
      of Warrant Shares acquirable upon exercise of this Warrant immediately prior
      to
      such adjustment and dividing the product thereof by the Exercise Price resulting
      from such adjustment. For purposes of determining the adjusted Exercise Price
      under this Section 2(a), the following shall be applicable:

     

    (b) Issuance
      of Options.
      If the
      Company in any manner grants any Options and the lowest price per share for
      which one share of Common Stock is issuable upon the exercise of any such Option
      or upon conversion, exercise or exchange of any Convertible Securities issuable
      upon exercise of any such Option is less than the Applicable Price, then such
      share of Common Stock shall be deemed to be outstanding and to have been issued
      and sold by the Company at the time of the granting or sale of such Option
      for
      such price per share. For purposes of this Section 2(a)(i), the “lowest price
      per share for which one share of Common Stock is issuable upon exercise of
      such
      Options or upon conversion, exercise or exchange of such Convertible Securities”
shall be equal to the sum of the lowest amounts of consideration (if any)
      received or receivable by the Company with respect to any one share of Common
      Stock upon the granting or sale of the Option, upon exercise of the Option
      and
      upon conversion, exercise or exchange of any Convertible Security issuable
      upon
      exercise of such Option. No further adjustment of the Exercise Price or number
      of Warrant Shares shall be made upon the actual issuance of such Common Stock
      or
      of such Convertible Securities upon the exercise of such Options or upon the
      actual issuance of such Common Stock upon conversion, exercise or exchange
      of
      such Convertible Securities. 

     

    (c) Issuance
      of Convertible Securities.
      If the
      Company in any manner issues or sells any Convertible Securities and the lowest
      price per share for which one share of Common Stock is issuable upon the
      conversion, exercise or exchange thereof is less than the Applicable Price,
      then
      such share of Common Stock shall be deemed to be outstanding and to have been
      issued and sold by the Company at the time of the issuance or sale of such
      Convertible Securities for such price per share. For the purposes of this
      Section 2(a)(ii), the “lowest price per share for which one share of Common
      Stock is issuable upon the conversion, exercise or exchange” shall be equal to
      the sum of the lowest amounts of consideration (if any) received or receivable
      by the Company with respect to one share of Common Stock upon the issuance
      or
      sale of the Convertible Security and upon conversion, exercise or exchange
      of
      such Convertible Security. No further adjustment of the Exercise Price or number
      of Warrant Shares shall be made upon the actual issuance of such Common Stock
      upon conversion, exercise or exchange of such Convertible Securities, and if
      any
      such issue or sale of such Convertible Securities is made upon exercise of
      any
      Options for which adjustment of this Warrant has been or is to be made pursuant
      to other provisions of this Section 2(a), no further adjustment of the Exercise
      Price or number of Warrant Shares shall be made by reason of such issue or
      sale.

     

    
      
        
        

      

      
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    (d) Change
      in Option Price or Rate of Conversion.
      If the
      purchase price provided for in any Options, the additional consideration, if
      any, payable upon the issue, conversion, exercise or exchange of any Convertible
      Securities, or the rate at which any Convertible Securities are convertible
      into
      or exercisable or exchangeable for Common Stock increases or decreases at any
      time, the Exercise Price and the number of Warrant Shares in effect at the
      time
      of such increase or decrease shall be adjusted to the Exercise Price and the
      number of Warrant Shares which would have been in effect at such time had such
      Options or Convertible Securities provided for such increased or decreased
      purchase price, additional consideration or increased or decreased conversion
      rate, as the case may be, at the time initially granted, issued or sold. For
      purposes of this Section 2(a)(iii), if the terms of any Option or Convertible
      Security that was outstanding as of the date of issuance of this Warrant are
      increased or decreased in the manner described in the immediately preceding
      sentence, then such Option or Convertible Security and the Common Stock deemed
      issuable upon exercise, conversion or exchange thereof shall be deemed to have
      been issued as of the date of such increase or decrease. No adjustment pursuant
      to this Section 2(a) shall be made if such adjustment would result in an
      increase of the Exercise Price then in effect or a decrease in the number of
      Warrant Shares.

     

    (e) Calculation
      of Consideration Received.
      In case
      any Option is issued in connection with the issue or sale of other securities
      of
      the Company, together comprising one integrated transaction in which no specific
      consideration is allocated to such Options by the parties thereto, the Options
      will be deemed to have been issued for a consideration of $0.0001. If any Common
      Stock, Options or Convertible Securities are issued or sold or deemed to have
      been issued or sold for cash, the consideration received therefor will be deemed
      to be the net amount received by the Company therefor. If any Common Stock,
      Options or Convertible Securities are issued or sold for a consideration other
      than cash, the amount of such consideration received by the Company will be
      the
      fair value of such consideration, except where such consideration consists
      of
      securities, in which case the amount of consideration received by the Company
      will be the Closing Sale Price of such security on the date of receipt. If
      any
      Common Stock, Options or Convertible Securities are issued to the owners of
      the
      non-surviving entity in connection with any merger in which the Company is
      the
      surviving entity, the amount of consideration therefor will be deemed to be
      the
      fair value of such portion of the net assets and business of the non-surviving
      entity as is attributable to such Common Stock, Options or Convertible
      Securities, as the case may be. The fair value of any consideration other than
      cash or securities will be determined jointly by the Board of Directors of
      the
      Company and the holders of PA Warrants representing at least a majority of
      the
      shares of Common Stock obtainable upon exercise of the PA Warrants then
      outstanding. If such parties are unable to reach agreement within 10 days after
      the occurrence of an event requiring valuation (the “Valuation Event”), the fair
      value of such consideration will be determined within fifteen Business Days
      after the tenth day following the Valuation Event by an independent, reputable
      appraiser jointly selected by the Company and the holders of PA Warrants
      representing at least a majority of the shares of Common Stock obtainable upon
      exercise of the PA Warrants then outstanding. The determination of such
      appraiser shall be final and binding upon all parties absent manifest error
      and
      the fees and expenses of such appraiser shall be borne by the
      Company.

     

    
      
        
        

      

      
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    (f) Record
      Date.
      If the
      Company takes a record of the holders of Common Stock for the purpose of
      entitling them (A) to receive a dividend or other distribution payable in
      Common Stock, Options or in Convertible Securities or (B) to subscribe for
      or purchase Common Stock, Options or Convertible Securities, then such record
      date will be deemed to be the date of the issue or sale of the shares of Common
      Stock deemed to have been issued or sold upon the declaration of such dividend
      or the making of such other distribution or the date of the granting of such
      right of subscription or purchase, as the case may be.

     

    (g) Adjustment
      upon Subdivision or Combination of Common Stock.
      If the
      Company at any time after the date of issuance of this Warrant subdivides (by
      any stock split, stock dividend, recapitalization or otherwise) one or more
      classes of its outstanding shares of Common Stock into a greater number of
      shares, the Exercise Price in effect immediately prior to such subdivision
      will
      be proportionately reduced and the number of Warrant Shares will be
      proportionately increased. If the Company at any time after the date of issuance
      of this Warrant combines (by combination, reverse stock split or otherwise)
      one
      or more classes of its outstanding shares of Common Stock into a smaller number
      of shares, the Exercise Price in effect immediately prior to such combination
      will be proportionately increased and the number of Warrant Shares will be
      proportionately decreased. Any adjustment under this Section 2(b) shall become
      effective at the close of business on the date the subdivision or combination
      becomes effective.

     

    
      
        
        

      

      
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    (h) Other
      Events.
      If any
      event occurs of the type contemplated by the provisions of this Section 2 but
      not expressly provided for by such provisions (including, without limitation,
      the granting of stock appreciation rights, phantom stock rights or other rights
      with equity features), then the Company’s Board of Directors will make an
      appropriate adjustment in the Exercise Price and the number of Warrant Shares
      so
      as to protect the rights of the holder of this Warrant; provided that no such
      adjustment pursuant to this Section 2(c) will increase the Exercise Price or
      decrease the number of Warrant Shares as otherwise determined pursuant to this
      Section 2.

     

    25. RIGHTS
      UPON DISTRIBUTION OF ASSETS.
      If the
      Company shall declare or make any dividend or other distribution of its assets
      (or rights to acquire its assets) to holders of Common Stock, by way of return
      of capital or otherwise (including, without limitation, any distribution of
      cash, stock or other securities, property or options by way of a dividend,
      spin-off, reclassification, corporate rearrangement or other similar
      transaction) (a “Distribution”),
      at
      any time after the issuance of this Warrant, then, in each such
      case:

     

    (a) any
      Exercise Price in effect immediately prior to the close of business on the
      record date fixed for the determination of holders of Common Stock entitled
      to
      receive the Distribution shall be reduced, effective as of the close of business
      on such record date, to a price determined by multiplying such Exercise Price
      by
      a fraction of which (i) the numerator shall be the Closing Bid Price of the
      Common Stock on the trading day immediately preceding such record date minus
      the
      value of the Distribution (as determined in good faith by the Company’s Board of
      Directors) applicable to one share of Common Stock, and (ii) the denominator
      shall be the Closing Bid Price of the Common Stock on the trading day
      immediately preceding such record date; and

    

    (b) the
      number of Warrant Shares shall be increased to a number of shares equal to
      the
      number of shares of Common Stock obtainable immediately prior to the close
      of
      business on the record date fixed for the determination of holders of Common
      Stock entitled to receive the Distribution multiplied by the reciprocal of
      the
      fraction set forth in the immediately preceding paragraph (a); provided that
      in
      the event that the Distribution is of common stock (“Other
      Common Stock”)
      of a
      company whose common stock is traded on a national securities exchange or a
      national automated quotation system, then the holder of this Warrant may elect
      to receive a warrant to purchase Other Common Stock in lieu of an increase
      in
      the number of Warrant Shares, the terms of which shall be identical to those
      of
      this Warrant, except that such warrant shall be exercisable into the number
      of
      shares of Other Common Stock that would have been payable to the holder of
      this
      Warrant pursuant to the Distribution had the holder exercised this Warrant
      immediately prior to such record date and with an aggregate exercise price
      equal
      to the product of the amount by which the exercise price of this Warrant was
      decreased with respect to the Distribution pursuant to the terms of the
      immediately preceding paragraph (a) and the number of Warrant Shares calculated
      in accordance with the first part of this paragraph (b).

    
      
        
        

      

      
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    26. FUNDAMENTAL
      TRANSACTIONS.
      The
      Company shall not enter into or be party to a Fundamental Transaction unless
      the
      Successor Entity assumes in writing all of the obligations of the Company under
      this Warrant and the other Transaction Documents in accordance with the
      provisions of this Section
      4
      pursuant to written agreements in form and substance satisfactory to the
      Required Holders and approved by the Required Holders prior to such Fundamental
      Transaction, including agreements to deliver to each holder of SP Warrants
      in
      exchange for such SP Warrants a security of the Successor Entity evidenced
      by a
      written instrument substantially similar in form and substance to this
      Warrant.
      Upon
      the
      occurrence of any Fundamental Transaction, the Successor Entity shall succeed
      to, and be substituted for (so that from and after the date of such Fundamental
      Transaction, the provisions of this Warrant referring to the “Company” shall
      refer instead to the Successor Entity), and may exercise every right and power
      of the Company and shall assume all of the obligations of the Company under
      this
      Warrant with the same effect as if such Successor Entity had been named as
      the
      Company herein. Upon consummation of the Fundamental Transaction, the Successor
      Entity shall deliver to the Holder confirmation that there shall be issued
      upon
      exercise of this Warrant at
      any
      time after the consummation of the Fundamental Transaction, in lieu of the
      shares of the Common Stock (or
      other
      securities, cash, assets or other property) purchasable
      upon the exercise of the Warrant
      prior
      to
      such Fundamental Transaction,
      such
      shares of stock, securities, cash, assets or any other property whatsoever
      (including warrants or other purchase or subscription rights) which the Holder
      would have been entitled to receive upon the happening of such Fundamental
      Transaction had this Warrant
      been
      exercised immediately prior to such Fundamental Transaction, as adjusted in
      accordance with the provisions of this Warrant.
      Provision
      made pursuant to the preceding sentence shall be in a form and substance
      reasonably satisfactory to the Required Holders. The provisions of this Section
      shall apply similarly and equally to successive Fundamental Transactions and
      shall be applied without regard to any limitations on the exercise of this
      Warrant. Notwithstanding the foregoing, if
      the
      Successor Entity is not a publicly traded corporation whose common stock is
      quoted on or listed for trading on an Eligible Market, such Successor Entity
      agrees to pay the Holder, at the closing of the transactions contemplated by
      such Fundamental Transaction, for the outstanding Warrants immediately prior
      to
      the effective time of such Fundamental Transaction and in consideration of
      the
      cancellation of each such outstanding Warrant, an amount in cash determined
      according to the Black-Scholes Option Pricing Method (with volatility being
      determined, for purposes of such pricing method, by reference to the trading
      prices of the Company’s Common Stock on the principal
      securities exchange or trading market
      for such
      Common Stock during the 100 trading days immediately preceding the date of
      the
      first public announcement of the Fundamental Transaction).

     

    5. NONCIRCUMVENTION.
      The
      Company hereby covenants and agrees that the Company will not, by amendment
      of
      its articles of incorporation or through any reorganization, transfer of assets,
      consolidation, merger, dissolution, issue or sale of securities, or any other
      voluntary action, avoid or seek to avoid the observance or performance of any
      of
      the terms of this Warrant, and will at all times in good faith carry out all
      the
      provisions of this Warrant and take all action as may be required to protect
      the
      rights of the holder of this Warrant. Without limiting the generality of the
      foregoing, the Company (i) will not increase the par value of any shares of
      Common Stock receivable upon the exercise of this Warrant above the Exercise
      Price then in effect, (ii) will take all such actions as may be necessary
      or appropriate in order that the Company may validly and legally issue fully
      paid and nonassessable shares of Common Stock upon the exercise of this Warrant,
      and (iii) will, so long as any of the PA Warrants are outstanding, take all
      action necessary to reserve and keep available out of its authorized and
      unissued Common Stock, solely for the purpose of effecting the exercise of
      the
      PA Warrants, 100% of the number of shares of Common Stock as shall from time
      to
      time be necessary to effect the exercise of the PA Warrants then outstanding
      (without regard to any limitations on exercise).

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    6. HOLDER
      NOT DEEMED A STOCKHOLDER.
      Except
      as otherwise specifically provided herein, no holder, solely in such Person’s
      capacity as a holder, of this Warrant shall be entitled to vote or receive
      dividends or be deemed the holder of shares of the Company for any purpose,
      nor
      shall anything contained in this Warrant be construed to confer upon the holder
      hereof, solely in such Person’s capacity as a holder of this Warrant, any of the
      rights of a shareholder of the Company or any right to vote, give or withhold
      consent to any corporate action (whether any reorganization, issue of stock,
      reclassification of stock, consolidation, merger, conveyance or otherwise),
      receive notice of meetings, receive dividends or subscription rights, or
      otherwise, prior to the issuance to the holder of this Warrant of the Warrant
      Shares that such Person is then entitled to receive upon the due exercise of
      this Warrant. In addition, nothing contained in this Warrant shall be construed
      as imposing any liabilities on such holder to purchase any securities (upon
      exercise of this Warrant or otherwise) or as a stockholder of the Company,
      whether such liabilities are asserted by the Company or by creditors of the
      Company. Notwithstanding this Section 6, the Company will provide the holder
      of
      this Warrant with copies of the same notices and other information given to
      the
      stockholders of the Company generally, contemporaneously with the giving thereof
      to the stockholders.

    

    7. REISSUANCE
      OF WARRANTS.

    

    (a) Transfer
      of Warrant.
      If this
      Warrant is to be transferred, the holder shall surrender this Warrant to the
      Company, whereupon the Company will forthwith issue and deliver upon the order
      of the holder of this Warrant a new Warrant (in accordance with Section 7(d)),
      registered as the holder of this Warrant may request, representing the right
      to
      purchase the number of Warrant Shares being transferred by the Holder and,
      if
      less then the total number of Warrant Shares then underlying this Warrant is
      being transferred, a new Warrant (in accordance with Section 7(d)) to the holder
      of this Warrant representing the right to purchase the number of Warrant Shares
      not being transferred.

    

    (b) Lost,
      Stolen or Mutilated Warrant.
      Upon
      receipt by the Company of evidence reasonably satisfactory to the Company of
      the
      loss, theft, destruction or mutilation of this Warrant, and, in the case of
      loss, theft or destruction, of any indemnification undertaking by the holder
      of
      this Warrant to the Company in customary form and, in the case of mutilation,
      upon surrender and cancellation of this Warrant, the Company shall execute
      and
      deliver to the Holder a new Warrant (in accordance with Section 7(d))
      representing the right to purchase the Warrant Shares then underlying this
      Warrant.

    

    (c) Warrant
      Exchangeable for Multiple Warrants.
      This
      Warrant is exchangeable, upon the surrender hereof by the Holder at the
      principal office of the Company, for a new Warrant or Warrants (in accordance
      with Section 7(d)) representing in the aggregate the right to purchase the
      number of Warrant Shares then underlying this Warrant, and each such new Warrant
      will represent the right to purchase such portion of such Warrant Shares as
      is
      designated by the holder of this Warrant at the time of such surrender;
      provided, however, that no Warrants for fractional shares of Common Stock shall
      be given.

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

    (d) Issuance
      of New Warrants.
      Whenever the Company is required to issue a new Warrant pursuant to the terms
      of
      this Warrant, such new Warrant (i) shall be of like tenor with this Warrant,
      (ii) shall represent, as indicated on the face of such new Warrant, the right
      to
      purchase the Warrant Shares then underlying this Warrant (or in the case of
      a
      new Warrant being issued pursuant to Section 7(a) or Section 7(c), the Warrant
      Shares designated by the holder of this Warrant that, when added to the number
      of shares of Common Stock underlying the other new Warrants issued in connection
      with such issuance, does not exceed the number of Warrant Shares then underlying
      this Warrant), (iii) shall have an issuance date, as indicated on the face
      of
      such new Warrant that is the same as the Issuance Date, and (iv) shall have
      the
      same rights and conditions as this Warrant.

    

    8. CALL
      OPTION.
      At any
      time that the Closing Sale Price of the Common Stock shall equal or exceed
      200%
      of the then existing Exercise Price of the Warrants for a period of twenty
      consecutive trading days, and provided that a Registration Statement (as defined
      in the Registration Rights Agreement) covering the Warrant is available for
      the
      resale of the related Warrant Shares during such twenty trading day period,
      the
      Company shall have the right, upon twenty days written notice to the Holders,
      to
      call the Warrant for cancellation in whole. Unless on or prior to the expiration
      of such twenty day period, a Holder exercises its right to purchase any of
      the
      Warrant Shares covered by the Warrant pursuant to the terms of this Warrant,
      such Holder shall forfeit its right to do so, and the Warrants not so exercised
      shall automatically expire without any consideration to the Holder or any
      further action by the Holder or the Company and the Warrants shall be canceled
      on the books and records of the Company.

    

    9. NOTICES.
      Whenever notice is required to be given under this Warrant, unless otherwise
      provided herein, such notice shall be given in accordance with Section 10 of
      the
      Purchase Agreement. The Company shall provide the holder of this Warrant with
      prompt written notice of all actions taken pursuant to this Warrant, including
      in reasonable detail a description of such action and the reason therefor.
      Without limiting the generality of the foregoing, the Company will give written
      notice to the holder of this Warrant (i) immediately upon any adjustment of
      the
      Exercise Price, setting forth in reasonable detail, and certifying, the
      calculation of such adjustment and (ii) at least fifteen days prior to the
      date
      on which the Company closes its books or takes a record (A) with respect to
      any
      dividend or distribution upon the Common Stock, (B) with respect to any grants,
      issues or sales of any Options, Convertible Securities or rights to purchase
      stock, warrants, securities or other property to holders of Common Stock, or
      (C)
      for determining rights to vote with respect to any Fundamental Transaction,
      dissolution or liquidation, provided in each case that such information shall
      be
      made known to the public prior to or in conjunction with such notice being
      provided to such holder.

    

    10. AMENDMENT
      AND WAIVER.
      Except
      as otherwise provided herein, the provisions of this Warrant may be amended
      and
      the Company may take any action herein prohibited, or omit to perform any act
      herein required to be performed by it, only if the Company has obtained the
      written consent of the holders of PA Warrants representing at least a majority
      of the shares of Common Stock obtainable upon exercise of the PA Warrants then
      outstanding; provided that no such action may increase the exercise price of
      any
      PA Warrant or decrease the number of shares or class of stock obtainable upon
      exercise of any PA Warrant without the written consent of the holder of this
      Warrant. No such amendment shall be effective to the extent that it applies
      to
      less than all of the holders of the PA Warrants then
      outstanding.

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

    11. GOVERNING
      LAW; FORUM.
      This
      Warrant shall be governed by and construed in accordance with the laws of the
      State of New York, notwithstanding any conflict of law provision to the
      contrary. The parties consent to the exclusive jurisdiction and venue of the
      courts of any county in the State of New York and the United States Federal
      District Courts of New York in any judicial proceeding brought to enforce this
      Warrant. The parties agree that any forum other than the State of New York
      is an
      inconvenient forum and that a lawsuit brought by one party against another
      party
      in a court of any jurisdiction other than the State of New York should be
      forthwith dismissed or transferred to a court located in the State of New
      York.

    

    12. CONSTRUCTION;
      HEADINGS.
      This
      Warrant shall be deemed to be jointly drafted by the Company and all the
      Purchasers and shall not be construed against any person as the drafter hereof.
      The headings of this Warrant are for convenience of reference and shall not
      form
      part of, or affect the interpretation of, this Warrant.

    

    13. DISPUTE
      RESOLUTION.
      In the
      case of a dispute as to the determination of the Exercise Price or the
      arithmetic calculation of the Warrant Shares, the Company shall submit the
      disputed determinations or arithmetic calculations via facsimile within two
      Business Days of receipt of the Exercise Notice giving rise to such dispute,
      as
      the case may be, to the holder of this Warrant. If the holder of this Warrant
      and the Company are unable to agree upon such determination or calculation
      of
      the Exercise Price or the Warrant Shares within three Business Days of such
      disputed determination or arithmetic calculation being submitted to the Holder,
      then the Company shall, within two Business Days submit via facsimile (a) the
      disputed determination of the Exercise Price to an independent, reputable
      investment bank selected by the Company and approved by the holder of this
      Warrant or (b) the disputed arithmetic calculation of the Warrant Shares to
      the
      Company’s independent, outside accountant. The Company shall cause at its
      expense the investment bank or the accountant, as the case may be, to perform
      the determinations or calculations and notify the Company and the Holder of
      the
      results no later than ten Business Days from the time it receives the disputed
      determinations or calculations. Such investment bank’s or accountant’s
      determination or calculation, as the case may be, shall be binding upon all
      parties absent demonstrable error.

    

    14. REMEDIES,
      OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF.
      The
      remedies provided in this Warrant shall be cumulative and in addition to all
      other remedies available under this Warrant, the Purchase Agreement and the
      Registration Rights Agreement, at law or in equity (including a decree of
      specific performance and/or other injunctive relief), and nothing herein shall
      limit the right of the holder of this Warrant to pursue actual damages for
      any
      failure by the Company to comply with the terms of this Warrant. The Company
      acknowledges that a breach by it of its obligations hereunder will cause
      irreparable harm to the holder of this Warrant and that the remedy at law for
      any such breach may be inadequate. The Company therefore agrees that, in the
      event of any such breach or threatened breach, the holder of this Warrant shall
      be entitled, in addition to all other available remedies, to an injunction
      restraining any breach, without the necessity of showing economic loss and
      without any bond or other security being required.

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    15. TRANSFER. This
      Warrant may be offered for sale, sold, transferred or assigned without the
      consent of the Company, except as may otherwise be required by Section 4 of
      the
      Purchase Agreement.

    

    16. CERTAIN
      DEFINITIONS.
      For
      purposes of this Warrant, the following terms shall have the following
      meanings:

    

    (a) “Approved
      Stock Plan”
means
      any employee benefit plan that has been approved by the Board of Directors
      of
      the Company, pursuant to which the Company’s securities may be issued to any
      employee, officer, director or consultant for services provided to the
      Company.

    

    (b) “Bloomberg”
means
      Bloomberg Financial Markets.

    

    (c) “Business
      Day”
means
      any day other than Saturday, Sunday or other day on which commercial banks
      in
      The City of New York are authorized or required by law to remain
      closed.

    

    (d) “Closing
      Bid Price”
and
      “Closing
      Sale Price”
means,
      for any security as of any date, the last closing bid price and last closing
      trade price, respectively, for such security on the Principal Market, as
      reported by Bloomberg, or, if the Principal Market begins to operate on an
      extended hours basis and does not designate the closing bid price or the closing
      trade price, as the case may be, then the last bid price or last trade price,
      respectively, of such security prior to 4:00:00 p.m., New York Time, as reported
      by Bloomberg, or, if the Principal Market is not the principal securities
      exchange or trading market for such security, the last closing bid price or
      last
      trade price, respectively, of such security on the principal securities exchange
      or trading market where such security is listed or traded as reported by
      Bloomberg, or if the foregoing do not apply, the last closing bid price or
      last
      trade price, respectively, of such security in the over-the-counter market
      on
      the electronic bulletin board for such security as reported by Bloomberg, or,
      if
      no closing bid price or last trade price, respectively, is reported for such
      security by Bloomberg, the average of the bid prices, or the ask prices,
      respectively, of any market makers for such security as reported in the “pink
      sheets” by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.). If
      the Closing Bid Price or the Closing Sale Price cannot be calculated for a
      security on a particular date on any of the foregoing bases, the Closing Bid
      Price or the Closing Sale Price, as the case may be, of such security on such
      date shall be the fair market value as mutually determined by the Company and
      the Holder. If the Company and the Holder are unable to agree upon the fair
      market value of such security, then such dispute shall be resolved pursuant
      to
      Section 13. All such determinations to be appropriately adjusted for any stock
      dividend, stock split, stock combination or other similar transaction during
      the
      applicable calculation period.

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    (e) “Common
      Stock”
means
      (i) the Company’s common stock, par value $0.001 per share, and
      (ii) any capital stock into which such Common Stock shall have been changed
      or any capital stock resulting from a reclassification of such Common
      Stock.

    

    (f) “Convertible
      Securities”
means
      any stock or securities (other than Options) directly or indirectly convertible
      into or exercisable or exchangeable for Common Stock.

    

    (g) “Eligible
      Market”
means
      the Principal Market, The New York Stock Exchange, Inc., the American Stock
      Exchange, the Nasdaq National Market or The Nasdaq SmallCap Market.

    

    (h) “Excluded
      Securities”
means
      any Common Stock issued or issuable: (i) in connection with any Approved Stock
      Plan; (ii) upon exercise of the Warrants; (iii) pursuant to a bona fide firm
      commitment underwritten public offering with a nationally recognized underwriter
      that generates gross proceeds to the Company in excess of $25,000,000 (other
      than an “at-the-market offering” as defined in Rule 415(a)(4) under the 1933 Act
      and “equity lines”); (iv) upon conversion of any Options or Convertible
      Securities that are outstanding on the day immediately preceding the
      Subscription Date, provided that the terms of such Options or Convertible
      Securities are not amended, modified or changed on or after the Subscription
      Date; (v) in connection with any acquisition, merger, joint venture or strategic
      investment that has been approved by the Board of Directors of the Company;
      (vi)
      securities issued to commercial banks or financial institutions, the primary
      business of which is not making equity-related loans; or (vii) securities issued
      to lessors in connection with commercial credit arrangements, equipment
      financings or similar transactions or to independent contractors or vendors
      of
      the Company in connection with bona fide business transactions.    

    

    (i) “Expiration
      Date”
means
      the [18-month/48-month] anniversary of the Issuance Date. [Note: Each Purchaser
      will receive a warrant with an exercise price of $5.00 (and a term of 18 months)
      for a number of shares of Common Stock equal to one-half of the shares purchased
      by the Purchaser in the Offering, and a warrant with an exercise price of $6.00
      (and a term of 48 months) for a number of shares of Common Stock equal to
      one-half of the shares purchased by the Purchaser in the Offering.]

    

    (j) “Fundamental
      Transaction”
means
      that the Company shall, directly or indirectly, in one or more related
      transactions, (i) consolidate or merge with or into (whether or not the Company
      is the surviving corporation) another Person, or (ii) sell, assign, transfer,
      convey or otherwise dispose of all or substantially all of the properties or
      assets of the Company to another Person, or (iii) allow another Person to make
      a
      purchase, tender or exchange offer that is accepted by the holders of more
      than
      the 50% of either the outstanding shares of Common Stock (not including any
      shares of Common Stock held by the Person or Persons making or party to, or
      associated or affiliated with the Persons making or party to, such purchase,
      tender or exchange offer), or (iv) consummate a stock purchase agreement or
      other business combination (including, without limitation, a reorganization,
      recapitalization, spin-off or scheme of arrangement) with another Person whereby
      such other Person acquires more than the 50% of the outstanding shares of Common
      Stock (not including any shares of Common Stock held by the other Person or
      other Persons making or party to, or associated or affiliated with the other
      Persons making or party to, such stock purchase agreement or other business
      combination), or (v) reorganize, recapitalize or reclassify its Common
      Stock.

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

    (k) “Options”
means
      any rights, warrants or options to subscribe for or purchase Common Stock or
      Convertible Securities.

    

    (l) “Parent
      Entity”
of
      a
      Person means an entity that, directly or indirectly, controls the applicable
      Person and whose common stock or equivalent equity security is quoted or listed
      on an Eligible Market, or, if there is more than one such Person or Parent
      Entity, the Person or Parent Entity with the largest public market
      capitalization as of the date of consummation of the Fundamental
      Transaction.

    

    (m) “Person”
means
      an individual, a limited liability company, a partnership, a joint venture,
      a
      corporation, a trust, an unincorporated organization, any other entity and
      a
      government or any department or agency thereof.

    

    (n) “Principal
      Market”
means
      the OTC Bulletin Board.

    

    (o) “Registration
      Rights Agreement”
means
      that certain registration rights agreement dated the Subscription Date by and
      among the Company and the Purchasers.

    

    (p) “Required
      Holders”
means
      the holders of the PA Warrants representing at least a majority of shares of
      Common Stock underlying the PA Warrants then outstanding.

    

    (q) “Successor
      Entity”
means
      the Person (or, if so elected by the Required Holders, the Parent Entity) formed
      by, resulting from or surviving any Fundamental Transaction or the Person (or,
      if so elected by the Required Holders, the Parent Entity) with which such
      Fundamental Transaction shall have been entered into.

    

    [Signature
      Page Follows]

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Warrant to be duly executed as of the Issuance Date
      set
      out above.

    

    
      	 	
              NORTHERN
                OIL & GAS, INC.

            
	 	 
	 	
              By:

            	 

              

            
	 	 	
                       
                Name:

            
	 	 	
               
                       
                Title:

            

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    EXERCISE
      NOTICE

     

    TO
      BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS
      WARRANT

    

    [NAME
      OF COMPANY]

     

    To:         
      [Name
      of
      Company]

     

    The
      undersigned is the holder of Warrant No. _____ (the “Warrant”)
      issued
      by [Name of Company], a [__________] corporation (the “Company”).
      Capitalized terms used herein and not otherwise defined shall have the
      respective meanings set forth in the Warrant.

    

    1. The
      Warrant is currently exercisable to purchase a total of ____________ Warrant
      Shares.

     

    

    2. 
      The
      undersigned holder hereby exercises its right to purchase ______________ Warrant
      Shares pursuant to the Warrant.

    

    3. The
      Holder intends that payment of the Exercise Price shall be made as:

    

    ____________ a
      “Cash
      Exercise”
      with
      respect to _________________ Warrant Shares; and/or

    

    ____________ a
      “Cashless
      Exercise”
      with
      respect to _______________ Warrant Shares.

    

    4. Following
      this exercise, the Warrant shall be exercisable to purchase a total of
      ________________ Warrant Shares.

    

    Please
      issue the Warrant Shares in the following name and to the following
      address:

     

    

      
        	 	
                Issue
                  to:

              	
                ________________________________________________________________________________________

              
	 	 	
                ________________________________________________________________________________________

              

      

    

     

    Account
      Number:
      ____________________________________________________________________________________

      (if
      electronic book entry transfer)

    

    DTC
      Participant Number:
      _______________________________________________________________________________

      (if
      electronic book entry transfer)

    

    Date:
      _______________ __, ______

     

    _______________________________

    Name
      of
      Registered Holder

     

    
      	
              By:

            	 

              

            
	
                       
                Name:

            
	
                       
                Title:

            

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    ACKNOWLEDGMENT

    

    The
      Company hereby acknowledges this Exercise Notice and hereby directs [TRANSFER
      AGENT] to issue the above indicated number of shares of Common Stock in
      accordance with the Transfer Agent Instructions dated __________ __, 200_ from
      the Company and acknowledged and agreed to by [TRANSFER AGENT].

    

    
      	 	
              
                [NAME
                  OF COMPANY]

              

            
	 	 
	 	 
	 	
              By:

            	 

              

            
	 	 	
                       
                Name:

            
	 	 	
               
                       
                Title:

            

    

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    FORM
      OF ASSIGNMENT

     

    [To
      be
      completed and signed only upon transfer of Warrant]

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto
      ________________________________ the right represented by the within Warrant
      to
      purchase ____________ shares of Common Stock of [Name of Company] to which
      the
      within Warrant relates and appoints ________________ attorney to transfer said
      right on the books of [Name of Company] with full power of substitution in
      the
      premises.

     

    
      	
              Dated:
                _______________ __, ______

            	 
	 	 
	 	
              

            
	 	
              (Signature must
                conform in all respects to name of holder

              as
                specified on the face of the Warrant)

            
	 	 
	 	 
	 	 

              

            
	 	
              Address
                of Transferee

            
	 	 
	 	 
	 	 
              
              

            
	 	 
	 	 
	 	 
              
              

            
	 	 
	 	 
	
              In
                the presence of:

            	
            
	 	 
	 

              

            	 

    

     

    
      
        
        

      

      
        19Exhibit
      10.3

    

    REGISTRATION
      RIGHTS AGREEMENT

    

    BY
      AND AMONG

    

    NORTHERN
      OIL & GAS, INC.,

    

    AND

    

    THE
      INVESTORS PARTY HERETO

    

    SEPTEMBER
      ___, 2007

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE
      OF CONTENTS

    

      
        	 	
                Page

              
	 	 
	
                ARTICLE
                  1 Definitions

              	
                1

              
	 	 
	
                ARTICLE
                  2 Registration Rights

              	
                3

              
	 	 
	
                2.1

              	
                Required
                  Registration

              	
                3

              
	
                2.2

              	
                Current
                  Public Information

              	
                3

              
	
                2.3

              	
                Demand
                  Registration

              	
                4

              
	
                2.4

              	
                Piggyback
                  Registration

              	
                6

              
	
                2.5

              	
                Holdback
                  Agreements

              	
                7

              
	
                2.6

              	
                Registration
                  Procedures

              	
                8

              
	
                2.7

              	
                Conditions
                  Precedent to Company’s Obligations Pursuant to this
                  Agreement

              	
                10

              
	
                2.8

              	
                Fees
                  and Expenses

              	
                11

              
	
                2.9

              	
                Indemnification

              	
                12

              
	
                2.10

              	
                Participation
                  in Registrations

              	
                15

              
	 	 	 
	
                ARTICLE
                  3 Transfers of Certain Rights

              	
                15

              
	 	 
	
                3.1

              	
                Transfer

              	
                15

              
	
                3.2

              	
                Transferees

              	
                15

              
	
                3.3

              	
                Subsequent
                  Transferees

              	
                16

              
	 	 	 
	
                ARTICLE
                  4 Miscellaneous

              	
                16

              
	 	 
	
                4.1

              	
                Recapitalizations,
                  Exchanges, etc

              	
                16

              
	
                4.2

              	
                No
                  Inconsistent Agreements

              	
                16

              
	
                4.3

              	
                Amendments
                  and Waivers

              	
                16

              
	
                4.4

              	
                Severability

              	
                16

              
	
                4.5

              	
                Counterparts

              	
                16

              
	
                4.6

              	
                Notices

              	
                16

              
	
                4.7

              	
                Governing
                  Law; Forum

              	
                17

              
	
                4.8

              	
                Captions

              	
                17

              
	
                4.9

              	
                No
                  Prejudice

              	
                17

              
	
                4.10

              	
                Words
                  in Singular and Plural Form

              	
                17

              
	
                4.11

              	
                Remedy
                  for Breach

              	
                17

              
	
                4.12

              	
                Successors
                  and Assigns, Third Party Beneficiaries

              	
                18

              
	
                4.13

              	
                Entire
                  Agreement

              	
                18

              
	
                4.14

              	
                Attorneys’
                  Fees

              	
                18

              
	
                4.15

              	
                Termination
                  of Rights

              	
                18

              
	
                4.16

              	
                Force
                  Majeure

              	
                18

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    REGISTRATION
      RIGHTS AGREEMENT

    

    This
      REGISTRATION RIGHTS AGREEMENT (this "Agreement"),
      dated
      as of September ___, 2007, is entered into by and among NORTHERN OIL & GAS,
      INC., a Nevada corporation (the "Company"),
      and
      the Persons set forth on the signature pages attached hereto (each a
      "Purchaser"
      and,
      together, the "Purchasers").

    

    RECITALS:

    A. The
      Company desires to issue and sell 4,242,424 shares of its Common Stock to the
      Purchasers (the "Offering")
      as set
      forth in separate Subscription Agreements, each dated on or about the date
      hereof, entered into by and between the Company and the Purchasers (the
      Subscription Agreements collectively, the "Purchase
      Agreement");

    

    B. It
      is a
      condition precedent to the consummation of the transactions contemplated by
      the
      Purchase Agreement that the Company provide for the rights set forth in this
      Agreement; and

    

    C. Certain
      terms used in this Agreement are defined in Article
      1
      hereof.

    

    AGREEMENT

    

    NOW,
      THEREFORE, in consideration of the foregoing premises and the mutual covenants
      and agreements hereinafter contained, and for other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      intending to be legally bound, the parties hereto hereby agree as
      follows:

     

    Definitions

     

    "Affiliate"
      means
      any Person that directly or indirectly controls, or is under common control
      with, or is controlled by such Person. As used in this definition, "control"
      (including with its correlative meanings, "controlled by" and "under common
      control with") shall mean the possession, directly or indirectly, of the power
      to direct or cause the direction of the management or policies of a Person
      (whether through ownership of securities or partnership or other ownership
      interests, by contract or otherwise).

    

    "Business
      Day"
      means
      any day excluding Saturday, Sunday or any other day that is a legal holiday
      under the laws of the State of Minnesota or is a day on which banking
      institutions therein located are authorized or required by law or other
      governmental action to close.

    

    "Closing
      Date"
      means
      September ___, 2007.

    

    "Common
      Stock"
      means
      the common stock, par value $0.001 per share, of the Company.

    

    "Company"
      has the
      meaning set forth in the preamble.

    

    "Designated
      Holder"
      means a
      holder of Registrable Securities.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    "Exchange
      Act"
      means
      the Securities Exchange Act of 1934, as amended, and the rules and regulations
      of the SEC promulgated thereunder.

    

    "Indemnified
      Party"
      has the
      meaning set forth in Section
      2.9.

    

    "Losses"
      has the
      meaning set forth in Section
      2.9.

    

    "Majority
      Holders"
      means
      holders of a majority of the Registrable Securities.

    

    "Offering"
      has the
      meaning set forth in the preamble.

    

    "Person"
      means
      any individual, company, corporation, limited liability company, partnership,
      firm, joint venture, association, joint-stock company, trust, unincorporated
      organization, governmental body or other entity.

    

    "Piggyback
      Registration" has
      the
      meaning set forth in Section
      2.4.

    

    "Purchaser(s)"
      has the
      meaning set forth in the preamble.

    

    "Registration
      Period"
      means
      the two years, plus any additional periods required by the second paragraph
      of
Section
      2.1,
      during
      which the Registration Statement contemplated by Section
      2.1
      is
      required to remain effective.

    

    "Registrable
      Securities"
      means,
      subject to the immediately following sentences, (i) shares of Common Stock
      acquired by the Purchasers from the Company pursuant to the Purchase Agreement
      and shares of Common Stock issuable upon the exercise of warrants acquired
      by
      the Purchasers from the Company pursuant to the Purchase Agreement, and (ii)
      any
      shares of Common Stock issued or issuable, directly or indirectly, with respect
      to the securities referred to in clause (i) by way of stock dividend or stock
      split or in connection with a combination of shares, recapitalization, merger,
      consolidation or other reorganization. In addition, any particular shares of
      Common Stock constituting Registrable Securities will cease to be Registrable
      Securities when they (x) have been effectively registered under the Securities
      Act and disposed of in accordance with a Registration Statement covering them,
      (y) have been sold to the public pursuant to Rule 144 (or by similar provision
      under the Securities Act), or (z) are eligible for resale under Rule 144(k)
      (or
      by similar provision under the Securities Act) without any limitation on the
      amount of securities that may be sold under paragraph (e) thereof.

    

    "Registration
      Statement"
      means a
      registration statement on Form S-3 (or, if the Company is not eligible to use
      Form S-3, such other appropriate registration form of the SEC pursuant to which
      the Company is eligible to register the resale of Registrable Securities) filed
      by the Company under the Securities Act that covers any of the Registrable
      Securities pursuant to the provisions of this Agreement, including the
      prospectus, amendments and supplements to such registration statement, including
      post-effective amendments, all exhibits and all material incorporated by
      reference in such registration statement, that shall permit the Purchasers
      to
      offer and sell, on a delayed or continuous basis pursuant to Rule 415 under
      the
      Securities Act, the Registrable Securities.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    "Representatives"
      has the
      meaning set forth in Section
      2.9.

    

    "Required
      Filing Date"
      has the
      meaning set forth in Section
      2.1.

    

    "Required
      Registration Statement" has
      the
      meaning set forth in Section
      2.1.

    

    "SEC"
      means
      the United States Securities and Exchange Commission or any other federal agency
      at the time administering the Securities Act.

    

    "Securities
      Act"
      means
      the Securities Act of 1933, as amended, and the rules and regulations of the
      SEC
      promulgated thereunder.

    "Purchase
      Agreement"
      has the
      meaning set forth in the recitals.

     

    Registration
      Rights

     

    (a) Required
      Registration.
      The
      Company shall use its best efforts to prepare and as promptly as possible after
      the date hereof, but in any event not later than 30 days from the Closing Date
      (or, if such 30th
      day is
      not a Business Day, by the first Business Day thereafter) (the "Required
      Filing Date"),
      file
      a Registration Statement with the SEC (the "Required
      Registration Statement")
      and
      cause the Required Registration Statement to be declared effective under the
      Securities Act within 90 days after the Closing Date (or, if such 90th
      day is
      not a Business Day, by the first Business Day thereafter). The Company agrees
      to
      include in the Required Registration Statement all information that the
      Designated Holders shall reasonably request. If the Company fails to file the
      Required Registration Statement or if the Registration Statement is not
      effective within the periods set forth above, the Company shall pay each
      Purchaser an amount per month equal to 1% of the aggregate purchase price paid
      by such Purchaser in the Offering until such time as the Company makes such
      filing or causes the Registration Statement to become effective, as
      applicable.

     

    The
      Company shall use its best efforts to keep the Required Registration Statement
      continuously effective for a period of two years after the Registration
      Statement first becomes effective, plus the number of days during which such
      Registration Statement was not effective or usable pursuant to Sections
      2.5(b),
      2.6(e)
      or
2.6(i),
      or such
      shorter period as will terminate when all of the Registrable Securities covered
      by the Required Registration Statement have been disposed of in accordance
      with
      the Required Registration Statement or have otherwise ceased to be Registrable
      Securities. In the event the Company shall give any notice pursuant to
Sections
      2.6(e)
      or
2.6(i),
      the
      additional time period mentioned in this Section
      2.1
      during
      which the Required Registration Statement is to remain effective shall be
      extended by the number of days during the period from and including the date
      of
      the giving of such notice pursuant to Sections
      2.6(e)
      or
2.6(i)
      to and
      including the date when each seller of a Registrable Security covered by the
      Registration Statement shall have received the copies of the supplemented or
      amended prospectus contemplated by Sections
      2.6(e).

    

    (b) Current
      Public Information.
      The
      Company covenants that it will use its best efforts to file all reports required
      to be filed by it under the Exchange Act and the rules and regulations adopted
      by the SEC thereunder, and will use its best efforts to take such further action
      as the Majority Holders may reasonably request, all to the extent required
      to
      enable the holders of Registrable Securities to sell Registrable Securities
      pursuant to Rule 144 or Rule 144A adopted by the SEC under the Securities Act
      or
      any similar rule or regulation hereafter adopted by the SEC. The Company shall,
      upon the request of a Designated Holder, deliver to such Designated Holder
      a
      written statement as to whether it has complied with such requirements during
      the twelve month period immediately preceding the date of such
      request.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (c) Demand
      Registration.
      

     

    Subject
      to Section
      2.3(g),
      upon the written request of the Majority Holders, requesting that the Company
      effect the registration under the Securities Act of all or part of such
      Designated Holders’ Registrable Securities and specifying the intended method of
      disposition thereof, the Company will promptly give written notice of such
      requested registration to all Designated Holders, and thereupon the Company
      will
      use its best efforts to effect as expeditiously as possible the registration
      under the Securities Act of the following: 

     

    (i) the
      Registrable Securities that the Company has been so requested to be registered
      by such Designated Holders for disposition in accordance with the intended
      method of disposition stated in such request; 

     

    (ii) all
      other
      Registrable Securities the holders of which shall have made a written request
      to
      the Company for registration thereof within 30 days after the giving of such
      written notice by the Company (which request shall specify the intended method
      of disposition of such Registrable Securities); and

     

    (iii) all
      shares of Common Stock which the Company or Persons entitled to exercise
      "piggy-back" registration rights pursuant to contractual commitments of the
      Company ("Rights
      Holders")
      may
      elect to register in connection with the offering of Registrable Securities
      pursuant to this Section
      2.3;
      

     

    all
      to
      the extent requisite to permit the disposition (in accordance with the intended
      methods thereof as aforesaid) of the Registrable Securities and the additional
      shares of Common Stock, if any, so to be registered; provided, that, the
      provisions of this Section
      2.3
      shall
      not require the Company to effect more than one registration of Registrable
      Securities in addition to the Required Registration Statement contemplated
      by
Section
      2.1.

    

    The
      registrations under this Section
      2.3
      shall be
      on an appropriate Registration Statement that permits the disposition of such
      Registrable Securities in accordance with the intended methods of distribution
      specified by the Majority Holders in their request for registration. The Company
      agrees to include in any such Registration Statement all information that the
      Designated Holders of Registrable Securities being registered shall reasonably
      request.

     

    A
      registration requested pursuant to this Section
      2.3
      shall
      not be deemed to have been effected (i) unless a Registration Statement with
      respect thereto has become effective; provided, that a Registration Statement
      that does not become effective after the Company has filed a Registration
      Statement with respect thereto solely by reason of the refusal to proceed of
      the
      Majority Holders (other than a refusal to proceed based upon the advice of
      counsel relating to a matter with respect to the Company) shall be deemed to
      have been effected by the Company at the request of the Majority Holders unless
      the Designated Holders electing to have Registrable Securities registered
      pursuant to such Registration Statement shall have elected to pay all fees
      and
      expenses otherwise payable by the Company in connection with such registration
      pursuant to Section
      2.8,
      (ii)
      if, after it has become effective, such registration is withdrawn by the Company
      (other than at the request of the Majority Holders) or interfered with by any
      stop order, injunction or other order or requirement of the SEC or other
      governmental agency or court for any reason prior to the expiration of a 180-day
      period following such Registration Statement’s effectiveness, or (iii) if the
      conditions to closing specified in any purchase agreement or underwriting
      agreement entered into in connection with such registration are not satisfied,
      other than due solely to some act or omission by the Designated Holders electing
      to have Registrable Securities registered pursuant to such Registration
      Statement.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    If
      a
      requested registration pursuant to this Section
      2.3
      involves
      an underwritten offering, the underwriter or underwriters thereof shall be
      selected by the holders of a majority (by number of shares) of the Registrable
      Securities requested to be included in such Registration Statement and shall
      be
      reasonably acceptable to the Company.

     

    If
      a
      requested registration pursuant to this Section
      2.3
      involves
      an underwritten offering, and the managing underwriter shall advise the Company
      in writing (with a copy to each Designated Holder of Registrable Securities
      requesting registration) that, in its opinion, the number of securities
      requested to be included in such registration (including securities of the
      Company and Right Holders that are not Registrable Securities) exceeds the
      number which can be sold in such offering within a price range reasonably
      acceptable to the Company and to the holders of a majority (by number of shares)
      of the Registrable Securities requested to be included in such Registration
      Statement, the Company will include in such registration, to the extent of
      the
      number that the Company is so advised can be sold in such offering, (i) first,
      the Registrable Securities that have been requested to be included in such
      registration by the Designated Holders pursuant to this Agreement (pro rata
      based on the amount of Registrable Securities sought to be registered by such
      persons), (ii) second, provided that no securities sought to be included by
      the
      Designated Holders have been excluded from such registration, the securities
      of
      other persons entitled to exercise "piggy-back" registration rights pursuant
      to
      contractual commitments of the Company (pro rata based on the amount of
      securities sought to be registered by such persons) and (iii) third, securities
      the Company proposes to register.

     

    The
      Company shall use its best efforts to keep any Registration Statement filed
      pursuant to this Section
      2.3
      continuously effective (i) for a period of one year after the Registration
      Statement first becomes effective, plus the number of days during which such
      Registration Statement was not effective or usable pursuant to Sections
      2.5(b),
      2.6(e)
      or
2.6(i);
      (ii) if
      such Registration Statement related to an underwritten offering, for such period
      as in the opinion of counsel for the underwriters a prospectus is required
      by
      law to be delivered in connection with sales of Registrable Securities by an
      underwriter or dealer, or (iii) for such shorter period as will terminate when
      all of the Registrable Securities covered by the Required Registration Statement
      have been disposed of in accordance with the Required Registration Statement
      or
      have otherwise ceased to be Registrable Securities. In the event the Company
      shall give any notice pursuant to Sections
      2.6(e)
      or
2.6(i),
      the
      additional time period mentioned in Section
      2.3(f)(i)
      during
      which the Required Registration Statement is to remain effective shall be
      extended by the number of days during the period from and including the date
      of
      the giving of such notice pursuant to Sections 2.6(e)
      or
2.6(i)
      to and
      including the date when each seller of a Registrable Security covered by the
      Registration Statement shall have received the copies of the supplemented or
      amended prospectus contemplated by Sections
      2.6(e).

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    The
      right
      of Designated Holders to register Registrable Securities pursuant to this
Section
      2.3
      is only
      exercisable following the expiration of the Registration Period or, if, prior
      to
      the expiration of the Registration Period, the Company becomes ineligible to
      register the Registrable Securities on the Registration Statement contemplated
      by Section
      2.1
      or such
      Registration Statement otherwise becomes unusable or ineffective and the Company
      is not able to correct the misstatements, have the applicable stop order
      rescinded or otherwise restore the effectiveness of the Registration Statement
      as contemplated by this Agreement.

     

    (d) Piggyback
      Registration.
      

     

    Whenever
      the Company proposes to register any of its securities under the Securities
      Act
      (other than pursuant to a registration pursuant to Section
      2.3
      or a
      registration on Form S-4 or S-8 or any successor or similar forms) and the
      registration form to be used may be used for the registration of Registrable
      Securities, whether or not for sale for its own account, the Company will give
      prompt written notice (but in no event less than 25 days before the anticipated
      filing date) to all Designated Holders, and such notice shall describe the
      proposed registration and distribution and offer to all Designate Holders the
      opportunity to register the number of Registrable Securities as each such
      Designated Holder may request. The Company will include in such registration
      statement all Registrable Securities with respect to which the Company has
      received written requests for inclusion therein within 15 days after the
      Designated Holders’ receipt of the Company’s notice (a "Piggyback
      Registration").

     

    The
      Company shall use its best efforts to cause the managing underwriter or
      underwriters of a proposed underwritten offering to permit the Registrable
      Securities requested to be included in a Piggyback Registration to be included
      on the same terms and conditions as any similar securities of the Company or
      any
      other security holder included therein and to permit the sale or other
      disposition of such Registrable Securities in accordance with the intended
      method of distribution thereof.

     

    Any
      Designated Holder shall have the right to withdraw its request for inclusion
      of
      its Registrable Securities in any Registration Statement pursuant to this
Section
      2.4
      by
      giving written notice to the Company of its request to withdraw; provided that
      in the event of such withdrawal (other than pursuant to Section
      2.4(e)
      hereof,
      the Company shall not be required to reimburse such holder for the fees and
      expenses referred to in Section
      2.8
      hereof
      incurred by such Designated Holder prior to such withdrawal, unless such
      withdrawal was due to a material adverse change to the Company. The Company
      may
      withdraw a Piggyback Registration at any time prior to the time it becomes
      effective.

     

    If
      (i) a
      Piggyback Registration involves an underwritten offering of the securities
      being
      registered, whether or not for sale for the account of the Company, to be
      distributed (on a firm commitment basis) by or through one or more underwriters
      of recognized standing under underwriting terms appropriate for such a
      transaction, and (ii) the managing underwriter of such underwritten offering
      shall inform the Company and Designated Holders requesting such registration
      by
      letter of its belief that the distribution of all or a specified number of
      such
      Registrable Securities concurrently with the securities being distributed by
      such underwriters would interfere with the successful marketing of the
      securities being distributed by such underwriters (such writing to state the
      basis of such belief and the approximate number of such Registrable Securities
      that may be distributed without such effect), then the Company will be required
      to include in such registration only the amount of securities which it is so
      advised should be included in such registration. In such event: (x) in cases
      initially involving the registration for sale of securities for the Company’s
      own account, securities shall be registered in such offering in the following
      order of priority: (i) first, the securities which the Company proposes to
      register, (ii) second, Registrable Securities and securities which have been
      requested to be included in such registration by Persons entitled to exercise
      "piggy-back" registration rights pursuant to contractual commitments of the
      Company (pro rata based on the amount of securities sought to be registered
      by
      Designated Holders and such other Persons); and (y) in cases not initially
      involving the registration for sale of securities for the Company’s own account,
      securities shall be registered in such offering in the following order of
      priority: (i) first, the securities of any Person whose exercise of a "demand"
      registration right pursuant to a contractual commitment of the Company is the
      basis for the registration, (ii) second, Registrable Securities and
      securities which have been requested to be included in such registration by
      Persons entitled to exercise "piggy-back" registration rights pursuant to
      contractual commitments of the Company (pro rata based on the amount of
      securities sought to be registered by Designated Holders and such other
      Persons), (iii) third, the securities which the Company proposes to
      register.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    If,
      as a
      result of the proration provisions of this Section
      2.4,
      any
      Designated Holders shall not be entitled to include all Registrable Securities
      in a Piggyback Registration that such Designated Holders has requested to be
      included, such holder may elect to withdraw his request to include Registrable
      Securities in such registration.

     

    The
      right
      of the Designated Holders to register Registrable Securities pursuant to this
      Section
      2.4
      is only
      exercisable with respect to Registrable Securities not then covered by an
      effective Registration Statement contemplated by Section
      2.1
      or
Section
      2.3.
      The
      rights of the Designated Holders under this Section
      2.4
      shall
      survive the expiration of the Registration Period.

     

    (e) Holdback
      Agreements.
      

     

    To
      the
      extent not inconsistent with applicable law, in connection with a public
      offering of securities of the Company, upon the request of the Company or the
      underwriter, in the case of an underwritten public offering of the Company’s
      securities, each Designated Holder who beneficially owns (as defined in Rule
      13d-3 adopted by the SEC under the Exchange Act) at least 5% of the outstanding
      capital stock of the Company will not effect any public sale or distribution
      (other than those included in the registration statement being filed with
      respect to such public offering) of any securities of the Company, or any
      securities, options or rights convertible into or exchangeable or exercisable
      for such securities during the 14 days prior to and the 180-day period beginning
      on such effective date, unless (in the case of an underwritten public offering)
      the managing underwriters otherwise agree to a shorter period of time.
      Notwithstanding the foregoing, no Designated Holder shall be required to enter
      into any such "lock-up" agreement unless and until all of the Company’s
      executive officers and directors execute substantially similar "lock-up"
      agreements and the Company uses commercially reasonable efforts to cause each
      holder of more than 5% of its outstanding capital stock to execute substantially
      similar "lock-up" agreements. Neither the Company nor the underwriter shall
      amend, terminate or waive a "lock-up" agreement unless each "lock-up" agreement
      with a Designated Holder is also amended or waived in a similar manner or
      terminated, as the case may be.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    The
      Company shall have the right at any time, to suspend the filing of a
      Registration Statement under Section
      2.3
      or
      require that the Designated Holders of Registrable Securities suspend further
      open market offers and sales of Registrable Securities pursuant to a
      Registration Statement filed hereunder for a period not to exceed an aggregate
      of 30 days in any six-month period or an aggregate of 60 days in any
      twelve-month period for valid business reasons (not including avoidance of
      their
      obligations hereunder) (i) to avoid premature public disclosure of a pending
      corporate transaction, including pending acquisitions or divestitures of assets,
      mergers and combinations and similar events; and (ii) upon the occurrence of
      any
      of the events specified in Sections
      2.6(e)
      or
2.6(i).
      If the
      Company violates the provisions of this Section 2.5(b), it shall pay each
      Purchaser a penalty equal to equal to 1% of the aggregate purchase price paid
      by
      such Purchaser in the Offering until such time as the applicable suspension
      has
      been lifted by the Company.

     

    (f) Registration
      Procedures.
      The
      Company will use its best efforts to effect the registration of Registrable
      Securities pursuant to this Agreement in accordance with the intended methods
      of
      disposition thereof, and pursuant thereto the Company will as expeditiously
      as
      possible:

     

    before
      filing the Registration Statement, the Company will furnish to the counsel
      selected by the holders of a majority of the Registrable Securities included
      in
      such Registration Statement a copy of such Registration Statement, and will
      provide such counsel with all correspondence with the SEC regarding the
      Registration Statement;

     

    prepare
      and file with the SEC such amendments and supplements to such Registration
      Statement and the prospectus used in connection therewith as may be necessary
      to
      keep such Registration Statement effective for the period provided for in
Section
      2.1
      or
Section 2.3,
      or the
      periods contemplated by the Company or the Persons requesting any Registration
      Statement filed pursuant to Section
      2.4;

     

    furnish
      to each seller of Registrable Securities such number of copies of such
      Registration Statement, each amendment and supplement thereto, the prospectus
      included in the Registration Statement (including each preliminary prospectus)
      and such other documents as such seller may reasonably request in order to
      facilitate the disposition of the Registrable Securities owned by such
      seller;

     

    use
      its
      best efforts to register or qualify such Registrable Securities under such
      other
      state securities or blue sky laws as any seller reasonably requests and do
      any
      and all other acts and things which may be reasonably necessary or advisable
      to
      enable such seller to consummate the disposition in such jurisdictions of the
      Registrable Securities owned by such seller and to keep each such registration
      or qualification (or exemption therefrom) effective during the period which
      the
      Registration Statement is required to be kept effective (provided, that the
      Company will not be required to (i) qualify generally to do business in any
      jurisdiction where it would not otherwise be required to qualify but for this
      subparagraph, (ii) subject itself to taxation in any such jurisdiction, or
      (iii)
      consent to general service of process in any such jurisdiction);

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    notify
      each seller of such Registrable Securities, at any time when a prospectus
      relating thereto is required to be delivered under the Securities Act, of the
      happening of any event as a result of which the prospectus included in the
      Registration Statement contains an untrue statement of a material fact or omits
      any fact necessary to make the statements therein not misleading in the light
      of
      the circumstances under which they were made, and, at the request of any such
      seller, the Company will as soon as possible prepare and furnish to such seller
      a reasonable number of copies of a supplement or amendment to such prospectus
      so
      that, as thereafter delivered to the purchasers of such Registrable Securities,
      such prospectus will not contain an untrue statement of a material fact or
      omit
      to state any fact necessary to make the statements therein not misleading in
      the
      light of the circumstances under which they were made;

     

    cause
      all
      such Registrable Securities to be listed on each securities exchange on which
      similar securities issued by the Company are then listed and, if not so listed,
      to be approved for trading on any automated quotation system of a national
      securities association on which similar securities of the Company are
      quoted;

     

    provide
      a
      transfer agent and registrar for all such Registrable Securities not later
      than
      the effective date of such Registration Statement;

     

    enter
      into such customary agreements (including underwriting agreements) and take
      all
      other customary and appropriate actions as the holders of a majority of the
      Registrable Securities being sold or the underwriters, if any, reasonably
      request in order to expedite or facilitate the disposition of such Registrable
      Securities;

     

    notify
      each Designated Holder of any stop order issued or threatened by the SEC or
      any
      pending proceeding against the Company under Section 8A of the Securities Act
      in
      connection with an offering of Registrable Securities;

     

    otherwise
      comply with all applicable rules and regulations of the SEC, and make available
      to its security holders, as soon as reasonably practicable, an earnings
      statement covering the period of at least twelve months beginning with the
      first
      day of the Company’s first full calendar quarter after the effective date of the
      Registration Statement, which earnings statement shall satisfy the provisions
      of
      Section 11(a) of the Securities Act and Rule 158 thereunder;

     

    in
      the
      event of the issuance of any stop order suspending the effectiveness of a
      Registration Statement, or of any order suspending or preventing the use of
      any
      related prospectus or suspending the qualification of any securities included
      in
      such Registration Statement for sale in any jurisdiction, the Company will
      use
      its best efforts to promptly obtain the withdrawal of such order;

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    if
      requested by a Designated Holder, obtain one or more comfort letters, dated
      the
      effective date of the Registration Statement (and, if such registration includes
      an underwritten offering, dated the date of the closing under the underwriting
      agreement), signed by the Company’s independent public accountants in customary
      form and covering such matters of the type customarily covered by comfort
      letters as the holders of a majority of the Registrable Securities being sold
      reasonably request;

     

    provide
      a
      legal opinion of the Company’s outside counsel, dated the effective date of such
      Registration Statement (and, if such registration includes an underwritten
      offering, dated the date of the closing under the underwriting agreement),
      with
      respect to the Registration Statement, each amendment and supplement thereto,
      the prospectus included therein (including the preliminary prospectus) and
      such
      other documents relating thereto in customary form and covering such matters
      of
      the type customarily covered by legal opinions of such nature;

     

    subject
      to execution and delivery of mutually satisfactory confidentiality agreements,
      make available at reasonable times for inspection by any seller of Registrable
      Securities, any managing underwriter participating in any disposition of such
      Registrable Securities pursuant to the Registration Statement, and any attorney,
      accountant or other agent retained by such seller or any managing underwriter,
      during normal business hours of the Company at the Company’s corporate office
      and without unreasonable disruption of the Company’s business or unreasonable
      expense to Company and solely for the purpose of due diligence with respect
      to
      the Registration Statement, legally disclosable, financial and other records
      and
      pertinent corporate documents of the Company reasonably requested by such
      persons, and cause the Company’s employees and independent accountants to supply
      all similar information reasonably requested by any such seller, managing
      underwriter, attorney, accountant or agent in connection with the Registration
      Statement, as shall be reasonably necessary to enable them to exercise their
      due
      diligence responsibility;

     

    cooperate
      with each seller of Registrable Securities and each underwriter participating
      in
      the disposition of such Registrable Securities and their respective counsel
      in
      connection with any filings required to be made with the National Association
      of
      Securities Dealers;

     

    file
      all
      Registration Statements and any amendments and supplements thereto
      electronically through the SEC's Edgar filing system; and

     

    take
      all
      other steps reasonably necessary to effect the registration of the. Registrable
      Securities contemplated hereby.

     

    (g) Conditions
      Precedent to Company’s Obligations Pursuant to this Agreement.
      It
      shall be a condition precedent to the obligations of the Company to take any
      action pursuant to this Agreement that each of the Designated Holders whose
      Registrable Securities are to be registered pursuant to this Agreement shall
      furnish such Designated Holder’s written agreement to be bound by the terms and
      conditions of this Agreement prior to performance by the Company of its
      obligations under this Agreement. By executing and delivering this Agreement,
      each Designated Holder represents and warrants that the information concerning,
      and representations and warranties by, such Designated Holder, including
      information concerning the securities of the Company held, beneficially or
      of
      record, by such Designated Holder, furnished to the Company pursuant to the
      Purchase Agreement or otherwise, are true and correct as if the same were
      represented and warranted on the date any Registration Statement required
      pursuant to this Agreement is filed with the SEC or the date of filing with
      the
      SEC of any amendment thereto, and each Designated Holder covenants to
      immediately notify the Company in writing of any change in any such information,
      representation or warranty and to refrain from offering or disposing of any
      securities pursuant to any Registration Statement until the Company has
      reflected such change in such Registration Statement. By executing and
      delivering this Agreement, each Designated Holder further agrees to furnish
      any
      additional information as the Company may reasonably request in connection
      with
      any action to be taken by the Company pursuant to this Agreement, and to pay
      such Designated Holder’s expenses that are not required to be paid by the
      Company pursuant to this Agreement.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (h) Fees
      and Expenses.
      All
      expenses incident to the Company’s performance of or compliance with this
      Agreement including, without limitation, all registration and filing fees
      payable by the Company, fees and expenses of compliance by the Company with
      securities or blue sky laws, printing expenses of the Company, messenger and
      delivery expenses of the Company, and fees and disbursements of counsel for
      the
      Company and all independent certified public accountants of the Company, and
      other Persons retained by the Company will be borne by the Company, and the
      Company will pay its internal expenses (including, without limitation, all
      salaries and expenses of the Company’s employees performing legal or accounting
      duties), the expense of any annual audit or quarterly review, the expense of
      any
      liability insurance of the Company and the expenses and fees for listing or
      approval for trading of the securities to be registered on each securities
      exchange on which similar securities issued by the Company are then listed
      or on
      any automated quotation system of a national securities association on which
      similar securities of the Company are quoted. In connection with any
      Registration Statement filed hereunder, the Company will pay the reasonable
      fees
      and expenses of a single counsel retained by the Designated Holders of a
      majority (by number of shares) of the Registrable Securities requested to be
      included in such Registration Statement. The Company shall have no obligation
      to
      pay any underwriting discounts or commissions attributable to the sale of
      Registrable Securities or any of the expenses incurred by any Designated Holder
      that are not payable by the Company, such costs to be borne by such Designated
      Holder or Holders, including, without limitation, underwriting fees, discounts
      and expenses, if any, applicable to any Designated Holder’s Registrable
      Securities; fees and disbursements of counsel or other professionals that any
      Designated Holder may choose to retain in connection with a Registration
      Statement filed pursuant to this Agreement (except as otherwise provided
      herein); selling commissions or stock transfer taxes applicable to the
      Registrable Securities registered on behalf of any Designated Holder; and any
      other expenses incurred by or on behalf of such Designated Holder in connection
      with the offer and sale of such Designated Holder’s Registrable Securities other
      than expenses which the Company is expressly obligated to pay pursuant to this
      Agreement.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (i) Indemnification.
      

     

    The
      Company agrees to indemnify and hold harmless, to the fullest extent permitted
      by law, each Designated Holder and its general or limited partners, officers,
      directors, members, managers, employees, advisors, representatives, agents
      and
      Affiliates (collectively, the "Representatives")
      from
      and against any loss, claim, damage, liability, attorney’s fees, cost or expense
      and costs and expenses of investigating and defending any such claim
      (collectively, the "Losses"),
      joint
      or several, and any action in respect thereof to which such Designated Holder
      or
      its Representatives may become subject under the Securities Act or otherwise,
      insofar as such Losses (or actions or proceedings, whether commenced or
      threatened, in respect thereto) arise out of or are based upon (i) any breach
      by
      the Company of any of its representations, warranties or covenants contained
      in
      this Agreement, (ii) any untrue or alleged untrue statement of a material fact
      contained in any Registration Statement, prospectus or preliminary or summary
      prospectus or any amendment or supplement thereto, or (iii) any omission or
      alleged omission to state therein a material fact required to be stated therein
      or necessary to make the statements therein not misleading, and the Company
      shall reimburse each such Designated Holder and its Representatives for any
      legal or any other expenses incurred by them in connection with investigating
      or
      defending or preparing to defend against any such Loss, action or proceeding;
      provided, however, that the Company shall not be liable to any such Designated
      Holder or other indemnitee in any such case to the extent that any such Loss
      (or
      action or proceeding, whether commenced or threatened, in respect thereof)
      arises out of or is based upon (x) an untrue statement or alleged untrue
      statement or omission or alleged omission made in such Registration Statement,
      any such prospectus or preliminary or summary prospectus or any amendment or
      supplement thereto in reliance upon, and in conformity with, written information
      prepared and furnished to the Company by any Designated Holder or its
      Representatives expressly for use therein and, with respect to any untrue
      statement or omission or alleged untrue statement or omission made in any
      preliminary prospectus relating to the Registration Statement, to the extent
      that a prospectus relating to the Registrable Securities was required to be
      delivered by such Designated Holder under the Securities Act in connection
      with
      such purchase, there was not sent or given to such person, at or prior to the
      written confirmation of the sale of such Registrable Securities to such person,
      a copy of the final prospectus that corrects such untrue statement or alleged
      untrue statement or omission or alleged omission if the Company had previously
      furnished copies thereof to such Designated Holder or (y) use of a Registration
      Statement or the related prospectus during a period when a stop order has been
      issued in respect of such Registration Statement or any proceedings for that
      purpose have been initiated or use of a prospectus when use of such prospectus
      has been suspended pursuant to Sections
      2.5(b),
      2.6(e)
      or
2.6(i);
      provided that in each case such Holder received prior written notice of such
      stop order, initiation of proceedings or suspension from the Company. In no
      event, however, shall the Company be liable for indirect, incidental or
      consequential or special damages of any kind. In connection with an underwritten
      offering, the Company will indemnify such underwriters, their officers and
      directors and each Person who controls such underwriters (within the meaning
      of
      the Securities Act) to the same extent as provided above with respect to the
      indemnification of the Designated Holders.

     

    In
      connection with the filing of the Registration Statement by the Company pursuant
      to this Agreement, the Designated Holders will furnish to the Company in writing
      such information as the Company reasonably requests for use in connection with
      such Registration Statement and the related prospectus and, to the fullest
      extent permitted by law, each such Designated Holder will indemnify and hold
      harmless the Company and its Representatives from and against any Losses,
      severally but not jointly, and any action in respect thereof to which the
      Company and its Representatives may become subject under the Securities Act
      or
      otherwise, insofar as such Losses (or actions or proceedings, whether commenced
      or threatened, in respect thereof) arise out of or are based upon (i) the
      purchase or sale of Registrable Securities during a suspension as set forth
      in
Sections
      2.5(b),
      2.6(e)
      or
2.6(i)
      in each
      case after receipt of written notice of such suspension, (ii) any untrue or
      alleged untrue statement of a material fact contained in the Registration
      Statement, prospectus or preliminary or summary prospectus or any amendment
      or
      supplement thereto, or (iii) any omission or alleged omission of a material
      fact
      required to be stated therein or necessary to make the statements therein not
      misleading, but, with respect to clauses (ii) and (iii) above, only to the
      extent that such untrue statement or omission is made in such Registration
      Statement, any such prospectus or preliminary or summary prospectus or any
      amendment or supplement thereto in reliance upon, and in conformity with,
      written information prepared and furnished to the Company by such Designated
      Holder expressly for use therein or by failure of such Designated Holder to
      deliver a copy of the Registration Statement or prospectus or any amendments
      or
      supplements thereto, and such Designated Holder will reimburse the Company
      and
      each Representative for any legal or any other expenses incurred by them in
      connection with investigating or defending or preparing to defend against any
      such Loss, action or proceeding; provided, however, that such Designated Holder
      shall not be liable in any such case to the extent that prior to the filing
      of
      any such Registration Statement or prospectus or amendment or supplement
      thereto, such Designated Holder has furnished in writing to the Company
      information expressly for use in such Registration Statement or prospectus
      or
      any amendment or supplement thereto that corrected or made not misleading
      information previously furnished to the Company. The obligation of each
      Designated Holder to indemnify the Company and its Representatives shall be
      limited to the net proceeds received by such Designated Holder from the sale
      of
      Registrable Securities under such Registration Statement. In no event, however,
      shall any Designated Holder be liable for indirect, incidental or consequential
      or special damages of any kind.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    Promptly
      after receipt by any Person in respect of which indemnity may be sought pursuant
      to Section
      2.9(a)
      or
2.9(b)
      (an
      "Indemnified
      Party")
      of
      notice of any claim or the commencement of any action, the Indemnified Party
      shall, if a claim in respect thereof is to be made against the Person against
      whom such indemnity may be sought (an "Indemnifying
      Party"),
      promptly notify the Indemnifying Party in writing of the claim or the
      commencement of such action; provided that the failure to notify the
      Indemnifying Party shall not relieve the Indemnifying Party from any liability
      that it may have to an Indemnified Party under Section
      2.9(a)
      or
2.9(b)
      except
      to the extent of any actual prejudice resulting therefrom. If any such claim
      or
      action shall be brought against an Indemnified Party, and it shall notify the
      Indemnifying Party thereof, the Indemnifying Party shall be entitled to
      participate therein, and, to the extent that it wishes, jointly with any other
      similarly notified Indemnifying Party, to assume the defense thereof with
      counsel reasonably satisfactory to the Indemnified Party. After notice from
      the
      Indemnifying Party to the Indemnified Party of its election to assume the
      defense of such claim or action, the Indemnifying Party shall not be liable
      to
      the Indemnified Party for any legal or other expenses subsequently incurred
      by
      the Indemnified Party in connection with the defense thereof other than
      reasonable costs of investigation; provided that the Indemnified Party shall
      have the right to employ separate counsel to represent the Indemnified Party
      and
      its Representatives who may be subject to liability arising out of any claim
      in
      respect of which indemnity may be sought by the Indemnified Party against the
      Indemnifying Party, but the fees and expenses of such counsel shall be for
      the
      account of such Indemnified Party unless (i) the Indemnifying Party and the
      Indemnified Party shall have mutually agreed to the retention of such counsel
      or
      (ii) in the written opinion of counsel to such Indemnified Party, representation
      of both parties by the same counsel would be inappropriate due to actual or
      potential conflicts of interest between them, it being understood, however,
      that
      the Indemnifying Party shall not, in connection with any one such claim or
      action or separate but substantially similar or related claims or actions in
      the
      same jurisdiction arising out of the same general allegations or circumstances,
      be liable for the fees and expenses of more than one separate firm of attorneys
      (together with appropriate local counsel) at any time for all Indemnified
      Parties. No Indemnifying Party shall, without the prior written consent of
      the
      Indemnified Party, effect any settlement of any claim or pending or threatened
      proceeding in respect of which the Indemnified Party is or could have been
      a
      party and indemnity could have been sought hereunder by such Indemnified Party,
      unless such settlement includes an unconditional release of such Indemnified
      Party from all liability arising out of such claim or proceeding other than
      the
      payment of monetary damages by the Indemnifying Party on behalf of the
      Indemnified Party. Whether or not the defense of any claim or action is assumed
      by the Indemnifying Party, such Indemnifying Party will not be subject to any
      liability for any settlement made without its consent, which consent will not
      be
      unreasonably withheld.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    If
      the
      indemnification provided for in this Section
      2.9
      is
      unavailable to the Indemnified Parties in respect of any Losses referred to
      herein, then each Indemnifying Party, in lieu of indemnifying such Indemnified
      Party, shall contribute to the amount paid or payable by such Indemnified Party
      as a result of such Losses in such proportion as is appropriate to reflect
      the
      relative benefits received by the Company on the one hand and the Designated
      Holders on the other from the offering of the Registrable Securities, or if
      such
      allocation is not permitted by applicable law, in such proportion as is
      appropriate to reflect not only the relative benefits but also the relative
      fault of the Company on the one hand and the Designated Holders on the other
      in
      connection with the statements or omissions that resulted in such Losses, as
      well as any other relevant equitable considerations. The relative fault of
      the
      Company on the one hand and of each Designated Holder on the other shall be
      determined by reference to, among other things, whether any action taken,
      including any untrue or alleged untrue statement of a material fact, or the
      omission or alleged omission to state a material fact relates to information
      supplied by such party, and the parties’ relative intent, knowledge, access to
      information and opportunity to correct or prevent such statement or omission.
      

     

    The
      Company and the Designated Holders agree that it would not be just and equitable
      if contribution pursuant to this Section
      2.9(d)
      were
      determined by pro rata allocation or by any other method of allocation that
      does
      not take account of the equitable considerations referred to in the immediately
      preceding paragraph. The amount paid or payable by an Indemnified Party as
      a
      result of the Losses referred to in the immediately preceding paragraph shall
      be
      deemed to include, subject to the limitations set forth above, any legal or
      other expenses reasonably incurred by such Indemnified Party in connection
      with
      investigating or defending any such action or claim. Notwithstanding the
      provisions of this Section
      2.9,
      no
      Designated Holder shall be required to contribute any amount in excess of the
      amount by which the total price at which the Registrable Securities of such
      Designated Holder were offered to the public exceeds the amount of any Losses
      which such Designated Holder has otherwise paid by reason of such untrue or
      alleged untrue statement or omission or alleged omission. No Person guilty
      of
      fraudulent misrepresentation (within the meaning of Section 11 (f) of the
      Securities Act) shall be entitled to contribution from any Person who was not
      guilty of such fraudulent misrepresentation. Each Designated Holder’s
      obligations to contribute pursuant to this Section
      2.9
      is
      several in the proportion that the proceeds of the offering received by such
      Designated Holder bears to the total proceeds of the offering received by all
      the Designated Holders. The indemnification provided by this Section
      2.9
      shall be
      a continuing right to indemnification with respect to sales of Registrable
      Securities and shall survive the registration and sale of any Registrable
      Securities by any Designated Holder and the expiration or termination of this
      Agreement. The indemnity and contribution agreements contained herein are in
      addition to any liability that any Indemnifying Party might have to any
      Indemnified Party.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    (j) Participation
      in Registrations.
      

     

    No
      Person
      may participate in any registration hereunder that is underwritten unless such
      Person (i) agrees to sell such Person’s securities on the basis provided in any
      underwriting arrangements approved by the Person or Persons entitled hereunder
      to approve such arrangements and (ii) completes and executes all questionnaires,
      powers of attorney, indemnities, underwriting agreements and other documents
      reasonably required under the terms of such underwriting arrangements and this
      Agreement.

     

    Each
      Person that is participating in any registration under this Agreement agrees
      that, upon receipt of any notice from the Company of the happening of any event
      of the kind described in Section
      2.6(e)
      or
2.6(i)
      above,
      such Person will forthwith discontinue the disposition of its Registrable
      Securities pursuant to the Registration Statement and all use of the
      Registration Statement or any prospectus or related document until such Person’s
      receipt of the copies of a supplemented or amended prospectus as contemplated
      by
      such Section
      2.6(e)
      and, if
      so directed by the Company, will deliver to the Company (at the Company’s
      expense) all copies, other than permanent file copies, then in such Designated
      Holder’s possession of such documents at the time of receipt of such notice.
      Furthermore, each Designated Holder agrees that if such Designated Holder uses
      a
      prospectus in connection with the offering and sale of any of the Registrable
      Securities, the Designated Holder will use only the latest version of such
      prospectus provided by Company.

     

    Transfers
      of Certain Rights

     

    (k) Transfer.
      The
      rights granted to the Purchasers under this Agreement are non-transferable
      except in connection with a transfer of Registrable Securities in accordance
      with the terms and conditions of the Purchase Agreement, provided that any
      such
      transfer shall be subject to the provisions of Sections
      3.2
      and
3.3;
      provided further that nothing contained herein shall be deemed to permit an
      assignment, transfer or disposition of the Registrable Securities in violation
      of applicable law.

     

    (l) Transferees.
      Any
      permitted transferee to whom rights under this Agreement are transferred shall,
      as a condition to such transfer, deliver to the Company a written instrument
      by
      which such transferee agrees to be bound by the obligations imposed upon the
      Purchasers under this Agreement to the same extent as if such transferee were
      a
      Purchaser hereunder.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    (m) Subsequent
      Transferees.
      A
      transferee to whom rights are transferred pursuant to this Section
      3
      may not
      again transfer such rights to any other person or entity, other than as provided
      in Sections
      3.1
      or
3.2
      above.

     

    Miscellaneous

     

    (a) Recapitalizations,
      Exchanges, etc.
      The
      provisions of this Agreement shall apply to the full extent set forth herein
      with respect to (i) the Registrable Securities, (ii) any and all shares of
      Common Stock into which the Registrable Securities are converted, exchanged
      or
      substituted in any recapitalization or other capital reorganization by the
      Company, and (iii) any and all equity securities of the Company or any successor
      or assign of the Company (whether by merger, consolidation, sale of assets
      or
      otherwise) that may be issued in respect of, in conversion of, in exchange
      for
      or in substitution of, the Registrable Securities and shall be appropriately
      adjusted for any stock dividends, splits, reverse splits, combinations,
      recapitalizations and the like occurring after the date hereof. The Company
      shall cause any successor or assign (whether by merger, consolidation, sale
      of
      assets or otherwise) to enter into a new registration rights agreement with
      the
      Designated Holders on terms substantially the same as this Agreement as a
      condition of any such transaction.

     

    (b) No
      Inconsistent Agreements.
      The
      Company has not and shall not enter into any agreement with respect to its
      securities that is inconsistent with the rights granted to the Purchasers in
      this Agreement. The Parties acknowledge and agree that the Company may grant
      registration rights hereafter, which shall be pari passu with the registration
      rights of the Purchasers, and shall not be deemed to conflict with this
      covenant.

     

    (c) Amendments
      and Waivers.
      The
      provisions of this Agreement may be amended and the Company may take action
      herein prohibited, or omit to perform any act herein required to be performed
      by
      it, if, but only if, the Company has obtained the written consent of holders
      of
      at least a majority of the Registrable Securities then in
      existence.

     

    (d) Severability.
      Whenever possible, each provision of this Agreement shall be interpreted in
      such
      manner as to be effective and valid under applicable law, but if any provision
      of this Agreement shall be held to be prohibited by or invalid wider applicable
      law, such provision shall be ineffective only to the extent of such prohibition
      or invalidity, without invalidating the remainder of such provision or the
      remaining provisions of this Agreement.

     

    (e) Counterparts.
      This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original, but all of which together shall constitute one and the
      same
      instrument.

     

    (f) Notices.
      All
      notices, requests and other communications to any party hereunder shall be
      in
      writing (including facsimile or similar writing) and shall be deemed given
      or
      made as of the date delivered, if delivered personally or by facsimile (provided
      that delivery by facsimile shall be followed by delivery of an additional copy
      personally, by mail or overnight courier), one day after being delivered by
      overnight courier or four business days after being mailed by registered or
      certified mail (postage prepaid for the most expeditious form of delivery,
      return receipt requested), to the parties at the following addresses (or to
      such
      other address or facsimile number as a party may have specified by notice given
      to the other party pursuant to this provision):

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    If
      to the
      Company, to:

    Northern
      Oil & Gas, Inc.

    130
      Lake
      Street West, Suite 300

    Wayzata,
      Minnesota 55391

    Attention:
      Ryan Gilbertson, Chief Financial Officer

    Telephone:
      (952) 476 - 9800

    Facsimile:
      (952) 476 - 9801

    

    With
      copy
      to:

    Best
      & Flanagan LLP

    225
      South
      Sixth Street, Suite 4000

    Minneapolis,
      MN 55402-4690

    Attention:
      Ross C. Formell, Esq.

    Telephone:
      (612) 341 - 9723   

    Facsimile:
      (612) 339 - 5897   

    

    If
      to a
      Purchaser, to:

    

    The
      address or facsimile number of each Purchaser set forth

    on
      the
      signature page of this Agreement.

    

    (g) Governing
      Law; Forum.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York, notwithstanding any conflict of law provision to the
      contrary. The parties consent to the exclusive jurisdiction and venue of the
      courts of any county in the State of New York and the United States Federal
      District Courts of New York in any judicial proceeding brought to enforce this
      Agreement. The parties agree that any forum other than the State of New York
      is
      an inconvenient forum and that a lawsuit brought by one party against another
      party in a court of any jurisdiction other than the State of New York should
      be
      forthwith dismissed or transferred to a court located in the State of New
      York.

     

    (h) Captions.
      The
      captions, headings and arrangements used in this Agreement are for convenience
      only and do not in any way limit or amplify the terms and provisions
      hereof.

     

    (i) No
      Prejudice.
      The
      terms of this Agreement shall not be construed in favor of or against any party
      on account of its participation in the preparation hereof.

     

    (j) Words
      in Singular and Plural Form.
      Words
      used in the singular form in this Agreement shall be deemed to import the
      plural, and vice versa, as the sense may require.

     

    (k) Remedy
      for Breach.
      The
      Company hereby acknowledges that in the event of any breach or threatened breach
      by the Company of any of the provisions of this Agreement, the Designated
      Holders would have no adequate remedy at law and could suffer substantial and
      irreparable damage. Accordingly, the Company hereby agrees that, in such event,
      the Designated Holders shall be entitled, and notwithstanding any election
      by
      any Designated Holder to claim damages, to obtain a temporary and/or permanent
      injunction to restrain any such breach or threatened breach or to obtain
      specific performance of any such provisions, all without prejudice to any and
      all other remedies that any Designated Holders may have at law or in
      equity.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    (l) Successors
      and Assigns, Third Party Beneficiaries.
      This
      Agreement and all of the provisions hereof shall be binding upon and inure
      to
      the benefit of the parties hereto, each assignee of the Designated Holders
      permitted pursuant to Article
      3
      and
      their respective permitted successors and assigns and executors, administrators
      and heirs.

     

    (m) Entire
      Agreement.
      This
      Agreement sets forth the entire agreement and understanding between the parties
      as to the subject matter hereof and merges and supersedes all prior discussions,
      agreements and understandings of any and every nature among them. 

     

    (n) Attorneys’
      Fees.
      In the
      event of any action or suit based upon or arising out of any actual or alleged
      breach by any party of any representation, warranty, covenant or agreement
      in
      this Agreement, the prevailing party shall be entitled to recover its reasonable
      attorneys’ fees and expenses of such action or suit from the other party in
      addition to any other relief ordered by any court.

     

    (o) Termination
      of Rights.
      Upon
      the expiration of the Registration Period all rights of Designated Holders
      under
Section
      2.1
      of this
      Agreement will terminate. All rights under this Agreement will terminate when
      the Designated Holders no longer hold any Registrable Securities.

     

    (p) Force
      Majeure.
      Notwithstanding anything to the contrary in this Agreement, no party to this
      Agreement will be liable for any failure or delay in its performance under
      this
      Agreement due to any cause beyond its reasonable control, including natural
      disasters, war, embargo, riot, sabotage, labor shortage, act of terrorism,
      or
      governmental act, provided that the delayed party (a) gives the other parties
      prompt notice of such cause, and (b) uses reasonable commercial efforts to
      correct promptly such failure or delay in performance.

    

    [Signature
      Page Follows]

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto have caused this Registration Rights
      Agreement to be duly executed as of the date and year first written
      above.

    

      
        	 	
                COMPANY:

              
	 	 
	 	
                NORTHERN
                  OIL & GAS, INC.

              
	 	 
	 	 
	 	
                By:

              	
                 

              
	 	
                Name:

              	
                 

              
	 	
                Title:

              	
                 

              

      

    

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    [SIGNATURE
      PAGE TO REGISTRATION RIGHTS AGREEMENT FOR PURCHASERS]

     

    
      
        	
              	
                PURCHASER:

              
	 	 
	 	
                 

              
	 	 
	 	 
	 	
                By:

              	
                 

              
	 	
                Name:

              	
                 

              
	 	
                Title:

              	
                 

              

      

    

    
      	 	
              
                 
                  ADDRESS:  

              

            	
               

            
	 	 	 
	 	 	 
	 	 	 
	 	 	
              Telephone:

            	 	 	 	 
	 	 	
              Facsimile:

            	 
	 
	 
	 

    

     

    
      
        
        

      

      
        20

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