Document:

Legend Oil and Gas, Ltd. - 8-K

Exhibit 10.3

 

SUBSIDIARY GUARANTEE

 

SUBSIDIARY GUARANTEE, dated
as of September 30, 2016 (this “Guarantee”), made by each of the signatories hereto (together with any other
entity that may become a party hereto as provided herein, the “Guarantors”), in favor of the purchasers signatory
(together with their permitted assigns, the “Purchasers”) to that certain Securities Purchase Agreement, dated
as of the date hereof, between Legend Oil and Gas, Ltd., a Colorado corporation (the “Company”) and the Purchasers.

 

W I T N E S S E T H:

 

WHEREAS, pursuant to that
certain Securities Purchase Agreement, dated as of the date hereof, by and between the Company and the Purchasers (the “Purchase
Agreement”), the Company has agreed to sell and issue to the Purchasers, and the Purchasers have agreed to purchase
from the Company the Debentures, subject to the terms and conditions set forth therein; and

 

WHEREAS, each Guarantor will directly benefit from the extension of credit to the Company
represented by the issuance of the Debentures; and

 

NOW, THEREFORE, in consideration
of the premises and to induce the Purchasers to enter into the Purchase Agreement and to carry out the transactions contemplated
thereby, each Guarantor hereby agrees with the Purchasers as follows:

 

1.                 
Definitions. Unless otherwise defined herein, terms defined in the Purchase Agreement
and used herein shall have the meanings given to them in the Purchase Agreement. The words “hereof,” “herein,”
“hereto” and “hereunder” and words of similar import when used in this Guarantee shall refer to this Guarantee
as a whole and not to any particular provision of this Guarantee, and Section and Schedule references are to this Guarantee unless
otherwise specified. The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms
of such terms. The following terms shall have the following meanings:

 

“Guarantee”
means this Subsidiary Guarantee, as the same may be amended, supplemented or otherwise modified from time to time.

 

 

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“Obligations” means, in addition to all other costs and expenses of collection incurred by Purchasers in enforcing
any of such Obligations and/or this Guarantee, all of the liabilities and obligations (primary, secondary, direct, contingent,
sole, joint or several) due or to become due, or that are now or may be hereafter contracted or acquired, or owing to, of the
Company or any Guarantor to the Purchasers, including, without limitation, all obligations under this Guarantee, the Debentures
and any other instruments, agreements or other documents executed and/or delivered in connection herewith or therewith, in each
case, whether now or hereafter existing, voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or unliquidated,
whether or not jointly owed with others, and whether or not from time to time decreased or extinguished and later increased, created
or incurred, and all or any portion of such obligations or liabilities that are paid, to the extent all or any part of such payment
is avoided or recovered directly or indirectly from any of the Purchasers as a preference, fraudulent transfer or otherwise as
such obligations may be amended, supplemented, converted, extended or modified from time to time. Without limiting the generality
of the foregoing, the term “Obligations” shall include, without limitation: (i) principal of, and interest on the
Debentures and the loans extended pursuant thereto; (ii) any and all other fees, indemnities, costs, obligations and liabilities
of the Company or any Guarantor from time to time under or in connection with this Guarantee, the Debentures and any other instruments,
agreements or other documents executed and/or delivered in connection herewith or therewith; and (iii) all amounts (including
but not limited to post-petition interest) in respect of the foregoing that would be payable but for the fact that the obligations
to pay such amounts are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding
involving the Company or any Guarantor.

 

2.                 
Guarantee.

 

(a)              
Guarantee.

 

(i)                
The Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantee to the Purchasers and their respective
successors, indorsees, transferees and assigns, the prompt and complete payment and performance when due (whether at the stated
maturity, by acceleration or otherwise) of the Obligations.

 

(ii)             
Anything herein or in any other Transaction Document to the contrary notwithstanding, the maximum liability of each Guarantor
hereunder and under the other Transaction Documents shall in no event exceed the amount which can be guaranteed by such Guarantor
under applicable federal and state laws, including laws relating to the insolvency of debtors, fraudulent conveyance or transfer
or laws affecting the rights of creditors generally (after giving effect to the right of contribution established in Section 2(b)).

 

(iii)           
Each Guarantor agrees that the Obligations may at any time and from time to time exceed the amount of the liability of such
Guarantor hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Purchasers
hereunder.

 

 

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(iv)            
The guarantee contained in this Section 2 shall remain in full force and effect until all the Obligations and the obligations
of each Guarantor under the guarantee contained in this Section 2 shall have been satisfied by indefeasible payment in full.

 

(v)              
No payment made by the Company, any of the Guarantors, any other guarantor or any other Person or received or collected
by the Purchasers from the Company, any of the Guarantors, any other guarantor or any other Person by virtue of any action or
proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the
Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall,
notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Obligations or any payment received
or collected from such Guarantor in respect of the Obligations), remain liable for the Obligations up to the maximum liability
of such Guarantor hereunder until the Obligations are indefeasibly paid in full.

 

(vi)            
Notwithstanding anything to the contrary in this Guarantee, with respect to any defaulted non-monetary Obligations the specific
performance of which by the Guarantors is not reasonably possible (e.g. the issuance of the Company’s Common Stock), the
Guarantors shall only be liable for making the Purchasers whole on a monetary basis for the Company’s failure to perform
such Obligations in accordance with the Transaction Documents.

 

(b)              
Right of Contribution. Subject to Section 2(c), each Guarantor hereby agrees that to the extent that a Guarantor
shall have paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive
contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s
right of contribution shall be subject to the terms and conditions of Section 2(c). The provisions of this Section 2(b) shall in
no respect limit the obligations and liabilities of any Guarantor to the Purchasers and each Guarantor shall remain liable to the
Purchasers for the full amount guaranteed by such Guarantor hereunder.

 

(c)              
No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds
of any Guarantor by the Purchasers, no Guarantor shall be entitled to be subrogated to any of the rights of the Purchasers against
the Company or any other Guarantor or any collateral security or guarantee or right of offset held by the Purchasers for the payment
of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Company or any
other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Purchasers by the Company
on account of the Obligations are indefeasibly paid in full. If any amount shall be paid to any Guarantor on account of such subrogation
rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by such Guarantor in
trust for the Purchasers, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be
turned over to the Purchasers in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Purchasers,
if required), to be applied against the Obligations, whether matured or unmatured, in such order as the Purchasers may determine.

 

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(d)              
Amendments, Etc. With Respect to the Obligations. Each Guarantor shall remain obligated hereunder notwithstanding
that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand
for payment of any of the Obligations made by the Purchasers may be rescinded by the Purchasers and any of the Obligations continued,
and the Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee
therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified,
accelerated, compromised, waived, surrendered or released by the Purchasers, and the Purchase Agreement and the other Transaction
Documents and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated,
in whole or in part, as the Purchasers may deem advisable from time to time, and any collateral security, guarantee or right of
offset at any time held by the Purchasers for the payment of the Obligations may be sold, exchanged, waived, surrendered or released.
The Purchasers shall have no obligation to protect, secure, perfect or insure any Lien at any time held by them as security for
the Obligations or for the guarantee contained in this Section 2 or any property subject thereto.

 

 

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(e)               Guarantee
Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of
any of the Obligations and notice of or proof of reliance by the Purchasers upon the guarantee contained in this Section 2 or
acceptance of the guarantee contained in this Section 2; the Obligations, and any of them, shall conclusively be deemed to
have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee
contained in this Section 2; and all dealings between the Company and any of the Guarantors, on the one hand, and the
Purchasers, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the
guarantee contained in this Section 2. Each Guarantor waives to the extent permitted by law diligence, presentment, protest,
demand for payment and notice of default or nonpayment to or upon the Company or any of the Guarantors with respect to the
Obligations. Each Guarantor understands and agrees that the guarantee contained in this Section 2 shall be construed as a
continuing, absolute and unconditional guarantee of payment and performance without regard to (a) the validity or
enforceability of the Purchase Agreement or any other Transaction Document, any of the Obligations or any other collateral
security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by the
Purchasers, (b) any defense, set-off or counterclaim (other than a defense of payment or performance or fraud by Purchasers)
which may at any time be available to or be asserted by the Company or any other Person against the Purchasers, or (c) any
other circumstance whatsoever (with or without notice to or knowledge of the Company or such Guarantor) which constitutes, or
might be construed to constitute, an equitable or legal discharge of the Company for the Obligations, or of such Guarantor
under the guarantee contained in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder or
otherwise pursuing its rights and remedies hereunder against any Guarantor, the Purchasers may, but shall be under no
obligation to, make a similar demand on or otherwise pursue such rights and remedies as they may have against the Company,
any other Guarantor or any other Person or against any collateral security or guarantee for the Obligations or any right of
offset with respect thereto, and any failure by the Purchasers to make any such demand, to pursue such other rights or
remedies or to collect any payments from the Company, any other Guarantor or any other Person or to realize upon any such
collateral security or guarantee or to exercise any such right of offset, or any release of the Company, any other Guarantor
or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any
obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or
available as a matter of law, of the Purchasers against any Guarantor. For the purposes hereof, “demand” shall
include the commencement and continuance of any legal proceedings.

 

(f)               
Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the
case may be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored
or returned by the Purchasers upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company or any
Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer
for, the Company or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been
made.

 

(g)              
Payments. Each Guarantor hereby guarantees that payments hereunder will be paid to the Purchasers without set-off
or counterclaim in U.S. dollars at the address set forth or referred to in the Signature Pages to the Purchase Agreement.

 

 

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3.                 
Representations and Warranties. Each Guarantor hereby makes the following representations
and warranties to Purchasers as of the date hereof:

 

(a)              
Organization and Qualification. The Guarantor is a corporation, duly incorporated, validly existing and in good standing
under the laws of the applicable jurisdiction set forth on Schedule 1, with the requisite corporate power and authority to own
and use its properties and assets and to carry on its business as currently conducted. The Guarantor has no subsidiaries other
than those identified as such on the Disclosure Schedules to the Purchase Agreement. The Guarantor is duly qualified to do business
and is in good standing as a foreign corporation in each jurisdiction in which the nature of the business conducted or property
owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may
be, could not, individually or in the aggregate, (x) adversely affect the legality, validity or enforceability of any of this Guaranty
in any material respect, (y) have a material adverse effect on the results of operations, assets, prospects, or financial condition
of the Guarantor or (z) adversely impair in any material respect the Guarantor’s ability to perform fully on a timely basis
its obligations under this Guaranty (a “Material Adverse Effect”).

 

(b)              
Authorization; Enforcement. The Guarantor has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Guaranty, and otherwise to carry out its obligations hereunder. The execution and delivery
of this Guaranty by the Guarantor and the consummation by it of the transactions contemplated hereby have been duly authorized
by all requisite corporate action on the part of the Guarantor. This Guaranty has been duly executed and delivered by the Guarantor
and constitutes the valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar
laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable principles
of general application.

 

(c)              
No Conflicts. The execution, delivery and performance of this Guaranty by the Guarantor and the consummation by the
Guarantor of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision of its Certificate
of Incorporation or By-laws or (ii) conflict with, constitute a default (or an event which with notice or lapse of time or both
would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
indenture or instrument to which the Guarantor is a party, or (iii) result in a violation of any law, rule, regulation, order,
judgment, injunction, decree or other restriction of any court or governmental authority to which the Guarantor is subject (including
Federal and State securities laws and regulations), or by which any material property or asset of the Guarantor is bound or affected,
except in the case of each of clauses (ii) and (iii), such conflicts, defaults, terminations, amendments, accelerations, cancellations
and violations as could not, individually or in the aggregate, have or result in a Material Adverse Effect. The business of the
Guarantor is not being conducted in violation of any law, ordinance or regulation of any governmental authority, except for violations
which, individually or in the aggregate, do not have a Material Adverse Effect.

 

 

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(d)              
Consents and Approvals. The Guarantor is not required to obtain any consent, waiver, authorization or order of, or
make any filing or registration with, any court or other federal, state, local, foreign or other governmental authority or other
person in connection with the execution, delivery and performance by the Guarantor of this Guaranty.

 

(e)              
Purchase Agreement. The representations and warranties of the Company set forth in the Purchase Agreement as they
relate to such Guarantor, each of which is hereby incorporated herein by reference, are true and correct as of each time such representations
are deemed to be made pursuant to such Purchase Agreement, and the Purchasers shall be entitled to rely on each of them as if they
were fully set forth herein, provided that each reference in each such representation and warranty to the Company’s knowledge
shall, for the purposes of this Section 3, be deemed to be a reference to such Guarantor’s knowledge.

 

(f)               
Foreign Law. Each Guarantor has consulted with appropriate foreign legal counsel with respect to any of the above
representations for which non-U.S. law is applicable. Such foreign counsel have advised each applicable Guarantor that such counsel
knows of no reason why any of the above representations would not be true and accurate. Such foreign counsel were provided with
copies of this Subsidiary Guarantee and the Transaction Documents prior to rendering their advice.

 

4.                 
Covenants. 

 

(a)        
Each Guarantor covenants and agrees with the Purchasers that, from and after the date of this Guarantee until the Obligations
shall have been indefeasibly paid in full, such Guarantor shall take, and/or shall refrain from taking, as the case may be, each
commercially reasonable action that is necessary to be taken or not taken, as the case may be, so that no Event of Default (as
defined in the Debentures) is caused by the failure to take such action or to refrain from taking such action by such Guarantor.

 

(b)        
So long as any of the Obligations are outstanding, unless Purchasers holding at least 50.1% of the aggregate principal amount
of the then outstanding Debentures shall otherwise consent in writing, each Guarantor will not directly or indirectly on or after
the date of this Guarantee:

 

i.                       
except for the Permitted Indebtedness (as defined in the Debenture)
enter into, create, incur, assume or suffer to exist any indebtedness for borrowed money of any kind, including but not limited
to, a guarantee, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or
any income or profits therefrom;

 

 

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ii.                       
except for the Permitted Liens (as defined in the Debenture) enter
into, create, incur, assume or suffer to exist any liens of any kind, on or with respect to any of its property or assets now owned
or hereafter acquired or any interest therein or any income or profits therefrom;

 

iii.                       
amend its certificate of incorporation, bylaws or other charter documents
so as to adversely affect any rights of any Purchaser;

 

iv.                       
repay, repurchase or offer to repay, repurchase or otherwise acquire more than a de
minimis number of shares of its securities or debt obligations; 

 

v.                       
pay cash dividends on any equity securities of the Company;

 

vi.                       
enter into any transaction with any Affiliate of the Guarantor which would be required to
be disclosed in any public filing of the Company with the Commission, unless such transaction is made on an arm’s-length
basis and expressly approved by a majority of the disinterested directors of the Company (even if less than a quorum otherwise
required for board approval); or

 

vii.                       
enter into any agreement with respect to any of the foregoing.

 

5.                 
Miscellaneous.

 

(a)              
Amendments in Writing. None of the terms or provisions of this Guarantee may be waived, amended, supplemented or
otherwise modified except in writing by the Purchasers.

 

(b)              
Notices. All notices, requests and demands to or upon the Purchasers or any Guarantor hereunder shall be effected
in the manner provided for in the Purchase Agreement, provided that any such notice, request or demand to or upon any Guarantor
shall be addressed to such Guarantor at its notice address set forth on Schedule 5(b).

 

(c)              
No Waiver By Course Of Conduct; Cumulative Remedies. The Purchasers shall not by any act (except by a written instrument
pursuant to Section 5(a)), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to
have acquiesced in any default under the Transaction Documents or Event of Default. No failure to exercise, nor any delay in exercising,
on the part of the Purchasers, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial
exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. A waiver by the Purchasers of any right or remedy hereunder on any one occasion shall not be construed
as a bar to any right or remedy which the Purchasers would otherwise have on any future occasion. The rights and remedies herein
provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided
by law.

 

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(d)              
Enforcement Expenses; Indemnification.

 

(i)                
Each Guarantor agrees to pay, or reimburse the Purchasers for, all its costs and expenses incurred in collecting against
such Guarantor under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Guarantee
and the other Transaction Documents to which such Guarantor is a party, including, without limitation, the reasonable fees and
disbursements of counsel to the Purchasers.

 

(ii)             
Each Guarantor agrees to pay, and to save the Purchasers harmless from, any and all liabilities with respect to, or resulting
from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable in connection
with any of the transactions contemplated by this Guarantee.

 

(iii)           
Each Guarantor agrees to pay, and to save the Purchasers harmless from, any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution,
delivery, enforcement, performance and administration of this Guarantee to the extent the Company would be required to do so pursuant
to the Purchase Agreement.

 

(iv)            
The agreements in this Section shall survive repayment of the Obligations and all other amounts payable under the Purchase
Agreement and the other Transaction Documents.

 

(e)              
Successor and Assigns. This Guarantee shall be binding upon the successors and assigns of each Guarantor and shall
inure to the benefit of the Purchasers and their respective successors and assigns; provided that no Guarantor may assign, transfer
or delegate any of its rights or obligations under this Guarantee without the prior written consent of the Purchasers.

 

 

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(f)               
Set-Off. Each Guarantor hereby irrevocably authorizes the Purchasers at any time and from time to time while an Event
of Default under any of the Transaction Documents shall have occurred and be continuing, without notice to such Guarantor or any
other Guarantor, any such notice being expressly waived by each Guarantor, to set-off and appropriate and apply any and all deposits,
credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured,
at any time held or owing by the Purchasers to or for the credit or the account of such Guarantor, or any part thereof in such
amounts as the Purchasers may elect, against and on account of the obligations and liabilities of such Guarantor to the Purchasers
hereunder and claims of every nature and description of the Purchasers against such Guarantor, in any currency, whether arising
hereunder, under the Purchase Agreement, any other Transaction Document or otherwise, as the Purchasers may elect, whether or not
the Purchasers have made any demand for payment and although such obligations, liabilities and claims may be contingent or unmatured.
The Purchasers shall notify such Guarantor promptly of any such set-off and the application made by the Purchasers of the proceeds
thereof, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights
of the Purchasers under this Section are in addition to other rights and remedies (including, without limitation, other rights
of set-off) which the Purchasers may have.

 

(g)              
Counterparts. This Guarantee may be executed by one or more of the parties to this Guarantee on any number of separate
counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same
instrument.

 

(h)              
Severability. Any provision of this Guarantee which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

(i)                
Section Headings. The Section headings used in this Guarantee are for convenience of reference only and are not to
affect the construction hereof or be taken into consideration in the interpretation hereof.

 

(j)                
Integration. This Guarantee and the other Transaction Documents represent the agreement of the Guarantors and the
Purchasers with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties
by the Purchasers relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other Transaction
Documents.

 

 

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(k)              
Governing Laws. All questions concerning the construction, validity, enforcement and interpretation of this Guarantee
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to
the principles of conflicts of law thereof. Each of the Company and the Guarantors agree that all proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Guarantee (whether brought against a party hereto or its respective
affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state
and federal courts sitting in the City of New York, Borough of Manhattan. Each of the Company and the Guarantors hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for
the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein,
and hereby irrevocably waives, and agrees not to assert in any proceeding, any claim that it is not personally subject to the jurisdiction
of any such court, that such proceeding is improper. Each party hereto hereby irrevocably waives personal service of process and
consents to process being served in any such proceeding by mailing a copy thereof via registered or certified mail or overnight
delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Guarantee and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to
the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating
to this Guarantee or the transactions contemplated hereby.

 

(l)                
Acknowledgements. Each Guarantor hereby acknowledges that:

 

(i)                
it has been advised by counsel in the negotiation, execution and delivery of this Guarantee and the other Transaction Documents
to which it is a party;

 

(ii)             
the Purchasers have no fiduciary relationship with or duty to any Guarantor arising out of or in connection with this Guarantee
or any of the other Transaction Documents, and the relationship between the Guarantors, on the one hand, and the Purchasers, on
the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(iii)           
no joint venture is created hereby or by the other Transaction Documents or otherwise exists by virtue of the transactions
contemplated hereby among the Guarantors and the Purchasers.

 

(m)            
Additional Guarantors. The Company shall cause each of its subsidiaries formed or acquired on or subsequent to the
date hereof to become a Guarantor for all purposes of this Guarantee by executing and delivering an

Assumption Agreement in the form of Annex 1 hereto.

 

(n)              
Release of Guarantors. Each Guarantor will be released from all liability hereunder concurrently with the indefeasible
repayment in full of all amounts owed under the Purchase Agreement, the Debentures and the other Transaction Documents.

 

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(o)              
Seniority. The Obligations of each of the Guarantors hereunder rank senior in priority to any other Indebtedness
(as defined in the Purchase Agreement) of such Guarantor.

 

(p)              
WAIVER OF JURY TRIAL. EACH GUARANTOR AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, THE PURCHASERS, HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTEE AND FOR ANY COUNTERCLAIM THEREIN.

 

*********************

 

 

(Signature
Pages Follow)

 

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IN WITNESS WHEREOF, each
of the undersigned has caused this Guarantee to be duly executed and delivered as of the date first above written.

  

	Black Diamond Energy LLC	 
	 	 
	By:  _________________________________	 
	Name:	 
	Title:	 
	 	 
	Black Diamond Energy Holdings LLC	 
	 	 
	By:  _________________________________	 
	Name:	 
	Title: 	 
	 	 
	BDE Tractor Leasing I, LLC	 
	 	 
	By:  _________________________________	 
	Name:	 
	Title:	 

 

 

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SCHEDULE 1

 

GUARANTORS

 

The following are the names, notice addresses
and jurisdiction of organization of each Guarantor.

 

	 	 	COMPANY
	 	JURISDICTION OF	OWNED BY
	 	FORMATION	PERCENTAGE
	 	 	 
	Black Diamond Energy LLC	Delaware	100%
	 	 	 
	Black Diamond Energy Holdings LLC	Delaware	100%
	 	 	 
	BDE Tractor Leasing I, LLC	Delaware	100%

 

 

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Annex
1 to

SUBSIDIARY GUARANTEE

 

ASSUMPTION AGREEMENT, dated as of ____ __,
______ made by ______________________________, a ______________ corporation (the “Additional Guarantor”), in
favor of the Purchasers pursuant to the Purchase Agreement referred to below. All capitalized terms not defined herein shall have
the meaning ascribed to them in such Purchase Agreement.

W I T N E S S E T H :

 

WHEREAS, Legend Oil and
Gas, Ltd., a Colorado corporation (the “Company”) and the Purchasers have entered into a Securities Purchase
Agreement, dated as of September [__], 2016 (as amended, supplemented or otherwise modified from time to time, the Purchase
Agreement”);

 

WHEREAS, in connection with the Purchase Agreement, the Subsidiaries of the Company (other than the Additional Guarantor)
have entered into the Subsidiary Guarantee, dated as of September [__], 2016 (as amended, supplemented or otherwise modified from
time to time, the “Guarantee”) in favor of the Purchasers;

 

WHEREAS, the Purchase
Agreement requires the Additional Guarantor to become a party to the Guarantee; and

 

WHEREAS, the Additional Guarantor has agreed to execute and deliver this Assumption
Agreement in order to become a party to the Guarantee;

 

NOW, THEREFORE, IT IS
AGREED:

 

1.                 
Guarantee. By executing and delivering this Assumption Agreement, the Additional Guarantor,
as provided in Section 5(m) of the Guarantee, hereby becomes a party to the Guarantee as a Guarantor thereunder with the same force
and effect as if originally named therein as a Guarantor and, without limiting the generality of the foregoing, hereby expressly
assumes all obligations and liabilities of a Guarantor thereunder. The information set forth in Annex 1 hereto is hereby added
to the information set forth in Schedule 1 to the Guarantee. The Additional Guarantor hereby represents and warrants that each
of the representations and warranties contained in Section 3 of the Guarantee is true and correct on and as the date hereof as
to such Additional Guarantor (after giving effect to this Assumption Agreement) as if made on and as of such date.

 

2.                 
Governing Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

    	 	15	 

    	 

    

 

IN WITNESS WHEREOF, the
undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above written.

 

	 	[ADDITIONAL GUARANTOR]
	 	 
	 	By:  ___________________________________
	 	Name:
	 	Title:

 

 

 

    	 	16Legend Oil & Gas, Ltd. 8-K

Exhibit 10.4

 

 

October 1st, 2016

 

Legend Oil and Gas, Ltd.

555 North Point Center E.

Suite 400

Alpharetta, GA 30022

 

Gentlemen:

 

This letter agreement (the “Agreement”)
amends the prior letter Agreement dated September 2015, and sets forth the understanding between Andrew Reckles (or his designee)
and Legend Oil & Gas, Ltd. and its affiliated entities (collectively, the “Company”) for the engagement
of Andrew Reckles, Managing Partner of Northpoint Energy Partners, to serve as Chairman of the Board and Chief Executive Officer
of the Company (“Mr. Reckles” or the “CEO”) during the term hereof. This Agreement shall
be effective on the date that it is executed by you in the space provided for your signature below.

 

	I. APPOINTMENT OF CHIEF EXECUTIVE OFFICER

 

Mr. Reckles will continue as CEO of the
Company subject to the terms and conditions of this amended Agreement

 

	II. TERM

 

The term of Mr. Reckles appointment shall
be effective on this date and shall be twenty-four (24) months from and after the date hereof (the “Employment Term”)
unless sooner terminated as more fully provided in Section V hereof. Each twelve-month period of the Employment Term beginning
on the date hereof shall be hereinafter referred to as an “Employment Year”.

 

	III. SCOPE AND LOCATION OF SERVICES 

 

Mr. Reckles’ ordinary course duties
as CEO will involve managing the Company’s day to day business affairs and he shall have such duties, authority and responsibility
as shall be determined and are assigned to him by the Board of Directors of the Company (the “Board”), which
duties, authority and responsibility are consistent with the position of CEO. During the Employment Term, Mr. Reckles shall also
serve as Chairman of the Board. During the Employment Term, Mr. Reckles shall devote such time as is necessary to perform such
duties and responsibilities but shall be free to engage in any other business, profession or occupation for compensation or otherwise
so long as same will not conflict or interfere with the performance of such duties and responsibilities. The CEO shall perform
his duties and responsibilities hereunder either at the offices of the Company or Northpoint or such other place as is convenient
to the CEO.

 

IV. FEES AND EXPENSES

 

		A.	Amended Base Compensation

 

As base compensation (“Base
Compensation”) for the CEO’s services, the Company shall pay the CEO a non-refundable fee of $25,000 per month
payable in advance on the date hereof and each successive monthly anniversary date of this Agreement.

 

 

		B.	Additional Compensation.

 

In addition to the Base Compensation the CEO will
receive additional compensation (the “Additional Compensation”) as follows:

 

(1) reimbursement, on a monthly basis, of his out-of-pocket
costs and expenses to obtain health insurance policy coverage for himself and his wife that is satisfactory to Mr. Reckles payable
monthly by the Company provided, however, that the maximum amount payable by the Company to Mr. Reckles in connection therewith
shall not exceed $1000 per month; OR should Mr. Reckles choose to participate in the Company benefit plan, he may do so and coverage
shall be provided for he and his wife.

 

(2) Starting in calendar year
2016, an annual bonus (“annual bonus”) payable either in common stock of the Company or cash or a combination thereof,
at the option of the BOD in the amount of or having a value equal to up to 50% of your Base Compensation at the time; annual bonuses
shall be based on performance criteria to be determined by the Board; any annual bonus shall be accrued and earned monthly throughout
the Calendar year, but will be payable quarterly during the year in which they are earned. The annual bonus is subject to the
“Termination” section below.

 

(3) for the term of this agreement, the Company
shall provide a Company vehicle to Northpoint for Mr. Reckles’ use.

 

(4) beginning October 1st, 2015, and
continuing for the term of this agreement, the Company shall provide a two week annual paid vacation to Mr. Reckles. The vacation
shall be paid for by the company up to a total of $20,000.

 

 

    	 

    	 

    

 

(5 “Change
in Control” bonus. In the event of a change in control as defined below, Mr. Reckles is entitled to receive a one time bonus,
in cash, equal to 150% of his Base Compensation PLUS his to date accrued and unearned annual bonus through the contractual period.

 

(6) EBITDA bonus. Should the
Company achieve EBITDA in any quarter of $350,000 or greater, the CEO shall be entitled to a cash bonus equal to $25,000.00.

 

(7) Acquisition bonus: Should
the Company make a Material Acquisition, it is understood that the CEO and the BOD will work together to amend the “Base
Compensation” section of this document in order to properly compensate the CEO for the expansion of the duties that such
an acquisition would entail.

 

		C.	Out-Of-Pocket Expenses

 

The Company shall pay directly or reimburse
the CEO, upon receipt of periodic billings, for all reasonable out-of-pocket expenses incurred in connection with this Agreement
and the engagement hereunder, including, but not limited to, travel, lodging, postage, computer and research charges, attorneys’
fees, messenger services, telephone and facsimile services and other charges customarily recoverable as out-of-pocket expenses.
In addition, the Company shall pay to Northpoint or Mr. Reckles its or his reasonable legal fees incurred in negotiating and drafting
this Agreement.

 

	V. Termination

 

		A.	Termination of Employment.

 

The Employment Term and the CEO’s
employment hereunder may be terminated by Company and the CEO at any time upon mutual agreement of the Company and the CEO or by
the CEO or the Company as provided in this Section V. Except as hereinafter provided in this Section V, upon termination of the
CEO’s employment during the Employment Term, the CEO shall be entitled to the compensation and benefits described in Section
IV hereof through the Termination Date.

 

		B.	Expiration of the Term for Cause or Without Good Reason. 

 

The CEO’s employment hereunder
may be terminated by the Company for “Cause”, as such term is hereinafter defined, or by the CEO without “Good
Reason”, as such term is hereinafter defined. If the CEO’s employment is terminated by the Company for Cause or by
the CEO without Good Reason, the CEO shall be entitled to receive: (i) any accrued but unpaid Base Compensation which shall be
paid on the “Termination Date”, as hereinafter defined, within one (1) week following the Termination Date;
(ii) any earned but unpaid Annual Bonus with respect to any completed calendar/fiscal year immediately preceding the Termination
Date, which shall be paid on the otherwise applicable payment provided; and (iii) reimbursement for unreimbursed business expenses
properly incurred by the CEO including, without limitation, health insurance costs as provided in Section IV hereof. For purposes
of this Agreement, “Cause” shall mean:

 

		(1)	the CEO’s willful failure to perform his duties and responsibilities (other than any such failure resulting from incapacity
due to physical or mental illness);

		(2)	the CEO’s willful failure to comply with any valid and legal directive of the Board;

		(3)	the CEO willful engagement in dishonesty, illegal conduct or gross misconduct, which is, in each case, materially injurious
to the Company;

		(4)	the CEO’s embezzlement, misappropriation or fraud related to the CEO’s employment with the Company;

		(5)	the CEO’s conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent)
or a crime that constitutes a misdemeanor involving moral turpitude[, if such felony or other crime is work-related, materially
impairs the CEO’s ability to perform services for the Company or results in material/reputational or financial harm to the
Company; or

		(6)	the CEO’s willful unauthorized disclosure of “Confidential Information”, as hereinafter defined.

 

For purposes of this provision, no act or failure to act
on the part of the CEO shall be considered “willful” unless it is done, or omitted to be done, by the CEO in bad faith
or without reasonable belief that the CEO’s action or omission was in the best interests of the Company. Any act, or failure
to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the advice of counsel for the Company
shall be conclusively presumed to be done, or omitted to be done, by the CEO in good faith and in the best interests of the Company.
For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following, in each case during
the Employment Term without the CEO ‘s written consent: (i) any material breach by the Company of any material provision
of this Agreement including, without limitation, failure to pay the CEO any of the Base Compensation or Additional Compensation
provided for herein within five (5) business days of the due date thereof and a material, adverse change in the CEO’s authority,
duties or responsibilities (other than temporarily while the CEO is physically or mentally incapacitated or as required by applicable
law and (ii) any Change in Control. For purposes of this Agreement, “Change in Control” shall mean the occurrence
of any of the following: (x) one person (or more than one person acting as a group) acquires ownership of stock of the Company
that, together with the stock held by such person or group, constitutes more 50% of the voting power of the stock of the Company;
(y) the sale of all or substantially all of the Company’s assets; or (z) the merger or consolidation of the Company with
another person, firm or entity that is not currently an affiliate of the Company.

 

		C.	Without Cause or for Good Reason.

 

 

    	 

    	 

    

 

The Employment Term and the CEO’s
employment hereunder may be terminated by the CEO for Good Reason or by the Company without Cause. In the event of such termination,
the CEO shall be entitled to receive payments that equal the balance of the term of this agreement for all “base compensation”,
as well as all “annual bonuses” as well as ANY other bonuses and benefits that would be payable under Section IV, B
“additional compensation of this agreement.

 

		D.	Death or Disability.

 

The CEO’s employment hereunder
shall terminate automatically upon the CEO’s death during the Employment Term, and the Company may terminate the CEO s employment
on account of the CEO’s Disability. If the CEO’s employment is terminated during the Employment Term on account of
the CEO’s death or Disability, the CEO (or the CEO’s estate and/or beneficiaries, as the case may be) shall be entitled
to receive all of the Base Compensation and Additional Compensation that would have accrued and be payable to the CEO for the Employment
Year in which his death or disability occurred. For purposes of clarification, any Annual Bonus for the Employment Year in which
the CEO’s death or disability may occur shall be prorated to the date of death or disability. For purposes of this Agreement,
“Disability” shall mean the CEO’s inability, due to physical or mental incapacity, to substantially perform
his duties and responsibilities under this Agreement for one hundred eighty (180) days out of any three hundred sixty-five (365)
day. Any question as to the existence of the CEO’s Disability as to which the CEO and the Company cannot agree shall be determined
in writing by a qualified independent physician mutually acceptable to the CEO and the Company. If the CEO and the Company cannot
agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall select a third
who shall make such determination in writing. The determination of Disability made in writing to the Company and the CEO shall
be final and conclusive for all purposes of this Agreement.

 

		E.	Notice of Termination.

 

Any termination of the CEO’s employment
hereunder by the Company or by the CEO during the Employment Term (other than termination pursuant to Section IV.D. on account
of the CEO’s death) shall be communicated by written notice of termination (“Notice of Termination”) to
the other party hereto in accordance with Section X.J. hereof. The Notice of Termination shall specify: (i) the termination provision
of this Agreement relied upon; (ii) to the extent applicable, the facts and circumstances claimed to provide a basis for termination
of the CEO’s employment under the provision so indicated; and (iii) the applicable Termination Date.

 

VI. CONFIDENTIALITY

 

The CEO agrees to keep confidential all
information obtained from the Company, and the CEO will not disclose to any other person or entity, or use for any purpose other
than specified herein, any information pertaining to the Company or any affiliate thereof, which is either non-public, confidential
or proprietary in nature (“Information”) that he obtains or is given access to during the performance of his
duties and responsibilities hereunder. The foregoing is not intended to nor shall it be construed as prohibiting the CEO from disclosure
pursuant to valid subpoena, order or other legal compulsion, but the CEO shall not encourage, suggest, invite or request, or assist
in securing, any such subpoena, court order, or other legal compulsion, and the CEO shall immediately give notice of any such subpoena,
court order, or legal compulsion to the Company. Furthermore, the CEO may make reasonable disclosure of Information to third parties
to the extent necessary in connection with his performance of the his duties and responsibilities hereunder. In addition, the CEO
shall have the right to disclose to others in the normal course of business his involvement with the Company.

 

Information includes data, plans, reports,
schedules, drawings, accounts, records, calculations, specifications, flow sheets, computer programs, source or object codes, results,
models or any work product relating to the business of the Company, its subsidiaries, distributors, affiliates, vendors, customers,
employees, contractors and consultants.

 

VII. INDEMNIFICATION,
ADVANCEMENT AND EXCULPATION

 

The Company agrees to indemnify, provide
advancement to, and hold harmless Northpoint and the CEO and each of their respective partners, employees and agents (the “Indemnified
Persons”), to the fullest extent lawful, from and against any claims, liabilities, losses, damages and expenses (or any
action, claim, suit or proceeding (an “Action”) in respect thereof), as incurred, related to or arising out
of or in connection with the CEO’s services (whether occurring before, at or after the date hereof) under the Agreement or
any Indemnified Person’s role in connection therewith, whether or not resulting from an Indemnified Person’s negligence
(“Losses”), provided, however, that the Company shall not be responsible for any Losses that arise out of or
are based on any action of or failure to act by the CEO to the extent such Losses are determined, by a final, non-appealable judgment
by a court or arbitral tribunal, to have resulted solely from the CEO’s gross negligence or willful misconduct.

 

The Company agrees to reimburse and provide
advancement to the Indemnified Persons for all expenses (including, without limitation, fees and expenses of counsel), including
all costs and expenses (including expenses of counsel) incurred by an Indemnified Person to enforce the Indemnified Person’s
rights hereunder, as they are incurred in connection with investigating, preparing, defending or settling any Action for which
indemnification, advancement or contribution has or is reasonably likely to be sought by the Indemnified Person, whether or not
in connection with litigation in which any Indemnified Person is a named party; provided that if any such reimbursement is determined
by a final, non-appealable judgment by a court or arbitral tribunal, to have resulted solely from the CEO’s gross negligence
or willful misconduct, such Indemnified Person shall promptly repay such amount to the Company. The Company agrees that the CEO
shall not have any personal liability to the Company for monetary damages for breach of fiduciary duty, provided that this limitation
shall not eliminate or limit the liability of the CEO: (i) for any breach of the CEO’s duty of loyalty to the Company, (ii)
for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, or (iii) for any
transaction from which the CEO received an improper personal benefit. Notwithstanding the provisions hereof, the aggregate contribution
of all Indemnified Persons to all Losses shall not exceed the amount of Base Compensation actually received by the CEO with respect
to the services rendered pursuant to the Agreement.

 

    	 

    	 

    

 

 

In addition to the foregoing indemnification,
advancement, and contribution rights, the Company agrees that the CEO will be entitled to the benefit of the most favorable indemnities
provided by the Company to its other officers and directors, whether under the Company’s by-laws, certificates of incorporation,
by contract or otherwise. The Company further agrees that it will include and cover the CEO under the Company’s policy for
directors’ and officers’ (“D&O”) insurance. The Company agrees to maintain D&O insurance
coverage for the CEO for a period of not less than three (3) years following the date of termination of the CEO’s service
under this Agreement. In the event that the Company is unable to include the CEO under the Company’s D&O insurance policies
or if the Company’s D&O policies do not have first dollar coverage in effect for at least the first $3,000,000, it is
agreed that the CEO is permitted to purchase a separate policy for D&O insurance that covers only the CEO and invoice the Company
for the costs associated with such policy as an out-of-pocket expense reimbursement under this Agreement. If the CEO is unable
to purchase such coverage, then the CEO shall have the right to terminate this Agreement upon notice to the Company.

 

The Company agrees that it will not settle
or compromise or consent to the entry of any judgment in, or otherwise seek to terminate any pending or threatened Action in respect
of which indemnification, advancement, or contribution may be sought hereunder (whether or not any Indemnified Person is a party
to such Action) unless the CEO has given his prior written consent, or the settlement, compromise, consent or termination (i) includes
an express unconditional release of such Indemnified Person from all Losses arising out of such Action and (ii) does not include
any admission or assumption of fault on the part of any Indemnified Person.

 

Notwithstanding anything in Section V
of this Agreement to the contrary or inconsistent herewith, the provisions of this Section VII shall survive termination of this
Agreement for whatever reason and regardless of which party terminates this Agreement.

 

VIII. DISCLOSURES

 

The CEO is not aware of any business
relationship he has that creates a potential or actual conflict of interest with respect to the Company. Although the CEO is not
aware of any relationships that connect him to any party in interest, because the CEO serves clients on a national basis, it is
possible that the CEO may have or will render services to or have business associates with other entities which had or have relationships
with the Company.

 

IX. REPRESENTATIONS

 

		A.	By the Company.

 

The Company represents and warrants to
the CEO that it has taken all necessary corporate and other action necessary for it to enter in to this Agreement and to enable
the CEO to perform his duties and responsibilities hereunder. Further, the Company represents and warrants to the CEO that this
Agreement, when executed by you and the undersigned is a valid and binding agreement on the part of the Company enforceable in
accordance with its terms.

 

		B.	By the CEO

 

The CEO represents and warrants to the
Company that his acceptance of employment with the Company and the performance of his duties and responsibilities hereunder will
not conflict with or result in a violation of, a breach of, or a default under any contract, agreement or understanding to which
he is a party or is otherwise bound.

 

X. GENERAL

		A.	Complete Agreement

 

This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and supersedes any other prior communications, understandings
and agreements (both written and oral) between the parties with respect to the subject matter hereof.

 

		B.	Amendments

 

This Agreement may be modified, amended
or supplemented only by a written agreement between the parties hereto. The CEO will not be responsible for performing any services
not specifically described in this Agreement or in a subsequent writing signed by the parties.

 

		C.	Governing Law

 

This Agreement and all controversies
arising from or related to the performance hereunder shall be governed by, and construed in accordance with, the laws of the State
of Colorado, without giving effect to such State’s conflicts of law principles.

 

		D.	Severability

 

If any portion of this Agreement shall
be determined to be invalid or unenforceable, the parties agree that the remainder shall be valid and enforceable to the maximum
extent possible.

 

 

    	 

    	 

    

 

		E.	Sole Benefit

 

This Agreement has been and is made solely
for the benefit of the Company, Northpoint and the CEO and their respective successors and assigns, and no other person or entity
shall acquire or have any right under or by virtue of this Agreement.

 

		F.	Assignment

 

Neither party may assign or transfer
its rights or obligations under this Agreement without the prior written consent of the other party.

 

		G.	No Waivers

 

Each party agrees that no failure or
delay by the other party in exercising any right, power or privilege hereunder will operate as a waiver thereof, nor will any single
or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder.

 

		H.	Captions.

 

Captions and headings of the sections
and paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference
to the caption or heading of any section or paragraph.

 

		I.	Counterparts.

 

This Agreement may be executed in separate
counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.

 

		J.	Notices

 

All notices required or permitted to
be delivered under this Agreement shall be sent, if to the CEO, to the attention of the CEO, and if to the Company, to the attention
of Warren Binderman. All notices under this Agreement shall be sufficient if delivered by facsimile, electronic mail, or overnight
courier. Any notice shall be deemed to have been given only upon actual receipt. Mailed notices shall be addressed as set forth
below, or to such other name or address as may be given in writing to the other party.

 

	 	 To the CEO:	Andrew Reckles	 
	 	 	Facsimile:	 
	 	 	Email: andy@andy@midconoil.com	 
	 	 	 	 
	 	To the Company	Legend Oil and Gas,
Ltd.	 
	 	 	555 North Point Center East, Ste.
401	 
	 	 	Alpharetta, GA 30022	 
	 	 	Attn: Warren Binderman	 
	 	 	Facsimile:(678) 608-2565	 
	 	 	Email: wbinderman@bindermanllc.com	 

 

Please confirm the foregoing is in accordance
with your understanding by signing and returning a copy of this Agreement.

 

	 	Sincerely,
	 	 
	 	Andrew Reckles
	 	 
	 	By: 	
	 	Name:

        Title:
	Andrew Reckles
CEO

 

	AGREED AND ACKNOWLEDGED:	 
	 	 
	Legend Oil and Gas, Ltd.	 
	 	 
	 	 
	By:	 
	Name:Warren S. Binderman	 
	Title: President	 
	 	 
	Dated:

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