Document:

Amendment
No. 8

to

Tranche
A Senior Secured Convertible Notes and Tranche B Senior Secured Convertible Notes 

 

This Amendment No.
8 to Tranche A Senior Secured Convertible Notes and Tranche B Senior Secured Convertible Notes (this “Amendment”)
is entered into effective as of March 30, 2012 (the “Effective Date”), by and among Genesis Biopharma, Inc.,
a Nevada corporation (the “Company”), and the parties set forth on the signature page hereto as the “Holders”
(the “Holders”).

 

Background

 

A.The Company and
the Holders are the parties to the (A) Tranche A Senior Secured Convertible Notes (the “Tranche A Notes”) and
(B) Tranche B Senior Secured Convertible Notes (the “Tranche B Notes”), each as amended by Amendment No. 1 to
Tranche A Senior Secured Convertible Notes and Tranche B Senior Secured Convertible Notes, dated as of November 30, 2011, Amendment
No. 2 to Tranche A Senior Secured Convertible Notes and Tranche B Senior Secured Convertible Notes, dated as of December 19, 2011,
Amendment No. 3 to Tranche A Senior Secured Convertible Notes and Tranche B Senior Secured Convertible Notes, dated as of January
5, 2012, Amendment No. 4 to Tranche A Senior Secured Convertible Notes and Tranche B Senior Secured Convertible Notes, dated as
of January 13, 2012 and Amendment No. 5 to Tranche A Senior Secured Convertible Notes and Tranche B Senior Secured Convertible
Notes, dated as of January 31, 2012, Amendment No. 6 to Tranche A Secured Convertible Notes and Tranche B Secured Convertible Notes,
dated February 29, 2012 and Amendment No. 7 to Tranche A Secured Convertible Notes and Tranche B Secured Convertible Notes, dated
March 13, 2012.

 

B.The Holders own
all of the currently outstanding Tranche A Notes and Tranche B Notes.

 

C.The Company and
the Holders wish to further amend the Tranche A Notes and the Tranche B Notes as set forth in this Amendment.

 

Agreement

 

The Company and the
Holders agree as follows:

 

1.The capitalized
term “Maturity Date” as defined in Section 1 of each of the Tranche A Notes is hereby amended and hereafter shall be
defined to be April 17, 2012.

 

2.The capitalized
term “Maturity Date” as defined in Section 1 of each of the Tranche B Notes is hereby amended and hereafter shall be
defined to be April 17, 2012.

 

3.Except as expressly
set forth in the preceding Sections 1 and 2, each of the Tranche A Notes and the Tranche B Notes shall remain in full force and
effect.

 

    	 

    	 

    

4.Each Holder represents
and warrants to the Company that this Amendment has been duly authorized, executed and delivered by him, her or it and constitutes
his, her or its legal, valid and binding obligation, enforceable against him, her or it in accordance with its terms.

 

5.The Company represents
and warrants to the Holders that this Amendment has been duly authorized, executed and delivered by the Company and constitutes
the Company’s legal, valid and binding obligation, enforceable against the Company in accordance with its terms.

 

6.This Amendment
may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute
a single contract.

 

7.THIS AMENDMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO CONFLICT OF LAWS PRINCIPLES WHICH MIGHT CAUSE THE LAWS OF ANY OTHER JURISDICTION TO BE APPLIED.

 

 

 

    	 

    	 

    

IN WITNESS WHEREOF,
the Company and the Holders have duly executed this Amendment effective as of the Effective Date.

 

	COMPANY:	 	HOLDER:
	 	 	 	 	 

	GENESIS BIOPHARMA, INC.	 	Ayer Capital Partners Master Fund, L.P.
	 	 	 	 	 

	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	 	 	 
	 	 	 
	HOLDER:	 	HOLDER:
	 	 	 	 	 
	Epworth-Ayer Capital	 	Bristol Investment Fund, Ltd.
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	 	 	 	 	 
	 	 	 	 	 
	HOLDER:	 	 	 
	 	 	 	 	 
	Ayer Capital Partners Kestrel Fund, LP	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Name:	 	 	 	 
	Title:Amendment
No. 5

to

Tranche
A Warrants to Purchase Common Stock and Tranche B Warrants to Purchase Common Stock 

 

This Amendment No.
5 to Tranche A Warrants to Purchase Common Stock and Tranche B Warrants to Purchase Common Stock (this “Amendment”)
is entered into effective as of March 30, 2012 (the “Effective Date”), by and among Genesis Biopharma, Inc.,
a Nevada corporation (the “Company”), and the parties set forth on the signature page hereto as the “Holders”
(the “Holders”).

 

Background

 

A.The Company and
the Holders are the parties to the (A) Tranche A Warrants to Purchase Common Stock (the “Tranche A Warrants”)
and (B) Tranche B Warrants to Purchase Common Stock (the “Tranche B Warrants”), as amended by Amendment No.
1 to Tranche A Warrants to Purchase Common Stock and Tranche B Warrants to Purchase Common Stock, dated as of November 30, 2011,
Amendment No. 2 to Tranche A Warrants to Purchase Common Stock and Tranche B Warrants to Purchase Common Stock, dated as of December
19, 2011, Amendment No. 3 to Tranche A Warrants to Purchase Common Stock and Tranche B Warrants to Purchase Common Stock, dated
as of January 13, 2012 and Amendment No. 4 to Tranche A Warrants to Purchase Common Stock and Tranche B Warrants to Purchase Common
Stock, dated as of January 31, 2012.

 

B.The Holders own
all of the currently outstanding Tranche A Warrants and Tranche B Warrants.

 

C.The Company and
the Holders wish to amend the Tranche A Warrants and the Tranche B Warrants as set forth in this Amendment.

 

Agreement

 

The Company and the
Holders agree as follows:

 

1.Section 1(d)
of each of the Tranche A Warrants is hereby deleted in its entirety and replaced by the following:

 

“Cashless
Exercise.  Notwithstanding anything contained herein to the contrary, 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”):

 

	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.”

 

2.Section 1(d)
of each of the Tranche B Warrants is hereby deleted in its entirety and replaced by the following:

 

“Cashless
Exercise.  Notwithstanding anything contained herein to the contrary, 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”):

 

	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.”

 

3.Except as expressly
set forth in the preceding Sections 1 and 2, each of the Tranche A Warrants and the Tranche B Warrants shall remain in full force
and effect.

 

4.Each Holder represents
and warrants to the Company that this Amendment has been duly authorized, executed and delivered by him, her or it and constitutes
his, her or its legal, valid and binding obligation, enforceable against him, her or it in accordance with its terms.

 

5.The Company represents
and warrants to the Holders that this Amendment has been duly authorized, executed and delivered by the Company and constitutes
the Company’s legal, valid and binding obligation, enforceable against the Company in accordance with its terms.

    	 

    	 

    

 

6.This Amendment
may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute
a single contract.

 

7.THIS AMENDMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO CONFLICT OF LAWS PRINCIPLES WHICH MIGHT CAUSE THE LAWS OF ANY OTHER JURISDICTION TO BE APPLIED.

 

    	 

    	 

    

IN WITNESS WHEREOF,
the Company and the Holders have duly executed this Amendment effective as of the Effective Date.

 

	COMPANY:	 	HOLDER:
	 	 	 	 	 
	GENESIS BIOPHARMA, INC.	 	Ayer Capital Partners Master Fund, L.P.
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	 	 	 	 	 
	 	 	 	 	 
	HOLDER:	 	HOLDER:
	 	 	 	 	 
	Epworth-Ayer Capital	 	Bristol Investment Fund, Ltd.
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	 	 	 	 	 
	 	 	 	 	 
	HOLDER:	 	 	 
	 	 	 	 	 
	Ayer Capital Partners Kestrel Fund, LP	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Name:	 	 	 	 
	Title:EXHIBIT 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT
AGREEMENT (this “Agreement”) is entered into on March 30, 2012 by and between Martin J. Beskow, a resident of the
State of Minnesota (“Employee”), and Voyager Oil & Gas, Inc., a Montana corporation (the “Company”).

 

WHEREAS, the
Company desires to employ Employee and Employee desires to be employed by the Company pursuant to the terms and conditions set
forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the mutual covenants herein contained, the parties agree as follows:

 

		1.	Employment.

 

1.1Term.
Effective as of March 30, 2012 (the “Effective Date”), the Company hereby employs Employee, and Employee hereby accepts
such employment, on the terms and conditions set forth herein, for the period commencing on the Effective Date and continuing until
the closing of business on March 31, 2013 (the “Term”), unless sooner terminated pursuant hereto.

 

1.2Services.
The Company hereby agrees to employ Employee in the role of Executive Vice President, and Employee hereby accepts such employment
with the Company on the terms and conditions set forth herein. Employee shall perform all activities and services as the Company’s
Executive Vice President on a full-time basis, which shall include duties and responsibilities as the Company’s Board of
Directors may from time-to-time reasonably prescribe consistent with the duties and responsibilities of the Executive Vice President
of the Company, including without limitation, advising and consulting with the Company and its Board of Directors and officers
on matters of strategic development; broadening market visibility of the Company; introducing the Company to potential equity and
debt investors and assist in structuring capital markets program to meet the needs of growing the Company; advising on capital
strategy matters relating to the Company; assisting in the preparation of public filings and other public materials; performing
the Company’s investor relations function; and providing advice and counsel regarding potential business strategies, alliances,
ventures, mergers and other items of commercial significance (collectively, the “Services”). Employee shall use his
best efforts to make himself available to render such Services on a full-time basis to the best of his abilities. The Services
shall be performed in a good professional and workmanlike manner by Employee, to the Company’s reasonable satisfaction, which
shall include duties and responsibilities as the Company’s Executive Vice President. Employee shall have the authority to
bind the Company to any contract, agreement or other arrangement, whether oral or written, or make any representation or deliver
any instructions on behalf of the Company. Employee agrees that he shall not be employed by or provide consulting services to any
other person or entity without the prior written consent of the Company.

 

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2.At-Will
Relationship; Severance. Employee’s employment with the Company shall be entirely “at-will,” meaning
that either Employee or the Company may terminate such employment relationship by terminating this Agreement in writing delivered
to the other party at any time for any reason or for no reason at all; provided, however, if (a) Employee’s employment
is terminated by the Company for any reason other than death, disability or for Cause (as defined below), (b) such termination
constitutes a Separation from Service (as defined below), or (c) Employee executes and does not rescind within 60 days of the date
of termination a separation agreement supplied by the Company, which will include, but not be limited to, a comprehensive release
of all legal claims, then the Company will (i) pay Employee in equal installments at regular payroll intervals, beginning on the
first payroll date following the 60th day following Employee’s date of termination and ending on the last payroll
date prior to the first anniversary of Employee’s date of termination, an amount equal to twelve (12) months of Employee’s
then current base salary, subject to required and authorized deductions and withholdings; and (ii) reimburse Employee monthly on
an after-tax basis for the Company’s ordinary share of premiums for twelve (12) calendar months for Employee’s COBRA
continuation coverage in the Company’s group medical and dental plans (as applicable), provided Employee elects such continuation
coverage and timely pays Employee’s share of such premiums, if any. For purposes of this Agreement, “Separation from
Service” means a separation from service within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”), and the regulations and other guidance thereunder. For purposes of this Agreement, a termination for
Cause means a termination resulting from (i) an intentional act of fraud, embezzlement, theft or any other material violation of
law, (ii) gross negligence or intentional damage to the Company’s reputation or assets, (iii) gross negligence or intentional
disclosure of Confidential Information and Materials (as defined below) contrary to Employee’s obligations set forth in Section
5 below, (iv) the willful and continued failure to substantially perform required duties for the Company (other than as a result
of incapacity due to physical or mental illness), or (v) a material breach of this Agreement that is not cured within 14 days of
receiving notice from the Company of such breach.

 

3.Compensation.
In consideration for Employee entering into this Agreement with the Company and performing the Services required hereunder during
the term of this Agreement:

 

3.1Annual
Salary. Employee shall receive from the Company an annual base salary of Two Hundred Twenty Five Thousand Dollars ($225,000)
commencing on the Effective Date (the “Annual Salary”) payable to Employee in accordance with the Company’s customary
payroll practices.

 

3.2Bonus
Compensation. In addition to Employee’s Annual Salary, Employee shall be eligible to receive such bonuses as may be determined
appropriate in the sole discretion of the Company’s Compensation Committee or Board of Directors from time-to-time; provided,
however, that any such bonus be paid no later than 2 1⁄2 months following the end of the taxable year in which the
applicable bonus was earned; provided further, that nothing herein shall obligate the Company to pay any bonus to Employee
at any time.

 

3.3Stock Option Grants.
Effective March 30, 2012, the Company granted a Nonqualified Stock Option to Employee to purchase 350,000 shares
of common stock of the Company under the Voyager Oil & Gas, Inc. 2011 Equity Incentive Plan (the “Equity Incentive Plan”)
pursuant to the terms and conditions set forth in the Nonqualified Stock Option relating thereto, including ratable vesting over
the Term.

 

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4.Benefits.
During the term of this Agreement, Employee will be entitled to participate in the following benefit plans to the extent available
through the Company in accordance with the policies and plans adopted by the Company, as may be amended from time-to-time:

 

4.1Retirement
Plans. Employee shall be entitled to participate in the Company’s 401(k), profit sharing and other retirement plans (the
“Plan”) presently in effect or hereafter adopted by the Company, to the extent that such Plan relates generally to
all employees of the Company.

 

4.2Vacation.
Employee shall be entitled to vacation pursuant to such general policies and procedures of the Company consistent with past practices
as are from time to time adopted by the Company.

 

4.3Expense
Reimbursement. Employee shall be reimbursed by the Company for all ordinary and customary business expenses, including travel
and other disbursements pre-approved by the Company’s Chief Executive Officer or the Company’s Board of Directors.
Employee shall provide such appropriate documentation regarding such expenses and disbursements as Company may reasonably require.
Reimbursement shall occur once per month and must be paid no later than 21⁄2 months following the end of the taxable year
in which such expenses are incurred.

 

4.4Health
Insurance. Employee, Employee’s spouse and any children of Employee (the “Employee’s Family”) shall
be entitled to participate in health, hospitalization, disability, dental and other such health-related benefits and/or insurance
plans that the Company may have in effect from time-to-time, all of which insurance premiums shall be paid by the Company on behalf
of Employee and Employee’s Family.

 

4.5Other
Benefits. Employee shall also be entitled to such other benefits as the Company may from time-to-time generally provide to
its personnel, at the discretion of and as permitted by the Company’s management.

 

5.Confidential
Information.

 

5.1Employee
shall maintain the confidentiality of all trade secrets, (whether owned or licensed by the Company) and related or other interpretative
materials and analyses of the Company’s projects, or knowledge of the existence of any material, information, analyses, projects,
proposed joint ventures, mergers, acquisitions, divestitures and other such anticipated or contemplated business ventures of the
Company, and other confidential or proprietary information of the Company (“Confidential Information and Materials”)
obtained by Employee as result of this Agreement during the term of the Agreement and for two (2) years following termination of
Employee’s employment with the Company.

 

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5.2In
the event that such Confidential Information and Materials are memorialized on any computer hardware, software, CD-ROM, disk, tape,
or other media, Company shall have the right, subject to the rights of third parties under contract, copyright, or other law, to
view, use, and copy for safekeeping or backup purposes such Confidential Information and Materials. During the period of confidentiality,
Employee shall make no use of such Confidential Information and Materials for his own financial or other benefit, and shall not
retain any originals or copies, or reveal or disclose any Confidential Information and Materials to any third parties, except as
otherwise expressly agreed by the Company. Employee shall have no right to use the Company’s corporate logos, trademarks,
service marks, or other intellectual property without prior written permission of the Company and subject to any limitations or
restrictions upon such use as the Company may require.

 

5.3Upon
expiration or termination of this Agreement, Employee shall turn over to a designated representative of the Company all property
in Employee’s possession and custody and belonging to the Company. Employee shall not retain any copies or reproductions
of correspondence, memoranda, reports, notebooks, drawings, photographs or other documents relating in any way to the affairs of
the Company and containing Confidential Information and Materials which came into Employee’s possession at any time during
the term of this Agreement.

 

5.4Employee
acknowledges that the Company is a public company registered under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and that this Agreement may be subject to the filing requirements of the Exchange Act. Employee acknowledges and agrees
that the applicable insider trading rules and limitations on disclosure of non-public information set forth in the Exchange Act
and rules and regulations promulgated by the Securities and Exchange Commission (the “SEC”) shall apply to this Agreement
and Employee’s employment with the Company. Employee (on behalf of himself as well as his executors, heirs, administrators
and assigns) absolutely and unconditionally agrees to indemnify and hold harmless the Company and all of its past, present and
future affiliates, executors, heirs, administrators, shareholders, employees, officers, directors, attorneys, accountants, agents,
representatives, predecessors, successors and assigns from any and all claims, debts, demands, accounts, judgments, causes of action,
equitable relief, damages, costs, charges, complaints, obligations, controversies, actions, suits, proceedings, expenses, responsibilities
and liabilities of every kind and character whatsoever (including, but not limited to, reasonable attorneys’ fees and costs)
in the event of Employee’s breach or alleged breach of any obligation under the Exchange Act, any rules promulgated by the
SEC and any other applicable federal or state laws, rules, regulations, or orders.

 

5.5The
parties agree that the provisions of this Section 5 shall survive any termination of this Agreement.

 

6.Non-Competition
and Non-Solicitation.

 

6.1Employee
agrees that he will not, directly or indirectly:

 

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(i)anywhere
within the United States, engage, directly or indirectly, alone or as a shareholder (other than as a holder of less than five percent
(5%) of the common stock of any publicly traded corporation), partner, officer, director, employee, consultant or advisor, or otherwise
in any way participate in or become associated with, any other business organization that is engaged or becomes engaged in any
business that is the same or substantially identical business of the Company, or is directly competitive with, any business activity
that the Company is conducting at the time of the Employee’s termination or has notified the Employee that it proposes to
conduct and for which the Company has, prior to the time of such termination, expended substantial resources (the “Designated
Industry”),

 

(ii)solicit
any operator or holder of mineral or other land rights to change, terminate, or alter its relationship with the Company or induce
any such operator or holder to not renew any then existing relationship with the Company, or

 

(iii)solicit
any employee, consultant, or operator of the Company to change its relationship with the Company, or hire or offer employment to
any person to whom the Employee actually knows the Company has offered employment.

 

6.2Employee
agrees to be bound by the provisions of this Section 6 in consideration for the Company’s employment of Employee, payment
of the compensation and benefits provided under Section 3 and Section 4 above and the covenants and agreements set forth herein.
The provisions of this Section 6 shall apply during the term of Employee’s employment with the Company and for a period of
one (1) year following termination of the Employee’s employment; provided, however, that the provisions of this Section
6 shall cease to apply immediately upon any “change in control” or in the event that the Company terminates Employee’s
employment for any reason other than for Cause. For the purposes of this Agreement, a “change in control” shall mean
(i) the consummation of a reorganization, merger, share exchange, consolidation or similar transaction, or the sale or disposition
of all or substantially all of the assets of the Company, unless, in any case, the persons beneficially owning the voting securities
of the Company immediately before the transaction beneficially own, directly or indirectly, immediately after the transaction,
at least fifty percent (50%) of the voting securities of the Company or any other corporation or other entity resulting from or
surviving the transaction in substantially the same proportion as their respective ownership of the voting securities of the Company
immediately prior to the transaction. The parties agree that the provisions of this Section 6 shall survive any termination of
this Agreement, Employee will continue to be bound by the provisions of this Section 6 until their expiration and Employee shall
not be entitled to any compensation from the Company with respect thereto except as provided under this Agreement.

 

6.3Employee
acknowledges that the provisions of this Section 6 are essential to protect the business and goodwill of the Company. If at any
time the provisions of this Section 6 shall be determined to be invalid or unenforceable by reason of being vague or unreasonable
as to area, duration or scope of activity, this Section 6 shall be considered divisible and shall become and be immediately amended
to only such area, duration and scope of activity as shall be determined to be reasonable and enforceable by the court or other
body having jurisdiction over the matter; and the Employee agrees that this Section 6 as so amended shall be valid and binding
as though any invalid or unenforceable provision had not been included herein.

 

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7.Non-Disparagement.
Both the Company and Employee agree that neither they nor any of their respective affiliates, predecessors, subsidiaries, partners,
principals, officers, directors, authorized representatives, agents, employees, successors, assigns, heirs or family members shall
disparage or defame any other party hereto relating in any respect to this Agreement, their relationship or the Company’s
employment of Employee.

 

8.Notices.
Any notice required or permitted under this Agreement shall be personally delivered or sent by recognized overnight courier or
by certified mail, return receipt requested, postage prepaid, and shall be effective when received (if personally delivered or
sent by recognized overnight courier) or on the third day after mailing (if sent by certified mail, return receipt requested, postage
prepaid) to Employee at the address indicated on Exhibit A to this Agreement and to the Company at the following address:

 

Voyager Oil & Gas, Inc.

Attn: Chief Executive Officer

2718 Montana Avenue, Suite 220

Billings, Montana 59101

 

Either party may designate a different
person to whom notices should be sent at any time by notifying the other party in writing in accordance with this Agreement.

 

9.Survival
of Certain Provisions. Those provisions of this Agreement which by their terms extend beyond the termination or non-renewal
of this Agreement (including all representations, warranties, and covenants of the parties) shall remain in full force and effect
and survive such termination or non-renewal.

 

10.Severability.
Each provision of this Agreement shall be considered severable such that if any one provision or clause conflicts with existing
or future applicable law, or may not be given full effect because of such law, this shall not affect any other provision which
can be given effect without the conflicting provision or clause.

 

11.Entire
Agreement. This Agreement, any exhibits and any addendum hereto contain the entire agreement and understanding between
the parties, and supersede all prior agreements and understandings relating to the subject matter hereof. There are no understandings,
conditions, representations or warranties of any kind between the parties except as expressly set forth herein. This Agreement
supersedes and terminates any and all prior employment agreements between the Company and Employee.

 

12.Assignability.
Employee may not assign this Agreement to any third party for whatever purpose without the express written consent of the Company.
The Company may not assign this Agreement to any third party without the express written consent of Employee except by operation
of law, or through merger, liquidation, recapitalization or sale of all or substantially all of the assets of the Company, provided
that the Company may assign this Agreement at any time to an affiliate of the Company. The provisions of this Agreement shall inure
to the benefit of and be binding upon the parties and their respective representatives, successors, and assigns.

 

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13.Headings.
The headings of the paragraphs and sections of this Agreement are inserted solely for the convenience of reference. They shall
in no way define, limit, extend, or aid in the construction of the scope, extent, or intent of this Agreement.

 

14.Waiver.
The failure of a party to enforce the provisions of this Agreement shall not be construed as a waiver of any provision or the right
of such party thereafter to enforce each and every provision of this Agreement.

 

15.Amendments.
No amendments of this Agreement shall be binding upon the Company or Employee unless made in writing, signed by the parties hereto,
and delivered to the parties at the addresses provided herein.

 

16.Governing
Law; Jurisdiction. This Agreement, including the documents, instruments and agreements to be executed and/or delivered
by the parties pursuant hereto, shall be construed, governed by and enforced in accordance with the internal laws of the State
of Montana, without giving effect to the principles of comity or conflicts of laws thereof. Employee and the Company agree and
consent that any legal action, suit or proceeding seeking to enforce any provision of this Agreement shall be instituted and adjudicated
solely and exclusively in any court of general jurisdiction in Montana, or in the United States District Court having jurisdiction
in Montana and Employee and the Company agree that venue will be proper in such courts and waive any objection which they may have
now or hereafter to the venue of any such suit, action or proceeding in such courts, and each hereby irrevocably consents and agrees
to the jurisdiction of said courts in any such suit, action or proceeding. Employee and the Company further agree to accept and
acknowledge service of any and all process which may be served in any such suit, action or proceeding in said courts, and also
agree that service of process or notice upon them shall be deemed in every respect effective service of process or notice upon
them, in any suit, action, proceeding, if given or made (i) according to applicable law, (ii) by a person over the age of eighteen
(18) who personally served such notice or service of process on Employee or the Company, as the case may be, or (iii) by certified
mail, return receipt requested, mailed to employee or the Company, as the case may be, at their respective addresses set forth
in this Agreement.

 

17.Code
Section 409A.

 

17.1The
payments and benefits provided under this Agreement are intended to satisfy Code Section 409A and any ambiguous provision shall
be construed in a manner that is compliant with or exempt from the application of Code Section 409A. The provisions of this Agreement
shall be interpreted in a manner consistent with this intent. For purposes of Code Section 409A, each payment amount or benefit
due under this Agreement shall be considered a separate payment and Employee’s entitlement to a series of payments or benefits
under this Agreement is to be treated as an entitlement to a series of separate payments.

 

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17.2Notwithstanding
anything to the contrary contained herein, in the event Employee is a “specified employee” within the meaning of Code
Section 409A(a)(2)(B)(i) as of his Separation from Service and is entitled to receive any payment or benefit hereunder upon such
Separation from Service that is subject to Code Section 409A, such payment or benefit may not be made earlier than six months following
the date of Employee’s Separation from Service if required by Code Section 409A, in which case, any accumulated postponed
payment or benefit shall be paid or provided in a lump sum within 10 days after the end of the six-month period. If Employee dies
during the six-month period, any postponed amount shall be paid to the personal representative of his estate within 30 days after
the date of his death.

 

17.3Any
reimbursement or in-kind benefit provided under this Agreement which constitutes a “deferral of compensation” within
the meaning of Treasury Regulation Section 1.409A-1(b) shall be made or provided in accordance with the requirements of Code Section
409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the period of time
specified in this Agreement, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a taxable
year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, (iii)
the reimbursement of an eligible expense will be made no later than the last day of the taxable year following the taxable year
in which the expense is incurred, and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange
for another benefit.

 

18.Counterparts
and Electronic Signatures. 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 Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

    	8

    	 

    

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

 

VOYAGER OIL & GAS, INC.

 

 

/s/ James Russell (J.R.) Reger                                      

By: James Russell (J.R.) Reger

Its: Chief Executive Officer and Secretary

 

 

EMPLOYEE:

 

 

/s/ Martin J. Beskow                                                        

Martin J. Beskow

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