Document:

FORM OF WARRANT ISSUED IN CONNECTION WITH AUGUST, 2011 UNITS FINANCING

 Exhibit 4.3 
 FORM OF WARRANT 
 THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES OR BLUE SKY LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT (1) PURSUANT TO A
REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE UNDER THE ACT OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT RELATING TO THE DISPOSITION OF SECURITIES AND (3) IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES AND BLUE SKY LAWS. 
 WARRANT TO PURCHASE SHARES OF COMMON STOCK 

OF 

LEGEND OIL AND GAS, LTD. 

Warrant No.              

DATE EFFECTIVE:                     ,
2011 
 THIS WARRANT is issued by Legend Oil and Gas, Ltd., a Colorado corporation (the “Company”) to
                                         (in
either case, the “Holder”) as compensation for consulting services. 
 THIS CERTIFIES that, for value received, Holder
is entitled to purchase from the Company, subject to the provisions of this Warrant, that number of shares of the Company’s Common Stock equal to
            (            ) shares, at a price of Two U.S. Dollar ($2.00) per share. This Warrant is referred to herein as
the “Warrant” and the shares of Common Stock issuable pursuant to the terms hereof are sometimes referred to herein as “Warrant Shares.” 
 1. Holder Exercise of Warrant. To exercise this Warrant in whole or in part, the Holder shall deliver to the Company at its principal office, (a) a written notice, in substantially the form of
the exercise notice attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant, which notice shall specify the number of shares of Common Stock to be purchased, (b) a check in
the amount of the purchase price for such shares, which shall equal the number of shares of Common Stock to be purchased multiplied by Two U.S. Dollar ($2.00) per share, and (c) this Warrant. The Company shall as promptly as
practicable, and in any event within twenty (20) days after delivery to the Company of (i) the Exercise Notice, (ii) the check mentioned above or a stated election to exercise the warrant on a cashless basis, and (iii) this
Warrant, execute and deliver or cause to be executed and delivered, in accordance with such notice, a certificate or certificates representing the aggregate number of shares of Common Stock specified in such notice. If the Holder elects to purchase,
at any time, less than the number of shares of Common Stock than purchasable under the terms of this Warrant, the Company shall issue to the Holder a new Warrant exercisable for the number of remaining shares of Common Stock purchasable under this
Warrant. Each certificate representing Warrant Shares shall bear the legend or legends required by applicable securities laws as well as such other legend(s) the Company requires to be included on certificates for its Common Stock. The Company shall
pay all expenses, taxes and other charges payable in connection with the preparation, issuance and delivery of such stock certificates except that, in case such stock certificates shall be registered in a name or names other than the name of the
Holder, funds sufficient to pay all stock transfer taxes that are payable upon the issuance of such stock certificate or certificates shall be paid by the Holder at the time of delivering the Exercise

  
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Notice. All shares of Common Stock issued upon the exercise of this Warrant shall be validly issued, fully paid, and non-assessable. This Warrant will expire on
            , 2014 (the “Expiration Date”), and may be exercised on multiple occasions in amounts not less than ten percent (10%) of the original amount issued before the
Expiration Date. 
 2. Transfer of Warrant and Warrant Shares. The Holder may sell, pledge, hypothecate, or otherwise
transfer this Warrant, in whole or in part, only if such sale, pledge, hypothecation, or transfer is made in compliance with the act or pursuant to an available exemption from registration under the act relating to the disposition of securities, and
is made in accordance with applicable state securities laws. 
 3. Loss of Warrant. Upon receipt by the Company of
evidence satisfactory to it of the loss, theft, or destruction of this Warrant, and of indemnification satisfactory to it, or upon surrender and cancellation of this Warrant, if mutilated, the Company will execute and deliver a new Warrant of like
tenor. 
 4. Rights of the Holder. No provision of this Warrant shall be construed as conferring upon the Holder the
right to vote, consent, receive dividends or receive notice other than as expressly provided herein. Prior to exercise, no provision hereof, in the absence of affirmative action by the Holder to exercise this Warrant, and no enumeration herein of
the rights or privileges of the Holder, shall give rise to any liability of the holder for the purchase price of any warrant shares or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

 5. Adjustment of Warrants. 
 a. Adjustments for Stock Dividends, Distributions and Subdivisions. If the Company at any time or from time to time after the original issue date shall declare or pay any dividend or distribution
on the Common Stock payable in Common Stock, or effect a subdivision of the outstanding shares of Common Stock into a greater number of shares of Common Stock (by reclassification or otherwise than by payment of a dividend in Common Stock), then the
number of shares of Common Stock into which this Warrant is exercisable shall be increased to an amount which is equal to the product of (i) the number of shares of Common Stock for which this Warrant is exercisable immediately prior to the
stock dividend, distribution or subdivision, as the case may be, and (ii) a fraction, the numerator of which is equal to the number of shares of Common Stock issued and outstanding after giving effect to such stock dividend, distribution or
subdivision, and the denominator of which is the number of shares of Common Stock issued and outstanding prior to such stock dividend, distribution or subdivision. If the outstanding shares of Common Stock shall be divided or increased because of a
stock dividend or distribution, by stock split or otherwise, into a greater number of shares of Common Stock, the Exercise Price in effect immediately prior to such dividend, distribution or division shall, concurrently with the effectiveness of
such division, dividend or distribution be proportionately decreased. 
 b. Adjustments for Combinations or Consolidation of
Common Stock. If the outstanding shares of Common Stock shall be combined or consolidated, by reclassification, reverse stock split or otherwise, into a lesser number of shares of Common Stock, then the number of shares of Common Stock into
which this Warrant is exercisable shall be decreased to an amount which is equal to the product of (i) the number of shares of Common Stock for which this Warrant is exercisable immediately prior to combination or consolidation, as the case may
be, and (ii) a fraction, the numerator of which is equal to the number of shares of Common Stock issued and outstanding after giving effect to such combination or consolidation, and the denominator of which is the number of shares of Common
Stock issued and outstanding prior to such combination or consolidation. If the outstanding shares of Common Stock shall be combined or consolidated, by reclassification, reverse stock split or otherwise, into a lesser number of shares of Common
Stock, the Exercise Price in effect immediately prior to such combination or consolidation shall, concurrently with the effectiveness of such combination or consolidation, be proportionately increased. 

  
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 c. Adjustment for Mergers or Reorganization, etc. In case of any consolidation or
merger of the Company with or into another corporation or the conveyance of all or substantially all of the assets of the Company to another corporation, this Warrant shall be exercisable into the number of shares of stock or other securities or
property to which a holder of the number of shares of Common Stock of the Company deliverable upon exercise of this Warrant would have been entitled upon such consolidation, merger or conveyance; and, in any such case, appropriate adjustment (as
determined by the Board of Directors of the Company) shall be made in the application of the provisions herein set forth with respect to the rights and interest thereafter of the holder of this Warrant, to the end that the provisions set forth
herein shall thereafter be applicable, as nearly as reasonable may be, in relation to any shares of stock or other property thereafter deliverable upon the exercise of this Warrant. 

d. NO IMPAIRMENT. THE COMPANY WILL NOT, THROUGH ANY REORGANIZATION, TRANSFER OF ASSETS, CONSOLIDATION, MERGER, DISSOLUTION, ISSUE
OR SALE OF SECURITIES OR ANY OTHER VOLUNTARY ACTION, AVOID OR SEEK TO AVOID THE OBSERVANCE OR PERFORMANCE OF ANY OF THE TERMS TO BE OBSERVED OR PERFORMED HEREUNDER BY THE COMPANY, BUT WILL AT ALL TIMES IN GOOD FAITH ASSIST IN THE CARRYING OUT OF ALL
THE PROVISIONS OF THIS SECTION 10 AND IN THE TAKING OF ALL SUCH ACTION AS MAY BE NECESSARY OR APPROPRIATE IN ORDER TO PROTECT THE EXERCISE RIGHTS OF THE HOLDER OF THIS WARRANT AGAINST IMPAIRMENT. 

e. Issue Taxes. The Company shall pay any and all issue and other taxes that may be payable in respect of any issue or delivery of
shares of Common Stock on exercise of this Warrant, in whole or in part; provided, however, that the Company shall not be obligated to pay any transfer taxes resulting from any transfer requested by any holder in connection with any such exercise.

 f. Reservation of Stock Issuable Upon Conversion. The Company shall at all times reserve and keep available out of its
authorized but unissued shares of Common Stock, solely for the purpose of effecting the exercise of this Warrant, such number of its shares of Common Stock as shall from time to time be sufficient to effect the exercise of this Warrant; and if at
any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the exercise of this Warrant, the Company will take all appropriate corporate action as may, in the opinion of its counsel, be necessary to
increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purpose. 

g. Fractional Shares. This Warrant may be exercised only for a whole number of shares of Common Stock, and no fractional shares or
scrip representing fractional shares shall be issuable upon the exercise of this Warrant. 
 6. Certain Distributions. In
case the Company shall, at any time after the date on which the Holder converts the debt owed to it under the Note into Debt Conversion Shares and prior to the Expiration Date set forth in Section 1 hereof, declare any distribution of its
assets to holders of its Common Stock as a partial liquidation, distribution or by way of return of capital, other than as a dividend payable out of earnings or any surplus legally available for dividends, then the Holder shall be entitled, upon the
proper exercise of this Warrant in whole or in part prior to the effecting of such declaration, to receive, in addition to the shares of Common Stock issuable on such exercise, the amount of such assets (or at the option of the Company a sum equal
to the value thereof at the time of such distribution to holders of Common Stock as such value is determined by the Board of Directors of the 

  
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Company in good faith), which would have been payable to the Holder had it been a holder of record of such shares of Common Stock on the record date for the determination of those holders of
Common Stock entitled to such distribution. 
 7. Dissolution or Liquidation. In case the Company shall, at any time
after the date on which the Holder converts the debt owed to it under the Note into Debt Conversion Shares and prior to the Expiration Date set forth in Section 1 hereof, dissolve, liquidate or wind up its affairs, the Holder shall be entitled,
upon the proper exercise of this Warrant in whole or in part and prior to any distribution associated with such dissolution, liquidation, or winding up, to receive on such exercise, in lieu of the shares of Common Stock to which the Holder would
have been entitled, the same kind and amount of assets as would have been distributed or paid to the Holder upon any such dissolution, liquidation or winding up, with respect to such shares of Common Stock had the Holder been a holder of record of
such share of Common Stock on the record date for the determination of those holders of Common Stock entitled to receive any such dissolution, liquidation, or winding up distribution. 

8. Reclassification or Reorganization. In case of any reclassification, capital reorganization or other change of outstanding
shares of Common Stock of the Company (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of an issuance of Common Stock by way of dividend or other distribution or of a subdivision
or combination), the Company shall cause effective provision to be made so that the Holder shall have the right thereafter by exercising this Warrant, to purchase the kind and amount of shares of Stock and other securities and PROPERTY RECEIVABLE
UPON SUCH RECLASSIFICATION, CAPITAL REORGANIZATION OR OTHER CHANGE, BY A HOLDER OF THE NUMBER OF SHARES OF COMMON STOCK WHICH MIGHT HAVE BEEN PURCHASED UPON EXERCISE OF THIS WARRANT IMMEDIATELY PRIOR TO SUCH RECLASSIFICATION OR CHANGE. ANY SUCH
PROVISION SHALL INCLUDE PROVISION FOR ADJUSTMENTS WHICH SHALL BE AS NEARLY EQUIVALENT AS MAY BE PRACTICABLE TO THE ADJUSTMENTS PROVIDED FOR IN THIS WARRANT. THE FOREGOING PROVISIONS OF THIS SECTION 8 SHALL SIMILARLY APPLY TO SUCCESSIVE
RECLASSIFICATIONS, CAPITAL REORGANIZATIONS AND CHANGES OF SHARES OF COMMON STOCK. IN THE EVENT THAT IN ANY SUCH CAPITAL REORGANIZATION, RECLASSIFICATION, OR OTHER CHANGE, ADDITIONAL SHARES OF COMMON STOCK SHALL BE ISSUED IN EXCHANGE, CONVERSION,
SUBSTITUTION OR PAYMENT, IN WHOLE OR IN PART, FOR OR OF A SECURITY OF THE COMPANY OTHER THAN COMMON STOCK, ANY AMOUNT OF THE CONSIDERATION RECEIVED UPON THE ISSUE THEREOF BEING DETERMINED BY THE BOARD OF DIRECTORS OF THE COMPANY SHALL BE FINAL AND
BINDING ON THE HOLDER. 
 9. Miscellaneous. 
 a. Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of, and be binding upon, the respective successors and assigns of the parties, except to the extent
otherwise provided herein. Nothing in this Agreement, express or implied, is intended to confer upon any party, other than the parties hereto or their respective successors and assigns, any rights, remedies, obligations or liabilities under or by
reason of this Agreement, except as expressly provided in this Agreement. 
 b. Governing Law. This Agreement shall be
governed by and construed in accordance with the laws of the State of Washington, without regard to the principles of conflict of laws thereof. 
 c. Counterparts; Delivery by Facsimile. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument. Delivery of this Agreement may be effected by facsimile. 

  
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 d. Titles and Subtitles. The titles and subtitles used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting this Agreement. 
 e. Notices. Unless
otherwise provided, any notice required or permitted hereunder shall be given by personal service upon the party to be notified, by nationwide overnight delivery service or upon deposit with the United States Post Office, by certified mail, return
receipt requested and: (i) if to the Company, addressed to Legend Oil and Gas, Ltd., Attn: James Vandeberg, or at such other address as the Company may designate by notice to each of the Investors in accordance with the provisions of this
Section; and (ii) if to the Warranty holder, at the address indicated on the signature pages hereof, or at such other addresses as such Holder may designate by notice to the Company in accordance with the provisions of this Section. 

f. Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be
waived (either generally or in a particular instance and either prospectively or retroactively), only with the written consent of the Company and a majority in interest of the Holders. 

g. Entire Agreement. This Agreement and the Note (including the exhibits and schedules hereto), by and between the Company and the
Holder, constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties hereto.

 IN WITNESS WHEREOF, the undersigned hereby sets his hand and seal effective as of the
            day of             , 2011. 
  

																					
	COMPANY:
	
	LEGEND OIL AND GAS, LTD.

  

																					
	By:    	 	  

 

																					
	Printed Name:	 	  

 

																					
	Title:	 	  

 

																					
	HOLDER:

  

																					
	By:    	 	  

 

																					
	Printed Name:	 	  

 

																					
	Title:	 	  

 

																					
	Address:	 		 		 		 		 		 		 		 		 		 	  

											
		 		 		 		 		 		 		 		 		 		 	  

											
		 		 		 		 		 		 		 		 		 		 	  

  
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 EXHIBIT A 

NOTICE OF EXERCISE 
 (To be signed only upon exercise of the Warrant) 
 1. The undersigned hereby
elects to purchase             Shares of Legend Oil and Gas, Ltd., pursuant to the terms of the attached Warrant. 
 2. Method of Exercise (Please initial the applicable blank): 
  

	 	        	The undersigned elects to exercise the attached Warrant by means of a cash payment, and tenders herewith or by concurrent wire transfer payment in full for the purchase
price of the shares being purchased, together with all applicable transfer taxes, if any. 

  

	 	        	The undersigned elects to exercise the attached on a cashless basis, and tenders herewith or by concurrent wire transfer payment all applicable transfer taxes, if any,
as follows: 

 No. Shares Purchased             X The
Exercise Price = $             = Exercise Cost 
 Exercise
Cost  =  Number of Shares used in Cashless 
 Exercise Price 

No. Shares Purchased – No. of Shares used in Cashless Exercise =             Net
No. Shares 
 3. Please issue a certificate or certificates representing said Shares in the name of the undersigned or in
such other name as is specified below: 
  

			
		
		 	 
		 	            (Name)
		
		 	 
		
		 	 
		 	            (Address)

  
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 4. The undersigned hereby represents and warrants that the aforesaid Shares are being
acquired for the account of the undersigned for investment and not with a view to, or for resale, in connection with the distribution thereof, and that the undersigned has no present intention of distributing or reselling such shares and all
representations and warranties of the undersigned set forth in the attached Warrant are true and correct as of the date hereof. 
  

			
	 
	(Signature)
		
	 Title:
	  	 
	
	 
	(Date)

  
 7FORM OF SUBSCRIPTION AGREEMENT IN CONNECTION WITH AUGUST, 2011 UNITS FINANCING

 Exhibit 10.8 
 SUBSCRIPTION AGREEMENT 
 SUBSCRIBER’S
NAME:                                        
   
 DATED AS OF AUGUST            , 2011 

BY AND BETWEEN 

LEGEND OIL AND GAS LTD. 
 AND 
 THE SUBSCRIBER LISTED BELOW 

  
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 THE SECURITIES OFFERED HEREBY HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION (THE “SEC”) OR THE SECURITIES COMMISSION OF ANY STATE, NOR HAS ANY SUCH COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS SUBSCRIPTION AGREEMENT (THE “AGREEMENT”). ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE. 
 THE RESTRICTED UNITS ARE BEING OFFERED ONLY TO SUBSCRIBERS WHO ARE NOT “U.S. PERSONS’ UNDER THE DEFINITION SET
FORTH IN REGULATION S. 
 THE SECURITIES OFFERED HEREBY ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR
RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR AN EXEMPTION THEREFROM. SUBSCRIBERS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THEIR INVESTMENT FOR
AN INDEFINITE PERIOD OF TIME. 
 EACH RECIPIENT OF THIS SUBSCRIPTION AGREEMENT IS ENCOURAGED TO AVAIL ITSELF OF THE OPPORTUNITY TO ASK QUESTIONS
OF, AND RECEIVE ANSWERS FROM, THE COMPANY CONCERNING ITS BUSINESS OPERATIONS, THE TERMS AND CONDITIONS OF THIS OFFERING AND TO OBTAIN ADDITIONAL INFORMATION, TO THE EXTENT THAT IT IS POSSESSED OR OBTAINABLE WITHOUT UNREASONABLE EFFORT OR EXPENSE,
NECESSARY TO VERIFY THE ACCURACY OF THE INFORMATION IN THIS PURCHASE AGREEMENT. ANY SUBSCRIBERS HAVING ANY QUESTIONS REGARDING THIS OFFERING OR DESIRING ANY ADDITIONAL INFORMATION OR DOCUMENTS TO VERIFY OR SUPPLEMENT THE INFORMATION CONTAINED HEREIN
SHOULD CONTACT JAMES VANDEBERG, VICE PRESIDENT, LEGEND OIL AND GAS LTD., 601 UNION ST, STE 4500, SEATTLE, WA 98101. 

  
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 SUBSCRIPTION AGREEMENT 

This SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of the date set forth on the signature page hereof between Legend Oil
and Gas Ltd., a Colorado corporation (the “Company”) and the undersigned (the “Subscriber”) (referred to collectively herein as the “Parties”). 
 W I T N E S S E T H 
 WHEREAS, the Company desires to sell and Subscriber desires
to purchase that number of units, each unit consisting of one share of Company restricted Convertible Preferred Stock (the “Preferred Stock”) and one warrant to purchase an additional share of Company common stock at $2.00 per share for a
period of 3 years (the “Warrants”) from the date hereof (the “Units”) as set forth below; 
 WHEREAS, the
Subscriber has been furnished Offering Documents, as hereinafter defined; and 
 WHEREAS, the Subscriber, after carefully
reviewing the Offering Documents, desires to purchase Units pursuant to the terms and conditions contained in this Agreement. 

NOW THEREFORE, IN CONSIDERATION FOR THE MUTUAL COVENANTS AND AGREEMENTS SET FORTH HEREIN, AND FOR OTHER GOOD AND VALUABLE CONSIDERATION,
THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, THE PARTIES HERETO HEREBY AGREE AS FOLLOWS: 
 Definitions 

“Preferred Stock” shall mean the Company’s Convertible Preferred Stock, each share of which is convertible into one
share of Company common stock. 
 “Offering” shall mean the Company’s offer to sell and sale of the
Company’s Units described and set forth herein. 
 “Offering Documents” shall mean this Agreement and the
Term Sheet attached here to as Exhibit A. 
 1. Subscription for Units and Representations by Subscriber. 

1.1 Subject to the terms and conditions hereinafter set forth, the Subscriber hereby irrevocably subscribes for and agrees to purchase
from the Company             Units, pursuant to the terms and conditions set forth herein, and as is set forth on the signature page hereof, and the Company agrees to sell such Units to the
Subscriber at a per Unit price of $2.00 United States Dollars or a total purchase price of $            United States Dollars (the “Purchase Price”). Certificates for the
Convertible Preferred Stock and Warrants will be delivered by the Company to the Subscriber promptly following the receipt of this Agreement and payment in full satisfaction of the Purchase Price. 

  
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 1.2 The Subscriber recognizes that the purchase of Units involves a high degree of risk in
that (i) the Company is a development stage company but does have specific business plans; (ii) following completion of its current financing, the Company will have approximately 49,000,000 shares of common stock issued and outstanding on
a fully diluted basis assuming full conversion of the Preferred Stock; and (iii) the Units are being offered pursuant to an exemption from registration under Regulation S promulgated under the Securities Act of 1933, as amended (the
“Act”). It is further acknowledged that the Undersigned: (i) is not relying upon any representations other than those specifically made by officers or representatives of the Company and (ii) has had access to the Company’s
officers and directors and has reviewed or had access to the Company’s business plan for purposes of obtaining any information requested by the Undersigned. 
 1.3 The Subscriber represents that the Subscriber is not a U.S. Person as defined under Regulation S promulgated under the Act. 
 1.4 The Subscriber hereby acknowledges and represents that (i) the Subscriber has prior investment experience, including investment in non-listed and unregistered securities, or that the Subscriber
has employed the services of an investment advisor, attorney and/or accountant to read all of the documents furnished or made available by the Company both to the Subscriber and to all other prospective Subscribers to evaluate the merits and risks
of such an investment on the Subscriber’s behalf, (ii) the Subscriber recognizes the highly speculative nature of an investment in the Units, and (iii) the Subscriber is able to bear the economic risk and illiquidity which the
Subscriber assumes by investing in the Units. 
 1.5 The Subscriber (i) hereby represents that the Subscriber has been
furnished the opportunity during the course of this transaction the opportunity to ask questions of and receive answers from duly authorized officers or other representatives of the Company concerning the terms and conditions of this transaction and
(ii) has been afforded the opportunity to request any information which the Subscriber believes will assist them in making their investment decision. 
 1.6 (a) To the extent necessary, the Subscriber has retained, at its own expense, and relied upon the advice of appropriate professionals regarding the purchase, tax and legal merits and consequences
of this Agreement and its acquisition of the Units hereunder. 
 (b) The Subscriber represents that (i) the Subscriber was
contacted regarding the Units by a representative of the Company with whom the Subscriber had a prior substantial pre-existing relationship, and (ii) no Units were offered or sold to the Subscriber by means of any form of general solicitation
or general advertising and in connection therewith the Subscriber did not (A) receive or review any advertisement, article, notice or other communication published in a newspaper or magazine or similar media or broadcast over television or
radio, whether closed circuit or generally available; or (B) attend any seminar, meeting or industry Subscriber conference whose attendees were invited by any general solicitation or general advertising. 

  
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 1.7 The Subscriber hereby acknowledges that the Units have not been reviewed by the United
States Securities and Exchange Commission (the “SEC”) because of the Company’s representations that these Units are intended to be exempt from the registration requirements of Section 5 of the Act pursuant to Sections 3(b), 4(2)
and/or 4(6) thereof, and Regulation S promulgated under the Act. The Subscriber agrees that the Subscriber will not, directly or indirectly, offer, sell, pledge, transfer or otherwise dispose of (or solicit any offers to buy, purchase or otherwise
acquire or take a pledge of) any of the Units, except in compliance with the Act and the rules and regulations promulgated thereunder. 
 1.8 The Subscriber understands that none of the Units have been registered under the Act by reason of a claimed exemption under the provisions of the Act which depends, in part, upon the Subscriber’s
intention. In this connection, the Subscriber hereby represents that the Subscriber is acquiring the Units for the Subscriber’s own account for investment and not with a view toward the resale or distribution thereof to others. The Subscriber,
if an entity, was not formed for the purpose of acquiring the Units. The Subscriber understands that Rule 144 promulgated under the Act requires, among other conditions, a six month holding period prior to the resale (in limited amounts) of
securities acquired in a non-public offering without having to satisfy the registration requirements under the Act. 
 1.9 The
Subscriber understands and hereby acknowledges that the Company is under no obligation to register the Units under the Act or any state securities or “blue sky” laws other than as set forth in Section 2 hereof. The Subscriber consents
that the Company may, if it desires, permit the transfer of the Units out of the Subscriber’s name only when the Subscriber’s request for transfer is accompanied by an opinion of counsel reasonably satisfactory to the Company that neither
the sale nor the proposed transfer results in a violation of the Act or any applicable state “blue sky” laws (collectively, “Securities Laws”). 
 1.10 The Subscriber consents to the placement of a legend on any certificate or other document evidencing the Units indicating that such Units have not been registered under the Act or any state
securities or “blue sky” laws and setting forth or referring to the restrictions on transferability and sale thereof contained in this Agreement. Any and all certificates representing the Securities purchased and any and all securities
issued in replacement thereof or in exchange thereof shall bear the following legend or one substantially similar thereto, which the Subscriber has read and understands: 
 “THE SECURITIES WHICH ARE REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE DISPOSED
OF UNTIL A REGISTRATION STATEMENT WITH RESPECT THERETO IS DECLARED EFFECTIVE UNDER SUCH ACT, OR LEGEND OIL AND GAS LTD. RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER REASONABLY SATISFACTORY TO COUNSEL FOR LEGEND OIL AND GAS LTD. THAT AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT IS AVAILABLE.” 

  
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 1.11 The Subscriber understands that the Company shall have the right to issue stop transfer
instructions on its official stock records, and the Subscriber acknowledges that the Company has informed the Subscriber of its intention to issue such instructions. 
 1.12 The Subscriber understands that the Company will review this Agreement and the Company reserves the unrestricted right, without further documentation or agreement on the part of the Subscriber, to
reject or limit any subscription and to accept subscriptions for Units. 
 1.13 The Subscriber hereby represents that the
address of the Subscriber furnished by the Subscriber on the signature page hereof is the Subscriber’s principal residence, if the Subscriber is an individual, or its principal business address if it is a corporation or other entity.

 1.14 The Subscriber represents that the Subscriber has full power and authority (corporate, statutory and otherwise) to
execute and deliver this Agreement and to acquire the Units subscribed for hereby. This Agreement constitutes the legal, valid and binding obligation of the Subscriber, enforceable against the Subscriber in accordance with its terms. 

1.15 If the Subscriber is a corporation, partnership, limited liability company, trust, employee benefit plan, individual retirement
account, Keogh Plan, or other entity, then (a) it is authorized and qualified to become an Subscriber in the Company and the person signing this Agreement on behalf of such entity has been duly authorized by such entity to do so, and
(b) it is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization. 

1.16 The Subscriber represents and warrants that it has not engaged, consented to nor authorized any broker, finder or intermediary to
act on its behalf, directly or indirectly, as a broker, finder or intermediary in connection with the transaction contemplated by this Agreement. The Subscriber shall indemnify and hold harmless the Company from and against all fees, commissions or
other payments owing to any such person or firm acting on behalf of such Subscriber hereunder. 
 1.17 The Subscriber, whose
name appears on the signature line below, shall be the beneficial owner of the Units for which such Subscriber acquires. 
 1.18
The Subscriber understands, acknowledges and agrees with the Company as follows: 
 (a) The Company may reject any subscription
at any time in its sole discretion. The execution of this Agreement by the Subscriber hereby shall create no obligation on the part of the Company to accept any subscription. 
 (b) The Subscriber hereby acknowledges and agrees that the subscription hereunder is irrevocable by the Subscriber, and that, except as required by law, the Subscriber is not entitled to cancel, terminate
or revoke this Agreement or any agreements of the Subscriber hereunder and that if the Subscriber is an individual this Agreement shall survive the death or disability of the Subscriber and shall be binding upon and inure to the benefit of the
parties and their heirs, executors, administrators, successors, legal representatives and permitted assigns. 

  
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 (c) No federal or state agency or authority has made any finding or determination as to the
accuracy or adequacy of the Offering Documents or as to the fairness of the terms of neither the Offering Documents nor any recommendation or endorsement of the Units. Any representation to the contrary is a criminal offense. In making an investment
decision, the Subscriber must rely on its own examination of the Company, including the merits and risks involved. 
 2. Representations and
Warranties. 
 2.1 Organization; Good Standing; Power and Authority; Binding Obligation. Subscriber has full power
and authority to enter into this Agreement, and, for those Subscribers which are corporations (i) such Subscriber is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation,
and has all requisite power and authority to carry on its business as now conducted, and (ii) all action on the part of the Subscriber necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations
of the Subscriber hereunder and the Subscriber has all requisite power and authority to enter into this Agreement. This Agreement has been duly executed and delivered by Subscriber and, assuming due authorization, execution and delivery by the
Company, constitutes Subscriber’s valid and legally binding obligation enforceable against the Subscriber in accordance with its terms, subject to the effect of any applicable bankruptcy, reorganization, insolvency (including, without
limitation, all laws relating to fraudulent transfers), moratorium or similar laws affecting creditors’ rights generally, subject, as to enforceability, to the effect of general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law) and subject to the effect of applicable securities laws as to rights of indemnification. 
 2.2 Acquire Entirely for Own Account. The Units to be purchased by Subscriber hereunder will be acquired for investment for Subscriber’s own account, not as a nominee or agent, and not with a
view to the resale or distribution of any part thereof. Subscriber has no present intention of selling, granting any participation in, or otherwise distributing the Units. Subscriber does not have any contract, undertaking, agreement or arrangement
with any person to sell, transfer or grant participations to any person with respect to the Units. The Subscriber has not construed the contents of this Agreement, or any additional agreement with respect to the proposed acquisition of the Units or
any prior or subsequent communications from the Company, or any of its officers, employees or representatives, as investment, tax or legal advice or as information necessarily applicable to such Subscriber’s particular financial situation. The
Subscriber has consulted its own financial advisor, tax advisor, legal counsel and accountant, as necessary or desirable, as to matters concerning his investment in the Units. 
 2.3 Disclosure. Subscriber has received or reviewed all the information which such Subscriber has requested for the purposes of determining the merits of the Units. 

  
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 Subscriber has had an opportunity to ask questions and receive answers from the Company
regarding the Company and its respective business, operations and financial condition and the terms and conditions of the Units, and answers have been provided to Subscriber’s full satisfaction. Subscriber has been offered the opportunity to
review all corporate and governance documents of the Company and such other documents, which Subscriber feels is necessary or appropriate prior to the acquisition of the Units, understands all relevant terms and has asked all questions and received
answers thereto to Subscriber’s full satisfaction. If deemed necessary by Subscriber, Subscriber has consulted with a professional advisor who has provided Subscriber with advice concerning terms. SUBSCRIBER ACKNOWLEDGES AND AGREES THAT THE
ACQUISITION OF THE UNITS INVOLVES A HIGH DEGREE OF RISK AND MAY RESULT IN A LOSS. EACH SUBSCRIBER FURTHER ACKNOWLEDGES AND AGREES THAT THERE IS NO ASSURANCE THAT THE COMPANY’S OPERATIONS WILL RESULT IN REVENUES OR BE PROFITABLE. 

2.4 Restricted Securities. Subscriber understands that the Units being purchased hereunder are “restricted securities”
as defined in the Securities Act and that under federal and state securities laws Units may be resold without registration under the Securities Act only in certain limited circumstances. Subscriber is familiar with Rule 144 promulgated by the SEC
under the Securities Act, and understands the resale limitations imposed thereby and by the Securities Act generally. Subscriber also acknowledges that the Units are subject to significant restrictions on transfer, pledge or hypothecation.

 2.5 Consents and Approvals; No Conflict. 

(i) The execution and delivery of this Agreement by the Subscriber does not, and the performance of this Agreement by the
Subscriber will not, require any consent, approval, authorization or other action by, or filing with or notification to, any governmental or regulatory authority. 

(ii) The execution, delivery and performance of this Agreement by the Subscriber does not (A) in the case of any
Subscriber that is not an individual, conflict with or violate the charter or bylaws, partnership or other governing documents of such Subscriber, or (B) conflict with or violate any law, rule, regulation, order, writ, judgment, injunction,
decree, determination or award applicable to the Subscriber. 
 3. Covenant of Subscribers. Each Subscriber hereby covenants with the
Company that, without in any way limiting the representations set forth in Section 2 above, Subscriber shall not make any disposition of all or any portion of the Units unless and until: 

(i) there is then in effect a registration statement under the Securities Act covering such proposed disposition, and such
disposition is made in accordance with such registration statement; or 
 (ii) such Subscriber shall have
notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and, if requested by the Company, such Subscriber

  
 8 

 
shall have furnished the Company with an opinion of counsel, in form and substance satisfactory to the Company, that such disposition will not require registration of the Units, as the case may
be, under the Securities Act. 
 4. Miscellaneous 
 4.1 Survival of Warranties. The representations, warranties and covenants of the Subscriber contained in this Agreement shall survive the execution and delivery of this Agreement. 

4.2 Successors and Assigns. This Agreement may not be assigned by any party hereto. The terms and conditions of this Agreement
shall inure to the benefit of, and be binding upon, the respective successors of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party, other than the parties hereto or their respective successors, any
rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
 4.3 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado, without regard to the principles of conflict of laws thereof. 

4.4 Counterparts; Delivery by Facsimile. This Agreement may be executed in one or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. Delivery of this Agreement may be effected by facsimile. 
 4.5 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

4.6 Notices. Unless otherwise provided, any notice required or permitted hereunder shall be given by personal service upon the
party to be notified, by nationwide overnight delivery service or upon deposit with the United States Post Office, by certified mail, return receipt requested and: 
  

	 	(i)	 if to the Company, addressed to Legend Oil and Gas Ltd., 1420 5th Avenue, Ste 2200, Seattle, WA 98101, or at such other address as the Company may designate by notice to each of the
Subscriber in accordance with the provisions of this Section; and 

  

	 	(ii)	if to the Subscriber, at their respective addresses indicated on the signature pages hereof, or at such other addresses as any one or more Subscribers may designate by
notice to the Company in accordance with the provisions of this Section. 

 4.7 Expenses. The Company and
the Subscriber shall pay all of their own costs and expenses incurred with respect to the negotiation, execution, delivery and performance of this 

  
 9 

 
Agreement. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorney’s fees, costs and
necessary disbursements in addition to any other relief to which such party may be entitled. 
 4.8 Amendments and
Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either prospectively or retroactively), only with the written consent of the
Company and a majority in interest of the Subscriber. 
 4.9 Severability. If one or more provisions of this Agreement
are held to be unenforceable under applicable law, such provisions shall be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision were so excluded, and this Agreement shall be otherwise enforceable
in accordance with its terms. 
 4.10 Entire Agreement. This Agreement (including the appendices and schedules hereto)
constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties hereto. 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of this
     day of July, 2011. 
 SUBSCRIBER 

 

					
	 	  	
			
	By:	  	 	  	
			
	Title:	  	 	  	
		
	 Address:
	  	

  

					
	EIN /SSN /ITIN:	  	 	  	

  

			
	Number of Restricted Units:	  	

  

							
	 	    	Subscriber’s Initials:    	  	 	  	

  

			
	Name in which securities should be issued:	  	

  

							
	 	    	Subscriber’s Initials:    	  	 	  	

 LEGEND OIL AND GAS LTD. 
  

			
	 
		
	By:	 	
		
	Its:	 	

  
 11

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