Document:

EMPLOYMENT
AGREEMENT 

 

This
EMPLOYMENT AGREEMENT (the “Agreement”) entered into effective the 1st day of April 2012 (the
“Effective Date”), is by and between Independence Resources Plc, a corporation formed under the laws of the
United Kingdom (the “Employer” or the “Company”), and Steve Ivie (the “Employee”).

 

RECITALS:

 

WHEREAS, the Employer
desires to engage the services of the Employee as an executive of the Company, and the Employee is willing to render such services
to the Employer in consideration of the terms and conditions agreed to by the parties in this Agreement; and

 

WHEREAS, the Board
of Directors of the Employer (the “Board”) has approved the employment of the Employee on the terms and conditions
set forth in this Agreement;

 

NOW THEREFORE, in consideration
of the mutual covenants and promises contained herein, and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged by the parties hereto, the Employer agrees to employ the Employee, and the Employee agrees to perform
services for the Employer as an employee, upon the terms and conditions set forth herein.

 

	1.	TERM; AUTOMATIC RENEWALS.

 

The initial term of
this Agreement shall commence on the Effective Date and shall be for a period of three (3) years (the “Initial Term”),
unless it is terminated earlier as provided herein. Beginning on expiration of the Initial Term, and on each anniversary thereafter,
unless it is terminated earlier as provided herein or unless the Employer delivers written notice to the Employee of its intention
not to extend the Agreement at least sixty (60) days before the expiration of the Initial Term or any anniversary date thereafter,
the term of this Agreement shall automatically be extended for unlimited additional one-year terms (the Initial Term and any extension
or extensions are referred to herein as the “Employment Term”). The terms of this Agreement shall be binding
upon the parties hereto from the Effective Date throughout the Employment Term. The restrictive covenants in Section 4(c) and in
Sections 7, 8, 10, and 12 hereof shall survive the termination of this Agreement.

 

	2.	TITLE
AND DUTIES.

 

The Employee shall
be employed as President of the Employer and serve as director of the Company. The Employee shall perform such services consistent
with his position as well as any other duties as may be assigned to him from time to time by the Board of Directors and are consistent
with the bylaws of the Employer, including, but not limited to, service for any subsidiary, partnership, limited liability company,
joint venture, trust or other enterprise or entity controlled by the Employer. The Board has appointed the Employee to serve as
the President and Employee shall have such responsibilities and authority as is commensurate with such office and as may be prescribed
by the Board and bylaws of the Employer. The Board shall have the right to review and change the duties, responsibilities, and
functions of Employee from time to time as it may deem necessary or appropriate; provided, however, that such duties, responsibilities,
and functions remain consistent with the Employees status as a senior executive officer of the Employer. The Employee shall report
directly to the Board of Directors.

    	

    	 

    
 

	3.	LOCATION.

 

The Employee’s place of employment shall be the
home office of the Employee located in Shoshone County, Idaho, or at such other location as mutually agreed between the Employer
and the Employee. Nevertheless, Employee shall travel and reside temporarily outside of Shoshone County, Idaho, as reasonably
required to manage the mining projects of the Company.

 

	4.	EXTENT
OF SERVICES.

  

a.Duty to Perform Services.

 

The Employee agrees
to devote his best efforts, energies and skill to the discharge of the duties and responsibilities attributable to his position.
The Employee agrees not to engage in any material business activities during the term of this Agreement except those that are for
the benefit of the Employer and its subsidiaries, and to devote not less than substantially all of his entire business time, attention,
skill, and effort to the performance of his duties under this Agreement for the Employer and any corporation controlled by the
Employer now or during the term of this Agreement. Notwithstanding the foregoing, the Employee may engage in charitable, professional
and civic activities that do not impair the performance of his duties to the Employer, as the same may be changed from time to
time. In addition, Employee may serve on the board of directors of up to three companies not engaged in business which may reasonably
compete with the business of the Employer, provided that Employee shall not be required to render any material services with respect
to the operations or affairs of any such company. Nothing contained herein shall prevent the Employee from managing his own personal
investments and affairs, including, but not limited to, investing his assets in the securities of publicly traded companies; provided,
however, that the Employee’s activities do not constitute a conflict of interest, violate securities laws, or otherwise interfere
with the performance of his duties and responsibilities as described herein. The Employee agrees to adhere to the Employer’s
published policies and procedures, or code of conduct, as each is adopted from time to time, affecting directors, officers, employees,
and agents and shall use his best efforts to promote the Employer’s interest, reputation, business and welfare.

 

b.Corporate Opportunities.

 

The Employee agrees
that he will not take personal advantage of any the Employer business opportunities that arise during his employment with the Employer
and that might be of benefit to the Employer. All material facts regarding such opportunities shall be promptly reported to the
Board for consideration by the Employer.

 

c.Non-Disparagement.

 

The Employee agrees that, during
the Employment Term and for one year thereafter, he shall not, in any communications with the press or other media or any customer,
client or supplier of the Employer, or any of Employer’s affiliates, criticize, ridicule or make any statement which disparages
or is derogatory of the Employer or its affiliates or any of their respective directors or senior officers.

 

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d.Representations and Warranties.

 

The Employee hereby
represents and warrants to the Employer that (i) the execution, delivery and performance of this Agreement by the Employee does
not and will not conflict with, or result in breach or default under, or require the consent of, any other party under any agreement
to which the Employee is a party; (ii) Employee has the legal capacity and unrestricted right to execute and deliver this Agreement
and to perform all of his obligations hereunder; and (iii) Employee is not a party to any instrument, agreement, document, arrangement
or other understanding with any person (other than the Employer) requiring or restricting the use or disclosure of any confidential
information or the provision of any employment, consulting or other services.

 

	5.	COMPENSATION
AND BENEFITS.

 

As sole compensation
for services provided in connection with the management of the Company either as an officer or a director of thereof, the Employer
shall furnish the following compensation to the Employee:

 

a.Base Salary.

 

Employee’s annual
base salary shall be $120,000. The base salary shall be payable in equal installments in accordance with the Employer’s standard
payroll practices. Employee’s annual base salary shall be further reviewed no less frequently than annually for increases
in the discretion of the Compensation Committee and/or Board, taking into account the compensation level for employees with similar
skills and responsibilities at companies comparable to the Employer, the financial condition of the Employer, and the Employee’s
value to the Employer relative to other members of the executive management of the Employer; provided, however, that at no time
during the term of this Agreement shall the Employee’s base salary be decreased from the base salary then in effect except
as part of an general program of salary adjustment by the Employer applicable to all vice presidents and above.

 

b.Bonuses.

 

Employee shall be entitled
to receive a bonus and/or other incentive compensation in an amount to be determined by the Employer; provided, however, that the
failure of the Employer to award any such bonus and/or other incentive compensation shall not give rise to any claim against the
Employer. The amount, if any, and timing of such bonus, shall be determined by the Employer in its sole discretion.

 

c.Other Benefits.

 

During the Employment
Term, Employee will be entitled to participate in the employee benefit plans currently and hereafter maintained by the Employer
of general applicability to other senior executives of the Employer, including, without limitation, the Employer’s group
medical, dental, vision, disability, life insurance, flexible-spending account, 401(k) and other plans; provided, however, that
the failure of the Employer to establish, provide or continue such benefits shall not give rise to any claim against the Employer.
The amount, if any, and timing of such benefits, shall be determined by the Employer in its sole discretion. Notwithstanding the
foregoing, the Employee and his family shall be provided reasonable health benefits by Independence Resources, Inc. upon acceptance
as a member of the Company.

 

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d.Withholding Taxes.

 

The Employer may make
any appropriate arrangements to deduct from all benefits provided hereunder any taxes reasonably determined to be required to be
withheld by any government or government agency. The Employee shall bear all taxes on benefits provided hereunder to the extent
that no taxes are withheld, irrespective of whether withholding is required.

 

e.Vacation.

 

Employee
will be entitled to paid vacation of six (6) weeks per year in accordance with the Employer’s vacation policy, with the timing
and duration of specific vacations mutually and reasonably agreed to by the parties hereto.

 

f.Reimbursement of Business Expenses.

 

The Employer shall promptly
reimburse the Employee for all reasonable travel, entertainment and other expenses incurred or paid by the Employee in connection
with, or related to, the performance of his duties, responsibilities or services under this Agreement, upon presentation by the
Employee of such supporting information and documentation as the Employer may reasonably request in accordance with company policy
and the requirements of the Internal Revenue Code.

 

	6.	TERMINATION
OF EMPLOYMENT.

 

a.Termination Due to Death.

 

The Employee’s
employment and this Agreement shall terminate immediately upon his death. If the Employee’s employment is terminated due
to his death, his estate or his beneficiaries, as the case may be, shall be entitled to:

 

(i)payment
of any unpaid portion of his base salary through the date of such termination;

 

(ii)reimbursement
for any outstanding reasonable business expenses he incurred in performing his duties hereunder;

 

(iii)the
right to elect continuation coverage of insurance benefits to the extent required by law; and

 

(iv)payment
of any accrued but unpaid benefits, and any other rights, as required by the terms of any employee benefit plan or program of the
Employer, this Agreement, or any other agreement between the Employer and the Employee.

 

b.Termination Due to Disability.

 

If, during the Employment
Term, in the opinion of the Employer, Employee, because of physical or mental illness or incapacity, shall become unable to perform
substantially all of the duties and services required of him or her under this Agreement for a period of sixty (60) days in the
aggregate during any twelve-month period, the Employer may, upon at least ten (10) days’ prior written notice given at any
time after the expiration of such sixty (60) day period, notify Employee of its intention to terminate this Agreement as of the
date set forth in the notice. If the Employee’s employment is terminated due to his disability, he shall be entitled to:

 

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(i)payment
of any unpaid portion of his base salary through the date of such termination;

 

(ii)reimbursement
for any outstanding reasonable business expenses he has incurred in performing his duties hereunder;

 

(iii)the
right to elect continuation coverage of insurance benefits to the extent required by law; and

 

(v)payment
of any accrued but unpaid benefits, and any other rights, as required by the terms of any employee benefit plan or program of the
Employer, this Agreement, or any other agreement between the Employer and the Employee.

 

c.Termination for Cause.

 

The Employer may terminate
the Employee’s employment at any time for Cause, provided that it gives written notice of termination to the Employee as
set forth below. If the Employee’s employment is terminated for Cause, as defined below, he shall be entitled to:

 

(i) payment
of any unpaid portion of his base salary through the date of such termination;

 

(ii)reimbursement
for any outstanding reasonable business expenses he incurred in performing his duties hereunder through the date of such termination;

 

(iii)the
right to elect continuation coverage of insurance benefits to the extent required by law; and

 

(iv)payment
of any accrued but unpaid benefits and any other rights through the date of termination, excluding any severance package benefits,
as required by the terms of any employee benefit plan or program of the Employer, this Agreement, or any other agreement between
the Employer and the Employee.

 

For purposes of this
Agreement, a termination for “Cause” shall mean: (i) the final conviction of Employee of, or Employee’s
plea of guilty or nolo contendere to, any felony or a crime involving dishonesty, fraud, or moral turpitude; (ii) the indictment
of Employee for any felony or a crime involving dishonesty, fraud, or moral turpitude which, in the reasonable good-faith judgment
of the Board, has materially damaged, or could materially damage, the reputation of the Employer or would materially interfere
with the performance of services by the Employee; (iii) the willful commission of fraud, nonincidental misappropriation, embezzlement,
or other dishonest act by Employee against the Employer; (iv) Employee’s use of illegal drugs or alcohol on the Employer’s
premises, Employee’s use of illegal drugs or alcohol having an adverse effect on the performance of the Employee’s
duties hereunder, or Employee’s use of illegal drugs or alcohol which, in the reasonable good-faith judgment of the Board,
has materially damaged, or could materially damage, the reputation of the Employer; (v) Employee’s willful failure, gross
negligence, or gross misconduct in the performance of his duties to the Employer; (vi) Employee’s gross malfeasance in the
performance of his duties hereunder; (vii) Employee’s nonfeasance in the performance of his duties hereunder not cured within
ten (10) business days after notice of such nonfeasance; (viii) Employee’s failure to follow a written order which is both
legal and reasonable; (ix) disloyalty by Employee, including, without limitation, aiding a competitor; or (x) Employee’s
breach of this Agreement or Employer’s published policies, rules, or procedures not cured within ten (10) business days after
notice of such breach.

 

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If the Employer exercises
its right to terminate the Employee for Cause, the Employer shall: (1) give the Employee written notice of termination at least
ten (10) business days before the date of such termination specifying in detail the conduct constituting such Cause, and (2) deliver
to the Employee a copy of a resolution duly adopted by a majority of the entire membership of the Board, excluding interested directors,
after reasonable notice to the Employee and an opportunity for the Employee to be heard in person by members of the Board, finding
that the Employee has engaged in such conduct.

 

d.Termination Without Cause or
Constructive Termination Without Cause.

 

The Employer may terminate
the Employee’s employment at any time without Cause, provided that it gives written notice of termination at least ninety
(90) days before the date of such termination. If the Employee’s employment is terminated without Cause, or if there is a
constructive termination without Cause, as defined below, the Employee shall be entitled to receive from the Employer the following:

 

(i)payment
of any unpaid portion of his base salary through the date of such termination;

 

(ii)reimbursement
for any outstanding reasonable business expenses he incurred in performing his duties hereunder;

 

(iii)the
right to elect continuation coverage of insurance benefits to the extent required by law;

 

(iv)full
and immediate vesting of any unexercised stock options or restricted stock grants;

 

(v)payment
of any accrued but unpaid benefits, and any other rights, as required by the terms of any employee benefit plan or program of the
Employer, this Agreement, or any other agreement between the Employer and the Employee;

 

(vi)payment
of amounts equal to any premiums for health insurance continuation coverage under any the Employer health plans that is elected
by the Employee or his beneficiaries pursuant to Section 4980B of the Internal Revenue Code, at a time or times mutually agreed
to by the parties, but only so long as the Employee is not eligible for coverage under a health plan of another employer (whether
or not he elects to receive coverage under that plan); and

 

(vii)subject
to limitations set forth below, a severance benefit in an amount equal to two (2) times the largest annual base salary received
by Employee under the Agreement if such termination occurs on or before one year from the effective date, and one (1) times the
largest annual base salary received by Employee under the Agreement if such termination occurs thereafter, but only if (x) Employee
executes an agreement releasing the Employer from any further liability under this Agreement, (y) the period for revoking such
release has expired, and (z) Employee has not materially breached the Confidential Information Agreement.

 

 

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For purposes of this
Agreement, constructive termination without Cause shall mean a termination of the Employee at his own initiative following the
occurrence, without the Employee’s prior written consent, of one or more of the following events not on account of Cause:

 

		(1)	a material reduction in the Employee’s then current base salary;

 

		(2)	a material diminution in the Employee’s authority, duties, or responsibilities;

 

		(3)	a material diminution in the budget over which the Employee retains authority;

 

		(4)	a material change in the geographic location at which the Employee must perform the services hereunder;
or

 

		(5)	Any other action or inaction which constitutes a material breach by the Employer of this Agreement.

 

In the event the Employee
is terminated without Cause or there is a constructive termination without Cause, the Employee shall provide the Employer with
written notice within ninety (90) days of the event and the Employer shall have thirty (30) days to cure the default.

 

e.Voluntary Termination.

 

If the Employee voluntarily
terminates his employment on his own initiative for reasons other than his death, disability, or constructive termination without
Cause, he shall be entitled to:

 

(i)payment
of any unpaid portion of his base salary through the effective date of such termination;

 

(ii)reimbursement
for any outstanding reasonable business expenses he has incurred in performing his duties hereunder;

 

(iii)the
right to elect continuation coverage of insurance benefits to the extent required by law; and

 

(iv)payment
of any accrued but unpaid benefits, and any other rights, as required by the terms of any employee benefit plan or program of the
Employer, this Agreement, or any other agreement between the Employer and the Employee.

 

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A voluntary termination
under this paragraph shall be effective upon fifteen (15) days’ prior written notice to the Employer unless the parties mutually
agree to extend the effective date.

 

	7.	Non-Competition and CONFIDENTIAL Information.

 

a.Non-competition
and Confidential Information. Employee acknowledges that his position with the Company is special, unique and intellectual
in character and his position in the Employer will place him in a position of confidence and trust with employees and clients of
the Employer.

 

b.Non-Competition.
Employee agrees that during the Employment Term and for a period of one (1) year thereafter Employee will not directly or indirectly:
(i) (whether as director, officer, consultant, principal, employee, agent or otherwise) engage in or contribute Employee's knowledge
and abilities to any business or entity in competition with the Employer; (ii) employ or attempt to employ or assist anyone in
employing any person who is an employee of the Employer or was an employee of the Company during the previous one year period;
or (iii) attempt in any manner to solicit from any client business of the type performed by the Employer or persuade any client
of the Employer to cease doing business or reduce the amount of business that such client has customarily done with the Employer.

 

c.Confidentiality.
Employee acknowledges that during his Employment Term, Employee will have access to certain proprietary and confidential information
of the Employer, its parent and any subsidiary, and its clients. As a consequence, during the Employment Term and thereafter, Employee
shall hold in strictest confidence, and shall not use, except for the benefit of the Employer, or disclose to any person, firm
or corporation without written authorization of the Employer, any Confidential Information of the Employer, its parent or any subsidiary,
except under a non-disclosure agreement duly authorized and executed by the Employer. For purposes of this Agreement, “Confidential
Information” means any non-public information that relates to the actual or anticipated business or research and development
of the Employer, technical data, trade secrets or know-how, including, but not limited to, research, product plans or other information
regarding Employer’s products or services and markets therefor, customer lists and customers, software, developments, inventions,
processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, finances or other
business information; provided that Confidential Information does not include any of the foregoing items which have become publicly
known and made generally available through no wrongful act of Employee or of others who were under confidentiality obligations
as to the item or items involved or improvements or new versions thereof.

 

d.Former
Employer Information. During the Employment Term, Employee shall not improperly use or disclose any proprietary information
or trade secrets of any former or concurrent employer or other person or entity and shall not bring onto the premises of the Employer
any unpublished document or proprietary information belonging to any such employer, person or entity unless consented to in writing
by such employer, person or entity.

 

e.Third Party
Information. Employee recognizes that the Employer has received and in the future will receive from third parties their
confidential or proprietary information subject to a duty on the Employer’s part to maintain the confidentiality of such
information and to use it only for certain limited purposes. Employee shall hold all such confidential or proprietary information
in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying
out his work for the Employer consistent with the Employer’s agreement with such third party.

 

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f.Enforcement.
Employee agrees that the restrictions set forth in this Section 8

are reasonable and necessary to protect the goodwill of the Employer. If any of the covenants set forth
herein are deemed to be invalid or unenforceable based upon the duration or otherwise, the parties contemplate that such provisions
shall be modified to make them enforceable to the fullest extent permitted by law. In the event of a breach or threatened breach
by Employee of the provisions set forth in this paragraph, Employee acknowledges that the Employer will be irreparably harmed and
that monetary damages shall be an insufficient remedy to the Employer. Therefore, Employee consents to enforcement of this paragraph
by means of temporary or permanent injunction and other appropriate equitable relief in any competent court, in addition to any
other remedies the employer may have under this Agreement or otherwise.

 

	8.	INTELLECTUAL PROPERTY.

 

The Employer has hired
Employee to work full time so that anything Employee produces during the Employment Term is the property of the Employer. Any writing,
invention, design, system, process, development or discovery conceived, developed, created or made by Employee, alone or with others,
during the period of his employment hereunder and applicable to the business of the Employer, whether or not patentable, registrable,
or copyrightable shall become the sole and exclusive property of the Employer. Employee shall disclose the same promptly and completely
to the Employer and shall, during the period of his employment hereunder and at any time and from time to time hereafter, (i) execute
all documents requested by the Employer for vesting in the Employer the entire right, title and interest in and to the same, (ii)
execute all documents requested by the Employer for filing such applications for and procuring patents, trademarks, service marks
or copyrights as the Employer, in its sole discretion, may desire to prosecute, and (iii) give the Employer all assistance it may
reasonably require, including the giving of testimony in any suit, action, investigation or other proceeding, in order to obtain,
maintain and protect the Employer’s right therein and thereto.

 

	9.	Change of Control.

 

In the event of merger,
consolidation, or similar transaction in which the Employer is not the survivor, or the sale of all or substantially all of the
assets of the Employer, the Employer shall cause the survivor or the transferee to expressly assume in writing the liabilities,
obligations, and duties of the Employer under this Agreement and shall provide a copy of such written assumption to the Employee
not less than ten (10) business days prior to the consummation of such merger, consolidation, or similar transaction, or the sale
of all or substantially all of the assets of the Employer.

 

	10.	POST
EMPLOYMENT OBLIGATIONS.

  

a.Company
Property. All records, files, lists, including computer generated lists, drawings, documents, equipment and similar items
relating to the Employer’s business which Employee shall prepare or receive from the Employer shall remain the Employer’s
sole and exclusive property. Upon termination of this Agreement, Employee shall promptly return to the Employer all property of
the Employer in his possession. Employee further represents that he will not copy or cause to be copied, print out or cause to
be printed out any software, documents or other materials originating with or belonging to the Employer. Employee additionally
represents that, upon termination of his employment with the Employer, he will not retain in his possession any such software,
documents or other materials.

 

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b.Cooperation.
Employee agrees that both during and after his employment he shall, at the request of the Employer, render all assistance and perform
all lawful acts that the Employer considers necessary or advisable in connection with any litigation involving the Employer or
any director, officer, employee, shareholder, agent, representative, consultant, client or vendor of the Employer.

 

c.Notification
of New Employer. In the event that Employee leaves the employ of the Employer, or becomes employed by other employer, Employer
shall have the right to notify the other employer about the Employee’s rights and obligations under this Agreement.

 

	11.	INDEMNIFICATION.

 

The Employer agrees
that if the Employee is made a party, or is threatened to be made a party, to any action, suit or proceeding, whether civil, criminal,
administrative, or investigative (a “Proceeding”), by reason of the fact that he is or was a director, officer
or employee or the Employer, or is or was serving at the request of the Employer as a director, officer, member, employee or agent
of another corporation, partnership, limited liability company, joint venture, trust or other enterprise, including service with
respect to employee benefit plans, whether or not the basis of such Proceeding is the Employee’s alleged action in an official
capacity while serving as a director, officer, member, employee or agent, the Employee shall be Indemnified and held harmless by
the Employer to the fullest extent permitted or authorized by law and by the Employer’s articles of incorporation and bylaws.
To the extent consistent with the foregoing, this obligation to indemnify the Employee and hold him harmless shall continue even
if he has ceased to be a director, officer, member, employee or agent of the Employer or other such entity described above, and
shall inure to the benefit of the Employee’s heirs, executors and administrators. The Employer shall advance to the Employee
all reasonable costs and expenses incurred by him in connection with a Proceeding within twenty (20) days after receipt by the
Employer of a written request for such advance. Such request shall include an undertaking by the Employee to repay the amount of
such advance if it shall ultimately be determined that the Employee is not entitled to be indemnified against such costs and expenses.

 

Neither the failure
of the Employer (including its Board, independent legal counsel or stockholders) to have made a determination before such Proceeding
concerning payment of amounts claimed by the Employee under the paragraph above that indemnification of the Employee is proper
because he has met the applicable standards of conduct, nor a determination by the Employer (including its Board, independent legal
counsel or stockholders) that the Employee has not met such applicable standards of conduct, shall create a presumption that the
Employee has not met the applicable standards of conduct.

 

Employee understands
and acknowledges that the Employer may be required in the future to undertake with the Securities and Exchange Commission to submit
in certain circumstances the question of indemnification to a court for a determination of the Employer’s right under public
policy to indemnify Employee and the obligation to indemnify the Employee hereunder shall be expressly subject to the outcome of
such determination.

 

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	12.	ARBITRATION.

 

Any controversy or
claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration administered by the
American Arbitration Association (the “AAA”) in accordance with its Commercial or other Arbitration Rules, including
the Optional Rules for Emergency Measures of Protection, and judgment on the award rendered by the arbitrators may be entered in
any court having jurisdiction thereof. The place of arbitration shall be Salt Lake City, Utah. The arbitrators are to interpret
all controversies and claims arising under or relating to this Agreement in accordance with the laws of the State of Delaware,
without regard to its choice of law principles. In rendering an award, the arbitrator is to determine the rights and obligations
of the parties according to the substantive and procedural laws of the State of Delaware. Within 15 days after the commencement
of arbitration, each party shall select one person to act as arbitrator and the two selected shall select a third arbitrator within
ten (10) days of their appointment. The arbitrators will be selected from a panel of persons having experience with and knowledge
of the subject matter of the Agreement, and at least one of the arbitrators selected will be an attorney or a retired judge. If
the arbitrators selected by the parties are unable or fail to agree upon the third arbitrator, the third arbitrator shall be selected
by the AAA. The arbitrators shall award to the prevailing party, if any, as determined by the arbitrators, all of its costs and
fees. “Costs and fees” mean all reasonable pre-award expenses of the arbitration, including the arbitrators’
fees, administrative fees, travel expenses, out-of-pocket expenses such as copying and telephone, court costs, witness fees, and
attorneys’ fees. Each party shall submit to any court of competent jurisdiction for purposes of the enforcement of any award,
order, or judgment. Any award, order, or judgment pursuant to arbitration is final and may be entered and enforced in any court
of competent jurisdiction.

 

	13.	General
                                                                                    Provisions.

  

a.Notices.
Any notice, demand, request, waiver or other communication required or permitted to be given hereunder shall be in writing or electronic
format, as applicable, and shall be effective (i) upon delivery in person (including by reputable express courier service) at the
address set forth below; (ii) upon delivery by facsimile (as verified by a printout showing satisfactory
transmission) at the facsimile number designated below (if sent on a business day during normal business hours where such
notice is to be received and if not, on the first business day following such delivery where such notice is to be received); (iii)
by electronic mail (as verified by a printout showing satisfactory transmission) at the electronic
mail address set forth below (if sent on a business day during normal business hours where such notice is to be received and if
not, on the first business day following such delivery where such notice is to be received); or (iv) upon three business days after
mailing with the United States Postal Service if mailed from and to a location within the continental United States by registered
or certified mail, return receipt requested, addressed to the address set forth below. Any party hereto may from time to time change
its physical or electronic address or facsimile number for notices by giving notice of such changed address or number to the other
party hereto in accordance herewith.

 

	 	If to Employer at:	John Rayn
	 	 	6039 St. Croix Ave 

Coeur d’Alene, ID 83815 

silver4262@yahoo.com
	 	 	 
	 	
         

        With a copy (which shall not constitute notice) to:
	
         

        Ronald N. Vance

	 	 	Attorney at Law
	 	 	1656 Reunion Avenue
	 	 	Suite 250
	 	 	South Jordan, UT  84095
	 	 	Facsimile No.  (801) 446-8803
	 	 	Email Address:  ron@vancelaw.us
	 	 	 
	 	If to Employee at:	
        Steve Ivie

        PO Box 732

        Pinehurst, ID 83850

        iviemining@yahoo.com

 

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b.Assignability
and Binding Nature. No rights or obligations may be assigned or transferred by the Employer except that such rights or
obligations may be assigned or transferred pursuant to a merger or consolidation in which the Employer is not the continuing entity,
or the sale or liquidation of all or substantially all of the assets of the Employer, provided that the assignee or transferee
is the successor to all or substantially all of the assets of the Employer and such assignee or transferee assumes the liabilities,
obligations, and duties of the Employer, as contained in this Agreement, either contractually or as a matter of law. Notwithstanding
any such assignment, the Employer shall not be relieved from liability under this Agreement. The obligations of the Employee are
personal and no rights or obligations of the Employee under this Agreement may be assigned or transferred by the Employee other
than his right to receive compensation and benefits, provided such assignment or transfer is otherwise permitted by law.

 

c.Amendment.
This agreement may be amended or modified only by a written instrument executed by both the Employer and the Employee.

 

d.Exhibits.
Each of the exhibits referenced in this Agreement is annexed hereto and is incorporated herein by this reference and expressly
made a part hereof.

 

e.Pronouns.
Whenever the context might require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms,
and the singular forms of nouns and pronouns shall include the plural, and vice versa.

 

f.Captions.
The captions appearing herein are for convenience of reference only and in no way define, limit or affect the scope or substance
of any section hereof.

 

g.Time.
All reference herein to periods of days are to calendar days, unless expressly provided otherwise. Any reference herein to business
days shall mean any day other than Saturday, Sunday or other day on which commercial banks in the State of Delaware are authorized
or required by law to remain closed. Where the time period specified herein would end on a weekend or holiday, the time period
shall be deemed to end on the next business day.

 

    	12

    	 

    

h.Entire
Agreement; Conflicts. This Agreement constitutes the entire agreement between the Employer and the Employee and supersedes
all prior agreements and understandings, whether written or oral relating to the subject matter hereof. If there is any conflict
between this Agreement and the limited liability agreement governing the Company, the latter shall prevail.

 

i.Severability.
In case any provision hereof shall be held by a court or arbitrator with jurisdiction over the Employer or the Employee to be invalid,
illegal, or otherwise unenforceable, such provision shall be restated to reflect as nearly as possible the original intentions
of the Employer and the Employee in accordance with applicable law, and the validity, legality, and enforceability of the remaining
provisions shall in not way be affected or impaired thereby.

 

j.Waiver.
No delays or omission by the Employer or the Employee in exercising any right hereunder shall operate as a waiver of that or any
other right. A waiver or consent given by the Employer or the Employee or any one occasion shall be effective only in that instance
and shall not be construed as a bar or waiver of any right on any other occasion.

 

k.Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together
shall constitute one and the same instrument. Facsimile copies of parties’ signatures shall be held valid for all purposes
under this Agreement.

 

l.Full Knowledge.
By their signatures, the parties acknowledge that they have carefully read and fully understand the terms and conditions of this
Agreement, that each party has had the benefit of separate counsel, or has been advised to obtain separate counsel, and that each
party has freely agreed to be bound by the terms and conditions of this Agreement. To the extent that a party elects not to consult
with such counsel, the party hereby waives any defense to inadequate representation by counsel.

 

m.Construction.
This Agreement shall be construed as though all parties had drafted it.

 

n.Non-Exclusivity
of Remedies. The rights and remedies of the parties hereto shall not be mutually exclusive, and the exercise of one or
more of the provisions of this Agreement shall not preclude the exercise of any other provision

 

 

[Signature
Page Follows]

    	13

    	 

    

SIGNATURE PAGE

 

IN WITNESS WHEREOF,
each of the parties hereto has executed this Agreement the respective day and year set forth below.

  

	Employer:	Independence Resources Plc
	 	 	 
	 	 	 
	Date:  April 18, 2012	By:	By: /s/ John Ryan
	 	 	John Ryan, CEO
	 	 	 
	 	 	 
	 	 	 
	EMPLOYEE:	 	 
	 	 	 
	 	 	 
	Date:  April 18, 2012	/s/ Steve Ivie
	 	Steve Ivie

 

    	14LEASE ADDENDUM

 

THIS LEASE ADDENDUM
(this “Addendum”) is entered into effective the 1st day of July 2012, by and between Oakley Ventures, LLC, a Colorado
limited liability company (“Oakley”), and American Eagle Energy, a Nevada Corporation, successor in interest to Eternal
Energy Corp., a Nevada Corporation (“Lessee”).

 

WHEREAS, Lessee is
a party to that certain Colorado Shopping Center Lease dated December 05, 2008, by and between Lessee, as tenant, and Oakley, as
landlord, pursuant to which Lessee has leased the Demised Premises at 2549 West Main Street, Ste 202, Littleton Colorado; and

 

WHEREAS, parties entered
into a Lease Addendum dated and executed on September 20, 2011, with an effective date of October 1, 2011.

 

WHEREAS, parties desire
to expand the square footage of the Lease pursuant to the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the mutual covenants set forth in the Agreement and herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows

 

1.Definitions.
Any capitalized terms used but not otherwise defined in this Addendum shall have the meanings assigned to such terms in the Lease.
For the purposes of this Addendum and all rights of the Lessor as set forth in the Lease, shall be referred to as the “Lessor”.

 

2.Expansion.
The Lease obligations will be amended to include the entire square footage of the second floor of 2549 West Main Street, Suites
201 (2087 sq. ft.) and 202 (3207 sq. ft.), for a total of 5294 square feet. An additional security deposit of Three Thousand Three
Hundred and Four Dollars ($3,304.00) shall be paid by Lessee to Oakley.

 

3.Base Rent.
Notwithstanding any provision of the Lease to the contrary, the Base Rent payable by Lessee to Lessor for the Demised Premise from
and after July 1, 2012 until December 31, 2014 shall be an amount equal to Two Hundred Sixty Seven Thousand Three Hundred Forty
Seven Dollars ($267,347.00), which shall be payable by Lessee to Lessor in monthly installments pursuant to the terms of the Lease
as follows:

 

	Months	Sq. Ft. Cost	Monthly Payment
	  7/01/2012  -  12/31/2012	$19.00	$ 8,382.20 per month
	  1/01/2013  -  12/31/2013	$20.00	$ 8,823.30 per month
	  1/01/2014  -  12/31/2014	$21.00	$ 9,264.50 per month

 

 

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4.Improvements
and Repairs. Lessor agrees to reimburse Lessee for the annual cost of cleaning the carpets located within the Demised Premises.

 

5.Notice.
The notice provisions set forth in Paragraph 35 of the Lease are hereby amended to provide that the proper addresses for Lessor
to be used for the purpose of notice pursuant to the Lease is as follows:

 

		If to Lessor:	Oakley Ventures, LLC

			c/o Highline Realty Partners, Inc.

			Attn: Rees F. Davis, Jr.

			3695 East Long Road

			Greenwood Village, Colorado 80120

 

6.Parking.
Lessee and Lessee’s employees agree to adhere to a priority parking

plan as follows:

 

First, to utilize the reserved north facing
spaces in the parking lot commonly known as the Lilley Building parking lot.

 

Second, if the north facing spaces of Lilley
are full, to utilize the middle section of spaces in the Lilley lot.

 

Lessor reserves the right to change or modify the
priority parking if the Lilley lot becomes over-parked.

 

7.Confidentiality
Agreement. Per Exhibit A to Addendum as attached.

 

 

8.Ratification.
Except as modified by this Addendum and subject to the last sentence of this Section 6, all of the terms, covenants and conditions
of the Lease are ratified and affirmed and shall remain in full force and effect. To the extent the terms and provisions of this
Addendum modify or conflict with any term or provision of the Lease, the modifying or conflicting term and provision of this Addendum
shall control in all respects, and the corresponding term and provision of the Lease shall be superseded to the extent of such
modification or conflict.

 

9.Entire Agreement.
The Lease, including this Addendum, expresses the entire agreement of Lessor and Lessee. There are no other understandings, oral
or written, which in any manner alter or enlarge its terms.

 

10.Binding.
This Addendum shall be binding upon and benefit the parties hereto and their successors and assigns.

 

 

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11.Acceptance.
This Addendum is offered for signature to Lessee, and it is understood that this Addendum shall not be binding upon Lessor unless
and until Lessor shall have executed and delivered a fully-executed copy of this Addendum to Lessee.

 

12.Execution.
This Addendum may be executed in multiple counterparts. A fully-executed copy of this Addendum may be transmitted by facsimile
or electronic mail, and such shall be deemed to be an original.

 

[Signature Page to Follow]

 

 

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IN WITNESS WHEREOF,
the undersigned have executed this Addendum effective as of the date first set forth above.

 

LESSOR:

 

OAKLEY VENTURES, LLC,

a Colorado limited liability company

 

 

By: /s/ Rees F. Davis, Jr.                                

       Rees F. Davis, Jr., Manager

 

LESSEE:

 

AMERICAN EAGLE ENERGY CORP.,

a Nevada Corporation

 

 

By: /s/ Brad Colby                                           

Name: Brad Colby                                            

Title: President & CEO                                    

 

 

	 	Page 4 of 4

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