Document:

Exhibit 10. 13

 

FIRST AMENDMENT TO
OPTION AGREEMENT

 

THIS
FIRST AMENDMENT TO OPTION AGREEMENT (“First Amendment”) is entered into effective as of the 3rd day
of September, 2019
(“First Amendment Effective Date”), by and between Tar Sands Holdings II, LLC, a Utah limited liability
company (“Tar Sands”) and Vivakor, Inc., a Nevada corporation (“Vivakor”). Tar Sands
and Vivakor may be referred to herein individually as a “Party” and collectively as
“Parties”.

 

RECITALS

 

A.             Tar
Sands and Vivakor entered into that certain Option Agreement dated July 9, 2019 (the “Option Agreement”), by
which Tar Sands granted Vivakor an Option to purchase the Property, the Permits, and the Assets, as those terms are defined in
the Option Agreement, subject to the terms and conditions contained in the Option Agreement.

 

 B.             The Parties now desire to amend the Option Agreement as provided for herein.

 

AGREEMENT

 

NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1.              Recitals;
Defined Terms. The Recitals above are hereby incorporated herein by reference. Any capitalized term used but not otherwise
defined herein shall have the meaning given to such term in the Option Agreement.

 

2.              Refinery
Property. The Option Agreement is hereby amended such that the following sentence shall be inserted directly after the
second sentence of Section 10.b. of the Option Agreement:

 

The Refinery Property is depicted on Exhibit C,
attached hereto and incorporated herein by this reference.

 

3.              Exhibit
C. The Parties agree that the attached Exhibit C to this First Amendment, is hereby added and incorporated into
the Option Agreement.

 

4.              Full
Force; Conflict. Except as amended and revised by this First Amendment, all terms and conditions in the Option Agreement
remain unchanged and in full force and effect. In the event of any conflict between the terms of this First Amendment and the
Option Agreement, this First Amendment shall control.

 

5.              Counterparts.
This First Amendment may be executed in counterparts, each of which shall constitute an original, but all of which together shall
constitute one and the same agreement. A copy of this First Amendment executed by the Parties, whether in electronic or paper
form and whether transmitted by email, fax, mail, or otherwise, shall have the same effect as an original.

 

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

 

 

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IN
WITNESS WHEREOF, the Parties have executed this First Amendment as of the First Amendment Effective Date hereof.

 

	
        Tar Sands:

         

        Tar Sands Holdings II, LLC,

        a Utah limited liability company

         

         

        By:      /s/ Jason Lee

        Name: Jason Lee

        Title:   Manager

         

        By:      /s/
        Kevin Baugh

        Name: Kevin Baugh

        Title:   Manager

         

         

        

         
	
        Vivakor:

         

        Vivakor, Inc.,

        a Nevada corporation

         

         

        By:      /s/Matthew
        Nicosia

        Name: Matthew Nicosia

        Title:   Chief Executive Officer

	

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EXHIBIT C

 

REFINERY
PROPERTY

 

See attached.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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    		4Exhibit 10.14

 

SECOND AMENDMENT
TO OPTION AGREEMENT

 

THIS
SECOND AMENDMENT TO OPTION AGREEMENT (this “Second Amendment”) is entered into effective as of the 7/1/20202
day of June, 2020 (the “Second Amendment Effective Date”), by and between Tar Sands Holdings II, LLC, a Utah
limited liability company (“Tar Sands”) and Vivakor, Inc., a Nevada corporation (“Vivakor”).
Tar Sands and Vivakor may be referred to herein individually as a “Party” and collectively as “Parties”.

 

RECITALS

 

A.             The
Parties entered into that certain Option Agreement dated July 9, 2019 (the “Option Agreement”), by which Tar
Sands granted Vivakor an Option to purchase the Property, the Permits, and the Assets, as those terms are defined in the Option
Agreement, subject to the terms and conditions contained in the Option Agreement.

 

B.              The Parties entered into that certain First Amendment to Option Agreement dated September 3, 2019 (the “First Amendment”).

 

 C.              The Parties now desire to further amend the Option Agreement as provided for herein.

 

AGREEMENT

 

NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1.              Recitals;
Defined Terms. The Recitals above are hereby incorporated herein by reference. Any capitalized term used but not otherwise
defined herein shall have the meaning given to such term in the Option Agreement.

 

2.              Amendment
to Section 4. Section 4 of the Option Agreement shall be amended by deleting Section 4 in its entirety and inserting the
following in lieu thereof:

 

4.      Extension Options.
Provided that Optionee is not then in material default under this Agreement, Optionee shall have the right to extend the Option
Term for two (2) successive periods of ninety (90) days each (each an “Extension” or, collectively, the “Extensions”)
by providing written notice to Optionor of Optionee’s intention to extend the term of the Option. Provided that Optionee
timely exercises the applicable Extension, Optionee’s exercise of such Extension shall expressly NOT constitute
an Optionee Default.

 

3.              Extension Notice. The Parties agree that this Section 3 of this Second Amendment shall serve as Optionee’s
written notice to Optionor that Optionee intends to extend the term of the Option for two (2) successive periods of ninety (90)
days each and, pursuant to the amendment to the Option Agreement provided in Section 2 of this Second Amendment, Optionor will
not be required to pay a fee to extend the Option.

 

4.              Full Force; Conflict. Except as amended and revised by this Second Amendment and the First Amendment, all
terms and conditions in the Option Agreement remain unchanged and in full force and effect. In the event of any conflict between
the terms of this Second Amendment and the Option Agreement, this Second Amendment shall control.

 

5.              Counterparts.
This Second Amendment may be executed in counterparts, each of which shall constitute an original, but all of which together shall
constitute one and the same agreement. A copy of this Second Amendment executed by the Parties, whether in electronic or paper
form and whether transmitted by email, fax, mail, or otherwise, shall have the same effect as an original.

 

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

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IN WITNESS WHEREOF, the Parties have executed this Second Amendment as of the Second Amendment Effective
Date hereof.

 

	
        Tar Sands:

         

        Tar Sands Holdings II, LLC,

        a Utah limited liability company

         

         

        By:      /s/ Kevin Baugh

        Name: Kevin Baugh

        Title:   Manager
	
        Vivakor:

         

        Vivakor, Inc.,

        a Nevada corporation

         

         

        By:      /s/ Matthew Nicosia

        Name: Matthew Nicosia

        Title:  Chief Executive Officer

 

 

 

 

 

 

 

 

 

    	 	2Exhibit 10.15

 

INTELLECTUAL PROPERTY LICENSE AGREEMENT

 

This Intellectual Property
Agreement (the “Agreement”) is hereby entered into effective as of May 15th, 2020 (the “Effective Date”),
by and between, VivaVentures Precious Metals, LLC, a Nevada limited liability company (“VivaVentures”) and Vivakor,
Inc., a Nevada corporation (“Vivakor” and together with VivaVentures, the “Licensees”) on
the one hand, and of Bill Ison (“Ison”) and Vaporetek Holdings, LLC an unincorporated entity (“Vaporetek”
and together with Ison, the “Licensor”). The Licensees and the Licensor may each be referred to herein as a
“Party” and together as the “Parties.”

 

 

 I.     RECITALS

 

A.       WHEREAS,
Licensor is the owner of certain intellectual property related to a vapor extraction technology suitable to extract gold and other
precious metals from sands and other sand-based ore bodies, as described in Exhibit A, hereto (the “Extraction
Technology”), which Licensees are interested in licensing from Licensor for the purpose of developing commercially-viable
applications using the intellectual property;

 

B.       WHEREAS,
the Parties are parties that certain Contribution Agreement dated March 14th, 2014, under which the Parties formed VivaVentures Precious
Metals, LLC for the purpose of building machines capable of extracting gold and other precious metals from sands and other sand-based
ore bodies based on the Extraction Technology (the “Contribution Agreement”);.

 

C.       WHEREAS,
one of the Licensor’s obligations under the Contribution Agreement is to grant an exclusive license to the Licensees for
the purpose of allowing both Licensees the right to use the Extraction Technology to develop and build machines using the Extraction
Technology, and run a business based on operating said machines, once built;

 

D.       The
Parties desire that Licensor grant an exclusive license for applications and implementations involving the Extraction Technology
as set forth herein.

 

 

NOW, THEREFORE, in
consideration of the promises and agreements set forth below and the other considerations cited herein, the Parties agree as follows.

 

 

 II.     DEFINITIONS

 

As used in this Agreement,
the following terms shall be defined as set forth below:

 

2.1     “Confidential Information”
shall mean any and all information disclosed by a Party (the “Disclosing Party”) to the other party (the “Recipient”)
hereunder that is clearly marked or identified as “confidential,” such as proprietary information relating to the Disclosing
Party’s technology (including the Intellectual Property and any associated knowhow), products, processes, business information,
or intellectual property rights. “Confidential Information” further includes the terms and conditions of this Agreement
not otherwise made public by agreement of the parties as well as information arising or disclosed pursuant to this Agreement. Notwithstanding
the foregoing, information will not be considered “Confidential Information” to the extent the Recipient can demonstrate
by written record or other suitable physical evidence that:

		a)	such specific information was lawfully in the Recipient’s possession or control prior to
the time such information was disclosed to the Recipient by the Disclosing Party;

		b)	such specific information was independently developed by one or more employees or other agents
of the Recipient without reference to such Confidential Information;

		c)	such specific information was lawfully obtained by the Recipient from a third party under no obligation
of confidentiality to the Disclosing Party; or

		d)	such specific information was, at the time it was disclosed or obtained by the Recipient, or thereafter
became, publicly known otherwise than through a breach of the Recipient’s obligations hereunder.

 

 

 

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2.2     “Improvements”
shall mean inventions or other improvements which relate to or are based on the Inventions and which are within the scope of the
then existing Intellectual Property. An Improvement shall be within the scope of a patent in the Intellectual Property if covered
by a claim, either literally or under the doctrine of equivalents.

 

2.3     “Intellectual Property”
shall mean:

		a)	all issued patents, continuations, continuations-in-part, divisionals, and other patents or applications
derived from the Extraction Technology;

		b)	all related knowhow and trade secrets relating to the Extraction Technology; and

		c)	all other trade secrets and intellectual property information related to the Extraction Technology.

 

2.4     “Licensed Products”
shall mean any product, device, process, method, apparatus, kit or component part, or any part thereof, or any subject matter,
where manufacture, use, or sale is covered, in whole or in part, either literally or under the doctrine of equivalents, by any
issued or pending claim of one ore more of the Intellectual Property pending or issued in the country of manufacture, use, or sale.

 

2.5     "New Invention(s)"
shall mean an invention conceived or reduced to practice by Licensees or jointly by Licensees and Licensor which relates to or
is based on the subject matter of the Intellectual Property or on work developed under the direction of Licensor, but which is
outside the scope of the then-existing Intellectual Property.

 

2.6     “Party” (and
collectively, “Parties”) shall mean either or collectively the Licensor and/or Licensees, and all associated affiliates.
Affiliates shall include a) any officer, director, and/or legal entity directly or indirectly controlled by, or controlling, a
Party, b) an entity of which fifty percent or more of the voting stock is controlled or owned directly by a Party; c) an entity
which owns fifty percent or more of the voting stock of a Party; and e) an entity the majority ownership of which is directly or
indirectly common to the majority ownership of a Party.

 

2.7     “Sublicensee”
shall mean third parties to whom the Licensees sublicenses the Intellectual Property pursuant to the terms of this Agreement to
develop, manufacture, have manufactured, use, and sell the Licensed Products.

 

2.8     “Sublicensee Income”
shall mean compensation or consideration of any kind received by Licensees from a Sublicensee, including without limitation cash,
marketable securities, stock or shares, and any tangible or intangible assets.

 

 III.      grant of license

 

3.1     Grant. Subject
to the terms and conditions of this Agreement, Licensor grants and the Licensees hereby accept a worldwide, exclusive, non-transferable
license in the Intellectual Property to develop, manufacture, have manufactured, use, market, import, have imported, offer for
sale, and sell the Licensed Products. This license grant shall be for the lifetime of the Intellectual Property.

 

3.2     Sublicense. The
Licensees shall have the right to sublicense the Intellectual Property to third parties (hereinafter “Sublicensee”),
subject to the prior written consent of Licensor, whose consent shall not be unreasonably withheld. The sublicense terms shall
be commercially reasonable when compared to similar transactions conducted at arms length, and no sublicense shall contain the
right to grant further sublicenses without the prior written consent of Licensor.

 

3.3     Retention of Rights.
Licensor shall retain the nontransferable right to make, use and practice the Intellectual Property for his own noncommercial purposes.
The license granted hereunder shall not be construed to confer any rights upon Licensees by implication, estoppel or otherwise
as to any technology or intellectual property other than the Intellectual Property.

 

 

 

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3.4     Third Party Licenses.
The parties recognize that Licensees may encounter patents held by third parties, and that licenses between Licensor or Licensees
and such third parties may be necessary in order to enable the Licensees to develop, make or market certain Licensed Products.
In that event, the Licensees have the right to enter into licensing agreements with such third parties, provided Licensor is consulted
before hand, is reasonably satisfied that the third party does in fact hold a patent that limits Licensees’ rights in respect
of the making, using and/or marketing the Licensed Products, and Licensor gives its written approval to such license, which approval
shall not be unreasonably withheld. Any money received by Licensees in exchange for such cross-licensing shall be treated as consideration
from Sublicensees for sublicensing.

 

 IV.      payments FOR THE LICENSE

 

 

4.1     Payments. All
payments due to the Licensor for the License to the Intellectual Property are set forth in the Contribution Agreement and the VivaVentures
Operating Agreement, which all the Parties hereto are also parties.

 

 V.      Reports and Records

 

5.1     Record Retention.
Licensees shall make and retain and shall cause its Sublicensees to make and retain, for a period of three (3) years following
the period of each report required by the Article true and accurate records of the account containing all the data reasonably required
for the full computation and verification of gross sales, gross revenues, and other information for use by VivaVentures to calculate
any amounts due and owing to the Parties. Such records shall be in accordance with generally accepted accounting principles consistently
applied and shall be kept at Licensees’ principal place of business. The Licensees and any of their Sublicensees shall permit
the inspection of such records by an independent certified public accountant chosen by Licensor and reasonably acceptable to Licensees
during regular business hours upon five (5) business days’ written notice to Licensees, to the extent necessary to verify
compliance with this Agreement. Such inspection shall not be made more than once each calendar year unless an error is discovered,
or for other good cause. All costs of such inspection and copying shall be paid by Licensor, provided that if any such inspection
shall reveal that an error has been made in an amount equal to 5% or more of any such payment due, such costs shall be paid by
Licensees.

 

 VI.      Due Diligence in ComMercialization

 

6.1     Reasonable Efforts.
Licensees agree that they shall use its reasonable efforts and diligently endeavor to achieve the development, regulatory approval,
and commercialization of the Licensed Products. Licensees may conduct such efforts itself or through a Sublicensee.

 

6.2     Termination. If,
after a period of ten years from the Effective Date, the Licensees have not commercialized a Licensed Product, Licensor shall have
the right, at its option to: (a) terminate the Agreement; or, (b) convert any or all of the rights granted to Licensees from exclusive
to non-exclusive.

 

6.3     Status Reports.
Licensees shall provide periodic Status Reports to Licensor, at least quarterly, indicating progress and problems to date in commercialization
of the Licensed Products. Such Status Reports shall also include a forecast and schedule of major events required to marked the
Licensed Products. Licensor shall treat all such information as confidential.

 

 

 

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 VII.      Patent Prosecution

 

7.1     Patent Prosecution
Expenses. Beginning from the Effective Date and during the term of this Agreement and subject to Section 0, Licensor shall
diligently prosecute and maintain, at the Licensees’ expense, any United States and foreign patents comprising the Intellectual
Property, using patent counsel of the Licensees’ choice that is reasonably acceptable to Licensees.

 

7.2     Patent Prosecution
Cooperation. The Parties agree to fully cooperate with one another and to keep each other fully informed regarding the preparation,
filing, and prosecution of all patent applications which Licensor may file and prosecute pursuant to this Agreement. Licensees
will also execute and deliver all documents which Licensor may deem necessary or desirable for the Intellectual Property. Licensor
will also promptly provide copies of all documents received from any patent office, so as to keep Licensees informed of the continuing
prosecution. The Parties agree that representatives of each Party shall meet periodically to review and keep one another fully
informed as to the status of all Intellectual Property and all patent-related matters. Such representatives may meet in person
or telephonically, as mutually agreed upon by the Parties.

 

7.3     Protection of Licensed
Products. Licensor will use reasonable efforts to amend any patent application to include claims reasonably requested by the
Licensees to protect the Licensed Products.

 

7.4     Foreign Protection
of Licensed Products. The Licensees will have the right to request that Licensor obtain or maintain patent protection on the
Intellectual Property in foreign countries if possible or available. Licensees shall notify Licensor in writing of the countries
in which it desires to obtain or maintain foreign patents not less than sixty (60) days prior to the deadline for any payment,
filing, or action to be taken in connection therewith, and Licensees shall be responsible for all associated costs. Upon receipt
of such request, Licensor will undertake the actions described in Section VII with respect to each foreign country requested by
Licensees and shall timely file any applicable patent applications. Licensees will be responsible for all costs associated with
such a request.

 

7.5     Patent Marking.
The Licensees and their Sublicensees shall mark all Licensed Products sold by it with appropriate patent markings indicating that
the Licensed Products are protected by one or more of patents in the Intellectual Property, if applicable. All Licensed Products
shipped to or sold in other countries shall be marked in such a manner as to conform to the patent laws and practices of the country
of manufacture or sale.

 

7.6     Decision Not To file.
If Licensor decides to take steps which would result in either not filing a patent application or the abandonment of a patent or
patent application, it shall promptly give notice to Licensees of such decision, which notice shall in no event be less than thirty
(30) days prior to the next deadline for payment, filing, or any other related action. Further, Licensor shall provide Licensees
an opportunity to assume responsibility for such patent application or patent.

 

7.7     Decision Not To pay.
At any time, upon providing sixty (60) days written notice, Licensees may discontinue making payments with regard to any patent
application(s) and/or patent(s) within the Intellectual Property, and in such case, Licensees shall have no further rights under
this Agreement and this license shall terminate with respect to those patent applications and/or patents.

 

7.8     Patent Extension.
With respect to any issued patent in the Intellectual Property, Licensor will designate Licensees as its agent for obtaining an
extension of such patent or governmental equivalent which extends the exclusivity of any of the patent subject matter where available
in any country in the world, or if not feasible, at Licensees’ option, permit Licensees to file in Licensor’s name
or diligently obtain such extension for the Licensees, or their Sublicensees at Licensees’ expense. Licensor agrees to provide
reasonable assistance, at no out-of-pocket expense, to facilitate Licensees’ efforts to obtain any extension. If for any
reason the Licensees fail to exercise diligent efforts to obtain any extension or determine that it will not seek such extension,
the Licensees shall provide reasonable assistance, at no out-of-pocket expense, to facilitate Licensor’s efforts to obtain
any such extension.

 

 

 

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 VIII.      Infringement

 

8.1     Notice of Infringement.
The Parties shall promptly give written notice to each other of any apparent infringement discovered with respect to any patent
issuing from the Intellectual Property. Such notice shall set forth the known facts of the apparent infringement in reasonable
detail. Upon written notice to Licensor, the Licensees shall have the first right, but not the obligation, to bring any legal action
with respect to such apparent infringement at its own expense and for its own benefit. In such event, Licensor agrees to cooperate
with the Licensees and to join in such action as a party plaintiff if requested to do so by the Licensees and, at the Licensees’
request, to give the Licensees all needed information, assistance, and authority to file and prosecute such suit. The Licensees
shall reimburse Licensor for all verified out-of-pocket expenses incurred by Licensor in providing such assistance, including attorneys’
fees, expenses, and expert witness fees incurred by Licensor. To ensure that no rights of Licensor are compromised in any such
action, the Licensees shall not settle any such claim or action, or enter into any settlement agreement that admits that any third
party product does not infringe the Intellectual Property or that any patent in the Intellectual Property is invalid or enforceable
without Licensor’s prior written consent, which consent shall not be unreasonably withheld. If there is a recovery in such
action (including a recovery as a result of a settlement), after recovery of all direct out-of-pocket expenses incurred by the
Licensees and Licensor in connection with the action, the Licensees shall pay to Licensor an cash or cash equivalent received from
any alleged infringer equivalent to the royalties which Licensor would have received if such alleged infringer had been a Sublicensee.

 

8.2     Infringement of Third
Party Rights. If the Licensees or Licensor receive notice of a claim or action by a third party alleging infringement of such
third party’s rights in connection with the development, manufacture, use, marketing, or sale of a Licensed Product by the
Licensees or their Sublicensees, the Licensees shall have the right to conduct the legal defense, but shall not enter into any
disposition with respect thereto, or enter into any settlement agreement that admits that any Licensed Product infringes any third
party right without Licensor’s prior written consent to such disposition, which consent shall not be unreasonably withheld.
All costs of the Licensees’ defense, and any damages awarded or amounts paid in settlement in any such claim shall be the
sole responsibility of the Licensees. Licensor shall cooperate with the Licensees if requested by the Licensees in its defense
of such infringement claim or action, provided that Licensees shall reimburse Licensor for all out-of-pocket expenses, including
attorneys’ fees, expenses, and expert witness fees incurred by Licensor in providing such cooperation.

 

8.3     Indemnification.
Subject to the notification provisions of Section 0 below, the Licensees shall defend and hold harmless Licensor against a third
party infringement claim or action which results from the development, manufacture, use, marketing, or sale of a Licensed Product
by the Licensees or their Sublicensees, and indemnify Licensor against the cost of such defense undertaken by the Licensees, including
attorneys’ fees and all other legal expenses, costs, expert witness fees, and damages awarded or amounts paid in settlement
in any such claim or action. Such indemnification shall include attorneys’ fees for independent counsel retained by Licensor
if Licensor deems such separate independent counsel to be necessary as a result of conflicts of interest with the Licensees, but
only in connection with services rendered in connection with matters with respect to which the parties have adverse interests.
The Licensees’ indemnification shall not include indemnification to the extent to which such infringement is directly caused
by Licensor prior to the date of this Agreement.

 

8.4     Notification.
In the event that any claim is asserted against Licensor or the Licensees (or any of their respective officers, directors, trustees,
employees, agents, or representatives), or if any such person is made a party defendant in any action involving a matter which
is the subject of Licensor’s indemnification as set forth above, or if either Party becomes aware of a claim or patent which
might provide the basis for a third party’s claim of infringement against Licensees for the development, manufacture, use,
marketing, or sale of a Licensed Product, then such Party shall give written notice to the other within thirty (30) days of having
learned of such, or within ten (10) days of the receipt of a written complaint or formal pleading regarding the same.

 

 

 

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 IX.      Term and Termination of agreement

 

9.1     Term. The term
of the license granted under this Agreement shall continue for the life of the Intellectual Property, unless terminated sooner
under the provisions of this Agreement.

 

9.2     Termination by Licensor.
In addition to any other rights of termination set forth in this Agreement, and subject to any applicable cure periods prescribed
herein, Licensor may in his sole discretion terminate this Agreement in the event that:

 

		a)	The Licensees fail to make payments when due of any amounts owed to Licensor under this the Contribution
Agreement and VivaVentures Operating Agreement and the Licensees does not correct such failure within thirty (30) business days
after receipt of written notice of such failure is delivered to the Licensees;

		b)	The Licensees commit a breach of any other obligation of this Agreement or related Party agreement
which is not cured (if capable of being cured) within thirty (30) days after receiving notice of such;

		c)	The Licensees or their Sublicensees intentionally provide any materially false report, in which
event such termination shall be effective thirty (30) days after written notice to Licensees; or,

		d)	The Licensees become insolvent or a petition in bankruptcy is filed against the Licensees and is
consented to, acquiesced, and remains undismissed for ninety (90) days; or Licensees makes a general assignment for the benefit
of creditors, or a receiver is appointed for the Licensees, and the Licensees do not return to solvency before the expiration of
said thirty (30) day period set by the notice, in which event such termination shall be effective thirty (30) days after written
notice to the Licensees.

 

9.3     Conversion to Non-Exclusive
License. In addition to the provision set forth in Section 9.2 above, Licensor shall have the option, at its sole discretion,
to convert the license set forth in this Agreement to a non-exclusive license if the Licensees or their Sublicensees have not commercialized
a Licensed Product after a period of ten years from the Effective Date.

 

9.4     Termination by Licensees.
The Licensees shall have the option to terminate this Agreement upon providing sixty (60) days’ written notice to Licensor.

 

9.5     Obligations on Termination.

 

9.5.1       Rights
Termination. Upon termination of this Agreement and except as otherwise expressly provided herein, all of the rights and licenses
granted to Licensees under the terms of this Agreement shall terminate. The Licensees shall assign any sublicenses granted under
this Agreement to Licensor. All rights licensed or transferred by Licensor to the Licensees hereunder which are subject to termination
shall revert to Licensor, and the Licensees agree to execute all instruments reasonably necessary and desirable to revest said
rights in Licensor.

 

9.5.2       Regulatory
Records. Upon termination, the Licensees shall transfer ownership and possession of all records and documents of Licensees
filed with regulatory authorities relating to the Licensed Products.

 

9.5.3       Return
of Confidential Material. Upon termination, the Licensees and their Sublicensees shall return all Confidential Information,
including any knowhow relating to the Intellectual Property, transferred to the Licensees by Licensor. The Licensees and their
Sublicensees shall maintain confidentiality and not use any such information for a period of five (5) years after termination of
this Agreement.

 

 

 

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9.5.4       Unsold
Inventory. In the event this Agreement is terminated for any reason, the Licensees and their Sublicensees shall have the right
to sell or otherwise dispose of their stock of any Licensed Products, subject to the obligation of the Licensees to pay Licensor
the payments as provided in Section IV of this Agreement. The Licensees shall immediately discontinue any additional production
of the Licensed Products.

 

9.5.5       Sublicensees.
In the event that the license granted to the Licensees under this Agreement is terminated, any sublicenses granted to Sublicensees
shall remain in full force and effect, provided that the Sublicensee is not then in breach of its sublicense agreement, and the
Sublicensee agrees to be bound to Licensor as a licensee under the terms and conditions of the agreement, in which case Licensor
and Sublicensee shall enter into appropriate agreements or amendments to the sublicense agreements to substitute Licensor for the
Licensees as the licensor.

 

9.5.6       Other
Rights. Termination of this Agreement for any reason shall not release any Party hereto from any liability which, at the time
of such termination, has already accrued to the other party or which is attributable to a period prior to such termination, nor
preclude either party from pursuing any rights and remedies it may have hereunder or at law or in equity which accrued or are based
upon any event occurring prior to such termination, including, without limitation, Licensees' obligation to pay all royalties or
other payments and/or reimbursements specified in Section IV. The rights provided in. this Section shall be in addition and without
prejudice to any other rights which the parties may have with respect to any breach or violations of the provisions of this Agreement.

 

 X.      Indemnification and Warranties

 

10.1       Disclaimers.
EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, LICENSOR DISCLAIMS ALL WARRANTIES WHATSOEVER, WITH RESPECT TO THE Intellectual
Property, EITHER EXPRESS OR IMPLIED, INCLUDING WARRANTIES AS TO THE MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE,
VALIDITY OF PATENT CLAIMS (ISSUED OR PENDING), OR THAT THE MANUFACTURE, USE OR SALE OF THE LICENSED PRODUCT(S) AND USE OF THE INTELLECTUAL
PROPERTY WILL NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK, OR OTHER RIGHTS. IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY
SPECIAL, INDIRECT, INCIDENTAL. OR CONSEQUENTIAL LOSSES OR DAMAGES, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES. LICENSEES TAKES THE Intellectual Property “AS-IS,” “WITH
ALL FAULTS,” AND “WITH ALL DEFECTS” AND EXPRESSLY WAIVES ALL RIGHTS TO MAKE ANY CLAIM WHATSOEVER AGAINST LICENSOR
FOR WARRANTY OF ANY KIND RELATING TO THE Intellectual Property SUBJECT TO THE REPRESENTATIONS
MADE HEREIN. IN NO CASE SHALL LICENSOR’S LIABILITY FOR DAMAGES OF ANY TYPE EXCEED THE TOTAL ROYALTIES WHICH HAVE ACTUALLY
BEEN PAID TO LICENSOR BY LICENSEES AS OF THE DATE OF FILING OF THE ACTION AGAINST LICENSOR WHICH RESULTS IN A SETTLEMENT OR AWARD
OF DAMAGES.

 

10.2       Indemnity.
With the exception of infringement claims or actions covered by Section VIII, Licensees shall defend, indemnify, and hold harmless
Licensor from and against any and all liabilities, claims, suits, damages, and expenses of any nature related to a third party
claim in connection with (i) the use by the Licensees or their Sublicensees of the Intellectual Property; (ii) the development,
manufacture, use, marketing, sale, or other disposition of any Licensed Products by the Licensees or their Sublicensees, or any
statement or breach of any representation or warranty made by the Licensees or their Sublicensees with respect thereto; or (iii)
resulting from or arising out of the exercise by Licensees of this license or any sublicense granted by Licensees pursuant to this
Agreement. In the event of such indemnification, Licensor shall reasonably cooperate with the Licensees in defending any such claims.
Licensor shall be entitled to receive information regarding the status of any such matter, and shall be entitled to retain counsel
on its own behalf at Licensees’ expense, in addition to counsel retained by Licensees to defend Licensor, if Licensor is
named a party, and if Licensor deems such separate independent counsel to be necessary as a result of conflicts of interest with
the Licensees, or if Licensor is not satisfied with the defense provided by the Licensees for any reason.

 

 

 

    	 	7	 

     

    

 

10.3       Insurance.

 

The Licensees, at their sole
cost and expense, shall purchase and maintain in effect and shall require their Sublicensees to purchase and maintain in effect
comprehensive or commercial form general liability insurance (contractual liability and products liability included on a world-wide
basis) insuring its and their activities in connection with clinical trials, marketing approvals, and covering all claims with
respect to any Licensed Products manufactured or sold within the term of any license granted hereunder, and professional liability
(errors and omissions), and workers’ compensation as required by law and automobile liability, which policies shall, if required
by the Licensor in writing: (i) be in such form of coverage and written by such company licensed to conduct business in the State
of California as Licensor shall reasonably approve, (ii) provide that such policy is primary and not excess or contributory with
regard to other insurance Licensor may have, and (iii) provide at least thirty (30) days’ notice to Licensor of cancellation.
In the event the Licensees cannot obtain such insurance, or cannot obtain such insurance at a reasonable price, it shall obtain
insurance in an amount to reasonable to cover the Licensees in the event of a covered event, based on the then-current operations
of the company. Such insurance shall be written to cover claims incurred, discovered, manifested or made during or after expiration
of this Agreement. The Licensees shall have this insurance in place prior to beginning development on a Licensed Product and at
such time will furnish a certificate of such insurance to Licensor within thirty (30) days thereafter. The Licensees shall obtain
such additional insurance coverage as shall be reasonably requested by Licensor, and reasonably agreed to by the parties, provided
that Licensor shall not request changes in such coverage more frequently than annually.

 

The Licensees expressly waive
any right of subrogation that it may have against Licensor resulting from any liabilities, claims, suits, damages, and expenses
of any nature for which Licensees has agreed to indemnify Licensor or hold Licensor harmless under this Section.

 

10.4       Representations
and Warranties of Licensor. Licensor represents, warrants, and covenants to the Licensees as follows:

 

		a)	Licensor warrants that Licensor has the rights, ownership, titles and interests, legal and equitable,
necessary in the Intellectual Property to grant the Licensees the exclusive license and rights described herein.

		b)	The license granted to the Licensees under this Agreement is the only license granted by Licensor
with respect to the Intellectual Property and during the term of this Agreement Licensor shall not grant any third party rights
inconsistent with the rights granted Licensees herein.

		c)	There are no pending, and to the knowledge of Licensor as of the Effective Date, any threatened
actions, claims, or proceedings in any way relating to the Intellectual Property.

 

10.5       Representations
and Warranties of the Licensees. The Licensees represent, warrant, and covenant to Licensor as follows:

 

		a)	The Licensees are a corporation (Vivakor) and a limited liability company (VivaVentures Precious
Metals), duly organized, validly existing and in good standing under the laws of the State of Nevada having full Corporate power
to conduct each business as presently conducted, and to enter into and consummate the transactions contemplated by this Agreement.

		b)	The execution, delivery and performance under this Agreement by the Licensees has been duly authorized
by all required corporate action, do not constitute a breach, default or violation of any of the provisions of Licensees' Articles
of Incorporation, Bylaws or other charter documents, or any other agreement, law, or regulation to which it may be a party or by
the terms of which it may be bound.

 

 

 

    	 	8	 

     

    

 

 XI.      OWNERSHIP OF IMPROVEMENTS AND nEW INVENTIONS

 

Improvements and New Inventions
will be owned solely by the Licensees and shall be free and clear of any ownership or other rights claimed by Licensor and shall
not be part of the Intellectual Property and/or Extraction Technology. Furthermore, the Licensees will have the sole right to file
any patent, copyright, or other intellectual property rights applications or registrations resulting from any such Improvements
or New Inventions anywhere in the world. Without limiting the generality of the foregoing, and in the alternative, the Licensor
hereby irrevocably transfers and assigns to the Licensees, completely and exclusively, and by virtue of the execution of this Agreement
and without any other additional compensation, all of the Licensor’s rights, title, and interest, including, but not limited
to, all intellectual property rights, if any, in and to the Improvements and New Inventions. The Licensor acknowledges and agrees
that, as a result of the foregoing provisions of this Section 11, all such Improvements and New Inventions hereby become the exclusive
property of the Licensees, and, the Licensees will have the sole right to determine the treatment of any Improvements and New Inventions,
including, without limitation, the rights to keep Improvements and New Inventions as trade secrets, to file and execute patent
applications on Improvements and New Inventions, to use and disclose Improvements and New Inventions without prior patent application,
to file registrations for any other intellectual property rights, and to transfer any intellectual property rights to any party
the Licensees so choose, or to follow any other procedure that the Licensees deems appropriate. Notwithstanding anything contained
in this Agreement to the contrary, nothing in this Agreement shall preclude Licensees from developing, manufacturing, marketing
or distributing devices suitable to extract gold and other precious metals from sands and other sand-based ore bodies.

 

 XII.      Miscellaneous

 

12.1       Choice
of Law. This Agreement will be governed by the laws of the State of California.

 

12.2       Compliance
with Laws and Regulations. The Licensees shall use reasonable efforts to comply with all foreign and United States federal,
state and local laws and regulations applicable to the testing, production, transportation, packaging, labeling, export, sale and
use of the Licensed Products. In particular, Licensees shall be responsible for assuring compliance with all U.S. export laws and
regulations applicable to this license and the Licensees’ activities hereunder. The Licensees shall be responsible for all
taxes, duties, and other governmental charges, however, designated, which are now or hereafter imposed by any such authority (a)
by reason of the performance by the Licensees of their obligations under this Agreement, or the payment of any amounts by the Licensees
to Licensor under this Agreement, (b) based on the Intellectual Property or Licensed Products, or (c) relating to the import of
the Licensed Products into any such territory. Licensor agrees to use reasonable efforts to cooperate with Licensees at Licensees’
expense, in connection with any filings required by any governmental entity.

 

12.3       Notices.
Any notice, report, request or other communication required or permitted to be given under this Agreement by a Party to the other
parties shall be either hand-delivered (including delivery by courier), or mailed by first-class registered or certified mail (airmail
if internationally), with return receipt requested, and addressed as follows:

 

	 	To Licensees:	Vivakor, Inc.
	 	 	2 Park Plaza,
Suite 800
	 	 	Irvine, CA 92614
	 	 	Tel: 949-281-2606
	 	 	Fax:
	 	 	 
	 	 	VivaVentures
Precious Metals, LLC
	 	 	3691 Misty Falls
Ln.
	 	 	Las Vegas, Nevada,
89129
	 	 	702-326-0281

 

 

 

    	 	9	 

     

    

 

	 	 	 
	 	With a copy to:	Law
Offices of Craig V. Butler
	 	 	300 Spectrum
Center Drive, Suite 300
	 	 	Irvine, CA
92618
	 	 	Attn. Craig
V. Butler
	 	 	Fax: (949)
209-2545
	 	 	Email: cbutler@craigbutlerlaw.com
	 	 	 
	 	To Licensor:	William Ison
	 	 	12622 S. Park Ave.
	 	 	Riverton, UT 84065
	 	 	Tel: 949-698-8520
	 	 	Fax: 
	 	 	 
	 	With a copy to:	_________________________
	 	 	_________________________
	 	 	_________________________
	 	 	_________________________

 

Each Party may designate in
writing a new address to which any notice may thereafter be given. Any notice sent by registered or certified mail shall be deemed
to have been given at the time of the receipt thereof by the other Party or three (3) calendar days after the time of mailing,
whichever is earlier.

 

12.4       Entire
Agreement. This Agreement contains the entire agreement with respect to the subject matter hereof and supersedes any and all
prior agreements, written or oral with respect thereto.

 

12.5       Waivers
and Amendments; Non-Contractual Remedies; Preservation of Remedies. This Agreement shall not be modified or amended except
pursuant to an instrument in writing executed and delivered on behalf of each Party to be bound. No delay on the part of any Party,
in exercising any right hereunder shall operate as a waiver thereof. Neither any waiver on the part of any Party of any such right,
nor any single or partial exercise of any such right shall preclude any further exercise thereof or the exercise of any other such
right unless waived in writing. The rights and remedies hereunder provided are cumulative and except as otherwise provided herein
are not exclusive of any rights or remedies that any party may otherwise have at law or in equity. The rights and remedies of any
party based upon, arising out of or otherwise in respect of any inaccuracy in or breach of any representation, warranty, covenant
or agreement contained in this Agreement shall in no way be limited by the fact that the act, omission, occurrence, or other state
of facts upon which any claim of any such inaccuracy or breach is based may also be the subject matter of any other representation,
warranty, covenant or agreement contained in this Agreement (or in any other agreement between the Parties) as to which there is
no inaccuracy or breach.

 

12.6       Binding
Effect; No Assignment. This Agreement shall be binding upon and inure to the benefit of the parties named herein and their
respective successors and permitted assigns. The parties may not assign either this Agreement or any of its rights, interests,
or obligations hereunder without the prior written approval of the other party.

 

12.7       Severability.
If any term or provision in this Agreement or the application thereof shall be held invalid, void or unenforceable, the remainder
of such term or provision shall remain in full force and effect, and the invalid, void, or unenforceable term or provision shall
be reformed to the extent possible in order to give its intended effect and/or meaning.

 

 

 

    	 	10	 

     

    

 

12.8       Method
of Dispute Resolution. In the event that there arises any disagreement or dispute between the Parties that cannot be amicably
resolved and which relates to the interpretation, enforcement, or violation of the terms of this Agreement, such matters will be
resolved in a United States District Court in the Central District of California. If no such jurisdiction exists, then any such
dispute will be resolved in a state court located in the geographic region of the Central District of California.

 

12.9       Headings.
The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

12.10       Construction.
The parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question
of intent or interpretation arises, the Agreement shall be construed as if drafted jointly by the parties and no presumption or
burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

 

12.11       Confidential
Information. Except as expressly provided herein, the Parties agree that, for the term of this Agreement and for five (5) years
thereafter, the Recipient shall keep completely confidential and shall not publish or otherwise disclose and shall not use for
any purpose except for the purposes contemplated by this Agreement any Confidential Information furnished to it by the Disclosing
Party hereto pursuant to this Agreement. Each Party hereto may use or disclose Confidential Information disclosed to it by the
other Party to the extent such use or disclosure is reasonably necessary in filing or prosecuting patent applications, prosecuting
or defending litigation, complying with applicable governmental regulations or otherwise submitting information to tax or other
governmental authorities, conducting clinical trials, or making a permitted sublicense or otherwise exercising its rights hereunder,
provided that if a Party is required to make any such disclosure of another Party’s Confidential Information, other than
pursuant to a confidentiality agreement, it will give reasonable advance notice to the latter Party of such disclosure and, save
to the extent inappropriate in the case of patent applications, will use its best efforts to secure confidential treatment of such
information prior to its disclosure (whether through protective orders or otherwise.) Except as expressly provided herein, each
Party agrees not to disclose any terms of this Agreement to any third party without the consent of the other Party; provided disclosures
may be made as required by securities or other applicable laws, or to actual or prospective investors or corporate partners, or
to a Party’s accountants, attorneys and other professional advisors.

 

12.12       Publicity.
Unless required by federal and/or state law or regulation, no Party shall release any materials containing the name of another
Party or any of its employees without the prior approval by an authorized representative of such Party, which approval shall not
be unreasonably withheld. The Parties agree to make a mutually-agreed press release regarding this Agreement promptly following
the Effective Date. Should a Party reject a proposed news release, the Parties agree to discuss the reasons for such rejection,
and every effort shall be made to develop an appropriate informational news release.

 

12.13       Further
Assurances. Each Party to this Agreement shall, at the request of the other, furnish and deliver such documents, or other further
assurances as the requesting Party shall reasonably request as necessary or desirable to effect complete consummation of this Agreement
and the transactions contemplated hereby.

 

12.14       Force
Majeure. Neither Party shall lose any rights hereunder or be liable to the other party for damages or losses (except for payment
obligations) on account of failure of performance by the defaulting party if the failure is caused by war, strike, fire, Act of
God, earthquake, flood, lockout, embargo, governmental acts or orders or restrictions, where failure to perform is beyond the reasonable
control and not caused by the negligence, intentional conduct or misconduct of the nonperforming party and the nonperforming party
has exerted all reasonable efforts to avoid or remedy such force majeure; provided, however, that in no event shall any party be
required to settle any labor dispute or disturbance.

 

12.15       Survival.
The following obligations shall survive the termination of this Agreement: (a) the Licensees’ obligation to supply reports
covering the time periods up to the date of termination; (b) Licensor’s right to receive payments and fees, accrued or accruable,
from payments at the time of any termination; (c) The Licensees’ obligation to maintain records, and Licensor’s right
to have those records inspected; (d) any cause of action or claim of either party, accrued or to accrue because of any action or
omission by the other; (e) The Licensees’ obligations stated in Sections V, VIII, of this Agreement; and (f) Licensees’
obligations to return all materials given to it by Licensor.

 

[signature page follows]

 

 

 

    	 	11	 

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Agreement as of the date set forth below:

 

 

 

	Licensor:	William Ison
	 	an individual and on
behalf of Vaporetek
	 	 
	 	 
	 	 
	 	/s/ William Ison                                    
	 	William Ison
	 	 
	 	 
	 	 
	Licensees:	Vivakor, Inc.
	 	a Nevada corporation
	 	 
	 	 
	 	 
	 	____________________________
	 	By:
	 	Its:
	 	 
	 	 
	 	 
	 	VivaVentures Precious
Metals, LLC
	 	a Nevada limited
liability company
	 	 
	 	 
	 	 
	 	____________________________
	 	By:
	 	Its:

 

 

 

    	 	12	 

     

    

 

Exhibit A

 

Description of the Extraction Technology

 

The vapor extraction technology developed
and owned by the Vaportek Parties and licensed to VivaVentures Precious Metals, LLC and Vivakor under this Agreement and the License
Agreement is a proprietary technology that extracts gold and other precious metals from sands and other sand-based ore bodies.
Specifically, the technology utilizes a thermal vapor extraction process to heat salts or other detritus materials in order to
extract gold and other precious metals from the materials.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	13

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