Document:

Legend Oil and Gas, Ltd. 10-Q

 

	Exhibit 10.1

 

 

 

November
16, 2015

 

Legend
Oil and Gas, Ltd.

555
North Point Center E.

Suite
400

Alpharetta,
GA 30022

 

 

Gentlemen:

 

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

 

I. APPOINTMENT
OF CHIEF EXECUTIVE OFFICER

 

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

 

II. TERM

 

The
term of Mr. Reckles appointment shall be effective on this date and shall be twelve (12) months from and after the date hereof
(the “Employment Term”) unless sooner terminated as more fully provided in Section V hereof. Each twelve-month
period of the Employment Term beginning on the date hereof shall be hereinafter referred to as an “Employment Year”.

 

III.
SCOPE AND LOCATION OF SERVICES 

  

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

 

IV.
FEES AND EXPENSES

 

		A.	Amended
                                         Base Compensation

 

As
base compensation (“Base Compensation”) for the CEO’s services, the Company shall pay the CEO a non-refundable
fee of $20,000 per month payable in advance on the date hereof and each successive monthly anniversary date of this Agreement.

 

It
is currently understood and agreed, that as of the date of this Amended letter agreement, that Northpoint is owed, from deferred
bonuses and banking fees earned since June of 2014, and that the Company has accrued on its audited financial statements an amount
equal to $778,333. It is hereby understood, that with the exception of the “annual bonus” for 2015, Northpoint will,
with the execution of this amended agreement, waive all other accrued fees and bonuses.

 

		B.	Additional
                                         Compensation.

 

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

 

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

 

(2)
Starting in calendar year 2015, an annual bonus (“annual bonus”) payable either in common stock of the Company or
cash or a combination thereof, at the option of the BOD in the amount of or having a value equal to up to 50% of your Base Compensation
at the time; annual bonuses shall be based on performance criteria to be determined by the Board; any annual bonus shall be accrued
and earned monthly throughout the Calendar year, but will be payable on February 1st of the year following the year
in which the bonus is earned. The annual bonus is accrued and earned monthly for each month of service performed in the Calendar
year and is to be paid to Mr. Reckles pursuant to the “Termination” section below and

 

(4)
beginning October 1st, 2015, the Company shall provide a Company vehicle to Northpoint for Mr. Reckles’ use.

 

    	 

    	 

    

  

(5)
beginning October 1st, 2015, the Company shall provide a two week annual paid vacation to Mr. Reckles. The vacation
shall be paid for by the company up to a total of $20,000.

 

(6)
“Change in Control” bonus. In the event of a change in control as defined below, Mr. Reckles is entitled to receive
a one time bonus, in cash, equal to 150% of his Base Compensation PLUS his to date accrued but unearned annual bonus.

 

(7)
EBITDA bonus. Should the Company achieve EBITDA in any quarter of $350,000 or greater, the CEO shall be entitled to a cash bonus
equal to $25,000.00.

 

(8)
Transaction Bonus. Should the Company acquire any other company or be acquired by another company during the term of this agreement,
the CEO shall receive a bonus equal to 2% of the value of the transaction. The bonus may be paid in cash or in stock of the Company
at the option of the Board.

 

		C.	Out-Of-Pocket
                                         Expenses

 

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

 

V. Termination

 

		A.	Termination
                                         of Employment. 

 

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

 

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

 

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

 

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

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

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

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

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

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

 

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

 

    	 

    	 

    

 

		C.	Without
                                         Cause or for Good Reason. 

 

The
Employment Term and the CEO’s employment hereunder may be terminated by the CEO for Good Reason or by the Company without
Cause. In the event of such termination, the CEO shall be entitled to receive one full year’s worth of the Base Compensation
and Additional Compensation provided for in Section IV hereof just as if the CEO had been employed for one full year beyond the
termination date.

 

		D.	Death
                                         or Disability. 

 

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

 

		E.	Notice
                                         of Termination. 

 

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

 

VI. CONFIDENTIALITY

 

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

 

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

 

VII. INDEMNIFICATION,
ADVANCEMENT AND EXCULPATION

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

VIII.
DISCLOSURES

 

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

 

IX.
REPRESENTATIONS

 

		A.	By
                                         the Company. 

 

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

 

		B.	By
                                         the CEO

 

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

 

X. GENERAL

 

		A.	Complete
                                         Agreement

 

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

 

		B.	Amendments

 

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

 

		C.	Governing
                                         Law

 

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

 

		D.	Severability

 

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

 

    	 

    	 

    

 

		E.	Sole
                                         Benefit

 

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

 

		F.	Assignment

 

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

 

		G.	No
                                         Waivers

 

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

 

		H.	Captions.
                                         

 

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

 

		I.	Counterparts.
                                         

 

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

 

		J.	Notices

 

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

 

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

 

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

 

	 	Sincerely,
	 	 	 
	 	Northpoint Energy Partners, LLC
	 	 	 
	 	 	 
	 	By:	
	 	Name:	Andrew Reckles
	 	Title:	 Managing Partner

 

 

	AGREED AND ACKNOWLEDGED:	 
	 	 	 
	Legend Oil and Gas, Ltd.	 
	 	 	 
	 	 	 
	By:	 	 
	Name:	Warren S. Binderman	 
	Title: 	President	 
	Dated:Legend Oil and Gas, Ltd. 10-Q

 

	Exhibit 10.2

November 16, 2015

Binderman Group, LLC

Mr. Warren S. Binderman, CPA

2090 Dunwoody Club Drive

Suite 106-215

Atlanta, Georgia 30350

 

 

Dear Warren:

This
Amended letter agreement (the “Agreement”) amends the prior letter agreement dated December 3, 2014, and sets
forth the understanding between Legend Oil & Gas, Ltd. (the “Company”) and you regarding the Company contracting
with you, through the Binderman Group, LLC, to serve as President, Chief Financial Officer, and Board Secretary/Treasurer Officer
of the Company during the term hereof. This Agreement shall be effective on the date that it is executed by you in the space provided
for your signature below.

 

		I.	APPOINTMENT
                                         OF PRESIDENT, CHIEF FINANCIAL OFFICER, AND BOARD SECRETARY/TREASURER OFFICER

The
Company affirms that it has appointed you to serve as President, Chief Financial Officer, and Board Secretary/Treasurer Officer,
subject to the terms and conditions of this Agreement, with the title, compensation and other descriptions set forth herein.

		II.	TERM

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

		III.	SCOPE
                                         AND LOCATION OF SERVICES

Your
ordinary course duties as President, Chief Financial Officer, and Board Secretary/Treasurer Officer will involve managing the
Company’s day to operations as directed by the chief executive officer (CEO), as well as the accounting and finance operations
and you shall have such duties, authority and responsibility as shall be determined and are assigned to you by the CEO of the
Company, which duties, authority and responsibility are consistent with the position of President, Chief Financial Officer, and
Board Secretary/Treasurer Office. Further, during the Term, you shall also serve as a member of the Board of Directors of the
Company. Finally, during the Contract Term, you shall devote such time as is necessary to perform such duties and responsibilities.
You shall perform your duties and responsibilities hereunder either at the offices of the Company, or other such locations as
are appropriate to perform your specific functions.

		IV.	FEES
                                         AND EXPENSES

		A.	Base
                                         Compensation

 

As
base compensation (“Base Compensation”) for your services, the Company shall pay you $20,000 per month, payable
once monthly. The Base Compensation shall be reviewed at least annually by the Board and the Board may, but shall not be required
to, increase the Base Compensation during the Term. However, the Base Compensation may not be decreased during the Term. For the
purposes of this Agreement, you will serve as an independent contractor to the Company.  All personal income tax responsibilities,
both United States Federal and State will be borne by you, and you agree to indemnify the Company from classifying you as an independent
contractor.

It
is currently understood and agreed, that as of the date of this Amended letter agreement, that Mr. Binderman is owed, from amounts
contractually earned, and that the Company has accrued on its financial statements a total amount due Binderman of $322,000, which,
as of the date of this letter, has been forgiven by Binderman.

 

		B.	Additional
                                         Compensation.

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

    	 

    	 

    

 

		2.	Commencing
                                         with the work to be performed on the 2015 year end Form 10-K (expected to be on or around
                                         January 15, 2016) the Company will pay Binderman an initial bonus of $25,000. Further,
                                         upon filing the 10-K on a timely basis, including extensions allowable by the SEC via
                                         filing of NT-10K, a bonus payment of $25,000 will be paid to Binderman.

		3.	Starting
                                         in calendar year 2015, an annual bonus (“annual bonus”) payable either in
                                         common stock of the Company or cash or a combination thereof, at the option of the BOD
                                         in the amount of or having a value equal to up to 50% of your Base Compensation at the
                                         time; annual bonuses shall be based on performance criteria to be determined by the Board;
                                         any annual bonus shall be accrued and earned monthly throughout the Calendar year, but
                                         will be awarded and will be payable on February 1st of the year following
                                         the year in which the bonus is earned. The annual bonus is accrued and earned monthly
                                         for each month of service performed in the Calendar year and is to be paid to Mr. Binderman
                                         pursuant to the “Termination” section below.

		4.	Effective
                                         November 1, 2014, payment of $1,000, on a monthly basis deemed to be for you and/or your
                                         family’s health insurance policies;

		5.	Beginning
                                         October 1st, 2015, the Company shall provide a car for Mr. Binderman for his
                                         use.

		6.	Beginning
                                         October 1st, 2015, the Company shall provide for a two week paid vacation
                                         for Mr. Binderman. The vacation shall be paid for by the Company in amounts not to exceed
                                         $15,000.

		7.	“Change
                                         in Control” bonus. In the event of a change in control as defined below, Mr. Binderman
                                         is entitled to receive a one time bonus, in cash, equal to 150% of his Base Compensation
                                         PLUS his to date accrued but unearned annual bonus.

		C.	Out-Of-Pocket
                                         Expenses

The
Company shall pay directly or reimburse you, upon receipt of periodic billings, for all reasonable out-of-pocket expenses incurred
in connection with this Agreement and the engagement hereunder, including, but not limited to, travel, lodging, educational expenses
for you to remain a CPA (including travel and lodging for such conferences as may be required), computer and research charges,
attorneys’ fees, telephone and facsimile services and other charges customarily recoverable as out-of-pocket expenses. In
addition, the Company shall pay you for your reasonable legal fees incurred in the review of this Agreement.

		V.	TERMINATION

		A.	Termination
                                         of Your Position.

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

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

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

		1.	your
                                         willful failure to perform your duties and responsibilities (other than any such failure
                                         resulting from incapacity due to physical or mental illness);

		2.	your
                                         willful failure to comply with any valid and legal directive of the Board;

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

    	 

    	 

    

 

		4.	your
                                         embezzlement, misappropriation or fraud related to your appointment with the Company;

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

		6.	your
                                         willful unauthorized disclosure of “Confidential Information”, as hereinafter
                                         defined.

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

		C.	Without
                                         Cause or for Good Reason.

The
Term and your appointment hereunder may be terminated by you for Good Reason or by the Company without Cause. In the event of
such termination, you shall be entitled to receive one full year’s worth of the Base Compensation and Additional Compensation
provided for in Section IV hereof just as if your appointment hereunder had continued for one full year beyond the termination
date.

 

		D.	Death
                                         or Disability.

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

 

		E.	Notice
                                         of Termination.

 

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

		VI.	CONFIDENTIALITY

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

 

    	 

    	 

    

 

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

 

		VII.	INDEMNIFICATION,
                                         ADVANCEMENT AND EXCULPATION

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

 

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

In
addition to the foregoing indemnification, advancement, and contribution rights, the Company agrees that you will be entitled
to the benefit of the most favorable indemnities provided by the Company to its other officers and directors, whether under the
Company’s by-laws, certificates of incorporation, by contract or otherwise. The Company further agrees that it will include
and cover you under the Company’s policy for directors’ and officers’ (“D&O”) insurance.
The Company agrees to maintain D&O insurance coverage for you for a period of not less than three (3) years following the
date of termination of your service under this Agreement. In the event that the Company is unable to include you under the Company’s
D&O insurance policies or if the Company’s D&O policies do not have first dollar coverage in effect for at least
the first $2,000,000, it is agreed that you are permitted to purchase a separate policy for D&O insurance that covers only
you and invoice the Company for the costs associated with such policy as an out-of-pocket expense reimbursement under this Agreement.
If you are unable to purchase such coverage, then you shall have the right to terminate this Agreement upon notice to the Company.

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

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

		VIII.	DISCLOSURES

You
are not aware of any business relationship you have that creates a potential or actual conflict of interest with respect to the
Company.

		IX.	REPRESENTATIONS

		A.	By
                                         the Company.

    	 

    	 

    

 

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

		B.	By
                                         you.

You
represent and warrant to the Company that your acceptance of your appointment as Executive Vice President, Chief Financial Officer,
and Board Secretary/Treasurer with the Company and the performance of your duties and responsibilities hereunder will not conflict
with or result in a violation of, a breach of, or a default under any contract, agreement or understanding to which you are a
party or are otherwise bound.

		X.	GENERAL

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

 

		B.	Amendments

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

 

		C.	Governing
                                         Law

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

 

		D.	Severability

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

		E.	Sole
                                         Benefit

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

		F.	Assignment

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

 

		G.	No
                                         Waivers

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

		H.	Captions.

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

		I.	Counterparts.

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

    	 

    	 

    

 

		J.	Notices

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

 

	 	To you:	Warren S. Binderman
	 	 	 	2090 Dunwoody Club Drive, Ste. 106-215
	 	 	 	Atlanta, GA 30350
	 	 	 	Facsimile:  (678) 608-2565
	 	 	 	Email:  wbinderman@bindermanllc.com
	 	 	 	 
	 	To the Company:	Legend Oil and Gas, Ltd.
	 	 	 	555 North Point Center East, Ste. 410
	 	 	 	Alpharetta, GA 30022
	 	 	 	Attn: Andrew Reckles
	 	 	 	Email: andy@midconoil.com

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

 

	 	Sincerely,
	 	 
	 	Legend Oil and Gas, Ltd.
	 	 
	 	By:	 
	 	Name:	Andrew Reckles on behalf of North Point Energy Partners, LLC
	 	Title:	CEO
	 	 	 
	 	Dated:	 

 

 

AGREED
AND ACKNOWLEDGED:

	By:		 
	Name:	Warren S. Binderman on behalf of Binderman Group, LLC	 
	 	 	 
	Dated:	 November 16, 2015

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