Document:

Exhibit

    
EXHIBIT 10.15

EMPLOYMENT AGREEMENT

This Employment Agreement (the “Agreement”) is made effective on November 1, 2017 (“Effective Date”), by and between Q2 Software, Inc., a Delaware corporation (“Company”), and Christine Petersen (“Executive”).
The parties agree as follows:
1.Employment.  Company agrees to continue to employ Executive, and Executive agrees to accept such continuing employment on the terms and conditions set forth herein.

2.Duties.

2.1    Position.  Executive is employed as Company’s Chief Revenue Officer and shall have the duties and responsibilities assigned by Company’s President.  Executive shall perform faithfully and diligently all duties assigned to Executive.  Company reserves the right to modify Executive’s position and duties at any time in its sole and absolute discretion.
2.2    Best Efforts/Full-time.  During this Agreement, Executive will (A) expend Executive’s best efforts on behalf of Company, and will abide by all policies and decisions made by Company, as well as all applicable federal, state and local laws, regulations or ordinances; (B) act in the best interest of Company at all times; and (C) devote Executive’s full business time and efforts to the performance of Executive’s assigned duties for Company. 

3.    Compensation.  

3.1    Base Salary.  As compensation for Executive’s performance of Executive’s duties hereunder, Company shall pay to Executive an initial Base Salary of $27,083.33 per month (which equates to $325,000.00 over a full year), to be paid in accordance with Company’s regular payroll cycle, less required deductions for federal withholding tax, social security and all other employment taxes and payroll deductions.  In the event Executive’s employment under this Agreement is terminated by either party, for any reason, Executive will earn the Base Salary prorated to the date of termination.

3.2    Incentive Compensation.  Executive may be eligible to receive an annual cash incentive bonus of $325,000.00 at target, on such terms and subject to such conditions as may be decided from time to time by the Company, less required deductions for federal withholding tax, social security and all other employment taxes and payroll deductions.  Notwithstanding the foregoing, for the fiscal year ending December 31, 2017, Executive shall receive a pro-rated cash incentive bonus representing the target bonus amount multiplied by a fraction, (i) the numerator of which is the actual number of days of 2017 occurring on or after Executive’s start date and (ii) the denominator of which is 365. Executive must be employed by the Company at the time any annual cash incentive bonus is paid in order to be eligible such bonus, subject to Section 7.1 hereof.  The Company reserves the right to vary or terminate any bonus scheme in place from time to time, on a prospective basis.  Company shall pay out the cash incentive bonus, if any, within 60 days following the end of the year in which the bonus is earned. 

3.3    Equity Compensation.  Subject to the approval of Company’s Board of Directors (the “Board”) or the Compensation Committee thereof, Executive shall receive restricted stock units representing 26,525 shares of the Company’s Common Stock and options to purchase 66,313 shares of the Company’s Common Stock.  Such restricted stock units shall vest annually over a four (4) year period on the anniversary of the grant date, with the first vesting date occurring one year immediately following the grant date.  Such stock options shall vest over the same four (4) year period, with 1/4th of such stock options vesting on the one-year anniversary of the grant date and the remaining stock options vesting monthly over the subsequent 36 months.  All equity awards described herein and the terms and conditions thereof shall be subject to the approval of the Board or the Compensation Committee, the terms and conditions of Company’s 2014 Equity Incentive Plan (the “Stock Plan”) and the forms of award agreements approved by the Board thereunder, which Executive shall be required to execute as a condition to receiving such awards.

3.4    Customary Fringe Benefits.  Executive will be eligible for all customary and usual fringe benefits generally available to Executives of Company, subject to the terms and conditions of Company’s benefit plan documents.  Executive shall be entitled to Paid Time Off benefits (“PTO”) subject to the terms and conditions of the Company’s PTO policy.

4.    At-Will Employment.  Executive’s employment with Company is at-will and not for any specified period and may be terminated at any time, with or without Cause (as defined below) or advance notice, by either Executive or Company, although subject to the provisions of Sections 5 through 7 below.  No representative of Company, other than the Company’s Board of Directors, has the authority to alter the at-will employment relationship.  Any change to the at-will employment relationship must be by specific, written agreement signed by Executive and the Company’s Board of Directors.  Nothing in this Agreement is intended to or should be construed to contradict, modify or alter this at-will relationship.

5.    Termination.  The termination provisions of this Agreement regarding the parties' respective obligations in the event Executive's engagement is terminated are intended to be exclusive and in lieu of any other rights to which Executive may otherwise be entitled by law, in equity, or otherwise.  This Agreement, and Executive's engagement hereunder, may be terminated at any time after the Effective Date, as follows:
            
5.1    Termination by Mutual Consent.  This Agreement may be terminated at any time by the written mutual consent of Company and Executive.
            
5.2    Termination by Company For Cause.  This Agreement may be terminated by Company at any time for Cause.  For purposes of this Agreement, “Cause” is defined as: (a) acts or omissions constituting gross negligence, recklessness or willful misconduct on the part of Executive with respect to Executive’s obligations or otherwise relating to the business of Company; (b) Executive’s material breach of this Agreement or Company’s Employee Innovations and Proprietary Rights Assignment Agreement (the “PRIA”); (c) Executive’s conviction or entry of a plea of nolo contendere for fraud, misappropriation or embezzlement, or any felony or crime of moral turpitude; (d) Executive’s willful neglect of duties as determined in the sole and exclusive discretion of the Company; (e) Executive is cited by the Company’s President, in writing, at least two (2) times during any 12-month period for unsatisfactory performance; (f) Executive’s failure to perform the essential functions of Executive’s position, with or without reasonable accommodation, due to a mental or physical disability; or (g) Executive’s death.   

5.3    Termination by Company Without Cause.  This Agreement may be terminated by Company, without Cause, with or without notice, by the delivery to Executive of written notice of termination.   

5.4    Resignation by Executive.  Executive shall have the right to terminate her employment hereunder by providing the Company with a notice of termination at least thirty (30) days prior to such termination. 
        
6.    Payments Upon Termination.  Upon termination of employment for any reason, Executive shall receive payment of her then unpaid Base Salary, pro-rated to the date of termination, as well as any other accrued, but unpaid benefits (collectively the “Accrued Compensation”).  Accrued Compensation will be paid in a lump sum on the date required under applicable law.  Except as expressly stated in this Agreement, all other employment related obligations of Company to Executive shall be automatically terminated and completely extinguished with the termination of Executive’s employment.
        
7.    Severance.  

7.1    Severance Payment.  In the event Company terminates Executive’s employment without Cause, Company shall provide Executive with a “Severance Payment,” equivalent to six (6) months of Executive’s then Base Salary. Such Severance Payment shall be payable in equal installments over a six (6) month period, with the first installment payment made on the first payday occurring 30 days after the termination date and the remaining installments made on the following Company paydays.  The Company’s obligation to pay and Executive’s right to receive the Severance Payment shall cease in the event of Executive’s breach of any of her obligations under this Agreement or the PRIA.  The Company’s obligation to provide Executive with the Severance Payment is conditioned precedent upon Executive’s execution of a full general release in a form acceptable to the Company and such release has become effective in accordance with its terms prior to the 30th day following the termination date.  For the sake of clarity, Executive shall not be eligible to receive severance in connection with any other form of termination, other than a termination without Cause.    

7.2    Application of Section 409A.  

(a) Notwithstanding anything set forth in this Agreement to the contrary, no amount payable pursuant to this Agreement which constitutes a “deferral of compensation” within the meaning of the Treasury Regulations issued pursuant to Section 409A (the “Section 409A Regulations”) of the Internal Revenue Code of 1986, as amended (the “Code”), shall be paid unless and until Executive has incurred a “separation from service” within the meaning of the Section 409A Regulations.  Furthermore, to the extent that Executive is a “specified Executive” within the meaning of the Section 409A Regulations as of the date of Executive’s separation from service, no amount that constitutes a deferral of compensation which is payable on account of Executive’s separation from service shall be paid to Executive before the date (the “Delayed Payment 

Date”) which is the first day of the seventh month after the date of Executive’s separation from service or, if earlier, the date of Executive’s death following such separation from service.  All such amounts that would, but for this Section, become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.
    
(b)    The Company intends that income provided to Executive pursuant to this Agreement will not be subject to taxation under Section 409A of the Code.  The provisions of this Agreement shall be interpreted and construed in favor of satisfying any applicable requirements of Section 409A of the Code.  However, the Company does not guarantee any particular tax effect for income provided to Executive pursuant to this Agreement.  In any event, except for the Company’s responsibility to withhold applicable income and employment taxes from compensation paid or provided to Executive, the Company shall not be responsible for the payment of any applicable taxes on compensation paid or provided to Executive pursuant to this Agreement.  

(c)    Notwithstanding anything herein to the contrary, the reimbursement of expenses or in-kind benefits provided pursuant to this Agreement shall be subject to the following conditions: (1) the expenses eligible for reimbursement or in-kind benefits in one taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits in any other taxable year; (2) the reimbursement of eligible expenses or in-kind benefits shall be made promptly, subject to the Company’s applicable policies, but in no event later than the end of the year after the year in which such expense was incurred; and (3) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit.

(d)    For purposes of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments.

8.    Business Expenses.  Executive will be reimbursed for all reasonable, out-of-pocket business expenses incurred in the performance of Executive’s duties on behalf of Company.  To obtain reimbursement, expenses must be submitted promptly with appropriate supporting documentation in accordance with Company’s policies.

9.    No Conflict of Interest.  During Executive’s employment with Company and at all times Executive is receiving Severance Payments pursuant to this Agreement,  Executive must not engage in any work, paid or unpaid, that creates an actual conflict of interest with Company.  Such work shall include, but is not limited to, directly or indirectly competing with Company in any way, or acting as an officer, director, Executive, consultant, stockholder, volunteer, lender, or agent of any business enterprise of the same nature as, or which is in direct competition with, the business in which Company is now engaged or in which Company becomes engaged during Executive’s employment with Company, as may be determined by the Company in its sole discretion.  If Company believes such a conflict exists during the term of this Agreement, Company may ask Executive to choose to discontinue the other work or resign employment with Company.  In addition, Executive agrees not to refer any client or potential client of Company to competitors of Company, without obtaining Company’s prior written consent, during Executive’s employment and any period of time Executive is receiving Severance Payments pursuant to this Agreement.

10.    Confidentiality and Proprietary Rights.  Executive agrees to continue to abide by the PRIA and any nondisclosure or other policies or obligations of Executive to Company or other affiliated entities, each which PRIA and other policies and obligations is incorporated herein by reference.

11.    Injunctive Relief.  Executive acknowledges that Executive’s breach of the covenants contained in Sections 9-10 (collectively “Covenants”) would cause irreparable injury to Company and agrees that in the event of any such breach, Company shall be entitled to seek temporary, preliminary and permanent injunctive relief without the necessity of proving actual damages or posting any bond or other security.

12.    No Violation of Rights of Third Parties.  During Executive’s employment with Company, Executive will not (a) breach any agreement to keep in confidence any confidential or proprietary information, knowledge or data acquired by Executive prior to Executive’s employment with Company or (b) disclose to Company, or use or induce Company to use, any confidential or proprietary information or material belonging to any previous employer or any other third party.  Executive is not currently a party, and will not become a party, to any other agreement that is in conflict, or will prevent Executive from complying, with this Agreement.

13.    General Provisions.

13.1    Successors and Assigns.  The rights and obligations of Company under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of Company.  Executive shall not be entitled to assign any of Executive’s rights or obligations under this Agreement.

13.2    Waiver.  Either party’s failure to enforce any provision of this Agreement shall not in any way be construed as a waiver of any such provision, or prevent that party thereafter from enforcing each and every other provision of this Agreement.

13.3    Severability.  In the event any provision of this Agreement is found to be unenforceable by a court of competent jurisdiction, such provision shall be deemed modified to the extent necessary to allow enforceability of the provision as so limited, it being intended that the parties shall receive the benefit contemplated herein to the fullest extent permitted by law.  If a deemed modification is not satisfactory in the judgment of such court, the unenforceable provision shall be deemed deleted, and the validity and enforceability of the remaining provisions shall not be affected thereby.

13.4    Interpretation; Construction.  The headings set forth in this Agreement are for convenience only and shall not be used in interpreting this Agreement.  This Agreement has been drafted by legal counsel representing Company, but Executive has participated in the negotiation of its terms.  Furthermore, Executive acknowledges that Executive has had an opportunity to review and revise the Agreement and have it reviewed by legal counsel, if desired, and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement.

13.5    Governing Law.  This Agreement will be governed by and construed in accordance with the laws of the United States and the State of Texas.  Each party consents to the jurisdiction and venue of the state or federal courts in Travis County, Texas, if applicable, in any action, suit, or proceeding arising out of or relating to this Agreement.

13.6    Notices.  Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice deemed given as indicated:  (a) by personal delivery when delivered personally; (b) by overnight courier upon written verification of receipt; (c) by telecopy, facsimile, or e-mail transmission upon acknowledgment of receipt of electronic transmission; or (d) by certified or registered mail, return receipt requested, upon verification of receipt.  Notice shall be sent to the addresses set forth below, or such other address as either party may specify in writing

13.7    Third Party Beneficiary.  The parties agree that Q2 Holdings, Inc. (“Q2H”) shall be a third party beneficiary to his Agreement, but Q2H shall have no duties or obligations under this Agreement..

13.8    Survival.  Sections 9 (“No Conflict of Interest”), 10 (“Confidentiality and Proprietary Rights”), 11 (“Injunctive Relief”), 12 (“No Violation of Rights of Third Parties”), 13 (“General Provisions”) and 14 (“Entire Agreement”) of this Agreement shall survive Executive’s employment by Company.

14.    Entire Agreement.  This Agreement and the PRIA constitute the entire among the parties relating to this subject matter and supersedes all prior or simultaneous representations, discussions, negotiations, and agreements, whether written or oral, including the offer letter between Company and Executive dated August __, 2017.  This agreement may be amended or modified only with the written consent of Executive and Company.  No oral waiver, amendment or modification will be effective under any circumstances whatsoever and any such oral waiver, amendment or modification will be null and void.

[Signature page follows.]

THE PARTIES TO THIS AGREEMENT HAVE READ THE FOREGOING AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE EXECUTED THIS AGREEMENT ON THE DATES SHOWN BELOW.

	
					
	Dated:
	November 1, 2017
	 
	/s/ Christine Petersen

	 
	 
	 
	Christine Petersen

	 
	 
	 
	 
	 

	 
	 
	 
	Q2 Software, Inc. 

	Dated:
	November 1, 2017
	 
	By:
	/s/ Kim Rutledge    

	 
	 
	 
	Name:
	Kim Rutledge    

	 
	 
	 
	Title:
	SVP, Human ResourcesExhibit 10.1

 

Exhibit 10.1

 

RED FORK RESOURCES, LLC

2458 167th
Street

Fairfield, Iowa 52556

641-469-5510

______________________________________________________________________________

 

February
14, 2018

 

Petro
River Oil Corp.

55
Fifth Avenue, Suite 1702

New
York, NY 10003

Attn:
Scot Cohen

 

RE:
Purchase and Exchange of Certain Conveyed Assets

 

Gentlemen:

 

When
fully executed, this letter shall constitute a binding purchase and
exchange agreement (“Agreement”) between Petro River
Oil Corporation (“Trader
1”) and Red Fork Resources (“Trader 2”) in regard to the
subject matter contained herein. Trader 1 owns a 13.75% working
interest (“Trader 1
Assets”) in and to an AMI (as that term is defined in that
certain Amended and Restated Asset Purchase and Sale and
Exploration Agreement between Trader 1 and Compass Global
Resources, LLC, et al, dated June 6, 2016, effective March 4, 2019,
including exhibits thereto (“APSEA”)) situated in the Mountain
View Project in Kern County, California (“MV AMI”). Trader 2 owns the
exclusive rights to an 85% working interest (“Trader 2 Assets”) in and to an
AMI (as that term is defined
in that certain Exploration Agreement dated December 27, 2016,
effective January 1, 2017, including exhibits thereto
(“EA”)) situated
in Kay County, Oklahoma (“KC
AMI”). Trader 1 and Trader 2 desire to exchange
certain assets in the MV AMI and KC AMI in accordance with the
terms set forth in this Agreement. Trader 1 and Trader 2 may
sometimes hereinafter be referred to individually as a “Party” and collectively as
“Parties”.

 

The
Parties hereby agree as follows:

 

1. 

Assets to be Purchased and
Exchanged: Trader 1 shall convey to Trader 2 one-hundred
percent (100%) of the Trader 1 Assets, including all rights and
liabilities attendant thereto and Trader 2 shall convey to Trader 1
sixty four decimal seven zero percent (64.70%) of the Trader 2
Assets (resulting in in Trader 1 owning a 55% working interest and
Trader 2 retaining a 30% working interest in the Trader 2 Assets),
including all rights and liabilities attendant
thereto.

 

2. 

Assignments: The Trader 1
Assets and Trader 2 Assets shall be conveyed to the respective
Parties by a mutually acceptable assignment and bill of sale, which
shall include a special warranty of title, defending against the
claims of any person claiming by, through or under transferor, but
not otherwise. The Parties agree that the Trader 1 Assets shall be
conveyed to Mountain View Resources, LLC, an affiliate of Trader 2,
instead of Trader 2, and the assignment and bill of sale shall
reflect same.

 

3. 

Liens and Encumbrances: Except
as otherwise provided for herein, the Trader 1 Assets and Trader 2
Assets shall be conveyed from the respective Parties free and clear
of all liens, mortgages, taxes, obligations, claims, suits, and any
other encumbrances.

 

 

 

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4. 

Purchase Price: The purchase
and exchange of assets pursuant to this Agreement shall be
construed as a simultaneous like-kind exchange within the meaning
of Section 1031 of Internal Revenue Code of 1986 as in effect on
the date hereof and as may be amended from time to time. For
purposes hereof the Parties agree that the Trader 1 Assets and
Trader 2 Assets to be conveyed shall be considered to be of equal
value.

 

5. 

Closing Date and Effective
Date: Unless otherwise agreed by the Parties, the closing of
the purchase and exchange shall occur on or before March 1, 2018
(the “Closing
Date”). The period between the execution of the
Agreement and the Closing Date shall provide the necessary time for
the Parties to complete final due-diligence and to obtain all
necessary internal approvals, as well as any required third party
consents. The effective date of the Agreement shall be January 1,
2018 (the “Effective
Date”). On the Closing Date, if a conveying Party has
received revenues attributable to production occurring between the
Effective Date to the Closing Date on an asset which it has
conveyed, the conveying Party shall reimburse the other Party for
that amount. Conversely if a conveying Party has made payments for
costs incurred attributable to operations occurring between the
Effective Date to the Closing Date on an asset which it has
conveyed, the other Party shall reimburse the conveying Party for
that amount.

 

6. 

Pre-Effective Date and Post-Effective
Date Obligations:

 

 

All revenues
received and all costs, expenses, obligations and liabilities
earned or incurred prior to the Effective Date in regard to the
Trader 1 Assets conveyed to Trader 2 shall be owned and/or borne by
Trader 1, and all revenues received and all costs, expenses,
obligations and liabilities earned or incurred after the Effective
Date in regard to the Trader 1 Assets conveyed to Trader 2 shall be
owned and/or borne by Trader 2. All revenues received and all
costs, expenses, obligations and liabilities earned or incurred
prior to the Effective Date in regard to the Trader 2 Assets
conveyed to Trader 1 shall be owned and/or borne by Trader 2, and
all revenues received and all costs, expenses, obligations and
liabilities earned or incurred after the Effective Date in regard
to the Trader 2 Assets conveyed to Trader 1 shall be owned and/or
borne by Trader 1.

 

7. 

ORRI: Trader 1 shall be
entitled to and shall reserve from the Trader 1 Assets conveyed to
Trader 2 an overriding royalty interest equal to two percent (2%)
of 8/8, proportionately reduced to the working interest so
conveyed. Trader 2 shall be entitled to and shall reserve from the
Trader 2 Assets conveyed to Trader 1 an overriding royalty interest
equal to two percent (2%) of 8/8, proportionately reduced to the
working interest so conveyed.

 

8. 

Operating and Other Agreements:
Trader 1 and Trader 2 shall be bound by the provisions of the
Operating Agreements governing the MV AMI and KC AMI, as well as
the APSEA, the EA and any other agreements applicable to the
respective Trader 1 Assets and Trader 2 Assets.

 

9. 

Due Diligence: Up until the
Closing Date, the Parties shall afford, or shall use reasonable
commercial efforts to afford, each other and its authorized
representatives, upon reasonable notice, at reasonable times, and
at the sole cost, risk, and expense of that Party or its
representatives, as applicable, the following additional due
diligence reviews to the reasonable satisfaction of transferee: (a)
confirmation of the marketability of title and the accuracy of all
ownership, contract rights and status; (b) review of all contract
rights, well and regulatory files, lease agreements, geological,
geophysical and engineering data and other contracts applicable to
the Trader 1 Assets and Trader 2 Assets, as the case may be; and
(c) field inspections and other acts of due diligence appropriate
to the transaction as mutually agreed between the
Parties.

 

 

 

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10. 

Cooperation and Exclusivity:
The Parties shall cooperate in good faith and proceed expeditiously
to consummate the transaction by the Closing Date. After execution
of this Agreement and continuing until the Closing Date, neither
Party shall directly or indirectly solicit or entertain any other
offer to acquire the respective assets, or any portion thereof, or
enter into any negotiation or agreement that provides for the sale
of the respective assets, or any portion thereof, to any third
party.

 

11. 

Access to Data: Each Party
agrees to provide reasonable access to the other Party to the
public and confidential books and records of the other Party
pertaining to the Trader 1 Assets and Trader 2 Assets, as the case
may be. All information and data disclosed by either Party pursuant
to this Agreement shall be treated as confidential information and
not disclosed to third parties without securing the other
Party’s prior written consent.

 

12. 

Confidentiality: Except as and
to the extent required by applicable laws (including applicable
federal and state securities laws) or the rules of any public stock
exchange on which the securities of either Party may be listed,
neither Party shall, without the prior written consent of the other
Party, make any public announcement, comment, statement, or other
communication with respect to, or otherwise publicly disclose or
permit the public disclosure of the existence of this Agreement or
any of its terms; provided, however, that this paragraph 12 shall
not apply in the case of any such disclosure by a Party to its
shareholders, members, partners, directors, managers, officers,
employees, lenders, attorneys, accountants, engineers, or other
professional consultants and advisors who have a need to know. If a
Party is required by law or applicable stock exchange rule to make
any such disclosure, it shall first provide to the other Party the
content of the proposed disclosure, the reason that such disclosure
is required by law or applicable stock exchange rule, and the time
and place that the disclosure shall be made.

 

13. 

Representations and Warranties:
Trader 1 and Trader 2 severally represent and warrant to the other
Party, as applicable, the following in regard to the respective
Trader 1 Assets and Trader 2 Assets being conveyed to the other
Party (individually the “Conveyed Assets”), as well as
corporate authority to enter into this Agreement:

 

(a)
Subject to the terms of the governing agreements of the Conveyed
Assets, the conveying Party owns, or is entitled to own, title to
the Conveyed Assets free and clear of all liens mortgages, taxes,
obligations, claims suits and any other encumbrances, created by,
through or under the conveying Party (excluding the ORRI as
provided for in Article 7 herein), but not otherwise, and the conveying Party is not aware of any liens
mortgages, taxes, obligations, claims suits and any other
encumbrances created by third parties which are not disclosed of
record;

 

(b)The
Conveyed Assets have not been declared or alleged to be in default,
and the conveying Party is not aware of the existence of any facts
which might lead to a claim of default with regard to the Conveyed
Assets.

 

(c)The
conveying Party has not received any written notice from, or to the
conveying Party’s knowledge there is not any assertion by,
any governmental authority or any other Person claiming any
violation or repudiation of the Conveyed Assets or any violation of
any law, rule, regulation, ordinance, order, decision or decree of
any governmental authority with respect to the Conveyed Assets, and
the conveying Party is not aware of the existence of any facts
which might lead to a claim of any violation with regard to the
Conveyed Assets;

 

 

 

 

 

-3-

 

 

(d) 

No lawsuit or other
legal or administrative proceeding is pending or, to conveying
Party’s knowledge, threatened or potential, that affects, or
has the potential to affect the Conveyed Assets or the ownership of
or operations, if any, thereon;

 

(e)Except for
consents or approvals of governmental authorities customarily
obtained after the Closing Date, the Conveyed Assets may be
transferred by assignment by the conveying Party without the
consent of any person, free of any preferential rights to purchase,
rights of first refusal and the like with respect to the Conveyed
Assets;

 

(f)The
conveying Party has not executed any contracts, conveyances,
assignments, agreements or encumbrances separate from the Conveyed
Assets that shall affect the ownership thereof;

 

(g)Except for the
ORRI as provided for in Article 7 herein, the conveying Party has
not created, and there are not, any payments out of
production;

 

(h)To
the best of its knowledge, the conveying Party has obtained, and
maintained in effect, all necessary governmental permits, licenses
and other authorizations, if any, with regard to the ownership or
operation of the Conveyed Assets, and there are not any material
violations in respect of such permits, licenses or other
authorizations.

 

(i)Each
conveying Party is duly formed, validly existing and in good
standing under the laws of the State of its formation, and is duly
qualified to own the Conveyed Assets and hold title
thereto;

 

(j)The
execution and delivery of this Agreement has been, and the
performance of this Agreement and the transactions contemplated
hereby shall be, at the time required to be performed hereunder,
duly and validly authorized by all requisite action on the part of
conveying Party and the other Party;

 

(k)This
Agreement has been, and on the
Closing Date shall be reaffirmed to be, duly executed and delivered
on behalf of conveying Party and the other Party and shall constitute
the legal, valid and binding obligation of conveying Party and the
other Party, enforceable in accordance with their respective terms,
except as enforceability may be limited by laws affecting the
rights of creditors generally or
equitable principles;

 

(l)The
execution and delivery of this Agreement by conveying Party does
not, and the consummation of the transactions contemplated by this
Agreement and the future delivery of the assignment shall not, (i)
violate or be in conflict with, or require the consent of any
person or entity under any provision of conveying Party’s
governing documents, (ii) violate any provision of or require any
consent, authorization or approval under any judgment, decree,
judicial or administrative order, award, writ, injunction, statute,
rule or regulation applicable to the conveying Party or (iii)
result in the creation of any lien, charge or encumbrance on any of
the Conveyed Assets;

 

(m)No
lawsuit or other legal or administrative proceeding is pending or,
to the conveying Party’s knowledge, threatened, that affects
the conveying Party that would have a material adverse impact on
the Conveyed Assets; and

 

(n)Neither Party
has incurred any obligation or liability, contingent or otherwise,
for brokers’ or finders’ fees in respect of the matters
provided for in this Agreement that shall be the responsibility of
the other Party, and any such obligation or liability that might
exist shall be the sole obligation of the Party contracting such
fee, and that Party shall indemnify the other Party hereto for any
claims by any third party seeking payment.

 

 

 

 

 

-4-

 

 

(o) 

Both Parties have
copies of the original Operating Agreements, APSEA and EA in their
possession.

 

These
representations and warranties are valid as of the date of
execution of this Agreement and unless otherwise noted to the
contrary by the Party making such representations and warranties,
shall be considered reaffirmed as of the Closing Date.

 

14. 

Counterparts: This Agreement
may be executed in counterparts each of which shall be deemed to be
an original but all of which shall be deemed one and the same
document.

 

15. 

Governing Law: This Agreement
shall be governed by and construed and enforced in accordance with
the laws of the State of New York.

 

16. 

Expenses: Other than legal
fees, which the Parties agree to share equally, each Party shall
pay its own expenses and costs incidental to the negotiation and
completion of this Agreement.

 

17. 

Termination: Unless a material
issue arises prior to the Closing Date in regard to title or
quality of the Conveyed Assets, or either Party is unable to
fulfill its promise under any representation or warranty set forth
in Article 13 herein, the transaction as provided for herein shall
be consummated on the Closing Date. If the transaction is not
consummated on the Closing Date for a reason enumerated above, this
Agreement shall terminate and neither Party shall have any rights
of ownership of the assets intended to be conveyed to it, nor any
liability attendant to the assets not conveyed. Notwithstanding the
foregoing, if payments have been made by the other Party to a
conveying Party, or to third parties, for costs incurred on the
Conveyed Assets, in such case these payments shall be immediately
reimbursed by the conveying Party to the other Party. The
provisions in Articles 12, 15 and 16 shall survive any termination
of this Agreement.

 

If the
foregoing letter is fully acceptable to you, please acknowledge
your agreement by signing and returning a copy of this Agreement to
the undersigned. This Agreement shall become effective when it has
been executed by both Parties. The return of executed documents by
electronic transmission shall be effective between the
Parties.

 

Sincerely
yours,

 

/s/ Jonathan B. Rudney

Jonathan
B. Rudney

Manager

 

 

AGREED
TO AND ACCEPTED THIS 14 DAY OF FEBRUARY, 2018

 

PETRO RIVER OIL CORPRATION

 

 

 

By:         

/s/ Scot
Cohen                                                                                      

Scot
Cohen

Executive
Chairman

 

-5-

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