Document:

PROMISSORY NOTE

 

	$200,000	October 24, 2011

 

FOR VALUABLE CONSIDERATION, the sufficiency
of which is hereby acknowledged, EOS Petro Inc., a Delaware Corporation company having its principal place of business at 2049
Century Park East, Suite 3670, Los Angeles, California (“PG”), and Nikolas constant, an individual resident
of the State of California (“Konstant” and, jointly and severally with EOS, the “Makers”),
promise to pay to RT Holdings LLC a __________________________________________________ (“RT”), the “Payee”),
in immediately available funds, the principal amount of United States dollars TWO HUNDRED THOUSAND DOLLARS (US$200,000.00),
on November 7, 2011 (the “Maturity Date”), and to pay (i) interest accrued on the principal from the date of
this Note from and including the date hereof to and excluding the date of payment of such principal amount; and (ii) other costs
and expenses payable or to become payable on the terms of this Note. The payee will also receive on the due date a fee $10,000
US dollars and $200,000 shares of EOS Petro inc. common stock.

 

1.          Interest.
Interest shall accrue on all principal amount outstanding on this Note from the date hereof until the payment in full of all
outstanding principal, interest and costs and expenses payable on, this Note at the rate of 6 percent per annum prior to
any Event of Default, provided that in no event shall the interest rate be higher than the maximum rate permitted by applicable
law. Interest on this Note shall be calculated on the basis of the actual number of days elapsed and a 360-day year comprising
twelve 30-day months.

 

Notwithstanding the
foregoing, all outstanding principal and interest shall become due and payable on the date, if any, on which the principal amount,
or part thereof, of this note is accelerated. Costs and expenses such as may become payable hereunder are payable at the earlier
of (i) demand of the Payee; or (ii) the date of any acceleration under paragraph 2. All payments hereunder are payable by wire
transfer to any United States bank account, in which case as the Payee entitled to such payment may designate from time to time
to the Makers. Whenever any payment to be made hereunder would otherwise become due on a date which is not a Business Day (as hereinafter
defined), the payment shall be made on the next succeeding Business Day and such extension of time shall be included in the computation
of the payment of interest with respect to such payment. “Business Day” means any day on which banks in the
City of Los Angeles, California are generally open for business.

 

All payments hereunder,
regardless of the basis for calculating the amount thereof, shall be credited; FIRST, against all costs and expenses of enforcement,
if any, described in paragraph 4 hereof or otherwise, SECOND, against all past due interest then due; THIRD, against all other
interest then due; and FOURTH, against outstanding principal. This Note may be prepaid in whole at any time.

 

2.          Events
of Default. “Default” means any event which is, or after notice or passage of time, or both, would be, an Event
of Default. “Event of Default” means any of the following:

 

		(a)	the Makers shall fail to pay in full any principal, accrued interest or other amounts due to Payee
under this Note when due and payable;

 

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		(b)	either of the Makers shall default in the payment of any amount of debt to any other party, or
shall default in the performance of or compliance with any other debt or obligation; or

 

		(c)	other than on terms approved in writing beforehand by the Payee, (i) the appointment of a receiver,
trustee, custodian or similar official, for either of the Makers or any materials portion of the property or assets of either of
the Makers; (ii) the conveyance of any material portion of the assets of either of the Makers to a trustee, mortgage or liquidating
agent or an assignment for the benefit of creditors by either of the Makers; (iii) the commencement of any proceeding, whether
federal or state, relating to bankruptcy, insolvency, dissolution, reorganization, composition, renegotiations of outstanding indebtedness,
arrangement or otherwise to the relief of debtors or the readjustment of indebtedness, by or against either of the Makers; (iv)
the consent by either of the Makers to the action, appointment, conveyance, or commencement of any of the foregoing; or (v) either
of the Makers take action in furtherance of any of the foregoing.

 

The Makers shall notify the Payee immediately
in writing of the occurrence of any Event of Default, which notification shall include a summary of the material facts relating
to such Event of Default and shall specify the date on which such Event of Default occurred.

 

Upon the occurrence of any Event of Default
above, all outstanding principal of this Note and all accrued but unpaid interest thereon shall be accelerated automatically, without
any further action by any party, and shall become immediately due and payable notwithstanding any other provision of this Note,
without presentment, demand, protest, notice of protest of other notice of dishonor of any kind, all of which are hereby expressly
waived by the Makers. Payee may enforce its rights under this Note and otherwise at law or in equity or both. All remedies available
to the Payee under this Note or otherwise shall be cumulative, and no course of dealing between the Makers and the Payee or any
delay or omission in exercising any power or right shall operate as a waiver thereof.

 

3.          Expenses
of Enforcement. The Makers agree to reimburse the Payee upon demand for all out-of-pocket expenses, all costs and expenses
(including reasonable attorneys fees, accountants' fees, and collection agency fees) of the Payee in connection with the enforcement
(including the negotiation and settlement of the terms of any workout or creditors' committee or similar proceeding) in connection
with the Payee' enforcement of the Makers' obligations thereunder.

 

4.          Lost,
Stolen or Mutilated Note. If this Note is lost, stolen, mutilated or destroyed, the Makers will, on such reasonable terms with
respect to indemnity or otherwise as it may in its discretion impose, issue a new Note of like denomination, tenor, and date as
this Note.

 

5.          Waiver.
The undertaking of the Makers hereunder shall remain in full force and effect without regard to, and shall not be impaired by,
any exercise or nonexercise, or any waiver by the Payee of any right, remedy, power or privilege under this Note. No act, failure
or delay by the Payee of any right, remedy, power or privilege under this note. No act, failure or delay by the Payee shall constitute
a waiver by the Payee of its rights and remedies hereunder or otherwise. No single or partial waiver by the Payee of any default
or right or remedy that it may have shall operate as a waiver of any other default, right or remedy or of the same default, right
or remedy on a future occasion. The Makers waive to the maximum extent permitted by applicable law presentment, notice of dishonor
and protest, notice of intent to accelerate and notice of acceleration of all instruments included in or evidencing any of the
obligations under this note, and any and all other notices and demands whatsoever.

 

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6.          Headings;
Interpretation. The headings and captions used in this Note are used only for convenience and are not to be considered in construing
or interpreting this Note. The Makers and Payee have participated jointly in the negotiation and drafting of this Note. If an ambiguity
or question of intent or interpretation arises, this Note shall be construed as if drafted jointly by the Makers and the Payee
and no presumption or burden of proof shall arise favoring or disfavoring either of them by virtue of the authorship of any of
the provisions of this Note. Any reference to any federal, state, local or foreign statute or law shall be deemed also to refer
to all rules and regulations promulgated thereunder, unless the context requires otherwise. The words ‘include” or
“including” shall mean “include, without limitation” or “including, without limitation,” as
the case may be, and the language following “include” or “including” shall not be deemed to set forth an
exhaustive list.

 

7.          Time
of Essence. Time shall be of the essence in the performance of the obligations of the Makers hereunder.

 

8.          Severability.
If, for any reason, a court of competent jurisdiction finds any provision of this Note, or any portion hereof, to be unenforceable,
such decision shall not affect the validity of the remaining portion, which remaining portion shall continue in full force and
effect as if this note has been executed with the invalid portion thereof eliminated therefrom or modified to the extent permitted
by law.

 

9.          Governing
Law. THIS NOTE AND THE RIGHTS OF THE PAYEE UNDER IT WILL BE GOVERNED BY AND CONSTRUED IN ALL RESPECTS IN ACCORDANCE WITH THE
LAWS OF THE STATE OF CALIFORNIA WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF CALIFORNIA
OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF CALIFORNIA.
Each of the Makers submits to and agrees to the exclusive jurisdiction of the courts in Ventura County, California in any action
or proceeding arising out of or relating to this Note and agrees that all claims in respect of the action or proceeding may be,
and shall be, heard and determined in any such court. Each of the Makers waives any defense of inconvenient forum to the maintenance
of any action or proceeding so brought and waives any defense of inconvenient forum to the maintenance of any action or proceeding
so brought and waives any bond, surety or other security that might be required of any other party with respect thereto. The Payee
may make service of process by sending or delivering a copy of the process to the Makers at the address of GP set forth above.
Nothing in this Paragraph, however, shall affect the right of any of the Payee to serve legal process in any other manner permitted
by law or in equity. The Makers and the Payee shall be bound by a final judgment in any action or proceeding so brought, which
shall be conclusive and may be enforced by suit on the judgment or in any other manner provided by law or in equity. In the event
of any action or suit based upon or proceeding so brought, which shall be conclusive and may be enforced by suit on the judgment
or in any other manner provided by law or in equity. In the event of any action or suit based upon or arising out of any alleged
breach of any provision of this note, the prevailing party will be entitled to recover from the other party reasonable attorneys’
fees and other costs of such action or suit.

 

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IN WITNESS WHEREOF,
each of the Makers has duly executed this Note as of the day and year first above written.

 

	NIKOLAS KONSTANT	 
	 	 
	/s/ Nikolas Konstant	 
	 	 
	EOS PETRO INC.	 
	 	 
	By:  /s/ Nikolas Konstant	 
	NikolasKonstant	 
	Chairman of the Board	 

 

    	4CONSULTING AGREEMENT

 

THIS CONSULTING AGREEMENT is made and entered
into this 7 day of December, 2011 by and between EOS Petro Inc. (hereinafter referred to as “EOS”), and Brian Hannan
and Jeff Ahlholm, both individuals and co-owners of AGRA Capital Advisors and Glacier Partners Holdings, LLC (hereinafter referred
to as “Glacier Partners”), and hereinafter collectively referred to as the “Parties”.

 

WITNESSETH:

 

WHEREAS, EOS is a new
private company that is engaged in the business of oil exploration and drilling and associated business activities; and

 

WHEREAS, Jeff Ahlholm,
and Brian Hannan are partners of Glacier Partners and Glacier Partners is currently the M&A advisor to EOS. And

 

WHEREAS, Glacier Partners
has special abilities and experience in the areas of general business management, business development, corporate strategy and
asset funding for operating companies and emerging growth enterprises, and in particular companies active in the energy field;
and

 

WHEREAS, in addition
to Glacier Partners’ role as an M&A advisor, Glacier Partners has agreed to provide ongoing consulting services to EOS
in order to assist EOS with general business expansion strategies, board organization and management, business management and asset/project
finance funding for oil/gas land rights, exploration, existing operating oil/gas wells, etc.; and

 

WHEREAS, it is the
desire of the Parties to define and set out their relationship in writing and the circumstances under which Glacier Partners shall
provide such consulting services.

 

NOW, THEREFORE, in consideration of the
mutual covenants hereinafter contained, the Parties agree as follows:

 

1.           CONSULTING SERVICES. EOS hereby agrees
to retain Glacier Partners to provide consulting support and advisory services to include business expansion strategies, business
management, project financing and optimization support through the contractual structure outlined by this Agreement. Glacier Partners
shall devote such of its time and effort as may be necessary to discharge its duties under this Agreement. While Glacier Partners
shall not be restricted from engaging in other business activities during the Term of this Agreement, Glacier Partners shall not
provide services to any entity that directly competes with EOS. Services shall include but not be limited to the following:

 

		·	Board, Recruitment and Management.

 

		o	Board Recruitment  ̈
If desired by EOS, Glacier Partners will identify, advise and lead discussions with additional professionals targeted to be recruited
to the board of EOS.

 

		·	Acquisitions:

 

		o	Acquisition Assessment and Board Review – Glacier Partners will assist EOS with its assessment
of all new company acquisitions targeted by EOS. Glacier Partners will lead in the detailed evaluation consistent with classic
Harvard Business Review outline form and prepare an appropriate report for the EOS Board with the company’s recommendation
in accordance with corporate standards.

 

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		o	Acquisition Negotiations  ̈
Glacier Partners will assist and/or lead the negotiations process of such acquisitions at the direction of EOS. Assistance shall
include travel and face-to-face meetings with such targeted acquisitions.

 

		o	Asset Acquisitions  ̈
Glacier Partners will assist EOS with its assessment of any targeted oil field, works, and associated asset acquisitions contemplated
by EOS. Work to include an assessment of new market territories and acquisition targets. Assistance shall include travel and face-to-face
meetings with such targeted acquisitions.

 

		·	Financing:

 

		o	Assist, support and/or lead EOS efforts to secure energy project financing to move forward with
the development of EOS oil exploration.

 

		o	Glacier Partners will help identify, target and lead discussions with targeted project finance
partners. Work to include travel and face-to-face meetings with such targeted financial partners.

 

		·	Other specific assignments determined by EOS.

 

2.            
PURPOSE. The purpose of this arrangement is to carry on any and all such other activities as may be necessary to provide the Consulting
Services outlined above and to support the growth and operation of the business of EOS.

 

3.             OFFICE,
SUPPLIES AND EXPENSES. While it is not anticipated that Glacier Partners representatives will need to work extensively from EOS
offices, Glacier Partners is prepared to provide any on-site work as required and EOS shall provide any necessary office space
to allow Glacier Partners to conduct any on-site work that may be required to perform the Consulting Services outlined herein.
Glacier Partners shall be reimbursed by EOS for all reasonable and industry standard expenses and supplies required carrying out
the duties contemplated by this Agreement. Glacier Partners shall obtain EOS’s written approval for any travel incurred on
behalf of EOS and for any single expense over $500. Such approval may be provided via email transmission and reimbursement shall
be made by EOS within 30 days of formal submittal by Glacier Partners regardless of how compensation is structured at such time.

 

4.             TERM.
The Agreement shall commence on December 7, 2011 and shall continue for a period of 12 months. Thereafter, this Agreement shall
continue indefinitely or until terminated by either of the Parties upon 30 days written notice thereof to the other Party. Such
notice to be provided by email communication.

 

5.             MINIMUM
MANPOWER COMMITMENT AND COMPENSATION. Glacier Partners will provide the work necessary to meet the requirements of the Consulting
Services as outlined above. Glacier Partners will also commit to one in-person meeting per month ‒ preferably in a manner
that shall integrate with other Glacier Partners travel activity to maximize efficiency and to minimize travel expense to EOS.
In addition, Glacier Partners recommends holding a standing conference call on two afternoons each week to review general strategy.
At other times, Glacier Partners will provide regular email updates along with a more formal Monthly Report.

 

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Glacier Partners will also provide availability for approximately
1 to 2 strategy or project finance meetings/trips per month on behalf of EOS (albeit, Glacier Partners will always try to combine
travel with other business initiatives to reduce cost to EOS.)

 

Compensation:

 

		·	Monthly retainer ‒ As compensation for the services contemplated
herein, Glacier Partners will be paid a monthly fee of $30,000 per month, payable on the 15th of each month for a period
of twelve (12) months. This monthly advisory fee shall be capped at $360,000 at which point Glacier Partners shall continue performing
its services to EOS on strictly a commission-only basis. This monthly retainer may be payable as either cash or in the form of
EOS stock, based on the mutual agreement of both EOS and Glacier Partners.

 

		·	M&A Advisory and Finders’ Fees. Success based fees are subject
to approval by EOS in any specific instance and shall not be less than two percent (2.0%) of the transaction value, including but
not limited to the assumption of existing debt or seller carrybacks, without the prior written acceptance of such terms by Glacier
Partners. Glacier Partners shall be paid either directly from escrow when possible or within three (3) business days of closing
directly by EOS. EOS agrees to support the following schedule of M&A Advisory Fees to Glacier Partners on transactions either
jointly originated or originated by EOS Affiliates:

 

2.5% for Transactions under $25 million

2.0% for Transactions under $50 million

1.5% for Transactions under $100 million

1.0% for Transactions over $100 million

 

NOTE: The advisory percentages/rates listed above shall be doubled
for any and all Transactions originated by Glacier Partners for EOS, and these “Glacier Partners Sources and M&A Targets”
shall survive any Termination of this Agreement, with respect to commissions due and payable to Glacier Partners at the closing
of any such Transaction.

 

		·	Stock compensation ‒ in exchange for Glacier Partners’
initial efforts and support of EOS during the time at which EOS is unable to pay the monthly retainer in due to the lack of the
occurrence of (a) or (b) outlined above, Glacier Partners shall be granted the right to purchase 850,000 shares of EOS‘s
common stock pursuant to a Share Purchase Agreement (see exhibit A) for $85,000 US dollars. The stock shall have equal registration
status and trading rights as stock held by Nikolas Konstant and his affiliates. The Grant of Stock to Glacier Partners Holdings,
LLC will be subject to a LU/LO agreement.

 

6.            REPRESENTATION
AND WARRANTIES. The Parties hereby represent and warrant to each other that they have full power and authority to execute, deliver
and perform the terms and provisions of this Agreement. This Agreement constitutes the legal, valid and binding obligation of the
Parties enforceable in accordance with its terms, except to the extent that the enforceability hereof may be limited by bankruptcy
or similar laws relating to or limiting creditors’ rights generally or by equitable principles (regardless of whether enforcement
is sought in equity or at law).

 

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7.             INDEMNIFICATION.
Each Party hereby agrees to indemnify and hold harmless the other Party and its directors, officers, employees and/or affiliates
against any and all losses, claims, damages obligations, penalties, judgments, awards, liabilities, costs, expenses and disbursements
(and all actions, suits, proceedings and investigations in respect thereof and any and all reasonable legal or other costs, expenses
and disbursements in giving testimony or furnishing documents in response to a subpoena or otherwise), including, without limitation,
the reasonable costs, expenses, and disbursements, as and when incurred, of investigating, preparing, or defending any such action,
proceeding or investigation (whether or not in connection with litigation to which the Consultant is a party) (collectively, the
“Liabilities”) arising out of or in connection with the activities contemplated by this Agreement, so long as such
Liabilities arise from the negligent and/or willful misconduct of the violating Party, or the violation in any material respect
of applicable federal or state securities laws by the violating Party with respect to any untrue statement or alleged untrue statement
of a material fact or any omission or alleged omission to state a material fact required to be stated, or necessary to make the
statements made, in light of the circumstances under which they were made, not misleading; provided, however, that
this provision shall not apply to any Liabilities to the extent found by a court of competent jurisdiction to have resulted from
the willful misconduct or violation in any material respect of applicable federal or state securities laws by the Other Party.
to the extent set forth in Section 8(b) hereof. Each party entitled to indemnification under this Agreement (the “Indemnified
Party”), shall give notice to the party required to provide indemnification hereunder (the “Indemnifying Party”)
with reasonable promptness after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought.
Notwithstanding the foregoing, the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying
Party of its obligations under this Section 8. Upon receipt of such notice, the Indemnifying Party shall conduct the defense of
such claim or any litigation resulting there from. The Indemnified Party may, however, participate in such defense as such Indemnified
Party’s sole expense. The Indemnified Party shall furnish such information regarding the claim in question as the Indemnifying
Party may reasonably request in writing in connection with the defense of any such claim and litigation resulting there from.

 

8.             INDEPENDENT
CONTRACTORS. Nothing herein contained shall be construed to constitute the parties hereto as partners or as joint venturers, or
either as agent of the other, or as employer or employee. Except as otherwise expressly provided herein, Glacier Partners and its
representatives acknowledge that they are not an officer, director or agent of Knight in any way and as such may not commit Knight
to any action.

 

9.             MISCELLANEOUS
PROVISIONS.

 

(a)      
Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of California,
without giving effect to the principles of conflicts of laws thereof.

 

(b)      Attorney
Review. The Parties acknowledges that this Agreement will have important legal consequences and imposes significant requirement
on each Party. Accordingly, the Parties acknowledge that they have considered retaining or have retained legal counsel to review
this Agreement and that each Party has been provided with adequate time to obtain such review.

 

(c)       Arbitration.
The Parties agree that in the event of any and all disagreements and controversies arising from this Agreement such disagreements
and controversies shall be subject to binding arbitration as arbitrated in accordance with the then current Commercial Arbitration
Rules of the American Arbitration Association to be held in Los Angeles, California before one neutral arbitrator. Either Party
may apply to the arbitrator seeking injunctive relief until the arbitration award is rendered or the controversy is otherwise resolved.
Without waiving any remedy under this Agreement, either Party may also seek from any court having jurisdiction any interim or provisional
relief that is necessary to protect the rights or property of that Party, pending the establishment of the arbitral tribunal (or
pending the arbitral tribunal’s determination of the merits of the controversy). In the event of any such disagreement or
controversy, neither Party shall directly or indirectly reveal, report, publish or disclose any information relating to such disagreement
or controversy to any person, firm or corporation not expressly authorized by the other Party to receive such information or use
such information or assist any other person in doing so, except to comply with actual legal obligations of such Party or unless
such disclosure is directly related to an arbitration proceeding as provided herein, including, but not limited to, the prosecution
or defense of any claim in such arbitration. The costs and expenses of the arbitration (including attorneys’ fees) shall
be paid by the non-prevailing Party or as determined by the arbitrator. The Parties are hereby waiving any claims against each
other party for any activities or prior business transactions between the parties to date. This paragraph shall survive the termination
of this Agreement.

 

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(d)      Entire
Agreement. This Agreement contains the entire agreement and understanding between the parties and merges and supersedes any
prior understandings or agreements, whether written or oral. The provisions of this Agreement shall be amended or waived only with
the written consent of both parties hereto. No other course of dealing between the Parties or any delay in exercising any rights
hereunder will operate as a waiver of any rights of either Party under this Agreement.

 

(e)       Successors
and Assigns. This Agreement shall be binding upon, inure to the benefit of, and shall be enforceable by Consultant and the
Company and their respective successors and permitted assigns. Except however, that this Agreement will automatically terminate
without further liability on the part of either party due to the death or incapacitation of Glacier Partners’ principals.

 

(f)        Nonwaiver
of Rights. The failure of either Party to (i) enforce any of the provisions of this Agreement or any rights with respect thereto
or (ii) exercise any election provided for herein shall in no way be a waiver of such provisions, rights or elections or in any
way affect the validity of this Agreement. The failure of either Party to exercise any of said provisions, rights or elections
shall not preclude or prejudice such Party from later enforcing or exercising the same or any other provision of this Agreement
or any rights or elections which it has hereunder.

 

(g)      Notices. All notices
and other communications under this Agreement shall be in writing and shall be deemed effective and given upon actual delivery,
if delivered by hand, or via email transmission with a confirmation provided by the other party. Notices may also be sent via one
(1) business day after the date sent by nationally recognized overnight courier service, telex or facsimile transmission, or five
(5) business days after the date sent by registered or certified mail, return receipt requested, postage prepaid, addressed in
each case, to the following addresses:

 

		i.	if to EOS PERTO inc.:

 

Nikolas Konstant

2049 Century Park East Suite 3670

Los Angeles, CA. 90067

Nkonstant@cos-petro.com

 

		ii.	if to Glacier Holdings, LLC:

 

Benjamin Beaird

28930 Dargan Street

Agoura Hills, CA 91391

 

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(h)         Assignability.
This Agreement may be assigned to any wholly owned affiliate of either Party to this Agreement. Neither this Agreement nor any
right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by either Party to any third party
without the prior written consent of the other party hereto.

 

(i)          Severability.
If any provision of this Agreement or the application of any such provision to any person or circumstance shall be held invalid,
illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall
not affect any other provision hereof.

 

(j)          Limitation
of Liability. In no event shall either Party be liable to the other Party for any indirect, special, punitive or consequential
damages, nor for any claim against the other Party made by any person or entity arising from or in any way related to this Agreement
or from the services provided by hereunder, except for the liability and indemnification obligations set forth under Section 7
hereof.

 

(k)         Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be
an original and all of which together shall be deemed to be one and the same agreement.

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the date first written above.

 

	 	EOS Petro Inc.
	 	 	 
	 	By:	  /s/ Nikolas Konstant
	 	 	 
	 	Its:  Chairman of the Board
	 	 	 
	 	GLACIER PARTNERS, LLC
	 	 	 
	 	By:	  /s/ Jeffrey K. Ahlholm
	 	 	 
	 	Name:  Jeffrey K. Ahlholm
	 	Its:       Partner

 

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EXHIBIT A

 

STOCK PURCHASE AGREEMENT

 

This Stock Purchase
Agreement (this "Agreement"), dated as of ________, (the "Effective Date"), is entered into by
and among Eos Petro, Inc., a Delaware Corporation (the "Company" and Glacier Holdings, LLC (the "Purchaser").

 

WHEREAS, the Company
desires to sell, and the Purchaser desires to purchase, 850,000 shares (the "Shares") of the Company's common
stock, par value $0.001(the "Common Stock") for the consideration and on the terms set forth herein;

 

WHEREAS, the Company
presently it will not be able to pay the cash compensation to Glacier Holdings, LLC, as per the advisory agreement, Glacier Holdings
can purchase the shares of the Company in Lieu of cash payment compensation of up to $85,000 US dollars.

 

NOW, THEREFORE, on
the stated premises and for and in consideration of the mutual covenants, agreements or obligations hereinafter set forth and the
mutual benefits to the parties to be derived here from, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and intending to be legally bound, the Company and Purchaser agree as follows:

 

1.           Sale of Common
Stock.

 

1.1       Encumbrances
and Purchase Price. Upon the terms and subject to the conditions set forth in this Agreement, the Company hereby sells,
conveys, assigns and transfer to Purchaser, and Purchaser hereby purchases from the Company, all of the Company's right, title
and interest in and to the Shares free and clear of all liens, pledges, claims, charges, equities, agreements, rights, options,
warrants, restrictions and encumbrances (collectively, "Encumbrances") of any kind, nature or description, for
a an aggregate purchase price of $85,000.

 

2.           Representations
and Warranties of the Company. The Company hereby represents

and warrants on the date hereof, as follows:

 

2.1       Authorization.
All corporate action required to be taken by the Company's Board of Directors and stockholders in order to authorize the Company
to enter into this Agreement and to issue the Shares, has been taken. All action on the part of the officers of the Company
necessary for the execution and delivery of this Agreement, the performance of all obligations of the Company under this Agreement
and the issuance and delivery of the Shares has been taken. The Agreement, when fully executed, shall constitute valid and legally
binding obligations of the Company, enforceable against the Company in accordance with their respective terms except: (i) as limited
by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other laws of general application relating
to or affecting the enforcement of creditors' rights generally; (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies; or (iii) to the extent the indemnification provisions contained herein
may be limited by applicable securities laws.

 

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2.2       Valid
Issuance of Shares. The Shares, when issued, sold and delivered in accordance with the terms and for the consideration
set forth in this Agreement, will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than
restrictions on transfer under applicable securities laws and liens or encumbrances created by or imposed on such shares by the
Purchaser. Assuming the accuracy of the representations of the Purchaser
in Section 3 of this Agreement and subject to the filings described in Section 2.3 below, the Shares will be issued
in compliance with all applicable securities laws. The Shares will be validly issued, fully paid and nonassessable and free of
restrictions on transfer other than restrictions on transfer under applicable securities laws and liens or encumbrances created
by or imposed on such shares by the Purchaser. Based in part upon the representations of the Purchaser in Section 3 of this
Agreement, and subject to Section 2.3 below, the shares of Common Stock issuable upon conversion of the Purchased Securities
will be issued in compliance with all applicable securities laws.

 

2.3       Consents
and Filings. No consent, approval, order or authorization
of, or registration, qualification, designation, declaration or filing with, any governmental authority or any person
is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement,
except for filings pursuant to applicable securities laws, which have been made or will be made in a timely manner as required.

 

2.3       Business
of Company. The Company is not making nor has it made any representations to the Purchaser
whatsoever as to the past, present or future business or financial condition or prospects of the Company, or as to the value of
the Company's assets, the amount of the Company's liabilities (whether fixed or contingent), or any other fact relating to the
existence, history, operation, prospects or condition, financial or otherwise, of the Company.

 

2.4       No
Conflict. The execution, delivery and performance of this
Agreement by the Company does not and will not conflict with, violate or cause a breach of any agreement, contract or instrument
to which the Company is a party.

 

3.          Representations
and Warranties of the Purchaser. Purchaser hereby represents and warrants on the date hereof, as follows:

 

3.1       Investment
Intent. The Purchaser is acquiring the Shares as principal for the Purchaser's own account for investment purposes
only and not with a view to or for distributing or reselling the Shares or any part thereof. The Purchaser is acquiring the Shares
hereunder in the ordinary course of the Purchaser's business. The Purchaser does not have any agreement or understanding, directly
or indirectly, with any person to distribute any of the Shares.

 

3.2       Investor
Status. The Purchaser has the financial ability to bear
the economic risk of the Purchaser's investment, has adequate means for providing for the Purchaser's current needs and contingencies,
and has no need for liquidity with respect to the Purchaser's investment in the Company. The Purchaser and the Purchaser's attorney,
accountant, purchaser representative and/or tax advisor, if any, has such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of the prospective investment in the Shares.

 

3.3       Authority.
This Agreement has been validly authorized, executed and delivered by the Purchaser and is a valid and binding agreement
enforceable in accordance with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting
the enforcement of creditors' rights generally. The execution, delivery and performance of this Agreement by the Purchaser does
not and will not conflict with, violate or cause a breach of any agreement, contract or instrument to which the Purchaser
is a party.

 

3.4       No
Registration. The Purchaser acknowledges that he is fully informed that the Shares being sold hereunder are not being
registered under the federal securities laws or the or the securities or blue sky laws of any state or foreign jurisdiction; that
such Shares must be held indefinitely unless they are subsequently registered under any applicable federal or state securities
laws, or unless an exemption from registration is available thereunder; and that the Company has no obligation to register the
Shares.

 

    	8

    	 

    

 

3.5       Reliance
on Representations and Warranties. The Purchaser understands that the Shares are being sold to the Purchaser in reliance on
specific provisions of United States federal and state securities laws and that the Company is relying upon the truth and accuracy
of the representations, warranties, agreements, acknowledgments and understandings of the Purchaser set forth in this Agreement
in order to determine the applicability of such provisions.

 

3.6       No
Advertisement. The Purchaser is not acquiring the Shares as a result of or subsequent to any advertisement, article,
notice or other communication regarding the Shares published in any newspaper, magazine or similar media or broadcast over television
or radio or presented at any seminar or any other general solicitation or general advertisement.

 

4.     Legend.
The Purchaser understands that the Shares and any securities issued in respect of or exchange for the Shares, may bear one or all
of the following legends:

 

(a)       Any
legend required by the securities laws of any jurisdiction to the extent

such laws are applicable to the Shares represented by the certificate so legended.

 

(b)       Any
legend set forth in, or required by, the Lock-Up Leak-Out Agreement attached hereto as Exhibit A

 

5.           Indemnification.
The Purchaser agrees to indemnify and hold harmless the Company and its respective officers and directors, employees and affiliates
and each other person, if any, who controls any of the foregoing, against any loss, liability, claim, damage and expense whatsoever
(including, but not limited to, any and all expenses whatsoever reasonably incurred in investigating, preparing or defending against
any litigation commenced or threatened or any claim whatsoever) arising out of or based upon any false representation or warranty
made herein, or any breach of, or failure to comply with, any covenant or agreement made herein or in any other document furnished
by the Purchaser to the Company, its officers and directors, employees and its affiliates and each other person, if any, who controls
any of the foregoing in connection with the sale of the Shares hereunder.

 

6.           Breach
by Company; Cure Period; Damages and Specific Performance. If the Company fails to deliver the Shares on the Effective Date,
then the Company shall be in breach of this Agreement. Upon receipt of written notice from the Purchaser notifying the Company
of Company's breach, Company has five (5) business days from the date of receipt of the notice to cure any such breach and deliver
the Shares. If Company fails to cure any such breach, the Purchaser may pursue any and all remedies available to the Purchaser
pursuant to Section 6 of this Agreement. In the event of a breach of this Agreement by the Company, the Purchaser shall be entitled
to damages and shall have the right to seek specific performance of this Agreement.

 

7.           Miscellaneous.

 

7.1       Binding
Agreement. This Agreement and the covenants and agreements herein contained shall
inure to the benefit of and shall bind the respective parties hereto and their respective successors and assigns.

 

    	9

    	 

    

 

7.2       Governing
Law; Consent to Personal Jurisdiction. This Agreement and all actions arising out
of or in connection with this Agreement shall be governed by and construed in accordance with the laws of the State of California,
without regard to the conflicts of law provisions of the State of California or of any other state. The Purchaser hereby expressly
consents to the personal jurisdiction of the state and federal courts in and for Los Angeles County, California, for any lawsuit
arising from or related to this Agreement. The Purchaser waives any objection which the Purchaser may have based on lack of jurisdiction
or improper venue or forum non conveniens to any suit or proceeding instituted in any state or federal court located within
Los Angeles County, California, and consent to the granting of such legal or equitable relief as is deemed appropriate by such
court.

 

7.3       Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same Agreement. This Agreement may be executed and delivered by facsimile signature.

 

7.4       Entire
Agreement. This Agreement is intended to embody the final, complete and exclusive
agreement between the Company and Purchaser with respect to the subject matter hereof and is intended to supersede all prior agreements,
understandings and representations, whether written or oral, with respect hereto; and may not be contradicted by evidence of any
such prior or contemporaneous agreement, understanding or representation, whether written or oral. For
the avoidance of doubt, this Agreement supersedes the Eos Petro, Inc. Preferred Stock Purchase Agreement dated August 1, 2011,
as amended, between the Company, the Purchaser, The Princeville Group and Cellteck.

 

7.5       Severability.
If any provision or any part of any provision of this Agreement shall be void or unenforceable for any reason whatsoever, then
such provision shall be stricken and be of no force and effect. To the extent permitted under applicable law, such void or unenforceable
provision shall not affect the validity of the remaining provisions of this Agreement.

 

7.6       Notices.
Any notice, request or other communication required or permitted hereunder shall be in writing and shall be deemed to have been
duly given if personally delivered or mailed by registered or certified mail, postage prepaid, or by recognized overnight courier
or personal delivery, addressed:

 

	If to Purchaser:	Glacier Holdings, LLC
	 	28930 Dargan Street
	 	Agoura Hills, CA 91391
	 	 
	If to Company:	Eos Petro, Inc.
	 	2049 Century Park East Suite
	 	3670 Los Angeles, CA. 90067

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;

SIGNATURE PAGE FOLLOWS]

 

    	10

    	 

    

 

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be executed and delivered as of the date first written above.

 

	 	COMPANY:
	 	 	 
	 	Eos Petro,
	 	 	 
	 	Inc.
	 	 	 
	 	By	 
	 	Name:
	 	Title:
	 	 	 
	 	PURCHASER:
	 	 	 
	 	Glacier Holdings, LLC
	 	 	 
	 	By	       
	 	Name:
	 	Title:

 

    	11

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