Document:

INDEMNIFICATION ESCROW AGREEMENT

 

This Escrow Agreement
(this “Agreement”) is entered into as of _______ __, 2012 by and between Eastern Resources, Inc., a Delaware corporation
(the “Parent”), Patrick W.M. Imeson (the “Indemnification Representative”) and Gottbetter & Partners,
LLP (the “Escrow Agent”).

 

WHEREAS, the
Parent has entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) with Elkhorn Goldfields,
LLC, a Delaware limited liability company (the “Seller”), Montana Tunnels Mining, Inc., a Delaware corporation and
wholly-owned subsidiary of Seller (“Company A”) and Elkhorn Goldfields, Inc., a Montana corporation and wholly-owned
subsidiary of Seller (“Company B” and, together with Company A, the “Companies”), (i) pursuant to which
a wholly-owned subsidiary of the Parent will merge with and into Company A, with Company A surviving the merger, and another wholly-owned
subsidiary of the Parent will merge with and into Company B, with Company B surviving the merger, (ii) each Company will become
a wholly-owned subsidiary of the Parent, and (iii) the stockholders of the Companies (the “Company Stockholders”) will
receive shares of common stock of the Parent (the “Merger Shares”);

 

WHEREAS, the
Merger Agreement provides that 95% of the Merger Shares (the “Initial Shares”) to be issued to such Company Stockholders
shall be delivered to such Company Stockholders and 5% of the Merger Shares (the “Escrow Shares”) to be issued to such
Company Stockholders shall be delivered to the Escrow Agent to secure the indemnification obligations of the Company Stockholders
as of the Closing Date, as such term is defined in the Merger Agreement (collectively, the “Indemnifying Stockholders”),
to the Parent; and

 

WHEREAS, the
Merger Agreement provides for the execution of this Agreement and the establishment of an escrow account and the parties hereto
desire to establish the terms and conditions pursuant to which such escrow account will be established and maintained.

 

NOW, THEREFORE,
the parties hereto hereby agree as follows:

 

1.            Escrow
and Indemnification.

 

(a)          Escrow
of Shares. Simultaneously with the execution of this Agreement, the Parent shall cause to be issued and shall deposit with
the Escrow Agent certificates representing an aggregate number of shares of common stock of the Parent, as determined pursuant
to Section 1.8(b) of the Merger Agreement, issued in the name of the Escrow Agent. The shares deposited with the Escrow Agent pursuant
to this Section 1(a) are referred to herein as the “Escrow Shares.” The Escrow Shares shall be held as a trust fund
and shall not be subject to any lien, attachment, trustee process or any other judicial process of any creditor of any party hereto.
The Escrow Agent agrees to hold the Escrow Shares in an escrow account (the “Escrow Account”), subject to the terms
and conditions of this Agreement.

 

(b)          Indemnification.
The Indemnifying Stockholders have agreed in Section 6.1 of the Merger Agreement to indemnify and hold harmless the Parent from
and against certain Damages (as defined in Section 6.1 of the Merger Agreement). The Escrow Shares shall be (i) security for such
indemnity obligation of the Indemnifying Stockholders, subject to the limitations, and in the manner provided, in this Agreement
and the Merger Agreement and (ii) shall be the exclusive means for the Parent to collect any Damages with respect to which the
Parent is entitled to indemnification under Article VI of the Merger Agreement.

 

    	 

    	 

    

 

(c)          Dividends,
Etc. Any securities distributed in respect of or in exchange for any of the Escrow Shares, whether by way of stock dividends,
stock splits or otherwise, shall be issued in the name of the Escrow Agent or its nominee and shall be delivered to the Escrow
Agent, who shall hold such securities in the Escrow Account. Such securities shall be considered Escrow Shares for purposes hereof.
Any cash dividends or property (other than securities) distributed in respect of the Escrow Shares shall be distributed within
five business days by the Escrow Agent to the Indemnifying Stockholders in accordance with Section 3(c) hereof.

 

(d)          Voting
of Shares. The Indemnification Representative shall have the right, in his sole discretion, on behalf of the Indemnifying Stockholders,
to direct the Escrow Agent in writing as to the exercise of any voting rights pertaining to the Escrow Shares, and the Escrow Agent
shall comply with any such written instructions. In the absence of such instructions, the Escrow Agent shall not vote any of the
Escrow Shares. The Indemnification Representative shall have no obligation to solicit consents or proxies from the Indemnifying
Stockholders for purposes of any such vote.

 

(e)          Transferability.
The respective interests of the Indemnifying Stockholders in the Escrow Shares shall not be assignable or transferable, other than
by operation of law. Notice of any such assignment or transfer by operation of law shall be given to the Escrow Agent and the Parent,
and no such assignment or transfer shall be valid until such notice is given.

 

2.            Intentionally
Omitted.

 

3.            Distribution
of Escrow Shares.

 

(a)          The
Escrow Agent shall distribute the Escrow Shares only in accordance with (i) a written instrument delivered to the Escrow Agent
that is executed by both the Parent and the Indemnification Representative and that instructs the Escrow Agent as to the distribution
of some or all of the Escrow Shares, (ii) an order of a court of competent jurisdiction, a copy of which is delivered to the Escrow
Agent by either the Parent or the Indemnification Representative, that instructs the Escrow Agent as to the distribution of some
or all of the Escrow Shares, or (iii) the provisions of Section 3(b) hereof.

 

(b)          Within
five business days after _________ __, 2014 (the “Termination Date”), the Escrow Agent shall distribute to the Indemnifying
Stockholders all of the Escrow Shares then held in escrow, registered in the names of the Indemnifying Stockholders. Notwithstanding
the foregoing, if the Parent has previously delivered to the Escrow Agent a copy of a Claim Notice (as hereinafter defined) and
the Escrow Agent has not received written notice of the resolution of the claim covered thereby, or if the Parent has previously
delivered to the Escrow Agent a copy of an Expected Claim Notice (as hereinafter defined) and the Escrow Agent has not received
written notice of the resolution of the anticipated claim covered thereby, the Escrow Agent shall retain in escrow after the Termination
Date such number of Escrow Shares as have a Value (as defined in Section 4 below) equal to the Claimed Amount (as hereinafter defined)
covered by such Claim Notice or equal to the estimated amount of Damages set forth in such Expected Claim Notice, as the case may
be. Any Escrow Shares so retained in escrow shall be distributed only in accordance with the terms of clauses (i) or (ii) of Section
3(a) hereof. For purposes of this Agreement, a Claim Notice means a written notification under the Merger Agreement given by the
Parent to the Indemnifying Stockholders which contains (i) a description and the amount (the “Claimed Amount”) of any
Damages incurred or reasonably expected to be incurred by the Parent, (ii) a statement that the Parent is entitled to indemnification
under Article 6 of the Merger Agreement for such Damages and a reasonable explanation of the basis therefor, and (iii) a demand
for payment (in the manner provided in Section 6.3 of the Merger Agreement) in the amount of such Damages. For purposes of this
Agreement, an Expected Claim Notice means a notice delivered pursuant to the Merger Agreement by the Parent to an Indemnifying
Stockholder, before expiration of a representation or warranty, to the effect that, as a result a legal proceeding instituted by
or written claim made by a third party, the Parent reasonably expects to incur Damages as a result of a breach of such representation
or warranty.

 

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(c)          Any
distribution of all or a portion of the Escrow Shares (or cash or other property pursuant to Section 2(c)) to the Indemnifying
Stockholders shall be made by delivery of stock certificates issued in the name of the Indemnifying Stockholders (or cash or other
property), covering such percentage of the Escrow Shares (or cash or other property) being distributed as is calculated in accordance
with the percentages set forth opposite each such Indemnifying Stockholder’s name on Attachment A attached hereto
(which Attachment A shall be updated after the date hereof if the Parent deposits additional Escrow Shares in the Escrow
Account on behalf of additional Company Stockholders after the Closing Date). Distributions to the Indemnifying Stockholders shall
be made by mailing stock certificates to such holders at their respective addresses shown on Attachment A (or such other
address as may be provided in writing to the Escrow Agent by any such Indemnifying Stockholder). No fractional Escrow Shares shall
be distributed to Indemnifying Stockholders pursuant to this Agreement. Instead, the number of shares that each Indemnifying Stockholder
shall receive shall be rounded up or down to the nearest whole number (provided that the Indemnification Representative shall have
the authority to effect such rounding in such a manner that the total number of whole Escrow Shares to be distributed equals the
number of Escrow Shares then held in the Escrow Account).

 

4.            Valuation
of Escrow Shares. For purposes of this Agreement, the “Value” of any Escrow Shares shall be $_.__ per share, multiplied
by the number of such Escrow Shares.

 

5.            Fees
and Expenses of Escrow Agent. The Parent shall pay the $2,500 fee of the Escrow Agent for the services to be rendered by the
Escrow Agent hereunder.

 

6.            Limitation
of Escrow Agent’s Liability.

 

(a)          The
Escrow Agent shall incur no liability with respect to any action taken or suffered by it in reliance upon any notice, direction,
instruction, consent, statement or other documents believed by it to be genuine and duly authorized, nor for other action or inaction
except its own willful misconduct or gross negligence. The Escrow Agent shall not be responsible for the validity or sufficiency
of this Agreement. In all questions arising under the Escrow Agreement, the Escrow Agent may rely on the advice of counsel, and
the Escrow Agent shall not be liable to anyone for anything done, omitted or suffered in good faith by the Escrow Agent based on
such advice. The Escrow Agent shall not be required to take any action hereunder involving any expense unless the payment of such
expense is made or provided for in a manner reasonably satisfactory to it. In no event shall the Escrow Agent be liable for indirect,
punitive, special or consequential damages.

 

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(b)          The
Parent and the Indemnifying Stockholders agree to indemnify the Escrow Agent for, and hold it harmless against, any loss, liability
or expense incurred without gross negligence or willful misconduct on the part of Escrow Agent, arising out of or in connection
with its carrying out of its duties hereunder. The Parent, on the one hand, and the Indemnifying Stockholders, on the other hand,
shall each be liable for one-half of such amounts.

 

7.            Liability
and Authority of Indemnification Representative; Successors and Assignees.

 

(a)          The
Indemnification Representative shall not incur any liability with respect to any action taken or suffered by him in reliance upon
any note, direction, instruction, consent, statement or other documents believed by him to be genuinely and duly authorized, nor
for other action or inaction except his own willful misconduct or gross negligence. The Indemnification Representative may, in
all questions arising under the Escrow Agreement, rely on the advice of counsel and the Indemnification Representative shall not
be liable to the Indemnifying Stockholders for anything done, omitted or suffered in good faith by the Indemnification Representative
based on such advice.

 

(b)          In
the event of the death or permanent disability of the Indemnification Representative, or his or her resignation or termination
as an Indemnification Representative, a successor Indemnification Representative shall be elected by a majority vote of the Indemnifying
Stockholders, with each such Indemnifying Stockholder (or his, her or its successors or assigns) to be given a vote equal to the
number of votes represented by the shares of stock of the Company held by such Indemnifying Stockholder immediately prior to the
effective time of the Merger Agreement. Each successor Indemnification Representative shall have all of the power, authority, rights
and privileges conferred by this Agreement upon the original Indemnification Representative, and the term “Indemnification
Representative” as used herein shall be deemed to include each successor Indemnification Representative.

 

(c)          The
Indemnification Representative shall have full power and authority to represent the Indemnifying Stockholders, and their successors,
with respect to all matters arising under this Agreement and Article 6 of the Merger Agreement and all actions taken by the Indemnification
Representative hereunder or under Article 6 of the Merger Agreement shall be binding upon the Indemnifying Stockholders, and their
successors, as if expressly confirmed and ratified in writing by each of them. Without limiting the generality of the foregoing,
the Indemnification Representative shall have full power and authority to interpret all of the terms and provisions of this Agreement,
to compromise any claims asserted hereunder and to authorize any release of the Escrow Shares to be made with respect thereto,
on behalf of the Indemnifying Stockholders and their successors.

 

(d)          After
Closing Date, the majority vote of the Indemnifying Stockholders may terminate the Indemnification Representative and appoint a
successor Indemnification Representative in accordance with the terms of Section 7(b) above.

 

(e)          The
Escrow Agent may rely on the Indemnification Representative as the exclusive agent of the Indemnifying Stockholders under this
Agreement and shall incur no liability to any party with respect to any action taken or suffered by it in good faith reliance thereon.

 

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8.            Amounts
Payable by Indemnifying Stockholders. The amounts payable by the Indemnifying Stockholders under this Agreement (i.e., the
indemnification obligations pursuant to Section 6(b)) shall be payable solely as follows. The Escrow Agent shall notify the Indemnification
Representative of any such amount payable by the Indemnifying Stockholders as soon as it becomes aware that any such amount is
payable, with a copy of such notice to the Parent. On the sixth business day after the delivery of such notice, the Escrow Agent
shall sell such number of Escrow Shares (up to the number of Escrow Shares then available in the Escrow Account), subject to compliance
with all applicable securities laws, as is necessary to raise such amount, and shall be entitled to apply the proceeds of such
sale in satisfaction of such indemnification obligations of the Indemnifying Stockholders; provided that if the Indemnification
Representative delivers to the Escrow Agent (with a copy to the Parent), within five business days after delivery of such notice
by the Indemnification Representative, a written notice contesting the legitimacy or reasonableness of such amount, then the Escrow
Agent shall not sell Escrow Shares to raise the disputed portion of such claimed amount except in accordance with the terms of
clauses (i) or (ii) of Section 3(a).

 

9.            Termination.
This Agreement shall terminate upon the distribution by the Escrow Agent of all of the Escrow Shares in accordance with this Agreement;
provided that the provisions of Sections 6 and 7 shall survive such termination.

 

10.          Notices.
All notices, instructions and other communications given hereunder or in connection herewith shall be in writing. Any such notice,
instruction or communication shall be sent either (i) by registered or certified mail, return receipt requested, postage prepaid,
or (ii) via a reputable nationwide overnight courier service, in each case to the address set forth below. Any such notice, instruction
or communication shall be deemed to have been delivered five business days after it is sent by registered or certified mail, return
receipt requested, postage prepaid, or one business day after it is sent via a reputable nationwide overnight courier service.

 

If to the Parent: 

______________

______________

Attn:   

Facsimile:  _______________

 

with a copy to (which
shall not constitute notice hereunder):

 

Gottbetter & Partners, LLP

488 Madison Avenue, 12th Floor

New York, NY 10022

Attn:  Adam S. Gottbetter,
Esq. 

Facsimile:  212.400.6901

 

If to the Indemnification Representative:

 

Patrick W.M. Imeson

1610 Wynkoop Street, #400

Denver, CO 80202 

Facsimile:  303.957.5536-

 

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with a copy
to (which shall not constitute notice hereunder):

 

Messner & Reeves, LLC

1430 Wynkoop Street, Suite 400

Denver, CO 80205

Attn: Steven N. Levine, Esq. 

Facsimile: 303.623.0552

 

If to the Escrow Agent:

 

Gottbetter & Partners, LLP

488 Madison Avenue, 12th Floor

New York, NY 10022

Attn:  Adam S. Gottbetter,
Esq. 

Facsimile:  212.400.6901

 

Any party may give any notice, instruction
or communication in connection with this Agreement using any other means (including personal delivery, telecopy or ordinary mail),
but no such notice, instruction or communication shall be deemed to have been delivered unless and until it is actually received
by the party to whom it was sent. Any party may change the address to which notices, instructions or communications are to be delivered
by giving the other parties to this Agreement notice thereof in the manner set forth in this Section 10.

 

11.         Successor
Escrow Agent. In the event the Escrow Agent becomes unavailable or unwilling to continue in its capacity herewith, the Escrow
Agent may resign and be discharged from its duties or obligations hereunder by delivering a resignation to the parties to this
Escrow Agreement, not less than 60 days prior to the date when such resignation shall take effect. The Parent may a successor Escrow
Agent with the consent of the Indemnification Representative, which shall not be unreasonably withheld. If, within such notice
period, the Parent provides to the Escrow Agent written instructions with respect to the appointment of a successor Escrow Agent
and directions for the transfer of any Escrow Shares then held by the Escrow Agent to such successor, the Escrow Agent shall act
in accordance with such instructions and promptly transfer such Escrow Shares to such designated successor. If no successor Escrow
Agent is named as provided in this Section 11 prior to the date on which the resignation of the Escrow Agent is to properly take
effect, the Escrow Agent may apply to a court of competent jurisdiction for appointment of a successor Escrow Agent.

 

12.         General.

 

(a)          Governing
Law; Assigns. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York
without regard to conflict-of-law principles and shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns.

 

(b)          Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

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(c)          Entire
Agreement. Except for those provisions of the Merger Agreement referenced herein, this Agreement constitutes the entire understanding
and agreement of the parties with respect to the subject matter of this Agreement and supersedes all prior agreements or understandings,
written or oral, between the parties with respect to the subject matter hereof.

 

(d)          Waivers.
No waiver by any party hereto of any condition or of any breach of any provision of this Agreement shall be effective unless in
writing. No waiver by any party of any such condition or breach, in any one instance, shall be deemed to be a further or continuing
waiver of any such condition or breach or a waiver of any other condition or breach of any other provision contained herein.

 

(e)          Amendment.
This Agreement may be amended only with the written consent of the Parent, the Escrow Agent and the Indemnification Representative.

 

(f)          Consent
to Jurisdiction and Service. The parties hereby absolutely and irrevocably consent and submit to the jurisdiction of the courts
in the State of New York and of any Federal court located in the State of New York in connection with any actions or proceedings
brought against any party hereto by the Escrow Agent arising out of or relating to this Escrow Agreement. In any such action or
proceeding, the parties hereby absolutely and irrevocably waive personal service of any summons, complaint, declaration or other
process and hereby absolutely and irrevocably agree that the service thereof may be made by certified or registered first-class
mail directed to such party, at their respective addresses in accordance with Section 10 hereof.

 

[signature
page follows]

 

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IN WITNESS WHEREOF,
the parties have duly executed this Agreement as of the day and year first above written.

 

	 	EASTERN RESOURCES, INC.
	 	 
	 	By:	 
	 	Name:	  Thomas H. Hanna
	 	Title:	  President
	 	 	 
	 	 
	 	Patrick W.M. Imeson, Individually and as

Indemnification Representative
	 	 	 
	 	GOTTBETTER & PARTNERS, LLP
	 	 	 
	 	By:	 
	 	Name:	  Adam S. Gottbetter
	 	Title:	  Managing Partner

 

    	 

    	 

    

 

ATTACHMENT A 

(Company Stockholders’ information)

 

	Name	 	 Escrow Shares	 	Address
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	TOTAL Escrow Shares (5%)	 	xxxxEASTERN RESOURCES, INC.

 

Incentive Stock Option Agreement

Granted Under 2012 Equity Incentive Plan

 

		1.	Grant of Option.

 

This agreement (this
“Agreement”) evidences the grant by Eastern Resources, Inc., a Delaware corporation (the “Company”), on
__________, 2012 (the “Grant Date”) to ______________________________, an employee of the Company (the “Participant”),
of an option (the “Option”) to purchase, in whole or in part, on the terms provided herein and in the Company’s
2012 Equity Incentive Plan (the “Plan”), a total of ______________________________ shares (the “Shares”)
of common stock of the Company (“Common Stock”) at $2.00 per Share. Unless earlier terminated, this option shall expire
at 5:00 p.m., Eastern Time, on __________, 2022 (the “Final Exercise Date”).

 

It is intended that
the Option evidenced by this Agreement shall be an incentive stock option as defined in Section 422 of the Internal Revenue Code
of 1986, as amended, and any regulations promulgated thereunder (the “Code”). However, to the extent that the aggregate
fair market value of stock with respect to which incentive stock options, including the Option, are exercisable for the first time
by the Participant during any calendar year, exceeds $100,000, such options shall be treated as not qualifying under Code Section
422, but rather shall be treated as non-qualified stock options to the extent required by Code Section 422.

 

Except as otherwise
indicated by the context, the term “Participant”, as used in this Agreement, shall be deemed to include any person
who acquires the right to exercise this option validly under its terms.

 

In order to obtain
the tax treatment provided for incentive stock options by Section 422 of the Code, the Shares received upon exercising any incentive
stock options received pursuant to this Agreement must be sold, if at all, after a date which is the later of two (2) years from
the date of this Agreement or one (1) year from the date upon which the Option is exercised. The Participant agrees to report sales
of Shares prior to the above determined date (a “Disqualifying Disposition”) to the Company within five (5) business
days after such sale is concluded. The Participant also agrees to pay to the Company, within ten (10) business days after such
sale is concluded, the amount necessary for the Company to satisfy its withholding requirement required by the Code in the manner
specified in Section 13 of the Plan. Nothing herein is intended as a representation that the Shares may be sold without registration
under state and federal securities laws or an exemption therefrom or that such registration or exemption will be available at any
specified time.

 

    	 

    	 

    

 

		2.	Vesting Schedule.

 

The Option will vest
and become exercisable to 33.333% of the original number of Shares (__________ Shares) on each of the first, second and third anniversary
of the Grant Date.

 

The right of exercise
shall be cumulative so that to the extent the Option is not exercised in any period to the maximum extent permissible it shall
continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the Final
Exercise Date or as provided in Section 3 hereof or in the Plan.

 

		3.	Exercise of Option.

 

(a)           (i)    Manner of Exercise.  Each
election to exercise the Option shall be in writing, in substantially the form of Notice of Election to Exercise attached hereto
as Exhibit A (the “Exercise Notice”), signed by the Participant, and received by the Company at its principal
office, accompanied by this Agreement, and payment in full in the manner provided herein. The Participant may purchase less than
the number of Shares covered hereby, provided that no partial exercise of the Option may be for any fractional share.

 

(ii)    Manner
of Payment.  Payment of the exercise price may be made in cash, by certified or cashier’s check or on a cashless
basis. The Participant may exercise the Option, in whole or in part, on a cashless basis determined by the following formula:

 

X=Y*(A-B)

A

 

Where    X = the number of Shares
to be issued to the Participant.

 

Y = the number of exercised Shares.

 

		A	= the Fair Value (as defined below) of one Share (determined
at the date of delivery of the Exercise Notice).

 

B = the Exercise Price (as adjusted
to the date of such calculation).

 

(iii)    For
the purposes of Section 3(a)(ii), Fair Value per share of Common Stock shall mean the average Closing Price (as defined below)
per share of Common Stock on the five (5) trading days immediately preceding the date on which the Notice of Exercise is received
by the Company. Closing Price means, for any date, the price determined by the first of the following clauses that applies: (a)
if the Common Stock is then listed or quoted on the New York Stock Exchange, the American Stock Exchange, the NASDAQ Global Select
Market, the NASDAQ Global Market or the NASDAQ Capital Market or any other national securities exchange, the closing price per
share of the Common Stock for such date (or the nearest preceding date) on the primary eligible market or exchange on which the
Common Stock is then listed or quoted; (b) if prices for the Common Stock are then quoted on the OTC Bulletin Board, the closing
bid price per share of the Common Stock for such date (or the nearest preceding date) so quoted; or (c) if prices for the Common
Stock are then reported in the “Pink Sheets” published by the National Quotation Bureau Incorporated (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent closing bid price per share of the Common
Stock so reported. If the Common Stock is not publicly traded as set forth above, the Fair Value per share of Common Stock shall
be reasonably and in good faith determined by the Board of Directors of the Company as of the date which the Notice of Exercise
is received by the Company.

 

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(b)    Continuous
Relationship with the Company Required.  Except as otherwise provided in this Section 3, the Option may not be exercised
unless the Participant, at the time he or she exercises the Option, is, and has been at all times since the Grant Date, an employee
of the Company or any parent or subsidiary of the Company as defined in Section 424(e) or (f) of the Code (an “Eligible Participant”).

 

(c)    Termination
of Relationship with the Company.  If the Participant ceases to be an Eligible Participant for any reason, then,
except as provided in paragraphs (d) through (g) below, the right to exercise the Option shall terminate three months after such
cessation (but in no event after the Final Exercise Date), provided that the Option shall be exercisable only to the extent
that the Participant was entitled to exercise the Option on the date of such cessation.

 

Unless otherwise provided
by the Board of Directors of the Company and except as provided in paragraph (g) below, all of the Options that have not yet vested
as of the date the Participant ceases to be an Eligible Participant shall terminate immediately upon such cessation for any reason
whatsoever, including cause, disability and death.

 

(d)    Termination
for Cause. Notwithstanding anything herein contained to the contrary, the Option shall terminate upon the date of the first
discovery by the Company of any reason for the termination of the Participant as an Eligible Participant for cause (as determined
in the sole discretion of the Board of Directors of the Company). If the Participant’s status as an Eligible Participant
is suspended pending any investigation by the Company as to whether the Participant should be terminated for cause, the Participant’s
rights under this Agreement and the Plan shall likewise be suspended during the period of any such investigation.

 

(e)    Exercise
Period Upon Disability.  If the Participant becomes disabled (within the meaning of Section 22(e)(3) of the Code)
prior to the Final Exercise Date while he or she is an Eligible Participant, the Option shall be exercisable, only to the extent
that the Participant was entitled to exercise the Option on the date of such disability, within the period of one year following
the date of disability of the Participant, by the Participant, provided that the Option shall not be exercisable after the
Final Exercise Date.

 

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(f)    Exercise
Period Upon Death.  If the Participant dies prior to the Final Exercise Date while he or she is an Eligible Participant,
the Option shall be exercisable, only to the extent that the Participant was entitled to exercise the Option on the date of death,
within the period of one year following the date of death of the Participant, by the person(s) to whom the Participant’s
rights under the Option shall pass by the Participant’s will or by the laws of descent and distribution, provided that
the Option shall not be exercisable after the Final Exercise Date.

 

(g)    Termination
Without Cause. Notwithstanding anything herein contained to the contrary and pursuant to an employment agreement between the
Company and the Participant, if a Participant is terminated without “cause” (as defined in the applicable employment
agreement between the Participant and the Company), if so provided in such employment agreement, all of the Options that have
not yet vested as of the date of such termination shall vest immediately and the Option shall be exercisable, within the period
of three months following the date of termination, by the Participant, provided that the Option shall not be exercisable
after the Final Exercise Date.

 

		4.	Tax Matters.

 

(a)    Withholding.  No
Shares will be issued pursuant to the exercise of the Option unless and until the Participant pays to the Company, or makes provision
satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect
of the Option. Regardless of any action the Company or the Participant take with respect to any or all income tax (including federal,
state, local and foreign tax), social insurance, payroll tax, payment on account or other tax-related items related to the Participant’s
participation in the Plan and legally applicable to the Participant (“Tax-Related Items”), the Participant acknowledges
that the ultimate liability for all Tax-Related Items is and remains the Participant’s responsibility and may exceed the
amount actually withheld by the Company.

 

		5.	Transfer Restrictions.

 

(a)    The Option may
not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation of law,
except by will or the laws of descent and distribution, and, during the lifetime of the Participant, the Option shall be exercisable
only by the Participant.

 

(b)    The issuance
and transfer of Shares shall be subject to compliance by the Company and the Participant with all applicable requirements of federal,
state, local or foreign securities laws and with all applicable requirements of any stock exchange or trading market on which the
Shares may be listed at the time of such issuance or transfer.

 

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		6.	Nature of the Grant.

 

By entering into this
Agreement and accepting the grant of the Option evidenced hereby, the Participant acknowledges that: (i) the Plan is established
voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company
at any time unless otherwise provided in the Plan and this Agreement; (ii) the grant of the Option is voluntary and occasional
and does not create any contractual or other right to receive future grants of options, or benefits in lieu of options; (iii) all
decisions with respect to future grants, if any, will be at the sole discretion of the Company; (iv) the Participant’s participation
in the Plan shall not create a right to further employment with the Company and shall not interfere with the ability of the Company
to terminate the Participant’s employment relationship at any time; (v) the Participant’s participation in the Plan
is voluntary; (vi) the future value of the underlying Shares is unknown and cannot be predicted with certainty, and if the Participant
exercises the Option and obtains Shares, the value of those Shares may increase or decrease in value, even below the exercise price;
and (vii) if the underlying Shares do not increase in value, the Option will have no value.

 

		7.	409A Disclaimer.

 

This Agreement shall
be interpreted in accordance with, and incorporate the terms and conditions required by, Section 409A of the Code. The Company
reserves the right, to the extent the Company deems necessary or advisable in its sole discretion, to unilaterally amend or modify
this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect),
or take any other actions, as the Company determines are necessary or appropriate to ensure that the Option qualifies for exemption
from, or complies with the requirements of, Code Section 409A; provided, however, that the Company makes no representation that
the Option will be exempt from, or will comply with, Section 409A of the Code, and makes no undertakings to preclude Section 409A
of the Code from applying to the Option or to ensure that it complies with Section 409A of the Code. For the avoidance of doubt,
the Participant hereby acknowledges and agrees that the Company will have no liability to the Participant or any other party if
the grant, vesting, exercise, issuance of shares or any other transaction under this Agreement is not exempt from, or compliant
with, Code Section 409A, or for any action taken by the Company with respect thereto.

 

		8.	Additional Terms.

 

The Company reserves
the right to impose other requirements on the Participant’s participation in the Plan, to the extent the Company determines
it is necessary or advisable in order to comply with local law or facilitate the administration of the Plan, and to require the
Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

 

    	5

    	 

    

 

		9.	Investment Intent.

 

By accepting the Option,
the Participant represents and agrees that none of the Shares of Common Stock purchased upon exercise of the Option will be distributed
in violation of applicable federal and state laws and regulations. In addition, the Company may require, as a condition of exercising
the Option, that the Participant execute an undertaking, in such a form as the Company shall reasonably specify, that the Shares
are being purchased only for investment and without any then-present intention to sell or distribute such shares.

 

		10.	Adjustments for Stock Splits, Stock Dividends, Etc.

 

(a)    In the case
of any recapitalization, reclassification, consolidation, stock split, stock dividend, subdivision or combination of shares or
like change in the nature of the Common Stock covered by this Agreement, the number of Options and exercise price shall be proportionately
adjusted.

 

(b)    The existence
of the Options shall not affect in any way the right or power of the Company or its shareholders to make or authorize any adjustments,
recapitalizations, reorganizations, or other changes in the Company’s capital structure or its business, or any merger or
consolidation of the Company, or any issue of bonds, debentures, preferred or preference stocks ahead of or affecting the shares
issuable upon exercise of the Options, or the dissolution or liquidation of the Company, or any sale or transfer of all or any
part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

 

		11.	Professional Advice.

 

The acceptance of the
Option, exercise of the Option, and the sale of Common Stock issued following the exercise of Option may have consequences under
federal and state tax and securities laws which may vary depending upon the individual circumstances of the Participant. Accordingly,
the Participant acknowledges that he or she has been advised to consult his or her personal legal and tax advisor in connection
with this Agreement and his or her dealings with respect to the Options. Without limiting other matters to be considered with the
assistance of the Participant’s professional advisors, the Participant should consider: (a) whether upon the exercise of
the Options, the Participant will file an election with the Internal Revenue Service pursuant to Section 83(b) of the Code and
the implications of alternative minimum tax pursuant to the Code; (b) the merits and risks of an investment in the underlying Shares
of Common Stock; and (c) any resale restrictions that might apply under applicable securities laws.

 

		12.	Provisions of the Plan.

 

The terms of the Options
are subject to the provisions of the Plan, as the same may from time to time be amended, and any inconsistencies between this Agreement
and the Plan, as the same may be from time to time amended, shall be governed by the provisions of the Plan, a copy of which has
been delivered to the Participant, and which is available for inspection at the principal offices of the Company.

 

    	6

    	 

    

 

		13.	Miscellaneous.

 

(a)    Disputes.
Any dispute or disagreement that may arise under or as a result of this Agreement, or any question as to the interpretation of
this Agreement, may be determined by the Company’s Board of Directors in its absolute and uncontrolled discretion, and any
such determination shall be final, binding, and conclusive on all affected persons.

 

(b)    Notices.
Any notice that a party may be required or permitted to give to the other shall be in writing, and may be delivered personally,
by overnight courier or by certified or registered mail, postage prepaid, addressed to the parties at their current principal addresses,
or such other address as either party, by notice to the other, may designate in writing from time to time.

 

(c)    Law Governing.
This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado, without reference to the
principles thereof relating to the conflict of laws.

 

(d)    Agreement
Binding. This Agreement shall be binding upon the heirs, executors, administrators, successors and assigns of the parties hereto.

 

(e)    Further Action.
The parties hereto shall execute and deliver all documents, provide all information and take or forbear from all such action as
may be necessary or appropriate to achieve the purposes of the Agreement.

 

(f)    Parties of
Interest. Nothing herein shall be construed to be to the benefit of any third party, nor is it intended that any provision
shall be for the benefit of any third party.

 

(g)    Savings Clause.
If any provision of this Agreement, or the application of such provision to any person or circumstance, shall be held invalid,
the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as to which
it is held invalid, shall not be affected thereby.

 

[signature
page follows]

 

    	7

    	 

    

 

IN WITNESS WHEREOF,
the Company has caused this Incentive Stock Option Agreement to be executed under its corporate seal by its duly authorized officer.
This Agreement shall take effect as a sealed instrument.

 

	EASTERN RESOURCES, INC.	 
	 	 
	By:	 	 
	Name:	 
	Title:	 

 

    	8

    	 

    

 

PARTICIPANT’S ACCEPTANCE

 

The undersigned hereby
accepts the foregoing Option and agrees to the terms and conditions thereof. The undersigned hereby acknowledges receipt of a copy
of Eastern Resources, Inc.’s 2012 Equity Incentive Plan.

 

	 	PARTICIPANT:	 
	 	 	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 	 

 

    	 

    	 

    

 

EXHIBIT A

 

To:

 

Eastern Resources, Inc.

1610 Wynkoop Street, Suite 400

Denver, CO 80202

 

Notice of Election to Exercise

 

This Notice of Election
to Exercise shall constitute proper notice pursuant to Eastern Resources, Inc.’s (the “Company”) 2012 Equity
Incentive Plan (the “Plan”) and Section 3(a)(i) of that certain Incentive Stock Option Agreement (the “Agreement”)
dated as of __________, 2012, between the Company and the undersigned.

 

The undersigned hereby
elects to exercise Participant’s option to purchase ____________________ shares of common
stock of the Company at a price of US$_______ per share, for aggregate consideration of US$__________,
on the terms and conditions set forth in the Agreement and the Plan.

 

Payment is to be made as follows:

 

		 ̈	Cash

 

		 ̈	Bank or Certified Check

 

		 ̈	Cashless Exercise Pursuant to Section 3(a)(ii) of this Agreement

 

The Optionee hereby
directs the Company to issue, register and deliver the certificates representing the shares as follows:

 

	Registration Information:	 	Delivery Instructions:	 
	 	 	 	 
	(Name to appear on certificates)	 	Name	 
	Address:	 	Address:	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	Telephone Number:	 	 

 

DATED at ______________________________,
the _____ day of __________, 20_____.

 

	 	 
	(Name of Optionee – Please type or print)	 
	 	 
	 	 
	(Signature and, if applicable, Title)	 
	 	 
	 	 
	(Address of Optionee)	 
	 	 
	 	 
	(City, State and Zip Code of Optionee)

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