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LEASE AGREEMENT <br />RECEIVED <br />'JAN 0 8 2014 <br />THIS LEASE AGREEMENT ( "Lease "), dated effective as of Deccuub& If Wb3iation, <br />( "Commencement Date "), by and between DRY GULCH LAND LLC, a Color 8" TAiiffy <br />liability company ( "Lessor "), and GLACIER ROCK COMPANY, a Colorado corporation <br />( "Lessee "). <br />RECITALS <br />A. Lessor is the owner of the real property legally described on Exhibit "A" <br />attached hereto and incorporated herein by reference ('Entire Property"). <br />B. Lessee desires to lease a portion of the Entire Property from Lessor as <br />depicted on Exhibit "B" attached hereto and incorporated herein by reference ( "Leased <br />Property ") upon the terms and conditions hereinafter set forth. <br />LEASE <br />In consideration of the mutual covenants and agreements hereinafter set forth, <br />Lessor hereby leases, lets and demises to Lessee the Materials as defined herein, in, on <br />and under the Leased Property and the exclusive right to sample, drill, and test for, <br />develop, mine, quarry, extract, process, sell, use and remove the Materials during the <br />Term of this Lease, along with the right to locate and use easements as defined herein. <br />1. Definition of Materials. "Materials" shall mean rock, sand, gravel and <br />overburden, other than hydrocarbon minerals such as coal, oil, gas and associated liquid <br />hydrocarbons, that are removed incident to rock, sand and gravel operations hereunder <br />and which are saleable and recoverable from the Leased Property in the course of such <br />operations. <br />2. Term. The "Term" of this Lease is five (5) years commencing on the <br />Commencement Date. <br />3. Production Royal1y. <br />A. Lessee shall pay to Lessor a "Production Royalty" for each ton of <br />Materials sold out of Materials mined out of the Leased Property during the Term of this <br />Lease as follows: <br />(1) For sand, $ per ton. <br />(2) For soil, $ per ton. <br />(12/06/13) <br />