Exhibit 10.3


 


INDEMNIFICATION AGREEMENT


 


INDEMNIFICATION AGREEMENT
(this “Agreement”) is entered into as of [ ], 2022 by and between Elephant Oil Corp., a Nevada corporation (the “Company”)
and the undersigned, a director and/or an officer of the Company (“Indemnitee”), as applicable.


 


BACKGROUND


 


The Board of Directors
of the Company (the “Board of Directors”) has determined that the inability to attract and retain highly competent persons
to serve the Company is detrimental to the best interests of the Company and its shareholders and that it is reasonable and necessary
for the Company to provide adequate protection to such persons against risks of claims and actions against them arising out of their services
to the corporation.


 


AGREEMENT


 


In consideration
of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:


 


 A. DEFINITIONS


 




 1. Definitions. The following terms shall have the meanings defined below:




 


Expenses shall
include, without limitation, damages, judgments, fines, penalties, settlements and costs, attorneys’ fees and disbursements and costs
of attachment or similar bond, investigations, and any other expenses paid or incurred in connection with investigating, defending, being
a witness in, participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding.


 


Indemnifiable
Event means any event or occurrence that takes place either before or after the execution of this Agreement, related to the fact
that Indemnitee is or was a director or an officer of the Company, or is or was serving at the request of the Company as a director or
officer of another corporation, partnership, joint venture or other entity, or related to anything done or not done by Indemnitee in any
such capacity, including, but not limited to, neglect, breach of duty, error, misstatement, misleading statement or omission.


 


Participant means a person
who is a party to, or witness or participant (including on appeal) in, a Proceeding.


 


Proceeding
means any threatened, pending, or completed action, suit, arbitration or proceeding, or any inquiry, hearing or investigation,
whether civil, criminal, administrative, investigative or other, including appeal, in which Indemnitee may be or may have been involved
as a party or otherwise by reason of an Indemnifiable Event.


 


 B. AGREEMENT TO INDEMNIFY




 


1. General
Agreement to Indemnify. In the event Indemnitee was, is, or becomes a Participant in, or is threatened to be made a Participant in,
a Proceeding, the Company shall indemnify the Indemnitee from and against any and all Expenses which Indemnitee incurs or becomes obligated
to incur in connection with such Proceeding, whether or not such Proceeding proceeds to judgment or is settled or is otherwise brought
to a final disposition, to the fullest extent permitted by applicable law.


 


2. Indemnification
of Expenses of Successful Party. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful
on the merits in defense of any Proceeding or in defense of any claim, issue or matter in such Proceeding, the Company shall indemnify
Indemnitee against all Expenses incurred in connection with such Proceeding or such claim, issue or matter, whether or not such Proceeding
proceeds to judgment or is settled or is otherwise brought to a final disposition, as the case may be, offset by the amount of cash, if
any, received by the Indemnitee resulting from his/her success therein.


 


3. Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of
Expenses, but not for the total amount of Expenses, the Company shall indemnify the Indemnitee for the portion of such Expenses to which
Indemnitee is entitled.


 


4. Exclusions.
Notwithstanding anything in this Agreement to the contrary, Indemnitee shall not be entitled to indemnification under this Agreement:


 


(a) to
the extent that payment is actually made to Indemnitee under a valid, enforceable and collectible insurance policy;


 






     


    


    

 


(b) to the extent that Indemnitee is indemnified
and actually paid other than pursuant to this Agreement;


 


(c) subject to Section C.2(a), in
connection with a judicial action by or in the right of the Company, in respect of any claim, issue or matter as to which the
Indemnitee shall have been adjudicated by a court of competent jurisdiction, in a decision from which there is no further right of
appeal, to not have acted in good faith and with a view to the interests of the Company or not opposed to the interests of the
Company and to be liable for intentional misconduct, fraud, or a knowing violation of law n the performance of his/her duty to the
Company unless and only to the extent that any court in which such action was brought shall determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to
indemnity for such Expenses as such court shall deem proper;





 


(d) in
connection with any Proceeding initiated by Indemnitee against the Company, any director or officer of the Company or any other party,
and not by way of defense, unless (i) the Company has joined in or the Board of Directors has consented to the initiation of such Proceeding;
or (ii) the Proceeding is one to enforce indemnification rights under this Agreement or any applicable law;


 


(e) brought
about as a result of Indemnitee seeking payment hereunder having been involved in intentional misconduct, fraud, or a knowing violation
of law; provided, however, that the Company shall indemnify Indemnitee under this Agreement as to any claims upon which suit may be brought
against him/her by reason of any alleged intentional misconduct, fraud, or a knowing violation of law on his/her part, unless a judgment
or other final adjudication thereof adverse to the Indemnitee establishes that he/she committed (i) acts of active and deliberate intentional
misconduct, fraud, or a knowing violation of law, (ii) with actual purpose and intent, and (iii) which acts were material to the cause
of action so adjudicated;


 


 (f) for any judgment, fine or penalty
which the Company is prohibited by applicable law from paying as indemnity;




 


(g) arising out of Indemnitee’s breach of an
employment agreement with the Company (if any) or any other agreement with the Company or any of its subsidiaries, or


 


(h) arising
out of Indemnitee’s personal income tax payable on any salaries, bonuses, director’s fees, including fees for attending meetings, or gain
on disposition of shares, options or restricted shares of the Company.


 


5. No
Employment Rights. Nothing in this Agreement is intended to create in Indemnitee any right to continued employment with the Company.


 


6. Contribution.
If the indemnification provided in this Agreement is unavailable and may not be paid to Indemnitee for any reason other than those set
forth in Section B.4, then the Company shall contribute to the amount of Expenses paid in settlement actually and reasonably incurred
and paid or payable by Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on
the one hand and by the Indemnitee on the other hand from the transaction or events from which such Proceeding arose, and (ii) the relative
fault of the Company on the one hand and of the Indemnitee on the other hand in connection with the events which resulted in such Expenses,
as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the Indemnitee on the
other hand shall be determined by reference to, among other things, the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent the circumstances resulting in such Expenses, judgments, fines or settlement amounts. The Company agrees
that it would not be just and equitable if contribution pursuant to this Section B.6 were determined by pro rata allocation or any other
method of allocation which does not take account of the foregoing equitable considerations.


 


 C. INDEMNIFICATION PROCESS




 


1. Notice
and Cooperation by Indemnitee. Indemnitee shall, as a condition precedent to his/her right to be indemnified under this Agreement,
give the Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification will or could
be sought under this Agreement, provided that the delay of Indemnitee to give notice hereunder shall not prejudice any of Indemnitee’s
rights hereunder, unless such delay results in the Company’s forfeiture of substantive rights or defenses. Notice to the Company shall
be given in accordance with Section F.7 below. If, at the time of receipt of such notice, the Company has directors’ and officers’ liability
insurance policies in effect, the Company shall give prompt notice to its insurers of the Proceeding relating to the notice. The Company
shall thereafter take all necessary and desirable action to cause such insurers to pay, on behalf of Indemnitee, all Expenses payable
as a result of such Proceeding. In addition, Indemnitee shall give the Company such cooperation as the Company may reasonably request
and the Company shall give the Indemnitee such cooperation as the Indemnitee may reasonably request, including providing any documentation
or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee or the Company,
as the case may be.


 






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 2. Indemnification Payment.




 


(a) Advancement
of Expenses. Indemnitee may submit a written request with reasonable particulars to the Company requesting that the Company advance
to Indemnitee all reasonable Expenses as incurred in advance by Indemnitee in connection with a Proceeding. The Company shall, within
ten (10) business days of receiving such a written request by Indemnitee, advance all requested Expenses to Indemnitee. Any excess of
the advanced Expenses over the actual Expenses will be repaid to the Company.


 


(b) Reimbursement
of Expenses. To the extent Indemnitee has not requested any advanced payment of Expenses from the Company, Indemnitee shall be
entitled to receive reimbursement for the Expenses incurred in connection with a Proceeding from the Company as soon as practicable
and, in any event, within thirty (30) days after Indemnitee makes a written request to the Company for reimbursement unless the
Company refers the indemnification request to the Reviewing Party in compliance with Section C.2(c) below.


 


(c) Determination
by the Reviewing Party. If the Company reasonably believes that it is not obligated under this Agreement to indemnify the Indemnitee,
the Company shall, within ten (10) days after the Indemnitee’s written request for an advancement or reimbursement of Expenses, notify
the Indemnitee that the request for advancement of Expenses or reimbursement of Expenses will be submitted to the Reviewing Party (as
hereinafter defined). The Reviewing Party shall make a determination on the request within thirty (30) days after the Indemnitee’s written
request for an advancement or reimbursement of Expenses. Notwithstanding anything foregoing to the contrary, in the event the Reviewing
Party informs the Company that Indemnitee is not entitled to indemnification in connection with a Proceeding under this Agreement or applicable
law, the Company shall be entitled to be reimbursed by Indemnitee for all the Expenses previously advanced or otherwise paid to Indemnitee
in connection with such Proceeding; provided, however, that Indemnitee may bring a suit to enforce his/her indemnification
right in accordance with Section C.3 below.


 


3. Suit
to Enforce Rights. Regardless of any action by the Reviewing Party, if Indemnitee has not received full indemnification within thirty
(30) days after making a written demand in accordance with Section C.2 above or fifty (50) days if the Company submits a request for advancement
or reimbursement to the Reviewing Party under Section C.2(c), Indemnitee shall have the right to enforce its indemnification rights under
this Agreement by commencing litigation in any court of competent jurisdiction seeking a determination by the court or challenging any
determination by the Reviewing Party or with respect to any breach in any aspect of this Agreement. Any determination by the Reviewing
Party not challenged by Indemnitee and any judgment entered by the court shall be binding on the Company and Indemnitee.


 


4. Assumption
of Defense. In the event the Company is obligated under this Agreement to advance or bear any Expenses for any Proceeding against
Indemnitee, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by Indemnitee, upon delivery
to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the
retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently
incurred by Indemnitee with respect to the same Proceeding, unless (i) the employment of counsel by Indemnitee has been previously authorized
by the Company, (ii) Indemnitee shall have reasonably concluded, based on written advice of counsel, that there may be a conflict of interest
of such counsel retained by the Company between the Company and Indemnitee in the conduct of any such defense, or (iii) the Company ceases
or terminates the employment of such counsel with respect to the defense of such Proceeding, in any of which events the fees and expenses
of Indemnitee’s counsel shall be at the expense of the Company. At all times, Indemnitee shall have the right to employ counsel in any
Proceeding at Indemnitee’s expense.


 


5. Burden
of Proof and Presumptions. Upon making a request for indemnification, Indemnitee shall be presumed to be entitled to indemnification
under this Agreement and the Company shall have the burden of proof to overcome that presumption in reaching any contrary determination.


 


6. No
Settlement Without Consent. Neither party to this Agreement shall settle any Proceeding in any manner that would impose any damage,
loss, penalty or limitation on Indemnitee without the other party’s written consent. Neither the Company nor Indemnitee shall unreasonably
withhold its consent to any proposed settlement.


 


7. Company Participation.
Subject to Section B.6, the Company shall not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial
action if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense, conduct and/or
settlement of such action.


 






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 8. Reviewing Party.




 


(a) For purposes
of this Agreement, the Reviewing Party with respect to each indemnification request of Indemnitee that is referred by the Company
pursuant to Section C.2(c) above shall be shall be (A) the Board of Directors by a majority vote of a quorum consisting of
Disinterested Directors (as hereinafter defined), or (B) if a quorum of the Board of Directors consisting of Disinterested Directors
is not obtainable or, even if obtainable, said Disinterested Directors so direct, by Independent Counsel in a written opinion to the
Board of Directors, a copy of which shall be delivered to Indemnitee. If the Reviewing Party determines that Indemnitee is entitled
to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall cooperate
with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including
providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged
or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such
determination. Any Independent Counsel or member of the Board of Directors shall act reasonably and in good faith in making a
determination under this Agreement of the Indemnitee’s entitlement to indemnification. Any reasonable costs or expenses (including
reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making
such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to
indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which
indemnification is sought by Indemnitee.


 


(b) If
the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall be selected as
provided in this Section C.8(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection
be made by the Board of Directors, in which event the proceeding sentence shall apply), and Indemnitee shall give written notice to the
Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may
be, may, within 10 days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the
case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground
that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section
C.8(d) of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and
timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent
Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such
objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification, no Independent
Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction
for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel
and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate,
and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel. The Company
shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting
under this Agreement, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section C.8(b), regardless
of the manner in which such Independent Counsel was selected or appointed.


 


(c) In making a
determination with respect to entitlement to indemnification hereunder, the Reviewing Party shall presume that Indemnitee is
entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with this
Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person,
persons or entity of any determination contrary to that presumption. The termination of any Proceeding or of any claim, issue or
matter therein, by judgment, order, settlement (with or without court approval), conviction, or upon a plea of nolo contendere or
its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of
Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he/she
reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that
Indemnitee had reasonable cause to believe that his/her conduct was unlawful. For purposes of any determination of good faith,
Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the
Company and any other corporation, partnership, joint venture or other entity of which Indemnitee is or was serving at the written
request of the Company as a director, officer, employee, agent or fiduciary, including financial statements, or on information
supplied to Indemnitee by the officers and directors of the Company or such other corporation, partnership, joint venture or other
entity in the course of their duties, or on the advice of legal counsel for the Company or such other corporation, partnership,
joint venture or other entity or on information or records given or reports made to the Company or such other corporation,
partnership, joint venture or other entity by an independent certified public accountant or by an appraiser or other expert selected
with reasonable care by the Company or such other corporation, partnership, joint venture or other entity. In addition, the
knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or such other corporation,
partnership, joint venture or other entity shall not be imputed to Indemnitee for purposes of determining the right to
indemnification under this Agreement. The provisions of this Section C.8(c) shall not be deemed to be exclusive or to limit in any
way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this
Agreement.


 






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(d) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five (5) years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such
party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification
agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing,
the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify
such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement
pursuant hereto.


 


 D. DIRECTOR AND OFFICER LIABILITY INSURANCE




 


1. Good
Faith Determination. The Company shall from time to time make the good faith determination whether or not it is practicable for the
Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and directors
of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company’s performance
of its indemnification obligations under this Agreement.


 


2. Coverage
of Indemnitee. To the extent the Company maintains an insurance policy or policies providing directors’ and officers’ liability insurance,
Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available
for any of the Company’s directors or officers.


 


3. No
Obligation. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain any director and officer insurance
policy if the Company determines in good faith that such insurance is not reasonably available in the case that (i) premium costs for
such insurance are disproportionate to the amount of coverage provided, or (ii) the coverage provided by such insurance is limited by
exclusions so as to provide an insufficient benefit.


 


 E. NON-EXCLUSIVITY; FEDERAL PREEMPTION; TERM




 


1. Non-Exclusivity.
The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled under the
Company’s articles of incorporation or bylaws, as may be amended from time to time, applicable law or any written agreement between Indemnitee
and the Company (including its subsidiaries and affiliates). The indemnification provided under this Agreement shall continue to be available
to Indemnitee for any action taken or not taken while serving in an indemnified capacity even though he/she may have ceased to serve in
any such capacity at the time of any Proceeding. To the extent that a change in the laws of the State of Nevada permits greater indemnification
by agreement than would be afforded under the Articles of Incorporation or this Agreement, it is the intent of the parties hereto that
Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.


 


2. Federal
Preemption. Notwithstanding the foregoing, both the Company and Indemnitee acknowledge that in certain instances, U.S. federal law
or public policy may override applicable law and prohibit the Company from indemnifying its directors and officers under this Agreement
or otherwise. Such instances include, but are not limited to, the U.S. Securities and Exchange Commission’s (the “SEC”)
prohibition on indemnification for liabilities arising under certain Federal securities laws. Indemnitee understands and acknowledges
that the Company has undertaken or may be required in the future to undertake with the SEC to submit the question of indemnification to
a court in certain circumstances for a determination of the Company’s right under public policy to indemnify Indemnitee.


 


3. Company Indemnitor of First
Resort. The Company hereby acknowledges that the Indemnitee may have certain rights to indemnification, advancement of expenses
and/or insurance provided by one or more of his or her employers and certain of their Affiliates (collectively, the
“Employer Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its
obligations to Indemnitee is primary and any obligation of the Employer Indemnitors to advance expenses or to provide
indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall be required to
advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all expenses, judgments,
penalties, fines and amounts paid in settlement by or on behalf of any Indemnitee to the extent legally permitted and as required by
this Agreement (or any agreement between the Company and such Indemnitee), without regard to any rights such Indemnitee may have
against the Employer Indemnitors and (iii) it irrevocably waives, relinquishes and releases the Employer Indemnitors from any and
all claims against the Employer Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof.


 






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4. Duration
of Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer
and/or a director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject
to any Proceeding by reason of his/her former or current capacity at the Company or any other enterprise at the Company’s request, whether
or not he/she is acting or serving in any such capacity at the time any Expense is incurred for which indemnification can be provided
under this Agreement. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as an officer and/or
a director of the Company or any other enterprise at the Company’s request.


 


 F. MISCELLANEOUS




 


1. Amendment
of this Agreement. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by the
parties hereto. No waiver of any of the provisions of this Agreement shall operate as a waiver of any other provisions (whether or not
similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided in this Agreement, no failure to exercise
or any delay in exercising any right or remedy shall constitute a waiver.


 


2. Subrogation.
In the event of payment to Indemnitee by the Company under this Agreement, the Company shall be subrogated to the extent of such payment
to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to
secure such rights, including the execution of such documents necessary to enable the Company to bring suit to enforce such rights.


 


3. Assignment;
Binding Effect. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party hereto without
the prior written consent of the other party; except that the Company may, without such consent, assign all such rights and obligations
to a successor in interest to the Company which assumes all obligations of the Company under this Agreement. Notwithstanding the foregoing,
this Agreement shall be binding upon and inure to the benefit of and be enforceable by and against the parties hereto and the Company’s
successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of
the business and/or assets of the Company) and assigns, as well as Indemnitee’s spouses, heirs, and personal and legal representatives.


 


4. Severability
and Construction. Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to
do any act in violation of applicable law. The Company’s inability, pursuant to a court order, to perform its obligations under this Agreement
shall not constitute a breach of this Agreement. In addition, if any portion of this Agreement shall be held by a court of competent jurisdiction
to be invalid, void, or otherwise unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted by
applicable law. The parties hereto acknowledge that they each have opportunities to have their respective counsels review this Agreement.
Accordingly, this Agreement shall be deemed to be the product of both of the parties hereto, and no ambiguity shall be construed in favor
of or against either of the parties hereto.


 


5. Counterparts.
This Agreement may be executed in two counterparts, both of which taken together shall constitute one instrument.


 


6. Governing
Law. This agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed,
construed and interpreted in accordance with the laws of the State of Nevada, without giving effect to conflicts of law provisions thereof.


 


7. Notices.
All notices, demands, and other communications required or permitted under this Agreement shall be made in writing and shall be deemed
to have been duly given if delivered by hand, against receipt, or mailed via postage prepaid, certified or registered mail, return receipt
requested, and addressed to the Company at:


 


Elephant Oil Corp.


Pennzoil Place


700 Milam, Suite 1300


Houston, TX 77002


Attention: Chief Executive Officer


 


and to Indemnitee at his/her address last
known to the Company.


 


8. Entire
Agreement. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and
oral, between the parties with respect to the subject matter hereof.


 


[Signature Page Follows]





 






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


 


	 	COMPANY:
	 	Elephant Oil Corp.
	 	 
	 	By:	 
	 	Name:  	Matthew Lofgran
	 	Title:	Chief Executive Officer
	 	 	 
	 	INDEMNITEE:
	 	 
	 	Name:	 


 


 


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