Document:

Exhibit 10.5

 

October 25, 2019

  

Mr. Kevin DeLeon

8 Stone Ridge Lane

Ho Ho Kus, NJ 07423

  

Re:One Year Employment Agreement
(the “Agreement”)

 

Dear Kevin:

 

Victory Oilfield Tech, Inc. (the “Company”)
is pleased to confirm your appointment to the position of Interim Chief Executive Officer, on the following terms.

 

You will be hired for an initial one year
term, commencing November 1, 2019 and terminating on October 31, 2020. This Agreement has been reviewed and approved by the Company’s
Board (defined below) and, once executed, is therefore enforceable against the Company.

 

You will be responsible for general management
of the affairs of the Company, together with the powers and duties usually incident to the position of the Interim Chief Executive
Officer and will report to Board of Directors of the Company (the “Board”). Upon the identification and
hire of a replacement Chief Executive Officer, you will continue to be compensated per the terms of this Agreement and you will
assist in the transition of duties to the newly hired Chief Executive Officer. You will work remotely but come to our facility
or otherwise travel on behalf of the Company for Company business as reasonably necessary and upon reasonable advance notice and
devote such of your time as you determine is required to perform your services hereunder. You will receive full indemnification
by the Company to the extent available under applicable law or equivalent to all the indemnification terms or arrangements that
the Company now has or in the future may have with its other executive officers.

 

Your salary will be $120,000 per year,
paid $5,000 on the first and third Friday of each month (the first of such payments being due on November 1, 2019). In addition,
in consideration of past services and the deferral of accrued salary, the Company is issuing to you a warrant for 100,000 shares
of the Company’s common stock (“Warrant”), with an exercise price of $0.80 per share, and a three
year term. The Warrant is in the form of Exhibit A to this Agreement. The issuance of this Warrant has been approved by
the Board.

 

During the term of this Agreement, you
will be eligible to participate in the standard benefits plans offered to similarly situated employees of the Company from time
to time, subject to plan terms and generally applicable Company policies. A full description of these benefits is available upon
request. The Company may change compensation and benefits of such plans from time to time in its discretion.

 

As a Company employee, you will be expected
to abide by Company rules and policies. As a condition of employment, you must sign and comply with the attached Employee Confidential
Information and Inventions Assignment Agreement which prohibits unauthorized use or disclosure of the Company’s proprietary
information, among other obligations.

 

     

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In your work for the Company, you will
be expected not to use or disclose any confidential information, including trade secrets, of any former employer or other person
to whom you have an obligation of confidentiality. Rather, you will be expected to use only that information which is generally
known and used by persons with training and experience comparable to your own, which is common knowledge in the industry or otherwise
legally in the public domain, or which is otherwise provided or developed by the Company. You agree that you will not bring onto
Company premises any unpublished documents or property belonging to any former employer or other person to whom you have an obligation
of confidentiality. You hereby represent that you have disclosed to the Company any contract you have signed that may restrict
your activities on behalf of the Company.

 

You will be expected to work the amount
of hours reasonably necessary to perform your job duties as Interim Chief Executive Officer of the Company.

 

You may terminate this Agreement with the
Company at any time and for any or no reason whatsoever simply by notifying the Company via email at least thirty (30) days’
prior to the proposed date of termination. The Company acknowledges that should the Company fail to make any of the payments on
the dates set forth in this Agreement, the Company will have a five business day grace period to satisfy the required payment.
The Company may terminate this Agreement for cause (i.e., breach of your obligations hereunder which is not cured within thirty
days after your receipt of notice from the Company or upon your death or disability) and, if so, must provide thirty days’
notice with an opportunity to cure any such curable breach. The Company may also terminate you without cause and, if so you shall
be entitled to continue to receive your base salary for the shorter of (i) four months or (ii) the remainder of the term of this
Agreement, such payment to be made in full upon the date of any such termination.

  

This Agreement shall be governed by the
internal laws of the State of New Jersey and enforceable solely in a Federal or state court located in the County of Bergen, State
of New Jersey and the prevailing party shall be entitled to the reimbursement of any and all costs and expenses, including legal
fees, in the event of any legal proceeding commenced to enforce the terms of this Agreement.

  

This Agreement, together with your Employee
Confidential Information and Inventions Assignment Agreement, forms the complete and exclusive terms of this Agreement with the
Company. It supersedes any other agreements or promises made to you by us or anyone, whether oral or written. Changes in the terms
of this Agreement require a written modification signed by both of us.

 

Please sign and date this Agreement, and
the enclosed Employee Confidential Information and Inventions Assignment Agreement, and return them to me. You may return this
countersigned Agreement to me via email and, upon transmitting the countersigned Agreement, it will become effective between us.

 

     

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We look forward to your favorable reply
and to a productive and enjoyable work relationship.

 

Sincerely,

 

	
        VICTORY OILFIELD TECH, INC.

          

        By: /s/ Ron Zamber
	 	 
	        Ron Zamber, Chairman	 	 
	 	 	 
	Understood and Accepted:	 	 
	 	 	 
	 	 	 
	/s/ Kevin
    DeLeon	 	 
	Kevin DeLeon	 	Date 

 

Attachments:

 

Employee Confidential Information and Inventions
Assignment Agreement

 

WarrantExhibit 10.8

 

AMENDMENT NO. 2 

TO

LOAN AGREEMENT

 

This Amendment No.
2 to Loan Agreement (this “Amendment”) is made as of the 8th day of February, 2021, by and between Visionary
Private Equity Group I, LP, a Missouri limited partnership (the “Lender”), and Victory
Oilfield Tech, Inc. (formerly Victory Energy Corporation), a Nevada
corporation (the “Borrower”). Capitalized terms used, but not otherwise defined, herein have the meanings ascribed
to them in the Loan Agreement (as defined below).

 

RECITALS

 

A. On
April 10, 2018, Borrower and Lender entered into a Loan Agreement (the “Loan Agreement”), pursuant to which
the Borrower may request a loan (the “Loan”) from the Lender of up to $2,000,000 (the “Loan Amount”).
The Lender has indicated that upon the request of the Borrower it may, in its sole discretion, advance amounts to the Borrower
up to the Loan Amount.

 

B. On
October 30, 2021, the Borrower and the Lender entered into Amendment No. 1 to the Loan Agreement, pursuant to which the loan amount
was increased to $3,000,000.

 

C. The
Loan is secured by a first priority security interest in all of the assets of the Borrower.

 

D. As
of December 31, 2020, the outstanding balance on the Note (as defined below) was $3,081,676 of which $72,600 is Original Issue
Discount. From January 1, 2021 to the date hereof, the Lender has advanced an additional $81,000 under the Note (the “Advance”).

 

E. The
parties desire to amend the Loan Agreement as set forth herein, to increase the Loan Amount to $3,500,000 (the “New Loan
Amount”), to cover the Advance and Borrower’s working capital needs. The Lender has indicated that upon the request
of the Borrower it may, in its sole discretion, advance amounts to the Borrower up to the New Loan Amount.

 

     

     

    

 

AGREEMENTS

 

1. Agreement.
Except as specifically modified by this Amendment, the terms and conditions of the Loan Agreement and the Note, shall remain in
full force and effect. In the event of any inconsistency between the terms of this Amendment and the terms of the Loan Agreement
and/or the Note, the terms of this Amendment shall control.

 

2. 
Amendments. (a) Section 2.1 of the Loan Agreement
is hereby deleted and replaced in its entirety as follows:

 

“2.1 Loan.
On the terms and subject to the conditions hereinafter set forth, the Lender may, in its sole discretion and upon the written request
of the Borrower, loan to the Borrower up to the sum of $3,500,000.”

 

(b) Section 2.2 of
the Loan Agreement is hereby amended such that the form of Note, as attached as Exhibit A thereto, is hereby amended and restated
in its entirety as set forth in Exhibit A hereto.

 

3. Effective
Immediately. The terms of this Amendment shall be effectively immediately upon execution
of same.

 

4. Entire
Agreement. This Amendment and the Loan Agreement and the Note constitute the entire agreement
and understanding between the parties with regard to the subject matter hereof and supersede any prior written or oral agreements.
Any modifications to this Amendment or the Loan Agreement or the Note must be in writing and signed by the authorized representatives
of the Parties.

 

5. Choice
of Law and Jurisdiction. The laws of the State of Texas shall apply to and control any interpretation,
construction, performance or enforcement of this Amendment. 

 

6. Counterparts
and Facsimile or Electronic Signatures. This Amendment may be executed in two or more counterparts,
each of which shall be deemed an original and all of which, taken together, shall constitute one agreement. A facsimile or electronic
signature, including through technology such as DocuSign, to this Amendment shall be deemed an original and binding upon the party
against whom enforcement is sought.

 

[SIGNATURE PAGE FOLLOWS]

 

    2

     

    

 

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

 

	 	LENDER:
	 	 
	 	Visionary Private Equity Group I, LP, 

By: Visionary PE GP I, LLC, 
	 	its General Partner

 

	 	By:	/s/ Ronald Zamber
	 	Name:	Ronald Zamber
	 	Title:	Senior Managing Director

 

	 	Address: 	1520 South Fifth Street
	 	 	Suite 308
	 	 	St. Charles, MO 63303 

 

	 	BORROWER:
	 	 
	 	Victory Oilfield Tech, Inc. 

 

	 	By:	/s/ Kevin DeLeon
	 	Name:	Kevin DeLeon
	 	Title: 	Chief Executive Officer

 

	 	Address:	3355 Bee Caves Road
	 	 	Suite 608
	 	 	Austin, TX 78746

 

    3

     

    

 

EXHIBIT A

 

FORM OF NOTE

 

(See Attached)

 

 

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