Document:

Exhibit
10.4

 

GUARANTEE

 

This
GUARANTEE (this “Guarantee”) dated as of January 21, 2022, by WJ Energy Group Limited (“Guarantor”),
in favor of the investors signatory to the Purchase Agreement (as defined below).

 

WHEREAS,
Guarantor is a wholly-owned subsidiary of Indonesia Energy Corporation Limited, a Cayman Islands exempted company (the “Company”);

 

WHEREAS,
as of the date hereof, the Company and certain accredited investors (the “Investors”) have executed that certain Securities
Purchase Agreement (the “Purchase Agreement”) pursuant to which the Investors are purchasing convertible notes and
warrants of the Company; and

 

WHEREAS,
the execution and delivery of this Guarantee by Guarantor is a material inducement to the Investors to enter into the Purchase Agreement.

 

NOW
THEREFORE, in exchange for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor
agrees with the Investors as follows:

 

1.
Guarantor unconditionally and irrevocably all monetary obligations, liabilities and indebtedness of every nature of the Company from
time to time owed or owing to the Investors arising under, out of or in connection with the transactions contemplated by this Guarantee,
the Purchase Agreement, the Notes, the Warrants and the other Transaction Documents, including, without limitation, the principal amount
of all debts, claims and indebtedness, accrued and unpaid interest and all fees, taxes, indemnities, costs and expenses, whether primary,
secondary, direct, contingent, fixed or otherwise, heretofore, now and/or from time to time hereafter owing, due or payable, whether
before or after the filing of a bankruptcy, insolvency or similar proceeding under applicable federal, state, foreign or other law and
whether or not an allowed claim in any such proceeding (the “Guaranteed Obligations”). This Guarantee will not be
affected by any event, occurrence or circumstance which might constitute a legal or equitable discharge or defense of a guarantor or
surety. It is agreed that all limitations of liability (subject to the exclusions to such limitations) and exclusions of damages contemplated
under the Transaction Documents shall at all times apply to Guarantor’s obligations under this Guarantee. By their execution of
the Purchase Agreement and their acceptance of this Guarantee in connection with such execution, the Investors agree to the terms hereof.

 

2.
The obligations, covenants, agreements and duties of Guarantor under this Guarantee shall in no way be affected or impaired by reason
of the happening from time to time of the voluntary or involuntary liquidation, dissolution, sale of all or substantially all of the
assets, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization of, or other similar proceeding
affecting the Company or any of its respective assets.

 

3.
Notice of acceptance of this Guarantee is hereby waived by Guarantor.

 

4.
Except as provided for herein, this Guarantee will remain in full force and effect as to any renewal, modification or extension of the
Purchase Agreement, and will survive the termination or expiration of the Purchase Agreement until the expiration of all applicable statutes
of limitations for claims which could be made by Investors pursuant to the provisions of the Purchase Agreement and subject to any time
limitations on bringing claims set forth therein.

 

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5.
No failure on the part of Investors to exercise, and no delay in exercising, any right, remedy or power under this Guarantee shall operate
as a waiver thereof, nor shall any single or partial exercise by the Investors of any right, remedy or power under this Guarantee preclude
any other or future exercise of any right, remedy or power. Each and every right, remedy and power granted to Investors by this Guarantee
or allowed it by law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by Investors from time
to time.

 

6.
If any provision in this Guarantee is or becomes illegal, invalid or unenforceable, that shall not affect the legality, validity or enforceability
of any other provision in this Guarantee.

 

7.
Nature of Guarantee: Continuing, Absolute and Unconditional. Certain Rights of the Investors.

 

(a)
This Guarantee is and is intended to be a continuing Guarantee of payment of the Guaranteed Obligations, and not of collectability, and
is intended to be independent of and in addition to any other Guarantee, endorsement, collateral or other agreement held by an Investor
therefor or with respect thereto, whether or not furnished by the Guarantor (if any). None of Investors shall be required to prosecute
collection, enforcement or other remedies against any Company, the Guarantor or any other person or entity before calling on the Guarantor
for payment. The obligations of the Guarantor to repay the Guaranteed Obligations hereunder shall be unconditional. The Guarantor shall
not have a right to exercise any right of subrogation, reimbursement, indemnity, exoneration, contribution or any other claim which it
may now or hereafter have against the Company or in connection with this Guarantee until the termination of this Guarantee in accordance
with the terms hereof, any security or collateral given to Investors to secure payment of the Guaranteed Obligations, and the Guarantor
agrees that it will not take any action to enforce any obligations of the Company prior to the Guaranteed Obligations being finally and
irrevocably paid in full in cash, provided that, in the event of the bankruptcy or insolvency of the Company, to the extent the Guaranteed
Obligations have not been finally and irrevocably paid in full in cash, the Investors shall be entitled notwithstanding the foregoing,
to file in the name of the Guarantor or in its own name a claim for any and all indebtedness owing to the Guarantor by the Company (exclusive
of this Guarantee), vote such claim and to apply the proceeds of any such claim to the Guaranteed Obligations.

 

(b)
For the further security of Investors and without in any way diminishing the liability of the Guarantor, following the occurrence and
during the continuance of an Event of Default (as defined in the Notes), all debts and liabilities, present or future, of the Company
to the Guarantor, and all monies received from the Company or for its account by the Guarantor in respect thereof shall be received in
trust for Investors and, upon written demand signed by the Requisite Holders, promptly shall be paid over to the Investors, until all
of the Guaranteed Obligations have been paid in full in cash. This assignment and postponement is independent of and severable from this
Guarantee and shall remain in full effect for so long as Guarantor is liable for any amount under this Guarantee.

 

(c)
This Guarantee is absolute and unconditional and shall not be changed or affected by any representation, oral agreement, act or thing
whatsoever, except as herein provided. This Guarantee is intended by the Guarantor to be the final, complete and exclusive expression
of the Guarantee agreement among the Company, the Guarantor, and the Investors (except as expressly limited by the express terms of this
Guarantee). No modification or amendment of any provision of this Guarantee shall be effective against any party hereto unless in writing
and signed by a duly authorized officer of such party (and in the case of the Investors, with the prior written approval of the Requisite
Holders). This Guarantee, together with the other Transaction Documents, supersedes all other prior oral or written agreements between
the Investors, the Company, and the Guarantors, their respective Affiliates and Persons acting on their respective behalves with respect
to the matters discussed herein, and this Guarantee, together with the other Transaction Documents and the other instruments referenced
herein and therein, contain the entire understanding of the parties with respect to the matters covered herein and therein and, except
as specifically set forth herein or therein, neither the Company, the Guarantor, nor any Investor makes any representation, warranty,
covenant or undertaking with respect to such matters. As of the date of this Guarantee, there are no unwritten agreements between the
parties with respect to the matters discussed herein. No provision of this Guarantee may be amended, modified or supplemented other than
by an instrument in writing signed by the parties hereto.

 

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(d)
The Guarantor hereby releases each Investor from all, and agrees not to assert or enforce (whether by or in a legal or equitable proceeding
or otherwise) any, “claims” (as defined in Section 101(5) of the Bankruptcy Code), whether arising under any law, ordinance,
rule, regulation, order, policy or other requirement of any domestic or foreign governmental authority or any instrumentality or agency
thereof, having jurisdiction over the conduct of its business or assets or otherwise, to which the Guarantor is or would at any time
be entitled by virtue of its obligations hereunder or any payment made pursuant hereto, including any such claims to which such Guarantor
may be entitled as a result of any right of subrogation, exoneration or reimbursement.

 

(e)
The Guarantor acknowledges and agrees that the Investors may, without notice (i) reserve their rights against the Guarantor and without
affecting such Guarantor’s obligations hereunder, (ii) from time to time renew, extend, increase, accelerate or otherwise change
the time for payment of, the terms of or the interest on the Guaranteed Obligations or any part thereof or grant other indulgences to
the Guarantor or others (provided that the time for payment of the Guaranteed Obligations under the Transaction Documents may not be
accelerated beyond the express terms of the Transaction Documents), (ii) subject to the terms of the Transaction Documents, determine
the manner, amount and time of application of payments and credits, if any, to be made on all or any part of any component or components
of the Guaranteed Obligations (whether principal, interest, fees, costs, and expenses, or otherwise), including, without limitation,
the application of payments received from any source to the payment of Indebtedness other than the Guaranteed Obligations even though
one or more Investors might lawfully have elected to apply such payments to the Guaranteed Obligations or to amounts which are not covered
by this Guarantee and (iii) generally do or refrain from doing any act or thing which might otherwise, at law or in equity, release the
liability of the Guarantor as a guarantor in whole or in part.

 

8.
This Guarantee shall be construed in accordance with and governed by the laws of the State of New York, without regard to conflict of
laws provisions thereof. Any action, proceeding or claim arising out of, or relating in any way to this Agreement shall be brought and
enforced in the New York Supreme Court, County of New York (Commerical Division), or in the United States District Court for the Southern
District of New York. The Company and the Investors irrevocably submit to the jurisdiction of such courts, which jurisdiction shall be
exclusive, and hereby waive any objection to such exclusive jurisdiction or that such courts represent an inconvenient forum. The prevailing
party in any such action shall be entitled to recover its reasonable and documented attorneys’ fees and out-of-pocket expenses
relating to such action or proceeding. THE COMPANY AND THE INVESTORS HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTEE.

 

9.
All notices required by this Guarantee shall be in writing and in the manner provided for in Section 11.2 of the Purchase Agreement,
and shall, unless and until different or additional addresses are substituted, be sent as follows:

 

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To
Guarantor:

 

WJ
Energy Group Limited

Flat/RM
B 17/F Lockhart Centre

301-307
Lockhart Road, Wanchai

Hong
Kong

Attention:
James Jerry Huang

Email:
james@wj.energy

 

with
a copy to:

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas, 11th Floor

New
York, NY 10105

Fax
Number: (212) 370-7889

Email:
bigrossman@egsllp.com

Attn:
Barry I. Grossman

[Signature
Page Follows]

 

    	4

     

    

 

IN
WITNESS WHEREOF, Guarantor has caused this Guarantee to be executed as of the date first set forth above.

 

	 	WJ
    ENERGY GROUP LIMITED
	 	 	 
	 	By:	/s/
    James Jerrry Huang
	 	Name:	James
    Jerrry Huang
	 	Title:	Director

 

    	5Exhibit
10.5

 

SECOND
AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (“Amendment”) is entered into effective as of January 1, 2022 (the “Effective
Date”) by and between Indonesia Energy Corporation Limited, a Cayman Islands exempted company (the “Company”)
and Frank Ingriselli, an individual (the “Executive”).

 

WHEREAS,
the Company and the Executive entered into that certain Employment Agreement that became effective as of February 1, 2019 (the “Agreement”)
and subsequently entered into a First Amendment to Employment Agreement effective as of February 1, 2020 (the “First Amendment”;
and

 

WHEREAS,
the Company and the Executive wish to amend the Agreement on the terms set forth herein.

 

NOW
THEREFORE, in consideration of the mutual premises, covenants and agreements hereinafter set forth, and for other good and valuable
consideration, the receipt, and legal adequacy of which is hereby acknowledged, the Company and the Executive, intending to be legally
bound, hereby agree to amend the Agreement (as amended by the First Amendment) as follows:

 

1.
Capitalized Terms. All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the
Agreement.

 

2.
Amendment to Section 2. Effective as of the Effective Date, the Company and the Executive hereby completely amend and restate
Section 2 of the Agreement and replace such Section in its entirety with the following: “The term of the Employment shall be two
(2) years commencing on January 1, 2022 and shall terminate on December 31, 2023, unless terminated earlier pursuant to the terms of
this Agreement. The Employment will not be subject to renewal without the prior written agreement of the Company and the Executive.”

 

3.
Base Salary Acknowledgement. The Company acknowledges and agrees that the Executive’s pre-tax annual base salary will remain
at US$150,000.

 

4.
Equity Incentive. The Company agrees that the equity incentive for signing and continuing as President under this extension, shall
be the granting of a stock award of 60,000 shares of the Company to be vested as follows: 30,000 vesting on July 1, 2022 and 30,000 vesting
on January 1, 2023, with a lock-up period of 180 (one hundred eighty) days from the vesting date.

 

5.
No Other Amendments. Nothing in this Amendment is intended to amend any language of the Agreement other than as specifically set
forth above, and the remainder of the Agreement shall be unmodified and in full force and effect.

 

[Remainder
of page intentionally left blank.]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, each of the Company and the Executive has executed this Second Amendment to Employment Agreement effective as of
the Effective Date.

 

	 	Indonesia
    Energy Corporation Limited
	 	 	 
	 	 	/s/
    James J. Huang
	 	By:	James
    J. Huang
	 	 	Chief
    Investment Officer

 

	 	/s/
    Frank Ingriselli
		Frank
    Ingriselli 

 

    	2

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