Document:

Exhibit
10.6

 

AMENDMENT
TO SECURED DEBENTURE PURCHASE AGREEMENT

 

This
Amendment to the Secured Debenture Purchase Agreement is made and effective February 20, 2022

 

BETWEEN

 

Permex
Petroleum Corporation, a British Columbia corporation with its offices at 500 - 666 Burrard Street, Vancouver, BC V6C 2T6, Canada (the
“Corporation”) and Permex Petroleum US Corporation (the “Subsidiary).

 

AND

 

Mehran
Ehsan

(the
“Investor”)

 

WHEREAS:

 

A.
The parties hereto entered into a Secured Debenture Purchase Agreement (“Debenture”) dated February 21, 2020 for a
debenture loan of CDN $100,000.

 

B.
The parties have agreed to extend the repayment date of the Debenture on the terms and conditions
hereinafter set forth.

 

NOW
THEREFORE that in consideration of the premises and other good and valuable consideration (the receipt and sufficiency of which is hereby
acknowledged) the parties hereto covenant and agree as follows:

 

1.
Extension of Repayment Date

 

The
outstanding principal shall be payable in full no later than August 20, 2022 (the “Maturity Date”).

 

2.
Interest

 

Interest
at a rate of 12% per annum on the principal is calculated for the period from February 21, 2022 to August 20, 2022.

 

3.
All other terms of the Debenture remain the same.

 

    	-1-

     

    

 

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

 

	Permex Petroleum Corporation	 
	 	 	 
	Per:
	                     	 
	Scott Kelly, CFO	 

 

	Mehran Ehsan 	 
	 	 	 
	Signature: 	 	 

 

    	-2-Exhibit
10.7

 

Unless
permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and
a day after February 21, 2020.

 

CONVERTIBLE
SECURED DEBENTURE

 

CDN
$100,000.00

 

For
Value Received, the undersigned Corporation, under the terms of this Debenture hereby unconditionally promises to pay, on or prior to
the Maturity Date (as defined below), to the order of the Investor, by wire transfer to such account as Investor shall provide notice
to Corporation or by check, in lawful money of Canada and in immediately available funds, the principal amount borrowed and outstanding
hereunder at any time not to exceed the amount of the Debenture (the “Principal”) and interest on the Principal at
a rate of 12% per year compounded annually (the “Interest”), both payable in the manner set forth below. The Principal
has been advanced by the Investor to Corporation pursuant to the Debenture Purchase Agreement dated effective February 21, 2020 (the
“Agreement”).

 

Capitalized
terms used herein but not otherwise defined herein shall have the meanings given to them in the Agreement.

 

	1.	Repayment
                                            and Prepayment. The outstanding Principal shall be payable in full no later than February
                                            20, 2022 (the “Maturity Date”), subject to the right of the Corporation
                                            to accelerate at any time after (a) January 1, 2021, on not less than 30 days’ prior
                                            written notice to the Investor.
	 	 
	2.	Interest.
                                            Interest on the Principal is calculated from the Issue Date (defined below) and is calculated
                                            on the portion of the Principal that remains unpaid, both before and after maturity, default
                                            or judgment, until fully paid, on the basis of the actual number of days for which the Principal
                                            is outstanding computed on the basis of a year of 365 days, or 366 days in the case of a
                                            leap year. Notwithstanding any provisions of this Debenture, in no event shall the aggregate
                                            “interest” (as defined in section 347 of the Criminal Code (Canada)) payable
                                            by the Corporation under this Debenture exceed the effective annual rate of interest on the
                                            “credit advanced” (as defined in section 347 of the Criminal Code (Canada))
                                            under this Debenture lawfully permitted by that section and, if any payment, collection or
                                            demand pursuant to this Debenture in respect of “interest” (as defined in section
                                            347 of the Criminal Code (Canada)) is determined to be contrary to the provisions
                                            of that section, the amount of such payment or collection shall be reduced to the highest
                                            amount permitted under the Criminal Code (Canada).
	 	 
	4.	Conversion.
                                            The Debentures will be convertible at the holder’s option into units (“Units”)
                                            of the Company at a conversion price of CDN$0.15 per Unit. Each Unit will be comprised of
                                            one (1) common share (a “Common Share”) in the Company and one (1) Common
                                            Share purchase warrant (each while Common Share purchase warrant, a “Warrant”).
                                            Each Warrant will be exercisable to purchase a Page 2 of 2 of the Secured Debenture Agreement
                                            Common Share at a price of CDN$0.20 for a period of three (3) years from the date of issuance.
	 	 
	5.	Secured
                                            Debenture. The full amount of this Debenture is secured by the collateral identified
                                            and described as security therefor in the Security Agreement attached to the Agreement as
                                            Exhibit “B”
	 	 
	6.	Default.
                                            Corporation’s failure to pay timely any of the Principal and Interest due under this
                                            Debenture pursuant to the terms hereof shall constitute an Event of Default as defined in
                                            the Agreement.
	 	 
	7.	Waiver.
                                            Except as provided for herein, Corporation waives presentment, notice of dishonor, protest
                                            or notice of protest and nonpayment, notice of costs, expenses or losses and interest thereon
                                            and diligence in taking any action to collect any sums owing under this Debenture or in any
                                            proceeding against any of the rights or interests in or to the properties or assets securing
                                            payment of this Debenture.
	 	 
	8.	Successors.
                                            The provisions of this Debenture shall inure to the benefit of and be binding on any successor
                                            or Investor. This Debenture cannot be assigned by any party hereto.

 

    	-1-

    	 

    

 

ISSUE
DATE: February 21, 2020 (“Issue Date”).

 

	Permex
    Petroleum Corporation	 
	 	 	 
	By:	 	 
	Name: 	Mehran
    Ehsan	 
	Title:	Chief
    Executive Officer	 

 

    	-2-Exhibit
10.8

 

AMENDED
EXECUTIVE EMPLOYMENT AGREEMENT

 

This
Agreement dated May 1, 2022 is made between Permex Petroleum Corporation (the “Corporation”) and Mehran Ehsan
(the “Executive”).

 

RECITALS

 

A.
The Corporation and the Executive (collectively, the “Parties”) are currently engaged in an employment relationship;

 

B.
The Parties now wish to revise their employment relationship on the terms and conditions set out below.

 

For
good and valuable consideration, specifically including the enhanced compensation and benefits available to the Executive as detailed
below, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows:

 

ARTICLE
1

 

TERM

 

1.1
Employment. The Corporation shall continue to employ the Executive and the Executive shall continue to perform services on behalf
of the Corporation as its employee as provided herein during the Period of Active Employment.

 

1.2
Period of Active Employment. In this Agreement, “Period of Active Employment” means the period beginning on August
1, 2017 and terminating on the earliest of the following:

 

(a)
the termination of the Executive’s employment by the Corporation pursuant to Section 4.1;

 

(b)
the termination of the Executive’s employment pursuant to Section 4.2;

 

(c)
the termination of the Executive’s employment by the Corporation pursuant to Section 4.3; or

 

(d)
the death of the Executive.

 

ARTICLE
2

 

POSITION

 

2.1
Capacity and Services. The Corporation shall employ the Executive as Chief Executive Officer. As such, the Executive shall perform
such duties and have such authority as may from time to time be assigned, delegated or limited by the board of directors of the Corporation
(the “Board”). The Executive shall perform these duties in accordance with articles of the Corporation, the instructions
of the Board and the policies of the Corporation from time to time, and the Executive shall diligently and faithfully serve the Corporation
and use the Executive’s best efforts to promote the interests and goodwill of the Corporation.

 

    	-1-

    	 

    

 

2.2
Full Time and Attention. The Executive shall devote 100% of the Executive’s working hours to the Executive’s duties hereunder,
provided, however, that the Executive may serve as a member of the board of directors of an entity if the Board, or an appropriate committee
thereof, determines in its sole discretion that such membership is not adverse to the interests of the Corporation.

 

ARTICLE
3

 

COMPENSATION AND BENEFITS

 

3.1
Compensation. The base salary rate of the Executive shall be $250,000 USD per year payable monthly. The Corporation shall review
the Executive’s base salary rate annually. In its sole discretion, the Corporation may increase this base salary rate or give a
performance bonus to the Executive. The Corporation may withhold from any amounts payable under this Employment Agreement such federal
or provincial taxes and other statutory remittances as shall be required by law to be so withheld.

 

3.2
Benefits. The Corporation shall provide the Executive (including the Executive’s immediate family) with group health, medical
and disability insurance benefits.

 

3.3
Vacation. The Executive shall be entitled to take three weeks’ vacation per calendar year.

 

3.4
Incentive Bonus. The Executive shall be eligible on an annual basis for a cash bonus of up to 100% of annual salary and a grant of
up to 250,000 shares of the Corporation and stock options. Any bonus, shares or stock options shall be awarded pursuant to the bonus
and stock option plans issued by the Corporation, as amended and such awards will be subject to the discretion of the board of directors
of the Corporation.

 

3.5
Expenses Incidental to Employment. The Corporation shall reimburse the Executive in accordance with its normal policies and practices
for the Executive’s travel and other expenses or disbursements reasonably and necessarily incurred or made in connection with the
Corporation’s business. The Executive shall furnish statements and receipts for all such expenses prior to reimbursement and in
accordance with the policies of the Corporation from time to time.

 

ARTICLE
4

 

TERMINATION AND RESIGNATION

 

4.1
Termination for Cause. The Corporation may immediately terminate the employment of the Executive at any time for cause by written
notice to the Executive.

 

If
the Corporation terminates the employment of the Executive for cause under this Section 4.1, the Corporation shall not be obligated
to make any further payments under this Employment Agreement except amounts due and owing pursuant to Article 3 at the time of the termination.

 

    	-2-

    	 

    

  

4.2
Resignation by Executive. The Executive shall give the Corporation not less than two (2) weeks’ notice of the resignation of
the Executive’s employment hereunder and, subject to the following sentence, the Executive’s employment shall terminate on
the date specified in the notice. Upon receipt of the Executive’s notice of resignation, the Corporation may waive the notice,
in whole or in part, by paying the Executive’s salary for the remainder of the notice period and a reasonable amount in lieu of
the Executive’s benefits for that period in lieu of such notice, and if the Corporation so elects, the Executive’s employment
shall terminate on the earlier date specified by the Corporation.

 

4.3
Termination Without Cause. The Corporation may terminate the Executive’s employment at any time without cause by providing
the Executive written notice and the following entitlements:

 

(a)
the Corporation shall pay the Executive all outstanding and accrued base salary under Section 3.1 and vacation pay, earned and owing
up to the last day of the Period of Active Employment, and shall reimburse the Executive for all proper expenses incurred by the Executive
in connection with the Corporation’s business prior to the last day of the Period of Active Employment;

 

(b)
the Corporation shall pay the Executive an amount equal to 36 months’ base salary;

 

(c)
the Corporation shall pay the Executive an amount in lieu of the Executive’s performance bonus equal to %20 of Base Salary;

 

(d)
the Corporation shall continue the Executive’s benefit coverage for a period of six (6) months, or alternatively, if it is unable
to continue the Executive’s participation in one or more of its benefit plans, the Corporation shall pay the Executive an amount
equal to the premium cost or contributions the Corporation would otherwise have made in respect of the Executive’s participation
in the relevant plan(s) for six (6) months.

 

(e)
Except any amounts that are required under the Employment Standards Act (which shall be paid in accordance with the requirements
of the Employment Standards Act), the Corporation shall have the option of making the payments required by Section  4.3(b)
and (c) either in lump sum within 30 days after the last day of the Period of Active Employment or in six (6) equal monthly instalments
commencing 30 days after the last day of the Period of Active Employment.

 

(f)
  The Corporation shall make the payments and continue to provide the benefits required by this Section 4.3 whether or not the Executive
finds or seeks alternate employment.

 

    	-3-

    	 

    

 

(g)
The Executive acknowledges and agrees that the severance compensation provided for in this Section 4.3 is fair and reasonable and
is the result of negotiation between the Parties. The Executive acknowledges and agrees that the entitlements detailed above will be
in complete satisfaction of all amounts arising from the termination of employment without cause and on receipt of such entitlements,
there shall be nothing further due and payable in respect of said termination. For greater clarity, the parties agree that the entitlements
detailed in this section displace any entitlement to common law notice following termination of employment without cause.

 

4.4
Death. In the event of the Executive’s death, the Executive’s employment shall be deemed to have terminated on the date
of the Executive’s death and the Corporation shall pay the Executive’s estate the amounts specified in Section 4.3(a).

 

4.5
Results of Termination. Upon termination of the Executive’s employment, the Corporation shall have no further obligations or
responsibilities to the Executive hereunder or under any of the Corporation’s employee benefit programs except as expressly provided
under Article 4, and nothing herein contained shall be construed to limit or restrict in any way the Corporation’s ability to pursue
any remedies it may have at law or equity pursuant to the provisions of this Employment Agreement.

 

ARTICLE
5

 

REPRESENTATIONS AND WARRANTIES

 

5.1
Representations and Warranties. The Executive represents and warrants to the Corporation that the execution and performance of this
Employment Agreement will not result in or constitute a default, breach, or violation, or an event that, with notice or lapse of time
or both, would be a default, breach, or violation, of any understanding, agreement or commitment, written or oral, express or implied,
to which the Executive is a party or by which the Executive or the Executive’s property is bound. The Executive shall defend, indemnify
and hold the Corporation harmless from any liability, expense or claim (including solicitor’s fees incurred in respect thereof
and other legal fees on a full indemnity basis, without reduction for tariff rates or similar reductions) by any person in any way arising
out of, relating to, or in connection with any incorrectness of breach of the representations and warranties in this Section 5.1.

 

ARTICLE
6

 

MISCELLANEOUS COVENANTS

6.1
Notices.

 

(1)
Any notice required or permitted to be given hereunder shall be in writing and shall be effectively given if (i) delivered personally,
(ii) sent by prepaid courier service or mail, or (iii) sent by e-mail or other similar means of electronic communication as follows:

 

	 	(a)	If to the Corporation, to:

 

Permex
Petroleum Corporation

100 Crescent Court, Suite 700

Dallas, Texas 75201

Attention: Board of Directors

E-mail:
admin@permexpetroleum.com

 

    	-4-

    	 

    

 

	 	(b)	if to the Executive, to:

 

Mehran
Ehsan

[        ]

E-mail: [        ]

 

(2)
Any such communication given or made in any other manner shall be deemed to have been given or made and to have been received only upon
actual receipt. Any notice so given shall be deemed conclusively to have been given and received when so personally delivered or sent
by e-mail, or other electronic communication or on the second day following the sending thereof by private courier or mail. Any party
hereto may change any particulars of its address for service by notice to the other in the manner stated above.

 

(3)
Any party may from time to time change its address under this Section 6.4 by notice to the other party given in the manner provided by
this section.

 

6.2
Time of Essence. Time shall be of the essence of this Employment Agreement in all respects.

 

6.3
Entire Agreement. This Employment Agreement constitutes the entire agreement between the Parties pertaining to the subject matter
of this Employment Agreement and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written.
There are no conditions, warranties, representations or other agreements between the Parties in connection with the subject matter of
this Employment Agreement (whether oral or written, express or implied, statutory or otherwise) except as specifically set out in this
Employment Agreement.

 

6.4
Amendment. No amendment of this Employment Agreement shall be effective unless made in writing and signed by the Parties.

 

6.5
Waiver. Any purported waiver of any default, breach or non-compliance under this Employment Agreement shall not be effective unless
in writing and signed by the party to be bound by the waiver. No waiver shall be inferred from or implied by any failure to act or delay
in acting by a party in respect of any default, breach or non-observance or by anything done or omitted to be done by the other party.
The waiver by a party of any default, breach or non-compliance under this Employment Agreement shall not operate as a waiver of that
party’s rights under this Employment Agreement in respect of any continuing or subsequent default, breach or non-observance (whether
of the same or any other nature).

 

6.6
Severability. Any provision of this Employment Agreement that is prohibited or unenforceable in any jurisdiction shall, as to that
jurisdiction, be ineffective to the extent of the prohibition or unenforceability and shall be severed from the balance of this Employment
Agreement, all without affecting the remaining provisions of this Employment Agreement or affecting the validity or enforceability of
such provision in any other jurisdiction.

 

    	-5-

    	 

    

 

6.7
Governing Law. This Employment Agreement shall be governed by and construed in accordance with the laws of the Province of British
Columbia and the laws of Canada applicable in that Province and shall be treated, in all respects, as a British Columbia contract.

 

6.8
Successors and Assigns. This Agreement shall enure to the benefit of, and be binding on, the Parties and their respective heirs,
administrators, executors, successors and permitted assigns. The Corporation shall have the right to assign this Employment Agreement
to any successor (whether direct or indirect, by purchase, amalgamation, arrangement, merger, consolidation or otherwise) to all or substantially
all of the business or assets of the Corporation provided only that the Corporation must first require the successor to expressly assume
and agree to perform this Employment Agreement in the same manner and to the same extent that the Corporation would be required to perform
it if no such succession had taken place. The Executive by the Executive’s signature hereto expressly consents to such assignment.
The Executive shall not assign or transfer, whether absolutely, by way of security or otherwise, all or any part of the Executive’s
rights or obligations under this Employment Agreement without the prior consent of the Corporation, which may be arbitrarily withheld.

 

ARTICLE
7

 

EXECUTIVE’S ACKNOWLEDGEMENT

 

7.1
Acknowledgement.

 

The
Executive acknowledges that:

 

(a)
the Executive has had sufficient time to review this Employment Agreement thoroughly;

 

(b)
the Executive has read and understands the terms of this Employment Agreement and the obligations hereunder;

 

(c)
the Executive has been given an opportunity to obtain independent legal advice concerning the interpretation and effect of this Employment
Agreement; and,

 

(d)
the Executive has received a fully executed original copy of this Employment Agreement.

 

    	-6-

    	 

    

 

IN
WITNESS WHEREOF the Parties have executed this Employment Agreement.

 

	 	 
	 	MEHRAN EHSAN
	 	 
	 	PERMEX PETROLEUM CORPORATION
	 	 
	 	By:	 
	 	Name:	Barry
                                            Whelan

    

	 	Title:	COO
    & Director

 

    	-7-

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