Document:

exhibit10-22d

Exhibit 10.2.2(d)  2  47222021.1  THIRD AMENDMENT TO   PLANT ROBERT W. SCHERER  UNITS ONE AND TWO OPERATING AGREEMENT    This THIRD AMENDMENT TO PLANT ROBERT W. SCHERER UNITS NUMBERS  ONE AND TWO OPERATING AGREEMENT, dated as of the 22nd day of February, 2022  (the “Effective Date”), is entered into by and among GEORGIA POWER COMPANY,  OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP  CORPORATION) f/k/a Oglethorpe Power Corporation (An Electric Membership Generation  and Transmission Corporation), MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA, and  CITY OF DALTON, acting by and through its Board of Water, Light and Sinking Fund  Commissioners (d/b/a Dalton Utilities) (each a “Participant” and, collectively, the  “Participants”).  WITNESSETH  WHEREAS, the Participants have previously entered into that certain Plant Robert W. Scherer  Units Numbers One and Two Operating Agreement by and among all the Participants dated as of  May 15, 1980; as amended by that certain Amendment to Plant Robert W. Scherer Units  Numbers One and Two Operating Agreement by all and among all the Participants dated as of  December 30, 1985; and further amended by that certain Second Amendment to Plant Robert W.  Scherer Units Numbers One and Two Operating Agreement by and among all the Participants  dated December 31, 1990 (as so amended, the “Operating Agreement”) providing, among other  things, for the management, control, maintenance, and operation of Plant Robert W. Scherer  Units Numbers One and Two; and    WHEREAS, the Participants mutually desire to amend the Operating Agreement as set forth in  this Third Amendment;    NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which  is hereby acknowledged, and intending to be legally bound, the Participants hereby agree as  follows:    1. Definitions. All capitalized terms used and not otherwise defined herein shall have the  meanings ascribed thereto in the Operating Agreement.    2. Amendment to Section 5(b). Section 5(b) of the Operating Agreement is hereby amended  by deleting the words, “with respect to each of Scherer Unit No. 1 and Scherer Unit No. 2  until the fortieth anniversary of the commencement of Commercial Operation of such  unit” and inserting the following in lieu thereof, “until January 31, 2026 (the “Base  Term”). The Base Term shall automatically renew for successive additional two year  terms (each, an “Extension Term”) unless any Participant provides written notice of  termination of the Operating Agreement eighteen (18) months prior to the expiration of  the Base Term or twelve (12) months prior to the expiration of any Extension Term.    

 

  2  47222021.1  3. Ratification. This Third Amendment shall be construed in connection with and as a part  of the Operating Agreement, and al I terms, conditions and covenants contained in the  Operating Agreement, except as modified in Section 2 of this Third Amendment, shall  be and remain in full force and effect, and the parties hereto agree that they are bound  by the terms and conditions of the Operating Agreement as amended hereby. This Third  Amendment may be executed in any number of counterparts and by original, electronic,  or facsimile signatures, each of which shall be deemed an original, but all of which  together shall constitute one instrument.    IN WITNESS WHEREOF, the duly authorized representatives of the undersigned  Participants have executed this Third Amendment under seal as of the Effective Date.    Signed, sealed and delivered  In the presence of:      /s/ Lisa Cobb   Witness    GEORGIA POWER COMPANY        By: /s/ R. Allen Reaves     Name: R. Allen Reaves   Title:   /s/ Julia Reynolds   Notary Public  My Commission expires: Aug. 2, 2023      Attest:   Its:     (CORPORATE SEAL)      Signed, sealed and delivered  In the presence of:      /s/ Billy Ussery   Witness    OGLETHORPE POWER CORPORATION  (AN ELECTRIC MEMBERSHIP  CORPORATION)    By:  /s/ Michael W. Price     Name:  Michael W. Price   Title:  EVP / COO   /s/ Sharmyn Keeleigh   Notary Public  My Commission expires: March 7, 2025        Attest: /s/ Kimberly D. Adams   Its:  Secretary     (CORPORATE SEAL)    SIGNATURES CONTINUE ON FOLLOWING PAGE]  

 

  3  47222021.1    Signed, sealed and delivered  In the presence of:         Witness  MUNICIPAL ELECTRIC AUTHORITY  OF GEORGIA      By: /s/ James E. Fuller     Name:  James E. Fuller   Title:  President & CEO   /s/ Cindy R. Cactaw   Notary Public  My Commission expires:            Attest:   Its: Sr. Vice President & General Counsel    (OFFICIAL SEAL)      Signed, sealed and delivered  In the presence of:             Witness  THE CITY OF DALTON  acting by and through its Board of Water, Light  and Sinking Fund Commissioners   (d/b/a Dalton utilities)      By: /s/ Tom Bundros     Name:  Tom Bundros   Title:  CEO   /s/ Pam Witherson   Notary Public  My Commission expires: 5-13-23           Attest:   Its: Chief Energy Services Officer     (OFFICIAL SEAL)Exhibit 10.4

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE
EMPLOYMENT AGREEMENT (the “Agreement”) is made by and between Matt Lofgran (“Executive”)
and Elephant Oil Corp., a Nevada Corporation (the “Company”); Executive and the Company are collectively referred
to as the “Parties”. This Agreement shall be effective as of April 29, 2021(the “Effective Date”).

 

WITNESSETH:

 

WHEREAS,
the Company desires to employ Executive, and Executive desires to be employed by the Company;

 

WHEREAS,
the Parties are entering into this Agreement to set forth the terms and conditions for Executive’s employment with the Company.

 

NOW, THEREFORE,
in consideration of the foregoing and the mutual covenants set forth herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties, intending legally to be bound, hereby agree as follows:

 

1. Employment
and Term. Executive’s term of employment by the Company under this Agreement (the “Term”) shall
commence on the Effective Date and end when either party provides the other with ninety (90) days written notice of its or his intent
to terminate the Term; provided, in the event of a termination for Cause (as defined below), no such notice need be given other than as
specified in the definition thereof.

 

2. Position
and Duties. The Company shall employ Executive as its Chief Executive Officer. At all times during the Term, Executive shall report
only to the Board of Directors of the Company (the “Board”). During the Term, (a) Executive shall have the duties,
powers, and authority as are commensurate with Executive’s position with the Company; (b) Executive shall report only to the Board;
and (c) all employees of the Company shall report to Executive or Executive’s designee(s). Executive’s primary office for
the Company shall be located in Arizona, unless Executive agrees to an alternative location in writing. At all times during the Term,
the Executive shall maintain a seat on the Board.

 

3. Efforts.
Executive agrees to devote his reasonable efforts and energies to the discharge of the duties and responsibilities attributable to his
position and, except as set forth herein, agrees to devote a reasonable schedule to the business and affairs of the Company. Notwithstanding
the foregoing, Executive shall be entitled to engage in (a) service as an employee, consultant or on the board of directors of for-profit
companies, businesses or trade organizations at any time during the Term, provided that he shall not provide services in any way to any
entity that materially competes with the Company, and further provided that Executive agrees to resign from his position as Chief Executive
Officer of Nostra Terra Oil & Gas by no later than the first date on which the Company’s shares are traded on any public market,
(b) service on the board of directors of not-for-profit organizations, (c) other charitable activities and community affairs, and

(d) management of his personal and
family investments and affairs, in each case to the extent such activities do not materially interfere with the performance of his duties
to the Company.

 

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4.
Compensation and Benefits.

 

(a) Salary.
During the Term, the Company shall pay Executive a base salary (“Base Salary”) at a rate of $180,000 on an annual
basis; provided, however, effective as of the first date that the Company’s shares are traded on any public exchange through an
initial public offering, the Base Salary shall increase to a rate of $360,000 on an annual basis. The Company will pay the Base Salary
to Executive in accordance with the Company’s payroll practices for its employees. During the Term, the Company may increase, but
not decrease the Base Salary.

 

(b) Benefits.
Executive shall be entitled to participate in such health, group insurance, welfare, pension, and other employee benefit plans, programs,
and arrangements as are made generally available from time to time to senior executives of the Company (which shall at all times include
at least customary health, life insurance, and disability plans), such participation in each case to be on terms and conditions no less
favorable to Executive than those provided to any other executive at the Company.

 

(c) Vacation.
During the Term, Executive shall be entitled to 20 days of paid vacation during each calendar year, which shall be subject to the Company’s
policies on same.

 

(d) Annual
Bonuses. During the Term and beginning with the Company’s 2021 fiscal year, Executive shall be eligible for an annual target
bonus in an amount equal to 50% of the Base Salary, as determined by the Board based upon the performance of Executive and the achievement
by the Company of financial, operating and other objectives set by the Board. The Board may award an annual cash bonus in excess of the
annual cash bonus opportunity in its discretion. Annual cash bonuses shall be deemed “earned” if Executive is employed on
the last day of the fiscal year to which the bonus relates and shall be paid no later than two and one half months immediately following
the fiscal year to which the annual bonus relates.

 

(e) Expenses.
The Company shall reimburse Executive for all reasonable business and travel expenses incurred in the performance of his job duties and
the promotion of the Company’s business, promptly upon presentation of appropriate supporting documentation. The Company shall also
allow Executive to use a Company credit card consistent with past practice for business expenses.

 

5. Termination.
Subject to the conditions set forth in this Section, the Term and Executive’s employment with the Company shall terminate immediately
upon the occurrence of any of the following events: Executive’s death; the close of business on the date the Company gives Executive
notice that it is terminating the Term due to Executive’s Disability (as defined below), a Termination For Cause (as defined below),
or a Termination Without Cause (as defined below); the close of business on the effective date of Executive’s Resignation Without
Good Reason (as defined below) or Resignation For Good Reason; the expiration of the Term pursuant to the terms above; or the close of
business on a mutually agreed to date designated by the Parties in writing as Executive’s last day of being employed by the Company.

 

(a) “Disability”
means that Executive has been unable, with or without reasonable accommodation and due to physical or mental incapacity, to substantially
perform any of his duties hereunder for a period of at least 120 consecutive days.

 

(b)
Executive’s “Resignation Without Good Reason” means Executive’s termination of Executive’s
employment with the Company for any reason other than a Resignation For Good Reason.

 

(c) Executive’s
“Resignation For Good Reason” means Executive’s resignation after any of the following that has not
been approved in writing in advance by Executive: (i) a diminution of Executive’s titles, duties, responsibilities, or
authorities as set forth in this Agreement or Executive being required to report to another person other than the Board; (ii) a
reduction in Executive’s Base Salary, annual cash bonus opportunity, or the Company’s failure to pay earned
compensation; (iii) relocation of Executive’s office with the Company by more than 20 miles; or (iv) a material breach by the
Company of this Agreement or any written agreement with the Executive; provided, however, that to the extent the acts or omissions
giving rise to such termination are capable of being cured by the Company, it shall be afforded 30 days to correct such acts or
omissions specified in a written notice provided by the Executive not more than 90 days following the event giving rise to such
claim. If the Company does not correct the condition, the Executive must terminate his employment for Good Reason within 30 days
after the end of the cure period in order for the termination to be considered a resignation for Good Reason. With respect to a
claim that the Company has breached a material provision of this Agreement, the notice of termination must specify the following:
each and every material breach(es) by the Company, and the factual basis for the Executive’s claim that the Company has
materially breached the Agreement including when the breach occurred, how it occurred, who was involved, what happened, and why it
constituted a breach.

 

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(d) “Termination
For Cause” means the Company’s termination of Executive’s employment with the Company as the result of: (i)
Executive’s willful misconduct or gross negligence in the course of carrying out his duties that results in material economic or
reputational harm to the Company; (ii) Executive’s conviction of or plea of guilty or nolo contendere to a felony; (iii) a material
breach by Executive of this Agreement; or (iv) a material breach of any of the Company’s written policies; provided that no termination
shall be effectuated under (iii) or (iv) unless Executive is provided at least fifteen (15) days to cure same, if such breach is curable,
after Executive’s receipt of written notice thereof from the Company within 90 days following the Company’s knowledge of the
breach giving rise to such notice. With respect to a claim that Executive breached this Agreement or the Company’s policies, such
written notice must specify the following: each and every material breach by Executive, and the factual basis for the Company’s
claim that Executive has materially breached this Agreement or the Company’s policies, including when the breach occurred, how it
occurred, who was involved, what happened, and why it constituted a breach. For the sake of clarity, inadvertent breaches which cause
no more than de minimis harm to the Company shall not be considered “material breaches” hereunder.

 

(e) “Termination
Without Cause” means the Company’s termination of Executive’s employment with the Company for any reason other
than a Termination For Cause or due to Executive’s Disability.

 

6.
Severance.

 

(a) If
Executive’s employment with the Company ends due to a Termination Without Cause or a Resignation For Good Reason, then
provided Executive executes a release in the form reasonably acceptable to the Company in the applicable time frame thereunder, the
Company shall pay Executive severance pay (the “Severance Pay”) as follows for the one year period of time
following the separation date: (i) a prior year’s Annual Bonus, if not yet paid, (ii) Base Salary continuation at the rate in
effect immediately prior to the separation, and (iii) monthly payments in an amount equal to, on an after tax basis,
Executive’s monthly COBRA premiums (provided, however, that such payments are without duplication of any treatment provided or
amounts payable under Section 4(d)).

 

(b) The
first installment of the Severance Pay will be paid on the Company’s first regular payday after the last day of the Term, and will
include Severance Pay for the period from the end of the Term through the payment date. The remaining installments will be paid over time
in accordance with the Company’s normal payroll practices for its employees.

 

7. Indemnification.
The Company shall indemnify and hold Executive harmless of and from any acts or omissions made in good faith in Executive’s capacity
as an officer and/or director of the Company or its affiliates to the same extent as the Company’s other senior executives or directors,
and in a manner provided by, and governed by the Company’s limited liability company agreement, by-laws (or similar organizational
documents), policies, and procedures. In addition, the Company shall maintain, for the benefit of Executive, director and officer liability
insurance to the extent available on commercially reasonable terms, and to the extent the Company provides such coverage to its other
senior officers and directors. For the avoidance of doubt, (a) the Company’s obligations under this Section shall survive the end
of the Term, and (b) Executive’s indemnification rights hereunder shall be no less favorable to Executive than the indemnification
rights the Company then provides to any other senior executive or director.

 

8.
Tax Matters.

 

(a) The
Company shall withhold all applicable federal, state, and local taxes, social security, and workers’ compensation contributions
and other amounts as may be required by law with respect to compensation payable to Executive pursuant to this Agreement.

 

(b) Notwithstanding
anything herein to the contrary, this Agreement is intended to be interpreted and applied so that the payment of the benefits set forth
herein shall either be exempt from, or in the alternative, comply with, the requirements of Section 409A of the Internal Revenue Code
of 1986, as amended (the “Code”), and the published guidance thereunder (“Section 409A”).
A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment
of any amounts or benefits upon or following a termination of employment that are considered “nonqualified deferred compensation”
under Section 409A unless such termination is also a “separation from service” within the meaning of Section 409A and, for
purposes of any such provision of this Agreement, references to a “termination” or like terms shall mean “separation
from service.” Each payment under this Agreement or otherwise shall be treated as a separate payment for purposes of Section 409A.

 

(c) Notwithstanding
any provision of this Agreement to the contrary, if Executive is a “specified employee” within the meaning of Section
409A on the date of his “separation from service,” any payments or arrangements due upon a termination of
Executive’s employment under any arrangement that constitutes a “nonqualified deferral of compensation” within the
meaning of Section 409A and which do not otherwise qualify under the exemptions under Treas. Regs. Section 1.409A-1 (including
without limitation, the short-term deferral exemption or the permitted payments under Treas. Regs. Section 1.409A-1(b)(9)(iii)(A)),
shall be delayed and paid or provided on the earlier of (a) the date which is six months after Executive’s “separation
from service” for any reason other than death, or (b) the date of Executive’s death. All tax gross-up payments provided
under this Agreement or any other agreement with Executive shall be made or provided by the end of Executive’s taxable year
next following Executive’s taxable year in which Executive remits the related taxes, in accordance with the requirements of
Section 409A.

 

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(d) All
reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section
409A. To the extent that any reimbursements are taxable to Executive, such reimbursements shall be paid to Executive on or before the
last day of the Executive’s taxable year following the taxable year in which the related expense was incurred. Reimbursements shall
not be subject to liquidation or exchange for another benefit and the amount of such reimbursements that Executive receives in one taxable
year shall not affect the amount of such reimbursements that Executive receives in any other taxable year.

 

9. Restrictive
Covenants Agreement. Executive shall execute the Company’s Confidentiality, Non-Solicitation, and Non-Compete Agreement,
appended hereto, as a condition of execution of this Agreement (the “Restrictive Covenants Agreement”). This
Agreement is contingent on Executive complying with the Restrictive Covenants Agreement at all times as described therein.

 

10. Assignment.
This Agreement shall be binding on and inure to the benefit of the Company and Executive and their respective heirs, executors, representatives,
successors and assigns; provided, however, that neither of the Parties may assign this Agreement without the prior written consent of
the other Party hereto; provided, however, that the Company may assign the Restrictive Covenants Agreement as part of a transaction to
effectuate a Change of Control.

 

(a) For
the purposes of this Agreement, “Change of Control” shall be defined as a direct or indirect sale of substantially all the
assets of the Company, or the direct or indirect acquisition of more than 50 percent of the ownership interests in the Company, by a person,
group or entity not controlled by the existing shareholders of the ultimate parent entity of the Company as of the date hereof.

 

(b) As
set forth above it is anticipated that any person or entity that acquires control of the Company and/or its assets will want to continue
to employ Executive in the same or similar capacity that Executive is currently employed. The Parties agree to negotiate in good faith
with the person or entity which acquires control of the Company to secure continued employment for Executive on substantially the same
terms and conditions, with the same Base Salary, substantially same incentive compensation, employee benefits and fringe benefits as of
the time of such Change of Control.

 

11. Miscellaneous.
This Agreement shall be governed by Delaware law, without regard to any conflict-of-law principles. Any dispute regarding or arising
out of this Agreement shall be adjudicated exclusively in the state and federal courts of the State of Texas. Each party hereto
consents to the jurisdiction of such courts and waives any argument to the contrary. No modification, termination, or attempted
waiver of any of the provisions of this Agreement shall be binding upon either party unless reduced to writing and signed by the
party to be bound. This Agreement shall be construed according to a plain reading of its terms and no presumption or burden of proof
shall arise favoring or disfavoring any party by virtue of the authorship of any provision in this Agreement. Any number of
counterparts of this Agreement may be signed and delivered, each of which shall be considered an original and all of which,
together, shall constitute one and the same instrument. The exchange of counterparts electronically shall be the same as the
exchange of originals. This Agreement (including the recitals which are hereby incorporated by reference) and the Restrictive
Covenants Agreement constitute the entire agreement between the Parties pertaining to the subject matter contained herein and
expressly supersede all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of
the Company and its subsidiaries and affiliate.

 

IN
WITNESS WHEREOF, the undersigned hereto set their hands and seals to be effective as of the Effective Date:

 

	Executive:	 	 
	 	 	 
	/s/ Matt Lofgran	 	Date: December 1, 2021
	 	 	 
	Elephant Oil Corp.,:	 	 
	 	 	 
	By:	 /s/ Ron Bauer	 	Date: December 1, 2021
	Name: 	Ron Bauer	 	 
	Title: 	Director	 	 

 

 

 

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