Document:

Exhibit 10.8

 

EARLYBIRDCAPITAL, INC.

366 Madison Avenue

New York, New York 10017

 

 

 

September
14, 2017

 

 

 

Draper Oakwood Technology Acquisition, Inc.

c/o Draper Oakwood Investments, LLC

55 East 3rd Ave.

San Mateo, CA 94401

Attn: Aamer Sarfraz

 

Ladies and Gentlemen:

 

This is to confirm our agreement whereby
Draper Oakwood Technology Acquisition, Inc., a Delaware corporation (“Company”), has requested EarlyBirdCapital,
Inc. (the “Advisor”) to assist it in connection with the Company merging with, acquiring, engaging in a share
exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual
arrangements, or engaging in any other similar business combination (in each case, a “Business Combination”)
with one or more businesses or entities (each a “Target”) as described in the Company’s Registration Statement
on Form S-1 (File No. 333-220180) filed with the Securities and Exchange Commission (“Registration Statement”)
in connection with its initial public offering (“IPO”).

1.             Services and Fees.

(a)               
The Advisor will:

		(i)	Hold meetings with Company stockholders to discuss the Business Combination and the Target’s attributes;

		(ii)	Introduce the Company to potential investors to purchase the Company’s securities in connection with the Business Combination;

		(iii)	Assist the Company in trying to obtain stockholder approval for the Business Combination, including assistance with the Company’s
proxy statement or tender offer materials; and

		(iv)	Assist the Company with any press releases and filings related to the Business Combination or the Target.

     

     

    

 

(b)              
As compensation for the foregoing services, the Company will pay the Advisor a cash fee equal to 4% of the gross proceeds
received by the Company in the IPO (“Fee”); provided, that, in the Company’s discretion, up to 25% of
the Fee may be paid to another advisor that is a member of FINRA that assists the Company in consummating a Business Combination.
The Fee shall be payable in cash and is due and payable to the Advisor by wire transfer at the closing of the Business Combination
(“Closing”). If a proposed Business Combination is not consummated for any reason, no Fee shall be due or payable
to the Advisor hereunder. The Fee shall be exclusive of any finder’s fees which may become payable to the Advisor pursuant
to any other agreement between the Advisor and the Company or the Target.

2.             Expenses.

At the Closing, the Company shall reimburse
the Advisor for all reasonable costs and expenses incurred by the Advisor (including reasonable fees and disbursements of counsel)
in connection with the performance of its services hereunder; provided, however, all expenses in excess of $5,000 in the aggregate
shall be subject to the Company’s prior written approval, which approval shall not be unreasonably withheld.

3.             Company Cooperation.

The Company will provide full cooperation
to the Advisor as may be necessary for the efficient performance by the Advisor of its obligations hereunder, including, but not
limited to, providing to the Advisor and its counsel, on a timely basis, all documents and information regarding the Company and
Target that the Advisor may reasonably request or that are otherwise relevant to the Advisor’s performance of its obligations
hereunder (collectively, the “Information”); making the Company’s management, auditors, suppliers, customers,
consultants and advisors available to the Advisor; and, using commercially reasonable efforts to provide the Advisor with reasonable
access to the management, auditors, suppliers, customers, consultants and advisors of Target. The Company will promptly notify
the Advisor of any change in facts or circumstances or new developments affecting the Company or Target or that might reasonably
be considered material to the Advisor’s engagement hereunder.

4.             Representations; Warranties and Covenants.

The
Company represents, warrants and covenants to the Advisor that all Information it makes available to the Advisor by or on behalf
of the Company in connection with the performance of its obligations hereunder will not contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make statements made, in light of the circumstances under which they
were made, not misleading as of the date thereof and as of the consummation of the Business Combination.

 

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5.             Indemnity.

The Company shall indemnify the Advisor
and its affiliates and directors, officers, employees, shareholders, representatives and agents in accordance with the indemnification
provisions set forth in Annex I hereto, all of which are incorporated herein by reference.

Notwithstanding the foregoing and Annex
1, the Advisor agrees, if there is no Closing, (i) that it does not have any right, title, interest or claim of any kind in or
to any monies in the Company’s trust account (“Trust Account”) established in connection with the IPO
with respect to the Fee (each, a “Claim”); (ii) to waive any Claim it may have in the future as a result of,
or arising out of, any services provided to the Company hereunder; and (iii) to not seek recourse against the Trust Account with
respect to the Fee.

6.             Use of Name and Reports.

Without the Advisor’s prior written
consent, neither the Company nor any of its affiliates (nor any director, officer, manager, partner, member, employee or agent
thereof) shall quote or refer to (i) the Advisor’s name or (ii) any advice rendered by the Advisor to the Company or any
communication from the Advisor in connection with performance of their services hereunder, except as required by applicable federal
or state law, regulation or securities exchange rule.

7.             Status as Independent Contractor.

The Advisor shall perform its services
as an independent contractor and not as an employee of the Company or affiliate thereof. It is expressly understood and agreed
to by the parties that the Advisor shall have no authority to act for, represent or bind the Company or any affiliate thereof in
any manner, except as may be expressly agreed to by the Company in writing. In rendering such services, the Advisor will be acting
solely pursuant to a contractual relationship on an arm’s-length basis. This Agreement is not intended to create a fiduciary
relationship between the parties and neither the Advisor nor any of the Advisor’s officers, directors or personnel will owe
any fiduciary duty to the Company or any other person in connection with any of the matters contemplated by this Agreement.

8.             Potential Conflicts.

The Company acknowledges that the Advisor
is a full-service securities firm engaged in securities trading and brokerage activities and providing investment banking and advisory
services from which conflicting interests may arise. In the ordinary course of business, the Advisor and its affiliates may at
any time hold long or short positions, and may trade or otherwise effect transactions, for their own account or the accounts of
customers, in debt or equity securities of the Company, its affiliates or other entities that may be involved in the transactions
contemplated hereby. Nothing in this Agreement shall be construed to limit or restrict the Advisor or any of its affiliates in
conducting such business.

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9.             Entire Agreement.

This Agreement constitutes the entire
understanding between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings,
oral or written, with respect thereto. This Agreement may not be modified or terminated orally or in any manner other than by an
agreement in writing signed by the parties hereto.

10.           Notices.

Any notices required or permitted to
be given hereunder shall be in writing and shall be deemed given when mailed by certified mail or private courier service, return
receipt requested, addressed to each party at its respective addresses set forth above, or such other address as may be given by
a party in a notice given pursuant to this Section.

11.           Successors and Assigns.

This Agreement may not be assigned by
either party without the written consent of the other. This Agreement shall be binding upon and shall inure to the benefit of the
parties hereto and, except where prohibited, to their successors and assigns.

12.           Non-Exclusivity.

Nothing herein shall be deemed to restrict
or prohibit the engagement by the Company of other consultants providing the same or similar services or the payment by the Company
of fees to such parties. The Company’s engagement of any other consultant(s) shall not affect the Advisor’s right to
receive the Fee and reimbursement of expenses pursuant to this Agreement.

13.           Applicable Law; Venue.

This Agreement shall be construed and
enforced in accordance with the laws of the State of New York without giving effect to conflict of laws.

In the event of any dispute under this
Agreement, then and in such event, each party hereto agrees that the dispute shall be brought and enforced in the courts of the
State of New York, County of New York under the accelerated adjudication procedures of the Commercial Division, or the United States
District Court for the Southern District of New York, in each event at the discretion of the party initiating the dispute. Each
party irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each party hereby waives any objection to
such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon
a party may be served by transmitting a copy thereof by registered or certified mail, postage prepaid, addressed to such party
at the address set forth at the beginning of this Agreement. Such mailing shall be deemed personal service and shall be legal and
binding upon the party being served in any action, proceeding or claim. The parties agree that the prevailing party(ies) in any
such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating
to such action or proceeding and/or incurred in connection with the preparation therefor.

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14.           Counterparts.

 

This
Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.

 

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If the foregoing correctly sets forth
the understanding between the Advisor and the Company with respect to the foregoing, please so indicate your agreement by signing
in the place provided below, at which time this letter shall become a binding contract.

	 	EARLYBIRDCAPITAL,
INC.

 

 

 

By:
/s/Steven Levine                                                   

Name:
Steven Levine

Title:
CEO

 

  

 

AGREED AND ACCEPTED BY:

 

DRAPER OAKWOOD TECHNOLOGY ACQUISITION, INC.

 

 

 

By: /s/ Aamer
Sarfraz                                                       

Name: Aamer Sarfraz

Title: Chief Executive Officer

 

 

 

 

[Signature Page to Business Combination Marketing
Agreement]

 

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ANNEX I

Indemnification

In connection with the Company's engagement
of EarlyBirdCapital, Inc. (the “Advisor”) pursuant to that certain letter agreement (“Agreement”)
of which this Annex forms a part, Draper Oakwood Technology Acquisition, Inc. (the “Company”) hereby agrees,
subject to the second paragraph of Section 5 of the Agreement, to indemnify and hold harmless the Advisor and its affiliates and
its respective directors, officers, shareholders, agents and employees of any of the foregoing (collectively the “Indemnified
Persons”), from and against any and all claims, actions, suits, proceedings (including those of stockholders), damages,
liabilities and expenses incurred by any of them (including the reasonable fees and expenses of counsel), as incurred, (collectively
a “Claim”), that (A) are related to or arise out of (i) any actions taken or omitted to be taken (including
any untrue statements made or any statements omitted to be made) by the Company, or (ii) any actions taken or omitted to be taken
by any Indemnified Person in connection with the Company's engagement of the Advisor, or (B) otherwise relate to or arise out of
the Advisor's activities on the Company's behalf under the Advisor's engagement, and the Company shall reimburse any Indemnified
Person for all expenses (including the reasonable fees and expenses of counsel) as incurred by such Indemnified Person in connection
with investigating, preparing or defending any such claim, action, suit or proceeding, whether or not in connection with pending
or threatened litigation in which any Indemnified Person is a party. The Company will not, however, be responsible for any Claim
that is finally judicially determined to have resulted from the gross negligence or willful misconduct of any person seeking indemnification
for such Claim. The Company further agrees that no Indemnified Person shall have any liability to the Company for or in connection
with the Company's engagement of the Advisor except for any Claim incurred by the Company as a result of such Indemnified Person's
gross negligence or willful misconduct.

The Company further agrees that it will
not, without the prior written consent of the Advisor, settle, compromise or consent to the entry of any judgment in any pending
or threatened Claim in respect of which indemnification may be sought hereunder (whether or not any Indemnified Person is an actual
or potential party to such Claim), unless such settlement, compromise or consent includes an unconditional, irrevocable release
of each Indemnified Person from any and all liability arising out of such Claim.

Promptly upon receipt by an Indemnified
Person of notice of any complaint or the assertion or institution of any Claim with respect to which indemnification is being sought
hereunder, such Indemnified Person shall notify the Company in writing of such complaint or of such assertion or institution but
failure to so notify the Company shall not relieve the Company from any obligation it may have hereunder, except and only to the
extent such failure results in the forfeiture by the Company of substantial rights and defenses. If the Company so elects or is
requested by such Indemnified Person, the Company will assume the defense of such Claim, including the employment of counsel reasonably
satisfactory to such Indemnified Person and the payment of the fees and expenses of such counsel. In the event, however, that legal
counsel to such Indemnified Person reasonably determines that having common counsel would present such counsel with a conflict
of interest or if the defendant in, or target of, any such Claim, includes an Indemnified Person and the Company, and legal counsel
to such Indemnified Person reasonably concludes that there may be legal defenses available to it or other Indemnified Persons different
from or in addition to those available to the Company, then such Indemnified Person may employ its own separate counsel to represent
or defend him, her or it in any such Claim and the Company shall pay the reasonable fees and expenses of such counsel. Notwithstanding
anything herein to the contrary, if the Company fails timely or diligently to defend, contest, or otherwise protect against any
Claim, the relevant Indemnified Party shall have the right, but not the obligation, to defend, contest, compromise, settle, assert
crossclaims, or counterclaims or otherwise protect against the same, and shall be fully indemnified by the Company therefor, including
without limitation, for the reasonable fees and expenses of its counsel and all amounts paid as a result of such Claim or the compromise
or settlement thereof.

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In addition, with respect to any Claim
in which the Company assumes the defense, the Indemnified Person shall have the right to participate in such Claim and to retain
his, her or its own counsel therefor at his, her or its own expense.

The Company agrees that if any indemnity
sought by an Indemnified Person hereunder is held by a court to be unavailable for any reason then (whether or not the Advisor
is an Indemnified Person), the Company and the Advisor shall contribute to the Claim for which such indemnity is held unavailable
in such proportion as is appropriate to reflect the relative benefits to the Company, on the one hand, and the Advisor on the other,
in connection with the Advisor's engagement referred to above, subject to the limitation that in no event shall the amount of the
Advisor's contribution to such Claim exceed the amount of fees actually received by the Advisor from the Company pursuant to the
Advisor's engagement. The Company hereby agrees that the relative benefits to the Company, on the one hand, and the Advisor on
the other, with respect to the Advisor's engagement shall be deemed to be in the same proportion as (a) the total value paid or
proposed to be paid or received by the Company or its stockholders as the case may be, pursuant to the transaction (whether or
not consummated) for which the Advisor is engaged to render services bears to (b) the fee paid or proposed to be paid to the Advisor
in connection with such engagement.

The Company's indemnity, reimbursement
and contribution obligations under this Agreement (a) shall be in addition to, and shall in no way limit or otherwise adversely
affect any rights that any Indemnified Party may have at law or at equity and (b) shall be effective whether or not the Company
is at fault in any way.

 

    8Exhibit

AMENDMENT NO. 1 TO THE DIVESTITURE AGREEMENT
AMENDMENT NO. 1 TO THE DIVESTITURE AGREEMENT, dated September 14, 2017 (the “Amendment”), between VICTORY ENERGY CORPORATION, a Nevada corporation (“Victory”) and NAVITUS ENERGY GROUP, a Texas general partnership (“Navitus”).
RECITALS
A.    Victory and Navitus previously entered into that certain Divestiture Agreement, dated August 21, 2017 (the “Divestiture Agreement”).
B.    Victory and Navitus desire to amend the Divestiture Agreement to provide for additional consideration from Victory to Navitus in consideration for the Release and to provide Navitus with registration rights as described herein.  
C.    Pursuant to Section 7.3 of the Divestiture Agreement, the Divestiture Agreement may be amended by the parties thereto, by action taken or authorized by, in the case of Victory, by Victory’s Board of Directors and, in the case of Navitus, by Navitus and its partners, as applicable, and by an instrument in writing signed on behalf of Victory and Navitus.
D.    This Amendment has been authorized by Victory’s Board of Directors and by Navitus and its partners. 
AGREEMENT
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
1.Definitions.  All capitalized terms used herein without definition shall have the meanings ascribed to them in the Divestiture Agreement.
		
	2.
	Amendments.  

(a) Section 2.1 of the Divestiture Agreement shall be amended and restated in its entirety as follows:
 “Divestiture and Issuance.  Upon the terms and subject to the conditions set forth in this Agreement, Victory will (i) sell, transfer and deliver to Navitus free and clear of all Liens, indebtedness and other Liabilities, and Navitus will acquire from Victory, the Interest, and (ii) upon obtaining Shareholder Approval, issue to Navitus 166,549,134 shares of Victory’s Common Stock (or 4,382,872 shares of Common Stock following the Victory’s planned 1-for-38 reverse stock split) (the “Navitus Shares”), in each case, in exchange for the Release.  At or prior to the Closing, Victory shall pay off or otherwise satisfy all indebtedness and other Liabilities of the Partnership specifically listed on Schedule 2.1 hereto, such that the Partnership shall own all of its assets free and clear of all Liens other than Permitted Liens.”
(b) The addition of Section 2.4 of the Divestiture Agreement shall be added in its entirety as follows:
“Registration Rights.  Victory hereby grants the following registration rights to Navitus:
(a)Registration Statement. At any time following the issuance of the Navitus Shares, Navitus may request that Victory file with the Securities and Exchange Commission (the “SEC”) within thirty (30) days of such request a registration statement on an appropriate form (the “Registration Statement”) covering the resale of the Navitus Shares and shall use its commercially reasonable efforts to cause the Registration Statement to be declared effective within one hundred twenty (120) days following such filing. Notwithstanding anything to the contrary herein, at any time, Victory may delay the filing of the Registration for a reasonable period of time (the “Grace Period”) if it would result in the disclosure of material, non-public information concerning Victory the disclosure of which at the time is not, in the good faith opinion of Victory’s Board of Directors, in Victory’s best interest and otherwise required; provided, that Victory shall promptly (i) notify Navitus in writing of the existence of material, non-public information giving rise to a Grace Period (provided that in each notice Victory will not disclose the content of such material, non-public information to Navitus unless requested by Navitus and subject to a confidentiality agreement) and the date on which the Grace Period will begin, and (ii) use commercially reasonable efforts to resolve any issue that makes disclosure of the material, non-public information not in Victory’s best interests.
(b)    Registration Procedures. In connection with the Registration Statement, Victory will:
(i)    Prepare and file with the SEC such amendments and supplements to the Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective with respect to Navitus until all the Navitus Shares may be resold without restriction under the Securities Act; and
(ii)    Immediately notify Navitus when the prospectus included in the Registration Statement is required to be delivered under the Securities Act, of the happening of any event of which Victory has knowledge as a result of which the prospectus contained in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. If Victory notifies Navitus to suspend the use of any prospectus until the requisite changes to such prospectus have been made, then Navitus shall suspend use of such prospectus. In such event, Victory will use its commercially reasonable efforts to update such prospectus as promptly as is practicable.
(c)    Provision of Documents etc. In connection with the Registration Statement, Navitus will furnish to Victory in writing such information and representation letters with respect to itself and the proposed distribution by it as reasonably shall be necessary in order to assure compliance with federal and applicable state securities laws.  Navitus covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act, if applicable, in connection with sales of Navitus Shares pursuant to the Registration Statement.
(d)    Victory shall be entitled to include in any Registration Statement referred to in this Section 2.4, shares of Common Stock to be sold by Victory for its own account (to the extent that the inclusion of such shares by Victory shall not adversely affect the offering).
(e)    Expenses. All expenses incurred by Victory in complying with this Section 2.4, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel and independent public accountants for Victory, fees of transfer agents and registrars shall be borne by Victory. All underwriting discounts and selling commissions applicable to the sale of the Navitus Shares, including any fees and disbursements of any counsel to Navitus, shall be borne by Navitus.
		
	3.
	Effect of Amendment. Except as amended as set forth above, the Divestiture Agreement shall continue in full force and effect.

4.Counterparts. This Amendment may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.  
5.    Governing Law. This Agreement will be governed by, and construed in accordance with, the Laws of the State of Texas, without giving effect to any choice of Law or conflict of Law provision or rule that would cause the application of the Laws of any jurisdiction other than the State of Texas.
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first set forth above.

VICTORY ENERGY CORPORATION

By: /s/ Kenneth Hill                
Name:  Kenneth Hill
Title: Chief Executive Officer

NAVITUS ENERGY GROUP
BY: JAMES CAPITAL CONSULTING, LLC,
its Managing Partner

By: /s/ Ronald Zamber            
Name: Ronald Zamber
Title: Managing Member

1

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