Document:

Exhibit 10.6

 

Certain
confidential information contained in this document, marked by brackets and asterisk, has been omitted pursuant to Item 601(b)(10)(iv)
of Regulation S-K, because it (i) is not material and (ii) would be competitively harmful if publicly disclosed

 

 

October 14, 2021

 

Elephant Oil Corp.

700 Milam Suite 1300

Houston, TX 77002

 

Attention: Matthew Lofgran, Chief
Executive Officer

 

Re: Financial Advisory

 

Dear Mr. Lofgran,

 

EF Hutton,
division of Benchmark Investments, LLC (“EF Hutton” or “Broker-Dealer”) is pleased to act as exclusive
financial advisor for Elephant Oil Corp. (separately or together with its subsidiaries and affiliates referred to herein as the “Company”),
in connection with providing general financial advisory to the Company, and in connection with the compensation received by Broker-Dealer
from the Company, the Company and the Broker-Dealer agree as follows:

 

1. Description
of Services. The Company hereby retains Broker-Dealer and Broker- Dealer hereby agrees to provide general financial advisory to the
Company, and Broker-Dealer accepts such retention on the terms and conditions set forth in this Agreement. Broker-Dealer will advise the
Company in the Company’s business and will provide the services described on the attached Exhibit A (collectively referred
to as the “Advisory Services”) and such other area or areas as the Company may subsequently engage Broker-Dealer

 

2. Compensation.
As consideration for the Broker-Dealer’s Advisory Services pursuant to this Agreement, the individuals and entities listed on Schedule
A hereto shall be entitled to receive, and the Company agrees to issue to said individuals and entities or their permitted designees
an aggregate of four and ninety-nine hundredths (4.99%) of the Company’s fully diluted common stock (“Common Stock”)
as of the execution date of this Agreement. The Company shall issue such shares of Common Stock within ten (10) business day of the date
hereof. Upon Broker-Dealer’s request, the Company will use its best efforts to promptly deliver an opinion of its counsel to the
transfer agent to remove the restrictive legend from the Common Stock pursuant to Rule 144; however, this requirement does not apply if
the Company reasonably believes in good faith that the conditions for removal of the restrictive legend under Rule 144 have not been met.

 

3. Independent
Contractor. Broker-Dealer’s relationship with the Company will be that of an independent contractor and nothing in this
Agreement will be construed to create an affiliate relationship between the Company and Broker-Dealer. Broker-Dealer has no
authority to act on behalf of or to enter into any contract, incur any liability or make any representation on behalf of the
Company. The Company acknowledges and agrees that Broker-Dealer is not being engaged as, and shall not be deemed to be, an agent or
fiduciary of the Company’s directors, management, stockholders or creditors or any other person
by this Agreement or the retention of Broker-Dealer hereunder.

 

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4. Amendments
and Waivers. This Agreement may be modified, amended or supplemented only by a written instrument duly executed by Broker-Dealer and
the Company. No term or condition or the breach thereof will be deemed waived, unless it is waived in writing and signed by the party
against whom the waiver is claimed. Any waiver or breach of any term or condition will not be deemed to be a waiver of any preceding or
succeeding breach of the same or any other term or condition. The failure of any party to insist upon strict performance of any term or
condition hereunder will not constitute a waiver of such party’s right to demand strict compliance therewith in the future. If any
term, provision, covenant or restriction herein is held by a court of competent jurisdiction to be invalid, void or unenforceable or against
public policy, the remainder of the terms, provisions and restrictions contained herein shall remain in full force and effect and shall
in no way be affected, impaired or invalidated

 

5. Governing
Law; Jurisdiction and Venue Arbitration. This Agreement shall be governed by and construed in accordance with the laws of the State
of New York applicable to contracts executed and to be wholly performed therein without giving effect to its conflicts of laws principles
or rules. EF Hutton and the Company: (i) agree that any legal suit, action or proceeding arising out of or relating to this engagement
letter and/or the transactions contemplated hereby shall be instituted exclusively in New York Supreme Court, County of New York, or in
the United States District Court for the Southern District of New York, (ii) waive any objection which they may have or hereafter to the
venue of any such suit, action or proceeding, and (iii) irrevocably consent to the jurisdiction of the New York Supreme Court, County
of New York, and the United States District Court for the Southern District of New York in any such suit, action or proceeding. EF Hutton
and the Company further agree to accept and acknowledge service of any and all process which may be served in any such suit, action or
proceeding in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New
York and agree that service of process upon the Company mailed by certified mail to the Company’s address shall be deemed in every
respect effective service of process upon the Company, in any such suit, action or proceeding, and service of process upon EF Hutton mailed
by certified mail to EF Hutton’s address shall be deemed in every respect effective service process upon EF Hutton, in any such
suit, action or proceeding. Notwithstanding any provision of this engagement letter to the contrary, the Company agrees that neither EF
Hutton nor its affiliates, and the respective officers, directors, employees, agents and representatives of EF Hutton, its affiliates
and each other person, if any, controlling EF Hutton or any of its affiliates, shall have any liability (whether direct or indirect, in
contract or tort or otherwise) to the Company for or in connection with the engagement and transaction described herein except for any
such liability for losses, claims, damages or liabilities incurred by us that are finally judicially determined to have resulted from
the bad faith or gross negligence of such individuals or entities

 

6. Successors
and Assigns. The benefits of this Agreement shall inure to the parties hereto, their respective successors and assigns and to the
indemnified parties hereunder and their respective successors and assigns, and the obligations and liabilities assumed in this Agreement
shall be binding upon the parties hereto and their respective successors and assigns. Notwithstanding anything contained herein to the
contrary, neither Broker-Dealer nor the Company shall assign any of its obligations hereunder without
the prior written consent of the other party.

 

7. Counterparts.
This Agreement may be executed in multiple copies, each of which will be deemed an original and all of which will constitute a single
agreement binding on all parties.

 

8. Entire
Agreement. This Agreement (together with documents and agreements entered into herewith) constitutes the entire agreement between
the parties hereto with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings.
Each party to this Agreement acknowledges that no representations, inducements, promises or agreements have been made by any party, or
any one acting on behalf of any party, that are not embodied in this Agreement with respect to the subject matter hereof.

 

9. Representation.
By executing this Agreement, Company acknowledges that it understands and agrees that it has been encouraged, and had the opportunity
to, consult with its own attorney in connection with this Agreement.

 

10. Disclaimers.
The Company agrees that all decisions, acts, actions, or omissions with respect to the Advisory Services contemplated by this Agreement
and the other matters contemplated herein shall be the sole responsibility of the Company, and that the performance by Broker-Dealer of
Advisory Services hereunder will in no way expose Broker-Dealer to any liability for any such decisions, acts, actions or omissions of
the Company.

 

[Signatures on following page]

 

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

 

	BROKER-DEALER	 	COMPANY
	 	 	 
	EF Hutton, division of Benchmark Investments, LLC	 	Elephant Oil Corp. 
	 	 	 
	By:	/s/ Sam Fleischman	 	By:	/s/ Matthew Lofgran
	Name:	Sam Fleischman	 	Name:	Matthew Lofgran
	Title: 	Supervisory Principal	 	Title:	Chief Executive Officer

 

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SCHEDULE A

 

Schedule of Individuals and Entities Receiving Compensation

 

	Name	 	Percentage of 4.99% 

Compensation Received	 	 	Address
	Joseph T. Rallo	 	 	46.25	%	 	***********
	David W. Boral	 	 	46.25	%	 	***********
	Benchmark Investments, LLC	 	 	7.5	%	 	175 Country Club Drive 
Bldg. 400, Suite D Stockbridge, GA 30281

 

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EXHIBIT A

 

Advisory Services

 

Broker-Dealer will from time to time, at the request of the
Company, consult with and provide assistance to the Company in the following areas but not limited to:

 

		(a)	Apprising itself with the business, operations, assets, liabilities,
financial condition, organizational history, capitalization, internal controls, management, and any potential prospects of the Company;

 

		(b)	Assisting management of the Company and advise the Company
with respect to its strategic planning process and business plans including an analysis of markets, positioning, financial models, organizational
structure, potential strategic alliances and capital requirements;

 

		(c)	Assisting management of the Company with the preparation of
the Company’s marketing materials and investor presentations;

 

		(d)	Assisting the Company in broadening its shareholder base including
non-deal road show activity;

 

		(e)	Assisting the Company with strategic introductions;

 

		(f)	Exploring and evaluating financing structures, both direct
and alternative, and assisting the Company in developing a strategy for capitalization designed to suit the Company’s financial
requirements, potentially with one or more instruments that meet the anticipated requirements of the Company;

 

		(g)	Working closely with the Company to assist in developing a
proper data room to meet the common standards of due diligence materials by perspective investors and or lenders; or

 

		(h)	Providing such other financial
advisory and investment banking services upon which the parties may mutually agree.

 

 

5ex_344461.htm

Exhibit 10.5

 

Table Trac, Inc.

Restricted Stock Agreement

 

 

This Restricted Stock Agreement (the “Agreement”) is made effective as of ______________________, 202__ by and between Table Trac, Inc., Inc., a Nevada corporation (the “Company”), and _____________ (“Employee”).

 

Background

 

A.         The Company has adopted the Table Trac, Inc. 2021 Stock Incentive Plan (the “Plan”) to increase shareholder value and to advance the interests of the Company by furnishing a variety of economic incentives (“Incentives”) designed to attract, retain and motivate the employees, consultants and directors of the Company and its subsidiaries 9if any). Capitalized terms that are used but not defined herein have the meaning ascribed to them in the Plan.

 

B.          The Board of Directors of the Company (the “Board”), or by a stock option or compensation committee (the “Committee”) of the Board, believes that entering into this Agreement with Employee is consistent with the stated purposes for which the Plan was adopted.

 

C.         The Company desires to grant restricted stock to Employee, and Employee desires to accept such restricted stock, on the terms and conditions set forth herein and in the Plan.

 

Now, Therefore, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows:

 

1.         Grant of Stock. Subject to the terms and provisions of this Agreement and the Plan, the Company hereby grants to Employee __________________ (_____) shares of common stock , par value $0.001 per shares, of the Company (such shares are referred to hereinafter as the “Shares”). Upon the execution of this Agreement, the Shares shall be registered on the books of the Company, and the Company shall cause the transfer agent and registrar of its common stock to issue one or more certificates in Employee’s name evidencing the Shares (each a “Stock Certificate”). Employee shall immediately thereafter deposit with the Company (and, if required by the Company, a stock power duly endorsed in blank in the form provided by the Company), each Stock Certificate to be held by the Company until such time as the restrictions set forth herein and under the Plan have lapsed pursuant to paragraph 4 of this Agreement. The Stock Certificate(s) shall bear a legend in substantially the following form:

 

	The transferability of this certificate and the shares of Common Stock represented by it are subject to the terms and conditions (including conditions of forfeiture) contained in the 2021 Stock Incentive Plan (the “Plan”) of Table Trac, Inc. (the “Company”), and an agreement entered into between the registered owner and the Company. A copy of the Plan and the agreement is on file in the office of the secretary of the Company.

 

At the Company’s election, Shares may be held in book entry form subject to the Company’s instructions until any restrictions relating to the Shares have lapsed.

 

2.         Rights of Employee. Upon the execution of this Agreement and issuance of the Shares, Employee shall become a shareholder with respect to the Shares and shall have all of the rights of a shareholder with respect to the Shares, including the right to vote the Shares and to receive all dividends and other distributions paid with respect to the Shares; provided, however, that the Shares shall be subject to the restrictions set forth in paragraph 3 of this Agreement.

 

 

 

 

 

Notwithstanding the preceding paragraph, the Board or the Committee may, in its discretion, instruct the Company to withhold any stock dividends or stock splits issued on or with respect to Shares that are subject to the restrictions provided for in paragraph 3 of this Agreement, which stock dividends or splits shall also be subject to the restrictions provided for in paragraph 3 of this Agreement.

 

3.         Restrictions. Employee agrees that, in addition to the restrictions set forth in the Plan, at all times prior to the lapse of such restrictions pursuant to paragraph 4 hereof:

 

(a)         Employee shall not sell, transfer, pledge, hypothecate or otherwise encumber the Shares; and

 

(b)         In the event that Employee ceases to be either a member of the Board or employed by or engaged as a consultant to the Company (for any reason or no reason, and regardless of whether ceasing to be a director, employee or consultant is voluntary or involuntary on the part of Employee), then, subject to paragraphs 4 and 5 hereof, Employee shall, for no consideration, forfeit and transfer to the Company all of the Shares that remain subject to the restrictions set forth in this paragraph 3.

 

4.         Lapse of Restrictions. Subject to Section 10.12 of the Plan, and except as may otherwise be provided in a written agreement between Employee and the Company, the restrictions set forth in paragraph 3 shall lapse over a period of _____ (___) years in equal annual installments, beginning on _____________, 202___ and continuing until the restrictions have lapsed with respect to all of the Shares, as set forth in the following schedule:

 

	
			No. of Shares

				
			Date of Lapse

			
	 	 
	 	 
	 	 
	 	 
	
			_______

				 

 

Upon request of Employee at any time after the date that the restrictions set forth in paragraph 3 of this Agreement have lapsed with respect to any of the Shares, and such Shares have become vested, free and clear of all restrictions, except as provided in the Plan, the Company shall remove any restrictive notations placed on the books of the Company and the Stock Certificate(s) in connection with such restrictions.

 

5.         Copy of the Plan. By the execution of this Agreement, Employee acknowledges receipt of a copy of the Plan, the terms of which are hereby incorporated herein by reference and made a part hereof by reference as if set forth in full. The Board or, if applicable, the Committee (as defined in the Plan), shall have the sole and complete discretion with respect to all matters reserved to it by the Plan and decisions of the Board (or the Committee) with respect thereto and to this Agreement shall be final and binding upon Employee.

 

6.         No Right to Continuation of Employment or Corporate Assets. Nothing contained in this Agreement shall be deemed to grant Employee any right to continue in the employ of the Company for any period of time or to any right to continue his or her present or any other rate of compensation, nor shall this Agreement be construed as giving Employee, Employee’s beneficiaries or any other person any equity or interests of any kind in the assets of the Company or creating a trust of any kind or a fiduciary relationship of any kind between the Company and any such person.

 

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7.         Withholding of Tax. To the extent that the receipt of the Shares or the lapse of any restrictions thereon results in income to Employee for federal or state income tax purposes, Employee shall deliver to the Company at the time of such receipt or lapse, as the case may be, such amount of money as the Company may require to meet its withholding obligation under applicable tax laws or regulations, and, if Employee fails to do so, the Company may elect to take such actions permitted under the Plan. Without limiting the generality of the foregoing, in such situation, the Company will be authorized to withhold from any cash or stock remuneration then or thereafter payable to Employee (including without limitation redeeming Shares that remain on deposit with the Company that have a Fair Market Value (as defined in the Plan) up to the minimum amount of withholding taxes required to be collected)[; provided, however, that unless payment in full of such amount is received by the Company on or prior to the date on which the amount of tax to be withheld shall be determined (“Tax Date”), Employee shall be deemed to have irrevocably elected to satisfy such payment obligation by electing to have the Company withhold from the distribution of Shares upon the lapse of restrictions thereon such number of Shares having a value up to the minimum amount of withholding taxes required to be collected on the transaction]. The value of any shares to be withheld shall be based on the Fair Market Value (as such term is defined in the Plan) of the Company’s common stock on the Tax Date. Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains Employee’s responsibility and the Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant of, or lapse of restriction on, the Shares or the subsequent sale of any Shares; and (b) does not commit to structure the grant of the Shares to reduce or eliminate the Employee’s liability for Tax-Related Items.

 

8.          Section 83(b) Election. Employee understands that Employee shall be responsible for his or her own federal, state, local or foreign tax liability and any of his other tax consequences that may arise as a result of transactions in the Shares. Employee shall rely solely on the determinations of Employee’s tax advisors or Employee’s own determinations, and not on any statements or representations by the Company or any of its agents, with regard to all such tax matters. Employee understands that Section 83 of the Internal Revenue Code of 1986, as amended, (the “Code”) taxes as ordinary income the difference between the amount paid for the Shares and the fair market value of the Shares as of the date any restrictions on the Shares lapse. Employee understands that Employee may elect to be taxed at the time the Shares are received rather than when and as the restrictions on the Shares lapse or expire by filing an election under Section 83(b) of the Code with the Internal Revenue Service within 30 days from the date of the acquisition. If Employee files an election under Section 83(b) of the Code, such election shall contain all information required under the applicable treasury regulation(s) and Employee shall deliver a copy of such election to the Company contemporaneously with filing such election with the Internal Revenue Service. EMPLOYEE ACKNOWLEDGES THAT IT IS EMPLOYEE’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION 83(B) OF THE CODE, EVEN IF EMPLOYEE REQUESTS THAT THE COMPANY OR ITS REPRESENTATIVES MAKE THIS FILING ON EMPLOYEE’S BEHALF.

 

9.         General.

 

(a)         This Agreement may be amended only by a written agreement executed by the Company and Employee.

 

(b)         This Agreement and the Plan embody the entire agreement made between the parties hereto with respect to matters covered herein and shall not be modified except in accordance with paragraph 9(a) of this Agreement. To the extent any provision of this Agreement conflicts with the terms of the Plan, the Plan shall control.

 

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(c)         Nothing herein expressed or implied is intended or shall be construed as conferring upon or giving to any person, firm, or corporation other than the parties hereto, any rights or benefits under or by reason of this Agreement.

 

(d)         Each party hereto agrees to execute such further documents as may be necessary or desirable to effect the purposes of this Agreement.

 

(d)         This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same agreement.

 

(e)         This Agreement, in its interpretation and effect, shall be governed by the laws of the State of ___________ applicable to contracts executed and to be performed therein. The venue for any action relating to this Agreement shall be the federal or state courts located in ________________ County, __________, to which venue each party hereby submits.

 

IN WITNESS WHEREOF, the parties have executed this Restricted Stock Agreement to be effective as of the date first set forth above.

 

	
			 

				
			TABLE TRAC, INC.

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	 	 	 	 
	 	 	 	 
	
			 

				
			 

				
			 

			
	
			 

				Name:	
			 

				
			 

			
	
			 

				
			Title:

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	 	 	 	 
	 	EMPLOYEE	 
	 	 	 	 
	 	 	 	 
	 	 	 
	 	 	 

 

 

 

 

 

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