SEC Contract Filing

Filing Date: 2020-12-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.33
<SEQUENCE>2
<FILENAME>f10k2020ex10-33_petroteq.htm
<DESCRIPTION>MANAGEMENT AND OPERATIONS SERVICES AGREEMENT DATED AS OF MAY 1, 2020 BETWEEN PETROTEQ ENERGY INC. AND VALKOR LLC
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.33</B></P>

<P STYLE="margin: 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>MANAGEMENT AND OPERATIONS
SERVICES AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>THIS
MANAGEMENT SERVICES AND OPERATIONS AGREEMENT </B></FONT>(&ldquo;Agreement&rdquo;) is entered into by and between Petroteq Energy,
Inc. (&ldquo;Petroteq&rdquo;), an Ontario, Canada corporation with an office at 15315 West Magnolia Boulevard, Suite 120, Sherman
Oaks, California 91403, and Valkor, LLC (&ldquo;Valkor&rdquo;), a Texas limited liability with an office at 21732 Provincial Boulevard
Kat y, Texas 77450 (&ldquo;Valkor&rdquo;) as of May 1, 2020 (&ldquo;Effective Date&rdquo; ). Petroteq and Valkor may each be referred
to individually as a &ldquo;Party&rdquo; and collectively as the &ldquo;Parties&rdquo; to this Agreement.</P>

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<TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>A.</B></FONT></TD><TD STYLE="text-align: justify">Petroteq holds certain patent and other rights in a technology for the production of commercial
quality oil from oil sands (&ldquo;Oil Sands Technology&rdquo;) and is a producer of oil using this technology at a plant located
in or near Vernal, Utah (&rdquo; Plant&rdquo; ) with respect to which Valkor has been providing technical and design assistance with
the goal of maximizing capacity, optimizing OPEX per barrel and achieving long-term production;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>B.</B></FONT></TD><TD STYLE="text-align: justify">Valkor is an energy services company, with expertise in the area of oil and gas processing, providing
engineering, design optimization, construction, supply, installation, and various other services required to serve Petroteq in
its expansion and optimization programs and is both technically capable of scaling up the Oil Sands Technology with substantial
expertise in design automation and the modularization of oil and gas plants, and capable of assuming the management and operation
of the Plant for and on behalf of Petroteq; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>C.</B></FONT></TD><TD STYLE="text-align: justify">Petroteq has requested that Valkor provide overall management and operations services at the Plant,
and Valkor has agreed to provide such management and operations services as of the Effective Date, pursuant to and in accordance
with the terms of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOW,
THEREFORE, </B></FONT>for good and valuable consideration, the Parties hereby agree as follows:</P>

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<TD STYLE="width: 0.35in; text-align: left">1.</TD><TD>Scope and Term of Services.</TD>
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<TD STYLE="width: 0.35in">1.1.</TD><TD STYLE="text-align: justify">During the term of this Agreement, Valkor shall be the &ldquo;operator&rdquo; of the Plant under
and pursuant to the terms of this Agreement including, without limitation, primary management and operations services at and with
respect to the Plant as set forth in greater detail in <U>Exhibit A</U> hereto &ldquo;(Services&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.35in">1.2.</TD><TD STYLE="text-align: justify">In providing the Services, Valkor shall, except as otherwise provided herein, be responsible for
providing, employing , managing, supervising and compensating all personnel employed at or assigned to the Plant or the performance
of specific projects, assignments or work from time to time and all decisions with regard to such employment shall be made by Valkor
in its sole discretion. In this regard, Valkor will employ, provide or otherw