SEC Contract Filing

Filing Date: 2021-01-07

Document Content:
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>cojax_8-k_ex_10-1_01-06-2021.htm
<DESCRIPTION>COJAX EXHIBIT 10.1
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<DIV style=margin-left:72pt;width:468pt><P style='font:11pt Times New Roman;margin:0'>Exhibit 10.1</P>
<P style='font:11pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>RESTRICTED STOCK GRANT AGREEMENT&#160;</B></P>
<P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'><KBD style=margin-left:36pt></KBD>THIS RESTRICTED STOCK GRANT AGREEMENT, made as of 4 January 2021 (the &quot;Grant Date&quot;), between CoJax Oil and Gas Corporation, a Virginia corporation (the &quot;Company&quot;), and Jeffrey J. Guzy, a natural person and Chief Executive Officer and director of the Company, (the&#160;&quot;Grantee&quot;). Grantee and Company may also be referred to individually as a &quot;party&quot; and collectively as the 'parties.&quot;&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>&#160;</P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>BACKGROUND:</P>
<P style='font:10pt Times New Roman;margin:0;text-indent:24.5pt;color:#000000'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>A.</KBD><KBD style=margin-left:36pt></KBD>Company has limited cash resources and no revenue-generating operations, but an ongoing need to retain its two senior executive officers, including Grantee.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>B.</KBD><KBD style=margin-left:36pt></KBD>Grantee has rendered significant services to the Company in 2020 with limited compensation, including significant effort to arrange and consummate the acquisition of all of the Membership Interests (&quot;Interests&quot;) of Barrister Energy, LLC, a Mississippi limited liability company (&quot;BELL&quot;).&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>C.</KBD><KBD style=margin-left:36pt></KBD>Company is making this grant of securities in lieu of cash compensation.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:24.5pt;color:#000000'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:24.5pt;color:#000000'>For good and valuable consideration, the parties agree as follows:&#160;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>&#160;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:27pt;color:#000000'>1. Grant of Restricted Stock.&#160;The Company hereby grants (&quot;Grant&quot;) to the Grantee an award of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TWENTY THOUSAND (20,000) shares of the Company's Series A Preferred Stock, $0.01 par value per share (&quot;Shares&quot;). &nbsp;The Shares granted shall be issued in certificate form in the name of the Grantee as soon as reasonably practicable after the Date of Grant and shall be subject to the execution and return of this Agreement by the Grantee to the Company as provided in Section 9 hereof.&#160;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;color:#000000'>&#160;&#160;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:27pt;color:#000000'>2. Restrictions on Transfer. The Shares may not be sold, transferred, or otherwise disposed of and may not be pledged or otherwise hypothecated for two (2) years from the Grant Date, except through an effective registration statement under the Securities Act of 1933, as amended, subject to Section 3 below. This Section 2 does not apply to any &quot;Conversion Shares&quot; (as defined in Section 3 below). </P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:24.5pt;color:#000000'>&#160;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:27pt'>3. Piggyback Registration Rights. (a) If the Company approves for filing a Form S-1 or Form S-3 registration statement under the Securities Act of 1933, as amended, or any successor form, &nbsp;but excluding any Form S-8 or Form S-4 registration statement (&quot;Registration Statement&quot;) for a primary offering of Company Common Stock, $0.01 par value per share, (&quot;Common Stock&quot;) from January 4, 2021, through January 4, 2024 (&quot;Rights Period&quot;), then the Company will notify the Grantee of its intent to file the Registration Statement &nbsp;(&quot;Filing Notice&quot;) at least twenty (20) days prior to the filing of the Registration Statement with the Securities and Exchange Commission (&quot;SEC&quot;). &nbsp;Grantee shall have piggyback registration rights for all of the shares of Common Stock issued upon conversion of the Shares (&quot;Conversion Shares&quot;), if any, in respect of and for any Registration Statement filed during the Rights Period with the SEC, but the piggyback registration rights are only exercisable if the Grantee notifies the Company in writing of his election to exercise his piggyback registration rights within ten (10) days after receipt of the Filing Notice (&quot;Election Notice&quot;). &nbsp;If there is a timely received an Election Notice for any Registration Statement filed during the Rights Period, then the