Exhibit 10.2


  


March 14, 2018


 


Messrs. Randy May and Jay
Puchir


Chief Executive Officer &
Chief Financial Officer


Ecoark Holdings, Inc.


3333 S. Pinnacle Hills Parkway,
Suite 220


Rogers, AR 72758


 


Dear Messrs. May and Puchir:


 


This letter (the “Agreement”)
constitutes the agreement between Maxim Group LLC (“Maxim”), The Benchmark Company, LLC (“Benchmark”
and together with Maxim, the “Placement Agents”) and Ecoark Holdings, Inc., a company incorporated under the
laws of the State of Nevada (the “Company”), pursuant to which the Placement Agents shall serve as the placement
agents for the Company, on a “reasonable best efforts” basis, in connection with the proposed placement (the “Placement”)
of common stock (the “Shares”) of the Company, par value $0.001 per share (“Common Stock”)
and warrants to purchase Common Stock (the “Warrants” and collectively with the Shares, the “Securities”).
The terms of the Placement and the Securities shall be mutually agreed upon by the Company and the purchasers (each, a “Purchaser”
and collectively, the “Purchasers”) and nothing herein constitutes that the Placement Agents would have the
power or authority to bind the Company or any Purchaser or an obligation for the Company to issue any Securities or complete the
Placement. This Agreement and the documents executed and delivered by the Company and the Purchasers in connection with the Placement,
including but not limited to the Purchase Agreement (as defined below) shall be collectively referred to herein as the “Transaction
Documents.” The date of the closing of the Placement shall be referred to herein as the “Closing Date.”
The Company expressly acknowledges and agrees that the Placement Agents’ obligations hereunder are on a reasonable best efforts
basis only and that the execution of this Agreement does not constitute a commitment by the Placement Agents to purchase the Securities
and does not ensure the successful placement of the Securities or any portion thereof or the success of the Placement Agents’
with respect to securing any other financing on behalf of the Company. The Placement Agents may retain other brokers or dealers
to act as sub-agents or selected-dealers on their behalf in connection with the Placement. The sale of the Securities to any Purchaser
will be evidenced by a securities purchase agreement (the “Purchase Agreement”) between the Company and such
Purchaser in a form reasonably acceptable to the Company and the Placement Agents. Capitalized terms that are not otherwise defined
herein have the meanings given to such terms in the Purchase Agreement. Prior to the signing of any Purchase Agreement, officers
of the Company will be available to answer inquiries from prospective Purchasers.


 


SECTION 1.REPRESENTATIONS
AND WARRANTIES OF THE COMPANY; COVENANTS OF THE COMPANY.


 


A.            
Representations of the Company. Each of the representations and warranties (together with any related disclosure
schedules thereto) and covenants made by the Company to the Purchasers in the Purchase Agreement in connection with the Placement
is hereby incorporated herein by reference into this Agreement (as though fully restated herein) and is, as of the date of this
Agreement and as of the Closing Date, hereby made to, and in favor of, the Placement Agents. In addition to the foregoing, the
Company represents and warrants that:


 



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1.             
The Company has prepared and filed with the Commission (the a registration statement on Form S-3 (Registration No. 333-213186),
and amendments thereto, and related preliminary prospectuses, for the registration under the Securities Act of 1933, as amended
(the “Securities Act”), of the Securities, which registration statement, as so amended (including post-effective
amendments, if any) became effective on August 24, 2016, for the registration under the Securities Act of the Securities. At the
time of such filing, the Company met the requirements of Form S-3 under the Securities Act. Such registration statement meets the
requirements set forth in Rule 415(a)(1)(x) under the Securities Act and complies with said Rule. The Company will file with the
Commission pursuant to Rule 424(b) under the Securities Act, and the rules and regulations (the “Rules and Regulations”)
of the Commission promulgated thereunder, a supplement to the form of prospectus included in such registration statement relating
to the placement of the Securities and the plan of distribution thereof and has advised the Placement Agent of all further information
(financial and other) with respect to the Company required to be set forth therein. Such registration statement, including the
exhibits thereto, as amended at the date of this Agreement, is hereinafter called the “Registration Statement”;
such prospectus in the form in which it appears in the Registration Statement is hereinafter called the “Base Prospectus”;
and the supplemented form of prospectus, in the form in which it will be filed with the Commission pursuant to Rule 424(b) (including
the Base Prospectus as so supplemented) is hereinafter called the “Prospectus Supplement.” Any reference in
this Agreement to the Registration Statement, the Base Prospectus or the Prospectus Supplement shall be deemed to refer to and
include the documents incorporated by reference therein (the “Incorporated Documents”) pursuant to Item 12 of
Form S-3 which were filed under the Exchange Act on or before the date of this Agreement, or the issue date of the Base Prospectus
or the Prospectus Supplement, as the case may be; and any reference in this Agreement to the terms “amend,” “amendment”
or “supplement” with respect to the Registration Statement, the Base Prospectus or the Prospectus Supplement shall
be deemed to refer to and include the filing of any document under the Exchange Act after the date of this Agreement, or the issue
date of the Base Prospectus or the Prospectus Supplement, as the case may be, deemed to be incorporated therein by reference. All
references in this Agreement to financial statements and schedules and other information which is “contained,” “included,”
“described,” “referenced,” “set forth” or “stated” in the Registration Statement,
the Base Prospectus or the Prospectus Supplement (and all other references of like import) shall be deemed to mean and include
all such financial statements and schedules and other information which is or is deemed to be incorporated by reference in the
Registration Statement, the Base Prospectus or the Prospectus Supplement, as the case may be. No stop order suspending the effectiveness
of the Registration Statement or the use of the Base Prospectus or the Prospectus Supplement has been issued, and no proceeding
for any such purpose is pending or has been initiated or, to the Company's knowledge, is threatened by the Commission. For purposes
of this Agreement, “free writing prospectus” has the meaning set forth in Rule 405 under the Securities Act
and the “Time of Sale Prospectus” means the preliminary prospectus, if any, together with the free writing prospectuses,
if any, used in connection with the Placement, including any documents incorporated by reference therein.


 


2.             
The Registration Statement (and any further documents to be filed with the Commission) contains all exhibits and schedules
as required by the Securities Act. Each of the Registration Statement and any post-effective amendment thereto, at the time it
became effective, complied in all material respects with the Securities Act and the Exchange Act and the applicable Rules and Regulations
and did not and, as amended or supplemented, if applicable, will not, contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Base Prospectus,
the Time of Sale Prospectus and the Prospectus Supplement, each as of its respective date, comply in all material respects with
the Securities Act and the Exchange Act and the applicable Rules and Regulations. Each of the Base Prospectus, the Time of Sale
Prospectus and the Prospectus Supplement, as amended or supplemented, did not and will not contain as of the date thereof any untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading. The Incorporated Documents, when they were filed with the Commission,
conformed in all material respects to the requirements of the Exchange Act and the applicable Rules and Regulations, and none of
such documents, when they were filed with the Commission, contained any untrue statement of a material fact or omitted to state
a material fact necessary to make the statements therein (with respect to Incorporated Documents incorporated by reference in the
Base Prospectus or Prospectus Supplement), in the light of the circumstances under which they were made not misleading; and any
further documents so filed and incorporated by reference in the Base Prospectus, the Time of Sale Prospectus or Prospectus Supplement,
when such documents are filed with the Commission, will conform in all material respects to the requirements of the Exchange Act
and the applicable Rules and Regulations, as applicable, and will not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading. No post-effective amendment to the Registration Statement reflecting any facts or events arising after the date thereof
which represent, individually or in the aggregate, a fundamental change in the information set forth therein is required to be
filed with the Commission. There are no documents required to be filed with the Commission in connection with the transaction contemplated
hereby that (x) have not been filed as required pursuant to the Securities Act or (y) will not be filed within the requisite time
period. There are no contracts or other documents required to be described in the Base Prospectus, the Time of Sale Prospectus
or Prospectus Supplement, or to be filed as exhibits or schedules to the Registration Statement, which (x) have not been described
or filed as required or (y) will not be filed within the requisite time period.


 






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3.             
The Company is eligible to use free writing prospectuses in connection with the Placement pursuant to Rules 164 and 433
under the Securities Act. Any free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities
Act has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act and the applicable
rules and regulations of the Commission thereunder. Each free writing prospectus that the Company has filed, or is required to
file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or behalf of or used by the Company complies or
will comply in all material respects with the requirements of the Securities Act and the applicable rules and regulations of the
Commission thereunder. The Company will not, without the prior consent of the Placement Agents, prepare, use or refer to, any free
writing prospectus.


 


4.             
There are no affiliations with any FINRA member firm among the Company's officers, directors or, to the knowledge of the
Company, any five percent (5.0%) or greater stockholder of the Company, except as set forth in the Registration Statement and SEC
Reports.


 


B.            
Covenants of the Company. The Company has delivered, or will as promptly as practicable deliver, to the Placement
Agents complete conformed copies of the Registration Statement and of each consent and certificate of experts, as applicable, filed
as a part thereof, and conformed copies of the Registration Statement (without exhibits), the Base Prospectus, the Time of Sale
Prospectus and the Prospectus Supplement, as amended or supplemented, in such quantities and at such places as the Placement Agent
reasonably requests. Neither the Company nor any of its directors and officers has distributed and none of them will distribute,
prior to the Closing Date, any offering material in connection with the offering and sale of the Securities pursuant to the Placement
other than the Base Prospectus, the Time of Sale Prospectus, the Prospectus Supplement, the Registration Statement, copies of the
documents incorporated by reference therein and any other materials permitted by the Securities Act.


 


SECTION 2.       REPRESENTATIONS
OF THE PLACEMENT AGENTS. Each of the Placement Agents, severally and not jointly, represents and warrants that it (i) is a
member in good standing of FINRA, (ii) is registered as a broker/dealer under the Exchange Act, (iii) is licensed as a broker/dealer
under the laws of the States applicable to the offers and sales of the Securities by such Placement Agent, (iv) is and will be
a body corporate validly existing under the laws of its place of incorporation, and (v) has full power and authority to enter into
and perform its obligations under this Agreement. Each Placement Agent will immediately notify the Company in writing of any change
in its status as such. Each of the Placement Agents, severally and not jointly, covenants that it will use its reasonable best
efforts to conduct the Placement hereunder in compliance with the provisions of this Agreement and the requirements of applicable
law.  


 






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SECTION 3.        COMPENSATION.
In consideration of the services to be provided for hereunder, the Company shall pay to the Placement Agents or their respective
designees or their respective designees their pro rata portion (based on the Securities placed) of the following compensation with
respect to the Securities which they are placing:


 


A.            
A cash fee (the “Cash Fee”) equal to an aggregate of seven percent (7.0%) of the aggregate gross proceeds
raised in the Placement; provided, however, that the Cash Fee will be decreased to three and one-half percent (3.5%) for any Securities
purchased by an institutional investor that has previously invested in the Company and is listed on Addendum A (such institutional
investors, the “Company Investors”). The Cash Fee shall be paid at the Closing of the Placement.


 


B.            
At the Closing Date, the Company shall issue to the Placement Agents or their permitted designees Warrants to purchase,
in the aggregate, up to a number of shares of Common Stock equal to a maximum of 7% of the total number of Shares being sold in
the Offering, provided, however, that the number of shares issuable upon exercise of such Warrants shall be reduced to 3.5% with
respect to the Shares distributed in the Offering to Company Investors. The Warrants shall be non-exercisable for six (6) months
from the effective date or commencement of sales of the Offering and shall expire five (5) years after from the effective date
or commencement of sales of the Offering. The Warrants shall be exercisable at a price equal to 120% of the Purchase Price. The
Warrants shall not be redeemable. The Company will register the shares of Common Stock issuable upon exercise of the Warrants under
the Securities Act and will file all necessary undertakings in connection therewith. The Warrants shall not be sold, transferred,
assigned, pledged, or hypothecated or the subject of any hedging, short sale, derivative, put, or call transaction that would result
in the economic disposition of the Warrants or underlying shares for a period of (12) months following the from effective date
or commencement of sales of the Offering, except that the Warrants may be assigned, in whole or in part, to any successor, officer,
or partner of the Placement Agents (or to officers or partners of any such successor), and to members of the selling group, in
compliance with Rule 5110(g). The Warrants may be exercised as to all or a lesser number of shares of Common Stock and shall provide
for cashless exercise. The Warrants shall further provide for customary adjustment in the number and price of such Warrants (and
the shares of Common Stock underlying such Warrants) in compliance with Rule 5110(f)(2)(G).


 


C.            
Subject to compliance with FINRA Rule 5110(f)(2)(D), the Company also agrees to reimburse the Placement Agents for all reasonable
travel and other out-of-pocket expenses, including the fees of legal counsel, in an amount not to exceed an aggregate of $125,000.
The Company has paid the Placement Agents $20,000 as an advance against expenses which such advance shall be returned to the Company
to the extent that it is not offset by actual expenses in the Offering. The Company will reimburse Placement Agents directly out
of the Closing of the Placement. In the event this Agreement shall terminate prior to the consummation of the Placement, the Placement
Agents shall be entitled to reimbursement for actual expenses; provided, however, such expenses shall not exceed $125,000.


 


D.            
Each Placement Agent reserves the right to reduce any item of its compensation or adjust the terms thereof as specified
herein in the event that a determination shall be made by FINRA to the effect that such Placement Agent’s aggregate compensation
is in excess of FINRA Rules or that the terms thereof require adjustment.


 


SECTION 4.       INDEMNIFICATION.
The Company agrees to the indemnification and other agreements set forth in the Indemnification Provisions (the “Indemnification”)
attached hereto as Addendum B, the provisions of which are incorporated herein by reference and shall survive the termination
or expiration of this Agreement.


 






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SECTION 5.       ENGAGEMENT
TERM. The Placement Agents’ engagement hereunder shall be until the earlier of (i) the final closing date of the Placement
and (ii) the date a party terminates the engagement according to the terms of the next sentence (such date, the “Termination
Date” and the period of time during which this Agreement remains in effect is referred to herein as the “Term”).
After an initial period of twelve (12) month(s) from the date hereof, the engagement may be terminated at any time by either party
upon 10 days written notice to the other party, effective upon receipt of written notice to that effect by the other party. If
within six (6) months following such termination, the Company completes any financing of equity, equity-linked or debt or other
capital raising activity of the Company (other than the exercise by any person or entity of any options, warrants or other convertible
securities) with any of the investors contacted by Placement Agents during the term of this Agreement, then the Company will pay
the Placement Agents upon the closing of such financing the compensation set forth in Section 3 herein. Notwithstanding anything
to the contrary contained herein, the provisions concerning the Company’s obligation to pay any fees actually earned pursuant
to Section 3 hereof and the provisions concerning confidentiality, indemnification and contribution contained herein and the Company’s
obligations contained in the Indemnification Provisions will survive any expiration or termination of this Agreement. If this Agreement
is terminated prior to the completion of the Placement, all fees due to the Placement Agents shall be paid by the Company to the
Placement Agents on or before the Termination Date (in the event such fees are earned or owed as of the Termination Date). The
Placement Agents each agree, severally and not jointly, not to use any confidential information concerning the Company provided
to the Placement Agents by the Company for any purposes other than those contemplated under this Agreement.


 


SECTION 6.      PLACEMENT
AGENT INFORMATION. The Company agrees that any information or advice rendered by the Placement Agents in connection with this
engagement is for the confidential use of the Company only in their evaluation of the Placement and, except as otherwise required
by law, the Company will not disclose or otherwise refer to the advice or information in any manner without the Placement Agents’
prior written consent.


 


SECTION 7.       NO
FIDUCIARY RELATIONSHIP. This Agreement does not create, and shall not be construed as creating rights enforceable by any person
or entity not a party hereto, except those entitled hereto by virtue of the Indemnification Provisions hereof. The Company acknowledges
and agrees that each Placement Agent is not and shall not be construed as a fiduciary of the Company and shall have no duties or
liabilities to the equity holders or the creditors of the Company or any other person by virtue of this Agreement or the retention
of such Placement Agent hereunder, all of which are hereby expressly waived.


 


SECTION 8.       CLOSING.
The obligations of the Placement Agents, and the closing of the sale of the Securities hereunder are subject to the accuracy, when
made and on the Closing Date, of the representations and warranties on the part of the Company and its Subsidiaries contained herein
and in the Purchase Agreement, to the accuracy of the statements of the Company and its Subsidiaries made in any certificates pursuant
to the provisions hereof, to the performance by the Company and its Subsidiaries of their obligations hereunder, and to each of
the following additional terms and conditions, except as otherwise disclosed to and acknowledged and waived by the Placement Agent
by the Company:


 


A.            
No stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that
purpose shall have been initiated or threatened by the Commission, and any request for additional information on the part of the
Commission (to be included in the Registration Statement, the Base Prospectus, the Prospectus Supplement or otherwise) shall have
been complied with to the reasonable satisfaction of the Placement Agents. Any filings required to be made by the Company in connection
with the Placement shall have been timely filed with the Commission.


 






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B.            
The Placement Agents shall not have discovered and disclosed to the Company on or prior to the Closing Date that the Registration
Statement, the Base Prospectus, the Prospectus Supplement or any amendment or supplement thereto contains an untrue statement of
a fact which, in the opinion of counsel for the Placement Agents, is material or omits to state any fact which, in the opinion
of such counsel, is material and is required to be stated therein or is necessary to make the statements therein not misleading.


 


C.            
All corporate proceedings and other legal matters incident to the authorization, form, execution, delivery and validity
of each of this Agreement, the Securities, the Registration Statement, the Base Prospectus and the Prospectus Supplement and all
other legal matters relating to this Agreement and the transactions contemplated hereby shall be reasonably satisfactory in all
material respects to counsel for the Placement Agents, and the Company shall have furnished to such counsel all documents and information
that they may reasonably request to enable them to pass upon such matters.


 


D.            
The Placement Agents shall have received from outside counsels to the Company such counsels’ written opinion, addressed
to the Placement Agents and the Purchasers and dated as of the Closing Date, in form and substance reasonably satisfactory to the
Placement Agents.


 


E.             
On the date of this Agreement and on the Closing Date, the Placement Agents shall have received a “comfort”
letter from KBL, LLP as of each such date, addressed to each of the Placement Agents and in form and substance satisfactory in
all respects to the Placement Agents and Placement Agents’ counsel.


 


F.             
On the Closing Date, Placement Agents shall have received a certificate of the chief executive officer of the Company, dated,
as applicable, as of the date of such Closing, to the effect that, as of the date of this Agreement and as of the applicable date,
the representations and warranties of the Company contained herein and in the Purchase Agreement were and are accurate in all material
respects, except for such changes as are contemplated by this Agreement and except as to representations and warranties that were
expressly limited to a state of facts existing at a time prior to the applicable Closing Date, and that, as of the applicable date,
the obligations to be performed by the Company hereunder on or prior thereto have been fully performed in all material respects.


 


G.            
On the Closing Date, Placement Agents shall have received a certificate of the Secretary of the Company, dated, as applicable,
as of the date of such Closing, certifying to the organizational documents, good standing in the state of incorporation of the
Company and each Subsidiary and board resolutions relating to the Placement of the Securities from the Company.


 


H.            
Neither the Company nor any of its Subsidiaries (i) shall have sustained since the date of the latest audited financial
statements included or incorporated by reference in the Registration Statement, the Base Prospectus and the Prospectus Supplement,
any loss or interference with its business from fire, explosion, flood, terrorist act or other calamity, whether or not covered
by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth in or contemplated
by the Registration Statement, the Base Prospectus and the Prospectus Supplement, (ii) since such date there shall not have been
any change in the capital stock or long-term debt of the Company or any of its Subsidiaries or any change, or any development involving
a prospective change, in or affecting the business, general affairs, management, financial position, stockholders' equity, results
of operations or prospects of the Company and its Subsidiaries, otherwise than as set forth in or contemplated by the Registration
Statement, the Base Prospectus and the Prospectus Supplement, and (iii) since such date there shall not have been any inquiries
by the Commission, FINRA or any other regulatory body regarding the Company’s use of blockchain, IOT, cloud analytics, machine
learning or other similar technologies, the effect of which, in any such case described in clause (i), (ii) or (iii), is, in the
judgment of the Placement Agents, so material and adverse as to make it impracticable or inadvisable to proceed with the sale or
delivery of the Securities on the terms and in the manner contemplated by the Base Prospectus, Time of Sale Prospectus and Prospectus
Supplement.


 






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I.              
The Common Stock is registered under the Exchange Act and, as of the Closing Date, the Shares and Warrant Shares shall be
listed and admitted and authorized for trading on the Trading Market or other applicable U.S. national exchange and satisfactory
evidence of such action shall have been provided to the Placement Agents. The Company shall have taken no action designed to, or
likely to have the effect of terminating the registration of the Common Stock under the Exchange Act or delisting or suspending
from trading the Common Stock from the Trading Market or other applicable U.S. national exchange, nor has the Company received
any information suggesting that the Commission or the Trading Market or other U.S. applicable national exchange is contemplating
terminating such registration or listing.


 


J.              
No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by
any governmental agency or body which would, as of the Closing Date, prevent the issuance or sale of the Securities or materially
and adversely affect or potentially and adversely affect the business or operations of the Company; and no injunction, restraining
order or order of any other nature by any federal or state court of competent jurisdiction shall have been issued as of the Closing
Date which would prevent the issuance or sale of the Securities or materially and adversely affect or potentially and adversely
affect the business or operations of the Company.


 


K.            
The Company shall have prepared and filed with the Commission a Current Report on Form 8-K with respect to the Placement,
including as an exhibit thereto this Agreement.


 


L.             
The Company shall have entered into a Purchase Agreement with each of the Purchasers and such agreements shall be in full
force and effect and shall contain representations, warranties and covenants of the Company as agreed between the Company and the
Purchasers.


 


M.           
FINRA shall have raised no objection to the fairness and reasonableness of the terms and arrangements of this Agreement.
In addition, the Company shall, if requested by the Placement Agents, make or authorize Placement Agents’ counsel to make
on the Company’s behalf, any filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110 with respect
to the Placement and pay all filing fees required in connection therewith.


 


N.            
Prior to the Closing Date, the Company shall have furnished to the Placement Agents such further information, certificates
and documents as the Placement Agents may reasonably request.


 


If any of the conditions
specified in this Section 8 shall not have been fulfilled when and as required by this Agreement, or if any of the certificates,
opinions, written statements or letters furnished to the Placement Agents or to Placement Agents’ counsel pursuant to this
Section 8 shall not be reasonably satisfactory in form and substance to the Placement Agents and to Placement Agents’ counsel,
all obligations of the Placement Agents hereunder may be cancelled by the Placement Agents at, or at any time prior to, the consummation
of the Closing. Notice of such cancellation shall be given to the Company in writing or orally. Any such oral notice shall be confirmed
promptly thereafter in writing.


 






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SECTION 9.     RIGHT
OF FIRST REFUSAL. Upon the Closing of a Placement, for a period of nine (9) months from the commencement of sales of the Offering,
the Company grants Maxim the right of first refusal to act as a lead placement agent or underwriter, with at least 50% of the
economics, and Benchmark shall have the right of first refusal to act as a co-placement agent or underwriter or co-manager, with
at least 50% of the economics,1 for any and all future public and private equity,
equity-linked, debt offerings or other capital raising activity of the Company, or any successor to or any subsidiary of the Company,
during such nine (9) month period; provided, however, the right of first refusal set forth in this Section 9 shall not include
that certain senior secured note financing contemplated by the engagement agreement dated December 11, 2017 by and between the
Company and Benchmark.


 


SECTION 10.     GOVERNING
LAW. This Agreement will be governed by, and construed in accordance with, the laws of the State of New York applicable to
agreements made and to be performed entirely in such State. This Agreement may not be assigned by either party without the prior
written consent of the other party. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their
respective successors and permitted assigns. Any right to trial by jury with respect to any dispute arising under this Agreement
or any transaction or conduct in connection herewith is waived. Any dispute arising under this Agreement may be brought into the
courts of the State of New York or into the Federal Court located in New York, New York and, by execution and delivery of this
Agreement, the Company hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction
of aforesaid courts. Each party hereto hereby irrevocably waives personal service of process and consents to process being served
in any such suit, action or proceeding by delivering a copy thereof via overnight delivery (with evidence of delivery) to such
party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. If either party shall commence an action or proceeding to enforce any provisions of a Transaction
Document, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney's fees
and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.


  


SECTION 11.     ENTIRE
AGREEMENT/MISC. This Agreement (including the attached Indemnification Provisions) embodies the entire agreement and understanding
between the parties hereto, and supersedes all prior agreements and understandings, relating to the subject matter hereof. If any
provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not affect such
provision in any other respect or any other provision of this Agreement, which will remain in full force and effect. This Agreement
may not be amended or otherwise modified or waived except by an instrument in writing signed by both Placement Agents and the Company.
The representations, warranties, agreements and covenants contained herein shall survive the closing of the Placement and delivery
of the Securities. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by
facsimile transmission or a .pdf format file, such signature shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such facsimile or .pdf signature page were
an original thereof.


 





 






1
NTD: Is this meant to mean that Benchmark has 50% of Maxim’s 50%?


 






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SECTION 12.     CONFIDENTIALITY.
Each of the Placement Agents, severally and not jointly, (i) will keep the Confidential Information (as such term is defined below)
confidential and will not (except as required by applicable law or stock exchange requirement, regulation or legal process), without
the Company’s prior written consent, disclose to any person any Confidential Information, and (ii) will not use any Confidential
Information other than in connection with the Placement. The Placement Agents further agree, severally and not jointly, to disclose
the Confidential Information only to its Representatives (as such term is defined below) who need to know the Confidential Information
for the purpose of the Placement, and who are informed by the Placement Agents of the confidential nature of the Confidential Information.
The term “Confidential Information” shall mean, all confidential, proprietary and non-public information (whether
written, oral or electronic communications) furnished by the Company to a Placement Agent or its Representatives in connection
with such Placement Agent’s evaluation of the Placement. Information communicated orally or otherwise than in writing, shall
only be considered Confidential Information if such information is designated as being confidential at the time of disclosure (or
promptly thereafter) and is reduced in writing and identified to the Placement Agents as being Confidential Information immediately
after the initial disclosure. The term “Confidential Information” will not, however, include information which
(i) is or becomes publicly available other than as a result of a disclosure by a Placement Agent or its Representatives in violation
of this Agreement, (ii) is or becomes available to a Placement Agent or any of its Representatives on a non-confidential basis
from a third-party, (iii) is known to a Placement Agent or any of its Representatives prior to disclosure by the Company or any
of its Representatives, (iv) is or has been independently developed by a Placement Agent and/or the Representatives without use
of any Confidential Information furnished to it by the Company, or (v) is required to be disclosed pursuant to applicable legal
or regulatory authority. The term “Representatives” shall mean each Placement Agent’s directors, board committees,
officers, employees, financial advisors, attorneys and accountants. This provision shall be in full force until the earlier of
(a) the date that the Confidential Information ceases to be confidential and (b) two years from the date hereof.


SECTION 13.     NOTICES.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is sent to
the email address specified on the signature pages attached hereto prior to 6:30 p.m. (New York City time) on a business day, (b)
the next business day after the date of transmission, if such notice or communication is sent to the email address on the signature
pages attached hereto on a day that is not a business day or later than 6:30 p.m. (New York City time) on any business day, (c)
the third business day following the date of mailing, if sent by U.S. internationally recognized air courier service, or (d) upon
actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall
be as set forth on the signature pages hereto.


 


SECTION 14.     Press
Announcements. The Company agrees that the Placement Agents shall, from and after any Closing, have the right to reference
the Placement and the Placement Agents’ role in connection therewith in the Placement Agents’ marketing materials and
on its website and to place advertisements in financial and other newspapers and journals, in each case at its own expense.


 


 


[The remainder of this
page has been intentionally left blank.]


 


 






    9 


     


    

 


Please confirm that the
foregoing correctly sets forth our agreement by signing and returning to Maxim and Benchmark the enclosed copy of this Agreement.


 


	 	Very truly yours,
	 	 
	 	Maxim GROUP LLC
	 	 
	 	By: 	 
	 	 	Name: Clifford A. Teller
	 	 	
        Title: Executive Managing Director,
        

           Investment Banking

	 	 
	 	Address for notice:
	 	405 Lexington Avenue
	 	New York, NY 10174
	 	
        Attention: James Siegel, General Counsel

        Email: jsiegel@maximgrp.com



 


	 	THE BENCHMARK COMPANY LLC
	 	 
	 	By: 	 
	 	 	Name: John J. Borer, III
	 	 	
        Title: Senior Managing Director,

                  Head of Investment Banking

	 	 
	 	Address for notice:
	 	150 East 58th Street, 17th Floor
	 	New York, NY 10155


 


 


Accepted and Agreed to as
of


the date first written above:


 


	ECOARK HOLDINGS, INC.
	 	 
	By:    	 	 
	 	Name: Randy May	 
	 	Title:  Chief Executive Officer	 
	 	 	 	 


 


Address
for notice:


3333
S. Pinnacle Hills Parkway, Suite 220


Rogers,
AR 72758


Attn:
Randy May


Email:
RMay@ecoarkusa.com


 


 


 


[Signature Page to Placement
Agency Agreement Between 


Ecoark Holdings, Inc.,
Maxim Group LLC and The Benchmark Company LLC]


 






     


     


    

 


ADDENDUM A


PRIOR INSTITUTIONAL
INVESTORS


 


		·	Sabby Management, LLC and all related affiliates



		·	Empery Asset Management, LP and all related affiliates



 


 






     


     


    

 


ADDENDUM B


INDEMNIFICATION PROVISIONS


 


 In connection with
the engagement of Maxim Group LLC and Benchmark (the “Lead Managers”) by Ecoark Holdings, Inc. (the “Company”)
pursuant to a placement agency agreement dated as of the date hereof, between the Company and the Lead Managers, as it may be amended
from time to time in writing (the “Agreement”), the Company hereby agrees as follows:


 


1.             
To the extent permitted by law, the Company will indemnify the Lead Managers and each of their affiliates, directors, officers,
employees and controlling persons (within the meaning of Section 15 of the Securities Act of 1933, as amended, or Section 20 of
the Securities Exchange Act of 1934) against all losses, claims, damages, expenses and liabilities, as the same are incurred (including
the reasonable fees and expenses of counsel), relating to or arising out of its activities hereunder or pursuant to the Agreement,
except, with regard to the Lead Managers, to the extent that any losses, claims, damages, expenses or liabilities (or actions in
respect thereof) are found in a final judgment (not subject to appeal) by a court of law to have resulted primarily and directly
from the Lead Managers’ willful misconduct or gross negligence in performing the services described herein, as the case may
be.


 


2.             
Promptly after receipt by the Lead Managers of notice of any claim or the commencement of any action or proceeding with
respect to which the Lead Managers are entitled to indemnity hereunder, the Lead Managers will notify the Company in writing of
such claim or of the commencement of such action or proceeding, and the Company will assume the defense of such action or proceeding
and will employ counsel reasonably satisfactory to the Lead Managers and will pay the fees and expenses of such counsel. Notwithstanding
the preceding sentence, the Lead Managers will be entitled to employ counsel separate from counsel for the Company and from any
other party in such action if counsel for the Lead Managers reasonably determines that it would be inappropriate under the applicable
rules of professional responsibility for the same counsel to represent both the Company and the Lead Managers. In such event, the
reasonable fees and disbursements of no more than one such separate counsel will be paid by the Company. The Company will have
the exclusive right to settle the claim or proceeding provided that the Company will not settle any such claim, action or proceeding
without the prior written consent of the Lead Managers, which will not be unreasonably withheld.


 


3.             
The Company agrees to notify the Lead Managers promptly of the assertion against it or any other person of any claim or
the commencement of any action or proceeding relating to a transaction contemplated by the Agreement.


 


4.             
If for any reason the foregoing indemnity is unavailable to the Lead Managers or insufficient to hold the Lead Managers
harmless, then the Company shall contribute to the amount paid or payable by the Lead Managers, as the case may be, as a result
of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect not only the relative benefits received
by the Company on the one hand, and the Lead Managers on the other, but also the relative fault of the Company on the one hand
and the Lead Managers on the other that resulted in such losses, claims, damages or liabilities, as well as any relevant equitable
considerations. The amounts paid or payable by a party in respect of losses, claims, damages and liabilities referred to above
shall be deemed to include any legal or other fees and expenses incurred in defending any litigation, proceeding or other action
or claim. Notwithstanding the provisions hereof, the Lead Managers’ share of the liability hereunder shall not be in excess
of the amount of fees actually received, or to be received, by the Lead Managers under the Agreement (excluding any amounts received
as reimbursement of expenses incurred by the Lead Managers).


 






     


     


    

 


5.             
These Indemnification Provisions shall remain in full force and effect whether or not the transaction contemplated by the
Agreement is completed and shall survive the termination of the Agreement, and shall be in addition to any liability that the Company
might otherwise have to any indemnified party under the Agreement or otherwise.


 


 


[The remainder of this
page has been intentionally left blank.] 


 


 






     


     


    

 


 


	 	Very truly yours,
	 	 
	 	Maxim GROUP LLC
	 	 
	 	By: 	 
	 	 	Name: Clifford A. Teller
	 	 	
        Title: Executive Managing Director,

                  Investment Banking

	 	 
	 	Address for notice:
	 	405 Lexington Avenue
	 	New York, NY 10174
	 	
        Attention: James Siegel, General Counsel

        Email: jsiegel@maximgrp.com



 


	 	THE BENCHMARK COMPANY LLC
	 	 
	 	By: 	 
	 	 	Name: John J. Borer, III
	 	 	
        Title: Senior Managing Director,

                  Head of Investment Banking

	 	 
	 	Address for notice:
	 	150 East 58th Street, 17th Floor
	 	New York, NY 10155


 


 


Accepted and Agreed to as
of


the date first written above:


 


	ECOARK HOLDINGS, INC.
	 	 
	By:    	 	 
	 	Name: Randy May	 
	 	Title:  Chief Executive Officer	 
	 	 	 	 


 


Address
for notice:


3333
S. Pinnacle Hills Parkway, Suite 220


Rogers,
AR 72758


Attn:
Randy May


Email:
RMay@ecoarkusa.com


 


 


 


 


[Signature Page to Indemnification
Provisions


Pursuant to Placement
Agency Agreement


between Ecoark Holdings,
Inc., Maxim Group LLC and The Benchmark Company LLC]