Exhibit
10.1


 


	 	April 30, 2018






 





VIA
EMAIL


 


GlyEco,
Inc.


230
Gill Way 


Rock
Hill, SC 29730 


Attention:
Ian Rhodes,


President
and Chief Executive Officer


 


		Re:	Waiver



 


Dear
Mr. Rhodes:


 


Richard
S. Geib (the “Noteholder”)
owns a note in GlyEco, Inc., a Nevada corporation (the “Company”)
pursuant that certain 8% Convertible Promissory Note due December 27, 2021 (the “Note”).
All capitalized terms used herein without definition have the respective meanings ascribed to them in the set forth in the Note
and any transaction documents issued in connection with the Note, including, without limitation, that certain Stock Purchase Agreement
dated as of December 26, 2016 (the “Purchase Agreement”).


 


The
Company has advised the Noteholder that it requests a waiver from having to comply with Section 2(a) of the Note, in order to avoid
triggering an Event of Default under Section 4(a)(i) of the Note. The Noteholder is willing to waive such non-compliance through
and including December 31, 2018.


 


This
will confirm the agreement of the Noteholders and the Company:


 


1.    
      Waivers.
The Noteholder hereby waives the Company’s failure to comply with Section 2(a) of the Note through December 31, 2018,
provided that such waiver is limited to such period, and shall not constitute a waiver with respect to any other period or
with respect to any other provision of the Note, the Purchase Agreement, or any other transaction document issued in
connection with the Note in any other respect (collectively, the “Transaction Documents”).


 


2.     
     The Company
is responsible for paying all interest including the as amounts due pursuant to Section 2 of the Note, which the
parties agree equals $138,945 through May 31, 2018 (the “Stated Amount”). Upon an initial payment of, $25,000,
the Company will commit to defeasing the Stated Amount as well as other accrued interest as follows:


 




     


     


    

  


		(a)	The
Company will make monthly payments of $20,000, in arrears. The monthly payments will be applied first toward the Stated Amount,
next to accrued interest from 2017, and finally to interest due after May 31, 2018.



 


		(b)	The
Company will not make a monthly payment in any month in which the Company’s cash position is not equal to or greater than
$[250,000] on the 20th day of a month in which a payment is due.



 


		(c)	In
the event of the closing of an offering that raises in the aggregate $5,000,000 of gross proceeds, any balance due shall be paid
off within 10 business days of the Company and the Holders’ agreement as to the final amount due and owing. In the event
that such aggregate amount of $5,000,000 of gross proceeds is achieved in one or more tranches, of at least $1,500,000, then any
remaining balance shall be paid off in a proportionate amount, which proportion shall be determined by multiplying such remaining
balance by a fraction determined by the quotient determined by dividing the amount raised, if at least $1,500,000 over $5,000,000.



 


3.    
      Consideration.
In consideration for this limited waiver, the Company hereby agrees to: (a) apply proceeds raised as a result of any common
stock offering that raises gross proceeds of $5,000,000 or greater1 against
any accrued interest owed; and/or (b) apply the proceeds raised as a result of any sale of assets associated with equipment
previously purchased from Dow Corning/Union Carbide Corporation on or about December 26, 2016, which assets have not
previously been pledged to a lender, or net proceeds from such sale after repayment of any existing liens on such
assets.


 


4.  
        Expenses.
The Company shall pay or reimburse the Noteholderfor itscostsand expenses incurred in connection with the
preparation of this Waiver.


 


5.    
      Release.
If: (a) the Company fails to raise the necessary capital to maintain operations and pay the Noteholder; (b) the Company is
unable to make all interests payments due on the Note by December 31, 2018; or (c) the Company defaults on a material
agreement or obligation with a vendor of the Company, which default is a reportable event on Form 8-K, the Noteholder will be
automatically and immediately released from his Employment Agreement (Dated December 28, 2016) and any and all
non-competition provisions shall be immediately voided, unless the Noteholder and Company agree otherwise.


 


6.            Reaffirmation.


 


(a)          The
Company hereby reaffirms all of its representations and warranties in the Transaction Documents on and as of the date hereof, as
if expressly made on and as of the date hereof.


 





 






1
The parties agree that this amount may be achieved in one or more tranches of financings between the date of this Agreement
and December 31, 2018.


 




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(b)          The
Company hereby (i) confirms the ongoing validity of all of the obligations, undertakings, representations, and warranties, outstanding
on the date hereof and on the effectiveness of this limited waiver, (b) confirms that such obligations on the Note are owing without
reservation, defense, counterclaim or offset, (c) confirms that, after giving effect to this waiver, neither the Company nor any
subsidiary has any claims or causes of action against the Noteholder or any of its Affiliates, managers or officers, and (d) acknowledges,
confirms and agrees that none of the amendments to be effected by this waiver shall constitute a novation of Note.


 


7.   
       Representations and Warranties.
Noteholder and the Company hereby represents and warrants that (a) this waiver has been duly and validly authorized by all
necessary corporate or company action on such party’s part, (b) this waiver has been duly executed and delivered by
such party’s duly authorized officer, and (c) this waiver constitutes such party’s valid and binding obligation,
enforceable against such party in accordance with its terms.


 


8.    
      Ongoing Force and Effect.
Except as expressly set forth herein, all of the terms and conditions of the Note and the other Transaction Documents remain
unchanged and in full force and effect. This waiver may not be amended or modified, nor may any performance required
hereunder be waived, except pursuant to a written agreement signed by the party to be charged therewith.


 


9.      
    Governing Law.
This waiver shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to
conflicts of laws principles.


 


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Kindly
confirm your agreement to the foregoing by countersigning a counterpart copy of this waiver in the space provided below.


 


	 	Very truly yours,
	 	 
	 	RICHARD S. GEIB
	 	 
	 	/s/ RICHARD S. GEIB


 


Acknowledged,
Confirmed and Agreed To:


 


	GLYECO, INC.	 
	 	 	 
	By:	/s/ IAN RHODES	
	 	Name: IAN RHODES	 
	 	Title: CEO	 


 




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