# EDGAR Filing Document

**Accession Number:** 0001450704
**File Stem:** 0001829126-25-008103
**Filing Date:** 2025-10
**Character Count:** 77994
**Document Hash:** 560f3334711ba9882b1d1f629a4bc226
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-008103.hdr.sgml**: 20251014

**ACCESSION NUMBER**: 0001829126-25-008103

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251008

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251014

**DATE AS OF CHANGE**: 20251014

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vivakor, Inc.
- **CENTRAL INDEX KEY:** 0001450704
- **STANDARD INDUSTRIAL CLASSIFICATION:** REFUSE SYSTEMS [4953]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 262178141
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41286
- **FILM NUMBER:** 251392460

**BUSINESS ADDRESS:**
- **STREET 1:** 5220 SPRING VALLEY RD.
- **STREET 2:** SUITE LL20
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254
- **BUSINESS PHONE:** (949) 281-2606

**MAIL ADDRESS:**
- **STREET 1:** 5220 SPRING VALLEY RD.
- **STREET 2:** SUITE LL20
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75254

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 8, 2025

**<u>VIVAKOR, INC.</u>**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Nevada** | **001-41286** | **26-2178141** |
| (State or other jurisdiction of | (Commission | (IRS Employer |
| incorporation or organization) | File Number) | Identification No.) |

---

**5220 Spring Valley Road,** **Suite 500**

**Dallas, TX 75254**

(Address of principal executive offices)

**(949) 281-2606**

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock | VIVK | The Nasdaq Stock Market LLC (Nasdaq Capital Market) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Current Report on Form 8-K or this Report contains forward-looking statements. Any and all statements contained in this Report that are not statements of historical fact may be deemed forward-looking statements. Terms such as "may," "might," "would," "should," "could," "project," "estimate," "pro-forma," "predict," "potential," "strategy," "anticipate," "attempt," "develop," "plan," "help," "believe," "continue," "intend," "expect," "future" and terms of similar import (including the negative of any of the foregoing) may be intended to identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this Report may include, without limitation, statements regarding the plans and objectives of management for future operations.

The forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances, including the closing of the Membership Interest Purchase Agreement disclosed below, and may not be realized because they are based upon our current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which we have no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties.

Readers are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them We disclaim any obligation to update the forward-looking statements contained in this Report to reflect any new information or future events or circumstances or otherwise, except as required by law.

---

| | |
|:---|:---|
| **Item 1.01** | **Entry Into Material Definitive Agreement.** |

---

<u>Second Forbearance Agreement and Issuance of Third Junior Secured Convertible Promissory Note</u>

As previously reported, on March 17, 2025, Vivakor, Inc. (the "<u>Company</u>"), issued a junior secured convertible promissory note (the "<u>Initial Note</u>") to J.J. Astor & Co. (the "<u>Lender</u>"), in the principal amount of $6,625,000 (the "<u>Principal Amount</u>"), in relation to a Loan and Security Agreement by and between the Company, its subsidiaries, and the Lender (the "<u>Loan Agreement</u>"). The Company received $5,000,000, before fees. The Company received the funds on March 18, 2025. In relation to the Loan Agreement, the Company also entered into a Registration Rights Agreement with the Lender (the "<u>RRA</u>"), under which the Company was obligated to file a resale registration statement with the SEC registering any shares of its common stock issuable under the Note no later than sixty (60) days after closing. The information regarding this transaction was filed in a Current Report on Form 8-K filed with the Commission on March 21, 2025.

As previously reported, on July 9, 2025, the Company entered into a Forbearance and Amendment to Loan Agreement and Note, which amended the terms of the Loan Agreement, Initial Note and RRA (the "<u>First Forbearance Agreement</u>"). Under the terms of the First Forbearance Agreement, the Lender agreed to loan us additional funds under a Second Junior Secured Promissory Note (the "<u>Second Note</u>") and agreed to forbear any default under the Initial Note in exchange for certain consideration. The information regarding this transaction was filed in a Current Report on Form 8-K filed with the Commission on July 21, 2025.

On October 8, 2025, we entered into a Second Forbearance and Amendment to Loan Agreement and Notes, which amended the terms of the Loan Agreement, Initial Note, the RRA, the Second Note and the First Forbearance Agreement (the "<u>Second Forbearance Agreement</u>"). Under the terms of the Second Forbearance Agreement: (i) the Lender agreed to loan us an additional amount up to $2,450,000, (ii) the Outstanding Principal Amount of the Initial Note was $2,259,319.89 and the Outstanding Principal Balance on the Second Note was $5,685,805.13 on the Forbearance Agreement Effective Date, (iii) the Lender provided notice of default to the under the Second Note, thereby accelerating all amounts due thereunder, (iv) the Lender agreed the Company was not in default of the Initial Note, Second Note or other Transaction Documents effective September 30, 2025 and to forbear declaring an Event of Default going forward and accelerating all amounts due under the Initial Note and the Second Note, subject to the Company complying with the terms of the Second Forbearance Agreement, (v) all amounts due under the Initial Note and the Second Note, with any accrued interest, will be due on or before November 30, 2025, (vi) interest under the Initial Note and Second Note will continue at the default interest rate of 19%, (vii) the conversion terms under the Initial Note and Second Note will remain on the Default Conversion Price under those instruments, and (viii) the Lender agreed to a standstill period until November 30, 2025, during which time the Lender will not declare an event of default or accelerate any payment obligations under the Initial Note or the Second Note, so long at the Company (a) pays interest at the Default Interest Rate on the Initial Note and the Second Note, (b) issues the Third Note to the Lender, and (c) pays in full all past due payments on the Initial Note and the Second Note on or before November 30, 2025.

In connection with the Second Forbearance Agreement the Lender agreed to loan the Company up to an additional $2,450,000. On October 9, 2025, the Company entered and Lender into an Additional Junior Secured Convertible Note (the "<u>Third Note")</u>, under which the Company agreed to issue the Lender the Third Note in the principal amount of $1,620,000, with the Company receiving proceeds of $1,152,000 before subtracting $53,000 for legal fees and origination fees. The Company is obligated to repay the principal amount, plus any interest, in forty-two equal installment payments of $38,572. The Company received the first funds from the Third Note on October 9, 2025 with the remainder received on October 10, 2025. As additional consideration for the Second Forbearance Agreement and the Third Note, the Company agreed to issue the Lender 286,000 shares of its common stock for $286 (the "Commitment Shares").

This summary is not a complete description of all of the terms of the Second Forbearance Agreement and the Third Note, and are qualified in their entirety by reference to the full text of the Second Forbearance Agreement and the Third Note, forms of which are filed as Exhibits 10.1 and 10.2 respectively hereto, which are incorporated by reference into this Item 1.01.

---

| | |
|:---|:---|
| **Item 3.02** | **Unregistered Sales of Equity Securities.** |

---

As disclosed in Item 1.01, on October 8, 2025, we issued the Third Note and agreed to issue the Commitment Shares to the Lender, which securities contain a standard Rule 144 restrictive legend. The issuances of the foregoing securities were exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holder is one of our executive officers and familiar with our operations. We received the funds under the Second Forbearance Agreement and the Third Note on October 9, 2025 and October 10, 2025.

---

| | |
|:---|:---|
| **ITEM 9.01** | **FINANCIAL STATEMENTS AND EXHIBITS.** |

---

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Title** |
| 10.1 | [Second Forbearance Agreement with J.J. Astor & Co. dated October 8, 2025](vivakor_ex10-1.htm) |
| 10.2 | [Third Junior Secured Convertible Promissory Note dated October 9, 2025](vivakor_ex10-2.htm) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  | **VIVAKOR, INC.** | **VIVAKOR, INC.** | **VIVAKOR, INC.** |
| Dated: October 14, 2025 | By: | */s/ James H. Ballengee* | */s/ James H. Ballengee* |
|  |  | Name: | James H. Ballengee |
|  |  | Title: | Chairman, President & CEO |

---

## Exhibit 10.1

**Exhibit 10.1**

**SECOND FORBEARANCE AND AMENDMENT TO LOAN AGREEMENT AND NOTES**

This Second Forbearance and Amendment to Loan Agreement and Notes (this "**Second Amendment**") is made and entered into this 8th day of October 2025 (the "**Agreement Date**"), by and between **Vivakor Inc.,** a Nevada corporation (the "**Company**"), and **J.J. Astor & Co.**, a Utah corporation (the "**Lender**"), and amends that certain Loan and Security Agreement, as amended (the "**Loan Agreement**"), that certain Junior Secured Convertible Note, (the "**Initial Note**"), and that certain Registration Rights Agreement (the "**Registration Rights Agreement**") all dated as of March 17, 2025, and amends that certain Forbearance and Amendment to Loan Agreement and Note (the "**First Forbearance Agreement**") and that certain Junior Secured Convertible Note (the "**Second Note**") both dated July 9, 2025, and together with the Loan Agreement, the Initial Note, and the Registration Rights Agreement, the "**Transaction Documents**"), all entered into by and between the Company and the Lender (collectively, the "**Parties**").

**RECITALS**

WHEREAS, the Company failed to timely make certain Weekly Installment Payments due under the Initial Note and the Second Note, which total $2,259,319.89 and $5,685,805.13, respectively, including interest as of the date hereof (the "**Past Due Payments**") and;

WHEREAS, the Lender sent the Company a notice of default effective as of August 25, 2025, accelerating all obligations of the Loan Parties under the Initial Note on September 17, 2025 (the "**Initial Note Default**"); and

WHEREAS, the Lender is providing notice herein of a default, acknowledged by the Company, on the Second Note and accelerating all obligations of the Second Note as of August 25, 2025 (the "**Second Note Default**"); and

WHEREAS, the Lender is willing to agree the Company is not in default under the Transaction Documents, effective September 30, 2025, and forbear from declaring an Event of Default under the Transaction Documents and accelerating all obligations of the Loan Parties under the Transaction Documents, subject however to the Company's observance of and timely compliance with all upon the terms and subject to the conditions hereinafter set forth; and

WHEREAS, the Parties desire to amend the Transaction Documents to reflect certain agreed-upon modifications as a result of such Past Due Payments.

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. <u>Definitions</u>. Unless otherwise defined in this Second Amendment, all capitalized terms when used herein shall have the same meaning as they are defined in the Loan Agreement and the Note.

2. <u>Adjustments to Initial Note and the Second Note</u>. The Initial Note and the Second Note shall be due and payable with all accrued interest on November 30, 2025. Interest on the Initial Note and the Second Note shall continue to accrue interest at the Default Interest Rate from August 25, 2025. The Conversion Prices of the Initial Note and the Second Note shall remain at the Event of Default Conversion Price.

3. <u>Temporary Forbearance and Standstill on Default and Acceleration</u>. Notwithstanding anything in the Transaction Documents to the contrary, the Lender agrees that upon the Company's execution and delivery of this Second Amendment and the Third Note to waive the Existing Note Default under the Transaction Documents, which is made effective as of September 30, 2025, regardless of the date of signing of this Second Amendment and Third Note, and agrees to forbear from declaring an Event of Default under the Initial Note or the Second Note or delivering an Acceleration Notice and otherwise accelerating the payment of the Initial Note or the Second Note with respect to the Past Due Payments for a period of eight (8) weeks from the Effective Date of this Second Amendment through and including November 30, 2025, (the "**Standstill Period**"); provided, however, that, as a condition for such waiver and forbearance, (a) the Company will pay interest at the Default Interest Rate on the Initial Note and Second Note, (b) the Company shall issue the Third Note to the Lender, and (c) the Company shall have paid in full in cash all Past Due Payments on all three Notes on or before November 30, 2025; it being understood and agreed by the Company and the other Loan Parties that failure to timely make such Past Due Payments in full by November 30, 2025 shall void the waiver, forbearance and Standstill Period and the Lender may immediately accelerate all Obligations of the Loan Parties under the Transaction Documents, including without limitation, all three Notes (including the Third Note referred to below) and exercise all of its remedies thereunder.

4. <u>Additional Lender Financing</u>. In connection with the execution and effectiveness of this Second Amendment, the Lender agrees to loan the Company additional funds <u>up to</u> Two Million Four Hundred Fifty Thousand Dollars ($2,450,000) in one or more tranches under a new junior secured promissory note with the terms for such funding being pro rata to the original terms of the funding under the Initial Note as they existed on March 17, 2025. The initial funding amount of $1,152,000 shall be evidenced by a junior secured convertible note in $1,620,000 original principal amount (the "**Third Note**") payable in forty-two (42) weekly installments of $38,572 each (the "**Weekly Installments**"); provided, that (i) this Third Note will have a payment holdback of $308,576 to cover the first eight (8) Weekly Installment payments, and (ii) the Company will issue to the Lender 286,000 shares of common stock for $286.00 in partial consideration for the initial financing amount of $1,152,000. On or before October 31, 2025, the Company agrees to file a pre-effective amendment to its filed Registration Statement on Form S-3 registering additional shares of its common stock under the Initial Note and the Second Note to include shares of its common stock under the Third Note in the same ratio as the Initial Note; which Registration Statement shall register for resale the Maximum Conversion Shares that are issuable under the Notes following the occurrence of any Event of Default. The documents evidencing this new loan will be executed simultaneously with this Second Amendment and the Third Note will not be deemed effective until the Lender has funded the Third Note.

5. <u>Permitted Indebtedness</u>. The definition of Permitted Indebtedness under the Loan Agreement and each of the Notes, including the Third Note and any future notes issued pursuant to Section 4 above, be and the same is hereby deleted in its entirety, and replaced by the following definition:

"<u>Permitted Indebtedness</u>" means (a) the Company's Indebtedness to the Lender; (b) Indebtedness to the Existing Senior Lender, (c) Indebtedness existing on March 17, 2025 and disclosed in the SEC Reports, including Related Party Indebtedness; (d) unsecured Indebtedness to trade creditors incurred in the ordinary course of business; and (e) extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (d) above, provided that the principal amount thereof is not increased or the payment terms thereof are not modified to impose more burdensome terms upon the Company or any Subsidiary, as the case may be."

6. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as expressly modified herein, all terms and provisions of the Transaction Documents shall remain in full force and effect and are incorporated herein by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Second Amendment may be executed in counterparts each of which shall be deemed an original and may be delivered electronically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Subsidiary Guarantors shall have executed a counterpart of this Second Amendment and hereby agree to be bound by all of the terms and conditions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All of the provisions of Article VIII of the Loan Agreement are also deemed to be incorporated herein by this reference

[Signature pages follow]

IN WITNESS WHEREOF, the undersigned have executed this Second Amendment as of the date first written above.

---

| | |
|:---|:---|
| **VIVAKOR, INC.** | **VIVAKOR, INC.** |
| By: |  |
| Name: | James Ballengee |
| Title: | CEO |

---

**J.J. ASTOR & CO.**

By:   <br> Name: Michael Pope <br> Title: CEO

**Accepted and Agreed to by the Subsidiary Guarantors:**

---

| | |
|:---|:---|
| **SILVER FUELS DELHI, LLC,**<br>a Louisiana limited liability company | **SILVER FUELS DELHI, LLC,**<br>a Louisiana limited liability company |
| By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager | By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager |
| By: |  |
| Name: | James Ballengee |
| Title: | Chairman, President, & CEO |

---

---

| | |
|:---|:---|
| **WHITE CLAW COLORADO CITY LLC,**<br>a Texas limited liability company | **WHITE CLAW COLORADO CITY LLC,**<br>a Texas limited liability company |
| By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager | By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager |
| By: |  |
| Name: | James Ballengee |
| Title: | Chairman, President, & CEO |

---

---

| | |
|:---|:---|
| **VIVAVENTURES REMEDIATION CORPORATION,**<br>a Texas corporation | **VIVAVENTURES REMEDIATION CORPORATION,**<br>a Texas corporation |
| By: |  |
| Name: | James Ballengee |
| Title: | Chairman, President, & CEO |

---

---

| | |
|:---|:---|
| **VIVAKOR SUPPLY & TRADING, LLC.,**<br>a Nevada corporation | **VIVAKOR SUPPLY & TRADING, LLC.,**<br>a Nevada corporation |
| By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager | By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager |
| By: |  |
| Name: | James Ballengee |
| Title: | Chairman, President, & CEO |

---

---

| | |
|:---|:---|
| **ENDEAVOR CRUDE, LLC,**<br>a Texas limited liability | **ENDEAVOR CRUDE, LLC,**<br>a Texas limited liability |
| By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager | By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager |
| By: |  |
| Name: | James Ballengee |
| Title: | Chairman, President, & CEO |

---

---

| | |
|:---|:---|
| **MERIDIAN EQUIPMENT LEASING LLC,**<br>a Texas limited liability company, | **MERIDIAN EQUIPMENT LEASING LLC,**<br>a Texas limited liability company, |
| By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager | By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager |
| By: |  |
| Name: | James Ballengee |
| Title: | Chairman, President, & CEO |

---

---

| | |
|:---|:---|
| **SILVER FUELS PROCESSING LLC,**<br>a Texas limited liability company | **SILVER FUELS PROCESSING LLC,**<br>a Texas limited liability company |
| By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager | By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager |
| By: |  |
| Name: | James Ballengee |
| Title: | Chairman, President, & CEO |

---

---

| | |
|:---|:---|
| **CPE GATHERING MIDCON, LLC,**<br>a Delaware limited liability company | **CPE GATHERING MIDCON, LLC,**<br>a Delaware limited liability company |
| By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager | By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager |
| By: |  |
| Name: | James Ballengee |
| Title: | Chairman, President, & CEO |

---

---

| | |
|:---|:---|
| **EQUIPMENT TRANSPORT, LLC,**<br>a Pennsylvania limited liability company | **EQUIPMENT TRANSPORT, LLC,**<br>a Pennsylvania limited liability company |
| By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager | By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager |
| By: |  |
| Name: | James Ballengee |
| Title: | Chairman, President, & CEO |

---

---

| | |
|:---|:---|
| **RPC DESIGN & MANUFACTURING, LLC,**<br>a Utah limited liability company | **RPC DESIGN & MANUFACTURING, LLC,**<br>a Utah limited liability company |
| By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager | By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager |
| By: |  |
| Name: | James Ballengee |
| Title: | Chairman, President, & CEO |

---

---

| | |
|:---|:---|
| **VIVAKOR ADMINISTRATION, LLC,** a Texas limited liability company | **VIVAKOR ADMINISTRATION, LLC,** a Texas limited liability company |
| By: |  |
| Name: | James Ballengee |
| Title: | Chairman, President, & CEO |

---

---

| | |
|:---|:---|
| **ET EMPLOYEECO, LLC,**<br>a Delaware limited liability company | **ET EMPLOYEECO, LLC,**<br>a Delaware limited liability company |
| By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager | By: VIVAKOR ADMINISTRATION, LLC, a Texas limited liability company,<br> its Manager |
| By: |  |
| Name: | James Ballengee |
| Title: | Chairman, President, & CEO |

---

## Exhibit 10.2

**Exhibit 10.2**

**<u>Junior Secured Convertible Note</u>**

THIS SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY THIS SECURITY.

---

| | | |
|:---|:---|:---|
| Original Issue Date: October 9, 2025 | Funding Amount | $1152000 |
| Final Maturity Date: July 30, 2026 | Original Principal Amount: | $1620000 |

---

**VIVAKOR INC.**

JUNIOR SECURED CONVERTIBLE NOTE

THIS JUNIOR SECURED CONVERTIBLE NOTE is a duly authorized and validly issued promissory note of **Vivakor Inc.** a Nevada corporation (the "**Company**"), designated as its junior secured convertible note (the "**Note**").

FOR VALUE RECEIVED, the Company promises to pay to J.J. Astor & Co., (the "**Lender**") or any other subsequent holder of this Note (together with the Lender, the "**Holder**"), the Original Principal Amount of this Note as set forth above (the "**Original Principal Amount**") in forty-two (42) weekly installments of $38,572 each (the "**Weekly Installments**") commencing on October 16, 2025 and thereafter on each succeeding Thursday of the forty-one (41) weeks until the Final Maturity Date as set forth above, or such earlier date as this Note is required or permitted to be repaid as provided hereunder (as the case may be, the "**Maturity Date**"). The Lender will withhold from the Funding Amount the sum of $308,576 to cover the first eight Weekly Installments and apply such withheld amounts to ensure that such payments are made.

This Note is subject to the following additional provisions:

**Section 1.** <u>Definitions</u>. This is the Third Note, as referenced in the Second Forbearance and Amendment to Loan Agreement and Notes (the "**Second Forbearance Agreement)**. For the purposes hereof, in addition to the terms defined elsewhere in this Note: (a) capitalized terms not otherwise defined herein shall have the meanings set forth in the Amended and Restated Loan Agreement dated as of March 17, 2025 (the "**Loan Agreement**") and in the Second Forbearance Agreement, and (b) the following terms shall have the following meanings:

"<u>Additional Debt Financing</u>" shall have the meaning as that term is defined in the Loan Agreement.

"<u>Bankruptcy Event</u>" means any of the following events: (a) the Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X) thereof commences a case or other proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction relating to the Company or any Significant Subsidiary thereof, (b) there is commenced against the Company or any Significant Subsidiary thereof any such case or proceeding that is not dismissed within 60 days after commencement, (c) the Company or any Significant Subsidiary thereof is adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or proceeding is entered, (d) the Company or any Significant Subsidiary thereof suffers any appointment of any custodian or the like for it or any substantial part of its property that is not discharged or stayed within 60 calendar days after such appointment, (e) the Company or any Significant Subsidiary thereof makes a general assignment for the benefit of creditors, (f) the Company or any Significant Subsidiary thereof calls a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts, (g) the Company or any Significant Subsidiary thereof admits in writing that it is generally unable to pay its debts as they become due, (h) the Company or any Significant Subsidiary thereof, by any act or failure to act, expressly indicates its consent to, approval of or acquiescence in any of the foregoing or takes any corporate or other action for the purpose of effecting any of the foregoing.

"<u>Bonus Shares</u>" means 286,000 shares of Company Common Stock to be sold by the Company to the Lender for $286 at the Closing in partial consideration for this Note.

"<u>Business Day</u>" shall have the meaning as that term is defined in the Loan Agreement.

"<u>Change of Control Transaction</u>" means the occurrence after the date hereof of any of: (a) an acquisition after the date hereof by an individual or legal entity or "group" (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of 50% of the voting securities of the Company (other than by means of conversion of Note), (b) the Company or its significant Subsidiaries merges into or consolidates with any other Person, or any Person merges into or consolidates with the Company or its significant Subsidiaries and, after giving effect to such transaction, the stockholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the Company or the successor entity of such transaction or less than 50% of the equity of its significant Subsidiaries, (c) the Company sells or transfers all or substantially all of its assets or the assets of its Subsidiaries to another Person and the stockholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the acquiring entity immediately after the transaction, (d) a replacement at one time or within a three year period of more than one-half of the members of the Board of Directors which is not approved by a majority of those individuals who are members of the Board of Directors on the Original Issue Date (or by those individuals who are serving as members of the Board of Directors on any date whose nomination to the Board of Directors was approved by a majority of the members of the Board of Directors who are members on the date hereof), or (e) the execution by the Company of an agreement to which the Company is a party or by which it is bound, providing for any of the events set forth in clauses (a) through (d) above. If consummated, the proposed merger with Empire Diversified Energy, Inc. that was the subject of that certain Current Report on Form 8-K filed with the Commission on March 1, 2024 shall not be considered a Change of Control Transaction.

"<u>Common Stock</u>" and "<u>Common Stock Equivalents</u>" shall have the meanings as those terms are defined in the Loan Agreement.

"<u>Contingent Obligation</u>" means, with respect to any Loan Party any obligation of such Loan Party guaranteeing or intended to guarantee any Indebtedness ("primary obligations") of any other Person (the "primary obligor") in any manner, whether directly or indirectly, including, without limitation, (a) the direct or indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such Loan Party of the obligation of a primary obligor, (b) the obligation to make take-or-pay or similar payments, if required, regardless of nonperformance by any other party or parties to an agreement, and (c) any obligation of such Loan Party, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (A) for the purchase or payment of any such primary obligation or (B) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, assets, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof; *provided, however*, that the term "Contingent Obligation" shall not include any product warranties extended in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation with respect to which such Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for which such Person may be liable pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability with respect thereto (assuming such Loan Party is required to perform thereunder), as determined by such Loan Party in good faith.

"<u>Conversion Notice</u>" shall mean a written or electronic mail notice by Lender of its intention to convert all or any portion of the Note into Conversion Shares in the substantially the form attached as Annex 1 to the Loan Agreement.

"<u>Conversion Price</u>" has the meaning as defined in the Second Amendment to Loan Agreement and Registration Rights Agreement dated July 9, 2025.

"<u>Conversion Shares</u>" shall mean the shares of Common Stock of the Company issuable upon any full or partial permitted conversion of the Note and includes Payment Shares, as well as shares of Common Stock of the Company issuable if the Lender issues an Acceleration Notice that it elects to accelerate the Loan for payment after the occurrence and continuation of an Event of Default (as defined in the Note) beyond the applicable grace period, if any, for cure, in which event the Conversion Price shall be the Event of Default Conversion Price and the Conversion Shares shall be up to the Maximum Conversion Shares, and shall include the Make Whole Shares.

"<u>Default Amount</u>" means, with respect to the Note, the *sum of*: (1) the amount obtained by *multiplying* (x) the Outstanding Principal Amount of this Note *by* (y) 110% (the "<u>Default Principal Amount</u>"), *plus* (2) default interest on such Default Principal Amount at the rate of 19% per annum, compounded daily, and all other amounts, costs, expenses, and liquidated damages due under or in respect of this Note, if any.

"<u>Equity Receipts</u>" shall have the meaning as that term is defined in the Loan Agreement.

"<u>Event of Default</u>" shall have the meaning set forth in Section 5(a).

<u>"Event of Default Conversion Price"</u> shall have the meaning as that term is defined in the Second Amendment to Loan Agreement and Registration Rights Agreement dated July 9, 2025.

"<u>Exempt Issuances</u>" shall have the meaning as that term is defined in the Loan Agreement.

"<u>Existing Senior Indebtedness</u>" means Indebtedness owed by any of the Loan Parties to the Existing Senior Lenders.

"<u>Existing Senior Lenders</u>" shall have the meaning as that term is defined in the Loan Agreement.

"<u>Extraordinary Receipts</u>" shall have the meaning as that term is defined in the Loan Agreement.

"<u>Indebtedness</u>" means, with respect to any Person, without duplication, (a) all indebtedness of such Person for borrowed money; (b) all obligations of such Person for the deferred purchase price of property or services (other than trade payables and accrued expenses or other accounts payable incurred in the ordinary course of such Person's business); (c) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments or upon which interest payments are customarily made; (d) all reimbursement, payment or other obligations and liabilities of such Person created or arising under any conditional sales or other title retention agreement with respect to property used and/or acquired by such Person, even though the rights and remedies of the lessor, seller and/or lender thereunder may be limited to repossession or sale of such property, (e) all Capitalized Lease Obligations of such Person; (f) all obligations and liabilities, contingent or otherwise, of such Person, in respect of letters of credit, acceptances and similar facilities other than obligations and liabilities that are cash collateralized on terms reasonably satisfactory to the Required Lenders; (g) all net obligations and liabilities, calculated on a basis reasonably satisfactory to the Lender and in accordance with accepted practice, of such Person under Hedging Agreements; (h) all monetary obligations under any receivables factoring, receivable sales or similar transactions and all monetary obligations under any synthetic lease, tax ownership/operating lease, off-balance sheet financing or similar financing; (i) all Contingent Obligations; (j) all Disqualified Equity Interests; and (k) all obligations referred to in clauses (a) through (j) of this definition of another Person secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) a Lien upon property owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness, <u>provided</u>, however that if recourse in respect of any Indebtedness of the foregoing is limited to specific assets, then such Indebtedness shall be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the fair market value of the asset encumbered thereby as determined by such Person in good faith; *provided further*, that Indebtedness shall not include (i) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an asset to satisfy warranties or other unperformed obligations of the seller of such asset, (ii) endorsements of checks or drafts arising in the ordinary course of business, (iii) preferred Equity Interests to the extent not constituting Disqualified Equity Interests and (iv) any earnout or similar purchase price obligation until such obligation is required to be reflected on the balance sheet of such Person in accordance with GAAP. The Indebtedness of any Person shall include the Indebtedness of any partnership of or joint venture in which such Person is a general partner or a joint venturer, so long as, in the case of a joint venture, such Indebtedness is recourse to any Loan Party. For the avoidance of doubt, "Indebtedness" shall exclude operating leases.

"<u>Loan Agreement</u>" means the Loan Agreement, dated as of March 17, 2025 by and among the Company and the Lender, as the original Holder of the Note, as amended, restated, modified, or supplemented from time to time in accordance with its terms, including the Second Amendment to Loan Agreement and Registration Rights Agreement dated July 9, 2025.

"<u>Loan Parties</u>" shall have the meaning as that term is defined in Section 3.01 of the Loan Agreement.

"<u>Maturity Date</u>" shall mean the earlier to occur of (a) the occurrence of an Event of Default, or (b) July 30, 2026.

"<u>Maximum Conversion Shares</u>" means, after acceleration for payment of the Note following the occurrence of any Event of Default (as defined in the Note) which shall not be timely cured by the Loan Parties and the Outstanding Principal Amount of the Note shall automatically increase by 110% (a maximum of $1,782,000), shall accrue interest on such Outstanding Principal Amount at the rate of 19% per annum, compounded daily (the "<u>Default Amount</u>"), and upon the request of the Lender, all or any portion of such Default Amount may be converted by the Lender into that number of shares of Company Common Stock as shall be determined by (a) dividing 200% of the then increased Outstanding Principal Amount of the Note by (b) the Event of Default Conversion Price then in effect; ***provided that***, (i) notwithstanding the election of the Lender to convert all or any part of the then Outstanding Principal Amount of the Note, the Company shall have the right to pay in cash the entire then Outstanding Principal Amount of all Note being converted following Lender's notice of its election to convert the Note and prior to any such conversion, and (ii) the maximum number of shares of Common Stock of the Company that may be issued pursuant to any such permitted conversion of the Note (calculated on a fully-diluted basis) shall not be greater than 19.9% of the number of shares of Common Stock of the Company then issued and outstanding (calculated on a non-diluted basis) unless Stockholder Approval has been obtained.

"<u>Minimum Installment Payment</u>" has the meaning set forth in Section 2(a).

"<u>Original Issue Date</u>" means the date of the first issuance of this Note, regardless of any transfers of any Note and regardless of the number of instruments which may be issued to evidence such Note.

"<u>Original Principal Amount</u>" means $1,620,000 as set forth on the first page of this Note.

"<u>Outstanding Principal Amount</u>" means at any point in time the Original Principal Amount less all Minimum Installment Payments made or any prepayment(s) of this Note, if any.

"<u>Payment Amount</u>" means, at any point in time with respect to the Note at any time, the *sum of*: (a) the Original Principal Amount of this Note or the Default Amount (as applicable), at such time, *less* (b) all Minimum Installment Payments and any prepayments previously made, if any, *plus* (c) all other amounts, costs, expenses, and liquidated damages due under or in respect of this Note.

"<u>Payment Notice</u>" shall have the meaning as that term is defined in the Loan Agreement.

"<u>Principal Amount</u>" means, with respect to the Note at any time, the then Outstanding Principal Amount of such Note; *provided* that from and after the occurrence of an Event of Default the Principal Amount shall be the Default Amount.

"<u>Related Party Agreement</u>" has the meaning as that term is defined in the Loan Agreement.

"<u>Registrable Securities</u>" shall have the meaning as that term is defined in the including the Second Amendment to Loan Agreement and Registration Rights Agreement dated July 9, 2025.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Senior Loan Agreement</u>" shall mean any loan or credit agreement and related senior secured promissory note entered into by the Company with any of the Existing Senior Lenders and evidencing Existing Senior Indebtedness.

"<u>Scheduled Payment Date</u>" means, every Thursday of each week from and after the Original Issue Date, commencing with October 16, 2025 and continuing thereafter on the same day of the week for forty-one (41) consecutive weeks.

"<u>Trading Market</u>" has the meaning as that term is defined in the Loan Agreement.

"<u>Transaction Documents</u>" shall have the meaning as that term is defined in the Loan Agreement.

"<u>Transfer Agent Instructions</u>" has the meaning as that term is defined in the Loan Agreement.

"<u>Utah Courts</u>" shall have the meaning set forth in Section 6(d).

**Section 2.** <u>Payment, Prepayment; Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each Scheduled Payment Date, the Company shall make Weekly Installment payments of the Outstanding Principal Amount under this Note in an amount of not less than $38,572 (each a "<u>Minimum Installment Payment</u>") until the entire Payment Amount (or, if an Event of Default shall have previously occurred, the entire Default Amount) shall have been paid in full. On the Maturity Date, the entire then Payment Amount (or, if an Event of Default shall have previously occurred, the entire Default Amount) shall become immediately due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company may make Minimum Installment Payments of the Principal Amount under this Note either in cash or at the option of the Company in the form of Payment Shares that have been fully registered under the Securities Act and are immediately salable by Lender; provided that, (i) the Company shall give the Lender a Payment Notice not less than ten (10) Business Days advance notice to Lender of its intention to make all or any portion of the Minimum Installment Payments under this Note in the form of cash or in Payment Shares, and (ii) if the Payment Notice contemplates a cash payment, the Lender may elect to accept only Conversion Shares as payment of the Minimum Installment Payments set forth in the Payment Notice by giving the Company five (5) Business Days advance written notice of such intention (the "<u>Conversion Notice</u>"). Notwithstanding the foregoing, until such time as all Conversion Shares and Payment Shares up to the Maximum Conversion Shares have been registered for resale pursuant to the Registration Rights Agreement and are immediately salable, the Company shall pay all Minimum Installment Payments in cash. In addition, should the Company elect to make payment of any one or more Minimum Installment Payments in the form of Payment Shares, the provisions of Section 4.01(a) of the Loan Agreement must then be applicable on any date on which payments in Payment Shares are to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Note shall be immediately payable in full upon a Change of Control Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Outstanding Principal Amount of this Note, plus accrued interest hereon shall be subject to mandatory prepayment to the extent of (i) any Extraordinary Receipts or (ii) any Equity Receipts received by the Company from consummation of a the sale of Common Stock or Common Stock Equivalents, whether pursuant to a resale registration statement or upon a financing in which Clear Think Capital LLC or any other investment bank shall act as underwriter or placement agent (each a "<u>Mandatory Prepayment</u>"). Any such Mandatory Prepayment shall be applied to the Weekly Installments of the $38,572 Minimum Installment Payments in the order of last maturing Indebtedness. Notwithstanding the above, any funds received from the consummation of the transactions that are the result of the Additional Debt Financing shall not trigger any Mandatory Prepayment, so long as the terms of such Additional Debt Financing are in accordance with **<u>Exhibit I</u>** to the Loan Agreement, or otherwise acceptable to the Lender or (ii) the sale leaseback transaction listed on **Exhibit K** to the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) From and after the occurrence of an Event of Default, the Outstanding Principal Amount of this Note shall increase to the Default Amount and this Note shall bear interest accruing at nineteen percent (19%) per annum, calculated on the basis of a 360-day year, compounded daily, until payment in full of the Default Amount.

**Section 3.** <u>Registration of Transfers and Exchanges</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Different Denominations</u>. This Note is exchangeable for an equal aggregate Principal Amount of Note of different authorized denominations, as requested by the Holder surrendering the same. No service charge will be payable for such registration of transfer or exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Investment Representations</u>. This Note has been issued subject to certain investment representations of the original Holder set forth in the Loan Agreement and may be transferred or exchanged only in compliance with the Loan Agreement and applicable federal and state securities laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reliance on Note Register</u>. Prior to due presentment for transfer to the Company of this Note, the Company and any agent of the Company may treat the Person in whose name this Note is duly registered on the official Note register of the Company as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Company nor any such agent shall be affected by notice to the contrary.

**Section 4.** <u>Covenants</u>. As long as any portion of this Note remains outstanding, unless the Lender shall have otherwise given prior written consent, the Company shall not, and shall not permit any of its Subsidiaries (if any) to, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) violate any of the affirmative or negative covenants set forth in the Loan Agreement or other Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue any notes, debentures or other securities, including without limitation, Common Stock or Common Stock Equivalents, other than Exempt Issuances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) amend its charter documents, including, without limitation, its certificate of incorporation and bylaws, in any manner that materially and adversely affects any rights of holders of Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) amend, restate or otherwise modify any of the existing terms of any outstanding Indebtedness, including Senior Indebtedness, Related Party Indebtedness or the Related Party Agreement, whether or not set forth in the Company Disclosure Schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) issue, repay, repurchase or offer to repay, repurchase or otherwise acquire shares of Common Stock or Common Stock Equivalents, except to the extent that they are expressly permitted under the Loan Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) incur, repay, repurchase or offer to repay, repurchase or otherwise acquire any Indebtedness, other than Senior Indebtedness and other Permitted Indebtedness, *provided* that, except for Senior Indebtedness, such payments shall not be permitted if, at such time, or after giving effect to such payment, any Event of Default exist or occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) grant or suffer to exist any Liens on its property or assets, other than Liens encumbering Senior Indebtedness and other Permitted Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) pay cash dividends or distributions on any equity securities of the Company (except to the holders of the Company's Series A Preferred Stock); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) enter into any transaction with any Affiliate of the Company, unless such transaction is made on an arm's-length basis and expressly approved by a majority of the disinterested directors of the Company (even if less than a quorum otherwise required for board approval); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) enter into any agreement or commitment with respect to any of the foregoing.

**Section 5.** <u>Events of Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Event of Default</u>" means, wherever used herein, the occurrence of any of the following events (whatever the reason for such event and whether such event shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental body):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any default in the payment of any Principal Amount, or Default Amount (as applicable) as and when the same shall become due and payable (whether on a Scheduled Payment Date, the Maturity Date, by Mandatory Prepayment, acceleration or otherwise) which default, solely in the case of required payment of the Minimum Weekly Installment on any Scheduled Payment Date, is not fully cured within two (2) Business Days (the "<u>Grace Period</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company shall fail to observe or perform any other covenant or agreement contained in the Loan Agreement or this Note, which failure is not cured, if possible to cure, within the earlier to occur of (A) two (2) Business Days after notice of such failure sent by the Holder or by any other holder of Note to the Company and (B) five (5) Business Days after the Company has become or should have become aware of such failure; and, for the avoidance of doubt, shall include the Company's failure or refusal to promptly call a shareholders meeting within the time specified in the Loan Agreement and use its commercially reasonable efforts to obtain Shareholder Approval shall constitute an Event of Default under this Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a breach or violation of any Related Party to its or their covenants and agreements set forth in the Related Party Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a default or event of default (subject to any notice, grace or cure period provided in the applicable agreement, document or instrument) shall occur under (A) any of the Transaction Documents, or (B) any other material agreement, lease, document or instrument to which the Company or any Subsidiary is obligated (and not covered by clause (vi) below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Senior Lender or other holder of Senior Indebtedness shall declare a default under any Senior Loan Agreement and accelerate payment of the Senior Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any representation or warranty made in this Note, any other Transaction Documents, any written statement pursuant hereto or thereto or any other report, financial statement or certificate made or delivered to the Holder or any other Holder shall be untrue or incorrect in any material respect as of the date when made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Company shall breach or violate in material any respect the provisions of the Related Party Agreement, the Registration Rights Agreement, or the Transfer Agent Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Company shall violate any of the provisions of Section 4.05 of the Loan Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Company or any Subsidiary shall be subject to a Bankruptcy Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Company shall default on any of its obligations under any mortgage, credit agreement or other facility, indenture agreement, capital lease, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any Indebtedness for borrowed money or money due under any long term leasing or factoring arrangement that (a) involves an obligation greater than $100,000, whether such Indebtedness now exists or shall hereafter be created, and (b) results in such Indebtedness becoming or being declared due and payable prior to the date on which it would otherwise become due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) a final non-appealable judgment by any competent court for the payment of money in an amount of at least $100,000 is rendered against the Company, and the same remains undischarged and unpaid for a period of 45 days during which execution of such judgment is not effectively stayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the Company shall be delinquent in the filing of any of its SEC Reports, including its Form 8-K, interim reports or Form 10-Q quarterly report or Form 10-K annual financial reports required to be filed with the Commission under the Exchange Act (beyond any period of grace granted by the Commission with respect thereto); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the Common Stock shall have ceased to be listed or quoted on Nasdaq, the New York Stock Exchange or the NYSE:Amex Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Remedies Upon Event of Default</u>. If any Event of Default occurs and is continuing, this Note shall become, at the Holder's election, immediately due and payable in the Default Amount, and the Holder shall have the right, to convert all or any portion of this Note into Conversion Shares at the applicable Conversion Price up to the Maximum Conversion Shares or such number of Conversion Shares based on the then Default Amount of this Note, and shall be entitled to exercise its rights and remedies in connection therewith under the other Transaction Documents, including enforcing its rights under the Subsidiary Guarantee and Security Agreement. Upon the conversion in full of the Default Amount in accordance with the terms of this Note, the Holder shall promptly surrender this Note to or as directed by the Company. In connection with such acceleration or exercise described herein, the Holder need not provide, and the Company hereby waives, any presentment, demand, protest or other notice of any kind, and the Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such acceleration may be rescinded and annulled by Holder at any time prior to payment hereunder and the Holder shall have all rights as a holder of the Note until such time, if any, as the Holder receives full payment pursuant to this section 5(b). No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.

**Section 6.** <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices</u>. Any and all notices or other communications or deliveries to be provided by the Holder hereunder shall be in writing and delivered personally, by email attachment, or sent by a nationally recognized overnight courier service, addressed to the Company, at the address set forth on in the Loan Agreement, or such other, email address, or address as the Company may specify for such purposes by notice to the Holder delivered in accordance with this Section 6(a). Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile, by email attachment, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, email address or address of the Holder appearing on the books of the Company, or if no such facsimile number or email attachment or address appears on the books of the Company, at the principal place of business of such Holder, as set forth in the Loan Agreement. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of: (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment to the email address set forth on the signature pages attached hereto prior to 5:30 p.m. (Eastern time) on any date, (ii) the next Business Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment to the email address set forth on the signature pages attached hereto on a day that is not a Business Day or later than 5:30 p.m. (Eastern time) on any Business Day, (iii) the second Business Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Absolute Obligation, Security and Ranking</u>. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, liquidated damages and accrued interest, as applicable, on this Note at the time, place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the Company and is secured by and under the Subsidiary Guarantee and Security Agreement. This Note is a d direct debt obligation of the Company, and ranks (i) *pari passu* with all other Notes (if any) now or hereafter issued to the Lender under the terms of the Loan Agreement, (ii) junior to all Existing Senior Indebtedness, and (iii) senior to all other evidence of Indebtedness of the Company or any of its Subsidiaries that is not Existing Senior Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Lost or Mutilated Note</u>. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in exchange and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed Note, a new Note for the Principal Amount of this Note so mutilated, lost, stolen or destroyed, but only upon receipt of evidence of such loss, theft or destruction of such Note, and of the ownership hereof, reasonably satisfactory to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Arbitration of Disputes</u>. In the event and to the extent that a claim or dispute arises out of, or in relation to this Agreement or any other Transaction Document, including without limitation, the terms, construction, interpretation, performance, termination, breach, or enforceability of this Agreement or such Transaction Document(s), the Parties hereby each agree that the claim or dispute shall be, at the election of any Party within thirty (30) days after the claim or dispute arises, resolved by mandatory binding arbitration in Utah, except that Lender may, at its election, maintain any action for equitable relief in the Third Judicial District, Salt Lake County, Utah, including seeking the appointment of a receiver, judicial foreclosure, an accounting of Collateral, restraining orders or injunctions or other equitable relief without a right to compel arbitration by the Company or any Subsidiary Guarantor. To the extent that an arbitration occurs, the Parties agree that the arbitration shall be administered by JAMS and the arbitration shall be conducted in accordance with the Expedited Procedures of the JAMS Comprehensive Arbitration Rules and Procedures except as otherwise agreed in this Agreement. The arbitrator shall be chosen in accordance with the procedures of JAMS, and shall base the award on applicable Utah law, and in connection therewith each of the Loan Parties hereby expressly waive any right to seek an exemption from Utah law based on any public policies or principles of any other State. The Parties agree that the arbitration shall be conducted before a single arbitrator. Judgment on the award may be entered in any federal or state court in the State of Utah and in the federal courts of any other State. The Parties further agree that the costs of the arbitration shall be divided equally between the Company and the Lender until a prevailing Party is determined, at which time the non-prevailing Party shall be charged the prevailing Party's share of the arbitration fees. Each Party may pursue arbitration solely in an individual capacity, and not as a representative or class member in any purported class or representative proceeding. The arbitrator may not consolidate more than one Person's claims and may not otherwise preside over any form of a representative or class proceeding. This arbitration section is governed by the Federal Arbitration Act, 9 U.S.C. §§ 1-16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be governed by and construed and enforced in accordance with the internal laws of the State of Utah, without regard to the principles of conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of the transactions contemplated by any of the Transaction Documents (whether brought against a party hereto or its respective Affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the County of Salt Lake, Utah (the "<u>Utah Courts</u>"). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the Utah Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, Action or Proceeding, any claim that it is not personally subject to the jurisdiction of such Utah Courts, or such Utah Courts are improper or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Note 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 other manner permitted by applicable law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Note or the transactions contemplated hereby. If any party shall commence an Action or Proceeding to enforce any provisions of this Note, 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 in the investigation, preparation and prosecution of such Action or Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Waiver</u>. Any waiver by the Company or the Holder of a breach of any provision of this Note shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the Company or the Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Note on any other occasion. Any waiver by the Company or the Holder must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Severability</u>. If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under applicable law. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying all or any portion of the principal of or interest on this Note as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Note, and the Company (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Holder, but will suffer and permit the execution of every such as though no such law has been enacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief</u>. The remedies provided in this Note shall be cumulative and in addition to all other remedies available under this Note and any of the other Transaction Documents at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder's right to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Note. The Company covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies, to an injunction restraining any such breach or any such threatened breach, without the necessity of showing economic loss and without any bond or other security being required. The Company shall provide all information and documentation to the Holder that is reasonably requested by the Holder to enable the Holder to confirm the Company's compliance with the terms and conditions of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Next Business Day</u>. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Headings</u>. The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed to limit or affect any of the provisions hereof.

**Section 7.** <u>Amendments; Waivers</u>. Any modifications, amendments or waivers of the provisions hereof shall be subject to Section 5.05 of the Loan Agreement.

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**IN WITNESS WHEREOF**, the Company has caused this Junior Secured Note to be duly executed by a duly authorized officer as of the date and year first above indicated.

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| | |
|:---|:---|
| **VIVAKOR INC.** | **VIVAKOR INC.** |
| By: |  |
| Name: | James Ballengee |
| Title: | Chief Executive Officer |

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