# EDGAR Filing Document

**Accession Number:** 0001450704
**File Stem:** 0001829126-25-009074
**Filing Date:** 2025-11
**Character Count:** 80969
**Document Hash:** 03f3f85e24ca737848c46fe2e43efd23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-009074.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001829126-25-009074

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20251105

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

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

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**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:** 251474044

**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, D.C. 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): **November 5, 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 Rd., Ste. 500**

**Dallas, TX 75254**

(Address of principal executive offices)

**(469) 480-7175**

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

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:

---

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

---

| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Agreement.** |

---

***Settlement Agreement***

On November 5, 2025, Vivakor, Inc. ("Vivakor" or the "Company") entered into a Settlement Agreement (the "Settlement Agreement") with Tyler Nelson ("Nelson"), in order to settle claims made by Nelson that he was not paid for work performed for Vivakor, which claims formed the basis of a lawsuit entitled T*yler Nelson v. Vivakor, Inc., et al*., Case No. 30-2025-01503021-CU-OE-CJC (Sup. Ct. Orange Cty., Cal.—Aug. 11, 2025) (the "Lawsuit"). Under the terms of the Settlement Agreement Vivakor is obligated to pay Nelson as full satisfaction of all alleged wage losses and alleged non-wage damages: (i) $250,000 on or before November 5, 2026, (ii) $100,000 within 30 days from the date of the Settlement Agreement, (iii) $100,000 within 60 days from the date of the Settlement Agreement, and (iv) $1,550,000 within 90 days from the date of the Settlement Agreement. Vivakor paid Mr. Nelson the initial $250,000 payment. Mr. Nelson was formerly Vivakor's Chief Financial Officer and a Director. As a result of the Settlement Agreement, all dates and deadlines related to the Lawsuit have been taken off calendar by the Court, which will retain jurisdiction of the Lawsuit through the final payment of the Settlement Agreement consideration.

Item 1.01 of this Current Report on Form 8-K contains only a brief description of the material terms of the Settlement Agreement and does not purport to be a complete description of the rights and obligations of the parties to the Settlement Agreement, and such description is qualified in its entirety by reference to the full text of the Settlement Agreement, a copy of which is filed herewith as Exhibit 10.1.

***Transition Agreement***

On November 10, 2025, Vivakor entered into a Transition Agreement (the "Transition Agreement") with Patrick Knapp ("Knapp"), Vivakor's former Executive Vice President, General Counsel and Secretary, related to Knapp's resignation from all positions he holds with the Company. Under the terms of the Transition Agreement Vivakor is obligated to pay Knapp as full satisfaction of all alleged wages owed, bonuses, severance, unpaid benefits, etc. and any alleged non-wage damages: (i) $50,000 on the Effective Date, (ii) $50,000 on or before December 31, 2025, and (iii) $100,000 worth of the Company's common stock within three (3) trading days from the date of the Transition Agreement, which shares will be priced per share based on the average closing price for the three (3) prior exchange-traded days. If requested by Knapp, Vivakor is obligated to issue Knapp additional shares of common stock until Knapp receives $100,000 from the sale of the common stock if he does not receive that amount from the sale of the initial shares. The shares will be issued unrestricted under Vivakor's 2023 Equity Incentive Plan as registered on a Form S-8 Registration Statement.

Item 1.01 of this Current Report on Form 8-K contains only a brief description of the material terms of the Transition Agreement and does not purport to be a complete description of the rights and obligations of the parties to the Transition Agreement, and such description is qualified in its entirety by reference to the full text of the Transition Agreement, a copy of which is filed herewith as Exhibit 10.2.

---

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

---

As previously reported, on March 17, 2025, Vivakor, Inc. (the "Company"), issued a junior secured convertible promissory note (the "Initial Note") to J.J. Astor & Co. (the "Lender"), in the principal amount of $6,625,000 (the "Principal Amount"), in relation to a Loan and Security Agreement by and between the Company, its subsidiaries, and the Lender (the "Loan Agreement"). The Company received $5,000,000, before fees. The Company received the funds on March 18, 2025.

On November 7, 2025 and November 10, 2025, the Company received Notices of Conversion from the Lender each converting $150,000 of the Principal Amount of the Initial Note into 2,043,597 shares and 1,827,040 shares of the Company's common stock, respectively (the "Shares"). Pursuant to the terms of the Initial Note and the Notices of Conversion, the Company issued the Shares. The Shares were issued without a Rule 144 restrictive legend pursuant to a legal opinion received by the Company and its transfer agent. The issuance of the foregoing securities was exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holder is an accredited investor and familiar with our operations.

---

| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** |

---

***Appointment of Kimberly Hawley as the Company Secretary***

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 5.02. On November 10, 2025, Knapp resigned from this position as Secretary of the Company. As a result, the Board of Directors appointed Kimberly Hawley as the Company's Secretary, effective November 10, 2025. Ms. Hawley is currently the Company's Executive Vice President and Chief Financial Officer.

*Kimberly Hawley, Executive Vice President, Chief Financial Officer, Treasurer and Secretary*

Ms. Kimberly Hawley was hired as Executive Vice President, Chief Financial Officer, and Treasurer of Vivakor, Inc. and Vivakor Administration, LLC on July 24, 2025, and was appointed as the Secretary on November 7, 2025. Prior to joining the Company, Ms. Hawley served as the Chief Financial Officer of Empire Diversified Energy, Inc. from February 2022 until July 24, 2025. In that role, she oversaw the financial operations of the company's seven subsidiaries. In addition, she led financial strategy, capital structure and funding initiatives for major infrastructure and site development projects, securing over $120 million in long term debt financing. Prior to joining Empire Diversified Energy, Ms. Hawley was a Certified Public Account with Personal Management Consultants from October 2018 to January 2022, where she provided comprehensive financial management services, including strategic planning, tax forecasting, and coordination with key financial and legal advisors. Ms. Hawley received her Bachelor of Business Administration from Loyola University of Chicago, and her Master of Business Administration from Pepperdine University. Ms. Hawley is a Certified Public Accountant (CPA) in California.

The Board believes that Ms. Hawley's compiling and preparing accurate financial statements for complex entities, as well as her extensive knowledge with financing transactions makes her ideally qualified to help lead the Company and Vivakor towards continued growth and success as the Company and Vivakor's Chief Financial Officer.

*Family Relationships*

Ms. Hawley does not have a family relationship with any of the current officers or directors of Vivakor.

*Related Party Transactions*

There are no related party transactions involving Ms. Hawley.

***Resignation of Patrick Knapp***

Pursuant to the terms of the Transition Agreement discussed in Item 1.01, Knapp resigned from his positions of Executive Vice President, General Counsel and Secretary, effective November 10, 2025. The Company is not aware of any disagreements with the Company.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| 10.1 | [Settlement Agreement with Tyler Nelson](vivakor_ex10-1.htm) |
| 10.2 | [Transition Agreement with Patrick Knapp dated November 10, 2025](vivakor_ex10-2.htm) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL document). |

---

**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: November 12, 2025 | By: | */s/ James Ballengee* | */s/ James Ballengee* |
|  |  | Name: | James Ballengee |
|  |  | Title: | Chairman, President, and CEO |

---

## Exhibit 10.1

**Exhibit 10.1**

**<u>SETTLEMENT AGREEMENT AND GENERAL RELEASE</u>**

This Settlement Agreement ("<u>Agreement</u>") is entered into effective as of the Effective Date set forth below by and between Tyler Nelson ("<u>Nelson</u>" or "<u>Plaintiff</u>"), Vivakor, Inc. ("<u>Vivakor</u>") and Vivakor Administration, LLC ("<u>Vivakor Administration</u>," and together with Vivakor, the "<u>Defendants</u>"). Nelson, Vivakor, and Vivakor Administration shall each be referred to as a "Party" and collectively as the "Parties."

**RECITALS**

WHEREAS, Nelson worked as an employee of Vivakor and/or its affiliates from September 24, 2020, to July 19, 2025;

WHEREAS, Nelson entered into various agreements with Vivakor and Vivakor Administration regarding or relating to his employment, including the Executive Employment Agreement between Nelson and Vivakor executed on June 13, 2024; the Settlement Agreement between Nelson and Vivakor dated June 8, 2024; the Promissory Note incorporated into the Settlement Agreement and the Side Letter Related to Transfer of Tyler Nelson Executive Employment Agreement to Vivakor Administration, LLC dated February 10, 2025 (collectively, the "<u>Underlying Agreements</u>");

WHEREAS, on or about August 11, 2025, Nelson filed a complaint in the Superior Court of the State of California, County of Orange, asserting various claims against Defendants, including employment and contract claims relating to Nelson's employment and the Underlying Agreements, which Defendants then removed to the United States District Court for the Central District of California (Case No. 8:25-cv-02101) on or about September 17, 2025 (the "<u>Action</u>");

WHEREAS, to avoid the expense of further litigation as to any disputes that have been raised or could be raised in the Action, or of any other disputes between the Parties, the Parties have agreed to enter into this Agreement. The purpose of this Agreement is to settle, fully and finally, all differences between the Parties, up to the date of execution hereof, including, but not limited to, those that arise out of or relate to Nelson's relationship with the Defendants, his Services, and the Underlying Agreements, including any claims relating to the Action. The foregoing recitals are incorporated into and form a part of this Agreement;

NOW, THEREFORE, for good and adequate consideration, the receipt of which is hereby acknowledged, without admitting or denying any wrongdoing by any Party hereto, the Parties covenant, promise and agree as follows:

**AGREEMENT**

1. In order to effect the desires of the Parties related to settling the Dispute, the Parties agree as follows (the "<u>Settlement</u>"): Defendants will pay to Nelson the total amount of Two Million Dollars ($2,000,000), to be paid according to the below schedule and by the below methods, unless the Parties mutually agree in writing to a different method no less than one week before the relevant payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Defendants will pay Two Hundred Fifty Thousand Dollars ($250,000) to Nelson on the same day that this Agreement is signed by Nelson. This amount shall be for alleged wage losses, from which all customary payroll withholdings and all federal, state and local payroll, income and employment taxes shall be withheld and timely reported and paid to the respective government authority, and which amount will be reported on an IRS Form W-2. Vivakor Administration will pay this amount through its payroll provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Defendants will pay to Nelson One Hundred Thousand Dollars ($100,000) within 30 days of the date this Agreement is signed by Nelson. This amount shall be for alleged wage losses, from which all customary payroll withholdings and all federal, state and local payroll, income and employment taxes shall be withheld and timely reported and paid to the respective government authority, and which amount will be reported on an IRS Form W-2. Vivakor Administration will pay this amount through its payroll provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Defendants will pay to Nelson One Hundred Thousand Dollars ($100,000) within 60 days of the date this Agreement is signed by Nelson. This amount shall be for alleged wage losses, from which all customary payroll withholdings and all federal, state and local payroll, income and employment taxes shall be withheld and timely reported and paid to the respective government authority, and which amount will be reported on an IRS Form W-2. Vivakor Administration will pay this amount through its payroll provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Defendants will pay to Nelson the remaining One Million Five Hundred Fifty Thousand Dollars ($1,550,000) within 90 days of the date this Agreement is signed by Nelson. This amount shall be for alleged non-wage damages, including attorney's fees and costs, which amount will be reported on an IRS Form 1099. Vivakor Administration will pay this amount directly to Nelson by wire transfer of immediately available funds to the bank account which has been designated in writing by Nelson.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Parties have agreed to this allocation between wages and non-wage damages based on their negotiations regarding the settlement value of Nelson's claims and the Parties' respective arguments regarding liability and damages. The Parties agree that considering the uncertainty of liability and their dispute regarding potentially recoverable damages, the amount of Nelson's claim for wage loss is contested and uncertain, and the allocation of this portion of the Settlement Payment to wages is reasonable. Nelson shall have no responsibility or liability for any taxes imposed on Vivakor Administration as an employer and Vivakor Administration shall be solely responsible for the calculation, reporting, and payment of all such employer taxes, and Vivakor Administration shall not withhold or deduct any such taxes from the amounts paid to Nelson or otherwise seek reimbursement from Nelson for such taxes.

2. If Defendants default on any of their obligations under Paragraphs 1(a) – (d) above, Nelson is entitled to file the Stipulated Judgment attached hereto as **<u>Exhibit A</u>**, for the outstanding amount. Furthermore, in the event of any such default, Nelson retains the right to pursue an action for payment of the unpaid amounts set forth in Paragraphs 1(a) – (d) from Defendants' affiliates, subsidiaries, owners, members, shareholders, including James Ballengee, or any other related entity or individual under an alter-ego, veil piercing, or similar claim that seeks to bypass the corporate form. Notwithstanding the foregoing, the existence of this Agreement is not dispositive of whether alter ego or veil piercing is appropriate. Defendants expressly dispute that any such action would be appropriate and would oppose it.

3. Vivakor hereby represents, warrants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Corporate Authority</u>. Vivakor has the right, power, authority and capacity to execute and deliver this Agreement and each of the other transaction documents to which Vivakor is a party, to consummate the transactions contemplated by this Agreement and each of the other transaction documents to which Vivakor is a party, and to perform each of their obligations under this Agreement and each of the other transaction documents to which it is a party. Vivakor acknowledges and represents that, in executing this Agreement, it has not relied on any inducements, promises, or representations made by any Party or any party representing or serving such Party, unless expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Corporate Existence</u>. Vivakor is a corporation duly organized, validly existing, and in good standing under the laws of the State of Nevada. Vivakor has all requisite power, franchises, licenses, permits, and authority to own its properties and assets and to carry on its business as it has been and continues to be conducted. Vivakor is in good standing in each state, nation, or other jurisdiction in each state, nation, or other jurisdiction wherein the character of the business transacted by it makes such qualification necessary.

4. Vivakor Administration hereby represents, warrants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Corporate Authority</u>. Vivakor Administration has the right, power, authority and capacity to execute and deliver this Agreement and each of the other transaction documents to which Vivakor Administration is a party, to consummate the transactions contemplated by this Agreement and each of the other transaction documents to which Vivakor Administration is a party, and to perform each of their obligations under this Agreement and each of the other transaction documents to which it is a party. Vivakor Administration acknowledges and represents that, in executing this Agreement, it has not relied on any inducements, promises, or representations made by any Party or any party representing or serving such Party, unless expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Corporate Existence</u>. Vivakor Administration is a limited liability company duly organized, validly existing, and in good standing under the laws of the State of Texas. Vivakor Administration has all requisite power, franchises, licenses, permits, and authority to own its properties and assets and to carry on its business as it has been and continues to be conducted. Vivakor Administration is in good standing in each state, nation, or other jurisdiction in each state, nation, or other jurisdiction wherein the character of the business transacted by it makes such qualification necessary.

5. Nelson hereby represents, warrants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Authority</u>. Nelson has the right, power, authority and capacity to execute and deliver this Agreement and each of the other transaction documents to which Nelson is a party, to consummate the transactions contemplated by this Agreement and each of the other transaction documents to which Nelson is a party, and to perform each of his obligations under this Agreement and each of the other transaction documents to which he is a party. Nelson acknowledges and represents that, in executing this Agreement, he has not relied on any inducements, promises, or representations made by any Party or any party representing or serving such Party, unless expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Nelson understands that Vivakor and Vivakor Administration have not made, and he does not rely upon, any representations regarding the tax treatment of the consideration set forth in paragraph 1, above. Nelson shall be solely responsible for the taxes he owes as a result of the Settlement and acknowledges that certain taxes will be transmitted to taxing authorities through lawful withholdings by Vivakor Administration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. After receipt of the consideration described in paragraph 1, Nelson agrees that Vivakor and/or Vivakor Administration owe him no wages, employee benefits, or other compensation or monetary amounts that were owed to Nelson (to the extent any were so owed) including, but not limited to, all salary, bonuses, commissions, business expenses, allowances, vacation pay and other employee benefits as a result of his employment, the Underlying Agreements, or related agreements with Vivakor and/or Vivakor Administration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Nelson warrants that he believes he has complied to the best of his ability with Section 5.7 of his June 13, 2024, Executive Employment Agreement, which requires his surrender of records and property.

6. Releases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Release of Claims by Nelson</u>. For and in consideration of the mutual promises and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Nelson, on behalf of himself and his legal representatives, assigns, heirs, and beneficiaries, and any other person or party that could assert a claim through him or in any way derivative of his interests (the " <u>Nelson Releasing Parties</u> "), shall fully, finally and completely release, acquit, hold harmless and forever discharge (1) Vivakor, its subsidiaries, and its past, present, and future members, successors, parents, subsidiaries, affiliates, representatives, administrators, officers, directors, shareholders, partners, employees, agents, consultants, assigns and insurers, and (2) Vivakor Administration, its subsidiaries, and its past, present, and future members, successors, parents, subsidiaries, affiliates, representatives, administrators, officers, directors, managers, owners, partners, employees, agents, consultants, assigns and insurers, (collectively, the " <u>Vivakor Released Parties</u> ") of and from any and all past, present and future rights, demands, claims, actions, suits and controversies, costs, sums of money, debts, obligations, contracts, agreements, judgments, and/or liabilities, damages and expenses, in contract or in tort, at law or in equity, including claims for breach of contract, sworn account, quantum meruit, attorneys' fees, expert fees, indemnity and contribution, claims for compensation or wages owed arising out of his employment or the Underlying Agreements, or otherwise in any way relating to the Vivakor Released Parties including, but not limited to, all claims asserted or that could have been asserted in the Action, a lawsuit, administrative proceeding, or governmental proceeding of any kind or character (the " <u>Nelson Claims</u> "). In connection with the Nelson Claims, Nelson acknowledges that additional facts may be discovered later, but that it is the intention of Nelson to fully, finally and forever settle and release all matters and claims, whether currently known or unknown against the Vivakor Released Parties. Nelson warrants and represents that he is voluntarily and of his own free will signing and entering into this Agreement for the purposes and consideration herein expressed.

Notwithstanding the terms of the above paragraph, Nelson does not release Vivakor or Vivakor Administration from any obligations he may have with respect to (i) any rights that cannot be released or waived under applicable law, such as claims for unemployment or workers' compensation benefits (except those arising under California Labor Code sections 132(a) and 4553); claims for vested rights under ERISA-covered employee benefit plans as applicable on the date Nelson signs this Agreement; and administrative claims, if any, that arose prior to the date of this Agreement (although Nelson releases any right to monetary recovery in connection with such a claim), and (ii) any rights or remedies which Nelson may have against Defendants under the terms of this Agreement.

Nothing contained herein is intended to constitute or shall be construed as a waiver or release of Nelson's right to participate in an investigation by the Equal Employment Opportunity Commission, the Securities and Exchange Commission or any other federal or state agency. Notwithstanding the foregoing, Nelson expressly waives and releases any right to recover any type of personal relief from the Vivakor Released Parties, including monetary damages or claims for reinstatement, in any administrative action or proceeding, whether state or federal, and whether brought by Nelson or on Nelson's behalf by an administrative agency, related in any way to the matters released herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>California Civil Code Section 1542 Waiver</u>. Nelson expressly waives all rights under section 1542 of the California Civil Code. That statute reads as follows:

**A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release, and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.**

Nelson acknowledges that he has read this Agreement, including the above Civil Code section, and acknowledges that he fully understands both this Agreement and the Civil Code section. Nelson understands and acknowledges that he may be a "creditor" or "releasing party" within the meaning of Section 1542. Nelson waives any benefits and rights granted to him pursuant to Civil Code section 1542.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Release of Claims by Vivakor and Vivakor Administration</u>. For and in consideration of the mutual promises and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, (1) Vivakor, on behalf of itself and its subsidiaries, past, present, and future members, successors, parents, subsidiaries, affiliates, representatives, administrators, officers, directors, shareholders, partners, employees, agents, assigns and insurers, and (2) Vivakor Administration, on behalf of itself and its subsidiaries, past, present, and future members, successors, parents, subsidiaries, affiliates, representatives, administrators, officers, directors, managers, owners, employees, agents, assigns and insurers, respectfully do hereby fully, finally and completely release, acquit, hold harmless and forever discharge Nelson and the Nelson Releasing Parties of and from any and all past, present and future rights, demands, claims, actions, suits and controversies, costs, sums of money, debts, obligations, contracts, agreements, judgments, and/or liabilities, damages and expenses, in contract or in tort, at law or in equity, including claims for breach of contract, sworn account, quantum meruit, attorneys' fees, expert fees, indemnity and contribution, and any and all other claims for damages that Vivakor and Vivakor Administration have, may have, or may claim to have in any way relating to the Underlying Agreements, Nelson's employment, or the Nelson Releasing Parties including, but not limited to, all claims asserted or that could have been asserted in the Action, a lawsuit, administrative proceeding, or governmental proceeding of any kind or character (the " <u>Vivakor Claims</u> "). In connection with the Vivakor Claims, Vivakor and Vivakor Administration acknowledge that additional facts may be discovered later, but that it is the intention of Vivakor and Vivakor Administration to fully, finally and forever settle and release all matters and claims, whether currently known or unknown against Nelson. Vivakor and Vivakor Administration warrant and represent that they are voluntarily and of their own free will signing and entering into this Agreement for the purposes and consideration herein expressed.

Notwithstanding the terms of the above paragraph, Vivakor and Vivakor Administration do not release Nelson from any obligations they may have with respect to (i) any rights that cannot be released or waived under applicable law, and (ii) any rights or remedies which Vivakor and Vivakor Administration may have against Nelson under the terms of this Agreement.

Nothing contained herein is intended to constitute or shall be construed as a waiver or release of Vivakor's or Vivakor Administration's respective rights to participate in an investigation by the Equal Employment Opportunity Commission, the Securities and Exchange Commission or any other federal or state agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>California Civil Code Section 1542 Waiver</u>. Vivakor and Vivakor Administration expressly waive all rights under section 1542 of the California Civil Code. That statute reads as follows:

**A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release, and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.**

Vivakor and Vivakor Administration acknowledge that they have read this Agreement, including the above Civil Code section, and acknowledge that they fully understand both this Agreement and the Civil Code section. Vivakor and Vivakor Administration understand and acknowledge that they may be a "creditor" or "releasing party" within the meaning of Section 1542. Vivakor and Vivakor Administration waive any benefits and rights granted to them pursuant to Civil Code section 1542.

7. Notice of Settlement and Dismissal.

On the same business day of receiving fully-executed copies of this Agreement from Defendants, Nelson shall file a notice of settlement in the Action. Within two business days after the Effective Date, Nelson shall file a stipulation of dismissal of the Action with prejudice. The stipulation requests that the current court retain jurisdiction to enforce the Agreement for 100 days.

8. Older Workers' Benefit Protection Act Compliance.

This Agreement is intended to release and discharge any and all of Nelson's potential claims, known or unknown, under the Age Discrimination in Employment Act. To satisfy the requirements of the Older Workers' Benefit Protection Act, 29 U.S.C. section 626(f), the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Nelson acknowledges that he has read and understood the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Nelson acknowledges that he has been advised to consult with an attorney and has consulted with an attorney concerning this Agreement and has received all advice he deems necessary concerning this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Nelson acknowledges that he is entering into this Agreement freely and voluntarily and without coercion, duress, fraud, or undue influence of any kind whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Nelson acknowledges that he has been given at least twenty-one (21) days in which to consider whether or not to enter into this Agreement. He understands that, at his option, he may elect not to use the full 21-day period, and hereby agrees to waive that period save for the mandatory 7 day revocation period required by the Older Workers' Benefit Protection Act. Nelson may revoke his acceptance of this Agreement within seven (7) days after the date he signs it. Nelson's revocation must be in writing and received by Christina R. Snider, counsel for defendants, by 5:00 p.m. P.T. on the seventh day after execution in order to be effective, and any such revocation must be accompanied by the return of any payments Nelson has received pursuant to Section 1 above. Any purported revocation without return of any payments received by Nelson under Section 1 will not be deemed effective. The eighth day after Nelson signs this Agreement shall be the "Effective Date."

9. The Parties agree to do all things necessary and to execute all further documents necessary and appropriate to carry out and effectuate the terms and purposes of this Agreement.

10. Except as specifically set forth herein, the Parties shall bear their own attorneys' fees and costs incurred in connection with this Action, including those incurred by the negotiation, preparation and execution of this Agreement.

11. Nelson represents and warrants that after the dismissal required herein, he is not a party to any suit, action or proceeding in which Defendants and/or their affiliates are parties, except a pending litigation in Orange County in which the Parties are co-defendants, Case No. 30-2025-01469417 even though Nelson has not been served as a Defendant. Nelson agrees, to the fullest extent permitted by law, that he will not voluntarily participate in any litigation against Vivakor and/or Vivakor Administration in any way connected with a Released Claim, nor will he accept any award or remedy as a result of any litigation in any way connected with a Released Claim. Nothing in this paragraph is intended to preclude Nelson from disclosing information in response to a subpoena duly issued by a court of law, arbitrator or a government agency having jurisdiction or power to compel such disclosure or from otherwise giving full, complete, truthful and cooperative answers in response to a duly issued subpoena. Should Nelson be served with a subpoena relating to Vivakor and/or Vivakor Administration, or any Releasee, Nelson agrees to promptly notify Vivakor and/or Vivakor Administration, as applicable, in writing (through counsel), of the subpoena, and to provide Vivakor and/or Vivakor Administration with a copy of the subpoena no later than five (5) days prior to providing testimony or producing any documents in compliance with the subpoena.

12. Each Party acknowledges and represents that, in executing this Agreement, such Party has not relied on any inducements, promises, or representations made by any Party or any party representing or serving such Party, unless expressly set forth herein.

13. This Agreement pertains to a settlement between the Parties and does not constitute an admission of liability by any Party for any purpose, except as otherwise provided herein. By entering into this Agreement, the Parties merely intend to avoid litigation and further expense.

14. This Agreement may not be amended, canceled, revoked or otherwise modified except by written agreement subscribed by all of the Parties to be charged with such modification.

15. Should it be determined that any term of this Agreement is unenforceable, it is the Parties' intention that the term shall be deemed to be deleted and the validity and enforceability of the remaining terms remain intact.

16. The headings set forth in this Agreement are for convenience only and shall not be used in interpreting this Agreement.

17. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their respective partners, employees, agents, servants, heirs, administrators, executors, successors, representatives and assigns.

18. In the event of any action, suit or other proceeding instituted to remedy, prevent or obtain relief from a breach of this Agreement, arising out of a breach of this Agreement, involving claims within the scope of the releases contained in this Agreement, or pertaining to a declaration of rights under this Agreement, the prevailing Party shall recover all of such Party's attorneys' fees and costs incurred in each and every such action, suit or other proceeding, including any and all appeals or petitions therefrom.

19. This Agreement and the rights of the parties hereunder shall be governed by and construed in accordance with the laws of the State of California including all matters of construction, validity, performance, and enforcement and without giving effect to the principles of conflict of laws. Venue for any action brought under this Agreement shall be in United Stated District Court for the Central District of California.

20. This Agreement, including its exhibits, sets forth the entire agreement and understanding of the Parties hereto regarding the subject matter of this Agreement, the Underlying Agreements, and/or the Action, and supersedes any and all prior agreements, arrangements and understandings related to the subject matter hereof. No understanding, promise, inducement, statement of intention, representation, warranty, covenant or condition, written or oral, express or implied, whether by statute or otherwise, has been made by any party hereto which is not embodied in this Agreement, and no Party hereto shall be bound by or liable for any alleged understanding, promise, inducement, statement, representation, warranty, covenant or condition not so set forth.

21. Each Party has had the opportunity to have its legal counsel review this Agreement on its behalf. If an ambiguity or question of law or intent arises with respect to any provision of this Agreement, the Agreement will be construed as if drafted jointly by the Parties. The Parties expressly agree that the construction and interpretation of this Agreement shall not be strictly construed against the drafter.

22. The Parties agree that this Agreement may be executed in one or more counterparts, all of which shall constitute a single Agreement. Any copy, facsimile or electronic copy (including a .pdf document) bearing the signature of the Party shall be deemed an original.

23. This Agreement shall be binding upon the Parties' predecessors, successors, and assigns.

IN WITNESS WHEREOF, the Parties hereto, agreeing to be bound hereby, execute this Agreement upon the date first set forth above.

---

| | | | |
|:---|:---|:---|:---|
| "**VIVAKOR**" | "**VIVAKOR**" | "**VIVAKOR ADMINISTRATION**" | "**VIVAKOR ADMINISTRATION**" |
| Vivakor, Inc. | Vivakor, Inc. | Vivakor Administration, LLC | Vivakor Administration, LLC |
| a Nevada corporation | a Nevada corporation | a Texas Limited Liability Company | a Texas Limited Liability Company |
| /s/ James Ballengee | /s/ James Ballengee | /s/ James Ballengee | /s/ James Ballengee |
| By: | James Ballengee | By: | James Ballengee |
| Title: | Chairman, President & CEO | Title: | Chairman, President & CEO |

---

**"TYLER NELSON"**

Tyler Nelson

an individual

---

| |
|:---|
| /s/ Tyler Nelson |
| Tyler Nelson |

---

**Exhibit A**

**Stipulated Judgment**

![](ex10-1_001.jpg)

1 2 3 4 5 6 7 8 9 10 11 12 13 Tyler Nelso n, a n individual, 14 15 16 17 18 19 20 21 22 23 24 25 26 D ENT O N S U S LLP 601 S OU TH F IGU E R O A S T RE ET, S U I T E 2500 L O S A NGE L E S, C AL IF O R N IA 900 1 7 - 5704 213 623 9300 Ste phen A . W a tkins (SBN 205175) step h en.watkin s @d e nton s.com DEN T ON S U S LLP 601 South Fi g ueroa Stree t, Su ite 2500 Los An geles, California 9001 7 - 5704 T e lephone: 213 623 9 300 Matthew J. O r me (Pro Ha c V i ce) ma tt.orme@denton s. com Dento n s Durham Jo nes Pi negar P.C. 111 South Mai n St reet, S uite 2 400 Sal t Lake City, U tah 84111 T e lephone: 801 415 3000 Attorneys for Plaintiff Tyle r Nel s on UNITED STATE S DISTRI C T COU R T CENTRAL D ISTR I CT O F CALIFORNIA Plai ntiff, v. VIVAKOR, INC., a Neva d a C o rporation; VIVA KO R ADM I NIST R ATION, LLC, a T e xas Limited Liability Comp a ny, a nd DOE S 1 - 50, inclusiv e, Defe ndan t s. C a s e No . 8:2 5 - cv - 02101 DO C (DF Mx) STIP ULATION TO VAC ATE DISM I S S A L AN D FOR ENTRY OF JUDGMENT This Sti p ul a tion To Vacat e D i smis sal a n d for Entry of Judgm e nt (the " St ipulation ") is entered into by a nd between Plaintiff Tyler Nelson (" Plai ntif f "), on the one hand, and De fendants Vivak or, Inc. a nd Viv akor Adminis t ratio n, LLC (" De fendants "), jointly a nd severally, on the other hand (col l e c tively referen c ed as the " Part i e s "). IT IS H EREBY STI P ULA TED by a nd between the Parties as follo ws: 27 28 C as e N o. 8:2 5 - c v - 021 0 1 D OC (D F Mx) STIPU L AT ION T O V A C AT E DIS M ISSAL AN D F OR E N TRY O F JUDGMENT 1 S L _ 8 3 89 2 51.1

![](ex10-1_002.jpg)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 income and e m ploym e nt tax es s hall be withheld and timely reported and C as e N o. 8:2 5 - c v - 021 0 1 D OC (D F Mx) 2 STIPU L AT ION T O V A C AT E DIS M ISSAL AN D F OR E N TRY O F JUDGMENT S L _ 8 3 89 2 51.1 D ENT O N S U S LLP 601 S OU TH F IGU E R O A S T RE ET, S U I T E 2500 L O S A NGE L E S, C AL IF O R N IA 900 1 7 - 5704 213 623 9300 1. O n No vember 5, 2025, the Part i es e xecuted a Settlem e nt Agr eement and Gene r al Release (th e " Agr e emen t ") to resolve all outstanding legal dis p utes between th e Part i es. 2. 3. Plai ntiff filed the C o mplaint in this a c tion on Au gust 1 1, 20 2 5. The t e r ms of this S t ipulation shal l be go v erned by the laws of the Uni ted St ates of Americ a and t he laws of th e Stat e of C a lifornia. 4. This Court has jurisdi c tion over this actio n, and venue is p r oper in this Court. 5. Un der the Agreeme n t, Defen d ants have agreed to pay to Plaintiff the total a mount of Two M illio n U S dollars ($2,00 0,0 00 USD), (t he " Settl e me nt Amou nt ") in the following four in stallment s : a. Defe ndan t s wil l pay Two Hu ndred Fi f ty Tho u san d Dol lars ($250, 00 0) to Nelso n on the s ame d ay that this Agre em e nt is si g ned by Nel s on. This a m ount s hall be for alleged wag e lo s ses, from whic h all cust o ma ry payroll wit hholdings and all fe deral, s t ate and loc a l p ayroll, income and e m ployment taxes s hall be wit hheld and timely reported and pa i d to the respe c tive governm e nt authorit y, and wh i ch amount wil l be reported on an IRS F orm W - 2. Vivak or Admi nistratio n wil l pay this a m ount through its payroll provider. b. Defe ndan t s wil l pay to Nelso n On e Hu ndred Tho u san d Dol lars ($100, 000) wit hin 30 days of the date this Agreeme nt is si g ned by Nelso n. T his a m ount s hall be for alleged wag e lo s ses, from which all cust o ma ry payroll wit hholdin g s and all federal, s t ate and local payroll, income and e m ploym e nt tax es s hall be withheld and timely reported and paid to the respe c tive governm e nt authorit y, and whic h a m ount wil l be reported on an IRS F orm W - 2. Vivak or Admi nistratio n wil l pay this a m ount through i ts p a yroll provider. c. Defe ndan t s wil l pay to Nelso n On e Hu ndred Tho u san d Dol lars ($100, 000) wit hin 60 days of the date this Agreeme nt is si g ned by Nelso n. T his a m ount s hall be for alleged wag e lo s ses, from which all cust o ma ry payroll wit hholdin g s and all federal, s t ate and local payroll,

![](ex10-1_003.jpg)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 and costs associat e d wit h the fil i ng of t h is Stipulated Judgment and a ny event, C as e N o. 8:2 5 - c v - 021 0 1 D OC (D F Mx) 28 3 STIPU L AT ION T O V A C AT E DIS M ISSAL AN D F OR E N TRY O F JUDGMENT S L _ 8 3 89 2 51.1 D ENT O N S U S LLP 601 S OU TH F IGU E R O A S T RE ET, S U I T E 2500 L O S A NGE L E S, C AL IF O R N IA 900 1 7 - 5704 213 623 9300 paid to the respe c tive governm e nt authorit y, and whic h a m ount wil l be reported on an IRS F orm W - 2. Vivak or Admi nistratio n wil l pay this a m ount through i ts p a yroll provider. d. Defe ndan t s wil l pay t o Nelso n the remai n ing On e M i llio n Fiv e Hu ndred Fi f ty Thousand Dolla rs ($1, 5 50, 000) wit hin 90 d a ys of the date this Agreeme n t is si g ned by Nelso n. This a m o unt s hall be for alleged no n - wage damages, in cluding attorney's fees and costs, which amount will be reported on an IRS F orm 1099. Vivak or Admi nistration w i ll pay this a m ount directly to Nelso n by wir e transfer of imm e diately availab l e funds to the b ank acc o unt designated in writing by Nelso n at least fi v e (5) days prior to suc h pa y me n t. P ursuant t o the Agr e ement, if Defe ndan t s fail to make any paymen t s in 6. the pre c eding paragr a ph, Plai ntiff is e ntitl e d to see k to reopen the case a n d file this St ipulated Ju d gment immediatel y. 7. In c onnection wit h filing this Stip u lated Judgment, Plai ntiff is r e quired to file a declar a tion under penalty of perjury indic a ting that D efendants f a iled to m a ke one of the payments by the applicable due dat e, and specif y ing the nature of the default and the amount of a ny payme nts made by Defend a nts u n der the Agreeme n t prior to t he date of default, a n d requesting that judgm e nt be entered for any remaining a mount s, w ith no fu r ther s ho win g required. 8. Up on filing of this Stipulation a c c ompan i ed by sai d d e claration, the Court, or any c lerk th ereof, s hall enter ju d gment in favor of Pla intiffs a g ainst the Defe ndan t s in the amount of Tw o Mill ion U S dollars ($2,000,000 USD), less any a m ount paid by Defe n dants und e r the Ag r eement prior to the date of default, with interest c a l culated pursuant to 28 U.S.C. † 1961 a s of the date of the judgm e nt on the unpaid balance. Defen dan t s hereby wai ve their r ight to see k to defend a gain s t or se t aside the Ju d gment exc e pt t hat De fendants may challenge the amo u nt of the judgm e nt if th e a m o u nt stated in Plaintiff ' s declaration is in corre c t. 9. Plai ntiff shal l have th e rig ht to recover his reasonable a ttorneys' fe e s

![](ex10-1_004.jpg)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Att orney for P laintiff Tyler Nel s on 22 23 24 25 26 27 28 C as e N o. 8:2 5 - c v - 021 0 1 D OC (D F Mx) STIPU L AT ION T O V A C AT E DIS M ISSAL AN D F OR E N TRY O F JUDGMENT 4 S L _ 8 3 89 2 51.1 D ENT O N S U S LLP 601 S OU TH F IGU E R O A S T RE ET, S U I T E 2500 L O S A NGE L E S, C AL IF O R N IA 900 1 7 - 5704 213 623 9300 di s put e, or p r ocess (including, but not li m ited to, collection s, court process, or arbitratio n) a rising from same. 10. Defe ndan t s wil l acce pt notice of e ntry of Ju dgment entered in this a c tion by delivery of suc h n otice to its counsel of rec o rd by c ertified ma il or by the E C F s y st e m, and a gree that se r vice of notice of entry of ju d g me nt wil l be deemed personal servic e upon it for a ll purposes. 11. It is a greed that this Sti p ulat i on m a y be s igned in counterparts, ea c h copy having the sam e force a n d effect as an origina l. It is fu rther agreed that electronic si g natures ma y ser v e as originals for the purposes of this Stipu l ation. IT IS SO STIPULATE D. Date d: _, 20 2 5 QUA RLES & BRA D Y LLP By : Christina S nider Att orney for Defe ndants Vivak or Inc. a nd Vivak or Admi nistration, LLC Date d: _, 20 2 5 DEN T ON S U S LLP By: Ste phen Watkins

![](ex10-1_005.jpg)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 D ENT O N S U S LLP 601 S OU TH F IGU E R O A S T RE ET, S U I T E 2500 L O S A NGE L E S, C AL IF O R N IA 900 1 7 - 5704 213 623 9300 B a s ed on the fo r egoing and Plaintiff's decl a ration under penalty of perjur y, this Stipul a ted J udgm e nt is h e reby e ntered on behalf of P laintiff Tyler Nelson a nd against V ivakor, Inc. a nd Viv a kor Adminis t ratio n, LL C, jointly a nd severally, for $_. Entered this day of _, 20. Ho n. Davi d O. C a rter Uni ted St ates Dist r ict Ju d ge 22 23 24 25 26 27 28 C as e N o. 8:2 5 - c v - 021 0 1 D OC (D F Mx) STIPU L AT ION T O V A C AT E DIS M ISSAL AN D F OR E N TRY O F JUDGMENT 5 S L _ 8 3 89 2 51.1

## Exhibit 10.2

**Exhibit 10.2**

**<u>TRANSITION AGREEMENT</u>**

TRANSITION AGREEMENT (the "<u>Agreement</u>") is executed November 10, 2025 (the "<u>Effective Date</u>") by and among Vivakor Administration, LLC, a Texas limited liability company, and Vivakor, Inc., a Nevada corporation (hereinafter collectively referred to collectively as the "<u>Company</u>") and Patrick M. Knapp, an individual (hereinafter referred to as "<u>Knapp</u>").

W I T N E S S E T H:

WHEREAS, Knapp currently serves as the Executive Vice President, General Counsel, and Secretary of the Company, pursuant to that certain Executive Employment Agreement dated June 26, 2024, by and among the Company, as Company, and Knapp, as Executive (the "<u>Employment Agreement</u>"); and

WHEREAS, Knapp desires to resign all positions he holds with the Company and terminate his relationship with the Company, and the Company desires to accept Knapp's resignation, as provided for herein, and mutually terminate their relationship.

A G R E E M E N T:

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

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Resignation</u>. Knapp resigns all positions as officer and employee of the Company effective at the close of business on the Effective Date. Except as set forth in in this <u>Section 1</u>, Knapp shall not be required to provide any further information or services to the Company subsequent to his resignation, except as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Signing Bonus</u>. Upon the Resignation Date, Knapp shall deliver a medallion-guaranteed Stock Power in the form attached hereto as <u>Exhibit A</u> to Company returning the Signing Bonus to the Company in accordance with <u>Section 3(a)</u> of the Employment Agreement. Knapp and the Company stipulate and agree that in connection with the return of the Signing Bonus to the Company, that certain Lockup Agreement dated July 2, 2024 by and between Knapp and the Company, relating to the Signing Bonus, is terminated and released effective with the transfer of the Signing Bonus to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Insurance & Loss Control Consulting</u>. Knapp agrees to continue to serve as a member of the Board of Directors of Archway Insurance, Ltd. ("  ***Archway*** "), as the duly-confirmed and qualified nominee of Vivakor Operating, LLC, an affiliate of the Company, and to attend and participate in all Board member-required activities at such appointed times until the earlier of March 1, 2026 or the Company's determination to exit Archway, at which time Knapp will tender his resignation of such role concurrent with the expiration of the current captive insurance policy period or such earlier time. Until such time, Knapp will provide reasonable consulting services to the Company regarding the structuring, management, and renewal of its insurance and loss control program in exchange for the mutual promises and covenants contained in this Agreement. The Company shall reimburse Knapp for reasonable out-of-pocket travel,meal, and lodging expenses in connection with in-person meetings of the Board of Directors of Archway,

Page 1 of 9

within thirty (30) days of receiving an expense report relating thereto. The Company will be solely and exclusively responsible for nominating a replacement Director to Archway, including for all costs associated therewith, on or after Knapp's resignation therefrom. For purposes of this paragraph, Knapp and the Company shall be independent contractors of one another, and stipulate and agree that no employment relationship, joint venture, partnership, or other relationship is formed by the services contemplated in this <u>Section 1(b)</u>. Knapp shall not be obligated to provide, nor shall Knapp provide, any legal counsel, advice, or other legal services to the Company pursuant to this Agreement. Knapp's obligation to provide services under this Agreement shall terminate upon the earlier of March 1, 2026 or the Company's determination to exit Archway.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>As additional consideration for the Severance Payments, if requested by the Company, Knapp agrees to spend a reasonable amount of time assisting the Company in the transfer and/or resolution of any matters Knapp was working on for the Company prior to the Effective Date</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Within five (5) business days of the Effective Date, Knapp shall deliver promptly to the Company all credit cards, computer equipment, cellular telephone, records, manuals, books, blank forms, documents, letters, memoranda, notes, notebooks, reports, data, tables, calculations or copies thereof, that are the property of the Company and that relate in any way to the business, strategies, products, practices, processes, policies, techniques, financials, or litigation of the Company, and all other property, trade secrets and confidential information of the Company, including, but not limited to, all documents that in whole or in part contain any trade secrets or confidential information of the Company that in any of these cases are in his possession or under his control, and Knapp shall also remove all such information from any personal computers that he owns or controls.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Severance Payments</u>. In full settlement and satisfaction of any amounts due Knapp for compensation from the Company, and as consideration for the continued consulting services of Knapp, Vivakor Administration, LLC and Vivakor shall pay Knapp the following sums on the following dates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. $50,000.00
 USD cash on the Effective Date as employment severance compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. $50,000.00
 USD cash on Friday, December 31, 2025 as consulting compensation for the services identified in Section 1, using banking information to be provided by Knapp; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Within three (3) trading day of the Effective Date, issue unrestricted shares of Vivakor, Inc. common stock under Vivakor, Inc.'s 2024 Equity and Incentive Plan as registered in its current Form S-8 Registration Statement (" <u>S-8 Shares</u> ") in an amount equal in value to $100,000.00 (the " <u>Severance Shares</u> " and the " <u>Base Value</u> ", respectively), priced per share based on the average closing price for the three (3) prior exchange-traded days (<u>Sections 2.a–2.c,</u> collectively, the " <u>Severance Payments</u> ").

Page 2 of 9

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Top-Up Option</u>. Upon the full and final disposition of all of the Severance Shares, should the aggregate cash sale value thereof equal less than the Base Value, the Company agrees to grant Knapp the irrevocable conditional option to demand issuance of additional S-8 Shares at any time within thirty (30) days of the date of his last sale of S-8 Shares in an amount equal to the remaining balance of the Base Value. This option may be exercised one or more times until the Base Value is realized in cash by Knapp. Knapp may exercise such option one or more times by written notice to the Company, together with supporting documentation of sales of such S-8 Shares, after which the Company shall have five (5) business days to issue the balance of the Base Value in S-8 Shares, valued as set forth in Section 2(c) above. This option shall expire and be of no further force or effect after final disposition and sale of S-8 Shares by Knapp in a realized cash amount equal to the Base Value. The Company may demand reasonable supporting documentation of such sales for a period not exceeding one (1) year after the last sale of S-8 Shares by Knapp, which Knapp shall provide within a reasonable time thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Mutual Releases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In consideration for the Severance Payments and the benefits of this Agreement, the sufficiency of which Knapp hereby acknowledges, Knapp, and anyone who could have a legal right to assert any of Knapp's claims against the Company on Knapp's behalf, including but not limited to Knapp's heirs, executors, representatives, agents, insurers, administrators, successors, and assigns (collectively, the " <u>Knapp Releasors</u> ") irrevocably and unconditionally fully and forever waive, release, and discharge the Company, its subsidiaries, affiliates, predecessors, successors, and assigns, and all of their respective officers, directors, employees, trustees, members, shareholders, and partners, in their corporate and individual capacities (collectively, the " <u>Knapp Releasees</u> ") from any and all claims, demands, actions, causes of actions, obligations, judgments, rights, fees, damages, debts, obligations, liabilities, penalties, fines, fees, and expenses (inclusive of attorneys' fees) of any kind whatsoever (collectively, " <u>Knapp Claims</u> "), known or unknown, suspected or unsuspected, arising directly or indirectly out of or in any way connected with the transactions and occurrences between the parties to date, including Knapp's employment with the Company under the Employment Agreement, including without limitation any claims under any federal, state, local, or foreign law, that Knapp Releasors may have, have ever had or may in the future have arising out of, or in any way related to Knapp's hire, benefits, employment, termination, or separation from employment with the Company and any actual or alleged act, omission, transaction, practice, conduct, occurrence, or other matter, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. any claims under any local, state or federal constitution, statute, law, ordinance, bylaw, or regulation dealing with either employment, employment discrimination, retaliation, mass layoffs, plant closings, and/or employment benefits and/or those laws, statutes or regulations concerning discrimination on the basis of race, color, creed, religion, age, sex, sexual harassment, sexual orientation, national origin, ancestry, handicap or disability, veteran status or any military service or application for military service or any other category protected by law, including all claims under Title VII of the Civil Rights Act (42 U.S.C. § 2000e et seq.); the Americans With Disabilities Act (42 U.S.C. § 12101 et seq.); the Rehabilitation Act (29 U.S.C. § 701 et seq.); the Equal Pay Act; the Age Discrimination in Employment Act ("ADEA") (29 U.S.C. § 729, et seq.); the Employee Retirement Income Security Act ("ERISA") (29 U.S.C. § 1001, et seq.); the Family and Medical Leave Act (29 U.S.C. § 2601, et seq.); the Fair Credit Reporting Act (15 U.S.C. § 1681 et seq.); the Worker Adjustment and Retraining Notification Act (29 U.S.C. § 2101 et seq.); all as may have been amended; and any federal, state or local law or regulation concerning securities, stock or stock options, including without limitation any claims that might be brought under the Sarbanes-Oxley Act or other federal or state whistleblower protection statutes;

Page 3 of 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. any and all claims for compensation of any type whatsoever, including but not limited to claims for salary, wages, bonuses, commissions, incentive compensation, vacation, and severance that may be legally waived and released;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. any and all claims arising under tort, contract, and quasi-contract law, including but not limited to claims of breach of an expressed or implied contract, tortious interference with contract or prospective business advantage, breach of the covenant of good faith and fair dealing, promissory estoppel, detrimental reliance, invasion of privacy, nonphysical injury, personal injury or sickness or any other harm, wrongful or retaliatory discharge, fraud, defamation, slander, libel, false imprisonment, and negligent or intentional infliction of emotional distress; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. any and all claims for monetary or equitable relief, including but not limited to attorneys' fees, back pay, front pay, reinstatement, experts' fees, medical fees or expenses, costs, and disbursements.

However, to the extent that the same may not legally be released or waived, this general release and waiver of Knapp Claims excludes, and Knapp does not waive, release, or discharge any claims which cannot be waived by law. Notwithstanding anything contained herein to the contrary, the releases contained in this <u>Section 3(a)</u> shall be effective only upon the full and indefeasible payment of the Severance Payments.

Knapp acknowledges and agrees that it is Knapp's intention that this Agreement shall be effective as a full and final accord and satisfaction and settlement of, and as a bar to, each and every claim, demand, action, contract, covenant, cause of action, obligation, debt, controversy, promise, agreement, liability, cost, expense, and lien, as referred to and released above, that Knapp has or may have against the Knapp Releasees.

Nothing contained herein is intended to constitute or shall be construed as a waiver or release of Knapp's right to participate in an investigation by the Equal Employment Opportunity Commission, the Securities and Exchange Commission or any other federal or state agency. Notwithstanding the foregoing, Knapp expressly waives and releases any right to recover any type of personal relief from the Vivakor Releasees, including monetary damages or claims for reinstatement, in any administrative action or proceeding, whether state or federal, and whether brought by Knapp or on Knapp's behalf by an administrative agency, related in any way to the matters released herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In consideration for the benefits of this Agreement received from Knapp, the sufficiency of which the Company hereby acknowledges, the Company, and anyone who could have a legal right to assert any of the Company's claims against Knapp on the Company's behalf, including but not limited to the Knapp Releasees and the Company's and their affiliates creditors, irrevocably and unconditionally fully and forever waive, release, and discharge the Knapp Releasors from any and all claims, demands, actions, causes of actions, obligations, judgments, rights, fees, damages, debts, obligations, liabilities, and expenses (inclusive of attorneys' fees) of any kind whatsoever (collectively, " <u>Company Claims</u> "), known or unknown, suspected or unsuspected, arising directly or indirectly out of or in any way connected with the transactions and occurrences between the parties to date, including Knapp's employment with the Company under the Employment Agreement, including without limitation any claims under any federal, state, local, or foreign law, that Knapp Releasors may have, have ever had or may in the future have arising out of, or in any way related to Knapp's hire, benefits, employment, termination, or separation from employment with the Company and any actual or alleged act, omission, transaction, practice, conduct, occurrence, or other matter, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. any claims under any local, state or federal constitution, statute, law, ordinance, bylaw, or regulation dealing with either employment, employment discrimination, retaliation, mass layoffs, plant closings, and/or employment benefits and/or those laws, statutes or regulations concerning discrimination on the basis of race, color, creed, religion, age, sex, sexual harassment, sexual orientation, national origin, ancestry, handicap or disability, veteran status or any military service or application for military service or any other category protected by law, including all claims under Title VII of the Civil Rights Act (42 U.S.C. § 2000e et seq.); the Americans With Disabilities Act (42 U.S.C. § 12101 et seq.); the Rehabilitation Act (29 U.S.C. § 701 et seq.); the Equal Pay Act; the Age Discrimination in Employment Act ("ADEA") (29 U.S.C. § 729, et seq.); the Employee Retirement Income Security Act ("ERISA") (29 U.S.C. § 1001, et seq.); the Family and Medical Leave Act (29 U.S.C. § 2601, et seq.); the Fair Credit Reporting Act (15 U.S.C. § 1681 et seq.); the Worker Adjustment and Retraining Notification Act (29 U.S.C. § 2101 et seq.); all as may have been amended; and any federal, state or local law or regulation concerning securities, stock or stock options, including without limitation any claims that might be brought under the Sarbanes-Oxley Act or other federal or state whistleblower protection statutes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. any and all claims for compensation of any type whatsoever, including but not limited to claims for salary, wages, bonuses, commissions, incentive compensation, vacation, and severance that may be legally waived and released;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. any and all claims arising under tort, contract, and quasi-contract law, including but not limited to claims of breach of an expressed or implied contract, tortious interference with contract or prospective business advantage, breach of the covenant of good faith and fair dealing, promissory estoppel, detrimental reliance, invasion of privacy, nonphysical injury, personal injury or sickness or any other harm, wrongful or retaliatory discharge, fraud, defamation, slander, libel, false imprisonment, and negligent or intentional infliction of emotional distress; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. any and all claims for monetary or equitable relief, including but not limited to attorneys' fees, back pay, front pay, reinstatement, experts' fees, medical fees or expenses, costs, and disbursements.

However, to the extent that the same may not legally be released or waived, this general release and waiver of Company Claims excludes, and the Company does not waive, release, or discharge any claims which cannot be released or waived by law. Notwithstanding anything contained herein to the contrary, the releases contained in this <u>Section 3(b)</u> shall be effective only upon the full and indefeasible payment of the Severance Payments.

The Company acknowledges and agrees that it is the Company's intention that this Agreement shall be effective as a full and final accord and satisfaction and settlement of, and as a bar to, each and every claim, demand, action, contract, covenant, cause of action, obligation, debt, controversy, promise, agreement, liability, cost, expense, and lien, as referred to and released above, that the Company has or may have against the Company Releasees.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Mutual Covenant Not to Sue</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Knapp, on behalf of himself and the Knapp Releasors, covenants not to institute or maintain any judicial, administrative, arbitral, or other proceeding, dispute, suit, or action at law or equity against any Knapp Releasee, nor institute, prosecute or in any way aid in the institution or prosecution of any claim, demand, action, or cause of action for damages, costs, loss of services, expenses, penalties, fines, or compensation of any kind or character, resulting or to result, known or unknown, past, present, or future which are, were, might or could have been asserted against a Knapp Releasee prior to the date hereof, excluding however, the obligations of the Company pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Company, on behalf of itself and the Knapp Releasees, covenants not to institute or maintain any judicial, administrative, arbitral, or other proceeding, dispute, suit, or action at law or equity against any Company Releasee, nor institute, prosecute or in any way aid in the institution or prosecution of any claim, demand, action, or cause of action for damages, costs, loss of services, expenses, penalties, fines, or compensation of any kind or character, resulting or to result, known or unknown, past, present, or future which are, were, might or could have been asserted against a Knapp Releasor prior to the date hereof, excluding however, the obligations of Knapp pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Representation</u>. By signing this Agreement, Knapp hereby acknowledges and confirms that: (i) Knapp has read this Agreement in its entirety and understands all of its terms; (ii) by this Agreement, Knapp has been advised in writing of the right to consult with an attorney of Knapp's choosing and has consulted with counsel to the extent Knapp believed was necessary before executing this Agreement; (iii) Knapp knowingly, freely, and voluntarily assents to all of the terms and conditions set out in this Agreement including, without limitation, the waiver, release, and covenants contained in it; (iv) Knapp is executing this Agreement, including the waiver and release, in exchange for good and valuable consideration in addition to anything of value to which Knapp is otherwise entitled; (v) Knapp was given adequate time under all applicable laws to fully consider the terms of this Agreement; (vi) after receipt of the Severance Payments, Knapp agrees that Vivakor and/or Vivakor Administration owe him no wages, employee benefits, or other compensation or monetary amounts that were owed to Knapp (to the extent any were so owed) including, but not limited to, all salary, bonuses, commissions, business expenses, allowances, vacation pay and other employee benefits as a result of his employment, or related agreements with Vivakor and/or Vivakor Administration; (vii) once the Severance Payments are completed, all termination provisions of the Employment Agreement have been waived by Knapp or satisfied by the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Notices</u>. All notices and other communications given by any party hereto in connection herewith (a) must be in writing and (b) may be served only by (i) depositing the same in the United States mail, properly addressed, postage prepaid, registered or certified mail, and with return receipt requested, (ii) delivering the same in person; or (iii) by overnight package delivery, courier, or by facsimile. Any notice or other communication deposited in the mail in the manner provided herein shall be effective upon the earlier to occur of receipt by the addressee or the expiration of three (3) days after the date on which it is so deposited, and any notice or other communication delivered in person shall be effective when it is received by the addressee. For the purpose hereof, the addresses of the parties hereto shall be as follows:

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| |
|:---|
| Patrick M. Knapp |
| 3380 Townsend Dr. |
| Dallas, Texas 75229 |
| Email patknapp@gmail.com |
| Vivakor Administration, LLC |
| 5220 Spring Valley Rd., Ste. 500 |
| Dallas, TX 75254 |
| Email jballengee@vivakor.com |

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Any party hereto may change its address for the purposes hereof by giving written notice of such change of address to the other parties as specified herein.

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Section 409A</u>. This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (Section 409A), or an exemption thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service, as a short-term deferral, or as a settlement payment pursuant to a bona fide legal dispute shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, any installment payments provided under this Agreement shall each be treated as a separate payment. Any payments to be made under this Agreement upon a termination of employment shall only be made upon a "separation from service" under Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by Knapp on account of non-compliance with Section 409A.

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&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Entire Agreement</u>. This Agreement supersedes all prior negotiations, understandings and agreements between Knapp, on the one hand, and the Company, on the other hand, relating to the subject matters hereof, other than any other agreement signed contemporaneously herewith, including, without limitation, the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Amendments</u>. No alterations, modifications, amendments or changes in this Agreement shall be effective or binding on any party hereto, unless the same shall be in writing and executed by all of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Enforceability</u>. This Agreement and all agreements and covenants made by the parties hereto under this Agreement shall inure to the benefit of, and be enforceable by and against, their respective heirs, successors, legal representatives and permitted assignees.

&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Assignments</u>. No party may assign this Agreement without the prior written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Governing Law; Jurisdiction and Venue</u>. This Agreement shall be governed by, construed under, and enforced in accordance with the laws of the State of Texas. Any action or proceeding by either of the Parties to enforce this Agreement shall be brought exclusively in any state or federal court located in the state of Texas, County of Dallas. The Parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.

&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Severability</u>. If a court of competent jurisdiction declares that any provision of this Agreement is illegal, invalid or unenforceable, then such provision shall be modified automatically to the extent necessary to make such provision fully enforceable. If such court does not modify any such provision as contemplated herein, but instead declares it to be wholly illegal, invalid or unenforceable, then such provision as severed from this Agreement, and such declaration shall in no way affect the legality, validity and enforceability of the other provisions of this Agreement to which such declaration does not relate. In this event, this Agreement shall be construed as if it did not contain the particular provision held to be illegal, invalid or unenforceable, the rights and obligations of the parties hereto shall be construed and enforced accordingly, and this Agreement otherwise shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Captions</u>. The captions contained herein are for the purpose of reference only and shall not affect in any way the meaning, interpretation or scope of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Waivers</u>. Any waiver by any party hereto of any breach or violation of any provision of this Agreement by any other party shall not operate or be construed as a waiver by such party of any subsequent breach or violation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Multiple Counterparts</u>. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original for all purposes, and all of which together shall constitute one and the same instrument.

*<u>(SIGNATURE PAGE TO FOLLOW)</u>*

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IN WITNESS WHEREOF, the parties hereunto set their hands and seals as of the Effective Date.

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| | |
|:---|:---|
| PATRICK M. KNAPP | PATRICK M. KNAPP |
| By: | /s/ Patrick M. Knapp |
| VIVAKOR ADMINISTRATION, LLC | VIVAKOR ADMINISTRATION, LLC |
| By: | /s/ James Ballengee |
| Name: |  |
| Title: |  |
| VIVAKOR, INC. | VIVAKOR, INC. |
| By: | /s/ James Ballengee |
| Name: |  |
| Title: |  |

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