Document:

Exhibit 4.1

 

SECURED CONVERTIBLE PROMISSORY NOTE

 

	$3,000,000.00	July 20, 2018

 

Subject to the terms and conditions of
this Secured Convertible Promissory Note (this “Note”), for value received, EVO Transportation & Energy
Services, Inc., a Delaware corporation (the “Borrower”), hereby promises to pay to the order of Dan Thompson
II LLC (the “Holder”), the principal sum of Three Million Dollars ($3,000,000.00) (the “Principal
Amount”), together with interest thereon accruing on and from the date hereof until the entire Principal Amount is paid
(or converted, as provided in Section 2 hereof), at an annual rate equal to 9.0% (the “Base Rate”). Interest
shall be calculated based on a 365-day year, compounded quarterly, but in no event shall the rate of interest exceed the maximum
rate, if any, allowable under applicable law.

 

This Note is issued by the Borrower pursuant
to the Note Purchase Agreement (the “Purchase Agreement”) dated July 20, 2018, by and among the Borrower, the
Holder, and the other investors who become party thereto.

 

The Borrower promises to pay to the Holder
the Principal Amount, together with interest on the Balance (defined below) at the Base Rate, as follows:

 

(a) interest on the Balance at
the Base Rate from the date hereof, payable in arrears in quarterly installments on the first day of each calendar quarter (first
payment commencing October 1, 2018) until the Balance has been paid in full in readily payable United States funds or converted
into Common Stock (defined below) in the manner provided herein; provided that, the Holder may agree, in its sole discretion,
by providing notice to the Borrower, to add such accrued and unpaid interest payment to the principal amount hereof on the first
day of each calendar quarter (the “PIK Interest”);

 

(b) if a Triggering Event shall
have occurred, the Balance, all Accrued Interest, and all other amounts due under this Note shall be due and payable at the time
of the Triggering Event in immediately available United States funds;

 

(c) if the Balance and the accrued
and unpaid interest thereon (the “Accrued Interest”) have not been previously converted as provided in Section
2 hereof, then the entire Balance and the Accrued Interest shall be automatically converted on the Maturity Date into Common
Stock in accordance with Section 2.c, but if and only if the criteria for conversion set forth in Section 2.c are
satisfied on the Maturity Date; provided, however,

 

(d) if not sooner paid or converted
in accordance with Section 2.c, the Balance, all Accrued Interest, and all other amounts due under this Note shall be due
and payable in full on July 31, 2020 (the “Maturity Date”) in immediately available United States funds.

 

Borrower may not prepay all or any part
of the Balance until one day after the first anniversary of the date hereof (the “Anniversary Date”) and then
if and only if the Accrued Interest is paid in full in readily payable United States funds or converted into Common Stock in accordance
with Section 2 hereof. The Borrower thereafter may prepay all or any part of the Balance at any time without the prior written
consent of the Holder and without penalty, but only if the then Accrued Interest is paid in full in readily payable United States
funds or converted into Common Stock in accordance with Section 2.c.

 

The following is a statement of certain
rights of Holder and the terms and conditions to which this Note is subject and to which the Holder, by acceptance of this Note,
agrees:

 

1. Ranking of Notes; Application
of Payments. This Note and every provision hereof is subordinate (in right of payment, collateral security and enforcement)
to the payment rights of (a) David M. Leavenworth under the Secured Bridge Note, dated February 29, 2016, by Titan CNG LLC and
(b) the holders of the notes issued or guaranteed by the Company in connection with that certain Agreement and Plan of Securities
Exchange, dated January 11, 2017, by and among EVO CNG, LLC, Environmental Alternative Fuels, LLC, Danny R. Cuzick, Damon R. Cuzick,
Theril H. Lund, Thomas J. Kiley and the Company. Subject to the foregoing provisions, all payments will be applied first
to the repayment of accrued fees, costs and expenses under this Note, then to Accrued Interest until it has been paid in
full, and then to the repayment of the Balance until it has been paid in full.

 

     

     

    

 

2. Conversion of Note.

 

a. Definitions.

 

“Balance” means the outstanding
principal balance due under this Note, including any PIK Interest added to the principal in accordance with the terms hereof.

 

“Common Stock” means the common
stock of Borrower, par value $0.0001 per share.

 

“Exchange Ratio” means $2.50, adjusted
as follows:

 

(1) If the Borrower shall at
any time or from time to time after the date hereof effect a split or subdivision of the outstanding Common Stock, the Exchange
Ratio shall be proportionately increased.

 

(2) If the Borrower shall at
any time or from time to time after the date hereof combine or effect a reverse split of the outstanding shares of Common Stock,
the Exchange Ratio shall be proportionately decreased.

 

(3) Any adjustment under this
subsection iii shall become effective at the close of business on the date the split, subdivision, combination or issuance becomes
effective.

 

“Stock Exchange” means the principal
national securities exchange on which shares of Common Stock are listed (must be the Nasdaq Capital Market, NYSE American Market
or a higher tier of such stock exchanges).

 

“Triggering Event” means:

 

(1) reorganization, recapitalization,
reclassification, consolidation or merger involving the Borrower in which the Borrower is not the surviving or resulting corporation;
or

 

(2) the sale, lease, transfer, or
other disposition, in a single transaction or series of related transactions, by the Borrower of all or substantially all the assets
of the Borrower taken as a whole, or the sale or disposition (whether by merger, consolidation or otherwise) of one or more subsidiaries
of the Borrower if substantially all of the assets of the Borrower and its subsidiaries taken as a whole are held by such subsidiary
or subsidiaries, except where such sale, lease, transfer, or other disposition is to a wholly owned subsidiary of the Borrower.

 

b. Optional Conversion of Note by Holder.
At any time and from time to time after the Anniversary Date, as well as at any time within 90 days after the Holder’s receipt
of notice of the consummation of the Triggering Event, the Holder may, at the Holder’s option, convert (i) all or part of
the Balance (such amount to be converted, the “Converted Principal Amount”) into a number of shares of Common
Stock equal to the quotient of the Converted Principal Amount (which shall not be less than Thirty-Five Thousand Dollars ($35,000))
divided by the Exchange Ratio; and (ii) all or part of the then Accrued Interest (such interest amount to be converted, the “Converted
Interest Amount”) into a number of shares of Common Stock equal to the quotient of the Converted Interest Amount divided
by the Exchange Ratio.

 

c. Mandatory Conversion by Borrower.
If on any date following the Anniversary Date, the average volume of shares of Common Stock traded on the Stock Exchange has equaled
or exceeded 100,000 shares per day for the 10 trading days prior to the applicable date, Borrower may, at Borrower’s option
to be effected only prior to the opening of trading on the Stock Exchange on the next trading date, convert (A) all or part of
the Balance (such amount to be converted, the “Mandatory Converted Amount”) into a number of shares of Common
Stock equal to a quotient of the Mandatory Converted Amount (which shall not be less than Thirty-Five Thousand Dollars ($35,000))
divided by the Exchange Ratio and (B) all or part of the then accrued but unpaid interest (such amount to be converted, the “Mandatory
Converted Interest Amount”) into a number of shares of Common Stock equal to the quotient of the Mandatory Converted
Interest Amount (which shall not be less than Thirty-Five Thousand Dollars ($35,000)) divided by the Exchange Ratio (each such
event, a “Mandatory Conversion”). At the time of any Mandatory Conversion, all shares of Common Stock into which
any Mandatory Converted Amount or any Mandatory Converted Interest Amount may convert must be registered for sale in any public
offering. Borrower and Holder each agree that the intent of this provision is to ensure that Holder may freely trade any Common
Stock received as a result of any Mandatory Conversion.

 

    	EVO: Secured Promissory Note	Page 2

     

    

 

d. Procedure for Conversion.

 

i. Voluntary Conversion.
In order for the Holder to voluntarily convert all or part of the Balance or Accrued Interest into shares of Common Stock, the
Holder shall provide written notice to the Borrower’s transfer agent at the office of the transfer agent for the Common Stock
(or at the principal office of the Borrower if the Borrower serves as its own transfer agent) that the Holder elects to convert
all or part of the Balance or Accrued Interest, or both, identifying the Converted Principal Amount or the Converted Interest Amount,
or both, to be converted. The notice shall state the Holder’s name or the names of the nominees in which the Holder wishes
the shares of Common Stock to be issued.

 

ii. Mandatory Conversion.
In order for the Borrower to require conversion of all or part of the Balance or Accrued Interest into shares of Common Stock,
the Borrower shall provide written notice to the Holder that Borrower elects to convert all or part of the Balance or Accrued Interest,
or both, identifying the Mandatory Converted Amount or the Mandatory Converted Interest Amount, or both, to be converted. Upon
receipt of such notice, the Holder shall provide to Borrower of the Holder’s name or the names of the nominees in which the
Holder wishes the shares of Common Stock to be issued.

 

iii. Other Requirements.
The close of business on the date of receipt by the transfer agent (or by the Borrower if the Borrower serves as its own transfer
agent) of the Holder’s notice of voluntary conversion or the opening for trading of the Stock Exchange on the date of Borrower’s
notice of mandatory conversion shall be the time of conversion (the “Conversion Time”), and the shares of Common
Stock issuable upon conversion of the Balance or Accrued Interest, or both, shall be deemed to be outstanding of record as of such
date and time. The Borrower shall, as soon as practicable after the Conversion Time but no later than the first business day following
the date of the Conversion Time, issue and deliver to the Holder, or the Holders nominee or nominees, a certificate or certificates
for the number of shares of Common Stock issuable upon such conversion in accordance with the provisions hereof. The Borrower also
shall provide to the Holder a proposed form of acknowledgement of the amount of the Balance or Accrued Interest, or both, satisfied
by the such conversion and receipt for such certificates, for the Holder to sign and return to the Borrower.

 

e. Reservation of Shares. The Borrower
shall at all times when the Note shall be outstanding, reserve and keep available out of its authorized but unissued Common Stock,
for the purpose of effecting the conversion of the Balance or Accrued Interest, such number of its duly authorized shares of Common
Stock as shall from time to time be sufficient to effect the conversion of the Note; and if at any time the number of authorized
but unissued shares of Common Stock shall not be sufficient to effect the conversion of the full value of the Note, the Borrower
shall take such corporate action as may be necessary or appropriate to increase its authorized but unissued shares of Common Stock
to such number of shares as shall be sufficient for such purposes, including, without limitation, engaging in best efforts to obtain
the requisite stockholder approval of any necessary amendment to the Borrower’s Certificate of Incorporation.

 

f. Taxes. The Borrower shall pay any
and all costs, expense, and taxes of issue and other similar taxes that may be payable in respect of any issuance or delivery of
shares of Common Stock upon conversion of the Balance or Accrued Interest pursuant to this Section 2. The Borrower shall
not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery
of shares of Common Stock in a name other than the Holder, and no such issuance or delivery shall be made unless and until the
person or entity requesting such issuance has paid to the Borrower the amount of any such tax or has established, to the satisfaction
of the Borrower, that such tax (if any) has been paid.

 

g. Termination of Rights. Except for
the rights to obtain certificates representing shares of Common Stock and as set forth in Section 2.d.iii above or Section
2 .h below, all rights with respect to this Note shall terminate upon the effective conversion of the entire Balance, all of
the Accrued Interest, and all other amounts due hereunder, whether or not this Note has been surrendered to Borrower for cancellation.

 

h. Delivery of Stock Certificates.
As promptly as practicable after any conversion of this Note into shares of Common Stock as provided herein, Borrower, at its cost
and expense, shall issue and deliver to Holder the certificate or certificates evidencing the number of shares of Common Stock
that are issuable to the Holder or the Holder’s nominees in connection with a conversion in accordance with this Section
2.

 

    	EVO: Secured Promissory Note	Page 3

     

    

 

i. Adjustment for Merger or Reorganization.
If there shall occur any reorganization, recapitalization, reclassification, consolidation or merger involving the Borrower in
which Common Stock is converted into or exchanged for securities, cash or other property, then, following any such reorganization,
recapitalization, reclassification, consolidation or merger, the Balance then outstanding shall thereafter be convertible, in lieu
of the Common Stock into which it was convertible prior to such event, into the kind and amount of securities, cash or other property
which a holder of the number of shares of Common Stock of the Borrower issuable upon conversion of the Balance outstanding immediately
prior to such reorganization, recapitalization, reclassification, consolidation or merger would have been entitled to receive pursuant
to such transaction.

 

3. Security Interest. This Note
is secured by all assets of Borrower pursuant to various documents set forth in the Purchase Agreement and duly executed by the
Borrower as provided therein.

 

4. Events of Default. Each of the
following shall constitute an “Event of Default” hereunder:

 

a. The Borrower shall (i) voluntarily terminate
operations or apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator
in respect of such Borrower, as the case may be, or of all or a substantial part of the assets of such Borrower, as the case may
be, (ii) admit in writing its inability, to pay debts as the debts become due, (iii) make a general assignment for the benefit
of its creditors, (iv) commence a voluntary case under the Federal Bankruptcy Code (as now or hereafter in effect), (v) file a
petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, winding-up, or composition
or adjustment of debts, (vi) fail to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed
against it in an involuntary case under the Federal Bankruptcy Code or applicable state bankruptcy laws or (vii) take any corporate
action for the purpose of effecting any of the foregoing; or

 

b. Default in the performance of any other
obligation under this Note, the Purchase Agreement, the security agreements or any other document issued or executed in connection
with this Note and such failure continues for ten (10) days after written notice to Borrower.

 

If any Event of Default shall occur under Section 4(a), then,
the Balance and Accrued Interest hereunder shall become immediately due and payable without any notice, declaration or other act
on the part of the Holder. If any Event of Default shall occur and be continuing, the Holder by written notice to the Borrower
may declare the Balance to be immediately due and payable and shall have all of the rights and remedies of a secured party under
the UCC and other applicable laws with respect to all of the collateral security granted to the Holder pursuant to the security
documents entered into in connection with the Purchase Agreement.

 

5. Governing Law. This Agreement
shall be governed by and construed in accordance with the internal laws of the State of Arizona without giving effect to any choice
or conflict of law provision or rule (whether of the State of Arizona or any other jurisdiction) that would require or permit the
application of the laws of any other jurisdiction.

 

6. Consent to Jurisdiction. ANY
LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT MAY BE INSTITUTED ONLY IN THE FEDERAL COURTS OF THE
UNITED STATES OF AMERICA OR THE COURTS OF THE STATE OF ARIZONA IN EACH CASE LOCATED IN THE COUNTY OF MARICOPA, AND EACH PARTY IRREVOCABLY
SUBMITS TO THE EXCLUSIVE JURISDICTION OF, AND SOLE VENUE IN, SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS,
SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO SUCH PARTY’S ADDRESS SET FORTH IN THE PURCHASE AGREEMENT SHALL BE EFFECTIVE
SERVICE OF PROCESS FOR ANY LEGAL SUIT, ACTION OR ANY PROCEEDING BROUGHT IN ANY SUCH COURT. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY
WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY LEGAL SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND
AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM. Each of the Borrower and the Holder consents to process being served in any such suit, action or proceeding
by mailing a copy thereof to such party at the address set forth in the Purchase Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing in this Section 6 shall affect or limit any right to
serve process in any other manner permitted by law.

 

    	EVO: Secured Promissory Note	Page 4

     

    

 

7. Collection Expenses. The Borrower
further agrees, subject only to any limitation imposed by applicable law, to pay all costs and expenses, including reasonable and
documented attorneys’ fees, incurred by the Holder in endeavoring to collect or collecting any amounts payable hereunder
which are not paid when due.

 

8. Amendment. Except as otherwise
provided in this Note or in the Purchase Agreement, no modification or amendment hereof shall be effective unless (a) made in a
writing signed by appropriate officers of each of Borrower and Holder.

 

9. Waiver. Borrower hereby waives
presentment, protest, demand for payment, notice of dishonor, notice of protest or nonpayment, and any and all other notices or
demands in connection with the delivery, acceptance, performance, default, or enforcement of this Note.

 

10. Severability. The invalidity
or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.

 

11. Addresses for Notices, etc.
All notices, requests, consents, claims, demands, waivers and other communications hereunder, including all requests under Section
9-210 of the Uniform Commercial Code of the State, shall be in writing and shall be deemed to have been given (a) if mailed by
certified or registered mail, four days after the date of mailing, (b) if hand delivered, on the date of delivery, (c) if sent
by overnight courier service, on the day after the date of delivery to the courier, (d) if sent by facsimile during the recipient’s
normal business hours of the recipient, on the day sent (and if sent after normal business hours, on the opening of the recipient’s
business on the next day that is not a Saturday, Sunday or federal legal holiday) and (e) if sent by email, on the sender’s
receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgment).

 

12. Headings; Interpretation. In
this Note, (a) the meaning of defined terms shall be equally applicable to both the singular and plural forms of the terms defined;
(b) the captions and headings are used only for convenience and are not to be considered in construing or interpreting this Note
and (c) the words “including,” “includes” and “include” shall be deemed to be followed by the
words “without limitation”. All references in this Note to sections, paragraphs, exhibits and schedules shall, unless
otherwise provided, refer to sections and paragraphs hereof and exhibits and schedules attached hereto, all of which exhibits and
schedules are incorporated herein by this reference.

 

13. Counterparts. This Agreement
may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall
constitute one and the same Agreement. This Agreement may be delivered personally, by facsimile or by electronic transmission (pdf
sent via email).

 

14. Survival. All representations,
warranties and covenants contained herein shall survive the execution and delivery of this Note and the issuance of any Common
Stock upon the conversion hereof.

 

15. Registration Rights. The shares
of Common Stock issuable upon conversion of this Note shall have the benefit of the registration rights set forth in the Purchase
Agreement.

 

[Signature page follows]

 

    	EVO: Secured Promissory Note	Page 5

     

    

 

IN WITNESS WHEREOF, the undersigned
has caused this Secured Convertible Promissory Note to be executed by its duly authorized officer as of the date first above written.

 

	 	EVO Transportation & Energy Services, Inc.
	 	 	 
	 	By:	/s/ John P. Yeros
	 	Name:	John P. Yeros
	 	Its:	Chief Executive Officer

 

	AGREED & ACKNOWLEDGED:	 
	 	 
	Dan Thompson II LLC	 
	 	 	 
	By:	/s/ Dan Thompson	 
	Name:	Dan Thompson	 
	Its:	President	 

 

    	EVO: Secured Promissory Note	Page 6Exhibit 10.1

 

CONFIDENTIAL
SETTLEMENT AGREEMENT AND MUTUAL RELEASE

 

This
Confidential Settlement Agreement and Mutual Release (“Agreement”), is made and entered into as of July 31,
2018 (the “Effective Date”), by and among Red Ocean Consulting, LLC, a Florida limited liability company, Brenton
Hayden, Richard H. Enrico Revocable Trust Dated June 9, 1998, and Richard H. Enrico (collectively, the “Creditors”),
on the one hand, and Titan CNG, LLC, a Delaware limited liability company, Titan El Toro, LLC, a Delaware limited liability company,
Titan Diamond Bar, LLC, a Delaware limited liability company, Titan Blaine, LLC, a Minnesota limited liability company, Kirk Honour,
Scott Honour, John Yeros, Minn Shares Inc., now known as EVO Transportation & Energy Services, Inc., a Delaware corporation
(collectively, the “Debtors”), on the other hand. The Creditors and the Debtors are collectively referred to
herein as the “Parties.”

 

RECITALS

 

WHEREAS,
the Creditors commenced a lawsuit against the Debtors relating to certain secured bridge notes and related loan documents in Hennepin
County District Court, Court File No. 27-CV-18-2405 (the “Lawsuit”); and

 

WHEREAS,
the Parties have resolved their differences and desire to fully and finally resolve and settle all of the past, present and future
claims, controversies, causes of action and disputes of any kind related to the Secured Bridge Notes and the Debtors’ obligations
thereunder through the date of the execution of this Agreement, whether or not currently known.

 

NOW,
THEREFORE, in consideration of the mutual conditions and covenants contained in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows:

 

AGREEMENT

 

1.  Recitals
Are Material. The Parties agree that the “Recitals” set forth above constitute material representations and terms
of this Agreement upon which the Parties are relying and, as such, are incorporated herein by reference.

 

2.  Settlement
Payment. Contemporaneous with the signing of this Agreement, the Debtors shall pay the Creditors the sum of One Million, Twenty-Two
Thousand, Fifty-Nine, and 83/100 Dollars ($1,022,059.83) (the “Settlement Payment”). The Settlement Payment
shall be made payable via wire transfer to the Messerli & Kramer, P.A. Trust Account, C/O John Harper, III, 1400 Fifth St.
Tower, 100 South 5th St., Minneapolis, MN 55402.

 

3.  Settlement
Payment Allocation. The Parties agree to the allocation of the Settlement Payment as follows:

 

		A.	$387,000
                                         allocated towards the judgment against Titan CNG, LLC and Minn Shares Inc. (n/k/a EVO
                                         Transportation & Energy Services, Inc.), pursuant to the Court’s Order dated
                                         May 29, 2018;

 

		B.	$391,0001
                                         allocated towards the judgment against Titan CNG, LLC, Titan El Toro, LLC, Titan
                                         Diamond Bar, LLC, Titan Blaine, LLC, Kirk Honour, and Scott Honour, pursuant to the Court’s
                                         Order dated May 29, 2018;

 

 

 

 

 

1
Debtors made a $50,000 good-faith payment to Creditors on or about June 20, 2018, thereby reducing the amounts owed on the
judgments reflected in Sections 3(A) and 3(B) by $25,000, respectively.

 

     

     

    

 

		C.	$99,523.21
                                         allocated towards Creditors’ attorneys’ fees, costs and disbursements;

 

		D.	$87,070.58
                                         allocated towards the interest on the loans from Red Ocean Consulting, LLC; and

 

		E.	$57,466.04
                                         allocated towards the interest on the loans from Richard H. Enrico Revocable Trust Dated
                                         June 9, 1998.

 

4.  Delivery
of Equity Documentation. Contemporaneous with the signing of this Agreement, Debtors shall order documents (Share Certificates
or Certificates of Membership Units) from the stock transfer agent and cooperate in delivering to Creditors such documents, relating
to Paragraph 4 of the following Secured Bridge Notes: (1) February 29, 2016 Secured Bridge Note for $250,000 in favor of Red Ocean
Consulting, LLC; (2) September 26, 2016 Secured Bridge Note for $150,000 in favor of Red Ocean Consulting, LLC; (3) January 31,
2017 Secured Bridge Note for $400,000 in favor of the Richard H. Enrico Revocable Trust Dated June 9, 1998 (collectively, the
“Secured Bridge Notes”). In addition, within two (2) weeks of the signing of this Agreement, Debtors agree that they
will calculate and confirm the total number of shares owned by each of the Creditors.

 

5.  Withdrawal.
Creditors agree that effective upon the execution of this Agreement and payment of the Settlement Payment, they withdraw any
and all allegations and claims in the Lawsuit alleging fraud and fraudulent misrepresentation.

 

6.  Dismissal
with Prejudice. Within five (5) business days after the Settlement Payment is made, the Parties shall file with the Hennepin
County District Court a stipulation and order for dismissal with prejudice of all claims in the Lawsuit, along with a satisfaction
of judgment. In addition, the stipulation and order for dismissal shall specifically state that “Plaintiffs hereby withdraw
any and all allegations and claims of fraud/fraudulent misrepresentation against Defendants.”

 

7.  Global
Mutual Release of Claims. Effective upon Debtors’ payment of the Settlement Payment, each party to this Agreement hereby
absolutely and unconditionally releases, covenants not to sue, acquits and forever discharges each and every other party to this
Agreement, and their respective representatives, heirs, successors, and assigns, from any manner of action or actions, causes
of action, claims, including but not limited to all claims related to the Secured Bridge Notes and the Debtors’ obligations
thereunder, that were asserted or could have been asserted in the Lawsuit, damages, debts, demands, executions, expenses, judgments,
liabilities, or losses, whether known or unknown, liquidated or unliquidated, fixed, contingent, direct or indirect, legal or
equitable, and whether sounding in tort, contract, equity or otherwise, related to the Secured Bridge Notes and the Debtors’
obligations thereunder, existing on or before the Effective Date of this Agreement. Nothing herein shall be construed to be a
release of any obligations under this Agreement or the documents referenced in this Agreement, or claims unrelated to the Secured
Bridge Notes and the Debtors’ obligations thereunder. Notwithstanding the foregoing, Creditors specifically reserve their
right to challenge the accuracy of the calculation of their shares, as referenced in Section 4 above.   

 

    	 	2	 

     

    

 

8.  No
Admission of Liability. The Parties understand and agree that the acts done and evidenced by this Agreement and the covenants
granted under this Agreement are done and granted solely to compromise disputed claims and to avoid further costs in connection
with the claims; and they shall not constitute, nor be construed as, an admission of any liability on the part of the Parties.
The Parties expressly and vehemently deny any charges of wrongdoing made against them.

 

9.  Legal
Representation. The Parties acknowledge that they were given the opportunity to fully review, question and revise this Agreement.
The Parties acknowledge that they had the opportunity to receive the advice of independent legal counsel prior to the execution
of this Agreement, and have fully exercised that opportunity to the extent desired and fully understand its terms and provisions.

 

10.  No
Other Representations. Each party acknowledges and agrees that he/she has not relied on any representations or statements
by the other party, whether oral or written, other than the express statements of this Agreement, in executing this Agreement.
Each party acknowledges and agrees that no party, agent or attorney of any party, has made any promise, representation, or warranty
whatsoever, express or implied, not contained herein to induce him/her to execute this Agreement. This Agreement is the result
of negotiation and compromise among the Parties and will not be interpreted against the party originally drafting this Agreement.

 

11.  Binding
on Related Parties. This Agreement shall be binding on and inure to the benefit of the Parties and their respective predecessors,
successors, estates, executors, administrators, personal representatives, heirs, parents, subsidiaries, beneficiaries, affiliates,
and assigns, and each Parties’ respective officers, directors, shareholders, members, managers, governors, servants, employees,
and/or agents (including any successors by merger, sale of assets or other business transaction).

 

12.  Integrated
Agreement. It is understood and agreed by the Parties that all understandings and agreements heretofore had between or among
the Parties with respect to matters covered by this Agreement are merged into this Agreement and the documents referenced in this
Agreement, which fully and completely express the Parties’ agreement. This Agreement and the documents referenced in this
Agreement constitute the entire agreement amongst the Parties with respect to the subject matter hereof and supersede any and
all prior agreements amongst these Parties. This Agreement and the documents referenced in this Agreement shall not be modified
except by written agreement duly executed by or on behalf of each of the Parties and dated subsequent hereto.

 

13.  Confidentiality.
The Parties shall keep all settlement discussions and the terms of this Agreement confidential and shall not disclose the
same to any persons other than their respective attorneys, accountants, tax and financial advisors, investors, lenders, merger,
acquisition or divestiture candidates, shareholders, members, officers, directors, governors, and managers, state or federal taxing
authorities, government agencies or regulators, current or future prospective business or financial partners, and directly related
family members, all of whom shall maintain such confidentiality, if ordered to do so by a court of competent jurisdiction, or
if required to do so by applicable law or regulation. Disclosure is also permitted with the written consent of the Parties.

 

    	 	3	 

     

    

 

14.  Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota without regard
to conflicts of law principles.

 

15.  Venue.
The Parties agree that any claim arising out of or relating in any way to this Agreement or the documents referenced in this
Agreement shall only be heard in Hennepin County District Court in the State of Minnesota.

 

16.  Voluntary
Release. The Parties acknowledge that this Agreement was not executed under any form of duress, coercion or undue influence
and that they are entering into this Agreement freely and voluntarily.

 

17.  Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same Agreement. A signature by facsimile, photocopy or pdf shall be deemed to have the same effect
as an original signature. Once each party to the Agreement has executed a copy of the Agreement, the Agreement shall be considered
fully executed and effective, notwithstanding that all Parties have not executed the same copy hereof.

 

18.  Severability.
The provisions of this Agreement are severable. If any provision of the Agreement is declared invalid or unenforceable, the
ruling will not affect the validity and enforceability of any other provision of the Agreement.

 

19.  Negotiated
Agreement. This Agreement is the result of negotiation between the Parties and/or their respective counsel. This Agreement
will be interpreted fairly in accordance with its terms and conditions and without any strict construction in favor of any party.
Any ambiguity shall not be interpreted against the drafting party.

 

20.  Supplemental
Documents. The Parties agree to cooperate fully, to execute any and all supplementary documents, including without limitation,
the Stipulation and Order for Dismissal, and to take all additional actions which may be necessary or appropriate to give full
force and effect to the basic terms and intent of this Agreement.

 

[Signature
Pages Below]

 

    	 	4	 

     

    

 

IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the Effective Date above written.

 

	 	RED OCEAN CONSULTING, LLC
	 	 
	 	a Florida limited liability company
	 	 	 
	 	By:	/s/ Brenton G. Hayden
	 	Name:	Brenton G. Hayden
	 	Title:	Managing Director
	 	 	 
	 	BRENTON HAYDEN
	 	 
	 	/s/ Brenton Hayden
	 	 
	 	RICHARD H. ENRICO REVOCABLE

 TRUST
    DATED JUNE 9, 1998
	 	 	 
	 	By:	/s/ Richard H. Enrico
	 	Name:	Richard H. Enrico
	 	Title:	Manager
	 	 
	 	RICHARD H. ENRICO
	 	 
	 	/s/ Richard H. Enrico
	 	 	 
	 	Titan
    CNG, LLC,
	 	 
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Scott Honour
	 	Name:	Scott Honour
	 	Title:	Managing Member
	 	 	 
	 	Titan
    El Toro, LLC,
	 	 
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Scott Honour
	 	Name:	Scott Honour
	 	Title:	Managing Member

 

    	 	5	 

     

    

 

	 	Titan
    DIAMOND BAR, LLC,
	 	 
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Scott Honour
	 	Name:	Scott Honour
	 	Title:	Managing Member
	 	 
	 	Titan
    BLAINE, LLC,
	 	 
	 	a Minnesota limited liability company
	 	 	 
	 	By:	/s/ Scott Honour
	 	Name:	Scott Honour
	 	Title:	Managing Member

 

    	 	6	 

     

    

 

	 	scott
    honour
	 	 
	 	/s/ Scott Honour
	 	 
	 	KIRK
    HONOUR
	 	 	 
	 	/s/ Kirk Honour
	 	 
	 	JOHN
    YEROS
	 	 
	 	/s/ John Yeros
	 	 	 
	 	EVO
    Transportation & Energy

 Services, Inc., FORMERLY KNOWN AS

 MINN SHARES, INC.,
	 	 
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ John Yeros
	 	Name:	John Yeros
	 	Title:	Chief Executive Officer

 

    	 	7

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