Document:

Exhibit

Exhibit 10.1

EDGEWELL PERSONAL CARE COMPANY
EXECUTIVE SEVERANCE PLAN

ARTICLE I.
PURPOSE, INTENT AND TERM OF PLAN

Section 1.01  Purpose and Intent of the Plan. The purpose of the Plan is to make available to Eligible Employees certain compensation and benefits in the event that such employee’s employment with the Company or a Subsidiary is terminated as a result of a Qualifying Termination. The Plan is not intended to be an “employee benefit plan” within the meaning of Section 3(3) of ERISA.
 Section 1.02    Term of the Plan. The Plan shall be effective as of the Effective Date and shall continue until terminated pursuant to the provisions set forth herein.

ARTICLE II.
DEFINITIONS

 Section 2.01    “Base Salary” shall mean the Participant’s annual base salary, excluding bonus and incentive compensation, in effect as of the date of the Participant’s Qualifying Termination.
 Section 2.02    “Board” shall mean the Board of Directors of the Company.
 Section 2.03    “Cause” shall mean (i) the failure of an Eligible Employee to make a good faith effort to substantially perform his or her duties (other than any such failure due to the Eligible Employee’s disability) or Eligible Employee’s insubordination with respect to a specific directive of the Eligible Employee’s supervisor or officer to which the Eligible Employee reports directly or indirectly (or the Board if the Eligible Employee reports to the Board); (ii) Eligible Employee’s dishonesty, negligence in the performance of his or her duties hereunder or engaging in willful misconduct, which in the case of any such negligence, has caused or is reasonably expected to result in direct or indirect material injury to the Company or its Subsidiaries; (iii) breach by Eligible Employee of any material provision of any written agreement with the Company or its Subsidiaries or material violation of any Company or its Subsidiary policy applicable to Eligible Employee; or (iv) Eligible Employee’s commission of a crime that constitutes a felony or other crime of moral turpitude or fraud. If, subsequent to Eligible Employee’s termination of employment hereunder for other than Cause, it is determined in good faith by the Company that Eligible Employee’s employment could have been terminated for Cause hereunder, Eligible Employee’s employment shall, at the election of the Company, be deemed to have been terminated for Cause retroactively to the date the events giving rise to Cause occurred.

 Section 2.04    “Code” shall mean the Internal Revenue Code of 1986, as amended, and the regulations and other guidance promulgated thereunder.
Section 2.05    “Committee” shall mean the Nominating & Executive Compensation Committee of the Board or such other committee appointed by the Board to assist the Company in making determinations required under the Plan in accordance with its terms. The Committee may delegate its authority under the Plan to an individual or another committee. 
 Section 2.06    “Company” shall mean Edgewell Personal Care Company.
 Section 2.07    “Effective Date” shall mean September 23, 2016.
 Section 2.08    “Eligible Employee” shall mean any employee of the Company who is listed by name or by title in Appendix I herein, provided that the Plan Administrator may add Eligible Employees from time to time, provided that he or she obtains the consent of the Chief Executive Officer of the Company.  If the Plan Administrator wishes to add an Eligible Employee who is a named executive officer of the Company, it will additionally require the approval of the Committee.
 Section 2.08    “Employer” shall mean the Company or, if applicable, the Subsidiary that employs the Eligible Employee.
 Section 2.10     “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.
 Section 2.11    “Good Reason” shall mean the occurrence of any of the following circumstances:
(i)    a material diminution of an Eligible Employee’s base compensation or bonus opportunity;
(ii)    a material diminution of the Eligible Employee’s authority, duties, or responsibilities; or
(iii)    a change in the principal place of Eligible Employee’s employment to a location more than fifty (50) miles distant from the Eligible Employee’s then current principal place of employment.
Notwithstanding the foregoing, Good Reason will not be deemed to exist unless (i) the Eligible Employee notifies the Company of the existence of the condition giving rise to such Good Reason within 90 days of the initial existence of such condition, (ii) the Company does not cure such condition within 30 days of such notice, and (iii) the Eligible Employee experiences a voluntary Separation from Service within 120 days of the initial occurrence of such condition.
 Section 2.12    “Participant” shall mean any Eligible Employee who meets the requirements of Article III and thereby becomes eligible for Severance Benefits.

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 Section 2.13    “Plan” means this Edgewell Personal Care Company Executive Severance Plan as set forth herein, and as the same may from time to time be amended.
 Section 2.14    “Plan Administrator” shall mean the individual(s) appointed by the Committee to administer the terms of the Plan as set forth herein and if no individual is appointed by the Committee to serve as the Plan Administrator, the Plan Administrator shall be the Chief Human Resources Officer of the Company. Notwithstanding the preceding sentence, in the event the Plan Administrator is entitled to Severance Benefits under the Plan, the Committee or its delegate (who shall not be the Plan Administrator) shall act as the Plan Administrator for purposes of administering the terms of the Plan with respect to the Plan Administrator. The Plan Administrator may delegate all or any portion of its authority under the Plan to any other person(s). 
  Section 2.15    “Qualifying Termination” shall mean a Separation from Service of an Eligible Employee either as a result of (i) an involuntary termination of employment of the Eligible Employee without Cause or (ii) a voluntary termination of employment by the Eligible Employee as a result of Good Reason.
 Section 2.16    “Release” shall mean a written agreement, in substance and form suitable to the Company, by which a Participant agrees to waive and release the Company and, if applicable, the Employer from all legal claims the Participant may have against the Company and, if applicable, the Employer in exchange for Severance Benefits. The Release shall include the Participant’s written agreement to confidentiality, non-solicitation, non-disparagement and non-competition provisions. Releases are not required to be identical amongst Participants.
 Section 2.17    “Separation from Service” shall mean “separation from service” from the Employer, within the meaning of Code Section 409A(a)(2)(A)(i) and the applicable regulations and rulings promulgated thereunder.
 Section 2.18    “Severance Benefits” shall mean the benefits that a Participant is eligible to receive pursuant to Article IV of the Plan.
Section 2.19    “Severance Bonus” shall mean the amount paid to the Eligible Employee as an incentive bonus under the short-term incentive plans of the Company or any of its Subsidiaries for the most recently completed fiscal year prior to the fiscal year in which the Qualifying Termination occurs.  If the Eligible Employee did not receive such an incentive bonus for the most recently completed fiscal year prior to the fiscal year in which the Qualifying Termination occurs, the Severance Bonus shall be zero.
Section 2.20    “Subsidiary” shall mean any service recipient or employer that is within a controlled group of corporations of the Company as defined in Code Sections 1563(a)(1), (2) and (3) where the phrase “at least 50%” is substituted in each place “at least 80%” appears and any service recipient or employer within trades or businesses under common control as defined in Code Section 414(c) and Treas. Reg. Section 1.414(c)‐2 where the phrase “at least 50%” is substituted in each place “at least 80%” appears, provided, however, that when the relevant determination is to be based upon legitimate business criteria (as described in Treas. Reg. Sections 1.409A‐1(b)(5)(iii)(E) and 1.409A‐1(h)(3)), the phrase “at least 20%” shall be substituted in each place “at least 

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80%” appears as described above with respect to both a controlled group of corporations and trades or business under common control.      

ARTICLE III.
PARTICIPATION AND ELIGIBILITY FOR BENEFITS

Section 3.01    Participation. Each Eligible Employee in the Plan who experiences a Qualifying Termination and who satisfies all of the conditions of Section 3.02 shall be eligible to receive Severance Benefits.
 Section 3.02    Release. Eligibility for any Severance Benefits is expressly conditioned upon the Eligible Employee’s execution of the Release within the timeframe set forth in the Release, but no later than sixty (60) days following such employee’s Separation from Service, including the Eligible Employee’s written acceptance of, and written agreement to comply with, the confidentiality, non‐solicitation, non-disparagement and non‐competition provisions set forth in the Release. To the extent permitted in Section 4.03, eligibility for any Severance Benefits also is expressly conditioned upon the Eligible Employee’s written agreement that authorizes the deduction of amounts owed to the Employer prior to the payment of any Severance Benefits (or in accordance with any other schedule as the Plan Administrator may, in its sole discretion, determine to be appropriate). If the Plan Administrator notifies a Participant that repayment of all or any portion of the Severance Benefits received under the Plan is required, such amounts shall be repaid within thirty (30) calendar days after the date the written notice is sent. Any remedy under this Section 3.02 shall be in addition to, and not in place of, any other remedies, including injunctive relief, that the Company or Employer may have.
 Section 3.03    Change in Control Agreement. Notwithstanding any provision to the contrary, no benefits shall be paid to an Eligible Employee pursuant to the terms of this Plan upon the event of a Qualifying Termination to the extent that benefits would otherwise be paid to such Eligible Employee pursuant to the terms of a Change in Control Employment Agreement or similar agreement between such Eligible Employee and the Company or Employer.

ARTICLE IV.
DETERMINATION OF SEVERANCE BENEFITS
Section 4.01    Amount of Severance Benefits Upon Qualifying Termination. An Eligible Employee who experiences a Qualifying Termination shall, subject to the terms of this Plan, be entitled to the following benefits:
(a)    Lump‐Sum Severance. A lump‐sum severance benefit in the amount set forth in Appendix I, which such amount shall be determined in accordance with such Eligible Employee’s title upon the occurrence of the Qualifying Termination.

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(b)    Accrued Paid-Time Off.  A lump-sum severance benefit equal to the accrued but unpaid paid-time off available to the Eligible Employee under the Company’s paid-time off policy in effect on the date of the Qualifying Termination.
(c)    Group Health Plan Benefits.  If an Eligible Employee is participating in a group health plan at the time of his or her Qualifying Termination, an additional lump‐sum severance benefit in an amount equal to (1) 1.5 times the full monthly premium cost (employer plus employee) in effect at the time of the Qualifying Termination for the level of coverage in effect for such Eligible Employee and his or her dependents, as applicable, on such date, multiplied by (2) the Applicable Monthly Period.  The Applicable Monthly Period shall be (A) twelve for an Eligible Employee, other than an Eligible Employee who is the Chief Executive Officer or Chief Financial Officer at the time of his or her Qualifying Termination, (B) twenty-four for the Eligible Employee who is the Chief Executive Officer at the time of his or her Qualifying Termination, and (C) eighteen for the Eligible Employee who is the Chief Financial Officer as the time of his or her Qualifying Termination. 
Section 4.02    Timing and Release.  All amounts described in Section 4.01 above shall be paid as soon as administratively practicable following the later of (i) the date of an Eligible Employee’s Qualifying Termination, and (ii) the date such Eligible Employee’s Release becomes effective and irrevocable. Notwithstanding the foregoing, in no event will any amount described in Section 4.01 above be paid later than two and one-half months following the date of an Eligible Employee’s Qualifying Termination. Notwithstanding the foregoing or anything herein to the contrary, any amounts described in Section 4.01 above that become payable with respect to an Eligible Employee who has a Change in Control Employment Agreement with the Company shall be paid in a cash lump sum on the six-month anniversary of the Eligible Employee’s Qualifying Termination, to the extent required to avoid the adverse tax consequences under Code Section 409A.
Section 4.03    Reduction of Severance Benefits. The Plan Administrator reserves the right to make deductions in accordance with applicable law, and to the extent any such deduction would not result in adverse tax consequences under Code Section 409A, for any monies owed to the Employer by the Eligible Employee or for the value of any Employer property that the Eligible Employee improperly retains and fails to return to the Employer.

ARTICLE V.
PLAN ADMINISTRATOR
Section 5.01    Authority and Duties. It shall be the duty of the Plan Administrator, on the basis of information supplied to it by the Employer, to administer the Plan. The Plan Administrator shall have the full and absolute power, authority and discretion to construe, interpret and administer the Plan, to make factual determinations, to correct deficiencies therein and to supply omissions. All decisions, actions and interpretations of the Plan Administrator shall be final, binding and conclusive upon all parties and may not be overturned unless found by a court to be arbitrary and 

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capricious. The Plan Administrator may adopt such rules and regulations and may make such decisions as it deems necessary or desirable for the proper administration of the Plan.
Section 5.02    Records, Reporting and Disclosure. The Plan Administrator or its delegate shall keep a copy of all records relating to the payment of Severance Benefits to Participants and former Participants and all other records necessary for the proper operation of the Plan. All Plan records shall be made available to the Committee, the Company, and to each Participant for examination during business hours, except that a Participant shall be entitled to examine only such records as pertain exclusively to the examining Participant and to the Plan.
 
ARTICLE VI.
AMENDMENT, TERMINATION AND DURATION
Section 6.01    Amendment, Suspension and Termination. Except as otherwise provided in this Section 6.01, the Board, by action of the Committee, shall have the right, at any time and from time to time, to amend, suspend or terminate the Plan in whole or in part, for any reason or without reason, and without either the consent of or the prior notification to any Participant, by a formal written action. No such amendment shall give the Company the right to recover any amount paid to a Participant prior to the date of such amendment or to cause the cessation of Severance Benefits already approved for a Participant who has executed the Release (and has not revoked his or her agreement to the Release). Any amendment or termination of the Plan must comply with all applicable legal requirements including, without limitation, compliance with Code Section 409A and the regulations and rulings promulgated thereunder, securities, tax, or other laws, rules, regulations or regulatory interpretation thereof, applicable to the Plan.
 Section 6.02    Duration. The Plan shall continue in full force and effect until its amendment or termination.

ARTICLE VII.
DUTIES OF THE COMPANY AND THE COMMITTEE
Section 7.01    Records. The Company or Employer, as applicable, shall supply to the Committee all records and information necessary to the performance of the Committee’s duties.
 Section 7.02    Payment. The provision of Severance Benefits to Participants shall be made from the Company’s general assets, in accordance with the terms of the Plan.
 Section 7.03    Discretion. Any decisions, actions or interpretations to be made under the Plan by the Board, the Committee or the Plan Administrator, acting on behalf of either, shall be made in each of their respective sole discretion, not in any fiduciary capacity and need not be uniformly applied to similarly situated individuals and such decisions, actions or interpretations shall be final, binding and conclusive upon all parties. As a condition of participating in the Plan, the Eligible Employee acknowledges that all decisions and determinations of the Board, the Committee and the Plan Administrator shall be final and binding on the Eligible Employee, the 

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Eligible Employee’s beneficiaries and any other person having or claiming an interest under the Plan on behalf of an Eligible Employee.
 
ARTICLE VIII.
MISCELLANEOUS
Section 8.01    Non‐Alienation of Benefits. None of the payments, benefits or rights of any Participant shall be subject to any claim of any creditor of any Participant, and, in particular, to the fullest extent permitted by law, all such payments, benefits and rights shall be free from attachment, garnishment (if permitted under applicable law), trustee’s process or any other legal or equitable process available to any creditor of such Participant. No Participant shall have the right to alienate, anticipate, commute, plead, encumber or assign any of the benefits or payments that he may expect to receive, contingently or otherwise, under this Plan.
 Section 8.02    Notices. All notices and other communications required hereunder shall be in writing and shall be delivered personally or mailed by registered or certified mail, return receipt requested, or by overnight express courier service. In the case of the Participant, mailed notices shall be addressed to him or her at the home address which he or she most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to the Plan Administrator, as follows: VP, Human Resources, 6 Research Drive Shelton, CT 06484.
 Section 8.03    Successors. Any successor to the Company shall assume the obligations under this Plan and expressly agree to perform the obligations under this Plan, subject to the provisions of Article VI.
 Section 8.04    Other Payments.  Except as otherwise provided in this Plan, no Participant shall be entitled to any cash payments or other benefits under any of the Company’s then‐current severance pay policies or plans for a termination that is covered by this Plan.
 Section 8.05    No Mitigation. Except as otherwise provided in Section 4.03, a Participant shall not be required to mitigate the amount of any Severance Benefits provided for in this Plan by seeking other employment or otherwise, nor shall the amount of any Severance Benefits provided for herein be reduced by any compensation earned by other employment or otherwise.
 Section 8.06    No Contract of Employment. Neither the establishment of the Plan, nor any modification thereof, nor the creation of any fund, trust or account, nor the payment of any benefits shall be construed as giving any Eligible Employee or any person whosoever, the right to be retained in the service of the Company or its Subsidiaries, and all Eligible Employees shall remain subject to discharge to the same extent as if the Plan had never been adopted.
 Section 8.07    Severability of Provisions. If any provision of this Plan shall be held invalid or unenforceable by a court of competent jurisdiction, such invalidity or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provisions had not been included.

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 Section 8.08    Heirs, Assigns, and Personal Representatives. This Plan shall be binding upon the heirs, executors, administrators, successors and assigns of the parties, including each Participant, present and future.
 Section 8.09    Headings, Captions and Titles. The titles of the Articles and Sections and the headings and captions herein are provided for reference and convenience only, shall not be considered part of the Plan or considered in any respect to affect or modify its provisions, and shall not be employed in the construction of the Plan. Such words in this Plan as “herein,” “hereinafter,” “hereof” and “hereunder” refer to this instrument as a whole and not merely to the subdivision in which said words appear.
 Section 8.10    Gender and Number. Where the context admits: words in any gender shall include any other gender and, except where otherwise clearly indicated by context, the singular shall include the plural, and vice‐versa.
 Section 8.11    Unfunded Plan. The Plan shall not be funded. No Participant shall have any right to, or interest in, any assets of the Company or its Subsidiaries that may be applied by the Company or its Subsidiaries to the payment of Severance Benefits.
 Section 8.12    Payments to Incompetent Persons. Any benefit payable to or for the benefit of a minor, an incompetent person or other person incapable of receipting therefor shall be deemed paid when paid to such person’s guardian or to the party providing or reasonably appearing to provide for the care of such person, and such payment shall fully discharge the Company and its Subsidiaries, the Committee and all other parties with respect thereto.
Section 8.13    Controlling Law. This Plan shall be construed and enforced according to the laws of the State of Missouri to the extent not superseded by federal law, which shall otherwise control.
 Section 8.14    Section 409A. Notwithstanding anything to the contrary in this Plan, if an Eligible Employee is a specified employee as defined in Code Section 409A, any payment hereunder on account of a separation from service may not be made until at least six months after such separation from service, to the extent required to avoid the adverse tax consequences under Code Section 409A. Any such payment otherwise due in such six‐month period shall be suspended and become payable at the end of such six‐month period. 

8Exhibit 10.1

 

SHARE
EXCHANGE AGREEMENT

 

This
Share Exchange Agreement (the “Agreement”) is dated September 22, 2016 and effective September 1, 2016 (the “Effective
Date”) by and among Ecoark Holdings, Inc., a Nevada corporation (the “Purchaser”), Eco3D, LLC., an Arkansas
limited liability company (the “Company”) and the members of the Company listed herein (the “Sellers”
and together with the Purchaser and the Company, the “Parties”).

 

WHEREAS,
the Sellers own an aggregate of 35% of the Company’s membership interests set forth on Schedule 1 attached hereto
(the “Company Interests”); and

 

WHEREAS,
the Sellers desire to sell to Purchaser, and the Purchaser desires to purchase from the Sellers, the Company Interests for the
purchase price and upon the terms and conditions hereinafter set forth;

 

NOW,
THEREFORE, for good and valuable consideration the receipt and sufficiency of which are hereby acknowledged by the Parties to
this Agreement, and in light of the above recitals to this Agreement, the Parties to this Agreement hereby agree as follows:

 

ARTICLE I

THE
COMPANY INTERESTS AND THE EXCHANGE SHARES 

 

Section 1.1
Share Exchange. Upon the terms and subject to the conditions of this Agreement, the Sellers agree to sell to Purchaser,
the Company Interests, and in exchange, at the Closing (as defined herein), the Purchaser shall issue to the Seller the Exchange
Shares indicated on Schedule I.

 

ARTICLE II

SHARE
EXCHANGE 

 

Section 2.1
Closing. The Sellers will deliver certificates representing the Company Interests and registered in the name of Purchaser,
and Purchaser will deliver a certificate representing the Exchange Shares registered in the name of the Sellers. Subject to the
satisfaction of the conditions set forth in Article VI, the time and date of such deliveries shall be on a date and at
a place to be specified by the parties (the “Closing”).

 

ARTICLE III

REPRESENTATIONS
AND WARRANTIES OF PURCHASER 

 

Purchaser
represents and warrants to the Sellers as of the date hereof that:

 

Section 3.1
Existence and Power. Purchaser is duly organized and validly existing under the laws of the state of its organization and
has all requisite power and authority to enter into and perform its obligations under this Agreement.

 

Section 3.2
Authorization. The execution, delivery and performance of this Agreement has been duly authorized by all necessary action
on the part of Purchaser, and this Agreement is a valid and binding obligation of Purchaser, enforceable against it in accordance
with its terms.

 

Section 3.3
Valid Issuance. The Exchange Shares have been duly authorized by all necessary corporate action. When issued and sold against
receipt of the consideration therefor, the Exchange Shares will be validly issued, fully paid and nonassessable, will not subject
the holders thereof to personal liability and will not be issued in violation of preemptive rights.

 

Section 3.4
Non-Contravention. The execution, delivery and performance of this Agreement will not conflict with, violate or result
in a breach of any provision of, or constitute a default (or an event which, with notice or lapse of time or both would constitute
a default) under, or result in the termination of or accelerate the performance required by, or result in a right of termination
or acceleration under, any provision of the organizational or governing documents of Purchaser.

 

     

     

    

 

ARTICLE IV

REPRESENTATIONS
AND WARRANTIES OF THE COMPANY 

 

The
Company represents and warrants to Purchaser as of the date hereof that:

 

Section 4.1
Existence and Power. The Company is duly organized and validly existing under the laws of the state of its organization
and has all requisite power and authority to enter into and perform its obligations under this Agreement.

 

Section 4.3
Authorization. The execution, delivery and performance of this Agreement has been duly authorized by all necessary action
on the part of the Company, and this Agreement is a valid and binding obligation of the Company, enforceable against it in accordance
with their terms.

 

Section 4.3
Valid Issuance. The Company Interests have been duly authorized by all necessary corporate action. When issued and sold
against receipt of the consideration therefor, the Company Interests will be validly issued, fully paid and nonassessable, will
not subject the holders thereof to personal liability and will not be issued in violation of preemptive rights.

 

Section 4.4
Non-Contravention. The execution, delivery and performance of this Agreement will not conflict with, violate or result
in a breach of any provision of, or constitute a default (or an event which, with notice or lapse of time or both would constitute
a default) under, or result in the termination of or accelerate the performance required by, or result in a right of termination
or acceleration under, any provision of the organizational or governing documents of Company.

 

Section 4.5
Capitalization. The authorized membership intersts of Company consists of 100 units with no other convertible securities.

 

ARTICLE V

REPRESENTATIONS
AND WARRANTIES OF SELLERS 

 

Each
Seller, severally and not jointly, hereby represents and warrants to the Purchaser as of the Closing (other than the representations
and warranties which are as of a specified date, which speak only as of such date) as follows:

 

5.1Good
Title.  The Company Interests held by each Seller are owned free and clear of any liens, restriction on sale, transfer
or voting (other than restrictions imposed by applicable securities laws), preemptive right, option or other right to purchase
of any person.  Upon the consummation of the sale of such Company Interests by each Seller as contemplated hereby, the Purchaser
shall have valid title to such Company Interests and shall be the record owner thereof, free and clear of any lien, restriction
on sale, transfer or voting (other than restrictions imposed by applicable securities laws), preemptive right, option or other
right to purchase of any person

 

5.2Organization;
Power; Authority.  Each Seller is a natural person. Each Seller is competent and has all requisite legal capacity, power
and authority to (a) execute, deliver and perform its obligations under this Agreement and to carry out the transactions contemplated
hereby and (b) enter into this Agreement to consummate the transactions contemplated hereby, and to sell and transfer such Seller’s
Company Interests without the consent or approval of any other person.

 

5.3Enforceability. This
Agreement has been duly authorized, executed and delivered by such Seller, and this Agreement is a valid and binding obligation
of such Seller, enforceable against such Seller in accordance with its terms.

 

5.4Absence
of Claims by Seller.  Such Seller does not have any claim against the Company, contingent or unconditional, fixed or
variable under any contract or on any other basis whatsoever, whether in equity or law, including, without limitation any director,
management, advisory, monitoring and similar fees.

 

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5.5No
Breach.  The execution, delivery and performance by such Seller of this Agreement and the consummation of the transactions
contemplated hereby do not violate any of the governing and organizational documents of such Seller, if applicable, do not conflict
with or result in any breach of, constitute a default under, result in a violation of, result in the creation of any lien, upon
any of such Seller’s assets, or require any authorization, consent, approval, exemption or other action by or notice to
any governmental entity or other third person, under the provisions of any contract to which such Seller or any of such Seller’s
assets are is bound.

 

5.6Litigation. 
There are no actions pending or, to such Seller’s knowledge, threatened against such Seller or any of its assets, at law
or in equity, or before or by any governmental entity which challenges or seeks to enjoin, alter or materially delay the consummation
of the transactions contemplated hereby.

 

5.7Access
to Information; Disclaimer.  Each Seller acknowledges and agrees that it (a) has had an opportunity to discuss the business
and affairs of Purchaser with Purchaser, (b) has had reasonable access to the books and records of Purchaser, (c) has been afforded
the opportunity to ask questions of and receive answers from officers of Purchaser and (d) has conducted its own independent investigation
of the Purchaser, its respective businesses and the transactions contemplated hereby, and has not relied on any representation,
warranty or other statement by any person on behalf of Purchaser, other than the representations and warranties of the Purchaser
expressly contained in Article III, and that all other representations and warranties are specifically disclaimed. 
Without limiting the foregoing, each Seller further acknowledges and agrees that none of Purchaser or any of its employees, affiliates,
advisors, agents or other representatives has made any representation or warranty concerning any estimates, projections, forecasts,
business plans or other forward-looking information regarding Purchaser or its businesses and operations.  Each Seller hereby
acknowledges that there are uncertainties inherent in attempting to develop such estimates, projections, forecasts, business plans
and other forward-looking information with which such Seller is familiar, that such Seller is taking full responsibility for making
their own evaluation of the adequacy and accuracy of all estimates, projections, forecasts, business plans and other forward-looking
information furnished to them (including the reasonableness of the assumptions underlying such estimates, projections, forecasts,
business plans and other forward-looking information), and that such Seller will have no claim against Purchaser, any of its employees,
affiliates, advisors, agents or other representatives with respect thereto.

 

5.8Available
InformationEach Seller represents that such Seller has reviewed filings made by the Purchaser with the U.S. Securities
and Exchange Commission (the “SEC Documents”) and that such Seller has such knowledge and experience in financial
and business matters that such Seller is capable of utilizing the information set forth therein, concerning Purchaser to evaluate
the risk of investing in Purchaser. Each Seller has before the Closing hereunder, been afforded the opportunity to review and
is familiar with the SEC Documents and has based his decision to invest solely on the information contained therein, and the information
contained within this Agreement and has not been furnished with any other literature, prospectus or other information except as
included in the SEC Documents or this Agreement.  Each Seller has been given the opportunity to ask questions about Purchaser
and is satisfied that any information about Purchaser have been answered to such Seller’s satisfaction.

 

5.9Securities
Representations.  Each Seller hereby confirms that the securities to be acquired by each Sellers hereunder (subject to
the terms and conditions herein) will be acquired for investment for each Seller’s own account, not as a nominee or agent,
and not with a view to the resale or distribution of any part thereof (other than pursuant to the registration statement contemplated
hereby), and that each Seller has no present intention of selling, granting any participation in, or otherwise distributing the
same (other than pursuant to the registration statement contemplated hereby).  Each Seller further represents that each Seller
does not presently have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations
to such Person or to any third Person, with respect to any of such securities.  Each Seller understands that the securities
to be acquired, subject to the terms and conditions herein, have not been, and until registered in compliance with this Agreement,
will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities
Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of each Seller’s
representations as expressed herein.  Each Seller understands that, until registered in compliance with this Agreement, the
securities are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant
to these laws, each Seller must hold the securities indefinitely unless they are registered with the Securities and Exchange Commission
and qualified by state authorities, or an exemption from such registration and qualification requirements is available. 
Each Seller acknowledges that Purchaser has no obligation to register or qualify the securities for resale except as set forth
in this Agreement. Each Seller understands that the securities may, until registered in accordance with this Agreement, be notated
with a customary Securities Act legend.  Each Seller represents that he is an accredited investor as defined in Rule 501(a)
of Regulation D promulgated under the Securities Act.

 

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5.10Acknowledgment
of Restricted Securities. Each Seller has read and understands the following:

 

THE
PURCHASER SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT, OR ANY STATE SECURITIES LAWS AND ARE BEING
OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE PURCHASER SECURITIES
ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER SAID
ACT AND SUCH LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE PURCHASER SECURITIES HAVE NOT BEEN RECOMMENDED, APPROVED
OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER REGULATORY AUTHORITY, NOR
HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THE MEMORANDUM
OR THIS SUBSCRIPTION AGREEMENT. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL

 

ARTICLE VI

CONDITIONS
TO SHARE EXCHANGE CLOSING 

 

Section 6.1
Conditions to Each Party’s Obligation to Effect the Exchange. The respective obligations of the parties hereunder
to effect the Exchange shall be subject to the following condition:

 

(a)
No Injunctions or Restraints; Illegality. No order, injunction or decree issued by any court or agency of competent jurisdiction
or other law preventing or making illegal the consummation of the Exchange shall be in effect.

 

ARTICLE VII

MISCELLANEOUS

 

Section
7.1 Payment of Sales, Use or Similar Taxes.

 

All
sales, use, transfer, intangible, recordation, documentary stamp or similar taxes or charges, of any nature whatsoever, applicable
to, or resulting from, the transactions contemplated by this Agreement shall be borne by the Sellers.

 

Section
7.2 Survival of Representations and Warranties.

 

The
parties hereto hereby agree that the representations and warranties contained in this Agreement or in any certificate, document
or instrument delivered in connection herewith, shall survive the execution and delivery of this Agreement, and the closing hereunder.

 

Section
7.3 Expenses.

 

Except
as otherwise provided in this Agreement, the Sellers and the Purchaser shall each bear its own expenses incurred in connection
with the negotiation and execution of this Agreement and each other agreement, document and instrument contemplated by this Agreement
and the consummation of the transactions contemplated hereby and thereby, it being understood that in no event shall the Company
bear any of such costs and expenses.

 

    	 	4	 

     

    

 

Section
7.4 Further Assurances.

 

The
Sellers and the Purchaser each agrees to execute and deliver such other documents or agreements and to take such other action
as may be reasonably necessary or desirable for the implementation of this Agreement and the consummation of the transactions
contemplated hereby.

 

Section
7.5 Submission to Jurisdiction; Consent to Service of Process.

 

Each
Party (a) irrevocably submits to the exclusive jurisdiction of the state courts of the State of Arkansas located in Benton County
or the United States District Court for the Western District of Arkansas for the purpose of any action (in contract, tort or otherwise),
inquiry proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (b)
waives, to the extent not prohibited by any law, and agrees not to assert, by way of motion, as a defense or otherwise, in any
such action, any claim that it is not subject personally to the jurisdiction of the above named courts, that its property is exempt
or immune from attachment or execution, that any such proceeding brought in one of the above named courts is improper, or that
this Agreement or the subject matter hereof may not be enforced in or by such court and (c) agrees not to commence any action
(in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating
to the subject matter hereof other than before one of the above named courts nor to make any motion or take any other action seeking
or intending to cause the transfer or removal of any such Action (in contract, tort or otherwise), inquiry, proceeding or investigation
to any court other than one of the above named court whether on the grounds of inconvenient forum or otherwise.

 

Each
of the parties hereto hereby consents to process being served by any party to this Agreement in any suit, action or proceeding
by the mailing of a copy thereof in accordance with the provisions of Section 7.8.

 

Section
7.6 Entire Agreement; Amendments and Waivers.

 

This
Agreement (including the schedules and exhibits hereto) represents the entire understanding and agreement between the parties
hereto with respect to the subject matter hereof and can be amended, supplemented or changed, and any provision hereof can be
waived, only by written instrument making specific reference to this Agreement signed by the party against whom enforcement of
any such amendment, supplement, modification or waiver is sought. No action taken pursuant to this Agreement, including without
limitation, any investigation by or on behalf of any party, shall be deemed to constitute a waiver by the party taking such action
of compliance with any representation, warranty, covenant or agreement contained herein. The waiver by any party hereto of a breach
of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a
waiver of any other or subsequent breach. No failure on the part of any party to exercise, and no delay in exercising, any right,
power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or
remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All remedies
hereunder are cumulative and are not exclusive of any other remedies provided by law.

 

Section
7.7 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Arkansas.

 

Section
7.8 Notices.

 

All
notices, consents, waivers and other communications required or permitted by this Agreement shall be in writing and shall be deemed
given to a Party when (a) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs
prepaid), or (b) sent by e-mail with confirmation of transmission by the transmitting equipment confirmed with a copy delivered
as provided in clause (a), in each case to the following addresses, facsimile numbers or e-mail addresses and marked to the attention
of the Person (by name or title) designated below (or to such other address, facsimile number, e-mail address or Person as a Party
may designate by notice to the other Party).

 

Section
7.9Severability.

 

If
any provision of this Agreement is invalid or unenforceable, the balance of this Agreement shall remain in effect.

 

Section
7.10Binding Effect; Assignment.

 

This
Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns.
Nothing in this Agreement shall create or be deemed to create any third party beneficiary rights in any person or entity not a
party to this Agreement except as provided below. No assignment of this Agreement or of any rights or obligations hereunder may
be made by either the Sellers or the Purchaser (by operation of law or otherwise) without the prior written consent of the other
parties hereto and any attempted assignment without the required consents shall be void;

 

    	 	5	 

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written

 

	 	ECOARK
    HOLDING, INC.
	 	 	 
	 	By:	/s/
    Randy May
	 	 	Randy
    May
	 	 	Chief
    Executive Officer
	 	 	 
	 	ECO3D, LLC.
	 	 	 
	 	By:	/s/
    Ken Smerz
	 	 	Ken
    Smerz
	 	 	Chief
    Executive Officer

 

    	 	6	 

     

    

 

	SELLERS:	 
	 	 
	/s/
    Ken Smerz	 
	Ken
    Smerz	 
	 	 
	/s/
    Ted     Mort	 
	Ted
    Mort	 

 

    	 	7	 

     

    

 

SCHEDULE
I

 

	 	Seller	 	 	 	Company Interests	 	 	 	Exchange Shares	 
	 	Sellers	 	 	 	35	 	 	 	525,000	 

 

 

8

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