Document:

EXHIBIT 4.1

 

FORM OF

SECURED PROMISSORY NOTE

 

 

	____ __, 2022	US$______________

 

FOR VALUE RECEIVED, VIVAKOR,
INC., a corporation organized and existing under the laws of the State of Nevada (the “Issuer”), hereby promises
to pay to the order of _______, a limited liability company organized and existing under the laws of the State of _____ (together
with its successors or assigns, the “Holder”), the principal amount of ____________ United States Dollars ($_______________),
together with all accrued interest due thereon, in each case pursuant to and in accordance with the provisions of Sections 2.2
and 2.3, on or before 5:00 p.m. (central time) on the earlier to occur of (a) ____, 2025 and (b) the date on which the Holder declares
the amounts owed hereunder to be immediately due and payable following the occurrence of an Event of Default in accordance with the provisions
of Section 6 (such earlier date being hereinafter referred to as the “Maturity Date”). This Promissory Note, as may
be amended or supplemented from time to time, shall be referred to herein as the “Note”. This Note is being issued
to Holder pursuant Section 3.1 of that certain Membership Interest Purchase Agreement, dated as of June 15, 2022 by and among the Issuer,
the Holder and the other parties named therein (the “Purchase Agreement”) as partial consideration for the purchase
by the Issuer of the membership interests of each of Silver Fuels Delhi, LLC, a Louisiana limited liability company (“SFD”),
and White Claw Colorado City, LLC, a Texas limited liability company (“WCCC” and, together with SFD, the “Company”),
owned by the Holder.

 

1. Defined
Terms. Except as otherwise expressly provided herein, the capitalized terms used in this Note shall have the following meanings:

 

1.1 “Business
Day” means any day other than a Saturday, Sunday or a legal holiday on which federal banks are authorized or required to be
closed for the conduct of commercial banking business.

 

1.2 “Change
of Control” means the occurrence of any one or more of the following: (a) the beneficial
ownership (as defined in Rule 13d-3 under the Exchange Act) of securities representing more than fifty percent (50%) of the combined
voting power of the Issuer is acquired by any “person” as defined in sections 13(d) and 14(d) of the Exchange Act (other
than (i) the Issuer, any subsidiary of the Issuer, or any trustee or other fiduciary holding securities under an employee benefit plan
of the Issuer, or (ii) the Holder or any affiliate of the Holder); (b) the merger or consolidation of the Issuer with or into another
person or entity where the shareholders of the Issuer, immediately prior to such consolidation or merger, would not, immediately after
such consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
securities representing in the aggregate fifty percent (50%) or more of the combined voting power of the surviving or resulting person
or entity in such consolidation or merger (or of its ultimate parent entity, if any) in substantially the same proportion as their ownership
of the Issuer immediately prior to such merger or consolidation; (c) the sale or other disposition of all or substantially all of the
Issuer’s assets to any person or entity (other than the sale or disposition by the Issuer of all or substantially all of its assets
to a person or entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned directly
or indirectly by shareholders of the Issuer, immediately prior to such sale or disposition, in substantially the same proportion as their
ownership of the Issuer immediately prior to such sale or disposition); (d) the sale or other disposition of all or substantially all
of the Collateral to any person or entity; and (e) the sale or other disposition of all or substantially all of the assets of the Company
to any person or entity (other than the sale or disposition by the Company of all or substantially all of its assets to a person or entity,
at least fifty percent (50%) of the combined voting power of the voting securities of which are owned directly or indirectly by shareholders
of the Company, immediately prior to such sale or disposition, in substantially the same proportion as their ownership of the Company
immediately prior to such sale or disposition).

 

1.3 "Collateral"
has the meaning given to it in the Pledge Agreement.

 

1.4 “Common
Stock” means the common stock, par value $0.001 per share, of the Issuer.

 

1.5 “Company”
has the meaning given to it in the preamble hereof.

 

1.6 “Default
Rate” means a per annum interest rate equal to the lesser of (a) twelve percent (12%) or (b) the maximum interest rate allowable
by law.

 

 

    	 	 	 

     

    

 

1.7 “Event
of Default” has the meaning given to it in Section 6.1.

 

1.8 “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

1.9 “Guarantees”
means, collectively, the SFD Guaranty and the WCCC Guaranty.

 

1.10 “Holder”
has the meaning given to it in the preamble hereof.

 

1.11 “Issuer”
has the meaning given to it in the preamble hereof.

 

1.12 “______”
means ________, LLC, a _____ limited liability company.

 

1.13 “
______ Note” means that certain Secured Promissory Note, of even date herewith, issued by the Issuer in favor of ______.

 

1.14 “_______
Pledge Agreement” means that certain Pledge Agreement, of even date herewith, by and between the Issuer, as the Pledgor, and
_______, as the Secured Party.

 

1.15 “Loan
Documents” means, collectively, this Note, the Pledge Agreement, each of the Guarantees, the _____ Note, the _____Pledge Agreement
and Section 6.6 of the Purchase Agreement, in each case together with any and all modifications, amendments, extensions, renewals and
substitutions of any of the foregoing.

 

1.16 “Maturity
Date” has the meaning given to it in the preamble hereof.

 

1.17 “MFCF
Certificate” means a certificate, certified by the President or Chief Financial Officer of the Issuer, setting forth in reasonable
detail the Issuer’s calculation of Monthly Cash Flow and, if applicable, the number and value of any shares of Unrestricted Common
Stock delivered to the Holder in payment thereof and attaching a true, correct and complete copy of the financial statements and other
records of the Issuer used to calculate any of the same.

 

1.18
“Monthly Free Cash Flow” means, for any calendar month, an amount equal to the cash proceeds received by the Company
from the product of (a) the sum of (i) the Company’s gross revenue (including service
revenue, rents, inventory sales and any other revenues agreed upon in writing by the parties), in each case determined in accordance
with GAAP and derived from the Company’s monthly unaudited financial statements prepared in the ordinary course of business, minus
(ii) the Company’s operating expenses (excluding all interest expense, amortization, and depreciation), selling, general and
administrative expenses, capital expenditures (including, but not limited to, maintenance capital expenditures and expenditures for personal
protective equipment and additions to the property, plant, and equipment, including but not limited to the land, current facilities,
and pipeline connections) and costs of goods sold, in each case determined in accordance with GAAP and derived from the Company’s
monthly unaudited financial statements prepared in the ordinary course of business, plus (iii) the net proceeds of any dispositions
of property, plant, equipment or other assets of the Company, in each case determined in accordance with GAAP and derived from Company’s
monthly unaudited financial statements prepared in the ordinary course of business, minus (iv) any payments on capital lease obligations
of the Company, in each case determined in accordance with GAAP and derived from Company’s monthly unaudited financial statements
prepared in the ordinary course of business, and minus (v) any extraordinary expenses incurred by the Company (or by the Issuer
for the benefit of the Company) that are approved in writing by the Holder, multiplied by (b) ninety-nine percent (99%); provided,
however, that the Monthly Free Cash Flow shall be calculated so as to eliminate the effect of: (A) premiums and other payments in
excess of principal and accrued interest associated with the retirement of debt (including, without limitation, payments of income taxes
incurred in connection therewith); and (B) tax payments or benefits associated with gains or losses on business divestitures in calculating
net cash from operating activities.

 

1.19 “Note”
has the meaning given to it in the preamble hereof.

 

1.20 “Payment
Date” means August 20,2022 and the twentieth (20th) calendar day of each calendar month thereafter; provided,
however, that if any such twentieth (20h) calendar day falls on a day that is not a Business Day, then “Payment
Date” shall mean the first (1st) Business Day immediately following such twentieth (20th) calendar day.

 

 

    	 	2	 

     

    

 

1.21 “Pledge
Agreement” means that certain Pledge Agreement, of even date herewith, by and between the Issuer, as the Pledgor, and the Holder,
as the Secured Party.

 

1.22 “Prime
Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the United
States. or, if The Wall Street Journal ceases to quote such rate, then the highest per annum interest rate published by the Federal
Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or,
if such rate is no longer quoted therein, then any similar rate quoted therein (as determined in good faith by the Holder) or any similar
release by the Federal Reserve Board (as determined in good faith by the Holder). Each and every change in the Prime Rate shall be effective
from and including the date such change is publicly announced or quoted as being effective.

 

1.23 “Purchase
Agreement” has the meaning given to it in the preamble hereof.

 

1.24 “Securities
Act” has the meaning given to it the definition of “Unrestricted Common Stock”.

 

1.25 “Securities
Act Exemption” has the meaning given to it the definition of “Unrestricted Common Stock”.

 

1.26 “SFD”
has the meaning given to it in the preamble hereof.

 

1.27 “SFD
Guaranty” means that certain Guaranty Agreement, dated as of the date hereof, issued by SFD in favor of each of the Holder
and _____.

 

1.28 “Threshold
Payment Amount” has the meaning given to it in the Purchase Agreement.

 

1.29 “Unrestricted
Common Stock” means Common Stock that is (a) not subject to any lock-up agreement, (b) either registered for resale or saleable
when issued pursuant to an exemption (a “Securities Act Exemption”) from the registration requirements of the Securities
Act of 1933, as amended (the “Securities Act”), and (iii) listed on the Issuer’s principal trading market. Without
in any way limiting the foregoing, for purposes of clause (b) above, Common Stock shall not be deemed to be saleable when issued if it
is subject to any resale volume restrictions under Rule 144 of the Securities Act that make impractical the immediate sale of the Common
Stock being issued at that time.

 

1.30 “WCCC”
has the meaning given to it in the preamble hereof.

 

1.31 “WCCC
Guaranty” means that certain Guaranty Agreement, dated as of the date hereof, issued by WCCC in favor of each of the Holder
and ______.

 

2. Calculation
of Interest; Payments of Principal and Interest; Prepayment.

 

2.1 Calculation
of Interest. The unpaid principal amount of this Note shall bear interest until such principal amount has been indefeasibly paid
in full in cash at a rate per annum equal to the sum of (a) the Prime Rate, plus (b) three percent (3.00%). Interest under this
Note shall be calculated on the basis of a three hundred and sixty (360)-day year and the actual number of days elapsed, and shall accrue
daily on the principal amount outstanding from time to time.

 

2.2 Payment
of Principal and Interest. The principal amount of this Note, together with any and all accrued and unpaid interest thereon, shall
be paid to the Holder on a monthly basis in an amount equal to the Monthly Free Cash Flow beginning [June] 25, 2022 and continuing thereafter
on each successive Payment Date. Without in any way limiting the foregoing, the then outstanding principal amount of this Note, together
with any and all accrued and unpaid interest thereon, shall be due and payable in full in cash or Unrestricted Common Stock on or prior
to the the Maturity Date. All payments of principal and interest under this Note shall be paid to the Holder in cash or in Unrestricted
Common Stock of the Issuer in accordance with Section 2.3.

 

 

    	 	3	 

     

    

 

2.3 General
Payment Provisions; Application of Payments.

 

(a)
Except as otherwise provided in Section 2.3(b), all payments of principal and interest on this Note shall be made in lawful money
of the United States of America by certified bank check or wire transfer to such account(s) as the Holder may designate by written notice
to the Issuer in accordance with the provisions of this Note.

 

(b) Notwithstanding
anything contained herein to the contrary, but subject to the limitations set forth in Section 2.3(c) and Section 2.4,
the Issuer shall have the right, but not the obligation, to make payments of principal and interest under this Note on any Payment Date
via physical delivery to the Holder at its address set forth in Section 7.11 (or via such other means as the Holder shall agree)
of shares of Unrestricted Common Stock. Any Unrestricted Common Stock delivered to Holder in accordance with this Section 2.3(b)
shall be valued at the volume weighted average price of the Common Stock on Nasdaq (or the Issuer’s then principal trading market)
during the five (5) trading days immediately preceding the applicable Payment Date.

 

(c) Notwithstanding
the provisions of Section 2.3(b), (i) the Issuer may not issue any shares of Unrestricted Common Stock to the Holder pursuant
to the provisions of this Note without first complying with the provisions of Nasdaq Rule 5635(d), (ii) with respect to any payment of
Monthly Free Cash Flow pursuant to the provisions of Section 2.2, no more than fifty percent (50%) of the amount of such Monthly
Free Cash Flow shall be paid to the Holder via delivery of Unrestricted Common Stock without the prior written approval of the Holder
and (iii) no more than fifty percent (50%) of the original principal amount of this Note may be paid to the Holder via delivery of Unrestricted
Common Stock without the prior written approval of the Holder.

 

(d) In addition
to the payment of Monthly Cash Flow pursuant to this Note, on each Payment Date, the Issuer shall deliver to the Holder a MFCF Certificate.

 

(e) Each
payment of Monthly Cash Flow pursuant to this Note (whether in cash, shares of Unrestricted Common Stock or any combination of the foregoing)
shall be applied to the payment of the obligations of the Issuer hereunder as follows: (i) first, to the payment of any costs, expenses
or other amounts (other than principal and interest) owed to the Holder hereunder; (ii) second, to the payment of any and all accrued
and unpaid interest; and (iii) thereafter, to the payment of the then outstanding principle amount of this Note.

 

2.4 Optional
Prepayment. Subject to Section 2.3(c), the Issuer may pre-pay this Note, in whole or in part, in cash or Unrestricted Common Stock
without penalty or premium at any time.

 

3. Obligations
Secured. Until such time as the Holder shall have received the indefeasible payment in full of the Threshold Payment Amount, the
timely and full payment of any and all principal, interest and other amounts due and owing to the Holder pursuant to this Note and the
other Loan Documents and the payment of any and all other obligations owed to the Holder by the Issuer hereunder or thereunder shall
be secured solely by, and to the extent set forth in, the Pledge Agreement.

 

4. Obligations
Guaranteed. The timely and full payment of any and all principal, interest and other amounts due and owing to the Holder pursuant
to this Note and the other Loan Documents and the payment of any and all other obligations owed to the Holder by the Issuer hereunder
or thereunder are guaranteed solely by, and to the extent set forth in, the Guarantees.

 

5. Covenants
of the Issuer.

 

5.1 Title
to Collateral and Risk of Loss. Until such time as the Holder shall have received the indefeasible payment in full of the Threshold
Payment Amount, the Issuer shall (and shall cause the Company to) keep the Collateral free and clear of all liens, claims and burdens,
including warehouseman's liens, materialmen's liens, and other liens or claims that may accrue, save and except for those created pursuant
to the Loan Documents and those permitted or imposed by applicable law.

 

 

    	 	4	 

     

    

 

5.2 Taxes,
Expenses and Other Payments. The Issuer shall (or shall cause the Company to) timely pay, remit and/or tender any and all amounts
due to any governmental authority for any and all taxes, fees, charges or other assessments relating to the Collateral, the business
or operations of the Issuer or the Company or the ownership of the Issuer’s or the Company’s assets.

 

5.3 Licenses,
Permits, Regulatory Filings and Compliance. The Issuer shall (or shall cause the Company to) obtain and maintain all licenses and
permits necessary to own the Collateral and otherwise to operate the Company as currently operated.

 

5.4 Location
of Collateral. The address of the chief executive office of the Issuer and the office where the Issuer holds the Collateral and the
books and records related thereto is 4101 North Thanksgiving Way, Lehi, Utah 8404, and, until such time as the Holder shall have received
the indefeasible payment in full of the Threshold Payment Amount, the Issuer shall not change the location of its chief executive office
or office where it keeps the Collateral and the books and records related thereto without ten (10) days advance written notice to the
Holder.

 

5.5 Audit
and Inspection Rights. At all times, the Holder or its authorized representatives shall have sufficient access to and the right to
inspect and audit all or any portion of the Collateral and the books and records of the Issuer relating to its performance of its obligations
under this Note and the other Loan Documents, and to verify the Issuer’s compliance therewith. Notwithstanding the foregoing, (a)
any such inspection and audit shall be conducted during normal business, upon reasonable notice to the Issuer, at Issuer’s expense
and in a manner as not to interfere unreasonably with the business and operation of the Issuer or the Company and (b) the Holder and/or
its authorized representatives shall conduct no more than one (1) such inspection and audit in calendar year 2022 and no more than two
(2) such inspections and audits during any calendar year thereafter, unless, in each case, an Event of Default has occurred and is continuing,
during which time the Holder and/or its authorized representatives may conduct as many such inspections and audits as it may determine
in good faith.

 

5.6 Conduct
and Preservation of Business. Except as expressly provided in the Loan Documents, the Issuer will cause the Company (a) to conduct
its business operations in the ordinary course of business and in material compliance with all applicable Laws and (b) to maintain and
to preserve intact the businesses of the Company in all material respects with a view toward preserving the value thereof prior to the
Maturity Date.

 

5.7 Restriction
on Certain Actions. Without limiting the generality of Section 5.6, and except (a) as otherwise expressly provided in the
Loan Documents or (b) as required by applicable Law, the Issuer will not, directly or indirectly, without the prior written consent of
the Holder, take or otherwise permit or consent to (and shall cause the Company not to take or otherwise permit or consent to) any of
the following actions, in each case until such time as the Holder shall have received the indefeasible payment in full of the Threshold
Payment Amount:

 

(i) any
issuance or sale of any equity securities of or in the Company;

 

(ii) any
sale, lease, transfer or otherwise disposition of any material assets of the Company, except for (i) sales to parties other than the
Holder or its Affiliates of inventory in the ordinary course of business or personal property in the ordinary course of business that
is either replaced by equivalent property or normally consumed in the operation of the Company’s businesses and (ii) sales of any
other assets of the Company that are not material to the operation of its businesses and that do not exceed one hundred thousand dollars
($100,000) in the aggregate;

 

(iii) the
adoption of any plan of complete or partial liquidation or any resolutions providing for or authorizing a liquidation, dissolution, merger,
consolidation, conversion, restructuring, recapitalization or other reorganization of the Company;

 

(iv) (A)
any creation, incurrence, guarantee or assumption of any indebtedness by the Company for borrowed money or the Company otherwise becoming
liable or responsible for the obligations of any other person or entity; (B) the making by the Company of any loans, advances, or capital
contributions to, or investments in, any other person or entity in excess of two hundred thousand dollars ($200,000) in the aggregate;
(C) any pledge or mortgage of, or the granting of any lien, security interest or other encumbrance in, on or with respect to, any of
the Collateral or any of the properties or other assets of the Company; or (D) the entering into of any agreement with respect to any
of the foregoing;

 

 

    	 	5	 

     

    

 

(v) other
than in the ordinary course of business or pursuant to the terms of any employe benefits plan as in effect as of the date hereof, and
except as would not otherwise be reasonably expected to result in any liability or cost to Holder (or its Affiliates), (i) the entering
into, adoption, material amendment or termination of any employee benefits plan of the Company; (ii) any material increase in the compensation
or fringe benefits of any employee of the Company (other than in connection with new hires or promotions); (iii) the payment to any employee
of the Company of any severance, bonus, incentive compensation or any other material benefit; or (iv) the hiring, or the termination
(other than for cause) of the employment, of any employee of the Company whose annual compensation exceeds two hundred thousand dollars
($200,000);

 

(vi) any
direct or indirect acquisition, purchase or lease (whether by merger, consolidation, acquisition of stock, acquisition of all or substantially
all assets or otherwise) of any assets for the Company, except for (i) the acquisition or purchase of assets in the ordinary course of
business, or (ii) the acquisition or purchase of assets, the value of which does not exceed two hundred thousand dollars ($200,000) in
the aggregate;

 

(vii)
any amendment to any of the governing documents of the Issuer or the Company that is adverse to the Holder or to its security interest
in the Collateral or that restricts or otherwise limits the ability of the Issuer or the Company to perform its obligations under the
Loan Documents;

 

(viii) (A)
any amendment, modification or waiver of any material right or obligation under, or any transfer of any material right in, any Material
Contract (as defined in the Purchase Agreement) or (B) the entering into of any contract or other agreement that would constitute a Material
Contract if it had been entered into prior to the date hereof, less, save and except for any contract or agreement with third parties
for the physical purchase of crude oil, consdensate, and constituent liquid hydrocarbon commodities in the ordinary course of business;

 

(ix) (A)
the making, change or revocation any tax election applicable to the Company, (B) the settlement or compromise of any material tax claim
or liability or the entering into any agreement with respect to the same if such settlement or compromise would have an adverse effect
on the Holder or the Collateral, (C) the adoption of any change to (or the making of any request to any taxing authority to change) the
Company’s method of accounting for tax purposes if such change could reasonably be expected to affect adversely the Holder or the
Collateral or (D) the preparation or filing of any tax return (or any amendment, modification or supplement thereto) unless such tax
return (or such amendment, modification or supplement) shall have been prepared in a manner consistent with the past practice of the
Company;

 

(x) any
declaration, setting aside, making or payment of any dividend or other distribution in respect of any of the outstanding equity securities
of the Company, or the repurchase, redemption or otherwise acquisition of any outstanding equity securities of the Company;

 

(xi) any
entering into of any contract or other agreement that restrains, restricts, limits or impedes the ability of the Company (i) to compete
with any person or entity, (ii) to conduct any business or line of business in any geographic area or (iii) to hire or to solicit the
employment of any person; or

 

(xii) the
entering into of any written agreement to take any of the actions described in this Section 5.7.

 

5.8 Notice
of Material Events. Upon becoming aware thereof, the Issuer will promptly notify the Holder in writing of any circumstance, claim,
action or proceeding that could reasonably be expected to affect materially and adversely the value of, or the Issuer’s title to,
any of the Collateral, or the effectiveness of the Holder’s lien and security interest therein.

 

5.9 Registration
Statement. To the extent applicable, with respect to any shares of Unrestricted Common Stock delivered to the Issuer pursuant to
the provisions of Section 2.3(b) of this Note, the Issuer shall comply with the covenants and agreements set forth in Section
6.6 of the Purchase Agreement, and all such covenants and agreements are hereby incoporated herein by reference mutatis mutandis.

 

 

    	 	6	 

     

    

 

6. Defaults
and Remedies.

 

6.1
Events of Default. An “Event of Default” means: (a) the Issuer shall fail to pay any interest or principal due under
this Note on or before the date on which any such payment shall be due and payable and such failure continues or remains uncured for
three (3) Business Days following written demand therefor by the Holder to the Issuer; (b) the Issuer shall fail to pay any other amounts
due under this Note or any of the other Loan Documents on or before the date on which any such payment shall be due and payable and such
failure continues or remains uncured for three (3) Business Days following written demand therefor by the Holder to the Issuer; (c) the
Issuer shall fail to pay the Threshold Payment Amount on or before the date that is eighteen (18) months after the Closing Date; (d)
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other
relief in respect of the Issuer or any of its debts, or of a substantial part of its assets, under any Debtor Relief Laws or (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Issuer or for a substantial part
of its assets, and, in any of such cases, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree
approving or ordering any of the foregoing shall be entered; (e) the Issuer shall (i) voluntarily commence any proceeding or file any
petition seeking liquidation, reorganization or other relief under any Debtor Relief Laws, (ii) consent to the institution of, or fail
to contest in a timely and appropriate manner, any proceeding or petition described in Section 6.1(d), (iii) apply for or consent
to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Issuer or for a substantial
part of its assets, (iv) file an answer admitting the material allegations of a petition filed against the Issuer in any such proceeding,
(v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;
(f) the Issuer shall admit in writing its inability to, or publicly declare its intention not to, or generally fail to, pay its debts
as they become due; (g) any written warranty, representation, certificate or statement of the Issuer in this Note or any other Loan Document
shall be false or misleading in any material respect when made or deemed made; (h) the Issuer shall fail to perform, comply with or abide
by any of the other stipulations, agreements, conditions and/or covenants of the Issuer contained in this Note or any of the _____Note
(other than the obligation to pay principal and interest and the obligation to pay any other amounts, which shall be governed by Sections
6.1(a) and 6.1(b), respectively), and such failure continues or remains uncured beyond any stated notice or cure period otherwise
applicable thereto or, if no such notice or cure period has been expressly prescribed with respect thereto, then for a period of fifteen
(15) days following receipt of written notice from the Holder to the Issuer; (i) any “Event of Default” under any of the
other Loan Documents shall have occurred and be continuing; or (j) a Change of Control shall occur with respect to the Issuer. 

 

6.2 Remedies.
Upon the occurrence and during the continuance of an Event of Default, interest on this Note shall automatically accrue at the Default
Rate, and, in addition to all other rights or remedies the Holder may have, at law or in equity, the Holder may, in its sole discretion,
accelerate full repayment of all principal amounts outstanding hereunder, together with accrued interest thereon, together with all reasonable
attorneys’ fees, paralegals’ fees and actual costs and expenses incurred by the Holder in collecting or enforcing payment
hereof (whether such fees, costs or expenses are incurred in negotiations, all trial and appellate levels, administrative proceedings,
bankruptcy proceedings or otherwise), and together with all other sums due by the Issuer hereunder and under the Loan Documents, all
without any relief whatsoever from any valuation or appraisement laws, and payment thereof may be enforced and recovered in whole or
in part at any time by one or more of the remedies provided to the Holder at law, in equity, or under this Note or any of the other Loan
Documents. In connection with the Holder’s rights hereunder upon an Event of Default, the Holder need not provide, and the Issuer
hereby waives, any presentment, demand, protest or other notice of any kind, and the Holder may immediately enforce any and all of its
rights and remedies hereunder and all other remedies available to it in equity or under applicable law. Notwithstanding anything in this
Note or any of the other Transaction Documents to the contrary, until such time as the Holder shall have received the indefeasible payment
in full of the Threshold Payment Amount, the Holder’s sole and exclusive remedies upon the occurrence of an Event of Default hereunder
shall be (a) the imposition and charging of the Default Rate, (b) the acceleration of all principal, interest and other amounts then
outstanding hereunder and (c) the exercise of the Holder’s rights and remedies pursuant to and in accordance with the Pledge Agreement.

 

7. Miscellaneous.

 

7.1 Lost
or Stolen Note. Upon notice to the Issuer of the loss, theft, destruction or mutilation of this Note, and, in the case of loss, theft
or destruction, of an indemnification undertaking by the Holder to the Issuer in a form reasonably acceptable to the Issuer and, in the
case of mutilation, upon surrender and cancellation of the Note, the Issuer shall execute and deliver a new Note of like tenor and date
and in substantially the same form as this Note.

 

 

    	 	7	 

     

    

 

7.2 Severability.
In the event any one or more of the provisions of this Note shall for any reason be held to be invalid, illegal, or unenforceable, in
whole or in part, in any respect, or in the event that any one or more of the provisions of this Note operates or would prospectively
operate to invalidate this Note, then and in any of those events, only such provision or provisions shall be deemed null and void and
shall not affect any other provision of this Note. The remaining provisions of this Note shall remain operative and in full force and
effect and shall in no way be affected, prejudiced, or disturbed thereby.

 

7.3 Cancellation.
After all principal, accrued interest and other amounts at any time owed on this Note has been paid in full, this Note shall automatically
be deemed canceled, shall be surrendered to the Issuer for cancellation and shall not be re-issued.

 

7.4 Entire
Agreement and Amendments. This Note, together with the other Loan Documents represents the entire agreement between the parties hereto
with respect to the subject matter hereof and thereof, and there are no representations, warranties or commitments, except as set forth
herein and therein. This Note may be amended only by an instrument in writing executed by the parties hereto.

 

7.5 Binding
Effect. This Note shall be binding upon the Issuer and the successors and assigns of the Issuer and shall inure to the benefit of
the Holder and the successors and assigns of the Holder.

 

7.6 Governing
Law and Venue. This Note and any dispute arising hereunder shall be governed by and construed in accordance with the Laws of the
State of Nevada, excluding its conflicts of laws provisions or rule that would cause the application of laws of any jurisdiction other
than those of the State of Nevada. Each of Holder an Issuer hereby irrevocably submits to the exclusive jurisdiction of any federal court
the located in the State of Nevada, for the purposes of any action arising out of this Note or the subject matter hereof brought under
this Note.

  

7.7 WAIVER
OF JURY TRIAL. THE ISSUER AND THE HOLDER EACH HEREBY: (i) COVENANT AND AGREE NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE
OF RIGHT BY A JURY; AND (ii) WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH THE ISSUER, THE COMPANY AND THE HOLDER MAY BE PARTIES,
ARISING OUT OF, IN CONNECTION WITH OR IN ANY WAY PERTAINING TO THIS NOTE, ANY OF THE OTHER LOAN DOCUMENTS AND/OR ANY TRANSACTIONS, OCCURRENCES,
COMMUNICATIONS, OR UNDERSTANDINGS (OR THE LACK OF ANY OF THE FOREGOING) RELATING IN ANY WAY TO THE DEBTOR-CREDITOR RELATIONSHIP BETWEEN
THE PARTIES. IT IS UNDERSTOOD AND AGREED THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL PARTIES TO
SUCH ACTIONS OR PROCEEDINGS, INCLUDING CLAIMS AGAINST PARTIES WHO ARE NOT PARTIES TO THIS AGREEMENT. THIS WAIVER OF JURY TRIAL IS SEPARATELY
GIVEN, KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY THE ISSUER AND THE HOLDER, AND THE ISSUER AND THE HOLDER HEREBY AGREE THAT NO REPRESENTATIONS
OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO MODIFY OR NULLIFY IN ANY WAY ITS EFFECT.
THE ISSUER IS HEREBY AUTHORIZED TO SUBMIT THIS AGREEMENT TO ANY COURT HAVING JURISDICTION OVER THE SUBJECT MATTER HEREOF AND/OR THE ISSUER,
THE COMPANY AND THE HOLDER, SO AS TO SERVE AS CONCLUSIVE EVIDENCE OF SUCH WAIVER OF RIGHT TO TRIAL BY JURY. THE ISSUER AND THE HOLDER
HEREBY REPRESENT AND WARRANT THAT EACH OF THEM HAS BEEN REPRESENTED IN THE EXECUTION AND DELIVERY OF THIS NOTE AND IN THE MAKING OF THIS
WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED OF ITS OWN FREE WILL, AND/OR THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH
SUCH COUNSEL.

 

7.8 Remedies,
Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall be cumulative and
in addition to all other remedies available under this Note or the Pledge Agreement, at law or in equity.

 

7.9 Specific
Shall Not Limit General; Construction. No specific provision contained in this Note shall limit or modify any more general provision
contained herein. This Note shall be deemed to be jointly drafted by the Issuer and the Holder and shall not be construed against any
person as the drafter hereof.

 

7.10 Failure
or Indulgence Not Waiver. No failure or delay on the part of this Note in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further
exercise thereof or of any other right, power or privilege.

 

 

    	 	8	 

     

    

 

7.11 Notice.
All notices required or permitted hereunder shall be in writing and shall be deemed to have been duly given (a) as of the date delivered
if delivered personally, by courier or by courier service, (b) three (3) Business Days after deposit in the United States mail, registered
or certified mail, postage prepaid, return receipt requested, or (c) upon receipt, when sent by electronic mail (provided that such sent
email is kept on file (whether electronically or otherwise) by the sending party and the sending party does not receive an automatically
generated message from the recipient’s email server that such e-mail could not be delivered to such recipient). The addresses and
e-mail addresses for such communications are:

 

	the Issuer: 	Vivakor, Inc.

4101 North Thanksgiving Way

Lehi, UT 84043

Attn: Matt Nicosia

Email: matt@vivakor.com

 

	with a copy to:	Lucosky Brookman LLP

101 Wood Avenue South, 5th Floor

Iselin, New Jersey 08830

Attn: Joseph Lucosky; Scott Linsky

Email: jlucosky@lucbro.com; slinsky@lucbro.com

 

	the Holder: 	____________, LLC

5151 Beltline Road, Suite 715

Dallas, Texas 75234

Attn: James Ballengee

Email: jballengee@whiteclawcrude.com

 

	With a copy to:	Jackson Walker LLP

2323 Ross Avenue, Suite 600

Dallas, TX 75201

Attn: Pat Knapp

Email: pknapp@jw.com

 

 

 

[Signature page follows]

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF, the
parties have caused this Note to be executed on and as of the date set forth above.

 

VIVAKOR, INC.,

a Nevada corporation

 

By:                                                                       

Name:

Title:

 

 

Acknowledged and Accepted:

_______________, LLC,

a _________limited liability company

 

By:                                                                       

Name:

Title:

 

 

[Signature Page to Promissory Note]EXHIBIT
10.1

 

FORM
OF

SHARED
SERVICES AGREEMENT

 

This SHARED SERVICES AGREEMENT
(this "Agreement") dated ______ , 2022 (the "Effective Date"), is by and between ENDEAVOR
CRUDE, LLC, a Texas limited liability company ("Service Provider"), Silver Fuels Delhi LLC, a Louisiana limited
liability company and White Claw Colorado City, LLC, a Texas limited liability company (each a "Service Recipient",
together, the "Service Recipients") and Vivakor, Inc., a Nevada corporation (the "Company").
Service Provider, the Service Recipients and the Company are sometimes referred to herein as a "Party" or collectively
as the "Parties."

 

WHEREAS, Service Recipients
desire to engage Service Provider to provide certain operating and administrative services; and

 

WHEREAS, Service Provider
is willing and able to provide such services in accordance with and subject to the terms and conditions set forth in this Agreement.

 

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

 

SECTION 1

DEFINITIONS

 

1.1.
Defined Terms. The following Terms shall, when used herein, have the meaning set forth below:

 

"Accounts" has
the meaning set forth in Section 4.4.

 

"Agreement"
has the meaning set forth in the recitals.

 

"Affiliate"
means, with respect to any Party, (i) any party directly or indirectly controlling, controlled by or under common control with such Party,
(ii) any officer or director of such Party, or (iii) any party who is an officer or director of any party described in clause (i) of this
definition.

 

"Annual Budget"
has the meaning set forth in Section 5.1.

 

"Authorized Officer"
has the meaning set forth in Section 3.1.

 

"Change in Control"
means (i) the acquisition by a third party or group of third parties of the beneficial ownership of a majority of then-outstanding voting
securities or equity of a Party, provided that such third party or group of third parties are not (A) Affiliates of such Party nor (B)
beneficial owners of a majority of then-outstanding voting securities or equity of such Party as of the Effective Date of this Agreement,
(ii) the execution of a definitive agreement for, or the consummation of, a reorganization, merger, consolidation, sale or other disposition
of all or a substantial portion of the assets of a Party, (iii) the approval by a Party’s management or beneficial owners of a complete
liquidation or dissolution of such Party, (iv) a merger or transfer or all or substantially all a Party’s assets to another entity
and at the time of such merger or consolidation the merging, surviving, resulting or transferee entity fails to assume all obligations
and covenants of this Agreement satisfactory to the Party which is not the subject of the merger or transfer, or (v) an Unwind Closing
occurs pursuant to that certain Membership Interest Purchase Agreement of even date herewith by and among Jorgan Development, LLC, JBAH
Holdings, LLC, and the Company. Notwithstanding the foregoing, a Change of Control shall not be deemed to have taken place as a result
of the transactions contemplated by the Membership Interest Purchase Agreement of even date herewith by and among the Company, Jorgan
Development, LLC, and JBAH Holdings, LLC. Further, a Change of Control of the Service Recipients shall not be deemed to have taken place
under circumstances where an Affiliate of the Service Provider, including the beneficial owners of the Service Provider, acquires beneficial
ownership of a majority of then-outstanding voting securities or equity of the Company.

 

 

    	 	 	 

     

    

 

"Company" has
the meaning set forth in the recitals.

 

"Event of Default"
has the meaning set forth in Section 6.1.

 

"Fees" has the
meaning set forth in Section 5.1.

 

"Force Majeure"
means an act of God, fire, earthquake, flood, explosion, war, insurrection, riot, violence, sabotage, inability to procure labor, equipment,
facilities, materials or supplies, strikes, walk-outs, action of labor unions, condemnations, applicable laws, inability to obtain governmental
permits or approvals after exercising reasonable diligence, extreme heat or cold, and other matters not within the control of the Party
in question; excluding, however, the lack of funds or financing, global pandemics, or lack of profitability.

 

"Instrument(s)"
has the meaning set forth in Section 3.1.

 

"Interest Rate"
has the meaning set forth in Section 5.1.

 

"Party" or "Parties"
has the meaning set forth in the recitals.

 

"Permits" has
the meaning set forth in Section 4.3(d).

 

"Services" has
the meaning set forth in Section 4.3.

 

"Service Engagement(s)"
has the meaning set forth in Section 3.1.

 

"Service Provider"
has the meaning set forth in the recitals.

 

"Service Recipient(s)"
has the meaning set forth in the recitals.

 

"Term" has the
meaning set forth in Section 2.2.

 

SECTION 2

ENGAGEMENT AND TERM

 

2.1.
Appointment. The Service Recipients hereby engage the Service Provider to provide the Services, and the Service Recipients
accept such engagement, pursuant to the terms and conditions contained herein, to perform or cause the Services to be performed. Service
Provider may use the title "Operator" or "Authorized Agent" of the Service Recipients in the performance of the Services.

 

2.2.
Term. This Agreement shall be in force and effect for a term beginning on the Effective Date and continuing thereafter until
the earlier to occur of (a) 11:59 p.m. Dallas, Texas time on December 31, 2031, (b) until terminated pursuant an Event of Default, (c)
until terminated at the sole discretion of the Service Recipients upon thirty (30) days prior written notice to the Service Provider,
or (d) a Change in Control of the Service Recipients (the "Term").

 

2.3.
Authority. Service Provider shall have the power and authority set forth herein and shall have full power and authority to
take any action necessary or desirable to perform its duties and services pursuant to this Agreement, subject to any limitations imposed
by applicable law or specifically set forth in this Agreement.

 

2.4.
Relationship. In the performance of its duties hereunder, Service Provider shall be an agent and not an employee, partner
or joint venturer of the Service Recipients for any purpose whatsoever. The employees or agents of the Service Provider shall not be
deemed or construed to be the employees, agents or partners of the Service Recipients for any purposes whatsoever.

 

 

    	 	2	 

     

    

 

SECTION 3

AUTHORITY OF MANAGER; LIMITS

 

3.1.
Execution and Entering Into of Documents and Instruments. Subject to the provisions of this Agreement, in performing its services
for the Service Recipients in accordance with this Agreement, the Service Providers, acting through their duly appointed representatives,
shall have the power and authority to (i) execute, enter into, and deliver, on behalf of the Service Recipients, such contracts, agreements,
documents, relevant instruments, consents, certificates and other writings made in the ordinary course of business deemed necessary or
advisable to operate, maintain, and manage the Service Recipients’ business ("Instrument(s)"), so long
as any single Instrument or group of related Instruments have a value of less than $10,000,and (ii) select and engage vendors and service
providers to provide services to the Service Recipients, or as may be necessary or advisable to enable Service Provider to carry out
its duties hereunder ("Service Engagement(s)"), so long as the value of any single Service Engagement or group
of related Service Engagements have a value of less than $10,000.00 USD. Each Instrument executed by Service Provider with respect to,
or on behalf of, the Service Recipients shall state that Service Provider is executing such Instrument on behalf of the Service Recipients.
The Service Provider shall provide written notice of the execution of any Instruments and/or Service Engagements to the Company via e-mail
within one (1) business day of the execution thereof. The Service Provider is not authorized to execute Instruments or enter into Service
Engagements in excess of the limits set forth in Section 3.3 without advance written approval by an authorized officer of the
Company identified by the Company in writing to the Service Provider (an "Authorized Officer"). The Company shall
use its best efforts to respond to such requests for approval within one (1) business day of receipt and may accept or reject any such
request in its reasonable discretion..

 

3.2.
Accounting and Tax Services. Subject to the provisions of this Agreement, Service Provider shall provide or cause to be provided
to Service Recipients general accounting, bookkeeping, and tax management services (the "Accounting Services"), including the
maintenance of general ledgers, income statements, balance sheets, customer invoices, review of vendor invoices, payment processing,
payroll and benefits accounting management and services, and other such related services as may be necessary or advisable in the discretion
of the Service Recipients. The engagement of the providers of the Accounting Services and the agreements reflecting same are subject
to the advance written approval of the Company and such agreements can only be executed by an Authorized Officer.

 

3.3.
Limitations on Authority. Subject to Section 3.4 below, but notwithstanding the foregoing or any other provisions of
this Agreement to the contrary, the Service Provider in such capacity shall not undertake, cause, allow, agree, execute or enter into
to do any of the actions, items, documents or instruments described below in this Section 3.3 even if it involves a sum of less than
$10,000.00 USD:

 

(a) agree,
execute or enter into any long-term indebtedness by a Service Recipient to, or make other Service Recipient investments in, other persons,
other than trade account payables and trade account receivables in the ordinary course of business;

 

(b) sell,
exchange, convey, or transfer any of the tangible or intangible assets of a Service Recipient in one transaction or a series of related
transactions;

 

(c) confess
any judgment against a Service Recipient, or settle or compromise any action or proceeding against such Service Recipient;

 

(d) file
any bankruptcy, arrangement, reorganization, receivership, or similar proceeding under any federal, state or foreign law on behalf of
a Service Recipient, or admit, confess, acquiesce to, induce or participate in, directly or indirectly, any involuntary bankruptcy filing
or similar action against a Service Recipient;

 

(e) effect
a merger, conversion, consolidation, reorganization, dissolution, termination, liquidation or any other similar action with respect to
a Service Recipient;

 

(f) amend
or modify a Service Recipient’s operating agreement, company agreement, shareholders agreement, partnership agreement, equity holder
agreement, or similar such document or instrument; provided, however, that Service Provider shall be authorized to make, amend,
and modify governmental filings for each Service Recipient to the extent reasonably necessary to conduct the business of each Service
Recipient in a manner that does not adversely affect a Service Recipient or the Company; provided further that in such event,
Service Provider shall promptly notify and coordinate with Company.

 

 

    	 	3	 

     

    

 

3.4
HSE Incidents and Contingencies. Notwithstanding any provision of Section 3.3, Service Provider shall have the authority
to spend any sum in excess of $10,000.00 USD reasonably necessary to (i) prevent imminent death, damage, or material harm to persons,
property or the natural environment, or (ii) to comply with any governmental order, rule, regulation, or applicable law. In the event
of an expenditure by Service Provider in reliance on this Section 3.4, Service Provider shall notify Service recipient in writing
within one (1) business day thereafter identifying the amount and nature of the expenditure.

 

SECTION 4

DUTIES AND SERVICES OF SERVICE PROVIDER

 

4.1.
General Standard. In performance of its obligations hereunder, Service Provider shall perform its duties and obligations with
the care that an ordinarily prudent manager of the business of the Service Recipients in a like position would exercise under similar
circumstances.

 

4.2.
Operating Expenses. Subject to the other terms and provisions of this Agreement, including Section 3.1, Service Provider
shall cause to be paid or, as applicable, notify the Company of its obligation to pay, all of the costs and expenses incurred by the
Service Recipients in the ordinary course of the business during the Term, including operating expenses and selling, general and administrative
expenses. Service Provider shall maintain detailed records of all such payments and payment requirements.

 

4.3.
Services. Subject to the limitations set forth in Section 2, Section 3.1 and in Section 3.3, commencing on the
Effective Date and continuing through the Term, the Service Provider shall, for the benefit of the Service Recipients, shall provide
or cause to be provided the services described below (the "Services").

 

(a) Business
Administration. Service Provider, together with and under the supervision of the Company, shall manage and direct the day-to-day
business and affairs of the Service Recipients and perform all other acts or activities customary or incidental to the management of
each Service Recipient’s activities.

 

(b) Contract
Administration. Service Provider, together with and under the supervision of the Company, shall negotiate, execute, and administer
all commercial contracts, including master services agreements, crude oil trading and transportation contracts, on behalf of the Service
Recipients, as the case may be.

 

(c) Accounting
and Financial Statements/Periodic Reports. Subject to Section 3.2, Service Provider shall provide accounting support services to
assist in the maintenance of a system of accounting and bookkeeping for each Service Recipient and the regular preparation of audited
and unaudited balance sheets, statements of income and results of operations and cash flows.

 

(d) Permits.
Service Provider shall obtain, maintain in force and effect, and comply with all necessary or advisable permits, licenses, certificates
of authority, authorizations, approvals, registrations, franchises, and similar such consents granted by governmental authorities (the
"Permits") required for the operation of the business of the Service Recipients. The Service Recipients shall
reimburse Service Provider for the cost of all Permits. Service Provider shall assign Permits to the Service Recipients or its designee
upon request.

 

(e) Tax
and Legal. Service Provider shall ensure that each Service Recipient complies with applicable tax laws and shall draft and review
contracts, agreements and other documents, maintain corporate books and records, and ensure regulatory compliance with respect to each
Service Recipient.

 

(f) Insurance.
During the Term, Service Provider shall work with the Company to procure and maintain insurance for each Service Recipient, as would
be reasonably procured by businesses in the same industry as each Service Recipient.

 

 

    	 	4	 

     

    

 

(g) Labor.
Service Provider shall provide all persons, employees and labor necessary or advisable to accomplish all of the foregoing, including
those individuals listed on Exhibit A hereto (the "Retained Employees"). Service Provider shall make reasonable
efforts to retain the Retained Employees during the Term; provided, however, Service Provider shall not be required to retain
such Retained Employees in the event of (i) a material or substantial failure by any Retained Employee to perform their duties; (ii)
a material or substantial non-compliance with any written Service Provider policy; (iii) a material or substantial failure to comply
with any valid and legal directive from Service Provider; (iv) the Retained Employee's engagement in dishonesty, illegal conduct, or
other misconduct; (v) the conviction of or plea of guilty or nolo contendere by a Retained Employee to any crime during or outside of
the Term; or (vi) the loss, suspension, revocation, expiration, or failure of the Retained Employee to qualify for, any license, registration,
or accreditation necessary for the performance of the Retained Employee’s job duties. To ensure proper staffing at all times, in
the event a Retained Employee is terminated, Service Provider shall promptly find a suitable replacement, the engagement of whom shall
be subject to the reasonable approval of the Service Recipient.

 

(i) Records.
Service Provider shall maintain a complete and accurate set of files, books and records of all business activities and operations conducted
by Service Provider in connection with Service Provider’s performance under this Agreement (collectively, the "Records").
All such Records shall be open to inspection by the authorized representatives of Service Recipients or their designees at the office
of Service Provider during normal business hours at all times during the Term. As it relates to the Services provided by the Service
Provider hereunder and the maintenance of Records by the Service Provider, the Service Provider shall assist the Service Recipients,
as reasonably requested thereby, in preparing financial statements related to the operations of the Service Recipients during the Term.
Upon termination of this Agreement, Service Provider shall provide copies of all Records to the Service Recipients within ten (10) business
days thereof.

 

4.4.
Bank Accounts. During the Term, all bank accounts of the Service Recipients (the "Accounts"); shall
remain under the control of the Service Recipients. Within three (3) business days of written notice from Service Provider to the Service
Recipients, the Service Recipients shall (i) pay from such Accounts any third-party payments required under this Agreement, and (ii)
pay Service Provider amounts due pursuant to Section 5 of this Agreement.

 

4.5.
Service Provider’s Representations and Warranties. Service Provider represents and warrants to the Service Recipients
that the undersigned authorized representative of Service Provider has the requisite power and authority to enter into this Agreement
on behalf of Service Provider and to bind Service Provider; Service Provider is fully authorized under the instruments and applicable
laws governing Service Provider to perform the duties and services of Service Provider set forth in this Agreement; and the execution
and performance of this Agreement by Service Provider will not conflict with, or result in a breach of the terms, conditions or provisions
of, or constitute a default under, or result in any violation of, any agreement or instrument to which Service Provider may be subject.

 

SECTION 5

COMPENSATION

 

5.1.
Compensation. Service Recipients shall pay Service Provider an amount equal to any payments made by Service Provider on behalf
of Service Recipients arising out of or relating to Services as compensation for performance of its duties and services pursuant to this
Agreement together with all costs of labor (the "Fees"). The Fees shall be paid on the twentieth (20th) day of
the month following the month in which the Services were performed by Service Provider; provided, however, that if such
day falls on a Saturday, Sunday, or federal banking holiday, then payment shall be due on the last preceding regular business day. If
any amounts payable by Service Recipients to Service Provider pursuant to this Agreement are undisputed and not paid by the due date
specified herein, subject to a three business day grace period, the Service Recipients shall pay interest on such past due amount(s)
from the due date thereof until such sums are paid in full at the rate equal to the lesser of (a) the prime rate as published in the
current edition of The Wall Street Journal plus two percent (2%) or (b) the maximum interest rate permitted by applicable law
("Interest Rate"). Service Provider shall generate and send invoices to the Service Recipients for the Fees on
a monthly basis. Service Provider shall also prepare and submit to the Company on an annual basis, no later than forty-five (45) days
prior to the end of each fiscal year of the Company during which this Agreement is still in effect, a proposed budget for the operation
of the Service Recipients during the subsequent fiscal year of the Company (the "Annual Budget"). The Annual
Budget to operate the Service Recipients during the period commencing on the Effective Date and terminating on December 31, 2022 is set
forth on Exhibit B hereto. The Annual Budget shall contain a summary and explanation of estimated and/or proposed revenues, operating
expenses, selling, general and administrative expenses, maintenance capital expenditures, growth capital expenditures, and other such
amounts as may be necessary or advisable.

 

 

    	 	5	 

     

    

 

5.2 Adjustment
to Compensation. Should the Service Recipients restate, revise, or retroactively adjust accounting figures for any period during
the Term, whether or not at the direction of Service Provider, Service Provider shall nonetheless be entitled to payment of any such
Fees that may be attributed to such restatement, revision or retroactive adjustment, payable at the next regular payment date.

 

5.3.
Fee Disputes. In the event of any disagreement between the Service Provider and a Service Recipient with respect to any Fees
or any amounts owed thereunder, the Service Provider and such Service Recipient agree to negotiate in good faith to resolve such dispute.

 

SECTION 6

TERMINATION

 

6.1.
Events of Default. An "Event of Default" shall mean the failure of either Party to materially comply
with any material provision of this Agreement if such failure is not cured within ten (10) business days after notice thereof from the
other Party (provided, however, with respect to any matter not curable by the payment of money, if curing such failure reasonably
requires more than ten (10) business days, the time period for curing shall be extended for up to a total of twenty (20) business days
so long as the Party promptly commences to cure the failure after the notice and thereafter diligently prosecutes such cure).

 

6.2.
Service Recipients’ Right to Terminate. In addition to the provisions set forth above, the Service Recipients shall
have the right to terminate this Agreement in accordance with Section 2.2.

 

6.3.
Service Provider’s Right to Terminate. Service Provider may terminate this Agreement upon an Event of Default by the
Service Recipient(s) or a Change in Control.

 

6.4.
Duties Upon Termination. On the effective date of a termination, Service Provider shall promptly deliver to the Service Recipients
a full accounting, including a statement of current assets and liabilities, covering the period following the date of the last accounting
furnished to Service Provider. No further services shall be performed by Service Provider under this Agreement after the effective date
of a termination, provided that, in the event the termination is as a result of Service Provider’s exercise of its right
to terminate under Section 6.3, Service Provider shall, at the Service Recipients’ request and for a period of up to ten
(10) days after such termination, cooperate with the Service Recipients and provide such services as are reasonably necessary to accomplish
an orderly transfer of the management of Service Provider to Service Recipients or Service Recipients’ designee(s). Immediately
after receipt or transmittal of a notice of termination, Service Provider shall transfer and assign to Service Recipients all Permits
relating to Service Recipients’ business and shall make all necessary or advisable governmental or regulatory filings to effectuate
the same upon the termination of this Agreement.

 

6.5.
Remedies. If an Event of Default occurs with respect to either Party under this Agreement, the other Party may exercise any
and all remedies available at law or in equity for breach of contract, unless and to the extent expressly limited herein, whether or
not such Party elects to terminate this Agreement on account of the Event of Default.

 

6.6.
Survival. Upon termination both Parties shall remain liable for all obligations accrued and not fully performed under this
Agreement during the Term, and the obligations and liabilities set forth in Sections 5, 6.5 and 7 shall survive
any termination of this Agreement whether or not such obligations occurred during the Term.

 

 

 

    	 	6	 

     

    

 

SECTION 7

INDEMNIFICATION

 

7.1.
Indemnification of Service Recipients by Service Provider. SERVICE PROVIDER
shall indemnify, defend and hold harmless SERVICE RECIPIENTS and its Affiliates and its and their directors, officers, shareholders,
partners, members, employees, agents and representatives or any of them (each, an "Indemnitee", and collectively,
"Indemnitees") from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, claims, proceedings, investigations (internal or otherwise), costs, expenses, and disbursements of any kind or nature whatsoever
(including, without limitation, all costs and expenses of defense, appeal and settlement of any and all suits, claims, actions, causes
and proceedings involving any Indemnitee and all costs of investigation, internal or otherwise, in connection therewith) that may be
imposed on, incurred by, or asserted against any such Indemnitee as a result of claims or actions by unaffiliated third parties in any
way relating to or arising out of or in connection with, or alleged to relate to or arise out of or in connection with, SERVICE PROVIDER’s
performance hereunder.

 

7.2.
No Punitive Damages. Notwithstanding anything to the CONTRARY IN THIS
AGREEMENT, NO PARTY NOR ANY OF ITS AFFILIATES SHALL BE LIABLE UNDER section 7.1 OR OTHERWISE THIS UNDER THIS AGREEMENT OR OTHERWISE
FOR EXEMPLARY OR PUNITIVE DAMAGES, WHETHER IN TORT (INCLUDING, WITHOUT LIMITATION, NEGLIGENCE OR GROSS NEGLIGENCE), STRICT LIABILITY,
BY CONTRACT OR STATUTE, EXCEPT TO THE EXTENT ANY INDEMNItee SUFFERS SUCH DAMAGES TO AN UNAFFILIATED THIRD PARTY IN CONNECTION WITH A
FINALLY ADJUDICATED THIRD-PARTY CLAIM, IN WHICH CASE SUCH DAMAGES SHALL BE RECOVERABLE TO THE EXTENT RECOVERABLE UNDER SECTION 7.1
WITHOUT GIVING EFFECT TO THIS SECTION 7.2.

 

SECTION 8

MISCELLANEOUS

 

8.1.
Force Majeure. Each Party shall be excused from performing its obligations under this Agreement for so long as, and the extent
that, performance is prevented or delayed by Force Majeure. Written notice of Force Majeure is required no later than three (3) days
after the beginning of the Force Majeure event. A Force Majeure event cannot be claimed until all reasonable efforts have been exerted
to cure same.

 

8.2.
Time of the Essence. Time is of the essence for purposes of this Agreement.

 

8.3.
Assignment. Service Provider shall not assign, mortgage or encumber this Agreement or sublet or delegate its rights in and
to this Agreement without the consent of the Service Recipients, which may be withheld at the Service Recipients’ sole discretion.
Any assignment, transfer, delegation, mortgage or sublease of this Agreement without the prior written consent of the Service Recipients
shall be null, void and of no effect.

 

8.4.
Entire Agreement. This Agreement constitutes the entire and complete agreement of the Parties with respect to the subject
matter contemplated herein. No amendments or modifications of any of the terms or provisions of this Agreement shall be binding on the
other Party unless in writing and signed by both Parties.

 

8.5.
Counterparts. This Agreement, and any amendments and modifications hereto, may be executed and delivered in multiple counterparts,
including multiple signature pages, each of which shall be deemed an original. For purposes of this Agreement, a "writing"
includes electronic, facsimile and postal communication.

 

8.6.
Headings. All section, subsection and article headings and titles contained in this Agreement are for convenience only and
shall not be construed to have any effect or meaning with regard to the construction of this Agreement.

 

 

    	 	7	 

     

    

 

8.7.
Waiver. No waiver by any Party of any one or more defaults of the other Party in the performance of this Agreement shall operate
or be construed as a waiver of any other or future default or defaults, whether of a like or different character. All rights and remedies
herein shall be cumulative and not exclusive.

 

8.8.
Severability. Any provision declared or rendered unlawful by a court or governmental agency of competent jurisdiction, or
deemed unlawful as a result of a statutory change, shall not otherwise affect the validity of the remaining lawful obligations that arise
under this Agreement.

 

8.9.
Applicable Law and Venue. This Agreement shall be governed by, construed and performed pursuant to the laws of the State of
Texas, without regard to its rules and principles regarding conflicts of law. The Parties hereby consent, agree and waive all objections
that venue for any dispute hereunder shall be in a court of competent jurisdiction located in Clark County, Nevada. THE PARTIES HEREBY
KNOWINGLY AND IRREVOCABLY WAIVE AND RELINQUISH ALL RIGHT TO TRIAL BY JURY IN A DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

8.10
Notices. Except as otherwise expressly permitted or provided for herein, all notices, request, instruction or other document
required or permitted to be given hereunder shall be in writing and shall be deemed effective when personally delivered with signed receipt,
when received by e-mail or other electronic means with electronic confirmation of delivery, when delivered by overnight courier with
signed receipt or when delivered by United States certified mail, postage prepaid and return receipt requested. Unless changed by written
notice given by a Party another Party pursuant hereto, such notices shall be given to the Parties at the following addresses:

 

	If to Service Provider: 	Endeavor Crude, LLC

5151 Beltline Road, Suite 715

Dallas, Texas 75234

Attn: James Ballengee

Email: jballengee@whiteclawcrude.com

 

	With a copy to:	Jackson Walker LLP

2323 Ross Avenue, Suite 600

Dallas, TX 75201

Attn: Pat Knapp

Email: pknapp@jw.com

 

If to the Service Recipients

	or the Company:	Vivakor, Inc.

4101 North Thanksgiving Way

Lehi, UT 84043

Attn: Matt Nicosia; Tyler Nelson

Email: matt@vivakor.com; tnelson@vivakor.com

 

	With a copy to:	Lucosky Brookman LLP

101 Wood Avenue South, 5th Floor

Iselin, New Jersey 08830

Attn: Joseph Lucosky; Scott Linsky

Email: jlucosky@lucbro.com; slinsky@lucbro.com

 

 

 

[Remainder of Page Left Blank; Signature Page
to Follow]

 

    	 	8	 

     

    

 

 

IN WITNESS WHEREOF,
the Parties have executed and entered into this Agreement effective as of the Effective Date.

 

 

SERVICE RECIPIENTS:

 

SILVER FUELS DELHI LLC, a Louisiana
limited liability company

 

	By:	 

	Name:	 

	Title:	 

 

 

WHITE CLAW COLORADO CITY, LLC, a Texas
limited liability company

 

	By:	 

	Name:	 

	Title:	 

 

 

SERVICE PROVIDER:

 

ENDEAVOR CRUDE, LLC, a Texas limited
liability company

 

By: Jorgan
Development, LLC, a Louisiana limited liability company, its Manager

 

	By:	 

	Name:	James Ballengee

	Title:	Manager

 

 

THE COMPANY:

 

VIVAKOR, INC., a Nevada corporation

 

	By:	 

	Name:	 

	Title:	 

 

 

 

    	 	9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}]]