Document:

Exhibit 4.11

 

NEITHER THIS SECURITY
NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE
TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

SERIES A

 

COMMON STOCK PURCHASE WARRANT

 

glyeco,
inc.

 

	Warrant Shares: 26,756	Issuance Date: May 31, 2019

  

This COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, CHARLES TRAPP or his assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after May 31, 2019 (the “Issuance Date”) and on or prior to the close of business on the five (5)-year anniversary
of the Issuance Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from GlyEco,
Inc., a Nevada corporation (the “Company”), up to 26,756 shares (as subject to adjustment hereunder,
the “Warrant Shares”) of common stock, par value $0.0001 per share, of the Company (the “Common Stock”).
The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section
2(b). This Warrant is one of five (5) Series A Common Stock Purchase Warrants being issued by the Company, on the Effective Date,
to the initial Holder and four (4) other holders of certain promissory notes of the Company, as partial consideration for their
agreement to extend the maturity date of such promissory notes and modify such other terms as provided in the Amended and Restated
Promissory Notes. 

 

Section
1. Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings set
forth in this Section 1:

 

a)
“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is
controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities
Act.

 

     

     

    

 

b)
“Amended and Restated Notes” means the Amended and Restated 12.5% Senior, Subordinated, Unsecured Promissory
Notes of even date herewith delivered by the Company to Richard Geib, Jennifer Geib, Wynnefield Partners Small Cap Value, L.P.,
Wynnefield Partners Small Cap Value, L.P. I and Charles Trapp, which supersede and replace the Original Notes (as such term is
defined in the Amended and Restated Notes) as provided therein.

 

c)
“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the
United States or any day on which the New York Federal Reserve Bank is closed for business.

 

d)
“Commission” means the United States Securities and Exchange Commission.

 

e)
“Common Stock Equivalents” means any capital stock or other security of the Company that is at any time and
under any circumstances directly or indirectly convertible into, exercisable or exchangeable for, and/or which otherwise entitles
the holder thereof to acquire, any capital stock or other security of the Company (including, without limitation, Common Stock).

 

f)
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder.

 

g)
“NFS” means NFS Leasing, Inc., a Massachusetts corporation.

 

h)
“NFS Equipment Finance Documents” means the documents applicable to the NFS Equipment Finance Transaction,
including (i) a Master Lease Agreement of even date herewith between NFS and the Company, (ii) a Royalty Agreement of even date
herewith between NFS and the Company, and (iii) any and all other documents related to the foregoing.

 

i)
“NFS Equipment Finance Transaction” means the equipment finance transaction between the Company and NFS, which
is being consummated pursuant to the terms and conditions of the NFS Equipment Finance Documents.

 

j)
“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association,
joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity
of any kind.

 

k)
“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be
amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same
effect as such Rule.

 

l)
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

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m)
“Transfer Agent” means Olde Monmouth Stock Transfer Co. Inc., the current transfer agent of the Company, with
a mailing address of 200 Memorial Parkway, Atlantic Highlands, NJ 07716, and any successor transfer agent of the Company.

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on or after the Issuance Date and on or before the Termination Date by delivery to the Company (or such other office
or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing
on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise form annexed hereto and within three
(3) Business Days of the date said Notice of Exercise is delivered to the Company, the Company shall have received payment of
the aggregate Exercise Price of the shares of Common Stock thereby purchased by wire transfer or cashier’s check drawn on
a United States bank. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of
guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the contrary, the Holder
shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares
available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the
Company for cancellation within three (3) Business Days of the date the final Notice of Exercise is delivered to the Company.
Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder
shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable
number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased
and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within one (1) Business
Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason
of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant
Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

b)
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $1.55, subject to adjustment
hereunder (the “Exercise Price”).

 

c)
[Intentionally Omitted].

 

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d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. Warrant Shares purchased hereunder shall be transmitted by the Transfer Agent
to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company through its Deposit
or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A)
there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares
by the Holder or (B) the shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to
Rule 144, and otherwise Warrant Shares purchased hereunder shall be transmitted by physical delivery to the address specified
by the Holder in the Notice of Exercise by the date that is three (3) Business Days after the latest of (A) the delivery to the
Company of the Notice of Exercise and (B) surrender of this Warrant (if required) (such date, the “Warrant Share Delivery
Date”). The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named
therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been
exercised, with payment to the Company of the Exercise Price, which Exercise Price shall be paid in either lawful U.S. currency
or by contributing Notes that have been duly and validly issued by the Company, and all taxes required to be paid by the Holder,
if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid. The Warrant Shares shall bear a restrictive
legend in the following form, as appropriate:

 

“THE
ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED
(I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION
IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.  NOTWITHSTANDING
THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT
SECURED BY THE SECURITIES.”

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder
a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which
new Warrant shall in all other respects be identical with this Warrant.

 

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iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant
to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to an exercise
on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open
market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in
satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price
(including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying
(1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue
times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the
Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored
(in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would
have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder
purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares
of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately
preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount
of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law
or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s
failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

v.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

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vi.
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of Warrant Shares, all of which taxes and expenses shall be paid by
the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by
the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed
by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer
tax incidental thereto.

 

vii.
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect
to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially
own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number
of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock
issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of
shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially
owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any
other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on
conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates.
Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged
by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of
the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall
be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and
of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a
Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic
or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a
more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. 
Upon the written or oral request of a Holder, the Company shall within two (2) Business Days confirm orally and in writing to
the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common
Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant,
by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The
“Beneficial Ownership Limitation” shall be equal to either (i) 4.99% of the number of shares of Common Stock
outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant,
if the Holder on such date beneficially owns 4.99% or less of the number of shares of Common Stock outstanding immediately prior
to giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant or (ii) 9.99% of the number
of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon
exercise of this Warrant, if the Holder on such date beneficially owns more than 4.99% and less than 9.99% of the number of shares
of Common Stock outstanding immediately prior to giving effect to the issuance of shares of Common Stock issuable upon exercise
of this Warrant. The Holder, upon not less than 61 days’ prior notice to the Company, may increase or decrease the Beneficial
Ownership Limitation provisions of this Section 2(e). Any such increase or decrease will not be effective until the 61st day after
such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary
or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor
holder of this Warrant.

 

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Section
3. Certain Adjustments.

 

a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)
[Intentionally Omitted]

 

c)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata
to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will
be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could
have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result
in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase
Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent)
and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto
would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

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d)
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend
or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of
capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall
be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder
had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a
record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common
Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the
Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation,
then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any
shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in
abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding
the Beneficial Ownership Limitation).

 

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e)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of
the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in
one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common
Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making
or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the
Holder, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving
corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such
Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately
prior to such Fundamental Transaction. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share
of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration
in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of
Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the
Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following
such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is
not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under
this Warrant, the Amended and Restated Notes, and the NFS Equipment Finance Documents in accordance with the provisions of this
Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder
(without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder
in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form
and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity
(or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without
regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which
applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares
of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares
of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior
to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder.
Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that
from and after the date of such Fundamental Transaction, the provisions of this Warrant, the Amended and Restated Notes, and the
NFS Equipment Finance Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise
every right and power of the Company and shall assume all of the obligations of the Company under this Warrant, the Amended and
Restated Notes, and the NFS Equipment Finance Documents with the same effect as if such Successor Entity had been named as the
Company herein.

 

f)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding
as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

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g)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the
Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights, (D) the Company grants, issues or sells any Common Stock Equivalents
or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common
Stock, (E) the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets)
to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution
of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement,
scheme of arrangement or other similar transaction), or (F) the Company shall enter into a Fundamental Transaction, then, in each
case, the Company shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant Register of the
Company, at least ten (10) Business Days prior to the applicable record or effective date hereinafter specified, a notice stating
the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if
a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined; provided that the failure to mail such notice or any defect therein or in
the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder
shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of
the event triggering such notice except as may otherwise be expressly set forth herein.

 

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Section
4. Transfer of Warrant.

 

a)
Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d)
hereof, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal
office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached
hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this
Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender
this Warrant to the Company within three (3) Business Days of the date the Holder delivers an assignment form to the Company assigning
this Warrant full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase
of Warrant Shares without having a new Warrant issued.

 

b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the Issuance Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c)
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary.

 

d)
Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant,
the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions
or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 5(k).

 

e)
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant
and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a
view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable
state securities law, except pursuant to sales registered or exempted under the Securities Act.

 

    11

     

    

 

Section
5. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth
in Section 3.

 

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

d)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of any trading market upon which the Common
Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant
Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens
and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

    12

     

    

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above
the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable, the
Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

 

e)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be determined in accordance with the provisions of the Amended and Restated Notes.

 

f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered,
will have restrictions upon resale imposed by state and federal securities laws.

 

g)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding
the fact that all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

 

h)
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company
shall be delivered in accordance with the notice provisions of the Amended and Restated Notes.

 

i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability
of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted
by the Company or by creditors of the Company.

 

    13

     

    

 

j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant
and shall be enforceable by such Holder.

 

l)
Amendment. No provision of this Warrant may be waived, modified, supplemented or amended except in a written instrument signed,
in the case of an amendment, by the Company, NFS (only for as long as there remains any outstanding obligation to NFS on the part
of the Company or any Holder of a Series A Common Stock Warrant), and the holders of the Company’s Series A Common Stock
Warrants issued under the Amended and Restated Notes, including the Holder of this Warrant, holding at least 67% in interest of
such Series A Common Stock Warrants then outstanding, or, in the case of a waiver, by the party against whom enforcement of any
such waived provision is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement
shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision,
condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair
the exercise of any such right.

 

m)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.

 

********************

 

(Signature
Page Follows)

 

    14

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date
first above indicated.

 

	 	COMPANY:
	 	 	 
	 	GLYECO, INC.
	 	 	 
	 	By: 	 
	 		Name:
	 		Title:
	 	 	 
	 	HOLDER:
	 	 	 
	 	 	 
	 	CHARLES TRAPP

 

    

     

    

 

NOTICE
OF EXERCISE

 

To:
glyeco, INC.

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2)
Payment shall take the form of lawful money of the United States or contribution of Notes duly and validly issued by the Company
including, without limitation, the Amended and Restated Notes (as such term is defined in the attached Warrant).

 

(3)
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The
Warrant Shares shall be delivered to the following DWAC account number:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under
the Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ________________________________________________________________________

Signature
of Authorized Signatory of Investing Entity: _________________________________________________

Name
of Authorized Signatory: ___________________________________________________________________

Title
of Authorized Signatory: ____________________________________________________________________

Date:
________________________________________________________________________________________

 

    

     

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	
	 	 	(Please
    Print)
	 	 	 
	Address:	 	
	 	 	(Please
    Print)
	 	 	 
	Dated:
    _______________ __, ______	 	 
	 	 	 
	Holder’s
    Signature:                                                      	 	 
	 	 	 
	Holder’s
    Address:Exhibit 10.1

 

	 	LEASE
                                         AGREEMENT

        

 

May
30, 2019

 

Client
Name: GlyEco, Inc. and GlyEco West Virginia, Inc.

 

Client
Address: 1620 1st Avenue South, Nitro, West Virginia 25143 and with a mailing address at PO Box 387, Institute, West Virginia
25112

 

NFS
Leasing, Inc. is pleased to provide the following lease proposal for your review:

 

	LESSOR:	NFS
    Leasing, Inc.
	 	 
	LESSEE:	GlyEco,
    Inc. and GlyEco West Virginia, Inc.
	 	 
	TOTAL
    FINANCE AMOUNT:	$3,211,339.36
    Exclusive of Shipping and Tax
	 	 
	ADVANCE
    PAYMENT(S):	1st
        Monthly Payment ($71,503.68), Security Deposit ($71,503.68), and Origination Fee ($227,500.00) Totaling $370,507.36
        plus applicable upfront tax

         

        *Advance
Payment to be deducted from funding amount.

	 	 
	AMOUNT
    FINANCED:	$3,211,339.36
    Exclusive of Shipping and Tax
	 	 
	LEASE
        TERMS:

         

        CREDIT
        CONDITIONS:
	60
        Monthly Payments of $71,503.68

         

        1st
        position all asset lien on each individual Lessee.

        Execution
        of stock warrant. At any time prior to June 1 2024, Lessor shall have the option to purchase stock in Lessee at a price
        equal to the 30-day volume weighted average price (VWAP) at the time of closing of this Schedule discounted by 10%. This
        purchase shall not exceed $400,000.00.

        Receipt
        of list of patents.

        Execution
        of patent security agreement.

        Execution
        of conditional patent assignment agreement.

        Execution
        of deposit control agreement.

        Execution
        of Royalty Agreement for a period of 10 years.

        Affidavit
        of use of proceeds.

        Proof
        of payment required for all use of proceeds in excess of $5,000.00 within 7 days of payment.

        Lessee
        to provide accounts receivable and accounts payable reports for the 3 monthly periods prior to closing.

        Execution
        of Amended and Restated Notes by existing debt holders in a form satisfactory to NFS, excepting Ian Rhodes, under which
        debt holders agree to extend maturity dates until Lessor is paid in full.

        Dow
        ground lease contracts and related agreements to be provided for review.

        Lessee
        to provide list of all assets.

        Lessee
        to provide clairifcation on existing equipment specific UCC filing.

        All
        associated legal expenses and filing fees will be passed through to Lessee.

        Advance
        Payment made via wire transfer.

        Monthly
        Payments made via Lessor initiated ACH.

        Execution
of a Tri-Party Landlord Agreement/No Interest Letter.

	 	 
	PAYMENT
    FREQUENCY:	Monthly
    in Advance
	 	 
	LEASE
        EXPIRATION OPTIONS:

         

        DOCUMENTATION:

         

        PROPOSAL
        EXPIRATION:
	1. 
        Purchase Equipment for $1.00.

         

        Master
        Lease Agreement (2017-223), Schedule 4

         

        05/31/2019

 

     

     

    

 

Signatures
on following page

 

This
is an offer to lease and is not binding upon either party until a master lease schedule is executed.

 

No
Novation. LESSEE AND LESSOR agree that the this Schedule 4 to Master Equipment Lease No. 2017-223 dated as of March 31, 2017
(“Schedule 4”) is not, and is not intended to be, a novation of any existing security interests of Lessor relating
to the Equipment, including but not limited to those arising from and relating to Schedule 1 to Master Equipment Lease No. 2017-223
dated as of March 31, 2017 (“Schedule 1”), which security interests shall continue in full force and effect, and that
this Schedule 4 does not extinguish or otherwise replace Schedule 1 or the original Obligations of LESSEE to LESSOR (as that term
is defined in the Security Agreements dated March 31, 2017 and the Amended and Restated Security Agreements dated February 7,
2018), which Obligations shall also remain in full force and effect.

 

	LESSOR:
         NFS Leasing, Inc.

         

         

         

        By:
        _____________________________________

         

        Name:
        Mark Blaisdell

         

        Title:
        Chief Financial Officer / Chief Credit Officer

         

        Date:
        ____________________________________
	LESSEE:
        GlyEco, Inc. and GlyEco West Virginia, Inc.

         

        Individual
        Lessee: GlyEco, Inc.

         

        By:
        ______________________________________

         

        Name:
        ____________________________________

         

        Title:
        _____________________________________

         

        Date:
        _____________________________________

 

Individual
Lessee: GlyEco West Virginia, Inc.

 

By:
______________________________________

 

Name:
____________________________________

 

Title:
_____________________________________

 

Date:
_____________________________________

 

    2

     

    

 

SCHEDULE
4A

EQUIPMENT
LEASE SCHEDULE NO. 4

TO
MASTER EQUIPMENT LEASE NO. 2017-223

DATED
AS OF 03/31/2017

BETWEEN
NFS Leasing, Inc. (“LESSOR”)

AND
GlyEco, Inc. and GlyEco West Virginia, Inc. (“LESSEE”)

 

	LESSEE:

         

        GlyEco,
        Inc. and GlyEco West Virginia, Inc.
	EQUIPMENT
        LOCATION:

         

        1620
        1st Ave South

        Nitro,
        WV 25143

 

Equipment
Description and Terms

 

	 	Quote
    No.	 
	Equipment
    Detailed In:	ColemanConsultingGroup
    Valuation Report dated October 2016	 
	 	 	 
	 	Total
    Finance Amount:	$3,211,339.36
    
	 	 	 
	See
    Schedule 4D for detailed equipment quote

 

Total
Finance Amount: $3,211,339.36 Exclusive of Shipping and Tax

 

Monthly
Payment: $71,503.68

 

Initial
Term: 60 Months

 

Advance
Payment: 1st Monthly Payment ($71,503.68), Security Deposit ($71,503.68), and Origination Fee ($227,500.00) Totaling $370,507.36
plus applicable upfront tax

 

*Advance
Payment to be deducted from funding amount.

 

The
terms and conditions of the Master Lease are hereby incorporated and made a part hereof as if such terms and conditions were fully
set forth herein.

 

	LESSOR:
         NFS Leasing, Inc.

         

         

         

        By:
        _____________________________________

         

        Name:
        Mark Blaisdell

         

        Title:
        Chief Financial Officer / Chief Credit Officer

         

        Date:
        ____________________________________
	LESSEE:
        GlyEco, Inc. and GlyEco West Virginia, Inc.

         

        Individual
        Lessee: GlyEco, Inc.

         

        By:
        ______________________________________

         

        Name:
        ____________________________________

         

        Title:
        _____________________________________

         

        Date:
        _____________________________________

 

Individual
Lessee: GlyEco West Virginia, Inc.

 

By:
______________________________________

 

Name:
____________________________________

 

Title:
_____________________________________

 

Date:
_____________________________________

 

    3

     

    

 

SCHEDULE
4B

EQUIPMENT
LEASE SCHEDULE NO. 4

TO
MASTER EQUIPMENT LEASE NO. 2017-223

DATED
AS OF 03/31/2017

BETWEEN
NFS Leasing, Inc. (“LESSOR”)

AND
GlyEco, Inc. and GlyEco West Virginia, Inc. (“LESSEE”)

 

	LESSEE:

         

        GlyEco,
        Inc. and GlyEco West Virginia, Inc.
	EQUIPMENT
        LOCATION:

         

        1620
        1st Ave South

        Nitro,
        WV 25143

 

Pursuant
to the above referenced Schedule and Lease, Lessor offers the following End of Lease Purchase Options to Lessee:

 

Upon
payment of final Rent Payment, Lessee will have the option to:

 

		1.	Purchase
                                         Equipment for $1.00.

  

	LESSOR:
         NFS Leasing, Inc.

         

         

         

        By:
        _____________________________________

         

        Name:
        Mark Blaisdell

         

        Title:
        Chief Financial Officer / Chief Credit Officer

         

        Date:
        ____________________________________
	LESSEE:
        GlyEco, Inc. and GlyEco West Virginia, Inc.

         

        Individual
        Lessee: GlyEco, Inc.

         

        By:
        ______________________________________

         

        Name:
        ____________________________________

         

        Title:
        _____________________________________

         

        Date:
        _____________________________________

 

Individual
Lessee: GlyEco West Virginia, Inc.

 

By:
______________________________________

 

Name:
____________________________________

 

Title:
_____________________________________

 

Date:
_____________________________________

 

    4

     

    

 

SCHEDULE
4C

EQUIPMENT
LEASE SCHEDULE NO. 4

TO
MASTER EQUIPMENT LEASE NO. 2017-223

DATED
AS OF 03/31/2017

BETWEEN
NFS Leasing, Inc. (“LESSOR”)

AND
GlyEco, Inc. and GlyEco West Virginia, Inc. (“LESSEE”)

 

	LESSEE:

         

        GlyEco,
        Inc. and GlyEco West Virginia, Inc.
	EQUIPMENT
        LOCATION:

         

        1620
        1st Ave South

        Nitro,
        WV 25143

 

Pursuant
to the above referenced Schedule and Master Lease, Lessee by its below signature, hereby certifies that the Units of Equipment
described in the Schedule and below have been delivered by the Supplier of such Equipment at the location of Lessee described
herein, have been inspected by authorized representatives of Lessee, have been found to be in good repair, condition and working
order and are accepted by Lessee as Equipment under the Schedule on the applicable Delivery Date set forth below:

 

EQUIPMENT
DESCRIPTION

 

	 	Quote
    No.	 
	Equipment
    Detailed In:	ColemanConsultingGroup
    Valuation Report dated October 2016	 
	 	 	 
	 	Total
    Finance Amount:	$3,211,339.36
    
	 	 	 
	See
    Schedule 4D for detailed equipment quote

 

The
terms and conditions of the Master Lease are hereby incorporated and made a part hereof as if such terms and conditions were fully
set forth herein.

 

	LESSEE:
        GlyEco, Inc. and GlyEco West Virginia, Inc.

         

        Individual
        Lessee: GlyEco, Inc.

         

        By:
        ______________________________________

         

        Name:
        ____________________________________

         

        Title:
        _____________________________________

         

        Date:
        _____________________________________
	 

 

Individual
Lessee: GlyEco West Virginia, Inc.

 

By:
______________________________________

 

Name:
____________________________________

 

Title:
_____________________________________

 

Date:
_____________________________________

 

    5

     

    

 

SCHEDULE
4D

EQUIPMENT
LEASE SCHEDULE NO. 4

TO
MASTER EQUIPMENT LEASE NO. 2017-223

DATED
AS OF 03/31/2017

BETWEEN
NFS Leasing, Inc. (“LESSOR”)

AND
GlyEco, Inc. and GlyEco West Virginia, Inc. (“LESSEE”)

 

 

 

 

 

 

 

Original
Equipment Quotes Attached.

 

 

 

 

 

 

 

 

 

 

 

6

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