Document:

EXHIBIT 10.2

 

FORM OF

PLEDGE AGREEMENT

 

THIS PLEDGE AGREEMENT
(“Agreement”) is made and effective as of ___ __, 2022 by and between VIVAKOR, INC. (the “Pledgor”),
and ________ (the “Secured Party”).

 

RECITALS

 

WHEREAS, the Pledgor
and the Secured Party have entered into that certain Membership Interest Purchase Agreement, dated as of the date hereof, by and among
the Pledgor, the Secured Party and the other parties named therein (as amended, modified or supplemented from time to time in accordance
with its terms, the “Purchase Agreement”), pursuant to which the Secured Party has sold all of its membership
interests in each of Silver Fuels Delhi, LLC and White Claw Colorado City, LLC (collectively, the “Company”)
to the Pledgor in exchange for certain consideration, including, without limitation, a promissory note in the principal amount of $_____________
issued by the Pledgor in favor of the Secured Party (the “Note”);

 

WHEREAS, after giving
effect to the transactions contemplated by the Purchase Agreement, the Pledgor will be the registered and beneficial owner of all of the
issued and outstanding limited liability company membership interests of the Company previously held by the Secured Party (the “Pledged
Securities”);

 

WHEREAS, in order to
secure the full, prompt and timely payment when due (whether at the stated maturity, by acceleration or otherwise) of all of the Pledgor’s
obligations to the Secured Party hereunder and under the Note (collectively, the “Obligations”), Pledgor has
agreed to pledge the Pledged Securities to the Secured Party irrevocably upon the terms and conditions herein set forth; and

 

WHEREAS, the execution
and delivery of this Agreement is a condition precedent to the execution and delivery of the Purchase Agreement and the Note.

 

NOW, THEREFORE, in
consideration of the mutual covenants, agreements, warranties, and representations herein contained, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

1.            
Recitals, Construction and Defined Terms. The recitations set forth in the preamble of this Agreement are true and correct
and incorporated herein by this reference. In this Agreement, unless the express context otherwise requires: (i) capitalized terms used
and not otherwise defined in this Agreement have the meaning given such terms in the Note; (ii) the words “herein,” “hereof”
and “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular provision of this
Agreement; (iii) references to the words “Section” or “Subsection” refer to the respective Sections and Subsections
of this Agreement, and references to “Exhibit” or “Schedule” refer to the respective Exhibits and Schedules attached
hereto; and (iv) wherever the word “include,” “includes,” “including” or words of similar import are
used in this Agreement, such words will be deemed to be followed by the words “without limitation.”

 

2.            
Pledge. In order to secure the full, prompt and timely payment of all of the Obligations, the Pledgor hereby transfers,
pledges, assigns, sets over, delivers and grants to the Secured Party a continuing lien and security interest in and to all of the following
property of the Pledgor (all being collectively hereinafter referred to as the “Collateral”) and all right,
title and interest of the Pledgor in and to the Collateral, to-wit:

 

(a)       the
Pledged Securities owned by the Pledgor;

 

 

 

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(b)       any
certificates representing or evidencing the Pledged Securities, if any;

 

(c)       any
and all distributions thereon, and cash and non-cash proceeds and products thereof, including all dividends, cash, distributions, income,
profits, instruments, securities, stock dividends, distributions of capital stock or other securities of the Company and all other property
from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon conversion of the Pledged Securities,
whether in connection with stock splits, recapitalizations, merger, conversions, combinations, reclassifications, exchanges of securities
or otherwise;

 

(d)       any
and all voting, management, and other rights, powers and privileges accruing or incidental to an owner of the Pledged Securities and the
other property referred to in Sections 2(a) through 2(c) above; and

 

(e)       all
books and records related to any and all of the foregoing.

 

3.    
      Transfer of Pledged Securities. Simultaneously with the execution of this Agreement, Pledgor shall
deliver to the Secured Party: (a) if the Pledged Securities are evidenced by physical certificates, then all original certificates
representing or evidencing the Pledged Securities, together with undated, irrevocable and duly executed assignments or stock powers
thereof in form and substance acceptable to the Secured Party (together with medallion guaranteed signatures, if required by the
Secured Party), executed in blank by the Pledgor; (b) if the Pledged Securities are not represented by physical certificates, then
undated, irrevocable and duly executed assignment instruments in form and substance acceptable to the Secured Party, executed in
blank by the Pledgor; and (c) all other property, instruments, documents and papers comprising, representing or evidencing the
Collateral, or any part thereof, together with proper instruments of assignment or endorsement, as the Secured Party may request or
require, duly executed by the Pledgor (collectively, the “Transfer Documents”). The Collateral and the
Transfer Documents (collectively, the “Pledged Materials”) shall be held by the Secured Party pursuant to
this Agreement until the earlier to occur of (i) the indefeasible payment in full of all of the Obligations, (i) the termination or
expiration of this Agreement in accordance with its terms or (iii) following the occurrence and continuance of an Event of Default
hereunder or under the Note and the exercise by the Secured Party of its right to effect a transfer of the Collateral pursuant to
the terms hereof, the execution and/or delivery of the Pledged Materials by the Pledgor to the Secured Party in accordance with this
Agreement and the Purchase Agreement. In addition, all non-cash dividends, dividends paid or payable in cash or otherwise in
connection with a partial or total liquidation or dissolution of the Company, instruments, securities and any other distributions,
whether paid or payable in cash or otherwise, made on or in respect of the Pledged Securities, whether resulting from a subdivision,
combination, or reclassification of the interests or other securities of the Company, or received in exchange for the Pledged
Securities or any part thereof, or in redemption thereof, as a result of any merger, consolidation, acquisition, or other exchange
of assets to which the Company may be a party or otherwise, or any other property that constitutes part of the Collateral from time
to time, including any additional certificates representing any portion of the Collateral hereafter acquired by the Pledgor, shall
be immediately delivered or cause to be delivered by the Pledgor to the Secured Party in the same form as so received, together with
proper instruments of assignment or endorsement duly executed by the Pledgor.

 

4.     
      Security Interest Only. The security interests in the Collateral granted to the Secured Party
hereunder are granted as security only and shall not subject the Secured Party to, or transfer or in any way affect or modify, any
obligation or liability of the Pledgor with respect to any of the Collateral or any transaction in connection therewith.

 

5.     
       Record Owner of Collateral. Until an “Event of Default” as defined under the Note has
occurred and is continuing, the Pledged Securities shall remain registered in the name of the Pledgor. Pledgor will promptly give to
the Secured Party copies of any notices or other communications received by it and with respect to Collateral registered in the name
of Pledgor.

 

 

 

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6.     
     Rights Related to Pledged Securities. Subject to the terms of this Agreement, unless and until an
Event of Default shall occur and be continuing:

 

(a)  
   Pledgor shall be entitled to exercise any and all voting, management, and other rights, powers and
privileges accruing to an owner of the Pledged Securities, or any part thereof, for any purpose consistent with the terms of this
Agreement, provided that no such exercise or action shall adversely affect (i) any of the rights inuring to the Secured Party under
any of the Loan Documents, (ii) any of the remedies available to the Secured Party under any of the Loan Documents or (iii) the
ability of the Secured Party to exercise any of the same.

 

(b)      Upon
the occurrence and continuance of an Event of Default, all rights of the Pledgor in and to the Pledged Securities shall cease and all
such rights shall immediately vest in the Secured Party, as may be determined by the Secured Party, although the Secured Party shall not
have any duty to exercise such rights or to otherwise realize upon the Collateral in accordance with the terms hereof, or to preserve
the same, and the Secured Party shall not be responsible for any failure to do so or delay in doing so. To effectuate the foregoing, the
Pledgor hereby grants to the Secured Party a proxy to vote the Pledged Securities for and on behalf of the Pledgor, which proxy is irrevocable
and coupled with an interest and which proxy shall be effective upon the occurrence of any Event of Default. Such proxy shall remain in
effect until the earlier to occur of (i) the indefeasible payment in full of all of the Obligations, (ii) the termination or expiration
of this Agreement in accordance with its terms or (iii) following the occurrence of an Event of Default hereunder or under the Note and
the exercise by the Secured Party of its right to effect a transfer of the Collateral pursuant to the terms hereof, the execution and/or
delivery of the Pledged Materials by the Pledgor to the Secured Party in accordance with this Agreement and the Purchase Agreement. The
Company hereby agrees that any vote by the Pledgor in violation of this Section 6 shall be null, void and of no force or effect.
Furthermore, all dividends or other distributions received by the Pledgor shall be subject to delivery to the Secured Party in accordance
with Section 3, and until such delivery, any of such dividends and other distributions shall be received in trust for the benefit
of the Secured Party, shall be segregated from other property or funds of the Pledgor and shall be forthwith delivered to Secured Party
in accordance with Section 3.

 

7.     
      Return of Pledged Materials. Upon the earlier to occur of (i) the indefeasible payment in full of
all of the Obligations or (ii) the termination or expiration of this Agreement in accordance with its terms, the Pledgor shall
notify the Secured Party in writing to such effect. Upon receipt of such written notice, the Secured Party shall return all of the
Pledged Materials in the Secured Party’s possession to the Pledgor, whereupon any and all rights of Secured Party in and to
such Pledged Materials shall be terminated.

 

8.     
      Representations, Warranties, and Covenants of the Pledgor and the Company. The Pledgor and the
Company hereby covenant, warrant and represent, for the benefit of the Secured Party, as follows (each of the following
representations and warranties being deemed to have been made as of the date of this Agreement and as of each date when the Pledged
Securities are delivered to the Secured Party hereunder, as applicable):

 

(a)       By
virtue of the execution and delivery of this Agreement and upon delivery to the Secured Party of the Pledged Securities (or any certificates
represnting the same) in accordance with this Agreement, the Secured Party will have a valid and perfected, first priority security interest
in all of the Collateral described in Section 2(a) and Section 2(b), in each case subject to no prior or other liens of
any nature whatsoever.

 

(b)       Upon
the filing of a UCC-1 Financing Statement describing the Collateral with the Secretary of State of the State of Nevada, the Secured Party
will have a valid and perfected, first priority security interest in all of the Collateral in which the Secured Party’s security
interest may be pefectedby the filing of a financing statement under Article 9 of the UCC, in each case subject to no prior or other liens
of any nature whatsoever.

 

(c)       Pledgor
covenants, that for so long as this Agreement is in effect, Pledgor will defend the Pledged Securities and the priority of the Secured
Party’s security interests therein, at its sole cost and expense, against the claims and demands of all Persons at any time claiming
the same or any interest therein.

 

 

 

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(d)       At
its option, the Secured Party may pay, for Pledgor’s account, any taxes (including documentary stamp taxes), Liens, security interests,
or other encumbrances at any time levied or placed on the Collateral. Pledgor agrees to reimburse the Secured Party on demand for any
payment made or expense incurred by the Secured Party pursuant to the foregoing authorization. Any and all such amounts, to the extent
not paid upon demand therefor, shall constitute Obligations hereunder and be secured hereby and shall further be subject to the provisions
of Section 13(a).

 

(e)       The
Pledged Securities constitute 99% of the securities of the Company owned, legally or beneficially, by the Pledgor. 

 

(f)       The
Company and the Pledgor hereby authorize the Secured Party to prepare and file such financing statements, amendments and other documents
and do such acts as the Secured Party deems necessary in order to establish and maintain valid, attached and perfected, first priority
security interests in the Collateral in favor of the Secured Party, for its own benefit and as the Secured Party for its affiliates, free
and clear of all Liens and claims and rights of third parties whatsoever. The Pledgor hereby irrevocably authorizes the Secured Party
at any time, and from time to time, to file in any jurisdiction any initial financing statements, amendments, continuations and other
documents in furtherance of the foregoing.

 

9.     
       Event of Default. The occurrence and continuance of any one or more of the following events shall
constitute an “Event of Default” under this Agreement:

 

(a)       any
written warranty, representation, certificate or statement of the Pledgor in this Agreement or any other Loan Document shall have been
false or misleading in any material respect when made or deemed made;

 

(b)       the
Pledgor shall fail to perform, comply with or abide by any of the stipulations, agreements, conditions and/or covenants contained in this
Agreement or any of the other Loan Documents, in each case after giving effect to any applicable notice or cure period provided therein;
or

 

(c)       An
Event of Default shall have occurred and be continuing under the Note.

 

10. 
         Rights and Remedies.

 

(a)       Notwithstanding
anything to the contained in this Agreement, subject at all times to the Uniform Commercial Code as then in effect in the State of Nevada,
upon the occurrence and continuation of an Event of Default, the Secured Party’s sole and exclusive remedy pursuant to this Agreement
and with respect to the Collateral shall be to engage in the Unwinding (as defined in the Purchase Agreement) in accordance with and pursuant
to the terms and conditions of this Agreement and the Purchase Agreement. In furtherance thereof, the Secured Party shall have the right,
without notice or demand to the Pledgor or the Company to foreclose upon the Collateral and to effect a transfer, assignment or other
disposition of all of the Collateral to the Secured Party in connection with the same in full, complete and indefeasible satisfaction
of any and all outstanding Obligations. 

 

(b)      Subject
to compliance with any applicable federal and state securities laws (including, without limitation, the Securities Act of 1933, as amended,
blue sky or other state securities laws or similar laws now or hereafter existing analogous in purpose or effect), following any exercise
of the Secured Party’s rights pursuant to Section 10(a), the Secured Party shall have the absolute right to sell, transfer,
assign, or otherwise dispose of the Collateral, or any part thereof, in any manner it sees fit and shall have no liability to the Pledgor,
the Company, or any other Person for selling or otherwise disposing of such Collateral. 

 

 

 

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(c)      
Each right, power and remedy of the Secured Party provided for in this Agreement or any other Loan Document shall be cumulative and
concurrent and shall be in addition to every other such right, power or remedy. The exercise or beginning of the exercise by the
Secured Party of any one or more of the rights, powers or remedies provided for in this Agreement or the Note, or now or hereafter
existing at law or in equity or by statute or otherwise, shall not preclude the simultaneous or later exercise by the Secured Party
of all such other rights, powers or remedies, and no failure or delay on the part of the Secured Party to exercise any such right,
power or remedy shall operate as a waiver thereof. No notice to or demand on the Pledgor in any case shall entitle it to any other
or further notice or demand in similar or other circumstances or constitute a waiver of any of the rights of the Secured Party to
any other further action in any circumstances without demand or notice. The Secured Party shall have the full power to enforce or to
assign or contract its rights under this Agreement to a third party.

 

(d)      Upon
the occurrence and continuance of an Event of Default, the Pledgor and the Company each agree: (i) to take such action and to prepare,
distribute and/or file such documents and papers, as are required or advisable in the opinion of the Secured Party and/or its counsel,
to effect the transfer of the Collateral to the Secured Party following any exercise by the Secured Party of its rights pursuant to Section
10(a); (ii) to bear all costs and expenses of carrying out its obligations under this Section 10(d), which costs and expenses
shall constitute Obligations hereunder and be secured hereby and shall further be subject to the provisions of Section 13(a); and
(iii) that there is no adequate remedy at law for the failure by the Pledgor and the Company to comply with the provisions of this Section
10(d) and that such failure would not be adequately compensable in damages, and therefore agrees that its covenants and agreements
contained in this Section 10(d) may be specifically enforced.

 

11.     
     Appointment as Attorney-in-Fact. The Company and Pledgor hereby irrevocably constitute and appoint
the Secured Party and any officer of Secured Party, with full power of substitution, as its true and lawful attorney-in-fact, with
full irrevocable power and authority in the place and stead of the Pledgor or the Company, as applicable, and in the name of the
Pledgor, the Company, or in the name of the Secured Party, as applicable, from time to time in the discretion of the Secured Party,
so long as an Event of Default hereunder exists, for the purpose of carrying out the terms of this Agreement, to take any and all
appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the
purposes of this Agreement, including any financing statements, endorsements, assignments or other instruments of transfer. The
Pledgor and the Company each hereby ratify all that said attorneys shall lawfully do or cause to be done pursuant to the power of
attorney granted in this Section 11. All powers, authorizations and agencies contained in this Agreement are coupled
with an interest and are irrevocable until the Obligations are paid and performed in full.

 

12.
          Continuing Obligation of Pledgor and the Company.

 

(a)   
   The obligations, covenants, agreements and duties of the Pledgor and the Company under this Agreement shall in no
way be affected or impaired by: (i) the modification or amendment (whether material or otherwise) of any of the obligations of the
Pledgor or the Company or any other Person, as applicable; (ii) the voluntary or involuntary bankruptcy, assignment for the benefit
of creditors, reorganization, or other similar proceedings affecting the Company, the Pledgor or any other Person, as applicable;
(iii) the release of the Company, the Pledgor or any other Person from the performance or observance of any of the agreements,
covenants, terms or conditions contained in the Note, by the operation of law or otherwise, including the release of the
Company’s or the Pledgor’s obligation to pay interest or attorney’s fees.

 

(b)      The
Pledgor and the Company further agree that the Secured Party may take other guaranties or collateral or
security to further secure the Obligations, and consent that any of the terms, covenants and conditions contained in the Note may be renewed,
altered, extended, changed or modified by the Secured Party or may be released by the Secured Party, without in any manner affecting this
Agreement or releasing the Pledgor herefrom, and the Pledgor shall continue to be liable hereunder to pay and perform pursuant hereto,
notwithstanding any such release or the taking of such other guaranties, collateral or security. This Agreement is additional and supplemental
to any and all other guarantees, security agreements or collateral heretofore and hereafter executed by the Pledgor and the Company for
the benefit of the Secured Party, whether relating to the indebtedness evidenced by the Note or not, and shall not supersede or be superseded
by any other document or guaranty executed by the Pledgor, the Company or any other Person for any purpose. The Pledgor and the Company
hereby agree that the Pledgor, the Company, and any other Persons that may become liable for repayment of the sums due under the Note,
may hereafter be released from their liability hereunder and thereunder; and the Secured Party may take, or delay in taking or refuse
to take, any and all action with reference to the Note (regardless of whether same might vary the risk or alter the rights, remedies or
recourses of the Pledgor), including specifically the settlement or compromise of any amount allegedly due thereunder, all without notice
to, consideration to or the consent of the Pledgor, and without in any way releasing, diminishing or affecting in any way the absolute
nature of the Pledgor’s obligations and liabilities hereunder.

 

 

 

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(c)      No
delay on the part of the Secured Party in exercising any rights hereunder or failure to exercise the same shall operate as a waiver of
such rights. The Pledgor and the Company hereby waives any and all legal requirements, statutory or otherwise, that the Secured Party
shall institute any action or proceeding at law or in equity or exhaust its rights, remedies and recourses against the Pledgor, the Company
or any other Person with respect to the Note, as a condition precedent to bringing an action against the Pledgor or the Company upon this
Agreement or as a condition precedent to the exercise of the Secured Party’s rights under Section 10(a). The Pledgor and
the Company agree that the Secured Party may simultaneously maintain an action upon this Agreement and an action or proceeding upon the
Note. Until the earlier to occur of (i) the indefeasible payment in full of all of the Obligations, (ii) the termination or expiration
of this Agreement in accordance with its terms or (iii) following the occurrence and continuance of an Event of Default hereunder or under
the Note and the exercise by the Secured Party of its right to effect a transfer of the Collateral pursuant to the terms hereof, the execution
and/or delivery of the Pledged Materials by the Pledgor to the Secured Party in accordance with this Agreement and the Purchase Agreement,
the Pledgor shall not be released by any act or thing that might, but for this provision of this Agreement, be deemed a legal or equitable
discharge of a surety, or by reason of any waiver, extension, modification, forbearance or delay of the Secured Party or any obligation
or agreement between the Company or their successors or assigns, and the then holder of the Note, relating to the payment of any sums
evidenced or secured thereby or to any of the other terms, covenants and conditions contained therein, and the Pledgor hereby expressly
waives and surrenders any defense to liability hereunder based upon any of the foregoing acts, things, agreements or waivers, or any of
them. The Pledgor and the Company also waive any defense arising by virtue of any disability, insolvency, bankruptcy, lack of authority
or power or dissolution of the Pledgor or the Company, even though rendering the Note void, unenforceable or otherwise uncollectible,
it being agreed that the Pledgor and the Company shall remain liable hereunder, regardless of any claim that the Pledgor or the Company
might otherwise have against the Secured Party by virtue of the Secured Party's invocation of any right, remedy or recourse given to it
hereunder or under the Note. In addition, until the earlier to occur of (A) the indefeasible payment in full of all of the Obligations,
(B) the termination or expiration of this Agreement in accordance with its terms or (C) following the occurrence of an Event of Default
hereunder or under the Note and the exercise by the Secured Party of its right to effect a transfer of the Collateral pursuant to the
terms hereof, the execution and/or delivery of the Pledged Materials by the Pledgor to the Secured Party in accordance with this Agreement
and the Purchase Agreement, the Pledgor waives and renounces any right of subrogation, reimbursement or indemnity whatsoever, and any
right of recourse to security for the Obligations of the Company to the Secured Party.

 

13.
          Miscellaneous.

 

(a)       Performance
for Pledgor or the Company. The Pledgor and the Company agree and hereby acknowledge that the Secured Party may, in the Secured Party’s
sole discretion, but the Secured Party shall not be obligated to, whether or not an Event of Default shall have occurred, advance funds
on behalf of the Company or the Pledgor, without prior notice to the Pledgor or the Company, in order to insure the Company’s and
the Pledgor’s compliance with any covenant, warranty, representation or agreement of the Pledgor or the Company made in or pursuant
to this Agreement or the Note, to continue or complete, or cause to be continued or completed, performance of the Pledgor’s and
the Company’s obligations under any contracts of the Pledgor or the Company, or to preserve or protect any right or interest of
the Secured Party in the Collateral or under or pursuant to this Agreement or the Note; provided, however, that the making
of any such advance by the Secured Party shall not constitute a waiver by the Secured Party of any Event of Default with respect to which
such advance is made, nor relieve the Pledgor or the Company of any such Event of Default. The Pledgor and the Company, respectively and
as applicable, shall pay to the Secured Party upon demand all such advances made by the Secured Party, in each case with interest thereon
from the date of outlay until paid and at rate per annum equal to twelve percent (12%). All such advances shall constitute Obligations
hereunder and be secured hereby.

 

(b)       Waivers
by Pledgor and the Company. The Company and the Pledgor hereby waive, to the extent the same may be waived under applicable law: (i)
notice of acceptance of this Agreement; (ii) all claims and rights of the Pledgor and the Company against the Secured Party on account
of actions taken or not taken by the Secured Party in the exercise of the Secured Party’s rights or remedies hereunder, under any
other Loan Documents or under applicable law; (iii) all claims of the Pledgor and the Company for failure of the Secured Party to comply
with any requirement of applicable law relating to enforcement of the Secured Party’s rights or remedies hereunder, under the other
Loan Documents or under applicable law; (iv) all rights of redemption of the Pledgor with respect to the Collateral; (v) in the event
the Secured Party seeks to repossess any or all of the Collateral by judicial proceedings, any bond(s) or demand(s) for possession which
otherwise may be necessary or required; (vi) presentment, demand for payment, protest and notice of non-payment and all exemptions
applicable to any of the Collateral or the Pledgor or the Company; (vii) any and all other notices or demands which by applicable law
must be given to or made upon the Pledgor or the Company by the Secured Party; (viii) settlement, compromise or release of the obligations
of any person or entity primarily or secondarily liable upon any of the Obligations; (ix) all rights of the Pledgor or the Company to
demand that the Secured Party release account debtors or other persons or entities liable on any of the Collateral from further obligation
to the Secured Party; and (x) substitution, impairment, exchange or release of any Collateral for any of the Obligations.

 

 

 

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(c)       Waivers
by Secured Party. No failure or any delay on the part of the Secured Party in exercising any right, power or remedy hereunder or under
any other Loan Documents or under applicable law, shall operate as a waiver thereof. 

 

(d)       Modifications,
Waivers and Consents. No modifications or waiver of any provision of this Agreement or any other Loan Documents, and no consent by
the Secured Party to any departure by the Pledgor or the Company therefrom, shall in any event be effective unless the same shall be in
writing, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given, and any
single or partial written waiver by the Secured Party of any term, provision or right of the Secured Party hereunder shall only be applicable
to the specific instance to which it relates and shall not be deemed to be a continuing or future waiver of any other right, power or
remedy. No notice to or demand upon the Pledgor or the Company in any case shall entitle the Pledgor or the Company to any other or further
notice or demand in the same, similar or other circumstances.

 

(e)       Notices.
All notices of request, demand and other communications hereunder shall be addressed, sent and deemed delivered in accordance with the
Note.

 

(f)       Applicable
Law and Consent to Jurisdiction. This Agreement 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 party hereto hereby irrevocably submits to the exclusive jurisdiction of any
federal court located in the State of Nevada, for the purposes of any action arising out of this Agreement or the subject matter hereof
brought by any party under this Agreement. To the extent permitted by applicable law, each party hereby waives and agrees not to assert,
by way of motion, as a defense or otherwise, in any action under this Agreement, any claim (i) that it is not personally subject to the
jurisdiction of the above named courts, (ii) that such action is brought in an inconvenient forum, (iii) that it is immune from any legal
process with respect to itself or its property, (iv) that the venue of the suit, action or proceeding is improper or (v) that this Agreement
or the subject matter hereof may not be enforced in or by such courts.

 

(g)       Survival;
Successors and Assigns; Termination.

 

(i)       All
covenants, agreements, representations and warranties made herein shall survive the execution and delivery hereof, and shall continue
in full force and effect until this Agreement terminates in accordance with the provisions hereof.

 

(ii)      Whenever
in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and assigns of such
party. If the Secured Party assigns this Agreement and/or its security interest in the Collateral, then such assignment shall be binding
upon and recognized by the Pledgor. All covenants, agreements, representations and warranties by or on behalf of the Pledgor or the Company
that are contained in this Agreement shall inure to the benefit of Secured Party, its successors and assigns. Neither the Pledgor nor
the Company may assign this Agreement, or delegate any of their respective rights or obligations hereunder, in each case without the prior
written consent of the Secured Party, which consent may be withheld in Secured Party’s sole and absolute discretion.

 

(iii)     Notwithstanding
anything contained herein to the contrary, and except as otherwise expressly provided herein, this Agreement shall terminate and no longer
be in force or effect upon the earliest to occur of (A) the indefeasible payment in full of all of the Obligations, (B) the indefeasible
payment in full to the Secured Party of the Threshold Payment Amount or (C) following the occurrence and continuance of an Event of Default
hereunder or under the Note and the exercise by the Secured Party of its right to effect a transfer of the Collateral pursuant to the
terms hereof, the execution and/or delivery of the Pledged Materials by the Pledgor to the Secured Party in accordance with this Agreement
and the Purchase Agreement.

 

(h)       Severability.
If any term, provision or condition, or any part thereof, of this Agreement shall for any reason be found or held invalid or unenforceable
by any court or governmental authority of competent jurisdiction, such invalidity or unenforceability shall not affect the remainder of
such term, provision or condition nor any other term, provision or condition, and this Agreement shall survive and be construed as if
such invalid or unenforceable term, provision or condition had not been contained therein.

 

 

 

    	 	7	 

     

    

 

(i)    
   Merger and Integration. This Agreement and the other Loan Documents contain the entire agreement of the
parties hereto with respect to the matters covered and the transactions contemplated hereby, and no other agreement, statement or
promise made by any party hereto, or by any employee, officer or representative of any party hereto that is not expressly contained
herein shall be valid or binding.

 

(j)  
     WAIVER OF JURY TRIAL. EACH OF THE PLEDGOR, THE COMPANY AND THE SECURED PARTY 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 PLEDGOR, ANY COMPANY AND THE SECURED PARTY MAY BE PARTIES, ARISING OUT OF, IN CONNECTION WITH
OR IN ANY WAY PERTAINING TO THIS AGREEMENT, AND/OR ANY TRANSACTIONS, OCCURRENCES, COMMUNICATIONS, OR UNDERSTANDINGS (OR THE LACK OF
ANY OF THE FOREGOING) RELATING IN ANY WAY TO 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 EACH OF THE PLEDGOR, THE COMPANY AND THE SECURED PARTY, AND EACH OF THE PLEDGOR, THE COMPANY AND THE SECURED
PARTY 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 IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. EACH OF THE PARTIES HERETO IS HEREBY AUTHORIZED TO SUBMIT THIS AGREEMENT TO ANY
COURT HAVING JURISDICTION OVER THE SUBJECT MATTER AND THE PLEDGOR, THE COMPANY AND THE SECURED PARTY, SO AS TO SERVE AS CONCLUSIVE
EVIDENCE OF SUCH WAIVER OF RIGHT TO TRIAL BY JURY. EACH OF THE PLEDGOR, THE COMPANY AND THE SECURED PARTY REPRESENT AND WARRANT THAT
IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS AGREEMENT 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 COUNSEL.

 

(k)       Execution.
This Agreement may be executed in one or more counterparts, all of which taken together shall be deemed and considered one and the same
Agreement. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format
file or other similar format file, such signature shall be deemed an original for all purposes and shall create a valid and binding obligation
of the party executing same with the same force and effect as if such facsimile or “.pdf” signature page was an original thereof.

 

(l)    
   Headings. The headings and sub-headings contained in the titling of this Agreement are intended to be used
for convenience only and shall not be used or deemed to limit or diminish any of the provisions hereof.

 

(m)      Gender
and Use of Singular and Plural. All pronouns shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the
identity of the party or parties or their personal representatives, successors and assigns may require. 

 

(n)       Further
Assurances. The parties hereto will execute and deliver such further instruments and do such further acts and things as may be reasonably
required to carry out the intent and purposes of this Agreement, including the execution and filing of UCC-1 Financing Statements in any
jurisdiction as the Secured Party may require.

 

(o)       Time
is of the Essence. The parties hereby agree that time is of the essence with respect to performance of each of the parties’
obligations under this Agreement. The parties agree that in the event that any date on which performance is to occur falls on a Saturday,
Sunday or state or national holiday, then the time for such performance shall be extended until the next succeeding Business Day.

 

(p)       Joint
Preparation. The preparation of this Agreement has been a joint effort of the parties and the resulting documents shall not, solely
as a matter of judicial construction, be construed more severely against one of the parties than the other.

 

 

 

    	 	8	 

     

    

 

(q)       Prevailing
Party. If any legal action or other proceeding is brought for the enforcement of this Agreement or any other Loan Documents, or because
of an alleged dispute, breach, default or misrepresentation in connection with any provisions of this Agreement or any other Loan Documents,
then the successful or prevailing party or parties shall be entitled to recover from the non-prevailing party, reasonable attorneys’
fees, court costs and all expenses, even if not taxable as court costs (including, without limitation, all such fees, costs and expenses
incident to appeals), incurred in that action or proceeding, in addition to any other relief to which such party or parties may be entitled.

 

(r)       Costs
and Expenses. The Pledgor and the Company, jointly and severally, agree to pay to the Secured Party, upon demand, the amount of any
and all costs and expenses, including the reasonable fees, costs, expenses and disbursements of counsel for the Secured Party, which the
Secured Party may incur in connection with: (i) the recordation, administration, amendment, waiver or other modification or termination
of this Agreement; (ii) the custody or preservation of any of the Collateral; or (iii) the exercise or enforcement of any of the
rights of the Secured Party hereunder. All such costs and expenses shall bear interest from the date of outlay until paid, at a rate per
annum equal to twelve percent (12%), and shall constitute Obligations hereunder and be secured hereby. Notwithstanding anything contained
herein to the contrary, the provisions of this Section 13(r) shall survive the termination of this Agreement and the termination
of the Secured Party’s security interest hereunder.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have duly executed this Agreement as of the day and year first above written.

 

 

 

PLEDGOR:

 

VIVAKOR, INC.

 

 

By: ___________________________

Name:

Title:

 

 

 

SECURED PARTY:

 

 

_____________________

 

 

 

By: ___________________________

Name:

Title:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature page to Pledge Agreement]

 

    	 	10EXHIBIT 10.3

 

FORM OF

MASTER NETTING AGREEMENT

 

This MASTER NETTING AGREEMENT
(this "Agreement") dated effective as of ___ _, 2022 (the "Effective Date"), is by and
between JORGAN DEVELOPMENT, LLC, a Louisiana limited liability company ("Jorgan"), JBAH
Holdings, LLC, a Texas limited liability company ("JBAH"), WHITE CLAW CRUDE, LLC, a Texas limited liability
company ("WCC"), ENDEAVOR CRUDE, LLC, a Texas limited liability company ("Endeavor"),
VIVAKOR, INC., a Nevada corporation ("Vivakor"), SILVER FUELS DELHI,
LLC, a Louisiana limited liability company ("SFD"), and WHITE CLAW COLORADO CITY, LLC, a Texas limited liability
company ("WCCC"). Each and every of the foregoing parties are hereby referred to individually as a "Party"
or collectively as the "Parties".

 

WHEREAS, contemporaneously
herewith, Jorgan, JBAH and Vivakor have entered into that certain Member Interest Purchase Agreement (the "MIPA")
hereto, contemplating the purchase and sale of SFD and WCCC;

 

WHEREAS, in connection with
the MIPA, the Parties intend to execute and enter into all those certain agreements and obligations set forth on Exhibit "A"
hereto, as such may be amended, modified, restated, ratified, revived, and each and every extension, renewal, or modification of each
and every such contract (each individually, a "Contract", or collectively, "Contracts"),
and wish to enter into this Agreement to establish certain net-out obligations and procedures for the same; and

 

NOW, THEREFORE, for the mutual
promises and undertakings contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties hereto hereby agree as follows:

 

1.              Definitions.
The following terms shall, when used herein, have the meaning set forth below:

 

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

 

"Affiliate(s)"
means, with respect to any Party, any other party directly or indirectly controlling, controlled by or under common control with such
Party.

 

"Aggregate Amount(s) Owed
Buyer Group" has the meaning set forth in Section 3.

 

"Aggregate Amount(s) Owed
Seller Group" has the meaning set forth in Section 3.

 

"Buyer Group"
means Vivakor, SFD and WCCC.

 

"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, or (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.

 

 

 

    	 	1	 

     

    

 

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

 

"Defaulting Party"
has the meaning set forth in Section 9.

 

"Denbury Contract"
means that certain Crude Oil Purchase Contract dated October 1, 2018, by and between Silver Fuels, LLC and Denbury Onshore, LLC, as modified
by that certain Collateral Assignment of Contracts dated as of March 18, 2020, between SFD and Maxus, and as assigned.

 

"Early Termination Date"
has the meaning set forth in Section 10.

 

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

 

"Event of Default"
has the meaning set forth in Section 9.

 

"Final Judgment"
has the meaning set forth in Section 7.

 

"Group(s)" means
Seller Group and/or Buyer Group, individually or collectively, as context requires.

 

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

 

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

 

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

 

"Net Settlement Amount"
has the meaning set forth in Section 3.

 

"Non-Defaulting Group"
has the meaning set forth in Section 10.

 

"Notes" means
(i) that certain Secured Promissory Note dated ___ [●], 2022, from Vivakor to the order of Jorgan in the original principal amount
of $[●], and (ii) that certain Secured Promissory Note dated ___ [●], 2022, from Vivakor to the order of JBAH in the original
principal amount of $[●].

 

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

 

"Payment Date"
has the meaning set forth in Section 6.

 

"Seller Group"
means Jorgan, JBAH, WCC, and Endeavor.

 

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

 

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

 

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

 

 

 

    	 	2	 

     

    

 

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

 

2.              This
Agreement supplements the payment and invoicing provisions of all Contracts between the Parties and their Affiliates. It is understood
and agreed by the Parties that the Contracts shall be and hereby are subject to the terms of this Agreement. Except as specifically set
forth herein, nothing within this Agreement shall be construed to amend, modify, or cancel any part of all of any Contract presently
in effect between the Parties or their Affiliates. All other terms and conditions of said Contracts shall remain unchanged, in effect,
and enforceable in accordance with their terms and provisions. In the event of any inconsistency between the terms of this Agreement
and the terms of any Contract with respect to the payment or invoicing matters while this Agreement is in force and effect, the terms
of this Agreement shall prevail.

 

3.              All
amounts owed to Seller Group by Buyer Group as a result of all Contracts during a given calendar month (the "Aggregate Amount(s)
Owed Seller Group") shall be netted against all amounts owed to Buyer Group by Seller Group as a result of all Contracts
during the same calendar month (the "Aggregate Amount(s) Owed Buyer Group"), and the resulting net amount (the
"Net Settlement Amount") shall be payable either from Seller Group to Buyer Group (if the Aggregate Amount Owed
Buyer Group exceeds the Aggregate Amount Owed Seller Group) or from Buyer Group to Seller Group (if the Aggregate Amount Owed Seller
Group exceeds the Aggregate Amount Owed Buyer Group). Each month the Groups shall consult at least one (1) business day before Payment
Date (as defined below) as to the total amount due each other for deliveries made pursuant to the Contracts in the preceding month, which
deliveries shall be priced in accordance with the applicable Contracts. Each Group shall continue to invoice the other Group as applicable.

 

4.            
The Parties to each Contract shall attempt to reconcile any disputes as to any items contained on an invoice in a mutually agreeable
manner. A Party may not refuse to participate in such process because of a disputed invoice. If any invoice is disputed (so long it is
disputed in good faith and fair dealing), the invoiced Party may require that only the undisputed amount be agreed upon as the amount
due in the process described in Section 2, pending resolution of the dispute, and otherwise proceed with the net-out process set
forth herein.

 

5.            
The net difference between the total amounts agreed to in Sections 2 through 4 above shall be the amount payable
to the Group delivering the greater amount by the Group delivering the lesser amount.

 

6.            
The Net Settlement Amount shall be paid by the owing Group to the other Group by wire transfer on or before the 20th day of the
month succeeding the invoiced month ("Payment Date"). If the 20th day of the month falls on a Saturday or Friday
federal banking holiday, payment will be made on the preceding banking day, or if the 20th day of the month falls on a Sunday or Monday
federal banking holiday, payment will be made on the next succeeding banking day; provided, however, that should Denbury Onshore,
LLC default on its payment obligations pursuant to the Denbury Contract, the Payment Date shall be extended for an additional five (5)
calendar days. Payment made in accordance with this Agreement will be deemed timely under the Contracts. Each Party agrees that for the
Payment Date to be effective as to the other Party, each Party must have in its possession all invoices as applicable (involving the transaction
month) from the other Party not later than two (2) business days before the Payment Date.

 

7.      
      Notwithstanding the provisions of Sections 3 through 6 hereof, specifically with
respect to Vivakor obtaining a final, non-appealable judgment obtained in a court of competent jurisdiction awarding money damages
to Vivakor for a breach or default pursuant to the MIPA against either Jorgan or JBAH, as the case may be (a "Final
Judgment"), then in that event and only in that event, the amount of such Final Judgment shall be deducted from and
netted against the outstanding principal indebtedness owed to Jorgan or JBAH pursuant to the Notes, respectively, as the case may
be. This obligation shall survive the termination of this Agreement in accordance with the survival provisions of the MIPA.

 

8.            
Term. This Agreement is effective on the Effective Date and shall continue in effect until the earlier to occur of (a) termination
of this Agreement pursuant to Section 11 hereof, or (b) the termination of all the Contracts pursuant to their terms and provision,
or (c) termination by mutual agreement of the Parties; provided, however, that any such termination shall not cancel the netting
arrangement provided for herein with respect to obligations or transactions which arise prior to the termination date, unless otherwise
agreed to in writing by the Parties; provided further, that such termination of this Agreement shall not affect the continuing
validity or enforcement of obligations owed under the Contracts.

 

 

 

    	 	3	 

     

    

 

9.            
Events of Default. Notwithstanding any other provision of this Agreement or any provision of any Contract, the occurrence
at any time of any of the following events constitutes an event of default (an "Event of Default") with respect
to such Party (a "Defaulting Party"):

 

		(a)	A material breach or material default by any Party of any provision of this Agreement that is not cured
within 10 business days of the breaching Party’s receipt of a notice of default;

 

		(b)	A breach or default by any Party under any Contract pursuant to that Contract's terms and provisions Agreement
that is not cured in accordance with such Contract's terms and provisions;

 

		(c)	A Change in Control occurs with respect to a Party other than as a result of the transactions contemplated
by the MIPA on the Closing Date, as such term is defined in the MIPA Further, a Change of Control of Vivakor shall not be deemed to have
taken place under circumstances where another Party to this Agreement, including the beneficial owners of such Party, acquires beneficial
ownership of a majority of then-outstanding voting securities or equity of Vivakor.

 

10.          
Remedies. Upon the occurrence of an Event of Default, the non-defaulting Group hereto (the "Non-Defaulting Group")
may, in its sole discretion and by written notice to the Defaulting Party and its Group, designate a date on which to terminate this Agreement
and promptly settle all outstanding amounts due pursuant to the Contracts (the "Early Termination Date"). To the
extent that, in the commercially reasonable discretion of the Non-Defaulting Group, certain Contracts may not be not promptly settled
without material disruption of cash flow(s) to one or more Parties of either Group, such Contracts shall be settled in accordance with
their terms apart from this Agreement. On or as soon as reasonably practicable after the Early Termination Date, the Non-Defaulting Group
shall provide a close-out statement to the Defaulting Party and its Group (a) showing in reasonable detail its calculations for the final
settlement pursuant to this Agreement, (b) showing in reasonable detail all Aggregate Amounts Owed Seller Group and all Aggregate Amounts
Owed Buyer Group that intend to remain outstanding as of the Early Termination Date to be settled outside of this Agreement, and (c) specifying
any Net Settlement Amount(s) in connection with the Early Termination Date.

 

11.          
Remedies Not Exclusive. The Parties' rights pursuant to this Agreement are in addition to, and not in limitation of, any
other rights and remedies that they may have (whether by operation of law, in equity, pursuant to agreement, or otherwise) and without
prejudice and in addition to any right of set-off, recoupment, combination of accounts, lien, security interest, pledge, or other right
to which they are entitled. The Parties may enforce any of their remedies under this Agreement successively or concurrently at their option.
No failure on the part of any Party to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise by a Party of any right, remedy or power hereunder preclude any other or future exercise
of any right, remedy or power.

 

12.          
Limitation of Liability. In no event shall any Party be liable under this Agreement (on the basis of breach of contract,
indemnity, warranty or tort or otherwise) for any indirect, special, consequential, exemplary or punitive damages resulting from or arising
out of this Agreement, including, without limitation, loss of production, business interruption, loss of profit, loss of revenue, loss
of contract or loss of goodwill howsoever caused.

 

13.          
Counterparts. The Agreement may be executed in one or more counterparts, in any format, whether hardcopy or electronic,
each of which shall be considered an original.

 

14.          
Assignment. The rights and obligations of the parties to this Agreement are not assignable in whole or in part, other than,
in the case of Vivakor, to Affiliates of Vivakor, without the prior written consent of the other Group to this Agreement, which shall
not be unreasonably withheld, conditioned or delayed. This Agreement shall inure to the benefit of and be binding on and enforceable against
the successors and permitted assigns of each Party hereto.

 

 

 

    	 	4	 

     

    

 

15.          
Amendment; Severability. None of the provisions of this Agreement may be modified, amended or waived except in a writing
signed by the Parties. If any of the provisions of this Agreement is found to be illegal or unenforceable, it is deemed to be omitted,
but only to the extent of such unenforceability, and the remaining provisions of this Agreement shall remain in full force and effect.

 

16.          
Governing Law. This Agreement shall be construed in accordance with, and governed by the laws of the State of Nevada, without
respect to its rules or principles regarding conflicts of law. Each Party waives, to the fullest extent permitted by applicable law, any
right it may have to a trial by jury in respect of any proceedings relating to or arising out of this Agreement.

 

17.          
Notice. Any written notice in respect of this Agreement may be given by any reasonable means, including, without limitation,
by facsimile, hand delivery, courier, or certified United States mail (return receipt requested) and shall be effective upon receipt by
the Party to which such notice is addressed. Each Group's respective addresses for notice are set forth in the MIPA.

 

[Signature page(s)
to follow.]

 

[The remainder
of this page is intentionally blank.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF,
the Seller Group and Buyer Group have executed this Agreement as of the Effective Date set forth above.

	 	 
	 	SELLER GROUP:

 

JORGAN DEVELOPMENT,
LLC, a Louisiana limited liability company

 

 

By: ______________________________

Name: James
H. Ballengee

Title: Manager

 

JBAH HOLDINGS,
LLC, a Texas limited liability company

 

 

By: ______________________________

Name: James
H. Ballengee

Title: Manager

 

WHITE CLAW
CRUDE, LLC, a Texas limited liability company

 

By: JORGAN
DEVELOPMENT, LLC,

a Louisiana limited liability company,

its Manager

 

 

By: ______________________________

Name: James
H. Ballengee

Title: Manager

 

ENDEAVOR CRUDE,
LLC, a Texas limited liability company

 

By: JORGAN
DEVELOPMENT, LLC,

a Louisiana limited liability company,

its Manager

 

 

By: ______________________________

Name: James
H. Ballengee

Title: Manager

 

 

 

    	 	6	 

     

    

 

	 	 BUYER GROUP:

 

VIVAKOR, INC.,
a Nevada limited liability company

 

 

By: ______________________________

Name: ____________________________

Title: _____________________________

 

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: _____________________________

	 	 

 

 

    	 	7	 

     

    

 

EXHIBIT A

TO MASTER NETTING AGREEMENT

THE CONTRACTS

 

1.            
Membership Interest Purchase Agreement dated June 15, 2022, by and between Jorgan, JBAH, and Vivakor.

 

2.            
Secured Promissory Note dated ___ [●], 2022, made to Jorgan by Vivakor, in the original principal amount of [●].

 

3.            
Secured Promissory Note dated ___ [●], 2022, made to JBAH by Vivakor, in the original principal amount of [●].

 

4.            
Pledge Agreement dated ___ [●], 2022, by and between Jorgan, as Secured Party, and Vivakor, as Debtor.

 

5.            
Pledge Agreement dated ___ [●], 2022, by and between JBAH, as Secured Party, and Vivakor, as Debtor.

 

6.     
       Shared Services Agreement dated ____ [●], 2022, by and between Endeavor Crude,
LLC, as Service Provider, and Silver Fuels Delhi, LLC and White Claw Colorado City, LLC, as Service Recipients.

 

7.            
Crude Petroleum Supply Agreement dated January 1, 2021, by and between White Claw Crude, LLC, and Silver Fuels Delhi, LLC, as amended.

 

8.            
Oil Storage Agreement dated January 1, 2021, by and between White Claw Crude, LLC, as Shipper, and White Claw Colorado City, LLC,
as Operator, as amended.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	8

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