Document:

Exhibit 10.2

 

EVO
Transportation & Energy Services, Inc.

AMENDED
AND RESTATED

2018
Stock Incentive Plan

 

STOCK
OPTION AGREEMENT

 

THIS
STOCK OPTION AGREEMENT (“Option Agreement”) is entered into as of the “Grant Date” set forth
below, by and between EVO Transportation & Energy Services, Inc., a Delaware corporation (the “Company”)
and the person named below (the “Optionee”). The Option granted hereby is granted under the EVO Transportation
& Energy Services, Inc. Amended and Restated 2018 Stock Incentive Plan (the “Plan”). Unless otherwise defined
herein, terms used in this Option Agreement that are defined in the Plan will have the meanings given to them in the Plan.

 

1. Grant
of Option. The Company hereby grants to the Optionee an option (the “Option”) to purchase the number of
shares of Common Stock of the Company (the “Shares”) set forth below, at the exercise price per Share set forth
below (the “Exercise Price”), subject to the terms and conditions of the Plan, which is incorporated herein
by reference. In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Option
Agreement, the terms and conditions of the Plan will prevail.

 

	Grant
Number:
	17
	 	 
	Optionee:	Thomas
    J. Abood
	 	 
	Grant
    Date:	September
    23, 2019
	 	 
	Vesting
    Commencement Date:	September
    23, 2019
	 	 
	Total
    Number of Shares of Stock Subject to the Option:	 

        1,250,000

	 	 
	Exercise
    Price per Share:	$2.50
    per Share
	 	 
	Total
    Exercise Price:	$3,125,000
	 	 
	Type
    of Option (check one):	    Incentive
        Stock Option

        X
        Non-Statutory Stock Option

	 	 
	Term/Expiration
    Date:	September
    23, 2029
	 	 
	Earlier
    Expiration:	See
    Section 6.

 

2. Vesting
Schedule. This Option may be exercised, in whole or in part, in accordance with the following schedule:

 

(a) Time-Based
Vesting. This Option will vest and become exercisable with respect to 750,000 of the Shares subject to the Option on the Vesting
Commencement Date, and with respect to an additional 250,000 of the Shares at the completion of each of the first and second calendar
quarters of the Employment Term (a total of 500,000 shares) shall fully vest 12 months after each issuance; provided, however,
that if the Optionee ceases to be employed by the Company or to provide services to the Company as a director, consultant or independent
contractor before this Option has become exercisable with respect to all of the Shares, no additional Shares will vest after the
termination of such services. Notwithstanding the foregoing, all unvested Shares subject to the Option shall vest immediately
upon the Company’s closing on an aggregate of at least $30,000,000 in any combination of public and private equity and debt
financings after the date hereof. This Option may be exercised, in whole or in part, at any time or from time to time after it
vests and until this Option expires pursuant Section 6 of this Option Agreement.

 

    

     

    

 

(b) Treatment
Upon a Change in Control. In the event of a Change in Control of the Company, the Committee administering the Plan may take
any of the actions described in Section 14 of the Plan with respect to this Option.

 

3. Type
of Option. If designated above as an Incentive Stock Option (“ISO”), this Option is intended to qualify
as an Incentive Stock Option under Section 422 of the Code. However, if this Option is intended to be an Incentive Stock
Option, to the extent that it exceeds the $100,000 rule of Code Section 422(d) or otherwise fails to satisfy the requirements
of Code Section 422, it will be treated as a Non-Statutory Stock Option (“NSO”).

 

4. Exercise
of Option.

 

(a) Right
to Exercise. This Option will be exercisable during its term in accordance with the vesting schedule set forth in Section
2 of this Option Agreement and with the applicable provisions of the Plan and this Option Agreement. This Option may not be exercised
for a fraction of a Share. No portion of the Option which has not become vested and exercisable at the date of the Optionee’s
termination of service to the Company will thereafter become vested and exercisable, except as may be set forth in a written agreement
between the Company and the Optionee.

 

(b) Duration
of Exercisability. The installments provided in the vesting schedule set forth in Section 2 of this Option Agreement are cumulative.
Each such installment which becomes vested and exercisable pursuant to the vesting schedule set forth in Section 2 of this Option
Agreement will remain vested and exercisable until this Option expires pursuant Section 6 of this Option Agreement.

 

(c) Method
of Exercise. This Option will be exercisable by delivery of an exercise notice in the form attached hereto as Exhibit A
(the “Exercise Notice”), stating the election to exercise the Option and the number of Shares with respect
to which the Option is being exercised (the “Exercised Shares”), and containing such other representations
and agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise Notice must be accompanied
by payment of the aggregate Exercise Price as to all Exercised Shares. The Optionee will also be required to make adequate provision
for all withholding taxes relating to the exercise as a condition to the exercise of the Option. This Option will be deemed to
be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price and
arrangement for the adequate provision for the withholding taxes relating to the exercise.

 

    2

     

    

 

(d) Issuance
of Shares. No Shares will be issued pursuant to the exercise of the Option unless such issuance and exercise complies with
applicable laws. Assuming such compliance, for income tax purposes the Shares will be considered transferred to the Optionee on
the date on which the Option is exercised with respect to such Exercised Shares.

 

(e) Restrictions
on Exercise. This Option may not be exercised if the issuance of Shares upon such exercise or the method of payment of consideration
for such shares would constitute a violation of any applicable law.

 

(f) Investment
Representations. Unless the Shares have been registered under the Securities Act, at the time this Option is exercised, the
Exercise Notice delivered to the Company by the Optionee will, if required by the Company, contain the investment representations
included in the form of Exercise Notice attached hereto as Exhibit A.

 

5. Method
of Payment. The aggregate Exercise Price may be paid by any of the following methods, or a combination thereof, at the election
of the Optionee:

 

(a) cash
or check; or

 

(b) surrender
of other shares of Common Stock which (i) in the case of shares acquired from the Company, have been owned by the Optionee for
more than six (6) months on the date of surrender, and (ii) have a Fair Market Value on the date of the exercise equal to the
aggregate Exercise Price of the Exercised Shares.

 

6. Expiration
of Option. This Option will expire and may not be exercised to any extent by anyone after the first to occur of the following
events:

 

(a) Expiration
of Term of Option. The Term/Expiration Date set forth in Section 1 of this Option Agreement;

 

(b) Termination
of Service without Cause. The expiration of three months from the date of the Optionee’s voluntary or involuntary termination
of service to the Company, unless the Optionee’s service is terminated for Cause or such termination occurs by reasons of
the Optionee’s death or Disability;

 

(c) Cause.
The date of the Optionee’s termination of service if the Optionee’s service is terminated for Cause, or the date of
written notice from the Company to the Optionee of a material breach of any confidentiality or non-compete agreement entered into
with the Company, if the Optionee commits such a material breach either during or after the Optionee’s period of service
to the Company;

 

(d) Death
or Disability. The expiration of one year from the date of the Optionee’s death, either during or after the Optionee’s
period of service to the Company, or of termination of the Optionee’s service by reason of the Optionee’s Disability;
or

 

(e) Cancellation
upon Change in Control. The cancellation of this Option by action of the Committee pursuant to Section 14 of the Plan, in
connection with a Change in Control of the Company.

 

    3

     

    

 

7. Non-Transferability
of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution
and may be exercised during the lifetime of the Optionee only by the Optionee. The terms of the Plan and this Option Agreement
will be binding upon the executors, administrators, heirs, successors and assigns of the Optionee.

 

8. Lock-Up
Period. The Optionee hereby agrees that, if so requested by the Company or the representative of the underwriters (the “Managing
Underwriter”) in connection with an underwritten public offering of Common Stock of the Company under the Securities
Act, the Optionee will not sell, offer to sell or otherwise transfer or dispose of, directly or indirectly, any shares of Common
Stock (or other securities) of the Company held by the Optionee (other than those included in the registration) for such period
of time after execution of an underwriting agreement in connection with such offering for which all of the Company’s then
directors and executive officers agree to be similarly bound (the “Market Standoff Period”). The Optionee agrees
to execute and deliver such other agreements as may be reasonably requested by the Company or the Managing Underwriter which are
consistent with the foregoing or which are necessary to give further effect thereto; but the Optionee will be bound by the provisions
of this Section whether or not the Optionee executes such other agreements requested by the Company or the Managing Underwriter.
The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to
the foregoing restriction until the end of such Market Standoff Period. The Optionee agrees that any transferee of the Option
or shares acquired pursuant to the Option will be bound by this Section.

 

9. Tax
Obligations.

 

(a) Withholding
Taxes. The Optionee agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing or retaining
the Optionee) for the satisfaction of all Federal, state, local and foreign income and employment tax withholding requirements
applicable to the Option exercise. The Optionee acknowledges and agrees that the Company may refuse to honor the exercise and
refuse to deliver Shares if such withholding amounts are not delivered at the time of exercise.

 

(b) Notice
of Disqualifying Disposition of ISO Shares. If the Option granted to the Optionee herein is an ISO, and if the Optionee sells
or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two years
after the Date of Grant, or (ii) the date one year after the date of exercise, the Optionee must immediately notify the Company
in writing of such disposition. The Optionee acknowledges and agrees that the Optionee may be subject to income tax withholding
by the Company on the compensation income recognized by the Optionee.

 

    4

     

    

 

10. NO
GUARANTEE OF CONTINUED SERVICE. THE OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE
HEREOF IS EARNED ONLY BY CONTINUING AS AN EMPLOYEE, DIRECTOR, OR CONSULTANT AT THE WILL OF THE COMPANY (AND NOT THROUGH THE ACT
OF BEING HIRED, BEING GRANTED AN OPTION OR PURCHASING SHARES HEREUNDER). THE OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS
AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED
PROMISE OF CONTINUED ENGAGEMENT AS AN EMPLOYEE, DIRECTOR, OR CONSULTANT FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND
WILL NOT INTERFERE WITH THE OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE OPTIONEE’S RELATIONSHIP
(A) AS AN EMPLOYEE AT ANY TIME, WITH OR WITHOUT CAUSE; (B) AS A CONSULTANT PURSUANT TO THE TERMS OF THE OPTIONEE’S AGREEMENT
WITH THE COMPANY OR AN AFFILIATE; OR (C) AS A DIRECTOR PURSUANT TO THE BYLAWS OF THE COMPANY AND ANY APPLICABLE PROVISIONS OF
THE CORPORATE LAW OF THE STATE OR OTHER JURISDICTION IN WHICH THE COMPANY IS DOMICILED, AS THE CASE MAY BE.

 

11. Entire
Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Option Agreement constitute the
entire agreement of the parties regarding the acquisition of stock in the Company and supersede in their entirety all prior oral
and written undertakings and agreements of the Company and the Optionee on that subject, with the exception of any other options
previously granted and delivered to the Optionee under the Plan or any similar plan maintained by the Company or its Affiliates.
This agreement may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company
and the Optionee. This Option Agreement is governed by the internal substantive laws but not the choice of law rules of the State
of Minnesota.

 

[Signature
page follows]

 

    5

     

    

 

By
the Optionee’s signature and the signature of the Company’s representative below, the Optionee and the Company agree
that this Option is granted under and governed by the terms and conditions of the Plan and this Option Agreement. The Optionee
has reviewed the Plan and this Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior
to executing this Option Agreement and fully understands all provisions of the Plan and Option Agreement. The Optionee hereby
agrees to accept as binding, conclusive and final all decisions or interpretations of the Board of Directors (or any Committee
to whom the Board has delegated administration of the Plan) upon any questions relating to the Plan and this Option Agreement.

 

The
Optionee further agrees to notify the Company of any change in the Optionee’s residence address indicated below.

 

	OPTIONEE:	 	EVO TRANSPORTATION &
    ENERGY SERVICES, INC.
	 	 	 
	/s/
        Thomas J. Abood
	 	By:
	/s/
                                         Eugene Putnam, Jr.

	(Signature)	 	Title:	 Chief Financial Officer
	 	 	 
	Thomas
        J. Abood
	 	Eugene
        Putnam, Jr.

	(Print
Name)
	 	(Print
Name)

	 	 	 
	Address:	 	Address: 8285 West Lake Pleasant
	

         
	 	Parkway, Peoria, AZ 85382

 

    6

     

    

 

Exhibit A

 

EVO
Transportation & Energy Services, Inc.

2018 STOCK
INCENTIVE PLAN

 

EXERCISE
NOTICE

 

EVO
Transportation & Energy Services, Inc.

 

1. Exercise
of Option. Effective as of the Exercise Date set forth below, the undersigned (the “Purchaser”) hereby
elects to exercise the Purchaser’s Option to purchase shares of the Common Stock (the “Shares”) of EVO
Transportation & Energy Services, Inc. (the “Company”) under and pursuant to the EVO Transportation &
Energy Services, Inc. Amended and Restated 2018 Stock Incentive Plan (the “Plan”) and the Stock Option
Agreement bearing the Grant Number and Grant Date set forth below (the “Option Agreement”). The Option is being
exercised with respect to the number of Shares stated below (the “Exercised Shares”).

 

	Exercise
Date:
	_______________,
    20__
	 	 
	Purchaser:	______________________________________
	 	 
	Grant
    Number:	______________
	 	 
	Grant
    Date:	_______________,
    20__
	 	 
	Number
    of Exercised Shares:	______________
    Shares
	 	 
	Exercise
    Price per Share:	$_____
    per Share
	 	 
	Total
    Exercise Price:	$______________

 

2. Delivery
of Payment. The Purchaser herewith delivers to the Company the total Exercise Price for the Shares, and any and all withholding
taxes due in connection with the exercise of the Option, in the form of (check one or more):

 

		☐	Cash
                                         or check; or

 

		☐	Surrender
                                         of other shares of Common Stock that, in the case of shares acquired from the Company,
                                         have been owned by the Purchaser for more than six (6) months on the date of surrender.

 

3. Representations
of Purchaser. In connection with the purchase of the Shares, the Purchaser represents to the Company as follows:

 

(a) The
Purchaser (i) acknowledges that the Purchaser has received, read and understood the Plan and the Option Agreement, (ii) agrees
that the Shares are being acquired in accordance with and subject to the terms, provisions and conditions of the Plan and the
Option Agreement, and (iii) agrees to abide by and be bound by their terms and conditions.

 

    A-1

     

    

 

(b) The
Purchaser agrees (i) to provide such additional documents as the Company may require pursuant to the terms of the Plan, (ii) to
provide for the payment by the Purchaser to the Company (in the manner designated by the Company) of the Company’s withholding
obligation, if any, relating to the exercise of the Option, and (iii) if this exercise relates to an Incentive Stock Option, to
notify the Company in writing promptly after the date of any disposition of any of the shares of Common Stock issued upon exercise
of the Option that occurs within two (2) years after the date of grant of the Option or within one (1) year after such shares
of Common Stock are issued upon exercise of the Option.

 

(c) The
Purchaser is aware of the Company’s business affairs and financial condition and has acquired sufficient information about
the Company to reach an informed and knowledgeable decision to acquire the Shares.

 

(d) The
Purchaser is acquiring these Shares for investment for the Purchaser’s own account only and not with a view to, or for resale
in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities
Act”).

 

(e) The
Purchaser acknowledges and understands that the Shares constitute “restricted securities” under the Securities Act
and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends
upon, among other things, the bona fide nature of the Purchaser’s investment intent as expressed herein. The Purchaser further
understands that the Shares must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption
from such registration is available. The Purchaser further acknowledges and understands that the Company is under no obligation
to register the Shares.

 

(f) The
Purchaser understands that the certificate evidencing the Shares will be imprinted with a legend that prohibits the transfer of
the Shares unless they are registered or such registration is not required in the opinion of counsel satisfactory to the Company
and any other legend required under applicable state securities laws.

 

4. Rights
as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of
a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will
exist with respect to the shares of Common Stock subject to the Option, notwithstanding the exercise of the Option. The Shares
will be issued to the Purchaser as soon as practicable after the Option is exercised in accordance with the Option Agreement.
No adjustment will be made for a dividend or other right for which the record date is prior to the date of issuance of the Shares.

 

5. Tax
Consultation. The Purchaser understands that the Purchaser’s purchase or disposition of the Shares will have certain
tax consequences, some of which may be adverse tax consequences. The Purchaser represents that the Purchaser has consulted with
any tax consultants the Purchaser deems advisable in connection with the purchase or disposition of the Shares and that the Purchaser
is not relying on the Company for any tax advice.

 

    A-2

     

    

 

6. Restrictive
Legends and Stop-Transfer Orders.

 

(a) Legends.
The Purchaser understands and agrees that the Company will cause the legends set forth below or legends substantially equivalent
thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required
by the Company or by state or federal securities laws:

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF
COMPANY COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE
THEREWITH.

 

THE
SHARES EVIDENCED BY THIS CERTIFICATE AND ANY TRANSFER THEREOF ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST
REFUSAL HELD BY THE COMPANY OR ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE BETWEEN THE COMPANY AND THE ORIGINAL HOLDERS
OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. SUCH TRANSFER RESTRICTIONS AND RIGHT
OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES.

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR A MARKET STANDOFF PERIOD FOLLOWING THE EFFECTIVE
DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE
HOLDER WITHOUT THE CONSENT OF THE COMPANY OR THE MANAGING UNDERWRITER.

 

(b) Stop-Transfer
Notices. The Purchaser agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may
issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its
own securities, it may make appropriate notations to the same effect in its own records.

 

(c) Refusal
to Transfer. The Company will not be required (i) to transfer on its books any Shares that have been sold or otherwise
transferred in violation of any of the provisions of this Exercise Notice or (ii) to treat as owner of such Shares or to
accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares are transferred in violation
of any of the provisions of this Exercise Notice.

 

7. Binding
Effect. Subject to the restrictions on transfer herein set forth, this Exercise Notice will inure to the benefit of and be
binding upon the Purchaser and his or her heirs, executors, administrators, successors and assigns.

 

8. Entire
Agreement; Governing Law. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan
and the Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede
in their entirety all prior undertakings and agreements of the Company and the Purchaser with respect to the subject matter hereof,
and may not be modified adversely to the Purchaser’s interest except by means of a writing signed by the Company and the
Purchaser. This Option Agreement is governed by the internal substantive laws but not the choice of law rules, of the State of
Minnesota.

 

[Signature
page follows]

 

    A-3

     

    

 

[To
be signed upon the exercise of the Option]

 

	
        Submitted by:

         
	 	Accepted by:
	PURCHASER:	 	EVO Transportation & Energy Services, Inc.
	 	 	 
	
        
	 	
        By:
	                 

        

	
        (Signature)
		Title:	 
	 	 	 

                                                                               

	
        (Print Name)

         

        Address:

         
	 	
        (Print Name)

         

        Address:

	
        
	 	
        

	 	 	 
	 	 	 
	 	 	 

                                                                                 

	 	 	
        (Date Received)

 

 

A-4Exhibit 10.3

 

EVO
Transportation & Energy Services, Inc.

AMENDED
AND RESTATED

2018
Stock Incentive Plan

 

STOCK OPTION AGREEMENT

 

THIS STOCK OPTION AGREEMENT (“Option
Agreement”) is entered into as of the “Grant Date” set forth below, by and between EVO Transportation
& Energy Services, Inc., a Delaware corporation (the “Company”) and the person named below (the “Optionee”).
The Option granted hereby is granted under the EVO Transportation & Energy Services, Inc. Amended and Restated 2018 Stock Incentive
Plan (the “Plan”). Unless otherwise defined herein, terms used in this Option Agreement that are defined in
the Plan will have the meanings given to them in the Plan.

 

1. Grant of Option. The Company hereby
grants to the Optionee an option (the “Option”) to purchase the number of shares of Common Stock of the Company
(the “Shares”) set forth below, at the exercise price per Share set forth below (the “Exercise Price”),
subject to the terms and conditions of the Plan, which is incorporated herein by reference. In the event of a conflict between
the terms and conditions of the Plan and the terms and conditions of this Option Agreement, the terms and conditions of the Plan
will prevail.

 

	Grant Number:	16
	 	 
	Optionee:	Eugene S. Putnam, Jr.
	 	 
	Grant Date:	July 22, 2019
	 	 
	Vesting Commencement Date:	July 22, 2019
	 	 
	Total Number of Shares of Stock Subject to the Option:	
         

        400,000

	 	 
	Exercise Price per Share:	$2.50 per Share
	 	 
	Total Exercise Price:	$1,000,000
	 	 
	Type of Option (check one):	
        ☐ Incentive Stock Option

        ☒ Non-Statutory Stock Option

	 	 
	Term/Expiration Date:	July 22, 2029
	 	 
	Earlier Expiration:	See Section 6.

 

2. Vesting Schedule. This Option
may be exercised, in whole or in part, in accordance with the following schedule:

 

(a) Time-Based Vesting. This Option
will vest and become exercisable with respect to one-fourth (1/4th) of the Shares subject to the Option on the Vesting Commencement
Date, and with respect to an additional one-fourth of the Shares on the one (1) year anniversary thereafter until fully vested;
provided, however, that if the Optionee ceases to be employed by the Company or to provide services to the Company
as a director, consultant or independent contractor before this Option has become exercisable with respect to all of the Shares,
no additional Shares will vest after the termination of such services. Notwithstanding the foregoing, all unvested Shares subject
to the Option shall vest immediately upon the Company’s closing on an aggregate of at least $30,000,000 in any combination
of public and private equity and debt financings after the date hereof. This Option may be exercised, in whole or in part, at any
time or from time to time after it vests and until this Option expires pursuant Section 6 of this Option Agreement.

 

     

     

    

 

(b) Treatment Upon a Change in Control.
In the event of a Change in Control of the Company, the Committee administering the Plan may take any of the actions described
in Section 14 of the Plan with respect to this Option.

 

3. Type of Option. If designated
above as an Incentive Stock Option (“ISO”), this Option is intended to qualify as an Incentive Stock Option
under Section 422 of the Code. However, if this Option is intended to be an Incentive Stock Option, to the extent that it
exceeds the $100,000 rule of Code Section 422(d) or otherwise fails to satisfy the requirements of Code Section 422, it will be
treated as a Non-Statutory Stock Option (“NSO”).

 

4. Exercise of Option.

 

(a) Right to Exercise. This Option
will be exercisable during its term in accordance with the vesting schedule set forth in Section 2 of this Option Agreement and
with the applicable provisions of the Plan and this Option Agreement. This Option may not be exercised for a fraction of a Share.
No portion of the Option which has not become vested and exercisable at the date of the Optionee’s termination of service
to the Company will thereafter become vested and exercisable, except as may be set forth in a written agreement between the Company
and the Optionee.

 

(b) Duration of Exercisability. The
installments provided in the vesting schedule set forth in Section 2 of this Option Agreement are cumulative. Each such installment
which becomes vested and exercisable pursuant to the vesting schedule set forth in Section 2 of this Option Agreement will remain
vested and exercisable until this Option expires pursuant Section 6 of this Option Agreement.

 

(c) Method of Exercise. This Option
will be exercisable by delivery of an exercise notice in the form attached hereto as Exhibit A (the “Exercise
Notice”), stating the election to exercise the Option and the number of Shares with respect to which the Option is being
exercised (the “Exercised Shares”), and containing such other representations and agreements as may be required
by the Company pursuant to the provisions of the Plan. The Exercise Notice must be accompanied by payment of the aggregate Exercise
Price as to all Exercised Shares. The Optionee will also be required to make adequate provision for all withholding taxes relating
to the exercise as a condition to the exercise of the Option. This Option will be deemed to be exercised upon receipt by the Company
of such fully executed Exercise Notice accompanied by the aggregate Exercise Price and arrangement for the adequate provision for
the withholding taxes relating to the exercise.

 

    2

     

    

 

(d) Issuance of Shares. No Shares will
be issued pursuant to the exercise of the Option unless such issuance and exercise complies with applicable laws. Assuming such
compliance, for income tax purposes the Shares will be considered transferred to the Optionee on the date on which the Option is
exercised with respect to such Exercised Shares.

 

(e) Restrictions on Exercise. This
Option may not be exercised if the issuance of Shares upon such exercise or the method of payment of consideration for such shares
would constitute a violation of any applicable law.

 

(f) Investment Representations. Unless
the Shares have been registered under the Securities Act, at the time this Option is exercised, the Exercise Notice delivered to
the Company by the Optionee will, if required by the Company, contain the investment representations included in the form of Exercise
Notice attached hereto as Exhibit A.

 

5. Method of Payment. The aggregate
Exercise Price may be paid by any of the following methods, or a combination thereof, at the election of the Optionee:

 

(a) cash or check; or

 

(b) surrender of other shares of Common Stock
which (i) in the case of shares acquired from the Company, have been owned by the Optionee for more than six (6) months on the
date of surrender, and (ii) have a Fair Market Value on the date of the exercise equal to the aggregate Exercise Price of the Exercised
Shares.

 

6. Expiration of Option. This Option
will expire and may not be exercised to any extent by anyone after the first to occur of the following events:

 

(a) Expiration of Term of Option. The
Term/Expiration Date set forth in Section 1 of this Option Agreement;

 

(b) Termination of Service without Cause.
The expiration of three months from the date of the Optionee’s voluntary or involuntary termination of service to the Company,
unless the Optionee’s service is terminated for Cause or such termination occurs by reasons of the Optionee’s death
or Disability;

 

(c) Cause. The date of the Optionee’s
termination of service if the Optionee’s service is terminated for Cause, or the date of written notice from the Company
to the Optionee of a material breach of any confidentiality or non-compete agreement entered into with the Company, if the Optionee
commits such a material breach either during or after the Optionee’s period of service to the Company;

 

(d) Death or Disability. The expiration
of one year from the date of the Optionee’s death, either during or after the Optionee’s period of service to the Company,
or of termination of the Optionee’s service by reason of the Optionee’s Disability; or

 

(e) Cancellation upon Change in Control.
The cancellation of this Option by action of the Committee pursuant to Section 14 of the Plan, in connection with a Change in Control
of the Company.

 

    3

     

    

 

7. Non-Transferability of Option.
This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised
during the lifetime of the Optionee only by the Optionee. The terms of the Plan and this Option Agreement will be binding upon
the executors, administrators, heirs, successors and assigns of the Optionee.

 

8. Lock-Up Period. The Optionee hereby
agrees that, if so requested by the Company or the representative of the underwriters (the “Managing Underwriter”)
in connection with an underwritten public offering of Common Stock of the Company under the Securities Act, the Optionee will not
sell, offer to sell or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock (or other securities)
of the Company held by the Optionee (other than those included in the registration) for such period of time after execution of
an underwriting agreement in connection with such offering for which all of the Company’s then directors and executive officers
agree to be similarly bound (the “Market Standoff Period”). The Optionee agrees to execute and deliver such
other agreements as may be reasonably requested by the Company or the Managing Underwriter which are consistent with the foregoing
or which are necessary to give further effect thereto; but the Optionee will be bound by the provisions of this Section whether
or not the Optionee executes such other agreements requested by the Company or the Managing Underwriter. The Company may impose
stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction
until the end of such Market Standoff Period. The Optionee agrees that any transferee of the Option or shares acquired pursuant
to the Option will be bound by this Section.

 

9. Tax Obligations.

 

(a) Withholding Taxes. The Optionee
agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing or retaining the Optionee) for
the satisfaction of all Federal, state, local and foreign income and employment tax withholding requirements applicable to the
Option exercise. The Optionee acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver Shares
if such withholding amounts are not delivered at the time of exercise.

 

(b) Notice of Disqualifying Disposition
of ISO Shares. If the Option granted to the Optionee herein is an ISO, and if the Optionee sells or otherwise disposes of any
of the Shares acquired pursuant to the ISO on or before the later of (i) the date two years after the Date of Grant, or (ii) the
date one year after the date of exercise, the Optionee must immediately notify the Company in writing of such disposition. The
Optionee acknowledges and agrees that the Optionee may be subject to income tax withholding by the Company on the compensation
income recognized by the Optionee.

 

    4

     

    

 

10. NO GUARANTEE OF CONTINUED SERVICE.
THE OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING
AS AN EMPLOYEE, DIRECTOR, OR CONSULTANT AT THE WILL OF THE COMPANY (AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED AN OPTION
OR PURCHASING SHARES HEREUNDER). THE OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED
HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS
AN EMPLOYEE, DIRECTOR, OR CONSULTANT FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE WITH THE OPTIONEE’S
RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE OPTIONEE’S RELATIONSHIP (A) AS AN EMPLOYEE AT ANY TIME, WITH OR WITHOUT
CAUSE; (B) AS A CONSULTANT PURSUANT TO THE TERMS OF THE OPTIONEE’S AGREEMENT WITH THE COMPANY OR AN AFFILIATE; OR (C) AS
A DIRECTOR PURSUANT TO THE BYLAWS OF THE COMPANY AND ANY APPLICABLE PROVISIONS OF THE CORPORATE LAW OF THE STATE OR OTHER JURISDICTION
IN WHICH THE COMPANY IS DOMICILED, AS THE CASE MAY BE.

 

11. Entire Agreement; Governing Law.
The Plan is incorporated herein by reference. The Plan and this Option Agreement constitute the entire agreement of the parties
regarding the acquisition of stock in the Company and supersede in their entirety all prior oral and written undertakings and agreements
of the Company and the Optionee on that subject, with the exception of any other options previously granted and delivered to the
Optionee under the Plan or any similar plan maintained by the Company or its Affiliates. This agreement may not be modified adversely
to the Optionee’s interest except by means of a writing signed by the Company and the Optionee. This Option Agreement is
governed by the internal substantive laws but not the choice of law rules of the State of Minnesota.

 

[Signature page follows]

 

    5

     

    

 

By the Optionee’s signature and the
signature of the Company’s representative below, the Optionee and the Company agree that this Option is granted under and
governed by the terms and conditions of the Plan and this Option Agreement. The Optionee has reviewed the Plan and this Option
Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option Agreement and
fully understands all provisions of the Plan and Option Agreement. The Optionee hereby agrees to accept as binding, conclusive
and final all decisions or interpretations of the Board of Directors (or any Committee to whom the Board has delegated administration
of the Plan) upon any questions relating to the Plan and this Option Agreement.

 

The Optionee further agrees to notify the
Company of any change in the Optionee’s residence address indicated below.

 

	OPTIONEE:	 	EVO TRANSPORTATION & ENERGY SERVICES, INC.
	 	 	 
	/s/ Eugene S. Putnam, Jr.	 	By:	                             
	(Signature)	 	Title:	CEO
	 	 	 	 
	Eugene S. Putnam, Jr.	 	John P. Yeros
	
        (Print Name)

         

        Address: 4327 North 64th
Street

Scottsdale, AZ 85251
	 	
        (Print Name)

         

        Address: 8285 West Lake Pleasant 

Parkway,
        Peoria, AZ 85382

  

     

     

    

 

Exhibit A

 

EVO
Transportation & Energy Services, Inc.

2018 STOCK INCENTIVE
PLAN

 

EXERCISE NOTICE

 

EVO Transportation & Energy Services, Inc.

 

1. Exercise of Option. Effective
as of the Exercise Date set forth below, the undersigned (the “Purchaser”) hereby elects to exercise the Purchaser’s
Option to purchase shares of the Common Stock (the “Shares”) of EVO Transportation & Energy Services, Inc.
(the “Company”) under and pursuant to the EVO Transportation & Energy Services, Inc. Amended and Restated
2018 Stock Incentive Plan (the “Plan”) and the Stock Option Agreement bearing the Grant Number and Grant
Date set forth below (the “Option Agreement”). The Option is being exercised with respect to the number of Shares
stated below (the “Exercised Shares”).

 

	Exercise Date:	_______________, 20__
	 	 
	Purchaser:	_____________________
	 	 
	Grant Number:	______________
	 	 
	Grant Date:	_______________, 20__
	 	 
	Number of Exercised Shares:	______________ Shares
	 	 
	Exercise Price per Share:	$_____ per Share
	 	 
	Total Exercise Price:	$______________

 

2. Delivery of Payment. The Purchaser
herewith delivers to the Company the total Exercise Price for the Shares, and any and all withholding taxes due in connection with
the exercise of the Option, in the form of (check one or more):

 

		☐	Cash or check; or

 

		☐	Surrender of other shares of Common Stock that, in
the case of shares acquired from the Company, have been owned by the Purchaser for more than six (6) months on the date of surrender.

 

3. Representations of Purchaser.
In connection with the purchase of the Shares, the Purchaser represents to the Company as follows:

 

(a) The Purchaser (i) acknowledges that the
Purchaser has received, read and understood the Plan and the Option Agreement, (ii) agrees that the Shares are being acquired in
accordance with and subject to the terms, provisions and conditions of the Plan and the Option Agreement, and (iii) agrees to abide
by and be bound by their terms and conditions.

 

    A-1

     

    

 

(b) The Purchaser agrees (i) to provide such
additional documents as the Company may require pursuant to the terms of the Plan, (ii) to provide for the payment by the Purchaser
to the Company (in the manner designated by the Company) of the Company’s withholding obligation, if any, relating to the
exercise of the Option, and (iii) if this exercise relates to an Incentive Stock Option, to notify the Company in writing promptly
after the date of any disposition of any of the shares of Common Stock issued upon exercise of the Option that occurs within two
(2) years after the date of grant of the Option or within one (1) year after such shares of Common Stock are issued upon exercise
of the Option.

 

(c) The Purchaser is aware of the Company’s
business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable
decision to acquire the Shares.

 

(d) The Purchaser is acquiring these Shares
for investment for the Purchaser’s own account only and not with a view to, or for resale in connection with, any “distribution”
thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).

 

(e) The Purchaser acknowledges and understands
that the Shares constitute “restricted securities” under the Securities Act and have not been registered under the
Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide
nature of the Purchaser’s investment intent as expressed herein. The Purchaser further understands that the Shares must be
held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available.
The Purchaser further acknowledges and understands that the Company is under no obligation to register the Shares.

 

(f) The Purchaser understands that the certificate
evidencing the Shares will be imprinted with a legend that prohibits the transfer of the Shares unless they are registered or such
registration is not required in the opinion of counsel satisfactory to the Company and any other legend required under applicable
state securities laws.

 

4. Rights as Stockholder. Until the
issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent
of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the shares
of Common Stock subject to the Option, notwithstanding the exercise of the Option. The Shares will be issued to the Purchaser as
soon as practicable after the Option is exercised in accordance with the Option Agreement. No adjustment will be made for a dividend
or other right for which the record date is prior to the date of issuance of the Shares.

 

5. Tax Consultation. The Purchaser
understands that the Purchaser’s purchase or disposition of the Shares will have certain tax consequences, some of which
may be adverse tax consequences. The Purchaser represents that the Purchaser has consulted with any tax consultants the Purchaser
deems advisable in connection with the purchase or disposition of the Shares and that the Purchaser is not relying on the Company
for any tax advice.

 

    A-2

     

    

 

6. Restrictive Legends and Stop-Transfer
Orders.

 

(a) Legends. The Purchaser understands
and agrees that the Company will cause the legends set forth below or legends substantially equivalent thereto, to be placed upon
any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by
state or federal securities laws:

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED
UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COMPANY COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES,
SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

 

THE SHARES EVIDENCED BY THIS CERTIFICATE AND ANY TRANSFER
THEREOF ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE COMPANY OR ITS ASSIGNEE(S) AS
SET FORTH IN THE EXERCISE NOTICE BETWEEN THE COMPANY AND THE ORIGINAL HOLDERS OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED
AT THE PRINCIPAL OFFICE OF THE COMPANY. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE
SHARES.

 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT
TO RESTRICTIONS ON TRANSFER FOR A MARKET STANDOFF PERIOD FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE
COMPANY’S SECURITIES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER WITHOUT THE CONSENT OF THE COMPANY OR THE
MANAGING UNDERWRITER.

 

(b) Stop-Transfer Notices. The Purchaser
agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop
transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make
appropriate notations to the same effect in its own records.

 

(c) Refusal to Transfer. The Company
will not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of
any of the provisions of this Exercise Notice or (ii) to treat as owner of such Shares or to accord the right to vote or pay
dividends to any purchaser or other transferee to whom such Shares are transferred in violation of any of the provisions of this
Exercise Notice.

 

7. Binding Effect. Subject to the
restrictions on transfer herein set forth, this Exercise Notice will inure to the benefit of and be binding upon the Purchaser
and his or her heirs, executors, administrators, successors and assigns.

 

8. Entire Agreement; Governing Law.
The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan and the Option Agreement constitute
the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings
and agreements of the Company and the Purchaser with respect to the subject matter hereof, and may not be modified adversely to
the Purchaser’s interest except by means of a writing signed by the Company and the Purchaser. This Option Agreement is governed
by the internal substantive laws but not the choice of law rules, of the State of Minnesota.

 

[Signature page follows]

 

    A-3

     

    

 

[To be signed upon the exercise of the
Option]

 

	Submitted by:	 	Accepted by:
	 	 	 
	PURCHASER:	 	EVO Transportation & Energy Services, Inc.
	 	 	 
	 	 	By:	                           
	(Signature)	 	Title:	 
	 	 	 	 
	 	 	 
	
        (Print Name)

         

        Address:
	 	
        (Print Name)

         

        Address:

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	(Date Received)

 

[Signature Page to Exercise Notice]

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