Document:

Exhibit 10.28

 

EVO
Transportation & Energy Services, Inc.

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. 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:	______________
	 	Optionee:	______________________________________
	 	Grant Date:	_______________,
    20__
	 	Vesting Commencement
    Date:	_______________,
    20__
	 	Total Number
    of Shares of Stock Subject to the Option:	 

        ______________
        Shares

	 	Exercise Price
    per Share:	$_____ per Share
	 	Total Exercise
    Price:	$______________
	 	Type of Option
    (check one):	_______Incentive
        Stock Option

        _______Non-Statutory
        Stock Option

	 	Term/Expiration
    Date:	_______________,
    20__
	 	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

 

    	 	3	 

     

    

 

(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.

 

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.
	 

         

        ___________________________________

        (Signature)
	 	 

         

        By:
        _______________________________

        Title:
        ______________________________

	 

                                                         ___________________________________

        
	 	 

                                                                           ___________________________________ 

	(Print
                                         Name)

         

        Address:
	 	(Print
                                         Name)

         

        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. 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)	 	(Print Name)
	 	 	 
	Address:	 	Address:
	
        ___________________________________

        ___________________________________

        ___________________________________
	 	
         

         

	 	 	___________________________________
			
        (Date Received)

 

 

 

[Signature Page to Exercise Notice]Exhibit

James E. Fleet
Senior Managing Director
Cell-401-742-7553 / email: jfleet@phoenixmanagement.com                    
March 25th, 2018
Mr. Ron Aprahamian, Chairman of the Board
Hooper Holmes, Inc. d/b/a Provant Health  
560 N. Rogers Rd. 
Olathe, KS 66062  
And: 
42 Ladd Street
East Greenwich,
RI 02818

Re: PMCM, LLC proposal to serve as Chief Restructuring Officer (“CRO”) of Hooper Holmes, Inc. 

Via email: Ron Aprahamian <raprahamia@aol.com> pmirakian@spencerfane.com(company counsel)
Cc:   Bob Gowens - rgowens@phoenixmanagement.com; amink@phoenixmanagement.com

Dear Ron, 

I have appreciated the candor and level of cooperation provided by the management team and the confidence expressed by the Board of Directors of Hooper Holmes, Inc. d/b/a Provant Health (hereinafter “Provant” or the “Company”). Per your request, we are pleased to submit this proposal for PMCM, LLC (referred to herein as “PMCM”) to provide advisory services as well as executive leadership to the Company through James Fleet & Robert Gowens, who shall act as the Chief Restructuring Officer and Deputy Chief Restructuring Officer respectively (collectively the “CRO”) of the Company.  I will be the Shareholder responsible for the oversight of this engagement.  It is likely that additional advisory services will be required that shall be provided by employees of subsidiaries or affiliates of PMCM and/or select independent contractors (“additional PMCM personnel”) that may be necessary.  Messrs. Fleet and Gowens and the additional PMCM personnel, if any, are referred to collectively as “PMCM Personnel”.  Generally, the engagement of PMCM shall be subject to the direction of the Board.  This letter sets forth the terms, conditions and limitations of this engagement (the “Agreement”).  This Agreement shall supersede the previous agreement between PMCM and Provant dated March 15th, 2018 in all respects.  

  

1

Scope of Services 
In the role of CRO, Mr. Fleet and Mr. Gowens, along with the additional PMCM personnel will provide executive management services to the Company.  As such, some of the immediate areas of focus are anticipated to be as follows:   

		
	1.
	Continue to evaluate rapidly the Company in parallel with developing a turnaround plan for the Company (the “Plan”).  Our primary initial focus will be upon the fixed cost infrastructure and the related monthly cash burn and possible strategies to reduce same. 

		
	2.
	Lead the communications with the Company’s senior lenders in an effort to establish relief from the current credit facility(s) default and possible debt service restructuring. 

		
	3.
	Establish definitive cash protocols and detailed weekly forecasting and reporting in an effort to minimize the immediate cash requirement as the Company works through its slow operating season. 

		
	4.
	Provide the senior executive leadership to the Company with all officers reporting to the CRO.   

		
	5.
	Assist the current investment banking firm in their efforts to raise rescue financing. 

		
	6.
	Work with the Company’s counsel, Board of Directors and other advisors as it examines the benefits and costs of remaining a public company entity. 

		
	7.
	Other duties and responsibilities as may be required in serving as the CRO of the Company. 

		
	8.
	Other duties as mutually agreed

Fee Structure
As compensation for our services PMCM will bill you based on the following schedule of our hourly rates: 
Senior Managing Directors         $495 - $695
Senior Advisors            $400 - $650
Managing Directors            $395 - $525
Senior Directors            $350 - $450
Directors                 $320 - $375
Vice Presidents & Sr. Associates    $250 - $350
Analysts/Associates            $150 - $275
Admin Staff                $  75 - $150 

My hourly billing rate is currently $645.00 per hour and Mr. Gowns’ current billing rate is $450.00per hour.  Travel time will be billed at 50%. 

Invoices
The Hourly Fees shall be invoiced weekly and shall be payable upon receipt of our invoice via ACH or wire transfer.

2

ACH and Wire transfer instructions are as follows:

BB&T  
Account #13 900 1730 7432 
ABA #031309123
Telephone: 1-800-822-3321

Expenses
The Company shall pay all expenses incurred in connection with services related to the engagement (e.g. actual out-of-pocket expenses such as travel and meals incurred in connection with the engagement).  In addition, as compensation for the administrative and support time and expenses typically required (e.g. fax, computer, e-mail, administrative staff time, etc.) we will bill a weekly fee of $300.  The weekly invoices referred to above will include such reimbursable expenses.

Project Deposit
The Company deposit of thirty-five thousand Dollars ($35,000.00) previously paid to PMCM shall be transferred to this Agreement (the “Deposit”).  This Deposit is not to be applied or credited to amounts due from the Company but will be returned to the Company once all amounts due hereunder are paid in full subject to a holdback to fund any indemnification claims.  PMCM reserves the right to require that the Deposit be increased on a periodic basis to match actual levels of work activity.  The Company hereby grants a security interest in the Deposit to PMCM to secure payment of all amounts due hereunder and expressly authorizes PMCM to pay itself any amounts past due from the Deposit. The Company acknowledges and agrees that this security interest is perfected by virtue of PMCM’s possession of the Deposit.

PMCM is prepared to begin this Project immediately upon receipt of a signed copy of this letter, a signed copy of our standard indemnification agreement (which is attached hereto), and receipt of the Deposit.  By signing below, the Company also acknowledges that PMCM’s Standard Terms, Conditions and Disclosure Agreement (which is attached hereto) is hereby incorporated by reference and made part of this Agreement.

This letter contains the entire Agreement among the parties relating to the subject herein.  Any modification or other changes to the terms contained herein or therein must be in writing and signed by the parties hereto to be enforceable.

If the foregoing is in accordance with our understanding, please sign the attached copy and forward it to our office.

We appreciate the confidence you have expressed in our firm and look forward to working with you and assisting you during this critical period.

3

Very truly yours,

PMCM, LLC

By: _____________________________ 
           James E. Fleet    
Senior Managing Director

Agreed and Accepted on behalf of
Hooper Holmes, Inc. d/b/a Provant Health  
        
By:    __________________________ 

Name:    __________________________

Title:    __________________________

Date:    __________________________

4

CONSENT, RELEASE, AND INDEMNIFICATION

Whereas, Hooper Holmes, Inc. d/b/a Provant Health (“Provant” or the “Company”) has agreed to utilize the services of PMCM, LLC (“PMCM”) pursuant to the terms of that engagement letter dated March 25th, 2018, (the “Agreement”) whereby PMCM will provide services as set forth therein, and PMCM has agreed to accept such engagement in consideration of, among other things, the covenants and commitments of the Company set forth below.

The Company acknowledges that the services provided by PMCM are not an exact science and that the amelioration of the Company’s business and financial condition are subject to many factors beyond the control of PMCM and that without the following commitments and agreements by the Company, PMCM would not enter into this agreement.

In consideration of PMCM’s agreement to perform the services under the Agreement diligently and in good faith and, other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Company in addition to any other indemnification obligations contained within this Agreement hereby a) releases and waives any and all claims which it may now or in the future have against PMCM, its principals, employees, independent contractors, officers, directors, agents, affiliates, counsel or other representatives (the “Indemnified Parties”) arising under or in any way related to the Agreement (hereinafter a “Claim”) and b) agrees to indemnify, hold harmless and defend the Indemnified Parties from and against any and all liabilities including, inter alia, such costs, expenses, damages, Claims, demands, suits or actions or causes of action brought by any person or entity, including but not limited to any current or former director, officer, employee, shareholder, customer, creditor, representative or vendor of the Company or any of its affiliates and shall reimburse the Indemnified Parties for all costs, expenses and damages (including attorney’s fees) incurred by the Indemnified Party to investigate, defend, prepare for, or contest any such Claim, liability, demand or action.  PMCM may hire any counsel of its choice to defend it with respect to any Claim.  Moreover, if so requested by PMCM, the Company shall assume the defense against any Claim, including, the employment of counsel satisfactory to PMCM.  The Company shall pay all expenses of counsel, whether hired by PMCM or the Company, to defend against any Claim.  All costs and expenses (including attorney’s fees) shall be paid in advance to the Indemnified Party immediately upon request.  The foregoing release and indemnity shall not apply if it is judicially determined that such claims, damages, liabilities and expenses resulted from the willful misconduct or gross negligence of the Indemnified Party.

If for any reason the foregoing indemnity is unavailable to the Indemnified Parties or insufficient to hold them harmless, the Company shall contribute to the amount paid or payable by the Indemnified parties, as a result of the Claim in such proportion as is appropriate to reflect not only the relative benefits received by the Company on the one hand and the Indemnified Parties on the other, but also the relative fault of the Company and the Indemnified Parties, as well as any relevant equitable considerations.  In no event shall the aggregate contribution of the Indemnified Parties to all Claims exceed the amount of fees actually received from the Company by the Indemnified Parties pursuant to the Agreement.  The parties further agree that the relative 

5

benefits to the Company on the one hand and the Indemnified Parties on the other with respect to any Transaction contemplated by the Agreement shall be deemed in the same proportion as (a) the total value the Transaction bears to (b) the fees paid to PMCM with respect to the Transaction.

The Company shall not settle or compromise, or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought from the Company by PMCM or any other of the Indemnified Parties (whether PMCM is an actual or potential party to the Claim, action, suit or proceeding) unless such settlement, compromise or consent includes an unconditional release of PMCM and all other Indemnified Parties from all liability arising out of any Claim, including, inter alia, any action, suit or proceeding.

This Consent, Release and Indemnification, and the Company’s obligations hereunder, shall survive the termination of the Agreement until all of the Company’s obligations have been satisfied or discharged in full.  The Company’s obligations hereunder shall be in addition to any rights that any Indemnified Party may have at common law or otherwise.  Any trustee, individual or entity who succeeds to the assets, properties, liabilities, shares or business of the Company shall be deemed to have assumed the legal commitment to satisfy, perform and discharge all of the Company’s obligations hereunder.

Prior to commencing this engagement, the Company will confirm that its existing insurance policy adequately covers the CRO as an officer under the Company’s existing director and officer liability insurance policy in order to insure that the CRO will be able to perform and execute those actions customarily required.  In the event PMCM or the CRO shall have the right to assert a claim for indemnification for which they are also direct insured parties under the Company’s director and officer liability insurance policy, neither PMCM nor the CRO will make a demand for payment from the Company if and to the extent they are able to obtain payment in cash in full from the insurance provider promptly upon making a request for payment; provided that the foregoing is intended solely as an agreement as to the sequence by which PMCM and the CRO make demand for payment for their indemnification claims and shall not limit or affect any of the Company’s indemnity obligations to the CRO or require the CRO to collect payment by legal or equitable process from the insurance provider or be construed to affect the CRO’s rights or the Company’s obligations in any manner which may adversely affect either the Company’s or the ___’s rights under the insurance policy, nor shall it affect the CRO’s right to assert an administrative expense claim for the indemnity obligations.  To the extent available at a commercially reasonable cost, the Company shall also maintain any such insurance coverage for the CRO for a period of not less than two years following the date of the termination of the CRO’s services hereunder, through the purchase of a “tail” policy or otherwise.  The provisions in this section are in the nature of contractual obligations and no change in applicable law or the Company’s charter, bylaws or other organizational documents or policies shall affect the CRO’s rights hereunder.  Neither termination of this Agreement nor the engagement shall affect the obligations in this paragraph, all of which shall survive termination.

6

		
	•
	To avoid doubt, James Fleet and Robert Gowens shall be added to the Company’s D&O policy by way of endorsement.

 Intending to be legally bound hereby, the undersigned, having been duly authorized by the Board of Hooper Holmes, Inc. d/b/a Provant Health have set their hands and seal this ______ day of _____________, 2018. 

Hooper Holmes, Inc. d/b/a Provant Health:    Witness:
By:    ________________________        By:    _______________________ 

Name:    ________________________        Name:    _______________________ 

Title:    ________________________        Title:     _______________________ 

Date:    ________________________        Date:     _______________________ 
 
 (SEAL) 

7

STANDARD TERMS, CONDITIONS AND DISCLOSURES

PMCM, LLC (“PMCM”) shall provide services to Hooper Holmes, Inc. d/b/a Provant Health (“Provant” or the “Company”), subject to the scope, terms and conditions of the engagement letter dated March 25th, 2018 (the “Agreement”) by and between PMCM and the Company.  These standard terms and conditions are made part of and deemed incorporated into the Agreement:

		
	1.
	Non-Solicitation.  The Company agrees not to, directly or indirectly, solicit, recruit, utilize or hire any employees or agents of PMCM for a period of two (2) years subsequent to the completion and/or termination of this Agreement.

		
	2.
	Legal Proceedings.  If after the termination of the engagement PMCM is requested and agrees or is required to participate in any manner in legal or administrative proceedings regarding the Company, compensation shall be paid to PMCM in advance for its time at the then current hourly rates.  For individuals no longer employed by PMCM at the time of such participation, payment shall be made to such individuals directly or to their employers, as applicable.

		
	3.
	Indemnification.  The Company shall indemnify PMCM, its principals, employees and agents, at a minimum, to the same extent as the most favorable indemnification it extends to its officers or directors, whether under the Company’s bylaws, its certificate of incorporation, by contract or otherwise, and no reduction or termination in any of the benefits provided under any such indemnities shall affect the benefits provided to PMCM or its employees and/or agents.  Attached to and made part of the Agreement is a Consent, Release, and Indemnification.  The Company agrees to execute such Consent, Release, and Indemnification contemporaneous with executing the Agreement, and warrants that the indemnification provided in the Consent, Release, and Indemnification is equal to or better than the most favorable indemnification the Company extends to its officers or directors.  The provisions in this section are in the nature of contractual obligations and no change in applicable law or the Company’s charter, bylaws or other organizational documents or policies shall affect any rights hereunder.  Neither termination of this Agreement nor the engagement shall affect the obligations in this paragraph, all of which shall survive termination.

		
	4.
	Level of Analysis.  Any work for the Company will be performed on a “level-of-effort” basis, that is, the depth of our analyses and extent of our authentication of the information on which our advice to the Company and the Board will be predicated, may be limited in some respects due to the extent and sufficiency of available information, time constraints dictated by the circumstances of our engagement, and other factors.  Moreover, we do not contemplate examining any such information in accordance with generally accepted 

8

    

auditing or attestation standards.  Rather, it is understood that, in general, we are to rely upon information disclosed or supplied to us by employees and representatives of the Company without audit or other detailed verification of its accuracy and validity.  The Company acknowledges that PMCM is neither serving as an accountant or lawyer for the Company.  This engagement shall not constitute an audit, review or compilation, or any other type of financial statement reporting or consulting engagement that is subject to the rules of the AICPA, the SSCS, or other such state and national professional bodies.  Company agrees that PMCM shall incur no liability to the Company or any individual or other entity that may arise if any information furnished directly or indirectly by Company or from generally recognized public sources proves to be unreliable, inaccurate or incomplete.

		
	5.
	Information.  The Company will provide PMCM with access to management and other representatives of the Company, as reasonably requested by PMCM.  The Company will furnish PMCM with such information as PMCM may reasonably request for the purpose of carrying out its engagement hereunder, all of which will be, to the Company’s best knowledge, accurate and complete at the time furnished (the “Information”).  The Company further represents and warrants that any financial projections delivered to PMCM have been or will be reasonably prepared in good faith and will be based upon assumptions which the Company believes, in light of the circumstances in which they are made, are reasonable.  The Company will promptly notify PMCM in writing of any material inaccuracy or misstatements in, or material omission from, any Information previously delivered to, or discussed with, PMCM, or any materials provided to any interested party.  The Company will also promptly notify PMCM of the occurrence of any event or any other change known by the Company which results in the Information ceasing to be complete and correct.  PMCM shall rely, without independent verification, on the accuracy and completeness of all Information that is publicly available and of all Information furnished by or on behalf of the Company or any other party or otherwise reviewed by PMCM.  The Company understands and agrees that PMCM will not be responsible for the accuracy or completeness of such Information, and shall not be liable for any inaccuracies or omissions therein.  The Company acknowledges that PMCM has no obligation to conduct any appraisal of any assets or liabilities of the Company or any other party or to evaluate the solvency of any party under any applicable laws relating to bankruptcy, insolvency or similar matters.  Any advice (whether written or oral) rendered by PMCM pursuant to this Agreement is intended solely for the use of the Board of Directors of the Company, and such advice may not be relied upon by any other person or entity or used for any other purpose.  Except as may be required by subpoena, court order or legal process or as may be filed with any bankruptcy pleadings or papers, (i) any advice rendered by, or other materials prepared by, or any communication from, PMCM may not be disclosed, in whole or in part, to any third party, or summarized, quoted from, or otherwise referred to in any manner without the prior written consent of PMCM, 

9

    

which shall not be unreasonably withheld and (ii) neither PMCM nor the terms of this Agreement may otherwise be referred to without prior written consent.

		
	6.
	Reports.  PMCM will submit oral and/or written reports at the Company’s or Board’s request, summarizing our evaluations and analyses based on our work pursuant to this Agreement.  Our reports will encompass only matters that come to our attention in the course of our work and are significant as deemed by PMCM in relation to the objective of our engagement.  However, because of the time and scope limitations implicit in our engagement and the related limitations on the depth of our analyses and the extent of our verification of information, we may not discover all such matters or perceive their significance.  Accordingly, we will be unable to and will not provide assurances in our reports concerning the integrity of the information used in our analyses and on which our findings and advice to the Company may be based.  In addition, we have no obligation to and will not update our reports or extend our activities beyond the scope set forth herein unless you request and we agree to do so.

		
	7.
	Future Performance.  The services to the Company to the extent the Agreement so provides, may include the preparation of recommendations, projections, and other forward looking statements. The Company acknowledges that numerous factors may affect the Company’s actual financial and operational results, and that these results may materially and adversely differ from the recommendations and projections, if any, prepared, in whole or in part, by PMCM.  PMCM does not provide assurance regarding the outcome of its engagement and its fees are not contingent on the results of the engagement.

		
	8.
	Use of Name.  The Company agrees that PMCM and/or its affiliates shall have the right to use the Company’s name and logo in a description of the services provided by PMCM under the Agreement.

		
	9.
	Termination.  The Company and/or PMCM may terminate this Agreement with or without cause and with or without notice.  In the event of such termination, the Company shall pay to PMCM all amounts accrued or due under this Agreement through the date of termination that have not been previously paid.

		
	10.
	Periodic Rate Adjustment/Interest.  PMCM reserves the right to adjust the standard hourly rates set forth within the Agreement in the normal course subject to thirty (30) days written notice to the Company.  Failure to pay any amounts due by the Company to PMCM under the terms of this Agreement will subject such late payment to a ten percent (10%) annual interest surcharge applicable from the time payment was first due until actual receipt of such payment by PMCM.

10

    

		
	11.
	Communications.  PMCM and its affiliates have extensive experience providing companies with financial advisory, restructuring and consulting services.  Over the years, PMCM and its affiliates have represented many different clients with various business interests in numerous industries and have developed working relationships with intermediaries, such as lawyers, investment bankers, lenders and accountants, who often provide referrals to them.  PMCM may be able to call upon these successful working relationships to better assist the Company in its restructuring efforts.  In undertaking the engagement on behalf of the Company, PMCM’s objective is to provide services for the Company and its Board to the best of its ability.  Part of PMCM’s role during this engagement will be to maintain the credibility of the Company with your various creditor constituencies through ongoing communications.  As such, we will periodically communicate directly with your creditors, including the Company’s senior lender(s) as necessary and share information with them concerning the purposes of the Company efforts.  The Company acknowledges that a good relationship with its general creditors and senior lenders alike is critical in promoting a successful reorganization and agrees that PMCM shall be entitled to respond to lender and creditors requests for information. 

		
	12.
	Disclosures.  PMCM and its affiliates and subsidiaries comprise a consulting firm (the “Firm”) that provides crises management, restructuring, advisory and consulting services as well as temporary employees to staff advisory, crisis management, and restructuring, advisory and consulting engagements.  The Firm’s clients are often referred to or are likely to be referred to PMCM by intermediaries such as lawyers, investment bankers, lenders and accountants (“Referral Sources”).  Because the Firm has represented, and will in the future represent, many different clients with various business interests in numerous industries, it is possible that the Firm may have rendered or will render services to or have business associations with other entities or people which had or have or may have relationships with the Company, including creditors of the Company.  In undertaking the engagement on behalf of the Company the objective is to provide services for the Company to the best of its ability, but without precluding the Firm from representing other entities or individuals, including entities and individuals whose interests may be in competition or conflict with the Company’s, provided the Firm makes appropriate arrangements to ensure that the confidentiality of information is maintained, or from accepting referrals from or making referrals to Referral Sources.  Each entity under the definition of Company acknowledges and agrees that the services being provided on behalf of each of them and each of them hereby waives any and all conflicts of interest that may arise on account of the services being provided on behalf of any other such entity.  Each such entity represents that it has taken all corporate action necessary and is authorized to waive such potential conflicts of interest.  Since PMCM wants the Company to be comfortable with the retention of PMCM in light of firm client and Referral Sources relationships, PMCM makes the following disclosures, based on the information provided by the Company, of parties with an interest in the engagement:

11

    

		
	a)
	None known at this time.  

		
	13.
	Bankruptcy.  In the event the Company seeks protection under the U.S. Bankruptcy Code, the Company agrees that it will promptly apply and use best efforts to obtain Bankruptcy Court approval (and to the extent necessary nunc pro tunc to the date of filing) of all of the terms and conditions of this Agreement including, inter alia, the Deposit.

		
	14.
	Independent Contractor Status.  PMCM is an independent contractor under this Agreement, and neither PMCM nor any of its employees, agents or independent contractors (collectively “PMCM Personnel”) will be entitled to receive from the Company any wages or other employee benefits.  Neither PMCM nor PMCM Personnel shall be considered employees or agents of the Company, shall not be deemed to be officers or directors, representative or insider of the Company, and shall not owe fiduciary duties to the Company, its creditors, shareholders or any other person in connection with this engagement.  The Company agrees that it shall not make and waives any claim based on an assertion of such an agency or fiduciary relationship.  

As an independent contractor of the Company, PMCM will have complete and exclusive charge of the management and operation of its business, including hiring and paying the wages and other compensation of all PMCM Personnel, and paying all bills, expenses and other charges incurred or payable with respect to the operation of its business.  Of course, as an independent contractor of the Company, PMCM Personnel will not be entitled to receive from the Company any vacation pay, sick leave, retirement, pension, or social security benefits, workers’ compensation, disability, unemployment insurance benefits, or any other employee benefits.  PMCM will be responsible for all employment, withholding, income and other taxes incurred in connection with the operation and conduct of its business.  To the extent PMCM retains an independent contractor to assist PMCM in the performance of the Agreement; such independent contractor shall be paid directly by PMCM.  While rendering services to the Company, the PMCM Personnel may continue to work with other personnel at PMCM in connection with unrelated matters, which will not unduly interfere with services pursuant to this engagement.

		
	15.
	Confidentiality.  Except as otherwise provided in the Agreement, during the term of the engagement and for a period of twelve (12) months thereafter, PMCM shall keep secret and retain in strictest confidence, any and all confidential information relating to the Company or which PMCM shall obtain knowledge of by reason of the engagement, including, without limitation, trade secrets, customer lists, financial plans or projections, pricing policies, marketing plans or strategies, business acquisition or divestiture plans, new personnel acquisition plan or strategies, technical processes and other research projects.  Except as otherwise provided in the Agreement, PMCM shall not, except in 

12

    

connection with the performance of its duties hereunder, disclose any such information to anyone outside the Company, other than to PMCM’s legal counsel, as required by applicable law (provided prior written notice thereof is given by PMCM to the Company) or with the Company’s prior written consent, which shall not be unreasonably withheld or delayed nor shall PMCM purchase or sell any securities of the Company at any time.  The obligations of PMCM in this paragraph shall not apply to information which is (i) known generally to the public; (ii) known to PMCM prior to the date of this Agreement; (iii) lawfully disclosed to PMCM by a third party; (iv) generally known in the industry in which the Company is engaged; or (v) required by law to be disclosed by PMCM, in which event PMCM shall provide the Company with prompt notice thereof.  Provided such is consistent with the foregoing, PMCM may include the services provided under this Agreement in PMCM’s publications and promotional materials.   In addition, PMCM recognizes that the Company is a publicly traded issuer and agrees that neither PMCM nor any of its officers, directors, managers, employees, contractors, or agents will engage in any transactions (buy or sell) in Company common stock during the engagement or at any time that PMCM is in possession of material, nonpublic information about the Company and its business.

		
	16.
	Limitation of Duties.  PMCM does not make any representation or guarantees that, inter alia, (i) an appropriate restructuring proposal or strategic alternative can be formulated for the Company, (ii) any restructuring proposal or strategic alternative presented to the Company’s management or the board will be more successful than all other possible restructuring proposals, or strategic alternatives, (iii) restructuring is the best course of action for the Company or (iv) if formulated, that any proposed restructuring plan or strategic alternative will be accepted by any of the Company’s creditors, shareholders and other constitutes.  Further PMCM does not assume any responsibility for the Company’s decision to pursue, or not pursue any business strategy, or to effect or not to effect any transaction.  PMCM shall be responsible for assistance with the implementation only of the restructuring proposal or strategic alternative only to the extent and in the manner authorized by and directed by the Board and agreed to by PMCM in the Agreement.  Any duties arising by reason of this Agreement or as a result of the services to be rendered by PMCM hereunder will be owed solely to the Company.  

		
	17.
	Electronic Communications.  PMCM and our clients rely upon electronic communication such as e mail and cellular telephones and faxes, tools and media ("Electronic Communications") in day to day business communications.  Because of their nature, Electronic Communications are not as secure as more traditional lines of communications, such as hard wired telephones and faxes, U.S. Mail, or couriers.  In the course of our representation of the Company, Electronic Communications unless specifically requested otherwise by the Company in writing to PMCM are hereby authorized for all purposes.  The Company understands that some risk exists that any and 

13

    

all Electronic Communications could be intercepted by an unauthorized third party, and the Company accepts that risk.

		
	18.
	Governing Law and Arbitration.  This Agreement will be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania applicable to agreements made and to be performed entirely in such State, without giving effect to the choice of law provisions thereof.  Unless the Bankruptcy Court specifically refuses to enforce these arbitration provisions (an outcome which the Company will not seek), each of the parties hereto agrees to submit any claim or dispute arising out of or related to this Agreement to private and confidential arbitration by a single arbitrator selected in accordance with the rules of the American Arbitration Association.  Any such arbitration proceedings shall be governed by the Commercial Rules of Arbitration of the American Arbitration Association and shall take place in Philadelphia, PA.  The arbitrator shall have the power to order discovery and the authority to award any remedy or relief that a court of the Commonwealth of Pennsylvania could order or grant, including, without limitation, specific performance.  The decision of the arbitrator shall be final and binding on each of the parties and judgment thereon may be entered in any court having jurisdiction.  This arbitration procedure is intended to be the exclusive method of resolving any claim arising out of or related to this Agreement, including any claim as to the validity of this Agreement.  Except for the Bankruptcy Court’s exercising jurisdiction over any dispute, each party agrees to the personal and subject matter jurisdiction of the arbitrator for the resolution of any such claim, including any issue relating to this arbitration position.  In the event of any arbitration arising out of or in connection with this Agreement, the prevailing party shall be entitled to an award of actual attorneys’ fees and costs incurred in connection with the arbitration.  The provisions of this Agreement regarding indemnity and arbitration will survive any termination of this Agreement.

		
	19.
	Binding Agreement.  This Agreement shall be binding upon PMCM and the Company, their respective heirs, successors, and assignees, and any heir, successor or assignee of a substantial portion of PMCM’s or the Company’s respective businesses and or assets, including any Chapter 11 Trustee.

		
	20.
	Assignment.  Neither PMCM nor Company may assign this Agreement, by operation of law or otherwise, without the prior written consent of the other party.  Any assignment in violation of this provision shall be deemed to be null and void.

		
	21.
	Force Majeure.  Neither party shall be liable for any default or delay in the performance of its obligations (except for payment obligations) under this Agreement if such default or delay is caused by an act of God or other circumstance outside the reasonable control of the party, including, but not limited to, fire, flood, earthquake, natural disasters or other 

14

    

acts of God, terrorist acts, riots, civil disorders, freight embargoes, government action, or the like.

		
	22.
	Headings and Interpretation.  The section headings in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of the Agreement.  All parties hereto have participated substantially in the negotiation and drafting of this Agreement and each party hereby disclaims any defense or assertion that any ambiguity herein should be construed against the drafter of the Agreement.

		
	23.
	Continuing Validity of Agreement.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect pursuant to the terms hereof.

		
	24.
	Counterparts.  This agreement may be executed in any number of counterparts, each of which will be deemed an original and all of which will constitute one and the same instrument.  Such counterparts may be delivered by one party to the other by facsimile or other electronic transmission, and such counterparts shall be valid for all purposes.

		
	25.
	Requisite Company Authority.  The Company has all requisite power and authority to enter into this Agreement.  This Agreement has been duly and validly authorized by all necessary action on the part of the Company and has been duly executed and delivered by the Company and constitutes a legal, valid and binding agreement of the Company, enforceable in accordance with its terms.  PMCM has all requisite power and authority to enter into this Agreement and to perform its obligations hereunder.  This Agreement has been duly and validly authorized by all necessary action on the part of PMCM and has been duly executed and delivered by PMCM and constitutes a legal, valid and binding agreement of PMCM, enforceable in accordance with its terms.  This Agreement has been reviewed by the signatories hereto and their counsel.

		
	26.
	Agreement Binding on all Company Affiliates.  To the extent that the Company hereunder is comprised of more than one entity or company, the obligations of the Company under this Agreement are joint and several, and any consent, direction, approval, demand, notice or the like given by any one of such entities or companies shall be deemed given by all of them and, as such, shall be binding on the Company.

		
	27.
	Survival of Certain Provisions.  The provisions of paragraphs 1-3, 8, 15-19, 22-23, 26, 28 as well as the Consent, Release and Indemnification and those provisions which expressly state that they continue for a period of time following such termination or expiration shall survive any expiration or termination of this Agreement.

15

    

		
	28.
	Entire Agreement, Waiver, Modifications and Notices.  The Agreement, which includes the Standard Terms, Conditions and Disclosures and the Consent, Release and Indemnification, as well as any exhibits thereto, constitutes the final and complete expression of the parties with respect to its subject matter and supersedes and replaces any other written or oral agreement or understanding between the parties.  This Agreement may be amended, modified, supplemented or waived only by a written instrument signed by both parties.  No waiver of a breach hereof shall be deemed to constitute a waiver of a future breach, whether of a similar or a dissimilar nature.  All notices, demands or other communications which are required or are permitted to be given in this Agreement shall be in writing and shall be deemed to have been sufficiently given (i) upon personal delivery, (ii) the third business day following due deposit in the United States mail, postage prepaid, and sent certified mail, return receipt requested, correctly addressed or (iii) when receipt is acknowledged if sent via facsimile transmission.  Notices to you shall be sent to the address set forth on page one of the Agreement.  Notices to PMCM shall be sent to the address below:

PMCM, LLC
Attention: L. Dianne Lomonaco
110 Commons Court
Chadds Ford, PA 19317-9716
Tel: 610-358-4700
Fax: 610-358-9377

Either party may give written notice of a change of address by certified mail, return receipt requested, and after notice of such change has been received, any notice shall be given to such party in the manner above described at such new address.

            

16

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