Document:

Exhibit 10.2

 

 

ENSERVCO CORPORATION

 

SUBSCRIPTION AGREEMENT

 

THE
SECURITIES BEING OFFERED BY ENSERVCO CORPORATION HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE
STATE BLUE SKY OR SECURITIES LAWS AND ARE OFFERED UNDER AN
EXEMPTION FROM THE REGISTRATION PROVISIONS OF SUCH LAWS. THESE SECURITIES CANNOT BE
SOLD, TRANSFERRED, ASSIGNED, OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE RESTRICTIONS ON TRANSFER CONTAINED IN THIS
STOCK SUBSCRIPTION AGREEMENT AND APPLICABLE FEDERAL AND STATE SECURITIES LAWS.

 

NOTE: By considering
an investment in Enservco Corporation as described herein you are representing, and by executing this subscription agreement you
represent and warrant, that you are an “accredited investor” as that term is defined in Section 2(a)(15) of the federal
Securities Act of 1933 (the “1933 Act”) and Rule 215 thereunder, and in Rule 501(a) of Regulation D under the 1933
Act.

 

TERMS
OF THE OFFERING

 

This
Subscription Agreement is one of a series of subscription agreements for the completion of an offering of securities (the “Offering”)
by Enservco Corporation (the “Company”) to accredited investors only pursuant to Sections 4(a)(2) and 4(a)(5)
of the 1933 Act and Rule 506 of Regulation D thereunder. The following summarizes the Offering:

 

	Offering:	up to 5,700 Units at $350 per Unit, each Unit consisting of 1,000 shares of the Company’s common stock (the “Shares”) and Warrants to purchase 500 Shares. The Unit, the Shares, and the Warrant (collectively referred to herein as the “Securities”) will have significant transferability restrictions imposed by SEC Rule 144, including Rule 144(i) thereof.
	 	 
	Warrant:	Each full Warrant will entitle the holder to purchase one share of the Company’s common stock (which will have transferability restrictions as described above) with an exercise price of $0.55 per share, exercisable through the close of business (Denver, Colorado) on November 7, 2017.
	 	 
	Minimum investment:	No investor may purchase fewer than 70 Units ($24,500.00 minimum investment)
	 	 
	Total Offering:	$1,250,550 (3,573 Units) minimum, $1,995,000 (5,700 Units) maximum Offering.
	 	 
	Minimum Offering:	The Company may only close on
    the subscription contemplated hereby upon receipt of executed subscription agreements (including this subscription agreement)
    in the aggregate amount of at least $1,250,550 (3,573 Units) and meeting certain other conditions precedent described below.
    Officers and directors of the Company and its affiliated entities may participate in this Offering on the same basis as other
    investors.

 

 

 

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	Escrow Arrangement:	Burns, Figa & Will, P.C., counsel to the Company, will act as escrow agent in the Offering for the receipt of funds and (if the conditions precedent to the completion of the Offering are timely met) payment of the funds to the Company.  If the conditions precedent to the completion of the Offering are not timely met, the escrow agent will return the funds to the investors without interest or deduction.
	 	 
	Delivery of Funds:	Your entire subscription amount must be delivered by wire transfer not later than October 29, 2012 at two o’clock in the afternoon (2:00 pm) Eastern time to:
	 	 
		Colorado Business Bank
		821 17th Street
		Denver, Colorado  80202
		ABA Routing Number:  102003206
		Account Name:  Burns, Figa & Will, P.C. COLTAF Trust Account
		Account Number:   3448037
	 	 
	        	Delivery by check (including cashiers’ check or certified check) will not be accepted.
		 
	Use of Proceeds:	The entire offering will be used for working capital and general corporate expenses.  In addition, from the proceeds of this offering, the Company will reimburse any person who invests $600,000 or more pursuant to this subscription agreement an amount equal to 1% of such person’s investment to reimburse such person (on a non-accountable basis) for its legal fees or other costs and expenses incurred in connection with completing such person’s subscription.
	 	 
	Commissions:	The Company reserves the right to pay commissions or finders’ fees of up to 6% of the Offering proceeds to Kuhn’s Brothers Securities Corporation (“Kuhn’s”) and warrants to purchase the Company’s common stock in accordance with agreements between the Company and Kuhn’s for investors introduced to the Company by Kuhn’s.  The Company does not expect to pay any commissions to any broker-dealer for other investors, but reserves the right to do so, but not more than 6%.
	 	 
	Term of the Offering:	November 30, 2012.  If the Company has not received at least the Minimum Offering by 4:00 pm Mountain time on November 7, 2012, then you (the “Subscriber”) will thereafter have the right to give notice to the Escrow Agent to return all funds deposited by you to you, without interest or deduction.  Escrow Agent will return all funds deposited by you within a business day of notice.  Your right to provide such notice terminates if the Company thereafter receives at least the Minimum Offering and completes the transactions contemplated herein.  If the Company receives at least the Minimum Offering timely and completes the transactions contemplated with PNC Bank, then the Company may accept additional funds (but not more than the Maximum Offering) for an additional ten days thereafter, and such funds may be delivered directly to the Company.  The Company may not extend the term of the Offering without the consent of each person who has submitted a Subscription Agreement which has been accepted by the Company.
	 	 

 

 

 

 

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	Registration Rights:	Pursuant to registration rights agreement.
	 	 
	Disclosure Documents:	Amended and Restated Certificate of Incorporation and Bylaws of the Company
	 	 
		Minutes of board and shareholders’ meetings during 2012.
	 	 
		Escrow agreement between the Company and the escrow agent
	 	 
		Form of Warrant included within the Units
	 	 
		    Registration Rights Agreement 
	 	 
		Annual
Report on Form 10-K for the year ended December 31, 2011, and quarterly reports on Form 10-Q and current reports on Form 8-K filed
subsequently thereto available at www.sec.gov (the “SEC Reports”). 
	 	 
	 	Material surrounding the Company’s ongoing negotiation with PNC Bank
	 	 
	                   
 	                   
 

SUBSCRIPTION

 

This subscription agreement
is offered for the purpose of you considering the purchase of at least a minimum investment in the Offering as described above.
If after reviewing this subscription agreement and other relevant documents with your legal, financial, tax, and
investment advisers as you deem appropriate you elect to purchase the Securities, please complete the following:

	 	 
	Number of Units Being Purchased	Total Consideration
	 	 
	_____________________________	$______________ 

You may not purchase
fewer than 70 Units (the “Minimum Investment”).

 

 

 

 

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By executing this agreement
and returning it to the Company, you further agree that your investment is being made entirely on the terms and conditions stated
herein and in the documents attached hereto, together with the Company’s SEC Reports (defined below). You understand that
this Subscription Agreement is not binding until Enservco Corporation (the “Company”) accepts it in writing, notice
of which acceptance will be provided not more than five business days following the Company's receipt of this Subscription Agreement.
The closing of this Offering (the “Closing”) is expected to occur on October 31, 2012 unless the Company shall provide
not less than five business days’ notice to you prior to an earlier date on which the Closing will occur. At the Closing,
which Closing shall be subject to the satisfaction in full of the Closing Conditions (defined below), you will transfer to the
Company by wire an amount equal to the Total Consideration against your receipt from the Company of the amount of Units being purchased
hereunder, which Units shall be received by you not less than three business days following the Closing. The Closing shall not
occur until the following conditions have been satisfied: (i) the receipt by each of you and the Company of the fully executed
Subscription Agreement, Warrant and Registration Rights Agreement; (ii) the Company’s receipt of aggregate subscriptions
(including the subscription contemplated hereby) as part of this offering equaling at least $1,250,550, which aggregate amount
shall be closed upon not later than simultaneously with the Closing; and (iii) the closing by the Company (which closing may be
simultaneous) of the Credit Agreement between the Company and PNC Bank (collectively, the Closing Conditions").

 

 

FURTHER AGREEMENTS

 

In connection with
the subscription contemplated hereby, the parties hereto further agree as follows:

 

1.You
represent that you understand that this Subscription Agreement is a part of an offering of up to 5,700 Units to raise proceeds
of up to $1,995,000, including the Units you may subscribe for. You understand that officers and directors of the Company and its
affiliated entities may participate in this Offering on the same basis as other investors. In addition to the other representations
and warranties contained herein, you understand that an investment in the Securities is one of significant risk, and there can
be no assurance that the Securities will ever be valuable. You acknowledge that you may lose your entire investment in the Securities.
You hereby represent that an investment in the Securities is a suitable investment for you, taking into consideration the restrictions
on transferability and the other considerations affecting the Securities and the Company as described herein and in the documents
included with this Subscription Agreement, and in the investigation that you have made.

 

Caveat:
Certain statements contained herein and included in other documents which have been given to you using the terms “may,”
“expects to,” and other terms denoting future possibilities, are
forward-looking statements. We cannot guarantee the accuracy of these statements as
they are subject to a variety of risks that are beyond our ability to predict or control. These risks may cause actual results
to differ materially from the projections or estimates given to you. These risks include, but are not limited to, the possibility
that the described operations or other activities will not be completed on economic terms, if at all, and the Company’s need
for additional financing. As described in our SEC Reports (defined below), our contemplated operations are attendant with
high risk. There can be no assurance that we will succeed in operating our contemplated business, and it is important that each
person considering an investment pursuant to this subscription agreement understands
the significant risks that accompany the proposed conduct of our future operations.

 

 

 

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2.You represent
that you will acquire the Securities for your own account and not on behalf of any other person or entity. You will acquire the
Securities for investment purposes and not for resale or distribution. You acknowledge and agree that
you did not become aware of this Offering by any means of public advertising or general solicitation.

 

3.You represent
that you are not aware of the payment of any commission or other remuneration to any person
in connection with the execution of this transaction or the purchase of the Securities except (to the extent you were introduced
to the Company by Kuhn’s) payable to Kuhn’s, and except as follows (which commissions will only be paid to the extent
the named broker-dealer has entered into a separate agreement with the Company for the payment of commissions):

 

Name of Broker-Dealer:
_____________________________________________

 Please
complete or write “none”

 

4.You represent
that we have provided you with the Disclosure Documents described above which contain disclosure
of the material risks of an investment in our Securities, as well as our existing and proposed business, assets, management, financial
condition, capitalization and share ownership, and plan of operations. We confirm that the information set forth in the Disclosure
Documents is accurate and complete in all material respects. We have given you the opportunity
to ask questions of and to receive answers from us about the terms and conditions of this Offering, and we have also given you
the opportunity to obtain any additional information regarding the Company which we
possess or can acquire without unreasonable effort or expense, including (without limitation) all minutes of meetings of our Board
of Directors or committees, and other relevant documents you have requested. In addition, you have made such financial or other
inquiries as you have deemed necessary or appropriate in the conduct of your due diligence investigation. You have not relied on
due diligence of any other party in connection herewith.

 

5. We, the Company,
hereby represent and warrant that:

 

a. we
have filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities
Act of 1933 (the “1933 Act”) and the Exchange Act of 1934 (the “1934 Act”), including pursuant to Section
13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law
or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference
therein, being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension
of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective
dates, the SEC Reports complied in all material respects with the requirements of the 1933 Act and the 1934 Act, as applicable,
and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. As of the date hereof, there has been not been any material adverse change to the Company, its
business or its prospects that has not been filed in an SEC Report.

 

 

 

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b. we
are subject to the reporting requirements of section 13 or 15(d) of the 1934 Act; we have filed all reports and other materials
required to be filed by section 13 or 15(d) of the 1934 Act, as applicable, during the preceding 12 months; and we have filed current
“Form 10 information” with the SEC reflecting our status as an entity that is no longer an issuer described in paragraph
(i)(1)(i) of Rule 144 of the 1933 Act (i.e., a “shell company”), which filing was made not less than one year prior
to the date hereof.

 

6.You acknowledge
and understand, however, that we have not authorized any person to make any statements on our behalf that would in any way contradict
any of the information that we have provided to you in writing, including the information
set forth in this Subscription Agreement or in the other Disclosure Documents. You further represent to
the Company that you have not relied upon any such representations regarding the Company, its business or financial condition,
or this transaction in making any decision to acquire the Securities.

 

7.Your present
financial condition is such that it is unlikely that it would be necessary for you to dispose of the Securities in the foreseeable
future. You further understand and agree that:

 

a.The Securities
have not been registered under the 1933 Act or any state or foreign securities laws, and consequently are and will continue to
be restricted securities within the meaning of Rule 144 and applicable state statutes, including (without limitation) Rule 144(i)
which is applicable to former shell companies such as the Company.

b.You cannot resell
the Securities unless they are registered under the 1933 Act and any applicable state securities laws or unless an exemption from
the registration requirements is available.

 

c.As
a result, you must bear the economic risks of the investment in the Securities for an indefinite period of time.

 

d.The
Company is the only person that may register the Securities under the 1933 Act and state securities statutes, provided that, pursuant
to the Registration Rights Agreement, we have agreed to register the securities received by you in connection with this Subscription
Agreement on the terms and conditions set forth in such Registration Rights Agreement.

 

 

 

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e.You will not sell
or attempt to sell the Securities without registration under the 1933 Act and any applicable
state securities laws, unless exemptions from such registration requirements are available and the undersigned has received
an opinion of legal counsel or other evidence reasonably satisfactory to the Company that an exemption is available for such sale.

 

f.The Company has
the right to issue instructions to its transfer agent to bar the transfer of any of the certificates
representing the Securities except in accordance with the 1933 Act or an exemption therefrom.

 

g.You consent to
the placement of the following legend on any certificates evidencing the Securities:

 

The securities represented
by this Certificate have not been registered under the Securities Act of 1933 (the “Act”) and are “restricted
securities” as that term is defined in Rule 144 under the Act. The securities may not be offered for sale, sold or otherwise
transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration
under the Act, the availability of which is to be established by an opinion of legal counsel or other evidence reasonably satisfactory
to the corporation than an exemption is available for such sale.

 

8. You represent
to us that no part of the funds used by you for this investment was directly or indirectly derived from, or related to, any activity
that may contravene federal, state, or international laws and regulations, including anti-money laundering laws and regulations.
Your purchase of the Securities shall not cause the Company or its affiliates to violate any applicable anti-money laundering laws
and regulations including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001 (USA Patriot Act) and regulations of the U.S. Department of the Treasury’s Office of Foreign Assets
Control (OFAC). You further represent that you and your affiliates are not acting directly or indirectly for or on behalf of any
person, group, entity, or nation named by any Executive Order of the U.S. as a terrorist, Specially Designated National and Blocked
Person (SDN) or other banned or blocked person, entity, nation, or transaction pursuant to any law, order, rule, or regulation
that is enforced or administered by OFAC. You further represent that you and your affiliates also are not engaged in this transaction,
directly or indirectly on behalf of, or instigating or facilitating this transaction, directly or indirectly on behalf of any SDN.

 

9.You
have consulted with your legal, financial, accounting, tax, and investment advisers regarding your personal circumstances
and the advisability of your proposed purchase of the Securities to the extent that you have determined such consultation to be
appropriate.

 

10.You acknowledge
that you have reviewed the definition of the term “accredited investor” as set forth following your signature and you
represent and warrant to us that you are an “accredited investor.”

 

 

 

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11. We, the Company,
hereby acknowledge and agree that concurrently with the Closing we will file a press release disclosing any material non-public
information received by you in connection with the subscription contemplated hereby, including, without limitation, any such information
contained in the Disclosure Documents, and further disclosing the closing of this Offering.

 

12.We may amend
or modify this Subscription Agreement only in writing signed by both you and the Company. No evidence shall be admissible in any
court concerning any alleged oral amendment hereof. This Subscription Agreement, together with the Registration Rights Agreement
and the Warrant, fully integrates all of our prior agreements and understandings concerning your purchase of the Securities.

 

13.This Subscription
Agreement binds and inures to the benefit of our respective representatives, successors, and permitted assigns.

 

14.Each of
us hereto agrees for ourselves and our successors and permitted assigns to execute any and all further instruments necessary for
the fulfillment of the terms of this Subscription Agreement.

 

15.Each of
you and the Company acknowledge that the other party is relying on the accuracy of the representations, warranties and covenants
made in this Subscription Agreement, and each party hereby agrees to indemnify and hold harmless the other party from and against
any and all liability or damages that may result to such other party (including court costs and attorney fees) as a result of any
breaches of such representations, warranties or covenants, in each case up to the Total Consideration.
The representations and warranties shall survive the Closing as do the following additional sections: Section 16, Section 17, and
Section 18.

 

16.Dispute
Resolution.

 

a.Mediation Followed
by Binding Arbitration. The parties agree to resolve “Disputes” (as defined below) by submitting the Dispute to
mediation in the State of New York, and if the Dispute is not resolved through mediation, then it shall be submitted for final
and binding arbitration under the American Arbitration Association, the site of which arbitration shall be New York, NY. Any
party to this Subscription Agreement may commence mediation by providing to the other parties a written request for mediation,
setting forth the subject of the Dispute and the relief requested. The parties will cooperate with one another in selecting a mediator
and in scheduling the mediation proceedings promptly, not later than 20 days after such request for mediation. The parties covenant
that they will participate in the mediation in good faith, and that they will share
equally in its costs. All offers, promises, conduct, and statements, whether oral or
written, made in the course of the mediation by any of the parties, their agents, employees, experts, and attorneys, and by the
mediator, are confidential, privileged, and inadmissible for any purpose, including impeachment, in any arbitration or other proceeding
involving the parties, provided that evidence that is otherwise admissible or discoverable shall not be rendered inadmissible or
non-discoverable as a result of its use in the mediation. Any party may initiate arbitration with respect to the Disputes submitted
to mediation by filing a written demand for arbitration at any time following the initial
mediation session or 45 days after the date of filing the written request for mediation,
whichever occurs first. The mediation may continue after the commencement of arbitration if the parties so desire. Unless otherwise
agreed by the parties, any arbitration initiated under this Clause shall be conducted by a single arbitrator. Unless otherwise
agreed by the parties, the mediator shall be disqualified from serving as arbitrator in the case. The provisions of this Clause
may be enforced by any court of competent jurisdiction, and the party seeking enforcement shall be entitled to an award of all
costs, fees, and expenses, including attorney fees, to be paid by the party against whom enforcement is ordered.

 

 

 

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b.Definition of
“Dispute.” For the purposes of the preceding paragraph, the term “Dispute”
means all claims, disputes, or other controversies arising out of, or relating to, this Subscription Agreement, the purchase
of the Securities, and any other claims, disputes, or controversies arising out of or relating to the management or operations
under this Subscription Agreement or the purchase of the Securities as described herein (hereinafter collectively referred to as
a “Dispute”).

 

17.Purchase Price Reset.

 

a.Except in the case of Exempt Issuances
(described below), if the Company (on or before October 31, 2014) issues or sells any shares of Common Stock or any Common Stock
Equivalent (as defined below) pursuant to which shares of Common Stock may be acquired or issued at a price less than $0.35 per
share (equitably adjusted for stock splits, stock dividends, reverse stock splits and other similar events, “B” in
the equation below) (a “Dilutive Issuance”), then the purchase price for the shares described herein
shall be adjusted to the the volume-weighted average price of the underlying Common Stock for the ten trading days ending immediately
prior to such date (referred to as “C” in the equation below) and the Company shall promptly issue additional shares
of Common Stock to each person who was an original signatory to this Subscription Agreement still holding shares issued pursuant
to this Subscription Agreement (where “A” equals the number of shares held at that time) so that the total number of
shares issued pursuant hereto shall equal the number of shares calculated pursuant to the following equation (such adjustment,
a “Dilution Adjustment”):

 

A x B ÷ C

 

Such Dilution Adjustment shall be made successively whenever
such an issuance is made. Notwithstanding the foregoing, this Section 17 shall not apply in respect of an Exempt Issuance (as defined
below). No adjustment shall be made hereunder which would require any Subscriber to surrender any shares of Common Stock to the
Company.

(b)For the
purposes of this Agreement, “Common Stock Equivalent” means any securities of the Company which would
entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right,
option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles
the holder thereof to receive, Common Stock.

(c)For the purposes
of this Agreement, “Exempt Issuance” means the issuance of (A) shares of Common Stock options or similar
awards to employees, officers, consultants or directors of the Company pursuant to any equity incentive plan of the Company, (B)
securities upon the exercise or exchange of or conversion of any Securities issued hereunder or upon the acceptance of any subscription
agreement substantially similar hereto on or before November 30, 2012, (C) securities exercisable or exchangeable for or convertible
into shares of Common Stock issued and outstanding on the date of this Agreement included in the Company’s reports filed
with the Securities and Exchange Commission, provided that such securities have not been amended since the date of this Agreement
to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities
below $0.35 per share (adjusted as above), and (D) securities issued (other than for cash) in connection with a merger, acquisition,
or consolidation of all or substantially all of the assets, securities or business division of another entity so long as such issuances
are not for the principal purpose of raising capital.

 

 

 

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18.This Subscription
Agreement is made under, shall be construed in accordance with, and shall be governed by the laws of the State of New York, without
regard to conflicts of laws principles.

 

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IN WITNESS HEREOF,
the parties hereto have entered into this Subscription Agreement as of the date set forth above.

 

	 	 
	 	COMPANY
	 	 
	 	ENSERVCO CORPORATION
	 	 
	 	 
	 	 
	 	By: _____________________
	 	      Rick D. Kasch, President
	 	 
	 	  (Investor) 
	 	 

  

	 	 
	Date: __________________, 2012	 
	 	By: _____________________________
	Address of Investor	Name:___________________________
	__________________________	Title: ____________________________
	__________________________	 
	__________________________	Tax ID #:_________________________
	 	 

 

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Please indicate by
your initials each of the following categories in which you qualify as an accredited investor:

 

	           	An employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Employee Retirement Income Security Act, which is either a bank, savings and loan association, insurance company or registered investment advisor, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self directed plan, with investment decisions made solely by persons that are otherwise accredited investors.	
        ___ 

         

         

         

         

         

         

         ___

 

 

         

         

         
	
        A
        trust with total assets in excess of $5,000,000 not formed for the specific purpose of acquiring the Securities, whose purchase
        is directed by a person who has such knowledge and experience in financial and business matters that he or she is capable of evaluating
        the merits and risks of an investment in the Securities.

         

        A
        bank as defined in Section 3(a)(2) of the Act, or a savings and loan association or other institution as defined in Section 3(a)(5)(A)
        of the Act, whether acting in its individual or fiduciary capacity.

	           	A private business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940.	       	A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934.
	           	An organization described in Section 501(c)(3) of the Internal Revenue Code, or a corporation, Massachusetts or similar business trust, or a partnership (in each case not formed for the specific purpose of acquiring the Securities) with total assets in excess of $5,000,000.	
        ___ 

         

         

         
	
        An
        insurance company as defined in Section 2(13) of the Act.

         

        An
        investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section
        2(a)(48) of the Investment Company Act of 1940.

	           	A natural person whose net worth, individually or jointly with spouse, exceeds $1,000,000 at this time (excluding the value of that person's primary residence and excluding any debt up to (and not exceeding) the value of the residence, but adding back any debt incurred within 60 days of this subscription unless incurred in connection with the purchase of the primary residence).	
        ___ 

         

         

         

         

         
	
        A
        Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business
        Investment Act of 1958.

         

        A
        plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
        subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000.

	           	A natural person who had an individual income in excess of $200,000 in each of the two most recent calendar years or joint income with spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same level of income in the current calendar year.	
        ___ 

         

         

         

         
	
        Any
        entity in which all the equity owners are accredited investors (i.e., by virtue of their meeting any of the other tests for an
        “accredited investor”).

         

        Any
        director or executive officer of the Company.

         

 

 

 

 

 

Page 12Exhibit 10.3

 

WARRANT AGREEMENT

 

THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE EXERCISED, SOLD OR OFFERED FOR
SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES OR AN OPINION OF COUNSEL OR OTHER EVIDENCE REASONABLY
ACCEPTABLE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

	 	 	 	 	 
	Warrant No. 2012-___		 	 	_______________
	 	 	 	 	The “Holder”

 

ENSERVCO CORPORATION

 

COMMON STOCK PURCHASE WARRANT

 

1.Issuance; Certain Definitions. In consideration
of good and valuable consideration, the receipt of which is hereby acknowledged by ENSERVCO CORPORATION, a Delaware corporation
(the “Company”), the Holder named above or registered and permitted assigns (collectively the “Holder”)
is hereby granted the right to purchase at any time until 5:00 P.M., Mountain time, on November 30, 2017 (the “Expiration
Date”), _____________ fully paid and nonassessable shares of the Company’s Common Stock, $0.005 par value per share
(the “Common Stock”), at an initial exercise price per share (the “Exercise Price”) of $0.55 per share,
subject to further adjustment as set forth herein.

 

2.Exercise
of Warrants. This Warrant is exercisable in whole or in part at any time and from time to time prior to the Expiration Date.
Such exercise shall be effectuated by submitting to the Company (either by delivery to the Company or by facsimile transmission
as provided in Section 9 hereof) a completed and duly executed Notice of Exercise (substantially in the form attached to this
Warrant) as provided in this paragraph. The date such Notice of Exercise is faxed or delivered to the Company shall be the “Exercise
Date,” provided that the Holder of this Warrant tenders this Warrant to the Company within five business days thereafter.
If the Holder elects to exercise only a portion of his Warrant, the Company shall issue to the Holder a new Warrant representing
the remaining unexercised Warrants.

 

(a)The Notice of Exercise shall be executed
by the Holder of this Warrant and shall indicate the number of shares then being purchased pursuant to such exercise. Upon surrender
of this Warrant, together with appropriate payment of the Exercise Price for the shares of Common Stock purchased, the Holder shall
be entitled to receive a certificate or certificates for the shares of Common Stock so purchased within 10 days.

 

(b)The Holder has the option of paying the
Exercise Price per share of Common Stock for the shares then being exercised either in cash or by certified or official bank check.
In addition, in lieu of exercising this Warrant in the manner specified by the foregoing, the Holder may from time to time convert
this Warrant, in whole or in part, into a number of shares of Common Stock determined by dividing (a) the aggregate fair market
value of the shares of Common Stock (as determined by reference to the Company’s publicly traded shares of Common Stock)
issuable upon exercise of this Warrant minus the aggregate Exercise Price of such shares of Common Stock by (b) the fair market
value of one share of Common Stock.

 

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3.Reservation
of Shares. The Company hereby agrees that at all times during the term of this Warrant there shall be reserved for issuance
upon exercise of this Warrant such number of shares of its Common Stock as shall be required for issuance upon exercise of this
Warrant (the “Warrant Shares”).

 

4.Mutilation or Loss of Warrant. Upon receipt by
the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and (in the case of loss,
theft or destruction) receipt of reasonably satisfactory indemnification, and (in the case of mutilation) upon surrender and cancellation
of this Warrant, the Company will execute and deliver a new Warrant of like tenor and date and any such lost, stolen, destroyed
or mutilated Warrant shall thereupon become void.

 

5.Rights of the Holder. The Holder shall not, by
virtue hereof, be entitled to any rights of a stockholder in the Company, either at law or equity. The rights of the Holder are
limited to those expressed in this Warrant and are not enforceable against the Company except to the extent set forth herein.

 

6.Protection Against Dilution and Other Adjustments.

 

6.1Adjustment Mechanism. If an adjustment of the
Exercise Price is required pursuant to Section 6.2, the Holder shall be entitled to purchase such number of additional shares of
Common Stock as will cause (i) the total number of shares of Common Stock that the Holder is entitled to purchase pursuant to this
Warrant, multiplied by (ii) the adjusted Exercise Price per share, to equal (iii) the dollar amount of the total number of shares
of Common Stock that the Holder is entitled to purchase before adjustment multiplied by the total Exercise Price before adjustment.

 

6.2Capital Adjustments. In case of any stock split
or reverse stock split, stock dividend, extraordinary dividend of cash or other assets, reclassification of the Common Stock, recapitalization,
merger or consolidation, sale of assets or like capital adjustment affecting the Common Stock of the Company, the provisions of
this Section 6 shall be applied as if such capital adjustment event had occurred immediately prior to the date of this Warrant
and the original Exercise Price had been fairly allocated to the stock resulting from such capital adjustment. A rights offering
to stockholders shall be deemed a stock dividend to the extent of the bargain purchase element of the rights.

 

6.3 No Adjustment for Spin Off, Merger, or
Other Events. If, for any reason, prior to the exercise of this Warrant in full, the Company spins off or otherwise divests
itself of substantially all of its business or operations or disposes all or of a part of its assets in a transaction, merges with
another entity the result of which the Company has been acquired by such other entity (not including a merger simply for the purpose
of reincorporation), or engages in another transaction, the result of which the Common Stock is no longer registered under the
Securities Exchange Act of 1934, the holder of this Warrant will be entitled to no other consideration upon the completion of such
transaction; provided that the Warrant will for all purposes will be assumed by the surviving entity of such transaction and will
remain outstanding and an obligation of such surviving entity. In the event of such a transaction, the Company shall give the Holder
not less than 30 days’ notice of the Company’s intention to complete such transaction, and the Holder may elect whether
to exercise this Warrant during that period.

 

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6.4Purchase
Price Reset.

  

(a)Except in the case of Exempt Issuances
(described below), if the Company (on or before October 31, 2014) issues or sells any shares of Common Stock or any Common Stock
Equivalent (as defined below) pursuant to which shares of Common Stock may be acquired or issued at a price less than $0.35 per
share (equitably adjusted for stock splits, stock dividends, reverse stock splits and other similar events) (a “Dilutive
Issuance”), then the purchase price for the shares which might be acquired upon the exercise hereof shall be adjusted
to the volume-weighted average price of the underlying Common Stock for the ten trading days ending immediately prior to such date
and the Company shall promptly notify the Holder of such adjustment. Such Dilution Adjustment shall be made successively whenever
such an issuance is made. Notwithstanding the foregoing, this Section 6.4 shall not apply in respect of an Exempt Issuance (as
defined below).

 

(b)For the purposes
of this Agreement, “Common Stock Equivalent” means any securities of the Company which would entitle
the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option,
warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the
holder thereof to receive, Common Stock.

(c)For the purposes of this Agreement, “Exempt
Issuance” means the issuance of (A) shares of Common Stock options or similar awards to employees, officers, consultants
or directors of the Company pursuant to any equity incentive plan of the Company, (B) securities upon the exercise or exchange
of or conversion of any Securities issued hereunder or upon the acceptance of any subscription agreement substantially similar
hereto on or before November 30, 2012, (C) securities exercisable or exchangeable for or convertible into shares of Common Stock
issued and outstanding on the date of this Agreement included in the Company’s reports filed with the Securities and Exchange
Commission, provided that such securities have not been amended since the date of this Agreement to increase the number of such
securities or to decrease the exercise price, exchange price or conversion price of such securities below $0.35 per share (adjusted
as above), and (D) securities issued (other than for cash) in connection with a merger, acquisition, or consolidation of all or
substantially all of the assets, securities or business division of another entity so long as such issuances are not for the principal
purpose of raising capital.

 

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7.Exercise and Transfer to Comply
with the Securities Act; Registration Rights.

 

7.1 Exercise and Transfer. This Warrant has not been
registered under the Securities Act of 1933, as amended, (the “Act”) and has been issued to the Holder for investment
and not with a view to the distribution of either the Warrant or the Warrant Shares. This Warrant may not be exercised, and neither
this Warrant nor any of the Warrant Shares or any other security issued or issuable upon exercise of this Warrant may be sold,
transferred, pledged or hypothecated in the absence of an effective registration statement under the Act relating to such transaction
or an opinion of counsel or other evidence reasonably satisfactory to the Company that registration is not required under the Act.
Each certificate for the Warrant, the Warrant Shares and any other security issued or issuable upon exercise of this Warrant shall
contain a legend on the face thereof, in form and substance satisfactory to counsel for the Company, setting forth the restrictions
on transfer contained in this Section 7.

 

7.2Registration Rights. (a)In addition to the
rights provided under the Registration Rights Agreement, the Holder shall have piggy-back registration rights with respect to the
Warrant Shares then held by the Holder or then subject to issuance upon exercise of this Warrant (collectively, the “Remaining
Warrant Shares”), subject to the conditions set forth below. If, at any time, the Company participates (whether voluntarily
or by reason of an obligation to a third party) in the registration of any shares of the Company’s stock (other than a registration
on Form S-4, S-8 or other inappropriate form), the Company shall give written notice thereof to the Holder and the Holder shall
have the right, exercisable within ten business days after receipt of such notice, to demand inclusion of all or a portion of the
Holder’s Remaining Warrant Shares in such registration statement. If the Holder exercises such election, the Remaining Warrant
Shares so designated shall be included in the registration statement at no cost or expense to the Holder (other than any costs
or commissions which would be borne by the Holder for the sale of the Remaining Warrant Shares and the expenses of counsel or other
consultants retained by the Holder).

 

(b)When the Company provides the Holder notice of the availability
of piggy-back registration rights for the Remaining Warrant Shares, the Company will advise the Holder whether the proposed offering
is underwritten on a best-efforts or firm-commitment basis (and the name of the underwriter if the offering is underwritten). The
Company will also advise the Holder whether there will be any requirement for the Holder to provide information to the Company
for inclusion in the registration statement (the “Registration Statement”) and whether the Company will require a mutual
indemnification agreement with the Holder in connection with the registration statement (and provide a form of any such agreement
that may be required). It will be a condition of the Holder’s right to participate in any Registration Statement that the
Holder execute and return such indemnification agreement and other documents and provide information to the Company as the Company
may reasonably request. If the Registration Statement relates to an offering that is underwritten, upon written request by the
underwriter (a copy of which the Company must provide to the Holder, the Company may: (i) reduce the number of Remaining Warrant
Shares that can be registered on behalf of the Holder; (ii) delay the ability of the Holder to sell any Remaining Warrant Shares
included in the Registration Statement in public or private transactions; and (iii) require that the Holder sell the any Remaining
Warrant Shares included in the Registration Statement through the underwriter or a designee of the underwriter. To the extent the
underwriter proposes a plan of distribution in the Registration Statement that conflicts with any plan of distribution requested
by the Holder, the Company may modify the Holder’s plan of distribution to be consistent with that of the underwriter.

 

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(c)The Company
shall advise the Holder:

 

(i)when the Registration Statement
or any amendment thereto has been filed with the SEC and when the Registration Statement or any post-effective amendment thereto
has become effective;

 

(ii)of any request by the SEC for amendments
or supplements to the Registration Statement or the prospectus included therein or for additional information;

 

(iii)of the issuance by the SEC of
any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for such purpose;

 

(iv)of the receipt by the Company of
any notification with respect to the suspension of the qualification of the Remaining Warrant Shares included therein for sale
in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

(v)of the happening of any event that
requires the making of any changes in the Registration Statement or the prospectus so that, as of such date, the statements therein
are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein
(in the case of the prospectus, in the light of the circumstances under which they were made) not misleading.

 

(d)The Company shall furnish to the
Holder, without charge, at least one copy of such Registration Statement and any post-effective amendment thereto, including financial
statements and schedules, and, if the Holder so requests in writing, all exhibits (including those incorporated by reference) in
the form filed with the SEC.

 

(e)The Holder shall suspend, upon request
of the Company, any disposition of Remaining Warrant Shares pursuant to the Registration Statement and prospectus contemplated
by this Section:  (i) during any period the Company requires in connection with a primary underwritten offering of equity
securities; (ii) during any period when the Company determines in good faith that offers and sales pursuant thereto should
not be made by reason of the presence of material undisclosed circumstances or developments with respect to which the disclosure
that would be required in such a prospectus is premature, would have an adverse effect on the Company or is otherwise inadvisable
as recommended by outside legal counsel; or (iii) when the Company advises the Holder that the Company is filing a post-effective
amendment to the Registration Statement to remove unsold shares, and the Holder shall promptly notify the Company of the number
of Remaining Warrant Shares registered which remain unsold immediately upon receipt of such notice from the Company. Notwithstanding
anything herein to the contrary, the Company agrees that any such suspension(s) shall not exist for more than 90 days (without
regard as to whether they are consecutive) in any 365 day period.

 

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(f)The Holders shall have no right
to take any action to restrain, enjoin or otherwise delay any registration pursuant to this Section as a result of any controversy
that may arise with respect to the interpretation or implementation of this Agreement.

 

(g)The Holder’s rights under this
Section shall expire at such time as the Holder can sell all of the Remaining Warrant Shares in compliance with Rule 144 without
volume or other restrictions or limit.

 

(h) Holder may assign ownership of a portion
or all of his warrants, with the same terms and conditions, to one or more individuals or entities provided any such assignment
complies with the requirements of the Securities Act of 1933 and applicable state law and, to the extent the Holder claims an exemption
from registration for such assignment, it is the Holder’s obligation to establish the basis for such exemption(s), the establishment
of which must be to the reasonable satisfaction of the Company.

 

8.Notices. Any notice or other communication required
or permitted hereunder shall be in writing and shall be delivered personally, telegraphed, telexed, sent by facsimile transmission
or sent by certified, registered or express mail, postage pre-paid. Any such notice shall be deemed given when so delivered personally,
telegraphed, telexed or sent by facsimile transmission, or, if mailed, two days after the date of deposit in the United States
mails, as follows:

 

(i)   if to the Company, to:

Enservco Corporation

501 South Cherry Street, Suite 320

Denver, CO 80246

Attn: President

Telephone No.: (866)
998-8731

 

(ii)  if to the Holder,
to the address included in the Company’s records.

 

Any party may be notice given in accordance with this Section 9
if any of the parties designates another address or person for receipt of notices hereunder.

 

9.Supplements and Amendments; Whole Agreement. This
Warrant may be amended or supplemented only by an instrument in writing signed by the parties hereto. This Warrant contains the
full understanding of the parties hereto with respect to the subject matter hereof and thereof and there are no representations,
warranties, agreements or understandings other than expressly contained herein and therein.

 

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10.Dispute
Resolution.

(i)                
Mediation Followed by Binding Arbitration. The parties agree to resolve “Disputes” (as defined below)
by submitting the Dispute to mediation in the State of New York, and if the Dispute is not resolved through mediation, then it
shall be submitted for final and binding arbitration under the American Arbitration Association, the site of which arbitration
shall be New York, NY. Any party to this Agreement may commence mediation by providing to
the other parties a written request for mediation, setting forth the subject of the Dispute and the relief requested. The parties
will cooperate with one another in selecting a mediator and in scheduling the mediation proceedings promptly, not later than 20
days after such request for mediation. The parties covenant that they will participate in the mediation in good faith, and that
they will share equally in its costs. All offers, promises, conduct, and statements,
whether oral or written, made in the course of the mediation by any of the parties, their agents, employees, experts, and attorneys,
and by the mediator, are confidential, privileged, and inadmissible for any purpose, including impeachment, in any arbitration
or other proceeding involving the parties, provided that evidence that is otherwise admissible or discoverable shall not be rendered
inadmissible or non-discoverable as a result of its use in the mediation. Any party may initiate arbitration with respect to the
Disputes submitted to mediation by filing a written demand for arbitration at any time
following the initial mediation session or 45 days after the date of filing the written
request for mediation, whichever occurs first. The mediation may continue after the commencement of arbitration if the parties
so desire. Unless otherwise agreed by the parties, any arbitration initiated under this Clause shall be conducted by a single arbitrator.
Unless otherwise agreed by the parties, the mediator shall be disqualified from serving as arbitrator in the case. The provisions
of this Clause may be enforced by any court of competent jurisdiction, and the party seeking enforcement shall be entitled to an
award of all costs, fees, and expenses, including attorney fees, to be paid by the party against whom enforcement is ordered.

(ii)              
For the purposes of the preceding paragraph, the term “Dispute” means all
claims, disputes, or other controversies arising out of, or relating to, this Agreement, and any other claims, disputes, or controversies
arising out of or relating to the management or operations under this Agreement or the obligations of either of the parties as
described herein (hereinafter collectively referred to as a “Dispute”).

(iii)            
This Warrant is made under, shall be construed in accordance with, and shall be governed by the laws of the State of New
York without regard to conflicts of laws principles.

 

11.Counterparts.
This Warrant may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be
an original, and all such counterparts shall together constitute but one and the same instrument.

 

12.Descriptive Headings. Descriptive headings of
the several Sections of this Warrant are inserted for convenience only and shall not control or affect the meaning or construction
of any of the provisions hereof.

 

 

7

 

 

 

     

     

    

IN WITNESS WHEREOF, the parties hereto have
executed this Warrant as of October 31, 2012 as approved by the board of directors on October 24, 2012.

	 	 
	 	 
	 	ENSERVCO CORPORATION
	 	 
	 	 
	 	By:  __________________________________________
	 	Rick D. Kasch, President and
	 	Chief Financial Officer

 

 

 

 

 

 

 

8

 

 

     

     

    

 

 

NOTICE OF EXERCISE OF WARRANT

 

The undersigned hereby irrevocably elects to
exercise the right, represented by the Warrant dated as of  ______________,  __________________, to purchase   shares of the Common Stock,
$0.005 par value, of ENSERVCO CORPORATION and tenders herewith payment in accordance with said Common Stock Purchase Warrant.

 

  

	_	CASH:$ _______________________	 = (Exercise Price x Exercise Shares)	 
	 	 	 	 
	 	 	Payment is being made by:	 
	 	 	_ enclosed check	
	 	 	_ wire transfer	
	 	 	_ wire transfer	
	 	 	 	 
	_	OTHER: _______________________ 	(describe)	 
	 	 	 	 
	 	 	 	 

I understand that I may only exercise this
Warrant if there is a registration statement relating to the exercise of this Warrant that is effective under federal and applicable
state law, or alternatively if there is an exemption from registration available under federal and applicable state (which exemption
must be established to the satisfaction of the Company). In each case, I understand that the Company may require that I provide
it information regarding my financial status, state of residence, and other information necessary to determine whether the exercise
is subject to an effective registration statement or to determine whether an applicable exemption is available. To the extent required
by the Company to establish an exemption from registration, I will provide the Company information as to my status as an accredited
investor and execute a subscription agreement in the form requested by the Company provided that form is reasonably consistent
with industry custom and practice.

 

Please deliver the stock certificate to:

 

 

 

 

Dated:  

 

 

[Name of Holder]

 

By: 

 

9

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