Document:

Exhibit 10.1

 

EQUIPMENT LEASE AGREEMENT

 

This EQUIPMENT LEASE AGREEMENT (this “Agreement”)
is entered into January 2, 2019 (the “Effective Date”), by and between Sheehy Enterprises, Inc., a Wisconsin
corporation (the “Lessor”), and Sheehy Mail Contractors, Inc., a Wisconsin corporation (the “Lessee”).
The Lessor and the Lessee may be referred to individually in this Agreement as a “Party” and collectively
as the “Parties.”

 

RECITALS

 

A. Pursuant to that certain Acquisition
Option Agreement dated September 5, 2018 (the “Option Agreement”), by and between EVO Transportation
& Energy Services, Inc., a Delaware corporation (the “Buyer”), the Lessor, John Sheehy, and Robert
Sheehy, the Buyer is purchasing all of the issued and outstanding equity interests of the Lessee.

 

B. Section 2.2(c)(ix) of the Option
Agreement requires that the Lessor deliver to the Buyer a lease agreement between the Lessor and the Lessee, in form and substance
acceptable to the Buyer and duly executed by the Lessor and the Lessee, whereby the Lessee will lease from the Lessor all trucks,
trailers, and other vehicles used in the Lessee’s Business (as defined in the Option Agreement).

 

C. Capitalized terms not otherwise defined
herein will have the same meanings as in the Option Agreement.

 

AGREEMENT

 

For good and other valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree to the following terms and conditions:

 

1. Equipment.
The Lessor agrees to lease to the Lessee, and the Lessee agrees to lease from the Lessor, the equipment identified on Exhibit
A attached hereto (the “Leased Equipment”) in accordance with the terms of this Agreement.

 

2. Lease Payments.
Commencing on the Effective Date, the Lessee agrees to pay to the Lessor an amount equal to $91,667.00 per month (each, a “Lease
Payment”) for 48 months (the “Lease Term”), unless earlier terminated in accordance with
this Agreement. The first Lease Payment will be made on the Effective Date. Thereafter, Lease Payments during the Lease Term will
be due on each subsequent monthly anniversary of the Effective Date.

 

3. Leased Equipment
Use; Maintenance; Loss; Damage. The Lessee agrees to use the Leased Equipment in substantial compliance with all laws, rules,
regulations, ordinances, statutes, and orders regarding the use, maintenance, and possession of the Leased Equipment. The Lessee
will be responsible for obtaining applicable licensing and permits required for the Lessee’s use, maintenance, and possession
of the Leased Equipment and any associated costs. The Lessee will be responsible for any repairs and maintenance necessary to keep
the Leased Equipment in working order and repair as required by the Lessee during the Lease Term. The Lessee agrees to promptly
report to the Lessor any loss of or material damage to the Leased Equipment.

 

     

     

    

  

4. Ownership of
the Lessor. The Leased Equipment shall at all times be and remain the exclusive property of the Lessor.

 

5. Representations.

 

a. The Lessor
and the Lessee each represent, warrant and covenant, respectively, that such Party has the full power, authority, and legal right
to execute, deliver, and perform the terms of this Agreement, has the legal right to enter into this Agreement, and that this Agreement
when executed by its representative signing this Agreement on its behalf is a valid and binding obligation on such Party.

 

b. The Lessor
represents and warrants that it possesses good title to all of the Leased Equipment and that the Leased Equipment is not subject
to any lien, charge, mortgage, security interest, claim, pledge, deposit, or other encumbrance (each, a “Lien”).
During the Lease Term, the Lessor will not permit any Lien on any of the Leased Equipment and will not otherwise take any action,
or permit any action to be taken, that interferes with the Lessee’s quiet use and enjoyment of the Leased Equipment.

 

6. Force Majeure.
Each Party to this Agreement will be excused from its contractual obligations if it is prevented or delayed in such performance
by any event which is unavoidable or beyond its reasonable control including acts of God, acts of public enemies, floods, rockslides,
landslides, snowslides, washouts, avalanches, earthquake, expropriation, fire or explosion, strikes, lockouts, walkouts or other
industrial disputes involving employees of either Party, war, sabotage, insurrection, derailment, labor shortages, power or fuel
shortages, or the act or failure to act of any government or regulatory agency (each an event of “Force Majeure”).
The Party affected by Force Majeure shall notify (with a sufficient description of the event) the other Party within five Business
Days following the commencement of the Force Majeure event and shall also notify the other Party within five Business Days following
the end of the Force Majeure. The Party affected will take all reasonable steps to remedy the event of Force Majeure; provided,
however, that nothing contained in this Section 6 shall require any Party to settle any industrial dispute or to
test any federal, provincial, or municipal law.

 

7. Notice. All
notices, requests, demands and other communications required or permitted hereunder will be made in writing and will be deemed
to have been duly given and effective: (a) on the date of delivery, if delivered personally; (b) on the first Business Day following
the date of dispatch if delivered by a recognized next-day courier service; (c) on the earlier of the fourth (4th) day
after mailing or the date of the return receipt acknowledgment, if mailed, postage prepaid, by certified or registered mail, return
receipt requested; or (d) on the date of transmission, if sent by e-mail, facsimile, telecopy, telegraph, telex or other similar
telegraphic communications equipment.

 

8. Governing Law;
Jurisdiction; Waiver of Jury Trial. All issues and questions concerning the construction, validity, enforcement, and interpretation
of this Agreement will be governed by the governing law, jurisdiction, waiver of jury trial, and other provisions set forth in
Section 8.5 of the Option Agreement.

  

    2

     

    

  

9. Cumulative Rights.
The Lessor’s and the Lessee’s rights under this Agreement are cumulative and shall not be construed as exclusive unless
otherwise required by law. The exercise of any rights and remedies by either Party shall not constitute a termination of this Agreement
unless such Party so notifies the other Party in writing.

 

10. Waiver.
The delay or failure of either Party to enforce any provisions of this Agreement shall not be deemed a waiver or limitation of
that Party’s right to subsequently enforce and compel past, present, and future strict compliance with every provision of
this Agreement.

 

11. Other Provisions.
This Agreement constitutes the entire agreement between the Parties regarding the subject matter of this Agreement and supersedes
any prior understanding or representation of any kind preceding the date of this Agreement. There are no other promises, conditions,
understandings, or other agreements, whether oral or written, relating to the subject matter of this Agreement. This Agreement
may only be modified in a writing signed by both the Lessor and the Lessee. This Agreement shall not be construed against either
Party hereto since both Parties have had the opportunity to negotiate its provisions and contribute to its drafting. This Agreement
may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one
and the same instrument. Copies of this Agreement with signatures transmitted electronically (e.g. by fax or .pdf) shall
be deemed to be original signed versions of this Agreement. The obligations of the Parties which, by their nature, would continue
beyond the termination or expiration of this Agreement will survive a termination of this Agreement.

 

[Signature Page Follows]

  

    3

     

    

 

IN WITNESS WHEREOF, the Parties have executed
this Equipment Lease Agreement as of the day and year first above written.

 

	 	LESSOR:
	 	 
	 	SHEEHY ENTERPRISES, INC.
	 	 
	 	/s/ John Sheehy
	 	By: John Sheehy
	 	Its: Chief Executive Officer
	 	 
	 	LESSEE:
	 	 
	 	EVO Transportation and Energy Services on behalf of:
	 	 
	 	SHEEHY MAIL CONTRACTORS, INC.
	 	 
	 	/s/ Damon Cuzick
	 	By: Damon Cuzick
	 	Its: Chief Executive Officer

 

[Signature Page to Equipment Lease Agreement]

  

     

     

    

  

EXHIBIT
A

 

LEASED
EQUIPMENT

 

	Truck
    Number	 	Make
    & Year	 	VIN
	248	 	2010 Ford	 	4V4NC9EH0CN551976
	257	 	2012 Volvo	 	4V4NC9EH4CN551978
	259	 	2012 Volvo	 	4V4NC9EH8CN551983
	263	 	2012 Volvo	 	4V4NC9EH6CN551982
	264	 	2012 Volvo	 	4V4NC9EHXCN551984
	265	 	2012 Volvo	 	4V4NC9EH3CN551986
	267	 	2012 Volvo	 	4V4NC9EH5CN551987
	269ST	 	2013 Freightliner	 	1FVAC4DV3DHFA7493
	271	 	2013 Volvo	 	4V4NC9EHXDN139839
	272	 	2013 Volvo	 	4V4NC9EH6DN139840
	276	 	2013 Volvo	 	4V4NC9EH3DN139844
	277	 	2013 Freightliner	 	3AKJGEDV8DSFD9517
	278	 	2013 Freightliner	 	3AKJGEDVXDSFD9518
	279	 	2013 Freightliner	 	3AKJGEDV1DSFD9519
	280	 	2013 Freightliner	 	3AKJGEDV0DSFE4484
	281	 	2014 Freightliner	 	3AKJGEDV3ESFP9963
	283	 	2014 Freightliner	 	3AKGJEDV7ESFP9965
	284	 	2014 Freightliner	 	3AKJGEDV9ESFP9966
	285	 	2014 Freightliner	 	1FUJGBD96ELFM6162
	286	 	2014 Freightliner	 	1FUJGBD96ELFM6163
	287	 	2014 Freightliner	 	1FUJGBD9XELFM6164
	295	 	2014 Freightliner	 	1FUJGBD9XELFW4907

 

	Trailer
    Number	 	Make	 	VIN
	147001	 	2014
    Stoughton	 	1DW1A5320ES524718
	147002	 	2014 Stoughton	 	1DW1A5322ES524719
	147003	 	2014 Stoughton	 	1DW1A5329ES524720
	147004	 	2014 Stoughton	 	1DW1A5320ES524721
	147005	 	2014 Stoughton	 	1DW1A5322ES524722
	147006	 	2014 Stoughton	 	1DW1A5324ES524723
	147007	 	2014 Stoughton	 	1DW1A5326ES524724
	147008	 	2014 Stoughton	 	1DW1A5328ES524725
	147009	 	2014 Stoughton	 	1DW1A532XES524726
	147010	 	2014 Stoughton	 	1DW1A5321ES524727
	147011	 	2014 Stoughton	 	1DW1A5323ES524728
	147012	 	2014 Stoughton	 	1DW1A5325ES524729
	147013	 	2014 Stoughton	 	1DW1A5323ES524730

 

    A-1

     

    

 

	147014	 	2014
    Stoughton	 	1DW1A5323ES524731
	147015	 	2014 Stoughton	 	1DW1A5323ES524732
	147016	 	2014 Stoughton	 	1DW1A5323ES524733
	147017	 	2014 Stoughton	 	1DW1A5323ES524734
	147018	 	2014 Stoughton	 	1DW1A5323ES524735
	147019	 	2014 Stoughton	 	1DW1A5323ES524736
	147020	 	2014 Stoughton	 	1DW1A5323ES524737
	500IH02	 	1998 Stoughton	 	1DW1A5320WS207524
	5231H01	 	1998 Stoughton	 	1DW1A532XWS207563
	5231H02	 	2002 Wabash	 	1JJV532W12L793831
	CV670	 	1999 Utility	 	1UYTS2484XA793201
	F669	 	1998 Utility	 	IUYFS2484WA633704
	F673	 	2005 Stoughton	 	IUYFS24005A566401
	SMC117	 	2004 Stoughton	 	1DW1A48214S673401
	SMC118	 	2004 Stoughton	 	1DW1A48234S673402
	SMC119	 	2004 Stoughton	 	1DW1A48254S673403
	SMC120	 	2004 Stoughton	 	1DW1A48274S673404
	SMC121	 	2004 Stoughton	 	1DW1A48294S673405
	SMC122	 	2004 Stoughton	 	1DW1A48204S673406
	SMC123	 	2004 Stoughton	 	1DW1A48224S673407
	SMC124	 	2004 Stoughton	 	1DW1A48244S673408
	SMC125	 	2004 Stoughton	 	1DW1A53274S685601
	SMC126	 	2004 Stoughton	 	1DW1A53294S685602
	SMC127	 	2004 Stoughton	 	1DW1A53204S685603
	SMC128	 	2004 Stoughton	 	1DW1A53224S685604
	SMC129	 	2004 Stoughton	 	1DW1A53224S691001
	SMC130	 	2004 Stoughton	 	1DW1A53244S691002
	SMC132	 	2004 Stoughton	 	1DW1A53284S691004
	SMC134	 	2005 Stoughton	 	1DW1A53255S820902
	SMC135	 	2005 Stoughton	 	1DW1A53275S820903
	SMC136	 	2005 Stoughton	 	1DW1A53295S820904
	SMC137	 	2006 Stoughton	 	1DW1A53206S888901
	SMC138	 	2006 Stoughton	 	1DW1A53226S888902
	SMC139	 	2006 Stoughton	 	1DW1A53246S888903
	SMC140	 	2006 Stoughton	 	1DW1A53256S898601
	SMC141	 	2006 Stoughton	 	1DW1A53276S898602
	SMC142	 	2006 Stoughton	 	1DW1A53296S898603
	SMC143	 	2006 Stoughton	 	1DW1A53206S898604
	SMC144	 	2006 Stoughton	 	1DW1A53226S898605
	SMC145	 	2006 Stoughton	 	1DW1A53246S898606
	SMC146	 	2006 Stoughton	 	1DW1A53266S898607

 

    A-2

     

    

 

	SMC147	 	2006 Stoughton	 	1DW1A53286S898608
	SMC148	 	2006 Stoughton	 	1DW1A532X6S898609
	SMC149	 	2007 Stoughton	 	1DW1A53297S959501
	SMC150	 	2007 Stoughton	 	1DW1A53207S959502
	SMC151	 	2007 Stoughton	 	1DW1A53227S959503
	SMC152	 	2007 Stoughton	 	1DW1A53247S959504
	SMC153	 	2007 Stoughton	 	1DW1A53267S959505
	SMC154	 	2007 Stoughton	 	1DW1A53287S959506
	SMC155	 	2007 Stoughton	 	1DW1A532X7S959507
	SMC156	 	2007 Stoughton	 	1DW1A53217S959508
	SMC157	 	2007 Stoughton	 	1DW1A53237S959509
	SMC158	 	2007 Stoughton	 	1DW1A532X7S959510
	SMC159	 	2007 Stoughton	 	1DW1A53217S959511
	SMC160	 	2007 Stoughton	 	1DW1A53237S959512
	SMC161	 	2007 Stoughton	 	1DW1A53277S988401
	SMC162	 	2007 Stoughton	 	1DW1A53297S988402
	SMC163	 	2007 Stoughton	 	1DW1A53207S988403
	SMC164	 	2007 Stoughton	 	1DW1A53227S988404
	SMC165	 	2007 Stoughton	 	1DW1A53247S988405
	SMC166	 	2007 Stoughton	 	1DW1A53267S988406
	SMC167	 	2008 Stoughton	 	1UYVS25328P329111
	SMC168	 	2008 Stoughton	 	1UYVS25328P329110
	SMC169	 	2008 Stoughton	 	1UYVS25328P329112
	SMC170	 	2009 Vanguard	 	SV8VA53219M902494
	SMC171	 	2009 Vanguard	 	SV8VA53239M902495
	SMC172	 	2009 Vanguard	 	SV8VA53259M902496
	SMC173	 	2009 Vanguard	 	SV8VA53279M902497
	SMC174	 	2009 Vanguard	 	SV8VA53259M902501
	SMC175	 	2009 Stoughton	 	1DW1A53289S168203
	SMC176	 	2009 Stoughton	 	1DW1A532X9S168204
	SMC177	 	2009 Stoughton	 	1DW1A53219S168205
	SMC178	 	2009 Stoughton	 	1DW1A53239S168206
	SMC179	 	2009 Stoughton	 	1DW1A53259S168207
	SMC180	 	2009 Stoughton	 	1DW1A53279S168208
	SMC181	 	2009 Stoughton	 	1DW1A53299S168209
	SMC182	 	2009 Stoughton	 	1DW1A53259S168210
	SMC183	 	2009 Stoughton	 	1DW1A53219S150903
	SMC184	 	2009 Stoughton	 	1DW1A53239S150904
	SMC186	 	2009 Stoughton	 	1DW1A53279S150906
	SMC187	 	2009 Stoughton	 	1DW1A53299S150907
	SMC188	 	2009 Stoughton	 	1DW1A53209S150908

 

    A-3

     

    

 

	SMC189	 	2009
    Stoughton	 	1DW1A53229S150909
	SMC190	 	2009 Stoughton	 	1DW1A53299S150910
	SMC191	 	2009 Stoughton	 	1DW1A53209S150911
	SMC192	 	2009 Stoughton	 	1DW1A53229S150912
	SMC193	 	2009 Stoughton	 	1DW1A53249S150913
	SMC194	 	2009 Stoughton	 	1DW1A53269S150914
	SMC195	 	2009 Stoughton	 	1DW1A53289S150915
	SMC196	 	2009 Stoughton	 	1DW1A53249S118849
	SMC197	 	2009 Utility	 	1UYVS2480DP617201
	SMC701	 	2011 Stoughton	 	1UYVS2533BP103701
	SMC702	 	2011Stoughton	 	1UYVS2535BP103702
	SMC703	 	2011Stoughton	 	1UYVS2539BP103704
	SMC704	 	2011Stoughton	 	1UYVS2538BP103709
	SMC705	 	2011Stoughton	 	1UYVS2536BP103711
	SMC706	 	2011Stoughton	 	1UYVS2538BP103712
	SMC707	 	2011Stoughton	 	1UYVS253XBP103713
	SMC708	 	2011Stoughton	 	1UYVS2530BP103705
	SMC709	 	2011Stoughton	 	1DW1A5325BS258110
	SMC710	 	2011Stoughton	 	1DW1A5327BS258111
	SMC711	 	2011Stoughton	 	1DW1A5329BS258109
	SMC712	 	2012 Stoughton	 	1DW1A5321CS295205
	SMC713	 	2012 Stoughton	 	1DW1A5323CS295206
	SMC714	 	2012 Stoughton	 	1DW1A5325CS295207
	SMC715	 	2012 Stoughton	 	1DW1A5327CS295208
	SMC716	 	2012 Stoughton	 	1DW1A5329CS295209
	SMC717	 	2012 Stoughton	 	1DW1A5325CS295210
	SMC718	 	2012 Stoughton	 	1DW1A5326CB338601
	SMC719	 	2012 Stoughton	 	1DW1A5328CB338602
	SMC720	 	2012 Stoughton	 	1DW1A532XCB338603
	SMC721	 	2012 Stoughton	 	1DW1A5321CB338604
	SMC722	 	2012 Stoughton	 	1DW1A5323CB338605
	SMC723	 	2012 Stoughton	 	1DW1A5325CB338606
	SMC724	 	2012 Utility	 	1UYVS2533DP549012
	SMC725	 	2012 Utility	 	1UYVS2535DP549013
	SMC726	 	2012 Utility	 	1UYVS2531DP549025
	SMC727	 	2012 Utility	 	1UYVS2533DP549026
	SMC728	 	2012 Utility	 	1UYVS2537DP549028
	SMC729	 	2012 Utility	 	1UYVS2539DP549029
	SMC730	 	2013 Utility	 	1UYVS2539DP603820
	SMC731	 	2013 Utility	 	1UYVS2530DP603821
	SMC732	 	2013 Utility	 	1UYVS2534DP603823
	SMC733	 	2013 Utility	 	1UYVS2536DP603824
	SMC734	 	2013 Utility	 	1UYVS2538DP603825

 

	Property	 	Description	 	
	230 Boden	 	MKE Shop	 	 

 

    A-4Exhibit
10.2

 

THE
SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR THE SECURITIES LAWS OF ANY STATE AND ARE BEING OFFERED AND SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT. THE SECURITIES PURCHASED HEREUNDER ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND RESALE UNDER A LIMITED LIABILITY
COMPANY AGREEMENT AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND OTHER APPLICABLE LAWS
PURSUANT TO REGISTRATION OR EXEMPTION FROM REQUIREMENTS THEREUNDER.

 

EVO
Transportation & Energy Services, Inc.

 

SUBSCRIPTION
AGREEMENT

  

This
Subscription Agreement (this “Agreement”) is made as of January 2, 2019 between EVO Transportation &
Energy Services, Inc., a Delaware corporation (the “Company”) and Sheehy Enterprises, Inc., a Wisconsin
corporation (the “Subscriber”).

 

On
the date hereof, the Subscriber and the Company consummated the transactions contemplated by that certain Acquisition Option Agreement
dated September 5, 2018 (the “Option Agreement”), pursuant to which Subscriber agreed to sell to the
Company all of the equity interests of Sheehy Mail Contractors, Inc., a Wisconsin corporation.

 

Pursuant
to the terms of the Option Agreement, Subscriber is willing to purchase, and the Company is willing to issue and sell to the Subscriber,
the number of shares of common stock of the Company (the “Securities”) set forth on Exhibit A
hereto, all on the terms and subject to the conditions set forth herein and in the Option Agreement.

 

1.
Subscription and Purchase Price

 

(a)
Subscription. On the terms and subject to the conditions set forth herein and in the Option Agreement, the undersigned
hereby subscribes for and agrees to purchase the Securities set forth on Exhibit A hereto.

 

The
Subscriber understands and agrees that, subject to applicable laws, by executing this Agreement, he, she or it is entering into
a binding agreement.

 

2.
Investor’s Representations, Warranties and Agreements

 

The
undersigned hereby acknowledges, agrees with and represents and warrants to the Company and its affiliates, as follows:

 

(a)
The undersigned has full power and authority to enter into this Agreement, the execution and delivery of which has been duly authorized,
if applicable, and this Agreement constitutes a valid and legally binding obligation of the undersigned.

 

(b)
The undersigned acknowledges his, her or its understanding that the offering and sale of the Securities is intended to be exempt
from registration under the Securities Act of 1933, as amended (the “Securities Act”), by virtue of
Section 4(a)(2) of the Securities Act and the provisions of Regulation D promulgated thereunder (“Regulation D”).
In furtherance thereof, the undersigned represents and warrants to the Company and its affiliates as follows:

 

(i)
The undersigned is acquiring the Securities solely for the undersigned’s own beneficial account, for investment purposes,
and not with view to, or resale in connection with, any distribution of the Securities;

 

     

     

    

 

(ii)
The undersigned has the financial ability to bear the economic risk of his, her or its investment, has adequate means for providing
for their current needs and contingencies, and has no need for liquidity with respect to the investment in the Company;

 

(iii)
The undersigned and the undersigned’s attorney, accountant, purchaser representative and/or tax advisor, if any (collectively,
“Advisors”), have received all documents requested by the undersigned or Advisors, if any, and have
carefully reviewed them and understand the information contained therein, prior to the execution of this Agreement; and

 

(iv)       The
undersigned (together with his, her or its Advisors, if any) has such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of the prospective investment in the Securities. If other than an individual,
the undersigned also represents it has not been organized solely for the purpose of acquiring the Securities.

 

(c)
The information in the Investor Questionnaire (attached as Appendix A) completed and executed by the undersigned (the “Investor
Questionnaire”) is true and accurate in all respects, and the undersigned is an “accredited investor,”
as that term is defined in Rule 501(a) of Regulation D.

 

(d)
The undersigned has relied on the advice of, or has consulted with, only his, her or its Advisors. Each Advisor, if any, is capable
of evaluating the merits and risks of an investment in the Securities, and each Advisor, if any, has disclosed to the undersigned
in writing (a copy of which is annexed to this Agreement) the specific details of any and all past, present or future relationships,
actual or contemplated, between the Advisor and the Company or any affiliate thereof.

 

(e)
The undersigned represents, warrants and agrees that he, she or it will not sell or otherwise transfer the Securities without
registration under the Securities Act or an exemption therefrom, and fully understands and agrees that the undersigned must bear
the economic risk of his, her or its purchase because, among other reasons, the Securities have not been registered under the
Securities Act or under the securities laws of any state and, therefore, cannot be resold, pledged, assigned or otherwise disposed
of unless they are subsequently registered under the Securities Act and under the applicable securities laws of such states, or
an exemption from such registration is available. In particular, the undersigned is aware that the Securities are “restricted
securities,” as such term is defined in Rule 144 promulgated under the Securities Act (“Rule 144”),
and they may not be sold pursuant to Rule 144 unless all of the conditions of Rule 144 are met. The undersigned also understands
that, except as described in Section 5 of this Agreement, the Company is under no obligation to register the Securities on his,
her or its behalf or to assist them in complying with any exemption from registration under the Securities Act or applicable state
securities laws. The undersigned understands that any sales or transfers of the Securities are further restricted by state securities
laws.

 

(f)
No representations or warranties have been made to the undersigned by the Company, other than any representations of the Company
contained herein, and in subscribing for the Securities the undersigned is not relying upon any representations other than those
contained herein.

 

(g)
The undersigned understands and acknowledges that his, her or its purchase of the Securities is a speculative investment that
involves a high degree of risk and the potential loss of their entire investment and has carefully read and considered the matters
set forth in the Company’s reports filed with the U.S. Securities and Exchange Commission (“SEC”),
including in particular the matters under the caption “Risk Factors” contained in the Company’s Annual Report
on Form 10-K filed with the SEC on April 17, 2018.

 

    2

     

    

 

(h)
The undersigned’s overall commitment to investments that are not readily marketable is not disproportionate to the undersigned’s
net worth, and an investment in the Securities will not cause such overall commitment to become excessive.

 

(i)
The undersigned understands and agrees that the Securities may bear substantially the following legend until (i) such Securities
shall have been registered under the Securities Act and effectively disposed of in accordance with a registration statement that
has been declared effective or (ii) in the opinion of counsel for the Company such Securities may be sold without registration
under the Securities Act, as well as any applicable “blue sky” or state securities laws:

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS. SUCH SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES AND MAY NOT BE
OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT FILED BY THE ISSUER WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION COVERING SUCH SECURITIES UNDER THE SECURITIES ACT
OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED.

 

(j)
Neither the SEC nor any state securities commission has approved the Securities or passed upon or endorsed the merits of the offering
or confirmed the accuracy or determined the adequacy of any information provided to Subscriber. This offering has not been reviewed
by any Federal, state or other regulatory authority.

 

(k)
The undersigned and his, her or its Advisors, if any, have had a reasonable opportunity to ask questions of and receive answers
from a person or persons acting on behalf of the Company concerning the offering of the Securities and the business, financial
condition, results of operations and prospects of the Company, and all such questions have been answered to the full satisfaction
of the undersigned and his, her or its Advisors, if any.

 

(l)
The undersigned is unaware of, is in no way relying on, and did not become aware of the offering of the Securities through or
as a result of, any form of general solicitation or general advertising including, without limitation, any article, notice, advertisement
or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, or electronic
mail over the Internet, in connection with the offering and sale of the Securities and is not subscribing for Securities and did
not become aware of the offering of the Securities through or as a result of any seminar or meeting to which the undersigned was
invited by, or any solicitation of a subscription by, a person not previously known to the undersigned in connection with investments
in securities generally.

 

(m)
The undersigned has taken no action which would give rise to any claim by any person for brokerage commissions, finders’
fees or the like relating to this Agreement or the transactions contemplated hereby.

 

(n)
The undersigned is not relying on the Company with respect to the legal, tax, economic and related considerations of an investment
in the Securities, and the undersigned has relied on the advice of, or has consulted with, only his, her or its own Advisors.

 

(o)
The undersigned acknowledges that any estimates or forward-looking statements or projections included in the Company’s filings
with the SEC were prepared by the management of the Company in good faith, but that the attainment of any such projections, estimates
or forward-looking statements cannot be guaranteed by the Company or its management and should not be relied upon.

 

    3

     

    

 

(p)
No oral or written representations have been made, or oral or written information furnished, to the undersigned or his, her or
its Advisors, if any, in connection with the offering of the Securities.

 

(q)
The undersigned agrees, acknowledges and understands that during the period commencing on the date hereof through the Company’s
public announcement of the transactions contemplated by the Option Agreement, the undersigned will not directly or indirectly,
through related parties, affiliates or otherwise, purchase, sell “short” or “short against the box” (as
those terms are generally understood) any equity security of the Company.

 

(r)
The foregoing representations, warranties and agreements will survive the completion of the offering.

 

3.
Notices to Subscriber

 

(a)
THE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE AND ARE BEING OFFERED AND
SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. THE SECURITIES HAVE NOT
BEEN APPROVED OR DISAPPROVED BY THE SEC, ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING
AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF ANY INFORMATION PROVIDED TO SUBSCRIBER.
ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

 

(b)
THE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED
UNDER THE SECURITIES ACT, AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. SUBSCRIBER SHOULD
BE AWARE THAT HE MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

 

4.
Miscellaneous Provisions

 

(a)
Piggy-Back Registration. If at any time on or after February 1, 2019, the Company proposes to file any registration statement
(other than any registration on Form S-4, S-8 or any other similarly inappropriate form, or any successor forms thereto) under
the Securities Act covering a public offering of the Company’s common stock, it will notify the Subscriber at least ten
(10) days prior to each such filing and will use its best efforts to include in such Registration Statement (to the extent permitted
by applicable regulation), the common stock held by the Subscriber to the extent requested by the Subscriber within five (5) days
after receipt of notice of such filing (which request shall specify the shares of common stock intended to be sold or disposed
of by the Subscriber and describe the nature of any proposed sale or other disposition thereof); provided, however,
that if a greater number of shares of the Company’s common stock is offered for participation in the proposed offering than
in the reasonable opinion of the managing underwriter (if any) of the proposed offering can be accommodated without adversely
affecting the proposed offering, then the amount of shares proposed to be offered by the Subscriber for registration, as well
as the number of securities of any other selling stockholders participating in the registration, will be proportionately reduced
to a number deemed satisfactory by the managing underwriter. The Company will bear all expenses and fees incurred in connection
with the preparation, filing, and amendment of the Registration Statement with the SEC, except that the Subscriber shall pay all
fees, disbursements and expenses of any counsel or expert retained by the Subscriber and all underwriting discounts and commissions,
filing fees and any transfer or other taxes relating to the shares of common stock included in the Registration Statement. The
Subscriber agrees to cooperate with the Company in the preparation and filing of any Registration Statement, and in the furnishing
of information concerning the Subscriber for inclusion therein, or in any efforts by the Company to establish that the proposed
sale is exempt under the Securities Act as to any proposed distribution.

 

    4

     

    

 

(b)
Modification. Neither this Agreement, nor any provisions hereof, may be waived, modified, discharged or terminated except
by an instrument in writing signed by the party against whom any waiver, modification, discharge or termination is sought.

 

(c)
Survival. The undersigned’s representations and warranties made in this Subscription Agreement survive the execution
and delivery of this Agreement and the delivery of the Securities.

 

(d)
Notices. Any party may send any notice, request, demand, claim or other communication hereunder to the undersigned at the
address set forth on the signature page of this Agreement or to the Company at the address set forth above using any means (including
personal delivery, expedited courier, messenger service, fax, ordinary mail or email), but no such notice, request, demand, claim
or other communication will be deemed to have been duly given unless and until it actually is received by the intended recipient.
Any party may change the address to which notices, requests, demands, claims and other communications hereunder are to be delivered
by giving the other parties written notice in the manner herein set forth.

 

(e)
Binding Effect. Except as otherwise provided herein, this Agreement is binding upon, and inures to the benefit of, the
parties to this Agreement and their heirs, executors, administrators, successors, legal representatives and assigns. If the undersigned
is more than one person or entity, the obligation of the undersigned is joint and several and the agreements, representations,
warranties and acknowledgments contained herein are deemed to be made by, and are binding upon, each such person or entity and
his, her or its heirs, executors, administrators, successors, legal representatives and assigns. This Agreement sets forth the
entire agreement and understanding between the parties as to the subject matter thereof and merges and supersedes all prior discussions,
agreements and understandings of any and every nature among them.

 

(f)
Assignability. This Agreement is not transferable or assignable by the undersigned.

 

(g)
Governing Law and Venue. This Agreement is governed by and construed in accordance with the laws of the State of Delaware,
without giving effect to conflicts of law principles. Each party to this Agreement hereby irrevocably submits to the exclusive
jurisdiction and venue of the state courts of the State of Delaware or the United States District Court located in the State of
Delaware for the purpose of any action between the parties arising in whole or in part under or in connection with this Agreement.

 

(h)
Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but
all of which together will constitute one and the same instrument.

  

[Remainder
of page left intentionally blank]

 

    5

     

    

 

ALL
SUBSCRIBERS MUST COMPLETE THIS PAGE

 

IN
WITNESS WHEREOF, the undersigned has executed this Agreement on the 2nd day of January, 2019.

 

Manner
in which Title is to be held (Please Check One):

  

	1.	☐	Individual	7.	☐	Trust/Estate/Pension
                                         or Profit Sharing Plan

        Date
        Opened:______________

	 	 	 	 	 	 
	2.	☐	Joint
    Tenants with Right of Survivorship	8.	☐	As
                                         a Custodian for

        ________________________________

        

        Under
        the Uniform Gift to Minors Act of the State of

        ________________________________

         

	 	 	 	 	 	 
	3.	☐	Community
    Property	9.	☐	Married
    with Separate Property
	 	 	 	 	 	 
	4.	☐	Tenants
    in Common	10.	☐	Keogh
	 	 	 	 	 	 
	5.	☒	Corporation/Partnership/
    Limited Liability Company	11.	☐	Tenants
    by the Entirety
	 	 	 	 	 	 
	6.	☐	IRA	 	 	 

 

ALTERNATIVE
DISTRIBUTION INFORMATION

 

To
direct distribution to a party other than the registered owner, complete the information below. YOU MUST COMPLETE THIS SECTION
IF THIS IS AN IRA INVESTMENT.

 

Name
of Firm (Bank, Brokerage, Custodian): ___________________________________________________________

 

Account
Name: ________________________________________________________________________________

 

Account
Number: _______________________________________________________________________________

 

Representative
Name: ____________________________________________________________________________

 

Representative
Phone Number: _____________________________________________________________________

 

Address:
_____________________________________________________________________________________

 

City,
State, Zip: _________________________________________________________________________________

 

IF
MORE THAN ONE SUBSCRIBER, EACH SUBSCRIBER MUST SIGN.

INDIVIDUAL SUBSCRIBERS MUST COMPLETE THE NEXT PAGE.

SUBSCRIBERS WHICH ARE ENTITIES MUST COMPLETE THE PAGE THEREAFTER.

 

    6

     

    

 

EXECUTION
BY NATURAL PERSONS

 

 

 

Exact
Name in Which Title is to be Held 

 

	 	 	 
	Name
    (Please Print)	 	 Name
    of Additional Purchaser
	 	 	 
	 	 	 
	Residence:
    Number and Street	 	 Address
    of Additional Purchaser 
	 	 	 
	 	 	 
	City,
    State and Zip Code	 	 City,
    State and Zip Code 
	 	 	 
	 	 	 
	Social
    Security Number	 	Social
    Security Number
	 	 	 
	 	 	 
	Telephone
    Number	 	Telephone
    Number
	 	 	 
	 	 	 
	Fax
    Number (if available)	 	Fax
    Number (if available)
	 	 	 
	 	 	 
	E-Mail	 	E-Mail
    (if available)
	 	 	 
	 	 	 
	(Signature)	 	(Signature
    of Additional Purchaser)

 

 

ACCEPTED
this ______ day of _______________ 2019, on behalf of the Company.

  

	 	By:	
	 	 	Chief
    Executive Officer

 

    7

     

    

 

EXECUTION
BY SUBSCRIBER WHICH IS AN ENTITY

 (e.g.,
corporation, partnership, LLC, trust, etc.)

 

Sheehy
Enterprises, Inc.

Name
of Entity (Please Print)

 

Date
of Incorporation or Organization: 8-15-1989

 

State
of Principal Office: Wisconsin

 

Federal
Taxpayer Identification Number: ________________________________________________

 

127
Central Ave.

Office
Address

 

Waterloo,
WI 53594

City,
State and Zip Code

 

920-202-5086

Telephone
Number

 

____________________________________________

Fax
Number (if available)

 

john@sheehymail.com

E-Mail
(if available)

  

	 	By:	/s/
    John P. Sheehy
	 	 	Name:
    John P. Sheehy
	 	 	Title:
    President
	 	 	 
	 	7207
    Kaltenberg Pass
	 	 	 
	 	Sun
    Prairie, WI 53590
	 	Address

 

ACCEPTED
this 2nd day of January, 2019, on behalf of the Company.

 

	 	By:
    	/s/
    Damon Cuzick
	 	 	President

 

    8

     

    

 

Appendix
A

 

INVESTOR
QUESTIONNAIRE

 

Instructions:
Check all boxes below which correctly describe you.

 

	 	☐	I
    am a (i) a bank, as defined in Section 3(a)(2) of the Securities Act of 1933, as amended (the “Securities
    Act”), (ii) a savings and loan association or other institution, as defined in Section 3(a)(5)(A) of
    the Securities Act, whether acting in an individual or fiduciary capacity, (iii) a broker or dealer registered pursuant
    to Section 15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), (iv)
    an insurance company as defined in Section 2(13) of the Securities Act, (v) an investment company registered under
    the Investment Company Act of 1940, as amended (the “Investment Company Act”), (vi) a business
    development company as defined in Section 2(a)(48) of the Investment Company Act, (vii) 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, as amended, (viii) a plan established and maintained by a state, its political subdivisions, or an agency
    or instrumentality of a state or its political subdivisions, for the benefit of its employees and you have total assets in
    excess of $5,000,000, or (ix) an employee benefit plan within the meaning of the Employee Retirement Income Security
    Act of 1974, as amended (“ERISA”) and (1) the decision that you shall subscribe for and purchase
    the Securities, is made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and loan
    association, insurance company, or registered investment adviser, (2) you have total assets in excess of $5,000,000 and the
    decision that you shall subscribe for and purchase the Securities is made solely by persons or entities that are accredited
    investors, as defined in Rule 501 of Regulation D promulgated under the Securities Act (“Regulation D”)
    or (3) you are a self-directed plan and the decision that you shall subscribe for and purchase the Securities is made
    solely by persons or entities that are accredited investors.

 

	 	☐	I
    am a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended.

 

	 	☐	I
    am an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”),
    a corporation, Massachusetts or similar business trust or a partnership, in each case not formed for the specific purpose
    of making an investment in the Securities and with total assets in excess of $5,000,000.

 

	 	☒	I
    am a director or executive officer of the Company.

 

	 	☐	I
    am a natural person whose individual net worth, or joint net worth with my spouse, exceeds $1,000,000 at the time of my subscription
    for and purchase of the Securities. For purposes of this Subscription Agreement, “net worth” means the excess
    of total assets at fair market value, including real and personal property, but excluding the value of your primary residence,
    over total liabilities. Total liabilities excludes any mortgage on the primary residence in an amount of up to the home’s
    estimated fair market value, but includes (i) any mortgage amount in excess of the home’s fair market value and (ii)
    any mortgage amount that was borrowed during the 60-day period before the closing date for the sale of Securities for the
    purpose of investing in the Securities.

 

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

 

    A-1

     

    

 

 Appendix
A

 

	 	☐	I
    am a trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Securities, whose
    subscription for and purchase of the Securities is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of
    Regulation D.

 

	 	☐	I
    am an entity in which all of the equity owners are persons or entities described in one of the preceding paragraphs. Note:
    For Subscribers attempting to qualify under this item, each equity owner must complete, sign and return to the Company a separate
    copy of this Questionnaire).

 

	 	☐	I
    do NOT meet any of the foregoing categories.

  

The
undersigned hereby represents and warrants that all of its answers to this Investor Questionnaire are true as of the date of its
execution of the Subscription Agreement pursuant to which it purchased Securities of the Company.

 

	Sheehy
    Enterprises, Inc.	 	 
	Name
    of Purchaser [please print]	 	Name
    of Co-Purchaser [please print]
	 	 	 
	/s/
    John P. Sheehy, President	 	 
	Signature
    of Purchaser 

    (Entities please provide signature of Purchaser’s duly authorized signatory.)	 	Signature
    of Co-Purchaser
	 	 	 
	John
    P. Sheehy	 	1-2-2019
	Name
    of Signatory (Entities only)	 	Date
	 	 	 
	President	 	 
	Title
    of Signatory (Entities only) 	 	 

  

    A-2

     

    

 

EXHIBIT
A

 

SUBSCRIPTION
SECURITIES

 

2,240,000
shares of Common Stock

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