Document:

Exhibit 10.1

    

     

    

    
      
        Execution Version

      

      
        

        

        NEITHER THIS WARRANT NOR THE SECURITIES AS TO WHICH THIS WARRANT MAY BE EXERCISED HAVE BEEN REGISTERED WITH THE SECURITIES
          AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
          SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS
          AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. IN ADDITION, EXERCISE OF THIS WARRANT IS SUBJECT TO LIMITATIONS SPECIFIED IN THIS WARRANT.

        

        

      

      
        AMENDED & RESTATED

        COMMON STOCK PURCHASE WARRANT

        KASPIEN HOLDINGS INC.

        

        

      

      
        Warrant Shares: 320,000

        Original Date of Issuance: March 2, 2022 (the “Issuance
              Date”)

      

      
        

        

        THIS AMENDED & RESTATED COMMON STOCK PURCHASE WARRANT (this “Warrant”) amends and restates, in its entirety, the Common Stock Purchase Warrant, dated as of the Issuance Date, and certifies that, for value received (in connection with Alimco Re Ltd. providing a
          $5,000,000.00 loan to KASPIEN INC (“Kaspien”), a subsidiary of Kaspien Holdings Inc. (the “Company”)), Alimco Re Ltd. (including its permitted and registered assigns, the “Holder”) is entitled, upon the terms and
          subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date of issuance hereof, to purchase from the Company up to 320,000 shares of Common Stock (as defined below) (the “Warrant Shares”) at the Exercise Price per share. The number of Warrant Shares for which this Warrant may be exercised is subject to adjustment in accordance
          with the terms hereof.

        

        

        Capitalized terms used in this Warrant shall have the meanings set forth in the body of this Warrant or in Section 20 below. For purposes of this Warrant, the term “Exercise Price”
          shall mean $0.01 per Warrant Share, and the term “Exercise Period” shall mean the period commencing on the Issuance Date and ending on the earlier of (a)
          5:00 p.m. Eastern Standard Time on the five (5)-year anniversary thereof, or if such day is not a Business Day on the next succeeding Business Day, or (b) the occurrence of a Fundamental Transaction.

        

        

        1.           EXERCISE OF WARRANT.

        

        

      

      
        (a)         Mechanics
            of Exercise. Subject to the terms and conditions hereof, the rights represented by this Warrant may be exercised in whole or in part at any time or times during the Exercise Period by delivery of a written notice on any Business Day, in
          the form attached hereto as Exhibit A (the “Exercise Notice”),
          of the Holder’s election to exercise this Warrant. The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Partial exercises of this Warrant resulting in purchases of a portion of the total
          number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. On or before the fifth (5th)
          Business Day (the “Warrant Share Delivery Date”) following the date on which the Company receives the Exercise Notice (which must be received by the
          Company prior to 5 p.m. Eastern Standard Time to count as received on such date) and payment of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which all or a portion of this Warrant is being
          exercised (the “Aggregate Exercise Price”, and together with the Exercise Notice, the “Exercise Deliveries”) in cash or by wire transfer of immediately available funds (or by cashless exercise, in which case there shall be no Aggregate Exercise Price provided), the Company may (or may direct its transfer
          agent to) deliver, to the address specified in the Exercise Notice, a notice indicating the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise, or otherwise provide confirmation of such entitlement. Upon
          delivery of the Exercise Deliveries, but subject to Section 1(c), the Holder shall be deemed for all corporate purposes to have become the holder of
          record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the notice in respect of such Warrant Shares. If this Warrant is submitted in connection with any exercise and the number
          of Warrant Shares represented by this Warrant is greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later than five (5) Business Days after any exercise and at
          its own expense, issue a new Warrant (in accordance with Section 5) representing the right to purchase the number of Warrant Shares purchasable
          immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised.

      

       

      
        
          

      

      
      

      

      
        (b)          Cashless
            Exercise. In the event of a Fundamental Transaction, the Holder shall, and at any time during the Exercise Period the Holder may at its option, elect to receive, pursuant to a cashless exercise in lieu of a cash exercise, Warrant Shares
          equal to the value of this Warrant determined in the manner described below (or of any portion thereof being exercised) by surrender of this Warrant and an Exercise Notice, in which event the Company shall issue to Holder a number of Warrant
          Shares computed using the following formula:

      

      

      

      

      

      

      Where:

      

      

      X            =            the number of Warrant Shares to be issued to the Holder;

      Y            =            the total number of Warrant Shares for which the Holder has elected to exercise this Warrant pursuant to Section 1(a);

      A            =            the fair market value of one Warrant Share at the time of exercise of this Warrant as herein provided; and

      B            =            the Exercise Price.

      

      

      
        (c)        Fair Market Value.
          For purposes of this Section 1, the fair market value of a Warrant Share means, as of any particular date: (a) the volume weighted average of the closing
          sales prices of the Common Stock for such day on all domestic securities exchanges on which the Common Stock may at the time be listed; (b) if there have been no sales of the Common Stock on any such exchange on any such day, the average of the
          highest bid and lowest asked prices for the Common Stock on all such exchanges at the end of such day; (c) if on any such day the Common Stock is not listed on a domestic securities exchange, the closing sales price of the Common Stock as quoted
          on the Financial Industry Regulatory Authority OTC Bulletin Board electronic interdealer quotation system (the “OTC Bulletin Board”), the OTC Markets Group Inc. electronic inter-dealer quotation
          system (including OTCQX, OTCQB and OTC Pink) (the “Pink OTC Markets”) or similar quotation system or association for such day; or (d) if there have been no
          sales of the Common Stock on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association on such day, the average of the highest bid and lowest asked prices for the Common Stock quoted on the OTC Bulletin Board, the
          Pink OTC Markets or similar quotation system or association at the end of such day; in each case, averaged over twenty (20) consecutive Business Days ending on the Business Day immediately prior to the day as of which "fair market value" is being
          determined; provided that if the Common Stock is listed on any domestic securities exchange, the term "Business Day" as used in this sentence means
          Business Days on which such exchange is open for trading. If at any time the Common Stock is not listed on any domestic securities exchange or quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association, the
          "fair market value" of a Warrant Share shall be the fair market value per share as determined jointly by the board of directors of the Company and the Holder; provided, that if the board of directors of the Company and the Holder are unable to agree on the fair market value of a Warrant Share within a
          reasonable period of time (not to exceed thirty (30) days from the Company's receipt of the Exercise Notice), such fair market value shall be determined by a nationally recognized investment banking, accounting or valuation firm jointly selected
          by the board of directors of the Company and the Holder. The determination of such firm shall be final and conclusive, and the fees and expenses of such valuation firm shall be borne pro rata by the Company and the Holder based on the amount by
          which each party’s calculation of fair market value is different from the fair market value as determined by such valuation firm. Notwithstanding anything to the contrary herein, this Warrant may not be exercised, and
          no Warrant Shares shall be issued in respect of hereof, until the fair market value of the Warrant Shares has been finally determined in accordance with this Section
              1(c).

      

      
        

        

      

      
        (d)         Holder’s Exercise
            Limitations. The Holder shall not have the right to exercise any portion of this Warrant, and the Company shall not effect any exercise of this Warrant, to the extent that after giving effect to the issuance of Warrant Shares as set
          forth in the applicable Exercise Notice, the Warrant Shares so issued, together with any and all Warrant Shares previously issued pursuant to a partial exercise of this Warrant, would (i) result in the Holder owning 20% or more of the outstanding
          shares of Common Stock or voting power, and such ownership or voting power would be the largest ownership position in the Company, thereby resulting in a change of control of the Company pursuant to NASDAQ Listing Rule 5635(b) (the “Change of Control Limitation”) or (ii) exceed twelve and 84/100 percent (12.84%) of the issued and outstanding Common Stock (such amount, the “12.84% Exercise Limitation”); provided, that the Change of Control Limitation will not be applicable to the extent the Company seeks and obtains shareholder
          approval in accordance with NASDAQ Listing Rule 5635(b). The determination of whether the Change of Control Limitation or the 12.84% Exercise Limitation applies, and the extent to which it applies, shall be in the sole discretion of the Holder,
          and the submission of an Exercise Notice shall be deemed to be the Holder’s determination of the extent to which this Warrant is exercisable. Notwithstanding anything to the contrary herein, the Company shall have no obligation to determine
          whether the Change of Control Limitation or 12.84% Exercise Limitation has been exceeded at any particular time and, unless otherwise notified in writing by the Holder prior to the applicable date of determination, the Company shall be permitted
          to assume that neither the Change of Control Limitation nor the 12.84% Exercise Limitation has been exceeded. Upon the written request of the Holder, the Company shall, within two (2) Business Days, confirm to the Holder the number of shares of
          Common Stock then outstanding.

      

       

      
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        (e)        Anti-Dilution.
          If, at any time after the Issuance Date while this Warrant is outstanding, the Company sells or issues, any shares of Common Stock for less than the fair market value of the Common Stock on the date of such sale or issuance (as determined in good
          faith by the board of directors of the Company), such that the Warrant Shares (taking into account any such Warrant Shares issuable or previously issued) represent less than the 12.84% Exercise Limitation (taking into account such sale or
          issuance, as applicable, and based on the number of shares of Common Stock actually outstanding), then the number of Warrant Shares purchasable under this Warrant shall (at the time of exercise of this Warrant) be adjusted upwards to an amount
          equal to the 12.84% Exercise Limitation, computed at the time of such issuance; provided, however, that such adjustment shall be rounded down to the nearest whole share of Common Stock; provided further that anything herein to the contrary notwithstanding, there shall be no adjustment to the number of Warrant Shares issuable upon exercise of this
          Warrant with respect to any Excluded Issuance; provided further
          that the Company shall seek shareholder approval in accordance with NASDAQ Listing Rule 5635(d) if, as a result of any adjustment pursuant to this Section 1(e), the issuance of Warrant Shares issued pursuant to the exercise of this Warrant,
          together with any and all Warrant Shares previously issued pursuant to a partial exercise of this Warrant, results in the issuance of 20% or more of the
            Common Stock or 20% or more of the voting power outstanding on the Issuance Date. For purposes of this Section 1(e), the following terms have the
          following meanings:

      

      
        

        

        “Convertible Securities”
          means any securities (directly or indirectly) convertible into or exchangeable for Common Stock, but excluding Options.

        

        

        “Excluded Issuances” means any issuance or sale (or deemed issuance or
            sale) by the Company after the Issuance Date of: (a) shares of Common Stock issued upon the exercise of this Warrant; (b) shares of Common Stock issued directly or upon the exercise of Options to directors, officers, employees, or consultants
            of the Company in connection with their service as directors of the Company, their employment by the Company or their retention as consultants by the Company, in each case authorized by the board of directors of the Company and issued pursuant
            to any of the Company’s equity incentive plans from time to time (including all such shares of Common Stock and Options outstanding prior to the
            Issuance Date); (c) shares of Common Stock issued upon the conversion or exercise of Options (other than Options covered by clause (b) above)
            issued prior to the Issuance Date, provided that such securities are not amended after the Issuance
            Date to increase the number of shares of Common Stock issuable thereunder or to lower the exercise or conversion price thereof; (d) shares of
            Common Stock, Options or Convertible Securities issued (i) to persons in connection with a joint venture, strategic alliance or other commercial relationship with such person (including persons that are customers, suppliers and strategic
            partners of the Company) relating to the operation of the Company's business and not for the primary purpose of raising equity capital, (ii) in connection with a transaction in which the Company, directly or indirectly, acquires another
            business or its tangible or intangible assets, or (iii) to lenders as equity kickers in connection with debt financings of the Company, in each case where such transactions have been approved by the board of directors of the Company; (e) shares
            of Common Stock in an offering for cash for the account of the Company that is underwritten on a firm commitment basis and is registered with the Securities and Exchange Commission under the Securities Act of 1933, as amended; or (f) shares of
            Common Stock, Options or Convertible Securities issued to the lessor or vendor in any office lease or equipment lease or similar equipment financing transaction in which the Company obtains the use of such office space or equipment for its
            business.

      

       

      
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        “Options” means any
          warrants or other rights or options to subscribe for or purchase Common Stock or Convertible Securities.

        

        

      

      
        2.           FUNDAMENTAL
              TRANSACTIONS. If, at any time while this Warrant is outstanding, (a) the Company effects any merger of the Company with or into another entity and the Company is not the surviving entity (such surviving entity, the “Successor Entity”), (b) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (c) any tender offer
          or exchange offer (whether by the Company or by another individual or entity, and approved by the Company) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares of Common Stock for other
          securities, cash or property and the holders of at least 50% of the Common Stock accept such offer, or (d) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
          effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision or combination of shares of Common Stock) (in any such case, a “Fundamental Transaction”), then immediately prior to the occurrence of such Fundamental Transaction, this Warrant shall automatically be converted into the right to receive the number of shares of Common Stock of
          the Company for which this Warrant is exercisable at such time (assuming a cashless exercise).

        

        

        3.           FRACTIONAL SHARES.
          The Company shall not be required to issue fractions of shares upon exercise of this Warrant or to distribute certificates which evidence fractional shares. In lieu of fractional shares, the Company may make payment to the Holder, at the time of
          exercise of this Warrant as herein provided, in an amount in cash equal to such fraction multiplied by the fair market value (as determined in accordance with Section
              1(c)) of one Warrant Share at the time of exercise of this Warrant as herein provided.

        

        

        4.           WARRANT HOLDER NOT
              DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, this Warrant, in and of itself, shall not entitle the Holder to any voting rights or other rights as a stockholder of the Company. In addition, nothing
          contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the
          Company or by creditors of the Company.

        

        

      

      
        5.           REISSUANCE.

        

        

      

      
        (a)         Lost, Stolen or Mutilated Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and upon delivery of an indemnity reasonably
          satisfactory to it (it being understood that a written indemnification agreement or affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation, upon surrender of such Warrant for cancellation to the Company, the
          Company shall execute and deliver to the Holder, in lieu hereof, a new Warrant of like denomination and tenor and exercisable for an equivalent number of Warrant Shares as the Warrant so lost, stolen, mutilated or destroyed.

        

        

        (b)          Issuance
            of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant shall be of like tenor with this Warrant, and shall have an issuance date, as indicated on the face of such
          new Warrant which is the same as the Issuance Date.

      

      
        

        

        6.           TRANSFER.

        

        

      

      
        (a)         Notice of Transfer. Subject to
            compliance with applicable securities laws and the transfer conditions referred to in the legend endorsed hereon or otherwise set forth herein, this Warrant and all rights hereunder are transferable, in whole or in part, by the Holder, upon
            surrender of this Warrant to the Company at its then principal executive offices with a properly completed and duly executed Assignment of Warrant (in the form attached hereto as Exhibit B) and funds sufficient to pay any transfer taxes payable upon the making of such
            transfer. By acceptance of this Warrant, the Holder agrees to give written notice to the Company before transferring this Warrant or transferring any Warrant Shares of such Holder’s intention to do so, describing briefly the manner of any
            proposed transfer. As a condition to such transfer, the prospective transferee or purchaser shall execute an Assignment of Warrant attached hereto as Exhibit B and such other documents and make such representations, warranties, and agreements as may be reasonably required by
            the Company solely to comply with the exemptions relied upon by the Company for the transfer or disposition of this Warrant or the Warrant Shares. Upon such compliance, surrender, delivery and, if required, such payment pursuant to this Section 6(a), the Company shall execute and
            deliver a new Warrant or Warrants in the name of the transferee or transferees and in the denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant, if any,
            not so assigned and this Warrant shall promptly be cancelled. For the avoidance of doubt, any transferee and any subsequent transferee shall be subject to the Change of Control Limitation and the 12.84% Exercise Limitation.

      

       

      
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        (b)          The Holder, by acceptance of this Warrant, agrees to comply in all respects with the restrictive legend
          requirements set forth on the face of this Warrant and further agrees that it shall not offer, sell or otherwise dispose of this Warrant or any Warrant Shares to be issued upon exercise hereof except under circumstances that will not result in a
          violation of the Securities Act of 1933, as amended (the “Securities Act”). Notwithstanding anything to the contrary, this Warrant may not be transferred
          or exercised unless (i) the transferor, transferee, exercising Holder or its designated recipient of Common Stock issuable on the exercise of such Warrant and the Company, as applicable, have completed and submitted all filings, registrations or
          other notifications to any governmental entity that may be required pursuant to applicable law in connection with such transfer or exercise, (ii) all necessary approvals or waivers, as the case may be, of any governmental entity that may be
          required pursuant to applicable law in connection with such transfer or exercise have been obtained, and (iii) any waiting periods required by applicable law for the consummation of such transfer or exercise have expired or been terminated.

      

      

      

      
        7.           COVENANTS OF THE
              COMPANY.

        

        

      

      
        (a)          Covenants
            as to Shares. The Company shall procure that all Warrant Shares that may be issued upon the exercise of the rights represented by this Warrant are, upon issuance, validly issued and outstanding, fully paid and nonassessable, and free
          from all taxes, liens and charges with respect to the issuance thereof. The Company shall, at all times during the Exercise Period, have authorized and reserved, free from preemptive rights, a sufficient number of shares of Common Stock to
          provide for the exercise of the rights represented by this Warrant (without regard to any limitations on exercise). If at any time during the Exercise Period the number of authorized but unissued shares of Common Stock are not sufficient to
          permit the full exercise of this Warrant, the Company shall take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number as is sufficient for such
          purposes. During the Exercise Period, the Company shall not at any time increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect.

      

      

      

      
        (b)         Notices
            of Record Date. In the event of (i) any taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend or other distribution; (ii)
          the effectiveness of a registration statement on Form S-1 filed with the Securities and Exchange Commission and/or (iii) the consummation of a Fundamental Transaction, then the Company shall provide to the Holder, at least five (5) Business Days
          prior to the date of any such event, a notice pursuant to Section 11, specifying the date on which any such action is expected to be taken or any such
          event is expected to occur.

      

      
        

        

      

      
        8.           REPRESENTATIONS AND
              WARRANTIES.

        

        

      

      
        (a)           The Company hereby represents and warrants to the Holders as of the Issuance Date as follows:

        

        

      

      
        	

              	(1)	
                The Company has all necessary power, capacity and authority to execute and deliver this Warrant, to perform its obligations hereunder, and to
                  consummate the transactions contemplated hereby. This Warrant has been duly and validly executed and delivered by the Company and, assuming the due execution and delivery by the Holder, constitutes the legal, valid and binding obligation
                  of the Company, enforceable against the Company in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting the enforcement
                  of creditors’ rights generally.

              

      

       

      
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              	(2)	
                All corporate actions on the part of the Company necessary for the
                    issuance of this Warrant have been taken on or prior to the Issuance Date. The execution and delivery by the Company of this Warrant do not require any filing with or approval from any governmental authority, except for filings with the United States Securities and
                    Exchange Commission or otherwise required under Federal or state securities laws and filings made pursuant to the rules and regulations of any stock exchange.

              

      

      
        

        

      

      
        	

              	(3)	
                The authorized capital of the Company consists, immediately prior to the Issuance Date, of 5,000,0000 shares of preferred stock, $0.01 par value (none of which are outstanding), and 200,000,000 shares of common stock, $0.01 par value (2,492,568 of which are issued and outstanding (excluding, for the
                    avoidance of doubt, treasury stock)). The number of Warrant Shares for which this Warrant may be exercised is, as of the Issuance Date, equal to twelve and 84/100 percent (12.84%) of the issued and outstanding Common Stock, which number is subject to adjustment in accordance with the terms hereof.

              

      

      
        

        

      

      
        (b)         The Holder hereby represents and warrants to the Company by acceptance of this Warrant as of Issuance
          Date (or such other date on which such Holder becomes a Holder hereunder) as follows:

        

        

      

      
        	

              	(1)	
                The Holder is an "accredited investor" as defined in Rule 501 of Regulation D promulgated under the Securities Act. The Holder is acquiring this
                  Warrant and the Warrant Shares to be issued upon exercise hereof for investment for its own account and not with a view towards, or for resale in connection with, the public sale or distribution of this Warrant or the Warrant Shares,
                  except pursuant to sales registered o exempted under the Securities Act.

              

      

      
        

        

      

      
        	

              	(2)	
                The Holder understands and acknowledges that this Warrant and the Warrant Shares to be issued upon exercise hereof are "restricted securities" under
                  the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that, under such laws and applicable regulations, such securities may be resold without registration
                  under the Securities Act only in certain limited circumstances. In addition, the Holder represents that it is familiar with Rule 144 under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby
                  and by the Securities Act.

              

      

      
        

        

      

      
        	

              	(3)	
                The Holder acknowledges that it can bear the economic and financial risk of its investment for an indefinite period, and has such knowledge and
                  experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Warrant and the Warrant Shares. The Holder has had an opportunity to ask questions and receive answers from the
                  Company regarding the terms and conditions of the offering of the Warrant and the business, properties, prospects and financial condition of the Company.

              

      

      
        

        

      

      
        9.          TERMINATION OF WARRANT.
          This Warrant shall expire and shall no longer be exercisable upon the earlier of (a) the expiration of the Exercise Period and (b) the exercise in full hereof.

        

        

        10.        RESTRICTIVE LEGEND.
          The Warrant Shares shall be stamped or otherwise imprinted with a legend in substantially the following form:

      

       

      
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      THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
        THE SECURITIES COMMISSION OF ANY STATE, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED
        (THE “SECURITIES ACT”) OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF
        COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. IN ADDITION, EXERCISE OF THE WARRANT IS SUBJECT TO LIMITATIONS SPECIFIED IN THE WARRANT.

      

      

      
        11.         NOTICES.
          Any notice or other communication to be given under this Warrant shall be in writing and may either be delivered by hand, made by facsimile transmission, sent by electronic mail transmission, disclosed in all material respects and filed on EDGAR
          pursuant to the Securities Exchange Act of 1934, sent by overnight courier, or sent by registered mail, return receipt requested, postage prepaid, as follows: (a) if to the Holder, at the Holder’s address, facsimile number or electronic mail
          address set forth on the signature page hereof, or at such other address as the Holder shall have furnished to the Company in writing; and (b) if to the Company, at the Company’s address, facsimile number or electronic mail address set forth on
          the signature page hereof, or at such other address as the Company shall have furnished to the Holder in writing.

        

        

        12.        AMENDMENT AND WAIVER.
          The terms of this Warrant may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the Holder.

        

        

        13.          GOVERNING LAW;
              JURISDICTION. This Warrant and all actions arising out of or in connection with this Warrant shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of law
          (whether of the State of New York or any other jurisdiction). EACH PARTY HERETO HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT
            LOCATED WITHIN THE BOROUGH OF MANHATTAN, CITY OF NEW YORK, STATE OF NEW YORK AND IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS WARRANT SHALL BE LITIGATED IN SUCH COURTS. EACH PARTY HERETO EXPRESSLY
            SUBMITS AND CONSENTS TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS.

        

        

        14.        JURY
              TRIAL WAIVER. THE COMPANY AND THE HOLDER HEREBY WAIVE A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER IN RESPECT OF ANY MATTER ARISING OUT OF OR IN CONNECTION WITH
          THIS WARRANT.

        

        

        15.         ACCEPTANCE.
          Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained herein.

        

        

        16.        RIGHTS AND OBLIGATIONS
              SURVIVE EXERCISE OF WARRANT. Unless otherwise provided in this Warrant, the rights and obligations of the Company, of the Holder and of the holder of the Warrant Shares issued upon exercise of this Warrant hereunder shall survive
          the exercise of this Warrant.

        

        

        17.         SUCCESSORS AND ASSIGNS.
          The terms and provisions of this Warrant shall inure to the benefit of, and be binding upon, the Company, the Holder and their respective permitted successors and assigns.

        

        

        18.        TITLES AND SUBTITLES.
          The titles and subtitles used in this Warrant are used for convenience only and are not to be considered in construing or interpreting this Warrant.

      

       

      
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        19.         SEVERABILITY.
          In the event any one or more of the provisions of this Warrant shall for any reason be held invalid, illegal or unenforceable, the remaining provisions of this Warrant shall be unimpaired, and the invalid, illegal or unenforceable provision shall
          be replaced by a mutually acceptable valid, legal and enforceable provision, which comes closest to the intention of the parties underlying the invalid, illegal or unenforceable provision.

        

        

      

      
        20.          CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

        

        

      

      
        (a)         “Business Day”
          means all days other than Saturdays, Sundays and any other days on which commercial banks in New York City are authorized or required by law to be closed for business.

        

        

        (b)          “Common Stock”
          means the Company’s common stock, par value $0.01 per share, and any other class of securities into which such securities may hereafter be reclassified or changed.

        

        

        (c)        “Required Consents”
          means the material filings, registrations, notifications, approvals, waivers or expiration or termination of any waiting periods that are necessary or required, as set forth in Section 6(b).

      

      
        

        

      

      
        21.        WARRANT REGISTER.
          The Company shall keep and properly maintain at its principal executive offices books for the registration of the Warrant and any transfers thereof. The Company may deem and treat the Person in whose name the Warrant is registered on such
          register as the Holder thereof for all purposes, and the Company shall not be affected by any notice to the contrary, except any assignment, division, combination or other transfer of the Warrant effected in accordance with the provisions of this
          Warrant.

        

        

      

      
        [Signature page follows]

      

       

      
        8

        
          

      

      

      

      
        Execution Version

      

      

      

      IN WITNESS WHEREOF, the Company has caused this Amended & Restated Common Stock Purchase Warrant to be duly executed as of April
        4, 2022.

      

      

      	 	
              KASPIEN HOLDINGS INC.

            	 
	 	 	 	 
	 	
              By:

            	
              /s/ Brock Kowalchuk

            	 
	 	
              Name: Brock Kowalchuk

            	 
	 	
              Title: Interim CEO/COO

            	 

      

      

      	 	
              Address:

            	
              2818 N. Sullivan Road

            	 
	 	 	 	 
	 	
              Suite 130

            	 
	 	 	 	 
	 	
              Spokane Valley, WA 99216

            	 

      

      

      
        	 	
                Facsimile:

              	 	 

        

        

        	 	
                Email: brockk@kaspien.com

              	 	 

      

       

      
        
          

      

      

      

      	 	
              Agreed & Accepted:

            	 
	 	 	 	 
	 	
              ALIMCO RE LTD.

            	 
	 	 	 	 
	 	
              By:

            	
              /s/ Jonathan Marcus

            	 
	 	
              Name: Jonathan Marcus

            	 
	 	
              Title: CEO

            	 

      

      

      	 	
              Address:

            	
              Alimco Re Ltd.

            	 
	 	 	 	 
	 	
              2336 SE Ocean Blvd., #400

            	 
	 	 	 	 
	 	
              Stuart, FL 34996

            	 

      

      

      
        	 	
                Facsimile:

              	 	 

        

        

        	 	
                Email: jon@limadvisory.com

              	 	 

      

       

      
        
          

      

      

      

      
        EXHIBIT A

        

        

        EXERCISE NOTICE

        

        

        (To be executed by the registered holder to exercise this Common Stock Purchase Warrant)

        

        

      

      
        The
            Undersigned holder hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of Kaspien Holdings Inc., a Delaware corporation (the “Company”), evidenced by the attached copy of the Warrant
          (as defined below). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Amended & Restated Common Stock Purchase Warrant (the “Warrant”), dated as of April 4, 2022, issued by the
          Company.

        

        

      

      	 	
              1.

            	
              Form of Exercise Price. The Holder intends that
                payment of the Exercise Price shall be made as (check one):

            

      
        

        

      

      	 	
              ☐

            	
              a cash exercise with respect to _________________ Warrant Shares; or

            
	 	
              ☐

            	
              by cashless exercise pursuant to Section 1(b) of the Warrant for _________ Warrant Shares.

            

      
        

        

      

      	 	
              2.

            	
              Payment of Exercise Price. If a cash exercise is
                selected above, the Aggregate Exercise Price in the sum of $___________________ has been wire transferred to the Company in accordance with the terms of the
                Warrant.

            

      
        

        

      

      	 	
              3.

            	
              Confirmation. The undersigned hereby represents and
                warrants that the Required Consents have been made or obtained, as applicable.

            
	 	
              4.

            	
              Delivery of Warrant Shares. The Company shall deliver
                to the holder __________________ Warrant Shares in accordance with the terms of the Warrant.

            
	 	 	 

      
        

        

      

      	
              Date:

            	 	 

      
        

        

        (Print Name of Registered Holder)

        

        

      

      	
              By:

            	 	 
	
              Name:

            	 	 
	
              Title:

            	 	 

      
        

        

      

      Exhibit A

       

      
        
          

      

      

      

      
        EXHIBIT B

        

        

        ASSIGNMENT OF WARRANT

        

        

        (To be signed only upon authorized transfer of the Warrant)

        

        

      

      
        For Value
            Received, the foregoing Amended & Restated Common Stock Purchase Warrant and all rights evidenced thereby are hereby assigned to ____________________. By accepting such transfer, the transferee acknowledges that it has reviewed the
          within Amended & Restated Common Stock Purchase Warrant and has agreed to be bound in all respects by its terms and conditions; and such transferee represents and warrants that it is an “accredited investor” as defined in Rule 501(a) of
          Regulation D promulgated under the Securities Act of 1933, as amended.

        

        

      

      
        Holder

        

        

      

      	
              Date:

            	 	 

      
        

        

      

      	 	 
	
              (Signature) *

            	 
	 	 
	 	 
	
              (Name)

            	 
	 	 
	 	 
	
              (Address)

            	 

      
        

        

        (Social Security or Tax Identification No.)

        

        

        * The signature on this Assignment of Warrant must correspond to the name as written upon the face of the Amended & Restated Common
          Stock Purchase Warrant in every particular without alteration or enlargement or any change whatsoever. When signing on behalf of a corporation, partnership, trust or other entity, please indicate your position(s) and title(s) with such entity.

      

      
        

        

      

      
        Transferee

        

        

      

      	
              Date:

            	 	 

      
        

        

      

      	 	 
	
              (Signature)

            	 
	 	 
	 	 
	
              (Name)

            	 
	 	 
	 	 
	
              (Address)

            	 

      

      

      Exhibit BExhibit 10.1

        

      

          EMPLOYMENT AGREEMENT

       

      THIS EMPLOYMENT AGREEMENT (“Agreement”), dated as of the 30th day of March, 2022 (the “Effective Date”), is entered into by and
        between Bank 7 Corp. (the “Company”) and Thomas L. Travis (“Executive”).

       

      IN CONSIDERATION of the premises and the mutual covenants set forth below, the parties hereby agree as follows:

       

      1.         Employment.  The Company hereby agrees to employ Executive as President and Chief Executive Officer of the Company,
          and Executive hereby accepts employment, on the terms and conditions set forth in this Agreement.

       

      2.          Term.  The Company agrees to employ the Executive pursuant to the terms of this Agreement, and the Executive agrees
          to be so employed, for a term of two (2) years (the “Initial Term”) commencing as of the Effective Date.  On each anniversary of the Effective Date following the Initial Term, the term of this Agreement shall be automatically extended for
          successive one-year periods, provided, however, that either party hereto may elect not to extend this Agreement by giving written notice to the other party at least one hundred eighty (180) days prior to any such anniversary
          date.  Notwithstanding the foregoing, the Executive’s employment hereunder may be earlier terminated in accordance with Section 6 and Section 8.  The period of time between the Effective Date and the termination of the Executive’s
          employment hereunder shall be referred to as the “Employment Period.”

       

      3.          Position and Duties.  During the Employment Period, Executive will serve as President and Chief Executive Officer
          and will report directly to the Board of Directors of the Company (the “Board”).  Executive shall perform all services reasonably required to fully execute the duties and responsibilities associated with such position.  Executive will devote
          substantially all of his working time, attention and energies (other than absences due to illness or vacation) to the performance of his duties for the Company.  Notwithstanding the above, Executive will be permitted, to the extent such
          activities do not interfere with the performance by Executive of his duties and responsibilities under this Agreement or violate Sections 10(a), (b) or (c) of this Agreement, to (i) manage Executive’s personal, financial
          and legal affairs, and (ii) serve on civic or charitable boards or committees.

       

      4.          Place of Performance.  Executive’s place of employment will be the Company’s principal executive offices in
          Oklahoma City, Oklahoma (the “Principal Location”).

       

      5.          Compensation and Related Matters.

       

      (a)          Base Salary.  During the Employment Period, the Company will pay Executive a base salary of not less than
          $550,000.00 per year (“Base Salary”), in approximate equal installments in accordance with the Company’s customary payroll practices.  Executive’s Base Salary may be increased, but not decreased, pursuant to annual review by the Board.  In
          the event Executive’s Base Salary is increased, the increased amount will then constitute the Base Salary for all purposes of this Agreement.

       

      
        
          

      

      
      (b)          Annual Incentive Bonus.  The Executive will be eligible to participate in a bonus program established by the
          Board at a level commensurate with his position.

       

      (c)        Welfare, Pension and Incentive Benefit Plans.  During the Employment Period, Executive (and his spouse and/or
          dependents to the extent provided in the applicable plans and programs) will be entitled to participate in and be covered under all the welfare benefit plans or programs maintained by the Company for the benefit of its senior executive officers
          pursuant to the terms of such plans and programs including, without limitation, all medical, life, hospitalization, dental, disability and accidental death and dismemberment.  In addition, during the Employment Period, Executive will be eligible
          to participate in all retirement, savings and other employee benefit plans and programs maintained from time to time by the Company for the benefit of its senior executive officers.

       

      (d)          Fringe Benefits.  During the Employment Period, the Company will provide Executive with fringe benefits
          commensurate with Executive’s position.

       

      6.          Termination.  Executive’s employment under this Agreement may be terminated during the Employment Period under the
          following circumstances:

       

      (a)          Death.  Executive’s employment under this Agreement will terminate upon his death.

       

      (b)          Disability.  If, as a result of Executive’s incapacity due to physical or mental illness, Executive is
          substantially unable to perform his duties under this Agreement (with or without reasonable accommodation, as defined under the Americans With Disabilities Act) for an entire period of six (6) consecutive months, the Company has the right to
          terminate Executive’s employment under this Agreement for “Disability,” and such termination will not be a breach of this Agreement by the Company.

       

      (c)      Cause.  The Company has the right to terminate Executive’s employment for Cause, and such termination will not be a
          breach of this Agreement by the Company.  “Cause” means termination of employment for one of the following reasons: (i) Executive’s conviction of or plea of no contest to a felony or other crime involving fraud, dishonesty or moral turpitude;
          (ii) Executive’s commission of a willful wrongful act intending to enrich himself at the expense of the Company, or that causes serious injury, monetary or otherwise, to the Company; (iii) Executive’s willful or reckless neglect or misconduct in
          the performance of his duties which results in a material adverse effect on the Company; (iv) Executive’s material willful or reckless violation or disregard of a Company policy; or (v) Executive’s habitual or gross neglect of duties.  Provided
          that Company may only rely on an act or failure to act under clauses (iv) or (v) if it provides Executive with written notice of such act or failure to act and Executive fails to cure such act or failure to act within thirty (30) days of such
          notice.  The determination of whether it can reasonably be cured shall be determined by the Board.

       

      (d)         Good Reason.  Executive may terminate Executive’s employment with the Company for “Good Reason,” and such
          termination will not be a breach of this Agreement by Executive.  For purposes of this Agreement, “Good Reason” shall mean the occurrence without the written consent of Executive, of one of the events set forth below:

       

      
        2

        
          

      

      (i)        a material diminution in Executive’s authority, duties or responsibilities;

       

      (ii)        the requirement that Executive be based at any office or location that is more than 50 miles from the Principal Location,
          except for travel reasonably required in the performance of Executive’s responsibilities, or

       

      (iii)          Company’s material breach of the Agreement.

       

      Notwithstanding the foregoing, Executive will not be deemed to have terminated for Good Reason unless (A) Executive provides written notice to the Company of the
        existence of one of the conditions described above within ninety (90) days after Executive has knowledge of the initial existence of the condition, (B) the Company fails to remedy the condition so identified within thirty (30) days after receipt of
        such notice (if capable of correction), (C) Executive provides a Notice of Termination to the Company within thirty (30) days of the expiration of the Company’s period to remedy the condition, and (D) Executive terminates employment within ninety
        (90) days after Executive provides written notice to the Company of the existence of the condition referred to in clause (A).

       

      (e)        Without Cause.  The Company may terminate Executive’s employment under this Agreement without Cause by providing
          Executive with a Notice of Termination.

       

      (f)     Voluntary Termination.  Executive may voluntarily terminate employment with the Company at any time.

       

      7.          Termination Procedure.

       

      (a)          Notice of Termination.  Any termination of Executive’s employment by the Company or by Executive during the
          Employment Period (other than termination pursuant to Section 6(a)) will be communicated by written Notice of Termination to the other party in accordance with Section 16.  For purposes of this Agreement, a “Notice of Termination”
          means a written notice which indicates the specific termination provision in this Agreement relied upon and sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment.

       

      (b)      Date of Termination.  “Date of Termination” shall mean (i) if Executive’s employment is terminated by his death, the
          date of his death, (ii) if Executive’s employment is terminated due to Disability pursuant to Section 6(b), thirty (30) days after Notice of Termination (provided that Executive has not returned to the substantial performance of his
          duties on a full-time basis during such thirty (30) day period), (iii) if Executive’s employment is terminated for Good Reason pursuant to Section 6(d), the date provided in such Notice, or (iv) if Executive’s employment is terminated for
          any other reason, the date on which a Notice of Termination is given or any later date (within thirty (30) days after the giving of such Notice of Termination) set forth in such Notice of Termination.

       

      8.       Compensation Upon Termination or During Disability.  In the event of termination of Executive’s employment under this
          Agreement during the Employment Period, the Company will provide Executive with the payments and benefits set forth below.

       

      
        3

        
          

      

      (a)          Termination by Company for Cause or by Executive Without Good Reason.  If Executive’s employment is terminated by
          the Company for Cause or by Executive (other than for Good Reason):

       

      (i)         the Company will pay Executive his Base Salary and his accrued vacation pay (to the extent required by law or the
          Company’s vacation policy) through the Date of Termination, within 30 days following the Date of Termination;

       

      (ii)       the Company will reimburse Executive, pursuant to the Company’s policy, for reasonable business expenses incurred, but not
          paid, prior to the Date of Termination, unless such termination resulted from a misappropriation of Company funds; and

       

      (iii)         Executive will be entitled to any other rights, compensation and/or benefits as may be due to Executive following
          termination to which he is otherwise entitled in accordance with the terms and provisions of any plans or programs of the Company.

       

      (b)        Disability.  During any period that Executive fails to perform his duties under this Agreement as a result of
          incapacity due to physical or mental illness (“Disability Period”), Executive will continue to receive his full Base Salary set forth in Section 5(a) until his employment is terminated pursuant to Section 6(b).  In the
          event Executive’s employment is terminated for Disability pursuant to Section 6(b):

       

      (i)          the Company will (A) pay to Executive his Base Salary and accrued vacation pay through the Date of Termination, within
          30 days following the Date of Termination, and (B) provide Executive with disability benefits pursuant to the terms of the Company’s disability programs and/or practices;

       

      (ii)      the Company will reimburse Executive, pursuant to the Company’s policy, for reasonable business expenses incurred, but not
          paid, prior to the Date of Termination; and

       

      (iii)         Executive will be entitled to any other rights, compensation and/or benefits as may be due to Executive following such
          termination to which he is otherwise entitled in accordance with the terms and provisions of any plans or programs of the Company.

       

      (c)        Death.  If Executive’s employment is terminated by his death, the Company will pay within 30 days in a lump sum to
          Executive’s beneficiary, legal representatives or estate, as the case may be, Executive’s earned but unpaid Base Salary as of the date of death, accrued vacation and unreimbursed business expenses and amounts due under any plans, programs or
          arrangements of the Company through the Date of Termination.

       

      (d)         Termination by Company Without Cause or by Executive for Good Reason.  If Executive’s employment is terminated by
          the Company without Cause or by Executive for Good Reason:

       

      (i)          the Company will pay to Executive within 30 days of the Date of Termination in a single lump sum payment (A) his Base
          Salary and accrued vacation pay through the Date of Termination, (B) an amount equal to three (3) times his current Base Salary and (C) an amount equal to three (3) times his Annual Bonus.  For purposes of this Agreement, “Annual Bonus” will be
          the average of the annual bonus payments the Executive received during the preceding three (3) calendar years;

       

      
        4

        
          

      

      (ii)      the Company will reimburse Executive, pursuant to the Company’s policy, for reasonable business expenses incurred, but not
          paid, prior to the Date of Termination; and

       

      (iii)         Executive will be entitled to any other rights, compensation and/or benefits as may be due to Executive following such
          termination to which he is otherwise entitled in accordance with the terms and provisions of any plans or programs of the Company.

       

      9.          Mitigation.  Executive will not be required to mitigate amounts payable under this Agreement by seeking other
          employment or otherwise, and there will be no offset against amounts due Executive under this Agreement on account of subsequent employment except as specifically provided herein.

       

      10.          Confidential Information; Non-Solicitation.

       

      (a)          Nondisclosure of Confidential Information.  Executive acknowledges that it is the policy of the Company to
          maintain as secret and confidential (i) all valuable and unique information, (ii) other information heretofore or hereafter acquired by the Company or any affiliated entity and deemed by it to be confidential, and (iii) information developed or
          used by the Company or any affiliated entity relating to the business, operations, employees and customers of the Company or any affiliated entity (all such information described in clauses (i), (ii) and (iii) above, other than information which
          is known to the public or becomes known to the public through no fault of Executive, is hereinafter referred to as “Confidential Information”).  The parties recognize that the services to be performed by Executive pursuant to this
          Agreement are special and unique and that by reason of his employment by the Company after the date hereof, Executive has acquired and will acquire Confidential Information.  Executive recognizes that all such Confidential Information is the
          property of the Company.  Accordingly, at any time during or after the Employment Period, Executive shall not, except in the proper performance of his duties under this Agreement, directly or indirectly, without the prior written consent of the
          Company, disclose to any person other than the Company, whether or not such a person is a competitor of the Company, and shall use his best efforts to prevent the publication or disclosure of any Confidential Information obtained by, or which has
          come to the knowledge of, Executive prior or subsequent to the date hereof.  Notwithstanding the foregoing, Executive may disclose to other persons, as part of his occupation, information with respect to the Company or any affiliated entity,
          which (i) is of a type generally not considered by standards of the banking industry to be proprietary, or (ii) is otherwise consented to in writing by the Company.

       

      (b)      Non-Solicitation.  Executive agrees he shall not, during the Employment Period or for the 12-month period following
          his Date of Termination (the “Covered Period”), either personally or by or through his agent and whether for himself or on behalf of any other person, seek to persuade any employee of the Company or any affiliated entity or any person who
          was an employee of the Company or any affiliated entity during the six (6) month period prior to the commencement of the Covered Period, to discontinue his or her status or employment with the Company or such affiliated entity or to become
          employed in a business or activities likely to be competitive with the Company or any affiliated entity.  Additionally, Executive agrees that during his Employment Period and throughout the Covered Period, he shall not, for himself or on behalf
          of any person, solicit, divert or attempt to solicit or divert any established customer of the Company with a view to inducing or encouraging such established customer to discontinue or curtail any business relationship with the Company.  Nothing
          in this Section 10(b) shall preclude solicitation through any general advertisement not targeted at employees of the Company.

       

      
        5

        
          

      

      (c)          Obligations of Executive Upon Termination.  Upon termination of this Agreement for any reason, Executive shall
          return to the Company all documents and copies of documents in his possession relating to any Confidential Information including, but not limited to, internal and external business forms, manuals, correspondence, notes and computer programs, and
          Executive shall not make or retain any copy or extract of any of the foregoing.  In addition, in the event Executive’s employment is terminated, Executive shall resign from all offices and positions held with the Company.  Nothing in this
          paragraph shall preclude Executive from retaining documents or other information pertaining to his compensation or the other terms of employment with the Company.

       

      (d)          Remedies.  Executive acknowledges and understands that paragraphs 10(a), 10(b) and 10(c) and the other provisions of this
        Agreement are of a special and unique nature, the loss of which cannot be adequately compensated for in damages by an action at law, and that the breach or threatened breach of the provisions of this Agreement would cause the Company irreparable
        harm.  In the event of a breach or threatened breach by Executive of the provisions of this Agreement, the Company shall be entitled to seek an injunction restraining him from such breach.  Nothing contained in this Agreement shall be construed as
        prohibiting the Company from pursuing, or limiting the Company’s ability to pursue, any other remedies available for any breach or threatened breach of this Agreement by Executive.  The provision of this Agreement relating to arbitration of
        disputes shall not be applicable to the Company to the extent it seeks an injunction in any court to restrain Executive from violating paragraphs 10(a), 10(b) and 10(c) hereof.

       

      (e)          Continuing Operation.  Except as specifically provided in this Section 10, the termination of
        Executive’s employment or of this Agreement will have no effect on the continuing operation of this Section 10.

       

      11.      Release.  Executive agrees, if his employment is terminated under  circumstances entitling him to payments under Section

            8(d) and Section 8(e) of this Agreement, that in consideration for and as a condition to receiving the payments described in Section 8(d) and Section 8(e), he will execute and not revoke a General Release in
          substantially the form of Exhibit A attached hereto, through which Executive releases the Company from any and all claims as may relate to or arise out of his employment relationship (excluding claims Executive may have under any “employee
          pension plan” as described in Section 3(3) of ERISA or any claims under this Agreement).  The form of the Release may be modified as needed to reflect changes in the applicable law or regulations that are needed to provide a legally enforceable
          and binding Release to the Company at the time of execution.

       

      
        6

        
          

      

      12.      Indemnification and Insurance.  Executive shall be indemnified and held harmless by the Company during the term of
          this Agreement and following any termination of this Agreement for any reason whatsoever in the same manner as would any other key management employee of the Company with respect to acts or omissions occurring prior to (a) the termination of this
          Agreement or (b) the termination of employment of Executive.  In addition, during the term of this Agreement and for a period of three years following the termination of this Agreement for any reason whatsoever, Executive shall be covered by a
          Company-held directors and officers liability insurance policy covering acts or omissions occurring prior to (a) the termination of this Agreement or (b) the termination of employment of Executive.

       

      13.      Arbitration; Legal Fees and Expenses.  The parties agree that Executive’s employment and this Agreement
        relate to interstate commerce, and that any and all disputes, claims or controversies between Executive and the Company which may arise out of or relate to Executive’s employment relationship or this Agreement shall be settled by arbitration.  This
        agreement to arbitrate shall survive the termination of this Agreement.  Any arbitration shall be before a single arbitrator in accordance with the American Arbitration Association’s National Rules for the Resolution of Employment Disputes
        pertaining to individually-negotiated contracts and shall be undertaken pursuant to the Federal Arbitration Act.  Arbitration will be held in Oklahoma City, Oklahoma unless the parties mutually agree on another location.  Unless parties mutually
        agree to self-administer the arbitration or to use a different arbitration service, it will be administered by the Dallas, Texas office of the American Arbitration Association.  The decision of the arbitrator will be enforceable in any court of
        competent jurisdiction.  The parties agree that punitive, liquidated or indirect damages shall not be awarded by the arbitrator unless such damages would have been awarded by a court of competent jurisdiction.  The arbitrator shall also have the
        discretion and authority to award costs and attorney fees to the prevailing party or, alternatively, may order each party to bear its own costs and attorney fees in connection with the arbitration to the extent permitted by applicable law.  Nothing
        in this Agreement to arbitrate, however, shall preclude the Company from obtaining injunctive relief from a court of competent jurisdiction prohibiting any ongoing breaches by Executive of this Agreement including, without limitation, violations of
        Section 10.

       

      14.          Agreement Binding on Successors.

       

      (a)          Company’s Successors.  No rights or obligations of the Company under this Agreement may be assigned or
        transferred except that the Company will require any successor (whether direct or indirect, by purchase, merger, reorganization, sale, transfer of stock, consolidation or otherwise) to all or substantially all of the business and/or assets of the
        Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no succession had taken place.  As used in this Agreement, “Company” means the Company as
        hereinbefore defined, and any successor to its business and/or assets (by merger, purchase or otherwise) which executes and delivers the agreement provided for in this Section 14 or which otherwise becomes bound by all the terms and provisions of
        this Agreement by operation of law.

       

      
        7

        
          

      

      (b)          Executive’s Successors.  No rights or obligations of Executive under this Agreement may be assigned or transferred by Executive
        other than his rights to payments or benefits under this Agreement, which may be transferred only by will or the laws of descent and distribution.  Upon Executive’s death, this Agreement and all rights of Executive under this Agreement shall inure
        to the benefit of and be enforceable by Executive’s beneficiary or beneficiaries, personal or legal representatives, or estate, to the extent any such person succeeds to Executive’s interests under this Agreement.  Executive will be entitled to
        select and change a beneficiary or beneficiaries to receive any benefit or compensation payable under this Agreement following Executive’s death by giving the Company written notice thereof in a form acceptable to the Company.  In the event of
        Executive’s death or a judicial determination of his incompetence, reference in this Agreement to Executive shall be deemed, where appropriate, to refer to his beneficiary(ies), estate or other legal representative(s).  If Executive should die
        following his Date of Termination while any amounts would still be payable to him under this Agreement if he had continued to live, unless otherwise provided, all such amounts shall be paid in accordance with the terms of this Agreement to such
        person or persons so appointed in writing by Executive, or otherwise to his legal representatives or estate.

       

      15.          Notice.  For the purposes of this Agreement, notices, demands and all other communications provided for in this Agreement shall
        be in writing and shall be deemed to have been duly given when delivered either personally or by United States certified or registered mail, return receipt requested, postage prepaid, addressed as follows:

       

      If to Executive:

       

      At his last known address evidenced

      on the Company’s payroll records.

       

      If to the Company:

       

      Bank 7 Corp.

      1039 NW 63rd

      Oklahoma City, OK  73116

       

      or to such other address as any party may have furnished to the others in writing in accordance with this Agreement, except that notices of change of address shall be
        effective only upon receipt.

       

      16.          Withholding.  All payments hereunder will be subject to any required withholding of federal, state and local taxes pursuant to
        any applicable law or regulation.

       

      17.         Miscellaneous.  No provisions of this Agreement may be amended, modified, or waived unless agreed to in writing
          and signed by Executive and by a duly authorized officer of the Company.  No waiver by either party of any breach by the other party of any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or
          conditions at the same or at any prior or subsequent time.  The respective rights and obligations of the parties under this Agreement shall survive Executive’s termination of employment and the termination of this Agreement to the extent
          necessary for the intended preservation of such rights and obligations.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Oklahoma without regard to its conflicts of law
          principles.

       

      18.         Validity.  The invalidity or unenforceability of any provision or provisions of this Agreement will not affect the
          validity or enforceability of any other provision of this Agreement, which will remain in full force and effect.

       

      
        8

        
          

      

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

       

      20.         Section Headings.  The section headings in this Agreement are for convenience of reference only, and they form no
          part of this Agreement and will not affect its interpretation.

       

      21.          Entire Agreement.  Except as provided elsewhere herein, this Agreement sets forth the entire agreement of the
          parties with respect to its subject matter and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party to
          this Agreement with respect to such subject matter.  Provided, however, nothing in this Agreement shall supersede or negatively affect Executive’s rights under the Bank 7 Corp. 2018 Equity Incentive Plan (or any related awards or agreements).

       

      22.          Section 409A.

       

      This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Code”), the Treasury regulations
        and other guidance promulgated or issued thereunder (“Section 409A”), to the extent that the requirements of Section 409A are applicable thereto, and after application of all available exemptions, including but not limited to, the
        “short-term deferral rule” and “involuntary separation pay plan exception” and the provisions of this Agreement shall be construed in a manner consistent with that intention.  The Company shall not have any liability to Executive with respect to
        tax obligations that result under any tax law and makes no representation with respect to the tax treatment of the payments and/or benefits provided under this Agreement.  Any provision required for compliance with Section 409A that is omitted from
        this Agreement shall be incorporated herein by reference and shall apply retroactively, if necessary, and be deemed a part of this Agreement to the same extent as though expressly set forth herein.

       

      To the extent required to comply with Section 409A, a termination of employment shall not be deemed to have occurred for purposes of any provision
        of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” (excluding death) within the meaning of Section 409A and, for purposes
        of any such provision of this Agreement, references to a “resignation,” “termination,” “termination of employment” or like terms shall mean “separation from service” (excluding death).  If Executive is deemed on the date of termination to be a
        “specified employee,” within the meaning of that term under Section 409A(a)(2)(B) of the Code and using the identification methodology selected by the Company from time to time, or if none, the default methodology, then with regard to any payment
        or the providing of any benefit made under this Agreement, to the extent required to be delayed in compliance with Section 409A(a)(2)(B) of the Code, and any other payment or the provision of any other benefit that is required to be delayed in
        compliance with Section 409A(a)(2)(B) of the Code, such payment or benefit shall not be made or provided prior to the earlier of (i) the expiration of the six-month period measured from the date of Executive’s “separation from service” or (ii) the
        date of death.  On the first day of the seventh month following the date of “separation from service,” or if earlier, on the date of death, all payments delayed pursuant to this subparagraph and Section 409A (whether they would have otherwise been
        payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the
        normal payment dates specified for them herein.

       

      
        9

        
          

      

      With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A,
        (i) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the
        expense eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of
        the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments shall be made on or before the last day of Executive’s taxable year following the taxable year in which the
        expense was incurred.

       

      For purposes of applying the provisions of Section 409A to this Agreement, each separately identified amount to which Executive is entitled under
        this Agreement shall be treated as a separate payment within the meaning of Section 409A.  In addition, any series of installment payments under this Agreement shall be treated as a right to a series of separate payments under Section 409A,
        including Treas. Reg. Section 1.409A-2(b)(2)(iii).

       

      23.       Dodd-Frank Act.  Notwithstanding anything in this Agreement or any other agreement between the Company and/or its
          related entities and Executive to the contrary, Executive acknowledges that the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”) may have the effect of requiring certain executives of the Company and/or its related entities to
          repay the Company, and for the Company to recoup from such executives, certain amounts of incentive-based compensation.  If, and only to the extent, the Act, any rules and regulations promulgated by thereunder by the Securities and Exchange
          Commission or any similar federal or state law requires the Company to recoup incentive-based compensation that the Company has paid or granted to Executive, Executive hereby agrees, even if Executive has terminated his employment with the
          Company, to promptly repay such incentive compensation to the Company upon its written request.  In addition, the Executive agrees to be subject to any other compensation clawback arrangement adopted by the Board (whether before or after the
          Effective Date) which is applicable to all executive officers of the Company.  This Section shall survive the termination of this Agreement.

       

      
        10

        
          

      

      24.          Application of 280G.

       

      (a)          It is the objective of this Agreement to maximize Executive’s net after-tax benefit if payments or benefits provided
          under this Agreement are subject to excise tax under Section 4999 of the Code.  Notwithstanding any other provisions of this Agreement, in the event that any payment or benefit by the Company or otherwise to or for the benefit of Executive,
          whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, including, by example and not by way of limitation, acceleration by the Company or otherwise of the date of vesting or payment or rate
          of payment under any plan, program, arrangement or agreement of the Company (all such payments and benefits, including the payments and benefits under Section 8 hereof, being hereinafter referred to as the “Total Payments”), would be subject (in
          whole or in part) to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the cash severance payments shall first be reduced, and the non-cash severance payments shall thereafter be reduced, to the extent necessary so that
          no portion of the Total Payments shall be subject to the Excise Tax, but only if (i) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced Total
          Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments), is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but
          after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase
          out of itemized deductions and personal exemptions attributable to such unreduced Total Payments).

       

      (b)         The Total Payments shall be reduced by the Company in the following order: (i) reduction of any cash severance payments
          otherwise payable to Executive that are exempt from Section 409A of the Code, (ii) reduction of any other cash payments or benefits otherwise payable to Executive that are exempt from Section 409A of the Code, but excluding any payments
          attributable to the acceleration of vesting or payments with respect to any equity award with respect to the Company’s common stock that is exempt from Section 409A of the Code, (iii) reduction of any other payments or benefits otherwise payable
          to Executive on a pro-rata basis or such other manner that complies with Section 409A of the Code, but excluding any payments attributable to the acceleration of vesting and payments with respect to any equity award with respect to the Company’s
          common stock that are exempt from Section 409A of the Code, and (iv) reduction of any payments attributable to the acceleration of vesting or payments with respect to any other equity award with respect to the Company’s common stock that are
          exempt from Section 409A of the Code.

       

      (c)          For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax, (i) no
          portion of the Total Payments the receipt or enjoyment of which Executive shall have waived at such time and in such manner as not to constitute a “payment” within the meaning of Section 280G(b) of the Code shall be taken into account, (ii) no
          portion of the Total Payments shall be taken into account which, in the written opinion of independent auditors of nationally recognized standing (“Independent Advisors”) selected by the Company, does not constitute a “parachute payment” within
          the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments shall be taken into account which, in the opinion of Independent
          Advisors, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable
          compensation, and (iii) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Sections 280G(d)(3) and (4) of the
          Code. The costs of obtaining such determination shall be borne by the Company.

       

      
        11

        
          

      

      IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

       

      	 	
              COMPANY

            
	 	
              Bank 7 Corp., an Oklahoma corporation

            
	 	 
	 	
              By:

            	
              /s/ William B. Haines

            
	 	 	
              William B. Haines, Chairman

            
	 	 
	 	
              EXECUTIVE

            
	 	
              /s/ Thomas L. Travis

            
	 	
              Thomas L. Travis

            

      

      

      
        12

        
          

      

      EXHIBIT A

       

      NOTICE.  Various laws, including Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, the Pregnancy Discrimination Act of 1978, the Equal Pay Act,
        the Civil Rights Act of 1991, the Age Discrimination in Employment Act, the Rehabilitation Act of 1973, the Americans With Disabilities Act, the Employee Retirement Income Security Act and the Veterans Reemployment Rights Act (all as amended from
        time to time), prohibit employment discrimination based on sex, race, color, national origin, religion, age, disability, eligibility for covered employee benefits and veteran status.  You may also have rights under laws such as the Older Worker
        Benefit Protection Act of 1990, the Worker Adjustment and Retraining Act of 1988, the Fair Labor Standards Act, the Family and Medical Leave Act, the Occupational Health and Safety Act and other federal, state and/or municipal statutes, orders or
        regulations pertaining to labor, employment and/or employee benefits.  These laws are enforced through the United States Department of Labor and its agencies, including the Equal Employment Opportunity Commission (EEOC), and various state and
        municipal labor departments, fair employment boards, human rights commissions and similar agencies.

       

      This General Release is being provided to you in connection with the Employment Agreement between you and Bank 7 Corp., an Oklahoma corporation, dated January 1, 2022
        (the “Agreement”).  The federal Older Worker Benefit Protection Act requires that you have at least twenty-one (21) days, if you want it, to consider whether you wish to sign a release such as this one in connection with a special, individualized
        severance package.  You have until the close of business twenty-one (21) days from the date you receive this General Release to make your decision.  You may not sign this General Release until, at the earliest, your official date of separation from
        employment, _________________.

       

      BEFORE EXECUTING THIS GENERAL RELEASE YOU SHOULD REVIEW THESE DOCUMENTS CAREFULLY AND CONSULT WITH YOUR ATTORNEY.

       

      You may revoke this General Release within seven (7) days after you sign it and it shall not become effective or enforceable until that revocation period has expired. 
        If you do not accept the severance package and sign and return this General Release, or if you exercise your right to revoke the General Release after signing it, you will not be eligible for the special, individualized severance package.  Any
        revocation must be in writing and must be received by ____________, Bank 7 Corp., 1039 NW 63rd, Nichols Hills, Oklahoma  73116, within the seven-day period following your execution of this General Release.

       

      
        
          

      

      GENERAL RELEASE

       

      In consideration of the special, individualized severance package offered to me by Bank 7 Corp. and the separation benefits I will receive as reflected in the
        Employment Agreement between me and Bank 7 Corp. dated January 1, 2022 (the “Agreement”), I hereby release and discharge Bank 7 Corp. and its predecessors, successors, affiliates, parent, subsidiaries and partners and each of those entities’
        employees, officers, directors and agents (hereafter collectively referred to as the “Company”) from all claims, liabilities, demands, and causes of action, known or unknown, fixed or contingent, which I may have or claim to have against the
        Company either as a result of my past employment with the Company and/or the severance of that relationship and/or otherwise, and hereby waive any and all rights I may have with respect to and promise not to file a lawsuit to assert any such
        claims.

       

      This General Release includes, but is not limited to, claims arising under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, the Pregnancy
        Discrimination Act of 1978, the Equal Pay Act, the Civil Rights Act of 1991, the Age Discrimination in Employment Act, the Rehabilitation Act of 1973, the Americans With Disabilities Act, the Employee Retirement Income Security Act or 1974 and the
        Veterans Reemployment Rights Act (all as amended from time to time).  This General Release also includes, but is not limited to, any rights I may have under the Older Workers Benefit Protection Act of 1990, the Worker Adjustment and Retraining Act
        of 1988, the Fair Labor Standards Act, the Family and Medical Leave Act, the Occupational Health and Safety Act and any other federal, state and/or municipal statutes, orders or regulations pertaining to labor, employment and/or employee benefits. 
        This General Release also applies to any claims or rights I may have growing out of any legal or equitable restrictions on the Company’s rights not to continue an employment relationship with its employees, including any express or implied
        employment contracts, and to any claims I may have against the Company for fraudulent inducement or misrepresentation, defamation, wrongful termination or other retaliation claims in connection with workers’ compensation or alleged “whistleblower”
        status or on any other basis whatsoever.

       

      It is specifically agreed, however, that this General Release does not have any effect on any rights or claims I may have against the Company which arise after the
        date I execute this General Release or on any vested rights I may have under any of the Company’s qualified or non-qualified benefit plans or arrangements (including, without limitation, any rights that I may have under any stock option or other
        incentive awards or agreements) as of or after my last day of employment with the Company, or on any of the Company’s obligations under the Agreement or as otherwise required under the Consolidated Omnibus Budget and Reconciliation Act of 1985
        (COBRA).

       

      I have carefully reviewed and fully understand all the provisions of the Agreement and General Release, including the foregoing Notice.  I have not relied on any
        representation or statement, oral or written, by the Company or any of its representatives, which is not set forth in those documents.

       

      
        
          

      

      
      The Agreement and this General Release, including the foregoing Notice, set forth the entire agreement between me and the Company with respect to this subject.  I
        understand that my receipt and retention of the separation benefits covered by the Agreement are contingent not only on my execution of this General Release, but also on my continued compliance with my other obligations under the Agreement.  I
        acknowledge that the Company gave me twenty-one (21) days to consider whether I wish to accept or reject the separation benefits I am eligible to receive under the Agreement in exchange for this General Release.  I also acknowledge that the Company
        advised me to seek independent legal advice as to these matters, if I chose to do so. I hereby represent and state that I have taken such actions and obtained such information and independent legal or other advice, if any, that I believed were
        necessary for me to fully understand the effects and consequences of the Agreement and General Release prior to signing those documents.

       

      Dated this ____ day of ____________, 20__.

       

                                                                            

      

      _________________

       

      

      

      2

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