Document:

4

  Exhibit 10.2

  

  

  EXECUTION VERSION

  

  

  

  

  May 31, 2019

  

  

  Terry W. Handley

  

  

      Re:           Separation and General Release Agreement

  

  

  Dear Terry:

  

  

      This separation and general release agreement (“Release Agreement”) confirms our mutual understanding and
      agreement with respect to the terms and conditions associated with your retirement from Casey’s General Stores, Inc. (“Casey’s” or the “Company”).

  

  

      1.               Termination of Employment; Resignation from Board Service.  You and the Company have mutually
      agreed that you will retire from the Company effective as of June 23, 2019 (the “Separation Date”).  As of the Separation Date, you will cease to be employed by, or to serve as President and Chief Executive Officer of, the Company.  Effective as of
      the Separation Date, you hereby unconditionally and irrevocably resign as a member of the Board of Directors of the Company (the “Board”) and resign from all other offices, titles, positions and appointments at the Company and any of its subsidiaries
      and affiliates, including as a director, manager, officer, employee, committee member or trustee.

  

  

      2.               Severance; Equity Awards.  (a) In consideration of the First General Release you provide in
      Section 4 below (as defined therein), the Second General Release attached hereto as Exhibit A and the other promises and representations you make in this Release
      Agreement, and subject to your compliance with this Release Agreement and Section 8 of the Employment Agreement entered into by you and the Company on April 12, 2016, effective May 1, 2016 (the “Employment Agreement”) and to your continued employment
      with the Company through the Separation Date, the Company agrees to provide you with the following post-employment payments and benefits that you would otherwise receive (x) in the event of a termination without “Cause” pursuant to Section 7.4 of the
      Employment Agreement and (y) in the event of retirement pursuant to the award agreements governing the time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”) that were granted to you on or after July 14, 2017
      (clauses (i) and (ii) below, together, the “Release Pay”):

  

  

          (i)            Continued payment of Base Salary at the rate of Nine Hundred Twenty-Five Thousand Dollars ($925,000) (i.e., the rate in effect as of the date hereof) from the Separation Date through
      December 23, 2020 (i.e., for a period of eighteen (18) months), paid in installments at the same times and in the same manner as your Base Salary (“Severance Payments”), less applicable withholding and deductions; provided that any installments that would otherwise have been paid prior to satisfaction of the Release Period (as defined in the Second General Release) shall be paid in a lump-sum at the
      end of the first full payroll period following satisfaction of the Release Period.

  

  

          (ii)          With respect to the RSUs and PSUs that were granted to you on or after July 14, 2017 and are outstanding as of the Separation Date, you acknowledge and agree that following the
      Separation Date such RSUs and PSUs will remain outstanding and continue to vest based on their original vesting schedules, in accordance with the retirement provisions contained in the applicable award agreements, and in the case of such PSUs,
      subject to the Company’s achievement of the applicable performance goals.  For the avoidance of doubt, all other unvested equity awards will be forfeited as of the Separation Date.

  

  

  
    
      

  

  
  

  

      (b)           You acknowledge that the Release Pay is in excess of any earned wages or benefits due and owing to you and would not be paid or provided unless you executed this Release Agreement and
      the Second General Release.  In the event the Second General Release does not take effect, as provided in Section 3 thereof, the Company will have no obligation to provide you with the Release Pay described above, and you will be required to return
      and/or reimburse Casey’s for such pay or benefits paid to you or on your behalf.  In addition, the Company will pay you for any Accrued Obligations (as defined in the Employment Agreement) through the Separation Date in a lump-sum cash payment within
      30 calendar days following the Separation Date or such other period required by the applicable plans, agreements or arrangements.  All outstanding vested stock options that you currently hold will remain exercisable for a period of up to three months
      following the Separation Date.

  

  

      (c)            You acknowledge and represent that, except with regard to the Release Pay, the Consulting Payment (as defined in Section 3 below) or as otherwise set forth in this Release Agreement,
      all compensation and benefits due to you by Casey’s, whether by contract or by law, have been paid in full, and you have been provided all rights and benefits to which you are entitled without interference by Casey’s, including but not limited to
      vacation, sick time, paid or unpaid time off, Family and Medical Leave (“FMLA”), accommodation for any disability, and any contractual rights or privileges, and that you have no outstanding claims for any compensation or benefits.  You further
      acknowledge and represent that the consideration provided by Casey’s in this Release Agreement is adequate and satisfactory in exchange for the First General Release provided by you in Section 4 below (including subparagraphs a, b and c), the Second
      General Release and for the other commitments you make to Casey’s in this Release Agreement.

  

  

                     3.              Consulting.  The Company believes it is in the best interest of the Company to continue to utilize your services
      in a consulting capacity following the Separation Date.  You and the Company mutually agree that you will provide consulting services to the Company as may be requested by the Board from time to time during the six-month period after the Separation
      Date.  In exchange for such consulting services and subject to your continued employment with the Company through the Separation Date and to the effectiveness and irrevocability of the Second General Release, the Company agrees to pay you an amount
      equal to Four Hundred Sixty-Two Thousand Five Hundred Dollars ($462,500), payable in one lump-sum cash payment on the date the first installment of your Severance Payments is paid (such amount, the “Consulting Payment”), less applicable withholdings
      and deductions.  The Company agrees to reimburse you for reasonable expenses directly related to your provision of the consulting services, in accordance with policies and procedures established by the Company.

  

  

  
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                     4.              First General Release.  In exchange for the Release Pay, and other consideration provided to you in this Release
      Agreement, you hereby agree unconditionally to release, acquit, and forever discharge Casey’s, and all of its parents, subsidiaries, affiliates, predecessors, successors, and assigns, and all of their current and former owners, shareholders, general
      or limited partners, joint venturers, directors, officers, employees, agents, representatives, and attorneys, and any persons acting by, through, under, or in concert with any of them, and all successors and assigns thereof (collectively, “Released
      Parties”) from any and all claims, charges, complaints, demands, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, entitlements, costs, losses, debts, and expenses (including attorneys’
      fees and legal expenses), of any nature whatsoever, whether or not you know about them at the time this Release Agreement becomes effective and enforceable, and even if you would not have entered into this Release Agreement had you known about them,
      which you now have or may later claim to have against the Released Parties, individually or collectively, because of any matter, act, omission, transaction, occurrence, or event that has or is alleged to have occurred up to the date you sign this
      Release Agreement and, except as expressly provided in this Release Agreement or the Second General Release, is related in any way to Casey’s, its operations, your employment with Casey’s, or your retirement from said employment (collectively,
      “Claims”).  You hereby waive any right to receive any benefits or remedial relief as a consequence of any Claims filed with or by the Equal Employment Opportunity Commission (the “EEOC”), any other state or federal agency or any other person or
      entity (governmental or otherwise), including any class or collective action lawsuit or complaint filed by any individual or entity against any of the Released Parties (such waiver together with the release in preceding sentence, the “First General
      Release”).  This First General Release does not release or waive any rights or claims that may arise after the date this Release Agreement is executed.

  

  

                     (a)                     Without limiting the First General Release above, you also knowingly and voluntarily waive and release any and all Claims under the Age Discrimination in Employment Act, codified at
      Chapter 14 of Title 29 of the United States Code, 29 U.S.C. § 621-634 (the “ADEA”).  However, you are not releasing any age discrimination claims that may arise under the ADEA after the date this Release Agreement becomes effective.

   

    

                                (b)                    Also without limiting the First General Release above, you knowingly and voluntarily waive and release any and all Claims under:

  

  

  
    
      		
               (1)

            	
              Title VII of the Civil Rights Act of 1964, as amended, and 42 U.S.C. § 1981 and 42 U.S.C. § 1983;

            

    

  

  

  

  
    
      		(2)	
              The Equal Pay Act and the Fair Labor Standards Act, as amended;

            

    

  

  

  

  
    
      		(3)	
              The Americans with Disabilities Act;

            

    

  

  

  

  
    
      		(4)	
              The FMLA;

            

    

  

  

  

  
    
      		(5)	
              The Employee Retirement Income Security Act of 1974 and The Consolidated Omnibus Budget Reconciliation Act;

            

    

  

  

  

  
    
      		(6)	
              The Occupational Safety and Health Act of 1970;

            

    

  

  

  

  
    
      		(7)	
              The Rehabilitation in Employment Act;

            

    

  

  

  

  
    
      		(8)	
              The Older Workers Benefits Protection Act;

            

    

  

  

  

  
    
      		(9)	
              Any and all claims based on “public policy”;

            

    

  

  

  

  
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      		(10)	
              Any and all claims under any federal, state or local laws pertaining to employment, employment compensation, or employment benefits; personal injury; injury to
                  reputation; injury to property; intentional torts; negligence; wrongful termination; constructive discharge; retaliation; discrimination; harassment; breach of express or implied contract; promissory estoppel, misrepresentation, and any
                  and all claims for recovery of lost wages or back pay, stock options, fringe benefits, pension benefits, liquidated damages, front pay, compensatory and/or punitive damages, attorneys’ fees, injunctive or equitable relief, or any other
                  form of relief; and

            

    

  

  

  

  
    
      		(11)	
              Any and all other claims of any kind based on any federal, state, or local constitution, statute, law, rule, regulation, judicial doctrine, contract, or common law,
                  or other theory arising out of any matter, act, omission, transaction, occurrence, or event that has occurred or is alleged to have occurred up to the effective date of this Release Agreement, whether or not involving alleged continuing
                  violations.

            

    

  

  

  

   (c)                     You also agree to secure the dismissal, with prejudice, of any proceeding, grievance, action, charge or complaint, if any, that you or anyone else on your behalf has filed or
      commenced against Casey’s or any of the other Released Parties with respect to any matter involving your employment with Casey’s, your separation from employment with Casey’s or any other matter that is the subject of the First General Release. 
      Notwithstanding the foregoing, nothing in this Release Agreement is intended to limit or interfere in any way with the ability of either you or Casey’s to consult legal counsel, to provide testimony pursuant to a subpoena or notice of deposition or
      as otherwise required by law.  Nothing in this Release Agreement is intended to cause you to waive or release any claim which cannot be validly waived or
        released by private agreement.  Specifically, nothing in this Release Agreement prohibits you from filing a charge or complaint with, reporting possible violations of any law or regulation, making disclosures to, and/or participating in any
        investigation or proceeding conducted by any federal, state, or local agency, including the National Labor Relations Board (the “NLRB”), the EEOC, the Securities and Exchange Commission (the “SEC”), the Department of Fair Employment and Housing
        (the “DFEH”) and/or any governmental authority charged with the enforcement of any employment laws.  However, you understand that by signing this Release Agreement you are waiving the right to recover any damages or to receive other relief in any
        claim or suit brought by or through the EEOC, the DFEH or any other state or local federal agency on your behalf to the fullest extent permitted by law. Notwithstanding the foregoing, this Release Agreement is not intended to, and shall not be
        interpreted in any manner that limits or restricts you from, exercising any legally protected whistleblower rights (including pursuant to Rule 21F under the Securities Exchange Act of 1934) or receiving an award for information provided to any
        government agency under any legally protected whistleblower rights.  This First General Release is not intended to, and shall not, serve as a
        release of your rights to (i) the Accrued Obligations (as defined in the Employment Agreement) or (ii) advancement and indemnification in respect of your service as a director or officer of the Company or any of its subsidiaries, which shall
        continue without regard to the termination of the Employment Agreement or your employment with the Company.

  

  

  
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      5.               Second General Release.  You agree that your eligibility for the Release Pay is subject to your
      execution, not later than 30 days following the Separation Date, of a second release of claims (the “Second General Release”) in the form attached hereto as Exhibit A
      and the non-revocation of the Second General Release during the Revocation Period (as defined in the Second General Release).  If you fail to execute and deliver the Second General Release within 30 days following the Separation Date, or if you
      revoke the Second General Release during the Revocation Period, then you shall forfeit the Release Pay.

  

  

      6.               You acknowledge that all, if any, known workplace injuries or occupational diseases were timely reported to Casey’s and that currently you have no known workplace injuries or
      occupational diseases that have not been reported.  You further acknowledge that you have no pending workers’ compensation claims and that this Release Agreement is not related in any way to any claim for workers’ compensation benefits, and that you
      have no basis for such a claim.

  

  

      7.               You covenant and agree that you will not disclose the existence or terms of this Release Agreement to any person except (a) licensed attorney(s) for the purpose of obtaining legal
      advice; (b) licensed or certified accountant(s) for the purpose of preparing tax returns or other financial services; (c) in formal proceedings to enforce the terms of this Release Agreement; or (d) as required by law or court order; provided that you give Casey’s enough advance notice prior to any disclosure pursuant to subsection (d) to intervene or take action as appropriate.  You agree to
      cooperate with Casey’s in the truthful and honest prosecution and/or defense of any matter in which Casey’s may have an interest (with the right of reimbursement for reasonable expenses actually incurred and approved in advance by Casey’s) including,
      without limitation, being available to participate in any proceeding involving any of the Released Parties, permitting interviews with representatives of Casey’s, appearing for depositions and trial testimony, and producing and/or providing documents
      and information within your possession and control.

  

  

      8.               You acknowledge that you continue to be bound by the terms of the Employment Agreement, including Section 8 thereof, and that you will not compete with Casey’s, solicit Casey’s
      employees and customers or use or disclose Confidential Information (as defined in the Employment Agreement) except as may be permitted under the Employment Agreement (such obligations, “Restrictive Covenants”).  You acknowledge that this Release
      Agreement and the Second General Release supersede any and all previous agreements between you and Casey’s (except for the Restrictive Covenants), and that Casey’s has made no promise to you other than what is written in this Release Agreement and
      the Second General Release, with respect to the subject matter referred to in this Release Agreement.  You further acknowledge that all rights and obligations under this Release Agreement shall be binding upon and be granted only to you, your heirs,
      legatees and legal representatives and to Casey’s and each of the other Released Parties and their respective successors, assigns, heirs, legatees and legal representatives.  You also agree not to assign or transfer any rights or obligations under
      this Release Agreement.  If a court of competent jurisdiction finds that any portion of this Release Agreement is illegal or invalid, that portion will be modified or excluded from the Release Agreement only to the extent required by law, but the
      validity of the remaining portion will not be affected.

  

  

  
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      9.               By entering into this Release Agreement neither Casey’s nor you claim or admit to any liability or wrongdoing and each denies that it has any liability to the other or has acted
      wrongly toward the other.

  

  

      10.           You and Casey’s agree that the laws of the State of Iowa shall govern the interpretation and performance of this Agreement, and that any lawsuit regarding this Release Agreement may be brought only in a court of competent jurisdiction within the State of Iowa.

  

  

      11.           You acknowledge that you have reviewed this Release Agreement, that you know and understand its contents and that you have executed it voluntarily.

  

  

      12.           You and the Company acknowledge and agree that this Release Agreement is intended to satisfy, or be exempt from, the requirements of Section 409A of the Internal Revenue Code,
      including current and future guidance and regulations interpreting such provisions (collectively, “Code Section 409A”) and should be interpreted accordingly.  For purposes of Code Section 409A, any installment payments provided under this Release
      Agreement shall each be treated as a separate payment. Notwithstanding anything to the contrary in this Release Agreement, if any amount payable pursuant to this Release Agreement constitutes a deferral of compensation subject to Code Section 409A,
      and if such amount is payable as a result of your “separation from service” at such time as your are a “specified employee” (within the meaning of those terms as defined in Code Section 409A), then no payment shall be made, except as permitted under
      Code Section 409A, prior to the first business day after the date that is 6 months after your separation from service.  To the extent necessary to comply with Code Section 409A, if the Release Period (as defined in the Second General Release) spans
      two calendar years, payment of the Severance Payments described in Section 2 shall commence in the second calendar year.  Except for any tax amounts withheld by the Company from the payments or other consideration hereunder and any employment taxes
      required to be paid by the Company, you shall be responsible for payment of any and all taxes owed in connection with the consideration provided for in this Release Agreement.  To the extent required to avoid any accelerated taxation or penalties
      under Code Section 409A, amounts reimbursable to you under this Release Agreement shall be paid on or before the last day of the year following the year in which the expense was incurred, and the amount of expenses eligible for reimbursements (and
      in-kind benefits provided) during any one year may not affect amounts reimbursable or provided in any subsequent year.  You shall be solely responsible for the payment of any taxes and penalties incurred under Code Section 409A.

  

  

      Accepting the terms of this Release Agreement, and intending to be bound by its terms, you and Casey’s have
      signed this Release Agreement as of the date first set forth above.  This Release Agreement shall be immediately effective and irrevocable upon execution by you and Casey’s.

  

  

  

  

  [Signature Page Follows]

  

  

  
    6

    
      

  

  

  

  
    	TERRY W. HANDLEY  

          	 	CASEY'S GENERAL STORES, INC.  

          	 
	 	 	 	 
	  	 	  	 
	By: 

          	
            /s/ Terry W. Handley 

          	 	By: 

          	
            /s/ H. Lynn Horak  

          	 
	 	 Terry W. Handley 	 	 	
            Name:

          	H. Lynn Horak  

          	 
	 	
            

            

          	 	 	
            Title:

          	Chairman of the Board of Directors  

          	 

  

  

  

  

  

  

  

  

  

  

  [Signature Page to Handley Release Agreement]

  

  
    
      

  

  

  EXHIBIT A

  

  

  SECOND GENERAL RELEASE

  

  

  This second general release (this “Release”) is made by and among Terry M. Handley (“you” or “your”) and Casey’s
      General Stores, Inc. (“Casey’s” or the “Company”) in connection with the general release and separation agreement dated May 31, 2019 between you and the Company (the “Release Agreement”) and with your retirement from the Company.

  

  

  1.            In exchange for the Release Pay (as defined in the Release Agreement), and other consideration provided to you in the Release Agreement, you hereby agree unconditionally to release,
      acquit, and forever discharge Casey’s, and all of its parents, subsidiaries, affiliates, predecessors, successors, and assigns, and all of their current and former owners, shareholders, general or limited partners, joint venturers, directors,
      officers, employees, agents, representatives, and attorneys, and any persons acting by, through, under, or in concert with any of them, and all successors and assigns thereof (collectively, “Released Parties”) from any and all claims, charges,
      complaints, demands, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, entitlements, costs, losses, debts, and expenses (including attorneys’ fees and legal expenses), of any nature
      whatsoever, whether or not you know about them at the time this Release becomes effective and enforceable, and even if you would not have entered into this Release had you known about them, which you now have or may later claim to have against the
      Released Parties, individually or collectively, because of any matter, act, omission, transaction, occurrence, or event that has or is alleged to have occurred up to the date you sign this Release and is related in any way to Casey’s, its operations,
      your employment with Casey’s, or your separation from said employment (collectively, “Claims”).  You hereby waive any right to receive any benefits or remedial relief as a consequence of any Claims filed with or by the Equal Employment Opportunity
      Commission (the “EEOC”), any other state or federal agency or any other person or entity (governmental or otherwise), including any class or collective action lawsuit or complaint filed by any individual or entity against any of the Released
      Parties.  This Release does not release or waive any rights or claims that may arise after the date this Release is executed.

  

  

  (a)                      Without limiting the release above, you also knowingly and voluntarily waive and release any and all Claims under the Age Discrimination in Employment Act, codified at Chapter 14 of
      Title 29 of the United States Code, 29 U.S.C. § 621-634 (the “ADEA”).  However, you are not releasing any age discrimination claims that may arise under the ADEA after the date this Release becomes effective (as provided in Section 3 hereof).

  

  

  (b)                      Also without limiting the release above, you knowingly and voluntarily waive and release any and all Claims under:

  

  

  
    
      		(1)	
              Title VII of the Civil Rights Act of 1964, as amended, and 42 U.S.C. § 1981 and 42 U.S.C. § 1983;

            

    

  

  

  

  
    
      		(2)	
              The Equal Pay Act and the Fair Labor Standards Act, as amended;

            

    

  

  

  

  
    
      

  

  
  

  

  
    
      		(3)	
              The Americans with Disabilities Act;

            

    

  

  

  

  
    
      		(4)	
              The FMLA;

            

    

  

  

  

  
    
      		(5)	
              The Employee Retirement Income Security Act of 1974 and The Consolidated Omnibus Budget Reconciliation Act;

            

    

  

  

  

  
    
      		(6)	
              The Occupational Safety and Health Act of 1970;

            

    

  

  

  

  
    
      		(7)	
              The Rehabilitation in Employment Act;

            

    

  

  

  

  
    
      		(8)	
              The Older Workers Benefits Protection Act;

            

    

  

  

  

  
    
      		(9)	
              Any and all claims based on “public policy”;

            

    

  

  

  

  
    
      		(10)	
              Any and all claims under any federal, state or local laws pertaining to employment, employment compensation, or employment benefits; personal injury; injury to
                  reputation; injury to property; intentional torts; negligence; wrongful termination; constructive discharge; retaliation; discrimination; harassment; breach of express or implied contract; promissory estoppel, misrepresentation, and any
                  and all claims for recovery of lost wages or back pay, stock options, fringe benefits, pension benefits, liquidated damages, front pay, compensatory and/or punitive damages, attorneys’ fees, injunctive or equitable relief, or any other
                  form of relief; and

            

    

  

  

  

  
    
      		(11)	
              Any and all other claims of any kind based on any federal, state, or local constitution, statute, law, rule, regulation, judicial doctrine, contract, or common law,
                  or other theory arising out of any matter, act, omission, transaction, occurrence, or event that has occurred or is alleged to have occurred up to the effective date of this Release, whether or not involving alleged continuing violations.

            

    

  

  

  

  (c)                  You also agree to secure the dismissal, with prejudice, of any proceeding, grievance, action, charge or complaint, if any, that you or anyone else on your behalf has filed or
      commenced against Casey’s or any of the other Released Parties with respect to any matter involving your employment with Casey’s, your separation from employment with Casey’s or any other matter that is the subject of this Release.  Notwithstanding
      the foregoing, nothing in this Release is intended to limit or interfere in any way with the ability of either you or Casey’s to consult legal counsel, to provide testimony pursuant to a subpoena or notice of deposition or as otherwise required by
      law.  Nothing in this Release is intended to cause you to waive or release any claim which cannot be validly waived or released by private agreement. 
        Specifically, nothing in this Release prohibits you from filing a charge or complaint with, reporting possible violations of any law or regulation, making disclosures to, and/or participating in any investigation or proceeding conducted by any
        federal, state, or local agency, including the National Labor Relations Board (the “NLRB”), the EEOC, the Securities and Exchange Commission (the “SEC”), the Department of Fair Employment and Housing (the “DFEH”) and/or any governmental authority
        charged with the enforcement of any employment laws.  However, you understand that by signing this Release you are waiving the right to recover any damages or to receive other relief in any claim or suit brought by or through the EEOC, the DFEH or
        any other state or local federal agency on your behalf to the fullest extent permitted by law. Notwithstanding the foregoing, this Release is not intended to, and shall not be interpreted in any manner that limits or restricts you from, exercising
        any legally protected whistleblower rights (including pursuant to Rule 21F under the Securities Exchange Act of 1934) or receiving an award for information provided to any government agency under any legally protected whistleblower rights. 
      This Release is not intended to, and shall not, serve as a release of your rights to (i) the Accrued Obligations (as defined in the Employment Agreement
        entered into by you and the Company on April 12, 2016, effective May 1, 2016 (the “Employment Agreement”) or (ii) advancement and indemnification in respect of your service as a director or officer of the Company or any of its subsidiaries, which
        shall continue without regard to the termination of the Employment Agreement or your employment with the Company.

  

  

  
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  2.                       You acknowledge that all, if any, known workplace injuries or occupational diseases were timely reported to Casey’s and that currently you have no known workplace injuries or
      occupational diseases that have not been reported.  You further acknowledge that you have no pending workers’ compensation claims and that this Release is not related in any way to any claim for workers’ compensation benefits, and that you have no
      basis for such a claim.

  

  

  3.                       Regarding the ADEA, you acknowledge, understand, agree, and/or declare the following:

  

  

  
    
      		(a)	
              Casey’s provided you with a copy of this Release before you signed it, and you have carefully read and fully understand this Release, and knowingly and voluntarily
                  have decided to enter into this Release, after having had a reasonable time to consider it.

            

    

  

  

  

  
    
      		(b)	
              Casey’s hereby advises you to consult with and have this Release reviewed by an attorney before you sign it.

            

    

  

  

  

  
    
      		(c)	
              In exchange for waiving any rights or claims, including rights or claims under the ADEA, you have received valid and sufficient consideration pursuant to this
                  Agreement, and such consideration is in addition to anything of value to which you already were entitled.

            

    

  

  

  

  
    
      		(d)	
              You have been given a period of at least twenty-one (21) calendar days within which to consider this Release.  Changes to this Release, whether material or
                  immaterial, have not restarted the running of this twenty-one (21) day period.

            

    

  

  

  

  
    
      		(e)	
              You may revoke this Release for a period of seven (7) calendar days following the date you signed this Release (the “Revocation Period”).  This Release will not
                  become effective or enforceable until the Revocation Period has expired.  If you choose to revoke this Release, you must notify Casey’s in writing, and personally deliver the notice or deposit it in the United States Mail, postage
                  prepaid, certified, or registered mail, return receipt requested, addressed to:  Casey’s General Stores, Inc., One Convenience Boulevard, Ankeny, Iowa 50021, Attn: Corporate Secretary.

            

    

  

  

  

  
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      		(f)	
              If you do not execute this Release within thirty (30) calendar days following the Separation Date (as defined in the Release Agreement), or if you revoke this
                  Release before the expiration of seven (7) days after executing it (such 37-day period, the “Release Period”), this Release will not become effective or enforceable, and you will not be entitled to receive any payments or benefits
                  provided under this Release or the Release Agreement.

            

    

  

  

  

  

  

  

  
  
    	Accepted and Agreed to:

          
	  
	  
	
            By: 

          	

            
	 	 
	Date: 

          	

          

  

  

  

  

  

  

  

  4EXHIBIT
10.66

 

EXCHANGE
AGREEMENT

 

THIS
EXCHANGE AGREEMENT (the “Agreement”) is dated this 4th day of June, 2019, by and between Infinity Energy Resources,
Inc., a Delaware corporation (the “Company”), and Westpark Capital, Inc., a Colorado corporation (“Holder”).

 

WHEREAS,
the Holder beneficially owns and holds the securities of the Company as set forth on Exhibit A hereto (the “Original
Warrant”) (capitalized terms not defined herein shall have the meaning as set forth in the documents relating to the
Original Warrant);

 

WHEREAS,
the Holder desires to exchange (the “Exchange”) the Original Warrant for a new warrant (the “Exchange
Warrant”) to purchase fifty-thousand (50,000) shares (the “Warrant Shares”) of common stock, par
value $0.0001, of the Company (the “Common Stock”), and the Company desires to convey the Exchange Warrant
in exchange for the Original Warrant and, all on the terms and conditions set forth in this Agreement in reliance on the exemption
from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”);
and

 

WHEREAS,
upon the consummation of the transactions contemplated hereby, the Holder shall no longer own any Original Warrant, and the Company
shall cancel the certificate(s) and other physical documents evidencing the ownership of the Original Warrant.

 

NOW,
THEREFORE, in consideration of the terms and conditions contained herein, and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Company and the Holder hereby agree as follows:

 

Section
1. Exchange. Subject to and upon the terms and conditions set forth in this Agreement, the Holder agrees to surrender to
the Company the Original Warrant and, in exchange therefor, the Company shall convey to the Holder the Exchange Warrant.

 

1.1
Closing. On the Closing Date (as defined below), the Company will convey and deliver (or cause to be conveyed and delivered)
the Exchange Warrant to the Holder, at such Holder’s address for delivery set forth on the signature page attached hereto,
which Exchange Warrant shall be substantially in the form attached hereto as Exhibit D, and the Holder will surrender
to the Company the Original Warrant, without restricted legends, for cancellation. The closing of the Exchange shall occur as
of the date hereof, or as soon thereafter as the parties hereto may mutually agree in writing (the “Closing Date”),
subject to the provisions of Section 4 and Section 5 herein.

 

1.2
Section 3(a)(9). Assuming the accuracy of the representations and warranties of each of the Company and the Holder set
forth in Sections 2 and 3 of this Agreement, the parties hereto acknowledge and agree that the purpose of such representations
and warranties is, among other things, to ensure that the Exchange qualifies as an exchange of securities under Section 3(a)(9)
of the Securities Act.

 

1.3
Mutual Releases. On the Closing Date, (a) the Holder shall duly execute and deliver to the Company a release in the form
attached hereto as Exhibit B and (b) the Company shall duly execute and deliver to the Holder a release in the form
attached hereto as Exhibit C (collectively, the “Releases”).

 

Section
2. Representations and Warranties of the Company. The Company represents and warrants to the Holder that:

 

2.1
Organization and Qualification. As set forth on Schedule 2.1, the Company is an entity duly incorporated or otherwise
organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with
the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.
The Company is not in violation or default of any of the provisions of its certificate of incorporation, bylaws or other organizational
or charter documents. The Company is duly qualified to conduct business and is in good standing as a foreign corporation or other
entity in each jurisdiction in which the nature of the business conducted or property owned by such entity makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be
expected to result in a material adverse effect on the results of operations, assets, business, prospects or condition (financial
or otherwise) of the Company, taken as a whole (a “Material Adverse Effect”).

 

    	 	1	 

    	 

    

 

2.2
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement, the Releases and the Exchange Warrant (collectively, the “Exchange Documents”)
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and each of
the other Exchange Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have
been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the
Company’s board of directors or the Company’s stockholders in connection herewith or therewith. This Agreement and
each other Exchange Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and,
when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company
enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights
generally; (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies; and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

2.3
Issuance of Exchange Warrant. The issuance of the Exchange Warrant by the Company is duly authorized and, upon conveyance
in accordance with the terms hereof, the Exchange Warrant shall be validly issued, fully paid and non-assessable and free from
all free and clear of any mortgage, lien, pledge, charge, security interest, encumbrance, title retention agreement, option, rights,
proxies, equity or other adverse claim thereto (collectively, “Liens”). The Warrant Shares shall not bear any
restrictive legend and shall be freely tradeable by the Holder pursuant to and in accordance with, Rule 144. Upon issuance in
accordance herewith, the Exchange Warrant, when issued, will be validly issued, fully paid and nonassessable and free from all
Liens with respect to the issue thereof. Upon issuance in accordance herewith or pursuant to the Exchange Warrant, the Warrant
Shares, when issued, will be validly issued, fully paid and nonassessable and free from all Liens with respect to the issue thereof,
with the Holder being entitled to all rights accorded to a holder of the Exchange Warrant. Upon issuance and conveyance in accordance
herewith, the conveyance by the Company of the Exchange Warrant is, and the conveyance of the Warrant Shares upon exercise of
the Exchange Warrant, will be, exempt from the registration requirements of the Securities Act under Section 3(a)(9) of the Securities
Act.

 

2.4
No Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Exchange Documents
to which it is a party, the issuance of the Exchange Warrant (and upon exercise of the Exchange Warrant) and the consummation
by it of the transactions contemplated hereby and thereby do not and will not conflict with or violate any provision of the Company’s
certificate of incorporation, bylaws or other organizational or charter documents.

 

    	 	2	 

    	 

    

 

2.5
Acknowledgment Regarding the Exchange. The Company acknowledges and agrees that the Holder is acting solely in the capacity
of an arm’s length third party with respect to this Agreement and the transactions contemplated hereby. The Company further
acknowledges the Holder is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect
to this Agreement and the transactions contemplated hereby, and any advice given by the Holder or any of its representatives or
agents in connection with this Agreement is merely incidental to the Exchange.

 

2.6
No Commission; No Other Consideration. The Company has not paid or given, and has not agreed to pay or give, directly or
indirectly, any commission or other remuneration for soliciting the Exchange. The Exchange Warrant is being conveyed exclusively
for the exchange of the Original Warrant and no other consideration has or will be paid for the Exchange Warrant.

 

2.7
Section 3(a)(9) Representation. The Company has not, nor has any person acting on its behalf, directly or indirectly made
any offers or sales of any security or solicited any offers to buy any security under circumstances that would cause the Exchange
and the issuance of the Exchange Warrant (and upon exercise of the Exchange Warrant, the Warrant Shares) pursuant to this Agreement
to be integrated with prior offerings by the Company for purposes of the Securities Act which would prevent the Company from delivering
the Exchange Warrant (and upon exercise of the Exchange Warrant, the Warrant Shares) to the Holder pursuant to Section 3(a)(9)
of the Securities Act, nor will the Company take any action or steps that would cause the Exchange, issuance and delivery of the
Exchange Warrant (and upon exercise of the Exchange Warrant, the Warrant Shares) to be integrated with other offerings to the
effect that the delivery of the Exchange Warrant (and upon exercise of the Exchange Warrant, the Warrant Shares) to the Holder
would be seen not to be exempt pursuant to Section 3(a)(9) of the Securities Act.

 

2.8
No Third-Party Advisors. Other than legal counsel, the Company has not engaged any third parties to assist in the solicitation
with respect to the Exchange.

 

2.9
SEC Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Securities Act and the Exchange Act of 1934, as amended (the “Exchange
Act”), including pursuant to Section 13(a) or 15(d) of the Exchange Act, for the two years preceding the date hereof
(or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including
the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC
Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports
prior to the expiration of any such extension.

 

    	 	3	 

    	 

    

 

2.10
[Reserved.]

 

2.11
Filings, Consents and Approvals. Other than as set forth on Schedule 2.11, or any filings required to be made with
the SEC or any state securities commission, in connection with the transactions contemplated under this Agreement, the Company
is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any court or other federal, state, local or other governmental authority or any natural person, firm, partnership, association,
corporation, company, trust, business trust or other entity (each, a “Person”) in connection with the execution,
delivery and performance by the Company of the Exchange Documents.

 

2.12
Capitalization. The capitalization of the Company is as set forth in the SEC Reports. No Person has any right of first
refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the
Exchange Documents. Except as set forth on Schedule 2.12, there are no outstanding options, warrants, scrip rights to subscribe
to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable
or exchangeable for, or giving any Person any right to subscribe for or acquire any shares of Common Stock, or contracts, commitments,
understandings or arrangements by which the Company is or may become bound to issue additional shares of Common Stock, stock options
or securities convertible into shares of Common Stock. The issuance of the Exchange Warrant will not obligate the Company to issue
shares of Common Stock or other securities to any Person (other than the Holder) and will not result in a right of any holder
of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. All of the outstanding
shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in
compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive
rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any stockholder, the
Company’s board of directors or others is required for the issuance of the Exchange Warrant. There are no stockholders’
agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to
the knowledge of the Company, between or among any of the Company’s stockholders.

 

2.13
[Reserved].

 

2.14
DTC Eligibility. The Company, through the Company’s transfer agent (the “Transfer Agent”), currently
participates in the DTC Fast Automated Securities Transfer (FAST) Program and the Common Stock can be transferred electronically
to third parties via the DTC Fast Automated Securities Transfer (FAST) Program.

 

    	 	4	 

    	 

    

 

2.15
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements
included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof: (i)
there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse
Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued
expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected
in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the SEC, (iii) the Company has
not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other
property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock
and (v) the Company has not issued any equity securities to any officer, director or Affiliate (as defined below), except pursuant
to existing Company stock option plans. The Company does not have pending before the SEC any request for confidential treatment
of information. Except for the issuance of the Exchange Warrant contemplated by this Agreement, no event, liability, fact, circumstance,
occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its
businesses, properties, operations, assets or financial condition, that would be required to be disclosed by the Company under
applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least
one (1) Trading Day prior to the date that this representation is made, which for purposes of this Agreement, “Trading
Day” shall refer to any day on which The NASDAQ Stock Market LLC is open for trading business. “Affiliate”
means, with respect to any Person (as defined below), any other Person that directly or indirectly controls, is controlled by,
or is under common control with, such Person, it being understood for purposes of this definition that “control” of
a Person means the power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the election
of directors of such Person or direct or cause the direction of the management and policies of such Person whether by contract
or otherwise.

 

2.16
Litigation. Other than as set forth in the SEC Reports, there is no action, suit, inquiry, notice of violation, proceeding
or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company or any of its properties
before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local
or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or
enforceability of any of the Exchange Documents or the Exchange Warrant or (ii) could, if there were an unfavorable decision,
have or reasonably be expected to result in a Material Adverse Effect.

 

2.17
Compliance. Except as set forth in the SEC Reports, the Company is not: (i) in material default under or in material violation
of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a material
default by the Company), nor has the Company received notice of a claim that it is in material default under or that it is in
material violation of, any indenture, loan or credit agreement or any other agreement or instrument set forth in the Company’s
most recent Annual Report on Form 10-K to which it is a party or by which it or any of its properties is bound (whether or not
such default or violation has been waived), (ii) in material violation of any judgment, decree or order of any court, arbitrator
or other governmental authority or (iii) to its knowledge, in violation of any statute, rule, ordinance or regulation of any governmental
authority, including without limitation all foreign, federal, state and local laws relating to environmental protection, occupational
health and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably
be expected to result in a Material Adverse Effect.

 

    	 	5	 

    	 

    

 

2.18
Regulatory Permits. The Company possesses all certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct its businesses as described in the SEC Reports, except where
the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material
Permits”), and the Company has not received any notice of proceedings relating to the revocation or modification of
any Material Permit.

 

2.19
Transactions with Affiliates and Employees. Except as set forth in the SEC Reports, none of the officers or directors of
the Company and, to the knowledge of the Company, none of the employees of the Company is presently a party to any transaction
with the Company (other than for services as employees, officers and directors), including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real or personal property to or from providing for
the borrowing of money from or lending of money to, or otherwise requiring payments to or from any officer, director or such employee
or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest
or is an officer, director, trustee, stockholder, member or partner, in each case in excess of $120,000 other than for: (i) payment
of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii)
other employee benefits, including stock option agreements under any stock option plan of the Company.

 

2.20
Certain Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company to any broker, financial
advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated
by the Exchange Documents.

 

2.21
No Integrated Offering. Assuming the accuracy of the Holder’s representations and warranties set forth in Section
3, neither the Company, nor any of its Affiliates, nor any Person acting on their respective behalf has, directly or indirectly,
made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the
Exchange to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration
of any such securities under the Securities Act, or (ii) any applicable shareholder approval provisions of any trading market
on which any of the securities of the Company are listed or designated.

 

    	 	6	 

    	 

    

 

2.22
Acknowledgment Regarding Holder’s Exchange of the Original Warrant. To the knowledge of the Company the Holder is
acting solely in the capacity of an arm’s length party with respect to the Exchange Documents and the transactions contemplated
thereby.

 

2.23
Office of Foreign Assets Control. Neither the Company, and to the Company’s knowledge, nor any director, officer,
agent, employee or Affiliate of the Company, is currently subject to any U.S. sanctions administered by the Office of Foreign
Assets Control of the U.S. Treasury Department.

 

Section
3. Representations and Warranties of the Holder. The Holder represents and warrants to the Company that:

 

3.1
Ownership of the Original Warrant. The Holder is the legal and beneficial owner of the Original Warrant. The Holder paid
for the Original Warrant and has continuously held the Original Warrant since its purchase. The Holder owns the Original Warrant
outright and free and clear of any options, contracts, agreements, liens, security interests, or other encumbrances.

 

3.2
No Public Sale or Distribution. The Holder is acquiring the Exchange Warrant in the ordinary course of business for its
own account and not with a view toward, or for resale in connection with, the public sale or distribution thereof; provided, however,
that by making the representations herein, the Holder does not agree to hold the Exchange Warrant for any minimum or other specific
term and reserves the right to dispose of the Exchange Warrant at any time in accordance with an exemption from the registration
requirements of the Securities Act and applicable state securities laws. Except as contemplated herein, the Holder does not presently
have any agreement or understanding, directly or indirectly, with any person to distribute, or transfer any interest or grant
participation rights in, the Original Warrant or the Exchange Warrant.

 

3.3
Accredited Investor and Affiliate Status. The Holder is an “accredited investor” as that term is defined in
Rule 501 of Regulation D under the Securities Act. The Holder is not, and has not been, for a period of at least three months
prior to the date of this Agreement (a) an officer or director of the Company, (b) an “affiliate” of the Company (as
defined in Rule 144) or (c) a “beneficial owner” of more than ten percent (10%) of the common stock (as defined for
purposes of Rule 13d-3 of the Exchange Act).

 

3.4
Reliance on Exemptions. The Holder understands that the Exchange is being made in reliance on specific exemptions from
the registration requirements of United States federal and state securities laws and that the Company is relying in part upon
the truth and accuracy of, and the Holder’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Holder set forth herein in order to determine the availability of such exemptions and the eligibility
of the Holder to complete the Exchange and to acquire the Exchange Warrant (and upon exercise of the Exchange Warrant, the Warrant
Shares).

 

    	 	7	 

    	 

    

 

3.5
Information. The Holder has been furnished with all materials relating to the business, finances and operations of the
Company and materials relating to the Exchange which have been requested by the Holder. The Holder has been afforded the opportunity
to ask questions of the Company. Neither such inquiries nor any other due diligence investigations conducted by the Holder or
its representatives shall modify, amend or affect the Holder’s right to rely on the Company’s representations and
warranties contained herein. The Holder acknowledges that all of the documents filed by the Company with the SEC under Sections
13(a), 14(a) or 15(d) of the Exchange Act that have been posted on the SEC’s EDGAR site are available to the Holder, and
the Holder has not relied on any statement of the Company not contained in such documents in connection with the Holder’s
decision to enter into this Agreement and the Exchange.

 

3.6
Risk. The Holder understands that its investment in the Exchange Warrant involves a high degree of risk. The Holder is
able to bear the risk of an investment in the Exchange Warrant including, without limitation, the risk of total loss of its investment.
The Holder has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision
with respect to the Exchange.

 

3.7
No Governmental Review. The Holder understands that no United States federal or state agency or any other government or
governmental agency has passed on or made any recommendation or endorsement in connection with the Exchange or the fairness or
suitability of the investment in the Exchange Warrant nor have such authorities passed upon or endorsed the merits of the Exchange
Warrant.

 

3.8
Organization; Authorization. The Holder is duly organized, validly existing and in good standing under the laws of its
state of formation and has the requisite organizational power and authority to enter into and perform its obligations under this
Agreement.

 

3.9
Validity; Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of the Holder
and shall constitute the legal, valid and binding obligations of the Holder enforceable against the Holder in accordance with
its terms. The execution, delivery and performance of this Agreement by the Holder and the consummation by the Holder of the transactions
contemplated hereby (including, without limitation, the irrevocable surrender of the Original Warrant) will not result in a violation
of the organizational documents of the Holder.

 

3.10
Prior Investment Experience. The Holder acknowledges that it has prior investment experience, including investment in securities
of the type being exchanged, including the Original Warrant and the Exchange Warrant, and has read all of the documents furnished
or made available by the Company to it and is able to evaluate the merits and risks of such an investment on its behalf, and that
it recognizes the highly speculative nature of this investment.

 

    	 	8	 

    	 

    

 

3.11
Tax Consequences. The Holder acknowledges that the Company has made no representation regarding the potential or actual
tax consequences for the Holder which will result from entering into the Agreement and from consummation of the Exchange. The
Holder acknowledges that it bears complete responsibility for obtaining adequate tax advice regarding the Agreement and the Exchange.

 

3.12
No Registration, Review or Approval. The Holder acknowledges, understands and agrees that the Exchange Warrant is being
exchanged hereunder pursuant to an exchange offer exemption under Section 3(a)(9) of the Securities Act.

 

Section
4. Conditions Precedent to Obligations of the Company. The obligation of the Company to consummate the transactions contemplated
by this Agreement is subject to the satisfaction of each of the following conditions, provided that these conditions are for the
Company’s sole benefit and may be waived by the Company at any time in its sole discretion by providing the Holder with
prior written notice thereof:

 

4.1
Delivery. The Holder shall have delivered to the Company the Original Warrant.

 

4.2
No Prohibition. No order of any court, arbitrator, or governmental or regulatory authority shall be in effect which purports
to enjoin or restrain any of the transactions contemplated by this Agreement; and

 

4.3
Representations. The accuracy in all material respects when made and on the Closing Date of the representations and warranties
of the Holder contained herein (unless as of a specific date therein).

 

Section
5. Conditions Precedent to Obligations of the Holder. The obligation of the Holder to consummate the transactions contemplated
by this Agreement is subject to the satisfaction of each of the following conditions, provided that these conditions are for the
Holder’s sole benefit and may be waived by the Holder at any time in its sole discretion by providing the Company with prior
written notice thereof:

 

5.1
No Prohibition. No order of any court, arbitrator, or governmental or regulatory authority shall be in effect which purports
to enjoin or restrain any of the transactions contemplated by this Agreement;

 

5.2
Representations. The representations and warranties of the Company (i) shall be true and correct in all material respects
when made and on the Closing Date (unless as of a specific date therein) for such representations and warranties contained herein
that are not qualified by “materiality” or “Material Adverse Effect” and (ii) shall be true and correct
when made and on the Closing Date (unless as of specific date therein) for such representations and warranties contained herein
that are qualified by “materiality” or “Material Adverse Effect”;

 

    	 	9	 

    	 

    

 

5.3
All Obligations. All obligations, covenants and agreements of the Company required to be performed at or prior to the Closing
Date shall have been performed; and

 

5.4
No Suspension. From the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the
SEC or any trading market and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg
L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are
reported by such service, or on any trading market, nor shall a banking moratorium have been declared either by the United States
or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national
or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in
each case, in the reasonable judgment of the Holder makes it impracticable or inadvisable to consummate the Exchange and accept
the Exchange Warrant at the closing.

 

Section
6. Other Agreements between the Parties.

 

6.1 Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as
defined in Section 2 of the Securities Act) that would be integrated with the Exchange of the Original Warrant in a manner
that would require the registration under the Securities Act of the sale of the Exchange Warrant or that would be integrated
with the offer of the Exchange Warrant for purposes of the rules and regulations of any trading market such that it would
require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before
the closing of such subsequent transaction.

 

6.2 Replacement
of Securities. If any certificate or instrument evidencing any of the Exchange Warrant is mutilated, lost, stolen or
destroyed, the Company shall convey or cause to be conveyed in exchange and substitution for and upon cancellation thereof
(in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt
of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or
instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity)
associated with the issuance of such replacement securities.

 

    	 	10	 

    	 

    

 

Section
7. [Reserved].

 

Section
8. Governing Law; Jurisdiction; Waiver of Jury Trial. This Agreement shall be construed under the laws of the State of
Delaware, without regard to principles of conflicts of law or choice of law that would permit or require the application of the
laws of another jurisdiction. The Company and the Holder each hereby agrees that all actions or proceedings arising directly or
indirectly from or in connection with this Agreement shall be litigated only in the Federal District Court located in the State
of Kansas. The Company and the Holder each consents to the exclusive jurisdiction and venue of the foregoing courts and consents
that any process or notice of motion or other application to either of said courts or a judge thereof may be served inside or
outside the State of Kansas by generally recognized overnight courier or certified or registered mail, return receipt requested,
directed to such party at its or his address set forth below (and service so made shall be deemed “personal service”)
or by personal service or in such other manner as may be permissible under the rules of said courts. THE COMPANY AND THE HOLDER
EACH HEREBY WAIVES ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS AGREEMENT.

 

Section
9. Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party hereto and delivered to
the other party hereto; provided that a facsimile signature shall be considered due execution and shall be binding upon the signatory
thereto with the same force and effect as if the signature were an original, not a facsimile signature.

 

Section
10. Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the
interpretation of, this Agreement.

 

Section
11. Severability. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity
or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or
the validity or enforceability of any provision of this Agreement in any other jurisdiction.

 

Section
12. No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties
to express their mutual intent, and no rules of strict construction will be applied against any party hereto.

 

Section
13. Entire Agreement; Amendments. This Agreement supersedes all other prior oral or written agreements between the Holder,
the Company, their respective Affiliates and persons acting on their behalf with respect to the matters discussed herein, and
this Agreement and the instruments referenced herein contain the entire understanding of the parties hereto with respect to the
matters covered herein and therein. No provision of this Agreement may be amended other than by an instrument in writing signed
by the Company and the Holder. No provision hereof may be waived other than by an instrument in writing signed by the party hereto
against whom enforcement is sought.

 

Section
14. Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms of
this Agreement must be in writing and will be deemed to have been delivered: (a) upon receipt, when delivered personally; (b)
upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept
on file by the sending party); or (c) one calendar day (excluding Saturdays, Sundays, and national banking holidays) after deposit
with an overnight courier service, in each case properly addressed to the party to receive the same.

 

    	 	11	 

    	 

    

 

The
addresses and facsimile numbers for such communications shall be:

 

If
to the Company:

 

Infinity
Energy Resources, Inc.

Attn:
Stanton E. Ross, Chief Executive Officer

11900
College Blvd., Suite 310

Overland
Park, KS 66210

 

If
to the Holder:

 

to
the address set forth on its signature page attached hereto.

 

or
to such other address and/or facsimile number and/or to the attention of such other person as the recipient party has specified
by written notice given to each other party five (5) days prior to the effectiveness of such change.

 

Section
15. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns, including any purchasers of the Exchange Warrant. Subject to its compliance with applicable federal and
state securities laws, the Holder may assign some or all of its rights hereunder without the consent of the Company, in which
event such assignee shall be deemed to be the Holder hereunder with respect to such assigned rights.

 

Section
16. No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

Section
17. Survival of Representations. The representations and warranties of the Company and the Holder contained in Sections
2 and 3, respectively, will survive the closing of the transactions contemplated by this Agreement, until December 31, 2019.

 

Section
18. Further Assurances. Each party hereto shall do and perform, or cause to be done and performed, all such further acts
and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party
hereto may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation
of the transactions contemplated hereby.

 

[Signature
Pages Follow]

 

    	 	12	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Exchange Agreement as of the date first written above.

 

	Infinity Energy Resources, Inc.	 
	 	 	 
	By:	 	 
	Name:	Stanton
    Ross	 
	Title:	Chief
    Executive Officer	 

 

[Company
signature page to the Exchange Agreement]

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Exchange Agreement as of the date first written above.

 

	WestPark Capital, Inc.	 
	 	 	 
	By:	 	 
	Name:	Richard
    Rappaport	 
	Title:	Chairman
    and CEO	 

 

Address
for notice purposes:

 

WestPark
Capital, Inc.

1900
Avenue of the Stars, Suite 310

Los
Angeles, CA 90067

Attn:
Richard Rappaport

 

[Holder
signature page to the Exchange Agreement]

 

    	 	 	 

    	 

    

 

Exhibit
A

 

Holder
Original Warrant

 

	Holder	 	Security	 	Date	 	Amount
	Westpark
    Capital, Inc.	 	Common
    Stock Purchase Warrant	 	May
    7, 2015	 	Warrant
    to purchase 240,000 shares of Common Stock (post-split)

 

    	 	 	 

    	 

    

 

EXHIBIT
B

 

(HOLDER’S
RELEASE TO COMPANY)

 

GENERAL
RELEASE

 

TO
ALL TO WHOM THESE PRESENTS SHALL COME OR MAY CONCERN, KNOW THAT:

 

Westpark
Capital, Inc. on behalf of itself and its past, present and future heirs, executors, administrators, successors and assigns, shareholders,
partners, directors, officers, employees, agents, members, controlling persons, representatives, affiliates, subsidiaries or other
entities controlled by them (hereinafter, collectively referred to as “RELEASOR”), in consideration of the consummation
of the transactions contemplated by that certain Exchange Agreement, dated June 4, 2019 (the “Exchange Agreement”),
by and between Westpark Capital, Inc. and Infinity Energy Resources, Inc., a Delaware corporation (the “Company”)
and other Exchange Documents (as defined in the Exchange Agreement) related thereto, and other good and valuable consideration
received from the Company (hereinafter, referred to as “RELEASEE”), receipt whereof is hereby acknowledged, release
and discharge the RELEASEE, and the RELEASEE’S past, present and future heirs, executors, administrators, successors, assigns,
shareholders, partners, directors, officers, employees, agents, members, controlling persons, representatives, affiliates, subsidiaries
or other entities controlled by them, from all actions, causes of action, suits, debts, dues, sums of money, accounts, reckonings,
bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages, judgments,
extents, executions, claims and demands solely with respect to the Original Warrant, in law, admiralty, or equity, which against
the RELEASEE the RELEASOR ever had, now have or hereafter can, shall or may have, for, upon, or by reason of any matter, cause
or thing with respect to the Original Warrant from the beginning of the world until, and including, the date of this RELEASE,
except for the obligations set forth in the Exchange Agreement and the other Exchange Documents.

 

The
words “RELEASOR” and “RELEASEE” include all releasors and all releasees under this RELEASE.

 

This
RELEASE may not be changed orally but only by a writing signed by all the parties.

 

IN
WITNESS WHEREOF, the RELEASOR have caused this RELEASE to be executed on the 4th day of June, 2019.

 

	 	Westpark Capital, Inc.
	 	 	 
	 	By:	 
	 	Name:	Richard
    Rappaport
	 	Title:	Chairman
    and CEO

 

	WITNESS	 
	 	 
	 	 
	Name:	 

 

    	 	 	 

    	 

    

 

EXHIBIT
C

 

(COMPANY’S
RELEASE TO HOLDER)

 

GENERAL
RELEASE

 

TO
ALL TO WHOM THESE PRESENTS SHALL COME OR MAY CONCERN, KNOW THAT:

 

Infinity
Energy Resources, Inc., a Delaware corporation (the “Company”), on behalf of itself and its past, present and future
heirs, executors, administrators, successors and assigns, shareholders, partners, directors, officers, employees, agents, members,
controlling persons, representatives, affiliates, subsidiaries or other entities controlled by them (hereinafter, collectively
referred to as “RELEASOR”), in consideration of the consummation of the transactions contemplated by that certain
Exchange Agreement, dated June 4, 2019 (the “Exchange Agreement”), by and between Westpark Capital, Inc. (the “Holder”)
and the Company, and the other Exchange Documents (as defined in the Exchange Agreement) related thereto, and other good and valuable
consideration received from the Holder (hereinafter, referred to as “RELEASEE”), receipt whereof is hereby acknowledged,
release and discharge the RELEASEE, and the RELEASEE’S past, present and future heirs, executors, administrators, successors,
assigns, shareholders, partners, directors, officers, employees, agents, members, controlling persons, representatives, affiliates,
subsidiaries or other entities controlled by them, from all actions, causes of action, suits, debts, dues, sums of money, accounts,
reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages,
judgments, extents, executions, claims and demands solely with respect to the Original Warrant, in law, admiralty, or equity,
which against the RELEASEE the RELEASOR ever had, now have or hereafter can, shall or may have, for, upon, or by reason of any
matter, cause or thing with respect to the Original Warrant from the beginning of the world until, and including, the date of
this RELEASE, except for the obligations set forth in the Exchange Agreement and the other Exchange Documents.

 

The
words “RELEASOR” and “RELEASEE” include all releasors and all releasees under this RELEASE.

 

This
RELEASE may not be changed orally but only by a writing signed by all the parties.

 

IN
WITNESS WHEREOF, the RELEASOR has caused this RELEASE to be executed on the 4th day of June, 2019.

 

	 	INFINITY ENERGY RESOURCES, INC.
	 	 	 
	 	By:	 
	 	Name:	Stanton
    E. Ross
	 	Title:	Chief
    Executive Officer
	 	 	 
	WITNESS	 	 
	 	 	 
	 	 	 
	Name:	 	 

 

    	 	 	 

    	 

    

 

EXHIBIT
D

 

Form
of Exchange Warrant

 

    	 	 	 

    	 

    

 

SCHEDULE
2.1

 

Organization
and Qualification

 

	Entity	 	State
    of organization & good standing
	infinity
    energy resources, inc.	 	Delaware
    and Kansas

 

    	 	 	 

    	 

    

 

SCHEDULE
2.11

 

Filings,
Consents and Approvals

 

The
Company has not completed the filing of Federal and State tax returns for the tax years 2012 through 2018. Therefore, all such
tax returns are open to examination by the Internal Revenue Service and State Revenue Departments.

 

    	 	2	 

    	 

    

 

SCHEDULE
2.12

 

Capitalization

 

	Entity	 	Capital
    Stock Authorized and Outstanding
	infinity
    energy resources, inc.	 	 
	 	 	Preferred
        stock, par value $0.0001 per share;

        10,000,000
        shares authorized and no shares issued or outstanding

	 	 	 
	 	 	Common
        stock, par value $0.0001 per share;

        75,000,000
        shares authorized, 

        and
        8,318,385 shares issued and outstanding

 

	 	 	Common stock Equivalents Outstanding
	infinity energy resources, inc.	 	Number outstanding	 	Weighted average exercise price per share	 	Weighted average remaining contractual term
	 	 	 	 	 	 	 
	Stock options	 	 	338,200	 	 	$	41.24	 	 	 	2.9 years
	 	 	 	 	 	 	 	 	 	 	 	 
	Common stock  purchase warrants	 	 	565,563	 	 	$	5.01	 	 	 	2.7 years

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