Document:

Exhibit 10.1

 

FIRST AMENDMENT AND WAIVER TO TERM LOAN
AGREEMENT

 

THIS FIRST AMENDMENT
AND WAIVER TO TERM LOAN AGREEMENT (this “Amendment”) is entered into as of October 10, 2017, by and among the
Lenders signatory hereto, Wilmington Trust, National Association, in its capacity as administrative and collateral agent for the
Lenders (in such capacity, “Agent”), Capitala Private Credit Fund V, L.P., in its capacity as lead arranger
(the “Lead Arranger”), Vintage Stock Affiliated Holdings, LLC (“Holdings”) and Vintage Stock,
Inc. (“Target Borrower”, and together with Holdings and each other Person joined hereto as a borrower from time
to time, collectively the “Borrowers”).

 

RECITALS

 

WHEREAS, the
Lenders, Agent, Lead Arranger and the Loan Parties have previously entered into that certain Term Loan Agreement dated November
3, 2016 (as may be further amended, modified and supplemented from time to time, the “Credit Agreement”), pursuant
to which the Lenders have made certain loans and financial accommodations available to the Borrowers;

 

WHEREAS, Events
of Default have occurred and are continuing due to (i) the Borrowers making Capital Expenditures in excess of $200,000 in the aggregate
for the period ending December 31, 2016 as required under Section 7.12, which constitutes an Event of Default under Section 8.01(b)
of the Credit Agreement; (ii) the occurrence of events of default under the ABL Facility Documents due to the foregoing, which
constitutes an Event of Default under Section 8.01(o) of the Credit Agreement; (iii) the failure of the Loan Parties to terminate
the account maintained at Arvest Bank with account #18343209 within one hundred twenty (120) calendar days of the Closing Date
as required under Section 2 of Schedule 6.18 to the Credit Agreement, which constitutes an Event of Default under Section 8.01(b)
of the Credit Agreement, and (iv) failure to deliver the first amendment to the ABL Credit Agreement as required under Section
6.02(i), which constitutes an Event of Default under Section 8.01(b) of the Credit Agreement (collectively, the “Known
Existing Defaults”);

 

WHEREAS, as
of the date hereof, the Borrower expects to satisfy the Consolidated Total Leverage Ratio calculated as of the fiscal quarter ended
September 30, 2017 as required under Section 7.11;

 

WHEREAS, the Borrowers have requested
(i) certain amendments to the Credit Agreement, and (ii) that the Agent and the Required Lenders waive the Known Existing Defaults
and, if necessary, the other matters described in clause (B) of Section 3 hereof;

 

WHEREAS, upon the terms and conditions
set forth herein, Agent and the Required Lenders are willing to accommodate Borrowers’ requests, and waive the Known Existing
Defaults and, if necessary, the other matters described in clause (B) of Section 3 hereof; and

 

NOW, THEREFORE,
in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto hereby agree as
follows:

 

AGREEMENT

 

1.               
Defined Terms. Unless otherwise defined herein, capitalized terms used herein and not otherwise defined shall have
the meanings ascribed to such terms in the Credit Agreement.

 

2.               
Amendments to Credit Agreement: subject to the satisfaction of the conditions precedent set forth in Section 5
of this Amendment, the Credit Agreement is hereby amended as follows:

 

(a)             
Section 1.01 of the Credit Agreement (Defined Terms) is hereby amended and modified by adding the following definitions
in the appropriate alphabetical order:

 

““ABL
Second Amendment” means that certain Second Amendment to Loan Agreement dated as of September 20, 2017, by and among
Target Borrower and the ABL Facility Lenders identified on the signature pages thereof.”

 

““First
Amendment” means that certain First Amendment and Waiver to Term Loan Agreement dated as of October 10, 2017, by and
among Borrowers, Administrative Agent, Lead Arranger and the lenders identified on the signature pages thereof.”

 

““First
Amendment Effective Date” means October 10, 2017.”

 

(b)             
Section 6.13 of the Credit Agreement (Additional Guarantors; Additional Collateral) is hereby amended by restating
clause (e) thereof as follows:

 

 

 

 

    	 	1	 

     

    

 

 

“(e) Account
Control Agreements. Each of the Loan Parties shall not open, maintain or otherwise have any deposit or other accounts (including
securities accounts) at any bank or other financial institution, or any other account where money or securities are or may be deposited
or maintained with any Person, other than (a) the accounts set forth on Schedule 6.13 and designated as Excluded Accounts;
provided that, the balance in any such account does not exceed $35,000 and the aggregate balance in all such accounts does not
exceed $150,000, (b) deposit accounts that are maintained at all times with depositary institutions as to which the Administrative
Agent shall have received a Qualifying Control Agreement, (c) securities accounts that are maintained at all times with financial
institutions as to which the Administrative Agent shall have received a Qualifying Control Agreement, (d) deposit accounts established
solely as payroll and other zero balance accounts, (e) other deposit accounts, so long as at any time the balance in any such account
does not exceed $35,000 and the aggregate balance in all such accounts does not exceed $150,000 and (f) any other Excluded Account.”

 

(c)             
Schedule 6.18 to the Credit Agreement (Post-Closing Conditions) is hereby amended by deleting Section 2 thereof and
replacing it with the following: “Intentionally Deleted”.

 

3.               
Waiver. Subject to (a) the satisfaction of the conditions precedent set forth in Section 5 below, and (b) to the
extent (including taking into account the cure provisions of Section 8.04 of the Credit Agreement, if applicable) the Consolidated
Total Leverage Ratio calculated as of the fiscal quarter ending December 31, 2017, of the Borrowers shall not be greater than 3.00
to 1.00, the Agent and the Required Lenders hereby waive (A) the Known Existing Defaults and (B) if the Borrower fails to
satisfy the Consolidated Total Leverage Ratio calculated as of the fiscal quarter ended September 30, 2017 as required under Section
7.11 of the Credit Agreement, which would constitute an Event of Default under Section 8.01(b) of the Credit Agreement, such Event
of Default. For the avoidance of doubt, (i) the Lead Arranger acknowledges and agrees that the fees and disbursements of outside
counsel to Agent and Lead Arranger in connection with the Credit Agreement and this Amendment paid by the Borrowers shall be added
back to Consolidated Net Income when calculating Consolidated EBITDA, pursuant to and subject to the limits set forth in clause
(b)(vii) of the definition of “Consolidated EBITDA” in Section 1.01 of the Credit Agreement, which fees and disbursements
are hereby approved by the Lead Arranger, and (ii) a waiver under this Section 3 with respect to Capital Expenditures shall apply
only to the testing period for the period ending December 31, 2016 and does not relieve or release the Borrowers from their obligation
under Section 7.12 to maintain Capital Expenditures not exceeding the amounts set forth therein for any other testing period.

 

4.               
Acknowledgment. Borrowers acknowledge and agree that the foregoing waiver pursuant to Section 3 relates solely to
the Known Existing Defaults and the matters described in clause (B) of Section 3 hereof and that this Amendment shall not relieve
or release Borrowers or any Loan Party in any way from any of its respective duties, obligations, covenants or agreements under
the Credit Agreement and the other Loan Documents or from the consequences of any other Event of Default that may hereafter arise.

 

5.               
Conditions Precedent to Effectiveness. The effectiveness of this Amendment is subject to the prior or concurrent
consummation of the following conditions:

 

(a)             
Other than with respect to the Known Existing Defaults and the other matters described in clause (B) of Section 3 hereof,
the representations and warranties contained herein and in the Credit Agreement are true, correct and complete in all material
respects;

 

(b)             
Agent, the Lead Arranger and the Lenders shall have received a copy of this Amendment executed by the Borrowers and each
other party hereto;

 

(c)             
Agent, the Lead Arranger and the Lenders shall have received, and hereby acknowledge receipt of, a copy of an amendment
and waiver executed by the Borrowers, the ABL Facility Lenders, and each other party thereto, in form and substance reasonably
satisfactory to Agent and the Lead Arranger;

 

(d)             
Other than with respect to the Known Existing Defaults, no Default or Event of Default shall have occurred and be continuing
or shall be caused by the transactions contemplated by this Amendment (after giving effect to this Amendment and the consummation
of the transactions contemplated hereby); and

 

(e)             
The Borrowers shall have paid all of the Agent’s and Lead Arranger’s reasonable and documented out-of-pocket
expenses (including, without limitation, the reasonable fees and disbursements of outside counsel to Agent and Lead Arranger in
connection with the Credit Agreement and this Amendment), to extent required under the Loan Documents, all other fees required
to be paid in connection with this Amendment.

 

6.               
Representations, Warranties and Covenants; Expenses. Borrowers expressly reaffirm all of their representations and
warranties in the Credit Agreement as of the date of this Amendment (except such representations and warranties that expressly
relate to an earlier date).

 

 

 

 

    	 	2	 

     

    

 

7.               
No Fees or Side Letter. No fee has been or will be paid to the ABL Facility Lenders or any agent or lender under
the ABL Facility Documents in connection with the ABL Second Amendment or the transactions contemplated thereby (except as provided
therein). No side letter or other agreement not disclosed to the Agent and the Lead Arranger has been entered into in connection
with the ABL Second Amendment or the transactions contemplated thereby.

 

8.               
No Waiver. Except as set forth in this Amendment, all of the terms and conditions of the Credit Agreement remain
in full force and effect and none of such terms and conditions are, or shall be construed as, otherwise amended or modified, except
as specifically set forth herein and nothing in this Amendment shall constitute a waiver by Agent, Lead Arranger and any Lender
of any Default or Event of Default, or of any right, power or remedy available to Agent, Lead Arranger and any Lender under the
Credit Agreement, whether any such defaults, rights, powers or remedies presently exist or arise in the future.

 

9.               
Ratification. The Credit Agreement shall, together with this Amendment and any related documents, instruments and
agreements shall hereafter refer to the Credit Agreement, as amended hereby.

 

10.            
Release. EACH LOAN PARTY HEREBY ACKNOWLEDGES AND AGREES THAT IT HAS NO DEFENSE, COUNTERCLAIM, OFFSET, CROSS COMPLAINT,
CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO
REPAY THE OBLIGATIONS OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM AGENT, LEAD ARRANGER AND LENDERS. EACH
LOAN PARTY HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES THE AGENT, LEAD ARRANGER AND LENDERS AND EACH OF THEIR
RESPECTIVE PREDECESSORS, AGENTS, EMPLOYEES, AFFILIATES, SUCCESSORS AND ASSIGNS (COLLECTIVELY, THE “RELEASED PARTIES”)
FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES AND LIABILITIES WHATSOEVER, WHETHER KNOWN
OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT OR CONDITIONAL, OR AT LAW OR IN EQUITY, IN
ANY CASE ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS EXECUTED THAT SUCH LOAN PARTY MAY NOW OR HEREAFTER
HAVE AGAINST THE RELEASED PARTIES, IF ANY, IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW
OR REGULATIONS, OR OTHERWISE, AND THAT ARISE FROM ANY OF THE LOANS, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE AGREEMENT
OR ANY OF THE OTHER SECURITY INSTRUMENTS, AND/OR THE NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT, INCLUDING, WITHOUT LIMITATION,
ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE.

 

11.            
Continuing Effect. Except as expressly set forth in Sections 2 and 3 of this Amendment, nothing in this Amendment
shall constitute a modification or alteration of the terms, conditions or covenants of the Credit Agreement or any other Loan Document,
or a waiver of any other terms or provisions thereof, and the Credit Agreement and the Loan Documents shall remain unchanged and
shall continue in full force and effect, in each case as amended hereby.

 

12.            
Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New
York, without giving effect to the conflicts of laws principles thereof, but including Section 5-1401 of the New York General Obligations
Law.

 

13.            
Loan Document. This Amendment is a Loan Document.

 

14.            
Other Provisions. The provisions of the Credit Agreement that are not expressly amended in this Amendment shall remain
unchanged and in full force and effect. In the event of any conflict between the terms and provisions of this Amendment and the
Credit Agreement, the provisions of this Amendment shall control.

 

15.            
Signatures. This Amendment may be signed in counterparts. A facsimile or other electronic transmission of a signature
page will be considered an original signature page. At the request of a party, the other party will confirm a fax-transmitted or
electronically transmitted signature page by delivering an original signature page to the requesting party.

 

16.            
Execution of this Agreement. The Required Lenders hereby direct the Agent to execute this Amendment on behalf of
all Lenders.

 

 

 

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Amendment to be duly executed and delivered as of the date first written above.

 

BORROWERS:

	 	
        VINTAGE STOCK, INC.

         

         

        By: /s/ Rodney Spriggs                    

        Name: Rodney Spriggs

        Title: President

 

	 	
        VINTAGE STOCK AFFILIATED HOLDINGS LLC

         

         

        By: /s/ Jon Isaac                                 

        Name: Jon Isaac

        Title: President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	4	 

     

    

 

	

ADMINISTRATIVE AGENT:	WILMINGTON TRUST, NATIONAL ASSOCIATION
	 	 
	 	By:  /s/ Meghan H. McCauley                      

Name:  Meghan H. McCauley

Title:  Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	5	 

     

    

 

	LEAD ARRANGER:	CAPITAL PRIVATE CREDIT FUND V, L.P. 
	 	 
	 	
        By: CAPITAL PCF V, LLC, its General Partner

         

          /s/ Jack F. McGlinn                         

	
         

         
	Name: Jack F. McGlinn

Title: Chief Operating Officer
	 	 
	 	 
	LENDERS:	
        CAPITALA FINANCE CORP.

         

          /s/ Jack F. McGlinn                          

        Name: Jack F. McGlinn

	 	Title: Chief Operating Officer
	 	
         

         

        CAPITALSOUTH PARTNERS FUND II LIMITED PARTNERSHIP

         

        By: CAPITAL SOUTH PARTNERS F-II, LLC, its General Partner

         

          /s/ Jack F. McGlinn                          

        Name: Jack F. McGlinn

        Title: Chief Operating Officer

         

         

         

        CAPITALSOUTH PARTNERS SBIC FUND III, L.P.

         

        By: CAPITALSOUTH PARTNERS SBIC F-III, LLC, its General Partner

         

          /s/ Jack F. McGlinn                          

        Name: Jack F. McGlinn

        Title: Chief Operating Officer

         

         

         

        CAPITALA PRIVATE CREDIT FUND V, L.P.

         

        By: CAPITALA PCF V, LLC, its General Partner

         

          /s/ Jack F. McGlinn                          

        Name: Jack F. McGlinn

        Title: Chief Operating Officer

 

 

 

 

    	 	6Exhibit 10.1

 

October 9, 2017

 

Via E-Mail and Federal Express

Personal and Confidential

 

Kirk S. Honour

5320 Lee Circle

Shorewood, MN 55331

 

		Re:	Mutual Separation Agreement

 

Dear Kirk:

 

The purpose of this Mutual Separation Agreement
letter (“Agreement”) is to set forth the mutual agreement of the parties with respect to the end of your employment
with EVO Transportation & Energy Services, Inc. (“EVO”) and its subsidiaries (collectively, the “Company”)
and your prior independent contractor engagement with the Company. The parties agree that your last day of employment with the
Company is today, October 9, 2017.

 

1.           Separation
Pay and Benefits. Specifically in consideration of your signing this Agreement and subject to the limitations, obligations,
and other provisions contained in this Agreement, the Company agrees as follows:

 

a.           To
pay you $37,000 in recognition of the cash you provided to the Company within 10 business days provided and following such time
as the Company raises $2,000,000 dollars in public or private debt or equity securities offerings (the “Payment Event”).

 

b.           To
pay you $60,069 in partial payment of your deferred compensation within 10 business days following provided and following the Payment
Event. Such payment will be taxed as wages.

 

c.           To
provide you the value of the remainder of your deferred compensation (balance of $240,276) in EVO common stock at a conversion
rate of $3.00 (equals 89,092 shares). The Company will cause such action to be taken within ten business days following the Payment
Event and after the expiration of the rescission period set forth below without rescission by you. You agree that you are an “accredited
investor,” as that term is defined in Rule 501(a) of Regulation D. Payment of any taxes or other tax-related obligations
related to the issuance of shares of EVO common stock to you will be solely your responsibility. In no event will the Company be
liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by you as a result of this
Agreement, and you agree to indemnify the Company to the extent the Company is required to pay any taxes, penalties, interest or
other expenses on your behalf.

 

     

     

    

Page 2

 

2.           Mutual
Release of Claims. Specifically in consideration of the separation pay and benefits described in Section 1, and the release
provided to you by the Company below, by signing this Agreement you, for yourself and anyone who has or obtains legal rights or
claims through you, agree to the following:

 

a.           You
hereby do release and forever discharge the “Released Parties” (as defined in Section 2.e. below) of and from any and
all manner of claims, demands, actions, causes of action, administrative claims, liability, damages, claims for punitive or liquidated
damages, claims for attorney’s fees, costs and disbursements, individual or class action claims, or demands of any kind whatsoever,
you have or might have against them or any of them, whether known or unknown, in law or equity, contract or tort, arising out of
or in connection with your employment or independent contractor engagement with the Company, or the termination of that employment
or engagement, or otherwise, and however originating or existing, from the beginning of time through the date of your signing this
Agreement.

 

b.           This
release includes, without limiting the generality of the foregoing, any claims you may have for, wages, salary, bonuses, commissions,
penalties, deferred salary, deferred compensation, other payments, vacation, sick, and/or paid time off, severance pay and/or benefits;
tortious conduct, defamation, invasion of privacy, negligence, emotional distress; breach of implied or express contract (including,
without limitation, any claims arising under your Executive Employment Agreement with the Company dated November 1, 2016), estoppel;
wrongful discharge (based on contract, common law, or statute, including any federal, state or local statute or ordinance prohibiting
discrimination or retaliation in employment); violation of any of the following: the United States Constitution or the Minnesota
Constitution, the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., the Minnesota Human Rights Act, Minn.
Stat. § 363A.01 et seq., Title VII of the Civil Rights Act, 42 U.S.C. § 2000e et seq., the Americans with
Disabilities Act, 42 U.S.C. § 12101 et seq., the Employee Retirement Income Security Act of 1974, 29 U.S.C. §
1001 et seq., the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq., any claim arising under Minn. Stat.
Chapters 177 or 181; or any claim for retaliation, including any claim for retaliation under Minn. Stat. Chapter 176. You hereby
waive any and all relief not provided for in this Agreement and agree that you have been paid in full in connection with your employment
with the Company. You understand and agree that, by signing this Agreement, you waive and release any claim to employment with
the Company.

 

c.           If
you file, or have filed on your behalf, a charge, complaint, or action, you agree that the payments and benefits described above
in Section 1 are in complete satisfaction of any and all claims in connection with such charge, complaint, or action and you waive,
and agree not to take, any award of money or other damages from such charge, complaint, or action. Notwithstanding the foregoing,
you do not waive your right to receive and fully retain a monetary award
from a government-administered whistleblower award program for providing information directly to a governmental agency.

 

     

     

    

Page 3

 

d.           You
are not, by signing this Agreement, releasing or waiving (1) any vested interest you may have in any 401(k) or profit sharing plan
by virtue of your employment with the Company, (2) any rights or claims that may arise after the Agreement is signed, (3) the post-employment
payments and benefits specifically promised to you under Section 1 of this Agreement, (4) the right to institute legal action for
the purpose of enforcing the provisions of this Agreement, (5) any rights you have to workers compensation benefits, (6) any rights
you have under unemployment compensation benefits laws, (7) the right to file a charge or complaint with a governmental agency
such as the Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations Board (“NLRB”),
the Occupational Safety and Health Administration (“OSHA”), the Securities and Exchange Commission (“SEC”)
or any other federal, state or local governmental agency, subject to Section 2(c) above, (8) the right to communicate with, testify,
assist, or participate in an investigation, hearing, or proceeding conducted by, the EEOC, NLRB, OSHA, SEC or other governmental
agency, (9) any rights you may have under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), or (10) any
rights arising under any agreements between you and the Company related to any equity interests you may have in the Company.

 

e.           The
“Released Parties,” as used in this Agreement, shall mean EVO and its parent, subsidiaries, divisions, affiliated entities,
insurers, if any, and its and their present and former officers, directors, shareholders, trustees, employees, agents, attorneys,
representatives and consultants, and the successors and assigns of each, whether in their individual or official capacities, and
the current and former trustees or administrators of any pension or other benefit plan applicable to the employees or former employees
of the Released Parties in their official and individual capacities.

 

f.           Specifically
in consideration of the release provided by you to the Company as set forth above, by signing this Agreement the Company agrees
to and hereby releases, agrees not to sue and forever discharges you from any and all claims and demands it has or might have against
you, whether known or unknown, whether in law or equity, contract or tort, arising out of
or in connection with your employment by the Company. Notwithstanding the foregoing, this release of claims shall not apply to
claims the Company may now or in the future have against you for breach of Section 9 of your Employment Agreement or intentional
violation of the law including, but not limited to, theft and/or embezzlement.

 

3.           Notice
of Right to Consult Attorney and Twenty-One (21) Calendar Day Consideration Period. By signing this Agreement, you acknowledge
and agree that the Company has informed you by this Agreement that (1) you have the right to consult with an attorney of your choice
prior to signing this Agreement, and (2) you are entitled to at least Twenty-One (21) calendar days from your receipt of this Agreement
to consider whether the terms are acceptable to you. You have the right, if you choose, to sign this Agreement prior to the expiration
of the Twenty-One (21) day period.

 

     

     

    

Page 4

 

4.           Notification
of Rights under the Minnesota Human Rights Act (Minn. Stat. Chapter 363A) and the Federal Age Discrimination in Employment Act
(29 U.S.C. § 621 et seq.). You are hereby notified of your right to rescind the release of claims contained in Section
2 with regard to claims arising under the Minnesota Human Rights Act, Minnesota Statutes Chapter 363A, within fifteen (15) calendar
days of your signing this Agreement, and with regard to your rights arising under the federal Age Discrimination in Employment
Act, 29 U.S.C. § 621 et seq., within seven (7) calendar days of your signing this Agreement. The two rescission periods
shall run concurrently. In order to be effective, the rescission must (a) be in writing; (b) delivered to John P. Yeros,
CEO, EVO Transportation & Energy Services, Inc., 8285 West Lake Pleasant Parkway, Peoria, AZ 85382, by hand or mail within
the required period; and (c) if delivered by mail, the rescission must be postmarked within the required period, properly addressed
to John P. Yeros, as set forth above, and sent by certified mail, return receipt requested. You understand and agree that if you
rescind any part of this Agreement in accordance with this Section 4, the Company will have no obligation to provide you the payments
and benefits described in Section 1 of this Agreement and you will be obligated to return to the Company any payment(s) and benefits
already received in connection with Section 1 of this Agreement.

 

5.           Return
of Property. You acknowledge and agree that all documents and materials relating to the business of, or the services provided
by, the Company are the sole property of the Company. You agree and represent that you have returned to the Company all of its
property, including but not limited to, all data, files, documents and property within your possession or control, which in any
manner relate to the business of, or the duties and services you performed on behalf of the Company.

 

6.           Remedies.
If you breach any term of this Agreement or Section 9 of your Employment Agreement, the Company shall be entitled to its available
legal and equitable remedies, including but not limited to suspending and recovering any and all payments and benefits made or
to be made under Section 1 of this Agreement and payment by you of its attorneys’ fees and costs. If the Company seeks and/or
obtains relief from an alleged breach of this Agreement, all of the provisions of this Agreement shall remain in full force and
effect.

 

7.           Non-Admission.
It is expressly understood that this Agreement does not constitute, nor shall it be construed as, an admission by the Released
Parties or you of any liability or unlawful conduct whatsoever. The Released Parties and you specifically deny any liability or
unlawful conduct.

 

8.           Successors
and Assigns. This Agreement is personal to you and may not be assigned by you without the written agreement of the Company.
The rights and obligations of this Agreement shall inure to the successors and assigns of the Released Parties.

 

9.           Enforceability.
If a court finds any term of this Agreement to be invalid, unenforceable, or void, the parties agree that the court shall modify
such term to make it enforceable to the maximum extent possible. If the term cannot be modified, the parties agree that the term
shall be severed and all other terms of this Agreement shall remain in effect.

 

     

     

    

Page 5

 

10.         Law,
Jurisdiction and Venue, Jury Trial Waiver. This Agreement will be construed and interpreted in accordance with, and any dispute
or controversy arising from any breach or asserted breach of this Agreement will be governed by, the laws of the State of Minnesota,
without regard to any choice of law rules. Any action brought to enforce or interpret this Agreement must be brought in the state
or federal courts for the State of Minnesota, sitting in Hennepin County, and the parties hereby consent to the jurisdiction and
venue of such courts in the event of any dispute. Each of the parties knowingly and voluntarily waives all right to trial by jury
in any action or proceeding arising out of or relating to this Agreement or for recognition or enforcement of any judgment.

 

11.         Full
Agreement. This Agreement contains the full agreement between you and the Released Parties as to your employment with the Company
or termination thereof and may not be modified, altered, or changed in any way except by written agreement signed by both parties.
The parties agree that this Agreement supersedes and terminates any and all other written and oral agreements and understandings
between the parties as to your employment with the Company or termination thereof. Notwithstanding the foregoing, if you have previously
signed an agreement or agreements with the Company containing confidentiality, trade secret, noncompetition, nonsolicitation, intellectual
property, return of property, and/or similar provisions your obligations under such agreement(s) (including, without limitation,
under Section 9 of your Employment Agreement) shall continue in full force and effect according to their terms and will survive
the termination of your employment.

 

12.         Counterparts.
This Agreement may be executed by facsimile or electronic transmission and in counterparts, each of which shall be deemed an original
and all of which shall constitute one instrument.

 

The deadline for accepting
this Agreement is 5:00 p.m. on the 21st calendar day following your receipt of this Agreement, not including the date of receipt
(the “Offer Expiration”). If not accepted by such time, the offer contained herein will expire. Please evidence your
agreement to the provisions set forth in this Agreement by dating and signing the Agreement. Please then return a signed Agreement
to me no later than the Offer Expiration.

 

Kirk, we thank you
for your service to EVO and we look forward to staying in touch.

 

	Sincerely,	 
	 	 
	/s/ John P. Yeros	 
	John P. Yeros	 
	CEO	 
	EVO Transportation & Energy Services, Inc.	 

 

     

     

    

Page 6

 

ACKNOWLEDGMENT AND SIGNATURE

 

By signing below, I,
Kirk S. Honour, acknowledge and agree to the following:

 

		·	I have had adequate time to consider whether to sign this Mutual Separation Agreement.

		·	I have read this Mutual Separation Agreement carefully.

		·	I understand and agree to all of the terms of the Mutual Separation Agreement.

		·	I am knowingly and voluntarily releasing my claims against the Company and the other persons and
entities defined as the Released Parties.

		·	I have not, in signing this Agreement, relied upon any statements or explanations made by the Company
except as for those specifically set forth in this Mutual Separation Agreement.

		·	I intend this Mutual Separation Agreement to be legally binding.

		·	I am signing this Mutual Separation Agreement on or after my last day of employment with the Company.

 

	Accepted this 9th day of October, 2017.	 
	 	 
	/s/ Kirk S. Honour	 
	Kirk S. Honour

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