Document:

Exhibit
10.2

 

AMENDED
AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

 

This Amended and Restated
Executive Employment Agreement (the “Agreement”) is entered into and as of April 10, 2020 by and between
EVO Transportation & Energy Services, Inc., a Delaware corporation with its principal place of business at 2075 West Pinnacle
Peak Road, Suite 130, Phoenix, AZ 85027 (the “Company”) and Thomas J. Abood, an individual residing in
Hennepin County, Minnesota (“Executive”).and amends and restates that certain Executive Employment Agreement
(the “Initial Employment Agreement”) dated September 23, 2019 (the “Initial Effective Date”)
between the Company and the Executive.

 

WITNESSETH:

 

WHEREAS, the Initial
Employment Agreement had a 12-month term and contemplates Executive commuting from his residence in Hennepin County, Minnesota
to the Company’s headquarters in Arizona and to other locations;

 

WHEREAS, the Executive
and the Company wish to extend the term of the Initial Employment Agreement in order to retain the Executive’s services on
a long-term basis and to induce the Executive to move his principal residence to the Phoenix, Arizona area;

 

WHEREAS, the Compensation
Committee of the Board of Directors has evaluated the terms of a proposed extension, has retained the services of a third-party
consultant to provide advice on possible terms, has entertained discussions with the Executive regarding possible terms and has
deliberated with the full Board of Directors; and

 

WHEREAS, the Company
and Executive have agreed to amend and restate the Initial Employment Agreement on the terms set forth herein;

 

NOW, THEREFOR, in consideration
of the mutual premises, terms and conditions contained above and herein, and for other good and valuable consideration the sufficiency
of which is hereby acknowledged, the parties agree as follows:

 

1. Duties
and Scope of Employment. (a) Positions and Duties. During the Employment Term (as defined below), Executive will be
employed as the Chief Executive Officer and Chairman of the Board of the Company. Executive shall report and be subject to the
direction of the Company’s Board of Directors or duly authorized committees thereof. Executive’s authority, duties,
and responsibilities shall include those customarily associated with the position of Chairman of the Board and Chief Executive
Officer including day to day management of the Company and its resources.

 

(b) Obligations.
During the Employment Term, Executive is required to faithfully and conscientiously perform his assigned duties and to diligently
observe all of his obligations to the Company. Except as set forth on Schedule A attached hereto, Executive agrees to devote his
full business time and efforts, energy and skill to his employment at the Company, and Executive agrees to apply all his skill
and experience to the performance of his duties and advancing the Company’s interests. The foregoing shall not preclude Executive
from (i) engaging in civic, charitable or religious activities (including serving as a director, trustee or officer) or, with the
prior written consent of the Company, from serving on the boards of directors of other companies or (ii) engaging in investments,
including but not limited to real estate investments and acting as the general partner or manager thereof, as long as such activities
do not materially interfere or conflict with Executive’s responsibilities to or his abilities to perform his duties hereunder.
Except as set forth in Schedule A, during the Employment Term Executive may not perform services as an employee or consultant of
any other competitive organization and Executive will not assist any other person or organization in competing with the Company
or in preparing to engage in competition with the business or proposed business of the Company. Executive shall comply in all material
respects with and be bound by Company’s operating policies, procedures, and practices from time to time in effect during
his employment that apply to all executive-level employees of the Company. By signing this Agreement, Executive confirms to the
Company that he has no contractual commitments or other legal obligations that would prohibit him from performing his duties for
the Company.

 

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(c) Employment
Term. The term of this Agreement shall extend through December 31, 2023, unless terminated earlier pursuant to the terms
herein (the “Initial Term”). Unless earlier terminated pursuant to the terms herein, the Initial Term
shall be automatically renewed for consecutive additional one-year terms (each, a “Renewal Term”) upon
the expiration of the Initial Term or any Renewal Term unless the Company or Executive delivers to the other at least 90 days prior
to the expiration of the Initial Term or the then-current Renewal Term, as the case may be, a written notice specifying that the
term of Executive’s employment will not be renewed at the end of the Initial Term or the then-current Renewal Term, as the
case may be. Like the Initial Term, the then-current Renewal Term is subject to earlier termination pursuant to the terms herein.
The Executive’s period of employment hereunder is referred herein as the “Employment Term,” whether
the Initial Term, the then-current Renewal Term, or the shorter period through the date of an earlier termination thereof as provided
elsewhere herein The notice of non-renewal given by the Company is referred to herein as the “Company’s Non-Renewal.”
The notice of non-renewal given by Executive is referred to herein as the “Executive’s Non-Renewal.”

 

(d) Place
of Performance. Executive will office primarily from the Company’s headquarters in Phoenix, Arizona or at Executive’s
secondary residence in Harbor Springs, Michigan. Executive understands and agrees that his duties will include reasonable travel
to Company locations throughout the country, and such other business travel as is reasonably necessary and appropriate to the performance
of Executive’s duties hereunder, subject to reimbursement of expenses and the Transportation Supplement provided pursuant
to Section 6 below.

 

2. At-Will
Employment. The parties agree that Executive’s employment with the Company will be “at-will” employment and
may be terminated at any time, upon written notice, either by the Company without Cause (in any such case, “Company’s
At-Will Termination”) or by Executive without Good Reason (in any such case, “Executive’s At-Will
Termination”). Executive understands and agrees that neither his job performance for, nor promotions, commendations,
bonuses or the like from, the Company give rise to or in any way serve as the basis for modification, amendment, or extension,
by implication or otherwise, of his employment with the Company. However, as described in this Agreement, Executive may be entitled
to Severance Pay (defined below) and Severance Benefits (defined below) depending upon the circumstances of the termination of
the Employment Term as set forth in Section 7(b) below.

 

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3. Compensation.
(a) Initial Base Salary. During the Employment Term, the Company will pay Executive an annual base salary as compensation
for his services (the “Base Salary”) at the initial rate of $300,000. The Base Salary will be paid periodically
in accordance with the Company’s normal payroll practices, but no later than monthly. The Base Salary will be subject to
review and adjustments will be made based upon the Company’s standard practices.

 

(b) Annual
Incentive Bonus. During the Employment Term, Executive will be eligible to earn an annual incentive bonus (an “Annual
Bonus”) under the same or substantially same bonus arrangement, plan or program as in effect for other senior executive-level
employees of the Company from time to time and based upon the same general objective standards as are applied to the other executive-level
employees of Company, provided that Executive’s personal performance objectives shall be unique to his role as Chief Executive
Officer. Consistent therewith, the Compensation Committee of the Company’s Board of Directors (“Compensation
Committee”) will determine Executive’s target bonus opportunity and the criteria for earning such bonus, as
well as Executive’s achievement of such criteria, and the amount of the Annual Bonus earned and payable to Executive for
such year. Notwithstanding the foregoing, the target bonus opportunity shall not be less than 100% of Base Salary. Any Annual Bonus
that is earned and becomes payable pursuant to this Section 3(b) will be paid in cash no later than 10 days after the Company’s
audited financial statements for the calendar year to which the Annual Bonus relates become available. Provided the Company achieves
the operational plan for the remainder of the 2020 calendar year as defined in Section 10(j) below (the “2020 Budget”),
Executive’s Annual Bonus for calendar year 2020 shall be an amount of options on shares of the Company’s common stock
at $2.50 per share equal to 1.5 times Executive’s Base Salary. Executive must remain employed by the Company through December
31 of the applicable calendar year to be eligible to earn an Annual Bonus for such year; provided, however, that if the Employment
Term ends prior to December 31 by reason of either termination by Executive for Good Reason or by the Company’s At-Will Termination,
the Annual Bonus for such partial calendar year shall be prorated on a weekly basis for his period of employment in such year.
The determinations of the Compensation Committee with respect to the Annual Bonus will be final and binding unless there is direct
evidence that the determination was in violation of the terms and provision of this Section 3(b) or the applicable program, plan
or arrangement.

 

(c) Equity.
(i) At the commencement of the Employment Term Executive received an award of stock options providing the right to purchase 750,000
shares of the Company’s common stock at a price of $2.50 per share (“Initial Equity Award”). Such
stock options fully vested upon issuance. At the completion each of the first and second calendar quarters of the Employment Term
and without any other conditions, Executive received further awards of stock options providing the right to purchase 250,000 shares
each (a total of 500,000 shares) at $2.50 per share (“Subsequent Equity Awards”). Each Subsequent Equity
Award fully vests 12 months after each issuance.

 

(ii) In
connection with this Agreement, the Executive shall receive an award of additional stock options providing the right to purchase
1,200,000 shares of the Company’s common stock at a price of $2.50 per share (“Extension Equity Award”). The
Extension Equity Award shall fully vest 25% on the date of this Amendment, and 25% on each succeeding annual anniversary date of
the date of this Amendment. During the Employment Term, Executive will be eligible to receive additional awards of stock options
pursuant to the same or substantially same stock option arrangement, plan or program as in effect for other executive-level employees
of the Company from time to time and based upon the same objective standards as are applied to the other executive-level employees
of Company. Consistent therewith, the Compensation Committee will determine whether Executive will be granted any such equity awards
and the terms of any such award in accordance with the terms of the applicable program, plan or arrangement that may be in effect
from time to time.

 

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(iii) Notwithstanding
anything to the contrary contained in Section 12 of the EVO Transportation and Energy Services, Inc. 2018 Stock Incentive Plan
(“Company Stock Option Plan”), all vested stock options issued under the Initial Employment Agreement, including those
issued under this Agreement as they vest, shall be exercisable by the Executive during the full option period associated with the
such options (10 years) if termination of employment is the result of (A) Death, Disability, Retirement (as defined in the Company
Stock Option Plan), (B) termination by Executive for Good Reason or by the Company’s At-Will Termination or (C) the Company’s
Non-Renewal or the Executive’s Non-Renewal. The Compensation Committee shall cause the grant certificate representing the
Extension Equity Award to reflect this provision but this Section 3(c)(iii) shall apply to and control any options issued by the
Company to Executive regardless of whether the grant certificate contains this provision. The form of release attached as Exhibit
A shall include this provision.

 

(iv) The
Company represents and warrants that (A) the Company Stock Option Plan is in full force and effect and has not been modified or
amended since the date thereof except to increase the size of the Company Stock Option Plan in or around February 2020 and (B)
as of the date hereof the Company has authorized for issuance and reserved the requisite number of shares under the Company Stock
Option Plan to fulfill its obligations to Executive under this Section 3(c).

 

4. Employee
Benefits. During the Employment Term, Executive will be entitled to participate in the employee benefit plans and programs
currently and hereafter maintained by the Company of general applicability to other executive-level employees and to employees
generally of the Company, subject to eligibility requirements and the applicable terms and conditions of the subject plan or program
and the determination of any committee uniformly administering such plan or program. The Company reserves the right to cancel or
change the benefit plans and programs it offers to its employees at any time. In addition., the Company will cause Executive to
be covered by a directors and officers liability insurance policy in an amount and scope of coverage customary for the size and
industry of the Company’s business (but in no event less than $2,000,000) commencing on the date of this Agreement.

 

5. Vacation.
During the Employment Term, Executive will be entitled to paid vacation of not less than 40 days per calendar year, prorated for
any partial calendar year of employment, in accordance with the Company’s standard vacation policy (including, without limitation,
its policy on the maximum accrual, carry-over and payout), with the timing and duration of specific vacations mutually and reasonably
agreed to by Executive and the Company. It is acknowledged that time away from work for activities described in Schedule A or Section
1(b) hereof do not constitute vacation days.

 

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6. Expenses.
(a) During the Employment Term, the Company will reimburse Executive for reasonable travel, lodging, meal, entertainment or other
expenses incurred by Executive in the furtherance of or in connection with the performance of Executive’s duties hereunder,
in accordance with the Company’s expense reimbursement policy as in effect from time to time.

 

(b) The
Company shall pay costs of Executive’s relocation of his residence to Phoenix, Arizona as incurred up to $30,000. To the
extent relocation costs exceed $30,000, Executive shall apply to the Compensation Committee for reimbursement of such costs in
the discretion of the Compensation Committee.

 

(c) Beginning
January 1, 2021, provided the Company is performing at 80% of the then applicable Company budgeted EBITDA for the applicable quarterly
period as shown in the Company’s internal unaudited financial statements, the Company shall pay Executive a quarterly transportation
supplement (“Transportation Supplement”) in the amount of $25,000. Such amount shall be paid without withholding, not
reportable as wages on form W-2 and no later than the 15th day following calendar quarter end. The Transportation Supplement shall
constitute an accountable plan such that Executive shall annually provide the Compensation Committee with a record showing the
total actual costs of transportation for business purposes incurred over the year which actual costs include fuel, maintenance,
hangar costs, insurance, depreciation and other similar expense items. To the extent Executive’s annual actual costs of transportation
for business purposes are less than the Transportation Supplement for the full year, the Company shall add the excess amount of
Transportation Supplement to Executive’s reportable wages on form W-2.

 

7. Accrued
Obligations; Severance; COBRA. (a) Accrued Obligations. Upon the termination or expiration of the Employment Term for
any reason, Company shall pay to Executive the following: (i) all unpaid Base Salary through the last day of the Employment Term;
(ii) all unreimbursed or other expenses or transportation supplement that otherwise are payable to Executive pursuant to Section
6 above, and (iii) all other accrued payments or benefits to which Executive is entitled and has earned under the terms of any
applicable compensation, bonus, award or similar arrangement, plan or program, subject to Section 3(b) with respect to bonus accrual
and eligibility (collectively, the “Accrued Obligations”). The Accrued Obligations shall be paid to Executive
in a lump sum in cash within thirty (30) days following the termination or expiration of the Employment Term, unless otherwise
required by law or the terms of the applicable arrangement, plan or program, in which case the same shall be paid as soon as permitted
thereunder.

 

(b) Severance.
If the Employment Term ends by reason of either termination by Executive for Good Reason or by the Company’s At-Will Termination,
the Company shall pay to Executive an amount equal to the Executive’s annual Base Salary (“Severance Pay”).
The Severance Pay shall be paid by the Company to Executive in substantially equal monthly installments, without reduction or set
off (other than as provided in Section 11(a) below), in accordance with the Company’s standard payroll procedures, commencing
on the 30th day following the termination or expiration of the Employment Term, provided that the revocation period(s) set forth
in the Release Agreement set forth in Section 8(a) below have expired without revocation. If the Employment Terms ends by reason
of termination by the Company for Cause, by the Company’s Non-Renewal or Executive’s Non-Renewal of the Initial Term
or any Renewal Term, by Executive’s At-Will Termination, or due to Executive’s death or disability, no Severance Pay
will be owing or paid to Executive.

 

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(c) COBRA.
If the Employment Term ends by reason of either termination by Executive for Good Reason, by the Company’s At-Will Termination
or by the Company’s Non-Renewal, to the extent Executive and Executive’s spouse and/or dependent children properly
(and timely) elect COBRA continuation coverage under the Company’s group health insurance plan, the Company shall pay, on
Executive’s behalf, all of the premiums due for such coverage for a period beginning on the date the Employment Term so ended
and ending on the earliest to occur of (as applicable, “Severance Benefits”) (i) the date on which Executive
is no longer entitled to COBRA continuation coverage under the Company’s group health insurance plan, (ii) the last day of
the month that includes or immediately precedes the first day that Executive is covered under another employer’s group health
insurance plan or (iii) the last day of the month in which Executive receives his final Severance Pay payment; provided, however,
that notwithstanding the foregoing or any other provision in this Agreement to the contrary, the Company may unilaterally amend
this Section 7(c) or eliminate the benefit provided hereunder, upon written notice to Executive, but only if and to the extent
necessary to avoid the imposition of excise taxes, penalties or similar charges on the Company, including, without limitation,
under Code Section 4980D. If the Employment Term ends by reason of termination by the Company for Cause, by the Company’s
Non-Renewal or Executive’s Non-Renewal of the Initial Term or any Renewal Term, by Executive’s At-Will Termination,
or due to Executive’s death or disability, no Severance Benefits will be owing to Executive.

 

8. Conditions
to Receipt of Severance Pay and Severance Benefits. (a) Release of Claims. The receipt of Severance Pay and Severance
Benefits will be subject to Executive signing, delivering, not revoking and complying with a general release and waiver of claims
in favor of the Company and its officers, directors and affiliates in substantially the form attached hereto as Exhibit A.

 

(b) Compliance
with Covenants. The receipt of Severance Pay and Severance Benefits will be subject to Executive’s compliance with Sections
9(a), 9(b), 9(c) and 9(d) of this Agreement. In the event Executive breaches any of Sections 9(a), 9(b), 9(c) or 9(d), (i) all
remaining payments of Severance Pay and/or Severance Benefits to which Executive otherwise is entitled pursuant to Section 7(b)
and Section 7(c) will immediately cease, and (ii) Executive will repay, or cause to be repaid, to the Company the full amount of
any payments of Severance Pay and Severance Benefits previously paid by the Company to Executive or on behalf of Executive pursuant
to Section 7(b) and/or Section 7(c) prior to the date of such breach.

 

9. Restrictive
Covenants. (a) Non-Competition. In recognition of the consideration provided herein, and in connection with the protection
of the Company’s trade secrets and customer contacts, Executive agrees that, during the Employment Term and ending on the
earlier to occur of (i) the four month anniversary following the termination or expiration of the Employment Term or (ii) the last
day of the Severance Pay period as set forth in Section 7(b) (as applicable, the “Restricted Period”),
Executive shall not either directly or indirectly, whether for consideration or otherwise: (i) engage in (except on behalf of the
Company or any of its Affiliates), or compete with the Company or any of its Affiliates in, a Competing Business anywhere in the
Territory (any such entity, a “Competing Entity”); or (ii) form or assist others in forming, be employed
by, perform services for, become an officer, director, member or partner of, or participant in, or consultant or independent contractor
to, invest in or own any interest in (whether through equity or debt securities), assist (financially or otherwise) or lend Executive’s
name, counsel or assistance to, any Competing Entity.

 

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(b) Non-Solicitation.
In recognition of the consideration provided herein, Executive agrees that, during the Restricted Period, Executive shall not either
directly or indirectly, whether for consideration or otherwise: (i) solicit or accept business from any customer of the Company
for the purpose of providing goods or services in a Competing Business or solicit or induce any customer of the Company to terminate,
reduce or alter in a manner adverse to the Company, any existing business arrangement or agreement with the Company, (ii) be employed
by any customer of the Company or (iii) solicit, hire, attempt to solicit or attempt to hire any person who is or was an employee
of the Company or any of its Affiliates at any time during the twelve (12) months prior to such solicitation or hire. The restrictions
set forth in this Section 9(b) shall not prohibit any form of general advertising or solicitation that is not directed at a specific
person or entity or does not relate to a Competing Business.

 

(c) Non-Disclosure
and Non-Use of Confidential Information. At all times both during the Employment Term and for one (1) year thereafter (except
with regard to trade secrets, for so long as such information remains a trade secret), Executive agrees that he will not, either
directly or indirectly, (i) divulge, use, disclose (in any way or in any manner, including by posting on the Internet), reproduce,
distribute, or reverse engineer or otherwise provide Confidential Information to any person, firm, corporation, reporter, author,
producer or similar person or entity; (ii) take any action that would make available Confidential Information to the general public
in any form; (iii) take any action that uses Confidential Information to solicit any customer of the Company or prospective customer
(with whom the Company has had a substantive discussion on it becoming a customer of the Company within the immediately preceding
twelve (12) months) in violation of Section 9(b); or (iv) take any action that uses Confidential Information for solicitation of,
or marketing for, any service or product on Executive’s behalf or on behalf of any entity other than the Company or its Affiliates
with which Executive was in fact associated, except (A) as required in connection with the performance of such Executive’s
duties to the Company or any of its Affiliates, (B) as required to be included in any report, statement or testimony requested
by any municipal, state or national regulatory body having jurisdiction over Executive, (C) as required in response to any summons
or subpoena or in connection with any litigation, (D) to the extent necessary in order to comply with any law, order, regulation,
ruling or governmental request applicable to Executive, (E) as required in connection with an audit by any taxing authority, or
(F) as permitted by the express written consent of the Company.

 

(i) In
the event Executive is required to disclose Confidential Information pursuant to any of the foregoing exceptions, Executive shall
promptly notify the Company of such pending disclosure and assist the Company (at the Company’s sole expense, which will
be advanced to Executive concurrently with such assistance) in seeking a protective order or in objecting to such request, summons
or subpoena with regard to the Confidential Information. If the Company does not obtain such relief prior to the time that Executive
is required to disclose such Confidential Information, Executive may disclose that portion of the Confidential Information (A)
which counsel to Executive advises Executive that he is required to disclose or (B) which could subject Executive to be liable
for contempt or suffer censure or penalty. In such cases, Executive shall promptly provide the Company with a copy of the Confidential
Information so disclosed. This provision applies without limitation to unauthorized use of Confidential Information in any medium,
including film, videotape, audiotape and writings of any kind (including books, articles, emails, texts, blogs and websites).

 

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(ii) Executive
is hereby notified, pursuant to the federal Defend Trade Secrets Act of 2016 (“DTSA”), that an individual
shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret
that is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney,
and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (C) where the disclosure of a trade
secret is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition,
Executive is hereby notified under the DTSA that, if an individual files a lawsuit for retaliation by an employer for reporting
a suspected violation of law, the individual may disclose a trade secret to his or her attorney and use the trade secret information
in the court proceeding if the individual (Y) files any document containing the trade secret under seal; and (Z) does not disclose
the trade secret, except pursuant to court order.

 

(d) Inventions
and Patents; Third Party Information. The results and proceeds of Executive’s services to the Company (whether prior
to or during the Employment Term), including, without limitation, any works of authorship related to the Company resulting from
Executive’s services during Executive’s employment with the Company and any works in progress will be works-made-for-hire.
Works made for hire shall not include the Executive’s image, likeness or social media accounts. The Company will be deemed
the sole owner throughout the universe of such works-made-for-hire and any and all rights of whatsoever nature therein, whether
or not now or hereafter known, existing, contemplated, recognized or developed, with the right to use the same in perpetuity in
any manner the Company determines in its sole discretion without any further payment to Executive whatsoever. If, for any reason,
any of such results and proceeds will not legally be a work-made-for-hire or there are any rights which do not accrue to the Company
under the preceding sentence, then Executive hereby irrevocably assigns and agrees to assign to the Company any and all of Executive’s
right, title and interest thereto, including, without limitation, any and all copyrights, patents, trade secrets, trademarks and/or
other rights of whatsoever nature therein, whether or not now or hereafter known, existing, contemplated, recognized or developed.
The Company will have the right to use the same in perpetuity throughout the universe in any manner the Company determines without
any further payment to Executive whatsoever. Executive will, from time to time, as may be reasonably requested by the Company,
and at the Company’s sole expense, sign such documents and assist the Company to establish or document the Company’s
exclusive ownership of any and all rights in any such results and proceeds, including, without limitation, the execution of appropriate
copyright or patent applications or assignments. To the extent Executive has any rights in any such results and proceeds that cannot
be assigned in the manner described above, Executive unconditionally and irrevocably waives the right to enforce such unassignable
rights. This Section 9(d) is subject to, and will not be deemed to limit, restrict or constitute any waiver by the Company of,
any rights of ownership to which the Company may be entitled by operation of law by virtue of the Company being Executive’s
employer. This Agreement does not apply to an invention or other works of authorship for which no equipment, supplies, facility
or trade secret information of the Company was used and which was developed entirely on Executive’s own time, and (i) which
does not relate (A) directly to the business of the Company or (B) to the Company’s actual or demonstrably anticipated research
or development, or (ii) which does not result from any work performed by Executive for the Company hereunder.

 

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(e) Enforcement;
Remedies. Executive acknowledges that the covenants set forth in Sections 9(a), 9(b), 9(c) and 9(d) impose a reasonable restraint
on Executive in light of the business and activities of the Company and its Affiliates. Executive acknowledges that a breach of
Sections 9(a), 9(b), 9(c) or 9(d) by Executive may cause serious and potentially irreparable harm to the Company and its Affiliates.
Executive therefore acknowledges that a breach of Sections 9(a), 9(b), 9(c) or 9(d) by Executive cannot be adequately compensated
in an action for damages at law, and equitable relief may be necessary to protect the Company and its Affiliates from a violation
of this Agreement and from the harm which this Agreement is intended to prevent. By reason thereof, Executive acknowledges that
the Company may be entitled, in addition to any other remedies it may have under this Agreement or otherwise, to preliminary and
permanent injunctive and other equitable relief to prevent or curtail any breach or threatened breach of this Agreement. Executive
acknowledges, however, that no specification in this Agreement of a specific legal or equitable remedy may be construed as a waiver
of or prohibition against pursuing other legal or equitable remedies in the event of a breach of this Agreement by Executive.

 

(f) Modification.
In the event that any provision or term of this Sections 9(a), 9(b), 9(c) or 9(d), or any word, phrase, clause, sentence or other
portion thereof (including, without limitation, the geographic and temporal restrictions and provisions contained in Sections 9(a)
or 9(b)) is held to be unenforceable or invalid for any reason, such provision or portion thereof will be modified or deleted in
such a manner as to be effective for the maximum period of time, the maximum geographical area, and otherwise to the maximum extent
as to which it may be enforceable under applicable law. Such modified restriction(s) shall be enforced by a court having jurisdiction.
In the event that such modification is not possible, because each of Executive’s obligations in Sections 9(a), 9(b), 9(c)
and 9(d) is a separate and independent covenant, any unenforceable obligation shall be severed and all remaining obligations shall
be enforceable.

 

10. Definitions.
For purposes of this Agreement, the following defined terms have the following meanings:

 

(a) “Affiliate”
means, with respect to the Company, any corporation, limited liability company, partnership, business trust or organization, or
other entity directly or indirectly controlling, controlled by or under common control with the Company, where control means holding
more than 50% of both the voting interests of the entity and the authority to direct the management and policies of the entity.

 

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(b) “Cause”
means any of the following: (i) Executive’s conviction of, or plea of guilty or nolo contendere to, a misdemeanor involving
dishonesty, wrongful taking of property, immoral conduct, bribery or extortion or any felony; (ii) willful material misconduct
by Executive in connection with the business of the Company and its Affiliates; (iii) Executive’s continued and willful failure
to perform substantially his responsibilities to the Company under this Agreement; (iv) Executive’s material breach of this
Agreement; (v) Executive’s fraud, theft or material dishonesty against the Company, its Affiliates or its customers; (vi)
Executive’s willful and material breach of the Company’s written code of conduct and business ethics or other material
written policy, procedure or guideline in effect from time to time and applicable to the Company’s employees generally relating
to personal conduct; or (vii) Executive’s willful attempt to obstruct or willful failure to cooperate when with any investigation
authorized by the Board or any governmental or self-regulatory entity. Any determination of Cause by the Company shall be made
by a resolution approved by a majority of the members of the Board, provided that with respect to Sections 10(a)(ii), 10(a)(iii),
10(a)(iv), 10(a)(vi) and 10(a)(vii) and notwithstanding any other provision of this Agreement to the contrary, Company shall not
terminate the Employment Term for Cause unless (x) the Company notifies Executive in writing of such determination within ninety
(90) days following the Company’s first knowledge of the existence thereof (which notice specifically identifies the reasons
and details therefore), (y) Executive fails to remedy the same within thirty (30) days after the date on which he received such
notice (the “Remedial Period”), and (z) the Company terminates the Employment Term for Cause within thirty
(30) days after the end of the Remedial Period.

 

(c) “Code”
means the Internal Revenue Code of 1986, as amended.

 

(d) “Competing
Business” means (i) a business that is engaged in the acquisition or operation of compressed natural gas fueling
stations, (ii) a business that is engaged in providing freight trucking services primarily to the United States Postal Service,
or (iii) any other business in which the Company or any of its Affiliates is then-currently engaged or was engaged at any time
in the twelve (12) month period prior to Executive’s last day of employment with the Company.

 

(e) “Confidential
Information” means confidential or proprietary information and/or techniques of the Company or its Affiliates entrusted
to, developed by, or made available by the Company or any of its Affiliates to Executive during the Employment Term, whether in
writing, in computer form, reduced to a tangible form in any medium, or conveyed orally, that is not generally known by others
in the form in which it is or was used by the Company or its Affiliates. Examples of Confidential Information include, without
limitation: (i) sales, sales volume, sales methods, sales proposals, business plans or statements of work; (ii) customers of the
Company, prospective customer (with whom the Company has had a substantive discussion on it becoming a customer of the Company
within the immediately preceding twelve (12) months), and customer records, including contact and preference information; (iii)
costs of goods or services charged by vendors and suppliers to the Company; (iii) prices charged to specific customers and non-public
general price lists and similar pricing information; (iv) terms of contracts with customer; (vii) non- public information and materials
describing or relating to the financial condition and affairs of the Company or its Affiliates, including but not limited to, financial
statements, budgets, projections financial and/or investment performance information, research reports, personnel matters, products,
services, operating procedures, organizational responsibilities and marketing matters, policies or procedures; (viii) non-public
information and materials describing existing or new processes, products and services of the Company or its Affiliates, including
marketing materials, analytical data and techniques, and product, service or marketing concepts under development, and the status
of such development; (ix) the business or strategic plans of the Company or its Affiliates; (x) the information technology systems,
network designs, computer program code, and application practices of the Company or its Affiliates; (xi) acquisition candidates
of the Company or its Affiliates or any studies or assessments relating thereto; and WO trademarks, service marks, trade secrets,
trade names and logos. In addition and notwithstanding the foregoing, Confidential Information does not include (x) information
that, other than as a result of a breach by Executive of this Agreement, is or becomes generally known to and available for use
by the public, (y) information that is, at any time, either on the Company’s website or is in brochures, advertising and
other materials furnished or provided to customers of the Company and prospective customer (with whom the Company has had a substantive
discussion on it becoming a customer of the Company within the immediately preceding twelve (12) months) or (z) became known to
the Executive other than through his relationship with the Company.

 

    10

     

    

 

(f) “Disability”
means Executive’s inability to perform one or more essential functions of his position, after taking into account reasonable
accommodations, by reason of any medically diagnosed physical or mental impairment and such inability continues for a period of
at least 90 consecutive calendar days. A determination of such Disability will be made by a physician reasonably acceptable to
the Company and Executive (or, if applicable, his spouse or legal representative).

 

(g) “Good
Reason” means the occurrence of any of the following events, without the written consent of Executive:

 

(i) any
reduction in Executive’s Base Salary (as it may have been increased after the Effective Date), except by no more than ten
percent (10%) as part of an across the board salary reduction uniformly applied to all executive-level employees of the Company;

 

(ii) any
material reduction in Executive’s authority, duties or responsibilities or the assignment to Executive of any duties that
are inconsistent with his position or;

 

(iii) any
other action or inaction that constitutes a material breach by the Company of this Agreement or any other agreement under which
Executive provides services to the Company or any of its Affiliates.

 

Notwithstanding any other provision of
this Agreement to the contrary, Executive shall not terminate the Employment Term for Good Reason unless (A) Executive notifies
the Company in writing of the condition that Executive believes constitutes Good Reason within ninety (90) days following the Executive’s
first knowledge of the existence thereof (which notice specifically identifies such condition and the details regarding its existence),
(ii) the Company fails to remedy such condition within thirty (30) days after the date on which it receives such notice (the “Remedial
Period”), and (iii) Executive terminates the Employment Term within thirty (30) days after the end of the Remedial
Period for Good Reason.

 

(h) “Section
409A” means Section 409A of the Code and the Treasury Regulations issued thereunder.

 

    11

     

    

 

(i) “Territory”
means any State in the United States in which the Company and its Affiliates then-currently conduct their business or have conducted
their business at any time in the prior twelve (12) months.

 

(j) “2020
Budget” means the 2020 cash flow forecast included and as amended from time to time in the Forbearance Agreement,
dated March 24, 2020, as amended, among the Company and Antara Capital Partners Master Fund and the other parties named therein.

 

11. Tax
Matters. (a) Withholding. All payments made pursuant to this Agreement will be subject to withholding of taxes as required
by applicable law.

 

(b) Responsibility.
Notwithstanding anything to the contrary herein, the Company makes no representations or warranties to Executive with respect to
any tax, economic or legal consequences of this Agreement or any payments or other benefits provided hereunder, including without
limitation under Section 409A, and no provision of the Agreement shall be interpreted or construed to transfer any liability for
failure to comply with Section 409A or any other legal requirement from Executive or any other individual to the Company or any
of its Affiliates, except as provided below. Executive, by executing this Agreement, shall be deemed to have waived any claim against
the Company and its Affiliates with respect to any such tax, economic or legal consequences; provided, however, if any amount payable
pursuant to this Agreement is included in Executive’s gross income under Section 409A(a)(1)(A) of the Code, then (i) Executive
shall be responsible for the payment of the income taxes imposed on such payment and the amount of interest under Section 409A(a)(1)(B)(i)(I)
of the Code and (ii) the Company shall be responsible for the payment of the amount due under Section 409A(a)(1)(B)(i)(11) of the
Code within 30 days after such time as a final determination is made that such amount is due and payable by Executive (whether
by an agreed assessment, a decision upon administrative appeal, or a decision by a court having jurisdiction). The parties intend
that the payment under the preceding clause (ii) will comply with Treasury Regulation Sections 1.409A-3(i)(1)(i), 1.409A-3(i)(1)(v)
and 1.409A-3(i)(1)(v).

 

(c) Section
409A. The parties intend that this Agreement and the payments and other benefits provided hereunder be exempt from the requirements
of Section 409A to the maximum extent possible, whether pursuant to the short-term deferral exception described in Treasury Regulations
Section 1.409A-1(b)(4), the involuntary separation pay plan exception described in Treasury Regulations Section 1.409A-1(b)(9)(iii),
or otherwise. To the extent Section 409A is applicable to this Agreement and any such payments and benefits, the parties intend
that this Agreement and such payments and benefits comply with the deferral, payout and other limitations and restrictions imposed
under Section 409A. Notwithstanding any other provision of this Agreement to the contrary, this Agreement shall be interpreted,
operated and administered in a manner consistent with such intentions. Without limiting the generality of the foregoing, and notwithstanding
any other provision of this Agreement to the contrary:

 

(i) if
at the time Executive’s employment hereunder terminates, Executive is a “specified employee,” as defined in Treasury
Regulations Section 1.409A-1(i) and determined using the identification methodology selected by the Company from time to time,
or if none, the default methodology, then to the extent necessary to avoid subjecting Executive to the imposition of any additional
tax under Section 409A, any and all amounts payable under this Agreement on account of such termination of employment that would
(but for this provision) be payable within six (6) months following the date of termination, shall instead be paid in a lump sum
on the first day of the seventh month following the date on which Executive’s employment terminates or, if earlier, upon
Executive’s death;

 

    12

     

    

 

(ii) a
termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the
payment of amounts or benefits upon or following a termination of employment unless such termination is also a “separation
from service,” as defined in Treasury Regulations Section 1.409A-1(h) after giving effect to the presumptions contained therein,
and, for purposes of any such provision of this Agreement, references to “terminate,” “termination,” “termination
of employment” and like terms shall mean separation from service;

 

(iii) each
payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments under
this Agreement shall be treated as a right to a series of separate payments; and

 

(iv) with
regard to any provision in this Agreement that provides for reimbursement of expenses or in-kind benefits, except for any expense,
reimbursement or in-kind benefit provided pursuant to this Agreement that does not constitute a “deferral of compensation,”
within the meaning of Treasury Regulations Section 1.409A-1(b), (A) the right to reimbursement or in-kind benefits shall not be
subject to liquidation or exchange for another benefit, (B) the amount of expenses eligible for reimbursement, or in-kind benefits
provided, during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided,
in any other taxable year, and (C) such payments shall be made no later than two and a half months after the end of the calendar
year in which the expenses were incurred.

 

(d) Limitation
on Payments Under Certain Circumstances. (i) Notwithstanding any other provision of this Agreement to the contrary, in the
event that Executive becomes entitled to receive or receives any payments, options, awards or benefits (including, without limitation,
the monetary value of any non-cash benefits and the accelerated vesting of stock awards) under any agreement, arrangement, plan
or program with the Company or any person affiliated with the Company (collectively, the “Payments”),
that may separately or in the aggregate constitute “parachute payments” within the meaning of Code Section 280G and
the Treasury regulations promulgated thereunder (“Section 280G”) and it is determined that, but for this Section 12(d)(i),
any of the Payments will be subject to any excise tax pursuant to Code Section 4999 or any similar or successor provision (the
“Excise Tax”), the Company shall pay to Executive either (i) the full amount of the Payments or (ii)
an amount equal to the Payments reduced by the minimum amount necessary to prevent any portion of the Payments from being an “excess
parachute payment” (within the meaning of Section 280G) (the “Capped Payments”), whichever of the
foregoing amounts results in the receipt by Executive, on an after-tax basis (with consideration of all taxes incurred in connection
with the Payments, including the Excise Tax), of the greatest amount of Payments notwithstanding that all or some portion of the
Payments may be subject to the Excise Tax. For purposes of determining whether Executive would receive a greater after-tax benefit
from the Capped Payments than from receipt of the full amount of the Payments and for purposes of Section 11(d)(iii) (if applicable),
Executive shall be deemed to pay federal, state and local taxes at the highest marginal rate of taxation for the applicable calendar
year.

 

    13

     

    

 

(ii) All
computations and determinations called for by Sections 11(d)(i) and 11(d)(iii) shall be made and reported in writing to the Company
and Executive by a third-party service provider selected by the Company and Executive (the “Tax Advisor”),
and all such computations and determinations shall be conclusive and binding on the Company and Executive. For purposes of such
calculations and determinations, the Tax Advisor may rely on reasonable, good faith interpretations concerning the application
of Code Sections 280G and 4999. The Company and Executive shall furnish to the Tax Advisor such information and documents as the
Tax Advisor may reasonably request in order to make their required calculations and determinations. The Company shall bear all
fees and expenses charged by the Tax Advisor in connection with its services.

 

(iii) In
the event that Section 11(d)(i) applies and a reduction is required to be applied to the Payments thereunder, the Payments shall
be reduced by the Company in a manner and order of priority that provides Executive with the largest net after-tax value; provided
that payments of equal after-tax present value shall be reduced in the reverse order of payment. Notwithstanding anything to the
contrary herein, any such reduction shall be structured in a manner intended to comply with Section 409A.

 

12. Assignment.
This Agreement and Executive’s rights under this Agreement are personal to Executive and shall not be assignable by Executive.
The Company may, by written notice to Executive, assign this Agreement to any affiliated or successor to all or substantially all
of the business and assets the Company and then only so long as such affiliate or successor assumes and agrees, in such form and
substance as is reasonably satisfactory to Executive, to perform all of the Company’s duties, responsibilities, obligations
and liabilities hereunder, including without limitation upon the termination of the Employment Term; provided, however, the termination
of Executive’s employment hereunder by such affiliate or successor and the immediate hiring and continuation of Executive’s
employment by such affiliate or successor upon the identical terms and provisions of this Agreement shall not be deemed to constitute
a termination of the Employment Term. All of the terms and provisions of this Agreement shall be binding upon and inure to the
benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns.

 

13. Notices.
All notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given (a) on
the date of delivery if delivered personally, (b) one (1) day after being sent by a reputable commercial overnight service, or
(c) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties
or their successors at the following addresses, or at such other addresses as the parties may later designate in writing:

 

    14

     

    

 

If to the Company:

 

EVO Transportation & Energy
Services, Inc.

2075 West Pinnacle Peak Road,
Suite 130

Phoenix, AZ 85027

Attention: Secretary

Shirley Mays - smays@evotransinc.com

 

If to Executive:

 

Thomas J. Abood

[Intentionally omitted]

 

Notice may also be sent by electronic mail
to the electronic mail address provided above. Notice shall be deemed given if by electronic mail when the recipient, by an email
sent to the email address for the sender stated below or by a notice delivered by another method in accordance with this Section
13, acknowledges having received that email, with an automatic “read receipt” not constituting acknowledgment of an
email for purposes of this Section 13.

 

14. Severability.
In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement will continue in full force and effect without said provision.

 

15. Integration.
This Agreement represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes
all prior or contemporaneous agreements whether written or oral. No waiver, alteration or modification of any of the provisions
of this Agreement will be binding unless in writing that specifically refers to this Agreement and is signed by Executive and a
duly authorized representative of the Company.

 

16. Waiver
of Breach. The waiver of a breach of any term or provision of this Agreement must be in writing and will not operate as or
be construed to be a waiver of any other previous or subsequent breach of this Agreement.

 

17. Headings.
All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

 

18. Governing
Law. 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 Arizona 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
Arizona, 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,
Executive’s employment by the Company, or for recognition or enforcement of any judgment.

 

    15

     

    

 

19. Acknowledgment.
Executive acknowledges that he has had the opportunity to discuss this Agreement with and obtain advice from his private attorney,
has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly
and voluntarily entering into this Agreement.

 

20. Counterparts.
This Agreement may be executed in counterparts, and may delivered personally or by facsimile or electronic transmission, and each
counterpart will have the same force and effect as an original and will constitute an effective, binding agreement on the part
of each of the undersigned parties.

 

{Signature Page Follows}

 

    16

     

    

 

IN WITNESS WHEREOF,
each of the parties has executed this Employment Agreement, in the case of the Company by its duly authorized officer, as of the
Effective Date in the preamble hereof.

 

	COMPANY:	 	EXECUTIVE
	EVO Transportation & Energy Services, Inc.	 	 
	 	 	 	 	 
	By:	/s/ Scott Smith	 	By:	/s/ Thomas J. Abood
	Name: 	Scott Smith	 	Name: 	Thomas J. Abood
	Title:	Chair, Compensation Committee,	 	 	 
	 	Board of Directors	 	 	 

 

     

     

    

 

Schedule A

 

Board of Directors, NELSON Worldwide, Inc.

Board of Trustees, SBH Funds

Chair, Board of Directors, MacPhail Center
for Music

Chair, Board of Directors, Citation Jet
Pilots, Inc.

Past Chair, Archdiocesan Finance Council,
Archdiocese of St. Paul and Minneapolis

 

Consultant, NELSON Worldwide, Inc.

 

     

     

    

 

Exhibit A

 

Form of Release

 

[Date]

 

[Via __________]

Personal and Confidential

 

Thomas J. Abood

[Employee Address]

 

		Re:	Separation Agreement and Release

 

Dear John:

 

As you know, your employment with EVO Transportation
& energy Services, Inc. (the “Company”) ended effective at the close of business on [Date] pursuant to Section
2 of your executive Employment Agreement with the Company dated ______________ (the “Employment Agreement”). The purpose
of this Separation Agreement and Release letter (“Agreement”) is to set forth the specific separation pay and benefits
that the Company will provide you as set forth in Section 2 of your Employment Agreement in exchange for your agreement to the
terms and conditions of this Agreement. Capitalized terms used but not defined in this Agreement have the meanings assigned to
them in them in the Employment Agreement.

 

By your signature below, you agree to the
following terms and conditions:

 

1. End
of Employment. Your employment with the Company ended effective at the close of business on [Date]. Upon your receipt of your
final paycheck, which includes payment for services through [Date], you will have received all wages, compensation and benefits
owed to you by virtue of your employment with the Company or termination thereof. If applicable, information regarding your right
to elect COBRA coverage will be sent to you via separate letter.

 

You are not eligible
for any other payments or benefits by virtue of your employment with the Company or termination thereof except for those expressly
described in this Agreement. You will not receive the separation pay and benefits described in Section 2 of this Agreement if you
(i) do not sign this Agreement and return it to the Company by the Offer Expiration, (ii) rescind this Agreement after signing
it, or (iii) violate any of the terms and conditions set forth in this Agreement.

 

2. 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. [See
Employment Agreement]

 

    A-1

     

    

 

3. Release
of Claims. Specifically in consideration of the separation pay and benefits described in Section 2, 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, bonuses, commissions, penalties,
deferred compensation, vacation, sick, and/or paid time off (PTO) pay, separation pay and/or benefits; tortious conduct, defamation,
libel, slander, invasion of privacy, negligence, emotional distress; breach of implied or express contract, 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, the Wisconsin Constitution,
the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., Wisconsin Fair Employment Act, Wisconsin Wage Claim
and Payment Law, Wisconsin Business Closing and Mass Layoff Law, Wisconsin Cessation of Health Care Benefits Law, Wisconsin Family
and Medical Leave Law, Wisconsin Personnel Records Statute, Wisconsin Employment Peace Act, any paid sick leave law, any local
human rights ordinance, 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., the National Labor Relations Act,
29 U.S.C. § 151 et seq., the Sarbanes-Oxley Act, 15 U.S.C. § 7201 et seq.; any claim for retaliation;
all waivable claims arising under Wisconsin and local statutes. You hereby waive any and all relief not provided for in this Agreement.
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.

 

    A-2

     

    

 

d. You
are not, by signing this Agreement, releasing or waiving (1) any vested interest you may have in any stock options, warrants or
other equity or 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 the Company 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.

 

4. 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.

 

5. Notification
of Rights under 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 3 with regard to claims 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. 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 5, the Company will have no obligation to provide you the payments and benefits described in Section
2 of this Agreement and you will be obligated to return to the Company any payment(s) and benefits already received in connection
with Section 2 of this Agreement.

 

6. 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. You may retain copies of contact
information and other similar records.

 

    A-3

     

    

 

7. On-Going
Obligations. 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 2 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.

 

8. Cooperation.
You agree that through _______________ [THE SEVERANCE PERIOD], you will respond to the Company in a timely and helpful manner via
email or telephone should it have questions for you regarding your work for the Company such as, but not limited to, status of
projects, location of data and documents, and passwords, provided that such questions must be reasonable in volume and time commitment.

 

9. Non-Disparagement
and Confidentiality. The Company and the Executive promise and agree not to disparage one another or the Released Parties,
the Company’s employees, products or services. You further promise and agree not to disclose or discuss, directly or indirectly,
in any manner whatsoever, any information regarding the substance and/or nature of any dispute between the Company and any employee
or former employee, including yourself. You agree that the only people with whom you may discuss this confidential information
are your legal and financial advisors and your spouse, if applicable, provided they agree to keep the information confidential,
federal and state tax authorities, the state unemployment compensation department, other government agencies, or as otherwise required
by law. The Company and the Executive will reach a mutually agreeable statement regarding any termination under the Agreement.

 

10. Remedies.
In the event of litigation arising out of this Agreement or the Employment Agreement, the prevailing party will be entitled to
an award of its costs and reasonable attorneys’ fees. If either party breaches any term of this Agreement or the Employment
Agreement, the prevailing party shall be entitled to its available legal and equitable remedies. 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.

 

11. 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.

 

12. 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.

 

13. 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.

 

    A-4

     

    

 

14. 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, 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.

 

15. 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, non-solicitation,
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.

 

16. 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.

 

17. Stock
Options. Notwithstanding anything to the contrary contained in Section 12 of the EVO Transportation and Energy Services, Inc.
2018 Stock Incentive Plan (“Company Stock Option Plan”), all vested stock options issued under the Initial Employment
Agreement, including those issued under this Agreement as they vest, shall be exercisable by the Executive during the full option
period associated with the such options (10 years).

 

18. Acknowledgment
of Reading and Understanding. By signing this Agreement, you acknowledge that you have read this Agreement, including the release
of claims contained in Section 3, and understand that the release of claims is a full and final release of all claims you may have
against the Company and the other entities and individuals covered by the release. By signing, you also acknowledge and agree that
you have entered into this Agreement knowingly and voluntarily.

 

The deadline for accepting
this Agreement is 5:00 p.m. on the 22nd calendar day following your receipt of this Agreement (the “Offer Expiration”).
If not accepted by such time, the offer contained herein will expire. After you have reviewed this Agreement and obtained whatever
advice and counsel you consider appropriate regarding it, 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. Please keep
a copy for your records.

 

    A-5

     

    

 

We wish you all the
best.

 

Sincerely,

 

EVO Transportation & Energy Services,
Inc.

 

ACKNOWLEDGMENT
AND SIGNATURE

 

By signing below, I,
_____________, acknowledge and agree to the following:

 

		●	I
have had adequate time to consider whether to sign this Separation Agreement and Release.

		●	I
have read this Separation Agreement and Release carefully.

		●	I
understand and agree to all of the terms of the Separation Agreement and Release.

		●	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 Separation Agreement and Release.

		●	I
intend this Separation Agreement and Release to be legally binding.

		●	I
am signing this Separation Agreement and Release on or after my last day of employment with the Company.

 

Accepted this ___ day of _____________,
20__.

 

________________________

 

A-6Exhibit 4.2

 

 

 

FIRST FINANCIAL BANCORP.,

Company,

 

AND

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

Trustee

 

SECOND

SUPPLEMENTAL

INDENTURE

 

Dated as of

April 30, 2020

 

TO

 

SUBORDINATED

INDENTURE

 

Dated as of

August 25, 2015

 

5.25% FIXED-TO-FLOATING RATE SUBORDINATED
NOTES DUE 2030

 

 

 

     

     

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I	DEFINITIONS	2
	 	 	 
	Section 1.1	Definitions	2
	 	 	 
	ARTICLE II	GENERAL TERMS AND CONDITIONS OF THE NOTES	8
	Section 2.1	Designation and Principal Amount	8
	Section 2.2	Form and Denomination of Notes	8
	Section 2.3	Initial Limit on Amount of Series	8
	Section 2.4	Rank; Subordination	8
	Section 2.5	Further Issues Without Holders’ Consent	9
	Section 2.6	Form and Payment	9
	Section 2.7	Interest	9
	Section 2.8	Redemption	12
	Section 2.9	No Sinking Fund	13
	Section 2.10	Notes Not Convertible or Exchangeable	13
	Section 2.11	Events of Default	13
	Section 2.12	Global Securities	13
	Section 2.13	No Additional Amounts	14
	 	 	 
	ARTICLE III	ORIGINAL ISSUE OF NOTES	14
	 	 	 
	Section 3.1	Original Issue of Notes	14
	 	 	 
	ARTICLE IV	DEFEASANCE	14
	 	 	 
	Section 4.1	Defeasance Applicable to Notes	14
	 	 	 
	ARTICLE V	MISCELLANEOUS	14
	 	 	 
	Section 5.1	Ratification of Indenture	14
	Section 5.2	Conflict with Trust Indenture Act	14
	Section 5.3	Effect of Headings and Table of Contents	15
	Section 5.4	Successors and Assigns	15
	Section 5.5	Separability Clause	15
	Section 5.6	Benefits of Indenture	15
	Section 5.7	Governing Law	15
	Section 5.8	Waiver of Jury Trial	15
	Section 5.9	Counterparts	15
	Section 5.10	Trustee	16

 

    i

     

    

 

THIS
SECOND SUPPLEMENTAL INDENTURE, dated as of April 30, 2020 (this “Supplemental Indenture”), between First
Financial Bancorp., an Ohio corporation having an address at 255 East Fifth Street, Suite 800, Cincinnati, Ohio 45202 (hereinafter
called the “Company,” which term shall include any successors and assigns pursuant to the terms of this Supplemental
Indenture), and Wells Fargo Bank, National Association, a national banking association having a corporate trust office at 150
East 42nd Street, 40th Floor, New York, New York 10017 (hereinafter called the “Trustee”).

 

WHEREAS,
the Company executed and delivered the Subordinated Indenture (the “Indenture”), dated as of August 25,
2015, to the Trustee, to provide for the issuance from time to time of the Company’s notes or other evidences of indebtedness
(the “Securities”), to be issued in one or more series;

 

WHEREAS,
pursuant to the terms of the Indenture, the Company desires to provide for the establishment of a series of its Securities under
the Indenture to be known as its “5.25% Fixed-to-Floating Rate Subordinated Notes due 2030” (the “Notes”),
the form and substance of and the terms, provisions and conditions thereof to be set forth as provided in the Indenture and this
Supplemental Indenture;

 

WHEREAS,
the Capital Markets Committee of the Board of Directors of the Company, pursuant to authority granted to it by the Board of Directors
of the Company on April 21, 2020 and resolutions duly adopted by the Capital Markets Committee on April 23, 2020, has
duly authorized the issuance of the Notes and the amendments to the Indenture provided for in this Supplemental Indenture, and
has authorized the proper officers of the Company to execute any and all appropriate documents necessary or appropriate to effect
each such issuance;

 

WHEREAS,
this Supplemental Indenture is being entered into pursuant to the provisions of Section 201, Section 301, Section 303
and Article IX of the Indenture;

 

WHEREAS,
the Company has requested that the Trustee execute and deliver this Supplemental Indenture; and

 

WHEREAS,
all things necessary to make this Supplemental Indenture a valid agreement of the Company, in accordance with its terms, and to
make each of the Notes, when executed by the Company and authenticated and delivered by the Trustee or an authentication agent,
the valid obligations of the Company, have been performed, and the execution and delivery of this Supplemental Indenture has been
duly authorized in all respects;

 

NOW
THEREFORE, in consideration of the premises and the purchase and acceptance of the Notes by the Holders thereof, and for the purpose
of setting forth, as provided in the Indenture, the forms and terms of the Notes, the Company covenants and agrees with the Trustee,
for the equal and proportionate benefit of the Holders of the Notes, as follows:

 

     

     

    

 

ARTICLE I

 

DEFINITIONS

 

Section 1.1     Definitions.

 

For
all purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires:

 

(a)            all
references in this instrument to designated “Articles,” “Sections” and other subdivisions are to be designated
Articles, Sections and other subdivisions of this instrument unless the context otherwise requires; the words “herein,”
 “hereof” and “hereunder” and other words of similar import refer to this Supplemental Indenture as a whole
and not to any particular Article, Section or other subdivision;

 

(b)            each
term defined in the Indenture has the same meaning when used in this Supplemental Indenture, except to the extent specifically
defined herein, in which case the meaning ascribed to it in this Supplemental Indenture shall control; and

 

(c)            Section 101
of the Indenture is amended and supplemented, solely with respect to the Notes, by inserting the following additional defined
terms in their appropriate alphabetical positions:

 

“Administrative
or Judicial Action” has the meaning provided in the definition of “Tax Event.”

 

“Benchmark”
means, initially, Three-Month Term SOFR; provided that if the Calculation Agent determines on or prior to the Reference Time that
a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or
the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.

 

“Benchmark
Replacement” means the Interpolated Benchmark with respect to the then-current Benchmark, plus the Benchmark Replacement
Adjustment for such Benchmark; provided that if (a) the Calculation Agent cannot determine the Interpolated Benchmark as
of the Benchmark Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event
and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated
Benchmark with respect to Three-Month Term SOFR shall be determined), then

 

“Benchmark
Replacement” means the first alternative set forth in the order below that can be determined by the Calculation Agent
as of the Benchmark Replacement Date:

 

(1)            Compounded
SOFR;

 

(2)            the
sum of: (a) the alternate rate that has been selected or recommended by the Relevant Governmental Body as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment;

 

    2 

     

    

 

(3)            the
sum of: (a) the ISDA Fallback Rate, and (b) the Benchmark Replacement Adjustment;

 

(4)            the
sum of: (a) the alternate rate that has been selected by the Calculation Agent as the replacement for the then-current Benchmark
for the applicable Corresponding Tenor, giving due consideration to any industry-accepted rate as a replacement for the then-current
Benchmark for U.S. dollar-denominated floating rate securities at such time, and (b) the Benchmark Replacement Adjustment.

 

“Benchmark
Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the Calculation
Agent as of the Benchmark Replacement Date:

 

(1)            the
spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value
or zero), that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

 

(2)            if
the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; and

 

(3)            the
spread adjustment (which may be a positive or negative value or zero) that has been selected by the Calculation Agent giving due
consideration to any industry-accepted spread adjustment or method for calculating or determining such spread adjustment, for
the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated
floating rate securities at such time.

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of  “interest period,” timing and frequency of determining rates
with respect to each interest period and making payments of interest, rounding of amounts or tenors, and other administrative
matters) that the Calculation Agent decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner
substantially consistent with market practice (or, if the Calculation Agent decides that adoption of any portion of such market
practice is not administratively feasible or if the Calculation Agent determines that no market practice for use of the Benchmark
Replacement exists, in such other manner as the Calculation Agent determines is reasonably necessary).

 

“Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 

(1)            in
the case of clause (1) of the definition of  “Benchmark Transition Event,” the relevant Reference Time in
respect of any determination;

 

(2)            in
the case of clause (2) or (3) of the definition of  “Benchmark Transition Event,” the later of (a) the
date of the public statement or publication of information referenced therein and (b) the date on which the administrator
of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or

 

    3 

     

    

 

 

(3)            in
the case of clause (4) of the definition of  “Benchmark Transition Event,” the date of the public statement
or publication of information referenced therein.

 

For the avoidance
of doubt, for purposes of the definitions of Benchmark Replacement Date and Benchmark Transition Event, references to the Benchmark
also include any reference rate underlying the Benchmark (for example, if the Benchmark becomes Compounded SOFR, references to
the Benchmark would include SOFR).

 

For the avoidance
of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference
Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time
for such determination.

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(1)            if
the Benchmark is Three-Month Term SOFR, (a) the Relevant Governmental Body has not selected or recommended a forward-looking
term rate for a tenor of three months based on SOFR, (b) the development of a forward-looking term rate for a tenor of three
months based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (c) the Company
determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible;

 

(2)            a
public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator
has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide the Benchmark;

 

(3)            a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central
bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution
authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution
authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease
to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no
successor administrator that will continue to provide the Benchmark; or

 

(4)            a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that
the Benchmark is no longer representative.

 

“Business
Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which the Trustee or
banking institutions in Cincinnati, Ohio or The City of New York are authorized or required by law, regulation or executive order
to close.

 

“Calculation
Agent” means the agent appointed by the Company prior to the commencement of the Floating Rate Period (which may include
the Company or any of its Affiliates) to act in accordance with Section 2.7. The Company shall initially act as the Calculation
Agent.

 

    4

     

    

 

“Compounded
SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for
this rate, and conventions for this rate being established by the Calculation Agent in accordance with:

 

(1)            the
rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for
determining compounded SOFR; provided that:

 

(2)            if,
and to the extent that, the Calculation Agent determines that Compounded SOFR cannot be determined in accordance with clause (1) above,
then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Calculation Agent giving
due consideration to any industry-accepted market practice for U.S. dollar-denominated floating rate securities at such time.

 

For the avoidance
of doubt, the calculation of Compounded SOFR shall exclude the Benchmark Replacement Adjustment (if applicable) and the spread
of 509 basis points per annum.

 

“Corresponding
Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length
(disregarding business day adjustment) as the applicable tenor for the then-current Benchmark.

 

“DTC”
means The Depository Trust Company.

 

“Federal
Reserve” has the meaning provided in the definition of “Tier 2 Capital Event.”

 

“Federal
Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org,
or any successor source.

 

“Fixed
Rate Interest Payment Date” has the meaning provided in Section 2.7(a).

 

“Fixed
Rate Period” has the meaning provided in Section 2.7(a).

 

“Fixed
Rate Regular Record Date” has the meaning provided in Section 2.7(a).

 

“Floating
Rate Interest Payment Date” has the meaning provided in Section 2.7(b).

 

“Floating
Rate Period” has the meaning provided in Section 2.7(b).

 

“Floating
Rate Regular Record Date” has the meaning provided in Section 2.7(b).

 

“Interest
Payment Date” has the meaning provided in Section 2.7(b).

 

“interest
period” means the period from and including the immediately preceding Interest Payment Date in respect of which interest
has been paid or duly provided for or, if no interest has been paid or duly provided for, from and including the Issue Date to,
but excluding, the applicable Interest Payment Date or the Maturity Date or date of earlier redemption, if applicable.

 

    5

     

    

 

“Interpolated
Benchmark” with respect to the Benchmark means the rate determined for the Corresponding Tenor by interpolating on a
linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than
the Corresponding Tenor, and (2) the Benchmark for the shortest period (for which the Benchmark is available) that is longer
than the Corresponding Tenor.

 

“ISDA
Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc.
or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate
derivatives published from time to time.

 

“ISDA
Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply
for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event
with respect to the Benchmark for the applicable tenor.

 

“ISDA
Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective
upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable
ISDA Fallback Adjustment.

 

“Issue
Date” means April 30, 2020.

 

“Maturity
Date” has the meaning provided in Section 2.2.

 

“Redemption
Date” has the meaning provided in Section 2.8.

 

“Reference
Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Three-Month Term SOFR, the
time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark
is not Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Benchmark Replacement Conforming
Changes.

 

“Relevant
Governmental Body” means the Federal Reserve and/or the Federal Reserve Bank of New York, or a committee officially endorsed
or convened by the Federal Reserve and/or the Federal Reserve Bank of New York or any successor thereto.

 

“SOFR”
means the secured overnight financing rate published by the Federal Reserve Bank of New York, as the administrator of the Benchmark
(or a successor administrator), on the Federal Reserve Bank of New York’s Website.

 

“Tax Event”
means the receipt by the Company of an opinion of independent tax counsel to the effect that as a result of (a) an amendment
to or change (including any announced prospective amendment or change) in any law or treaty, or any regulation thereunder, of the
United States or any of its political subdivisions or taxing authorities; (b) a judicial decision, administrative action,
official administrative pronouncement, ruling, regulatory procedure, regulation, notice or announcement, including any notice or
announcement of intent to adopt or promulgate any ruling, regulatory procedure or regulation (any of the foregoing, an “Administrative
or Judicial Action”); or (c) an amendment to or change in any official position with respect to, or any interpretation
of, an Administrative or Judicial Action or a law or regulation of the United States that differs from the previously generally
accepted position or interpretation, in each case, which change or amendment or challenge becomes effective or which pronouncement,
decision or challenge is announced on or after the original issue date of the Notes, there is more than an insubstantial risk that
interest payable by the Company on the Notes is not, or, within 90 days of the date of such opinion, will not be, deductible by
the Company, in whole or in part, for United States federal income tax purposes.

 

    6

     

    

 

“Term
SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental
Body.

 

“Term
SOFR Administrator” means any entity designated by the Relevant Governmental Body as the administrator of Term SOFR (or
a successor administrator).

 

“Three-Month
Term SOFR” means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator
at the Reference Time for any interest period, as determined by the Calculation Agent after giving effect to the Three-Month Term
SOFR Conventions. All percentages used in or resulting from any calculation of Three-Month Term SOFR shall be rounded, if necessary,
to the nearest one-hundred-thousandth of a percentage point, with 0.000005% rounded up to 0.00001%.

 

“Three-Month
Term SOFR Conventions” means any determination, decision or election with respect to any technical, administrative or
operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to
the definition of “interest period,” timing and frequency of determining Three-Month Term SOFR with respect to each
interest period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Calculation
Agent decides may be appropriate to reflect the use of Three-Month Term SOFR as the Benchmark in a manner substantially consistent
with market practice (or, if the Calculation Agent decides that adoption of any portion of such market practice is not administratively
feasible or if the Calculation Agent determines that no market practice for the use of Three-Month Term SOFR exists, in such other
manner as the Calculation Agent determines is reasonably necessary).

 

“Tier
2 Capital Event” means the Company’s good faith determination that, as a result of (a) any amendment to, or
change in, the laws, rules or regulations of the United States (including, for the avoidance of doubt, any agency or instrumentality
of the United States, including the Federal Reserve and other federal bank regulatory agencies) or any political subdivision of
or in the United States that is enacted or becomes effective after the original issue date of the Notes; (b) any proposed
change in those laws, rules or regulations that is announced or becomes effective after the original issue date of the Notes;
or (c) any official administrative decision or judicial decision or administrative action or other official pronouncement
interpreting or applying those laws, rules, regulations, policies or guidelines with respect thereto that is announced after the
original issue date of the Notes, there is more than an insubstantial risk that the Company will not be entitled to treat the Notes
then outstanding as “Tier 2 Capital” (or its equivalent) for purposes of the capital adequacy rules or regulations
of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) (or, as and if applicable, the
capital adequacy rules or regulations of any successor appropriate federal banking agency) as then in effect and applicable
to the Company, for so long as any Notes are outstanding.

 

    7

     

    

 

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

ARTICLE II

 

GENERAL
TERMS AND CONDITIONS OF THE NOTES

 

Section 2.1         Designation
and Principal Amount.

 

There is hereby authorized and established
a series of Securities under the Indenture, designated as the “5.25% Fixed-to-Floating Rate Subordinated Notes due 2030.”

 

Section 2.2        Form and
Denomination of Notes.

 

The definitive form of the Notes and the
Trustee’s Certificate of Authentication to be endorsed thereon shall be substantially in the form set forth in Exhibit A
attached hereto, which is incorporated herein and made part hereof. The Notes shall bear interest and have such other terms as
are stated in the form of definitive Notes or in the Indenture, as supplemented by this Supplemental Indenture. The Stated Maturity
of the Notes shall be May 15, 2030 (the “Maturity Date”). The Notes shall be issued in denominations of
$1,000 and integral multiples of $1,000 in excess thereof.

 

Section 2.3        Initial
Limit on Amount of Series.

 

The Notes shall initially be limited to
U.S. $150,000,000 in aggregate principal amount, and may, upon the execution and delivery of this Supplemental Indenture or from
time to time thereafter, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon
authenticate and deliver said Notes to or upon the delivery of a Company Order. Following the initial issuance of the Notes, the
aggregate principal amount of Notes may be increased as provided in Section 2.5 hereof.

 

Section 2.4         Rank;
Subordination.

 

The Notes are unsecured and shall rank subordinate
and junior, to the extent and in the manner set forth in the Indenture, in right of payment and upon liquidation of all the Company’s
obligations to the holders of Senior Indebtedness of the Company. The Notes shall rank equally among themselves and with all of
the Company’s other subordinated unsecured indebtedness that, in the instrument creating or evidencing the same or pursuant
to which the same is outstanding, provides that such obligations are not superior in right of payment to the Notes or to other
indebtedness that is pari passu with, or is not subordinate to, the Notes. It is intended that the Notes be and are Tier
2 capital or the equivalent, for all regulatory purposes.

 

    8

     

    

 

Section 2.5        Further
Issues Without Holders’ Consent.

 

The Company may, without notice to or the
consent of the Holders of the Notes, but in compliance with the terms of the Indenture and this Supplemental Indenture, create
and issue additional Notes having the same ranking, interest rate, maturity date and other terms as the Notes (other than the date
of issuance, the issue price, the initial interest accrual date and the first Interest Payment Date). Any such additional Notes
will rank equally and ratably with the Notes. Any such additional Notes, together with the Notes initially issued hereunder, will
constitute a single series of Securities for all purposes under the Indenture. Notwithstanding anything to the contrary in the
foregoing, no additional Notes may be issued unless (1) the additional Notes will be fungible with the Notes initially issued
hereunder for United States securities law purposes, (2) (a) the additional Notes are issued pursuant to a “qualified
reopening” of the Notes initially issued hereunder for United States federal income tax purposes, or (b) the Notes initially
issued hereunder were, and the additional Notes are, issued without any original issue discount for United States federal income
tax purposes and (3) the additional Notes have the same CUSIP number as the Notes initially issued hereunder. No additional
Notes may be issued if any Event of Default has occurred and is continuing with respect to the Notes.

 

Section 2.6        Form and
Payment.

 

Principal of, Additional Amounts, if any,
and interest on the Notes shall be payable in U.S. Dollars.

 

Section 2.7        Interest.

 

(a)            The
Notes will bear interest at a fixed rate of 5.25% per annum from and including April 30, 2020 to, but excluding, May 15,
2025 or earlier Redemption Date (the “Fixed Rate Period”). Interest accrued on the Notes during the Fixed Rate
Period will be payable semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15,
2020 (each such date, a “Fixed Rate Interest Payment Date”). The last Fixed Rate Interest Payment Date shall
be May 15, 2025, unless the Notes are earlier redeemed. The interest payable during the Fixed Rate Period will be paid to
each Holder in whose name a Note is registered at the close of business on the fifteenth day (whether or not a Business Day) immediately
preceding the applicable Fixed Rate Interest Payment Date (each such date, a “Fixed Rate Regular Record Date”).

 

(b)            The
Notes will bear a floating interest rate from, and including May 15, 2025, to, but excluding, the Maturity Date or earlier
Redemption Date (the “Floating Rate Period”). The floating interest rate will be reset quarterly, and the interest
rate for any Floating Rate Period shall be equal to the then-current Three-Month Term SOFR plus 509 basis points for each quarterly
interest period during the Floating Rate Period. During the Floating Rate Period, interest on the Notes will be payable quarterly
in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on August 15, 2025
(each such date, a “Floating Rate Interest Payment Date” and, together with a Fixed Rate Interest Payment Date,
an “Interest Payment Date”). The interest payable during the Floating Rate Period will be paid to each Holder
in whose name a Note is registered at the close of business on the fifteenth day (whether or not a Business Day) immediately preceding
the applicable Floating Rate Interest Payment Date (each such date, a “Floating Rate Regular Record Date”).
Notwithstanding the foregoing, if Three-Month Term SOFR (or other applicable Benchmark) is less than zero, then Three-Month Term
SOFR (or other such Benchmark) shall be deemed to be zero. The Calculation Agent will provide the Company and the Trustee with
the interest rate in effect on the Notes promptly after the Reference Time (or such other date of determination for the applicable
Benchmark).

 

    9

     

    

 

(c)            The
amount of interest payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period will be computed on the basis of
a 360-day year consisting of twelve 30-day months to, but excluding, May 15, 2025, and, the amount of
interest payable on any Floating Rate Interest Payment Date during the Floating Rate Period will be computed on the basis of a 360-day year
on the basis of the actual number of days elapsed. The Company or the Calculation Agent, as applicable, shall calculate the amount
of interest payable on any Interest Payment Date and the Trustee shall have no duty to confirm or verify any such calculation.
In the event that any scheduled Interest Payment Date or the Maturity Date for the Notes falls on a day that is not a Business
Day, then payment of interest payable on such Interest Payment Date or of principal and interest payable on the Maturity Date will
be paid on the next succeeding day which is a Business Day (any payment made on such date will be treated as being made on the
date that the payment was first due and no interest on such payment will accrue for the period from and after such scheduled Interest
Payment Date); provided, that in the event that any scheduled Floating Rate Interest Payment Date falls on a day that is not a
Business Day and the next succeeding Business Day falls in the next succeeding calendar month, such Floating Rate Interest Payment
Date will be accelerated to the immediately preceding Business Day, and, in each such case, the amounts payable on such Business
Day will include interest accrued to, but excluding, such Business Day. Dollar amounts resulting from interest calculations will
be rounded to the nearest cent, with one half cent being rounded upward.

 

(d)            The
Company shall take such actions as are necessary to ensure that from the commencement of the Floating Rate Period for so long as
any of the Notes remain outstanding there will at all times be a Calculation Agent appointed to calculate Three-Month Term SOFR
in respect of each Floating Rate Period. The calculation of Three-Month Term SOFR for each applicable Floating Rate Period by the
Calculation Agent will (in the absence of manifest error) be final and binding. The Calculation Agent’s determination of
any interest rate and its calculation of interest payments for any period will be maintained on file at the Calculation Agent’s
principal offices, will be made available to any Holder of the Notes upon request and will be provided to the Trustee. The Calculation
Agent shall have all the rights, protections and indemnities afforded to the Trustee under the Indenture and hereunder. The Calculation
Agent may be removed by the Company at any time. If the Calculation Agent is unable or unwilling to act as Calculation Agent or
is removed by the Company, the Company will promptly appoint a replacement Calculation Agent. The Calculation Agent may not resign
its duties without a successor having been duly appointed; provided, that if a successor Calculation Agent has not been appointed
by the Company and such successor accepted such position within 30 days after the giving of notice of resignation by the Calculation
Agent, then the resigning Calculation Agent may petition, at the expense of the Company, any court of competent jurisdiction for
the appointment of a successor Calculation Agent with respect to such series. The Trustee shall not be under any duty to succeed
to, assume or otherwise perform, any duties of the Calculation Agent, or to appoint a successor or replacement in the event of
the Calculation Agent’s resignation or removal or to replace the Calculation Agent in the event of a default, breach or failure
of performance on the part of the Calculation Agent with respect to the Calculation Agent’s duties and obligations hereunder.
For the avoidance of doubt, if at any time there is no Calculation Agent appointed by the Company, then the Company shall be the
Calculation Agent. The Company may appoint itself or any of its Affiliates to be the Calculation Agent.

 

    10

     

    

 

(e)            Effect
of Benchmark Transition Event.

 

(1)            If
the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred on
or prior to the Reference Time in respect of any determination of the Benchmark on any date, then the Benchmark Replacement will
replace the then-current Benchmark for all purposes relating to the Notes during the Floating Rate Period in respect of such determination
on such date and all determinations on all subsequent dates. In connection with the implementation of a Benchmark Replacement,
the Calculation Agent will have the right to make Benchmark Replacement Conforming Changes from time to time.

 

(2)            Notwithstanding
anything set forth in Section 2.7(b) above, if the Calculation Agent determines on or prior to the relevant Reference
Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term
SOFR, then the provisions set forth in this Section 2.7(e) will thereafter apply to all determinations of the interest
rate on the Notes during the Floating Rate Period. After a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred, the interest rate on the Notes for each interest period during the Floating Rate Period will be an annual rate equal
to the Benchmark Replacement plus 509 basis points.

 

(3)            The
Calculation Agent is expressly authorized to make certain determinations, decisions and elections under the terms of the Notes,
including with respect to the use of Three-Month Term SOFR as the Benchmark and under this Section 2.7(e). Any determination,
decision or election that may be made by the Calculation Agent under the terms of the Notes, including any determination with respect
to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision
to take or refrain from taking any action or selection (A) will be conclusive and binding on the Holders of the Notes and
the Trustee absent manifest error, (B) if made by the Company as Calculation Agent, will be made in the Company’s sole
discretion, (C) if made by a Calculation Agent other than the Company, will be made after consultation with the Company, and
the Calculation Agent will not make any such determination, decision or election to which the Company reasonably objects and (D) notwithstanding
anything to the contrary herein or in the Indenture, shall become effective without consent from the Holders of the Notes, the
Trustee or any other party. If the Calculation Agent fails to make any determination, decision or election that it is required
to make under the terms of the Notes, then the Company will make such determination, decision or election on the same basis as
described above.

 

(4)            The
Company (or its Calculation Agent) shall notify the Trustee in writing (i) upon the occurrence of the Benchmark Transition
Event or the Benchmark Replacement Date, and (ii) of any Benchmark Replacements, Benchmark Replacement Conforming Changes
and other items affecting the interest rate on the Notes after a Benchmark Transition Event.

 

    11

     

    

 

(5)            The
Trustee (including in its capacity as Paying Agent) shall have no (i) responsibility or liability for the (A) Three-Month
Term SOFR Conventions, (B) selection of an alternative reference rate to Three-Month Term SOFR (including, without limitation,
whether the conditions for the designation of such rate have been satisfied or whether such rate is a Benchmark Replacement or
an Unadjusted Benchmark Replacement), (C) determination or calculation of a Benchmark Replacement, or (D) determination
of whether a Benchmark Transition Event or Benchmark Replacement Date has occurred, and in each such case under clauses (A) through
(D) above shall be entitled to conclusively rely upon the selection, determination, and/or calculation thereof as provided
by the Company or its Calculation Agent, as applicable, and (ii) liability for any failure or delay in performing its duties
hereunder as a result of the unavailability of a Benchmark rate as described in the definition thereof, including, without limitation,
as a result of the Company’s or Calculation Agent’s failure to select a Benchmark Replacement or the Calculation Agent’s
failure to calculate a Benchmark. The Trustee shall be entitled to rely conclusively on all notices from the Company or its Calculation
Agent regarding any Benchmark or Benchmark Replacement, including, without limitation, in regards to Three-Month Term SOFR Conventions,
a Benchmark Transition Event, Benchmark Replacement Date, and Benchmark Replacement Conforming Changes. The Trustee shall not be
responsible or liable for the actions or omissions of the Calculation Agent, or any failure or delay in the performance of the
Calculation Agent’s duties or obligations, nor shall it be under any obligation to monitor or oversee the performance of
the Calculation Agent. The Trustee shall be entitled to conclusively rely on any determination made, and any instruction, notice,
Officers’ Certificate or other instruction or information provided by the Calculation Agent without independent verification,
investigation or inquiry of any kind. The Trustee shall not be obligated to enter into any amendment or supplement hereto that
adversely impacts its rights, duties, obligations, immunities or liabilities (including, without limitation, in connection with
the adoption of any Benchmark Replacement Conforming Changes).

 

(6)            If
the then-current Benchmark is Three-Month Term SOFR, the Calculation Agent will have the right to establish the Three-Month Term
SOFR Conventions, and if any of the foregoing provisions concerning the calculation of the interest rate and the payment of interest
during the Floating Rate Period are inconsistent with any of the Three-Month Term SOFR Conventions determined by the Calculation
Agent, then the relevant Three-Month Term SOFR Conventions will apply.

 

Section 2.8        Redemption.

 

(a)            The
Notes shall be redeemable, in each case, in whole or in part from time to time, at the option of the Company beginning with the
Interest Payment Date on May 15, 2025, but not prior thereto (except upon the occurrence of certain events specified below),
and on any Interest Payment Date thereafter (each, a “Redemption Date”), subject to obtaining the prior approval
of the Federal Reserve to the extent such approval is then required under the rules of the Federal Reserve. The Notes may
not otherwise be redeemed prior to the Maturity Date, except that the Company may, at its option, redeem the Notes before the Maturity
Date, in whole, but not in part, subject to obtaining the prior approval of the Federal Reserve to the extent such approval is
then required under the rules of the Federal Reserve, upon the occurrence of a Tier 2 Capital Event or a Tax Event, or if
the Company is required to register as an investment company pursuant to the Investment Company Act of 1940, as amended (15 U.S.C. 80a-1 et
seq.). Any such redemption will be at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus
accrued and unpaid interest to, but excluding, the Redemption Date fixed by the Company. The provisions of Article XI of the
Indenture shall apply to any redemption of the Notes pursuant to this Section 2.8. Any partial redemption will be made in
accordance with DTC’s applicable procedures among all of the Holders of the Notes. If any Note is to be redeemed in part
only, the notice of redemption relating to such Note shall state that it is a partial redemption and the portion of the principal
amount thereof to be redeemed, and a replacement Note in principal amount equal to the unredeemed portion thereof will be issued
in the name of the Holder thereof upon cancellation of the original Note.

 

    12

     

    

 

(b)            Any
notice of redemption provided to the Holders of the Notes may be conditional in the Company’s discretion, and the Company
may delay the Redemption Date until such time as any or all of such conditions have been satisfied or revoked by the Company if
it determines that such conditions will not be satisfied. The Company will provide written notice to the Trustee prior to the close
of business two Business Days prior to the Redemption Date (or such shorter period as may be acceptable to the Trustee) if any
such redemption has been rescinded or delayed, and upon receipt the Trustee will provide such notice to each Holder of the Notes
in the same manner in which the notice of redemption was given.

 

Section 2.9        No
Sinking Fund.

 

No sinking fund will be provided with respect
to the Notes. In no event shall any Holder of the Notes have the right to require the Company to call, redeem or repurchase the
Notes, in whole or in part, and Section 1301 of the Indenture shall not be applicable to the Notes. Nothing in this Section 2.9
shall limit the ability of Holders of Notes to enforce their rights to the payment of principal, Additional Amounts, if any, and
interest on the Notes at maturity as provided in the Notes and in the Indenture, including Section 507 of the Indenture.

 

Section 2.10       Notes
Not Convertible or Exchangeable.

 

The Notes will not be convertible or exchangeable for other
securities or property.

 

Section 2.11      Events
of Default.

 

Only the Events of Default described in
clauses (5) and (6) of Section 501 of the Indenture shall permit acceleration of the maturity of the Notes, as provided
in Section 502 of the Indenture.

 

Section 2.12      Global
Securities.

 

The Notes shall be issued as Registered
Securities and in the form of one or more permanent global Securities, without coupons, registered in the name of the Depository
or its nominee. The initial Depository for the Notes shall be DTC. Except as otherwise provided in Section 305 of the Indenture,
the global Securities described above may be transferred by the Depository, in whole but not in part, only to a nominee of the
Depository, or by a nominee of the Depository to the Depository, or to a successor Depository or to a nominee of such successor
Depository.

 

    13

     

    

 

Owners of beneficial interests in such global
Securities will not be considered the Holders thereof for any purpose under the Indenture. The rights of owners of beneficial interests
in such global Securities shall be exercised only through the Depository.

 

Section 2.13      No
Additional Amounts.

 

In the event that any payment on the Notes
is subject to withholding of any U.S. federal income tax or other tax or assessment (as a result of a change in law or otherwise),
the Company will not pay additional amounts with respect to such tax or assessment.

 

ARTICLE III

 

ORIGINAL
ISSUE OF NOTES

 

Section 3.1        Original
Issue of Notes.

 

The Notes may, upon execution of this Supplemental
Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall, upon Company Order,
authenticate and deliver such Notes as in such Company Order provided.

 

ARTICLE IV

 

DEFEASANCE

 

Section 4.1        Defeasance
Applicable to Notes.

 

Pursuant to Section 301(18) and Section 403
of the Indenture, provision is hereby made for defeasance of the Notes under Section 403 of the Indenture upon the terms and
conditions contained in Article IV of the Indenture.

 

ARTICLE V

 

MISCELLANEOUS

 

Section 5.1         Ratification
of Indenture.

 

The Indenture, as supplemented by this Supplemental
Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in
the manner and to the extent herein and therein provided; provided, however, that the provisions of this Supplemental Indenture
shall apply solely with respect to the Notes and shall govern in the event of any difference with the Indenture.

 

Section 5.2        Conflict
with Trust Indenture Act.

 

If any provision hereof limits, qualifies
or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Indenture,
the latter provision shall control. If any provision of this Supplemental Indenture modifies or excludes any provision of the Trust
Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified
or to be excluded, as the case may be.

 

    14

     

    

 

Section 5.3        Effect
of Headings and Table of Contents.

 

The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section 5.4        Successors
and Assigns.

 

All covenants and agreements in this Supplemental
Indenture by the Company shall bind its successors and assigns, whether expressed or not.

 

Section 5.5        Separability
Clause.

 

In case any provision in this Supplemental
Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

 

Section 5.6        Benefits
of Indenture.

 

Nothing in this Supplemental Indenture or
in the Notes, express or implied, shall give to any Person, other than the Holders of the Securities, the parties hereto and their
successors hereunder, any benefit of any legal or equitable right, remedy or claim under this Supplemental Indenture.

 

Section 5.7        Governing
Law.

 

This Supplemental Indenture and the Notes
shall be governed by and construed in accordance with the laws of the State of New York.

 

Section 5.8        Waiver
of Jury Trial.

 

EACH OF THE
COMPANY, THE TRUSTEE AND EACH HOLDER OF A SECURITY BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE SECURITIES, THE INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY
OR THEREBY.

 

Section 5.9        Counterparts.

 

This Supplemental Indenture may be executed
in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.
Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental
Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this
Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes.
Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

    15

     

    

 

Section 5.10      Trustee.

 

The Trustee shall not be responsible for
and makes no representation as to the validity, sufficiency or adequacy of this Supplemental Indenture or the Notes, and it shall
not be responsible for any statement of the Company in this Supplemental Indenture or in the Notes. The Trustee makes no representations
with respect to the effectiveness or adequacy of this Supplemental Indenture. The Trustee shall not be accountable for the use
or application by the Company of the Notes or the proceeds thereof.

 

[Signature page follows on next
page]

 

    16

     

    

 

 

IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture to be duly executed all as of the day and year first above written.

 

	 	FIRST FINANCIAL
    BANCORP.
	 	 
	 	 
	 	By:	 /s/
    James M. Anderson
	 	Name: James
    M. Anderson
	 	Title: Executive
    Vice President and Chief Financial Officer
	 	 
	 	 
	 	WELLS FARGO
    BANK, NATIONAL ASSOCIATION,
	 	as Trustee
	 	 
	 	 
	 	By:	/s/
    Stefan Victory
	 	Name: Stefan
    Victory
	 	Title: Vice
    President

 

[Signature page to Second Supplemental
Indenture]

 

     

     

    

 

Exhibit A

 

FORM OF NOTE

 

     

     

    

 

FIRST FINANCIAL BANCORP.

 

5.25% FIXED-TO-FLOATING RATE SUBORDINATED NOTE DUE MAY 15,
2030

 

	No.1	$150,000,000

 

CUSIP No. 320209AB5

ISIN No. US320209AB57

 

THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF CEDE & CO.,
THE NOMINEE OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITORY”). EXCEPT AS OTHERWISE PROVIDED IN SECTION 305
OF THE INDENTURE, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY
OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE
TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.

 

UNLESS THIS SECURITY
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO FIRST FINANCIAL BANCORP. (the “COMPANY”) OR ITS AGENT FOR
REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THIS SECURITY IS
NOT A DEPOSIT AND IT IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (“FDIC”) OR ANY
OTHER GOVERNMENT AGENCY.

 

THIS SECURITY IS SUBORDINATED,
AS TO PRINCIPAL, INTEREST AND PREMIUM, AND ADDITIONAL AMOUNTS, IF ANY, TO ALL “SENIOR INDEBTEDNESS” OF THE
COMPANY, INCLUDING ALL OBLIGATIONS TO THE COMPANY’S DEPOSITORS AND GENERAL CREDITORS (OTHER THAN OBLIGATIONS TO TRADE
CREDITORS INCURRED IN THE ORDINARY COURSE OF THE COMPANY’S BUSINESS). THIS SECURITY IS NOT SECURED BY ANY ASSETS OF THE COMPANY
OR BY THE ASSETS OF ANY OF ITS SUBSIDIARIES OR AFFILIATES, IS NOT GUARANTEED BY ANY OF COMPANY’S SUBSIDIARIES OR AFFILIATES.

 

     

     

    

 

THIS SECURITY IS ISSUABLE
IN DENOMINATIONS OF $1,000 AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF. AS PROVIDED IN THE INDENTURE AND SUBJECT TO CERTAIN
LIMITATIONS THEREIN SET FORTH, SECURITIES OF THIS SERIES ARE EXCHANGEABLE FOR A LIKE AGGREGATE PRINCIPAL AMOUNT OF SECURITIES OF
SUCH SERIES OF A DIFFERENT AUTHORIZED DENOMINATION, AS REQUESTED BY THE HOLDER SURRENDERING THE SAME.

 

First Financial Bancorp.,
an Ohio corporation, and any successor thereto, as provided below (the “Company”), for value received, hereby
promises to pay or deliver, as the case may be, to CEDE & CO., or registered assigns, the principal sum of One Hundred
and Fifty Million United States Dollars ($150,000,000) on May 15, 2030 (the “Stated Maturity Date”), unless
redeemed prior to such date. This Security will bear interest at a fixed rate of 5.25% per annum from and including April 30,
2020, to, but excluding, May 15, 2025 (the “Fixed Rate Period”), unless redeemed prior to such date. Interest
accrued on this Security during the Fixed Rate Period will be payable semi-annually in arrears on May 15 and November 15
of each year (each such date, a “Fixed Rate Interest Payment Date”), with the first such Fixed Rate Interest
Payment Date being November 15, 2020, and the last such Fixed Rate Interest Payment Date being May 15, 2025, unless redeemed
prior to such date. This Security will bear interest at a floating per annum interest rate from and including May 15, 2025,
to, but excluding, the Stated Maturity Date or any earlier redemption date (the “Floating Rate Period”). The
floating interest rate will be reset quarterly, and the interest rate for any Floating Interest Period will be equal to the then-current
Benchmark plus 509 basis points. During the Floating Rate Period, interest on this Security will be payable quarterly in arrears
on February 15, May 15, August 15 and November 15 of each year (each such date, a “Floating Rate Interest
Payment Date”, and together with a Fixed Rate Interest Payment Date, an “Interest Payment Date”),
with the first such Floating Rate Interest Payment Date being August 15, 2025, and the last such Floating Rate Interest Payment
Date being the Stated Maturity Date or any earlier redemption date. Notwithstanding the foregoing, if the Benchmark is less than
zero, the Benchmark shall be deemed to be zero. Interest on each Fixed Rate Interest Payment Date is payable to holders of record
on the Fixed Rate Regular Record Date pursuant to the Indenture. Interest on each Floating Rate Interest Payment Date is payable
to holders of record on the Floating Rate Regular Record Date pursuant to the Indenture.

 

The
interest payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period will be computed on the basis of a 360-day year
consisting of twelve 30-day months to, but excluding, May 15, 2025. The interest payable on any Floating Rate Interest
Payment Date during the Floating Rate Period will be computed on the basis of a 360-day year and the number of days actually
elapsed. If a Fixed Rate Interest Payment Date or the Stated Maturity Date for this Security falls on a day that is not a
Business Day, the interest payable on such Interest Payment Date or the payment of principal and interest on the Stated Maturity
Date will be paid on the next succeeding Business Day, but the payments made on such dates will be treated as being made on the
date that the payment was first due and the Holder of this Security will not be entitled to any further interest or other payment.
If a Floating Rate Interest Payment Date falls on a day that is not a Business Day, then such Floating Rate Interest Payment Date
will be postponed to the next succeeding Business Day, unless such day falls in the next succeeding calendar month, in which case
such Floating Rate Interest Payment Date will be accelerated to the immediately preceding Business Day, and, in each such case,
the amounts payable on such Business Day will include interest accrued to, but excluding, such Business Day.

 

    -2- 

     

    

 

No
sinking fund will be provided with respect to this Security. In no event shall any Holder of this Security have the right to require
the Company to call, redeem or repurchase this Security, in whole or in part prior to maturity. Nothing in this paragraph, however,
shall limit the ability of the Holder of this Security to enforce its rights to the payment of principal and Additional Amounts,
if any, and interest on the Security at maturity as provided herein.

 

Payment
of the principal of and interest on this Security will be made at the Corporate Trust Office of the Trustee, or such other office
or agency of the Company maintained for that purpose in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company,
payment of interest may be made by check mailed to Holders of Registered Securities entitled thereto as such Holders shall appear
in the Securities Register.

 

Under
certain conditions, the Company may, without notice to or the consent of the Holder of this Security, create and issue additional
notes ranking equally with this Security and otherwise the same in all respects (except for the issue date, issue price, initial
interest accrual date and first Interest Payment Date), provided that no such additional notes may be issued unless
(1) the additional notes are fungible with this Security for United States securities law purposes, (2) (a) the
additional notes are issued pursuant to a “qualified reopening” of this Security for United States federal income tax
purposes, or (b) this Security was, and the additional notes are, issued without any original issue discount for United States
federal income tax purposes and (3) the additional notes have the same CUSIP number as this Security. No additional notes
may be issued if any Event of Default has occurred and is continuing with respect to this Security. Such additional notes shall
be consolidated and form a single series with this Security.

 

The
Securities shall be issued as registered securities in the form of one or more permanent global Securities, without coupons, registered
in the name of the Depository or its nominee. The global Securities described above may be transferred by the Depository, in whole
but not in part, only to a nominee of the Depository, or by a nominee of the Depository to the Depository, or to a successor Depository
or to a nominee of such successor Depository.

 

Owners
of beneficial interests in such global Securities will not be considered the Holders thereof for any purpose hereunder. The rights
of owners of beneficial interests in such global Securities shall be exercised only through the Depository.

 

Any
 “depository institution,” as defined in Section 3(c)(1) of the Federal Deposit Insurance Act, which holds
a Security (or beneficial interest therein) shall be deemed to have agreed by acquiring such Security (or beneficial interest)
to waive any rights to offset all or any portion of the indebtedness represented by such Security (or interest) against any indebtedness
or other obligations of such institution to the Company.

 

    -3- 

     

    

 

Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

 

Unless
the certificate of authentication hereon has been executed by the Trustee by the manual signature of an authorized signatory, this
Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

(Remainder of page intentionally left
blank)

 

    -4- 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed by manual or facsimile signature.

 

 

	 	FIRST FINANCIAL BANCORP.
	 	 
	 	By:	 
	 	 	Name: James M. Anderson
	 	 	Title: Executive Vice President and Chief Financial Officer

 

	 	 	Dated: April 30, 2020

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the
Securities of the series designated therein referred to in the within-mentioned Indenture.

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

 

	By:	 	 
	 	Authorized Signatory	 

 

Dated: April 30, 2020

 

    -5- 

     

    

 

REVERSE OF SECURITY

 

This Security is one
of a duly authorized issue of 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 of the Company (the “Securities”),
issued and to be issued in one or more series under a Subordinated Notes Indenture, dated as of August 25, 2015 (the “Base
Indenture”), as supplemented by that Second Supplemental Indenture, dated April 30, 2020 (the “Second Supplemental
Indenture,” and together with the Base Indenture, the “Indenture”), between the Company and Wells
Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any successor
trustee under the Indenture), to which the Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Trustee, the Company and the Holders of
the Securities, and to which Indenture reference is hereby made for a statement of the terms upon which the Securities of this
series are, and are to be, authenticated and delivered. By the terms of the Indenture, the Securities are issuable in series that
may vary as to amount, date of maturity, rate of interest, rank and in any other respect provided in the Indenture.

 

The
Company’s indebtedness evidenced by this Security is, to the extent provided in the Indenture, subordinate and subject in
right of payment to the prior payment in full of all Senior Indebtedness, and this Security is issued subject to the provisions
of the Indenture with respect thereto. Each Holder of this Security, by accepting the same, (a) agrees to and shall be bound
by such provisions, (b) authorizes and directs the Trustee on his, her or its behalf to take such actions as may be necessary
or appropriate to effectuate the subordination so provided and (c) appoints the Trustee his, her or its attorney-in-fact for
any and all such purposes. Each Holder hereof, by his, her or its acceptance hereof, waives all notice of the acceptance of the
subordination provisions contained herein and in the Indenture by each holder of Senior Indebtedness, whether now outstanding or
hereafter created, incurred, assumed or guaranteed, and waives reliance by each such holder upon said provisions.

 

The
Indenture contains provisions for defeasance of this Security upon compliance with certain conditions set forth in the Indenture.

 

If
certain Events of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities
of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Any Event of Default
with respect to this Security may be waived by the Holder hereof, as and if provided in the Indenture. The Company waives demand,
presentment for prepayment, notice of nonpayment, notice of protest and all other notices to the extent it may lawfully do so.

 

The
Company may, at its option, redeem the Securities, in whole or in part, at a redemption price equal to 100% of the principal amount
of the Securities to be redeemed plus accrued and unpaid interest to, but excluding, the date of redemption (the “Redemption
Date”), on any Interest Payment Date on or after May 15, 2025. The Company may also, at its option, redeem the Securities
before the Stated Maturity Date, in whole, but not in part, at any time, upon the occurrence of a Tier 2 Capital Event, a Tax Event
or if the Company is required to register as an investment company pursuant to the Investment Company Act of 1940, as amended.
Any such redemption will be at a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued
and unpaid interest to, but excluding, the Redemption Date fixed by the Company.

 

    R-1

     

    

 

Notwithstanding
any of the foregoing, to the extent then required under or pursuant to applicable regulations of the Federal Reserve, this Security
may not be repaid prior to the Stated Maturity Date without the prior written consent of the Federal Reserve. In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof. The provisions of Article XI of the Base Indenture
and Section 2.8 of the Second Supplemental Indenture shall apply to the redemption of any Securities by the Company.

 

In
the event that any payment on the Securities is subject to withholding of any U.S. federal income tax or other tax or assessment
(as a result of a change in law or otherwise), the Company will not pay additional amounts with respect to such tax or assessment.

 

No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of, premium and Additional Amounts (if any) and interest
on this Security at the times, place and rate, and in the coin or currency, herein prescribed.

 

As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in
the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company maintained
under Section 1002 of the Indenture for such purpose, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for
any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.

 

Prior
to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

All
terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

Nothing
in this Security, express or implied, shall give to any person, other than the Holders of the Securities, the parties hereto and
their permitted successors hereunder, any benefit of any legal or equitable right, remedy or claim hereunder.

 

The
Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiples
of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this
series are exchangeable for a like aggregate principal amount of Securities of such series of a different authorized denomination,
as requested by the Holder surrendering the same.

 

    R-2

     

    

 

All
notices under this Security shall be in writing and in the case of the Company, addressed to the Company at 255 East Fifth Street,
Suite 800, Cincinnati, Ohio 45202, Attention: Chief Financial Officer, or, in the case of the Trustee at 150 East 42nd Street,
40th Floor, New York, New York 10017, Attention: Corporate Trust Services, or to such other address of the Trustee
as the Trustee may notify the holders of the Securities. All notices to the Holder of this Security will be given to the Holder
at its address as it appears in the Security Register.

 

All
covenants and agreements by the Company in this Security and the Indenture shall bind the Company’s successors and assigns,
including successors by operation of law resulting from a merger or consolidation of the Company, or successors resulting from
the transfer of the Company’s assets and liabilities substantially or entirely, to another entity (“Successors”).
Any Successor shall expressly assume in writing all the Company’s obligations hereunder prior to becoming a Successor, and
upon becoming a Successor, shall perform all the Company’s obligations hereunder and make all payments due hereunder.

 

In
case any provision in this Security shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

 

EACH OF THE COMPANY,
THE TRUSTEE AND EACH HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT
OF OR RELATING TO THIS SECURITY, THE INDENTURE, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

This Security shall be
governed by and construed in accordance with the laws of the State of New York and, where applicable, the federal laws of the United
States of America.

 

    R-3

     

    

 

[FORM OF TRANSFER NOTICE]

 

To assign this Security, fill in the form
below:

 

	 	(I) or
    (we) assign and transfer this Note to:	 
	 		(Insert
    Assignee’s legal name)

 

(Insert assignee’s Soc. Sec. or tax
I.D. no.)

 

(Print or type assignee’s name, address
and zip code)

 

and irrevocably appoint
                                                             
to transfer this Security on the books of the Company. The agent may substitute another to act for him.

 

	 	Date:	 
	 	 	 
	 	Your
    signature:	
	 	 	(Sign
    exactly as your name appears on| the face of this Security)
	 	 	 
	 	Signature
    Guarantee*:	 

 

 

*Participant in a recognized Signature Guarantee Medallion Program
(or other signature guarantor acceptable to the Trustee).

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