Document:

EX-10.28

  Exhibit 10.28

  WARRANT 

  THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SHARES IS EFFECTIVE UNDER THE ACT AND IS QUALIFIED UNDER APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND FOREIGN LAW AND, IF THE CORPORATION REQUESTS, AN OPINION SATISFACTORY TO THE CORPORATION TO SUCH EFFECT HAS BEEN RENDERED BY COUNSEL.

  Warrant Certificate No.: W-B4

  Original Issue Date: September 8, 2022

  FOR VALUE RECEIVED, EVO Transportation & Energy Services, Inc., a Delaware corporation (the “Company”), hereby certifies that Robert Mendola, an individual, any of its successors and permitted assigns (the “Holder”) is entitled to purchase from the Company 214,057 duly authorized, validly issued, fully paid and nonassessable shares of Common Stock at a purchase price per share of $0.53 (the “Exercise Price”), all subject to the terms and conditions set forth below in this Warrant. Certain capitalized terms used herein are defined in Section 1 hereof. 

  1.Definitions. As used in this Warrant, the following terms have the respective meanings set forth below: 

  “14C Completion Date” has the meaning set forth in Section 4(i).

  “Aggregate Exercise Price” means an amount equal to the product of (a) the number of Warrant Shares in respect of which this Warrant is then being exercised pursuant to Section 4 hereof, multiplied by (b) the Exercise Price.

  “Amendment” means an amendment to the Company’s Certificate of Incorporation to effect the increase of the number of authorized shares of Common Stock, par value $0.0001 from 100,000,000 to 600,000,000.

  “Board” means the board of directors of the Company.

  “Business Day” means any day, except a Saturday, Sunday or legal holiday, on which banking institutions in New York are authorized or obligated by law or executive order to close.

  	“Change of Control” shall mean (i) a merger or consolidation of the Company with another entity, in which the Company is not the survivor or the stockholders of the Company immediately prior to such merger or consolidation do not own, directly or indirectly, at least 50% of the voting securities of the surviving entity, (ii) the sale, assignment, transfer, conveyance or other disposal of all or substantially all of the properties or assets or all or a majority of the outstanding voting 

   

  

   

  securities of the Company, (iii) a purchase, tender or exchange offer accepted by the holders of a majority of the outstanding voting shares of capital stock of the Company directly or indirectly, in one or more related transactions, (iv) a “person” or “group” (as these terms are used for purposes of Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of at least a majority of the outstanding shares of Common Stock of the Company through a stock purchase agreement or other business combination (including, without limitation, a reorganization, reclassification, spin off or scheme of arrangement) with another person, or (v) the Company has elected to reorganize, recapitalize or reclassify its Common Stock (other than to change domicile).

  	“Commission” means the United States Securities and Exchange Commission.

  “Common Stock” means the common stock, par value $0.0001 per share, of the Company, and any capital stock into which such Common Stock shall have been converted, exchanged or reclassified following the date hereof.

  “Company” has the meaning set forth in the preamble.

  “Exercise Date” means, for any given exercise of this Warrant, the date on which the conditions to such exercise as set forth in Section 4 shall have been satisfied at or prior to 5:00 p.m., New York City time, on a Business Day, including, without limitation, the receipt by the Company of the Exercise Form, the Warrant and the Aggregate Exercise Price. 

  “Exercise Form” has the meaning set forth in Section 4(a)(i).

  “Exercise Period” has the meaning set forth in Section 2.

  “Exercise Price” has the meaning set forth in the preamble. 

  “Fair Market Value” of a Warrant Share shall mean the arithmetic average of the last trade price of the Common Stock (as reported by Bloomberg Financial Markets) for the five (5) consecutive days on which the Nasdaq is open for trading, ending on the date immediately preceding the Exercise Date, on the principal trading market on which the Common Stock is quoted or listed for trading. If the Fair Market Value cannot be calculated on a particular date on the foregoing basis, the Fair Market Value shall be the average of the highest bid and lowest asked prices for the Common Stock on the principal trading market at the end of such day. If at any time the Common Stock is not listed on a domestic securities exchange or quoted on the Financial Industry Regulatory Authority OTC Bulletin Board electronic inter-dealer quotation system, the OTC Markets Group Inc. electronic inter-dealer quotation system or similar quotation system or association, the Fair Market Value of the Common Stock shall be the fair market value determined in good faith by the Board.

  “Holder” has the meaning set forth in the preamble. 

  “Nasdaq” means The NASDAQ Stock Market LLC.

  “Original Issue Date” means September 8, 2022. 

  “OTC Bulletin Board” means the Financial Industry Regulatory Authority OTC Bulletin Board electronic inter-dealer quotation system.

   

  

   

  “Person” means any individual, sole proprietorship, partnership, limited liability company, corporation, joint venture, trust, incorporated organization or government or department or agency thereof. 

  “Shareholder Consent” means the action taken by the holders of a majority of the issued and outstanding voting securities of the Company, approving, by written consent dated September 8, 2022, the adoption of the Amendment.

  “Warrant” means this Warrant and all warrants issued upon division or combination of, or in substitution for, this Warrant.

  “Warrant Shares” means the shares of Common Stock or other capital stock of the Company then purchasable upon exercise of this Warrant in accordance with the terms of this Warrant.

  2.Term of Warrant. Subject to the terms and conditions hereof, at any time or from time to time after the 14C Completion Date and prior to the earlier of (a) 5:00 p.m., New York City time, on September 8, 2027 and (b) the consummation of a Change of Control (the “Exercise Period”), the Holder of this Warrant may exercise this Warrant for all or any part of the Warrant Shares purchasable hereunder. 

  3.Automatic Exercise. If, at the end of the Exercise Period, the Holder has remaining Warrant Shares subject to this Warrant (excluding Warrant Shares that the Holder has delivered a duly executed Exercise Form pursuant to Section 4(a)(i) hereof) and the Fair Market Value of the Common Stock is greater than the Exercise Price, then such Warrant Shares shall be automatically deemed to be exercised pursuant to a Cashless Exercise (as defined below) by the Holder immediately prior to the end of the Exercise Period. The Company will promptly thereafter issue to the Holder a stock certificate representing the Warrant Shares the Holder is entitled to at such time. 

  4.Exercise of Warrant.

  (a)Exercise Procedure. This Warrant may be exercised from time to time on any Business Day during the Exercise Period, for all or any part of the unexercised Warrant Shares, upon:

  (i)surrender of this Warrant to the Company at its then principal executive offices (or an indemnification undertaking with respect to this Warrant in the case of its loss, theft or destruction), together with an Exercise Form in the form attached hereto as Exhibit A (each, an “Exercise Form”), completed (including specifying the number of Warrant Shares to be purchased) and duly executed; and

  (ii)payment to the Company of the Aggregate Exercise Price in accordance with Section 4(b).

  (b)Payment of the Aggregate Exercise Price. Payment of the Aggregate Exercise Price shall be made, at the option of the Holder as expressed in the Exercise Form, by the following methods: 

   

  

   

  (i)by delivery to the Company of a certified or official bank check payable to the order of the Company or by wire transfer of immediately available funds to an account designated in writing by the Company, in the amount of such Aggregate Exercise Price; or

  (ii)by instructing the Company to withhold a number of Warrant Shares then issuable upon exercise of this Warrant with an aggregate Fair Market Value as of the Exercise Date equal to such Aggregate Exercise Price (a “Cashless Exercise”).

  In the event of any withholding of Warrant Shares or surrender of other equity securities pursuant to clause (ii) above where the number of shares whose value is equal to the Aggregate Exercise Price is not a whole number, the number of shares withheld by or surrendered to the Company shall be rounded up to the nearest whole share and the Company shall make a cash payment to the Holder (by delivery of a certified or official bank check or by wire transfer of immediately available funds) based on the incremental fraction of a share being so withheld by or surrendered to the Company in an amount equal to the product of (x) such incremental fraction of a share being so withheld or surrendered multiplied by (y) in the case of Common Stock, the Fair Market Value per Warrant Share as of the Exercise Date, and, in all other cases, the value thereof as of the Exercise Date determined in accordance with clause (y) above.

  (c)Issuance of Warrant Shares. Upon receipt by the Company of the Exercise Form, surrender of this Warrant and payment of the Aggregate Exercise Price (in accordance with Section 4(a) hereof), the Company at its expense shall, as promptly as practicable, and in any event within three (3) Business Days thereafter, cause to be issued via book-entry in the name of the Holder or as the Holder may direct, the number of Warrant Shares to which the Holder shall be entitled upon such exercise, together with cash in lieu of any fraction of a share, as provided in Section 4(d) hereof. This Warrant shall be deemed to have been exercised and such Warrant Shares shall be deemed to have been issued via book-entry, and the Holder or any other Person so designated to be named therein shall be deemed to have become a holder of record of such Warrant Shares for all purposes, as of the Exercise Date.

  (d)Fractional Shares. The Company shall not be required to issue a fractional Warrant Share upon exercise of any Warrant. As to any fraction of a Warrant Share that the Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay to such Holder an amount in cash (by delivery of a certified or official bank check or by wire transfer of immediately available funds) equal to the product of (i) such fraction multiplied by (ii) the Fair Market Value of one Warrant Share on the Exercise Date.

  (e)Delivery of New Warrant. Unless the purchase rights represented by this Warrant shall have expired or shall have been fully exercised, the Company shall, at the time of delivery of the certificate or certificates representing the Warrant Shares being issued in accordance with Section 4(c) hereof, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unexpired and unexercised Warrant Shares called for by this Warrant. Such new Warrant shall in all other respects be identical to this Warrant. 

  (f)Valid Issuance of Warrant and Warrant Shares; Payment of Taxes. With respect to the exercise of this Warrant, the Company hereby represents, covenants and agrees:

   

  

   

  (i)This Warrant is, and any Warrant issued in substitution for or replacement of this Warrant shall be, upon issuance, duly authorized and validly issued.

  (ii)All Warrant Shares issuable upon the exercise of this Warrant pursuant to the terms hereof shall be, upon issuance, and the Company shall take all such actions as may be necessary or appropriate in order that such Warrant Shares are, validly issued, fully paid and non-assessable, issued without violation of any preemptive or similar rights of any stockholder of the Company and free and clear of all taxes, liens and charges.

  (iii)The Company shall take all such actions as may be necessary to ensure that all such Warrant Shares are issued without violation by the Company of any applicable law or governmental regulation or any requirements of any domestic securities exchange upon which shares of Common Stock or other securities constituting Warrant Shares may be listed at the time of such exercise (except for official notice of issuance which shall be immediately delivered by the Company upon each such issuance).

  (iv)The Company shall use commercially reasonable efforts to cause the Warrant Shares, immediately upon such exercise, to be listed on any domestic securities exchange upon which shares of Common Stock or other securities constituting Warrant Shares are listed at the time of such exercise.

  (v)The Company shall pay all expenses in connection with, and all taxes and other governmental charges that may be imposed with respect to, the issuance or delivery of Warrant Shares upon exercise of this Warrant; provided, that the Company shall not be required to pay any tax or governmental charge that may be imposed with respect to any applicable withholding or the issuance or delivery of the Warrant Shares to any Person other than the Holder, and no such issuance or delivery shall be made unless and until the Holder or the Person requesting such issuance has paid to the Company the amount of any such tax, or has established to the satisfaction of the Company that such tax has been paid.

  (g)Conditional Exercise. Notwithstanding any other provision hereof, if an exercise of any portion of this Warrant is to be made in connection with a sale of the Company (pursuant to a merger, sale of stock, or otherwise), such exercise may at the election of the Holder be conditioned upon the consummation of such transaction, in which case such exercise shall not be deemed to be effective until immediately prior to the consummation of such transaction.

  (h) Exercise Upon a Change of Control.  Upon the occurrence of a Change of Control, the Warrant shall be deemed exercised as of immediately prior to the consummation of the Change of Control by Cashless Exercise.

  (i)Reservation of Shares. No later than September 14, 2022, the Company shall file with the Commission a preliminary Information Statement in accordance with Regulation 14C promulgated under of the Exchange Act relating to the Shareholder Consent and the Amendment. The Company shall cause the information statement in definitive form to be mailed to the holders of the Company’s voting securities entitled to receive the same as promptly as reasonably practicable after (i) the tenth (10th) calendar day after the initial filing of the preliminary Information Statement with the Commission if by such date the Commission has not informed the 

   

  

   

  Company that it intends to review the Information Statement or (ii) if the Commission has, by the tenth (10th) calendar day after the filing of the initial preliminary Information Statement with the Commission, informed the Company that it intends to review the Information Statement, the date on which the Commission confirms that it has no further comments on the Information Statement.  On the 21st calendar day after the Information Statement in definitive form is mailed to the holders of the Company’s voting securities entitled to receive the same, the Board shall cause the Amendment to be adopted (the “14C Completion Date”).  During the Exercise Period, the Company shall at all times reserve and keep authorized, and keep available out of its authorized but unissued Common Stock or other securities constituting Warrant Shares, solely for the purpose of issuance upon the exercise of this Warrant, the maximum number of Warrant Shares issuable upon the exercise of this Warrant, and the par value per Warrant Share shall at all times be less than or equal to the applicable Exercise Price. The Company shall not increase the par value of any Warrant Shares receivable upon the exercise of this Warrant above the Exercise Price then in effect, and shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant.

  5.[Reserved.]

  6.[Reserved.] 

  7.[Reserved.]

  8.Transfer of Warrant. Subject to Section 12, this Warrant and all rights hereunder are transferable, in whole or in part, by the Holder without charge to the Holder, upon surrender of this Warrant to the Company at its then principal executive offices with a properly completed and duly executed Assignment in the form attached hereto as Exhibit B, together with funds sufficient to pay any transfer taxes described in Section 4(f)(v) in connection with the making of such transfer. Upon such compliance, surrender and delivery and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant, if any, not so assigned and this Warrant shall promptly be cancelled.

  9.Holder Not Deemed a Stockholder; Limitations on Liability. Prior to the issuance to the Holder of the Warrant Shares to which the Holder is then entitled to receive upon the due exercise of this Warrant, the Holder shall not be entitled to vote or be deemed the holder of shares of capital stock of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, as such, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings or subscription rights, or otherwise. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

  10.Replacement on Loss; Division and Combination.

   

  

   

  (a)Replacement of Warrant on Loss. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood that a written indemnification agreement and affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation, upon surrender of such Warrant for cancellation to the Company, the Company at its own expense shall execute and deliver to the Holder, in lieu hereof, a new Warrant of like tenor and exercisable for an equivalent number of Warrant Shares as the Warrant so lost, stolen, mutilated or destroyed; provided, that, in the case of mutilation, no indemnity shall be required if this Warrant in identifiable form is surrendered to the Company for cancellation.

  (b)Division and Combination of Warrant. Subject to compliance with the applicable provisions of this Warrant as to any transfer or other assignment which may be involved in such division or combination, this Warrant may be divided or, following any such division of this Warrant, subsequently combined with other Warrants, upon the surrender of this Warrant or Warrants to the Company at its then principal executive offices, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the respective Holders or their agents or attorneys. Subject to compliance with the applicable provisions of this Warrant as to any transfer or assignment which may be involved in such division or combination, the Company shall at its own expense execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants so surrendered in accordance with such notice. Such new Warrant or Warrants shall be of like tenor to the surrendered Warrant or Warrants and shall be exercisable in the aggregate for an equivalent number of Warrant Shares as the Warrant or Warrants so surrendered in accordance with such notice. 

  11.No Impairment. The Company shall not, by amendment of its Certificate of Incorporation or Bylaws, or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, but shall at all times in good faith assist in the carrying out of all the provisions of this Warrant. 

  12.Compliance with the Securities Act.

  (a)Agreement to Comply with the Securities Act; Legend. The Holder, by acceptance of this Warrant, agrees to comply in all respects with the provisions of this Section 12 and the restrictive legend requirements set forth on the face of this Warrant and further agrees that such Holder shall not offer, sell or otherwise dispose of this Warrant or any Warrant Shares to be issued upon exercise hereof except under circumstances that will not result in a violation of the Securities Act of 1933, as amended (the “Securities Act”). This Warrant and all Warrant Shares issued upon exercise of this Warrant (unless registered under the Securities Act) shall be stamped or imprinted with a legend in substantially the following form:

  ”THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, 

   

  

   

  PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SHARES IS EFFECTIVE UNDER THE ACT AND IS QUALIFIED UNDER APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND FOREIGN LAW AND, IF THE CORPORATION REQUESTS, AN OPINION SATISFACTORY TO THE CORPORATION TO SUCH EFFECT HAS BEEN RENDERED BY COUNSEL.”

  (b)Representations of the Holder. In connection with the issuance of this Warrant, the Holder specifically represents, as of the date hereof, to the Company by acceptance of this Warrant as follows:

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

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

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

  13.Representations and Warranties of the Company. Other than the waivers and consents obtained on the Original Issue Date, the Company hereby represents and warrants to the Holder that (i) it has the corporate power and authority to execute this Warrant and consummate the transactions contemplated by this Warrant, (ii) there are no statutory or contractual stockholders’ preemptive rights or rights of refusal with respect to the issuance of any Warrants and (iii) the execution and delivery by the Company of this Warrant and the issuance of the Common Stock upon exercise of any Warrant do not and shall not (A) conflict with or result in a breach of the terms, conditions or provisions of, (B) constitute a default under, (C) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s capital stock or assets pursuant to, (D) result in a violation of, or (E) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or 

   

  

   

  governmental body or agency pursuant to, the Company’s certificate of incorporation or bylaws or any law in effect as of the date hereof to which the Company is subject, or any agreement, instrument, order, judgment or decree to which the Company is subject as of the date hereof, except for any such authorization, consent, approval, notice or exemption required under applicable securities laws.

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

  15.Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the addresses indicated below (or at such other address for a party as shall be specified in a notice given in accordance with this Section 15).

  		
	If to the Company:
	EVO Transportation & Energy Services, Inc
8285 West Lake Pleasant Parkway, Peoria, AZ, USA, 85382
E-mail: patrick.seul@evotransinc.com
Attention: Patrick Seul, Executive Vice President, General Counsel and Secretary

	If to the Holder:
	Robert Mendola
2557 California Street
San Francisco, CA 94115
Email:  Jamie.mendola@gmail.com
Attention:  Robert Mendola

  16.Cumulative Remedies. Except to the extent expressly provided in Section 8 to the contrary, the rights and remedies provided in this Warrant are cumulative and are not exclusive of, and are in addition to and not in substitution for, any other rights or remedies available at law, in equity or otherwise. 

  17.Equitable Relief. Each of the Company and the Holder acknowledges that a breach or threatened breach by such party of any of its obligations under this Warrant would give rise to irreparable harm to the other party hereto for which monetary damages would not be an adequate remedy and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations, the other party hereto shall, in addition to any and all other rights and remedies 

   

  

   

  that may be available to it in respect of such breach, be entitled to equitable relief, including a restraining order, an injunction, specific performance and any other relief that may be available from a court of competent jurisdiction.

  18.Entire Agreement. This Warrant constitutes the sole and entire agreement of the parties to this Warrant with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. 

  19.Successor and Assigns. This Warrant and the rights evidenced hereby shall be binding upon and shall inure to the benefit of the parties hereto and the successors of the Company and the successors and permitted assigns of the Holder. Such successors and/or permitted assigns of the Holder shall be deemed to be a Holder for all purposes hereunder. 

  20.No Third-Party Beneficiaries. This Warrant is for the sole benefit of the Company and the Holder and their respective successors and, in the case of the Holder, permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Warrant.

  21.Headings. The headings in this Warrant are for reference only and shall not affect the interpretation of this Warrant.

  22.Amendment and Modification; Waiver. Except as otherwise provided herein, this Warrant may only be amended, modified or supplemented by an agreement in writing signed by each party hereto. No waiver by the Company or the Holder of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Warrant shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 

  23.Severability. If any term or provision of this Warrant is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Warrant or invalidate or render unenforceable such term or provision in any other jurisdiction. 

  24.Governing Law. This Warrant shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the State of New York. 

  25.SUBMISSION TO JURISDICTION. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS WARRANT OR THE TRANSACTIONS CONTEMPLATED HEREBY MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS OF THE STATE OF NEW YORK IN 

   

  

   

  EACH CASE LOCATED IN THE CITY OF NEW YORK AND COUNTY OF NEW YORK, AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY CERTIFIED OR REGISTERED MAIL TO SUCH PARTY’S ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY SUCH COURT. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

  26.WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS WARRANT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS WARRANT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

  27.Counterparts. This Warrant may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Warrant delivered by e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Warrant.

  28.No Strict Construction. This Warrant shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. 

   

   

   

  [SIGNATURE PAGE FOLLOWS]

   

   

  

   

  IN WITNESS WHEREOF, the Company has duly executed this Warrant on the Original Issue Date.

    

  		
	 
	EVO TRANSPORTATION & ENERGY SERVICES, INC. 
 

	 
	By: /s/ Alexandre Zyngier
Name: Alexandre Zyngier
Title: Chairman of EVO Transportation & Energy Services, Inc. and Authorized Signatory

   

    

  		
	Accepted and agreed,
  

	Robert Mendola 
 
 
By: /s/ Robert Mendola
 
	 

	 
	 

   

   

  

   

  EXHIBIT A

   

  EXERCISE FORM

   

  (To be executed upon exercise of Warrant(s))

   

  The undersigned is the Holder of the attached Warrant (the “Warrant”) dated September 8, 2022, issued by EVO Transportation & Energy Services, Inc., a Delaware corporation (the “Company”).  Capitalized terms not otherwise defined in this Exercise Form shall have the meanings ascribed to such terms in the Warrant.  

   

  The undersigned hereby irrevocably elects to exercise the Warrant to purchase [●] shares of Common Stock for a purchase price of $0.53 per share. 

  If said number of Warrant Shares shall not be all the Warrant Shares issuable upon exercise of the Warrant, the undersigned requests that a new Warrant representing the balance of such Warrant shall be issued in the name of the undersigned Holder and delivered to the address of the Holder set forth in Section 12 of the Warrant.

  The Holder hereby instructs the Company to deliver the shares to the following:

   

  [details of account(s), names(s) and address(es) of any person(s) into whose name the shares is to be registered and/or any bank, broker or agent to whom documents evidencing the shares are to be delivered]

   

   

  Dated: __________________

   

  Robert Mendola

   

   

  By: _____________________ 

   

   

  

   

  EXHIBIT B

  ASSIGNMENT FORM

   

  FOR VALUE RECEIVED, the undersigned registered owner of the attached warrant (the “Warrant”) dated September 8, 2022, issued by EVO Transportation & Energy Services, Inc., a Delaware corporation (the “Company”), hereby sells, assigns and transfers unto the assignee named below (the “Assignee”) all of the rights of the undersigned under the Warrant, with respect to the number of shares of Common Stock set forth below:

  			
	Name of Assignee
	Address
	No. of Shares

	 
	 
	 

	 
	 
	 

	 
	 
	 

  and does hereby irrevocably constitute and appoint ____________________ Attorney to make such transfer on the books of _____________ maintained for the purpose, with full power of substitution in the premises.

  The undersigned also represents that, by assignment hereof, the Assignee acknowledges that this Warrant and the shares of stock to be issued upon exercise hereof or conversion thereof are being acquired for investment and that the Assignee will not offer, sell or otherwise dispose of this Warrant or any shares of stock to be issued upon exercise hereof or conversion thereof except under circumstances which will not result in a violation of applicable securities laws.  Further, the Assignee has acknowledged that upon exercise of this Warrant, the Assignee shall, if requested by the Company, confirm in writing, in a form satisfactory to the Company, that the shares of stock so purchased are being acquired for investment and not with a view toward distribution or resale.

  DATED:  _____________________

  Robert Mendola

   

   

  By: _____________________Exhibit 10.1

 

Certain information has
been omitted from the exhibit because it is both (i) not material and (ii) of the type that the registrant customarily and
actually treats as private or confidential. The omissions have been indicated by (“[***]”).

 

NORTHAM

PLATINUM LIMITED

 

Building 4, 1st Floor, Maxwell Office
Park

Magwa Crescent West, Waterfall City

Jukskei View 2090, South Africa

 

PO Box 412694

Cralghall 2924

South Africa

 

Tel: +27 11 759 6000 I Fax: •127
11 325 4795

WebsIte: www.northam.co.za

 

SALE OF CONCENTRATE AGREEMENT

 

between

 

PILANESBERG PLATINUM MINES (PROPRIETARY) LIMITED

 

Registration number 2002/015572/07

 

(hereinafter referred to as "the Seller")

 

And

 

NORTHAM PLATINUM LIMITED

 

Registration number 1977/003282/06

 

(hereinafter referred to as "the Purchaser")

 

     

     

    

 

		1.	DEFINITIONS AND INTERPRETATION

                                                               

                                                              In this Agreement:

 

		1.1.	clause headings are included for reference and convenience purposes
                                            only and shall not in any way affect or govern the interpretation or construction of this
                                            Agreement;

 

		1.2.	unless the context clearly indicates
a contrary intention, words importing:-

 

		1.2.1.	any gender includes the other
genders;

 

		1.2.2.	the singular includes the plural
and vice versa;

 

		1.2.3.	natural persons include juristic
persons (incorporated or unincorporated) and vice versa;

 

		1.3.	unless expressly stated or where the context
                                            clearly indicates a contrary intention, the following words bear the meanings assigned to
                                            them below and cognate expressions bear corresponding meanings:-

 

		1.3.1.	"Agreement" means
this Sale of Concentrate Agreement and its annexures;

 

		1.3.2.	"Business Day" means any day other than a Saturday,
                                            Sunday or official public holiday in the RSA;

 

		1.3.3.	"Confidential Information"
                                            shall include but not be limited in interpretation to all secret knowledge, technical,
                                            mining information and specifications, designs, electronic artwork, manufacturing techniques,
                                            circuit diagrams, instruction manuals, blue prints, samples, devices, demonstrations, know-how,
                                            information concerning materials, demonstrations, marketing and business information generally,
                                            as well as all machinery-related, technical, commercial and scientific information of a proprietary
                                            nature of the other Party as well as the other Party's intellectual property;

 

		1.3.4.	"Concentrate" means non-hazardous
                                            flotation concentrate arising from the process of flotation whereby Contained Metals are
                                            produced and delivered by the Seller to the Purchaser at the Delivery Point in filter cake
                                            form;

 

     

     

    

 

		1.3.5.	"Concentrator" means the
                                            Seller's Platinum Group Metals concentrator located at the Mine;

 

		1.3.6.	"Concentrate
                                            Batch/es" means individual consignment's of Concentrate delivered to the Delivery
                                            Point not exceeding [***] DMT
                                            (dry metric tons);

 

		1.3.7.	"Contained Metals" means
                                            the metals to be taken into account for purposes of calculation of the Purchase Price, namely
                                            Platinum, Palladium, Rhodium, Ruthenium, Iridium, Gold, Nickel and Copper and "Contained
                                            Metal" shall mean any one of them as required by the context;

 

		1.3.8.	"Delivery Month" means the
                                            Month in which Concentrate is delivered by the Seller to the designated Delivery Point;

 

		1.3.9.	"Delivery Point" means the
                                            designated area for off-loading Concentrate at Northam Platinum's' Processing Complex at
                                            Zondereinde Mine;

 

		1.3.10.	"Designated Representative"
                                            means, in the case of the Seller, the Chief Operating Officer and in the case of the
                                            Purchaser, the Smelter Manager or any other manager of a Party as designated by that Party
                                            in writing from time to time;

 

		1.3.11.	"DMTs" means the measure
                                            of Dry Metric Tons of Concentrate to be delivered with the moisture percentage contained
                                            therein as provided for in clause 8,1;

 

		1.3.12.	"Law" means any national
                                            or provincial legislation of the Republic of South Africa including regulations, by-laws
                                            or other subordinate legislation, the common law and any directives or requirements and guidelines
                                            laid down by any governmental authority;

 

		1.3.13.	"MHS Act" means the Mine
                                            Health and Safety Act, 1996, together with any amendments to it and all regulations promulgated
                                            thereunder from time to time, and any directives or rules issued thereunder from time
                                            to time;

 

		1.3.14.	"Mine" means the current
                                            and planned mining operations of the Seller and any affiliate thereof during the Term, notably
                                            those situated within the contiguous. Tuschenkomst, Wilgespruit and Magazynskraal farms located in
the North West Province;

 

     

     

    

 

		1.3.15.	"Month" means
a calendar month;

 

		1.3.16.	"Northam" means Northam
                                            Platinum Limited, Registration Number 19771003282/06, a limited liability public company
                                            duly incorporated in the Republic of South Africa;

 

		1.3.17.	"Party/Parties" means
                                            the Seller and the Purchaser, or either of them as required by the context;

 

		1.3.18.	"Pricing Period" means
                                            the period from the first to the last day of the second calendar Month following a Delivery
                                            Month;

 

		1.3.19.	"Purchaser" means Northam
                                            Platinum Limited, including its Zondereinde, Booysendal and Eland divisions which includes
                                            any projects related thereto;

 

		1.3.20.	"Purchase Price" means
                                            the purchase price of Concentrate purchased by the Purchaser from the Seller under this Agreement,
                                            calculated in accordance with clause 9;

 

		1.3.21.	"RSA" means the
Republic of South Africa;

 

		1.3.22.	"Sample" means samples
                                            of Concentrate taken by the Seller in accordance with clause 6;

 

		1.3.23.	"Seller" means Pilanesberg
                                            Platinum Mines (Pty) Ltd, Registration Number 2002/015572/07, of Unit FF04, First Floor,
                                            Southdowns Office Park, Block C, Cnr of John Vorster and Karee Road, Irene, Ext 54,
                                            0157, and/or its successors in title or assigns referred to in clause 20.1;

 

		1.3.24.	"Signature Date" means
                                            the date on which this Agreement is signed by the Party which signs it last in time, which
                                            date shall be the effective date of this Agreement;

 

		1.3.25.	"Term" has the
meaning ascribed to it in Clause 3.1; and

 

		1.3.26.	"Ton" means a
dry metric ton (DMT).

 

     

     

    

 

		1.4.	if any provision in a definition is a substantive
                                            provision conferring rights or imposing obligations on any Party, notwithstanding that it
                                            is only in the definition and interpretation clause, effect shall be given to it as if it
                                            were a substantive provision in the body of this Agreement;

 

		1.5.	where figures are referred to in numerals
                                            and in words, if there is any conflict between the two, the words shall prevail;

 

		1.6.	when any number of days is prescribed in this Agreement, same shall
                                            be reckoned exclusively of the first and inclusively of the last day unless the last day
                                            falls on a Saturday, Sunday or official public holiday in the RSA, as the case may be, in
                                            which case the last day shall be the next succeeding Business Day;

 

		1.7.	the rule of construction, that this
                                            Agreement shall be interpreted against the Party responsible for the drafting and/or preparation
                                            hereof, shall not apply;

 

		1.8.	schedules, appendices or annexures to this
                                            Agreement shall be deemed to be incorporated in and form part of this Agreement;

 

		1.9.	expressions defined in this Agreement shall
                                            bear the same meanings in schedules, appendices or annexures to this Agreement to the extent
                                            to which they do not themselves contain their own definitions;

 

		1.10.	the termination of this Agreement shall
                                            not affect such of the provisions of this Agreement as expressly provided that they will
                                            operate after any such termination or which of necessity must continue to have effect after
                                            such termination, notwithstanding that the clauses themselves do not expressly provide for
                                            this.

 

		1.11	words and expressions defined in any sub-clause
                                            shall, for purposes of the clause of which that sub-clause forms part, bear the meaning assigned
                                            to such words and expressions in that sub-clause; and

 

		1.12.	any reference to an enactment, regulation,
                                            rule or by-law is to that enactment, regulation, rule or by-law as at the Signature
                                            Date, and as amended from time to time.

 

     

     

    

 

		1.13.	Both Parties are independent contracting
                                            Parties and the relationship between them in terms of this Agreement does not constitute
                                            nor may it be construed as constituting a fiduciary relationship, contract of agency, partnership
                                            or employment. Neither Party shall represent or allow itself to be represented as an employee
                                            or agent of the other.

 

		1.14.	Neither Party shall incur any liability
                                            of any nature whatsoever for or on behalf of the other and shall have no authority to bind
                                            the other Party by any representations, statements or agreements made or concluded by it.

 

		2.	INTRODUCTION

 

		2.1.	The Seller is the holder of the Mining Right
                                            comprising the right to mine and dispose of Platinum Group Metals produced at the Mine. The
                                            Seller produces Platinum Group Metals and associated minerals as an integral part of its
                                            mining activities and accordingly the Seller has constructed the Concentrator to concentrate
                                            the Contained Metals.

 

		2.2.	The Seller has agreed to deliver and sell
                                            the Concentrate produced at the Concentrator to the Purchaser and the Purchaser has agreed
                                            to purchase and take delivery of such Concentrate on the terms and conditions of this Agreement.

 

		2.3.	The Parties wish to record their
Agreement in writing.

 

		3.	COMMENCEMENT AND DURATION

 

		3.1.	The
                                            term of this agreement (the "Term") is from the Start Date to 31 December 2025,
                                            and "Start Date" means the first day of the calendar month following the first
                                            to occur of (i) the day on which the minimum contractual delivery amount has been delivered
                                            by the Seller to its current offtake counterparty ("Current Off taker") under the
                                            Current Offtake Agreement thereby automatically terminating that agreement [***],
                                            and (ii) the day on which the Current Off taker has waived its rights to the contractual
                                            minimum delivery amount due under the Current Offtake Agreement, and "Current Offtake Agreement"
means the offtake agreement currently in force between the Seller and the Current Off taker.

 

     

     

    

 

		3.2.	It is agreed that the parties may terminate
                                            this contract in the third year (2025) by giving three (3) months' written notice. The
                                            parties may also reconsider the quantities during this last year (2025) of the contract period
                                            by mutual agreement.

 

		3.3.	The
                                            Seller will deliver an estimated [***] to
                                            the Purchasers site tons per month. This estimate is based on the Seller's internal estimate;
                                            actual delivery amounts in any Delivery Month may vary from the estimate.

 

		4.	SALE OF CONCENTRATE

 

The
Seller sells to the Purchaser, who purchases, monthly quantities comprising batches of approximately [***] tons
of concentrate produced by the Seller at the Concentrator. The Seller confirms that the Concentrate Batches will be sourced from the
Mine throughout the Term of the agreement.

 

		5.	DELIVERY OF CONCENTRATE

 

		5.1.	The Seller and/or its nominated contractor
                                            shall deliver the Concentrate DAP to the Delivery Point as and when Concentrate Batches become
                                            available. All deliveries shall be made as per the agreed delivery schedules, provided that
                                            prior agreement and approval for all delivery schedules is obtained from the Purchaser's
                                            Designated Representative (acting reasonably) responsible for receipt of such deliveries.

 

		5.2.	The Parties shall co-operate to ensure that the Seller is able to deliver
                                            Concentrate Batches at the Delivery Point as and when such Concentrate Batches are ready
                                            for delivery. In order to minimise traffic congestion, the Parties shall co-operate to ensure
                                            that the deliveries are made outside of peak light vehicle traffic periods, as agreed from
                                            time to time between the Parties.

 

		5.3.	The Purchaser shall not be responsible for
                                            any handling and logistics relating to Concentrate Batches delivered by the Seller, it being
                                            recorded that the Seller's obligations in this regard are to contract with its road carrier
                                            in order to supply and deliver the Concentrate to the Delivery Point.

 

     

     

    

 

		6.	CONCENTRATE SAMPLING

 

		6.1.	A Joint Management Committee (JMC) comprising
                                            no more than two (2) members of each party will draft and approve a sampling procedure.
                                            The JMC will meet monthly to address operational matters.

 

		6.2.	The Seller shall take four Samples of each
                                            Concentrate Batch as dispatched. The Seller shall seal and mark each container containing
                                            the Samples taken with a Sample number and one Sample shall be delivered to the Purchaser
                                            by the Seller containing the relevant Concentrate Batch at no cost to the Purchaser ("Purchaser's
                                            Sample"), one shall be kept by the Seller ("Seller's Sample") and
                                            two reference Samples ("Reference Samples") shall be kept by the Seller
                                            for umpire assay purposes. The Samples must be retained for a period of three months.

 

		6.3.	The Purchaser has the right to attend and
                                            witness the sampling process upon prior written request by Purchaser to Seller).

 

		6.4.	The Samples will be used for purposes of
                                            determining the moisture content, as provided for in clause 8.1, of the relevant Concentrate
                                            Batch and the assay of each of the Contained Metals in the Concentrate Batch from which the
                                            Sample is taken.

 

		6.5.	The Parties shall analyse their respective
                                            Samples and shall communicate in writing their determinations of the moisture content and
                                            the assay of the Contained Metals and Cr2O3 (Chromium Oxide) in each
                                            Concentrate Batch to one another during the first three weeks of the month after delivery
                                            of the relevant Concentrate Batch at the Delivery Point. If the Purchaser fails to communicate
                                            the determination arising from any Purchaser Sample within the aforesaid period and fails
                                            to do so within three Business Days of a written request for such determination, then the
                                            determination made by the Seller in respect of the Seller's Sample from the same Concentrate
                                            Batch shall be final and binding on the Parties.

 

		6.6.	Differences in the determination of the
                                            moisture content and assay of Contained Metals and Cr2O3 in a Concentrate Batch
                                            shall be resolved in accordance with clause 8.

 

     

     

    

 

		7.	CONCENTRATE VOLUMES

 

		7.1.	In respect of each Concentrate Batch, the Purchaser shall weigh the
                                            transportation vehicles at the Purchaser's weighbridge situated at the Delivery Point, immediately
                                            before and immediately after each Concentrate Batch is off-loaded at the Delivery Point.
                                            The net weight of Concentrate delivered to the Purchaser in respect of each Concentrate Batch
                                            shall be determined by deducting the weight of the pre-unloading weight from the post-unloading
                                            weight of the relevant transportation vehicle as- indicated by the relevant weighbridge
                                            measurements.

 

		7.2.	The Seller shall issue a certificate ("Seller's
                                            Certificate") stipulating the weight of each transportation vehicle both pre and post
                                            loading of a Concentrate Batch and the calculated net weight of the relevant Concentrate
                                            Batch.

 

		7.3.	The Seller may from time to time request
                                            a current calibration certificate of the Purchaser's weighbridge, which the latter Party
                                            shall provide on reasonable notice. The weighbridge of the Purchaser shall be calibrated
                                            via a suitably accredited authority, at least annually.

 

		7.4.	The net weight of each Concentrate Batch
                                            (as determined in accordance with clause 7.1) together with the determined moisture content
                                            (as determined in accordance with clause 6.2) shall be used for purposes of determining the
                                            equivalent mass of Concentrate in dry metric tons, delivered by the Seller to the Purchaser
                                            for purposes of calculating the purchase price.

 

		8.	CONCENTRATE SPECIFICATIONS
AND PENALTIES

 

		8.1.	The
                                            Concentrate sold by the Seller to the Purchaser under this Agreement shall comprise an estimated
                                            [***]g/t
                                            4E, typically, have the following specifications:

 

	Platinum:	[***]
	Palladium:	[***]
	Rhodium:	[***]
	Gold:	[***]
	Iridium:	[***]
	Ruthenium:	[***]
	Nickel:	[***]
	Copper:	[***]
	Cr2O3:	[***]
	Moisture
    %:	[***]

 

     

     

    

 

The Concentrate will be free from deleterious elements.

 

Should
the Concentrate comprise an average of less than [***]g/t
for a delivery month, the Purchaser has the right to refuse payment for said months' deliveries.

 

		8.2.	The following splitting limits
shall apply for the relevant Contained Metals and Chromium (Cr2O3) in the Concentrate:

 

	Contained
    Metal	Splitting
Limit

(Relative % difference between the Parties'

determination of a Sample)

	Platinum	[***]
	Palladium	[***]
	Rhodium	[***]
	Gold	[***]
	Iridium	[***]
	Ruthenium	[***]

 

	Nickel	[***]
	Copper	[***]
	Chrome	[***]
	Moisture	[***]

 

     

     

    

 

		8.3.	If the difference between the Parties' determination
                                            of the assay results in relation to a Sample for any Contained Metal in the Concentrate falls
                                            within the splitting limit set out above, then no further assay shall be required, and the
                                            assay value of the Contained Metals and Cr2O3 in the Concentrate shall
                                            be the arithmetical mean of the Parties' respective assays.

 

		8.4.	If the difference between the Parties' determination
                                            of the assay results in relation to a Sample for any Contained Metal and Cr2Os in the Concentrate
                                            falls outside the splitting limit set out above, unless otherwise agreed between the parties
                                            in writing, the relevant Reference Samples (contemplated in clause 6.1) for independent assay,
                                            shall be sent to a mutually agreed independent laboratory or Mintek (Pty) Ltd in Randburg.
                                            The results determined by the aforementioned agreed independent laboratory or the Mintek
                                            Laboratory, as the case may be, shall save in the event of manifest error, be final and binding
                                            on the Parties for purposes of calculating the assay value of the Contained Metals and Cr2O3
                                            in the Concentrate.

 

		8.5.	The cost of the referee analysis shall be shared equally between Parties
                                            and the results shall be binding on the parties. The analysis of the shipment shall then
                                            be deemed to be the same as the referee analysis.

 

		8.6.	While
                                            the Seller envisages that the Concentrate shall meet the specifications set out in clause
                                            8.1, the Seller does not warrant or guarantee the Concentrate specifications and the Seller
                                            shall incur no liability of whatever nature to the Purchaser because of the Concentrate not
                                            meeting the aforementioned specifications. If the specifications of the Concentrate depart
                                            from the specifications set out in clause 8.1 by more than [***]%
                                            (relative) beyond the indicated levels for more than [***]%
                                            of Concentrate Batches over any continuous 6 Delivery Month period, the Parties shall negotiate
                                            in good faith a variation to the terms of this Agreement. If the Parties are unable to agree
                                            such variation within 30 days, either Party may terminate this Agreement on fourteen (14)
                                            days written notice to the other Party.

 

     

     

    

 

		9.	CONCENTRATE PRICE, INVOICING
AND PAYMENT

 

		9.1.	The Purchase Price payable by the Purchaser
                                            to the Seller for Contained Metals in Concentrate delivered by the Seller to the Delivery
                                            Point under this Agreement shall be calculated, based on the quantities of Contained Metals
                                            ascertained in accordance with clause 8, as follows:

 

	Contained

    Metal	Price
    (US Dollar amounts to be converted to South African Rand)

    based on the average US Dollar / South African Rand

    exchange rate as published by Standard Bank for the Pricing

    Period (being the month following delivery)
	Platinum	[***]
    of the daily LBMA/LPPM AM auction price, as averaged over the Pricing Period
	Palladium	[***]
    of the daily LBMA/LPPM AM auction price, as averaged over the Pricing Period
	Rhodium	[***]
    of the NY Dealer Monthly average Bid Price, over the Pricing Period
	Gold	[***]
    of the daily LBMA AM price, as averaged over the Pricing Period
	Iridium	[***]
    of the NY Dealer Monthly average Bid Price, over the Pricing Period
	Ruthenium	[***]
    of the NY Dealer Monthly average Bid Price, over the Pricing Period
	Nickel	[***]
    of the LME cash buyers' price for Nickel as averaged over the quotational period
	Copper	[***]
    of the LME cash buyers' price for Copper as averaged over the quotational period

 

		9.2.	The Purchaser shall provide Seller with
                                            such information relating to information requests made by Seller's finance counterparties
                                            in terms of Concentrate delivered, Contained Materials therein and refined product produced
                                            from Concentrate and any other matters reasonably requested.

 

     

     

    

 

		9.3.	Within the first seven Business Days of
                                            every Month following the Pricing Period (Delivery +1), the Seller shall provide an invoice
                                            which complies with the Value-Added Tax Act, 1991 ("Tax Invoice") to the
                                            Purchaser for Concentrate delivered to and collected by the Seller under this Agreement.

 

		9.4.	Each Tax Invoice shall reflect amounts payable
                                            in respect of the preceding Delivery Month and shall include:

 

		9.4.1.	the total assayed mass of each Contained
                                            Metal delivered to the Delivery Point during the relevant Delivery Month;

 

		9.4.2.	the Purchase Price payable for the Contained
                                            Metals delivered during the relevant Delivery Month, calculated in accordance with clause
                                            9 taking into account penalties, tf any; and

 

		9.4.3.	the relevant exchange rate and the net amount
                                            payable in ZAR by the Purchaser to the Seller for the relevant Delivery Month.

 

		9.5.	The Purchaser shall be obliged to make payment
                                            within 30 (thirty) days of the date upon which an invoice is transmitted to the Purchaser
                                            via e-mail.

 

		9.6.	Save
                                            as otherwise provided for in this Agreement, all amounts due by the Purchaser in terms of
                                            or arising out of this Agreement, unless paid within seven (7) days of the due date
                                            thereof, shall bear interest at the prime rate of Standard Bank plus [***]%
                                            percent (Two Percent) per annum from the due date to the date of payment. All payments to
                                            be made by the Purchaser in terms of this Agreement shall be made without set-off, counterclaim
                                            or deduction of any kind or exchange (including free from any withholding taxes).

 

		10.	ACCESS TO MINE AND SMELTER
COMPLEX

 

		10.1.	The Purchaser shall provide the Seller
                                            access to the Delivery Point for the purposes of the Seller making delivery and the Purchaser
                                            taking delivery of Concentrate at the Delivery Point in terms of this Agreement.

 

		10.2.	The Seller undertakes that it shall comply
                                            with the provisions of the MHS Act and shall adhere to all of the Purchaser's health and
                                            safety policies and procedures applicable at the Delivery Point or the Purchaser's mining
                                            operation whilst it, its employees or contractors are at the Delivery Point, and/or are on
                                            the Purchaser's property.

 

     

     

    

 

		11.	RISK AND OWNERSHIP

 

		11.1.	Risk in all Concentrate delivered to the
                                            Purchaser under this Agreement shall pass to the Purchaser upon delivery of Concentrate by
                                            the Seller at the Delivery Point.

 

		11.2.	Ownership of the Contained Metals purchased
                                            by the Purchaser under this Agreement shall pass to the Purchaser upon payment for the relevant
                                            Concentrate Batch.

 

		12.	WARRANTIES

 

		12.1.	The Seller hereby warrants and
undertakes in favor of the Purchaser that:

 

		12.1.1.	it is the lawful holder of Mining Right
                                            NW/30/5/1/2/2/2/56 issued by the Department of Mineral Resources;

 

		12.1.2.	it is the owner of the mining and exploration
                                            rights related to the Mine and the Concentrate, and is entitled to sell and supply such Concentrate
                                            to the Purchaser;

 

		12.1.3.	it shall at times be the true and lawful
                                            owner of the Concentrate, under full title, for the duration of this Agreement, as per the
                                            terms and conditions contained in the Mining Right issued to it;

 

		12.1.4.	there are no lawful impediments or encumbrances
                                            to prevent, obstruct or otherwise prohibit the Seller from selling and delivering the Concentrate
                                            to the Purchaser on the basis contemplated in this Agreement;

 

		12.1.5.	no person has any right, entitlement or
                                            claim in respect of or to such Concentrate, whether in law, in terms of a contract or otherwise,
                                            and no person shall be entitled to institute or otherwise prosecute a competing claim, right
                                            or entitlement to such Concentrate.

 

		12.2.	The warranties and representations contained
                                            in clause 12.1 are relied upon by the Purchaser and which induced it to enter into this Agreement.

 

     

     

    

 

		13.	INDEMNITY

 

		13.1.	The Seller and/or its employees and contractors
                                            indemnifies and holds the Purchaser harmless from any losses, damages, demands or any injuries
                                            howsoever caused or arising because of the Seller's negligence, wilful misconduct or wrongdoing
                                            in entering the Purchaser's property and/or supplying and delivering the Concentrate at the
                                            Delivery Point.

 

		13.2.	The Seller shall not be liable for any
                                            loss or damages of whatsoever nature and howsoever arising which the Purchaser may sustain,
                                            because of or consequent upon the acts or omissions of any regulatory authority through no
                                            fault of the Seller, whereby the due exercise and enjoyment of either Party's rights under
                                            this Agreement shall or may be affected, prejudiced or in any way curtailed.

 

		13.3.	In no circumstances whatsoever shall either
                                            Party be liable for any special, punitive, indirect, consequential and/or like damages (including
                                            loss of profits or loss of business) which may arise pursuant to this Agreement and/or are
                                            sustained by the other Party or its employees or contractors including as a result of the
                                            negligent act or omission of the other party or its employees, agents or contractors or other
                                            persons for whom in Law it may be liable, whether arising as a result of a breach of the
                                            terms of this Agreement or otherwise.

 

		13.4.	The reference to the Seller in this provision
                                            includes its employees, agents, and other persons for whom in Law the Seller may be liable.
                                            The indemnities contained in this provision and elsewhere in the Agreement also constitute
                                            a stipulatio alteri in favour of such persons the benefits of which may be accepted
                                            by them at any time.

 

		14.	DISPUTES

 

		14.1.	Should any dispute arise between the Parties
                                            with regard to any matter or thing referred to in this Agreement (including but not limited
                                            to the implementation, execution, interpretation, rectification, termination or cancellation of
the Agreement), the Parties agree that:

 

		14.1.1.	if the dispute relates to any matter in
                                            respect of which a specific dispute resolution procedure is set out in this Agreement, the
                                            procedure set out in the relevant clause of this Agreement shall be followed; and

 

		14.1.2.	if the dispute relates to any other matter,
                                            then representatives from both Parties (who may not be legal representatives who are not
                                            employees of either Party) shall meet to review such dispute and to arrive, if possible,
                                            at an amicable and negotiated solution with regard thereto. Such meeting shall be held at
                                            a venue as agreed upon by the Parties, and failing such agreement, in Johannesburg, and shall
                                            be held within 5 (FIVE) calendar days after either Party has called for such a meeting in
                                            writing. Such written notice must include details of the dispute and copies of all relevant
                                            correspondence and documentation; and

 

     

     

    

 

		14.1.3.	in the event of the said Representatives being unable to negotiate and
                                            agree on an amicable settlement of such dispute, within 1 (ONE) week after such meeting is
                                            held or the meeting is not held as requested; then the dispute may be referred by either
                                            Party for resolution by arbitration in accordance with the paragraphs hereunder.

 

		14.2.	The arbitration shall be held in Johannesburg
                                            and conducted in English in accordance with the rules of the Arbitration Foundation
                                            of Southern Africa or its successor (hereinafter referred to as "AFSA") as amended
                                            from time to time.

 

		14.3.	Each Party to this Agreement:

 

		14.3.1.	expressly consents to any arbitration in terms of this provision being
                                            conducted as a matter of urgency;

 

		14.3.2.	irrevocably authorises the other to apply, on behalf of both Parties,
                                            for such arbitration to be conducted on an urgent basis; and

 

		14.3.3.	consents to any order of the arbitrator
being made an order of court.

 

		14.4.	AFSA shall be responsible for the appointment of the arbitrator and,
                                            where the Parties agree, more than 1 (one) arbitrator may be appointed.

 

		14.5.	Notwithstanding the institution and commencement of arbitration proceedings,
                                            either Party may nonetheless approach a Court of Law for relief of an urgent nature in circumstances
                                            in which such relief cannot be given or cannot urgently be given by the arbitrator.

 

		14.6.	The arbitration proceedings shall be confidential and neither Party
                                            shall disclose to any third party any information regarding the proceedings, the award and/or
                                            settlement terms without the prior written consent of the other Party.

 

     

     

    

 

		14.7.	The provisions of this paragraph shall continue to be binding on the
                                            Parties, notwithstanding any termination or cancellation of this Agreement.

 

		14.8.	The provisions of this paragraph constitute an irrevocable consent
                                            by the Parties to any proceedings in terms hereof and no Party shall be entitled to withdraw
                                            therefrom nor claim at any such proceedings that it is not bound by such provisions.

 

		15.	FORCE MAJEURE

 

		15.1.	If a Force Majeure Event occurs, the affected Party must immediately
                                            give the other Party a written notice containing:

 

		15.1.1.	full particulars of the Force
Majeure Event including its nature and likely duration;

 

		15.1.2.	obligations of the Party the performance
of which is prevented or delayed; and

 

		15.1.3.	nature and extent of the effects
of the Force Majeure Event on those obligations.

 

		15.2.	The obligations of the Party affected by the Force Majeure Event are
                                            suspended, to the extent that they are affected by the Force Majeure Event, from the date
                                            the affected Party gives the written notice until cessation of the Force Majeure Event.

 

		15.3.	On the cessation of the Force Majeure Event which is the subject
of a written notice, the Party affected by the Force Majeure Event must:

 

		15.3.1.	immediately give written notice to the other Party of the cessation
                                            of the Force Majeure Event; and

 

		15.3.2.	resume performance of the obligations suspended because of the
Force Majeure Event.

 

		15.4.	The Party affected by a Force Majeure Event must:

 

		15.4.1.	use its best endeavours to remove the effect of that Force Majeure
                                            Event affecting its obligations under this Agreement; and

 

		15.4.2.	report to the other Party in writing (on a regular basis) of
the steps taken by it to remove the effect of that Force Majeure Event.

 

     

     

    

 

		15.5.	Force Majeure Events are events beyond the control of either
Party, the occurrence of which could not have been reasonably foreseen
at the Signature Date and which despite the exercise of diligent efforts, the Parties were unable to prevent, limit or minimise, including
but not limited to war, whether declared or not, revolution, riots, insurrection, civil commotion, invasion, armed conflict, hostile
act of foreign enemy, acts of terrorism, sabotage, radiation or chemical contamination, act of God, plague or other serious epidemic,
industrial action and strikes, or electricity supply interruptions or power or other utility (including water) failures and which prevents
either Party from performing any obligation in terms of this Agreement.

 

		15.6.	If the performance by either Party of any of its obligations
under this Agreement is prevented or
delayed by a Force Majeure Event for a continuous period ) more than [***]days,
the other Party shall be entitled to terminate this Agreement immediately by giving written notice to the Party so affected.

 

		16.	TERMINATION AND/OR CANCELLATION

 

		16.1.	The
                                            Parties agree to terminate this Agreement on ten (10) days written notice if there is
                                            a substantial downsizing at and/or closure for a period of more than [***]consecutive
                                            days, (i) of the Sellers' Mine or Concentrator, and/or (ii) of the Purchaser's
                                            facilities necessary to process the Concentrate, whether due to market conditions or otherwise.

 

		16.2.	Each Party shall have the right to immediately
                                            cancel this Agreement, without prejudice to any rights which it may have in Law, if the other
                                            Party is liquidated, sequestrated or placed under business rescue or any other form of management
                                            for the benefit of its creditors, whether provisional or final.

 

		17.	CONFIDENTIALITY

 

		17.1.	The Parties agree to maintain the confidentiality
                                            of any Confidential Information that they become acquainted with after the signature of this
                                            Agreement.

 

		17.2.	The Parties agree not to divulge or permit
                                            to be divulged any aspect of such Confidential Information.

 

     

     

    

 

		17.3.	The recipient shall not use or attempt
                                            to use the Confidential Information in any manner, which will cause or be likely to cause
                                            injury or loss to the divulging Party.

 

		17.4.	Save as expressly provided for in this
                                            Agreement in relation to the licence provided to the Seller under this Agreement, neither
                                            Party will be permitted to use the other's Confidential Information for their own benefit.

 

		17.5.	The provisions of this clause 17 shall
                                            survive the termination of this agreement and endure for a period of 2 (two) years thereafter.

 

		18.	BREACH

 

Should
either of the Parties ("the Defaulting Party") commit a breach of any provision of this Agreement and fail to remedy
such breach within [***]Business Days of receiving written noticemfrom
'any other Party ("the Aggrieved Party") requiring the Defaulting Party to do so, then the Aggrieved Party shall be
entitled, without prejudice to its other rights in Law, to

 

		18.1.	cancel this Agreement; and/or

 

		18.2.	claim immediate specific performance of all of the Defaulting
                                            Party's obligations, in any event without prejudice to the Aggrieved Party's right to claim
                                            damages.

 

		19.	IMPLEMENTATION AND GOOD FAITH

 

		19.1.	The Parties undertake to do all such things, perform all such
                                            acts and take all steps to procure the doing of all such things and the performance of all
                                            such acts, as may be necessary or incidental to give or conducive to giving effect to the
                                            terms, conditions and purposes of this Agreement.

 

		19.2.	The Parties shall at all times during the continuance of this
                                            Agreement observe the principles of good faith towards one another in the performance of
                                            their obligations in terms of this Agreement. This implies, without limiting the generality
                                            of the foregoing, that they:

 

		19.2.1.	will at all times during the term of this Agreement act reasonably,
                                            honestly and in good faith;

 

		19.2.2.	will perform their obligations arising from this Agreement diligently
                                            and with reasonable care;

 

		19.2.3.	make full disclosure to each other of any matter that may affect
the implementation of this Agreement or the negotiations for the consummation of this Agreement.

 

     

     

    

 

		20.	GENERAL

 

		20.1.	None of the Parties will be entitled to
                                            cede or assign any of its rights or obligations under thisAgreement without the prior
                                            written consent of the other Parties. This Agreement shall be binding on the Parties' successors
                                            in title or assigns, in terms of which:

 

		20.1.1.	the Seller shall notify the Purchaser immediately should the
Sale Transaction have been concluded, the effect of which is
that one of the Parties referred to in clause 2.1 becomes the Seller under this Agreement; and/or

 

		20.1.2.	should the Mining Right held by the Seller
                                            over the Mine be transferred to another party, the Seller shall notify the Purchaser of the
                                            date when Ministerial or regulatory approval is obtained for such transfer (whether under
                                            Section 11 of the Mineral Petroleum Resources Development Act of 2002, or otherwise),
                                            in which event the new Mining Right holder shall be deemed to be the Seller's successor in
                                            title for all intents and purposes under this Agreement, and which party shall be bound by
                                            the terms and conditions contained in this Agreement.

 

		20.2.	No addition to, variation of or deletion
                                            from any of the terms and conditions of this Agreement will be of any force or effect unless
                                            reduced to writing and signed by the Parties. This requirement will only be satisfied if
                                            such amendment or variation is made in a written, paper based form.

 

		20.3.	This Agreement constitutes the entire agreement
                                            between the Parties in regard to the subject matter dealt with herein and none of the Parties
                                            will be liable for any warranties or representations that are not recorded in writing in
                                            this Agreement.

 

		20.4.	Any extension of time or other indulgence,
                                            which any Party may grant to any other Party in regard to the performance of any obligations
                                            under this Agreement, will not constitute a waiver by that Party of any of its rights under
                                            this Agreement.

 

		20.5.	No remedy conferred by this Agreement is
                                            intended to be exclusive of any other remedy which is otherwise available under any Law.
                                            Each remedy shall be cumulative and in addition to every other remedy given under this Agreement
                                            or under any existing or future Law. The election of any one or more remedies by a Party
                                            shall not constitute a waiver by such Party of the right to pursue any other remedy.

 

     

     

    

 

		20.6.	if any provision of this Agreement, which
                                            is not material to its efficacy as a whole, is rendered void, illegal or unenforceable in
                                            any respect under any Law, the validity, legality and enforceability of the remaining provisions
                                            shall not in any way be affected or impaired thereby and the Parties shall endeavour in good
                                            faith to agree to an alternative provision to the void, illegal or unenforceable provision.

 

		21.	DOMICILIUM

 

		21.1.	The Parties choose as their respective domicilia citandi et executandi
                                            ("Domicilium") for all purposes arising from or pursuant to this Agreement,
                                            as follows:

 

		21.1.1.	Seller

 

		Address:	[***]

 

		Attention:	[***]

 

	 	Email:	[***]

 

		21.1.2.	Purchaser

 

		Address:	[***]

 

		Attention:	[***]

 

		Email:	[***]

 

		21.2.	Any of the Parties shall be entitled from time to time, by written
                                            notice to the other Parties, to vary its Domicilium to any other address within the
                                            Republic of South Africa which is not a post office box or poste restante.

 

		21.3.	Any notice given and any payment made by any Party to the other Party ("the Addressee") which:

 

		21.3.1.	is delivered by hand during the normal business hours of the Addressee
                                            at the Addressee's Domicilium for the time being shall be rebuttably presumed to have
                                            been received by the Addressee at the time of such delivery;

 

		21.3.2.	in the case of a notice, transmitted by e-mail, during the normal
                                            business hours of the Addressee, shall be rebuttably presumed to have been received by the
                                            Addressee on the first Business Day after the time of such delivery or successful transmission,
                                            as evidenced by the electronic confirmation of receipt;

 

     

     

    

 

		21.3.3.	is delivered by courier to the Addressee's Domicilium at the relevant
                                            time shall be rebuttably presumed to have been received by the Addressee on the third Business
                                            Day after the date on which it is delivered to the Addressee.

 

		21.4.	Notwithstanding anything to the contrary herein contained, a
written notice or communication actually received by the Addressee
shall be regarded as an adequate written notice or communication to it notwithstanding that it was not sent to or delivered at its chosen
Domicilium.

 

		22.	APPLICABLE LAW AND JURISDICTION

 

This Agreement shall be governed by and construed in accordance
with the Laws of the Republic of South Africa.

 

		23.	COUNTERPARTS

 

This Agreement may be executed in counterparts, each of
which shall be deemed an original but which taken together shall constitute one and the same instrument.

 

     

     

    

 

SIGNED AT CENTURION ON THE 20th DAY OF JUNE 2022.

 

	AS WITNESSES	For:	PILANESBERG PLATINUM (PTY) LTD
	 	 	 
	1. [Illegible]	 	 
	 	 	 
	 	 	/s/ Erich Clarke
	 	 	 
	2. [Illegible]	 	 
	 	 	Full names: Erich Clarke
	 	 	who warrants his authority to sign.

 

SIGNED AT____________________
ON THE ___________ DAY OF ___________ 2022.

 

	AS WITNESSES	For:	NORTHAM PLATINUM
    LIMITED
	 	 	 
	1. ______________________________________ 	 	 
	 	 	 
	 	 	 
	 	 	
	2. ______________________________________ 	 	/s/ [Illegible]
	 	 	 
	 	 	Full names:                          [Illegible]

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