Document:

Exhibit 10.1

 

SEPARATION AGREEMENT AND GENERAL RELEASE

 

This
Separation Agreement and General Release (the “Separation Agreement”), dated May 15, 2019, confirms the following
understandings and agreements between Ecoark Holdings, Inc., a Nevada corporation and its subsidiaries, divisions, affiliates,
partnerships, joint ventures, and related business entities, and with respect to each of them, their predecessors, successors and
assigns, employee benefit plans or funds, and with respect to each such entity (the “Company”), all of its or
their past, present and/or future directors, partners, shareholders, members, managers, officers, attorneys, fiduciaries, agents,
trustees, administrators, employees, consultants, and assigns, whether acting on behalf of the Company or in their individual capacities
(collectively the “Group”) on the one hand, and Jay Oliphant (“you”, “your”
or the “Employee”) on the other hand; each a “Party” and together the “Parties”.

 

WHEREAS,
the Parties desire to conclude the employment of the Employee by the Company and Employee’s role as the Company’s Principal
Financial Officer (the “PFO”) in its entirety, unless specified otherwise in this Separation Agreement;

 

WHEREAS, the Employee
was granted stock option grants for (i) 104,781 shares of the Company’s common stock (“Option Agreement 1”)
with 37% of the Employee’s incentive stock options vesting immediately upon grant and the remaining portion of the Employee’s
options vesting in 12 equal installments, with the first installment vested on January 15, 2018, and additional installments vesting
on the last day of each of the eleven successive three-month periods, and (ii) 27,859 shares of Company common stock (“Option
Agreement 2”) that vested immediately upon grant of the non-statutory options, and (iii) 66,320 shares of Company common
stock (“Option Agreement 3”) of non-qualified options that vest at a rate of 25% per year on October 13th
of each year from 2018 to 2021; all subject to Employee’s continued employment by the Company. Option Agreements 1 and 2
were granted based on Employee’s agreement that these grants were a fair and equitable substitute for a significant Restricted
Stock Award dated March 21, 2017 that Employee agreed to forfeit for the best interests of the Company, and

 

WHEREAS,
the Parties desire that the Employee serve the Company as an advisor to assist the Company with its financial reporting and transition
to a newly-hired financial executive.

 

NOW
THEREFORE, in consideration of these premises, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged and intending to be legally bound, the Parties hereby agree as follows:

 

1.
Separation

 

a. By
joint agreement and consent, you and the Company agree that your employment by the Company shall be concluded as of May 15, 2019
(the “Separation Date”). You shall be paid your normal base salary through May 15, 2019, payable in accordance
with the normal payroll practices of the Company. You will not, however, be required to report to the office from the Separation
Date and may accept other employment. You agree to be available for the six-month period starting on Separation Date and ending
on November 15, 2019, unless such period is terminated earlier by mutual agreement, to consult with the Company, on a reasonable
basis to work on matters that you worked on prior to the Separation Date and cooperate on litigation matters involving the Company.
Except as otherwise specified in this Separation Agreement or any future agreements, you shall not be entitled to any cash compensation.

 

     

     

    

 

b. The
Company will issue a new non-statutory stock option grant under the Company’s 2017 Omnibus Incentive Plan for 198,960 shares
of Company common stock, vesting immediately, as a fair and equitable substitute for the total number of options granted by Option
Agreements 1, 2 and 3 (53% of which were incentive stock options with favorable tax treatment). You shall have the right to perform
a cashless exercise of any of your stock options through December 31, 2020 (the “Exercise Period”).

 

c. You
hereby confirm your notice, as of the Separation Date, of your resignation from any position you may have held as an employee,
officer, or director of the Company or any other member of the Group. You agree to take all such actions and execute all such documents
as may be necessary to effectuate this Section.

 

d. You
will be provided an opportunity to continue health coverage for yourself and qualifying dependents under the Company’s group
health plan in accordance with the Consolidated Omnibus Budget Reconciliation Act (“COBRA”). The Company shall
reimburse you for the cost of COBRA insurance from the Separation Date until six months from the Separation Date. Information pertaining
to your continuation of coverage pursuant to COBRA will be provided to you.

 

e. Except
as otherwise specifically set forth in this Separation Agreement, you shall no longer be entitled to any further compensation or
any monies from the Company or any other member of the Group or to receive any of the benefits made available to you during your
employment at the Company. Subject to this Section 1 of this Separation Agreement, you acknowledge and agree that the Company will
have paid you all of your wages, bonuses, expense reimbursements and accrued vacation pay by May 31, 2019, and that the Company
owes you no other wages, bonuses, vacation pay, employee benefits or other compensation or payments of any kind or nature, except
as set forth in this Separation Agreement and a related consulting agreement.

 

2. Change
of Control. You agree and acknowledge that there has been no Change in Control in the Company’s 2017 Omnibus Incentive
Plan or any other of the Company’s incentive plans.

 

3. Mutual
Release. Subject to and contingent upon compliance with Section 1 above, in consideration of the new stock option grant described
in Section 1 above, and other good and valuable consideration, you, for and on behalf of yourself and your heirs, administrators,
executors and assigns, effective on the Separation Date, do fully and forever release, remise and discharge the Company, Insperity
PEO Services, L.P., and every member of the Group from any and all claims which you had, may have had, now have, or may have (either
directly, indirectly or in any other capacity) against the Company or any other member of the Group, for or by reason of any matter,
cause or thing whatsoever, including any claim arising out of or attributable to your employment or the termination of your employment
with the Company, including but not limited to claims of breach of contract, wrongful termination, unjust dismissal, defamation,
libel or slander, or under any federal, state or local law dealing with discrimination based on age, race, sex, national origin,
handicap, religion, disability, sexual orientation or any other characteristic or condition protected by applicable law. This release
of claims includes, but is not limited to, all claims arising under Title VII of the Civil Rights Act of 1964, the Employee Retirement
Income Security Act of 1974, the Immigration Reform and Control Act, the Americans with Disabilities Act, the Civil Rights Act
of 1991, the Family and Medical Leave Act, the Worker Adjustment and Retraining Notification Act, the Fair Credit Reporting Act,
the Equal Pay Act, the Arkansas Fair Housing Act, the Arkansas Labor Law, and all other federal, state and local labor and anti-discrimination
laws, the common law and any other purported restriction on an employer’s right to terminate the employment of employees.
Notwithstanding the foregoing, the release in this Separation Agreement does not extend to those rights that cannot be waived as
a matter of law. The Company does fully and forever release, remise and discharge you from any and all claims it had, may have
had, now has, or may have (either directly, indirectly or in any other capacity) against you for or by reason of any matter, cause
or thing whatsoever, including any claim arising out of or attributable to your employment with the Company and service as Principal
Financial Officer. The Company agrees to indemnify you in the case of claims related to your service as an officer and employee
and future service as an independent contractor as documented in the Company’s by-laws.

 

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You represent that
you have not filed or permitted to be filed against the Group, individually or collectively, any charges, complaints or lawsuits
and you covenant and agree, subject to and contingent upon compliance with Section 1 above, that you will not file or permit to
be filed any lawsuits at any time hereafter with respect to the subject matter of this Separation Agreement and claims released
pursuant to this Separation Agreement (including, without limitation, any claims relating to your employment or the termination
of your employment), except as may be necessary to enforce this Separation Agreement or to seek a determination of the validity
of the waiver of your rights under the ADEA. Nothing in this Separation Agreement shall be construed to prohibit you from filing
a charge with or participating in any investigation or proceeding conducted by the Equal Employment Opportunity Commission (“EEOC”)
or a comparable state or local agency. Notwithstanding the foregoing, subject to and contingent upon compliance with Section 1
above, you agree to waive your right to recover monetary damages or reinstatement of employment in any charge, complaint, or lawsuit
filed by you or by anyone else on your behalf.

 

4. Full
Settlement. You are specifically agreeing to the terms of this Separation Agreement because the Company has agreed to pay you
money and other benefits to which you were not otherwise entitled and has provided such other good and valuable consideration as
specified herein. The Company has agreed to provide this money and other benefits because of your agreement to accept it in full
settlement of all possible claims you might have or ever had, and because of your execution of this Separation Agreement.

 

5. Vested
Benefits. Notwithstanding any other provision of this Separation Agreement, you will retain any rights that you may have to
vested benefits under the Company’s plans and programs, pursuant to their terms. Nothing herein shall waive any of your rights
to indemnification under the Company’s directors and officer’s liability insurance policies and plans, such rights
to be governed by the Company’s applicable policies, plans and by-laws.

 

6. Confidentiality.
You reaffirm that you agree to protect the Company’s Confidential Information as provided in the Company’s policies.
You also agree to maintain the confidentiality of this Separation Agreement and to refrain from disclosing or making reference
to its terms, except as required by law, or to your accountant or attorney, but only after obtaining agreement from the persons
who learn of such information to also treat it confidentially.

 

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7. Representation.
You agree that you will not encourage or cooperate or otherwise participate or confer with any current or former employee of the
Company or any other member of the Group, individually or collectively, or any potential plaintiff, to commence any legal action
or make any claim against the Company or any other member of the Group with respect to such person’s employment with the
Company or its affiliates; provided, however, that nothing in this Separation Agreement shall prohibit you from cooperating with
the EEOC or a comparable state or local agency. You will cooperate with the Company and its counsel in connection with any investigation,
administrative proceeding or litigation relating to any matter in which you were involved or of which you have knowledge as a result
of your employment with the Company. The Company and its insurance carriers will provide advances for any expenses (including attorneys’
fees) you may incur to defend yourself in the event of a claim against the Company in which you are named as provided for in the
Company’s by-laws.

 

8. Non-Disparagement.
..

 

Employee
shall not at any time make, publish, or communicate to any person or entity or in any public forum any defamatory or disparaging
remarks, comments, or statements concerning the Company or its businesses, or any of its employees or officers. The Company and
the Group promise and agree that they shall not at any time make, publish, or communicate to any person or entity or in any public
forum any defamatory or disparaging remarks, comments, or statements concerning the Employee. This Section does not, in any way,
restrict or impede Employee from exercising protected rights to the extent that such rights cannot be waived by agreement, of from
complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government
agency.

 

9. Voluntary.
You acknowledge that you have read this Separation Agreement in its entirety, fully understand its meaning and are executing
this Separation Agreement voluntarily and of your own free will with full knowledge of its significance. You acknowledge and warrant
that you have been advised by the Company to consult with an attorney prior to executing this Separation Agreement.

 

10. Employee
Rights. You represent that you are the sole and lawful owner of all right, title and interest in and to every claim that you
are purporting to release in this Agreement, and that you have the full power to enter into this Agreement and have not assigned,
transferred or encumbered, or purported to assign, transfer or encumber, voluntarily or involuntarily, to any person or entity,
any portion of the claims covered by this Agreement. The Company shall
indemnify and hold Employee harmless for acts and omissions in Employee’s capacity as an officer, director or employee of
the Company to the maximum extent permitted under applicable law; provided, however, that neither the Company,
nor any of its subsidiaries or affiliates, shall indemnify Employee for a (a) material breach by Employee of a fiduciary duty owed
to the Company or any of its subsidiaries; (b) the willful or gross neglect by Employee of the material duties required by his
employment agreement; or (c) a knowing and material violation by Employee of any Company policy pertaining to ethics, legal compliance,
wrongdoing or conflicts of interest.

 

11. Severability.
In the event that any one or more of the provisions of this Separation Agreement is held to be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. Moreover,
if any one or more of the provisions contained in this Separation Agreement is held to be excessively broad as to duration, scope,
activity or subject, such provisions will be construed by limiting and reducing them so as to be enforceable to the maximum extent
compatible with applicable law.

 

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12. Governing
Law. This Separation Agreement will be governed by, and construed in accordance with, the laws of the State of Arkansas without
reference to its conflict of laws provisions. With respect to any dispute arising out of or related to this Agreement, the parties
consent to the exclusive jurisdiction of, and venue in, the federal and state courts located in Benton County, Arkansas.

 

13. Admission
of Guilt. Nothing herein shall be deemed to constitute an admission of wrongdoing by the Company or any other member of the
Group. Neither this Separation Agreement nor any of its terms shall be used as an admission or introduced as evidence as to any
issue of law or fact in any proceeding, suit or action, other than an action to enforce this Separation Agreement.

 

14. Counterparts.
This Separation Agreement may be executed in one or more counterparts, and/or by facsimile transmission, each of which shall be
deemed to be an original and all of which taken together shall constitute one and the same instrument. Photographic and fax copies
of such signed counterparts may be used in lieu of the originals of this Separation Agreement for any purpose.

 

15. Language.
The language used in this Separation Agreement will be deemed to be the language chosen by the parties hereto to express their
mutual intent, and no rule of law or contract interpretation that provides that in the case of ambiguity or uncertainty a provision
should be construed against the draftsman will be applied against any party hereto. The provisions of this Separation Agreement
shall be construed according to their fair meaning and neither for nor against any party hereto irrespective of which party caused
such provisions to be drafted. Each party has been given the opportunity to seek independent counsel with respect to their individual
rights, obligations and duties hereunder, and has freely executed this Separation Agreement after full and careful consideration
of its terms.

 

16. Successors.
This Separation Agreement is binding upon, and shall be for the benefit of, the parties and their respective heirs, executors,
administrators, successors and assigns.

 

17. Complete
and Full Understanding. You understand that this Separation Agreement constitutes the complete understanding between the Company
and you and supersedes any and all agreements, understandings and discussions, whether written or oral, between you and any member
of the Group regarding the subject matter hereof. You represent that in executing this Separation Agreement, you have not relied
upon any representation or statement not set forth herein. No amendment or modification of this Separation Agreement shall be valid
or binding upon the parties unless in writing and signed by both parties.

 

[Signature
Page Follows]

 

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If
the foregoing is acceptable to you, please sign/date in the space provided below and return this Separation Agreement to the Chief
Executive Officer at Ecoark Holdings, Inc. 1010 NW J Street, Suite I, Bentonville, Arkansas 72712.

 

	ACCEPTED AND AGREED TO BY:	 
	 	 	 
	/s/ Jay Oliphant	 
	Jay Oliphant	 
	 	 	 
	Date: 	May
    15, 2019         	 
	 	 	 
	ECOARK HOLDINGS, INC. 	 
	 	 	 
	/s/ Randy May	 
	Randy May	 
	Chief Executive Officer	 
	 	 
	Date: 	May 15, 2019	 

 

 

6Exhibit 10.2

 

CONTRACTOR
CONSULTING AGREEMENT

 

THIS
AGREEMENT has been entered into this day between Ecoark Holdings, Inc., a Nevada Corporation, (“Company”) and Absolute
Integrity PLLC, an Arkansas Professional Limited Liability Company and its Principal/Member Jay Oliphant (“Contractor”),
each a “Party” and together the “Parties”, for and in consideration of the mutual covenants and agreements
herein set forth:

 

1.
Contractor agrees to provide certain services for Company for the period beginning May 16, 2019 and ending November 15, 2019 (“Term”)
as described in detail in Schedule 1 attached hereto (“Services”).

 

2.
In exchange for providing Services, Company shall pay Contractor the sum of $36,600.00 USD, to be paid in six (6) monthly installments
of $6,100.00 per month on the 15th day of each month of the Term. The Parties agree and acknowledge that Contractor
is not an employee of Company and will be paid as an independent contractor pursuant to all applicable IRS rules and guidelines.

 

3.
Contractor shall be solely responsible for any and all business-related expenses incurred in the performance of this agreement,
including any fees of professional licensure that may be required in order to perform the Services, if any.

 

4.
Representations and Warranties by Contractor:

 

		a.	Contractor
                                         covenants and agrees to perform the Services to the best of its ability using accepted
                                         professional standards.

 

		b.	Contractor
                                         has the right to enter into this Agreement, to grant the rights granted herein and to
                                         perform fully all of the obligations in this Agreement.

 

		c.	Contractor’s
                                         entering into this Agreement with the Company and its performance of its obligations
                                         do not and will not conflict with or result in any breach or default under any other
                                         agreement to which they are subject.

 

		d.	Contractor
                                         has the required skill, experience and qualifications to perform Services in connection
                                         with this Agreement, and it shall perform the services in connection with this Agreement
                                         in a professional and workmanlike manner in accordance with generally recognized industry
                                         standards for similar services and it shall use best efforts to ensure that the Services
                                         in connection with this Agreement are performed in a timely and reliable manner.

 

5.
Contractor may perform the Services at a location of Contractor’s choosing in Contractor’s sole discretion.

 

6.
Representations and Warranties by Company. The Company hereby represents and warrants to Contractor that all Services to be provided
by Contractor are lawful. Further, the Company represents and warrants to Contractor that, as of the date of this Agreement:

 

		a.	Organization
                                         and Corporation Power. The Company is a C-corporation duly organized, validly existing,
                                         and in good standing under the laws of the State of Nevada; and has all required corporate
                                         power and authority to own its property and to carry on its business as now being conducted,
                                         to enter into this Agreement and to carry out the transactions contemplated hereby.

 

     

     

    

 

		b.	Authorization.
                                         The execution and delivery of this Agreement do not, and the consummation of the transactions
                                         contemplated hereby will not, violate any provision of any charter, articles of incorporation,
                                         by-law, mortgage, lien, lease, agreement, contract, instrument, order, judgment, or decree
                                         to which the Company is a party, or by which it is bound, and will not violate any other
                                         restriction of any other kind or character of which Company is subject. The execution
                                         of this Agreement by its representative whose signature is set forth at the end hereof
                                         has been duly authorized by all necessary corporate action.

 

		c.	The
                                         Company warrants that it will provide Contractor with accurate financial, corporate,
                                         and other data required by Contractor and necessary for full disclosure of all facts
                                         relevant to any efforts required of Contractor under this Agreement. Such information
                                         shall be furnished promptly upon request. If the Company fails to provide such information,
                                         or if any information provided by the Company to Contractor shall be false or misleading,
                                         or if the Company omits or fails to provide or withholds relevant material information
                                         to Contractor , then, in such event, any and all fees paid hereunder will be retained
                                         by Contractor as liquidated damages and this Agreement shall be null and void and Contractor
                                         shall have no further obligation hereunder. Further, by execution of this Agreement,
                                         the Company hereby indemnifies Contractor from any and all costs for expenses or damages
                                         incurred, and it holds Contractor harmless from any and all claims and/or actions that
                                         may arise out of providing false or misleading information or by omitting relevant information
                                         in connection with the efforts required of Contractor under this Agreement.

 

7.
Indemnification.

 

		a.	Company
                                         shall indemnify, defend (at the Contractor’s request) and hold the Contractor harmless
                                         from and against any and all damages, losses, costs, fines, penalties, liabilities, claims,
                                         investigations, administrative proceedings, enforcements actions, and expenses (including,
                                         without limitation, reasonable attorneys’ fees and costs) (“Liabilities”)
                                         arising out of Contractor’s services provided hereunder, including, but not limited
                                         to, Liabilities incurred by the Contactor from third-party claims due to or arising out
                                         of: (i) a breach by Company of this Agreement or any of Company’s agreements, covenants,
                                         representations or warranties contained in this Agreement, and (ii) the negligence, willful
                                         misconduct or fraudulent acts of Company.

 

		b.	If
                                         Company has any knowledge of any actual or threatened action, suit or proceeding, whether
                                         civil, criminal, administrative or investigative, as to which Contractor may request
                                         indemnity under this provision, Company will give Contractor prompt written notice thereof.
                                         Company shall be entitled to assume the defense of any such proceeding and the Contractor
                                         will use all reasonable efforts to cooperate with such defense

 

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8.
Independent Contractor. This Agreement shall not render the Contractor an employee, partner, agent of, or joint venture participant
with the Company for any purpose. The Contractor is and will remain an independent contractor in its relationship to the Company.
The Company shall not be responsible for withholding taxes with respect to the Contractor’s compensation hereunder. The
Contractor shall have no claim against the Company under this Agreement for vacation pay, sick leave, retirement benefits, social
security, worker’s compensation, health or disability benefits, unemployment insurance benefits, or employee benefits of
any kind.

 

9.
This Agreement will terminate upon the earlier to occur of any of the following events: (a) expiration of the Term of this Agreement;
(b) death or disability of Contractor’s Principal, where such disability prevents Contractor from substantially performing
Contractor’s duties hereunder; (c) at any time for any or no reason whatsoever by either Party upon giving the other party
thirty (30) calendar days’ prior written notice and acceptance by the other Party; and (d) upon written notice to the other
Party upon the occurrence of any one or more of the following events (“Cause”): (i) the other Party breaches any provision
of this Agreement and fails to remedy such breach within ten (10) days after receipt of written notice of such breach; (ii) Contractor’s
intentional or repeated dereliction of Contractor’s duties to the Company; (iv) gross negligence or willful misconduct of
either Party to this Agreement; or (v) the commission of any act of fraud or dishonesty by the Company against the Company’s
shareholders, customers or suppliers.

 

10.
This agreement is drawn to be effective in and shall be construed in accordance with the laws of the State of Arkansas. No amendment
or variation of the terms of this agreement shall be valid unless made in writing and signed by the Contractor and duly authorized
representative of the Company.

 

11.
Entire Understanding. This document and any exhibit attached constitute the entire understanding and agreement of the Parties,
and any and all prior agreements, understandings, and representations are hereby terminated and canceled in their entirety and
are of no further force and effect.

 

12.
Unenforceability of Provisions. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or
render unenforceable such term or provision in any other jurisdiction.

 

13.
Waivers. No failure or delay by either the Company or Contractor in exercising any right or remedy under this Agreement will waive
any provision of the Agreement, nor will any single or partial exercise by either the Company or Contractor of any right or remedy
under this Agreement preclude either of them from otherwise or further exercising these rights or remedies, or any other rights
or remedies granted by any law or any related document.

 

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WITNESS
the hands and seals of the parties this 15th day of May, 2019.

 

	 	ECOARK HOLDINGS, INC.:
	 	 	 
	 	By:	/s/ Randy May
	 	 	 
	 	Its:	Chief Financial Officer
	 	 	 
	 	 	 
	 	 	 
	 	ABSOLUTE INTEGRITY, PLLC:
	 	 	 
	 	By:	/s/
    Jay Oliphant              
	 	 	 
	 	Its:	Principal/Member
	 	 	 
	 	 	 

 

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Schedule
I – Services

 

Services
to include assisting with financial and SEC reporting, transition to a newly-hired financial executive, assisting with matters
worked on as an employee and officer, cooperating with any investigation, administrative proceeding or litigation relating to
any matter in which Contractor was involved or had knowledge of, accounting or system-related tasks similar to those performed
while an employee.

 

 

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