Document:

vivakor_ex0404.htm

    
      

    

    EXHIBIT 4.4

     

     

    
 

    THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE
U.S. SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE OR FOREIGN
JURISDICTION, AND MAY BE OFFERED AND SOLD ONLY IF REGISTERED AND QUALIFIED
PURSUANT TO THE RELEVANT PROVISIONS OF U.S. FEDERAL AND STATE OR APPLICABLE
FOREIGN SECURITIES LAWS OR IF THE COMPANY IS PROVIDED AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT REGISTRATION AND QUALIFICATION UNDER U.S.
FEDERAL AND STATE OR APPLICABLE FOREIGN SECURITIES LAWS IS NOT
REQUIRED.

     

    

     

    VIVAKOR,
INC.

    NOTICE OF
NONSTATUTORY STOCK OPTION GRANT

    

    VIVAKOR,
INC. (the “Company”) hereby grants you the following Option to purchase
shares of its common stock (“Shares”).  The terms and conditions of
this Option are set forth in the Nonstatutory Stock Option Agreement
(“Nonstatutory Stock Option Agreement”) that follows which is attached to and
made a part of this document.  This page is meant to be a cover page
for informational purposes only, in the event any of the terms hereon are in
conflict with the Nonstatutory Stock Option Agreement, the terms of the
Nonstatutory Stock Option Agreement shall supersede the information on this
page.

     

    

     

    
      	
              Date
      of Grant:

            	
              July
      27, 2009

            
	
              Name
      of Optionee:

            	
              Ed
      Corrente

            
	
              Number
      of Option Shares:

            	
              1,500,000

            
	
              Exercise
      Price per Share:

            	
              $0.23

            
	
              Vesting
      Start Date:

            	
              July
      27, 2009

            
	
              Type
      of Option:

            	
              
o   Incentive
      Stock Option

            	
              
x   Nonstatutory
      Stock Option

            
	
              Vesting
      Schedule:

            	
              Vesting
      shall be as follows:  50% of the option shares shall be
      immediately vested and the remaining option shares shall vest on a monthly
      basis over 24 months commencing on July 1, 2009.

            
	
              Payment
      Forms:

            	
              By
      cash, cash equivalents, or Shares owned by the Optionee for at least six
      months, and if the Company’s Shares become publicly traded, by “cashless”
      exercise, as set forth in the Nonstatutory Stock Option
      Agreement.

            

    

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    VIVAKOR, INC.

    

    NONSTATUTORY  STOCK  OPTION
AGREEMENT 

    

    Optionee:  Ed Corrente    

    

    
      	
              1.  

            	
              Grant
      of Stock Option. As of the Date of Grant
      (identified in Section 19 below), Vivakor, Inc., a Nevada
      corporation (the “Company”), hereby grants
      a Nonstatutory Stock Option (the “Option”) to the Optionee
      (identified above), to purchase the number of shares of the Company’s
      common stock, $0.001 par value per share (the “Common Stock”),
      identified in Section 19 below (the “Shares”), subject to the
      terms and conditions of this agreement (the “Nonstatutory Stock Option
      Agreement”). The Shares, when issued to the Optionee upon the
      exercise of the Option, shall be fully paid and nonassessable. The Option
      is not an “incentive stock option” as defined in Section 422 of the
      Internal Revenue Code. 

            

    

    

    
      	
              2.  

            	
              Definitions.
      All capitalized terms used herein shall have the meanings provided herein.
      Section 19 below sets forth meanings for various capitalized terms
      used in this Agreement. 

            

    

    

    
      	
              3.  

            	
              Option
      Term. The Option shall commence on the Date of Grant (identified in
      Section 19 below) and terminate on the date immediately prior to the
      eighth (8th)
      anniversary of the Date of Grant. The period during which the Option is in
      effect and may be exercised is referred to herein as the “Option Period”.
      

            

    

    

    
      	
              4.  

            	
              Option
      Price. The Option Price per Share is identified in Section 19
      below.

            

    

     

    
      	
              5.  

            	
              Vesting.
      The total number of Shares subject to this Option shall vest in accordance
      with the Vesting Schedule
      (identified in Section 19 below). The Shares may be purchased
      at any time after they become vested, in whole or in part, during the
      Option Period; provided, however, the Option may only be exercisable to
      acquire whole Shares. The right of exercise provided herein shall be
      cumulative so that if the Option is not exercised to the maximum extent
      permissible after vesting, the vested portion of the Option shall be
      exercisable, in whole or in part, at any time during the Option Period.
      

            

    

    

    
      	
              6.  

            	
              Method
      of Exercise. The Option is exercisable by delivery of a written
      notice (a form of which is attached hereto) to the attention of the Chief
      Financial Officer of the Company at the address for notices to the Company
      provided below, signed by the Optionee, specifying the number of Shares to
      be acquired on, and the effective date of, such exercise. The Optionee may
      withdraw notice of exercise of this Option, in writing, at any time prior
      to the close of business on the business day preceding the proposed
      exercise date. 

            

    

    

    
      	
              7.  

            	
              Method of Payment. The
      Option Price upon exercise of the Option shall be payable to the Company
      in full either: (i) in cash or its equivalent, or (ii) subject
      to prior approval by the Board of Directors or the Compensation Committee
      in its discretion, by tendering previously acquired Shares having an
      aggregate Fair Market Value at the time of exercise equal to the total
      Option Price (provided that the Shares must have been held by the Optionee
      for at least six (6) months prior to their tender to satisfy the
      Option Price), or (iii) subject to prior approval by the Board of
      Directors or the Compensation Committee in its discretion, by withholding
      Shares which otherwise would be acquired on exercise having an aggregate
      Fair Market Value at the time of exercise equal to the total Option Price,
      or (iv) subject to prior approval by the Board of Directors or the
      Compensation Committee in its discretion, by a combination of (i), (ii),
      and (iii) above. Any payment in shares of Common Stock shall be
      effected by the delivery of such shares to the Chief Financial Officer of
      the Company, duly endorsed in blank or accompanied by stock powers duly
      executed in blank, together with any other documents as the Chief
      Financial Officer may require. If the payment of the Option Price is
      remitted partly in Shares, the balance of the payment of the Option Price
      shall be paid in either cash, certified check, bank cashiers’ check, or by
      wire transfer. 

            

    

     

    
 

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

    The Board
of Directors or the Compensation Committee, in its discretion, may allow
(i) a “cashless exercise” as permitted under Federal Reserve Board’s
Regulation T, 12 CFR Part 220 (or its successor), and subject to
applicable securities law restrictions and tax withholdings, or (ii) any
other means of exercise which the Board of Directors or the Compensation
Committee, in its discretion, determines to be consistent with applicable law.

    

    As soon
as practicable after receipt of a written notification of exercise and full
payment, the Company shall deliver to or on behalf of the Optionee, in the name
of the Optionee or other appropriate recipient, Share certificates for the
number of Shares purchased under the Option. Such delivery shall be effected for
all purposes when a stock transfer agent of the Company shall have deposited
such certificates in the United States mail, addressed to Optionee or other
appropriate recipient. 

    

    
      	
              8.  

            	
              Restrictions
      on Exercise. The Option may not be exercised if the issuance of
      such Shares or the method of payment of the consideration for such Shares
      would constitute a violation of any applicable federal or state securities
      or other laws or regulations, including any such laws or regulations or
      Company policies respecting blackout periods, or any rules or regulations
      of any stock exchange on which the Common Stock may be listed.
      

            

    

    

    
      	
              9.  

            	
              Termination
      of Service. Voluntary or involuntary termination of Service to the
      Company and the death or Disability of Optionee shall affect Optionee’s
      rights under the Option as follows:

            

    

    

    
      
        	
              	
                (a) 

              	
                Termination for
      Cause. The vested and non-vested portions of the Option shall
      expire on 12:01 am. (Pacific Time) on the date of termination of
      Service and shall not be exercisable to any extent if Optionee’s Service
      with the Company is terminated for Cause at the time of such termination
      of Service.

              

      

    

    

    
      
        	
              	
                (b) 

              	
                 Other Involuntary
      Termination or Voluntary Termination. If Optionee’s Service with
      the Company is terminated for any reason other than for Cause, retirement,
      death or Disability at the time of termination of Service, then
      (i) the non-vested portion of the Option shall immediately expire on
      the termination date (ii) the vested portion of the Option shall
      expire to the extent not exercised within three (3) months after the
      date of such termination of Service. In no event may the Option be
      exercised by anyone after the earlier of (A) the expiration of the
      Option Period or (B) three (3) months after termination of
      Service. 

              

      

    

    

    
      
        	
              	
                (c) 

              	
                Death or
      Disability. If Optionee’s Service with the Company is terminated by
      death or Disability, then the vesting of the Option will be accelerated
      and the entire Option shall be 100% vested on the date of termination of
      Service and shall expire 365 calendar days after the date of such
      termination of Service to the extent not exercised by Optionee or, in the
      case of death, by the person or persons to whom Optionee’s rights under
      the Option have passed by will or by the laws of descent and distribution
      or, in the case of Disability, by Optionee’s legal representative. In no
      event may the Option be exercised by anyone after the earlier of (i) the
      expiration of the Option Period or (ii) 365 days after Optionee’s
      death or termination of Service due to
  Disability.

              

      

    

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
 

    
      
        	
              	
                (d) 

              	
                 Retirement. In
      the event of termination due to retirement, the vested portion of the
      Option shall expire on the earlier of (i) the Option Period or
      (ii) three (3) months after the date of retirement, and the unvested
      portion of the Option shall
expire.

              

      

    

    

    
      
        	
              	
                (e) 

              	
                 Change of
      Control. In the event of a “Change in Control” of the Company (as
      defined below) the vesting of the Option will be accelerated and the
      entire Option shall be 100% vested as of the date immediately preceding a
      Change in Control and the Option may be accelerated and the Option shall
      otherwise be affected at such time. For the purposes of this Agreement, a
      “Change in Control” of the Company shall include any event the Board has
      determined and shall also include any other event that constitutes a
      “Change in Control” of the Company as defined in the Optionee’s
      Termination Agreement with the Company.

              

      

    

    

    
      	
              10.  

            	
              Non-Qualification
      as an Incentive Stock Option. The Optionee
      understands that the Option is not intended to qualify as an “incentive
      stock option” within the meaning of Section 422 of the Code. The
      Optionee further understands and agrees that neither the Company nor the
      Board of Directors or the Compensation Committee shall be liable or
      responsible for any additional tax liability incurred by the Optionee
      because this Option is not an “incentive stock option” within the meaning
      of the Code. 

            

    

    

    
      	
              11.  

            	
              Independent
      Legal and Tax Advice. Optionee acknowledges that the Company has
      advised Optionee to obtain independent legal and tax advice regarding the
      grant and exercise of the Option and the disposition of any Shares
      acquired thereby. 

            

    

    

    
      	
              12.  

            	
              Reorganization
      of Company. The existence of the Option shall not affect in any way
      the right or power of the Company or its stockholders to make or authorize
      any or all adjustments, recapitalizations, reorganizations or other
      changes in Company’s capital structure or its business, or any merger or
      consolidation of the Company, or any issue of bonds, debentures, preferred
      or prior preference stock ahead of or affecting the Shares or the rights
      thereof, or the dissolution or liquidation of the Company, or any sale or
      transfer of all or any part of its assets or business, or any other
      corporate act or proceeding, whether of a similar character or otherwise.
      

            

    

    

    
      	
              13.  

            	
              Adjustment
      of Shares. In the event of stock dividends, spin-offs of assets or
      other extraordinary dividends, stock splits, combinations of shares,
      recapitalizations, mergers, consolidations, reorganizations, liquidations,
      issuances of rights or warrants and similar transactions or events
      involving Company, appropriate adjustments shall be made to the terms and
      provisions of this Option. 

            

    

    

    
      	
              14.  

            	
              No
      Rights in Shares. Optionee shall have no rights as a stockholder in
      respect of the Shares until the Optionee becomes the record holder of such
      Shares. 

            

    

    

    
      	
              15.  

            	
              Investment
      Representation. Optionee will enter into such written
      representations, warranties and agreements as Company may reasonably
      request in order to comply with any federal or state securities law.
      Moreover, any stock certificate for any Shares issued to Optionee
      hereunder may contain a legend restricting their transferability as
      determined by the Company in its discretion. Optionee agrees that Company
      shall not be obligated to take any affirmative action in order to cause
      the issuance or transfer of Shares hereunder to comply with any law, rule
      or regulation that applies to the Shares subject to the
      Option.

            

    

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

     

    
      	
              16.  

            	
              No
      Guarantee of Employment or Service. The Option shall not
      confer upon Optionee any right to continued Service or Employment with the
      Company or any subsidiary or affiliate thereof.

            

    

    

    
      	
              17.  

            	
              Withholding
      of Taxes. This Option is subject to and the Company shall have the
      right to take any action as may be necessary or appropriate to satisfy any
      federal, state, or local tax withholding obligations, including at the
      Board of Directors or the Compensation Committee’s discretion, to make
      deductions from the number of Shares otherwise deliverable upon exercise
      of the Option in an amount sufficient to satisfy withholding of any
      federal, state or local taxes required by law.

            

    

    

    
      	
              18.  

            	
              General.
  

            

    

    

    
      
        	
              	
                (a) 

              	
                Notices. All
      notices under this Agreement shall be mailed or delivered by hand to the
      parties at their respective addresses set forth beneath their signatures
      below or at such other address as may be designated in writing by either
      of the parties to one another. Notices shall be effective upon
      receipt.

              

      

    

    

    
      
        	
              	
                (b) 

              	
                Shares
      Reserved. Company shall at all times during the Option Period
      reserve and keep available such number of Shares as shall be sufficient to
      satisfy the requirements of this
Option.

              

      

    

    

    
      
        	
              	
                (c) 

              	
                Nontransferability of
      Option. The Option granted pursuant to this Agreement is not
      transferable other than by will, the laws of descent and distribution or
      by a qualified domestic relations order (as defined in Section 414(p) of
      the Internal Revenue Code). The Option will be exercisable during
      Optionee’s lifetime only by Optionee or by Optionee’s legal representative
      in the event of Optionee’s Disability. No right or benefit hereunder shall
      in any manner be liable for or subject to any debts, contracts,
      liabilities, obligations or torts of
Optionee.

              

      

    

    

    
      
        	
              	
                (d) 

              	
                Amendment and
      Termination. No amendment, modification or termination of the
      Option or this Agreement shall be made at any time without the written
      consent of Optionee and
Company.

              

      

    

    

    
      
        	
              	
                (e) 

              	
                No Guarantee of Tax
      Consequences. The Company and the Board of Directors or the
      Compensation Committee make no commitment or guarantee that any federal or
      state tax treatment will apply or be available to any person eligible for
      benefits under the Option. The Optionee has been advised and been provided
      the opportunity to obtain independent legal and tax advice regarding the
      grant and exercise of the Option and the disposition of any Shares
      acquired thereby.

              

      

    

    

    
      
        	
              	
                (f) 

              	
                 Severability.
      In the event that any provision of this Agreement shall be held illegal,
      invalid, or unenforceable for any reason, such provision shall be fully
      severable, but shall not affect the remaining provisions of the Agreement,
      and the Agreement shall be construed and enforced as if the illegal,
      invalid, or unenforceable provision had not been included herein.
      

              

      

    

    

    
      
        	
              	
                (g) 

              	
                Supersedes Prior
      Agreements. This Agreement shall supersede and replace all prior
      agreements and understandings, oral or written, between the Company and
      the Optionee regarding the grant of the Options covered
      hereby.

              

      

    

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
 

    
      
        	
              	
                (h) 

              	
                 Governing Law.
      The Option shall be construed in accordance with the laws of the State of
      Nevada without regard to its conflict of law provisions, to the extent
      federal law does not supersede and preempt Nevada law.
  

              

      

    

     

    
      	
              19. 

            	
              Definitions
      and Other Terms. The following capitalized terms shall have those
      meanings set forth opposite them: 

            

    

    

    (a)
Optionee:           
Ed Corrente   

    

    (b) Type
of Option:       Nonstatutory Stock
Option    

    

    (c) Date
of Grant:           July 27, 2009        

    

    (d)  Vesting
Start Date: July 27, 2009      

    

    (e)
Shares:       1,500,000                 shares of the Company’s
Common Stock. 

    

    (f)
Option Price: $0.23
per Share.

    

    (g)
Vesting Schedule: Options for Shares shall vest as follows: 

    

    Vesting
shall be as follows:  50% of the option shares shall be immediately
vested and the remaining option shares shall vest on a monthly basis over 24
months commencing on July 1, 2009.

     

         IN WITNESS WHEREOF, the
Company has, effective as of July 27, 2009, caused this Nonstatutory Stock
Option Agreement to be executed on its behalf by its duly authorized officer,
and Optionee has hereunto executed this Nonstatutory Stock Option Agreement as
of the same date. 

    

    

    VIVAKOR,
INC.

    

    
      
        	
                By:
         /s/
      Matt
      Nicosia                                              
      

              	
                By:   /s/
      Ed
      Corrente                           
      

              
	
                      Matt
      Nicosia, Chairman

              	
                           
      Ed Corrente

              
	 
      	 
      
	
                Address
      for Notices to the Company:

              	
                Address
      for Notices to Optionee:

              
	 
      	 
      
	
                Vivakor,
      Inc.

              	
                2590
      Holiday Road, Suite 100

              
	
                2590
      Holiday Road, Suite 100

              	
                Coralville,
      IA 52241

              
	
                Coralville,
      IA 52241

              	 
      

      

    

     

    
 

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    NOTICE
OF EXERCISE AND COMMON STOCK PURCHASE AGREEMENT

    

    

    Vivakor,
Inc.

    2590
Holiday Road

    Suite
100

    Coralville,
IA 52241

    Attn:  Chief
Financial Officer

    

    
      
        	
              	
                Re: 

              	
                Exercise
      of Nonstatutory Stock Option

              

      

    

     

    Dear Sir
or Madam:

    

    Pursuant
to the Nonstatutory Stock Option Agreement dated July 27, 2009  (the
“Nonstatutory Stock Option
Agreement”), I hereby elect to purchase _____________ shares of the
Common Stock of the Company (“Common Stock”) at the
aggregate exercise price of $____________.  I enclose the following
documents (check all that are applicable):

     

    

     

    
      	
              o  

            	
              My
      check in the amount of
$___________.

            

    

     

    
      	
              o  

            	
              Other
      (specify):.

            

    

     

    The
Common Stock is to be issued and registered in the name(s) of:

     

    ___________________________________

     

    ___________________________________

     

    I understand that
there may be tax consequences as a result of the purchase or disposition of the
Common Stock, I have consulted with any tax consultant I desired to consult, and
I am not relying on the Company for any tax advice. I understand that my
exercise is governed by my Nonstatutory Stock Option Agreement and agree to
abide by and be bound by its terms and conditions. I represent that the Common
Stock is being acquired solely for my own account and not as a nominee for any
other party, or for investment, and that I will not offer, sell or otherwise
dispose of any such Common Stock except under circumstances that will not result
in a violation of the Securities Act of 1933, as amended, or the securities laws
of any state.

     

    Dated:  ___________________,
200_.

     

     

     

    
      
        

      

    

    (Signature)

     

    
 

    
      

    

    (Please
Print Name)

    

     

     

    
      

    

    (Address)

     

    

     

    

    

    

    

    

    
      
         

      

      
        7vivakor_ex0405.htm

     

      
        

      

    

    EXHIBIT 4.5

     

    
      CONSULTING
AGREEMENT

      

      THIS CONSULTING AGREEMENT (the
“Agreement”) is made and entered into effective the 13th day of January, 2010,
by and between Thomas C. Hemingway (the “Consultant”), whose principal place of
business 4630 Campus Drive, Suite 101, Newport Beach, CA  92660, and
Vivakor, Inc.
(VIVK)­­­­­­­­­­­­­­­­­­­­­
(the “Client”), whose principal place of business is 2590 Holiday Road, Suite
100, Coralville, Iowa 52241.

      

      WHEREAS, Consultant is in the
business of providing services for management consulting, business advisory,
shareholder information and public relations; and

      

      WHEREAS, the Client deems it
to be in its best interest to retain Consultant to render to the Client such
services as may be needed; and

      

      WHEREAS, Consultant is ready,
willing and able to render such consulting and advisory services to
Client.

      

      NOW THEREFORE, in
consideration of the mutual promises and covenants set forth in this Agreement,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

      

      1.           Consulting
Services.  The client hereby retains the Consultant as an
independent consultant to the Client and the Consultant hereby accepts and
agrees to such retention.

      

      It is
acknowledged and agreed by the Client that Consultant carries no professional
licenses, and is not rendering legal advice or performing accounting services,
nor acting as an investment advisor or brokerage/dealer within the meaning of
the applicable state and federal securities laws.  The services of
Consultant shall not be exclusive to Client nor shall Consultant be required to
render any specific number of hours or assign specific personnel to the Client
or its projects.

      

      Consultant agrees to serve as
Representative for acquisitions to Client and to provide and/or perform the
following, hereafter collectively referred to as the “Services”:

      

      
        	
                 
      

              	
                A.

              	
                Complete
      an analysis of Client’s business and industry, and follow with a
      comprehensive background report that summarizes Client’s corporate and
      profile (the “Corporate Profile”) that shall be available for distribution
      to business partners, or others as Client shall deem
      appropriate.

              

      

       

      
        	
                 
      

              	
                B.

              	
                Work
      with Client, its counsel or other representatives to revise and/or draft
      any other documents that may be necessary in Client’s efforts to promote
      business development efforts.

              

      

       

      
        	
                 
      

              	
                C.

              	
                Assist
      Client in efforts to seek additional business/business relationships that
      will be of benefit to Client.

              

      

       

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      

       

      
        	
                 
      

              	
                D.

              	
                Introduce
      Client to potential target acquisitions, market professionals, including
      broker-dealers, mutual funds, and other institutional investors; providing
      the Company with advice regarding
acquisitions.

              

      

       

      
        	
                 
      

              	
                E.

              	
                Best
      Efforts. 
      Consultant shall devote such time and effort, as it deems commercially
      reasonable and adequate under the circumstances to the affairs of Client
      to render the consulting services contemplated by this
      agreement.  Consultant is not responsible for the performance of
      any services, which may be rendered hereunder without Client providing the
      necessary information in writing prior thereto, nor shall Client include
      any services that constitute the rendering of any legal opinions or
      performance of work that is in the ordinary purview of the Certified
      Public Accountant.  Consultant cannot guarantee results on
      behalf of Client, but shall pursue all reasonable avenues available
      through its network of contacts.  At such time as an interest is
      expressed by a third party in Client’s needs, Consultant shall notify
      Client and advise it as to the source of such interest and any terms and
      conditions of such interest.  The acceptance and consumption of
      any transaction is subject to acceptance of the terms and conditions by
      Client in its sole discretion.  It is understood that a portion
      of the compensation paid hereunder is being paid by Client to have
      Consultant remain available to advise it on transactions on an as-needed
      basis.

              

      

       

      

      2.           Independent
Contractor.  Consultant agrees to perform its consulting duties
hereto as an independent contractor.  Nothing contained herein shall
be considered to as creating an employer-employee relationship between the
parties to this Agreement.  The Client shall not make social security,
worker’s compensation or unemployment insurance payments on behalf of
Consultant.  The parties hereto acknowledge and agree that Consultant
cannot guarantee the results or effectiveness of any of the services rendered or
to be rendered by Consultant.  Rather, Consultant shall conduct its
operations and provide its services in a professional manner and in accordance
with good industry practice.  Consultant will use its best efforts and
does not promise results.

      

      3.           Time, Place and Manner of
Performance.  The Consultant shall be available for advice and
counsel to the officers and directors of the Client as such reasonable and
convenient times and places as may be mutually agreed upon.  Except as
aforesaid, the time, place and manner of performance of the services hereunder,
including the amount of time to be allocated by the Consultant to any specific
service, shall be determined at the sole discretion of the
Consultant.

      

      4.           Term of
Agreement.  The term of this Agreement shall be Nine (9)
months, commencing on the date of this Agreement, subject to prior termination
as hereinafter provided.

      

      5.           Compensation. In providing the
foregoing services, Consultant shall be responsible for all costs incurred
except the Client will be responsible for mailing out due diligence
requests.  Client shall pay Consultant for its services hereunder as
follows:  to arrange for one or more third parties to transfer
2,700,000 free trading shares of Client’s common stock to Consultant upon
signing of this agreement.  Consultant shall earn such shares the rate
of 300,000 shares per month over the nine month term of this
Agreement.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      
 

      

      
        	
                 
      

              	
                A.

              	
                If
      the Consultant introduces the Client to any merger, acquisition or to a
      candidate for acquisition of any portion of the Client or facilitates a
      merger or acquisition with a public or private company (the “Merger”),
      which the Client closes, the Client shall pay the Consultant a fee
      consisting of cash or, in the event of a non- cash transaction, the
      consideration received, in an amount equal to five percent (5%) of the
      total gross proceeds of the Merger and the Merger on a post-financing,
      fully-diluted basis.

              

      

      

      
        	
                 
      

              	
                B.

              	
                All
      cash fees or other non-cash consideration due the Consultant hereunder
      shall be paid to the Consultant immediately upon closing of any Equity
      Financing, Merger, and Transaction (collectively, the “Fee Transaction”)
      by wire transfer of immediately available funds from the proceeds of the
      Fee Transaction, either directly or from the formal or informal escrow
      arrangement established for the Fee Transaction, pursuant to the written
      wire transfer instructions of the Consultant to the Closing
      Agent.

              

      

      

      
        	
                 
      

              	
                C.

              	
                The
      Client authorizes and directs the Closing Agent to distribute directly or
      from escrow any and all fees due the Consultant hereunder. The Client
      agrees that such fees and the manner of payment and delivery as herein
      provided shall be included in the documentation of any Fee
      Transaction.

              

      

      

      6.           Client’s
Representations.  The Client represents that it is in
compliance with all applicable Securities and Exchange Commission reporting and
accounting requirements and all applicable requirements of the NASD or any stock
exchange.  The Client further represents that it has not been and is
not the subject of any enforcement proceeding or injunction by the Securities
and Exchange Commission or any state securities agency.

      

      7.           Representations, Warranties and
Covenants; SEC Legal Compliance.  Consultant hereby represents
that it has in place policies and procedures relating to, and addressing, with
the commercially reasonable intent to ensure compliance with, applicable
securities laws, rules and regulations, including, but not limited
to:

       

      
        	
                 
      

              	
                A.

              	
                The
      use, release or other publication of forward-looking statements within the
      meaning of Section 27A of the Securities Act and Section 21E of the
      Exchange Act.

              

      

       

      
        	
                 
      

              	
                B.

              	
                Disclosure
      requirements outlined in Section 17B of the Exchange Act regarding the
      required disclosure of the nature and terms of Consultant’s relationship
      with Client in any and all Consultant literature or other communication(s)
      relating to Client, including, but not limited to: Press Releases, letters
      to investors and telephone or other personal communication(s) with
      potential or current investors.

              

      

       

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

       

      Consultant further acknowledges that by
the very nature of its relationship with Client it will, from time to time, have
knowledge of or access to material non-public information (as such term is
defined by the Exchange Act) Consultant hereby agrees and covenants
that:

       

      
        	
                 
      

              	
                1.

              	
                Consultant
      will not make any purchases or sales in the stock of Client based on such
      information.

              

      

       

      
        	
                 
      

              	
                2.

              	
                Consultant
      will utilize its commercially reasonable efforts to safeguard and prevent
      the dissemination of such information to third parties unless authorized
      in writing by Client to do so as may be necessary in the performance of
      its Services under this Agreement.

              

      

       

      
        	
                 
      

              	
                3.

              	
                Client
      will not, in any way, utilize or otherwise include such information, in
      actual form or in substantive content, in its analysis for, preparation of
      or release of any Consultant literature or other communication(s) relating
      to Client, including, but not limited to: Press Releases, letters to
      investors and telephone or other personal communication(s) with potential
      or current investors.

              

      

       

      8.           Non-Circumvention.  Client
hereby irrevocably agrees not to circumvent, avoid, bypass, or obviate, directly
or indirectly, the intent of this Agreement, to avoid payment of fees in any
transaction with any corporation, partnership or individual introduced by
Consultant to Client, in connection with any project, acquisition, any loans or
collateral, or other transaction involving any products, transfers or services,
or addition, renewal extension, rollover, amendment, renegotiations, new
contracts, parallel contracts/agreements, or third party assignments
thereof.

      

      9.           Termination.

      

      
        	
                 
      

              	
                A.

              	
                Consultant’s
      relationship with the Client hereunder may be terminated for any reason
      whatsoever, at any time, by either party, upon 30 days written prior
      notice.

              

      

      

      
        	
                 
      

              	
                B.

              	
                This
      Agreement shall automatically terminate upon the dissolution, bankruptcy
      or insolvency of the Client or
Consultant.

              

      

      

      
        	
                 
      

              	
                C.

              	
                This
      Agreement may be terminated by either party upon giving written notice to
      the other party if the other party is in default hereunder and such
      default is not cured within fifteen (15) days of receipt of written notice
      of such default.

              

      

      

      
        	
                 
      

              	
                D.

              	
                Consultant
      and Client shall have the right and discretion to terminate this Agreement
      should the other party in performing their duties hereunder, violate any
      law, ordinance, permit or regulation of any governmental entity, except
      for violations which either singularly or in the aggregate do not have or
      will not have a material adverse effect on the operations of the
      Client.

              

      

      

      
        	
                 
      

              	
                E.

              	
                In
      the event of any termination hereunder all shares earned or funds paid to
      the Consultant through the date of termination shall be fully earned and
      non-refundable.  If Consultant elects to terminate this
      Agreement and, if any of the 2,700,000 shares transferred to Consultant at
      the signing of this Agreement have not been earned upon such termination,
      then Consultant shall return such unearned shares to Client within 10 days
      of termination.  The parties shall have no further
      responsibilities to each other except that the Client shall be responsible
      to make any and all payments if any, due to the Consultant through the
      date of the termination and the Consultant shall be responsible to comply
      with the provisions of section 10
hereof.

              

      

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      
 

      10.           Work Product.  It is
agreed that all information and materials produced for the Client shall be the
property of the Consultant, free and clear of all claims thereto by the Client,
and the Client shall retain no claim of authorship therein.

      

      11.           Confidentiality.  The
Consultant recognizes and acknowledges that it has and will have access to
certain confidential information of the Client and its affiliates that are
valuable, special and unique assets and property of the Client and such
affiliates.  The Consultant will not, during the term of this
Agreement, disclose, without the prior written consent or authorization of the
Client, any of such information to any person, for any reason or purpose
whatsoever.  In this regard, the Client agrees that such authorization
or consent to disclose may be conditioned upon the disclosure being made
pursuant to a secrecy agreement, protective order, provision of statute, rule,
regulation or procedure under which the confidentiality of the information is
maintained in the hands of the person to whom the information is to be disclosed
or in compliance with the terms of a judicial order or administrative
process.

      

      12.           Conflict of
Interest.  The Consultant shall be free to perform services for
other persons.  The Consultant will notify the Client of its
performance of consultant services for any other person, which could conflict
with its obligations under the Agreement.  Upon receiving such notice,
the Client may terminate this Agreement or consent to the Consultant’s outside
consulting activities; failure to terminate, this Agreement within seven (7)
business days of receipt of written notice of conflict shall constitute the
Client’s ongoing consent to the Consultant’s outside consulting
services.

      

      13.           Disclaimer of Responsibility for Act
of the Client.  In no event shall Consultant be required by
this Agreement to represent or make management decisions for the
Client.  Consultant shall under no circumstances be liable for any
expense incurred or loss suffered by the Client as a consequence of such
decisions, made by the Client or any affiliates or subsidiaries of the
Client.

      

      14.           Indemnification.

      

      
        	
                 
      

              	
                A.

              	
                The
      client shall protect, defend, indemnify and hold Consultant and its
      assigns and attorneys, accountants, employees, officers and director
      harmless from and against all losses, liabilities, damages, judgments,
      claims, counterclaims, demands, actions, proceedings, costs and expenses
      (including reasonable attorneys’ fees) of every kind and character
      resulting from, relating to or arising out of (i) the inaccuracy,
      non-fulfillment or breach of any representation, warranty, covenant or
      agreement made by the Client herein, (ii) negligent or willful misconduct,
      occurring during the term thereof with respect to any of the decisions
      made by the Client, or (iii) a violation of state or federal securities
      laws.

              

      

       

       

      
 

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      

      
        	
                 
      

              	
                B.

              	
                The
      Consultant shall protect, defend, indemnify and hold Client and its
      assigns and attorneys, accountants, employees, officers and director
      harmless from and against all losses, liabilities, damages, judgments,
      claims, counterclaims, demands, actions, proceedings, costs and expenses
      (including reasonable attorneys’ fees) of every kind and character
      resulting from, relating to or arising out of (i) the inaccuracy,
      non-fulfillment or breach of any representation, warranty, covenant or
      agreement made by the Consultant herein, (ii) negligent or willful
      misconduct, occurring during the term thereof with respect to any of the
      decisions made by the Consultant, or (iii) a violation of state or federal
      securities laws.

              

      

       
 

      15.           Notices.  Any
notices required or permitted to be given under this Agreement shall be
sufficient if in writing and delivered or sent by registered or certified mail,
or by Federal Express or other recognized overnight courier to the principal
office of each party.

      

      16.           Waiver of
Breach.  Any waiver by either party or a breach of any
provision of this Agreement by the other party shall not operate or be construed
as a waiver of any subsequent breach by any party.

      

      17.           Assignment.  This
Agreement and the right and obligations of the Consultant hereunder shall not be
assignable without the written consent of the Client.

      

      18.           Applicable Law.  It
is the intention of the parties hereto that this Agreement and the performance
hereunder and all suits and special proceedings hereunder be construed in
accordance with and under and pursuant to the laws of the State of California
and that in any action, special proceeding or other proceedings that may be
brought arising out of, in connection with or by reason of this Agreement, the
law of the State of California shall be applicable and shall govern to the
exclusion of the law of any other forum, without regard to the jurisdiction on
which any action or special proceeding may be instituted.

      

      19.           Severability.  All
agreements and covenants contained herein are severable, and in the event any of
them shall be held to be invalid by any competent court, the Agreement shall be
interpreted as if such invalid agreements or covenants were not contained
herein.

      

      20.           Entire
Agreement.  This Agreement constitutes and embodies the entire
understanding and agreement of the parties and supersedes and replaces all other
or prior understandings, agreements and negotiations between the
parties.

      

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      
 

      21.           Waiver and
Modification.  Any waiver, alteration, or modification of any
of the provisions of this Agreement shall be valid only if made in writing and
signed by the parties hereto.  Each party hereto, may waive any of its
rights hereunder without affecting a waiver with respect to any subsequent
occurrences or transactions hereof.

      

      22.           Binding Arbitration. Any
controversy or claim arising out of or relating to this Agreement, or the breach
thereof, shall be settled by arbitration administered by the JAMS under its
Commercial Arbitration Rules, and judgment on the award rendered by the
arbitrator(s) may be entered in any court having jurisdiction
thereof.  The arbitration shall be conducted in Orange County,
California.

      

      23.  Counterparts and
Facsimile Signature.  This Agreement may be executed
simultaneously in two or more counterparts, each of which shall be deemed an
original, but all of which taken together shall constitute one and the same
instrument.  Execution and delivery of this Agreement by exchange of
facsimile copies bearing the facsimile signature of a party hereto shall
constitute a valid and binding execution and delivery of this Agreement by such
party.  Such facsimile copies shall constitute enforceable original
documents.

      

      IN WITNESS WHEREOF, the
parties hereto have duly executed and delivered this Agreement, effective as of
the date set forth above.

      

      

      

      CONSULTANT:

      

      Thomas
C. Hemingway

      
 

      
        	
                By:/s/ Thomas C.
      Hemingway

              	
                Date:
      January 12,
      2010

              
	
                Thomas
      C. Hemingway

              	 
      

      

      

      

      

      

      CLIENT:

      

      VIVAKOR,
INC.

      

      

      
        	
                By:
      /s/ Tannin J.
      Fuja

              	
                Date:    January 12,
      2010

              
	
                Tannin
      J. Fuja, President and CEO

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