Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(the “Agreement”) is entered into as of February 4, 2021 (the “Effective Date”), between Ecoark Holdings,
Inc., a Nevada corporation (the “Parent”), White River Holdings Corp., a Delaware corporation (“White River”)
and Julia Olguin (the “Executive”).

 

WHEREAS, in its business,
White River has acquired and developed certain trade secrets, including, but not limited to, proprietary processes, sales methods
and techniques, and other like confidential business and technical information, including but not limited to, technical information,
design systems, pricing methods, pricing rates or discounts, processes, procedures, formulas, designs of computer software, or
improvements, or any portion or phase thereof, whether patented, or not, or unpatentable, that is of any value whatsoever to White
River, as well as information relating to White River’s Services (as defined), information concerning proposed new Services,
market feasibility studies, proposed or existing marketing techniques or plans (whether developed or produced by White River or
by any other person or entity for White River), other Confidential Information, as defined in Section 9(a), and information about
White River’s executives, officers, and directors, which necessarily will be communicated to the Executive by reason of her
employment by White River; and

 

WHEREAS, White River
has strong and legitimate business interests in preserving and protecting its investment in the Executive, its trade secrets and
Confidential Information, and its substantial, significant, or key, relationships with vendors and customers, whether actual or
prospective; and

 

WHEREAS, White River
desires to preserve and protect its legitimate business interests further by restricting competitive activities of the Executive
during the term of this Agreement and for a reasonable time following the termination of this Agreement; and

 

WHEREAS, White River
desires to employ the Executive and to ensure the availability to White River of the Executive’s services, and the Executive
is willing to accept such employment and render such services, all upon and subject to the terms and conditions contained in this
Agreement.

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants set forth in this Agreement, and intending to be legally bound, White River
and the Executive agree as follows:

 

1. Representations
and Warranties. The Executive hereby represents and warrants to White River that she (i) is not subject to any non-solicitation
or non-competition agreement affecting her employment with White River, (ii) is not subject to any confidentiality or nonuse/nondisclosure
agreement affecting her employment with White River, and (iii) will bring to White River no trade secrets, confidential business
information, documents, or other personal property of a prior employer.

 

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2. Term
of Employment.

 

(a) Term.
White River hereby employs the Executive, and the Executive hereby accepts employment with White River for a period of three years
commencing as of the Effective Date (such period, as it may be extended or renewed, the “Term”), unless sooner terminated
in accordance with the provisions of Section 6. The Term shall be automatically renewed for successive one-year terms unless notice
of non-renewal is given by either party at least 30 days before the end of the Term.

 

(b) Continuing
Effect. Notwithstanding any termination of this Agreement, at the end of the Term or otherwise, the provisions of Sections
6(e), 7, 8, 9, 10, 12, 15, 18, 19, and 22 shall remain in full force and effect and the provisions of Section 9 shall be binding
upon the legal representatives, successors and assigns of the Executive.

 

3. Duties.

 

(a) General
Duties. The Executive shall serve as the Chief Executive Officer of White River, with duties and responsibilities as are customary
for such position and as delegated by White River’s Board of Directors (the “Board”). The Executive shall also
perform services for such subsidiaries of White River as may be necessary. The Executive shall use her best efforts to perform
her duties and discharge her responsibilities pursuant to this Agreement competently, carefully and faithfully. In determining
whether or not the Executive has used her best efforts hereunder, the Executive’s and White River’s delegation of authority
and all surrounding circumstances shall be taken into account and the best efforts of the Executive shall not be judged solely
on White River’s earnings or other results of the Executive’s performance, except as specifically provided to the contrary
by this Agreement. The Executive shall, if requested, also serve as an officer or director of any affiliate of White River for
no additional compensation. At such time as the Parent has at least four independent directors as such term is defined under the
Rules of the Nasdaq Stock Market, the Parent intends to appoint the Executive to its Board of Directors.

 

(b) Devotion
of Time. Subject to the last sentence of this Section 3(b), the Executive shall devote such time, attention and energies to
the affairs of White River and its subsidiaries and affiliates as are necessary to perform her duties and responsibilities pursuant
to this Agreement. The Executive shall not enter the employ of or serve as a consultant to, or in any way perform any professional
financial-related services with or without compensation to, any other persons, business, or organization, without the prior consent
of the Board. Notwithstanding the above, the Executive shall be permitted to devote a limited amount of her time, to professional,
charitable or similar organizations, including, but not limited to, serving as a non-executive director or an advisor to a board
member, or committee member of any company or organization provided that such activities do not interfere with, or otherwise create
a conflict with, the Executive’s performance of her duties and responsibilities as provided hereunder.

 

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(c) Location
of Office. The Executive’s principal business office shall be in San Antonio, Texas. The Executive, however, shall be
allowed to work from her home office in Houston, Texas until the earlier of July 31, 2021 or until she has been able to successfully
relocate her family from Houston to San Antonio. The Company shall be responsible for the Executive’s reasonable relocation
costs, which amount shall be paid by the Executive and credited against the signing bonus in Section 4(b). For avoidance of doubt,
the Company’s total obligation under this Agreement for the relocation costs and signing bonus shall be $50,000. However,
the Executive’s job responsibilities shall include all business travel necessary for the performance of her job including
travel to White River’s offices and facilities including well sites.

 

(d) Adherence
to Inside Information Policies. The Executive acknowledges that the Parent is publicly-held and, as a result, has reviewed
and will abide by the Parent’s current inside information policies designed to preclude its executives and those of its subsidiaries
from violating the federal securities laws by trading on material, non-public information or passing such information on to others
in breach of any duty owed to Parent, or any third party. The Executive shall promote these policies internally and promptly execute
any agreements generally distributed by the Parent or White River to its employees requiring such employees to abide by its inside
information policies.

 

4. Compensation
and Expenses.

 

(a) Salary
and Equity. For the services of the Executive to be rendered under this Agreement, White River shall pay the Executive an annual
salary of $150,000 (the “Base Salary”), less such deductions as shall be required to be withheld by applicable law
and regulations payable in accordance with White River’s customary payroll practices. The Executive’s Base Salary shall
be reviewed at least annually by the Board and the Board may, but shall not be required to, increase the Base Salary during the
Term. However, the Executive’s Base Salary may not be decreased during the Term. In addition, the Parent as an inducement
to the Executive to become an employee of White River has granted the Executive 15,000 Restricted Stock Units (“RSUs”).
The RSUs shall vest in equal annual increments over a three-year period with the first vesting date one-year from the Effective
Date, subject to continued employment on each applicable vesting date and execution of the Parent’s standard Restricted Stock
Unit Agreement. The underlying shares of Common Stock shall be delivered following each vesting.

 

(b) Signing
Bonus. The Executive shall receive a $50,000 signing bonus (the “Signing Bonus”) which sum includes the relocation
costs specified in Section 3(c), to be paid to the Executive within one business day of the Effective Date. Under a clawback provision,
if the Executive voluntarily resigns from the Company prior to the end of the Agreement, the Company shall have the ability recoup
a pro rata portion of the Signing Bonus based on the ratio of the Executive’s time served compared to the remaining time
in the Employment Term.

 

(c) Performance
Bonuses. The Executive may be eligible for additional compensation in the form of performance bonuses. Each
fiscal year of the Term, starting with the Effective Date, the Executive will be eligible to earn an annual performance bonus (the
“Performance Bonus”) with a target bonus opportunity equal to 100% of
the Executive’s Base Salary based on the Executive’s individual performance and overall White River performance. The
Performance Bonus will be prorated for any time served by the Executive less than a full calendar year. The Compensation Committee
of the Parent’s Board of Directors shall set the individual and White River performance metrics in consultation with the
Executive on or before the end of the first fiscal year within the Term, which currently ends on March 31, 2021. To earn and receive
the Performance Bonus, the Executive must remain employed by White River through and including the date on which the Performance
Bonus is paid. The Performance Bonus, if any, will be paid no later than 30 calendar days following the end of each fiscal year
during the Term. The Executive shall not be entitled to any Performance Bonus if she resigns or has been terminated pursuant
to Section 6 before payment is due.

 

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(d) Acquisition
Trigger Clause. The Executive’s Base Salary will be automatically adjusted to $250,000 per year upon the successful acquisition
by the Parent or one of its Subsidiaries of (i) any business in the energy sector which has trailing 12 months EBITDA of at least
$5 million or (ii) StarTex Field Services, LLC at any time during the Term. The 12 month period for Section 4(d)(i) shall be measured
going back as of the last full month prior to the closing unless the closing is on the last business day of a month.

 

(e) Expenses.
In addition to any compensation received pursuant to this Section 4, White River will reimburse or advance funds to the Executive
for all reasonable documented travel (including travel expenses incurred by the Executive related to her travel to White River’s
other offices), entertainment and miscellaneous expenses incurred in connection with the performance of her duties under this Agreement,
provided that the Executive properly provides a written accounting of such expenses to White River in accordance with White River’s
practices. Such reimbursement or advances will be made in accordance with policies and procedures of White River in effect from
time to time relating to reimbursement of, or advances to, its executive officers.

 

5. Benefits.

 

(a) Paid
Time Off. For each 12-month period during the Term, the Executive shall be entitled to 3 weeks of Paid Time Off without loss
of compensation or other benefits to which he is entitled under this Agreement, to be taken at such times as the Executive may
select and the affairs of White River may permit. Any unused days will be carried over to the next 12-month period so long as they
are in accordance with Insperity usage guidelines.

 

(b) Fringe
Benefits and Perquisites. During the Term, the Executive shall be entitled to fringe benefits and perquisites consistent with
the practices of White River, and to the extent White River provides similar benefits or perquisites (or both to similarly situated
executives of White River).

 

(c) Employee
Benefits. During the Term, the Executive shall be entitled to participate in all employee benefit plans, practices and programs
maintained by White River, as in effect from time to time (collectively, “Employee Benefit Plans”), on a basis which
is no less favorable than is provided to other similarly situated executives of White River, to the extent consistent with applicable
law and the terms of the applicable Employee Benefit Plans. White River reserves the right to amend or cancel any Employee Benefit
Plans at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable law. Notwithstanding
the foregoing sentence, during the Term, White River shall provide the Executive with health insurance covering the Executive and
family dependents.

 

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6. Termination.

 

(a) Death
or Disability. Except as otherwise provided in this Agreement, this Agreement shall automatically terminate upon the death
or disability of the Executive. For purposes of this Section 6(a), “disability” shall mean (i) the Executive is unable
to engage in her customary duties by reason of any medically determinable physical or mental impairment that can be expected to
result in death, or last for a continuous period of not less than 12 months; (ii) the Executive is, by reason of any medically
determinable physical or mental impairment that can be expected to result in death, or last for continuous period of not less than
12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering
employees of White River; or (iii) the Executive is determined to be totally disabled by the Social Security Administration. Any
question as to the existence of a disability shall be determined by the written opinion of the Executive’s regularly attending
physician (or her guardian) (or the Social Security Administration, where applicable). In the event that the Executive’s
employment is terminated by reason of Executive’s death or disability, White River shall pay the following to the Executive
or her personal representative: (i) any accrued but unpaid Base Salary for services rendered to the date of termination, (ii) accrued
but unpaid expenses required to be reimbursed under this Agreement, (iii) any earned but unpaid bonuses for any prior period and
her annual bonus prorated to date of termination (to the extent the Parent’s Compensation Committee has set a formula and
it can be calculated), and (v) all equity awards previously granted to the Executive shall thereupon become fully vested. The Executive
(or her estate) shall receive the payments provided herein at such times as he would have received them if there was no death or
disability. Additionally, if the Executive’s employment is terminated because of disability, any benefits (except perquisites)
to which the Executive may be entitled pursuant to Section 5(b) hereof shall continue to be paid or provided by White River, as
the case may be, for one year, subject to the terms of any applicable plan or insurance contract and applicable law provided that
such benefits are exempt from Section 409A of the Code by reason of Treasury Regulation 1.409A-1(a)(5) or otherwise. In the event
all or a portion of the benefits to which the Executive was entitled pursuant to Section 5(b) hereof are subject to 409A of the
Code, the Executive shall not be entitled to the benefits that are subject to Section 409A of the Code subsequent to the “applicable
2 1⁄2 month period” (as such term is defined under Treasury Regulation Section 1.409A-1(b)(4)(i)(A)).

 

(b) Termination
by White River for Cause or by the Executive Without Good Reason. White River may terminate the Executive’s employment
pursuant to the terms of this Agreement at any time for Cause (as defined below) by giving the Executive written notice of termination.
Such termination shall become effective upon the giving of such notice. Upon any such termination for Cause, or in the event the
Executive terminates her employment with White River without Good Reason (as defined in Section 6(c)), then the Executive shall
have no right to compensation, or reimbursement under Section 4, or to participate in any Executive benefit programs under Section
5, except as may otherwise be provided for by law, for any period subsequent to the effective date of termination. For purposes
of this Agreement, “Cause” shall mean: (i) the Executive is convicted of, or pleads guilty or nolo contendere to, a
felony; (ii) the Executive misappropriates White River funds or otherwise defrauds the White River or any affiliate; (iii) the
Executive engages in fraud with respect to White River or any affiliate or breaches her fiduciary duty to White River resulting
in material profit to her , directly or indirectly; (iv) the Executive materially breaches any agreement with White River and fails
to cure such breach within 10 days of receipt of notice, unless the act is incapable of being cured; (v) the Executive breaches
any provision of Section 8 or Section 9; (vi) the Executive becomes subject to a preliminary or permanent injunction issued by
a United States District Court enjoining the Executive from violating any securities law administered or regulated by the Securities
and Exchange Commission; (vii) the Executive becomes subject to a cease and desist order or other order issued by the Securities
and Exchange Commission after an opportunity for a hearing; (viii) the Executive refuses to carry out a resolution adopted by White
River’s Board at a meeting in which the Executive was offered a reasonable opportunity to argue that the resolution should
not be adopted; or (ix) the Executive abuses alcohol or drugs in a manner that interferes with the successful performance of her
duties.

 

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(c) Termination
by White River Without Cause, Termination by Executive for Good Reason or Automatic Termination Upon a Change of Control or at
the end of a Term after White River provides notice of Non-Renewal.

 

(1) This
Agreement may be terminated: (i) by the Executive for Good Reason (as defined below), (ii) by White River without Cause, (iii)
upon any Change of Control event as defined in Treasury Regulation Section 1.409A-3(i)(5) provided, that, within six months of
the Change of Control event (A) White River terminates the Executive’s employment, (B) White River fails to obtain an agreement
from any successor to White River to assume and agree to perform this Agreement in the same manner and to the same extent that
White River would be required to perform if no Change of Control Event had taken place, (C) White River or successor changes her
title as Chief Executive Officer, or (D) the Executive terminates her employment or (iv) at the end of a Term after White River
provides the Executive with notice of non-renewal.

 

(2) In
the event this Agreement is terminated by the Executive for Good Reason or by White River without Cause, the Executive shall be
entitled to the following:

 

(i) any
accrued but unpaid Base Salary for services rendered to the date of termination;

 

(ii) any
accrued but unpaid expenses required to be reimbursed under this Agreement;

 

(iii) a
payment equal to six months of the then Base Salary (“Severance Amount”);

 

(iv) the
Executive or her legally appointed guardian, as the case may be, shall have up to one year from the date of termination to exercise
all such previously granted options, provided that in no event shall any option be exercisable beyond its Term;

 

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(v) all
equity awards previously granted to the Executive under the Incentive Plan or similar plan shall thereupon become fully vested
provided that this provision does not conflict with or render the ISOs as non-qualified options; and

 

(vi) any
benefits (except perquisites) to which the Executive was entitled pursuant to Section 5(b) hereof shall continue to be paid or
provided by White River, as the case may be, for six months, subject to the terms of any applicable plan or insurance contract
and applicable law provided that such benefits are exempt from Section 409A of the Code by reason of Treasury Regulation 1.409A-1(a)(5)
or otherwise. In the event all or a portion of the benefits to which the Executive was entitled pursuant to Section 5(b) hereof
are subject to 409A of the Code, the Executive shall not be entitled to the benefits that are subject to Section 409A of the Code
subsequent to the “applicable 2 1⁄2 month period” (as such term is defined under Treasury Regulation Section 1.409A-1(b)(4)(i)(A)).

 

(3) In
the event of a Change of Control during the Term, the Executive, subject to the termination of employment or change in title as
outlined in Section 6(c)(1), shall be entitled to receive each of the provisions of Section 6(c)(2)(A) – (F) above except
that (i) the Severance Amount shall equal to 12 months of the then Base Salary; (ii) the Executive shall receive 100% of the existing
Target Bonus, if any, for that fiscal year; (iii) the benefits under Section 6(c)(2)(F) shall continue for an 12 month period provided
that such benefits are exempt from Section 409A of the Code by reason of Treasury Regulation 1.409A-1(a)(5) or otherwise. In the
event all or a portion of the benefits under Section 6(c)(2)(F) are subject to 409A of the Code, the Executive shall not be entitled
to the benefits that are subject to Section 409A of the Code subsequent to the “applicable 2 1⁄2 month period”
(as such term is defined under Treasury Regulation Section 1.409A-1(b)(4)(i)(A)).

 

(4) In
the event this Agreement is terminated at the end of a Term after White River provides the Executive with notice of non-renewal
and the Executive remains employed until the end of the Term, the Executive shall be entitled to the following:

 

(i) any
accrued but unpaid Base Salary for services rendered to the date of termination;

 

(ii) any
accrued but unpaid expenses required to be reimbursed under this Agreement;

 

(iii) 
a Severance Amount equal to six months of the then Base Salary;

 

(iv) 
all equity awards previously granted to the Executive shall become fully vested;

 

(v) the
Executive or her legally appointed guardian, as the case may be, shall have up to one year from the date of termination to exercise
any previously granted options, provided that in no event shall any option be exercisable beyond its Term; and

 

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(vi) 
any benefits (except perquisites) to which the Executive was entitled pursuant to Section 5(b) hereof shall continue to be paid
or provided by White River, as the case may be, for six months, subject to the terms of any applicable plan or insurance contract
and applicable law provided that such benefits are exempt from Section 409A of the Code by reason of Treasury Regulation 1.409A-1(a)(5)
or otherwise. In the event all or a portion of the benefits to which the Executive was entitled pursuant to Section 5(b) hereof
are subject to 409A of the Code, the Executive shall not be entitled to the benefits that are subject to Section 409A of the Code
subsequent to the “applicable 2 1⁄2 month period” (as such term is defined under Treasury Regulation Section 1.409A-1(b)(4)(i)(A)).

 

Provided, however, that the
Executive shall only be entitled to receive each of the provisions of this Section 6(c)(4)(A)-(F) if the Executive is willing and
able (i) to execute a new agreement providing terms and conditions substantially similar to those in this Agreement and (ii) to
continue providing such services, and therefore, White River’s non-renewal of the Term will be considered an “involuntary
separation from service” within the meaning of Treasury Regulation Section 1.409A-1(n).

 

(5) In
the event of a termination for Good Reason, without Cause, or non-renewal by White River, the payment of the Severance Amount shall
be made at the same times as White River pays compensation to its employees over the applicable monthly period and any other payments
owed under Section 6(c) shall be promptly paid. Provided, however, that any balance of the Severance Amount remaining due on the
“applicable 2 1⁄2 month period” (as such term is defined under Treasury Regulation Section 1.409A-1(b)(4)(i)(A))
after the end of the tax year in which the Executive’s employment is terminated or the Term ends shall be paid on the last
day of the applicable 21⁄2 month period. The payment of the Severance Amount and the acceleration of vesting shall be conditioned
on the Executive signing an Agreement and General Release (in the form which is attached as Exhibit A) which releases White
River or any of its affiliates (including its officers, directors and their affiliates) from any liability under this Agreement
or related to the Executive’s employment with White River provided that (x) the payment of the Severance Amount is made on
or before the 90th day following the Executive’s termination of employment; (y) such Agreement and General Release is executed
by the Executive, submitted to White River, and the statutory period during which the Executive is entitled to revoke the Agreement
and General Release under applicable law has expired on or before that 90th day; and (z) in the event that the 90 day period begins
in one taxable year and ends in a second taxable year, then the payment of the Severance Amount shall be made in the second taxable
year. Upon any Change of Control event, all payments owed under Section 6(c)(3) shall be paid immediately.

 

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(6) The
term “Good Reason” shall mean: (i) a material diminution in the Executive’s authority, duties or responsibilities
due to no fault of the Executive other than temporarily while the Executive is physically or mentally incapacitated or as required
by applicable law; (ii) White River no longer maintains or operates an office in the San Antonio area; (iii) White River requires
the Executive to change her principal business office as defined in Section 3(c) to a location other than the San Antonio area,
(iv) a change in Executive’s overall compensation or bonus structure such that her overall compensation is materially diminished;
or (v) any other action or inaction that constitutes a material breach by White River under this Agreement. Prior to the Executive
terminating her employment with White River for Good Reason, the Executive must provide written notice to White River, within 30
days following the Executive’s initial awareness of the existence of such condition, that such Good Reason exists and setting
forth in detail the grounds the Executive believes constitutes Good Reason. If White River does not cure the condition(s) constituting
Good Reason within 30 days following receipt of such notice, then the Executive’s employment shall be deemed terminated for
Good Reason.

 

(d) Any
termination made by White River under this Agreement shall be approved by the Board.

 

(e) Upon
(1) voluntary or involuntary termination of the Executive’s employment or (2) White River’s request at any time during
the Executive’s employment (provided it does not interfere with her ability to perform her duties and responsibilities hereunder),
the Executive shall (i) provide or return to White River any and all Company property, including keys, key cards, access cards,
security devices, employer credit cards, network access devices, computers, cell phones, smartphones, manuals, work product, thumb
drives or other removable information storage devices, and hard drives, and all Company documents and materials belonging to White
River and stored in any fashion, including but not limited to those that constitute or contain any Confidential Information or
work product, that are in the possession or control of the Executive, whether they were provided to the Executive by White River
or any of its business associates or created by the Executive in connection with her employment by White River; and (ii) delete
or destroy all copies of any such documents and materials not returned to White River that remain in the Executive’s possession
or control, including those stored on any non-Company devices, networks, storage locations and media in the Executive’s possession
or control.

 

(f) The
Company’s obligation to pay any severance shall be subject to execution of the General Release Agreement, the form of which
is annexed as Exhibit A.

 

7. Indemnification.
As provided in an Indemnification Agreement, the form of which is attached as Exhibit B, White River shall indemnify the
Executive, to the maximum extent permitted by applicable law, against all costs, charges and expenses incurred or sustained by
him in connection with any claim, action, suit or proceeding to which he may be made a party by reason of him being an officer,
director or employee of White River or of any subsidiary or affiliate of White River. White River shall provide, at its expense,
directors and officers insurance for the Executive in amounts and for a term consistent with industry standards.

 

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8. Non-Competition
Agreement.

 

(a) Competition
with White River. Until termination of her employment and for a period of six months commencing on the date of termination,
the Executive (individually or in association with, or as a shareholder, director, officer, consultant, employee, partner, joint
venturer, manager, member, or otherwise, of or through any person, firm, corporation, partnership, limited liability company, association
or other entity) shall not, directly or indirectly, act as an employee or officer (or comparable position) of, owning an interest
in, or providing Services as defined in Section 9(a) for a direct competitor (either now or in the future) of White River (any,
a “Competitor”).

 

(b)Solicitation
of Employees. During the period in which the provision of Section 8(a) shall be in effect, the Executive agrees that he shall
not, directly or indirectly, request, recommend or advise any employee of White River to terminate his or her employment with White
River, for the purposes of providing services for a Competitor, or solicit for employment or recommend to any third party the solicitation
for employment of any individual who was employed by White River or any of its subsidiaries and affiliates at any time during the
one year period preceding the Executive’s termination of employment.

 

(c) Non-disparagement.
The Executive agrees that, after the end of her employment, he will refrain from making, in writing or orally, any unfavorable
comments about the Parent or White River, their operations, policies, or procedures that would be likely to injure the Parent’s
or White River’s reputation or business prospects; provided, however, that nothing herein shall preclude the
Executive from responding truthfully to a lawful subpoena or other compulsory legal process or from providing truthful information
otherwise required by law.

 

(d) No
Payment. The Executive acknowledges and agrees that no separate or additional payment will be required to be made to him in
consideration of her undertakings in this Section 8, and confirms he has received adequate consideration for such undertakings.

 

(e) References.
References to White River in this Section 8 shall include White River’s subsidiaries and affiliates.

 

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9. Non-Disclosure
of Confidential Information.

  

(a) Confidential
Information. For purposes of this Agreement, “Confidential Information” includes, but is not limited to, trade
secrets, processes, policies, procedures, techniques, designs, drawings, know-how, show-how, technical information, specifications,
computer software and source code, information and data relating to the development, research, testing, costs, marketing, and uses
of the Services (as defined herein), White River’s budgets and strategic plans, and the identity of customers and suppliers,
databases, data, and all technology relating to White River’s businesses, systems, methods of operation, solicitation leads,
marketing and advertising materials, methods and manuals and forms, all of which pertain to the activities or operations of White
River, the names, home addresses and all telephone numbers and e-mail addresses of White River’s directors, employees, officers,
executives, and former executives. Confidential Information also includes, without limitation, Confidential Information received
from White River’s subsidiaries and affiliates. For purposes of this Agreement, the following will not constitute Confidential
Information (i) information which is or subsequently becomes generally available to the public through no act or fault of the Executive,
(ii) information set forth in the written records of the Executive prior to disclosure to the Executive by or on behalf of White
River which information is given to White River in writing as of or prior to the date of this Agreement, and (iii) information
which is lawfully obtained by the Executive in writing from a third party (excluding any affiliates of the Executive) who lawfully
acquired the confidential information and who did not acquire such confidential information or trade secret, directly or indirectly,
from the Executive or White River or its subsidiaries or affiliates and who has not breached any duty of confidentiality. As used
herein, the term “Services” shall include all services offered for sale and marketed by White River during the Term,
which as of the Effective Date consist of engaging in the exploration and production of oil and gas products. Services also includes
any other services which White River has taken concrete steps to offer for sale, but has not yet commenced selling or marketing,
during or prior to the Term. Services also include any services disclosed in the Parent’s latest Form 10-K, Form 10-Q and/or
Form S-1 or S-3 (or successor form) filed with the Securities and Exchange Commission.

 

(b) Legitimate
Business Interests. The Executive recognizes that White River has legitimate business interests to protect, and as a consequence
the Executive agrees to the restrictions contained in this Agreement because they further White River’s legitimate business
interests. These legitimate business interests include, but are not limited to (i) trade secrets; (ii) valuable confidential business,
technical, and/or information that otherwise may not qualify as trade secrets, including, but not limited to, all Confidential
Information; (iii) substantial, significant, or key relationships with specific prospective or existing customers or suppliers;
(iv) goodwill associated with White River’s business; and (v) specialized training relating to White River’s technology,
Services, methods, operations and procedures. Notwithstanding the foregoing, nothing in this Section 9(b) shall be construed to
impose restrictions greater than those imposed by other provisions of this Agreement.

 

(c) Confidentiality.
During the Term of this Agreement and following termination of employment, for any reason, the Confidential Information shall be
held by the Executive in the strictest confidence and shall not, without the prior express written consent of White River, be disclosed
to any person other than in connection with the Executive’s employment by White River. The Executive further acknowledges
that such Confidential Information as is acquired and used by White River or its subsidiaries or affiliates is a special, valuable
and unique asset. The Executive shall exercise all due and diligent precautions to protect the integrity of White River’s
Confidential Information and to keep it confidential whether it is in written form, on electronic media, oral, or otherwise. The
Executive shall not copy any Confidential Information except to the extent necessary to her employment nor remove any Confidential
Information or copies thereof from White River’s premises except to the extent necessary to her employment. All records,
files, materials and other Confidential Information obtained by the Executive in the course of her employment with White River
are confidential and proprietary and shall remain the exclusive property of White River. The Executive shall not, except in connection
with and as required by her performance of her duties under this Agreement, for any reason use for her own benefit or the benefit
of any person or entity other than White River or disclose any such Confidential Information to any person, firm, corporation,
association or other entity for any reason or purpose whatsoever without the prior express written consent of an executive officer
of White River (excluding the Executive).

 

    11

     

    

 

(d) References.
References to White River in this Section 9 shall include White River’s subsidiaries and affiliates.

 

(e) Whistleblowing.
Nothing contained in this Agreement shall be construed to prevent the Executive from reporting any act or failure to act to the
Securities and Exchange Commission or other governmental body or prevent the Executive from obtaining a fee as a “whistleblower”
under Rule 21F-17(a) under the Securities Exchange Act of 1934 or other rules or regulations implemented under the Dodd-Frank Wall
Street Reform Act and Consumer Protection Act.

 

(f) Notice
of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016. Notwithstanding any
other provision of this Agreement:

 

(1) The
Executive will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade
secret that:

 

(i) is
made (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and
(2) solely for the purpose of reporting or investigating a suspected violation of law; or

 

(ii) is
made in a complaint or other document filed under seal in a lawsuit or other proceeding.

 

(2) If
the Executive files a lawsuit for retaliation by White River for reporting a suspected violation of law, the Executive may disclose
White River’s trade secrets to the Executive’s attorney and use the trade secret information in the court proceeding
if the Executive:

 

(i) files
any document containing trade secrets under seal; and

 

(ii) does
not disclose trade secrets, except pursuant to court order.

 

10. Equitable
Relief.

 

(a) White
River and the Executive recognize that the services to be rendered under this Agreement by the Executive are special, unique and
of extraordinary character, and that in the event of the breach by the Executive of the terms and conditions of this Agreement
or if the Executive, without the prior express consent of the Board, shall take any action in violation of Section 8 and/or Section
9, White River shall be entitled to institute and prosecute proceedings in any court of competent jurisdiction referred to in Section
10(b) below, to enjoin the Executive from breaching the provisions of Section 8 and/or Section 9.

 

    12

     

    

 

(b) Any
action arising from or under this Agreement must be commenced only in the appropriate state or federal court located in Bexar County,
Texas. The Executive and White River irrevocably and unconditionally submit to the exclusive jurisdiction of such courts and agree
to take any and all future action necessary to submit to the jurisdiction of such courts. The Executive and White River irrevocably
waive any objection that they now have or hereafter may have to the laying of venue of any suit, action or proceeding brought in
any such court and further irrevocably waive any claim that any such suit, action or proceeding brought in any such court has been
brought in an inconvenient forum. Final judgment against the Executive or White River in any such suit shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment, a certified or true copy of which shall be conclusive evidence
of the fact and the amount of any liability of the Executive or White River therein described, or by appropriate proceedings under
any applicable treaty or otherwise.

 

11. Conflicts
of Interest. While employed by White River, the Executive shall not, unless approved by the Parent , directly or indirectly:

 

(a) participate
as an individual in any way in the benefits of transactions with any of White River’s vendors or customers, including, without
limitation, having a financial interest in White River’s vendors or customers, , or making loans to, or receiving loans,
from, White River’s vendors or customers;

 

(b) realize
a personal gain or advantage from a transaction in which White River has an interest or use information obtained in connection
with the Executive’s employment with White River for the Executive’s personal advantage or gain; or

 

(c) accept
any offer to serve as an officer, director, partner, consultant, manager with, or to be employed in a professional, medical, technical,
or managerial capacity by, a person or entity which does business with White River.

 

12. Inventions,
Ideas, Processes, and Designs. All inventions, ideas, processes, programs, software, and designs (including all improvements)
(i) conceived or made by the Executive during the course of her employment with White River (whether or not actually conceived
during regular business hours) and for a period of six months subsequent to the termination (whether by expiration of the Term
or otherwise) of such employment with White River, and (ii) related to the business of White River, shall be disclosed in writing
promptly to White River and shall be the sole and exclusive property of White River, and the Executive hereby assigns any such
inventions to White River. An invention, idea, process, program, software, or design (including an improvement) shall be deemed
related to the business of White River if (a) it was made with White River’s funds, personnel, equipment, supplies, facilities,
or Confidential Information, (b) results from work performed by the Executive for White River, or (c) pertains to the current business
or demonstrably anticipated research or development work of White River. The Executive shall cooperate with White River and its
attorneys in the preparation of patent and copyright applications for such developments and, upon request, shall promptly assign
all such inventions, ideas, processes, and designs to White River. The decision to file for patent or copyright protection or to
maintain such development as a trade secret, or otherwise, shall be in the sole discretion of White River, and the Executive shall
be bound by such decision. The Executive hereby irrevocably assigns to White River, for no additional consideration, the Executive’s
entire right, title and interest in and to all work product and intellectual property rights, including the right to sue, counterclaim
and recover for all past, present and future infringement, misappropriation or dilution thereof, and all rights corresponding thereto
throughout the world. Nothing contained in this Agreement shall be construed to reduce or limit White River’s rights, title or
interest in any work product or intellectual property rights so as to be less in any respect than White River would have had in
the absence of this Agreement. If applicable, the Executive shall provide as a schedule to this Agreement, a complete list of all
inventions, ideas, processes, and designs, if any, patented or unpatented, copyrighted or otherwise, or non-copyrighted, including
a brief description, which he made or conceived prior to her employment with White River and which therefore are excluded from
the scope of this Agreement. References to White River in this Section 12 shall include White River, its subsidiaries and affiliates.

 

    13

     

    

 

13. Indebtedness.
If, during the course of the Executive’s employment under this Agreement, the Executive becomes indebted to White River for
any reason, White River may, if it so elects, and if permitted by applicable law, set off any sum due to White River from the Executive
and collect any remaining balance from the Executive unless the Executive has entered into a written agreement with White River.

 

14. Assignability.
The rights and obligations of White River under this Agreement shall inure to the benefit of and be binding upon the successors
and assigns of White River, provided that such successor or assign shall acquire all or substantially all of the securities or
assets and business of White River. The Executive’s obligations hereunder may not be assigned or alienated and any attempt
to do so by the Executive will be void.

 

15. Severability.

 

(a) The
Executive expressly agrees that the character, duration and geographical scope of the non-competition provisions set forth in this
Agreement are reasonable in light of the circumstances as they exist on the date hereof. Should a decision, however, be made at
a later date by a court of competent jurisdiction that the character, duration or geographical scope of such provisions is unreasonable,
then it is the intention and the agreement of the Executive and White River that this Agreement shall be construed by the court
in such a manner as to impose only those restrictions on the Executive’s conduct that are reasonable in the light of the
circumstances and as are necessary to assure to White River the benefits of this Agreement. If, in any judicial proceeding, a court
shall refuse to enforce all of the separate covenants deemed included herein because taken together they are more extensive than
necessary to assure to White River the intended benefits of this Agreement, it is expressly understood and agreed by the parties
hereto that the provisions of this Agreement that, if eliminated, would permit the remaining separate provisions to be enforced
in such proceeding shall be deemed eliminated, for the purposes of such proceeding, from this Agreement.

 

(b) If
any provision of this Agreement otherwise is deemed to be invalid or unenforceable or is prohibited by the laws of the state or
jurisdiction where it is to be performed, this Agreement shall be considered divisible as to such provision and such provision
shall be inoperative in such state or jurisdiction and shall not be part of the consideration moving from either of the parties
to the other. The remaining provisions of this Agreement shall be valid and binding and of like effect as though such provisions
were not included.

 

    14

     

    

 

16. Notices
and Addresses. All notices, offers, acceptance and any other acts under this Agreement (except payment) shall be in writing,
and shall be sufficiently given if delivered to the addressees in person, by FedEx or similar receipted delivery, or next business
day delivery to the addresses detailed below (or to such other address, as either of them, by notice to the other may designate
from time to time), or by e-mail delivery (in which event a copy shall immediately be sent by FedEx or similar receipted delivery),
as follows:

 

		To the Parent and White River: 	c/o Ecoark Holdings, Inc.
	 	 	5899 Preston Road #505

Frisco, TX 75034

Attention: Jay Puchir

Email: _____________

 

	 	With a copy to:	Nason, Yeager,
Gerson Harris & Fumero, P.A.
	 	 	Attn: Michael
D. Harris, Esq.

3001 PGA Blvd.,
Suite 305

Palm Beach
Gardens, Florida 33410

Email: _________________

	 	 	 
	 	 	To the Executive:

Julia Olguin

________________

________________

Email: ________________

 

 

17. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together
shall constitute one and the same instrument. The execution of this Agreement may be by actual or facsimile signature.

 

18. Attorneys’
Fees. In the event that there is any controversy or claim arising out of or relating to this Agreement, or to the interpretation,
breach or enforcement thereof, and any action or proceeding is commenced to enforce the provisions of this Agreement, the prevailing
party shall be entitled to reasonable attorneys’ fees, costs and expenses (including such fees and costs on appeal).

 

19. Governing
Law. This Agreement shall be governed or interpreted according to the internal laws of the State of Delaware without regard
to choice of law considerations and all claims relating to or arising out of this Agreement, or the breach thereof, whether sounding
in contract, tort, or otherwise, shall also be governed by the laws of the State of Delaware without regard to choice of law considerations.

 

20. Entire
Agreement. This Agreement constitutes the entire Agreement between the parties and supersedes all prior oral and written agreements
between the parties hereto with respect to the subject matter hereof. Neither this Agreement nor any provision hereof may be changed,
waived, discharged or terminated orally, except by a statement in writing signed by the party or parties against which enforcement
or the change, waiver discharge or termination is sought.

 

    15

     

    

 

21. Section
and Paragraph Headings. The section and paragraph headings in this Agreement are for reference purposes only and shall not
affect the meaning or interpretation of this Agreement.

 

22. Section
409A Compliance.

 

(a) This
Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”),
or an exemption thereunder. This Agreement shall be construed and administered in accordance with Section 409A. Notwithstanding
any other provision of this Agreement to the contrary, payments provided under this Agreement may only be made upon an event and
in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded
from Section 409A either as separation pay due to an involuntary separation from service (including a voluntary separation from
service for good reason that is considered an involuntary separation for purposes of the separation pay exception under Treasury
Regulation 1.409A-1(n)(2)) or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For
purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments
to be made under this Agreement upon a termination of employment shall only be made if such termination of employment constitutes
a “separation from service” under Section 409A. Notwithstanding the foregoing, White River makes no representations
that the payments and benefits provided under this Agreement comply with Section 409A and in no event shall White River be liable
for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by the Executive on account of
non-compliance with Section 409A.

 

(b) Notwithstanding
any other provision of this Agreement, if at the time of the Executive’s termination of employment, the Executive is a specified
employee”, determined in accordance with Section 409A, any payments and benefits provided under this Agreement that constitute
“nonqualified deferred compensation” subject to Section 409A (e.g., payments and benefits that do not qualify as a
short-term deferral or as a separation pay exception) that are provided to the Executive on account of the Executive’s separation
from service shall not be paid until the first payroll date to occur following the six-month anniversary of the Executive’s
termination date (“Specified Employee Payment Date”). The aggregate amount of any payments that would otherwise have
been made during such six-month period shall be paid in a lump sum on the Specified Employee Payment Date without interest and
thereafter, any remaining payments shall be paid without delay in accordance with their original schedule. If the Executive dies
during the six-month period, any delayed payments shall be paid to the Executive’s estate in a lump sum upon the Executive’s
death.

 

(c) To
the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided in accordance
with the following:

 

(1) the
amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year;

 

    16

     

    

 

(2) any
reimbursement of an eligible expense shall be paid to the Executive on or before the last day of the calendar year following the
calendar year in which the expense was incurred; and

 

(3) any
right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.

 

(d) In
the event White River determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i)
of the Code at the time of the Executive’s separation from service, then to the extent any payment or benefit that the Executive
becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred
compensation subject to Section 409A as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall
not be payable and such benefit shall not be provided until the date that is the earlier of (i) six months and one day after the
Executive’s separation from service, or (ii) the Executive’s death (the “Six Month Delay Rule”).

 

(1) For
purposes of this subparagraph, amounts payable under the Agreement should not provide for a deferral of compensation subject to
Section 409A to the extent provided in Treasury Regulation Section 1.409A-1(b)(4) (e.g., short-term deferrals), Treasury Regulation
Section 1.409A-1(b)(9) (e.g., separation pay plans, including the exception under subparagraph (iii)), and other applicable provisions
of the Treasury Regulations.

 

(2) To
the extent that the Six Month Delay Rule applies to payments otherwise payable on an installment basis, the first payment shall
include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application
of the Six Month Delay Rule, and the balance of the installments shall be payable in accordance with their original schedule.

 

(3) To
the extent that the Six Month Delay Rule applies to the provision of benefits (including, but not limited to, life insurance and
medical insurance), such benefit coverage shall nonetheless be provided to the Executive during the first six months following
her separation from service (the “Six Month Period”), provided that, during such Six-Month Period, the Executive pays
to White River, on a monthly basis in advance, an amount equal to the Monthly Cost (as defined below) of such benefit coverage.
White River shall reimburse the Executive for any such payments made by the Executive in a lump sum not later than 30 days following
the sixth month anniversary of the Executive’s separation from service. For purposes of this subparagraph, “Monthly
Cost” means the minimum dollar amount which, if paid by the Executive on a monthly basis in advance, results in the Executive
not being required to recognize any federal income tax on receipt of the benefit coverage during the Six Month Period.

 

(e) The
parties intend that this Agreement will be administered in accordance with Section 409A. To the extent that any provision of this
Agreement is ambiguous as to its compliance with Section 409A, the provision shall be read in such a manner so that all payments
hereunder comply with Section 409A. The parties agree that this Agreement may be amended, as reasonably requested by either party,
and as may be necessary to fully comply with Section 409A and all related rules and regulations in order to preserve the payments
and benefits provided hereunder without additional cost to either party.

 

(f) White
River makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of
this Agreement are determined to constitute deferred compensation subject to Section 409A but do not satisfy an exemption from,
or the conditions of, such Section.

 

[Signature Page To Follow]

 

    17

     

    

 

IN WITNESS WHEREOF,
White River and the Executive have executed this Agreement as of the date and year first above written.

 

	 	Ecoark
    Holdings, Inc.
	 	 
	 	By: 	/s/
    Randy May
	 	 	Randy May
	 	 	Chief Executive
    Officer
	 	 
	 	White
    River Holdings Corp.
	 	 
	 	By:	/s/
    Randy May
	 	 	Randy May
	 	 	Chief Executive
    Officer
	 	 
	 	Executive:
	 	 
	 	By:	/s/
    Julia Olguin
	 	 	Julia Olguin

 

    18

     

    

 

Exhibit A

Form of General Release Agreement

 

TERMINATION AND RELEASE AGREEMENT

 

THIS TERMINATION AND
RELEASE AGREEMENT (the “Agreement”) is made and entered into as of ___________ __, 202__ (the “Effective Date”),
by and between Julia Olguin (the “Executive”) and White River Holdings Corp. (the “Employer” or the “Company”).

 

WHEREAS, the Executive
was employed as the Chief Executive Officer of the Employer;

 

WHEREAS, the Employee
desires to resign as Chief Executive Officer of the Employer and as an employee in order to pursue other interests;

 

WHEREAS, the parties
wish to resolve all outstanding claims and disputes between them in an amicable manner;

 

NOW, THEREFORE, in
consideration of the mutual promises, covenants and agreements set forth in this Agreement, the sufficiency of which the parties
acknowledge, it is agreed as follows:

 

1. The
Employee hereby resigns as the Chief Executive Officer and as an employee of the Employer, and the Employer accepts the Employee’s
resignation, effective as of the Effective Date.

 

2. In
consideration for the Executive’s acknowledgments, representations, warranties, covenants, releases and agreements set forth
in this Agreement, the Employer agrees to pay the Employee six months of her base salary, which equates to $_______, in equal payments
of $________ (the “Payments”). All Payments shall be made in accordance with the Employer’s customary payroll
practices and shall be subject to withholding for all applicable federal, state, social security and other taxes. The Employee
acknowledges that he would not otherwise be entitled to the Payments but for her promises in this Agreement.

 

3. As
further consideration, the Employer also agrees to extend any current benefits that Executive previously elected to receive during
her employment with Employer for a period of six months.

 

4. During
the above six-month period in which the Payments are made to the Employee, the Employee agrees to be available to the Employer,
its officers, directors, employees, attorneys, or agents, to assist with the transition of any projects of the Employer or to provide
any information that the Employee may have knowledge regarding the Employer’s business. The Employee may provide this information
by telephone and/or email communication.

 

    Exhibit A-1

     

    

 

5. Nothing
in this Agreement shall be construed as an admission of liability or wrongdoing by the Employer, its past and present affiliates,
officers, directors, owners, executives, attorneys, or agents, and the Employer specifically disclaims liability to or wrongful
treatment of the Executive on the part of itself, its past and present affiliates, officers, directors, owners, employees, attorneys,
and agents.  Additionally, nothing in this Agreement shall be construed as an admission of liability or wrongdoing by the
Executive and the Executive specifically disclaims liability to or wrongful acts directed at the Employer.

 

6. The
Executive covenants not to sue, and fully and forever releases and discharges the Employer, its past and present affiliates, directors,
officers, owners, executives and agents, as well as its successors and assigns from any and all legally waivable claims, liabilities,
damages, demands, and causes of action or liabilities of any nature or kind, whether now known or unknown, arising out of or in
any way connected with the Executive’s employment with the Employer or the termination of that employment; provided,
however, that nothing in this Agreement shall either waive any rights or claims of the Executive that arise after the Executive
signs this Agreement or impair or preclude the Executive’s right to take action to enforce the terms of this Agreement or
impair or preclude the Executive’s right to indemnification and defense against any third party claims arising out of Executive’s
employment by White River.  This release includes but is not limited to claims arising under federal, state or local laws
prohibiting employment discrimination or relating to leave from employment, including but not limited to Title VII of the Civil
Rights Act of 1964, as amended, the Age Discrimination in Employment Act, as amended, the Equal Pay Act and the Americans with
Disabilities Act, as amended, the Family and Medical Leave Act, as amended, claims for attorneys’ fees or costs, and any
and all claims in contract, tort, or premised on any other legal theory. The Executive acknowledges that the Executive has been
paid in full all compensation owed to the Executive by the Employer as a result of Executive’s employment, except from compensation
(if any) due through the Effective Date which shall be paid in the next regular payroll of White River. The Employer and its directors,
officers, and employees covenant not to sue, and fully and forever release and discharge the Executive, from any and all legally
waivable claims from the beginning of time until the date of this Agreement, and from liabilities, damages, demands, and causes
of action, attorney’s fees, costs or liabilities of any nature or kind, whether now known or unknown, arising out of or in
any way connected with the Executive’s employment with the Employer.

 

7. The
Executive represents that he has not filed any complaints or charges against the Employer with the Equal Employment Opportunity
Commission, or with any other federal, state or local agency or court, and covenants that he will not seek to recover on any claim
released in this Agreement.

 

8. The
Executive agrees that she will not encourage or assist any of the Employer’s employees to litigate claims or file administrative
charges against the Employer or its past and present affiliates, officers, directors, owners, employees and agents, unless required
to provide testimony or documents pursuant to a lawful subpoena or other compulsory legal process.

 

9. The
Executive acknowledges that she is subject to non-compete and confidentiality provisions under that certain Employment Agreement
between the Executive and the Employer dated February ___, 2021 (the “Employment Agreement”).

 

    Exhibit A-2

     

    

 

10. The
Executive acknowledges that she has been given at least 21 days to consider this Agreement and that she has seven days from the
date she executes this Agreement in which to revoke it and that this Agreement will not be effective or enforceable until after
the seven-day revocation period ends without revocation by the Executive. Revocation can be made by delivery of a written notice
of revocation to Randy May, Chief Executive Officer at the offices of Ecoark Holdings, Inc., by midnight on or before the seventh
calendar day after the Executive signs the Agreement.

 

11. The
Executive acknowledges that she has been advised to consult with an attorney of her choice with regard to this Agreement. The Executive
hereby acknowledges that she understands the significance of this Agreement, and represents that the terms of this Agreement are
fully understood and voluntarily accepted by her.

 

12. The
Employee and the Employer agree that except with respect to any ongoing duties of non-competition and non-solicitation imposed
by White River, neither she nor they, nor any of their agents or representatives will disclose, disseminate and/or publicize, or
cause or permit to be disclosed, disseminated or publicized, the existence of this Agreement, any of the terms of this Agreement,
or any claims or allegations which the Executive believes she or they could have made or asserted against one another, specifically
or generally, to any person, corporation, association or governmental agency or other entity except: (i) to the extent necessary
to obtain legal advice or to report income to appropriate taxing authorities; (ii) to the Employee’s immediate family so
long as such person agrees to be bound by the confidential nature of this Agreement (iii) in response to an order of a court of
competent jurisdiction or subpoena issued under the authority thereof; (iv) in response to any inquiry or subpoena issued by a
state or federal governmental agency; provided, however, that notice of receipt of such order or subpoena shall be
emailed to _____________, and in the case of the Executive Julia Olguin, ______________, within 24 hours of the receipt of such
order or subpoena, so that both Executive and Employer will have the opportunity to assert what rights they have to non-disclosure
prior to any response to the order, inquiry or subpoena.

 

13. The
Executive and Employer agree to refrain from disparaging or making any unfavorable comments, in writing or orally, about either
party, and in the case of the Employer, about its management, its operations, policies, or procedures and in the case of the Executive,
to prospective employers, those making inquiry as to the reasons for her separation from White River or to any person, company
or other business entity.

 

14. In
the event of any lawsuit against the Employer that relates to alleged acts or omissions by the Executive during her employment
with the Employer, the Executive agrees to cooperate with the Employer by voluntarily providing truthful and full information as
reasonably necessary for the Employer to defend against such lawsuit. Provided, however, the Executive shall be entitled
to receive reimbursement for expenses, including lost wages, incurred in assisting the Employer regarding any lawsuit.

 

15. Nothing
contained in this Agreement shall be construed to prevent the Employee from reporting any act or failure to act to the Securities
and Exchange Commission or other governmental body or prevent the Employee from obtaining a fee as a “whistleblower”
under Rule 21F-17(a) under the Securities and Exchange Act of 1934 or other rules or regulations implemented under the Dodd-Frank
Wall Street Reform Act and Consumer Protection Act.

 

    Exhibit A-3

     

    

 

16. This
Agreement sets forth the entire agreement between the Executive and the Employer, and fully supersedes any and all prior agreements
or understandings between them regarding its subject matter; provided, however, that nothing in this Agreement is
intended to or shall be construed to modify, impair or terminate any obligation of the Employer pursuant to provisions of (i) the
Employment Agreement that by its terms continues after the Executive’s separation from the Employer’s employment; or
(ii) the Indemnification Agreement entered into between the Employer and Employee dated the date of the Employment Agreement. This
Agreement may only be modified by written agreement signed by both parties.

 

17. The
Employer and the Executive agree that in the event any provision of this Agreement is deemed to be invalid or unenforceable by
any court or administrative agency of competent jurisdiction, or in the event that any provision cannot be modified so as to be
valid and enforceable, then that provision shall be deemed severed from the Agreement and the remainder of the Agreement shall
remain in full force and effect.

 

18. This
Agreement shall be governed or interpreted according to the internal laws of the State of Nevada without regard to choice of law
considerations and all claims relating to or arising out of this Agreement, or the breach thereof, whether sounding in contract,
tort, or otherwise, shall also be governed by the laws of the State of Nevada without regard to choice of law considerations.

 

19. In
the event that there is any controversy or claim arising out of or relating to this Agreement, or to the interpretation, breach
or enforcement thereof, and any action or proceeding is commenced to enforce or contest the provisions of this Agreement, the prevailing
party shall be entitled to a reasonable attorney’s fee, costs and expenses.

 

20. This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall
constitute one and the same instrument. The execution of this Agreement may be by actual, electronic or facsimile signature.

 

[Signature page follows]

 

    Exhibit A-4

     

    

 

PLEASE READ CAREFULLY. THIS AGREEMENT CONTAINS A RELEASE
OF ALL KNOWN AND UNKNOWN CLAIMS.

 

	 	WHITE RIVER HOLDINGS CORP. 
	 	 
	 	By:	                           
	 	Name: 
	 	Title:  

 

I have carefully read
this Agreement and understand that it contains a release of known and unknown claims. I acknowledge and agree to all of the terms
and conditions of this Agreement. I further acknowledge that I enter into this Agreement voluntarily with a full understanding
of its terms.

 

	 	 
	 	Julia Olguin

 

    Exhibit A-5

     

    

 

Exhibit B

Form of Indemnification Agreement

 

INDEMNIFICATION AGREEMENT

 

This Indemnification
Agreement (the “Agreement”) is entered into as of February ___, 2021 by and between Ecoark Holdings, Inc., a Nevada
corporation (the “Company”), and Julia Olguin (the “Indemnitee”) and replaces any and all Indemnification
Agreements previously entered into between the parties.

 

WHEREAS, competent
and experienced persons are becoming increasingly reluctant to serve publicly-held corporations as directors, officers, or in other
capacities unless they are provided with adequate protection through liability insurance or adequate indemnification against inordinate
risks of claims and actions against them arising out of their service to the corporation;

 

WHEREAS, the board
of directors of the Company (the “Board”) has determined that the inability to attract and retain such persons is detrimental
to the best interests of the Company’s shareholders and that the Company should act to assure such persons that there will
be increased certainty of such protection in the future;

 

WHEREAS Title 7, Chapter
78 of the Nevada Revised Statues (the “NRS”) authorizes corporations to indemnify their directors, officers, employees
and agents;

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify such persons to the fullest extent permitted
by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified;
and

 

WHEREAS, the Indemnitee
is willing to serve as an officer/director of the Company on the condition that she be so indemnified.

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants contained herein, the Company and the Indemnitee do hereby covenant and
agree as follows:

 

1. Definitions.
For purposes of this Agreement, the following terms shall have the following meanings:

 

(a) “Beneficial
Owner” has the meaning given to the term “beneficial owner” in Rule 13d-3 under the Exchange Act, as defined
below.

 

(b) “Change
of Control” means the occurrence after the date of this Agreement of any of the following events:

 

(i) any
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 50% or more of the
Company’s then outstanding voting securities unless the change in relative Beneficial Ownership of the Company’s securities
by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally
in the election of directors;

 

    Exhibit B-1

     

    

 

(ii) the
consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation,
all of the Beneficial Owners of the voting securities of the Company immediately prior to such transaction beneficially own, directly
or indirectly, more than 50% of the combined voting power of the outstanding voting securities of the entity resulting from such
transaction;

 

(iii) during
any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the
beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination
for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office
who either were directors at the beginning of the period or whose election or nomination for election was previously so approved)
cease for any reason to constitute at least a majority of the Board; or

 

(iv) the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s assets.

 

(c) “Claim”
means:

 

(i) any
threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal,
administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

 

(ii) any
inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding
or alternative dispute resolution mechanism.

 

(d) “Disinterested
Director” means a director of the Company who is not and was not a party to the Claim in respect of which indemnification
is sought by the Indemnitee.

 

(e) “Expenses”
means any and all expenses, including attorneys’ and experts’ fees, court costs, transcript costs, travel expenses,
duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating,
defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in,
any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including
without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond
or its equivalent, and (ii) for purposes of Section 5 only, Expenses incurred by the Indemnitee in connection with the interpretation,
enforcement or defense of the Indemnitee’s rights under this Agreement, by litigation or otherwise. Expenses, however, shall
not include amounts paid in settlement by the Indemnitee or the amount of judgments or fines against the Indemnitee. The parties
agree that for the purposes of any advancement of Expenses for which the Indemnitee has made written demand to the Company in accordance
with this Agreement, all Expenses included in such demand that are certified by affidavit or declaration of the Indemnitee’s
counsel as being reasonable shall be presumed conclusively to be reasonable.

 

    Exhibit B-2

     

    

 

(f) “Exchange
Act” means the Securities Exchange Act of 1934.

 

(g) “Expense
Advance” means any payment of Expenses advanced to the Indemnitee by the Company pursuant to Section 4 or Section 5 hereof.

 

(h) “Indemnifiable
Event” means any event or occurrence, whether occurring before, on or after the date of this Agreement, related to the fact
that the Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or
was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation,
limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, “Enterprise”)
or by reason of an action or inaction by the Indemnitee in any such capacity (whether or not serving in such capacity at the time
any the Loss is incurred for which indemnification can be provided under this Agreement).

 

(i) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
performs, nor in the past five years has performed, services for either: (i) the Company or the Indemnitee (other than in connection
with matters concerning the Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any other
party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would
have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s
rights under this Agreement.

 

(j) “Losses”
means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA
excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign
taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable
in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend,
be a witness or participate in, any Claim.

 

(k) “Nevada
Court” shall have the meaning ascribed to it in Section 9(e) below.

 

    Exhibit B-3

     

    

 

(l)
“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and
14(d) of the Exchange Act.

 

(m) “Standard
of Conduct Determination” shall have the meaning ascribed to it in Section 9(b) below.

 

2. Agreement
to Serve. The Indemnitee agrees to serve as a director and/or officer of the Company for so long as the Indemnitee is
duly elected or appointed or until the Indemnitee tenders her resignation or her service in such capacity is otherwise terminated.
This Agreement shall not be deemed an employment agreement between the Company (or any of its subsidiaries or Enterprise) and the
Indemnitee. This Agreement shall continue in force after the Indemnitee has ceased to serve as a director and/or officer of the
Company or, at the request of the Company, of any of its subsidiaries or Enterprise, as provided in Section 12 hereof.

 

3. Indemnification.
Subject to Section 9 and Section 10 of this Agreement, the Company shall indemnify the Indemnitee, to the fullest extent permitted
by the laws of the State of Nevada in effect on the date hereof, or as such laws may from time to time hereafter be amended to
increase the scope of such permitted indemnification, against any and all Losses if the Indemnitee was or is or becomes a party
to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of
an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by third
parties, and Claims in which the Indemnitee is solely a witness.

 

4. Advancement
of Expenses. The Indemnitee shall have the right to advancement by the Company, prior to the final disposition
of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably
paid or incurred by the Indemnitee in connection with any Claim arising out of an Indemnifiable Event. The Indemnitee’s right
to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of
the foregoing, within 20 days after any request by the Indemnitee, the Company shall, in accordance with such request, (a) pay
such Expenses on behalf of the Indemnitee, (b) advance to the Indemnitee funds in an amount sufficient to pay such Expenses, or
(c) reimburse the Indemnitee for such Expenses. If requested by a law firm or other professional representing the Indemnitee, the
Company shall pay such firm(s) a reasonable retainer. In connection with any request for Expense Advances, the Indemnitee shall
not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise
jeopardize the attorney-client privilege. In connection with any request for Expense Advances, the Indemnitee shall execute and
deliver to the Company an undertaking (which shall be accepted without reference to the Indemnitee’s ability to repay the
Expense Advances) to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent that it is
ultimately determined, following the final disposition of such Claim, that the Indemnitee is not entitled to indemnification hereunder.
The Indemnitee’s obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged
thereon.

 

    Exhibit B-4

     

    

 

5. Indemnification
for Expenses in Enforcing Rights. To the fullest extent allowable under applicable law, the Company shall also
indemnify against, and, if requested by the Indemnitee, shall advance to the Indemnitee subject to and in accordance with Section
4, any Expenses actually and reasonably paid or incurred by the Indemnitee in connection with any action or proceeding by the Indemnitee
for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or
under any other agreement or provision of the Certificate of Incorporation or Bylaws now or hereafter in effect relating to Claims
relating to Indemnifiable Events, and/or (b) recovery under any directors’ and officers’ liability insurance policies
maintained by the Company regardless of whether the Indemnitee ultimately is determined to be entitled to such indemnification
or insurance recovery, as the case may be. However, in the event that the Indemnitee is ultimately determined not to be entitled
to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this Section 5 shall be repaid.
The Indemnitee shall be required to reimburse the Company in the event that a final judicial determination is made that such action
brought by the Indemnitee was frivolous or not made in good faith.

 

6. Partial
Indemnity. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company
for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company
shall nevertheless indemnify the Indemnitee for the portion thereof to which the Indemnitee is entitled.

 

7. Notification
and Defense of Claims.

 

(a) Notification
of Claims. The Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an
Indemnifiable Event or for which the Indemnitee could seek Expense Advances, including a brief description (based upon information
then available to the Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by the Indemnitee to timely
notify the Company hereunder shall not relieve the Company from any liability hereunder except to the extent that the Company has
been damaged by such delay. The Company shall not be liable to indemnify the Indemnitee under this Agreement with respect to any
judicial award in a Claim related to an Indemnifiable Event if the Company was not given a reasonable and timely opportunity to
participate at its expense in the defense of such action. If at the time of the receipt of such notice, the Company has directors’
and officers’ liability insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially
available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth
in the applicable policies.

 

(b) Defense
of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its
own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with
counsel reasonably satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election to assume the
defense of any such Claim, the Company shall not be liable to the Indemnitee under this Agreement or otherwise for any Expenses
subsequently directly incurred by the Indemnitee in connection with the Indemnitee’s defense of such Claim other than reasonable
costs of investigation or as otherwise provided below. The Indemnitee shall have the right to employ its own legal counsel in such
Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be
at the Indemnitee’s own expense; provided, however, that if (i) the Indemnitee’s employment of its own
legal counsel has been authorized by the Company, (ii) the Company’s counsel has reasonably determined that there may be
a conflict of interest between the Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control, the
Indemnitee’s employment of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in
fact have employed counsel to assume the defense of such Claim, then the Indemnitee shall be entitled to retain its own separate
counsel (but not more than one law firm plus, if applicable, local counsel in respect of any such Claim) and all Expenses related
to such separate counsel shall be borne by the Company.

 

    Exhibit B-5

     

    

 

8. Procedure
upon Application for Indemnification. In order to obtain indemnification pursuant to this Agreement, the Indemnitee
shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably
available to the Indemnitee and is reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification
following the final disposition of the Claim, provided that documentation and information need not be so provided to the extent
that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. Indemnification shall be made insofar
as the Company determines the Indemnitee is entitled to indemnification in accordance with Section 9 below.

 

9. Determination
of Right to Indemnification.

 

(a) Mandatory
Indemnification; Indemnification as a Witness 

 

(i) To
the extent that the Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable
Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice,
the Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent
allowable by law, and no Standard of Conduct Determination (as defined in Section 9(b)) shall be required.

 

(ii) To
the extent that the Indemnitee’s involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve
as a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the
fullest extent allowable by law and no Standard of Conduct Determination (as defined in Section 9(b)) shall be required.

 

(b) Standard
of Conduct. To the extent that the provisions of Section 9(a) are inapplicable to a Claim related to an Indemnifiable Event
that shall have been finally disposed of, any determination of whether the Indemnitee has satisfied any applicable standard of
conduct under Nevada law that is a legally required condition to indemnification of the Indemnitee hereunder against Losses relating
to such Claim and any determination that Expense Advances must be repaid to the Company (a “Standard of Conduct Determination”)
shall be made as follows:

 

    Exhibit B-6

     

    

 

(i) if
no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board,
(B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than
a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board,
a copy of which shall be delivered to Indemnitee; and

 

(ii) if
a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested
Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the
Board, a copy of which shall be delivered to Indemnitee.

 

The Company
shall indemnify and hold harmless the Indemnitee against and, if requested by the Indemnitee, shall reimburse the Indemnitee for,
or advance to the Indemnitee, within 20 days of such request, any and all Expenses incurred by the Indemnitee in cooperating with
the person or persons making such Standard of Conduct Determination.

 

(c) Making
the Standard of Conduct Determination. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination
required under Section 9(b) to be made as promptly as practicable. If the person or persons designated to make the Standard of
Conduct Determination Section 9(b) shall not have made a determination within 30 days after the later of (A) receipt by the Company
of a written request from the Indemnitee for indemnification pursuant to Section 8 (the date of such receipt being the “Notification
Date”) and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then
the Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended
for a reasonable time, not to exceed an additional 30 days if the person or persons making such determination in good faith requires
such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary,
no determination as to entitlement of the Indemnitee to indemnification under this Agreement shall be required to be made prior
to the final disposition of any Claim. For avoidance of doubt, this does not affect the Indemnitee’s right to Expense Advances
under Section 4.

 

(d) Payment
of Indemnification. If, in regard to any Losses:

 

(i) The
Indemnitee shall be entitled to indemnification pursuant to Section 9(a);

 

(ii) no
Standard Conduct Determination is legally required as a condition to indemnification of the Indemnitee hereunder; or

 

    Exhibit B-7

     

    

 

(iii) the
Indemnitee has been determined or deemed pursuant to Section 9(b) or Section 9(c) have satisfied the Standard of Conduct Determination,

 

then the Company
shall pay to the Indemnitee, within five days after the later of (A) the Notification Date or (B) the earliest date on which the
applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

 

(e) Selection
of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct Determination is to be made by Independent
Counsel pursuant to Section 9(b)(i)(C), the Independent Counsel shall be selected by the Board of Directors, and the Company shall
give written notice to the Indemnitee advising Indemnitee of the identity of the Independent Counsel so selected. If a Standard
of Conduct Determination is to be made by Independent Counsel pursuant to Section 9(b)(ii)(B), the Independent Counsel shall be
selected by the Indemnitee, and the Indemnitee shall give written notice to the Company advising it of the identity of the Independent
Counsel so selected. In either case, the Indemnitee or the Company, as applicable, may, within five days after receiving written
notice of selection from the other, deliver to the other a written objection to such selection; provided, however,
that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set
forth in the definition of “Independent Counsel” in Section 1(i), and the objection shall set forth with particularity
the factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent
Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not
serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without
merit; and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to
the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the
provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this
sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding
sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions
of this Section 9(e) to make the Standard of Conduct Determination shall have been selected within 20 days after the Company gives
its initial notice pursuant to the first sentence of this Section 9(e) or the Indemnitee gives its initial notice pursuant to the
second sentence of this Section 9(e) as the case may be, either the Company or the Indemnitee may petition the Court of Chancery
of the State of Nevada (“Nevada Court”) to resolve any objection which shall have been made by the Company or the Indemnitee
to the other’s selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by the Court
or such other person as the Court shall designate, and the person or firm with respect to whom all objections are so resolved or
the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees
and expenses of the Independent Counsel incurred in connection with the Independent Counsel’s determination pursuant to Section
9(b).

 

    Exhibit B-8

     

    

 

(f) Presumptions
and Defenses. 

 

(i) The
Indemnitee’s Entitlement to Indemnification. In making any Standard of Conduct Determination, the person or persons making
such determination shall presume that the Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification,
and the Company shall have the burden of proof to overcome that presumption and establish that the Indemnitee is not so entitled.
Any Standard of Conduct Determination that is adverse to the Indemnitee may be challenged by the Indemnitee in the Nevada Court.
No determination by the Company (including by its directors or any Independent Counsel) that the Indemnitee has not satisfied any
applicable standard of conduct may be used as a defense to any legal proceedings brought by the Indemnitee to secure indemnification
or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that the Indemnitee has not met
any applicable standard of conduct.

 

(ii) Reliance
as a Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following
circumstances do not exist, the Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed
to be in or not opposed to the best interests of the Company if the Indemnitee’s actions or omissions to act are taken in
good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports
or statements furnished to the Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course
of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors)
as to matters the Indemnitee reasonably believes are within such other Person’s professional or expert competence and who
has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to
act, of any director, officer, agent or employee of the Company shall not be imputed to the Indemnitee for purposes of determining
the right to indemnity hereunder.

 

(iii) No
Other Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with
or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that
the Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder
is otherwise not permitted.

 

(iv) Defense
to Indemnification and Burden of Proof. It shall be a defense to any action brought by the Indemnitee against the Company to
enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related
to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company
to indemnify the Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination,
the burden of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the
Company.

 

    Exhibit B-9

     

    

 

(v) Resolution
of Claims. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the
merits or otherwise for purposes of Section 9(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and
uncertainty. In the event that any Claim relating to an Indemnifiable Event to which the Indemnitee is a party is resolved in any
manner other than by adverse judgment against the Indemnitee (including, without limitation, settlement of such action, claim or
proceeding with our without payment of money or other consideration) it shall be presumed that the Indemnitee has been successful
on the merits or otherwise for purposes of Section 9(a)(i). The Company shall have the burden of proof to overcome this presumption.

 

10. Exclusions
from Indemnification. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated
to:

 

(a) indemnify
or advance funds to the Indemnitee for Expenses or Losses with respect to proceedings initiated by the Indemnitee, including any
proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

 

(i) proceedings
referenced in Section 5 above (unless a court of competent jurisdiction determines that each of the material assertions made by
the Indemnitee in such proceeding was not made in good faith or was frivolous); or

 

(ii) where
the Company has joined in or the Board has consented to the initiation of such proceedings.

 

(b) indemnify
the Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable
law.

 

(c) indemnify
the Indemnitee for the disgorgement of profits arising from the purchase or sale by the Indemnitee of securities of the Company
in violation of Section 16(b) of the Exchange Act, or any similar successor statute.

 

(d) indemnify
or advance funds to the Indemnitee for the Indemnitee’s reimbursement to the Company of any bonus or other incentive-based
or equity-based compensation previously received by the Indemnitee or payment of any profits realized by the Indemnitee from the
sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements under Section
304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company
of profits arising from the purchase or sale by the Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley
Act).

 

    Exhibit B-10

     

    

 

11. Settlement
of Claims. The Company shall not be liable to the Indemnitee under this Agreement for any amounts paid in settlement
of any threatened or pending Claim related to an Indemnifiable Event effected without the Company’s prior written consent,
which shall not be unreasonably withheld; provided, however, that if a Change in Control has occurred, the Company
shall be liable for indemnification of the Indemnitee for amounts paid in settlement if an Independent Counsel has approved the
settlement. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses
on the Indemnitee or subject the Indemnitee to any equitable relief without the Indemnitee’s prior written consent.

 

12. Duration.
All agreements and obligations of the Company contained herein shall continue during the period that the Indemnitee is an officer
of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another
Enterprise) and shall continue thereafter (i) so long as the Indemnitee may be subject to any possible Claim relating to an Indemnifiable
Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal
thereto) commenced by the Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he
or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

 

13. Non-Exclusivity.
The rights of the Indemnitee hereunder will be in addition to any other rights the Indemnitee may have under the Certificate of
Incorporation or Bylaws, the General Corporation Law of the State of Nevada, any other contract or otherwise (collectively, “Other
Indemnity Provisions”); provided, however, that (a) to the extent that the Indemnitee otherwise would have
any greater right to indemnification under any Other Indemnity Provision, the Indemnitee will be deemed to have such greater right
hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification
than that provided under this Agreement as of the date hereof, the Indemnitee will be deemed to have such greater right hereunder.

 

14. Liability
Insurance. For the duration of the Indemnitee’s service as a director and/or officer of the Company, and
thereafter for so long as the Indemnitee shall be subject to any pending Claim relating to an Indemnifiable Event, the Company
shall use commercially reasonable efforts (taking into account the scope and amount of coverage available relative to the cost
thereof) to obtain or continue to maintain in effect policies of directors’ and officers’ liability insurance providing
coverage that is at least substantially comparable in scope and amount to that provided by the Company’s current policies
of directors’ and officers’ liability insurance. In all policies of directors’ and officers’ liability
insurance maintained by the Company, the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee
the same rights and benefits as are provided to the most favorably insured of the Company’s directors, if the Indemnitee
is a director, or of the Company’s officers, if the Indemnitee is an officer (and not a director) by such policy. Upon request,
the Company will provide to the Indemnitee copies of all directors’ and officers’ liability insurance applications,
binders, policies, declarations, endorsements and other related materials.

 

15. No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment to the Indemnitee
in respect of any Losses to the extent the Indemnitee has otherwise received payment under any insurance policy, the Certificate
of Incorporation and Bylaws, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

 

    Exhibit B-11

     

    

 

16. Subrogation.
In the event of payment to the Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to
all of the rights of recovery of the Indemnitee. The Indemnitee shall execute all papers required and shall do everything that
may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to
bring suit to enforce such rights.

 

17. Amendments.
No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.
No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against
whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether
or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise
or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

 

18. Binding
Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto
and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to
all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives.
The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise)
to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement in form and
substances satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform if no such succession had taken place.

 

19. Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof)
are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions
shall remain enforceable to the fullest extent permitted by law. Upon such determination that any term or other provision is invalid,
illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby
be consummated as originally contemplated to the greatest extent possible.

 

    Exhibit B-12

     

    

 

20. Notices.
All notices, offers, acceptance and any other acts under this Agreement (except payment) shall be in writing, and shall be sufficiently
given if delivered to the addressees in person, by Federal Express or similar overnight next business day delivery, or by email
delivery followed by overnight next business day delivery, as follows:

 

		To the Company:	Ecoark Holdings, Inc.

303 Pearl Parkway, Suite 200

San Antonio, TX 78215

Attn: Randy
S. May

Title: Chief
Executive Officer

Email: _______________

 

		With a Copy to:	Nason Yeager Gerson Harris & Fumero, P.A.

3001 PGA Boulevard, Suite 305

Palm Beach Gardens, FL 33410

Attention: Michael D. Harris, Esq.

Email: _________________

 

		To the Indemnitee:	To the address set forth on the signature page hereto.

 

or to such other address as any of them, by notice to the other
may designate from time to time. Time shall be counted from the date of transmission.

 

21. Governing
Law and Forum.
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Nevada applicable to
contracts made and to be performed in such state without giving effect to its principles of conflicts of laws. The Company and
Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with
this Agreement shall be brought only in the state or federal courts located in the State of Texas and not in any other state or
federal court in the United States, (b) consent to submit to the exclusive jurisdiction of the such courts for purposes of any
action or proceeding arising out of or in connection with this Agreement.

 

22. Headings.
The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction or interpretation thereof.

 

23. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but
all of which together shall constitute one and the same Agreement.

 

[signature page
follows]

 

    Exhibit B-13

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date first above written.

 

	 	Ecoark Holdings, Inc.
	 	 
	 	By:	 
	 	 	Randy S. May, Chief Executive Officer
	 	 
	 	THE INDEMNITEE
	 	 
	 	 
	 	Julia Olguin

 

		Address:	 
	 	 	 

 

 

Exhibit B-14mktx-ex104_398.htm

Exhibit 10.4

MARKETAXESS HOLDINGS INC.
EMPLOYEE STOCK PURCHASE PLAN
(Effective as of September 1, 2015;
And as Amended through July 16, 2019)

 

 

 

 

 

MARKETAXESS HOLDINGS INC.

EMPLOYEE STOCK PURCHASE PLAN

(Effective as of September 1, 2015;

And as Amended through July 16, 2019)

 

Table of Contents

			
	
1.
	
Purpose
	
1

	
2.
	
Definitions
	
1

	
3.
	
Term of the Plan
	
3

	
4.
	
Shares Reserved Plan
	
3

	
5.
	
Administration of the Plan
	
4

	
6.
	
Participation in the Plan
	
5

	
7.
	
Purchase Price
	
5

	
8.
	
Method of Payment
	
5

	
9.
	
Employee’s Election to Purchase; Grants of Purchase Rights
	
5

	
10.
	
Exercise of Purchase Right
	
6

	
11.
	
Company Match
	
7

	
12.
	
Delivery of Common Stock
	
8

	
13.
	
Stockholder Rights
	
8

	
14.
	
Rights to Purchase Shares Not Transferable
	
9

	
15.
	
Cancellation of Election to Purchase
	
9

	
16.
	
Leave of Absence or Layoff
	
9

	
17.
	
Effect of Failure to Make Payments When Due
	
10

	
18.
	
Termination of Continuous Service; Other Involuntary Withdrawal
	
10

	
19.
	
No Interest
	
10

	
20.
	
Application of Funds
	
10

	
21.
	
Amendment and Termination
	
11

	
22.
	
Effective Date; Governmental Approvals or Consents
	
11

	
23.
	
Notices
	
11

	
24.
	
Regulations and Other Approvals; Governing Law
	
11

	
25.
	
Taxes
	
12

	
26.
	
Restrictions
	
12

	
27.
	
No Employment Rights
	
12

	
28.
	
Severability of Provisions
	
13

	
29.
	
Construction
	
13

	
30.
	
Electronic Elections, Purchases, and Transactions
	
13

 

 

 

MARKETAXESS HOLDINGS INC.
EMPLOYEE STOCK PURCHASE PLAN
(Effective as of September 1, 2015;
And as Amended through July 16, 2019)

1.Purpose.

The purpose of the MarketAxess Holdings Inc. Employee Stock Purchase Plan (the “Plan”) is to encourage and enable select employees of MarketAxess Holdings Inc. (the “Company”) and certain of its Affiliates to acquire shares of the Company’s Common Stock.  The Company believes that participants in the Plan will have a stronger alignment with the Company by virtue of their ability as stockholders to participate in the Company’s growth and earnings.  The Plan is not intended to qualify as an “employee stock purchase plan” under Section 423 of the Code.

2.Definitions.

The following words or terms have the following meanings:

(a)“Affiliate” means each of the following: (a) any Subsidiary; (b) any Parent; (c) any corporation, trade or business (including, without limitation, a partnership or limited liability company) which is directly or indirectly controlled 50% or more (whether by ownership of stock, assets or an equivalent ownership interest or voting interest) by the Company or one of its Affiliates; (d) any corporation, trade or business (including, without limitation, a partnership or limited liability company) which directly or indirectly controls 50% or more (whether by ownership of stock, assets or an equivalent ownership interest or voting interest) of the Company; and (e) any other entity in which the Company or any of its Affiliates has a material equity interest and which is designated as an “Affiliate” by resolution of the Committee.

(b)“Agent” means the agent, broker or other administrator, including without limitation, employees of the Employer, appointed by the Committee pursuant to Section 5(b) hereof.

(c)“Board of Directors” means the Board of Directors of the Company.

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

(e)“Committee” means the Compensation Committee of the Board of Directors of the Company, any successor committee or such other committee the Board of Directors appoints to administer the Plan.  To the extent that no Committee exists which has the authority to administer the Plan, the functions of the Committee shall be exercised by the Board of Directors.

(f)“Company” means MarketAxess Holdings Inc., a Delaware corporation, and its successors by operation of law.

(g)“Compensation” means all regular cash wages earned by an Eligible Employee, including amounts contributed by an Employer on behalf of the Eligible Employee pursuant to a salary reduction agreement under Code Sections 401(k) or 125, if any, but excluding any bonuses, commissions, and overtime pay.

 

 

(h)“Effective Date” means September 1, 2015.

(i)“Eligible Employee” means each person who on an Offering Date is an Employee of the Company or of a Participating Affiliate.

(j)“Employee” means each person employed by the Company or a Participating Affiliate, excluding: (i) any person whose customary employment is 20 hours or less per week; (ii) any person whose customary employment is not for more than three months in any calendar year; (iii) any person being paid by or through a third party agency; (iv) any person designated by the Company as an intern, summer intern or consultant; (v) any person designated by the Company as seasonal, occasional, limited duration, leased or temporary, during the period the individual is so paid or designated; and (vi) any person who as of an Offering Date is designated as a member of the Company’s Global Management Team (or the equivalent thereof); any such person shall not be an Employee even if he or she is later retroactively reclassified as a common-law or other type of employee of the Company or any part of such period pursuant to applicable law or otherwise.

(k)“Employer” means, with respect to any Employee, the Company or Participating Affiliate by which the Employee is employed.

(l)“Exchange Act” means the Securities Exchange Act of 1934, as amended.

(m)“Incentive Plan” means the MarketAxess Holdings Inc. 2012 Incentive Plan, as amended from time to time, or any successor plan thereto.

(n)“Market Price” means the greater of (i) closing price of the Common Stock as reported on the principal market, trading system or exchange on which the Company’s Shares are traded as of the applicable Purchase Date, or if there was no sale on such date, then as of the next preceding date on which there was a sale, and (ii) the consolidated closing bid price of the Common Stock as reported on the principal market, trading system or exchange on which the Company’s Shares are traded as of the applicable Purchase Date, or if there was no bid on such date, then as of the next preceding date on which there was a bid.

(o)“Offering Date” means each March 1 and September 1 during a calendar year, or such other dates determined by the Committee.

(p)“Parent” means any parent corporation of the Company within the meaning of Section 424(e) of the Code.

(q)“Participant” means an Eligible Employee who participates in the Plan.

(r)“Participating Affiliate” means the Affiliates of the Company listed on Exhibit A hereto and such other Affiliates of the Company as approved by the Committee from time to time.

(s)“Plan” means the MarketAxess Holdings Inc. Employee Stock Purchase Plan, as amended from time to time.

(t)“Purchase Date” means each date that immediately precedes March 1 and September 1 during a calendar year, or such other dates determined by the Committee.

 

(u)“Purchase Period” means the period beginning on an Offering Date and ending on the next succeeding Purchase Date. 

(v)“Purchase Right” means the right or rights granted hereunder to Eligible Employees to purchase the Company’s Common Stock under an offering made under the Plan and pursuant to such Eligible Employees’ elections to purchase.

(w)“Rule 16b-3” means Rule 16b-3 promulgated under Section 16(b) of the Exchange Act as then in effect or any successor provisions.

(x)“Shares” or “Common Stock” means shares of the Company’s common stock, par value $.003 per share.

(y)“Subsidiary” means a subsidiary corporation within the meaning of Section 424(f) of the Code.

(z)“Subscription Period” means, with respect to each Purchase Right, the period commencing on the fifteenth (15th) day prior to an Offering Date and ending on the business day immediately prior to such Offering Date, or such other period of time designated by the Committee, in its sole discretion, including without limitation any delay in commencement or acceleration of the end of a Subscription Period necessary to comply with any “blackout period” required under applicable law or Company policy, as determined by the Committee. 

3.Term of the Plan.  The Plan shall remain in effect indefinitely, subject to the right of the Committee to amend or terminate the Plan at any time pursuant to Section 21 hereof, or until no additional shares of Common Stock are available and reserved for sale under the Plan pursuant to Section 4(a).

4.Shares Reserved for Plan.

(a)The shares of the Company’s Common Stock to be sold to Eligible Employees under the Plan shall be Common Stock held in or acquired for the treasury of the Company, upon such terms as the Committee may approve.  The maximum number of Shares which shall be reserved and made available for sale under the Plan shall be 150,000, subject to adjustment as provided in Section 4(b).  The Shares reserved may be issued and sold pursuant to one or more offerings under the Plan.  With respect to each offering, the Committee may specify the number of Shares to be made available, the length of the Subscription Period, the length of the Purchase Period, the Offering Dates and such other terms and conditions not inconsistent with the Plan as may be necessary or appropriate.

(b)In the event of any increase, reduction, or change or exchange of Common Stock for a different number or kind of Shares or other securities of the Company by reason of a reclassification, recapitalization, merger, consolidation, reorganization, stock dividend, stock split or reverse stock split, combination or exchange of Shares, repurchase of Shares, change in corporate structure or otherwise, the Committee shall conclusively determine the appropriate equitable adjustments, if any, to be made under the Plan, including without limitation adjustments to the number of Shares which have been authorized for issuance under the Plan but have not yet 

 

been placed under a Purchase Right, as well as the price per Share of Common Stock covered by each Purchase Right under the Plan which has not yet been exercised.

(c)All Matching Shares awarded to a Participant pursuant to Section 11 of the Plan  shall be granted from the share reserve established under the Incentive Plan, and shall not reduce the number of Shares reserved and made available for sale under the Plan.

5.Administration of the Plan.

(a)The Plan shall be administered by the Committee and the Committee may select an administrator or any other person to whom its duties and responsibilities hereunder may be delegated.  The Committee shall have full power and authority, subject to the provisions of the Plan, to promulgate such rules and regulations as it deems necessary for the proper administration of the Plan, to interpret the provisions and supervise the administration of the Plan, and to take all actions in connection therewith or in relation thereto as it deems necessary or advisable.  Without limiting the generality of the foregoing, the Committee will be entitled to establish rules to change the Purchase Periods and Subscription Periods, limit the frequency and/or number of changes in the amount withheld during a Purchase Period or a Subscription Period, establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the administration of the Plan, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each Participant properly correspond with amounts withheld from the Participant’s base salary or regular hourly wages, and establish such other limitations or procedures as the Committee determines in its sole discretion advisable which are consistent with the Plan.  The Committee may adopt special guidelines and provisions for persons who are residing in, or subject to the laws of, jurisdictions outside of the United States to comply with applicable laws, including, without limitation, tax and securities laws.  All interpretations and determinations of the Committee shall be made in its sole and absolute discretion based on the Plan document and shall be final, conclusive and binding on all parties.

(b)The Committee may employ such legal counsel, consultants, brokers and agents as it may deem desirable for the administration of the Plan and may rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant, broker or agent.  The Committee may, in its sole discretion, designate an Agent to administer the Plan, purchase and sell Shares in accordance with the Plan, keep records, send statements of account to employees and to perform other duties relating to the Plan, as the Committee may request from time to time.  The Agent shall serve as custodian for purposes of the Plan and Common Stock purchased under the Plan shall be held by and in the name of, or in the name of a nominee of, the custodian for the benefit of each Participant, who shall thereafter be a beneficial stockholder of the Company.  The Committee may adopt, amend or repeal any guidelines or requirements necessary for the custody and delivery of the Common Stock, including, without limitation, guidelines regarding the imposition of reasonable fees in certain circumstances.

(c)The Company shall, to the fullest extent permitted by law and the Certificate of Incorporation and By-laws of the Company and, to the extent not covered by insurance, indemnify each director, officer or employee of the Employer (including the heirs, executors, administrators 

 

and other personal representatives of such person) and each member of the Committee against all expenses, costs, liabilities and losses (including attorneys’ fees, judgments, fines, excise taxes or penalties, and amounts paid or to be paid in settlement) actually and reasonably incurred by such person in connection with any threatened, pending or actual suit, action or proceeding (whether civil, criminal, administrative or investigative in nature or otherwise) in which such person may be involved by reason of the fact that he or she is or was serving this Plan in any capacity at the request of the Company, except in instances where any such person engages in willful misconduct or fraud.  Such right of indemnification shall include the right to be paid by the Company for expenses incurred or reasonably anticipated to be incurred in defending any such suit, action or proceeding in advance of its disposition; provided, however, that the payment of expenses in advance of the settlement or final disposition of a suit, action or proceeding, shall be made only upon delivery to the Company of an undertaking by or on behalf of such person to repay all amounts so advanced if it is ultimately determined that such person is not entitled to be indemnified hereunder.  Such indemnification shall be in addition to any rights of indemnification the person may have as a director, officer or employee or under the Certificate of Incorporation of the Company or the By-Laws of the Company.  Expenses incurred by the Committee or the Board of Directors in the engagement of any such counsel, consultant or agent shall be paid by the Company.

6.Participation in the Plan.

Purchase Rights with respect to the Company’s Common Stock under the Plan shall be granted to all Eligible Employees.

7.Purchase Price.

Unless otherwise determined by the Committee, in its sole discretion, the purchase price for Shares purchased pursuant to the Plan shall be the Market Price of a Share of Common Stock on the Purchase Date.

8.Method of Payment.

Payment for Shares purchased pursuant to the Plan shall be made in installments through after-tax payroll deductions from the Eligible Employee’s Compensation during the Purchase Period on each Employer payroll date during the Purchase Period following the Participant’s election made in accordance with Section 8, with no right of prepayment.

9.Employee’s Election to Purchase; Grants of Purchase Rights.

(a)In order to enroll and participate in the Plan, an Eligible Employee must make an election during a Subscription Period on a form provided by the Committee (or designee) stating the Eligible Employee’s desire to purchase Shares under the Plan during the Purchase Period and the amount to be withheld (on an after-tax basis) in accordance with Section 8.  The Committee may determine any minimum and maximum purchase amounts applicable to Participants.  As of the Effective Date, the amount that an Eligible Employee may elect to have withheld in accordance with Section 8 shall be 1% to 50% of the Eligible Employee’s Compensation for each payroll period, in whole percentages, but in any event an amount that is not less than US$100.00 (or the applicable foreign currency equivalent) for each payroll period for Eligible Employees, and (ii) not more than US$15,000.00 (or the applicable foreign currency equivalent) for each Purchase 

 

Period for Eligible Employees.  In order to be given effect, an Eligible Employee’s election to purchase Shares must be delivered on or before the last day of the Subscription Period to the person or office designated by the Committee to receive and accept such elections.  Except as otherwise provided in the Plan, once enrolled in the Plan, a Participant’s payroll deduction authorization indicating his or her election to purchase Shares shall remain in effect unless and until modified or canceled by the Participant.

(b)Subject to the provisions of Section 9(c) below and such restrictions as the Company may impose from time to time to comply with the Company’s policies (including the insider trading policy and personal trading policy, each as in effect from time to time), once enrolled in the Plan, unless otherwise determined by the Committee a Participant may elect to increase or decrease an existing payroll deduction authorization at any time.  Changes in payroll deduction authorizations shall become effective as soon as practicable after a notice of change is received by the person or office designated by the Committee to receive and accept such changes. A Participant may cancel an existing payroll deduction authorization at any time (subject to such restrictions as the Company may impose from time to time to comply with the Company’s policies, including the insider trading policy and personal trading policy, each as in effect from time to time) pursuant to Section 15(a) hereof and thereby terminate participation in the Plan with respect to a Purchase Period.

(c)All payroll deductions made by a Participant shall be credited to such Participant’s account under the Plan.  A Participant may not make any additional payments into such account except as otherwise provided herein.  Individual accounts shall be maintained for each participant in the Plan.

(d)In the event a Participant makes a hardship withdrawal of employee deferral (401(k)) contributions under a 401(k) profit sharing plan of the Company or an Affiliate or any other plan qualified under Section 401(a) of the Code that contains a Code Section 401(k) feature, to the extent required by such plan or applicable law, such Participant’s payroll deductions and the purchase of Shares under the Plan shall be suspended until the first payroll period following the Offering Date commencing six (6) months after the date the Participant obtained the hardship withdrawal.  If a Participant who elects a hardship withdrawal under such a 401(k) profit sharing plan or such other plan has a cash balance accumulated in his or her account at the time of the withdrawal that has not already been applied to purchase Shares, such cash balance shall be returned to the Participant as soon as administratively practicable.

10.Exercise of Purchase Right.

(a)A Participant’s election to purchase Shares shall be exercised automatically on each Purchase Date following a Participant’s election, and the maximum number of whole Shares subject to such Purchase Right shall be purchased for such Participant at the applicable Purchase Right price with the accumulated payroll deductions in such Participant’s account; provided, that unless otherwise determined by the Committee, the maximum number of shares of Common Stock that may be purchased by an Eligible Employee on any Purchase Date shall be 500 shares of Common Stock (which shall be subject to adjustment pursuant to Section 4(b)).  If all or any portion of the Shares cannot reasonably be purchased on the Purchase Date in the sole discretion of the Committee because of unavailability or any other reason, such purchase shall be made as 

 

soon thereafter as feasible.  In no event shall certificates for any fractional Shares be issued under the Plan.  Shares shall be credited to the Participant’s account as soon as administratively feasible after the Purchase Date.  Any remaining payroll deduction balance credited to a Participant following a Purchase Period shall be returned to the Participant.

(b)If all or any portion of the Shares that would otherwise be subject to Purchase Rights granted on any Offering Date exceeds the number of Shares then available under the Plan (after deduction of all Shares for which Purchase Rights have been exercised or are then outstanding) or if all or any portion of the Shares cannot reasonably be purchased on the Purchase Date in the sole discretion of the Committee because of any other reason, the Committee shall make a pro rata allocation of the Shares remaining available for Purchase Right grant in as uniform a manner as shall be practicable and as it shall determine to be equitable.  In such event, the Committee shall give written notice to each Participant of the reduction in the number of Shares affected thereby and shall similarly reduce the rate of each Participant’s payroll deductions, if necessary, and return any remaining payroll deduction balance credited to each Participant, if necessary.

11.Company Match.

On each Purchase Date, subject to the Participant’s being an Eligible Employee on such Purchase Date, the Company shall grant to each Participant an award of restricted stock or restricted stock units in respect of a number of Shares with a Market Price on the Purchase Date equal to a percentage (the “Matching Percentage”) of the aggregate purchase price paid to exercise the Participant’s Purchase Right on such Purchase Date (the “Matching Shares”).  The Matching Shares shall represent an award of restricted stock or restricted stock units under the terms and subject to the conditions of the Incentive Plan.  Notwithstanding the foregoing, an Eligible Employee who is based or resident in Singapore may only be granted an “Other Stock-Based Award” under the terms and subject to the conditions of the Incentive Plan in respect of restricted stock units that are subject to cash settlement only upon vesting and have no right to receive dividends or dividend equivalents.  Unless otherwise determined by the Committee at least sixty (60) days prior to the Offering Date of a Purchase Period, the Matching Percentage for each Purchase Period shall be twenty percent (20%).  Fractional shares shall be eliminated by rounding-down for fractions less than one-half and rounding up for fractions equal to or greater than one-half, except that if the rounding-down of a fractional share results in the Participant receiving no Matching Shares hereunder, then such fractional share shall be rounded up to one Matching Share.  No cash settlements shall be made with respect to fractional shares eliminated by rounding.  The Matching Shares shall be evidenced by an Award Agreement (as defined in the Incentive Plan) entered into between the Company and the Participant in a form approved by the Committee that will contain the following terms:

(a)A Matching Share shall vest on the first anniversary of the Purchase Date on which the Matching Share is granted; provided that, except as set forth in Section 11(b), the Participant has not incurred a Termination (as defined in the Incentive Plan) prior to the applicable vesting date; and further provided, that the Committee may accelerate the vesting of any Matching Shares at any time in its sole discretion.

 

(b)Notwithstanding Section 11(a), a Participant’s unvested Matching Shares shall become fully vested upon a Termination of the Participant by the Company without Cause (as defined in the Incentive Plan).

12.Delivery of Common Stock.

All the Shares purchased by a Participant on a Purchase Date upon exercise of a Purchase Right hereunder shall, for all purposes, be deemed to have been issued and sold as of the close of business on such Purchase Date.

All the Shares purchased pursuant to the Plan upon exercise of a Purchase Right hereunder shall be delivered by the Company in a manner as determined from time to time, by the Board or its Committee.  The Board or its Committee, in its discretion, may determine that the shares shall be delivered by the Company to the Participant by issuing and delivering a certificate for the number of Shares purchased by a Participant on a Purchase Date upon exercise of a Purchase Right hereunder, or that the Shares purchased by a Participant on a Purchase Date upon exercise of a Purchase Right hereunder, be delivered to a securities brokerage firm, as selected by the Board or its Committee, and such Shares shall be maintained by the securities brokerage firm in separate Plan accounts for Participants.

Each certificate or investment account, as the case may be, may be in the name of the Participant or in such Participant’s name jointly with his or her spouse with the right of survivorship.  A Participant who is a resident of a jurisdiction which does not recognize such joint tenancy may have a certificate or Plan account in his or her name as tenant in common with a member of his or her family (over 21 years of age), without right of survivorship.  Such designation may be changed by filing a notice of such change.

13.Stockholder Rights.

Only upon the issuance of shares of Common Stock purchased upon exercise of a Purchase Right to a Participant or his agent (and only in respect to such Shares purchased) shall a Participant obtain the rights of stockholders, including, without limitation, any right to vote the Shares or receive any dividends or other distributions thereon.  Such Shares purchased will be issued as soon as practicable after the Purchase Date, and may not be sold by the Participant until after the Participant has held the Shares for at least six (6) months.  Each Participant’s rights as a stockholder with respect to Matching Shares shall be governed by the applicable Award Agreement.

14.Rights to Purchase Shares Not Transferable.

(a)Neither payroll deductions credited to a Participant’s account nor any rights with regard to the exercise of a Purchase Right or to receive Shares or Matching Shares under the Plan may be sold, pledged, assigned or transferred in any manner otherwise than by will or the laws of descent and distribution.  Any such attempt at assignment, transfer, pledge or other disposition shall be without effect, except that the Company may treat such act as a cancellation of a Participant’s election to purchase shares in accordance with Section 15 hereof.

 

(b)All rights of a Participant granted under this Plan, including but not limited to, the grant of a Purchase Right, the right to exercise a Purchase Right, the ability to authorize payroll deductions and the right to receive Matching Shares shall relate solely to a Participant.

15.Cancellation of Election to Purchase.

(a)A Participant who has elected to purchase Shares during a Purchase Period may cancel his or her election to purchase Shares with respect to such Purchase Period.  Any such cancellation shall apply to all payroll deductions withheld (and any other amounts credited to his or her account) during the Purchase Period.  A cancellation shall be effective as soon as administratively feasible after the delivery by the Participant of sufficient prior written notice of cancellation on a form provided by, or acceptable to, the Committee for such purpose to the office or person designated by the Committee to receive such elections.  In order to be given effect with respect to a Purchase Period, a notice of cancellation must be so delivered no later than thirty (30) days prior to such Purchase Date or any other date set by the Committee, subject to such restrictions as the Company may impose from time to time to comply with the Company’s policies, including the insider trading policy and personal trading policy, each as in effect from time to time.

(b)A Participant’s rights, upon the cancellation of his or her election to purchase Shares, shall be limited to receiving in cash, as soon as practicable after delivery of the notice of cancellation, the cash balance (without interest) then credited to his or her account.

(c)A Participant’s cancellation of his or her election to purchase Shares in an offering shall not have any effect upon such Participant’s eligibility to participate in a subsequent offering or in any similar plan which may hereafter be adopted by the Company; provided, however, that in the event a Participant cancels his or her election to purchase Shares in an offering such Participant may not reenter the Plan until the first Purchase Period commencing after the date that is six (6) months and one (1) day from the date the Participant canceled his or her election.

16.Leave of Absence or Layoff.

Subject to the second sentence of this Section 16, in the event that, during a Purchase Period, a Participant is granted a leave of absence (including a military leave) or is laid off, the Participant’s election for payroll deductions shall be deemed to have been canceled at the time of the leave of absence or layoff unless such deemed withdrawal is prohibited by applicable law.  A Participant’s rights upon a leave of absence (including a military leave) or layoff shall, subject to any rights under applicable law and the second paragraph of this Section 16, be limited to having the cash balance credited to his or her account, determined at the time such leave of absence or layoff becomes effective, be applied to the purchase of the number of Shares such amount will then purchase at the end of the Purchase Period.

An individual is treated as an Employee for the purposes of the Plan while the individual is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed three months, or if longer, so long as the individual’s right to reemployment with the Employer is provided either by statute or by contract.  If the period of leave exceeds three months and the individual’s right to reemployment is not provided either by statute or by contract, the 

 

employment relationship is deemed to terminate for purposes of the Plan on the first day immediately following such three-month period.

17.Effect of Failure to Make Payments When Due.

(a)If, in any payroll period, for any reason not set forth in Section 15, a Participant who has filed an election to purchase Shares under the Plan has no pay or his or her pay is insufficient (after other authorized deductions) to permit payroll deductions to be withheld and credited to his account in the Plan, the Participant may make an installment payment (or payments) to the Plan in cash (or in such other form acceptable to the Committee at the time of payment, which may include a payment by check, bank draft or money order payable to the order of the Company) at such time equal to the amount (or amounts) that would have been withheld from his pay.

(b)Subject to paragraph (a) above and other provisions of the Plan permitting postponement, the Company may treat the failure by a Participant to make any payment as a cancellation of his or her election to purchase Shares.  Such cancellation will be affected by mailing notice to him or her at his or her last known business or home address.  Upon such mailing, his or her only right will be to receive in cash the amount credited to his or her account.

18.Termination of Continuous Service; Other Involuntary Withdrawal.

If a Participant’s continuous service with the Company or a Participating Affiliate terminates for any reason, or if a Participant ceases to be an Eligible Employee, the entire payroll deduction amount of such Employee on the effective date of any such occurrence that has not been used to purchase Shares shall be refunded to such Employee.

19.No Interest.

Except as required by law, no interest shall accrue on or be payable with respect to the payroll deductions of a Participant in the Plan.

20.Application of Funds.

All funds received by the Company in payment for Shares purchased under the Plan and held by the Company at any time may be used for any valid corporate purpose.

21.Amendment and Termination.

The Company, by action of the Board of Directors (or a duly authorized committee) or the Committee may at any time terminate, amend or freeze the Plan.  No amendment shall be effective unless approved by the stockholders of the Company if stockholder approval of such amendment is required to comply with any applicable law, regulation or stock exchange rule.  No Purchase Rights shall be granted under the Plan, and the Plan will automatically terminate, on the day immediately following the earlier of (i) the date the Plan is terminated by the Board of Directors or (ii) the date as of which no additional shares of Common Stock are available and reserved for sale under the Plan pursuant to Section 4(a).  Upon termination of the Plan, the Company shall return or distribute the payroll deductions credited to a Participant’s account (that have not been 

 

used to purchase Shares) and shall distribute or credit Shares credited to a Participant’s account.  Upon the freezing of the Plan, any payroll deductions credited to a Participant’s account (that have not been used to purchase Shares) shall be used to purchase Shares in accordance with Section 10 hereof, substituting the term Purchase Date with the effective date of the freezing of the Plan.

22.Effective Date; Governmental Approvals or Consents.

The Plan, as amended and restated, was adopted by the Board of Directors of the Company on July 16, 2019.  The Plan and any offerings and sales to Eligible Employees under it are subject to any governmental approvals or consents that may be or become applicable in connection therewith.  The Board of Directors or the Committee may make such changes in the Plan and include such terms in any offering under the Plan as may be necessary or desirable, in the opinion of counsel, so that the Plan will comply with the rules and regulations of any governmental authority or self-regulatory organization.

23.Notices.

All notices or other communications by a Participant to the Company or the Committee under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company or Committee at the location, or by the person, designated for the receipt thereof and within the time period prescribed by the Company or Committee.  Each Participant shall be responsible for furnishing the Committee with the current and proper address for the mailing of notices and the delivery of other information.  Any notices or communications by the Company to a Participant shall be deemed given if directed to such address and mailed by regular United States mail, first-class and prepaid.  If any item mailed to such address is returned as undeliverable to the addressee, mailing shall be suspended until the Participant furnishes the proper address.

24.Regulations and Other Approvals; Governing Law.

(a)This Plan and the rights of all persons claiming hereunder shall be construed and determined in accordance with the laws of the State of Delaware without giving effect to the choice of law principles thereof, except to the extent that such law is preempted by federal law.

(b)The obligation of the Company to sell or deliver Shares with respect to Purchase Rights granted under the Plan shall be subject to all applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Committee.  The Company shall not be obligated to issue any Shares to a Participant if, in the opinion of counsel for the Company, the issuance of such Shares will constitute a violation by the Participant or the Company of any provisions of any rule or regulation of any governmental authority or any national securities exchange.

(c)To the extent required, the Plan is intended to comply with exemptive conditions under Rule 16b-3 and the Committee shall interpret and administer the provisions of the Plan in a manner consistent therewith.  Any provisions inconsistent with Rule 16b-3 shall be inoperative and shall not affect the validity of the Plan.

 

(d)The Plan is not subject to any of the requirements of the Employee Retirement Income Security Act of 1974, as amended, nor is it intended to be qualified under Section 401(a) of the Code.

25.Taxes.

Notwithstanding anything herein to the contrary, the Employer shall have the right to make such provisions as it deems necessary to satisfy any obligations to withhold or account for federal, state, local or foreign income taxes or other taxes incurred by reason of the issuance of Common Stock pursuant to the Plan.  Notwithstanding anything herein to the contrary, if applicable, the Employer may, to the extent lawful, require a Participant to remit an amount equal to the required tax or tax withholding amount and may invalidate any election if the Participant does not remit applicable taxes or withholding taxes.  Without limiting the generality of the foregoing, solely to the extent permitted by law, any withholding or other tax obligation with regard to any Participant may be satisfied by: (i) reducing the number of shares of Common Stock otherwise deliverable to the Participant; (ii) subject to the Committee’s prior consent, any method approved by the Committee; or (iii) by the Participant paying cash directly to the Company.

26.Restrictions.

All certificates for Shares delivered under the Plan shall be subject to such stock transfer orders and other restrictions as the Committee may deem advisable to assist in the compliance with any applicable tax withholding laws or under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Stock is then listed or any national securities association system upon whose system the Common Stock is then quoted, any applicable federal or state securities law, and any applicable corporate law and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

27.No Employment Rights.

The establishment and operation of this Plan shall not confer any legal rights upon any Participant or other person for a continuation of employment, nor shall it interfere with the rights of an Employer to discharge any employee and to treat him or her without regard to the effect which that treatment might have upon him or her as a Participant or potential Participant under the Plan.

28.Severability of Provisions.

If any provision of the Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and the Plan shall be construed and enforced as if such provisions had not been included.

29.Construction.

The use of a masculine pronoun shall include the feminine, and the singular form shall include the plural form, unless the context clearly indicates otherwise.  The headings and captions 

 

herein are provided for reference and convenience only, shall not be considered part of the Plan, and shall not be employed in the construction of the Plan.

30.Electronic Elections, Purchases, and Transactions.

Any election, purchase or other transaction hereunder that is required to be made in writing may, to the extent determined by the Committee, be made, delivered and accepted electronically.

 

 

 

Exhibit A

Participating Affiliates

MarketAxess Holdings Inc.

MarketAxess Corporation

MarketAxess Technologies Inc.

MarketAxess Europe Limited

Xtrakter Limited

MarketAxess Singapore Pte Limited

MarketAxess Singapore Pte Limited (Hong Kong Branch)

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