SEC Contract Filing

Filing Date: 2023-03-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_494880.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<p style="margin: 0pt; text-align: right; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.1</b></font></p>

<p style="margin: 0pt; text-align: left; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">NOTE CONVERSION AGREEMENT</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">This Note Conversion Agreement is entered into by and between Cross River Partners, LP, a Delaware limited partnership (the &#8220;<b><i>Holder</i></b>&#8221;) and Enservco Corporation, a Delaware corporation (the &#8220;<b><i>Company</i></b>&#8221; and together with the Holder, the &#8220;<b><i>Parties</i></b>&#8221;) effective as of March 28, 2023.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>RECITALS</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">WHEREAS, the Holder is the holder of an Amended and Restated Convertible Subordinated Promissory Note, dated as of March 22, 2022 issued by the Company (the &#8220;<b><i>March 2022 Note</i></b>&#8221;);</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">WHEREAS, the Holder is the holder of a Convertible Subordinated Promissory Note, dated as of July 15, 2022 issued by the Company;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">WHEREAS, the March 2022 Note reflects a loan of $1,200,000 made by the Holder to the Company, which bears interest of 7% per annum;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">WHEREAS, pursuant to Section 7 of the March 2022 Note, all or some of the outstanding principal and accrued but unpaid interest of such note may be converted to the Company&#8217;s common stock at a conversion price equal to the average of the closing sales price of the Company&#8217;s shares of common stock, as listed on the NYSE American Stock Exchange (the &#8220;<b><i>NYSE/American</i></b>&#8221;) for a five-day period of the date prior to the Holder exercising such conversion (the &#8220;<b><i>Exchange Closing Price</i></b>&#8221;);</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">WHEREAS, the July 2022 Note reflects a loan of $1,200,000 made by the Holder to the Company, which bears interest of 7.75% per annum;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">WHEREAS, pursuant to Section 7 of the July 2022 Note, all or some of the outstanding principal and accrued but unpaid interest of such note may be converted to the Company&#8217;s common stock at a conversion price of $1.69, or such price of an equity offering with offering proceeds to the Company of a minimum of $1,200,000;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">WHEREAS, the Company recently completed an equity offering whereby the Company raised $3,500,000 through the sale of shares of common stock, or pre-funded warrants in lieu thereof, and the common warrants were sold in units at a per unit price of $.50, with each unit consisting of one share of common stock or one pre-funded warrant in lieu thereof and one common warrant (the &#8220;<b><i>2023 Offering</i></b>&#8221;);</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;