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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| ENSERVCO Corporation | AMEX:ENSV | AMEX | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.1452 | 0 | 00:00:00 |
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(State or other jurisdiction of
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(Commission File Number)
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(IRS Employer Identification No.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which
registered
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Exhibit Number
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Description
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3.1
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10.1
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10.2
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10.3
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10.4
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10.5
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10.6
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10.7
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10.8
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10.9
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10.10
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10.11
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99.1
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99.2
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99.3
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99.4
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99.5
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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Enservco Corporation
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By:
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/s/ Richard A. Murphy
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Richard A. Murphy, Chair and CEO
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Exhibit 10.3
AMENDMENT TO
MEMBERSHIP INTEREST PURCHASE AGREEMENT
This Amendment to Membership Interest Purchase Agreement (the “Amendment”) is dated as of August 8, 2024, by and between Buckshot Trucking, LLC a Wyoming limited liability company (the “Company”), Tony Sims, an individual resident of the state of Colorado, Jim Fate, an individual resident of the state of Colorado (each of the foregoing a “Seller”, together the “Sellers”), and Enservco Corporation, a Delaware corporation (“Buyer”). The Company, Sellers and Buyer are each referred to as a “Party” and, collectively, as the “Parties.” Any capitalized terms used but not defined herein shall have the meanings given in the Purchase Agreement.
RECITALS
A. The Parties entered into that certain Membership Interest Purchase Agreement dated as of March 19, 2024 (the “Purchase Agreement”), pursuant to which, among other things, subject to the terms and conditions of the Purchase Agreement, on the Closing Date, Sellers agree to sell to Buyer, and Buyer agrees to purchase from Sellers, the Membership Interests.
B. Pursuant to Section 11.09 of the Purchase Agreement, the Parties agree to amend the Purchase Agreement upon the terms and conditions set forth herein.
AMENDMENT
In consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:
1. Amendments to Purchase Agreement. The Purchase Agreement is hereby amended as follows:
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(a) |
Section 2.02 of the Purchase Agreement is hereby deleted entirely and replaced with a new Section 2.02, as set forth on the attached Exhibit A. |
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(b) |
A new Section 2.06 is hereby added to the Purchase Agreement, as set forth on the attached Exhibit A. |
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(c) |
A new Annex 1 is added as an annex to the Purchase Agreement, as set forth on the attached Annex 1. |
2. No Other Changes. Except as explicitly amended by this Amendment, all of the terms and conditions of the Purchase Agreement shall remain in full force and effect.
3. References. All references in the Purchase Agreement to “this Agreement” shall refer to the Purchase Agreement, as amended hereby.
4. Counterparts. This Agreement may be executed in counterparts, each of which shall be considered an original. Signatures may be delivered electronically or by facsimile, and the parties agree to accept and be bound by electronic and facsimile copies of original signatures to this Amendment.
Signature Page follows
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date first written above.
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BUYER: |
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ENSERVCO CORPORATION |
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/s/ Richard Murphy |
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Name: Richard Murphy |
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Title: Chief Executive Officer |
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COMPANY: |
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| BUCKSHOT TRUCKING, LLC | ||||
| By: |
/s/ Tony Sims |
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Name: Tony Sims |
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Title: President |
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| SELLERS: | |||
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/s/ Tony Sims |
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| Tony Sims | |||
| /s/ Jim Fate | |||
| Jim Fate | |||
[Signature page to Amendment to Purchase Agreement]
Exhibit A
Amended Sections in Purchase Agreement
(See attached.)
Section 2.02 Closing Payments.
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(a) |
At the Closing, Buyer shall: |
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a. |
Deliver to each Seller a promissory note, the form of which is attached hereto as Annex 1 (the “Note”), in the original principal amounts set forth below: |
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i. |
Tony Sims: $2,025,000 |
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ii. |
Jim Fate: $675,000 |
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b. |
Set aside in escrow the following amounts: (a) Fifty Thousand Dollars ($50,000) to secure the Sellers’ obligations with respect to the NWC Adjustment (the “NWC Escrow Amount”), plus (b) Two Hundred Thousand Dollars ($200,000) of Shares of Buyer’s common stock, based on the volume weighted moving average of Buyer common stock for the 10-day period ending on the close of trading on August 2, 2024, to secure Sellers’ indemnification obligations under Article IX hereof (the “Indemnification Escrow Amount”); and |
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c. |
Deliver to each Seller Shares of Buyer common stock, based on the volume weighted moving average of Buyer common stock for the 10-day period ending on the close of trading on August 2, 2024, in the following amounts: |
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i. |
Tony Sims: $787,500 |
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ii. |
Jim Fate: $262,500 |
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(b) |
One day after the Closing Date, Buyer shall pay or cause to be paid to the Sellers, in accordance with their pro rata ownership of the Company’s Membership Interests, cash consideration in an amount equal to One Million Dollars ($1,000,000). For convenience, Sellers have directed Buyer to pay from these funds the transaction expenses for which Sellers are responsible pursuant to Section 6.06 hereof. Sellers agree and understand that such payments will be netted from the cash payments they receive. Sellers further represent and warrant that after such payments are made, Sellers will not owe any transaction expenses to any other third parties in connection with the transactions contemplated herein. |
Section 2.06. Escrow Agent; Escrow Agreement. For convenience, the Parties have agreed not to engage a third party as escrow agent, and that instead, Buyer will serve as the Escrow Agent for purposes of this Agreement. The Parties covenant and agree that they will comply with the terms of Section 2.02(c), Section 2.05, and Section 9.04. This Section 2.06 is the “Escrow Agreement” for purposes of the Agreement. The NWC Escrow Amount and Indemnification Escrow Amount are reflected on the Flow of Funds as having been set aside and reserved for these purposes.
Exhibit 10.4
PROMISSORY NOTE
| US $[*] | August 8, 2024 |
FOR VALUE RECEIVED, Enservco Corporation, a Delaware corporation (the “Borrower”), promises to pay to the order of [*], an individual resident of Colorado (the “Holder”), pursuant to the terms set forth in this Promissory Note (this “Note”), the principal amount of US $[*] (the “Principal”).
1. Final Payment Date. This is a BALLOON NOTE requiring payment in full of the Principal and accrued interest on December 31, 2024 (the “Maturity Date”).
2. Interest. The outstanding amount of Principal shall bear simple interest at the rate of ten percent (10%) per annum. Interest shall be calculated using the ‘exact method’, that is, the product resulting when multiplying the rate of interest by the outstanding balance of Principal, dividing by 365, then multiplying by the exact numbers of days that interest has accrued.
3. Payment; Prepayment. Borrower shall make interim payments of principal and interest as funds become available from the sale of Borrower’s common stock pursuant to the Registered Equity Line of Credit with Keystone Capital Partners, LLC. The indebtedness evidenced by this Note may be prepaid at any time without premium or penalty.
4. Events of Default. Upon the occurrence and during the continuance of an Event of Default (as defined below), the Holder shall be entitled, as its sole remedy, by written notice to the Borrower, to declare this Note to be, and upon such declaration this Note shall be and become, immediately due and payable. The occurrence of any of the following events shall constitute an “Event of Default”:
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(a) |
The Borrower fails to pay to the Holder, when due, the full amount outstanding under this Note in full by December 31, 2024; |
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Any liquidation, dissolution, or winding up of the Borrower, whether voluntary or involuntary; |
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The institution by the Borrower of proceedings to be adjudicated as bankrupt or insolvent, or the consent by the Borrower to institution of bankruptcy or insolvency proceedings against the Borrower (or of any substantial part of its property) under any federal or state law, or the consent by the Borrower to or acquiescence in the filing of any petition relating thereto, or the appointment of a receiver, liquidator, assignee, trustee, or other similar official of the Borrower, or the making by the Borrower of an assignment for the benefit of creditors, or the admission by the Borrower in writing of its inability to pay its debts generally as such debts become due; or |
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(d) |
Commencement of proceedings against the Borrower seeking any bankruptcy, insolvency, liquidation, dissolution, or similar relief under any present or future statute, law, or regulation, if such proceedings have not been dismissed or stayed within ninety (90) days of commencement thereof, or the setting aside of any such stay of any such proceedings, or the appointment without the consent or acquiescence of the equity holders of the Borrower of any trustee, receiver, or liquidator of the Borrower or of all or any substantial portion of the properties of the Borrower, if such appointment has not been vacated within ninety (90) days thereof. |
5. Waivers. The Borrower hereby waives presentment, demand for payment, notice of non-performance, protest, notice of protest, and notice of dishonor with respect to this Note. Other than pursuant to a writing by the Holder, no failure to exercise any right of the Holder with respect to this Note, nor any delay in or waiver of the exercise thereof, shall impair any such right or be deemed to be a waiver thereof.
6. Miscellaneous.
6.1. Amendment. Any amendment to this Note or any term hereof must be in a writing signed by the Borrower and the Holder.
6.2. Assignment. Neither the Borrower nor the Holder may assign its rights or delegate any obligations hereunder without the prior written consent of the other party.
6.3. Successors and Assigns. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective executors, administrators, heirs, successors, and assigns of the parties.
6.4. Loss or Mutilation of Note. Upon receipt by the Borrower of evidence satisfactory to the Borrower of the loss, theft, destruction, or mutilation of this Note, together with indemnity reasonably satisfactory to the Borrower (in the case of loss, theft, or destruction), or the surrender and cancellation of this Note (in the case of mutilation), the Borrower shall execute and deliver to the Holder a new Note of like tenor and denomination as this Note. Principal is payable only to the registered Holder of this Note.
6.5. Governing Law; Venue. The terms of this Note shall be construed in accordance with the laws of the State of Colorado, without regard to its conflicts-of-law principles. The parties agree that the exclusive venue for any claims arising under this Note shall be the federal or state courts located in Denver County, State of Colorado and each party submits to the personal jurisdiction thereof and hereby waives any argument that such venue is not convenient.
6.6. Notices. All notices or other communications hereunder shall be in writing and shall be deemed given on (a) the day delivered in person or (b) the next business day if sent by overnight delivery services to the address provided by such recipient party to the sender party.
6.7. Severability. If any term or provision of this Note is held to be invalid, illegal, or unenforceable under applicable law, such term(s) or provision(s) shall be excluded from this Note, and the balance of this Note shall be interpreted as if such term(s) or provision(s) were so excluded and shall be enforceable in accordance with its terms.
6.8. Counterparts and Electronic Signatures. This Note may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Electronic copies of signatures shall be deemed to be originals.
[Signature Page Follows]
IN WITNESS WHEREOF, the undersigned has caused this Note to be effective as of the date first set forth above.
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BORROWER: |
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ENSERVCO CORPORATION |
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By: |
/s/ Mark Patterson | ||
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Name: Mark Patterson |
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Title: Chief Financial Officer |
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Exhibit 10.11
STOCK PLEDGE AGREEMENT
This Stock Pledge Agreement, effective as of August 9, 2024 (this “Pledge Agreement”), made by and between Enservco Corporation, a Delaware corporation (the “Pledgor”) in favor of Star Equity Holdings, Inc., a Delaware corporation and its affiliate Star Equity Investment Holdings, LLC, a Delaware limited liability company (the “Secured Party”).
A. Concurrent with the execution and delivery of this Pledge Agreement, the Pledgor has executed and delivered a Promissory Note of even date herewith in the original principal amount of $1,000,000.00 (the “Note”). Capitalized terms used but not defined herein shall have the meanings set forth in the Note.
B. This Pledge Agreement is given by the Pledgor in favor of the Secured Party to secure the payment and performance of the Pledgor’s obligations under the Note.
NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Definitions.
(a) Unless otherwise specified herein, all references to Sections and Schedules herein are to Sections and Schedules of this Agreement.
(b) Unless otherwise defined herein, terms used herein that are defined in the UCC shall have the meanings assigned to them in the UCC. However, if a term is defined in Article 9 of the UCC differently than in another Article of the UCC, the term has the meaning specified in Article 9.
(c) For purposes of this Pledge Agreement, the following terms shall have the following meanings:
“Collateral” has the meaning set forth in Section 2.
“Event of Default” has the meaning set forth in the Note.
“Pledged Shares” means the shares of stock described in Schedule 1 hereto and issued by the Secured Party, and the certificates, instruments and agreements representing the Pledged Shares and includes any securities or other interests, howsoever evidenced or denominated, received by the Pledgor in exchange for or as a dividend or distribution on or otherwise received in respect of the Pledged Shares as the same may be reduced on a pro rata basis with repayment under the Note as further described herein or in Schedule 1 hereto.
“Proceeds” means “proceeds” as such term is defined in Section 9-102 of the UCC and, in any event, shall include, without limitation, all dividends or other income from the Pledged Shares, collections thereon or distributions with respect thereto.
“Secured Obligations” has the meaning set forth in Section 3.
“UCC” means the Uniform Commercial Code as in effect from time to time in the State of Delaware or, when the laws of any other state govern the method or manner of the perfection or enforcement of any security interest in any of the Collateral, the Uniform Commercial Code as in effect from time to time in such state.
2. Pledge. The Pledgor hereby pledges, assigns and grants to the Secured Party, and hereby creates a continuing first priority lien and security interest in favor of the Secured Party in and to all of its right, title and interest in and to the following, wherever located, whether now existing or hereafter from time to time arising or acquired (collectively, the “Collateral”):
(a) the Pledged Shares; and
(b) all Proceeds and products of the foregoing, all books and records relating to the foregoing, all supporting obligations related thereto, and all accessions of and to, substitutions and replacements for, and profits and products of, each of the foregoing, and any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to the Pledgor from time to time with respect to any of the foregoing.
On or before the 15th day of each month in which the Pledgor makes a timely payment to Secured Party under the Note, Secured Party shall release from its security interest a number of Pledged Shares equal to percentage obtained by multiplying the number of Pledged Shares on the date of this Agreement by a percentage equal to the amount of the principal payment made by the Borrower divided by the original principal balance of the Note on the date of this Pledge Agreement. The Secured Party shall provide such instructions to its transfer agent as is necessary to reflect the release of such Pledged Shares as set forth in this paragraph.
3. Secured Obligations. The Collateral secures the due and prompt payment and performance of:
(a) the obligations of the Pledgor from time to time arising under the Note, this Pledge Agreement or otherwise with respect to the due and prompt payment of (i) the principal amount of the Note, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise and (ii) all other monetary obligations, including fees, costs, attorneys' fees and disbursements, reimbursement obligations, contract causes of action, expenses and indemnities, whether primary or secondary, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), of the Pledgor under or in respect of the Note and this Pledge Agreement; and
(b) all other covenants, duties, debts, obligations and liabilities of any kind of the Pledgor under or in respect of the Note or this Pledge Agreement, in each case whether evidenced by a note or other writing, whether allowed in any bankruptcy, insolvency, receivership or other similar proceeding, whether arising from an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty, indemnification or otherwise, and whether primary or secondary, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, fixed or otherwise
(all such obligations, covenants, duties, debts, liabilities, sums and expenses set forth in Section 3 being herein collectively called the “Secured Obligations”).
4. Perfection of Pledge.
(a) The Pledgor shall, from time to time, as may be required by the Secured Party with respect to all Collateral, immediately take all actions as may be requested by the Secured Party to perfect the security interest of the Secured Party in the Collateral, including, without limitation, with respect to all Collateral over which control may be obtained within the meaning of Section 8-106 of the UCC, the Pledgor shall immediately take all actions as may be requested from time to time by the Secured Party so that control of such Collateral is obtained and at all times held by the Secured Party. All the foregoing shall be at the sole cost and expense of the Pledgor.
(b) The Pledgor hereby irrevocably authorizes the Secured Party at any time and from time to time to file in any relevant jurisdiction any financing statements and amendments thereto that contain the information required by Article 9 of the UCC of each applicable jurisdiction for the filing of any financing statement or amendment relating to the Collateral, without the signature of the Pledgor where permitted by law. The Pledgor agrees to provide all information required by the Secured Party pursuant to this Section promptly to the Secured Party upon request.
(c) The Pledgor and Secured Party agree that concurrent with the execution and delivery of this Agreement, they will provide the Notice of Pledge and Control Agreement in substantially the form set forth as Exhibit A to this Pledge Agreement (the “Control Agreement”) to the Secured Party (as issuer of the Pledge Shares) and/or its third party transfer agent, if applicable.
5. Representations and Warranties. The Pledgor represents and warrants as follows:
(a) The Pledged Shares are subject to no options to purchase or similar rights. All information set forth in Schedule 1 relating to the Pledged Shares is accurate and complete.
(b) At the time the Collateral becomes subject to the lien and security interest created by this Pledge Agreement, the Pledgor will be the sole, direct, legal and beneficial owner thereof, free and clear of any lien, security interest, encumbrance, claim, option or right of others except for the security interest created by this Pledge Agreement.
(c) The pledge of the Collateral pursuant to this Pledge Agreement creates a valid and perfected first priority security interest in the Collateral, securing the payment and performance when due of the Secured Obligations.
(d) The Pledgor has full power, authority and legal right to pledge the Collateral pursuant to this Pledge Agreement.
(e) This Pledge Agreement has been duly authorized, executed and delivered by the Pledgor and constitutes a legal, valid and binding obligation of the Pledgor enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally and subject to equitable principles (regardless of whether enforcement is sought in equity or at law).
(f) No authorization, approval, or other action by, and no notice to or filing with, any governmental authority, regulatory body or any other entity is required for the pledge by the Pledgor of the Collateral pursuant to this Pledge Agreement or for the execution and delivery of this Pledge Agreement by the Pledgor.
(g) The execution and delivery of this Pledge Agreement by the Pledgor and the performance by the Pledgor of his obligations hereunder, will not violate any provision of any applicable law or regulation or any order, judgment, writ, award or decree of any court, arbitrator or governmental authority, domestic or foreign, applicable to the Pledgor or any of his property, or any agreement or instrument to which the Pledgor is party or by which he or his property is bound.
(h) The Pledgor has taken all action required on its part for control (as defined in Section 8-106 of the UCC) to have been obtained by the Secured Party over all Collateral with respect to which such control may be obtained pursuant to the UCC. No person other than the Secured Party has control or possession of all or any part of the Collateral. Without limiting the foregoing, all certificates, agreements or instruments representing or evidencing the Pledged Shares in existence on the date hereof have been delivered to the Secured Party in suitable form for transfer by delivery or accompanied by duly executed undated instruments of transfer or assignment in blank.
6. Dividends and Voting Rights.
(a) The Secured Party agrees that unless an Event of Default shall have occurred and be continuing, the Pledgor may, to the extent the Pledgor has such right as a holder of the Pledged Shares, vote and give consents, ratifications and waivers with respect thereto, except to the extent that, in the Secured Party’s reasonable judgment, any such vote, consent, ratification or waiver could detract from the value thereof as Collateral or which could be inconsistent with or result in any violation of any provision of the Note or this Pledge Agreement.
(b) The Secured Party agrees that the Pledgor may, unless an Event of Default shall have occurred and be continuing, receive and retain all dividends and other distributions with respect to the Pledged Shares, but if an Event of Default has occurred the Secured Party may direct any dividends to be paid immediately to the Secured Party.
7. Further Assurances.
(a) The Pledgor shall, at its own cost and expense, defend title to the Collateral and the first priority lien and security interest of the Secured Party therein against the claim of any person claiming against or through the Pledgor and shall maintain and preserve such perfected first priority security interest for so long as this Agreement shall remain in effect.
(b) The Pledgor agrees that at any time and from time to time, at the expense of the Pledgor, the Pledgor will promptly execute and deliver all further instruments and documents, obtain such agreements from third parties, and take all further action, that may be necessary or desirable, or that the Secured Party may request, in order to create and/or maintain the validity, perfection or priority of and protect any security interest granted or purported to be granted hereby or to enable the Secured Party to exercise and enforce its rights and remedies hereunder or under any other agreement with respect to any Collateral.
8. Transfers and Other Liens. The Pledgor agrees that it will not sell, offer to sell, dispose of, convey, assign or otherwise transfer, grant any option with respect to, restrict, or grant, create, permit or suffer to exist any mortgage, pledge, lien, security interest, option, right of first offer, encumbrance or other restriction or limitation of any nature whatsoever on, any of the Collateral or any interest therein except as expressly provided for herein or with the prior written consent of the Secured Party.
9. Secured Party Appointed Attorney-in-Fact. The Pledgor hereby appoints the Secured Party the Pledgor’s attorney-in-fact, with full authority in the place and stead of the Pledgor and in the name of the Pledgor or otherwise, from time to time during the continuance of an Event of Default in the Secured Party’s discretion to take any action and to execute any instrument which the Secured Party may deem necessary or advisable to accomplish the purposes of this Pledge Agreement, including, without limitation, to receive, endorse and collect all instruments made payable to the Pledgor representing any dividend, interest payment or other distribution in respect of the Collateral or any part thereof and to give full discharge for the same (but the Secured Party shall not be obligated to and shall have no liability to the Pledgor or any third party for failure to do so or take action). Such appointment, being coupled with an interest, shall be irrevocable. The Pledgor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof.
10. Secured Party May Perform. If the Pledgor fails to perform any obligation contained in this Pledge Agreement, or if any representation or warranty on the part of the Pledgor contained herein shall be breached, the Secured Party may itself perform, or cause performance of, such obligation, or remedy such breach, and the expenses of the Secured Party incurred in connection therewith shall be payable by the Pledgor; provided that the Secured Party shall not be required to perform or discharge any obligation of the Pledgor. Neither the provisions of this Section 10 nor any action taken by the Secured Party pursuant to the provisions of this Section 10 shall prevent any such failure to observe any covenant contained in this Pledge Agreement or any breach of representation or warranty from constituting an Event of Default.
11. Remedies Upon Default.
(a) If any Event of Default shall have occurred and be continuing, the Secured Party may, without any other notice to or demand upon the Pledgor, assert all rights and remedies of a secured party under the UCC or other applicable law, including, without limitation, the right to take possession of, hold, collect, sell, lease, deliver, grant options to purchase or otherwise retain, liquidate or dispose of all or any portion of the Collateral. If notice prior to disposition of the Collateral or any portion thereof is necessary under applicable law, written notice mailed to the Pledgor at its notice address as provided in Section 15 ten (10) days prior to the date of such disposition shall constitute reasonable notice, but notice given in any other reasonable manner shall be sufficient. So long as the sale, redemption, or cancellation of the Collateral is made in a commercially reasonable manner, the Secured Party may sell, redeem, or cancel such Collateral on such terms and to such purchaser(s) as the Secured Party in its absolute discretion may choose, without assuming any credit risk and without any obligation to advertise or give notice of any kind other than that necessary under applicable law. Without precluding any other methods of sale or divestiture, the sale of the Collateral or any portion thereof shall have been made in a commercially reasonable manner if conducted in conformity with reasonable commercial practices of creditors disposing of similar property. To the extent permitted by applicable law, the Pledgor waives all claims, damages and demands it may acquire against the Secured Party arising out of the exercise by it of any rights hereunder. The Pledgor hereby waives and releases to the fullest extent permitted by law any right or equity of redemption with respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the Collateral and any other security for the Secured Obligations or otherwise. Neither the Secured Party nor any custodian shall be liable for failure to collect or realize upon any or all the Collateral or for any delay in so doing, nor shall it be under any obligation to take any action whatsoever with regard thereto. The Secured Party shall not be obligated to clean-up or otherwise prepare the Collateral for sale.
(b) If any Event of Default shall have occurred and be continuing, all rights of the Pledgor to (i) exercise the voting and other consensual rights it would otherwise be entitled to exercise pursuant to Section 6(a) and (ii) receive the dividends and other distributions which it would otherwise be entitled to receive and retain pursuant to Section 6(b), shall immediately cease, and all such rights shall thereupon become vested in the Secured Party, which shall have the sole right to exercise such voting and other consensual rights and receive and hold such dividends and other distributions as Collateral.
(c) If any Event of Default shall have occurred and be continuing, any cash held by the Secured Party as Collateral and all cash Proceeds received by the Secured Party in respect of any sale of, collection from, or other realization upon all or any part of the Collateral shall be applied in whole or in part by the Secured Party to the payment of expenses incurred by the Secured Party in connection with the foregoing or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Secured Party hereunder, including reasonable attorneys' fees, and the balance of such proceeds shall be applied or set off against all or any part of the Secured Obligations in such order as the Secured Party shall elect. Any surplus of such cash or cash Proceeds held by the Secured Party and remaining after payment in full of all the Secured Obligations shall be paid over to the Pledgor or to whomsoever may be lawfully entitled to receive such surplus. The Pledgor shall remain liable for any deficiency if such cash and the cash Proceeds of any sale or other realization of the Collateral are insufficient to pay the Secured Obligations and the fees and other charges of any attorneys employed by the Secured Party to collect such deficiency.
(d) If the Secured Party shall determine to exercise its rights to sell all or any of the Collateral pursuant to this Section, the Pledgor agrees that, upon request of the Secured Party, the Pledgor will, at its own expense, do or cause to be done all such acts and things as may be necessary to make such sale of the Collateral or any part thereof valid and binding and in compliance with applicable law.
12. No Waiver and Cumulative Remedies. The Secured Party shall not by any act (except by a written instrument pursuant to Section 14), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. All rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies provided by law.
13. Waiver. The Pledgor hereby waives demand, notice, protest, notice of acceptance of this Pledge Agreement, notice of loan made, credit extended, Collateral received or delivered, or other action taken in reliance hereon and all other demands and notices of any description.
14. Amendments. None of the terms or provisions of this Pledge Agreement may be amended, modified, supplemented, terminated or waived, and no consent to any departure by the Pledgor therefrom shall be effective unless the same shall be in writing and signed by the Secured Party and the Pledgor, and then such amendment, modification, supplement, waiver or consent shall be effective only in the specific instance and for the specific purpose for which made or given.
15. Addresses For Notices. All notices and other communications provided for in this Agreement shall be in writing and shall be given in the manner and become effective as set forth in the Note Agreement and addressed to the respective parties at their addresses as specified therein or as to either party at such other address as shall be designated by such party in a written notice to each other party.
16. Continuing Security Interest; Further Actions. This Agreement shall create a continuing first priority lien and security interest in the Collateral and shall (a) subject to Section 17, remain in full force and effect until payment and performance in full of the Secured Obligations, (b) be binding upon the Pledgor, its successors and assigns, and (c) inure to the benefit of the Secured Party and its successors, transferees and assigns; provided that the Pledgor may not assign or otherwise transfer any of its rights or obligations under this Pledge Agreement without the prior written consent of the Secured Party. Without limiting the generality of the foregoing clause (c), any assignee of the Secured Party’s interest in any agreement or document which includes all or any of the Secured Obligations shall, upon assignment, become vested with all the benefits granted to the Secured Party herein with respect to such Secured Obligations.
17. Termination; Release. On the date on which the Note and other Secured Obligations have been paid and performed in full, the Secured Party will, within five (5) days of such payment or performance and at the sole expense of the Pledgor, (a) duly assign, transfer and deliver to or at the direction of the Pledgor (without recourse and without any representation or warranty) such of the Collateral as may then remain in the possession of the Secured Party, together with any monies at the time held by the Secured Party hereunder, and (b) execute and deliver to the Pledgor a proper instrument or instruments acknowledging the satisfaction and termination of this Agreement.
18. Governing Law. This Agreement and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement and the transactions contemplated hereby shall be governed by, and construed in accordance with, the laws of the State of Minnesota.
19. Counterparts. This Pledge Agreement and any amendments, waivers, consents or supplements hereto may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page to this Pledge Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Pledge Agreement. This Pledge Agreement and the Note constitute the entire contract among the parties with respect to the subject matter hereof and supersede all previous agreements and understandings, oral or written, with respect thereto.
[Signature Page Follows]
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
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PLEDGOR:
Enservco Corporation |
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By: |
/s/ Mark Patterson |
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Name: |
Mark Patterson |
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Title: |
Chief Financial Officer |
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SECURED PARTY:
Star Equity Investment Holdings, Inc. |
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By: |
/s/ Richard K. Coleman, Jr. |
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Name: |
Richard K. Coleman, Jr. |
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Title: |
CEO |
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Signature Page – Stock Pledge Agreement
SCHEDULE 1 TO STOCK PLEDGE AGREEMENT
PLEDGED SHARES
250,000 shares of Series A Cumulative Preferred Stock in stock in Star Equity Holdings, Inc., a Delaware corporation.
Document And Entity Information |
Aug. 06, 2024 |
|---|---|
| Document Information [Line Items] | |
| Entity, Registrant Name | Enservco Corporation |
| Document, Type | 8-K/A |
| Document, Period End Date | Aug. 06, 2024 |
| Entity, Incorporation, State or Country Code | DE |
| Entity, File Number | 001-36335 |
| Entity, Tax Identification Number | 84-0811316 |
| Entity, Address, Address Line One | 14133 County Road 9½ |
| Entity, Address, City or Town | Longmont |
| Entity, Address, State or Province | CO |
| Entity, Address, Postal Zip Code | 80504 |
| City Area Code | 303 |
| Local Phone Number | 333-3678 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock |
| Trading Symbol | ENSV |
| Security Exchange Name | NYSE |
| Entity, Emerging Growth Company | false |
| Amendment Description | Form 8-K/A date of report 08-06-24 |
| Amendment Flag | true |
| Entity, Central Index Key | 0000319458 |
1 Year ENSERVCO Chart |
1 Month ENSERVCO Chart |
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