First Amendment to Loan and Security Agreement dated September 8, 2022 between EVO Transportation & Energy Services, Inc., Thunder Ridge Transport, Inc., Billy (Trey) Peck Jr., and Clean Energy
Exhibit 10.14
FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT
This First Amendment (“First Amendment”) to the Loan and Security Agreement by and between Clean Energy, a California corporation (“Lender”) and Thunder Ridge Transport, Inc., a Missouri corporation (“Borrower”) dated as of August 31, 2017 (the “Agreement”), is made and executed effective as of September 2, 2022 (the “First Amendment Effective Date”) by and among Lender, Borrower, EVO Transportation & Energy Services, Inc., a Delaware corporation (“EVO”), and Billy L. (Trey) Peck Jr. (“Peck”).
Lender, Borrower, EVO, and Peck are, from time to time, referred to herein collectively as the “Parties”. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Agreement, the Guaranty (as defined below), and the Consent Letter (as defined below).
RECITALS
WHEREAS, the Lender and Borrower entered into the Agreement on August 31, 2017;
WHEREAS, on August 31, 2017, Peck as Guarantor, and Lender as Guarantied Party, entered into a Guaranty in favor of Lender of the Guarantied Obligations pursuant to the Agreement (the “Guaranty”);
WHEREAS, on May 24, 2018, Borrower, EVO, Peck, and Lender executed a Consent Letter (the “Consent Letter”) whereby (i) Lender consented to a Transaction documented in a Purchase Agreement by and among Borrower, EVO, and Peck pursuant to which EVO acquired 100% of the equity interests of Borrower, and (ii) EVO agreed to guaranty the Guarantied Obligations of Borrower under the Agreement following consummation of the Transaction; and
WHEREAS, the Parties wish to amend the Agreement on the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants and obligations of the Parties herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
AMENDMENT
“Borrower and Lender agree that the aggregate amount due to Lender under the Agreement as of the date hereof is $1,290,663.91. Borrower shall make payments to Lender, without interest, in accordance with the amounts and dates in the payment schedule set forth below:
o $75,000 by September 30, 2022;
o $75,000 by October 31, 2022;
o $75,000 by November 30, 2022;
o $75,000 by December 31, 2022;
o $75,000 by January 31, 2023; and
o $75,000 by February 28, 2023;
Any cash payments received following the date of this First Amendment by EVO, Borrower, or any of their subsidiaries or affiliates from the United States Postal Service (the “USPS”) (such cash proceeds, the “DRO Proceeds”) in connection with the final and complete resolution or settlement of EVO’s claim for reimbursement with respect to services provided by EVO or its affiliates under certain USPS “Dynamic Route Optimization” contracts for the period from May 1, 2021 through May 31, 2022 shall be applied in full towards satisfaction of the payment amounts set forth above; provided, however, that Lender shall not be entitled to receive any portion of the DRO Proceeds until EVO has received DRO Proceeds in an amount equal to at least $3,200,000 with respect to over-advances provided to EVO by Advance Business Capital LLC d/b/a Triumph Business Capital. Notwithstanding the payment schedule set forth above, and subject to the proviso in the immediately preceding sentence, any such payment shall be made to Lender promptly and in full following receipt of the DRO Proceeds from USPS.”
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Exhibit 10.14
IN WITNESS WHEREOF, the Parties have caused this First Amendment to be signed as of the First Amendment Effective Date.
CLEAN ENERGY | EVO TRANSPORTATION & ENERGY SERVICES |
By: /s/ Chad Lindholm | By: /s/ Thomas J. Abood |
Name: Chad Lindholm | Name: Thomas J. Abood |
Title: Senior Vice President | Title: Chief Executive Officer |
THUNDER RIDGE TRANSPORT, INC. | BILLY L. (TREY) PECK JR. |
By: /s/ Thomas J. Abood |
By: /s/ Billy L. (Trey) Peck Jr. |
Name: Thomas J. Abood | Name: |
Title: Chief Executive Officer | Title: |