Exhibit
10.1


 


	CONFIDENTIAL	Execution Version






  


STOCK
PURCHASE AND SALE AGREEMENT


 


dated
as of June 15, 2021


 


by
and among


 


Transportation
and Logistics Systems, Inc., a Nevada corporation


 


and


 


Anthony
Berritto, the sole stockholder of Salson Logistics, Inc. and


 


Salson
Logistics, Inc., a Georgia corporation


 




    	i



     


    

 







	ARTICLE
    I. PURCHASE AND SALE OF SHARES	1
	SECTION
    1.1 PURCHASE AND SALE.	1
	SECTION
    1.2. CLOSING.	1
	SECTION
    1.3. CONSIDERATION.	2
	SECTION
    1.4. PURCHASE PRICE ADJUSTMENT.	3
	 	 
	ARTICLE
    II. REPRESENTATIONS AND WARRANTIES OF BUYER	6
	SECTION
    2.1. DUE ORGANIZATION.	6
	SECTION
    2.2. AUTHORIZATION; NON-CONTRAVENTION; APPROVALS.	6
	SECTION
    2.3. NOTE AND BUYER units.	7
	SECTION
    2.4. EXEMPT TRANSACTION; DISCLOSURE.	7
	 	 
	ARTICLE
                                            III. REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND

                                                                           SHAREHOLDERS
	8
	SECTION
    3.1. DUE ORGANIZATION.	8
	SECTION
    3.2. AUTHORIZATION; NON-CONTRAVENTION; APPROVALS.	8
	SECTION
    3.3. CAPITALIZATION.	9
	SECTION
    3.4. SUBSIDIARIES.	9
	SECTION
    3.5. FINANCIAL STATEMENTS.	9
	SECTION
    3.6. LIABILITIES AND OBLIGATIONS.	10
	SECTION
    3.7. ACCOUNTS AND NOTES RECEIVABLE.	11
	SECTION
    3.8. ASSETS.	11
	SECTION
    3.9. MATERIAL CUSTOMERS AND CONTRACTS.	12
	SECTION
    3.10. PERMITS.	12
	SECTION
    3.11. ENVIRONMENTAL AND SAFETY LAWS.	13
	SECTION
    3.12. LABOR AND EMPLOYEE RELATIONS AND INDEPENDENT CONTRACTORS	13
	SECTION
    3.13. INSURANCE.	13
	SECTION
    3.14. COMPENSATION; EMPLOYMENT AGREEMENTS AND INDEPENDENT CONTRACTOR AGREEMENTS.	14
	SECTION
    3.15. EMPLOYEE BENEFIT PLANS.	14
	SECTION
    3.16. LITIGATION AND COMPLIANCE WITH THE LAW.	15
	SECTION
    3.17. TAXES.	15
	SECTION
    3.18. ABSENCE OF CHANGES.	16
	SECTION
    3.19. ACCOUNTS WITH BANKS, BROKERAGES; POWERS OF ATTORNEY	17
	SECTION
    3.20. ABSENCE OF CERTAIN BUSINESS PRACTICES.	17



 






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                                                                           SECTION
                                            3.21. COMPETING LINES OF BUSINESS; RELATED-PARTY TRANSACTIONS.
	17
	SECTION
    3.22. INTANGIBLE PROPERTY.	17
	SECTION
    3.23. DISCLOSURE.	17
	SECTION
    3.24. ABSENCE OF CERTAIN CHANGES OR EVENTS.	18
	SECTION
    3.25. AGREEMENTS AND ACTIONS.	18
	SECTION
    3.26. BROKERS OR FINDERS.	18
	 	 
	ARTICLE
    IV. CONDUCT OF THE BUSINESS PENDING THE CLOSING	19
	 	 
	ARTICLE
    V. CLOSING DELIVERIES AND CONDITIONS	20
	SECTION
    5.1 CONDITIONS PRECEDENT TO OBLIGATIONS OF THE COMPANY AND THE SHAREHOLDERS.	20
	(a)
    Compliance.	20
	(b)
    Representations and Warranties.	21
	(c)
    Consents, Licenses and Approvals.	21
	(d)
    Transaction Documents.	21
	(e)
    Related Transactions.	21
	SECTION
    5.2. CLOSING DELIVERIES OF THE COMPANY AND THE SHAREHOLDERS.	21
	SECTION
    5.3. CONDITIONS PRECEDENT TO OBLIGATIONS OF THE BUYER.	23
	(a)
    Compliance.	23
	(b)
    Representations and Warranties.	23
	(c)
    Consents, Licenses and Approvals.	23
	(d)
    Financing (e) Transaction Documents.	23
	(f)
    Disclosure Schedule Updates.	23
	(g)
    Additional Conditions to Buyers Performance:	23
	SECTION
    5.4. CLOSING DELIVERIES OF THE BUYER.	24
	 	 
	ARTICLE
    VI. COVENANTS OF THE PARTIES	24
	SECTION
    6.1. AFFIRMATIVE COVENANTS.	24
	SECTION
    6.2. FULL ACCESS.	24
	SECTION
    6.3. CONFIDENTIALITY.	25
	SECTION
    6.4. FILINGS; CONSENTS; REMOVAL OF OBJECTIONS.	25
	SECTION
    6.5. FURTHER ASSURANCES; COOPERATION; NOTIFICATION.	26
	SECTION
    6.6. PUBLIC ANNOUNCEMENTS.	27
	SECTION
    6.7. AGREEMENT REGARDING THE COMPANY ACCOUNTS RECEIVABLES.	27



 






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	Section
    6.8. INVESTMENT REPRESENTATION	27
	SECTION
    7.1. INVESTMENT REPRESENTATION.	28
	SECTION
    7.2. GENERAL INDEMNIFICATION BY THE SHAREHOLDERS.	28
	 	 
	ARTICLE
    VIII. LIMITATIONS ON COMPETITION	31
	SECTION
    8.1. PROHIBITED ACTIVITY.	31
	(a)
    NON-COMPETITION.	31
	(b)
    NON-SOLICITATION OF CUSTOMERS AND SUPPLIERS	32
	(c)
    NON-SOLICITATION OF EMPLOYEES	32
	(d)
    NO SHOP	32
	SECTION
    8.2. DAMAGES.	32
	SECTION
    8.3. REASONABLE RESTRAINT.	33
	SECTION
    8.4. INDEPENDENT COVENANT.	33
	SECTION
    8.5. MATERIALITY.	33
	 	 
	ARTICLE
    IX. MISCELLANEOUS	33
	SECTION
    9.1. TERMINATION.	33
	SECTION
    9.2. EXPENSES.	33
	SECTION
    9.3. SUBMISSION TO JURISDICTION AND ARBITRATION.	33
	SECTION
    9.4. SURVIVAL.	34
	SECTION
    9.5. SUCCESSORS AND ASSIGNS.	34
	SECTION
    9.6. ENTIRE AGREEMENT AND AMENDMENT.	34
	SECTION
    9.7. NOTICES.	35
	SECTION
    9.8. DELAYS OR OMISSIONS.	36
	SECTION
    9.9. GOVERNING LAW.	36
	SECTION
    9.10. COUNTERPARTS.	36
	SECTION
    9.11. SEVERABILITY AND ENFORCEMENT.	36
	 	 
	ARTICLE
    X CERTAIN DEFINITIONS	37


 




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STOCK
PURCHASE AND SALE AGREEMENT


 


This
Stock Purchase and Sale Agreement (this “Agreement”), dated as of June ___, 2021 (the “Agreement Date”),
is by and among Transportation and Logistics Systems, Inc., a Nevada corporation (“TLSS” or the “Buyer”), and
Anthony Berritto (the “Shareholder,” who is the sole shareholder of Salson Logistics, Inc., a Georgia corporation
(the “Company”)) and the Company. Each of the parties to this Agreement is individually referred to herein as a “Party”
and collectively, as the “Parties.”


 


RECITALS


 


	A.	The
                                            sole Shareholder, Anthony Berritto, a resident of the State of Florida, owns one hundred
                                            percent (100%) of all the issued and outstanding shares of capital stock of the Company (the
                                            “Shares”). The Company and the Shareholder desire to sell to Buyer, and
                                            Buyer desires to purchase from the Shareholder, one hundred percent (100%) of the Shares,
                                            on terms and subject to the conditions of this Agreement.



 


	B.	The
                                            Buyer and Anthony Berritto agree to enter into an employment agreement which shall be between
                                            the Company (as a wholly-owned subsidiary of TLSS as a result of the closing of the “Transaction”
                                            (as hereafter defined) contemplated hereby) and Mr. Berritto.



 


	C.	Upon
                                            Closing, the Company is to be wholly-owned by the Buyer and shall continue operating as Salson
                                            Logistics, Inc., a Georgia corporation.



 


NOW,
THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements contained in this Agreement,
the Parties, intending to be legally bound, hereby agree as follows:


 


ARTICLE
I


 


PURCHASE
AND SALE OF SHARES


 


SECTION
1.1 PURCHASE AND SALE.


 


Subject
to the terms and conditions of this Agreement, at Closing, the Shareholder shall sell, assign, transfer and convey to the Buyer all of
his rights, title and interest in and to the Shares, free and clear of any liens, encumbrances and claims of every kind.


 


SECTION
1.2. CLOSING.


 


Subject
to the terms and conditions of this Agreement, the consummation of the Transaction (the “Closing”) shall be on or
before ninety (90) days after the Agreement Date, provided that all conditions set forth in Sections 5.1 and 5.3 shall have been satisfied
or waived by the Party or Parties entitled to the benefits thereof of such conditions, or at such other place, time and date as shall
be agreed in writing between the Company and the Buyer. All actions taken at the Closing shall be deemed to have been taken simultaneously
at the time the last of any such actions is taken or completed. The date on which the Closing occurs is referred to in this Agreement
as the “Closing Date”. Notwithstanding the foregoing, the Buyer shall have the one time right to extend the Closing
Date for period of fifteen (15) days, provided the Buyer provides written evidence to the Shareholder of Buyer’s “Loan Approval”
(as hereinafter defined).


 




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SECTION
1.3. CONSIDERATION.


 


	(a)	The
                                            consideration to be paid by the Buyer to the Shareholder for all of the Shares of the Company
                                            shall equal Ninety Million (US $90,000,000) Dollars (the “Purchase Price”),
                                            calculated based on the following formula: seven and one-half (7.5) times verifiable twelve
                                            (12) months trailing earnings before interest, taxes, depreciation and amortization (“EBITDA”),
                                            to be calculated in accordance with Schedule 1.3(a) (for example, rents payable
                                            to Shareholder, or an affiliate of Shareholder, in excess of fair market value, may increase
                                            earnings), the product of which shall not exceed the Purchase Price, provided, however, in
                                            the event verifiable EBITDA for the full twelve (12) calendar month period ending prior to
                                            the month of the Closing Date, is less than $12,000,000, then the Purchase Price shall be
                                            adjusted according to the formula above, and which Purchase Price shall also be subject to
                                            adjustment pursuant to Section 1.4 hereof, and which shall be payable at the Closing as follows:



 


		(i)	Buyer
                                            will deliver to Shareholder an amount of TLSS’s common stock equal to 19.9% of the
                                            outstanding shares of TLSS (the “TLSS Shares”) calculated pursuant to the terms
                                            below. Should the value of 19.9% of the outstanding shares of TLSS be less than $20 Million,
                                            calculated pursuant to the terms below, the difference between $20 Million and the value
                                            of 19.9% of the outstanding shares of TLSS calculated pursuant to the terms below, will be
                                            added to the principal amount of the “Note” (as hereinafter defined). Should
                                            the value of 19.9% of the outstanding shares of TLSS be more than $20 Million, calculated
                                            pursuant to the terms below, the difference between the value of 19.9% of the outstanding
                                            shares of TLSS calculated pursuant to terms below, will be subtracted from the principal
                                            amount of the Note. The TLSS Shares shall have a per share value equal to the average of
                                            the closing price for five (5) consecutive trading days ending on the third “Business
                                            Day” (as hereinafter defined) before the Closing Date (by way of example, if the Closing
                                            Date is a Friday then the per share value shall be the average of the closing prices of the
                                            five days ending on the prior Tuesday);



 


		(ii)	Buyer
                                            will deliver to Shareholder Fifty Million (US $50,000,000) Dollars in immediately available
                                            funds, less the amounts required to be placed in escrow for unforgiven “PPP Loans”
                                            (as hereinafter defined). To the extent there are unforgiven PPP Loans as of the Closing
                                            Date, the Buyer shall deposit the amount of the unforgiven PPP Loan balance, pursuant to
                                            the US Small Business Administration (“SBA”) Procedural Notice 5000-20057, in
                                            an interest bearing escrow account controlled by the lender servicing said PPP Loans. In
                                            the event all or a portion of the PPP Loans for which such amounts being held in escrow,
                                            are forgiven, then the amounts being held in escrow shall be disbursed to the Shareholder;
                                            and



 




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		(iii)	Buyer
                                            will deliver to Shareholder a secured promissory note in the principal amount of Twenty Million
                                            (US $20,000,000) Dollars, which principal amount shall be subject to the provisions of Section
                                            1.3(a)(i) above and the provisions of Section 1.4, which shall be in the form attached hereto
                                            and upon the terms set forth therein (the “Note”). The term of the Note
                                            shall be sixty (60) months and interest shall accrue thereon at a rate of One and Seven Hundredths
                                            (1.07%) percent per annum. Principal and interest shall be due to the Shareholder on a monthly
                                            basis, based on a twenty-five (25) year amortization, with a balloon payment due on the maturity
                                            date of the Note. The Note may be prepaid without premium or penalty. The Note shall also
                                            provide that in event the Buyer raises additional equity of at least $75 Million during the
                                            term of the Note other than in connection with an acquisition, the Buyer shall be required
                                            to prepay the Note in full no later than sixty (60) days after the closing of such financing.
                                            Furthermore, in the event the Buyer raises additional equity for amounts less than $75 Million
                                            during the term of the Note, other than in connection with an acquisition, the Buyer shall
                                            be required to utilize ten (10%) percent of the net loan proceeds as and when made available
                                            to the Buyer, to prepay the Note. The Note shall be secured pursuant to the terms of that
                                            certain security agreement attached hereto (the “Pledge Agreement”), provided,
                                            however, such Pledge Agreement shall be subordinated to the security interest to be granted
                                            to Buyer’s lender providing acquisition financing to the Buyer to consummate this transaction,
                                            and such lender’s successors and/or assigns.




 


	(b)	The
                                            TLSS Shares shall be subject to a 1-year lock-up and support agreement in the form attached
                                            hereto (the “Lock-up Agreement”), which shall provide that such lock-up
                                            period may be changed due to certain events, such as an underwritten public offering, coupled
                                            with a reverse stock-split and uplisting to a national securities exchange (“re-IPO”),
                                            based upon the managing underwriter’s reasonable discretion. The Buyer acknowledges
                                            that it is a publicly traded company, so information about the Buyer is available at sec.gov,
                                            which the Buyer represents is true, correct and complete.



 


	(c)	The
                                            Shareholder shall deliver the certificate or certificates representing its ownership of all
                                            of Shares in the Company duly endorsed and, or through separate written instrument, assigned
                                            to the Buyer.



 


SECTION
1.4. PURCHASE PRICE ADJUSTMENT.


 


	(a)	The
                                            Parties agree that, at Closing, the sum of the total consolidated current assets of the Company
                                            minus the sum the total consolidated current liabilities of the Company (the “Working
                                            Capital”) shall be equal to or greater than the average month-end working capital
                                            of the Company for months ended May 31, 2020 to April 30, 2021 (the “Target Working
                                            Capital”). The determination of Working Capital shall be calculated using the same
                                            methodologies, principles and procedures as set forth on Schedule 1.4(a), which
                                            shall be prepared and attached hereto no later than ten (10) days prior the Due Diligence
                                            Expiration Date. The Buyer and the Shareholder shall mutually agree upon the final Target
                                            Working Capital amount at least ten (10) days prior to the “Due Diligence Expiration
                                            Date” (as hereinafter defined), and the same shall be a condition of Closing.



 


	(b)	On
                                            or before ninety (90) days after the Closing Buyer shall deliver a calculation of the Working
                                            Capital at the Closing together with all work papers and other information reasonably required
                                            by the Shareholder to evaluate such calculations, and shall provide the Shareholder with
                                            reasonable access to Buyer’s financial personnel who were responsible for the preparation
                                            of the same in order for the Shareholder to discuss and evaluate such calculations, work
                                            papers and information. The Buyer and the Shareholder shall mutually agree upon the final
                                            Working Capital amount.



 




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	(c)	If
                                            the Parties fail to mutually agree upon the final Working Capital amount within thirty (30)
                                            days after the delivery of the calculation of the Working Capital that existed as of the
                                            Closing, the Parties shall submit the issues remaining in dispute to their respective accountants
                                            to resolve. In the event that the accountants cannot resolve, each accountant will submit
                                            a list of five (5) independent accountants to resolve this matter. The first names that match
                                            on the lists shall be appointed to resolve the issues remaining in dispute (the “Independent
                                            Accountants”) for resolution of the dispute, which Independent Accountants shall
                                            have not represented or been engaged by either of the Parties prior to the submission of
                                            the dispute, and the Parties hereby agree that neither shall be permitted to engage such
                                            Independent Accountants for a period of five (5) years after the date of the submission of
                                            the dispute. If issues are submitted to the Independent Accountants for resolution, (i) the
                                            Independent Accountants shall use the same methodologies, principles and procedures as set
                                            forth on Schedule 1.4(a); (ii) each Party shall furnish or cause to be furnished
                                            to the Independent Accountants such work papers and other documents and information relating
                                            to the disputed issues as the Independent Accountants may request and are available to that
                                            Party and shall be afforded the opportunity to present to the Independent Accountants any
                                            material relating to the disputed issues and to discuss the issues with the Independent Accountants;
                                            (iii) the determination by the Independent Accountants, as set forth in a notice to be delivered
                                            by the Independent Accountants to the Shareholder and Buyer within thirty (30) days after
                                            the submission to the Independent Accountants of the issues remaining in dispute, shall be
                                            final, binding and conclusive on the Parties; and (iv) the fees and expenses of the Independent
                                            Accountants will be paid by Shareholder, on the one hand, and Buyer, on the other hand, based
                                            upon the percentage that the amount actually contested but not awarded to the Shareholder
                                            or Buyer, respectively, bears to the aggregate amount actually contested by the Shareholder
                                            and Buyer.



 


	(d)	In
                                            the event that the Working Capital, at Closing, is greater than the Target Working
                                            Capital (such excess, the “Excess Working Capital Amount”), the Purchase
                                            Price shall increase by an amount equal to one hundred percent (100%) of such Excess Working
                                            Capital Amount. In the event that the Working Capital, at Closing, is less than the
                                            Target Working Capital (such shortfall, the “Shortfall Working Capital Amount”),
                                            the Purchase Price shall decrease by an amount equal to one hundred percent (100%) of such
                                            Shortfall Working Capital Amount. The payment to be made by either the Buyer or the Shareholder
                                            to the other Party is the “Purchase Price Adjustment.”



 


	(e)	In
                                            the event that there is an Excess Working Capital Amount, the Buyer shall pay to the Shareholder
                                            such Excess Working Capital Amount within ten (10) days following final determination. In
                                            the event that there is a Shortfall Working Capital Amount, the principal balance of the
                                            Note shall be reduced by such Shortfall Working Capital Amount.
	 	 
	(f)	The
                                            provisions of this Section 1.4 shall survive Closing.



 




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Section
1.5 Due Diligence Period.


 


The
Parties hereto acknowledge that Buyer, as of the Agreement Date, has not yet had an opportunity to fully review, examine, and evaluate
all aspects of the Company and its business. The Company and Shareholder hereby agree that Buyer and its representatives shall have the
right to conduct reasonable due diligence review of the Company as limited below, including, but not limited to have the Company’s
assets appraised by a third party and to have the financials of the Company reviewed and audited, and if, on or prior to 6:00 p.m., ET,
on the date that is thirty (30) days after the Agreement Date (the “Due Diligence Expiration Date”). The due diligence review
will not include individualized or line-item information, trade secrets, business plans, un-redacted customer contracts, and/or direct
access to any supplier(s), vendor(s), employee(s), or customer(s) information (“Due Diligence Limitations”) until after the
Due Diligence Expiration Date or the contingency herein has been waived. For clarification, the Seller shall make available redacted
customer contracts so that Buyer may verify, among other things, the payment terms, the termination provisions, the term of such contracts
and the assignability provisions thereof. In the event that the Buyer wishes access beyond the Due Diligence Limitations prior to the
Due Diligence Expiration Date, the waiver of the due diligence contingency herein, or the Buyer’s waiver of right not to cancel
the transaction under the loan contingency, then the Company and Buyer will negotiate in good faith an appropriate restrictive covenant
agreement containing standard non-disclosure, non-solicitation and non-compete provisions (“Due Diligence RC”).


 


If
Buyer determines, in its reasonable discretion, that the Company and its assets and business is materially unsatisfactory to Buyer such
that the Agreement would not be acceptable under circumstances, (i.e. negligent or willful misrepresentation of Company’s financials
and/or compliance with environmental laws or permits), Buyer shall have the right to give notice to the Shareholder and the Company electing
to terminate this Agreement, provided such notice is delivered no later than 6:00 p.m., ET, on the Due Diligence Expiration Date. Notwithstanding
the above, the Buyer agrees that if the full twelve (12) calendar months trailing EBITDA (prior to the Agreement Date) equals or exceeds
Ten Million (US $10,000,000) Dollars under its due diligence review, the Buyer will not have a reasonable basis to terminate this Agreement
based on EBITDA.


 


In
the event Buyer elects to terminate the Agreement pursuant to this Section 1.5, the Buyer agrees to promptly return all original Company’s
due diligence materials provided to the Buyer (the “Due Diligence Materials”), and destroy all other Due Diligence Materials
in the Buyer’s possession, including all copies thereof, and upon request by the Company provide written confirmation certifying
thereto. In the event Buyer does not elect, in writing, to terminate this Agreement pursuant to this Section 1.5 on or before 6:00 p.m.,
ET, on the Due Diligence Expiration Date, then the condition set forth herein shall be deemed satisfied and the remainder of this Agreement
shall remain in full force and effect according to its terms. 


 


Section
1.6 FINANCING CONTINGENCY.


 


The
transactions contemplated by this Agreement shall be contingent upon Buyer obtaining approval of a loan to finance up to one hundred
(100%) percent, of the cash portion of the Purchase Price (the “Loan Amount”) no later than sixty (60) days after
the Agreement Date (the “Loan Approval Period”), for a fixed or adjustable interest rate, which initial interest rate
shall not exceed eight (8%) percent per annum and for a term of at least five (5) years (the “Financing”). Buyer agrees
to make a loan application for the Financing within ten (10) Business Days after the Agreement Date. If Buyer is unable to obtain a loan
approval without reasonable conditions (including an appraisal of the Company’s assets sufficient to support the Loan Amount) for
the Financing (the “Loan Approval”) prior to the expiration of the Loan Approval Period, Buyer may provide written
notice to Company and Shareholder stating that the Buyer has been unable to obtain the Loan Approval and notify the Company and Shareholder
that the Buyer has elected to either (i) waive the Loan Approval, in which event this Agreement will continue as if the Loan Approval
had been obtained or (ii) terminate this Agreement. If Buyer fails to timely deliver written notice to the Shareholder and Company prior
to the expiration of the Loan Approval Period electing (i) or (ii) in the preceding sentence, then the Loan Approval shall be deemed
waived, in which event this Agreement will continue as if the Loan Approval had been obtained. If this Agreement is timely terminated
as set forth above, then Buyer, Shareholder and Company shall be released from all further obligations under this Agreement. In the event
any portion of the Financing from Buyer’s lender is not available on the Closing Date due to the failure of the Buyer’s lender
to fund on an issued loan commitment due to reasons outside of the Buyer’s control, such as the failure of the Buyer’s lender,
a disruption to the financial markets, a “Force Majeure Event” (as hereinafter defined) or the revocation of the issued loan
commitment through no fault of the Buyer, then no later than five (5) days after Buyer receives written notice of Buyer’s lender’s
revocation of an issued loan commitment or inability to fund the loan, Buyer may elect to terminate this Agreement and the Buyer, Company
and Shareholder shall be released from all further obligations under this Agreement or Buyer may elect to proceed to Closing.


 




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Until
the Loan Approval is obtained, any due diligence material to be provided by the Shareholder and the Company as part of the application
process shall be subject to the Due Diligence Limitations set forth in Section 1.5. The Financing may be secured by, among other things,
a first position security interest in the assets of the Company. For clarification, no shareholder of Buyer shall be required to provide
a personal guaranty as a condition of the Loan Approval.


 


ARTICLE
II


 


REPRESENTATIONS
AND WARRANTIES OF BUYER


 


Buyer
hereby represents and warrants that:


 


SECTION
2.1. DUE ORGANIZATION.


 


The
Buyer is a corporation duly organized, and is validly existing and in good standing under the laws of the States of Nevada and is duly
authorized and qualified under all applicable laws, regulations, and ordinances of public authorities to carry on its business in the
places and in the manner now conducted except where the failure to be so authorized or qualified would not have a material adverse effect
on Buyer’s business.


 


SECTION
2.2. AUTHORIZATION; NON-CONTRAVENTION; APPROVALS.


 


The
Buyer has the full legal right, power and authority to enter into this Agreement and all other agreements required to be entered into
and to consummate the Transaction contemplated hereby (the “Transaction Documents”). The execution, delivery and performance
of this Agreement has been approved by the board of directors of the Buyer, and as may be required, approved by the shareholders of the
Buyer. No additional corporate proceedings on the part of the Buyer are necessary to authorize the execution and delivery of this Agreement
and the consummation by the Buyer of the Transaction contemplated hereby. This Agreement has been duly and validly executed and delivered
by the Buyer, and, assuming the due authorization, execution and delivery by the Company, constitutes a valid and binding agreement of
the Buyer and the Company, enforceable against the Buyer in accordance with its terms. Except as provided in Schedule 2.2,
the execution and delivery of this Agreement by the Buyer do not, and the consummation by the Buyer of the transactions contemplated
hereby will not, violate, conflict with or result in a breach of any provision of, or constitute a default (or an event which, with notice
or lapse of time or both, would constitute a default) under, or result in the termination of, or accelerate the performance required
by, or result in a right of termination or acceleration under, or result in the creation of any lien, security interest, charge or encumbrance
upon any of the properties or assets of the Buyer or any of its subsidiaries under any of the terms, conditions or provisions of (i)
the Articles of Incorporation or By-Laws of the Buyer, (ii) any statute, law, ordinance, rule, regulation, judgment, decree, order, injunction,
writ, permit or license of any court or governmental authority applicable to the Buyer or any of its properties or assets or (iii) any
note, bond, mortgage, indenture, deed of trust, license, franchise, permit, concession, contract, lease or other instrument, obligation
or agreement of any kind to which the Buyer is now a party or by which the Buyer or any of its properties or assets may be bound or affected,
excluding from the foregoing clauses (ii) and (iii) such violations, conflicts, breaches, defaults, terminations, accelerations or creations
of liens, security interests, charges or encumbrances that would not, in the aggregate, have a Material Adverse Effect on the business,
operations, properties, assets, condition (financial or other), results of operations or prospects of the Buyer (the “Buyer
Material Adverse Effect”). No declaration, filing or registration with, or notice to, or authorization, consent or approval
of, any governmental or regulatory body or authority is necessary for the execution and delivery of this Agreement by the Buyer or the
consummation by the Buyer of the transactions contemplated hereby, other than such declarations, filings, registrations, notices, authorizations,
consents or approvals which, if not made or obtained, as the case may be, would not, in the aggregate, have a Buyer Material Adverse
Effect on the business, operations, properties, assets, condition (financial or other), results of operations or prospects of the Buyer.


 




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SECTION
2.3. NOTE AND TLSS SHARES.


 


The
Note and the TLSS Shares to be issued to the Shareholder pursuant to this Agreement, when issued in accordance with the terms of this
Agreement, will be duly authorized, validly issued, fully paid and nonassessable. The issuance of TLSS Shares pursuant to the Sale will
transfer to the Shareholders valid title to such TLSS Shares, free and clear of all liens, encumbrances and claims of every kind except
for any created by the Shareholder, provided such TLSS Shares shall be subject to the terms of the Lock-up Agreement.


 


SECTION
2.4. EXEMPT TRANSACTION; DISCLOSURE.


 


The
Buyer’s issuance of the Note and the TLSS Shares pursuant to the terms of this Agreement is pursuant to an exemption from applicable
securities laws. The Buyer has delivered and made available to the Shareholder and the financial and other advisors of the Shareholder
all information on the business and prospects of the Buyer. The Buyer has previously presented to the Shareholder information on the
operating strategy of the Buyer, its acquisition plans and capital raising plans through, among other things, the sale of unsecured convertible
notes. The information provided to the Shareholder does not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading. The Buyer is not subject to any stop orders concerning the offering of securities and is not on notice of or under threat
of any Securities and Exchange Commission (“SEC”) or state securities commission or administrative agency investigation
or proceeding, whether formal or informal. The Buyer is not currently aware of any material, adverse information which has not been disclosed
in the Buyer’s business plan or any other documents which would, if disclosed, materially impact on a reasonable investor’s
decision to enter into the Transaction described in this Agreement.


 


SECTION
2.5 INSOLVENCY.


 


Except
as set forth in Schedule 2.5, there is no action pending or, to the actual knowledge of Buyer, threatened against Buyer
and no circumstance exists that could reasonably (i) prevent the Buyer from complying with its financial obligations to the Shareholder
hereunder, except Buyer’s inability to obtain the Financing pursuant to Section 1.6 above, or (ii) lead to a voluntary or involuntary
petition in bankruptcy, receivership, insolvency or reorganization with respect to Buyer, or petition to appoint a receiver or trustee
of Buyer’s property to be filed by or against Buyer.


 
SECTION
                                            2.6 PRIOR TO CLOSING. 


 


Buyer
shall provide written notice to Shareholder if Buyer obtains knowledge that any of Buyer’s representations and warranties are not
true and correct.


 





    	7



     


    

 


ARTICLE
III


 


REPRESENTATIONS
AND WARRANTIES OF THE COMPANY AND SHAREHOLDER


 


As
a material inducement to the Buyer to enter into this Agreement and to consummate the transactions contemplated hereby, the Company and
the Shareholder, severally and jointly, hereby represent and warrant to Buyer, as of the Agreement Date and as of the Closing Date, as
follows:


 


SECTION
3.1. DUE ORGANIZATION.


 


The
Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Georgia and is duly authorized
and qualified to do business under all applicable laws, regulations, ordinances, orders of public authorities and its articles of incorporation
and bylaws, as well as under any of its other “Charter Documents” (as hereinafter defined) to carry on its businesses in
the places and in the manner as now conducted except where the failure to be so authorized or qualified would not have a material adverse
effect on the business, operations, properties, assets, condition (financial or other), results of operations or prospects of the Company.
Schedule 3.1 contains a list of all jurisdictions in which the Company is authorized or qualified to do business. True,
complete and correct copies of the Charter Documents, including, but not limited to the articles of incorporation of the Company, and
all amendments, as well as the bylaws of the Company, and all amendments, are attached hereto as Schedule 3.1. The shareholder
records and minute books of the Company that have been made available to the Buyer are true, correct, accurate and complete.


 


SECTION
3.2. AUTHORIZATION; NON-CONTRAVENTION; APPROVALS.


 


	(a)	The
                                            Company and the Shareholder have the full legal right, power and authority to enter into
                                            this Agreement and all other agreements required to be entered into and to consummate the
                                            transactions contemplated hereby. The execution, delivery and performance of this Agreement
                                            has been approved by the Shareholder of the Company. No additional corporate proceedings
                                            on the part of the Company are necessary to authorize the execution and delivery of this
                                            Agreement and the consummation by the Company and the Buyer of the Transactions contemplated
                                            hereby. This Agreement has been duly and validly executed and delivered by the Company, and,
                                            the due authorization, execution and delivery by the Buyer, constitutes a valid and binding
                                            agreement of the Buyer and the Company, enforceable against the Company in accordance with
                                            its terms. The execution and delivery of this Agreement by the Company does not, and the
                                            consummation by the Company of the Transactions contemplated hereby will not, violate, conflict
                                            with or result in a breach of any provision of, or constitute a default (or an event which,
                                            with notice or lapse of time or both, would constitute a default) under, or result in the
                                            termination of, or accelerate the performance required by, or result in a right of termination
                                            or acceleration under, or result in the creation of any lien, security interest, charge or
                                            encumbrance upon any of the properties or assets of the Company or any of its subsidiaries
                                            under any of the terms, conditions or provisions of (i) the articles of incorporation, the
                                            bylaws or any other Charter Documents of the Company, including any amendments thereto, (ii)
                                            any statute, law, ordinance, rule, regulation, judgment, decree, order, injunction, writ,
                                            permit or license of any court or governmental authority applicable to the Company or any
                                            of its properties or assets or (iii) any note, bond, mortgage, indenture, deed of trust,
                                            license, franchise, permit, concession, contract, lease or other instrument, obligation or
                                            agreement of any kind to which the Company is now a party or by which the Company or any
                                            of its properties or assets may be bound or affected, excluding from the foregoing clauses
                                            (ii) and (iii) such violations, conflicts, breaches, defaults, terminations, accelerations
                                            or creations of liens, security interests, charges or encumbrances that would not, in the
                                            aggregate, have a Material Adverse Effect on the business, operations, properties, assets,
                                            condition (financial or other), results of operations or prospects of the Company (the “Company
                                            Material Adverse Effect”).



 




    	8



     


    

  


	(b)	No
                                            declaration, filing or registration with, or notice to, or authorization, consent or approval
                                            of, any governmental or regulatory body or authority is necessary for the execution and delivery
                                            of this Agreement by the Company or the consummation by the Company of the Transactions contemplated
                                            hereby, other than such declarations, filings, registrations, notices, authorizations, consents
                                            or approvals which, if not made or obtained, as the case may be, would not, in the aggregate,
                                            have a Company Material Adverse Effect on the business, operations, properties, assets, condition
                                            (financial or other), results of operations or prospects of the Company.



 


SECTION
3.3. CAPITALIZATION.


 


The
authorized shares of capital stock of the Company consists solely of one hundred thousand (100,000) shares of common stock, of which
twenty-five (25) shares are issued and outstanding. All of the issued and outstanding shares of the Company common stock are owned beneficially
and of record by the Shareholder as set forth on Schedule 3.3. All of the issued and outstanding shares have been duly
authorized and validly issued, are fully paid and non-assessable, and were offered, issued, sold and delivered by the Company in compliance
with all applicable state and federal laws concerning the issuance of shares. None of such Shares were issued in violation of the preemptive
rights of any past or present Shareholder. The exchange of the Purchase Price for the Shares pursuant to this Agreement will transfer
to the Buyer valid title in the Shares owned by the Shareholder, free and clear of all liens, encumbrances and claims of every kind.
Except as set forth on Schedule 3.3 no subscription, option, warrant, call, convertible or exchangeable security, other
conversion right or commitment of any kind exists which obligates the Company to issue any of its shares or the Shareholder to transfer
any of the Shares.


 


SECTION
3.4. SUBSIDIARIES.


 


Other
than the entities disclosed in Schedule 3.4 the Company does not presently own or control, directly or indirectly, any
interest in any other corporation, association, or other business entity. The Company is not a participant in any joint venture, partnership,
or similar arrangement.


 


SECTION
3.5. FINANCIAL STATEMENTS.


 


The
Shareholder has delivered to the Buyer complete and correct, in all material respects, copies of the following financial statements:


 


	(a)	the
                                            unaudited balance sheets of the Company and Subsidiary and Affiliates, as of December 31,
                                            2019 and 2020 and the related unaudited statements of operations, of Shareholder’s
                                            equity and of cash flows for each of the one-year periods ended December 31, 2019 and 2020,
                                            together with the related notes and schedules (such balance sheets, the related statements
                                            of operations, of Shareholder’s equity and of cash flows and the related notes and
                                            schedules are referred to herein as the “Year-end Financial Statements”);
                                            and



 




    	9



     


    

  


	(b)	the
                                            unaudited balance sheet of the Company as of March 31, 2021 (the “Balance Sheet
                                            Date”) and the related statements of operations, of Shareholder’s equity
                                            and of cash flows for the one-month period ended as of the Balance Sheet Date, together with
                                            the related notes and schedules (such balance sheets, the related statements of operations,
                                            of Shareholder’s equity and of cash flows and the related notes and schedules are referred
                                            to herein as the “Interim Financial Statements”) and certified by the
                                            Company’s chief financial officer. The Interim Financial Statements shall be updated
                                            each calendar month during the period form the Agreement Date to the Closing Date, no later
                                            than the 10th day of each month. For example, the Interim Financial Statements
                                            shall be updated to April 30, 2021 by June 10, 2021. The Year-end Financial Statements and
                                            the Interim Financial Statements (collectively, the “Financial Statements”)
                                            are attached as Schedule 3.5 to this Agreement.



 


	(c)	The
                                            Financial Statements have been prepared from the books and records of the Company on a basis
                                            consistent with preceding years and throughout the periods involved and present fairly, in
                                            all material respects, the financial position and results of operations of the Company as
                                            of the dates of such statements and for the periods covered thereby on a cash basis.



 


SECTION
3.6. LIABILITIES AND OBLIGATIONS.


 


Schedule
3.6 sets forth an accurate list as of the Balance Sheet Date of (a) all liabilities of the Company, which are known are reflected
in the Interim Balance Sheet and (b) any liabilities of any kind of the Company which are not reflected in the Interim Balance Sheet.
Except as set forth on Schedule 3.6, since the Balance Sheet Date, to the Knowledge of the Company, the Company has not
incurred any liabilities of any kind, character or description, whether accrued, absolute, secured or unsecured, contingent or otherwise,
other than liabilities incurred in the ordinary course of business which are not materially greater than the corresponding liabilities
reflected in the Interim Balance Sheet. Schedule 3.6 contains a reasonable estimate by the Shareholder of the maximum amount
which may be payable with respect to liabilities which are not fixed. For each such liability for which the amount is not fixed or is
contested, the Company has provided, to the Knowledge of the Company, a summary description of the liability together with copies of
all relevant documentation relating thereto, which summary is set forth on Schedule 3.6.


 


The
Company has provided a true, correct and complete list of all PPP Loans and all “PPP Applications” (as hereinafter defined)
(including applications for forgiveness of PPP Loans) associated therewith. A true, correct and complete list of the PPP Loans and PPP
Applications is attached as Schedule 3.6. All information provided and certifications made in connection with the PPP Applications
(including applications for forgiveness of PPP Loans) was true, accurate and complete. Each PPP Application (including each application
for forgiveness of a PPP Loan) satisfied the requirements of all law, rules and regulations applicable to the PPP Loans or such PPP Application.
For these purposes (i) “PPP Loan” means any loan pursuant to the “Paycheck Protection Program” under the
SBA’s 7(a) Loan Program added under Section 1102 of the Coronavirus Aid, Relief, and Economic Security Act, or any other loans,
grants, stipends, or other similar programs available due to the COVID-19 pandemic that the Company sought relief under prior to the
Closing Date and all regulations and guidance issued by any governmental authority with respect thereto, as in effect from time to time,
and (ii) “PPP Application” means any application for a PPP Loan and any applications for forgiveness of PPP Loans.


 




    	10



     


    

  


SECTION
3.7. ACCOUNTS AND NOTES RECEIVABLE.


 


Schedule
3.7 sets forth an accurate, in all material respects, list of the accounts and notes receivable of the Company as of the Balance
Sheet Date and generated subsequent to the Balance Sheet Date, including any such amounts which are not reflected in the Interim Balance
Sheet (“Accounts Receivables”). Account Receivables from and advances to employees, the Shareholder and any entities
or persons related to or affiliated with the Shareholder are separately identified on Schedule 3.7. Schedule 3.7
also sets forth an accurate, in all material respects, aging of all accounts and notes receivable as of the Balance Sheet Date,
showing amounts due in 30-day aging categories. The trade and other accounts receivable of the Company which are classified as current
assets on the Interim Balance Sheet are bona fide receivables, were acquired in the ordinary course of business, are stated in accordance
with GAAP and, subject to the reserve for doubtful accounts, need not be written-off as uncollectible.


 


SECTION
3.8. ASSETS.


 


Schedule
3.8 sets forth an accurate list of each item of real and personal property included in “property and equipment” on
the balance sheet of the Company and all other tangible assets of the Company each with a value in excess of $50,000.00, (i) owned by
the Company as of the Balance Sheet Date and (ii) acquired since the Balance Sheet Date, including in each case true, complete and correct
copies of leases for significant equipment and for all real property leased by the Company and descriptions of all real property on which
buildings, warehouses, workshops, garages and other structures used in the operation of the business of the Company are situated. Schedule
3.8 indicates which assets are currently owned, or were formerly owned, by the Shareholder or Affiliates of the Company. Except
as specifically identified on Schedule 3.8, all of the tangible assets, vehicles and other significant machinery and equipment
of the Company listed on Schedule 3.8 are in good working order and condition, ordinary wear and tear excepted, and have
been maintained in accordance with standard industry practices. All fixed assets used by the Company that are material to the operation
of the Company’s business are either owned by the Company or leased under an agreement identified on Schedule 3.8.
All leases set forth on Schedule 3.8 are in full force and effect and, to the Knowledge of the Company, constitute valid
and binding agreements of the parties thereto in accordance with their respective terms. Schedule 3.8 contains true, complete
and correct copies of all title reports and title insurance policies received or owned by the Company. Schedule 3.8 also
includes a summary description of all plans or projects involving the opening of new operations, expansion of existing operations or
the acquisition of any real property or existing business, to which management of the Company has devoted any significant effort or expenditure
in the two-year period prior to the date of the Agreement, which if pursued by the Company would require additional expenditures of capital.


 


The
Company has good title to the tangible and intangible personal property and the real property owned and used in its business, including
the properties identified on Schedule 3.8, subject to no mortgage, pledge, lien, claim, conditional sales agreement, encumbrance
or charge, except for liens reflected on Schedule 3.8, liens for current taxes not yet payable and assessments not in default,
easements for utilities serving only the property, and easements, covenants and restrictions and other exceptions to title shown of record
in the office of the County Clerks in which the properties, assets and leasehold estates are located, which do not adversely affect the
Company’s use of the property.


 




    	11



     


    

  


SECTION
3.9. MATERIAL CUSTOMERS AND CONTRACTS.


 


Schedule
3.9 sets forth an accurate list of (i) all customers representing 5% or more of the Company’s revenues in any of the periods
covered by the Financial Statements, and (ii) all material contracts, commitments and similar agreements to which the Company is currently
a party or by which it or any of its properties is bound, including, but not limited to, contracts with customers, leases, loan agreements,
pledge and security agreements, indemnity or guaranty agreements, bonds, notes, mortgages, joint venture or partnership agreements, options
to purchase real or personal property, and agreements relating to the purchase or sale by the Company of assets or securities. Schedule
3.9 contains true, complete and correct copies of all such agreements. Except to the extent set forth on Schedule 3.9,
(i) none of the Company’s material customers have canceled or substantially reduced or is currently attempting or, to the Knowledge
of Company, threatening to cancel or substantially reduce its use of the Company’s services, (ii) the Company has complied with
all material commitments and obligations pertaining to it under such agreements and is not in default under any such agreements, no notice
of default has been received by the Company and the Shareholder is aware of no basis therefor and (iii) except as set forth on Schedule
3.9, the Transactions contemplated by this Agreement will not result in a default or an automatic termination of any contracts
between the Company and customers. Except as set forth on Schedule 3.9, the Company is not now and has never been a party
to any governmental contracts which by their terms are subject to price redetermination or renegotiation.


 


SECTION
3.10. PERMITS.


 


Schedule
3.10 contains an accurate list, summary description and copies of all licenses, franchises, permits, and other governmental authorizations
and intangible assets held by the Company that are material to the conduct of its business including, without limitation, permits, licenses
and operating authorizations, titles (including motor vehicle titles and current registrations), franchises, certificates, trademarks,
trade names, patents, patent applications and copyrights owned or held by the Company. The licenses, operating authorizations, franchises,
permits and other governmental authorizations listed on Schedule 3.10 are valid, and the Company has not received any notice
that any governmental authority intends to cancel, terminate or not renew any such license, operating authorization, franchise, permit
or other governmental authorization. The Company holds all licenses, operating authorizations, franchises, permits and other governmental
authorizations the absence of any of which could have a material adverse effect on the business, operations, properties, assets, condition
(financial or other), results of operations or prospects of the Company. The Company has conducted and, to the Knowledge of the Company,
is conducting its business in substantial compliance with the requirements, standards, criteria and conditions set forth in its licenses,
operating authorizations, franchises, permits and other governmental authorizations as well as the applicable orders, approvals and variances
related thereto, and is not in violation of any of the foregoing except for any violations that would not have a Material Adverse Effect
on the business, operations, properties, assets, condition (financial or otherwise), results of operations or prospects of the Company.
Except as specifically provided on Schedule 3.10, the Transactions contemplated by this Agreement will not result in a
default under or a breach or violation of, or, to the Knowledge of the Company, adversely affect the rights and benefits afforded to
the Company by, any such material licenses, operating authorizations, franchises, permits and other government authorizations.


 




    	12



     


    

  


SECTION
3.11. ENVIRONMENTAL AND SAFETY LAWS.


 


The
Company has complied with and is in material compliance with all federal, state, local and foreign statutes (civil and criminal), laws,
ordinances, regulations, rules, notices, permits, judgments, orders and decrees applicable to it or any of its properties, assets, operations
and businesses relating to the protection of the environment (collectively, “Environmental Laws”) including, without
limitation, Environmental Laws relating to air, water, land and the generation, storage, use, handling, transportation, treatment or
disposal of Hazardous Wastes, Hazardous Materials and Hazardous Substances (as such terms are defined in any applicable Environmental
Law) except to the extent that noncompliance with any Environmental Laws, either singly or in the aggregate, does not and would not (i)
have a Material Adverse Effect on the Company or any of its businesses or (ii) necessitate a material expenditure by or on behalf of
the Company in excess of amounts already reserved for such purpose in the Company’s financial statements. The Company has obtained
and complied with all necessary permits and other approvals necessary to treat, transport, store, dispose of and otherwise handle Hazardous
Wastes, Hazardous Materials and Hazardous Substances and has reported, to the extent required by all Environmental Laws, all past and
present sites owned and operated by the Company where Hazardous Wastes, Hazardous Materials or Hazardous Substances have been treated,
stored, disposed of or otherwise handled. Except as set forth on Schedule 3.11 hereto, there have been no “Releases”
or, to the Knowledge of the Company, threats of “Releases” (as defined in any Environmental Laws) at, from, in or on any
property owned or operated by the Company except as permitted by Environmental Laws. There is no on-site or off-site location to which
the Company has transported or disposed of Hazardous Wastes, Hazardous Materials and Hazardous Substances or arranged for the transportation
or disposal of Hazardous Wastes, Hazardous Materials and Hazardous Substances which is the subject of any federal, state, local or foreign
enforcement action or any other investigation which could lead to any Environmental Claim against the Company or the Buyer for any clean-up
cost, remedial work, damage to natural resources or personal injury, including, but not limited to, any claim under (i) the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended, (ii) the Resource Conservation and Recovery Act, (iii) the
Hazardous Materials Transportation Act or (iv) comparable state and local statutes and regulations. The Company has no contingent liability
in connection with any Release of any Hazardous Waste, Hazardous Material or Hazardous Substance into the environment.


 


SECTION
3.12. LABOR AND EMPLOYEE RELATIONS & INDEPENDENT CONTRACTORS


 


Except
as set forth on Schedule 3.12, the Company is not bound by or subject to any arrangement with any labor union. No employees
of the Company are represented by any labor union or covered by any collective bargaining agreement nor, to the Knowledge of the Company,
is any campaign to establish such representation in progress. There is no pending or, to the Knowledge of the Company, threatened labor
dispute involving the Company and any group of its employees nor has the Company experienced any labor interruptions over the past five
years. The Company considers its relationship with its employees and its independent contractors to be good.


 


SECTION
3.13. INSURANCE.


 


Schedule
3.13 sets forth an accurate list as of the Balance Sheet Date of all insurance policies carried by the Company and of all insurance
loss runs or workers compensation claims received for the past two (2) policy years. Also attached to Schedule 3.13 are
true, complete and correct copies of all of the Company’s insurance policies currently in effect. None of such policies is a “claims
made” policy. The insurance policies set forth on Schedule 3.13 provide coverage consistent with industry standards
against the risks involved in the Company’s business. Such policies are currently in full force and effect.


 




    	13



     


    

  


SECTION
3.14. COMPENSATION; EMPLOYMENT AGREEMENTS AND INDEPENDENT CONTRACTOR AGREEMENTS.


 


Schedule
3.14 sets forth an accurate schedule of the sole Shareholder, members of the board of directors and officers and key employees
of the Company, listing all employment agreements with such Shareholder, officers and employees and the rate of compensation (and the
portions thereof attributable to salary, bonus, benefits and other compensation, respectively) of each of such persons as of (i) the
Balance Sheet Date and (ii) the date hereof. Attached to Schedule 3.14 are true, complete and correct copies of all such
employment agreements and all other employment agreements and other similar agreements or arrangements containing “golden parachute”
or other similar provisions. Schedule 3.14 sets forth an accurate list of all independent contractors with whom the Company
currently has a working relationship or has had a working relationship since January 1, 2013. Attached to Schedule 3.14
are true, complete and correct copies of all such independent contractor agreements or a description of any independent contractor relationships
which are not in writing.


 


SECTION
3.15. EMPLOYEE BENEFIT PLANS.


 


Schedule
3.15 sets forth an accurate schedule of all employee benefit plans of the Company and deferred compensation agreements, together
with true, complete and correct copies of such plans, agreements and any trusts related thereto, and classifications of employees covered
thereby as of the Balance Sheet Date. Except for the employee benefit plans described on Schedule 3.15 (the “Employee
Benefit Plans”), the Company does not sponsor, maintain or contribute to any plan, program, fund or arrangement that constitutes
an “employee pension benefit plan,” nor does the Company have any obligation to contribute to or accrue or pay any benefits
under any deferred compensation or retirement funding arrangement on behalf of any employee or employees (such as, for example, and without
limitation, any individual retirement account or annuity, any “excess benefit plan” (within the meaning of Section 3(36)
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or any non-qualified deferred compensation
arrangement). For the purposes of this Agreement, the term “employee pension benefit plan” shall have the same meaning given
that term in Section 3(2) of ERISA. The Company has not sponsored, maintained or contributed to any employee pension benefit plan other
than the plans set forth on Schedule 3.15, nor is the Company required to contribute to any retirement plan pursuant to
the provisions of any collective bargaining agreement.


 


The
Company is not now, nor will it become as a result of its past activities, liable to the Pension Benefit Guaranty Corporation or to any
multi-employer employee pension benefit plan under the provisions of Title IV of ERISA. All Employee Benefit Plans listed on Schedule
3.15 are in substantial compliance with all applicable provisions of ERISA and the regulations issued thereunder, as well as
with all other applicable federal, state and local statutes, ordinances and regulations. All accrued contribution obligations of the
Company with respect to any plan listed on Schedule 3.15 have either been fulfilled in their entirety or are fully reflected
on the balance sheet of the Company as of the Balance Sheet Date. All plans listed on Schedule 3.15 that are intended to
qualify (the “Qualified Plans”) under Section 401(a) of the Code have been determined by the Internal Revenue Service
to be so qualified, and copies of such determination letters are included as part of Schedule 3.15 hereof. Except as disclosed
on Schedule 3.15, all reports and other documents required to be filed with any governmental agency or distributed to plan
participants or beneficiaries (including, but not limited to, actuarial reports, audits or tax returns) have been timely filed or distributed,
and copies thereof are included as part of Schedule 3.15 hereof. Neither the Shareholder, nor any such plan listed on Schedule
3.15, nor the Company has engaged in any transaction prohibited under the provisions of Section 4975 of the Code or Section 406
of ERISA. No such plan listed on Schedule 3.15 has incurred an “accumulated funding deficiency,” as defined
in Section 412(a) of the Code and Section 302(1) of ERISA, and the Company has not incurred any liability for excise tax or penalty due
to the Internal Revenue Service nor any liability to the Pension Benefit Guaranty Corporation. There have been no terminations, partial
terminations or discontinuances of contributions to any such Qualified Plan without notice to and approval by the Internal Revenue Service;
no plan listed on Schedule 3.15 subject to the provisions of Title IV of ERISA has been terminated; there have been no
“reportable events” (as that phrase is defined in Section 4043 of ERISA) with respect to any such plan; and the Company has
not incurred liability under Section 4062 of ERISA.


 




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SECTION
3.16. LITIGATION AND COMPLIANCE WITH THE LAW.


 


Except
as set forth on Schedule 3.16, there are no claims, actions, suits or proceedings, pending or, to the Knowledge of the
Company, threatened against or affecting the Company, at law or in equity, or before or by any federal, state, municipal or other governmental
department, commission, board, bureau, agency or instrumentality having jurisdiction over the Company. No notice of any claim, action,
suit or proceeding, whether pending or, to the Knowledge of the Company, threatened, has been received by the Company and, to the Knowledge
of the Company, there is no basis therefor.


 


Except
to the extent set forth on Schedule 3.16, since inception the Company has conducted and does conduct its business in material
compliance with all laws, regulations, writs, injunctions, decrees and orders applicable to the Company or its assets.


 


Neither
the Shareholder, the Company nor, to the Knowledge of the Company, its respective employees, agents and representatives have obtained
or retained business, directly or indirectly offered, paid or promised to pay, or authorized the payment of, any money or other thing
of value (including any fee, gift, sample, travel expense or entertainment with a value in excess of Two Hundred and 00/100 Dollars ($200.00)
in the aggregate to any one individual in any year) or offered any inducements to any person who is an official, officer, agent, employee
or representative of any governmental body or of any existing or prospective customer (whether government owned or non-government owned).
Neither the Shareholder, the Company nor, to the Knowledge of the Company, its respective employees, agents and representatives have:
(a) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity;
or (b) made any bribe, rebate, pay off, influence payment, kickback or other payment in connection with the business of Company or any
Subsidiary in violation of any applicable anti-bribery and anti-corruption laws.


 


SECTION
3.17. TAXES.


 


For
purposes of this Agreement, the term “Taxes” shall mean all taxes, charges, fees, levies or other assessments including,
without limitation, income, gross receipts, excise, property, sales, withholding, social security, unemployment, occupation, use, service,
service use, license, payroll, franchise, transfer and recording taxes, fees and charges, imposed by the United States or any state,
local or foreign government or subdivision or agency thereof, whether computed on a separate, consolidated, unitary, combined or any
other basis; and such term shall include any interest, fines, penalties or additional amounts attributable to or imposed with respect
to any such taxes, charges, fees, levies or other assessments. The Company has timely filed, subject to applicable extensions, all requisite
federal, state, local and other tax returns for all fiscal periods ended on or before the Closing, and has duly paid in full or made
adequate provision in the Financial Statements for the payment of all Taxes for all periods ending at or prior to the Closing Date. Except
as set forth on Schedule 3.17, there are no examinations in progress or claims against the Company for any period or periods
prior to and including the Balance Sheet Date and no notice of any claim for Taxes, whether pending or, to the Knowledge of the Company,
threatened, has been received. The amounts shown as accruals for Taxes on the financial statements of the Company as of the Balance Sheet
Date are sufficient for the payment of all Taxes for all fiscal periods ended on or before that date. Copies of (i) any tax examinations,
(ii) extensions of statutory limitations and (iii) the federal, state and local Tax Returns of the Company for the last three fiscal
years are attached hereto as Schedule 3.17.


 




    	15



     


    

  


During
all tax periods ended prior to the Closing Date for which the statute of limitations has not expired, the Company has conducted its business
in a manner which entitles it to protection under the safe harbor provisions of Section 530(a) of the Revenue Act of 1978, which was
extended indefinitely by Section 269(c) of the Tax Equity and Fiscal Responsibility Act of 1982.


 


SECTION
3.18. ABSENCE OF CHANGES.


 


Since
the Balance Sheet Date, the Company has conducted its operations in the ordinary course and, except as set forth on Schedule 3.18,
there has not been:


 


	(a)	any
                                            material adverse change in the business, operations, properties, condition (financial or
                                            other), assets, liabilities (contingent or otherwise) or income of the Company;



 


	(b)	any
                                            damage, destruction or loss (whether or not covered by insurance) materially adversely affecting
                                            the properties or business of the Company;



 


	(c)	any
                                            change in the share ownership of the Company or in its securities outstanding or any grant
                                            of any options, warrants, calls, conversion rights or commitments or the declaration or payment
                                            of any dividend or other distribution;



 


	(d)	any
                                            declaration or payment of any dividend or distribution in respect of the Shares or any direct
                                            or indirect redemption, purchase or other acquisition of any of the Shares of the Company;



 


	(e)	any
                                            increase in the compensation payable or to become payable by the Company to any of its officers,
                                            directors, shareholders, employees, consultants or agents, except for ordinary and customary
                                            bonuses and salary increases for employees in accordance with past practice;



 


	(f)	any
                                            work interruptions, labor grievances or claims filed, or, to the Knowledge of the Company,
                                            any proposed law, regulation or event or condition of any character materially adversely
                                            affecting the business or future prospects of the Company;



 


	(g)	any
                                            sale or transfer, or any agreement to sell or transfer, any material assets, properties or
                                            rights of the Company to any person, including, without limitation, the Shareholders and
                                            their Affiliates;



 


	(h)	any
                                            cancellation, or agreement to cancel, any indebtedness or other obligation owing to the Company;



 


	(i)	any
                                            increase in the Company’s indebtedness, other than accounts payable incurred in the
                                            ordinary course of business;



 


	(j)	any
                                            plan, agreement or arrangement granting any preferential rights to purchase or acquire any
                                            interest in any of the assets, property or rights of the Company or requiring consent of
                                            any party to the transfer and assignment of any such assets, property or rights;



 


	(k)	any
                                            purchase or acquisition of, or agreement, plan or arrangement to purchase or acquire, any
                                            property, rights or assets outside of the ordinary course of the Company’s business;



 


	(l)	any
                                            waiver of any material rights or claims of the Company;



 




    	16



     


    

 


	(m)	any
                                            material breach, amendment or termination of any material contract, agreement, license, permit
                                            or other right to which the Company is a party; or



 


	(n)	other
                                            than the Transactions hereunder, any transaction by the Company outside the ordinary course
                                            of business.



 


SECTION
3.19. ACCOUNTS WITH BANKS, BROKERAGES; POWERS OF ATTORNEY


 


Schedule
3.19 sets forth an accurate schedule as of the (a) Balance Sheet Date and (b) Agreement Date, of (i) the name of each financial
institution or brokerage firm in which the Company has accounts or safe deposit boxes; (ii) the names in which the accounts or boxes
are held; (iii) the type of account and the cash, cash equivalents and securities held in such account; and (iv) the name of each person
authorized to draw thereon or have access thereto. Schedule 3.19 also sets forth the name of each person, corporation,
firm or other entity holding a general or special power of attorney from the Company and a description of the terms thereof.


 


SECTION
3.20. ABSENCE OF CERTAIN BUSINESS PRACTICES.


 


Neither
the Company nor any of its Affiliates or Subsidiaries has taken any action which would constitute a violation of the Foreign Corrupt
Practices Act of 1977, as amended, or any similar law.


 


SECTION
3.21. COMPETING LINES OF BUSINESS; RELATED-PARTY TRANSACTIONS.


 


Except
as set forth on Schedule 3.21, neither the Shareholder nor any other Affiliate or Subsidiary of the Company owns, directly
or indirectly, any interest in, or is an officer, director, employee or consultant of or otherwise receives remuneration from, any business
which is a competitor, lessor, lessee, customer or supplier of the Company. Except as set forth on Schedule 3.21, no Shareholder,
member of the board of directors, officer, or director of the Company has, nor during the period since inception through the date hereof,
have any interest in any property, real or personal, tangible or intangible, used in or pertaining to the Company’s business.


 


SECTION
3.22. INTANGIBLE PROPERTY.


 


Schedule
3.22 sets forth an accurate list of all patents, patent applications, trademarks, service marks, trade names, copyrights, and
other intellectual property or proprietary property rights owned or used by the Company. The Company owns or possesses sufficient legal
rights to use all of such items without conflict with or, to the Knowledge of the Company, infringement of the rights of others.


 


SECTION
3.23. DISCLOSURE.


 


No
representation or warranty made by Company and/or Shareholder, when considered together with the Schedules to this Agreement, contains
any untrue statement of material fact, or omits to state any material fact required to be disclosed by such representation or warranty,
that is necessary, in light of the context in which it is made, to make any statement made in such representation or warranty not misleading.


 




    	17



     


    

  


SECTION
3.24. ABSENCE OF CERTAIN CHANGES OR EVENTS.


 


From
the Balance Sheet Date to the Agreement Date, to the Knowledge of the Company, there has not occurred any fact, circumstance, effect,
change, event or development that, individually or in the aggregate, has had or would reasonably be expected to have a Company Material
Adverse Effect. From the Balance Sheet Date to the Agreement Date, to the Knowledge of the Company, the Company has conducted the business
of the Company in the ordinary course in all material respects.


 


SECTION
3.25. AGREEMENTS AND ACTIONS.


 


	(a)	Except
                                            for agreements described herein and in the Charter Documents, there are no agreements, understandings,
                                            or proposed transactions between Company and its Shareholder, or any of its members of the
                                            board of directors or officers, Affiliates, Subsidiaries or any Affiliates thereof.



 


	(b)	Other
                                            than the Charter Documents and agreements entered into in the ordinary course of business
                                            consistent with past practice, there are no agreements, understandings, instruments, contracts,
                                            judgments, orders, writs, or decrees to which Company is a party or by which it is bound
                                            that involve (i) obligations of, or payments by, Company in excess of $50,000.00, (ii) provisions
                                            restricting the development, manufacture, or distribution of Company’s products or
                                            services, or (iii) indemnification by Company with respect to infringement of proprietary
                                            rights.



 


	(c)	Except
                                            as reflected in the Financial Statements, since the Balance Sheet Date, Company has not (i)
                                            incurred indebtedness for money borrowed in excess of $50,000.00 in the aggregate, or (ii)
                                            sold, exchanged, or otherwise disposed of any of its assets or rights, other than the sale
                                            of its services and license agreements in the ordinary course of business.



 


SECTION
3.26. BROKERS OR FINDERS.


 


Except
as set forth in Schedule 3.26 neither the Company nor the Shareholder has agreed to incur, directly or indirectly, any
liability for brokerage or finders’ fees, agents’ commissions, or other similar charges in connection with this Agreement
or any of the transactions contemplated hereby. Any commissions due as a result of an engagement of a brokerage or other advisory firm
by the Company or the Shareholder shall be the responsibility of either the Company (to be paid prior to or simultaneously with the Closing)
or the Shareholder.


 


SECTION
3.27. NO OTHER REPRESENTATIONS AND WARRANTIES; DISCLAIMER OF RELIANCE.


 


Except
for the representations and warranties expressly set forth in this Article III (including the related portions of the Schedules), which
are made as of the Agreement Date and again as of the Closing Date, none of the Company or the Shareholder has made or makes, and the
Company and the Shareholder hereby expressly disclaim, any other express or implied representation or warranty, either written or oral,
with respect to the Company, its operations, its finances, its business and any other related matter.


 




    	18



     


    

  


ARTICLE
IV


 


CONDUCT
OF THE BUSINESS PENDING THE CLOSING


 


	(a)	From
                                            the Agreement Date until the Closing, except with the prior written consent of the Buyer
                                            or as otherwise expressly permitted or required by this Agreement, the Shareholder shall
                                            cause the Company to:



 


		(i)	carry
                                            on its business in substantially the same manner as it has heretofore and not introduce any
                                            new method of management, operation or accounting (except as required by GAAP or any applicable
                                            law or Order and except for actions taken to file PPP Applications to facilitate the forgiveness
                                            of the PPP Loans);



 


		(ii)	comply
                                            with the terms and conditions of, and not cancel, its present insurance policies;



 


		(iii)	use
                                            its commercially reasonable efforts to (A) maintain and preserve its business organization
                                            intact, (B) retain the services of its present employees and (C) not hire any additional
                                            employees except for hires in the ordinary course of business consistent with past practices;



 


		(iv)	comply
                                            with all applicable laws and provide notice to Buyer of any governmental inquiry, notice
                                            or investigation; and



 


		(v)	maintain
                                            the instruments and agreements governing its outstanding Indebtedness and leases on their
                                            present terms and not incur new Indebtedness or enter into new lease instruments or agreements.



 


	(b)	From
                                            the Agreement Date until the Closing, except with the prior written consent of the Buyer
                                            or as otherwise expressly permitted or required by this Agreement, the Shareholder shall
                                            ensure that neither the Shareholder nor the Company will:



 


		(i)	make
                                            any change in its Charter Documents;



 


		(ii)	issue
                                            any additional Equity Interests or issue or otherwise create any options, warrants or rights
                                            to acquire any of its Equity Interests;



 


		(iii)	increase
                                            or agree to increase the compensation payable to the Shareholder, member of the board of
                                            directors or any officers, directors, managers, consultants or employees except for increases
                                            in the ordinary course consistent with past practice, other than to the Shareholder; provided,
                                            however, that the Company may distribute sufficient cash to permit the Shareholder to pay
                                            his 2020 and 2021 federal and state income taxes on the taxable income attributable to him
                                            based on the highest combined marginal rate of taxation at the time of such distribution.



 


		(iv)	make
                                            any investments (other than short-term certificates of deposit of a commercial bank or trust
                                            company) in the Equity Interests (or options, warrants or rights to acquire the Equity Interests)
                                            or Indebtedness of any Person;



 


		(v)	enter
                                            into any contract to incur, or otherwise agree to incur any liability or make any capital
                                            payment or expenditure of any kind in excess of $50,000.00, other than in the ordinary course
                                            of its business and consistent with its past practice (it being agreed that the foregoing
                                            restriction shall not prohibit or limit the ability of any of the Company to enter into contractual
                                            obligations or otherwise incur liabilities in respect of any existing projects pursuant to
                                            the terms and conditions of this Agreement);



 




    	19



     


    

  


		(vi)	prepay
                                            any Indebtedness other than in the ordinary course of business consistent with past practices,
                                            or (B) create, assume or permit to be created or imposed any liens or encumbrances, upon
                                            any of its assets or properties, whether now owned or hereafter acquired other than in the
                                            ordinary course of business consistent with past practice;



 


		(vii)	except
                                            as required by any applicable law or Order, (A) adopt, establish, amend or terminate any
                                            of its Employee Benefit Plans, or any other compensation plans or employee policies and procedures
                                            or (B) take any discretionary action, or omit to take any contractually required action,
                                            if that action or omission could either (y) deplete the assets of any of its Employee Benefit
                                            Plans, or (z) increase the liabilities or obligations under any such plan;



 


		(viii)	sell,
                                            assign, lease or otherwise transfer or dispose of any of its owned or leased property or
                                            equipment other than in the ordinary course of its business and consistent with its past
                                            practice, or to dispose of excess or obsolete inventory or equipment other than for appropriate
                                            value;



 


		(ix)	negotiate
                                            for the acquisition of any business or entity or the start-up of any new line of business;



 


		(x)	waive
                                            any of its rights or claims, provided that it may negotiate and adjust bills and Accounts
                                            Receivables in the course of good faith disputes with customers in a manner consistent with
                                            past practice;



 


		(xi)	effect
                                            any other transaction that is not in the ordinary course of its business and consistent with
                                            its past practice or that is prohibited hereby; or



 


		(xii)	amend
                                            or terminate any contract or agreement to which it is a party that is not in the ordinary
                                            course of its business.



 


	(c)	From
                                            the Agreement Date until the Closing, except with the prior written consent of the Buyer
                                            or as otherwise expressly permitted or required by this Agreement, the Shareholder shall
                                            not make or revoke any tax election respecting the Company that affects the Company, the
                                            Buyer or the Shares.



 



ARTICLE
V


 


CLOSING
DELIVERIES AND CONDITIONS


 


SECTION
5.1 CONDITIONS PRECEDENT TO OBLIGATIONS OF THE COMPANY AND THE SHAREHOLDER.


 


The
obligation of the Company and the Shareholder to consummate the Transactions shall be subject to the satisfaction on or before the Closing
Date of each of the following conditions:


 


	(a)	Compliance.
    The Buyer shall have, or shall have caused to be, satisfied or complied with and performed in all material respects, all terms, covenants
    and conditions of this Agreement to be complied with or performed by the Buyer on or before the Closing Date.



 





    	20



     


    

 


	(b)	Representations
    and Warranties. All of the representations and warranties made by the Buyer in this Agreement and in all certificates and
    other documents delivered by the Buyer to the Company pursuant hereto, shall have been true and correct in all material respects
    as of the Agreement Date, and shall be true and correct in all material respects at the Closing Date, with the same force and effect
    as if such representations and warranties had been made at and as of the Closing Date, except (a) where such representations and
    warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct
    as of such earlier date, (b) for changes permitted or contemplated by this Agreement, or (c) for changes approved in writing by the
    Company.
	 	 
	(c)
    	Consents,
    Licenses and Approvals. The Buyer shall have received all required permits, licenses, contracts and third party consents
    set forth on Schedule 5.1(c) attached hereto in form satisfactory to the Company. All consents, approvals, orders or
    authorizations of, or registrations, declarations or filings with, all governmental entities required in connection with the execution,
    delivery or performance hereof shall have been obtained or made, without any limitation, restriction or condition.
	 	 
	(d)
    	Transaction
    Documents. The Transaction Documents shall have been executed and delivered by the Buyer and in a form and substance satisfactory
    to the Company. The Parties shall have agreed to the Target Working Capital in accordance with the terms hereof. 
	 	 
	(e)
    	Related
    Transactions. Any amendments, restatement and/or supplement to the Transaction Documents to be executed and delivered in
    connection with the Transactions shall be in a form satisfactory to the Company and the transactions contemplated by the Buyer shall
    have been consummated.
	 	 
	(f)
    	Buyer
    Closing Certificate. Buyer will have delivered to the Company and Shareholder a certificate of Buyer, in the form attached
    hereto as Exhibit 5.1(f), dated as of the Closing Date to the effect that each of the conditions specified above in
    Section 5.1(a) and Section 5.1(b) have been satisfied (the “Buyer Closing Certificate”).


 
SECTION
                                            5.2. CLOSING DELIVERIES OF THE COMPANY AND THE SHAREHOLDER.


 


The
obligation of Buyer to consummate the Transactions contemplated by this Agreement shall be subject to the delivery, prior to or at Closing,
of each of the following by the Company and the Shareholder (the delivery of any or all of which may be waived by the Buyer in its discretion):


 


	(a)	a
    counterpart signature page to the employment agreement, dated as of the Closing Date, between the Company and Anthony Berritto (the
    “Berritto Employment Agreement”) shall be signed by the Anthony Berritto;
	 	 
	(b)	good
    standing certificates (or similar certificates of status) of the Company and its Subsidiaries and Affiliates, dated not more than
    thirty (30) Business Days prior to the Closing Date, issued by their respective states of incorporation or organization and from
    each state where such entities are registered to do business, as well as written consents or corporate or company resolutions authorizing
    the transactions contemplated by this Agreement and the execution of the Transaction Documents.



 





    	21



     


    

 


	(c)	an
    incumbency certificate, signed by a duly authorized officer of the Company and each Subsidiary, dated as of the Closing Date, certifying:
    (i) the incumbency of the directors and officers of the Company and each Subsidiary; (ii) the authenticity and continuing validity
    of the certificate of incorporation, bylaws and other governing documents of the Company and each Subsidiary, and attaching true,
    correct and complete copies of the same; and (iii) the authenticity and continuing validity of the resolutions of the Company and
    each Subsidiary authorizing the consummation of the transaction contemplated by this Agreement and attaching true, correct and complete
    copies of the same;
	 	 
	(d)	an
    Assignment of Shares, dated as of the Closing Date, in the form attached hereto as Exhibit 5.2(c), executed by the
    Shareholder of the Company assigning the Shares in the Company to Buyer, as well as the stock certificates representing the Shares,
    duly endorsed in blank or accompanied by blank irrevocable stock powers, in the form attached hereto as Exhibit 5.2(c),
    and with all required stock transfer tax stamps affixed;
	 	 
	(e)	an
    undertaking from the “Non-Compete Party” (as hereinafter defined) agreeing to be bound by the restrictions set forth
    under Article VIII of this Agreement;
	 	 
	(f)	evidence
    of termination of the contracts and/or leases and evidence of termination or settlement of related party transactions required by
    Buyer pursuant to Section 1.5 hereof; 
	 	 
	(g)	proof
    satisfactory to Buyer that any and all liens (including but not limited to, filed UCC-1 financing statements) on the assets of the
    Company and each Subsidiary have been terminated and released;
	 	 
	(h)	proof
    satisfactory to Buyer that any real property leases under which the Company or any Subsidiary is a tenant have been either (A) terminated
    at no further cost to Buyer; (B) assigned by the Company or the Subsidiary, as applicable, to a third party, such third party being
    approved by Buyer prior to any such assignment being made; or (C) permitted to continue in full force and effect, pursuant to a written
    assignment of lease, amendment to the lease agreement, or a new lease agreement, as consented to by Buyer and the landlord thereof,
    as requested by Buyer in its sole discretion, in which event Buyer shall become responsible for the payments first arising thereunder
    after the Closing Date; provided, however, that any real property lease permitted to continue in full force and effect as requested
    by the Buyer shall be upon terms that are no less favorable to the Company than at fair market value, which terms shall be agreed
    to by the parties prior to Closing; 
	 	 
	(i)	the
    “Shareholders Closing Certificate” (as hereinafter defined); and
	 	 
	(j)	such
    other instruments and documents as Buyer may reasonably request in connection with the Closing of the transactions contemplated hereby,
    all such instruments and documents to be reasonably satisfactory in form and substance to Buyer and its counsel. 


 




    	22



     


    

 


SECTION
5.3. CONDITIONS PRECEDENT TO OBLIGATIONS OF THE BUYER.


 


The
obligations of the Buyer to consummate the Transactions contemplated by this Agreement shall be subject to the satisfaction on or before
the Closing Date of each of the following conditions:


 


	(a)
    	Compliance.
    The Company and the Shareholder shall have caused to be, satisfied or complied with and performed in all material respects, all terms,
    covenants and conditions of this Agreement to be complied with or performed by the Company and the Shareholder on or before the Closing
    Date.
	 	 
	(b)
    	Representations
    and Warranties. All of the representations and warranties made by the Company or the Shareholder in this Agreement and in
    all certificates and other documents delivered by the Company or the Shareholder to Buyer pursuant hereto, shall have been true and
    correct in all material respects as of the Agreement Date, and shall be true and correct in all material respects at the Closing
    Date, with the same force and effect as if such representations and warranties had been made at and as of the Closing Date, except
    (a) where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties
    shall have been true and correct as of such earlier date, (b) for changes permitted or contemplated by this Agreement, or (c) changes
    approved in writing by the Buyer.
	 	 
	(c)
    	Consents,
    Licenses and Approvals. The Company shall have received all required permits, licenses, contracts and third party consents
    set forth on Schedule 5.3(c) attached hereto in form satisfactory to the Buyer. All consents, approvals, orders or
    authorizations of, or registrations, declarations or filings with, all governmental entities required in connection with the execution,
    delivery or performance hereof shall have been obtained or made, without any limitation, restriction or condition.
	 	 
	(d)	Financing.
    The contingency to obtain Financing as set forth in Section 1.6 hereof shall have been satisfied or waived.
	 	 
	(e)	Transaction
    Documents. The Transaction Documents shall have been executed and delivered by all of the Parties thereto and in a form and
    substance satisfactory to the Buyer.
	 	 
	(f)
    	Additional
    Conditions to Buyers Performance. The obligation of Buyer to consummate the transactions contemplated by this Agreement shall
    be subject to the following additional conditions: (any or all of which may be waived by Buyer in its discretion):


 


	 	(i)	the
    due diligence contingency as set forth in Section 1.5 hereof shall have been satisfied or waived; and
	 	 	 
	 	(ii)	between
    the date hereof and the Closing Date, there shall have been no action or omission causing or that would reasonably be expected to
    have a Material Adverse Effect on the Business of the Company, whether caused by an action or omission of (i) the Shareholder (ii)
    any member of the board of directors or officer of the Company, or (iii) otherwise.


 


	(g)
    	Shareholder
    Closing Certificate. The Shareholder will have delivered to the Buyer a certificate of Shareholder, in the form attached
    hereto as Exhibit 5.3(g), dated as of the Closing Date to the effect that each of the conditions specified above in
    Sections 5.3(a), 5.3(b) and 5.3(f)(ii) have been satisfied (the “Shareholder Closing Certificate”).


 




    	23



     


    

 


SECTION
5.4. CLOSING DELIVERIES OF THE BUYER.


 


The
obligation of the Company and the Shareholder to consummate the transactions contemplated by this Agreement shall be subject to the delivery,
prior to or at Closing, of each of the following by the Buyer (the delivery of any or all of which may be waived by the Company and the
Shareholder in its or their discretion):


 


	(a)	a
    counterpart signature page to the Berritto Employment Agreement, dated as of the Closing Date; 
	 	 
	(b)	the
    cash portion of the Purchase Price;
	 	 
	(c)	the
    Note and Security Agreement;
	 	 
	(d)	the
    TLSS Shares; and
	 	 
	(e)	the
    Buyer Closing Certificate.


 


ARTICLE
VI


 


COVENANTS
OF THE PARTIES


 


SECTION
6.1. AFFIRMATIVE COVENANTS.


 


From
the Agreement Date through the Closing Date, the Company and the Shareholders in operating the Company, will take every action reasonably
required of it to satisfy the conditions to closing set forth in this Agreement and otherwise to ensure the prompt and expedient consummation
of the Transaction substantially as contemplated hereby, and will exert all reasonable efforts to cause the Transaction to be consummated,
provided in all instances that the representations and warranties of the Buyer in this Agreement are and remain true and accurate and
that the covenants and agreements of the Buyer in this Agreement are honored and that the conditions to the obligations of the Company
set forth in this Agreement are not incapable of satisfaction and subject, at all times, to the right and ability of the directors of
the Company to satisfy their fiduciary obligations. 


 
From
                                            the Agreement Date through the Closing Date, the Buyer will take every action reasonably
                                            required of it to satisfy the conditions to closing set forth in this Agreement, including
                                            obtaining the Financing required to satisfy the financing condition specified above in Section
                                            5.3(d), and otherwise to ensure the prompt and expedient consummation of the Transaction
                                            substantially as contemplated hereby, and will exert all reasonable efforts to cause the
                                            Transaction to be consummated, provided in all instances that the representations and warranties
                                            of the Company and the Shareholders in this Agreement are and remain true and accurate and
                                            that the covenants and agreements of the Company and the Shareholder in this Agreement are
                                            honored and that the conditions to the obligations of the Buyer set forth in this Agreement
                                            are not incapable of satisfaction and subject, at all times, to the right and ability of
                                            the directors of the Buyer to satisfy their fiduciary obligations.


 


SECTION
6.2. FULL ACCESS; DELIVERABLES.


 


Except
as set forth in Section 1.5 or 1.6 hereof, from the Agreement Date and until Closing, each Party has and will afford to the other and
its directors, officers, employees, counsel, accountants, investment advisors and other authorized representatives and agents, reasonable
access to the facilities, properties, books and records of the other Party in order that the other may have full opportunity to make
such investigations as it will desire to make of the affairs of the disclosing Party. Each Party will furnish such additional financial
and operating data and other information as the other will, from time to time, reasonably request, including without limitation access
to the working papers of its independent certified public accountants;. Shareholder and the Company hereby agrees to cause its certified
public account to provided audited financials in accordance with GAAP for the year ended 2019 and 2020 no later than ten (10) days prior
to the Due Diligence Expiration Date.


 




    	24



     


    

 


No
later than ten (10) days prior to the Due Diligence Expiration Date, the Company and the Shareholder shall have delivered to Buyer (A)
Federal and State judgment and tax lien searches and (ii) certified copies of Requests for Information or Copies (Form UCC-11) or equivalent
reports from all appropriate jurisdictions listing all effective financing statements or lien documentation which name the Company or
any Subsidiary (under their present or any previous name or any trade names) as debtor, together with copies of such financing statements.
Such searches shall indicate the existence of no liens or encumbrances on the Shares or any assets of the Company or any Subsidiary.
Additionally, the Company and the Shareholder shall provide proof satisfactory to Buyer that all taxes in all applicable jurisdictions,
including but not limited to Georgia and New Jersey, have been properly filed and paid.


 


SECTION
6.3. CONFIDENTIALITY.


 


Each
Party hereto agrees that it will not use, or permit the use of, any of the information relating to any other Party hereto furnished to
it in connection with the Transactions contemplated herein (“Information”) in a manner or for a purpose detrimental
to such other Party or otherwise than in connection with the Transactions, and that they will not disclose, divulge, provide or make
accessible (collectively, “Disclose” or “Disclosure”), or permit the Disclosure of, any of the
Information to any person or entity, other than their respective directors, officers, employees, investment advisors, accountants, counsel
and other authorized representatives and agents, except as may be required by judicial or administrative process or, in the opinion of
such Party’s counsel, by other requirements of Law; provided, however, that prior to any Disclosure of any Information
permitted hereunder, the disclosing Party will first obtain the recipients’ undertaking to comply with the provisions of this Section
6.3 with respect to such Information. The term “Information” as used herein will not include any information relating
to a Party that the Party disclosing such information can show: (i) to have been in its possession prior to its receipt from another
Party hereto; (ii) to be now or to later become generally available to the public through no fault of the disclosing Party; (iii) to
have been available to the public at the time of its receipt by the disclosing Party; (iv) to have been received separately by the disclosing
Party in an unrestricted manner from a person entitled to disclose such information; or (v) to have been developed independently by the
disclosing Party without regard to any information received in connection with the Transaction contemplated herein. Each Party hereto
also agrees to promptly return to the Party from whom it originally received such Information all original and duplicate copies of written
materials containing Information should the Transactions contemplated herein not occur. All Parties hereto will be deemed to have satisfied
each’ obligations to hold the Information confidential if each exercises the same care as each takes with respect to each Party’s
similar information.


 


SECTION
6.4. FILINGS; CONSENTS; REMOVAL OF OBJECTIONS.


 


Subject
to the terms and conditions herein provided, the Parties hereto will use their best efforts to take or cause to be taken all actions
and do or cause to be done all things necessary, proper or advisable under applicable laws to consummate and make effective, as soon
as reasonably practicable, the Transactions contemplated hereby, including without limitation obtaining all consents of any person or
entity, whether private or governmental, required in connection with the consummation of the Transaction contemplated herein. In furtherance,
and not in limitation of the foregoing, it is the intent of the Parties to consummate the Transactions contemplated herein at the earliest
practicable time, and they respectively agree to exert commercially reasonable efforts to that end, including without limitation: (i)
the removal or satisfaction, if possible, of any objections to the validity or legality of the Transactions contemplated herein; and
(ii) the satisfaction of the conditions to consummation of the Transactions contemplated hereby.


 




    	25



     


    

 


SECTION
6.5. FURTHER ASSURANCES; COOPERATION; NOTIFICATION.


 


	(a)	Each
    Party hereto will, before, at and after Closing, execute and deliver such instruments and take such other actions as the other Party
    may reasonably require in order to carry out the intent of this Agreement. Without limiting the generality of the foregoing, at any
    time after the Closing, at the reasonable request of the Buyer and without further consideration, the Company and the Shareholder
    will execute and deliver such instruments of sale, transfer, conveyance, assignment and confirmation and take such action as the
    Buyer may reasonably deem necessary or desirable in order to more effectively consummate the Transactions contemplated hereby, including,
    but not limited to closing, transferring or changing the signatory to bank accounts and other financial accounts.
	 	 
	(b)	At
    all times from the date hereof until the Closing, each Party will promptly notify the other in writing of the occurrence of any event
    which it reasonably believes will or may result in a failure by such Party to satisfy the conditions specified in this Article
    VI.
	 	 
	 	The
    Buyer will provide the Shareholder with reasonable updates on the status of obtaining the Financing required to satisfy the financing
    condition specified above in Section 5.3(d).
	 	 
	(c)	Beginning
    from the Agreement Date through the Closing Date, the Seller may supplement or amend the Disclosure Schedules with respect to any
    matter arising during that period or of which the Sellers become aware of after the Agreement Date, which, if existing, occurring
    or known at the date of this Agreement, would have been required to be set forth or described in the Disclosure Schedules (each a
    “Schedule Supplement”). Upon Buyer’s request, the Seller shall promptly make available to Buyer any documentation
    or information relating to each such Schedule Supplement. Upon receipt of such request from Buyer, the Sellers may request, subject
    to Buyer’s approval which shall not to be unreasonably delayed, withheld or conditioned, an extension of five (5) days to prepare
    and provide such additional documentation or information relating to each such Schedule Supplement. Upon receipt of such Schedule
    Supplements, Buyer and Buyer’s lender shall have ten (10) Business Days to review and comment upon the same, and provided the
    Schedule Supplements are not determined by Buyer in its reasonable discretion and pursuant to the terms of this Agreement to have
    a Material Adverse Effect on the transaction, and such Schedule Supplements are approved by Buyer’s lender, in its sole and
    absolute discretion, the Buyer and Seller shall enter into an amendment to this Agreement to reflect such amended Disclosure Schedules.
    Nothing contained in this Section 6.5(c) shall limit the Buyer’s rights under Article V if Seller’s supplement or amendment
    to the Disclosure Schedules sets forth any action or omission causing or that would reasonably be expected to have a Material Adverse
    Effect on the Business of the Company, whether caused by an action or omission of (i) the Shareholder (ii) any member of the board
    of directors or officer of the Company, or (iii) otherwise. 


 




    	26



     


    

 


SECTION
6.6. PUBLIC ANNOUNCEMENTS.


 


No
Party hereto will make any public announcement with respect to the Transactions contemplated herein without the prior written consent
of the other Party; provided, however, that Buyer shall be permitted to file information regarding the Transaction contemplated
hereby that Buyer is required to file in connection with its status as a reporting company under the Securities Exchange Act of 1934.


 


SECTION
6.7. AGREEMENT REGARDING THE COMPANY ACCOUNTS RECEIVABLES; SHAREHOLDER LOANS; leases.


 


	(a)	At
    Closing, in the event that any of the Accounts Receivable of the Company were not utilized in the calculation of the Working Capital,
    regardless of fault, then the Accounts Receivable not used in the Working Capital calculation shall be assigned by the Buyer to the
    Shareholder. 
	 	 
	(b)	Immediately
    prior to Closing, the Company will forgive any loans currently owed to the Company by the Shareholder. The Buyer, Company and Shareholder
    agree that any tax consequences associated with such forgiveness shall be allocated to the Shareholder.
	 	 
	(c)	At
    least five (5) days prior to the Due Diligence Expiration Date, any leases between the Company and the Shareholder, or an affiliate
    of the Shareholder, shall be renegotiated to terms mutually agreed upon as fair market value as to amount and term, which renegotiated
    terms shall become effective in connection with the Closing. 


 


SECTION
6.8 INVESTMENT REPRESENTATION.


 


The
Shareholder represents and confirms to the Buyer that the Shareholder:


 


	(a)
    	is
    an accredited investor within the meaning of Rule 501(a) under the Securities Act or, if not such an accredited investor, has, alone
    or together with a purchaser representative within the meaning of Rule 501(h) under the Securities Act, such knowledge and experience
    in financial and business matters as to be capable of evaluating the merits and risks of an investment in securities of the Buyer
    of the type contemplated by this Agreement; 
	 	 
	(b)
    	is
    acquiring the Note and the TLSS Shares (collectively the “Securities”) to be issued to the Shareholder hereunder
    for the Shareholder’s own account for investment and not with a view to, or for the sale in connection with, any distribution
    of any of the Securities;
	 	 
	(c)	is
    aware of the limits on resale imposed by virtue of the nature of the transaction; and
	 	 
	(d)
    	is
    receiving the portion of the Purchase Price hereunder in the form of Securities issued without registration under the Securities
    Act in reliance on the exemption from registration contained in Section 4(a)(2) of the Securities Act, which securities are identified
    for this purpose on Exhibit 1.3(a)(i) and Exhibit 1.3(a)(iii) hereto, for investment, and without any view to the sale,
    resale or other distribution thereof in any manner that is in violation of the Securities Act. The documents or certificates representing
    the Securities, when delivered to the Shareholder at the Closing, may have appropriate orders restricting transfer placed against
    them on the records of the transfer agent for such Securities, and may have placed upon them the following legend:


 


	 	THE
    SECURITIES REPRESENTED HEREBY HAVE BEEN ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933. THEY MAY
    NOT BE TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS THE TRANSFEROR FIRST SATISFIES THE ISSUER THAT THE PROPOSED
    TRANSFER, IN THE MANNER PROPOSED, DOES NOT VIOLATE THE REGISTRATION REQUIREMENTS OF SAID ACT.




 






    	27



     


    

 


	(e)	In
    addition to the restrictions set forth in the Lock-up Agreement with respect to the TLSS Shares, Shareholder agrees not to attempt
    any transfer of any such Securities without first complying with the substance of said legend, and agrees that satisfaction of the
    issuer may, if the Buyer so requests, depend in part upon an opinion of counsel acceptable in form and substance to the issuer, a
    no-action letter of the SEC, or equivalent evidence. The Shareholder acknowledges, without limitation, that the foregoing agreement
    and representation shall apply to the portion of the Purchase Price delivered in the form of Securities to such person as a result
    of the Closing hereunder.


 


ARTICLE
VII


 


REMEDIES
FOR BREACHES OF THIS AGREEMENT


 


SECTION
7.1. Survival of Representations and Warranties.


 


Except
as otherwise provided herein, the representations and warranties contained in Articles II and III hereof and in any certificate
delivered pursuant to this Agreement shall survive the Closing for a period of two (2) years after the Closing Date. All covenants and
other agreements in this Agreement shall survive the Closing in accordance with their terms.


 


SECTION
7.2. Indemnification by SHAREHOLDER.


 


The
Shareholder covenants and agrees that the Shareholder shall indemnify, defend, protect and hold harmless the Buyer, and their respective
officers, directors, employees, shareholders, agents, representatives and affiliates, at all times from and after the date of this Agreement
from and against all claims, damages, actions, suits, proceedings, demands, assessments, adjustments, costs and expenses, including specifically
reasonable attorneys’ fees and expenses of investigation but excluding, other than to the extent arising in connection with the
commission of fraud by the Shareholder, an intentional misrepresentation by the Shareholder or any third party claim, consequential,
punitive, exemplary, special, incidental or indirect losses (and for clarity, excluding lost profits or diminution in value measure of
damages) (the “Losses”) incurred by any of such indemnified persons as a result of or arising from (i) any breach of the
representations and warranties of the Shareholder set forth herein or in the Schedules or certificates delivered in connection herewith,
and (ii) any breach or nonfulfillment of any covenant or agreement on the part of the Shareholder or the Company under this Agreement.


 


SECTION
7.3. Indemnification by BUYER.


 


The
Buyer covenants and agrees that it shall indemnify, defend, protect and hold harmless each Shareholder and their respective representatives
and affiliates, at all times from and after the date of this Agreement from and against all Losses incurred by any of such indemnified
persons as a result of or arising from (i) any breach of the representations and warranties of the Buyer set forth herein or in the Schedules
or certificates delivered in connection herewith, and (ii) any breach or nonfulfillment of any covenant or agreement on the part of the
Buyer under this Agreement.


 




    	28



     


    

 


SECTION
7.4. Third-Party Claims.


 


	(a)	Promptly
    after receipt by a Person entitled to indemnity under Section 7.2 or 7.3 (an “Indemnified Person”)
    of notice of the assertion of a claim against it, such Indemnified Person shall give notice to the Person obligated to indemnify
    under such section (an “Indemnifying Person”) of the assertion of such claim,provided that the failure to notify
    the Indemnifying Person will not relieve the Indemnifying Person of any liability that it may have to any Indemnified Person except
    to the extent that the Indemnifying Person demonstrates that the defense of such claim is materially prejudiced by the Indemnified
    Person’s failure to give such notice.
	 	 
	(b)	If
    an Indemnified Person gives notice to the Indemnifying Person pursuant to this Section 7.4 of the assertion of a claim, the
    Indemnifying Person shall be entitled to participate in the defense of such claim to the extent that it is brought by a third-party
    (the “Third-Party Claim”) and, to the extent that it wishes (unless, at any time during the processing, handling, or
    prosecution of such Third-Party Claim, any of the following events occurs, arises, or becomes known to the Indemnified Person, at
    which time the Indemnified Person may assume and control the defense of such Third-Party Claim, notwithstanding the Indemnifying
    Person’s prior assumption of such defense: (i) the Indemnifying Person is also a Person against whom the Third-Party Claim
    is made and the Indemnified Person determines in good faith that joint representation would be inappropriate, (ii) the Indemnifying
    Person fails to provide reasonable assurance to the Indemnified Person of its financial capacity to defend such Third-Party Claim
    and provide indemnification with respect to such Third-Party Claim, (iii) involves a claim to which the Indemnified Person reasonably
    believes could be detrimental to or injure the Indemnified Person’s reputation, customer or supplier relations or future business
    prospects, (iv) seeks non-monetary relief (except where non-monetary relief is merely incidental to a primary claim or claims for
    monetary damages), or (v) involves criminal allegations), to assume the defense of such Third-Party Claim with counsel satisfactory
    to the Indemnified Person. After notice from the Indemnifying Person to the Indemnified Person of its election to assume the defense
    of such Third-Party Claim, the Indemnifying Person shall not, so long as it diligently conducts such defense, be liable to the Indemnified
    Person under this Article VII for any fees of other counsel or any other legal expenses with respect to the defense of such
    Third-Party Claim, in each case subsequently incurred by the Indemnified Person in connection with the defense of such Third-Party
    Claim, other than reasonable costs of investigation.
	 	 
	(c)	If
    the Indemnifying Person assumes the defense of a Third-Party Claim, (i) such assumption will conclusively establish for purposes
    of this Agreement that the claims made in that Third-Party Claim are within the scope of and subject to indemnification, and (ii)
    no compromise or settlement of such Third-Party Claims may be effected by the Indemnifying Person without the Indemnified Person’s
    consent unless (A) there is no finding or admission of any violation of Law or any violation of the rights of any Person; (B) the
    sole relief provided is monetary damages that are paid in full by the Indemnifying Person; and (C) the Indemnified Person shall have
    no liability with respect to any compromise or settlement of such Third-Party Claims effected without its written consent. If notice
    is given to an Indemnifying Person of the assertion of any Third-Party Claim and the Indemnifying Person does not, within ten days
    after the Indemnified Person’s notice is given, give notice to the Indemnified Person of its election to assume the defense
    of such Third-Party Claim, the Indemnifying Person will be bound by any determination made in such Third-Party Claim or any compromise
    or settlement effected by the Indemnified Person, provided that it is conclusively determined by a court of competent jurisdiction
    that the claims made were within the scope of and subject to indemnification.


 




    	29



     


    

 


	(d)	With
    respect to any Third-Party Claim subject to indemnification under this Article VII: (i) both the Indemnified Person and the
    Indemnifying Person, as the case may be, shall keep the other Person fully informed of the status of such Third-Party Claim and any
    related actions at all stages thereof where such Person is not represented by its own counsel in such action, proceeding or dispute,
    and (ii) the Parties agree (each at its own expense) to render to each other such assistance as they may reasonably require of each
    other and to cooperate in good faith with each other in order to ensure the proper and adequate defense of any Third-Party Claim.
	 	 
	(e)	With
    respect to any Third-Party Claim subject to indemnification under this Article VII, the Parties agree to cooperate in such
    a manner as to preserve in full (to the extent possible) the confidentiality of all Information and the attorney-client and work-product
    privileges. In connection therewith, each Party agrees that: (i) it will use a commercially reasonable effort, in respect of any
    Third-Party Claim in which it has assumed or participated in the defense, to avoid the production of Information (consistent with
    applicable law and rules of procedure), and (ii) all communications between any Party and counsel responsible for or participating
    in the defense of any Third-Party Claim shall, to the extent possible, be made so as to preserve any applicable attorney-client or
    work-product privilege.


 


SECTION
7.5. Indemnification Payments.


 


	(a)	All
    amounts payable by one Party to another pursuant to the terms of this Article VII shall be paid within ten (10) days following
    final determination that such amounts are due and payable.
	 	 
	(b)	The
    amount of any and all Losses for which indemnification is required shall be determined (1) net of any amounts recovered or recoverable
    under any insurance policies, (2) net of any amounts recovered or recoverable from any third party, and (3) net of any tax benefit
    with respect to such Losses. 
	 	 
	(c)	From
    and after Closing, except for fraud, Buyer’s sole and exclusive remedy with respect to any and all claims under this Agreement
    shall be the indemnification provisions set forth in this Article VII and Buyer hereby waives any and all rights, claims and causes
    of action it may have against Shareholder arising under any Law. 


 


SECTION
7.6. Certain Indemnifications Limits.


 


	(a)	Buyer
    shall not have any right to indemnification under Section 7.2, and Shareholder shall not have any right to indemnification
    under Section 7.3 until the aggregate amount of all such Losses under Section 7.2 or Section 7.3, as applicable,
    exceeds $50,000 in which case the Shareholder or Buyer, as the case may be, shall be liable for all such Losses from the first dollar.
    Except as set forth in Section 7.6(b), in no event shall Buyer’s, on the one hand, or Shareholders’, on the other
    hand, aggregate Liability with respect to claims for Losses exceed the principal balance of the Note.
	 	 
	(b)	Notwithstanding
    anything in this Agreement to the contrary, the limits on indemnification set forth in Section 7.6(a) shall not apply in the
    case of: (i) fraud (including any determination of fraudulent conveyance by the Shareholder); or (ii) intentional misrepresentation.


 




    	30



     


    







 


SECTION
7.7. Investigations.


 


Buyer
shall not have the right to assert a claim against Shareholder, and Shareholder shall not have any liability, to the extent prior to
Closing, Buyer had actual knowledge of any breach or inaccuracy in a representation, warranty or covenant made by the Company or Shareholder.


 


SECTION
7.8. REMEDIES IN THE EVENT OF DEFAULT.


 


	(a)	Default
    by Buyer. In the event of a default by Buyer under this Agreement prior to the consummation of the Closing, which default
    is not cured by Buyer within ten (10) days after written notice thereof to Buyer, the Company and the Shareholder, at their option,
    may: (i) terminate this Agreement and may elect to seek damages in an amount not to exceed $50,000; or (ii) seek specific performance
    of Buyer’s obligations hereunder.
	 	 
	(b)	Default
    by the Company and the Shareholder. In the event of a default by the Company and the Shareholder
    under this Agreement prior to the consummation of the Closing, which default is not cured by the Company and the Shareholder within
    ten (10) days after written notice thereof to the Company and the Shareholder, Buyer, at its option, may: (i) terminate this Agreement
    and may elect to seek damages in an amount not to exceed $50,000; or (ii) seek specific performance of the Company’s and the
    Shareholder’s obligations hereunder. Notwithstanding the foregoing, in the event the remedy of specific performance of the
    Company’s and the Shareholder’s obligations hereunder due to a willful default hereunder, such as the Company and the
    Shareholder selling the Shares or the assets of the Company outside of the ordinary course of business to a third party, then Buyer’s
    right to seek damages shall not be limited to $50,000.
	 	 
	(c)	In
    the event either Party elects to bring a suit for specific performance, the Party seeking specific performance shall be required
    to file such suit within thirty (30) days of such Party’s written notification to the other Party of an alleged default.


 


ARTICLE
VIII


 


LIMITATIONS
ON COMPETITION


 


SECTION
8.1. PROHIBITED ACTIVITY.


 


The
Shareholder (the “Non-Compete Party”), agrees as follows:


 


	(a)	NON-COMPETITION.
    The Non-Compete Party covenants and agrees that for a period of three (3) years following the Closing Date, that the Non-Compete
    Party shall not engage, directly or indirectly, whether as an individual, sole proprietor, or as a shareholder, member, partner,
    agent, officer, director, manager, employer, employee, consultant or independent contractor of any firm, corporation or other entity
    or group or otherwise in any “Competing Business” (as hereinafter defined). For purposes of this Agreement, the term
    “Competing Business” shall mean any individual, sole proprietorship, partnership, firm, corporation or other entity
    or group which provides services for various clients in the trucking and warehousing industry and all related services thereto. Notwithstanding
    the above, if the Buyer shall terminate the employment of Anthony Berritto under the Berritto Employment Agreement “Without
    Cause” (as defined therein), then the remaining time period of the non-compete restrictions hereunder shall be reduced by one-half.
    


 




    	31



     


    

 


	(b)	NON-SOLICITATION
    OF CUSTOMERS AND SUPPLIERS. The Non-Compete Party covenants and agrees that for a period of three (3) years following the
    Closing Date, the Non-Compete Party shall not, whether as an individual or sole proprietor, or as a shareholder, member, partner,
    agent, officer, director, manager, employer, employee, consultant or independent contractor of any firm, corporation or other entity
    or group or otherwise, directly or indirectly, solicit the trade or business of, or trade, or conduct business with, any existing
    customer, prospective customer, existing supplier, or prospective supplier of the Company for any purpose other than for the benefit
    of the Company.
	 	 
	(c)
    	NON-SOLICITATION
    OF EMPLOYEES. The Non-Compete Party covenants and agrees that for a period of three (3) years following the Closing Date,
    the Non-Compete Party shall not, directly or indirectly, as an individual or sole proprietor, or as a shareholder, member, partner,
    agent, employee, employer, consultant, independent contractor, officer, director or manager of any person, firm, corporation or other
    entity or group or otherwise, without the prior express written consent of the Company approach, counsel or attempt to induce any
    person who is then in the employ of, or then serving as independent contractor with, the Company to leave the employ of, or terminate
    such independent contractor relationship with, the Company or employ or attempt to employ any such person or persons who at any time
    during the six (6) months preceding the Closing Date was in the employ of, the Company.
	 	 
	(d)
    	NO
    SHOP. Between the Agreement Date and the Closing Date, the Shareholder shall not solicit or encourage, and the Shareholder
    shall ensure that the Company does not solicit or encourage, directly or indirectly, any inquiries or the making or implementation
    of any proposal or offer with respect to a merger, acquisition, consolidation or similar transaction involving, or any purchase of
    all or any significant portion of the assets or any equity securities of the Company or engage in any activities, discussions or
    negotiations concerning, or provide any Information respecting, the Company, Buyer or any of Buyer Affiliates to, or have any discussions
    with, any person relating to such an offer or proposal or otherwise facilitate any effort or attempt to make or implement such an
    offer or proposal. The Shareholder shall, and shall cause the Company to immediately cease and cause to be terminated any existing
    activities, discussions or negotiations with any persons conducted heretofore with respect to any of the foregoing, and each will
    take the steps necessary to inform the persons referred to in the first sentence of this Section 8.1(d) of the obligations
    undertaken in this Section 8.1(d).


 


SECTION
8.2. DAMAGES.


 


Because
of the difficulty of measuring economic losses to Buyer as a result of any breach by a Non-Compete Party of the covenants in Article
VIII, and because of the immediate and irreparable damage that could be caused to Buyer for which it would have no other adequate
remedy, the Non-Compete Party agrees that Buyer may enforce the provisions of Article VIII by injunctions and restraining orders
against such Non-Compete Party without the posting of a bond or other security, if such Non-Compete Party breaches any of such provisions.
It is specifically agreed by the Parties that the period specified in Section 8.1 shall be computed by excluding from such computation,
any time during which the Non-Compete Party is in violation of any provision of Article VIII.


 




    	32



     


    

 


SECTION
8.3. REASONABLE RESTRAINT.


 


The
Parties expressly, irrevocably and unconditionally acknowledge and agree that they have given consideration to the provisions delineated
in this Section 8 and agree that the restrictions set forth herein in this Section 8 are fair and reasonable and are reasonably
required for the protection of the Buyer’s rights pursuant to the terms and conditions hereunder. The Shareholder further acknowledges
that the Shareholder is being reasonably compensated for the imposition of such restrictions pursuant to, among other things, the Purchase
Price herein and as further delineated in the Berritto Employment Agreement attached hereto.


 



SECTION
8.4. INDEPENDENT COVENANT.


 


The
post-closing covenants contained in this Article VIII shall immediately cease upon the Buyer’s failure to timely satisfy
any consideration payment due to the Shareholder.


 


SECTION
8.5. MATERIALITY.


 


The
Non-Compete Party hereby agrees that this Article VIII is a material and substantial part of the Transaction contemplated hereby.


 


ARTICLE
IX


 


MISCELLANEOUS


 


SECTION
9.1. MUTUAL TERMINATION.


 


This
Agreement and the related Transaction Documents may be terminated at any time on or before the Closing Date by mutual written agreement
signed by the Buyer, the Company and the Shareholder. In such event (i) the Parties will, upon request, redeliver all documents, work
papers and other material of the other Parties relating to the Transactions contemplated hereby, whether obtained before or after the
execution hereof, to the Party furnishing the same; (ii) no Party will have any liability for a breach of any representation, warranty,
agreement, covenant or the provision of this Agreement; and (iii) all filings, applications and other submissions made pursuant to the
terms of this Agreement will, to the extent practicable, be withdrawn from the agency or other person to which made.


 


SECTION
9.2. EXPENSES.


 


Each
of the Parties shall pay its own expenses incurred in connection with the consummation of this Agreement and the related Transactions.


 


SECTION
9.3. SUBMISSION TO JURISDICTION AND ARBITRATION.


 


	(a)
    	Each
    Party agrees that any dispute or controversy arising under or in connection with this Agreement or the related Transactions shall
    be settled exclusively by binding arbitration in State of New Jersey in the city of Newark in accordance with the Commercial Arbitration
    Rules of the American Arbitration Association then existing.
	 	 
	(b)
    	Judgment
    may be entered on the arbitrator’s award in any court having jurisdiction. The arbitrator shall not have the power to award
    any punitive or consequential damages. 


 




    	33



     


    

 	(c)
                                            	Each
    Party agrees that any fess or expenses associated with such binding arbitration shall be borne equally among the Parties.
	 	 
	(d)	Notwithstanding
    the foregoing, the Buyer shall have the sole and exclusive right and option to waive this arbitration requirement to enforce its
    injunctive rights as set forth in this Agreement.




 


SECTION
9.4. STRADDLE PERIOD.


 


In
the case of any tax period that includes the Closing Date (a “Straddle Period”), the amount of any Taxes of the Company
for the period prior to the Closing Date shall be determined based on an interim closing of the books as of the close of business on
the date prior to the Closing Date. Buyer shall timely prepare, or cause the Company to timely prepare, and file, or cause the Company
to file, all Tax Returns which include or pertain to a Straddle Period. Shareholder shall cooperate in providing information and answering
questions reasonably requested by the buyer in connection with the preparation of such tax returns and shareholder shall be permitted
to review and comment on all such Tax Returns prior to filing. The shareholder shall be responsible for any tax liability for the period
prior to and including the closing date and the buyer shall be responsible for the tax liability accruing after the closing date. FURTHERMORE,
AS AN AUDIT WILL BE REQUIRED TO BE CONDUCTED POST-CLOSING FOR THE PERIOD PRIOR TO THE CLOSING, THE SHAREHOLDER AND THE COMPANY HEREBY
AGREE TO COOPERATE WITH THE BUYER IN CONNECTION with MAKING THE COMPANY’S BOOKS AND RECORDS AVAILABLE TO THE BUYER FOR SUCH POST-CLOSING
AUDIT. THE PROVISIONS OF THIS SECTION 9.4 SHALL SURVIVE CLOSING.


 


SECTION
9.5. SUCCESSORS AND ASSIGNS.


 


Except
as otherwise provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs,
executors, and administrators of the Parties hereto, provided, however, that the rights of Buyer to purchase the Shares shall not be
assignable without the consent of the Shareholder. This Agreement shall not be construed so as to confer any right or benefit on any
party not a party hereto, other than their respective successors, assigns, heirs, executors, and administrators.


 


SECTION
9.6. ENTIRE AGREEMENT AND AMENDMENT.


 


This
Agreement and the other documents delivered pursuant hereto constitute the full and entire understanding and agreement among the Parties
with regard to the subjects hereof and thereof and supersede all prior agreements and understandings relating thereto, and the schedules
and exhibits attached hereto or accompanying this Agreement are hereby incorporated into this Agreement by reference. Neither this Agreement
nor any term hereof may be amended, waived, discharged, or terminated other than by a written instrument signed by the Party against
whom enforcement of any such amendment, waiver, discharge, or termination is sought.


 




    	34



     


    

 


SECTION
9.7. NOTICES.


 


All
notices under this Agreement shall be sufficiently given for all purposes if made in writing and delivered personally, sent by documented
overnight delivery service, or, to the extent receipt is confirmed, by facsimile or other electronic transmission, to the following addresses
and numbers.


 


Notices
to Company shall be addressed to:


 


Salson
Logistics, Inc.


888
Doremus Avenue


Newark,
New Jersey 07114


 


with
a copy to:


 


Kevin
M. Kilcullen, Esq.


Stern
Kilcullen & Rufolo, LLC


325
Columbia Turnpike


Florham
Park, NJ 07932


Facsimile:
973-535-9664


 


or
at such other address and to the attention of such other person as Company may designate by written notice to Buyer.


 


Notices
to Buyer shall be addressed to:


 


Transportation
and Logistics Systems, Inc.


5500
Military Trail


Suite
22-357


Jupiter,
Florida 33458


Attn:
Douglas M. Cerny, Esq.


Facsimile:
713-965-0526


Email:
douglasmcerny@yahoo.com


 


with
a copy to:


 


Robert
A. Feingold, Esq.


R|A
Feingold Law & Consulting, P.A.


401
E. Las Olas Blvd., Suite 1400


Ft.
Lauderdale, FL 33301


Telephone:
954-967-2575


Facsimile:
954-364-8566


Email:
robert@rafeingoldlaw.com


 


or
at such other address and to the attention of such other person as Buyer may designate by written notice to Company.


 




    	35



     


    

 


SECTION
9.8. DELAYS OR OMISSIONS.


 


No
delay or omission to exercise any right, power, or remedy accruing to any Party upon any breach or default of the other Party under this
Agreement or other agreement under the Transaction shall impair any such right, power, or remedy of such first Party, nor shall it be
construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter
occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter
occurring. Any waiver, permit, consent, or approval of any kind or character on the part of any holder of any breach or default under
this Agreement, or any waiver on the part of any holder of any provisions or conditions of this Agreement, must be in writing and shall
be effective only to the extent specifically set forth in such writing or as provided in this Agreement.


 


SECTION
9.9. GOVERNING LAW.


 


This
Agreement and relation Transaction Documents shall be governed by, and construed in accordance with, the laws of the State of New Jersey,
regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof.


 


SECTION
9.10. COUNTERPARTS; ELECTRONIC TRANSMISSION.


 


This
Agreement may be executed in any number of counterparts, each of which may be executed by only one party, which shall be enforceable
against the parties actually executing such counterparts, and all of which together shall constitute one instrument. Signatures of the
Parties transmitted by facsimile or other electronic means shall be deemed to be their original signatures for all purposes.


 


SECTION
9.11. SEVERABILITY AND ENFORCEMENT.


 


In
the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable,
or void, this Agreement shall continue in full force and effect without such provision; provided that no such severability shall be effective
if it materially changes the economic benefit of this Agreement to any Party. The Parties hereto agree that irreparable damage for which
money damages would not be an adequate remedy would occur in the event that any provision of this Agreement were not performed in accordance
with its specific terms or was otherwise breached. It is accordingly agreed that, in addition to any other remedies a Party may have
at law or equity, the Parties shall be entitled to seek an injunction or injunctions to prevent such breach of this Agreement and to
enforce specifically the terms hereof.


 


SECTION
9.12. CONSTRUCTION AND INTERPRETATION.


 


This
Agreement is an expression of the mutual intent of the Parties hereto and, as such, shall be construed without regard to any presumption
or rule requiring construction against the Party causing this Agreement to be drafted. The sections and other headings contained in this
Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.


 


SECTION
9.13. TIME OF THE ESSENCE.


 


Time
is of the essence of each and every one of the provisions of this Agreement.


 




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ARTICLE
X


 


CERTAIN
DEFINITIONS


 


As
used in this Agreement, the following terms shall have the following meanings:


 


“Affiliate”
of any Person means another Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is
under common control with, such first Person.


 


“Agreement”
is defined in the Preamble.


 


“Agreement
Date” is defined in the Preamble.


 


“Balance
Sheet Date” is defined in Section 3.5(b).


 


“Berritto
Employment Agreement” is defined in Section 5.2(a).


 


“Business
Day” means any day other than (i) a Saturday or a Sunday or (ii) a day on which banking and savings and loan institutions are
authorized or required by Law to be closed in Newark, New Jersey.


 


“Buyer”
is defined in the Preamble.


 


“Buyer
Closing Certificate” is defined in Section 5.1(f).


 


“Buyer
Material Adverse Effect” is defined in Section 2.2.


 


“Charter
Documents” means, with respect to any Entity at any time, in each case, as amended, modified and supplemented at that time,
the articles, memorandum or certificate of formation, incorporation, organization or association (or the equivalent organizational documents)
of that entity, (b) the bylaws, articles of association or limited liability company operating agreement or regulations (or the equivalent
governing documents) of that Entity and (c) each document setting forth the designation, amount and relative rights, limitations and
preferences of any class or series of that entity’s Equity Interests or of any rights in respect of that entity’s Equity
Interests.


 


“Closing”
is defined in Section 1.2.


 


“Closing
Date” is defined in Section 1.2.


 


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


 


“Company”
is defined in the Preamble.


 


“Company
Material Adverse Effect” is defined in Section 3.2.


 


“Competing
Business” is defined in Section 8.1(a).


 


“Disclose”
is defined in Section 6.3.


 


“Disclosure”
is defined in Section 6.3.


 


“Disclosure
Schedule” means any supplement to the representations and warranties or other provisions of this Agreement.


 




    	37



     


    

 


“Equity
Interests” means, with respect to: (a) any corporation, any share, or any depositary receipt or other certificate representing
any share of an equity ownership interest in that corporation; and (b) any other entity, any share, membership or other percentage interest,
unit of participation or other equivalent (however designated) of an equity interest in that entity.


 


“Employee
Pension Benefit Plan” is defined in Section 3.15.


 


“Environmental
Claim” means any administrative, regulatory or judicial actions, suits, orders, demands, directives, claims, liens, investigations,
proceedings or written or oral notices of noncompliance or violation by or from any Person alleging liability of whatever kind or nature
arising out of, based on or resulting from (x) the presence or Release of, or exposure to, any Hazardous Materials at any location; or
(y) the failure to comply with any Environmental Law or any Permit issued pursuant to Environmental Law.


 


“Environmental
Laws” is defined in Section 3.11.


 


“ERISA”
is defined in Section 3.15.


 


“Excess
Benefit Plan” is defined in Section 3.15.


 


“Excess
Working Capital Amount” is defined in Section 1.4(b).


 


“Financial
Statements” is defined in Section 3.5(b).


 


“Force
Majeure Event” means an act or event that is beyond the reasonable control, and not the result of the fault or negligence,
of the affected Party and such Party had been unable to overcome such act or event with the exercise of due diligence. Subject to the
foregoing conditions, “Force Majeure Event” shall include, but shall not be limited to, the following acts or events: (i)
natural phenomena , such as storms, hurricanes, floods, lightning and earthquakes; (ii) explosions or fires arising from lightning or
other causes unrelated to the acts or omissions of the Party seeking to be excused from performance; (iii) acts of war or public disorders,
civil disturbances, riots, insurrection, sabotage, epidemics, pandemics, terrorist acts, or rebellion; (iv) strikes or labor disputes;
and (v) the impossibility for one of the Parties, despite reasonable efforts, to obtain any approval necessary to enable the affected
Party to fulfill its obligations, provided that the impossibility is not attributable to the Party and that such Party has exercised
reasonable efforts to obtain such approval.


 


“GAAP”
means in accordance with U.S. generally accepted accounting principles.


 


“Hazardous
Materials” is defined in Section 3.11.


 


“Hazardous
Substances” is defined in Section 3.11.


 


“Hazardous
Waste” is defined in Section 3.11.


 




    	38



     


    

 


“Indebtedness”
means, with respect to any Person, without duplication, (i) all obligations of such Person for borrowed money, or with respect to deposits
or advances of any kind to such Person, (ii) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments,
(iii) all capitalized lease obligations of such Person or obligations of such Person to pay the deferred and unpaid purchase price of
property and equipment, (iv) all obligations of such Person pursuant to securitization or factoring programs or arrangements, (v) all
guarantees and arrangements having the economic effect of a guarantee of such Person of any Indebtedness of any other Person (other than
any guarantee by the Buyer or any wholly-owned Buyer Subsidiary with respect to Indebtedness of the Buyer or any wholly-owned Buyer Subsidiary,
or any guarantee by the Company or any wholly-owned Company Subsidiary with respect to Indebtedness of the Company or any wholly-owned
Company Subsidiary), (vi) all obligations or undertakings of such Person to maintain or cause to be maintained the financial position
or covenants of others or to purchase the obligations or property of others, (vii) net cash payment obligations of such Person under
swaps, options, derivatives and other hedging agreements or arrangements that will be payable upon termination thereof (assuming they
were terminated on the date of determination) or (viii) letters of credit, bank guarantees, and other similar contractual obligations
entered into by or on behalf of such Person.


 


“Indemnified
Person” is defined in Section 7.4(a).


 


“Indemnifying
Person” is defined in Section 7.4(a).


 


“Independent
Accountants” is defined in Section 1.4(b).


 


“Information”
is defined in Section 6.3.


 


“Interim
Financial Statements” is defined in Section 3.5(b).


 


“Knowledge
of the Company” and terms of similar import mean, the actual knowledge of the Shareholder, after making reasonable inquiry
and all facts of which such Persons in the reasonably prudent exercise of their duties should be aware.


 


“Lock-up
Agreement” is defined in Section 1.3(a).


 


“Losses”
is defined in Section 7.2.


 


“Material
Adverse Effect” means any effect, change, development, fact, or condition (each, an “Effect”) that has had
or would reasonably be expected to have, individually or in the aggregate with all other Effects, a material and adverse effect on the
business, operations, assets, properties, prospects, or results of operations of any Person or the ability of any Party to timely consummate
the Transactions. Notwithstanding the foregoing, none of the following shall constitute a Material Adverse Effect: (i) any change in
the general business and economic conditions or in the conditions of the industry in which Company operates, in each case, only to the
extent that the impact on the Company is similar in nature and scope to the impact on industry or general economic conditions (as the
case may be); and (ii) any change resulting from compliance by the Shareholders with the terms of this Agreement


 


“Non-Compete
Party” is defined in Section 8.1.


 


“Note”
is defined in Section 1.3(b)(iii).


 


“Order”
is any written declaration by an authorized governmental entity requiring specific actions on behalf of a person.


 




    	39



     


    

 


“Parties”
is defined in the Preamble.


 


“Party”
is defined in the Preamble.


 


“Person”
means any natural person, firm, corporation, partnership, company, limited liability company, trust, joint venture, association, governmental
entity or other entity.


 


“Pledge
Agreement” is defined in Section 1.3(b)(iii).


 


“Purchase
Price” is defined in Section 1.3(a).


 


“Purchase
Price Adjustment” is defined in Section 1.4(b).


 


“Qualified
Plans” is defined in Section 3.15.


 


“Release”
is defined in Section 3.11.


 


“Securities”
is defined in Section 6.8.


 


“Securities
Act” means the Securities Act of 1933, as amended to the date as of which any reference thereto is relevant under this Agreement,
including any substitute or replacement statute adopted in place or lieu thereof.


 


“Shareholder”
is defined in the Preamble.


 


“Shareholders”
is defined in the Preamble.


 


“Shareholders
Closing Certificate” is defined in Section 5.3(h).


 


“Shares”
is defined in the Recitals.


 


“Shortfall
Working Capital Amount” is defined in Section 1.4(b).


 


“Straddle
Period” is defined in Section 9.4.


 


“Subsidiary”
of any Person means another Person, an amount of the voting securities, other voting ownership or voting partnership interests of which
is sufficient to elect at least a majority of its Board of Directors or other governing Person or body (or, if there are no such voting
interests, 50% or more of the equity interests of which) is owned directly or indirectly by such first Person.


 


“Target
Working Capital” is defined in Section 1.4(a).


 


“Tax
Return” means all Tax returns, declarations, statements, reports, schedules, forms and information returns, any amended Tax
return and any other document filed or required to be filed relating to Taxes.


 


“Taxes”
is defined in Section 3.17.


 


“TLSS”
is defined in the Preamble.


 


“TLSS
Shares” is defined in Section 1.3(a)(i).


 


“Transaction”
means the Purchase and Sale of the Shares and the related transactions contemplated by this Agreement.


 


“Transaction
Documents” is defined in Section 2.2.


 


“Working
Capital” is defined in Section 1.4(a).


 


“Year-end
Financial Statements” is defined in Section 3.5.


 




    	40



     


    

 


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


 


	COMPANY:
    
	 
	Salson
    Logistics, Inc.
	 	 	 
	By:
    	                  	 
	Name:
    	 	 
	Title:
    	 	 


 


	SHAREHOLDER:
	 	 
	 	 
	Anthony
    Berritto	 


 


	BUYER:
    
	 
	TRANSPORTATION
    AND LOGISTICS SYSTEMS, INC.
	 	 	 
	By:
    	 	 
	 	John
    Mercadante, Jr., CEO


 




    	41



     


    

 


	SCHEDULES
	 	 	 
	SCHEDULES	 	 
	 	 	 
	Schedule
    1.3(a)	 	EBITDA
    Calculation
	Schedule
    1.4(a)	 	Working
    Capital Methodologies
	Schedule
    2.2	 	Buyer’s
    Authorization
	Schedule
    2.5	 	Buyer’s
    Solvency
	Schedule
    3.1	 	Due
    Organization, Charter Documents and Company Agreement
	Schedule
    3.3	 	Capitalization
	Schedule
    3.4	 	Subsidiaries
	Schedule
    3.5	 	Financial
    Statements
	Schedule
    3.6	 	Liabilities
    and Obligations
	Schedule
    3.7	 	Accounts
    and Notes Receivable
	Schedule
    3.8	 	Assets
	Schedule
    3.9	 	Material
    Customers and Contracts
	Schedule
    3.10	 	Permits
	Schedule
    3.11	 	Environmental
    and Safety Laws
	Schedule
    3.12	 	Labor
    and Employee Relations and Independent Contractors
	Schedule
    3.13	 	Insurance
	Schedule
    3.14	 	Compensation;
    Employment Agreements & Independent Contractor Agreements
	Schedule
    3.15	 	Employee
    Benefit Plans
	Schedule
    3.16	 	Litigation
    and Compliance with the Law
	Schedule
    3.17	 	Taxes
	Schedule
    3.18	 	Absence
    of Changes
	Schedule
    3.19	 	Accounts
    with Banks, Brokerages; Powers of Attorney
	Schedule
    3.21	 	Competing
    Lines of Business; Related-Party Transactions
	Schedule
    3.22	 	Intangible
    Property
	Schedule
    3.26	 	Brokers
    or Finders
	Schedule
    5.1(c)	 	Buyer
    Consents, Licenses and Approvals
	Schedule
    5.3(c)	 	Company
    Consents, Licenses and Approvals


 




    	42



     


    

 


	EXHIBITS
	 	 	 
	EXHIBITS	 	 
	 	 	 
	Exhibit
    5.1(f)	 	Buyer
    Closing Certificate
	Exhibit
    5.2(c)	 	Assignment
    of Shares
	Exhibit
    1.3(a)(i) and (iii)	 	Securities


 




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