# EDGAR Filing Document

**Accession Number:** 0001922858
**File Stem:** 0001437749-26-007837
**Filing Date:** 2026-3
**Character Count:** 50832
**Document Hash:** 84a096dc8c9a3baf5ea5ac4127588dea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-007837.hdr.sgml**: 20260312

**ACCESSION NUMBER**: 0001437749-26-007837

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260203

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Changes in Control of Registrant

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260312

**DATE AS OF CHANGE**: 20260312

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ECD Automotive Design, Inc.
- **CENTRAL INDEX KEY:** 0001922858
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41497
- **FILM NUMBER:** 26745854

**BUSINESS ADDRESS:**
- **STREET 1:** 24 SHIPYARD DRIVE, SUITE 102
- **CITY:** HINGHAM
- **STATE:** MA
- **ZIP:** 02043
- **BUSINESS PHONE:** 929-528-0767

**MAIL ADDRESS:**
- **STREET 1:** 24 SHIPYARD DRIVE, SUITE 102
- **CITY:** HINGHAM
- **STATE:** MA
- **ZIP:** 02043

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EF Hutton Acquisition Corp I
- **DATE OF NAME CHANGE:** 20220411

?xml version='1.0' encoding='ASCII'? ecda20260310_8k.htm

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

February 3, 2026

Date of Report (Date of earliest event reported)

**ECD AUTOMOTIVE DESIGN, INC.**

(Exact Name of Registrant as Specified in its Charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-41497** | **86-2559175** |
| (State or other jurisdiction<br>of incorporation) | (Commission File Number) | (I.R.S. Employer<br>Identification No.) |

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| | |
|:---|:---|
| **4390 Industrial Lane**<br>**Kissimmee, Florida** | **34758** |
| (Address of Principal Executive Offices) | (Zip Code) |

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Registrant's telephone number, including area code: **(407) 483-4825**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock | ECDA | The Nasdaq Stock Market LLC |
| Warrants | ECDAW | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 1.01. Entry Into a Material Definitive Agreement.**

***Exchange***

On March 11, 2026, ECD Automotive Design, Inc. (the "<u>Company</u>") entered into a Contribution, Amendment, Exchange Agreement and Plan of Reorganization (the "<u>Exchange Agreement</u>"), with the Defender SPV LLC (the "<u>Holder</u>" or "Parent"), the holder of the Company's Series C convertible preferred stock, par value $0.0001 per share (the "<u>Series C Preferred Stock</u>"). Pursuant to the Exchange Agreement, the Holder transferred 18,856 shares of Series C Preferred Stock to ATW Classic Equity LLC ("<u>Classic</u>") and Classic surrendered 3,663 such shares of Series C Preferred Stock to the Company in exchange (the "<u>Exchange</u>") for 207,008,547 newly issued shares (the "<u>Exchange Shares</u>") of the Company's common stock, par value $0.0001 per share (the "<u>Common Stock</u>"). The Exchange was completed at an effective price of $0.0176 per share, representing a 55% premium to the closing market price on March 11, 2026.

The Exchange Agreement contains representations, warranties and covenants customary for an agreement of its type. The Exchange Agreement also made certain conforming amendments to the Transaction Documents (as defined in the Securities Purchase Agreement, dated as of August 13, 2025, between the Holder and the Company).

As a result of the Exchange, Classic acquired control of the Company, by virtue of its beneficial ownership of 91% of the Company's outstanding Common Stock. Prior to the Exchange, the Company's directors and executive officers beneficially owned less than 1% of the Company's outstanding Common Stock and no other person beneficially owned 10% or more of the Company's outstanding Common Stock or otherwise possessed control over the Company. Classic does not have any arrangements or understandings with a former control group with respect to the election of directors or other matters. On March 1, 2026, the Secretary of State of Delaware deactivated the Company on the records of the State of Delaware. Prior to the time of execution of the Exchange Agreement, on March 11, 2026, the Company was reactivated and, as of the time of execution of the Exchange Agreement, is in good standing with the State of Delaware.

The foregoing description of the Exchange Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such document, a form of which is attached as Exhibit 10.1 hereto and is incorporated by reference herein. The document has been incorporated by reference to provide investors and security holders with information regarding its terms. The document is not intended to provide any other factual information about the Company. The representations, warranties and covenants contained in the document were made only for purposes of such document and as of specific dates, were solely for the benefit of the parties to such document, may in some cases be made solely for the allocation of risk between the parties and may be subject to limitations agreed upon by the contracting parties.

The Exchange was exempt from the registration requirements of the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), pursuant to Section 3(a)(9) of the Securities Act, because it involved an exchange with the Company's existing security holders exclusively where no commission or other remuneration was paid or given directly or indirectly for soliciting such exchange.

***Short-Form Merger***

On March 12, 2026, Classic was merged with and into the Company (the "<u>Merger</u>"), and the Company, as the surviving corporation in the Merger, became a wholly owned subsidiary of Parent. The Merger was completed pursuant to Section 267 of the Delaware General Corporation Law, and Section 18-209 of the Delaware Limited Liability Company Act, and accordingly did not require the approval of the Company's board of directors or stockholders. Pursuant to the terms of the Merger, at the effective time thereof, each issued and outstanding share of Common Stock, other than treasury shares and shares held by Classic, Parent or any direct or indirect wholly owned subsidiary of Classic, Parent or the Company, was converted into the right to receive $0.0176 in cash (representing a 55% premium to the closing market price on March 11, 2026), without interest and less any applicable withholding taxes (the "<u>Merger Consideration</u>"), subject to right of the holders to exercise appraisal rights.

As a result of the Merger, Parent acquired beneficial ownership of 100% of the Company's outstanding Common Stock.

The stockholders of the Company, other than Classic, are entitled to appraisal rights in connection with the Merger. The Company, as the surviving entity of the Merger, will mail to the stockholders of the Company a notice of appraisal rights which will describe the process for stockholders to exercise such rights.

As previously disclosed, on January 15, 2026, the Company received a delisting determination from The Nasdaq Stock Market LLC ("<u>Nasdaq</u>") and, on January 16, 2025, the trading of the Company's securities on Nasdaq was suspended. The period for appeal of the determination has expired. In addition, prior to the Exchange and the Merger, the Company's equity securities were held by less than 300 holders of record (as determined in accordance with the rules and regulations of the SEC).

***Change in Chief Executive Officer***

On February 3, 2026, Victoria Hay was appointed as the Chief Executive Officer of the Company. Effective on the same day, Scott Wallace resigned as Chief Executive Officer of the Company and was appointed as the Chief Operating Officer of the Company.

Ms. Hay also serves as the Company's Chief Financial Officer. Biographical information about Mrs. Hay is set forth in the Company's Current Report on Form 8-K filed on August 18, 2025, and such information is incorporated herein by reference. Biographical information about Mr. Wallace is set forth in the Company's Annual Report on Form 10-K filed on April 15, 2025, and such information is incorporated herein by reference. There are no family relationships between Ms. Hay or Mr. Wallace and the other directors and officers of the Company.

In connection with the change in executive officers, Mr. Wallace's salary was reduced to $260,000 per year and commencing on August 3, 2026, the period during which Mr. Wallace may be entitled to severance in the event of termination of his employment was reduced from six months to two months.

Except for the Vehicle Build Agreements described below, neither Ms. Hay nor Mr. Wallace is party to a transaction required to be disclosed under Item 404(a) of Regulation S-K.

***Debt Financing***

As previously disclosed, on June 5, 2025, the Company entered into a securities purchase agreement (the "<u>June 2025 SPA</u>") with the Holder for a series of senior secured convertible notes ("<u>Notes</u>") in an aggregate principal amount of up to $21,972,275.38.

On February 12, 2026, February 26, 2026 and March 10, 2026, the Holder exercised its right to purchase additional Notes in the original principal amount of $320,795, $109,861 and $137,327 for a purchase price of $292,000, $100,000 and $125,000 respectively. Unless converted or redeemed, the additional Notes will mature on December 12, 2026, subject to the Holder's right to extend such date in certain circumstance. The additional Notes include a beneficial ownership limitation, which provides that the Notes may not be exercised to the extent that the Holder would own more 9.99% of the outstanding Common Stock immediately after giving effect to such conversion. If the additional Notes were to be converted at the floor price of $0.0034 per share, without giving effect to the beneficial ownership limitation, the aggregate principal amount of the additional Notes would be convertible into 167,053,824 shares of Common Stock. The terms and conditions of the additional Notes are described more fully in the Company's Current Report on Form 8-K filed on June 11, 2025, and such description is incorporated herein by reference.

As of the date of this report, the Holder has made loans to the Company with an aggregate outstanding principal amount of $9,820,478 and after the Exchange, holds 15,223shares of Series C Preferred Stock.

The offer and sale of the additional Notes, and of the shares of Common Stock issuable upon conversion of the additional Notes, are exempt from the registration requirements of the Securities Act, pursuant to Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder because, among other things, the transaction did not involve a public offering, the investors are accredited investors, the investors are taking the securities for investment and not resale, and the Company took appropriate measures to restrict the transfer of the securities.

***Vehicle Build Agreement***

On each of January 26, 2026 and March 4, 2026, the Company entered into a Custom Vehicle Build and Profit Sharing Agreement (together, the "<u>Vehicle Build Agreements</u>") with Flexible Classic Funding Inc. ("<u>FCF</u>"), an entity controlled by Ms. Hay's spouse. Pursuant to the agreements, FCF agreed to pay for, and through the time of sale would retain ownership of, the base vehicle and all parts purchased for three custom vehicle builds as mutually agreed between the parties. The Company would provide the services for each custom vehicle build. Upon sale of a completed vehicle, the proceeds would be paid to FCF to reimburse it for the base vehicle and parts costs, then to the Company for labor costs in an amount agreed in writing prior to each build, and then 50% to FCF and 50% to the Company. As of the date of this report, the Company has completed one of the custom vehicle builds, as a result of which the Company paid $0 to FCF.

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

The information set forth under Item 1.01 is incorporated herein by reference.

**Item 3.02. Unregistered Sales of Equity Securities.**

The information set forth under Item 1.01 is incorporated herein by reference.

**Item 3.03. Material Modification to Rights of Security Holders.**

The information set forth under Item 1.01 is incorporated herein by reference.

**Item 5.01. Changes in Control of Registrant.**

The information set forth under Item 1.01 is incorporated herein by reference.

**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

The information set forth under Item 1.01 is incorporated herein by reference.

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**Item 9.01. Financial Statements and Exhibits.**

(c) Exhibits.

The following exhibits are filed as part of, or incorporated by reference into, this Report.

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| | |
|:---|:---|
| **No.** | **Description of Exhibit** |
| 4.1 | [Senior Secured Convertible Note (incorporated by reference to Exhibit 10.2 of the Company's Current Report on Form 8-K filed on June 11, 2025).](http://www.sec.gov/Archives/edgar/data/1922858/000121390025053525/ea024540001ex10-2_ecd.htm) |
| 10.1 | [Form of Contribution, Amendment, Exchange Agreement and Plan of Reorganization.](ex_931738.htm) |
| 10.2 | [Form of Vehicle Build and Profit Sharing Agreement.](ex_931005.htm) |
| 104\* | Cover Page Interactive Data File (formatted as Inline XBRL) |

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\* Filed herewith.

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Dated: March 12, 2026 |  |  |
|  | ECD AUTOMOTIVE DESIGN, INC. | ECD AUTOMOTIVE DESIGN, INC. |
|  | By: | */s/ Victoria Hay* |
|  | Name: | Victoria Hay |
|  | Title: | Chief Executive Officer |

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## Exhibit 10.1

Exhibit 10.1

CONTRIBUTION, AMENDMENT, EXCHANGE AGREEMENT AND PLAN OF REORGANIZATION

This Contribution, Amendment, Exchange Agreement and Plan of Reorganization (the "**Agreement**") is entered into as of the 11th day of March, 2026, by and among ECD Automotive Design, Inc. (f/k/a EF Hutton Acquisition Corporation I), a Delaware corporation with offices located at 4390 Industrial Lane, Kissimmee, FL 34758 (the "**Company**"), Defender SPV LLC, a Delaware limited liability company with offices located at 1 Penn Plaza, Suite 4810, New York, NY 10119 (the "**Original Holder**"), and ATW Classic Equity LLC, a Delaware limited liability company and wholly-owned subsidiary of the Original Holder (the "**Holder**", and together with the Original Holder, the "**Holders"**), with reference to the following facts:

A. On August 13, 2025, the Original Holder and the Company entered into that certain Securities Purchase Agreement (the "**Existing Securities Purchase Agreement**"), pursuant to which, among other things, the Original Holder purchased certain shares of Series C Preferred Stock of the Company (the "**Series C Preferred Shares**") in one or more closings thereunder.

B. On March 1, 2026, the Secretary of State of Delaware deactivated the Company on the records of the State of Delaware. Prior to the time of execution of this Agreement, on March 11, 2026, the Company was reactivated and, as of the time of execution of this Agreement, is in good standing with the State of Delaware.

C. As of the date hereof, the Original Holder holds 18,856 Series C Preferred Shares (together, the "**Existing Preferred Shares**") and desires to transfer certain of the Existing Preferred Shares to the Holder (the "**Contribution**").

D. The Company has duly authorized the issuance to the Holder, after the Contribution, in exchange for 3,633 of the Series C Preferred Shares (the "**Exchanging Preferred Shares**"), of 207,008,547 shares of Common Stock (the "**Exchange Shares**"), reflecting an exchange rate of $0.0176 per share of Common Stock.

E. Each of the Company and the Holder desire to effectuate such exchange on the basis and subject to the terms and conditions set forth in this Agreement.

F. The exchange of the Exchanging Preferred Shares for the Exchange Shares is being made in reliance upon the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended (the "**Securities Act**").

G. Capitalized terms used but not otherwise defined herein shall have the meaning as set forth in the Existing Securities Purchase Agreement.

H. The exchange is intended to qualify as a recapitalization and reorganization under Section 368(a)(1)(E) of the Internal Revenue Code of 1986, as amended.

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants hereinafter contained, the parties hereto agree as follows:

**<u>Contribution; Exchange; Amendment.</u>**

<u>Contribution</u>. The Company hereby consents to the Contribution and, on the Effective Date (as defined below), the Original Holder hereby consummates the Contribution and contributes and transfers the Existing Preferred Shares to the Holder. The Original Holder hereby further transfers and assigns all rights of the Original Holder with respect to the Securities Purchase Agreement and the other Transaction Documents to the Holder.

<u>Exchange</u>. Immediately following the Contribution, on the Effective Date, pursuant to Section 3(a)(9) of the Securities Act, the Holder hereby agrees to convey, assign and transfer the Exchanging Preferred Shares to the Company in exchange for which the Company agrees to issue the Exchange Shares to the Holder on the books and records of the Company, which Exchange Shares shall be issued with a securities laws restrictive legend in accordance with Section 5(c) of the Securities Purchase Agreement (the "**Exchange**"). As soon as commercially practicable following the Effective Date, if any of the Exchanging Preferred Shares are certificated, the Holder shall deliver or cause to be delivered to the Company (or its assignee) the Exchanging Preferred Shares (or affidavit of lost certificate, in form provided upon request by the Company and reasonably acceptable to the Holder). Concurrently with delivery of the Exchange Shares to the Holder (or its assignee), the Holder hereby relinquishes all rights, title and interest in the Exchanging Preferred Shares (including any claims the Holder may have against the Company related thereto) and assigns the same to the Company and the Exchanging Preferred Shares shall be cancelled. The Company and the Holder shall execute and/or deliver such other documents and agreements as are customary and reasonably necessary to effectuate the Exchange.

<u>Amendment</u>. Effective as of the time of consummation of the Exchange, the defined term "Conversion Shares" in each of the Transaction Documents is hereby amended to include the Exchange Shares.

**<u>Company Representations and Warranties.</u>** The Company represents and warrants to the Holders, and covenants for the benefit of the Holders, as follows:

Except as set forth in Schedule 2(a) hereto, the Company has been duly incorporated and is validly existing and in good standing under the laws of the state of Delaware, with full corporate power and authority to own, lease and operate its properties and to conduct its business as currently conducted, and is duly registered and qualified to conduct its business and is in good standing in each jurisdiction or place where the nature of its properties or the conduct of its business requires such registration or qualification, except where the failure to register or qualify would not have a Material Adverse Effect. For purposes of this Agreement, "**Material Adverse Effect***"* shall mean any material adverse effect on the business, operations, properties, prospects, or financial condition of the Company and its subsidiaries and/or any condition, circumstance, or situation that would prohibit or otherwise materially interfere with the ability of the Company to perform any of its obligations under this Agreement in any material respect.

The issuance of the Exchange Shares is duly authorized and, upon issuance in accordance with the terms hereof, the Exchange Shares shall be validly issued, fully paid and non-assessable and free from all preemptive or similar rights, taxes, liens and charges and other encumbrances with respect to the issue thereof, with the holder thereof being entitled to all rights accorded to a holder of Common Stock. No commission or other remuneration has been paid by the Original Holder or the Holder to the Company in connection with the Exchange or any transactions contemplated hereby.

The Agreement has been duly authorized, validly executed and delivered on behalf of the Company and each is a valid and binding agreement and obligation of the Company enforceable against the Company in accordance with its terms, subject to limitations on enforcement by general principles of equity and by bankruptcy or other laws affecting the enforcement of creditors' rights generally, and the Company has full power and authority to execute and deliver the Agreement and the other agreements and documents contemplated hereby and to perform its obligations hereunder and thereunder.

The execution and delivery of the Agreement and the consummation of the transactions contemplated by the Agreement by the Company, will not (i) conflict with or result in a breach of or a default under any of the terms or provisions of, (A) the Company's certificate of incorporation or by-laws in effect as of the date of the Agreement, or (B) of any material provision of any indenture, mortgage, deed of trust or other material agreement or instrument to which the Company is a party or by which it or any of its material properties or assets is bound, (ii) result in a violation of any provision of any applicable law, statute, rule, regulation, or any existing applicable decree, judgment or order by any court, Federal or state regulatory body, administrative agency, or other governmental body having jurisdiction over the Company, or any of its material properties or assets, or (iii) result in the creation or imposition of any material lien, charge or encumbrance upon any material property or assets of the Company or any of its subsidiaries pursuant to the terms of any agreement or instrument to which any of them is a party or by which any of them may be bound or to which any of their material properties or assets is subject, except in the case of clauses (i)(B), (ii) or (iii) for any such conflicts, breaches, or defaults or any liens, charges, or encumbrances which would not have a Material Adverse Effect.

Assuming the accuracy of the representations and warranties of the Holders contained herein, the Exchange is exempt from registration under the Securities Act, pursuant to the exemption provided by Section 3(a)(9) thereof, and applicable state securities laws.

No consent, approval or authorization of or designation, declaration or filing with any governmental authority on the part of the Company is required in connection with the valid execution and delivery of the Agreement or the offer, sale or issuance of the Exchange Shares or the consummation of any other transaction contemplated by the Agreement, except for filings required pursuant to the Exchange Act.

The Company has complied and will comply with all applicable federal and state securities laws in connection with the offer, issuance and delivery of the Exchange Shares hereunder. Neither the Company nor anyone acting on its behalf, directly or indirectly, has or will sell, offer to sell or solicit offers to buy any of the Exchange Shares, or similar securities to, or solicit offers with respect thereto from, or enter into any preliminary conversations or negotiations relating thereto with, any person, or has taken or will take any action so as to bring the issuance and sale of any of the Exchange Shares under the registration provisions of the Securities Act and applicable state securities laws.

There is no action, suit, proceeding, or, to the knowledge of the Company, inquiry or investigation, before or any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company, threatened against or affecting the Company or any of its Subsidiaries, the Common Stock or any of the Company's Subsidiaries or any of the Company's or its Subsidiaries' officers or directors, whether of a civil or criminal nature or otherwise, in their capacities as such.

The Company represents that it has not paid, and shall not pay, any commissions or other remuneration, directly or indirectly, to any third party for the solicitation of the Exchange. Other than the exchange of the Exchanging Preferred Shares, the Company has not received any consideration for the Exchange Shares.

As of the date hereof, the authorized capital stock of the Company consists of (A) 1,000,000,000 shares of Common Stock, of which 20,473,117 are issued and outstanding, and (B) 20,000,000 shares of Preferred Stock, of which 18,856 Series C Preferred Shares are issued and outstanding. As of the date hereof, the following Convertible Securities are issued and outstanding: (1) Senior Secured Convertible Notes with an outstanding principal amount of $9,820,478 and (2) warrants to purchase 58,788 shares of Common Stock. No shares of Common Stock are held in the treasury of the Company.

Neither the Company nor any of its Subsidiaries, (i) except as disclosed on Schedule 2(k) hereto, has any outstanding debt securities, notes, credit agreements, credit facilities or other agreements, documents or instruments evidencing Indebtedness of the Company or any of its Subsidiaries or by which the Company or any of its Subsidiaries is or may become bound, (ii) except for contracts, agreements and instruments attached as exhibits to its filings with the Securities and Exchange Commission, is a party to any contract, agreement or instrument, the violation of which, or default under which, by the other party(ies) to such contract, agreement or instrument could reasonably be expected to result in a Material Adverse Effect, (iii) except as disclosed on Schedule 2(k) hereto, has any financing statements securing obligations in any amounts filed in connection with the Company or any of its Subsidiaries; (iv) except as disclosed on Schedule 2(k) hereto, is in violation of any term of, or in default under, any contract, agreement or instrument relating to any Indebtedness, except where such violations and defaults would not result, individually or in the aggregate, in a Material Adverse Effect, or (v) is a party to any contract, agreement or instrument relating to any Indebtedness, the performance of which, in the judgment of the Company's officers, has or is expected to have a Material Adverse Effect.

**<u>Original Holder Representations and Warranties</u>**.

Original Holder has been duly incorporated and is validly existing and in good standing under the laws of the state of Delaware, with full company power and authority to own, lease and operate its properties and to conduct its business as currently conducted.

The Agreement has been duly authorized, validly executed and delivered by the Original Holder and is a valid and binding agreement and obligation of the Original Holder, enforceable against the Original Holder in accordance with their respective terms, subject to limitations on enforcement by general principles of equity and by bankruptcy or other laws affecting the enforcement of creditors' rights generally, and the Original Holder has full power and authority to execute and deliver the Agreement and the other agreements and documents contemplated hereby and to perform its obligations hereunder and thereunder.

The Original Holder owns and holds, beneficially and of record, the entire right, title, and interest in and to the Existing Preferred Shares free and clear of all rights and Liens. The Original Holder has the full power and authority to vote, transfer and dispose of the Existing Preferred Shares free and clear of any right or Encumbrance other than restrictions under the Securities Act and applicable state securities laws. Other than the transactions contemplated by the Agreement, there is no outstanding vote, plan, pending proposal, or other right of any person to acquire all or any of the Existing Preferred Shares.

The execution, delivery and performance by the Original Holder of the Agreement and the consummation by the Original Holder of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of the Original Holder, (ii) conflict with or result in a breach of or default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Original Holder is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable to the Original Holder, except in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Original Holder to perform its obligations hereunder.

The Original Holder has such knowledge, sophistication, and experience in business and financial matters so as to be capable of evaluation of the merits and risks of the prospective investment in the Contribution, and has so evaluated the merits and risk of such investment. The Original Holder is an "accredited investor" as defined in Regulation D under the Securities Act.

**<u>Holder Representations and Warranties</u>**.

Holder has been duly incorporated and is validly existing and in good standing under the laws of the state of Delaware, with full company power and authority to own, lease and operate its properties and to conduct its business as currently conducted.

The Agreement has been duly authorized, validly executed and delivered by the Holder and is a valid and binding agreement and obligation of the Holder, enforceable against the Holder in accordance with its terms, subject to limitations on enforcement by general principles of equity and by bankruptcy or other laws affecting the enforcement of creditors' rights generally, and the Holder has full power and authority to execute and deliver the Agreement and the other agreements and documents contemplated hereby and to perform its obligations hereunder and thereunder.

The Holder understands that the Exchange Shares are being offered and sold in reliance on specific provisions of federal and state securities laws, specifically Section 3(a)(9) of the Securities Act, and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the Holder set forth herein for purposes of qualifying for exemptions from registration under the Securities Act and applicable state securities laws.

The execution, delivery and performance by the Holder of this Agreement and the consummation by the Holder of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of the Holder, (ii) conflict with or result in a breach of or default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Holder is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable to the Holder, except in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Holder to perform its obligations hereunder.

The Holder is acquiring the Exchange Shares in the ordinary course of its business. The Holder has such knowledge, sophistication, and experience in business and financial matters so as to be capable of evaluation of the merits and risks of the prospective investment in the Exchange Shares, and has so evaluated the merits and risk of such investment. The Holder is an "accredited investor" as defined in Regulation D under the Securities Act.

Holder has been given full and adequate access to information relating to the Company, including its business, finances and operations as Holder has deemed necessary or advisable in connection with Holder's evaluation of the Exchange. Holder has not relied upon any representations or statements made by either the Company or its agents, officers, directors, employees or stockholders in regard to this Agreement or the basis thereof. Holder has had the opportunity to review the Company's filings with the Securities and Exchange Commission. Holder and its advisors, if any, have been afforded the opportunity to ask questions of the Company. Holder understands that its investment in the Exchange Shares involves a high degree of risk. Holder has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Exchange Shares. Holder is relying solely on its own accounting, legal and tax advisors, and not on any statements of the Company or any of its agents or representatives, for such accounting, legal and tax advice with respect to its acquisition of the Exchange Shares and the transactions contemplated by this Agreement.

Holder acknowledges that the terms of the Exchange have been established by negotiation between the Company and the Holder. Holder acknowledges that the Company has not made any representation to such Holder about the advisability of this decision or the potential future value of the Exchanging Preferred Shares, and the Company has not otherwise made any representations or warranties to Holder, and Holder has not relied on any representations or warranties of the Company with respect to the transactions contemplated by this Agreement, except as expressly set forth in this Agreement.

**<u>Disclosure of Transaction</u>**. Without the prior written consent of the Holder (which may be granted or withheld in the Holder's sole discretion), except as required by applicable law, the Company shall not (and shall cause each of its Subsidiaries and affiliates to not) disclose the name of the Holder or the Original Holder in any filing, announcement, release or otherwise.

**<u>No Integration</u>**. None of the Company, its Subsidiaries, any of their affiliates, or any Person acting on their behalf shall, directly or indirectly, make any offers or sales of any security (as defined in the Securities Act) or solicit any offers to buy any security or take any other actions, under circumstances that would require registration of the Exchange Shares under the Securities Act or cause this offering of the Exchange Shares to be integrated with such offering or any prior offerings by the Company for purposes of Regulation D under the Securities Act.

**<u>Section 3(a)(9) Exchange; Holding Period</u>.** The parties acknowledge and agree that the Exchange is being completed in accordance with Section 3(a)(9) of the Securities Act and, the holding period of the Exchange Shares will tack to the holding period of each of the Original Holder and the Holder of the Existing Preferred Shares for purposes of Rule 144 of the Securities Act ("**Rule 144**"). The Company agrees not to take a position contrary to this Section 7. The Company shall be responsible for any transfer agent fees or Depository Trust Company fees or legal fees of the Company's counsel with respect to the Contribution and issuance of Exchange Shares in accordance herewith.

**<u>Fees</u>**. Company shall be responsible for the fees and expenses in connection herewith.

**<u>Blue Sky</u>**. The Company shall make all filings and reports relating to the Contribution and the Exchange as required under applicable securities or "Blue Sky" laws of the states of the United States following the date hereof, if any.

**<u>Effective Date</u>**. Except as otherwise provided herein, the Agreement shall be deemed effective as of such date that the Company, the Original Holder and the Holder shall have duly executed and delivered the Agreement (the "**Effective Date**").

**<u>No Commissions</u>**. Neither the Company, nor the Original Holder nor the Holder has paid or given, or will pay or give, to any person, any commission, fee or other remuneration, directly or indirectly, in connection with the transactions contemplated by the Agreement.

**<u>Termination</u>**. Notwithstanding anything contained in the Agreement to the contrary, if the Effective Date has not occurred and the Company does not deliver the Exchange Shares to the Holder in accordance with Section 1 hereof (provided, that no action or omission to act by the Original Holder or the Holder was the cause of, or resulted in, the failure of the Effective Date or the delivery of the Exchange Shares to occur), then, at the election of the Holder delivered in writing to the Company at any time after the fifth (5th) Business Day immediately following the Effective Date, the Agreement shall be terminated and be null and void ab initio and the Exchanging Preferred Shares shall not be cancelled hereunder and shall remain outstanding as if the Agreement never existed.

**<u>Miscellaneous</u>**.

<u>Governing Law; Consent to Jurisdiction</u>. All questions concerning the construction, validity, enforcement and interpretation of the Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under the Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. **THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY**.

<u>Notices</u>. All notices and other communications provided for or permitted hereunder shall be made in accordance with Section 9(f) of the Securities Purchase Agreement.

<u>Entire Agreement</u>. The Agreement constitutes the entire understanding and agreement of the parties with respect to the subject matter hereof and supersedes all prior and/or contemporaneous oral or written proposals or agreements relating thereto all of which are merged herein. This Agreement may not be amended or any provision hereof waived in whole or in part, except by a written amendment signed by all the parties.

<u>Counterparts</u>. The Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original, not a facsimile signature.

<u>Severability</u>. If any provision of the Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of the Agreement so long as the Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

<u>Successors and Assigns</u>. The Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns.

<u>No Third Party Beneficiaries</u>. The Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

<u>Survival</u>. The representations, warranties and covenants of the Company and the Holders contained herein shall survive the Closing and delivery of the Exchange Shares.

<u>Further Assurances</u>. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of the Agreement and the consummation of the transactions contemplated hereby.

<u>No Strict Construction</u>. The language used in the Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

[The remainder of the page is intentionally left blank]

**IN WITNESS WHEREOF,** Holders and the Company have executed the Agreement as of the date set forth on the first page of this Agreement.

&nbsp;&nbsp;**COMPANY:**<br>**ECD AUTOMOTIVE DESIGN, INC.**<br>By:<u> </u> <br>Name:<br>Title:<br>

**IN WITNESS WHEREOF,** Holders and the Company have executed the Agreement as of the date set forth on the first page of the Agreement.

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| |
|:---|
| &nbsp;&nbsp;**ORIGINAL HOLDER:**<br>|
| &nbsp;&nbsp;**Defender SPV LLC**<br>By:<u> </u><br>Name:<br>Title: |
| &nbsp;&nbsp; <br>**HOLDER:**<br>|
| &nbsp;&nbsp;**ATW CLASSIC EQUITY LLC**<br>By:<u> </u><br>Name:<br>Title: |

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## Exhibit 10.2

Exhibit 10.2

**CUSTOM VEHICLE BUILD AND PROFIT SHARING AGREEMENT**

This Custom Vehicle Build and Profit Sharing Agreement (this "Agreement") is entered into as of [ ] (the "Effective Date"), by and between:

**ECD Automotive Design, Inc., a Delaware corporation**, with its principal place of business in Florida ("ECDA"), and

**Flexible Car Funding Inc., a Tx corporation**, with its principal place of business in Texas ("FCF").

ECDA and FCF may be referred to individually as a "Party" and collectively as the "Parties."

**1. PURPOSE**

The purpose of this Agreement is to establish the terms under which the Parties will collaborate on the custom build and sale of an individual custom vehicle (a "Build"), whereby FCF funds and owns the base vehicle and all parts used in each Build, ECDA performs custom build services, and the Parties share profits upon sale of each completed vehicle.

**2. SCOPE OF BUILD**

2.1 Number of Builds. <br>This Agreement applies to [ ]. This agreement can be extended to multiple builds upon the agreement of both parties.

2.2 Build Specifications. <br>For each Build, the Parties shall mutually agree in writing on:

the base vehicle,

the scope of customization,

parts and materials to be used, and

the agreed labor allocation and cost (the "Build Specification").

**3. OWNERSHIP OF VEHICLES AND PARTS**

3.1 FCF Ownership. <br>FCF shall pay for and retain sole legal and beneficial ownership of:

the base vehicle, and

all parts, components, and materials purchased for each Build <br>(collectively, the "Vehicle Assets") at all times prior to sale to the end customer.

3.2 No Transfer of Title. <br>Nothing in this Agreement shall be deemed to transfer ownership of any Vehicle Assets to ECDA prior to sale of the completed vehicle.

**4. LABOR AND BUILD SERVICES**

4.1 ECDA Services. <br>ECDA shall perform the custom build services in accordance with the applicable Build Specification in a commercially reasonable and workmanlike manner.

4.2 Labor Allocation. <br>Labor costs for each Build shall be agreed upon in advance in writing and shall constitute the "Labor Allocation."

4.3 No Implied Guarantees. <br>Except as expressly stated herein, ECDA makes no guarantee regarding sale price, marketability, or timing of sale of any completed vehicle.

**5. SALE OF COMPLETED VEHICLES**

5.1 Sale Process. <br>Each completed vehicle shall be marketed and sold pursuant to terms mutually agreed upon by the Parties.

5.2 Sale Proceeds. <br>Upon sale of a completed vehicle, the gross sale price (the "Sale Proceeds") shall be applied as follows, in this order:

reimbursement to FCF for all costs incurred for the base vehicle and parts;

deduction of the agreed Labor Allocation payable to ECDA; and

the remaining amount shall constitute Net Profit.

**6. PROFIT SHARING**

6.1 Net Profit Definition. <br>"Net Profit" means the Sale Proceeds remaining after deduction of:

all FCF-funded vehicle and parts costs, and

the agreed Labor Allocation.

6.2 Profit Split. <br>Net Profit shall be split fifty percent (50%) to ECDA and fifty percent (50%) to FCF.

6.3 Payment Timing. <br>Profit distributions shall be made within 1day following receipt of Sale Proceeds.

**7. RECORDS AND TRANSPARENCY**

Each Party shall maintain accurate records relating to costs, labor, and Sale Proceeds for each Build and shall reasonably cooperate in providing documentation upon request.

**8. TERM AND TERMINATION**

8.1 Term. <br>This Agreement shall remain in effect until the earlier of:

completion and sale of one build, or

termination pursuant to this Section.

8.2 Termination for Convenience. <br>Either Party may terminate this Agreement upon 5 days' written notice; provided, however, that any Build already approved shall continue to completion unless otherwise agreed in writing.

**9. INDEPENDENT CONTRACTORS**

The Parties are independent contractors. Nothing herein shall be deemed to create a partnership, joint venture, or agency relationship except for the limited profit-sharing arrangement expressly described.

**10. CONFIDENTIALITY**

Each Party agrees to keep confidential all non-public commercial, pricing, and build information exchanged in connection with this Agreement, unless where required by law.

**11. GOVERNING LAW**

This Agreement shall be governed by and construed in accordance with the laws of the State of Texas, without regard to conflict of laws principles.

**12. MISCELLANEOUS**

Entire Agreement. This Agreement constitutes the entire agreement between the Parties.

Amendments. Any amendment must be in writing and signed by both Parties.

Counterparts. This Agreement may be executed in counterparts.

SIGNATURES

ECD AUTOMOTIVE DESIGN, INC.

By: __________________________ <br>Name: <br>Title: <br>Date:

FLEXIBLE CAR FUNDING INC.

By: __________________________ <br>Name: <br>Title: <br>Date: