Document:

Exhibit 10.4

 

 SUBORDINATION AND STANDBY AGREEMENT

 

THIS SUBORDINATION AND
STANDBY AGREEMENT (this “Agreement”), dated as of March 30, 2021, between STERLING NATIONAL BANK, a national
banking association, having an office at 400 Rella Boulevard, Montebello, New York 10901 (the “Lender”), 1847 WOLO
INC, a corporation with an address at c/o 1847 Holdings LLC, 590 Madison Avenue, 21st Floor, New York, New York 10022,
WOLO MFG CORP. AND WOLO INDUSTRIAL HORN & SIGNAL, INC., each a corporation with an address at 1 Saxwood Street, Deer Park,
New York 11729 (collectively, the “Borrower”), and BARBARA SOLOW AND STANLEY SOLOW, each with an address at
65 Shelter Hill Road, Plainview, New York 11803 (collectively, the “Standby Creditor”).

 

PRELIMINARY STATEMENT.
The Lender has agreed to make loans and extensions of credit (collectively, the “Loan”) to the Borrower in the principal
amount of up to the Lender’s Credit Limit (defined below) evidenced by notes of the Borrower for such amounts, (collectively, the
“Note”) pursuant to a credit agreement between the Lender and the Borrower (the “Credit Agreement”)
and secured by, among other things, the Security Documents defined in the Credit Agreement (collectively, the “Security Document”)
encumbering, inter alia, all personal property of each Borrower. Capitalized terms not otherwise defined herein shall have the
meanings set forth in in the Credit Agreement.

 

In order to induce the Lender
to make the Loan available to the Borrower, the Lender requires that the Borrower and Standby Creditor shall have executed and delivered
this Agreement.

 

The Borrower has agreed to
be indebted to the Standby Creditor in the principal sum of the Standby Creditor’s Credit Limit (the “Subordinated Debt”),
pursuant to a certain promissory note issued by the Borrower to the Standby Creditor dated as of March 30, 2021, a copy of which is annexed
hereto as Exhibit A (the “Subordinated Note”).

 

NOW, THEREFORE, in
consideration of the Obligations defined below and the Collateral securing same, and in order to induce the Lender to make each Loan available
to the Borrower, the Standby Creditor, the Lender and the Borrower hereby agree as follows:

 

SECTION 1. Definitions.

 

“Claim” means
(i) any demand, maturity or acceleration of the Obligations or the Subordinated Debt, (ii) any enforcement of any rights or remedies following
a default under the Obligations or the Subordinated Debt, (iii) any imposition of default interest, late fees or penalties with respect
to the foregoing or (iv) any demand, claim, proceeding, litigation, judgment, award, order or other disposition with respect to the foregoing.

 

“Collateral”
shall have the meaning set forth in the Credit Agreement, and includes, inter alia, the personal property of each Borrower.

 

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“Credit Limit”
means (i) with respect to Lender, a revolving credit facility in the principal amount of up to $1,000,000 at any time outstanding (which
amount may be borrowed, repaid and reborrowed), and a term loan in the principal amount of $3,550,000 (which amount may not be reborrowed,
and which principal amount shall be reduced by each principal payment by Borrower to Lender); and (ii) with respect to Standby Creditor,
a $850,000 term loan (which amount may not be reborrowed and which principal amount shall be reduced by each principal payment made to
Standby Creditor by Borrower).

 

“Lender’s Cure
Rights” means, if Borrower defaults under the Subordinated Note, and such default continues without cure beyond any notice requirement
or cure period provided to Borrower under the Subordinated Note, Standby Creditor shall provide written notice to Lender and a 30 day
period to cure such Borrower default.

 

“Lien” shall
have the meaning set forth in the Credit Agreement.

 

“Loan Documents”
shall have the meaning set forth in the Credit Agreement.

 

“Permitted Payment”
means a regularly scheduled payment of interest-only in arrears pursuant to the Subordinated Note at a fixed rate per annum not to exceed
six (6.0%) percent, provided that if a Default or Event of Default exists under the Credit Agreement, no payments from any Borrower or
person acting on behalf of Borrower may be paid to or received by Standby Creditor. Except as otherwise expressly provided in Section
27 hereof, payments to Standby Creditor of principal, default interest, balloon loan payments, protective advances, late fees, penalties,
expenses, accelerated payments of interest or principal, and any similar payments are prohibited without Lender’s express prior
written consent.

 

“Obligations”
means each Loan together with all liabilities and obligations of each Borrower to the Lender, now or hereafter existing under the Credit
Agreement, the Notes and the Loan Documents, as same may be amended, modified or renewed from time to time, provided that, the principal
amount of the Obligations shall not exceed the Lender Credit Limit.

 

“Operating Borrower”
means the Borrower excluding 1847 Wolo Inc.

 

“Standby Default”
means Borrower’s default under the Subordinated Note, which default continues without cure beyond (i) any notice requirement or
cure period afforded to Borrower under the Subordinated Note, and (ii) the expiration of Lender’s Cure Rights.

 

“Standby Period”
means a period of 90 days, commencing on the date that a Standby Default exists.

 

“Standby Violation”
means a breach by Standby Creditor of the provisions of this Agreement.

 

“Standby Violation
Date” means five (5) days after written notice of Standby Violation from Lender to Standby Creditor.

 

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SECTION 2. Representations
and Warranties. The Borrower and each Standby Creditor each represents and warrants:

 

(a) That
as of the date hereof, the total principal amount of the Subordinated Debt does not exceed the Standby Creditor Credit Limit;

 

(b) That
no part of the Subordinated Debt (and any support or security therefor) is evidenced by any document, instrument, security or other writing
other than the Subordinated Note and a related UCC-1 filing against each Operating Borrower, filed after the filing date of the financing
statements in favor of Lender;

 

(c) That
the Standby Creditor is the lawful holder of the Subordinated Debt and holder of the Subordinated Note and no part hereof is subject to
any defense, offset or counterclaim;

 

(d) That
the Standby Creditor has not previously assigned or transferred any of the Subordinated Debt, the Subordinated Note or any interest therein;

 

(e) That
the Standby Creditor has not previously given any subordination in respect of any portion of the Subordinated Debt;

 

(f) That
the Subordinated Note matures 39 months from the date of the Subordinated Note;

 

(g) That
the Subordinated Debt is not supported by any guarantee from any person or party; and

 

(h) That
the Subordinated Debt is unsecured except for a lien upon the personal property of Operating Borrowers, which liens and encumbrances in
favor of Standby Creditor are at all times subject and subordinate to Liens in favor of Lender and secure a principal sum not to exceed
the Standby Creditor’s Credit Limit plus interest accrued thereon.

 

SECTION 3. Principal
Payment and Set Off. Subject to Section 27 of this Agreement, no portion of the principal sum of the Subordinated Debt may be
paid by or on behalf of the Borrower in whole or in part while any of the Obligations shall be outstanding, without the prior written
consent of the Lender. With respect to any set-off rights against the Subordinated Debt, the Borrower and each Standby Creditor acknowledge
and agree that they shall not exercise any right of set off during the occurrence of any Default or Event of Default under the Credit
Agreement.

 

SECTION 4. Acceleration
of Subordinated Note. In the event that the Subordinated Note is declared due and payable pursuant to a Claim or otherwise (whether
as a result of acceleration, required payment or otherwise), then, subject to Section 27 of this Agreement, the Lender shall be entitled
to receive payment in full of the Obligations before the Standby Creditor shall be entitled to receive any payment, directly or indirectly,
on account of principal, interest, fees, expenses or premiums due thereon.

 

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SECTION 5. Permitted
Payments under Subordinated Note. Provided no Default or Event of Default (as defined in the Credit Agreement) exists, the Borrower
shall be permitted to make Permitted Payments. Notwithstanding the foregoing, if any Default or Event of Default exists under the Credit
Agreement, neither the Borrower nor any person acting on its behalf shall pay, and the Standby Creditor shall not take, accept or receive
from the Borrower or any person acting on its behalf, directly or indirectly, any payments (whether in cash or other property, by way
of set-off or in any other manner, including without limitation, from or by way of any Collateral) for or on account of any amount due
and payable on account of the Subordinated Note, whether for principal, interest, fees, premiums, expenses or otherwise.

 

SECTION 6. Security
Interests; Standstill. The security interests of the Standby Creditor in the personal property of any Borrower shall, at all times,
be subject and subordinate to the security interests and Liens of the Lender upon all Collateral. Any financing statements upon any property
of any Borrower in favor of Standby Creditor shall be filed after the financing statements in favor of Lender have been filed. The subordination
and priorities specified in this Agreement are applicable irrespective of the time or order of attachment or perfection of the Liens,
security interests or other interests referred to herein, the time or order of filing of financing statements, the acquisition of purchase
money or other security interests or the time of giving or failure to give notice of the acquisition or expected acquisition of purchase
money or other security interests or the perfection or non-perfection of any Lien, security interest or other interest referred to herein,
or the avoidability or non-avoidability of any Lien, security interest or other interest referred to herein. As to Lender, Standby Creditor
will not claim to hold a purchase money lien in respect of any Collateral. Subject to Section 27 of this Agreement, Standby Creditor shall
not enforce any rights or remedies it has or may claim to have against Borrower or any Collateral until Lender has been paid in full on
all Obligations. Lender shall have the right but not the obligation to make any payment in connection with Borrower default under the
Subordinated Debt, and notwithstanding anything to the contrary contained in the loan documents evidencing such Subordinated Note, such
payment by Lender shall be deemed to have cured the default in connection with such payment. Notwithstanding the provisions of Section
27 of this Agreement, any judgment or other Claim obtained by Standby Creditor against any Borrower shall be subject and subordinate at
all times to the Liens, security interests and Claims of the Lender.

 

SECTION 7. Rights Upon
Insolvency. In the event of any insolvency or bankruptcy proceedings, and any receivership, liquidation, reorganization, dissolution
or other similar proceedings in connection therewith, relative to any Borrower or to its creditors, as such, or its property, and in the
event of any proceedings for voluntary liquidation, dissolution or other winding up of the Borrower, whether or not involving insolvency
or bankruptcy, and in the event of any execution sale, then the Lender shall be entitled to receive payment in full of all of the Obligations
before the Standby Creditor shall be entitled to receive any payment on account of principal, interest, compensation, expense, fee or
premium due under the Subordinated Note and to that end the Lender shall be entitled to receive for application in payment thereof any
payment or distribution of any kind or character, whether in cash or property or securities or by way of set-off, which may be payable
or deliverable in any such proceedings in respect of the Subordinated Note.

 

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SECTION 8. Standby Creditor
as Trustee. Should any payment or distribution or security or proceeds therefor be taken, accepted or received directly or indirectly
by the Standby Creditor in contravention of this Agreement, the Standby Creditor shall forthwith deliver the same to the Lender in precisely
the form received (except for the endorsement or assignment by the Standby Creditor where necessary) for application against the Obligations
and, until so delivered, the same shall be held in trust by the Standby Creditor for the sole benefit of the Lender. In the event of the
failure of the Standby Creditor to make such endorsement or assignment the Lender is hereby irrevocably authorized to make the same.

 

SECTION 9. Lender’s
Duties. The rights granted to the Lender in this Agreement are solely for its protection and nothing herein contained imposes
on the Lender any duties with respect to any property of the Borrower or Standby Creditor heretofore or hereafter received by the Lender
beyond the reasonable care in the custody and preservation of such property while in the Lender’s possession.

 

SECTION 10. No Commencement
of Any Claim. Except as otherwise set forth in Section 27 of this Agreement, the Standby Creditor agrees that so long as the Borrower
shall be prohibited from making and the Standby Creditor shall be prohibited from taking, accepting or receiving any payments or distributions
of any kind and from whatever source on account of the Subordinated Note, the Standby Creditor will not take, sue for, ask or demand from
the Borrower payment of all or any of the Subordinated Note. In addition, subject to Section 27 of this Agreement, Standby Creditor shall
not commence or join with any creditor other than the Lender in commencing, directly or indirectly, any Claim.

 

SECTION 11. Agreements
in Respect of Subordinated Debt. (a) During the term of this Agreement, the Standby Creditor shall not, without the prior written
consent of the Lender:

 

 (i) Cancel or otherwise
discharge any of the Subordinated Debt or subordinate any of the Subordinated Debt to any indebtedness of the Borrower other than the
Obligations; or

 

 (ii) Sell, assign,
pledge, encumber or otherwise dispose of any of the Subordinated Debt unless such sale, assignment, pledge, encumbrance or disposition
(A) is to a person or entity other than the Borrower or any of its owners, principals, subsidiaries or affiliates and (B) is made expressly
subject to this Agreement; or

 

 (iii) Permit the terms
of any of the Subordinated Debt to be increased beyond Standby Creditor’s Credit Limit, modified, amended or supplemented.

 

(b) The
Standby Creditor shall promptly notify the Lender in writing of the occurrence of any default or event of default under the Subordinated
Note.

 

SECTION 12. Subordination
Absolute. The Lender’s right to enforce each and every provision hereunder, and the obligations of the Borrower and Standby
Creditor arising under this Agreement are absolute and shall not be affected by any subsequent modification, extension, amendment or release
of any of the Obligations or any discharge of any other party liable for the Obligations, or any release, exchange or substitution of
any collateral securing the Obligations from time to time.

 

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SECTION 13. Obligations
Hereunder Not Impaired. All rights and interests of the Lender hereunder and all agreements and obligations of the Standby Creditor
and the Borrower under this Agreement shall remain in full force and effect irrespective of:

 

 (i) any lack of validity
or enforceability of any of the Obligations, or any other agreement or instrument relating thereto; or

 

 (ii) any change in
the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or
any consent to or departure therefrom including, without limitation, any increase in the Obligations (but not an increase to Lender’s
Credit Limit) resulting from the extension of additional credit to, or for the account or request of, the Borrower; or

 

 (iii) any amendment
or restatement of the Loan Documents (other than increasing the Lender’s Credit Limit) including the taking of additional credit
support, the pledge of additional Collateral or the extension of any payment or maturity date; or  

 

 (iv)  any taking, exchange,
release or non-perfection of any security interest in or Lien upon, any Collateral, or any release or amendment or waiver of or consent
to departure from any guaranty, for all or any of the Obligations; or

 

 (v) any manner of application
of Collateral, or proceeds thereof, to all or any of the Obligations, or any manner of sale or other disposition of any Collateral for
all or any of the Obligations or any other assets of the Borrower;

 

 (vi) any change, restructuring
or termination of the corporate structure or existence of the Borrower; or

 

 (vii) any other circumstance
which might otherwise constitute a defense available to, or a discharge of, any Borrower or a subordinated creditor.

 

SECTION 14. Lender Appointed
Attorney-in-Fact. The Standby Creditor hereby irrevocably appoints the Lender as the Standby Creditor’s attorney-in-fact,
effective from the Standby Violation Date, with full authority in the place and stead of the Standby Creditor and in the name of the Standby
Creditor or otherwise, from time to time in the Lender’s discretion, to take any action and to execute any instrument which may
be necessary or reasonably advisable to accomplish the purposes of this Agreement. Without limiting the generality of any of the foregoing,
effective from the Standby Violation Date, the Lender may without notice to the Standby Creditor or any of its representatives, successors
or assigns, perform any of the following acts, at the option of the Lender, at any meeting of creditors of the Borrower or in connection
with any case or proceeding, whether voluntary or involuntary, for the distribution, division or application of the assets of the Borrower
or the proceeds thereof, regardless of whether such case or proceeding is for the liquidation, dissolution, winding up of affairs, reorganization
or arrangement of the Borrower, or for the composition of the creditors of the Borrower, in bankruptcy or in connection with a receivership,
or under an assignment for the benefit of creditors of the Borrower or otherwise:

 

(a) To
enforce claims comprising the Subordinated Debt, either in its own name or in the name of the Standby Creditor, by proof of debt, proof
of claim, suit or otherwise;

 

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(b) To
collect any assets of any Borrower distributed, divided or applied by way of division or payment, or any securities issued, on account
of the Subordinated Debt and to apply the same, or the proceeds of any realization upon the same that the Lender in its discretion elects
to effect, to the amounts due under the Subordinated Note until all such amounts (including, without limitation, all interest accruing
thereon after commencement of any bankruptcy action) have been paid in full, rendering any surplus to the Standby Creditor if and to the
extent permitted by law;

 

(c) To
vote claims comprising the Subordinated Debt to accept or reject any plan of partial or complete liquidation, reorganization, arrangement,
composition or extension; and

 

(d) To
take generally any action in connection with any such meeting, case or proceeding that the Standby Creditor would be authorized to take
but for this Agreement.

 

In the event that Lender exercises
its rights under this Section 14 after the Standby Violation Date, in no event shall the Lender be liable to the Standby Creditor for
any failure to prove the Subordinated Debt, to exercise any right with respect thereto or to collect any sums payable.

 

SECTION 15. Subrogation
Rights. Provided that the Obligations have been fully and finally paid and discharged, the Standby Creditor shall be subrogated
to the rights of the Lender to receive payments or distributions of cash, property or securities payable or distributable on account of
the Obligations, to the extent of all payments and distributions paid over to or for the benefit of the Lender pursuant to this Agreement.

 

SECTION 16. Subordination
Legend; Further Assurances. The Borrower and Standby Creditor each agree to execute and deliver to the Lender such further instruments,
documents and agreements and agree to take such further action as the Lender may at any time or times reasonably request in order to carry
out the provisions and intent of this Agreement. The Standby Creditor and the Borrower will each mark its respective books of account
in such a manner as shall be effective to give proper notice of the effect of this Agreement.

 

SECTION 17. Amendments,
Etc. No amendment or waiver of any provision of this Agreement nor consent to any departure by the Borrower or Standby Creditor
therefrom shall in any event be effective unless the same shall be in writing and signed by the Lender and then such waiver or consent
shall be effective only in the specific instance and for the specific purpose for which given.

 

SECTION 18. No Waiver;
Remedies. No failure on the part of the Lender to exercise, and no delay in exercising, any right hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the
exercise of any other right. The remedies herein provided are cumulative and not exclusive of any other remedies provided by law.

 

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SECTION 19. Addresses
for Notices. All notices and other communications provided for hereunder shall be in writing and mailed or delivered, if to the
Borrower at its address set forth above, or if to the Standby Creditor, mailed or addressed to it at 65 Shelter Hill Road, Plainview,
New York 11803, and if to the Lender, at its address at One Jericho Plaza, Suite 304, Jericho, New York 11753, Attention: Daniel Liberty,
or, as to each party, at such other address as shall be designated by such party in a written notice to the other party. All such notices
and communications shall be effective when deposited in the mails or delivered to a reputable overnight delivery service, addressed as
aforesaid.

 

SECTION 20. Expenses.
The Borrower agrees to pay the Lender on demand all costs and expenses of every kind, including attorney’s fees, that the Lender
may reasonably incur in enforcing any of its rights under this Agreement.

 

SECTION 21. Binding
Agreement. This Agreement shall be binding upon, and inure to the benefit of the parties and their respective successors and assigns.

 

SECTION 22. Continuing
Agreement. This is a continuing Agreement and shall remain in full force and effect and be binding upon the Borrower and Standby
Creditor until payment in full of the Obligations.

 

SECTION 23. Governing
Law; Jurisdiction and Venue. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New
York. The parties hereto irrevocably submit to the nonexclusive jurisdiction of any Federal or State court sitting in Nassau County or
Suffolk County over any suit, action or proceeding arising out of this Agreement.

 

SECTION 24. Waiver of
Jury Trial and Notice of Acceptance. Each of the parties hereto irrevocably waives all right to trial by jury in any action, proceeding
or counterclaim arising out of or relating to this Agreement or the Subordinated Debt. Standby Creditor hereby waives any and all notice
of acceptance of this Agreement.

 

SECTION 25. Counterparts.
This Agreement may be executed in any number of counterparts each of which will be an original with the same effect as if the signatures
were on the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by telecopier or electronic image
scan transmission (such as a “pdf” file) will be effective as delivery of a manually executed counterpart of the Agreement.

 

SECTION 26. Joint and
Several. If this Agreement is executed by two or more persons, each such person shall be jointly and severally liable for the
performance of the obligations hereunder.

 

SECTION 27. Standby
Creditor Claims.  Notwithstanding any provision of this Agreement to the contrary, upon the expiration of the Standby Period
and provided the representations and warranties in Section 2 remain true and correct, Standby Creditor may make a Claim against Borrower
and take all other actions of a subordinate secured creditor with respect to Borrower’s default under the Subordinated Note provided
Lender is promptly served with notice of same. If, at any time during the pendency of Standby Creditor’s Claim, Lender has a Claim
against any Borrower with respect to the Obligations, Standby Creditor’s Claim (and any other actions taken by Standby Creditor)
shall be deemed to be subject and subordinate to Lender’s Claim in all respects. In addition, the subordination of Standby Creditor’s
security interests and Claims to those of Lender pursuant to Section 6 above shall remain in full force and effect at all times. If Lender
has made a Claim against any Borrower, Standby Creditor shall not accept, and Borrower (or any party on behalf of Borrower) shall not
pay any portion of the principal sum or any other amount owed to Standby Creditor under the Subordinated Note (including Permitted Payments)
until the Obligations have been indefeasibly paid in full.

 

[NOTHING FURTHER ON THIS PAGE]

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed and delivered as of the day and year first above written.

 

	 	LENDER:
	 	STERLING NATIONAL BANK
	 	 	 
	 	By:	
	 	Name:	
	 	Title:	
	 	 	 
	 	BORROWER:
	 	WOLO MFG. CORP.
	 	 	 
	 	By:	
	 	Name:
	 	Title:
	 	 	 
	 	WOLO INDUSTRIAL HORN 
	 	& SIGNAL, INC.
	 	 	 
	 	By:	               
	 	Name:
	 	Title:
	 	 	 
	 	1847 WOLO INC.
	 	 	 
	 	By:	
	 	Name:
	 	Title:

 

 

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STANDBY CREDITORS:

 

	 	 
	 	STANLEY SOLOW
	 	 
	 	 
	 	BARBARA SOLOW
	 	 

 

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EXHIBIT A

 

Copy of Subordinated Note

 

 

11Exhibit 10.5

 

 

 

 

 

 

 

 

 

 

 

 

 

MANAGEMENT SERVICES AGREEMENT

 

BY AND BETWEEN

 

1847 WOLO INC.

 

AND

 

1847 PARTNERS LLC

 

Dated as of March __, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

MANAGEMENT SERVICES AGREEMENT

 

MANAGEMENT SERVICES AGREEMENT
(as amended, revised, supplemented or otherwise modified from time to time, this “Agreement”), dated as
of March __, 2021, by and between 1847 WOLO INC., a Delaware corporation (the “Company”), and 1847 PARTNERS
LLC, a Delaware limited liability company (the “Manager”). Each party hereto shall be referred to as, individually,
a “Party” and, collectively, the “Parties.”

 

BACKGROUND

 

The Board of Directors of
the Company has determined that it would be in the best interests of the Company to appoint the Manager to perform the Services (as such
term is defined herein) and, therefore, the Company has agreed to appoint the Manager to perform the Services on the terms and subject
to the conditions set forth herein. The Manager has agreed to act as Manager and to perform the Services on the terms and subject to the
conditions set forth herein.  

 

The Manager also acts as an
external manager for 1847 Holdings LLC (the “Parent”), the Company’s parent entity, pursuant to the Management
Services Agreement by and between the Manager and the Parent, dated as of April 15, 2013, as amended (the “Parent MSA”).
This Agreement is an Offsetting Management Services Agreement as defined and referenced in the Parent MSA. 

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the mutual covenants, representations, warranties and agreements contained herein, and of other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties hereto agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

For all purposes of this Agreement,
except as otherwise expressly provided or unless the context otherwise requires: the terms defined in this Article have the meanings assigned
to them in this Article and include the plural as well as the singular; any reference to an “Article,” “Section”
or an “Exhibit” refers to an Article, Section or an Exhibit, as the case may be, of this Agreement; and the words “herein,”
“hereinafter,” “hereof,” “hereto” and “hereunder” and other words of similar import refer
to this Agreement as a whole and not to any particular Article, Section or other subdivision:

 

“Affiliate”
means, with respect to any Person, (i) any Person directly or indirectly controlling, controlled by or under common control with such
Person or (ii) any officer, director, general member, member or trustee of such Person. For purposes of this definition, the terms “controlling,”
“controlled by” or “under common control with” shall mean, with respect to any Persons, the possession, direct
or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of
voting securities, by contract or otherwise, or the power to elect at least 50% of the directors, managers, general members, or Persons
exercising similar authority with respect to such Person.

 

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“Agreement”
has the meaning set forth in the preamble of this Agreement.

 

“Board of Directors”
means the Board of Directors of the Company or any committee thereof that has been duly authorized by the Board of Directors to make a
decision on the matter in question or bind the Company as to the matter in question.

 

“Business Day”
means any day other than a Saturday, a Sunday or a day on which banks in the City of New York are required, permitted or authorized, by
applicable law or executive order, to be closed for regular banking business.

 

“Commencement
Date” means the date of this Agreement.

 

“Company”
has the meaning set forth in the preamble of this Agreement.

 

“Company Information”
means any information concerning the Company or any of the Subsidiaries of the Company and their respective financial condition, business
or operations that (i) relates to earnings, (ii) is competitively sensitive, (iii) relates to trade secrets, (iv) is proprietary or (v)
is similar to any of the foregoing information.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Federal Securities
Laws” means, collectively, the Securities Act, the Exchange Act and the rules and regulations promulgated thereunder.

 

“Fiscal Quarter”
means each fiscal quarter of the Company for purposes of the Parent’s reporting obligations under the Exchange Act.

 

“Fiscal Year”
means each fiscal year of the Company for purposes of the Parent’s reporting obligations under the Exchange Act.

 

“GAAP”
means generally accepted accounting principles in effect in the United States, consistently applied.

 

“Gross Income”
has the meaning set forth in Section 61(a) of the Internal Revenue Code of 1986, as amended.

 

“Incur”
means, with respect to any Indebtedness or other obligation of a Person, to create, issue, acquire (by conversion, exchange or otherwise),
assume, suffer, guarantee or otherwise become liable in respect of such Indebtedness or other obligation.

 

“Indebtedness”
means, with respect to any Person, (i) any liability for borrowed money, or under any reimbursement obligation relating to a letter of
credit, (ii) all indebtedness (including bond, note, debenture, purchase money obligation or similar instrument) for the acquisition of
any businesses, properties or assets of any kind (other than property, including inventory, and services purchased, trade payables, other
expenses accruals and deferred compensation items arising in the Ordinary Course of Business), (iii) all obligations under leases that
have been or should be, in accordance with GAAP, recorded as capital leases, (iv) any liabilities of others described in the preceding
clauses (i) to (iii) (inclusive) that such Person has guaranteed or for which such Person is otherwise legally obligated, and (without
duplication) any amendment, supplement, modification, deferral, renewal, extension or refunding of any liability of the types referred
to in clauses (i) through (iv) above.

 

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“Indemnified Parties”
has the meaning set forth in Article IX hereof.

 

“Losses”
has the meaning set forth in Article IX hereof.

 

“Management Fee”
has the meaning set forth in Section 7.1(a) hereof.

 

“Management Fee
Payment Date” means the first Business Day of each Fiscal Quarter or, in the case of the Fiscal Quarter in which this Agreement
is terminated, the Termination Date.

 

“Manager”
has the meaning set forth in the preamble of this Agreement.

 

“Non-Critical
Services” means any Services other than the Services for which the Manager was engaged by the Company in light of the experience
and expertise of the employees of the Manager.

 

“Ordinary Course
of Business” means, with respect to any Person, an action taken by such Person if such action is (i) consistent with the
past practices of such Person and is taken in the normal day-to-day business or operations of such Person and (ii) which is not required
to be specifically authorized or approved by the board of directors of such Person.

 

“Parent”
has the meaning set forth in the recitals to this Agreement.

 

“Parent Management
Fee” has the meaning set forth in Section 7.1(a) hereof.

 

“Parent MSA”
has the meaning set forth in the recitals to this Agreement.

 

“Party”
and “Parties” have the meaning set forth in the preamble of this Agreement.

 

“Person”
means any individual, company (whether general or limited), limited liability company, corporation, trust, estate, association, nominee
or other entity.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Services”
has the meaning set forth in Section 3.1(b) hereof.

 

    3

     

    

 

“Subsidiary”
means, with respect to any Person, any corporation, company, joint venture, limited liability company, association or other entity in
which such Person owns, directly or indirectly, more than 50% of the outstanding voting equity securities or interests, the holders of
which are generally entitled to vote for the election of the board of directors or other governing body of such entity.

 

“Termination Date”
means the date upon which this Agreement is terminated pursuant Article VIII hereof.

 

ARTICLE II

 

APPOINTMENT OF THE MANAGER

 

Section 2.1 Appointment

 

The Company hereby agrees
to, and hereby does, appoint the Manager to perform the Services as set forth in Section 3.1 herein and in accordance with the terms and
conditions of this Agreement.

 

Section 2.2 Term

 

The Manager shall provide
Services to the Company from the Commencement Date until the termination of this Agreement in accordance with Article VIII hereof.

 

ARTICLE III

 

OBLIGATIONS OF THE PARTIES

 

Section 3.1 Obligations of the
Manager

 

(a) Subject
always to the oversight and supervision of the Board of Directors and the terms and conditions of this Agreement, the Manager shall during
the term of this Agreement perform the Services as set forth in Section 3.1(b) below and comply with the operational objectives and business
plans of the Company in existence from time to time. The Company shall promptly provide the Manager with all stated operational objectives
and business plans of the Company approved by the Board of Directors and any other available information reasonably requested by the Manager.

 

(b) The
Manager agrees and covenants that it shall perform, or cause to be performed, the following services hereunder (as may be modified from
time to time pursuant to Section 3.3 hereof, the “Services”):

 

(i) conduct
general and administrative supervision and oversight of the Company’s day-to-day business and operations, including, but not limited
to, recruiting and hiring of personnel, administration of personnel and personnel benefits, development of administrative policies and
procedures, establishment and management of banking services, managing and arranging for the maintaining of liability insurance, arranging
for equipment rental, maintenance of all necessary permits and licenses, acquisition of any additional licenses and permits that become
necessary, participation in risk management policies and procedures; and

 

    4

     

    

 

(ii) oversee
and consult with respect to the Company’s business and operational strategies, the implementation of such strategies and the evaluation
of such strategies, including, but not limited to, strategies with respect to capital expenditure and expansion programs, acquisitions
or dispositions and product or service lines.

 

(c) In
connection with the performance of the Services under this Agreement, the Manager shall have all necessary power and authority to perform,
or cause to be performed, such Services on behalf of the Company.

 

(d) In
connection with the performance of its obligations under this Agreement, the Manager is not permitted to engage in any activities that
would cause it to become an “investment adviser” as defined in Section 202(a)(11) of the Investment Advisers Act of 1940,
as amended, or any successor provision thereto.

 

(e) While
the Manager is providing the Services under this Agreement, the Manager shall also be permitted to provide services, including services
similar to the Services covered hereby, to other Persons, including Affiliates of the Manager. This Agreement and the Manager’s obligation
to provide the Services under this Agreement shall not create an exclusive relationship between the Manager and its Affiliates, on the
one hand, and the Company and its Subsidiaries, on the other.

 

Section 3.2 Obligations of the
Company

 

(a) The
Company shall, and the Company shall cause its Subsidiaries to, do all things reasonably necessary on their part as requested by the Manager
consistent with the terms of this Agreement to enable the Company to fulfill its obligations under this Agreement.

 

(b) The
Company shall, and the Company shall cause its Subsidiaries to, take reasonable steps to ensure that:

 

(i) the
officers and employees of the Company and its Subsidiaries, as the case may be, act in accordance with the terms of this Agreement and
the reasonable directions of the Manager in fulfilling the Manager’s obligations hereunder and allowing the Manager to exercise
its powers and rights hereunder; and

 

(ii)  the Company and
its Subsidiaries provide to the Manager alt reports (including monthly management reports and all other relevant reports) that the Manager
may reasonably require and on such dates as the Manager may reasonably require.

 

Section 3.3 Change of Services

 

(a) The
Company and the Manager shall have the right at any time during the term of this Agreement to change the Services provided by the Manager
and such changes shall in no way otherwise affect the rights or obligations of any Party hereunder.

 

(b) Any
change in the Services shall be authorized in writing and evidenced by an amendment to this Agreement, as provided in Section 12.9 hereof.
Unless otherwise agreed in writing, the provisions of this Agreement shall apply to all changes in the Services.

 

    5

     

    

 

ARTICLE IV

 

POWERS OF THE MANAGER

 

Section 4.1 Powers of the Manager

 

(a) The
Manager shall have no power to enter into any contract for or on behalf of the Company or otherwise subject it to any obligation, such
power to be the sole right and obligation of the Company, acting through its Board of Directors and/or the Company’s officers.

 

(b) Subject
to Section 4.2 and for purposes other than to delegate its duties and powers to perform the Services hereunder, the Manager shall have
the power to engage any agents (including real estate agents and managing agents), valuers, contractors and advisors (including operational,
accounting, financial, tax and legal advisors) that it deems necessary or desirable in connection with the performance of its obligations
hereunder, which costs therefor shall be subject to reimbursement in accordance with Section 7.2 hereto.

 

Section 4.2 Delegation

 

The Manager may delegate or
appoint:

 

(a) Any
of its Affiliates as its agent, at its own cost and expense, to perform any or all of the Services hereunder; or

 

(b) Any
Person, whether or not an Affiliate of the Manager, as its agent, at its own cost and expense, to perform those Services hereunder which,
in the sole discretion of the Manager, are NonCritical Services; provided, however, that, in each case, the Manager shall not be
relieved of any of its obligations or duties owed to the Company hereunder as a result of such delegation. The Manager shall be permitted
to share Company Infom1ation with its appointed agents subject to appropriate, reasonable and customary confidentiality arrangements.
For the avoidance of doubt, any reference to Manager herein shall include its delegates or appointees pursuant to this Section 4.2.

 

Section 4.3 Manager’s Obligations,
Duties and Powers Exclusive

 

The Company agrees that during
the term of this Agreement, the obligations, duties and powers imposed on and granted to the Manager under Article III and this Article
IV are to be performed or held exclusively by the Manager, subject to Section 4.2 hereof, and the Company shall not, either directly or
indirectly, through its employees, Board of Directors or any other Person, as the case may be, perfo1m any of the Services except in circumstances
where it is necessary to do so to comply with applicable law or as otherwise agreed by the Manager.

 

    6

     

    

 

ARTICLE V

 

INSPECTION OF RECORDS

 

Section 5.1 Books and Records
of the Company

 

At all reasonable times and
on reasonable notice, the Manager and any Person authorized by the Manager shall have access to, and the right to inspect, for any reasonable
purpose, during the term of this Agreement and for a period of five (5) years after termination hereof, the books, records and data stored
in computers and all documentation of the Company pertaining to all Services performed, or to be performed, by the Manager or the Management
Fee paid, or to be paid, by the Company to the Manager, in each case, hereunder. There shall be no cost or expense charged by any Party
to another Party pursuant to the exercise of any right under this Section 5.1.

 

Section 5.2 Books and Records
of the Manager

 

At all reasonable times and
on reasonable notice, the Company and any Person authorized by the Company shall have access to, and the right to inspect the books, records
and data stored in computers and all documentation of the Manager pertaining to all Services performed, or to be performed, by the Manager
or the Management Fee paid, or to be paid, by the Company to the Manager, in each case, hereunder. There shall be no cost or expense charged
by any Party to another Party pursuant to the exercise of any right under this Section 5.2.

 

ARTICLE VI

 

AUTHORITY OF THE COMPANY AND THE MANAGER

 

Each Party represents and
warrants to the other that it is duly authorized with full power and authority to execute, deliver and perform its obligations and duties
under this Agreement. The Company represents and warrants that the engagement of the Manager has been duly authorized by the Board of
Directors and is in accordance with all governing documents of the Company.

 

    7

     

    

 

ARTICLE VII

 

MANAGEMENT FEE; EXPENSES

 

Section 7.1 Management Fee

 

(a) Subject
to the terms and conditions set forth in this Section 7.1, for the term of this Agreement, as payment to the Manager for performing Services
hereunder during any Fiscal Quarter or any part thereof, the Company shall pay a quarterly management fee (the “Management
Fee”) to the Manager on each Management Fee Payment Date for such Fiscal Quarter equal to the greater of $75,000 or 2% of
Adjusted Net Assets (as defined in the Parent MSA) of the Company; provided, however, that (i) with respect to the Fiscal Quarter
in which the Commencement Date occurs, the Management Fee with respect to such Fiscal Quarter or part thereof shall be equal to the product
of (x) the Management Fee, multiplied by (y) a fraction, the numerator of which is the number of days from and including the
Commencement Date to and including the last day of such Fiscal Quarter and the denominator of which is the number of days in such Fiscal
Quarter, (ii) with respect to the Fiscal Quarter in which this Agreement is terminated, the Management Fee with respect to such Fiscal
Quarter or part thereof shall be equal to the product of (x) the Management Fee, multiplied by (y) a fraction, the numerator
of which is the number of days from and including the first day of such Fiscal Quarter to but excluding the date upon which this Agreement
is terminated and the denominator of which is the number of days in such Fiscal Quarter, (iii) if the aggregate amount of Management Fees
paid or to be paid by the Company, together with all other management fees paid or to be paid by all other Subsidiaries of the Parent
to the Manager, in each case, with respect to any Fiscal Year exceeds, or is expected to exceed, 9.5% of the Parent’s Gross Income
with respect to such Fiscal Year, then the Manager agrees that the Management Fee to be paid by the Company for any remaining Fiscal Quarters
in such Fiscal Year shall be reduced, on a pro rata basis determined by reference to the management fees to be paid to the Manager
by all of the Subsidiaries of the Parent, until the aggregate amount of the Management Fee paid or to be paid by the Company, together
with all other management fees paid or to be paid by all other Subsidiaries of the Parent to the Manager, in each case, with respect to
such Fiscal Year, does not exceed 9.5% of the Parent’s Gross Income with respect to such Fiscal Year, and (iv) if the aggregate
amount the Management Fee paid or to be paid by the Company, together with all other management fees paid or to be paid by all other Subsidiaries
of the Parent to the Manager, in each case, with respect to any Fiscal Quarter exceeds, or is expected to exceed, the aggregate amount
of the management fee (before any adjustment thereto) calculated and payable under the Parent MSA (the “Parent Management
Fee”) with respect to such Fiscal Quarter, then the Manager agrees that the Management Fee to be paid by the Company for
such Fiscal Quarter shall be reduced, on a pro rata basis, until the aggregate amount of the Management Fee paid or to be paid
by the Company, together with all other management fees paid or to be paid by all other Subsidiaries of the Parent to the Manager, in
each case, with respect to such Fiscal Quarter, does not exceed the Parent Management Fee calculated and payable with respect to such
Fiscal Quarter. The Management Fee shall be paid in U.S. dollars by wire transfer in immediately available funds to an account or accounts
designated by the Manager from time to time.

 

(b) If
the Company does not have sufficient liquid assets to timely pay the entire amount of the Management Fee due on any Management Fee Payment
Date, the Company shall liquidate assets or Incur Indebtedness in order to pay such Management Fee in full on such Management Fee Payment
Date; provided, however, that if the Management Fee due on any Management Fee Payment Date cannot be paid by the Company as the
result of subordination provisions or other restrictions contained in financing or other agreements between the Company and its senior
lenders or the senior lenders of any of its affiliates, then the Management Fee shall accrue and be paid as soon as the Company is able
to pay the Management Fee without violation such subordination provision or other restrictions.

 

Section 7.2 Reimbursement of Expenses

 

(a) Subject
to Section 7.2(b), the Company shall reimburse the Manager for all costs and expenses of the Company, including all out-of-pocket costs
and expenses, that are actually Incurred by the Manager or its Affiliates on behalf of the Company in connection with performing Services
hereunder, and all costs and expenses the reimbursement of which is specifically approved by the Board of Directors.

 

    8

     

    

 

(b) Notwithstanding
the foregoing or anything else to the contrary herein, neither the Company nor any Subsidiary of the Company shall be obligated or responsible
for reimbursing or otherwise paying for any costs or expenses relating to the Manager’s overhead or to the Manager’s conduct or
maintenance of its business and operations as a provider of management services.

 

(c) Any
such reimbursement shall be made upon demand by the Manager in U.S. dollars by wire transfer in immediately available funds to an account
or accounts designated by the Manager from time to time.

 

ARTICLE VIII

 

TERMINATION; RESIGNATION AND REMOVAL OF THE
MANAGER

 

Section 8.1 Resignation by the
Manager

 

The Manager may resign at
any time upon sixty (60) days’ prior written notice to the Company, which right shall not be contingent upon the finding of a replacement
manager. However, if the Manager resigns, until the date on which the resignation becomes effective, the Manager shall, upon request of
the Board of Directors, use reasonable efforts to assist the Board of Directors to find a replacement manager at no cost and expense to
the Company.

 

Section 8.2 Removal of the Manager

 

The Manager may be removed
by the Company at any time upon sixty (60) days’ prior written notice to the Manager, which right shall not be contingent upon the
finding of a replacement manager.

 

Section 8.3 Termination

 

Subject to Section 12.4, this
Agreement shall terminate upon the effective date of the resignation or removal of the Manager in accordance with Section 8.1 or Section
8.2 hereof.

 

Section 8.4 Directions

 

After a written notice of
termination has been given under this Article VIII, the Company may direct the Manager to undertake any actions necessary to transfer
any aspect of the ownership or control of the assets of the Company to the Company or to any nominee of the Company and to do all other
things necessary to bring the appointment of the Manager to an end, and the Manager shall comply with all such reasonable directions.
1n addition, the Manager shall, at the Company’s expense, deliver to any new manager or the Company any books or records held by
the Manager under this Agreement and shall execute and deliver such instruments and do such things as may reasonably be required to permit
new management of the Company to effectively assume its responsibilities.

 

    9

     

    

 

Section 8.5 Payments Upon Termination

 

Notwithstanding anything in
this Agreement to the contrary, the fees, costs and expenses payable to the Manager pursuant to Article VII hereof shall be payable to
the Manager upon, and with respect to, the termination of this Agreement pursuant to this Article VIII. All payments made pursuant to
this Section 8.5 shall be made in accordance with Article VII hereof.

 

ARTICLE IX

 

INDEMNITY

 

The Company shall indemnify,
reimburse, defend and hold harmless the Manager and its Affiliates and their respective successors and permitted assigns, together with
their respective employees, officers, members, managers, directors, agents and representatives (collectively the “Indemnified
Parties”), from and against all losses (including lost profits), costs, damages, injuries, taxes, penalties, interests,
expenses, obligations, claims and liabilities joint or severable) of any kind or nature whatsoever (collectively “Losses”)
that are Incurred by such Indemnified Parties in connection with, relating to or arising out of (i) the breach of any term or condition
of this Agreement, or (ii) the performance of any Services hereunder; provided, however, that the Company shall not be obligated
to indemnify, reimburse, defend or hold harmless any Indemnified Party for any Losses Incurred, by such Indemnified Party in connection
with, relating to or arising out of:

 

(a) a
breach by such Indemnified Party of this Agreement;

 

(b) the
gross negligence, willful misconduct, bad faith or reckless disregard of such Indemnified Party in the performance of any Services hereunder;
or

 

(c) fraudulent
or dishonest acts of such Indemnified Party with respect to the Company or any of its Subsidiaries.

 

The rights of any Indemnified
Party referred to above shall be in addition to any rights that such Indemnified Party shall otherwise have at law or in equity.

 

Without the prior written
consent of the Company, no Indemnified Party shall settle, compromise or consent to the entry of any judgment in, or otherwise seek to
terminate any, claim, action, proceeding or investigation in respect of which indemnification could be sought hereunder unless (a) such
Indemnified Party indemnifies the Company from any liabilities arising out of such claim, action, proceeding or investigation, (b) such
settlement, compromise or consent includes an unconditional release of the Company and Indemnified Party from all liability arising out
of such claim, action, proceeding or investigation and (c) the parties involved agree that the terms of such settlement, compromise or
consent shall remain confidential.

 

    10

     

    

 

ARTICLE X

 

LIMITATION OF LIABILITY OF THE MANAGER

 

Section 10.1 Limitation of Liability

 

The Manager shall not be liable
for, and the Company shall not take, or permit to be taken, any action against the Manager to hold the Manager liable for, any error of
judgment or mistake of law or for any loss suffered by the Company or its Subsidiaries (including, without limitation, by reason of the
purchase, sale or retention of any security or assets) in connection with the performance of the Manager’s duties under this Agreement,
except for a loss resulting from gross negligence, willful misconduct, bad faith or reckless disregard on the part of the Manager in the
performance of its duties and obligations under this Agreement, or its fraudulent or dishonest acts with respect to the Company or any
of its Subsidiaries.

 

Section 10.2 Reliance of Manager

 

The Manager may take and may
act and rely upon:

 

(a) the
opinion or advice of legal counsel, which may be in-house counsel to the Company or the Manager, any U.S.-based law firm, or other legal
counsel reasonably acceptable to the Board of Directors, in relation to the interpretation of this Agreement or any other document (whether
statutory or otherwise) or generally in connection with the Company;

 

(b) advice,
opinions, statements or information from bankers, accountants, auditors,

 

(c) valuation
consultants and other Persons consulted by the Manager who are in each case believed by the Manager in good faith to be expert in relation
to the matters upon which they are consulted; and

 

(d) any
other document provided to the Manager in connection with the Company upon which it is reasonable for the Manager to rely.

 

The Manager shall not be liable
for anything done, suffered or omitted by it in good faith in reliance upon such opinion, advice, statement, information or document.

 

ARTICLE XI

 

LEGAL ACTIONS

 

The Manager shall notify the
Company promptly of any claim made by any third party in relation to the assets of the Company ai1d shall send to the Company any notice,
claim, summons or writ served on the Manager concerning the Company.

 

The Manager shall not, without
the prior written consent of the Board of Directors, purport to accept or admit any claims or liabilities of which it receives notification
on behalf of the Company or make any settlement or compromise with any third party in respect of the Company.

 

    11

     

    

 

ARTICLE XII

 

MISCELLANEOUS

 

Section 12.1 Obligation of Good
Faith; No Fiduciary Duties

 

The Manager shall perform
its duties under this Agreement in good faith and for the benefit of the Company. The relationship of the Manager to the Company is as
an independent contractor and nothing in this Agreement shall be construed to impose on the Manager any express or implied fiduciary duties.

 

Section 12.2 Binding Effect

 

This Agreement shall be binding
upon, shall inure to the benefit of and be enforceable by the Parties hereto and their respective successors and permitted assigns.

 

Section 12.3 Compliance

 

(a) The
Manager shall (and must ensure that each of its officers, agents and employees) comply with any law, including the Federal Securities
Laws and the securities laws of any applicable jurisdiction, in each case, as in effect from time to time, to the extent that it concerns
the functions of the Manager under this Agreement.

 

(b) The
Manager shall maintain management systems, policies and internal controls and procedures that reasonably ensure that the Manager and its
employees comply with the terms and conditions of this Agreement, as well as comply with the internal policies, controls and procedures
established by the Company from time to time, including, without limitation, those relating to trading policies, conflicts of interest
and similar corporate governance measures.

 

Section 12.4 Effect of Termination;
Survival

 

This Agreement shall be effective
as of the date first above written and shall continue in full force and effect thereafter until termination hereof in accordance with
Article VIII. The obligations of the Company set forth in Articles VII, VIII and IX and Sections 10.1, 12.5, 12.7, 12.8, 12.9, 12.17 and
12.20 hereof shall survive such termination of this Agreement, subject to applicable law.

 

    12

     

    

 

Section 12.5 Notices

 

Any notice or other communication
required or permitted under this Agreement shall be deemed to have been duly given (a) five (5) Business Days following deposit in the
mails if sent by registered or certified mail, postage prepaid, (b) when sent, if sent by facsimile transmission, if receipt thereof is
confirmed by telephone, (c) when delivered, if delivered personally to the intended recipient and (d) two Business Days following deposit
with a nationally recognized overnight courier service, in each case addressed as follows:

 

If to the Company, to:

 

1847 Wolo Inc.

c/o 1847 Holdings LLC

590 Madison Avenue, 21st Floor

New York, NY 10022

Attn: Jay Amond

Facsimile: 917-793-5950

 

If to the Manager, to:

 

c/o The 1847 Companies LLC

590 Madison Avenue, 21st
Floor

New York, NY 10022

Attn: Ellery W. Roberts

Facsimile: 917-793-5950

 

with a copy (which shall not
constitute notice) to:

 

Bevilacqua PLLC

1050 Connecticut Ave., Suite
500

Washington, DC 20036

Attn: Louis A. Bevilacqua

Email: lou@bevilacquapllc.com

Facsimile: 202-869-0889

 

or to such other address or
facsimile number as any such Party may, from time to time, designate in writing to all other Parties hereto, and any such communication
shall be deemed to be given, made or served as of the date so delivered or, in the case of any communication delivered by mail, as of
the date so received.

 

Section 12.6 Headings

 

The headings in this Agreement
are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their
construction or effect.

 

Section 12.7 Applicable Law

 

This Agreement, the legal
relations between and among the Parties and the adjudication and the enforcement thereof shall be governed by and interpreted and construed
in accordance with the laws of the State of New York, without regard to the conflicts of law provisions thereof to the extent such principles
or rules would require or permit the application of the laws of another jurisdiction.

 

    13

     

    

 

Section 12.8 Submission to Jurisdiction;
Waiver of Jury Trial

 

Subject to Section 12.20 hereof,
each of the Parties hereby irrevocably acknowledges and agrees that any legal action or proceeding brought with respect to any of the
obligations arising under or relating to this Agreement shall be brought only in the courts of the State of New York, County of New York
or in the United States District Court for the Southern District of New York and each of the Parties hereby irrevocably submits to and
accepts with regard to any such action or proceeding, for itself and in respect of its property, generally and unconditionally, the non-exclusive
jurisdiction of the aforesaid courts. Each Party hereby further irrevocably waives any claim that any such courts lack jurisdiction over
such Party, and agrees not to plead or claim, in any legal action or proceeding with respect to this Agreement or the transactions contemplated
hereby brought in any of the aforesaid courts, that any such court lacks jurisdiction over such Party. Each Party irrevocably consents
to the service of process in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid,
to such party, at its address for notices set forth in Section 12.5 hereof, such service to become effective ten (10) days after such
mailing. Each Party hereby irrevocably waives any objection to such service of process and further irrevocably waives and agrees not to
plead or claim in any action or proceeding commenced hereunder or under any other documents contemplated hereby that service of process
was in any way invalid or ineffective. The foregoing shall not limit the rights of any Party to serve process in any other manner permitted
by applicable law. The foregoing consents to jurisdiction shall not constitute general consents to service of process in the State of
New York for any purpose except as provided above and shall not be deemed to confer rights on any Person other than the respective Parties.

 

Each of the Parties hereby
waives any right it may have under the laws of any jurisdiction to commence by publication any legal action or proceeding with respect
this Agreement. To the fullest extent permitted by applicable law, each of the Parties hereby irrevocably waives the objection which it
may now or hereafter have to the laying of the venue of any suit, action or proceeding arising out of or relating to this Agreement in
any of the courts referred to in this Section 12.8 and hereby further irrevocably waives and agrees not to plead or claim that any such
court is not a convenient forum for any such suit, action or proceeding.

 

The Parties agree that any
judgment obtained by any Party or its successors or assigns in any action, suit or proceeding referred to above may, in the discretion
of such Party (or its successors or assigns), be enforced in any jurisdiction, to the extent permitted by applicable law.

 

The Parties agree that the
remedy at law for any breach of this Agreement may be inadequate and that should any dispute arise concerning any matter hereunder, this
Agreement shall be enforceable in a court of equity by an injunction or a decree of specific performance. Such remedies shall, however,
be cumulative and nonexclusive, and shall be in addition to any other remedies which the Parties may have.

 

    14

     

    

 

Each Party hereby waives,
to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any litigation as between the
Parties directly or indirectly arising out of, under or in connection with this Agreement or the transactions contemplated hereby or disputes
relating hereto. Each Party (a) certifies that no representative, agent or attorney of any other Party has represented, expressly or otherwise,
that such other Party would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the
other Parties have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section
12.8.

 

Section 12.9 Amendment; Waivers

 

No term or condition of this
Agreement may be amended, modified or waived without the prior written consent of the Party against whom such amendment, modification
or waiver will be enforced.

 

Any waiver granted hereunder
shall be deemed a specific waiver relating only to the specific event giving rise to such waiver and not as a general waiver of any term
or condition hereof.

 

Section 12.10 Remedies to Prevailing
Party

 

If any action at law or equity
is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’
fees, costs, and necessary disbursements in addition to any other relief to which such party may be entitled.

 

Section 12.11 Severability

 

Each provision of this Agreement
is intended to be severable from the others so that if, any provision or term hereof is illegal, invalid or unenforceable for any reason
whatsoever, such illegality, invalidity or unenforceability shall not affect or impair the validity of the remaining provisions and terms
hereof; provided, however, that the provisions governing payment of the Management Fee described in Article VII hereof are not
severable.

 

Section 12.12 Benefits Only to
Parties

 

Nothing expressed by or mentioned
in this Agreement is intended or shall be construed to give any Person, other than the Parties and their respective successors or permitted
assigns and the Indemnified Parties, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision
herein contained, terms Agreement and all conditions and provisions hereof being intended to be and being for the sole and exclusive benefit
of the Parties and their respective successors and permitted assigns, and for the benefit of no other Person.

 

Section 12.13 Further Assurances

 

Each Party hereto shall take
any and all such actions, and execute and deliver such further agreements, consents, instruments and any other documents as may be necessary
from time to time to give effect to the provisions and purposes of this Agreement.

 

    15

     

    

 

Section 12.14 No Strict Construction

 

The Parties have participated
jointly in the negotiation and drafting of this Agreement. In the event any ambiguity or question of intent or interpretation arises,
this Agreement shall be construed as if drafted jointly by all Parties, and no presumption or burden of proof shall arise favoring or
disfavoring any Party by virtue of the authorship of any provision of this Agreement.

 

Section 12.15 Entire Agreement

 

This Agreement constitutes
the sole and entire agreement of the Parties with regards to the subject matter of this Agreement. Any written or oral agreements, statements,
promises, negotiations or representations not expressly set fo1ih in this Agreement are of no force and effect.

 

Section 12.16 Assignment

 

This Agreement shall not be
assignable by either party except by the Manager to any Person with which the Manager may merge or consolidate or to which the Manager
transfers substantially all of its assets, and then only in the event that such assignee assumes all of the obligations to the Company
and the Subsidiaries of the Company hereunder.

 

Section 12.17 Confidentiality

 

(a) The
Manager shall not, and the Manager shall cause its Affiliates and their respective agents and representatives not to, at any time from
and after the date of this Agreement, directly or indirectly, disclose or use any confidential or proprietary information, including Company
Information, involving or relating to (x) the Company, including any information contained in the books and records of the Company and
(y) the Subsidiaries of the Company, including any information contained in the books and records of any such Subsidiaries; provided,
however, that disclosure and use of any information shall be permitted (i) with the prior written consent of the Company, (ii) as,
and to the extent, expressly permitted by this Agreement or any other agreement between the Manager and the Company or any of the Company’s
Subsidiaries (but only to the extent that such information relates to such Subsidiaries), (iii) as, and solely to the extent, necessary
or required for the performance by the Manager, any of its Affiliates or its delegates, of any of their respective obligations under this
Agreement, (iv) as, and to the extent, necessary or required in the operation of the Company’s business or operations in the Ordinary
Course of Business, (v) to the extent such information is generally available to, or known by, the public or otherwise has entered the
public domain (other than as a result of disclosure in violation of this Section 12.17 by the Manager or any of its Affiliates), (vi)
as, and to the extent, necessary or required by any governmental order, applicable law or any governmental authority, subject to Section
12.17(d), and (vii) as, and to the extent, necessary or required or reasonably appropriate in connection with the enforcement of any right
or remedy relating to this Agreement or any other agreement between the Manager and the Company or any of the Company’s Subsidiaries.

 

    16

     

    

 

(b) The
Manager shall produce and implement policies and procedures that are reasonably designed to ensure compliance by the Manager’s directors,
officers, employees, agents and representatives with the requirements of this Section 12.17.

 

(c) For
the avoidance of doubt, confidential information includes business plans, financial information, operational information, strategic information,
legal strategies or legal analysis, formulas, production processes, lists, names, research, marketing, sales information and any other
information similar to any of the foregoing or serving a purpose similar to any of the foregoing with respect to the business or operations
of the Company or any of its Subsidiaries. However, the Parties are not required to mark or otherwise designate information as “confidential
or proprietary information,” “confidential” or “proprietary” in order to receive the benefits of this Section
12.17.

 

(d) In
the event that the Manager is required by governmental order, applicable law or any governmental authority to disclose any confidential
information of the Company or any of its Subsidiaries that is subject to the restrictions of this Section 12.17, the Manager shall (i)
notify the Company or any of its Subsidiaries in writing as soon as possible, unless it is otherwise affirmatively prohibited by such
governmental order, applicable law or such governmental authority from notifying the Company or any such Subsidiaries, as the case may
be, (ii) cooperate with the Company or any such Subsidiaries to preserve the confidentiality of such confidential information consistent
with the requirements of such governmental order, applicable law or such governmental authority and (iii) use its reasonable best efforts
to limit any such disclosure to the minimum disclosure necessary or required to comply with such governmental order, applicable law or
such governmental authority, in each case, at the cost and expense of the Company.

 

(e) Nothing
in this Section 12.17 shall prohibit the Manager from keeping or maintaining any copies of any records, documents or other information
that may contain information that is otherwise subject to the requirements of this Section 12.17, subject to its compliance with this
Section 12.17.

 

(f) The Manager shall
be responsible for any breach or violation of the requirements of this Section 12.17 by any of its agents or representatives. 

 

Section 12.18 Counterparts

 

This Agreement may be executed
in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and
the same instrument.

 

Section 12.19 Designation

 

This Agreement is an “Offsetting
Management Services Agreement” as such term is defined and used pursuant to the Parent MSA, and the Management Fee is an “Offsetting
Management Fee” as such term is defined and used pursuant to the Parent MSA.

 

Section 12.20 Dispute Resolution

 

All disputes arising out of
this Agreement or relating to the performance of either Party of its obligations hereunder, which disputes the Parties are unable to resolve
directly between themselves, shall be settled by arbitration in New York, New York (unless the Company and the Manager agree upon another
location) before three arbitrators in accordance with the rules then in effect of the American Arbitration Association.

 

* * *

 

    17

     

    

 

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

 

	 	1847 WOLO INC.
	 	 	 
	 	By:	 
	 	Name: 	Jay Amond
	 	Title: 	Chief Financial Officer
	 	 	 
	 	1847 PARTNERS LLC
	 	 	 
	 	By:	 
	 	Name:  	Ellery W. Roberts
	 	Title: 	Manager

 

[Signature Page to Management Services Agreement]

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