Document:

Exhibit 10.12

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT,
dated as of July [__], 2021 (as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms
hereof, this “Agreement”), is made and entered into by and between byNordic Acquisition Corporation, a Delaware
corporation (the “Company”), and Rothesay Investment Sarl SPF (the “Forward Purchaser”
and, together with any person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.2 of this
Agreement, each, a “Holder” and collectively, the “Holders”).

 

RECITALS

 

WHEREAS, the Company
was incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar
business combination with one or more businesses (a “Business Combination”);

 

WHEREAS, the Company
has filed with the U.S. Securities and Exchange Commission (the “Commission”) a registration statement on Form
S-1 (File No. 333-248488) for its initial public offering (“IPO”) of 15,000,000 units (or 17,250,000 units if
the underwriters’ over-allotment option (the “IPO Over-Allotment Option”) is exercised in full) (the “Public
Units”) at a price of $10.00 per Public Unit, each Public Unit comprised of one share of Class A common stock, par value
$0.0001 per share, of the Company (the “Common Stock”, and the shares of Common Stock included in the Public
Units, the “Public Shares”), and one-half of one redeemable warrant, where each whole redeemable warrant is
exercisable to purchase one share of Common Stock at an exercise price of $11.50 per share, subject to adjustment as described in such
registration statement on Form S-1, and only whole redeemable warrants are exercisable (the “Warrants”, and
the Warrants included in the Public Units, the “Public Warrants”);

 

WHEREAS, the Company’s
sponsor, Water by Nordic AB (the “Sponsor”), has agreed to purchase an aggregate of 5,050,000 Warrants (or 5,500,000
Warrants if the IPO Over-Allotment Option is exercised in full) at a price of $1.00 per Warrant, for an aggregate purchase price of $5,050,000
(or $5,500,000 if the IPO Over-Allotment Option is exercised in full), each exercisable to purchase one share of the Common Stock at a
price of $11.50 per share, in a private placement that will close simultaneously with the closing of the IPO (the “Private
Placement Warrants”);

 

WHEREAS, proceeds from
the IPO and the sale of the Private Placement Warrants in an aggregate amount equal to the gross proceeds from the IPO will be deposited
into a trust account for the benefit of the holders of the Public Shares (the “Trust Account”), as described
in the registration statement on Form S-1.

 

WHEREAS, following
the closing of the IPO, the Company will seek to identify and consummate a Business Combination;

 

WHEREAS, the Company
and the Forward Purchaser have entered into the Amended and Restated Forward Purchase Agreement, dated and effective as of July
14, 2021 (as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms
hereof, the “Forward Purchase Agreement”), between the Company and the Forward Purchaser, pursuant to
which, concurrently with the closing of the Company’s initial Business Combination (the “Business Combination
Closing”), the Company may issue and sell to the Forward Purchaser, and the Forward Purchaser may purchase from the
Company, on a private placement basis, up to a maximum of 1,000,000 shares of Common Stock (the “Forward Purchase
Shares”), for a purchase price of $10.00 per Forward Purchase Share, or $10,000,000 in the aggregate, subject to the
terms and conditions thereof;

 

WHEREAS, the proceeds
from the IPO and the sale of the Private Placement Warrants in an aggregate amount equal to the gross proceeds from the IPO deposited
to the Trust Account and the proceeds from the offering and sale of the Forward Purchase Shares will be applied to consummate the Business
Combination Closing;

 

     

     

    

 

WHEREAS, the Company
and the Forward Purchaser are entering into this Agreement pursuant to Section 4(a) of the Forward Purchase Agreement, pursuant
to which the Forward Purchaser shall have the registration rights with respect to the Forward Purchase Shares set forth herein in accordance
with the terms and conditions hereof; and

 

WHEREAS, a copy of
this Agreement shall be filed as an exhibit to the registration statement on Form S-1 pursuant to Section 4(a) of the Forward Purchase
Agreement.

 

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

 

ARTICLE I

DEFINITIONS

 

1.1 Definitions.
The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set
forth below:

 

“Adverse Disclosure”
shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive
Officer or principal financial officer of the Company, after consultation with counsel to the Company, (i) would be required to be made
in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus
and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required
to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose for
not making such information public.

 

“Agreement”
shall have the meaning given in the preamble hereto.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Business Combination”
shall have the meaning given in the recitals hereto.

 

“Business Combination
Closing” shall have the meaning given in the recitals hereto.

 

“Commission”
shall have the meaning given in the recitals hereto.

 

“Common Stock”
shall have the meaning given in the recitals hereto.

 

“Company”
shall have the meaning given in the preamble hereto.

 

“Demand Registration”
shall have the meaning given in subsection 2.1.1.

 

“Demanding Holder”
shall have the meaning given in subsection 2.1.1.

 

“Effectiveness
Deadline” shall have the meaning given in subsection 2.1.1.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Filing Deadline”
shall have the meaning given in subsection 2.1.1.

 

“Form S-1”
shall have the meaning given in subsection 2.1.1.

 

“Form S-3”
shall have the meaning given in subsection 2.3.

 

“Forward Purchase
Shares” shall have the meaning given in the recitals hereto.

 

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“Forward Purchase
Shares Agreement” shall have the meaning given in the recitals hereto.

 

“Forward Purchase
Shares Lock-up Period” shall mean, with respect to the Forward Purchase Shares held
by the Forward Purchaser and any Permitted Transferee as the Holder, the period ending thirty (30) days after the completion of the Company’s
initial Business Combination.

 

“Forward Purchaser”
shall have the meaning given in the preamble hereto.

 

“Holder”
and “Holders” shall have the meaning given in the preamble hereto.

 

“IPO”
shall have the meaning given in the recitals hereto.

 

“IPO Over-Allotment Option”
shall have the meaning given in the recitals hereto.

 

“Maximum Number of Securities”
shall have the meaning given in subsection 2.1.4.

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the light of the circumstances under
which they were made) not misleading.

 

“Permitted Transferees”
shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable Securities prior
to the expiration of the Forward Purchase Shares Lock-up Period under the Forward Purchase Agreement, this Agreement and any other applicable
agreement between such Holder and the Company, and to any transferee thereafter.

 

“Piggyback Registration”
shall have the meaning given in subsection 2.2.1.

 

“Private Placement Warrants”
shall have the meaning given in the recitals hereto.

 

“Pro Rata”
shall have the meaning given in subsection 2.1.4.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Public Units
shall have the meaning given in the recitals hereto.

 

“Public Shares”
shall have the meaning given in the recitals hereto.

 

“Registrable Security”
shall mean (a) the Forward Purchase Shares and (b) any other equity security of the Company issued or issuable with respect to any such
Forward Purchase Share by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger,
consolidation or reorganization and any other shares of Common Stock including any other equity security of the Company issued or issuable
with respect to any such share of the Common Stock by way of a stock dividend or stock split or in connection with a combination of shares,
recapitalization, merger, consolidation or reorganization owned by the Holders or their Affiliates; provided, however,
that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (A) a Registration Statement
with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold,
transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such securities shall have been otherwise transferred,
new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent
public distribution of such securities shall not require registration under the Securities Act; (C) such securities shall have ceased
to be outstanding; (D) such securities may be sold without registration pursuant to Rule 144 promulgated under the Securities Act (or
any successor rule promulgated thereafter by the Commission) (but with no volume or other restrictions or limitations) and such securities
do not bear any restrictive legend; or (E) such securities have been sold to, or through, a broker, dealer or underwriter in a public
distribution or other public securities transaction.

 

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“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements
of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

 

“Registration Expenses”
shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(A) all registration and filing
fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.) and any securities
exchange on which the Common Stock is then listed;

 

(B) fees and expenses of compliance
with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection with blue
sky qualifications of Registrable Securities);

 

(C) printing, messenger, telephone
and delivery expenses;

 

(D) reasonable fees and disbursements
of counsel for the Company;

 

(E) reasonable fees and disbursements
of all independent registered public accountants of the Company incurred specifically in connection with such Registration; and

 

(F) reasonable fees and expenses
of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration to be registered
for offer and sale in the applicable Registration.

 

“Registration Statement”
shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement, including the
Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration
statement, and all exhibits to and all material incorporated by reference in such registration statement.

 

“Requesting Holder”
shall have the meaning given in subsection 2.1.1.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended from time to time.

 

“Sponsor”
shall have the meaning given in the recitals hereto.

 

“Trust Account”
shall have the meaning given in the recitals hereto.

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such
dealer’s market-making activities.

 

“Underwritten Registration”
or “Underwritten Offering” shall mean a Registration in which securities of the Company are
sold to an Underwriter in a firm commitment underwriting for distribution to the public.

 

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ARTICLE II

REGISTRATIONS

 

2.1 Demand Registration.

 

2.1.1 Request for
Registration. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, at any time on or after
the date the Company consummates the initial Business Combination, the Holders of at least a majority in interest of the then-outstanding
number of Registrable Securities (the “Demanding Holders”) may make a written demand for
Registration of all or part of their Registrable Securities, which written demand shall describe the amount and type of securities to
be included in such Registration and the intended method(s) of distribution thereof (such written demand a “Demand Registration”).
The Company shall, within ten (10) days of the Company’s receipt of the Demand Registration, notify, in writing, all other Holders
of Registrable Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion
of such Holder’s Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder that includes all
or a portion of such Holder’s Registrable Securities in such Registration, a “Requesting Holder”)
shall so notify the Company, in writing, within five (5) days after the receipt by the Holder of the notice from the Company. Upon receipt
by the Company of any such written notification from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled
to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall effect, as soon
thereafter as practicable, but not more than forty five (45) days immediately after the Company’s receipt of the Demand Registration,
the Registration of all Registrable Securities requested by the Demanding Holders and Requesting Holders pursuant to such Demand Registration.
Under no circumstances shall the Company be obligated to effect more than one (1) Registration pursuant to a Demand Registration under
this subsection 2.1.1 with respect to any or all Registrable Securities; provided, however, that
a Registration shall not be counted for such purposes unless a Form S-1 or any similar long-form registration statement that may be available
at such time (“Form S-1”) has become effective and all of the Registrable Securities requested by the Requesting Holders
to be registered on behalf of the Requesting Holders in such Form S-1 Registration have been sold, in accordance with Section
3.1 of this Agreement. Notwithstanding the foregoing, the Company agrees that, within fifteen (15) calendar days following the
date of the initial Business Combination (such deadline, the “Filing Deadline”), the Company will submit to or file
with the Commission a Registration Statement for a shelf registration on Form S-1 or Form S-3 (if the Company is then eligible to use
a Form S-3 shelf registration), in each case, covering the resale of the Registrable Securities by the Holders, and the Company shall
use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing
thereof, but no later than the earlier of (i) the 45th calendar day (or 60th calendar day if the Commission notifies
the Company that it will “review” the Registration Statement) and (ii) the 10th business day after the date Company is notified
(orally or in writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed” or will
not be subject to further review (such earlier date, the “Effectiveness Deadline”). The Company will use its commercially
reasonable efforts to provide a draft of the Registration Statement to the Holders for review (but not comment) at least two (2) business
days in advance of filing the Registration Statement; provided that, for the avoidance of doubt, in no event shall the Company be required
to delay or postpone the filing of such Registration Statement as a result of or in connection with the Holders’ review. Unless
otherwise agreed to in writing by the Holders, none of the Holders shall be identified as a statutory underwriter in the Registration
Statement unless requested by the Commission or another regulatory agency; provided, that if the Commission requests that a Holder be
identified as a statutory underwriter in the Registration Statement, the applicable Holder will have the opportunity to withdraw from
the Registration Statement upon its prompt written request to the Company. Notwithstanding the foregoing, if the Commission prevents the
Company from including any or all of the Registrable Securities proposed to be registered under the Registration Statement due to limitations
on the use of Rule 415 of the Securities Act for the resale of the Registrable Securities by the applicable stockholders or otherwise,
such Registration Statement shall register for resale such number of Registrable Securities which is equal to the maximum number of Registrable
Securities as is permitted by the Commission. In such event, the number of Registrable Securities to be registered for each selling stockholder
named in the Registration Statement shall be reduced pro rata among all such selling stockholders and as promptly as practicable after
being permitted to register additional Registrable Securities under Rule 415 under the Securities Act, the Company shall amend the Registration
Statement or file a new Registration Statement to register such Registrable Securities not included in the initial Registration Statement
and cause such amendment or Registration Statement to become effective as promptly as practicable. For as long as the Holder holds Common
Stock, the Company will use commercially reasonable efforts to file all reports for so long as the condition in Rule 144(c)(1) (or Rule
144(i)(2), if applicable) is required to be satisfied, and provide all customary and reasonable cooperation, necessary to enable the undersigned
to resell the Common Stock pursuant to Rule 144 of the Securities Act (in each case, when Rule 144 of the Securities Act becomes available
to the Holder). Any failure by the Company to file the Registration Statement by the Filing Deadline or to effect such Registration Statement
by the Effectiveness Deadline shall not otherwise relieve the Company of its obligations to file or effect the Registration Statement
as set forth above in this Section 2.1.

 

2.1.2 Effective
Registration. Notwithstanding the provisions of subsection 2.1.1 above or any other part of this Agreement, a Registration
pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with the Commission
with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission and (ii) the Company has
complied with all of its obligations under this Agreement with respect thereto; provided, further, that if, after
such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant to a Demand
Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or any other governmental
agency the Registration Statement with respect to such Registration shall be deemed not to have been declared effective, unless and until,
(i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders
initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly notify the Company
in writing, but in no event later than five (5) days, of such election; and provided, further, that the Company
shall not be obligated or required to file another Registration Statement until the Registration Statement that has been previously filed
with respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.

 

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2.1.3 Underwritten
Offering. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, if a majority-in-interest
of the Demanding Holders so advise the Company as part of their Demand Registration that the offering of the Registrable Securities pursuant
to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder or Requesting Holder
(if any) to include its Registrable Securities in such Registration shall be conditioned upon such Holder’s participation in such
Underwritten Offering and the inclusion of such Holder’s Registrable Securities in such Underwritten Offering to the extent provided
herein. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection
2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering
by the majority-in-interest of the Demanding Holders initiating the Demand Registration.

 

2.1.4 Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand Registration,
in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing that the dollar amount or number
of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other
Common Stock or other equity securities that the Company desires to sell and the Common Stock, if any, as to which a Registration has
been requested pursuant to separate written contractual piggy-back registration rights held by any other stockholders who desire to sell,
exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely
affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum
dollar amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”),
then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders
and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that each Demanding Holder and
Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities
that the Demanding Holders and Requesting Holders have requested be included in such Underwritten Registration (such proportion is referred
to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Securities;
(ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable
Securities of Holders (Pro Rata, based on the respective number of Registrable Securities that each Holder has so requested) exercising
their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof, without exceeding the Maximum
Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(i) and (ii), the Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum
Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(i), (ii) and (iii), the Common Stock or other equity securities of other persons or entities that the Company is obligated to register
in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold without exceeding the Maximum
Number of Securities.

 

2.1.5 Demand Registration
Withdrawal. A majority-in-interest of the Demanding Holders initiating a Demand Registration or a majority-in-interest of the Requesting
Holders (if any), pursuant to a Registration under subsection 2.1.1 shall have the right to withdraw from a Registration
pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters
(if any) of their intention to withdraw from such Registration prior to the effectiveness of the Registration Statement filed with the
Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration. Notwithstanding anything
to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Registration
pursuant to a Demand Registration prior to its withdrawal under this subsection 2.1.5.

 

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2.2 Piggyback Registration.

 

2.2.1 Piggyback
Rights. If, at any time on or after the date the Company consummates the initial Business Combination, the Company proposes to file
a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into equity securities, for its own account or for the account of stockholders of the
Company (or by the Company and by the stockholders of the Company including, without limitation, pursuant to Section 2.1 hereof),
other than a Registration Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange
offer or offering of securities solely to the Company’s existing stockholders, (iii) for an offering of debt that is convertible
into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall give written notice of such proposed
filing to all of the Holders of Registrable Securities as soon as practicable but not less than ten (10) days before the anticipated filing
date of such Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such offering,
the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and
(B) offer to all of the Holders of Registrable Securities the opportunity to register the sale of such number of Registrable Securities
as such Holders may request in writing within five (5) days after receipt of such written notice (such Registration a “Piggyback Registration”).
The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use its best
efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested
by the Holders pursuant to this subsection 2.2.1 to be included in a Piggyback Registration on the same terms and conditions
as any similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to distribute their Registrable
Securities through an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in
customary form with the Underwriter(s) selected for such Underwritten Offering by the Company.

 

2.2.2 Reduction
of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback Registration,
in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that
the dollar amount or number of the Common Stock that the Company desires to sell, taken together with (i) the Common Stock, if any, as
to which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities other than the
Holders of Registrable Securities hereunder (ii) the Registrable Securities as to which registration has been requested pursuant to Section
2.2 hereof, and (iii) the Common Stock, if any, as to which Registration has been requested pursuant to separate written contractual
piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of Securities, then:

 

(a) If the Registration
is undertaken for the Company’s account, the Company shall include in any such Registration (A) first, the Common Stock or other
equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; (B) second,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of
Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof, Pro Rata,
which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clauses (A) and (B), the Common Stock, if any, as to which Registration has been requested pursuant
to written contractual piggy-back registration rights of other stockholders of the Company, which can be sold without exceeding the Maximum
Number of Securities;

 

(b) If the Registration
is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company shall include in any
such Registration (A) first, the Common Stock or other equity securities, if any, of such requesting persons or entities, other than the
Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that
the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising
their rights to register their Registrable Securities pursuant to subsection 2.2.1, pro rata based on the number of Registrable
Securities that each Holder has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities
that the Holders have requested to be included in such Underwritten Registration, which can be sold without exceeding the Maximum Number
of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and
(B), the Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number
of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A),
(B) and (C), the Common Stock or other equity securities for the account of other persons or entities that the Company is obligated to
register pursuant to separate written contractual arrangements with such persons or entities, which can be sold without exceeding the
Maximum Number of Securities.

 

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2.2.3 Piggyback
Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any
or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention
to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect
to such Piggyback Registration. The Company (whether on its own good faith determination or as the result of a request for withdrawal
by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection
with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the contrary
in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration
prior to its withdrawal under this subsection 2.2.3.

 

 

2.2.4 Unlimited
Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof
shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof.

 

2.3 Registrations
on Form S-3. Any Holder of Registrable Securities may at any time request in writing that the Company, pursuant to Rule 415 under
the Securities Act (or any successor rule promulgated thereafter by the Commission), register the resale of any or all of their Registrable
Securities on Form S-3 or any similar short form registration statement that may be available at such time (“Form S-3”); provided, however,
that the Company shall not be obligated to effect such request through an Underwritten Offering. Within five (5) days of the Company’s
receipt of a written request from a Holder or Holders of Registrable Securities for a Registration on Form S-3, the Company shall promptly
give written notice of the proposed Registration on Form S-3 to all other Holders of Registrable Securities, and each Holder of Registrable
Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in such Registration on Form
S-3 shall so notify the Company, in writing, within ten (10) days after the receipt by the Holder of the notice from the Company. As soon
as practicable thereafter, but not more than twelve (12) days after the Company’s initial receipt of such written request for a
Registration on Form S-3, the Company shall register all or such portion of such Holder’s Registrable Securities as are specified
in such written request, together with all or such portion of Registrable Securities of any other Holder or Holders joining in such request
as are specified in the written notification given by such Holder or Holders; provided, however, that the Company
shall not be obligated to effect any such Registration pursuant to Section 2.3 hereof if (i) a Form S-3 is not available
for such offering; or (ii) the Holders of Registrable Securities, together with the Holders of any other equity securities of the Company
entitled to inclusion in such Registration, propose to sell the Registrable Securities and such other equity securities (if any) at any
aggregate price to the public of less than $10,000,000.

 

2.4 Restrictions on
Registration Rights. If (A) during the period starting with the date sixty (60) days prior to the Company’s good faith estimate
of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company initiated
Registration and provided that the Company has delivered written notice to the Holders prior to receipt of a Demand Registration pursuant
to subsection 2.1.1 and it continues to actively employ, in good faith, all reasonable efforts to cause the applicable
Registration Statement to become effective; (B) the Holders have requested an Underwritten Registration and the Company and the Holders
are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (C) in the good faith judgment of the Board such
Registration would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer the filing
of such Registration Statement at such time, then in each case the Company shall furnish to such Holders a certificate signed by the Chairman
of the Board stating that in the good faith judgment of the Board it would be seriously detrimental to the Company for such Registration
Statement to be filed in the near future and that it is therefore essential to defer the filing of such Registration Statement. In such
event, the Company shall have the right to defer such filing for a period of not more than thirty (30) days; provided, however,
that the Company shall not defer its obligation in this manner more than once in any 12-month period.

 

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ARTICLE III

COMPANY PROCEDURES

 

3.1 General Procedures.
If at any time on or after the date the Company consummates the initial Business Combination the Company is required to effect the Registration
of Registrable Securities, the Company shall use its best efforts to effect such Registration to permit the sale of such Registrable Securities
in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible:

 

3.1.1 prepare and file with
the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its reasonable best
efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such
Registration Statement have been sold;

 

3.1.2 prepare and file with
the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus, as
may be requested by any Holder or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions
applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration
Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan
of distribution set forth in such Registration Statement or supplement to the Prospectus;

 

3.1.3 prior to filing a
Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters, if any, and
each Holder of Registrable Securities included in such Registration, and each such Holder’s legal counsel, copies of such Registration
Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto
and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus),
and such other documents as the Underwriters and each Holder of Registrable Securities included in such Registration or the legal counsel
for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such Holders;

 

3.1.4 prior to any public
offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities covered by the Registration
Statement under such securities or “blue sky” laws of such jurisdictions in the United States as any Holder of Registrable
Securities included in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take such action
necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental
authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that
may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration Statement to consummate the
disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not
be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any action
to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;

 

3.1.5 cause all such Registrable
Securities to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are
then listed;

 

3.1.6 provide a transfer
agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of such Registration
Statement;

 

3.1.7 advise each seller
of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order
by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such
purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop
order should be issued;

 

3.1.8 at least five (5)
days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement or
Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus, furnish a copy thereof
to each seller of such Registrable Securities and its counsel, including, without limitation, providing copies promptly upon receipt of
any comment letters received with respect to any such Registration Statement or Prospectus;

 

    9

     

    

 

3.1.9 notify the Holders
at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening
of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement,
and then to correct such Misstatement as set forth in Section 3.4 hereof;

 

3.1.10 permit a representative
of the Holders (such representative to be selected by a majority of the participating Holders), the Underwriters, if any, and any attorney
or accountant retained by such Holders or Underwriter to participate, at each such person’s own expense, in the preparation of the
Registration Statement, and cause the Company’s officers, directors and employees to supply all information reasonably requested
by any such representative, Underwriter, attorney or accountant in connection with the Registration; provided, however,
that such representatives or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory to the
Company, prior to the release or disclosure of any such information; and provided further, the Company may not
include the name of any Holder or Underwriter or any information regarding any Holder or Underwriter in any Registration Statement or
Prospectus, any amendment or supplement to such Registration Statement or Prospectus, any document that is to be incorporated by reference
into such Registration Statement or Prospectus, or any response to any comment letter, without the prior written consent of such Holder
or Underwriter and providing each such Holder or Underwriter a reasonable amount of time to review and comment on such applicable document,
which comments the Company shall include unless contrary to applicable law;

 

3.1.11 obtain a “cold
comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten Registration
which the participating Holders may rely on, in customary form and covering such matters of the type customarily covered by “cold
comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the
participating Holders;

 

3.1.12 on the date the Registrable
Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel representing the Company
for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any, and the Underwriters, if
any, covering such legal matters with respect to the Registration in respect of which such opinion is being given as the Holders, placement
agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters,
and reasonably satisfactory to a majority in interest of the participating Holders;

 

3.1.13 in the event of any
Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing
Underwriter of such offering;

 

3.1.14 make available to
its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning
with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement which satisfies
the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter
by the Commission);

 

3.1.15 if the Registration
involves the Registration of Registrable Securities involving gross proceeds in excess of $50,000,000, use its reasonable efforts to make
available senior executives of the Company to participate in customary “road show” presentations that may be reasonably requested
by the Underwriter in any Underwritten Offering; and

 

3.1.16 otherwise, in good
faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection with such
Registration.

 

3.2 Registration Expenses.
The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders shall
bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions and discounts,
brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,” all
reasonable fees and expenses of any legal counsel representing the Holders.

 

    10

     

    

 

3.3 Requirements for
Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for equity securities of the Company
pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s securities on
the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires,
powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required
under the terms of such underwriting arrangements.

 

3.4 Suspension of
Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a
Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies of a
supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file
such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing by the Company that
the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect
of any Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration
Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may,
upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such
Registration Statement for the shortest period of time, but in no event more than thirty (30) days, determined in good faith by the Company
to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend,
immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection
with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period
during which it exercised its rights under this Section 3.4.

 

3.5 Reporting Obligations.
As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange
Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required
to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange
Act and to promptly furnish the Holders with true and complete copies of all such filings. The Company further covenants that it shall
take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell
shares of the Common Stock held by such Holder without registration under the Securities Act within the limitation of the exemptions provided
by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission), including providing
any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized
officer as to whether it has complied with such requirements.

 

ARTICLE IV

INDEMNIFICATION AND CONTRIBUTION

 

4.1 Indemnification.

 

4.1.1 The Company agrees
to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors, each member or shareholder
of such Holder, and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages,
liabilities and expenses (including attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained
in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or
alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar
as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein.
The Company shall indemnify the Underwriters, their officers and directors and each person who controls such Underwriters (within the
meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder.

 

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4.1.2 In connection with
any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to the Company in writing
such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus
and, to the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each person who controls the
Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including without limitation
reasonable attorneys’ fees) resulting from any untrue statement of material fact contained in the Registration Statement, Prospectus
or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained
in any information or affidavit so furnished in writing by such Holder expressly for use therein; provided, however,
that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability
of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the
sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters,
their officers, directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent
as provided in the foregoing with respect to indemnification of the Company.

 

4.1.3 Any person entitled
to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification
(provided that the failure to give prompt notice shall not impair any person’s right to indemnification hereunder to the extent
such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment
a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the
indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such
consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim
shall not be obligated to pay the fees and expenses of more than one counsel (plus local counsel) for all parties indemnified by such
indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist
between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without
the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all
respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which
settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release
from all liability in respect to such claim or litigation.

 

4.1.4 The indemnification
provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified
party or any officer, director or controlling person of such indemnified party and shall survive the transfer of securities. The Company
and each Holder of Registrable Securities participating in an offering also agrees to make such provisions as are reasonably requested
by any indemnified party for contribution to such party in the event the Company’s or such Holder’s indemnification is unavailable
for any reason.

 

4.1.5 If the indemnification
provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless an indemnified
party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of
indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses,
claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party
and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified
party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied
by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge,
access to information and opportunity to correct or prevent such action; provided, however, that the liability
of any Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds received by such Holder
in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred
to above shall be deemed to include, subject to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above,
any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The
parties hereto agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined
by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in
this subsection 4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution pursuant to this subsection 4.1.5 from any person who was not guilty
of such fraudulent misrepresentation.

 

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ARTICLE V

MISCELLANEOUS

 

5.1 Notices. Any
notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the party
to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier service
providing evidence of delivery, or (iii) transmission by hand delivery, or facsimile. Each notice or communication that is mailed, delivered,
or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices,
on the third business day following the date on which it is mailed and, in the case of notices delivered by courier service, hand delivery,
or facsimile, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time
as delivery is refused by the addressee upon presentation. Any notice or communication under this Agreement must be addressed, if to the
Company, to: c/o Pir 29, Einar Hansens Esplanad 29, 211 13 Malmö, Sweden, and, if to any Holder, at such Holder’s address or
contact information as set forth in the Company’s books and records. Any party may change its address for notice at any time and
from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days after
delivery of such notice as provided in this Section 5.1.

 

5.2 Assignment; No
Third Party Beneficiaries.

 

5.2.1 Except as provided
under this Section 5, this Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated
by the Company in whole or in part.

 

5.2.2 Prior to the expiration
of the Forward Purchase Shares Lock-up Period, no Holder may assign or delegate such Holder’s rights, duties or obligations under
this Agreement, in whole or in part, except in connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee
but only if such Permitted Transferee agrees to become bound by the transfer restrictions set forth in this Agreement.

 

5.2.3 This Agreement and
the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and the permitted
assigns of the Holders, which shall include Permitted Transferees.

 

5.2.4 This Agreement shall
not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this Agreement and Section
5.2 hereof.

 

5.2.5 No assignment by any
party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until
the Company shall have received (i) written notice of such assignment as provided in Section 5.1 hereof and (ii) the
written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement
(which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made other than as
provided in this Section 5.2 shall be null and void.

 

5.3 Counterparts.
This Agreement may be executed simultaneously in two or more counterparts, none of which needs to contain the signatures of more than
one party, but all such counterparts taken together shall constitute one and the same agreement. In the event that any signature is delivered
by facsimile transmission or by e-mail delivery of a “pdf” format data file, such signature shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile
or “.pdf” signature page were an original thereof.

 

5.4 Governing Law;
Venue; Waiver of Jury Trial. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF THE SUBSTANTIVE LAWS OF ANOTHER
JURISDICTION. THE PARTIES HERETO (I) ALL AGREE THAT ANY ACTION, PROCEEDING, CLAIM OR DISPUTE ARISING OUT OF, OR RELATING IN ANY WAY TO,
THIS AGREEMENT SHALL BE BROUGHT AND ENFORCED IN THE COURTS OF NEW YORK CITY, IN THE STATE OF NEW YORK, AND IRREVOCABLY SUBMIT TO SUCH
JURISDICTION AND VENUE, WHICH JURISDICTION AND VENUE SHALL BE EXCLUSIVE AND (II) WAIVE ANY OBJECTION TO SUCH EXCLUSIVE JURISDICTION AND
VENUE OR THAT SUCH COURTS REPRESENT AN INCONVENIENT FORUM. THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH
ANY LITIGATION PURSUANT TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY.

 

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5.5 Amendments and
Modifications. Upon the written consent of the Company and the Holders of at least a majority in interest of the Registrable Securities
at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or
any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding
the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of the shares
of capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the
consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or
delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any
rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party
shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

5.6 Other Registration
Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities, has any right to require
the Company to register any securities of the Company for sale or to include such securities of the Company in any Registration filed
by the Company for the sale of securities for its own account or for the account of any other person other than the holders of the securities
of the Company under the Registration Rights Agreement, dated as of May 7, 2021 (the “byNordic Holdings Registration Rights
Agreement”), by and among the Company, byNordic Holdings LLC, a Delaware limited liability company, the Sponsor and the
other parties identified therein. Further, the Company represents and warrants that this Agreement supersedes any other registration rights
agreement or agreement with similar terms and conditions other than the byNordic Holdings Registration Rights Agreement and in the event
of a conflict between any such agreement or agreements other than the byNordic Holdings Registration Rights Agreement (which will only
apply to the securities of the Company identified therein) and this Agreement, the terms of this Agreement shall prevail.

 

5.7 Term. This
Agreement shall terminate upon the earlier of (i) the tenth anniversary of the date of this Agreement or (ii) the date as of which (A)
all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period
referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission))
or (B) the Holders of all Registrable Securities are permitted to sell the Registrable Securities under Rule 144 (or any similar provision)
under the Securities Act without limitation on the amount of securities sold or the manner of sale. The provisions of Section
3.5 and Article IV shall survive any termination.

 

[Signature Page Follows]

 

    14

     

    

 

IN WITNESS WHEREOF,
the undersigned have caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	BYNORDIC ACQUISITION CORPORATION
	 	 	 
	 	By:	 
	 	 	Name: 	Michael Hermansson
	 	 	Title:	Chief Executive Officer
	 	 
	 	FORWARD PURCHASER:
	 	 
	 	ROTHESAY INVESTMENT SARL SPF
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:  

 

[Signature Page to Registration Rights Agreement]Exhibit 10.1

 

DEALERSHIP ASSET PURCHASE AGREEMENT

 

This DEALERSHIP ASSET PURCHASE
AGREEMENT (this “Agreement”) is effective as of the date First American Title Company (“Escrow Agent”)
executes the escrow receipt on the last page hereto (the “Effective Date”), and is among LMP Automotive Holdings,
Inc., a Delaware corporation or its assigns (“Buyer”), David Peacock and Aldo B. Paret, Texas residents (collectively,
“Principal”), and Tom Peacock Nissan/Cadillac, Inc., a Texas corporation (“Seller”;
and together with Buyer and Principal, each a “Party” and, collectively, the “Parties”).

 

RECITALS:

 

WHEREAS, Seller owns,
controls and operates a Nissan and Cadillac motor vehicle dealership (collectively, the “Dealership”) located
at 15300 - 15480 North Freeway, Houston, Texas 77090 (the “Property”), under agreements with Nissan North America
Inc. and General Motors Company (collectively, “Manufacturer”); and

 

WHEREAS, Seller and
Principal desire to sell and transfer substantially all of the Dealership’s assets (as more particularly described in Section
2 below, but excluding the Excluded Assets defined below, collectively, the “Assets”) to Buyer and Buyer
desires to purchase said assets on the terms and conditions hereinafter set forth.

 

AGREEMENT:

 

NOW, THEREFORE, in
consideration for the mutual promises contained in this Agreement, the receipt and sufficiency of which is hereby acknowledged by each
Party, the Parties as follows:

 

1. Timing & Money.

 

(a) Inspection
Period & Closing Date. From the Effective Date through the sixtieth (60th) day after the Effective Date (the “Inspection
Period”), Buyer may terminate this Agreement for any or no reason upon written notice to Seller and receive a full refund
of the Earnest Money (defined below) without any written permission from Seller, Principal or any other person or entity. The “Closing
Date Deadline” means the date which is one hundred twenty (120) days after the Effective Date; provided, however,
that if, as of the seventh (7th) day prior to such date, the approvals or other conditions set forth in Sections 8(a)
and 8(c) of this Agreement have not been obtained, the Closing Date Deadline will automatically be extended for thirty (30) days.
The Closing will occur on a mutually agreed to business day by the Closing Date Deadline within ten (10) days after the satisfaction or
waiver of the pre-Closing Date conditions contained in Section 8 below.

 

(b) Purchase
Price & Broker. The purchase price for the Assets described in Section 2(e) below is $120,000,000.00 (the “Goodwill
Price”), payable in cash and LMP Stock (defined below) on the Closing Date. Each Party shall use the purchase price and
other allocation described in the spreadsheet detailing inventories, values, debits and credits executed and delivered by the Parties
upon Closing (the “Closing Memorandum”) in all reporting to, and all tax returns filed with, the Internal Revenue
Service and other state and local taxing authorities. The Presidio Group LLC (the “Broker”) assisted Seller
with the transactions contemplated herein; the fees of which will be paid by Seller on the Closing Date.

 

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(c) LMP Stock.

 

(1) Issue Price.
Buyer may elect to pay up to $42,000,000.00 of the Goodwill Price in the form of common stock of LMP Automotive Holdings, Inc., a Delaware
corporation (NASDAQ: LMPX, the “LMP Stock”), calculated at a price per share (rounded down to the nearest whole
share, the “Issue Price”) equal to the greater of (i) the average price per share of LMP Stock as reported
at the closing of the NASDAQ Composite stock market exchange for each of the five (5) trading days prior to the Closing Date; and (ii)
the average price per share of LMP Stock as reported at the closing of the NASDAQ Composite stock market exchange for each of the five
(5) trading days prior to the Effective Date; provided, that Buyer is not obligated to issue more than 1,800,000 shares of
LMP Stock or LMP Stock shares sufficient to make Seller or any Principal own or control 10% or more of LMP Stock (“Maximum
Shares”). If the product of the Maximum Shares and the Issue Price (the “Maximum Equity Value”)
is less than $42,000,000, then Buyer shall pay Seller cash in an amount equal to the difference between $42,000,000 and the Maximum
Equity Value.

 

(2) Price Protection.
If (A) Buyer elects to issue LMP Stock to Seller pursuant to Section 1(c)(1) above; and (B) the Issue Price is more than the average
price per share of LMP Stock as reported at the closing of the NASDAQ Composite stock market exchange for each of the five (5) trading
days prior to the six (6) month anniversary of the Closing Date (the “Release Date”); then within thirty (30)
days after the six (6) month anniversary of the Closing Date, Buyer shall pay Seller cash (or issue Seller LMP Stock valued as provided
in Section 1(c)(1) above) in an amount equal to the result of the Issue Price minus the Release Date price, times
the number of shares of LMP Stock issued on the Closing Date. Buyer’s obligation to pay cash or issue LMP Stock pursuant to this
paragraph is conditioned upon Seller’s compliance with this Section 1(c).

 

(3) Compliance.
Seller and its owners, as applicable, and Principal shall at all times comply with all applicable federal and state securities laws applicable
to the LMP Stock and ownership and/or control thereof, and shall comply strictly with any applicable insider trading policy. Upon Seller’s
request, and after the six (6) month anniversary of the LMP Stock issuance date, Buyer shall provide a customary opinion letter from Buyer’s
counsel (in a form reasonably satisfactory to the LMP Stock transfer agent but substantially similar to the form attached hereto as Schedule
1(c)) opining as to the sale of the LMP Stock in accordance with Rule 144 (“Rule 144”) under the Securities
Act of 1933, as amended (the “Securities Act”), subject to any applicable volume limitations therein, or other
exemptions from registration under the Securities Act. If LMP Stock is issued pursuant to this Section 1(c), then Buyer shall take
such actions as are reasonably necessary such that Seller is not restricted in any way by Rule 144 from selling the LMP Stock after six
(6) month anniversary date of the LMP Stock issuance date; provided that Buyer is not required to register the LMP Stock in accordance
with the Securities Act. LMP is an intended third-party beneficiary of this Section 1(c) and has the right, power and authority
to enforce the provisions hereof as though it were a party hereto. Buyer shall (i) take all necessary steps at Closing to insure and verify
that no Seller or Principal is an affiliated party; (ii) use reasonable efforts to provide documentation sufficient to confirm Rule 144
compliance; and (iii) instruct Buyer’s transfer agent to remove restrictions when able to do so.

 

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(d) Earnest Money.
Within three (3) business days after the first date that Buyer has signed this Agreement and received from Seller a complete, fully executed
copy of this Agreement signed by Seller and Principal; and the existing owner’s title policy, existing survey and existing environmental
reports for the real property that comprises the Property, Buyer shall deliver to Escrow Agent $1,000,000.00 as earnest money (the “Earnest
Money”) to be held in trust by Escrow Agent for and on behalf of the Parties pursuant to this Agreement. On the Closing
Date, if the Closing occurs, the Earnest Money will be returned to Buyer (or applied to the purchase price owed, if so directed by Buyer
in writing). Upon the sooner to occur of Closing or termination of this Agreement, the Earnest Money will be paid as provided in Section
12(a).

 

(e) Hart-Scott-Rodino
Act. Filing under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”) may be required.
If filing or notice or other action is required under the HSR Act with respect to the transactions outlined herein, then Buyer shall effect
such filing or notice and Buyer and Seller shall share equally the filing fees required by the HSR Act; provided, that Buyer will
pay Seller’s share of the filing fee and Seller shall reimburse Buyer upon the sooner of termination or expiration of this Agreement
for any reason other than Buyer’s uncured breach or the Closing Date. Seller shall cooperate fully with Buyer in said action and
promptly provide all requisite information.

 

(f) Audit.
Seller shall provide Buyer with two (2) years (2019 and 2020) of audited financial statements and a 2021 quarter renewal statements (the
“Audit & Renewal Statement”) performed by Svadlenak, See and Company (as long as they are authorized to
issue valid PCAOB audits and otherwise a mutually agreed to firm) during the Inspection Period (and if not provided within the Inspection
Period, the Inspection Period will be automatically extended until the tenth (10th) day after Buyer’s receipt of the
Audit & Renewal Statement). On the Closing Date, or within five (5) days after the earlier termination of this Agreement for any reason
other than Seller’s or Principal’s breach of this Agreement, Buyer will reimburse Seller’s actual, documented expenses
for the Audit & Renewal Statement.

 

2. Dealership Assets.
Subject to the terms and conditions contained in this Agreement, upon the consummation of the transactions contemplated by this Agreement
(the “Closing”, and the date thereof, the “Closing Date”), Seller shall sell to Buyer,
and Buyer shall purchase from Seller, the Assets listed below in this Section 2. A mutually agreed to form of Bill of Sale, Assignment
and Assumption Agreement executed and delivered by the Parties on the Closing Date (the “Bill of Sale”) will
contain a list and description of all of the Assets sold to Buyer.

 

(a) Fixed Assets:
Buyer shall purchase from Seller, and Seller shall sell to Buyer, all fixed assets owned by Seller on the Closing Date and used in connection
with the Dealership (collectively, the “Fixed Assets”). Fixed Assets exclude Seller-owned vehicles (i.e., “company
vehicles”) and assets that would be properly characterized as leasehold improvements, fixtures (e.g., signs) or real property. The
Fixed Asset purchase price will be an amount equal to the net book value of such Fixed Assets as of the Closing Date (less all discounts,
incentives and refunds) after being entered on the original in service date (i.e., the date purchased by Seller or, if purchased used,
the date purchased by the original owner) for an amount equal to the actual, out-of-pocket initial purchase price for such Fixed Assets
on such original in service date and depreciated through the Closing Date in accordance with Seller’s Manufacturer statements and
industry standard depreciation provisions consistently applied.

 

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(b) New Vehicles.
Buyer shall purchase from Seller and Seller shall sell to Buyer Seller’s new, unregistered and unused 2021 and subsequent model
year Manufacturer vehicles in Seller’s inventory in the ordinary course of business and identified by Seller on the Closing Date
(including up to ten (10) untitled demonstrators with less than 5,000 miles) but excluding service loaners, rental vehicles, company-owned
vehicles, conversion vans, vehicles for commercial and/or municipal use or sale, or similar-type vehicles) (collectively, “New
Vehicles”). The New Vehicle purchase price will be an amount equal to the actual net cost to Seller of each New Vehicle,
as reflected on Manufacturer’s original invoice without interest or finance cost; plus Seller’s direct out-of-pocket
cost of dealer-installed optional parts and accessories theretofore installed upon New Vehicles (excluding labor, rust-proofing, undercoating,
nitrogen, scotch guarding, and non-Manufacturer alarm systems, theft protection devices and GPS devices); less the cost of any
accessories, equipment or parts missing from any New Vehicle; less all applicable dealer hold-backs, incentives (in any form, including
wholesale programs), assistance in any form, and rebates (including all floor plan credits, advertising consideration, SFE and EBE, and
other inventory-based rebates or incentives paid or payable to Seller); less “prep” expenses for New Vehicles which
have not yet been prepared for sale; and less the cost to repair any damage and any related diminution in value. The purchase price
of New Vehicles with more than 500 miles but less than 5,000 miles will be reduced by $0.60 per mile. New Vehicles with 5,000 or more
miles will be valued as a Used Vehicle (defined below). If Buyer and Seller cannot agree on the cost of repairs or the corresponding price
reduction for such repairs, then such New Vehicle will be retained by Seller. Notwithstanding any provision herein to the contrary, (i)
New Vehicles reported to the Manufacturer as sold (or “retail delivered”) or damaged and/or repaired such that Buyer would
be required under applicable law or commercially reasonable standards and practices to disclose the repairs to a customer will be valued
as Used Vehicles; (ii) “dealer traded” New Vehicles will be valued as if such New Vehicle had been invoiced to Seller by Manufacturer
and will not exceed the actual net cost thereof to Seller; and (iii) the following New Vehicles will be purchased at a mutually agreed
to price after good faith and reasonable negotiations or otherwise retained by Seller: (A) discontinued model New Vehicles; (B) New Vehicles
with dealer added accessories that, as valued as provided above, exceed 10% of the New Vehicle purchase price established by the
calculations above; and (C) New Vehicles in stock for more than six months. Upon Closing, Buyer may retain 10% of the purchase price for
loaner and demonstrator vehicles for thirty (30) days as a reserve for the reasonable cost to repair damage to such vehicles not present
at the Dealership on the Closing Date, if any; which shall be documented in the Closing Memorandum.

 

(c) Used Vehicles.
Buyer may purchase all vehicles other than the New Vehicles in Seller’s vehicle inventory as of the Closing Date selected
by Seller at a mutually agreed upon price (collectively, “Used Vehicles”). Notwithstanding any provision in
this Agreement to the contrary, titled demonstrators and service loaners will be purchased for the reasonably depreciated net book value
as of the Closing Date. If the Parties are unable to agree on the price of any Used Vehicle, then each such Used Vehicle will be excluded
from the sale and removed from the Property within ten (10) days after the Closing.

 

(d) Parts; Accessories
& Other Inventories.

 

(i) Inventory
& Returnable. A physical inventory of Seller’s parts and accessories will be taken in the presence of a representative of
Buyer and Seller by an inventory service mutually acceptable to Buyer and Seller, the cost of which will be equally divided between Buyer
and Seller (the “Inventory”). The Inventory will classify parts and accessories as “returnable”
or “non-returnable”. The terms “returnable parts” and “returnable accessories”
means only those new undamaged replacement parts and new undamaged accessories for Manufacturer vehicles which are listed (coded) in the
latest current Master Parts Price List Suggested List Prices and Dealer Prices (or other applicable similar Manufacturer price lists,
with supplements or the equivalent in effect as of the Inventory date, the “Master Price List”), as returnable
to the Manufacturer at not less than the purchase price reflected in the Master Price List and are within the limits of returnable parts
established by the Manufacturer from time to time. Buyer shall purchase from Seller, and Seller shall sell to Buyer, all of Seller’s
returnable parts and returnable accessories for an amount equal to the price listed in the Master Price List (less all applicable rebates
and discounts).

 

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(ii) Nonreturnable.
All parts and accessories not coded as returnable in the Master Price List are “nonreturnable”. The purchase
price for the nonreturnable parts and accessories, non-Manufacturer, “jobber” or “NPN” parts and accessories and
nuts and bolts will be as mutually agreed by the Parties.

 

(iii) Return Rights,
etc. Upon Closing, Seller will be deemed to have automatically assigned, and Seller shall assign, to Buyer Seller’s parts return
rights without any further action (but Seller shall take any further action requested by Buyer or required by the Manufacturer to implement
such assignment of rights). At the request of Buyer, Seller shall use its best efforts to assist Buyer in effecting any parts return offered
by the Manufacturer (including, if necessary, applying for parts return in Seller’s name), and Seller shall promptly pay over to
Buyer any monies received from the Manufacturer related thereto. Buyer may deduct from the consideration to be paid to Seller at the Closing
Seller’s parts account outstanding balance with the Manufacturer and to pay such balance directly to the Manufacturer for Seller’s
account. Buyer is not obligated to purchase old, opened, obsolete, superseded, incomplete, or damaged parts or accessories or any parts,
accessories or sheet metal with no sales in the twelve (12) months prior to Closing. Buyer will not be obligated to purchase more than
one year’s supply of any part or accessory (based on trailing one year historical sales). Buyer shall also purchase Seller’s
useable gas, oil, grease and other useable inventories for a purchase price equal to the actual dealer replacement cost (less all rebates
and discounts) as mutually agreed between Buyer and Seller. The purchase price for all other parts not addressed in this Section will
equal the value thereof as mutually agreed between Buyer and Seller. If any parts and accessories or other inventories or goods that Buyer
is not obligated to purchase hereunder are not removed from the Property within ten (10) days after the Closing Date, such property will
automatically become Assets transferred to Buyer pursuant to the Bill of Sale without additional consideration.

 

(e) Miscellaneous
Assets & Goodwill. Buyer shall purchase from Seller, and Seller shall sell to Buyer, Seller’s telephone and data numbers,
website addresses and domain names (owned or registered by or on behalf of the Dealership, including tompeacock.com, tompeacocknissan.com,
tompeacockcadillac.com), e-mail addresses, classified telephone and internet advertising, prospect data, customer sales, lease, finance
and service records (both hard copy and electronic format (including deal jackets), for no additional cost to Buyer), Seller’s workman’s
compensation and unemployment rating in the State of Texas, all lawfully transferable licenses and permits of the Dealership or Seller,
Dealership Intellectual Property (defined below), leasehold improvements and fixtures, unused internal and customer repair order forms,
customer lists and marketing materials and catalogues, retail buyer’s order forms, office and shop supplies, shop reference manuals,
parts reference catalogs, all books and records necessary for the continued operation of the Dealership (including training and promotional
materials, employee records of employees hired by Buyer, P.O. boxes, third party warranties in Seller’s favor and all licenses and
rights to use all software (other than DMS systems not assumed by Buyer) on or used in connection with any personal computer or other
computing device used in connection with the Dealership, etc.), parts sales tickets, unused purchase order forms and all other forms and
Seller’s goodwill and going concern value relating to the Dealership. “Dealership Intellectual Property”
means any rights or ownership of the Dealership or Seller to all (i) patents, patent applications, patent disclosures and improvements,
(ii) trademarks, trade, service marks, trade dress, and logos (excluding trade names, service marks, trade dress and logos incorporating
the name “Peacock” but see Section 2(f) below), (iii) copyrights and registrations and applications for registration
thereof, (iv) computer software, data and documentation, (v) trade secrets; and (vi) social media, directory assistance, reputation management
and e-commerce sites and accounts (including E-Bay, Facebook, Instagram, Twitter, yelp!, Dealer Rater, Edmunds and Google programs).

 

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(f) Excluded
Assets & Name License. Notwithstanding anything in this Agreement to the contrary, the following assets are not being sold pursuant
to this Agreement (“Excluded Assets”): (i) all cash and cash equivalents, wherever located and in whatever form
(unless “petty cash” is noted on the Closing Memorandum); (ii) promissory notes and other evidences of indebtedness; (iii)
all insurance policies; (iv) accounts receivable; (v) any claims or causes of action of Seller against third parties; (vi) tax credits
and claims for tax refunds; (vii) securities, voting or otherwise in any entity; (viii) any rights in connection with and any assets of
any employee benefit plan of Seller; and (ix) trade names, service marks, trade dress and logos incorporating the name “Peacock”;
provided, however, that Seller hereby grants Buyer the irrevocable and approval-free right and license to continue to use the “Peacock”
name in trade names for the Dealership as Seller has in the past for five (5) years after the Closing Date.

 

3. Pro-rations &
Assumed Contracts.

 

(a) Prepaid
Expenses & Pro-rations. Buyer shall purchase from Seller, and Seller shall sell to Buyer, the Dealership’s prepaid expense
items incurred in the ordinary course of business at the direct out-of-pocket cost to Seller for such items and provided such prepaid
expenses provide future benefit to Buyer as determined by Buyer in its sole discretion. All deposits and prorations which are normal and
reasonable will be made as of Closing, including but not limited to the pro-ration of personal property taxes and utilities. Seller shall
pay all vehicle inventory ad valorem taxes (“VIT”) owed for vehicles sold through the end of the year
of Closing (the “Closing Year”). Unless prohibited by law, on and after Closing, Buyer shall collect VIT on
Dealership vehicle sales for the balance of the Closing Year and remit such VIT to the appropriate taxing authority (or, if it rejects
such payment, to Seller so that Seller may remit such VIT) so that such Closing Year VIT may be applied to Seller’s account. To
the extent there is VIT shortfall for the Closing Year, Seller shall be solely responsible for such shortfall attributable to pre-Closing
period (based on a comparison of the VIT collected for the same period in the prior year), and Buyer shall reimburse Seller for any VIT
shortfall for the Closing Year attributable to the post-Closing period (based on a comparison of the VIT collected for the same
period in the prior year).

 

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(b) Customer
Deposits & Work in Process. Upon Closing, Seller shall transfer to Buyer all customer deposits for incomplete orders taken by
Seller in the ordinary course of business. Seller shall retain all escheatable deposits. At the Closing, Seller shall furnish Buyer with
a list of such deposits (including “we owes”, due bills, etc.), setting forth, as to each, the name and address of the customer,
any goods or services owed to the customer and the amount of the deposit, and Seller shall deliver to Buyer all documents in Seller’s
possession reflecting such deposits, we owes, due bills, etc. Seller shall credit Buyer for all we owes/due bills on the Closing Date.
The Bill of Sale will contain a list and description of such customer transactions (and Work in Process, as detailed below). Seller shall
credit Buyer the actual cost to complete all due bills. Buyer shall purchase from Seller, and Seller shall sell to Buyer, Seller’s
pending service orders written by Seller in the ordinary course of business for an amount equal to Seller’s actual cost for parts
and labor for any such orders which are in process at the opening of business on the Closing Date (“Work in Process”).
Seller shall not receive the revenue from such Work in Process. Buyer may reject (and Seller shall retain) all Work in Process where (i)
the Work in Process was not placed in the normal course of business; (ii) Seller does not possess an order signed by the customer authorizing
such service, the vehicle isn’t at the Property on the Closing Date or such order has been open for longer than thirty (30) days
prior to the Closing Date; (iii) the Work in Process does not provide for a profit to Buyer; or (iv) the Work in Process does not provide
for cash or commercially reasonable credit terms on delivery of the vehicle.

 

(c) Assumed
Contracts. As of the Closing Date, Buyer shall assume Seller’s contractual obligations listed on Schedule 3(c) hereto
on the Closing Date (collectively, “Assumed Contracts”). The term “Assumed Contracts” excludes obligations
and liabilities arising by the Closing Date or by reason of any breach or alleged breach by Seller, regardless of when such obligation
or liability is asserted. During the Inspection Period, Seller shall provide Buyer with complete copies of all contracts Seller proposes
for Buyer to assume along with a written summary. Seller and Buyer shall use commercially reasonable efforts to agree in writing to a
final Schedule 3(c) at least ten (10) days prior to expiration of the Inspection Period. Seller shall arrange for assignment of
the Assumed Contracts at Seller’s cost. Buyer is not assuming any liabilities or obligations of Seller other than the Assumed Contracts.

 

4. Real
Property.

 

(a) Real Estate
Contract. Buyer will purchase the Property from Seller’s affiliates, Nissan Real Estate, Ltd. and Cadillac Real Estate, Ltd.,
Texas limited partnerships, pursuant to a real estate contract effective as of the Effective Date (as it may be amended and assigned,
the “Real Estate Contract”). Seller shall take all reasonably necessary or advisable acts (i.e., repairs and
replacements) in order to remedy any “deferred maintenance” or outstanding “short-term capital expenditures/repairs”
(as those terms are defined by the American Society of Testing Materials) identified in the property condition report obtained by Buyer.

 

(b) Environmental
Audit. Seller shall allow InControl Technologies, LLC to have prompt access to the Property in order to conduct environmental investigations,
and to prepare a report (which will include a Phase I report and may include a Phase II report) with respect to, the Property. Buyer shall
pay the cost of the Phase I, but if a Phase I environmental report recommends a Phase II environmental report, then Seller shall pay for
such Phase II environmental report. Seller shall provide the environmental auditors reasonable access to all of its existing records.
If environmental remediation or maintenance is recommended by such reports or required by law, then, Seller and Buyer will agree on the
amount to be withheld from Seller’s asset sale proceeds in a third party escrow account.

 

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5. Inspections.
Beginning on the Effective Date, Buyer may conduct due diligence regarding the Dealership and Property, including obtaining such reports
and studies as Buyer deems appropriate. If the Phase I environmental report recommends a Phase II environmental report, then the Inspection
Period will be automatically extended if necessary until the fifth (5th) business day after Buyer receives the written Phase
II environmental report. During the Inspection Period, Seller shall provide to Buyer and Buyer’s representatives reasonable access
to the books, records (including extraction of three (3) years of the DMS data that supports Seller’s Manufacturer financial statements),
reports, employees (which access to employees will be permitted at least thirty (30) days prior to the scheduled Closing Date), information
and facilities of the Dealership and the Property, and shall make Seller’s officers, employees, accountants and attorneys available
at reasonable times to discuss with Buyer and Buyer’s representatives such aspects of the business of the Dealership, the Property
as Buyer may wish. Within fifteen (15) days after the Effective Date, Seller shall obtain from a nationally recognized provider and provide
to Buyer, at Seller’s expense, a Uniform Commercial Code (“UCC”) search report, judgment lien reports
and federal, state and local tax lien reports, with respect to Seller from all jurisdictions in which Seller and/or its assets are located.
Seller shall obtain and provide to Buyer separate UCC reports with respect to Seller’s legal name(s) used in the last five (5) years.
If Seller does not timely provide such reports to Buyer, Buyer may obtain such reports, and Seller shall reimburse Buyer for all expenses
incurred by Buyer in connection therewith.

 

6. Seller’s Representations
& Warranties. Seller represents and warrants to Buyer on the Effective Date and the Closing Date as follows:

 

(a)
Formation. Seller is duly formed, validly existing, and in good standing under the laws of the State of Texas and is duly
qualified to transact business in the city and county in which the Property is located. Principal is Seller’s only equity owner.

 

(b)
Authority. Seller has the requisite legal power and authority to execute and deliver this Agreement, to perform its obligations
hereunder, and to consummate the transactions contemplated hereby, all of which have been duly authorized and approved by all necessary
action and for which no consent of any person or governmental authority is required. This Agreement constitutes Seller’s valid and
legally binding obligation, enforceable in accordance with its terms, subject only to the application of the Bankruptcy Code of the United
States and any other applicable liquidation, conservatorship, bankruptcy or similar state or federal law from time to time in effect affecting
the rights of creditors generally.

 

(c)
Conflicts. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby is
permitted by Seller’s organizational documents and resolutions and Seller’s agreements and obligations. The execution, delivery,
and performance of this Agreement by Seller does not require the consent of Seller’s creditors or of any other person other than
the Manufacturer, other than such consents as have been, or prior to the Closing will be, obtained.

 

(d)
Financials. True, correct and complete copies of the Current Financials have been delivered by Seller to Buyer. The Current
Financials are in accordance with the books and records and Seller’s accounting methods, and have been prepared in all material
respects in accordance with Manufacturer’s requirements. “Current Financials” means Seller’s internally
prepared, un-audited financial statements in the form required by Manufacturer, for the fiscal year ended December 31, 2017, December
31, 2018, and December 31, 2019, December 31, 2020, and each of the completed months thereafter through the Closing Date.

 

(e)
Compliance. The Dealership and the Property comply in all respects with, and the Dealership has been conducted in all respects
in compliance with, all laws, rules and regulations (including all worker safety and all Environmental Laws (as hereinafter defined)),
applicable zoning and other laws, ordinances, regulations and building codes, and neither Seller nor Principal has received any notice
of any violation thereof which has not been cured.

 

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(f)
Litigation. There are no actions, suits or legal proceedings pending, or, to Seller’s or Principal’s knowledge,
threatened, against or affecting Seller, the Dealership or the Property which might adversely affect Seller’s power or authority
to carry out the transactions to be performed by Seller hereunder.

 

(g)
Dealership Assets. Seller is the owner of, and has, good and marketable title to all of the Assets (including intangible
assets such as websites and domain names); all of the Assets will be transferred to Buyer free and clear of all liens and encumbrances;
and all of the Assets to be sold under the terms of this Agreement are, or on the Closing Date will be, in good operating condition and
repair. Seller does not utilize any tangible or intangible personal property (e.g., websites, delivery vehicles, trade names, off-site
storage facilities, no equipment leases, etc.) or real estate in its operation of the Dealership that is not either being sold to Buyer
as an Asset or subject of the Real Estate Contract.

 

(h)
Manufacturer. Except as disclosed on Schedule 6(h) hereto, Manufacturer has not notified Seller or Principal of (i)
any deficiency in Dealership operations (including, but not limited to, brand imaging, facility conditions, sales efficiency, customer
satisfaction, warranty work and reimbursement, or sales incentives); (ii) a present or future need for facility improvements or upgrades
in connection with the Dealership or the Property; or (iii) the awarding or possible awarding of a Manufacturer dealership to any person
or entity in the Metropolitan Statistical Areas in which the Dealership operates. The Dealership does not sell vehicles for export. Except
in the ordinary course of Manufacturer’s business, Manufacturer has not audited Seller’s sales, service or warranty practices
or documentation, or refused or charged back vehicle sales or warranty claims. The Property and the improvements thereon are compliant
with all Manufacturer requirements, guidelines and programs, including the “Essential Brand Elements” or “EBE”
program, and Seller is eligible for all facility/sales-related incentives offered by the Manufacturer or its distributor.

 

(i)
Licenses. (i) none of the permits or licenses used by Seller in the operation of the Dealership have been terminated or
revoked; (ii) no violations have been recorded regarding such licenses or permits; (iii) no proceeding is pending or threatened seeking
the revocation or limitation of any such licenses or permits; and (iv) there is not, and has not been, any violation in any respect of
federal, state and/or local laws, rules, regulations and orders applicable to the Dealership or the Property.

 

(j)
Warranties. Seller does not have, or agreed to accept for others, any warranty or service obligations to any third party
and Seller has not offered its customers any marketing or added-value programs or plans for which Seller is responsible for administration
or the liability thereof, including, but not limited to programs commonly called “tires for life”, “oil changes for
life”, “car wash/detailing service plans”, “rewards programs” or any similar offers.

 

(k)
Assumed Contracts. The summaries of the Assumed Contracts on Schedule 3(c) accurately describe such Assumed Contracts,
neither party to any Assumed Contract is in breach, in any material respect, of such Assumed Contract, and all payments or obligations
on the Assumed Contracts are, or as of the Closing Date will be current.

 

(l)
Options, Rights of First Refusal. Except Manufacturer’s right of first refusal, for the right of Buyer to acquire
the Assets pursuant to this Agreement and Buyer’s rights pursuant to the Real Estate Contract, no other person or entity has any
right to acquire all or any portion of the Assets, the Property or any interest therein, or Seller’s Manufacturer contract rights
or privileges.

 

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(m)
 Taxes. Seller has duly filed all foreign, federal, state, county and local income, excise, sales, property, withholding,
unemployment, social security, franchise, license, information returns and other tax returns and reports, or appropriate and permitted
extensions thereto, required to be filed by it with respect to the Dealership or the Property. Each such return is true, correct, and
complete in all material respects, and Seller has paid all taxes, assessments, amounts, interest and penalties due to applicable governmental
authority. Seller has no liability for any taxes, assessments, amounts, interest or penalties of any nature whatsoever other than those
for which Seller has created sufficient reserves or made other adequate provision. No governmental authority is now asserting or threatening
to assert any deficiency or assessment for additional taxes, interest, penalties or fines with respect to Seller, the Dealership or the
Property.

 

(n)
Employment Matters. Seller has no oral or written collective bargaining or organized labor contracts, employment agreements,
bonus, deferred compensation, profit sharing, welfare or health benefit, or retirement plan or arrangement, whether or not legally binding,
nor is Seller currently paying any pension, deferred compensation or retirement allowance to anyone. Seller has no contract for the future
employment of any person. Seller is not delinquent in payments to any of its employees for any wages, salaries, commissions, bonuses or
other direct compensation for any services performed by them or amounts required to be reimbursed to such employees. Seller has no knowledge
that any Seller employee intends to terminate his or her employment. Seller has complied in all material respects with the applicable
requirements for its employee medical and benefit plans, if any, as set forth in the Internal Revenue Code of 1986, as amended (the “Code”),
and the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder (“ERISA”),
including Section 4980B of the Code (as well as its predecessor provision, Section 162(k) of the Code) and Sections 601 through 608, inclusive,
of ERISA, which provisions are hereinafter referred to collectively as “COBRA”.

 

(o)
Property. There are no known and undisclosed defects in the physical condition of the Property or the improvements or fixtures
thereon (including structural elements, mechanical systems, plumbing, electric, fire protection, mold, roofs, fences, paving, parking,
sidewalks, utilities, drainage and erosion control), the Property and improvements thereon are in good operating condition and repair
(reasonable wear and tear excluded) and have been maintained, there exists no “deferred maintenance” or outstanding “short-term
capital expenditures/repairs” (as those terms are defined by the American Society of Testing Materials), all water, sewer, gas,
electric, telephone, drainage, and other utilities required by applicable law or necessary for the current or planned operation of the
Property by Seller have been installed and connected pursuant to valid permits, such utilities are sufficient to service the Property
for the business conducted thereon by Seller, and there are no existing code violations. There are no actions, suits, claims, proceedings
or causes of action which are pending or, to Seller’s knowledge, have been threatened or asserted against, or are affecting, the
Property or any part thereof in any court or before any arbitrator, board or governmental or administrative agency or other person or
entity which might have an adverse effect on the Property or any portion thereof or on Buyer’s ability to use the Property as a
motor vehicle storage, sales, lease, repair and service center. The Property is not burdened by any obligation for contribution of money
or property to or participation in any road development or completion project or to bear any share of the cost of any road or other offsite
improvement. There is no pending condemnation or annexation or similar proceeding affecting the Property or any portion thereof, and Seller
and Principal have not received any written notice, nor do they have any knowledge, that any such proceeding is contemplated.

 

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(p)
Environmental. (i) neither Seller nor Principal have received any notice from any governmental authority alleging a violation
of any Environmental Laws that are applicable to the Property, (ii) Seller has complied in all material respects with all Environmental
Laws that are applicable to the Property, and has obtained and has been in compliance in all material respects with all required governmental
environmental permits with respect to the Dealership, and (iii) no unauthorized storage, treatment, discharge or disposal of Hazardous
Materials on the Property has been made by Seller or its employees or agents, except in compliance in all material respects with applicable
Environmental Laws. “Environmental Laws” means any federal, state or local statute, ordinance, rule or regulation
relating to the existence, cleanup, removal and/or remedy of contamination on property, the protection of the environment from spilled,
emitted, discharged, discarded, deposited or emplaced Hazardous Materials, the generation, use, transport, storage, handling, disposal,
removal or recovery of Hazardous Materials, and the exposure to hazardous, toxic, or other substances determined by law to be harmful,
including the Comprehensive Environmental Response, Compensation and Liability Act of 1980 as amended (“CERCLA”),
The Toxic Substances Control Act, The Clean Air Act, and the Resource, Conservation and Recovery Act of 1976; and the term “Hazardous
Material” means any “hazardous substance,” as defined by §101(14) of CERCLA.

 

(q)
Paycheck Protection Program. As of the Closing Date, Seller will have no outstanding loan or loans issued pursuant to the
Small Business Administration’s Paycheck Protection Program.

 

(r)
Brokers. Except for Broker, all negotiations relating to this Agreement, the Real Estate Contract and the transactions contemplated
hereby and thereby have been carried on without the participation of any person acting on Seller’s or Principal’s behalf in
such manner as to give rise to any valid claim against Buyer for any brokerage or finder’s commission, fee, expense, or similar
compensation.

 

(s)
Disclosure. No representation or warranty made by Seller in this Agreement contains (or will contain, when furnished) any
untrue statement of a material fact or omits (or will omit, when furnished) a material fact necessary to make the statements herein or
therein not misleading.

 

As used in this Agreement, the phrases “knowledge
of Seller” or “Seller’s knowledge” means the knowledge of Seller’s officers, Principal and the Dealership’s
general managers.

 

7. Buyer’s Warranties
& Representations. Buyer represents and warrants to Seller and Principal on the Effective Date and the Closing Date as follows:

 

(a) Formation.
Buyer is a Delaware corporation. Buyer’s assignee will be an entity duly formed and validly existing with authority to conduct business
in Texas on the Closing Date.

 

(b) Authority.
Buyer has the requisite legal power and authority to execute and deliver this Agreement, to perform the obligations of Buyer hereunder,
and to consummate the transactions contemplated hereby, all of which have been duly authorized and approved by all necessary entity action
and for which no consent of any person or governmental authority is required which has not been obtained, and no filing with or other
notification to any person or governmental authority is required which has not been properly completed. This Agreement constitutes the
valid and legally binding obligation of Buyer, enforceable in accordance with its terms, subject only to the application of debtor relief
laws and general equitable principles.

 

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8. Conditions to Obligations
of Buyer. The obligation of Buyer to consummate the transactions contemplated by this Agreement are subject to the fulfillment
(or express written waiver by Buyer) prior to or at the Closing, of all of the following conditions:

 

(a)
Manufacturer Approval. Manufacturer issued to Buyer a new Dealership Sales and Service Agreement, or commitment therefor,
on terms and conditions acceptable to Buyer in its sole discretion, approving Buyer’s board of directors and other designees, permitting
Buyer to operate the Dealership at the Property as Seller has operated it in the past.

 

(b)
Seller Performance; Accuracy of Representations. Seller and Principal performed in all material respects all of its obligations
hereunder to be performed prior to or at Closing. Seller’s representations and warranties contained in this Agreement are true and
correct as of the date made.

 

(c)
Licenses & Approvals. Buyer obtained all required licenses and permits from governmental and other agencies to operate
a new and used vehicle dealership and repair, body shop and service facility at the Property, in the same manner as currently operated
by Seller. Buyer and Seller shall have obtained all approvals required by the HSR Act, including clearances and completion of any waiting
periods required by the HSR Act.

 

(d)
Seller Authorization. Buyer received evidence reasonably acceptable to Buyer regarding Seller’s due organization and
authority to enter into the transactions described herein, including evidence of existence and good standing in the State of Texas and
an officer’s certificate in form acceptable to Buyer containing a copy of resolutions duly adopted by Seller’s appropriate
governing body and owners approving the transactions contemplated hereby.

 

(e)
No Material Adverse Change. Between the Effective Date and the Closing Date (i) there has been no material adverse change
to the Dealership or the Property, (ii) there has been no federal, state or local legislative or regulatory change affecting the services,
products or business of the Dealership, which would have a material adverse effect on the Dealership or the Property, and (iii) none of
the Assets have been damaged by fire, flood, casualty, act of God or the public enemy or other cause, which damages would have a material
adverse effect on the Dealership or the Property.

 

(f)
No Litigation. No action, suit, filing requirement, waiting period or proceeding has been instituted, applied or mandated
by a governmental agency or any other third party to prohibit or restrain the transactions contemplated by this Agreement or otherwise
challenge the power and authority of the Parties to enter into this Agreement or to carry out their obligations hereunder or the legality
or validity of this Agreement.

 

(g)
License Use. Seller executed and delivered the license use agreement in the form of Exhibit A hereto.

 

(h)
Closing Memorandum & Bill of Sale; etc. Seller and Principal must have executed and delivered the Closing Memorandum,
the Bill of Sale, all Manufacturer-required documents, vehicle title documents, state tax compliance certificates, additional insured
certificate and such other deeds, assignments or certificates of title, documents and other instruments of transfer and conveyance as
may reasonably be required by Buyer, each in form and substance reasonably satisfactory to Buyer.

 

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(i)
Non-Competition Agreement. Seller, Principal and Seller’s owner(s) executed and delivered the non-competition agreement
in the form attached hereto as Exhibit B (the “Non-Competition Agreement”).

 

(j)
Paret employment. Aldo B. Paret executed and delivered an Employment Agreement with a minimum term of six (6) months acceptable
to the parties thereto.

 

(k)
 Simultaneous Real Estate Closing. The Closing hereunder will occur simultaneously with the “Closing” under,
and as defined in, the Real Estate Contract.

 

9. Conditions to Seller’s
Obligations. Seller’s obligation to consummate the transactions contemplated by this Agreement are subject to the fulfillment
(or written waiver by Seller), prior to or at the Closing, of all of the following conditions:

 

(a) Purchase
Price Payment. Buyer paid Seller the net aggregate purchase price for the Assets.

 

(b) Buyer Performance.
Buyer performed in all material respects all of its obligations hereunder to be performed prior to or at Closing each of Buyer’s
representations and warranties contained in this Agreement are true and accurate as of the date made.

 

(c) Closing
Memorandum. Buyer executed and delivered the Closing Memorandum.

 

(d) Simultaneous
Closing. The Closing hereunder will occur simultaneously with the “Closing” under, and as defined in, the Real Estate
Contract.

 

10. Pre- & Post-Closing
Covenants.

 

(a) Pre-Closing.
Promptly upon the execution of this Agreement, Seller shall notify the Manufacturer regarding the transactions contemplated by this Agreement,
utilizing a form of notification acceptable to Buyer. Buyer (or its affiliate) shall promptly apply to the Manufacturer for the issuance
of a contractual right to operate an automobile dealership upon the Property. The Parties shall use commercially reasonable best efforts
to obtain Manufacturer approval as soon as possible. Seller and Principal shall promptly provide the requisite information, documents
and access necessary to prepare for Closing and ensure a seamless operational transfer of the Assets. Effective as of the Closing, Seller
shall terminate its Dealer Sales and Service Agreements with the Manufacturer and execute and deliver all of the Manufacturer’s
customary documents and promptly remove Manufacturer’s intellectual property from all publicly visible assets in every form and
medium (i.e., retained internet sites, signs, etc.). Seller shall fully cooperate with Buyer, and take all reasonable steps to assist
Buyer, in Buyer’s efforts to obtain its own similar Dealer Sales and Service Agreements with the Manufacturer. All actions to be
taken at the Closing pursuant to this Agreement will be deemed to have occurred simultaneously, and no action, document or transaction
will be deemed to have been taken, delivered or effected, until all such actions, documents and transactions have been taken, delivered
or effected. Promptly after the Closing, Seller shall transfer to Buyer certificates of title or origin for all vehicles and all of its
registration lists, owner follow-up lists and service files on hand as of the Closing, provided that such lists and files relate
to the Assets. If Seller presents assets for purchase post-Closing that would have otherwise been Assets, then such assets may be purchased
at a mutually agreed to price or otherwise retained by Seller.  Buyer is not required to submit an offer.  This does not apply
to in-transit vehicles from the factory. Buyer shall retain and safeguard the pre-Closing customer paper deal jackets retained by Buyer
in accordance with law, and, until Buyer destroys such records in accordance with company policy in effect from time to time, Seller shall
have reasonable access to Seller’s pre-Closing customer records (e.g., paper deal jackets) and any records related to Assumed Contracts
after the Closing for any legitimate purpose, such as (by way of example and not by limitation) for resolving customer inquiries.

 

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(b) Dealership
Operations Pending Closing. Pending Closing, Seller shall continue to operate the Dealership in substantially the same manner as it
has been operated by Seller in the past and Seller shall: (i) use commercially reasonable efforts to maintain working relationships with
all suppliers, customers, employees and others having contact with the Dealership and bring all payables current as of the Closing Date;
(ii) maintain current insurance policies in full force and effect; (iii) exercise reasonable diligence in safeguarding and maintaining
the confidentiality of all books, reports and data pertaining to the Dealership, including use its best efforts to ensure that Seller’s
sales and service records remain adequately protected; failure to do so is a material breach of this Agreement; (iv) not grant increases
in salary, pay or other employment related benefits to any officers or employees of the Dealership or allow, suggest or require employees
to take unused vacation, in every case, without the written consent of Buyer; (v) not conduct any liquidation, close-out or going out
of business sale or, except in the ordinary course of business, purchase more than $100,000 in Fixed Assets at once or in the aggregate
in any month; (vi) not remove any Fixed Assets from the Property prior to Closing except in the ordinary course of business and, in such
event, with prior written notice to Buyer if the removed Fixed Assets have a net book value of $100,000 individually or in the aggregate;
(vii) not enter into any contract or agreement which is not terminable without penalty on not more than 30 days’ notice and which
provides for payment by the Dealership (whether actual or accrued) in excess of $5,000.00 without the prior written consent of Buyer;
(viii) not transfer any inventory or employee of the Dealership to Seller’s (or Seller’s owners’) other business, or
transfer any inventory or employee of any of Seller’s (or its owners’) other businesses to the Dealership; and (ix) not take
or permit any action which would result in Seller’s representations or warranties becoming incorrect or untrue in any material respect.

 

(c) No Negotiations
or Discussions. Until the Closing Date, Seller and Principal shall deal exclusively with Buyer regarding the transactions contemplated
by this Agreement and the Real Estate Contract. Seller and Principal shall not pursue, initiate, encourage or engage in any negotiations
or discussions with, or provide any information to, any person or entity (other than Buyer and its representatives and affiliates) regarding
the sale or possible sale to any such person or entity of the Assets, Property or Seller’s equity or any merger, consolidation,
joint venture, management agreement, or any other transaction of any nature with Seller or Principal, which would hinder or frustrate
Buyer from closing in accordance with the terms of this Agreement (a “Prohibited Discussion”). If any person
or entity other than Buyer initiates a Prohibited Discussion, then Seller or the Principal (as the case may be) shall inform Buyer in
writing and inform such person or entity of the existence of this Agreement, and that any Prohibited Discussion would constitute a violation
of this Agreement.

 

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(d) Employee
Matters. Seller and Principal shall terminate or take all appropriate action in connection with pension, profit sharing and health
and welfare benefit plans, if any, that are applicable to Seller and/or Seller’s employees (“Plans”),
prior to or at Closing, so that Buyer will have no responsibility or liability or obligation of any nature under Plans to any person,
firm or corporation whatsoever. If any applicable law provides that Buyer is or will be liable for any liability or obligation under any
Plan despite Seller’s and Principal’s contractual liability for such liability or obligation hereunder, and Seller and Principal
fail to pay or perform such liability or obligation within five (5) days after Buyer’s written demand, then such amounts may be
set off from time to time from any amount Buyer (or its affiliate) owes Principal or Seller (or its affiliate). Seller (including all
employers, whether or not incorporated, that are treated together with Seller as a single employer within the meaning of Section 414 of
the Code or, where appropriate, Seller’s health and welfare benefit plans that are “group health plans” will retain
liability for and will pay when due all benefits (including all liabilities and obligations for or arising from any “COBRA”
health care continuation coverage required to be provided under Section 4980B of the Code and Sections 601-608 of ERISA) attributable
as of the Closing Date to “covered employees” or “qualified beneficiaries” entitled to “continuation coverage”
(as those terms are defined in Section 4980B of the Code) regardless of when services were rendered or expenses incurred. By Closing,
Seller shall pay all wages (including earned but unused vacation and sick leave wages, whether or not yet vested) due Seller’s employees
as of the Closing Date. Seller shall terminate its employees on the Closing Date. Provided the Closing takes place, Buyer may, but is
not obligated to, employ Seller’s employees who are willing to accept the offered employment with Buyer, and Buyer will give due
regard to such employees’ benefits from their prior employer, so long as such employees meet all eligibility requirements, including
any probationary period; provided that, notwithstanding anything in this Agreement to the contrary, Buyer shall hire on an at-will basis
enough of Seller’s employees (each selected by Buyer in its sole and absolute discretion) so that Buyer and Seller will be in compliance
with the provisions of the Workers Adjustment and Retraining Notification Act, 29 U.S.C. §2101-2109, if applicable. The foregoing
does not grant to any of Seller’s individual employees a right of employment by Buyer.

 

(e) Seller’s
Receivables. Following the Closing, Buyer shall accept payment of Seller’s accounts receivable and Manufacturer warranty payments
arising out of the operation of the Dealership prior to Closing for a period of 180 days. Buyer shall turn over to Seller on the last
day of each calendar month during said period all of the monies so accepted on said accounts receivable during the previous calendar month.
Buyer is not obligated to accept payments of such accounts receivable after such 180-day period, but if Buyer does so then Buyer will
promptly pay the same over to Seller. Buyer is only obligated to accept payment during such period, not to attempt to enforce payment.
No adjustment will be made in any of such accounts receivable without Seller’s permission. Seller reserves the right to pursue legal
remedies of collection upon default by the customer with respect to any receivables owed to Seller.

 

(f) Manufacturer
Payments. The Parties shall use their commercially reasonable efforts to ensure that (i) amounts due to Seller but collected by Buyer
(e.g., Manufacturer receivables, Manufacturer credits relating to items such as warranty claims or other claims, credit card payments,
etc.) arising out of or in connection with the operation of the Dealership prior to Closing will be paid over to Seller promptly; (ii)
amounts due to Buyer but collected by Seller arising out of or in connection with the operation of the Dealership on or following the
Closing or as provided in this Agreement will be paid over to Buyer promptly; (iii) amounts paid by Seller but owed by Buyer as a result
of Manufacturer erroneously billing Seller for items arising out of or in connection with the operation of the Dealership following Closing
will be paid over to Seller promptly; and (iv) amounts paid by Buyer but owed by Seller (e.g., any finance contract chargebacks, insurance
(e.g. credit life, accident and health, extended warranty, etc.) chargebacks, or repossessions and all rebates to Seller’s customers
of premiums for credit life insurance, credit accident and health insurance, mechanical insurance coverage and GAP insurance) as a result
of Manufacturer erroneously billing Buyer for items arising out of or in connection with the operation of the Dealership prior to Closing
will be paid over to Buyer promptly. This section survives Closing indefinitely. If there are vehicles in-transit on the Closing Date
(whether or not they are physically present) that have not been funded by Seller’s floor plan lender and the Parties do not know
whether they will be paid for by Buyer’s floor plan lender or Seller’s floor plan lender, then the Parties may separately
schedule those vehicles, Buyer will buy them but not pay for them, and, if such vehicles are funded by Seller’s floor plan lender,
then Seller shall notify Buyer and Buyer shall promptly pay Seller’s floor plan lender such amounts. Any other payments related
to such vehicles misdirected by the Manufacturer will be redistributed as contemplated by this Section 10(f). Buyer shall undertake
all accounting, bookkeeping and reconciliation as necessary under this section and shall make all payments as necessary. On a monthly
basis, Buyer shall present Seller with a reconciliation and the amount owed by Buyer by Seller (if any) and Seller and Principal, jointly
and severally, shall pay any amounts owing Buyer within ten (10) business days.

 

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11. Indemnification.
Except as expressly written in this Agreement, Buyer is not assuming any liabilities or obligations of Seller or Principal whether absolute,
contingent, accrued, known or unknown. Examples of liabilities that may exist, which Buyer is not assuming include, but are not limited
to, the following (collectively, “Liabilities Not Assumed”): (1) violations of any local, state, or federal
Environmental Laws or the actual, alleged or threatened discharge, dispersal, seepage, migration, release or escape of hazardous materials
or other nuisances into the environment (including the pre-Closing management and off-site disposal of waste oil, used oil filters and
other industrial wastes and any fines or penalties associated with pre-Closing Environmental Law violations); (2) violations of any applicable
law relating to labor or employment, including violations of any collective bargaining agreement; (3) violations of, failure to comply
with, or any obligation arising under, any applicable law relating to any welfare, retirement, vacation or other benefit plan or any plan
covered by the Employee Retirement Income Security Act of 1974, as amended, or the failure to comply with the continuation coverage requirements
of Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended; (4) any pending or threatened law suit, claim or
other action against Seller, whether from personal injury, wrongful death or property damage, or whether arising out of employment or
a contractual or alleged contractual right; (5) any finance contract chargebacks, insurance (e.g. credit life, accident and health, extended
warranty, etc.) chargebacks, or repossessions and all rebates to Seller’s customers of premiums for credit life insurance, credit
accident and health insurance, mechanical insurance coverage and GAP insurance; and (6) any tax liabilities for any period or portion
thereof ending by the Closing Date (including all taxes, fines, penalties and expenses associated with the potential sales tax liabilities
(whether or not known or disclosed by Seller) or resulting from the transactions contemplated hereby.

 

(a) Indemnification
by Seller and Principal. Seller and Principal, jointly and severally, shall indemnify, defend, and hold harmless Buyer, its affiliates
and subsidiaries, and their respective owners, general partners, partners, managers, members, controlling persons, directors, officers,
employees, agents, attorneys, and their successors and assigns (collectively, the “Buyer Indemnified Parties”)
from and against, and to pay to Buyer Indemnified Parties the amount of, all losses, claims, obligations, demands, assessments, penalties,
fines, forfeitures, liabilities, costs, and other damages, including reasonable attorneys’ fees and expenses, whether or not involving
a third-party claim (collectively, “Damages”), arising directly or indirectly from (i) Seller’s or Principal’s
breach of this Agreement, including any representations or warranties herein; (ii) all Liabilities Not Assumed; and (iii) Seller’s,
Principal’s, the Dealership’s or Seller’s employee’s act or omission prior to the Closing Date (e.g., the Dealership’s
operations up to the Closing Date).

 

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(b) Indemnification
by Buyer. Buyer shall indemnify, defend, and hold harmless Seller and Seller’s owners, controlling persons, directors, officers,
employees, agents, attorneys, and affiliates, and Principal and their affiliates, heirs, successors, assigns, and personal representatives
(collectively, the “Seller Indemnified Parties”, and together with Buyer Indemnified Parties, the “Indemnified
Parties”) from and against, and to pay to Seller Indemnified Parties the amount of, all Damages arising directly or indirectly
from (i) Buyer’s breach of this Agreement, including any representations or warranties herein; or (ii) any act or omission of Buyer,
the Dealership or Buyer’s employees on or after the Closing Date (e.g., the Dealership’s operations on and after the Closing
Date).

 

(c) Expiration
of Indemnification Obligations. Except as otherwise expressly provided in this Agreement, the rights of the Indemnified Parties to
indemnification with respect to breaches of representations and warranties will expire and be of no further effect after the second (2nd)
anniversary of the Closing Date, and accordingly no Indemnified Party may seek indemnification under this Agreement with respect to breaches
of representations and warranties after the second (2nd) anniversary of the Closing Date. The foregoing notwithstanding, none
of the provisions set forth in this Agreement, including but not limited to the provisions contained in this Section 11(c), will
be deemed to limit the time period during which a claim based on a Party’s fraud (whether of commission or omission), criminal conduct,
or intentional wrongdoing, or a claim for breach of any covenant, may be brought. Buyer’s right to indemnification, reimbursement
or any other remedy based upon Seller’s and Principal’s representations, warranties, covenants and obligations in this Agreement
(or any document executed in connection herewith) will not be affected by any investigation (including any environmental investigation
or assessment) conducted, or any knowledge acquired (or capable of being acquired) at any time. Seller shall name Buyer as an additional
insured on Seller’s current and past insurance policies with coverage applicable to the Dealership.

 

(d) Indemnification
Limitations. Notwithstanding any contrary provision in this Agreement, (i) neither Seller nor Principal are obligated pursuant to
this Agreement to reimburse Buyer Indemnified Parties for Damages until the aggregate amount of Damages equals or exceeds $50,000.00,
excluding chargebacks, Damages arising from breaches of the representations or warranties in Sections 6(a)-6(c), amounts owed pursuant
to Section 12, or Damages arising from Seller’s or Principal’s fraud (whether of commission or omission), criminal
conduct, or willful misconduct (the “Basket”), in which case Seller and Principal shall be jointly and severally
liable for all such Damages, and (ii) neither Seller nor Principal are obligated pursuant to this Agreement to reimburse Buyer Indemnified
Parties for Damages in excess of an amount equal to ten percent (10%) of the Goodwill Price, excluding Damages arising from breaches of
the representations or warranties in Sections 6(a)-6(c), amounts owed pursuant to Section 12, or Damages arising from Seller’s
or Principal’s fraud (whether of commission or omission), criminal conduct, or willful misconduct (whether of commission or omission),
criminal conduct, or willful misconduct. Nothing in this section prohibits or impairs any equitable remedy available to Buyer.

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12. Default & Termination.
Notwithstanding any provision in this Section 12 to the contrary, no Party may terminate this Agreement due to the breach of another
Party if the first Party is in breach of this Agreement.

 

(a) Termination.
The Parties may exercise their respective rights of termination by the delivery of written notice of termination to the other Party at
any time prior to the completion of the Closing (including as provided in Section 5). A default by the “Buyer” or the
“Seller” under, and as defined in, the Real Estate Contract will be deemed to be a default hereunder by Buyer or Seller, respectively,
and termination of the Real Estate Contract will automatically terminate this Agreement. This Agreement and the transactions contemplated
hereby may be terminated on or before the Closing Date as follows:

 

(i) By the mutual
written agreement of the Parties, at which time the Earnest Money will be promptly paid to Buyer;

 

(ii)
By Buyer for any or no reason by providing written notice during the Inspection Period as provided in Section 1(a), at which
time the Earnest Money will be promptly paid to Buyer upon Buyer’s written notice (i.e., no permission is required from Seller or
Principal);

 

(iii)
By Buyer if a breach of any provision of this Agreement has been committed by Seller or Principal and such breach has not been
either (A) cured within ten (10) days after written notice to Seller, or (B) waived in writing by Buyer, at which time the Earnest Money
will be promptly paid to Buyer upon the joint instructions of the Parties;

 

(iv)
By Seller if a breach of any provision of this Agreement has been committed by Buyer and such breach has not been either (A) cured
within ten (10) days after written notice to Buyer, or (B) waived in writing by Seller, at which time the Earnest Money will be promptly
paid to Seller upon the joint instructions of the Parties;

 

(v)
By Buyer if any of the conditions to the obligations of Buyer set forth in Section 8 have not been satisfied by the third
(3rd) business day prior to the designated Closing Date Deadline (other than due to Buyer’s breach of this Agreement)
and Buyer has not by then waived such condition in writing, at which time the Earnest Money will be promptly paid to Buyer;

 

(vi)
By Seller if Seller’s conditions precedent to Closing in Section 9 have not been satisfied by the Closing Date Deadline
(other than due to Seller’s breach of this Agreement) and Seller has not then waived such condition in writing, at which time the
Earnest Money will be promptly paid to Buyer; or

 

(vii)
By Buyer or Seller, if the Closing has not occurred by the Closing Date Deadline, for any reason other than a breach by the terminating
Party, at which time the Earnest Money will be promptly paid to Buyer.

 

(b) Buyer’s
Default. If prior to Closing Buyer breaches this Agreement and fails to cure as provided above, then Seller’s and Principal’s
sole right and exclusive remedy will be to terminate this Agreement by giving written notice thereof to Buyer and then Seller may take
the Earnest Money as liquidated damages in full settlement of all claims, remedies or causes of actions against Buyer under this Agreement,
including the remedy of specific performance and other forms of equitable relief. It is impossible to estimate more precisely the damages
which might be suffered by Seller and Principal upon Buyer’s default. Seller’s and Principal’s retention of the Earnest
Money is intended not as a penalty, but as full liquidated damages.

 

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(c) Seller or
Principal Default. If prior to Closing Seller or Principal breach this Agreement and fail to cure as provided above, then Buyer may
exercise any and all rights and remedies available to it at law or in equity, including (i) an action in equity against Seller and/or
Principal (pursuant to which Buyer is not obligated to post a bond or prove special damages or irreparable injury) for the specific performance
by Seller and Principal of the terms and provisions of this Agreement; and (ii) the right to terminate this Agreement by giving written
notice of such termination to Seller and Principal and receive a full refund of the Earnest Money without prejudice to any of Buyer’s
rights or remedies including an action for direct damages, but not consequential damages.

 

(d) Set Off.
Upon Seller’s or Principal’s breach of this Agreement, the Real Estate Contract or the Non-competition Agreement (in addition
to any rights and remedies of Buyer provided by law, including other rights of set off), Buyer may set off any payments to be made pursuant
to this Agreement, Real Estate Contract against Seller’s or Principal’s obligations or liabilities pursuant to this Agreement,
the Real Estate Contract or the Non-Competition Agreement.

 

13. Miscellaneous.

 

(a) Transaction
& Enforcement Costs. Each Party shall bear its own costs and expenses, including legal and accounting fees, incurred in connection
with this Agreement and the transactions contemplated hereby, and shall pay such costs and expenses whether or not the Closing occurs.
Upon any litigation between or among the Parties to enforce any provisions or rights hereunder, the unsuccessful Party shall pay to the
successful Party therein all costs and expenses of such Party (and any of such Party’s agents, such as attorneys or accountants)
expressly including, but not limited to, reasonable attorneys’ fees and court costs incurred therein by such successful Party, which
costs, expenses and attorneys’ fees will be included in and as a part of any judgment rendered in such litigation.

 

(b) Confidentiality.
Each Party and its representatives shall hold in strict confidence all data and information obtained in connection with this transaction,
including all financial and other information of or related to the Dealership and the terms of this Agreement, and shall not directly
or indirectly at any time reveal, report, publish, disclose or transfer to any person any of such data and information or utilize any
of such data or information for any purpose; provided, however, each Party may disclose information to Manufacturer and
legal, tax, accounting advisors, lenders and potential lenders and other parties deemed by a Party to be necessary or appropriate in connection
with the transactions described herein, provided that such persons acknowledge that they too are bound by the confidentiality provisions
contained herein. Notwithstanding any contrary provision herein, Buyer may notify governmental organizations (e.g., the Security and Exchange
Commission) of this Agreement and the transactions contemplated hereby by filing an unredacted copy of this Agreement, and may announce
the transactions contemplated hereby as long as such announcement does not identify, or allow the general public to identify Seller or
the Dealership.

 

(c) Relationship
& Authority. Each Party is acting as an independent contractor. Each Party is responsible for all taxes relating to its operation,
including payroll taxes for its employees and nothing in this Agreement is intended to create a relationship, express or implied, of employer-employee
or partnership or joint venture between or among any Party. Each individual executing this Agreement on behalf of a Party individually
represents and warrants that such Party is validly existing, that such execution has been duly authorized, that the terms of the instrument
will be binding upon the Party, and that such individual is duly authorized to execute this Agreement on behalf of such Party.

 

    Page 19 of 27

     

    

 

(d) Notices.
All notices and other communications provided for hereunder will be in writing, unless otherwise specified, and will be deemed to have
been duly given if delivered personally, via e-mail, via Federal Express or other nationally recognized courier, to the addresses on the
signature pages hereof or at such other addresses as a Party may designate from time to time in writing. Notices will be effective upon
receipt by the Party or refusal to accept delivery. Notices on behalf of either Party may be given by the attorneys representing such
Party.

 

(e) Integration;
Amendments & Time. This Agreement and the Real Estate Contract contain the entire understanding between the Parties and supersede
any prior understanding and/or oral agreements between them respecting the subject matter of this Agreement (including that certain letter
agreement between Buyer and Seller dated June 15, 2021). Any modification or amendment of this Agreement will be in writing and executed
by Seller and Buyer. Time is of the essence in this Agreement. If the last day to perform under a provision of this Agreement or the final
day of any period (e.g., Inspection Period or Closing Date Deadline) falls on a Saturday, Sunday, or legal holiday, then such performance
deadline or period is automatically extended through the next day which is not a Saturday, Sunday, or legal holiday.

 

(f) Interpretation
& Administration. The words “include”, “includes”, “included”, “including” and
“such as” do not limit the preceding words or terms and are deemed to be followed by the words “without limitation”.
The Parties have a duty of good faith and fair dealing. All captions and headings contained in this Agreement are for convenience of reference
only and will not be construed to limit or extend the terms or conditions of this Agreement. Any schedule or exhibit referenced herein
but not present on the Effective Date shall be provided by Seller at least five days prior to expiration of the Inspection Period, otherwise,
the Inspection Period shall be extended so that Buyer has five days to consider such information. All pronouns and any variations thereof
refer to the masculine, feminine or neuter, singular or plural, as the context may require. All terms defined in this Agreement in their
singular or plural forms, have correlative meanings when used herein in their plural or singular forms, respectively. Each Party and its
counsel have reviewed this Agreement and the rule of construction that any ambiguities are to be resolved against the drafter will not
be employed in the interpretation of this Agreement or any amendments, schedules or exhibits hereto. Except as expressly provided herein
(e.g., “industry standard depreciation” or “as reflected on Manufacturer’s statement”), all accounting matters
required or contemplated by this Agreement will be in accordance with generally accepted accounting principles. This Agreement may be
executed in one or more counterparts and delivered by e-mail or facsimile, each of which will be deemed to be an original copy of this
Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. This Agreement will be binding
upon and inure to the benefit of the Parties, their successors and assigns. Buyer may assign or otherwise transfer all of Buyer’s
rights, obligations and benefits hereunder to any entity owned or controlled by, or under common control with, Buyer without Seller’s
or Principal’s consent. The invalidity of any one or more phrases, sentences, clauses, paragraphs, or sections of this Agreement
will not affect the remaining portions of this Agreement. Sections 10 through 13 of this Agreement will survive the expiration
and termination of this Agreement. No failure or delay by any Party to enforce any right specified herein will operate as a waiver of
such right, nor will any single partial exercise of a right preclude any further or later enforcement of the right.

 

    Page 20 of 27

     

    

 

(g) Further
Assurances. At the request of Buyer and at Buyer’s expense, Seller and Principal shall cooperate in the preparation by Buyer
of all filings to be made by Buyer with the Securities and Exchange Commission including any periodic filings and any filing with respect
to a registered offering of its securities by Buyer and the closing of the offering registered thereby. Upon Buyer’s request at
any time, Seller and Principal shall take any act, including executing and delivering any document, necessary or advisable to transfer
to and vest in Buyer, and protect its rights, title and interest in and enjoyment of, all the Assets and Property and otherwise to carry
out the provisions of this Agreement (including user names and passwords for sites and accounts for or related to social media, directory
assistance or reputation management and Closing Memorandum error corrections). Such further acts include terminations or transfers of
trade name filings and domain name assignments and assisting Buyer in its efforts to be restated as a successor employer for employment
tax purposes with respect to Seller’s employees hired by Buyer, including, but not limited to, the annual wage limitation for FICA
tax, and to meet the requirements of Revenue Procedure 2004-53, Section 4, Standard Procedure, for federal payroll tax purposes.

 

(h) Escrow Agent.
Escrow Agent’s duties pursuant to this Agreement are purely ministerial in nature, and the Escrow Agent shall incur no liability
whatsoever except for its willful misconduct or gross negligence, so long as the Escrow Agent is acting in good faith. The Parties hereby
release the Escrow Agent from any liability for any error of judgment or for any act done or omitted to be done by the Escrow Agent in
the good faith performance of its duties hereunder and do each hereby indemnify the Escrow Agent against, and shall hold, save, and defend
the Escrow Agent harmless from, any costs, liabilities, and expenses incurred by the Escrow Agent in serving as Escrow Agent hereunder
and in faithfully discharging its duties and obligations hereunder. The Escrow Agent is acting as a stakeholder only with respect to the
Earnest Money. If there is any dispute as to whether the Escrow Agent is obligated to deliver the Earnest Money or as to whom the Earnest
Money is to be delivered, the Escrow Agent may refuse to make any delivery and may continue to hold the Earnest Money until receipt by
the Escrow Agent of an authorization in writing, signed by Seller and Buyer, directing the disposition of the Earnest Money, or, in the
absence of such written authorization, the Escrow Agent may hold the Earnest Money until a final determination of the rights of the Parties
in an appropriate judicial proceeding. If such written authorization is not given, or a proceeding for such determination is not begun,
within thirty (30) days after notice to the Escrow Agent of such dispute, the Escrow Agent may bring an appropriate action or proceeding
for leave to deposit the Earnest Money in a court of competent jurisdiction pending such determination. The Escrow Agent shall be reimbursed
for all costs and expenses of such action or proceeding, including reasonable attorneys’ fees and disbursements, by the Party determined
not to be entitled to the Earnest Money. Upon making delivery of the Earnest Money in any of the manners herein provided, the Escrow Agent
shall have no further liability or obligation hereunder. The Escrow Agent shall execute the Escrow Receipt attached hereto in order to
confirm that it has received the Earnest Money and is holding the same on deposit in accordance with the provisions hereof.

 

(i) Applicable
Law & Venue. This Agreement will be governed by and construed and enforced in accordance
with the internal laws and judicial decisions of the State in which the Property is located without regard to conflict of law provisions
thereof. Any litigation, action or proceeding arising out of or relating to this Agreement will be held exclusively in any state or Federal
court in the state and county in which the Property is primarily located. Each Party waives any objection which it might have now or hereafter
to the venue of any such litigation, action or proceeding, submits to the sole and exclusive jurisdiction of any such court and waives
any claim or defense of inconvenient forum. Each Party consents to service of process at such Party’s address as provided herein
(and updated in writing from time to time).

 

[Remainder of Page Blank]

 

    Page 21 of 27

     

    

 

IN WITNESS WHEREOF,
the Parties executed and delivered this Agreement as of the Effective Date.

 

	Tom Peacock Nissan/Cadillac, Inc., a Texas corporation, as Seller	 	LMP Automotive Holdings, Inc., a Delaware corporation, as Buyer
	 	 	 	 	 
	By:	 	 	By:	 
	 	David Peacock, President	 	 	Name & Title:
	 	 	 	 
	 	Notice Address:	 	 	Notice Address:
	 	aparet@aol.com	 	 	sam@lmpmotors.com,
	 	 	 	 	richard.aldahan@lmpmotors.com, and
	 	With a copy to:	 	 	brian.nolen@nolenpllc.com
	 	 	 	 
	 	William S. Bush	 	 
	 	Bush & Ramirez, PLLC	 	 
	 	5615 Kirby Drive, Suite 900	 	 
	 	Houston, TX  77005	 	 
	 	wsbush.atty@bushramirez.com	 	 

 

	 	 
	David Peacock, individually, as Principal	 
	 	 
	Notice Address: Same as Seller’s Above	 
	 	 
	 	 
	Aldo B. Paret, individually, as Principal	 
	 	 
	Notice Address: Same as Seller’s Above	 

 

    Page 22 of 27

     

    

 

Schedule 1(c) – Form of Opinions

 

Schedule 3(c) – Assumed Contracts

 

(Completed during the Inspection Period)

 

1. Offsite parking
lease for vehicle storage

 

Schedule 6(h) – Manufacturer Matters

 

Cadillac has requested that Seller materially
upgrade the imaging of the Cadillac facility, and offered material consideration to do so, and Seller has declined.

 

    Page 23 of 27

     

    

 

EXHIBIT A

 

License
Use Agreement

(Request
for Permission to Operate)

 

Reference is hereby made to that certain Dealership
Asset Purchase Agreement effective July [●], 2021 (as it may be amended and assigned, the “Agreement”;
undefined capitalized terms used herein are used as defined therein), by and among [●] (“Buyer”), Tom
Peacock Nissan/Cadillac, Inc., a Texas corporation (“Seller”), and David Peacock and Aldo B. Paret (collectively,
“Principal”).

 

If Buyer’s request for permission to operate
is granted by the Office of Consumer Credit Commissioner (“OCCC”), then Seller hereby grants Buyer the authority
for sixty (60) days to operate under Seller’s Motor Vehicle Sales Finance License (including Seller’s documentary fee filing
notice with OCCC) pending issuance Buyer’s licenses by the OCCC and other regulatory authorities of the State of Texas (license
number [●], the “License”), and authorizes Buyer to enter retail installment contracts under Seller’s
name and to sell and assign such retail installment contracts to banks, finance companies and other creditors in the ordinary course of
business. Seller and Buyer each accepts joint and several responsibility to the O.C.C.C. and any consumer of the licensed business for
any acts of Buyer in connection with the operation of the licensed business during the term of this agreement. Seller covenants to maintain,
but not use, the License during the term of this agreement, and to immediately surrender or inactivate its license if the OCCC approves
Buyer’s application.

 

Buyer represents and warrants that it shall promptly
apply for, and shall use commercially reasonable efforts to obtain, its own License as promptly as practicable following the date hereof.
Buyer shall indemnify and hold Seller and Principal harmless from and against any cost or liability, including reasonable attorneys’
fees, incurred by Seller or Principal, or any of their respective affiliates, proximately caused by Buyer’s or its representatives’
use of the License.

 

This agreement will be in force only until Buyer
is issued its own license to replace each the License. During such time, only Buyer may operate under the License. Nothing contained in
this agreement is intended to effectuate a transfer or assignment from Seller to Buyer of any License held by Seller or to grant rights
to Buyer that are prohibited by applicable Texas law. This agreement may be executed in counterparts and delivered via facsimile or electronic
mail.

 

Entered into as of [●], 2021.

 

	Tom Peacock Nissan/Cadillac, Inc., a Texas corporation, as Seller	 	[●], a [●], as Buyer
	 	 	 	 	 
	By:  	 	 	By:	 
	 	David Peacock, President	 	 	Name & Title:
	 	 	 
	Approved:	 	 
	 	 	 
	 	 	 
	___________________, Commissioner Office of Consumer Credit Commissioner	 	 
	 	 	 
	Date:	 	 

 

    Page 24 of 27

     

    

 

EXHIBIT B

 

NON-COMPETITION AGREEMENT

 

This NON-COMPETITION AGREEMENT
(this “Agreement”) is made and entered into as of [●], 2021, by and among Tom Peacock Nissan/Cadillac,
Inc., a Texas corporation, [OTHER OWNERS], David Peacock and Aldo B. Paret, a Texas resident (collectively, “Seller”),
and [●] (the “Buyer”).

 

WHEREAS, Seller has
been involved in the ownership or operation of a Nissan and Cadillac motor vehicle dealership located in Houston, Texas 77090 (the “Dealership”)
for several years and has developed a significant reputation in the Houston metropolitan area and the surrounding regions in connection
with sales, lease and service of motor vehicles and with the general operation of the Dealership;

 

WHEREAS, Buyer (as
assignee of LMP Automotive Holdings, Inc.) and Seller are parties to that certain Dealership Asset Purchase Agreement effective as of
[●], 2021, regarding the Dealership (as it may be amended or assigned, the “APA”; undefined capitalized
terms used herein are used as defined in the APA); and

 

WHEREAS, in order to
protect the future business operations of Buyer from such competition Seller has agreed to refrain from taking certain actions as detailed
herein.

 

NOW, THEREFORE,
in exchange for $10.00 and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereto hereby agree as follows:

 

2. Term. The term of
this Agreement is two (2) years commencing on the Closing Date (the “Term”); provided, however,
the Term will be automatically extended by a period of time equal to the time(s) during which Seller is in breach of this Agreement.

 

3. Non-competition.
During the Term, Seller shall not participate in any capacity in the retail sale, lease, repair or service of motor vehicles, parts or
accessories in Harris County, Texas or any county adjoining Harris County, Texas.

 

4. No solicitation or hiring.
During the Term, without the prior express written consent of Buyer, Seller shall not (and shall not attempt to, permit or cause any of
its affiliates, subsidiaries, contractors or representatives or their respective owners, directors, officers, employees, contractors,
agents, representatives or third parties to) hire or solicit to hire any Dealership employee that worked for the Dealership at any time
during the period of time from June 15, 2021, through the Term (each, a “Restricted Party”).

 

5. Enforcement.

 

(a) Injunctive
Relief. Irreparable damage will result to Buyer upon Seller’s breach of this Agreement, and upon such a Seller breach, Buyer
will be entitled, in addition to any other rights and remedies available at law or in equity, to an injunction to restrain and enjoin
Seller from violating the restrictive covenants in this Agreement (collectively, the “Restrictive Covenants”)
without the necessity of posting any bond or proving special damages or irreparable injury. Seller shall pay or Reimburse Buyer for all
expenses incurred by Buyer, including reasonable legal fees of Buyer in any litigation between Buyer and Seller involving this Agreement
in which Buyer substantially prevails. If there is a suit in equity by Buyer against Seller to enforce this Agreement, and the court refuses
for any reason to enforce the Agreement by injunction, then such suit in equity will not be a bar to a later suit to recover damages.

 

    Page 25 of 27

     

    

 

(b) Stipulated
Damages. The damages to Buyer upon of a violation of this Agreement with respect to hiring or soliciting a Restricted Party is difficult
if not impossible to calculate and, upon a violation of Paragraph 3, Seller jointly and severally shall pay Buyer liquidated damages
of $100,000 for each Restricted Party solicited or hired by Seller (or any entity owned or controlled in whole or in part by a Seller).
If Seller fails to pay or perform such liability or obligation within five (5) days after Buyer’s written demand, then such amounts
owed by either Seller hereunder may be set off from any amount Buyer (or its affiliate) owes Seller (or its affiliate).

 

5. Interpretation &
Administration. The parties hereto do not intend for the Restrictive Covenants to violate any public policy or statutory or common
law. If a court of competent jurisdiction renders a ruling holding that any one or more of the provisions of this Agreement, including
the stated term and/or geographic coverage of the Restrictive Covenants, constitute an unreasonable restriction, then the Restrictive
Covenants will not be rendered void but will apply to such extent and as to such time period and geographic areas as the court may determine
constitutes a reasonable restriction under the circumstances. For clarity, put another way, a court shall be allowed to revise the restrictions
to cover the maximum period, scope and area permitted by law. The parties specifically intend that the Restrictive Covenants will be construed
as a series of separate and independent covenants for each restrictive action and for each distinct geographic area contained within the
stated territory. Seller’s representations, warranties, covenants, duties, obligations and
agreements in this Agreement are the joint and several representations, warranties, covenants, duties, obligations and agreements of Seller
and each person or entity included in the definition of “Seller” in the Preamble. Buyer may freely assign its
rights and duties under this Agreement by providing Seller written notice. Sections 13 and 14 of the APA are incorporated herein by this
reference, mutatis mutandis.

 

IN WITNESS WHEREOF
the parties hereto executed and delivered this Agreement as of the date in the Preamble above.

 

	Tom Peacock Nissan/Cadillac, Inc., a Texas corporation, as a Seller	 	[●], a [●], as Buyer
	 	 	 	 	 
	By:	 	 	By:	 
	 	David Peacock, President	 	 	Name & Title:
	 	 	 
	 	 	 
	David Peacock, individually, as a Seller	 	 
	 	 	 
	 	 	 
	Aldo B. Paret, individually, as a Seller	 	 

 

    Page 26 of 27

     

    

 

ESCROW RECEIPT

 

Tom Peacock Nissan and Tom Peacock Cadillac
Dealership Asset Purchase Agreement

 

Escrow Agent agrees to be bound by the Dealership
Asset Purchase Agreement and acknowledges receipt of:

 

	☐	A.	Executed copies of the Dealership Asset Purchase Agreement on July __, 2021;
	 	 	 
	☐	B.	Earnest Money in the amount of $1,000,000 on July __, 2021.
	 	 	 

The Effective Date of the Dealership Asset Purchase
Agreement is the first date on which Escrow Agent was in possession of both items described above, and thus, the Effective Date is July
__, 2021.

 

Escrow Agent:

 

[●]

 

	By:	 	 
	 	Name & Title:	 

 

Escrow Agent acknowledges having reviewed this
Dealership Asset Purchase Agreement and will be bound by those provisions thereof which pertain to Escrow Agent and its duties thereunder.

 

 

Page 27 of 27

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