Document:

Exhibit 10.10

	
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INITIALS INITIALS
 © 2019AIRCRE. All Rights Reserved. Last Edited: 7/15/2021 3:58 PM
SBS-9.04, Revised 10-22-2020 Page 1 of 6
1. Basic Provisions ("Basic Provisions").
1.1 Par es: This Sublease ("Sublease"), dated for reference purposes only 6-24-2021 , is made by and between NMC Group, Inc., a
California Corporation ("Sublessor") and Phoenix Cars LLC ("Sublessee"), (collec vely the "Par es", or individually a "Party").
1.2 Premises: That certain real property, including all improvements therein, and commonly known as (street address, city, state, zip) 1500
Lakeview Loop, Anaheim, CA 92807 located in the County of Orange , State of California and generally described as
(describe briefly the nature of the property) 39,043 SF ("Premises").
1.3 Term: 5 years and 7.5 months commencing 8/15/2021 ("Commencement Date") and ending 3/31/2027
("Expira on Date").
1.4 Early Possession: If the Premises are available Sublessee may have non-exclusive possession of the Premises commencing N/A ("Early
Possession Date").
1.5 Base Rent: $31,234.40 per month ("Base Rent"), payable on the 1st day of each month commencing 10/1/2021 .
If this box is checked, there are provisions in this Sublease for the Base Rent to be adjusted.
1.6 Base Rent and Other Monies Paid Upon Execu on:
1.7 Agreed Use: The Premises shall be used and occupied only for general administrative office and light metal
fabrication use and for no other purposes.
1.8 Real Estate Brokers.
agency rela onships in this Sublease with the following real estate brokers ("Broker(s)") and/or their agents ("Agent(s)"):
Sublessor's Brokerage Firm CBRE License No. is the broker of (check one): the Sublessor; or both the Sublessee and Sublessor
(dual agent).
Sublessor's Agent Alex Hayden License No. 01202588 is (check one): the Sublessor's Agent (salesperson or broker associate); or
both the Sublessee's Agent and the Sublessor's Agent (dual agent).
Sublessee's Brokerage Firm CBRE License No. Is the broker of (check one): the Sublessee; or both the Sublessee and Sublessor
(dual agent).
Sublessee's Agent Brandon Luckham License No. 02058915 is (check one): the Sublessee's Agent (salesperson or broker associate);
or both the Sublessee's Agent and the Sublessor's Agent (dual agent).
separate wri en agreement (or if there is no such agreement, the sum of or % of the total Base Rent) for the brokerage services rendered
by the Brokers.
1.9 Guarantor. The obliga ons of the Sublessee under this Sublease shall be guaranteed by Xiaofeng Peng,Chief Executive
Officer of SPI ENERGY COMPANY LTD.("Guarantor").
1.10 A achments. A ached hereto are the following, all of which cons tute a part of this Sublease:
an Addendum consis ng of Paragraphs 14 through 15 ;
a plot plan depic ng the Premises;
a Work Le er;
a copy of the master lease and any and all amendments to such lease (collec vely the "Master Lease");
other (specify): Sublessor shall deliver the building vacant and in the conditions set
forth in the Paragraph 2.2 of this Sublease Agreement .
2. Premises.
SUBLEASE FOR A SINGLE SUBLESSEE
To be used if the en re space (Premises) willbe subleased by a single sublessee whether or
not the space (Premises) is a single tenant buildingor is located in a mul -tenant building.
If there will be one or more sublessees sharing the space with each other and/or the lessee,
whether or not the space (Premises)is a single tenant building or is located in a mul -tenant
building, use the Sublease for Mul ple Tenants.
(a) Base Rent: $31,234.40 for the period 8/15/2021-9/15/2021 .
(b) Security Deposit: $62,468.80 ("Security Deposit").
(c) Associa on Fees: for the period .
(d) Other: Net Expenses @ $0.22 PSF or $8,589.46 for 8/15/2021-9/15/2021 .
(e) Total Due Upon Execu on of this Lease: $102,292.66 .
(a) Representa on: Each Party acknowledges receiving a Disclosure Regarding Real Estate Agency Rela onship, confirms and consents to the following
(b) Payment to Brokers: Upon execu on and delivery of this Sublease by both Par es, Sublessor shall pay to the Brokers the brokerage fee agreed to in a

	
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2.1 Le ng. Sublessor hereby subleases to Sublessee, and Sublessee hereby subleases from Sublessor, the Premises, for the term, at the rental, and upon all of
the terms, covenants and condi ons set forth in this Sublease. While the approximate square footage of the Premises may have been used in the marke ng of the
Premises for purposes of comparison, the Base Rent stated herein is NOT  ed to square footage and is not subject to adjustment should the actual size be determined
to be different. Note: Sublessee is advised to verify the actual size prior to execu ng this Sublease.
2.2 Condi on. Sublessor shall deliver the Premises to Sublessee broom clean and free of debris on the Commencement Date or the Early Possession Date,
whichever first occurs ("Start Date"), and warrants that the exis ng electrical, plumbing, fire sprinkler, ligh ng, hea ng, ven la ng and air condi oning systems
("HVAC"), and any items which the Sublessor is obligated to construct pursuant to the Work Le er a ached hereto, if any, other than those constructed by Sublessee,
shall be in good opera ng condi on on said date. If a non-compliance with such warranty exists as of the Start Date, or if one of such systems or elements should
malfunc on or fail within the appropriate warranty period, Sublessor shall, as Sublessor's sole obliga on with respect to such ma er, except as otherwise provided in
this Sublease, promptly a er receipt of wri en no ce from Sublessee se ng forth with specificity the nature and extent of such non-compliance, malfunc on or
failure, rec fy same at Sublessor's expense. The warranty periods shall be as follows: (i) 6 months as to the HVAC systems, and (ii) 30 days as to the remaining systems
and other elements. If Sublessee does not give Sublessor the required no ce within the appropriate warranty period, correc on of any such non-compliance,
malfunc on or failure shall be the obliga on of Sublessee at Sublessee's sole cost and expense.
2.3 Compliance. Sublessor warrants that any improvements, altera ons or u lity installa ons made or installed by or on behalf of Sublessor to or on the
Premises comply with all applicable covenants or restric ons of record and applicable building codes, regula ons and ordinances ("Applicable Requirements") in
effect on the date that they were made or installed. Sublessor makes no warranty as to the use to which Sublessee will put the Premises or to modifica ons which
may be required by the Americans with Disabili es Act or any similar laws as a result of Sublessee's use. NOTE: Sublessee is responsible for determining whether or
not the zoning and other Applicable Requirements are appropriate for Sublessee's intended use, and acknowledges that past uses of the Premises may no longer
be allowed. If the Premises do not comply with said warranty, Sublessor shall, except as otherwise provided, promptly a er receipt of wri en no ce from Sublessee
se ng forth with specificity the nature and extent of such non-compliance, rec fy the same.
2.4 Acknowledgements. Sublessee acknowledges that: (a) it has been given an opportunity to inspect and measure the Premises, (b) it has been advised by
Sublessor and/or Brokers to sa sfy itself with respect to the size and condi on of the Premises (including but not limited to the electrical, HVAC and fire sprinkler
systems, security, environmental aspects, and compliance with Applicable Requirements and the Americans with Disabili es Act), and their suitability for Sublessee's
intended use, (c) Sublessee has made such inves ga on as it deems necessary with reference to such ma ers and assumes all responsibility therefor as the same
relate to its occupancy of the Premises, (d) it is not relying on any representa on as to the size of the Premises made by Brokers or Sublessor, (e) the square footage of
the Premises was not material to Sublessee's decision to sublease the Premises and pay the Rent stated herein, and (f) neither Sublessor, Sublessor's agents, nor
Brokers have made any oral or wri en representa ons or warran es with respect to said ma ers other than as set forth in this Sublease. In addi on, Sublessor
acknowledges that: (i) Brokers have made no representa ons, promises or warran es concerning Sublessee's ability to honor the Sublease or suitability to occupy the
Premises, and (ii) it is Sublessor's sole responsibility to inves gate the financial capability and/or suitability of all proposed tenants.
2.5 Americans with Disabili es Act. In the event that as a result of Sublessee's use, or intended use, of the Premises the Americans with Disabili es Act or any
similar law requires modifica ons or the construc on or installa on of improvements in or to the Premises, Building, Project and/or Common Areas, the Par es agree
that such modifica ons, construc on or improvements shall be made at: Sublessor's expense Sublessee's expense.
3. Possession.
3.1 Early Possession. Any provision herein gran ng Sublessee Early Possession of the Premises is subject to and condi oned upon the Premises being available
for such possession prior to the Commencement Date. Any grant of Early Possession only conveys a non-exclusive right to occupy the Premises. If Sublessee totally or
par ally occupies the Premises prior to the Commencement Date, the obliga on to pay Base Rent shall be abated for the period of such Early Possession. All other
terms of this Sublease (including but not limited to the obliga ons to pay Sublessee's Share of Common Area Opera ng Expenses, Real Property Taxes and insurance
premiums and to maintain the Premises) shall, however, be in effect during such period. Any such Early Possession shall not affect the Expira on Date.
3.2 Delay in Commencement. Sublessor agrees to use its best commercially reasonable efforts to deliver possession of the Premises by the Commencement
Date. If, despite said efforts, Sublessor is unable to deliver possession as agreed, the rights and obliga ons of Sublessor and Sublessee shall be as set forth in
Paragraph 3.3 of the Master Lease (as modified by Paragraph 6.3 of this Sublease).
3.3 Sublessee Compliance. Sublessor shall not be required to tender possession of the Premises to Sublessee un l Sublessee complies with its obliga on to
provide evidence of insurance. Pending delivery of such evidence, Sublessee shall be required to perform all of its obliga ons under this Sublease from and a er the
Start Date, including the payment of Rent, notwithstanding Sublessor's elec on to withhold possession pending receipt of such evidence of insurance. Further, if
Sublessee is required to perform any other condi ons prior to or concurrent with the Start Date, the Start Date shall occur but Sublessor may elect to withhold
possession un l such condi ons are sa sfied.
4. Rent and Other Charges.
4.1 Rent Defined. All monetary obliga ons of Sublessee to Sublessor under the terms of this Sublease (except for the Security Deposit) are deemed to be rent
("Rent"). Rent shall be payable in lawful money of the United States to Sublessor at the address stated herein or to such other persons or at such other places as
Sublessor may designate in wri ng.
4.2 U li es. Sublessee shall pay for all water, gas, heat, light, power, telephone, trash disposal and other u li es and services supplied to the Premises,
together with any taxes thereon.
5. Security Deposit. The rights and obliga ons of Sublessor and Sublessee as to said Security Deposit shall be as set forth in Paragraph 5 of the Master Lease (as
modified by Paragraph 6.3 of this Sublease).
6. Master Lease.
6.1 Sublessor is the lessee of the Premises by virtue of the "Master Lease", wherein Alemi Properties LLC is the lessor, hereina er the
"Master Lessor".
6.2 This Sublease is and shall be at all  mes subject and subordinate to the Master Lease.
6.3 The terms, condi ons and respec ve obliga ons of Sublessor and Sublessee to each other under this Sublease shall be the terms and condi ons of the
Master Lease except for those provisions of the Master Lease which are directly contradicted by this Sublease in which event the terms of this Sublease document
shall control over the Master Lease. Therefore, for the purposes of this Sublease, wherever in the Master Lease the word "Lessor" is used it shall be deemed to mean
the Sublessor herein and wherever in the Master Lease the word "Lessee" is used it shall be deemed to mean the Sublessee herein.
6.4 During the term of this Sublease and for all periods subsequent for obliga ons which have arisen prior to the termina on of this Sublease, Sublessee does
hereby expressly assume and agree to perform and comply with, for the benefit of Sublessor and Master Lessor, each and every obliga on of Sublessor under the

	
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Master Lease except for the following paragraphs which are excluded therefrom: N/A .
6.5 The obliga ons that Sublessee has assumed under paragraph 6.4 hereof are hereina er referred to as the "Sublessee's Assumed Obliga ons". The
obliga ons that sublessee has not assumed under paragraph 6.4 hereof are hereina er referred to as the "Sublessor's Remaining Obliga ons".
6.6 Sublessee shall hold Sublessor free and harmless from all liability, judgments, costs, damages, claims or demands, including reasonable a orneys fees,
arising out of Sublessee's failure to comply with or perform Sublessee's Assumed Obliga ons.
6.7 Sublessor agrees to maintain the Master Lease during the en re term of this Sublease, subject, however, to any earlier termina on of the Master Lease
without the fault of the Sublessor, and to comply with or perform Sublessor's Remaining Obliga ons and to hold Sublessee free and harmless from all liability,
judgments, costs, damages, claims or demands arising out of Sublessor's failure to comply with or perform Sublessor's Remaining Obliga ons.
6.8 Sublessor represents to Sublessee that the Master Lease is in full force and effect and that no default exists on the part of any Party to the Master Lease.
7. Assignment of Sublease and Default.
7.1 Sublessor hereby assigns and transfers to Master Lessor the Sublessor's interest in this Sublease, subject however to the provisions of Paragraph 8.2 hereof.
7.2 Master Lessor, by execu ng this document, agrees that un l a Default shall occur in the performance of Sublessor's Obliga ons under the Master Lease,
that Sublessor may receive, collect and enjoy the Rent accruing under this Sublease. However, if Sublessor shall Default in the performance of its obliga ons to
Master Lessor then Master Lessor may, at its op on, receive and collect, directly from Sublessee, all Rent owing and to be owed under this Sublease. In the event,
however, that the amount collected by Master Lessor exceeds Sublessor's obliga ons any such excess shall be refunded to Sublessor. Master Lessor shall not, by
reason of this assignment of the Sublease nor by reason of the collec on of the Rent from the Sublessee, be deemed liable to Sublessee for any failure of the
Sublessor to perform and comply with Sublessor's Remaining Obliga ons.
7.3 Sublessor hereby irrevocably authorizes and directs Sublessee upon receipt of any wri en no ce from the Master Lessor sta ng that a Default exists in the
performance of Sublessor's obliga ons under the Master Lease, to pay to Master Lessor the Rent due and to become due under the Sublease. Sublessor agrees that
Sublessee shall have the right to rely upon any such statement and request from Master Lessor, and that Sublessee shall pay such Rent to Master Lessor without any
obliga on or right to inquire as to whether such Default exists and notwithstanding any no ce from or claim from Sublessor to the contrary and Sublessor shall have
no right or claim against Sublessee for any such Rent so paid by Sublessee.
7.4 No changes or modifica ons shall be made to this Sublease without the consent of Master Lessor.
8. Consent of Master Lessor.
8.1 In the event that the Master Lease requires that Sublessor obtain the consent of Master Lessor to any suble ng by Sublessor then, this Sublease shall not
be effec ve unless, within 10 days of the date hereof, Master Lessor signs this Sublease thereby giving its consent to this Suble ng.
8.2 In the event that the obliga ons of the Sublessor under the Master Lease have been guaranteed by third par es, then neither this Sublease, nor the Master
Lessor's consent, shall be effec ve unless, within 10 days of the date hereof, said guarantors sign this Sublease thereby giving their consent to this Sublease.
8.3 In the event that Master Lessor does give such consent then:
(a) Such consent shall not release Sublessor of its obliga ons or alter the primary liability of Sublessor to pay the Rent and perform and comply with all of
the obliga ons of Sublessor to be performed under the Master Lease.
(b) The acceptance of Rent by Master Lessor from Sublessee or any one else liable under the Master Lease shall not be deemed a waiver by Master
Lessor of any provisions of the Master Lease.
(c) The consent to this Sublease shall not cons tute a consent to any subsequent suble ng or assignment.
(d) In the event of any Default of Sublessor under the Master Lease, Master Lessor may proceed directly against Sublessor, any guarantors or any one
else liable under the Master Lease or this Sublease without first exhaus ng Master Lessor's remedies against any other person or en ty liable thereon to Master
Lessor.
(e) Master Lessor may consent to subsequent suble ngs and assignments of the Master Lease or this Sublease or any amendments or modifica ons
thereto without no fying Sublessor or any one else liable under the Master Lease and without obtaining their consent and such ac on shall not relieve such persons
from liability.
(f) In the event that Sublessor shall Default in its obliga ons under the Master Lease, then Master Lessor, at its op on and without being obligated to do
so, may require Sublessee to a orn to Master Lessor in which event Master Lessor shall undertake the obliga ons of Sublessor under this Sublease from the  me of
the exercise of said op on to termina on of this Sublease but Master Lessor shall not be liable for any prepaid Rent nor any Security Deposit paid by Sublessee, nor
shall Master Lessor be liable for any other Defaults of the Sublessor under the Sublease.
(g) Unless directly contradicted by other provisions of this Sublease, the consent of Master Lessor to this Sublease shall not cons tute an agreement to
allow Sublessee to exercise any op ons which may have been granted to Sublessor in the Master Lease (see Paragraph 39.2 of the Master Lease).
8.4 The signatures of the Master Lessor and any Guarantors of Sublessor at the end of this document shall cons tute their consent to the terms of this
Sublease.
8.5 Master Lessor acknowledges that, to the best of Master Lessor's knowledge, no Default presently exists under the Master Lease of obliga ons to be
performed by Sublessor and that the Master Lease is in full force and effect.
8.6 In the event that Sublessor Defaults under its obliga ons to be performed under the Master Lease by Sublessor, Master Lessor agrees to deliver to
Sublessee a copy of any such no ce of default. Sublessee shall have the right to cure any Default of Sublessor described in any no ce of default if Sublessee does so
within the same number of days set forth in the no ce of default given to Sublessor. If such Default is cured by Sublessee then Sublessee shall have the right of
reimbursement and offset from and against Sublessor.
9. Addi onal Brokers Commissions.
9.1 Sublessor agrees that if Sublessee exercises any op on or right of first refusal as granted by Sublessor herein, or any op on or right substan ally similar
thereto, either to extend the term of this Sublease, to renew this Sublease, to purchase the Premises, or to lease or purchase adjacent property which Sublessor may
own or in which Sublessor has an interest, then Sublessor shall pay to Broker a fee in accordance with the schedule of Broker in effect at the  me of the execu on of
this Sublease. Notwithstanding the foregoing, Sublessor's obliga on under this Paragraph is limited to a transac on in which Sublessor is ac ng as a Sublessor, lessor
or seller.
9.2 If a separate brokerage fee agreement is a ached then Master Lessor agrees that if Sublessee shall exercise any op on or right of first refusal granted to
Sublessee by Master Lessor in connec on with this Sublease, or any op on or right substan ally similar thereto, either to extend or renew the Master Lease, to
purchase the Premises or any part thereof, or to lease or purchase adjacent property which Master Lessor may own or in which Master Lessor has an interest, or if
Broker is the procuring cause of any other lease or sale entered into between Sublessee and Master Lessor pertaining to the Premises, any part thereof, or any
adjacent property which Master Lessor owns or in which it has an interest, then as to any of said transac ons, Master Lessor shall pay to Broker a fee, in cash, in

	
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accordance with the schedule a ached to such brokerage fee agreement.
9.3 Any fee due from Sublessor or Master Lessor hereunder shall be due and payable upon the exercise of any op on to extend or renew, upon the execu on
of any new lease, or, in the event of a purchase, at the close of escrow.
9.4 Any transferee of Sublessor's interest in this Sublease, or of Master Lessor's interest in the Master Lease, by accep ng an assignment thereof, shall be
deemed to have assumed the respec ve obliga ons of Sublessor or Master Lessor under this Paragraph 9. Broker shall be deemed to be a third-party beneficiary of
this paragraph 9.
10. Representa ons and Indemni es of Broker Rela onships. The Par es each represent and warrant to the other that it has had no dealings with any person,
 firm, broker, agent or finder (other than the Brokers and Agents, if any) in connec on with this Sublease, and that no one other than said named Brokers and Agents is
en tled to any commission or finder's fee in connec on herewith. Sublessee and Sublessor do each hereby agree to indemnify, protect, defend and hold the other
harmless from and against liability for compensa on or charges which may be claimed by any such unnamed broker, finder or other similar party by reason of any
dealings or ac ons of the indemnifying Party, including any costs, expenses, a orneys' fees reasonably incurred with respect thereto.
11. A orney's fees. If any Party or Broker brings an ac on or proceeding involving the Premises whether founded in tort, contract or equity, or to declare rights
hereunder, the Prevailing Party (as herea er defined) in any such proceeding, ac on, or appeal thereon, shall be en tled to reasonable a orneys' fees. Such fees may
be awarded in the same suit or recovered in a separate suit, whether or not such ac on or proceeding is pursued to decision or judgment. The term, "Prevailing
Party" shall include, without limita on, a Party or Broker who substan ally obtains or defeats the relief sought, as the case may be, whether by compromise,
se lement, judgment, or the abandonment by the other Party or Broker of its claim or defense. The a orneys' fees award shall not be computed in accordance with
any court fee schedule, but shall be such as to fully reimburse all a orneys' fees reasonably incurred. In addi on, Sublessor shall be en tled to a orneys' fees, costs
and expenses incurred in the prepara on and service of no ces of Default and consulta ons in connec on therewith, whether or not a legal ac on is subsequently
commenced in connec on with such Default or resul ng Breach ($200 is a reasonable minimum per occurrence for such services and consulta on).
12. No Prior or Other Agreements; Broker Disclaimer. This Sublease contains all agreements between the Par es with respect to any ma er men oned herein, and
no other prior or contemporaneous agreement or understanding shall be effec ve. Sublessor and Sublessee each represents and warrants to the Brokers that it has
made, and is relying solely upon, its own inves ga on as to the nature, quality, character and financial responsibility of the other Party to this Sublease and as to the
use, nature, quality and character of the Premises. Brokers have no responsibility with respect thereto or with respect to any default or breach hereof by either Party.
The liability (including court costs and a orneys' fees), of any Broker with respect to nego a on, execu on, delivery or performance by either Sublessor or Sublessee
under this Sublease or any amendment or modifica on hereto shall be limited to an amount up to the fee received by such Broker pursuant to this Sublease;
provided, however, that the foregoing limita on on each Broker's liability shall not be applicable to any gross negligence or willful misconduct of such Broker.
Signatures to this Sublease accomplished by means of electronic signature or similar technology shall be legal and binding.
13. Accessibility; Americans with Disabili es Act.
(a) The Premises:
have not undergone an inspec on by a Cer fied Access Specialist (CASp). Note: A Cer fied Access Specialist (CASp) can inspect the subject premises and
determine whether the subject premises comply with all of the applicable construc on-related accessibility standards under state law. Although state law does not
require a CASp inspec on of the subject premises, the commercial property owner or lessor may not prohibit the lessee or tenant from obtaining a CASp inspec on of
the subject premises for the occupancy or poten al occupancy of the lessee or tenant, if requested by the lessee or tenant. The par es shall mutually agree on the
arrangements for the  me and manner of the CASp inspec on, the payment of the fee for the CASp inspec on, and the cost of making any repairs necessary to
correct viola ons of construc on-related accessibility standards within the premises.
have undergone an inspec on by a Cer fied Access Specialist (CASp) and it was determined that the Premises met all applicable construc on-related accessibility
standards pursuant to California Civil Code §55.51 et seq. Lessee acknowledges that it received a copy of the inspec on report at least 48 hours prior to execu ng
this Lease and agrees to keep such report confiden al.
have undergone an inspec on by a Cer fied Access Specialist (CASp) and it was determined that the Premises did not meet all applicable construc on-related
accessibility standards pursuant to California Civil Code §55.51 et seq. Lessee acknowledges that it received a copy of the inspec on report at least 48 hours prior to
execu ng this Lease and agrees to keep such report confiden al except as necessary to complete repairs and correc ons of viola ons of construc on related
accessibility standards.
In the event that the Premises have been issued an inspec on report by a CASp the Lessor shall provide a copy of the disability access inspec on cer ficate to Lessee
within 7 days of the execu on of this Lease.
(b) Since compliance with the Americans with Disabili es Act (ADA) and other state and local accessibility statutes are dependent upon Lessee's specific
use of the Premises, Lessor makes no warranty or representa on as to whether or not the Premises comply with ADA or any similar legisla on. In the event that
Lessee's use of the Premises requires modifica ons or addi ons to the Premises in order to be in compliance with ADA or other accessibility statutes, Lessee agrees to
make any such necessary modifica ons and/or addi ons at Lessee's expense.
ATTENTION: NO REPRESENTATION OR RECOMMENDATION IS MADE BY AIR CRE OR BY ANY REAL ESTATE BROKER AS TO THE LEGAL SUFFICIENCY, LEGAL EFFECT, OR
TAX CONSEQUENCES OF THIS SUBLEASE OR THE TRANSACTION TO WHICH IT RELATES. THE PARTIES ARE URGED TO:
1. SEEK ADVICE OF COUNSEL AS TO THE LEGAL AND TAX CONSEQUENCES OF THIS SUBLEASE.
2. RETAIN APPROPRIATE CONSULTANTS TO REVIEW AND INVESTIGATE THE CONDITION OF THE PREMISES. SAID INVESTIGATION SHOULD INCLUDE BUT NOT BE
LIMITED TO: THE POSSIBLE PRESENCE OF HAZARDOUS SUBSTANCES, THE ZONING OF THE PROPERTY, THE STRUCTURAL INTEGRITY, THE CONDITION OF THE ROOF
AND OPERATING SYSTEMS, AND THE SUITABILITY OF THE PREMISES FOR SUBLESSEE'S INTENDED USE.
WARNING: IF THE SUBJECT PROPERTY IS LOCATED IN A STATE OTHER THAN CALIFORNIA, CERTAIN PROVISIONS OF THE SUBLEASE MAY NEED TO BE REVISED TO
COMPLY WITH LAWS OF THE STATE IN WHICH THE PROPERTY IS LOCATED
Executed At:
On:
By Sublessor:
Executed At:
On:
By Sublessee:
7/16/2021 7/16/2021

	
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NMC Group, Inc., a California Corporation
By:
Name Printed: Kevin McHenry
Title: NMC/Kirkhill President
Phone:
Fax:
Email: kmchenry@kirkhill.com
By: TRANSDIGM AS GUARANTOR
By:_______________________________
Name Printed: Michael Lisman
Title: Chief Financial Officer
Phone:
Fax:
Email: mlisman@transdigm.com
Address:
Federal ID No.:
Phoenix Cars LLC
By:
Name Printed: Chris Wang
Title: Chief Financial Officer
Phone:
Fax:
Email: chrisw@phoenixmotorcars.com
By:
SPI ENERGY COMPANY, LTD.,
AS GUARANTOR
By:______________________________
Name Printed: Xiaofeng Peng
Title: Chief Executive Office
Phone:
Fax:
Email: denton.peng@spigroups.com
Address:
Federal ID No.:
BROKER
CBRE
A n: Alex Hayden
Title:
Address:
Phone:
Fax:
Email:
Federal ID No.:
Broker DRE License #:
Agent DRE License #: 01202588
BROKER
CBRE
A n: Brandon Luckham
Title:
Address:
Phone:
Fax:
Email:
Federal ID No.:
Broker DRE License #:
Agent DRE License #: 02058915
Consent to the above Sublease is hereby given.
Executed At:
Executed On:
By Master Lessor:
Alemi Properties LLC
By:
Name Printed:
Title:
Phone:
Fax:
Email:
By:
Name Printed:
Title:
Phone:
Fax:
Email:
Address:
Executed At:
Executed On:
By Guarantor:
By:
Name Printed:
Title:
Address:
By:
Name Printed:
Title:
Address:

	
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 © 2019AIRCRE. All Rights Reserved. Last Edited: 7/15/2021 3:58 PM
SBS-9.04, Revised 10-22-2020 Page 6 of 6
Federal ID No.:
AIR CRE * h ps://www.aircre.com * 213-687-8777 * contracts@aircre.com
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ASL-1.00, Revised 10-22-2020 Page 1 of 1
ADDENDUM TO SUBLEASE
Date: 6-24-2021
By and Between
Sublessor: NMC Group, Inc., a California Corporation
Sublessee: Phoenix Cars LLC
Property Address: 1500 Lakeview Loop, Anaheim, CA 92807
(street address, city, state, zip)
Paragraph: 14.
14. Triple Net Expenses: In addition to Base Rent, Sublessee shall be responsible for triple net
expenses which are currently approximately $0.22 Per Sq Ft or $8,589.46/month
15. Rent Schedule:
Months Rent Per Month
8/15/2021-9/15/2021 $31,234.40 NNN
9/16/2021-9/30/2021 $15,617.20 NNN
10/01/2021-7/31/2022 $31,234.40 NNN
8/01/2022-7/31/2023 $32,171.43 NNN
8/01/2023-7/31/2024 $33,136.57 NNN
8/01/2024-7/31/2025 $34,130.67 NNN
8/01/2025-7/31/2026 $35,154.59 NNN
8/01/2026-3/31/2027 $36,209.23 NNN
In the event of any conflict between the provisions of this Addendum and the printed provisions of the Sublease, this Addendum shall control.
AIR CRE * h ps://www.aircre.com * 213-687-8777 * contracts@aircre.com
NOTICE: No part of these works may be reproduced in any form without permission in wri ng.

	
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GR-3.22, Revised10-22-2020 Page 1 of 2
GUARANTY OF LEASE
WHEREAS, NMC Group, Inc., hereina er "SubLessor", and Phoenix Cars LLC , hereina er "SubLessee", are about to
execute a document en tled "SubLease" dated 6-24-2021 concerning the premises commonly known as (street address, city, state, zip) 1500
Lakeview Loop, Anaheim, CA 92807 wherein SubLessor will lease the premises to SubLessee, and
WHEREAS, SPI Energy Company Ltd. hereina er "Guarantors" have a financial interest in Lessee, and
WHEREAS, Lessor would not execute the Lease if Guarantors did not execute and deliver to Lessor this Guaranty of Lease.
NOW THEREFORE, in considera on of the execu on of said Lease by Lessor and as a material inducement to Lessor to execute said Lease, Guarantors hereby
jointly, severally, uncondi onally and irrevocably guarantee the prompt payment by Lessee of all rents and all other sums payable by Lessee under said Lease and the
faithful and prompt performance by Lessee of each and every one of the terms, condi ons and covenants of said Lease to be kept and performed by Lessee.
It is specifically agreed by Lessor and Guarantors that: (i) the terms of the foregoing Lease may be modified by agreement between Lessor and Lessee, or by a
course of conduct, and (ii) said Lease may be assigned by Lessor or any assignee of Lessor without the consent of or no ce to Guarantors and that this Guaranty shall
guarantee the performance of said Lease as so modified.
This Guaranty shall not be released, modified or affected by the failure or delay on the part of Lessor to enforce any of the rights or remedies of the Lessor under
said Lease.
No no ce of default by Lessee under the Lease need be given by Lessor to Guarantors, it being specifically agreed that the guarantee of the undersigned is a
con nuing guarantee under which Lessor may proceed immediately against Lessee and/or against Guarantors following any breach or default by Lessee or for the
enforcement of any rights which Lessor may have as against Lessee under the terms of the Lease or at law or in equity.
Lessor shall have the right to proceed against Guarantors following any breach or default by Lessee under the Lease without first proceeding against Lessee and
without previous no ce to or demand upon either Lessee or Guarantors.
Guarantors hereby waive (a) no ce of acceptance of this Guaranty. (b) demand of payment, presenta on and protest, (c) all right to assert or plead any statute
of limita ons rela ng to this Guaranty or the Lease, (d) any right to require the Lessor to proceed against the Lessee or any other Guarantor or any other person or
en ty liable to Lessor, (e) any right to require Lessor to apply to any default any security deposit or other security it may hold under the Lease, (f) any right to require
Lessor to proceed under any other remedy Lessor may have before proceeding against Guarantors, (g) any right of subroga on that Guarantors may have against
Lessee.
Guarantors do hereby subordinate all exis ng or future indebtedness of Lessee to Guarantors to the obliga ons owed to Lessor under the Lease and this
Guaranty.
If a Guarantor is married, such Guarantor expressly agrees that recourse may be had against his or her separate property for all of the obliga ons hereunder.
The obliga ons of Lessee under the Lease to execute and deliver estoppel statements and financial statements, as therein provided, shall be deemed to also
require the Guarantors to provide estoppel statements and financial statements to Lessor. The failure of the Guarantors to provide the same to Lessor shall cons tute
a default under the Lease.
The term "Lessor" refers to and means the SubLessor named in the SubLease and also SubLessor's successors and assigns. So long as Lessor's interest in
the Lease, the leased premises or the rents, issues and profits therefrom, are subject to any mortgage or deed of trust or assignment for security, no acquisi on by
Guarantors of the Lessor's interest shall affect the con nuing obliga on of Guarantors under this Guaranty which shall nevertheless con nue in full force and effect for
the benefit of the mortgagee, beneficiary, trustee or assignee under such mortgage, deed of trust or assignment and their successors and assigns.
The term "Lessee" refers to and means the SubLessee named in the SubLease and also SubLessee's successors and assigns.
The term "Lease" refers to and means the Sublease.
Any description of the transaction should only reflect these terms.
Any recovery by Lessor from any other guarantor or insurer shall first be credited to the por on of Lessee's indebtedness to Lessor which exceeds the maximum
liability of Guarantors under this Guaranty.
No provision of this Guaranty or right of the Lessor can be waived, nor can the Guarantors be released from their obliga ons except in wri ng signed by the
Lessor.
Any li ga on concerning this Guaranty shall be ini ated in a state court of competent jurisdic on in the county in which the leased premises are located and the
Guarantors consent to the jurisdic on of such court. This Guaranty shall be governed by the laws of the State in which the leased premises are located and for the
purposes of any rules regarding conflicts of law the par es shall be treated as if they were all residents or domiciles of such State.
In the event any ac on be brought by said Lessor against Guarantors hereunder to enforce the obliga on of Guarantors hereunder, the unsuccessful party in
such ac on shall pay to the prevailing party therein a reasonable a orney's fee. The a orney's fee award shall not be computed in accordance with any court fee

	
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GR-3.22, Revised10-22-2020 Page 2 of 2
schedule, but shall be such as to full reimburse all a orneys' fees reasonably incurred.
If any Guarantor is a corpora on, partnership, or limited liability company, each individual execu ng this Guaranty on said en ty's behalf represents and
warrants that he or she is duly authorized to execute this Guaranty on behalf of such en ty. Signatures to this Guaranty accomplished by means of electronic
signature or similar technology shall be legal and binding.
If this Form has been filled in, it has been prepared for submission to your a orney for his approval. No representa on or recommenda on is made by AIR CRE,
the real estate broker or its agents or employees as to the legal sufficiency, legal effect, or tax consequences of this Form or the transac on rela ng thereto.
GUARANTORS
SPI Energy Company Ltd.
Executed At:
On:
By:
Name Printed: Xiaofeng Peng
Title: Chief Executive Officer
Address:
email: denton.peng@spigroups.com
By:
Name Printed:
Title:
Address:
AIR CRE * h ps://www.aircre.com * 213-687-8777 * contracts@aircre.com
NOTICE: No part of these works may be reproduced in any form without permission in wri ng.
7/16/2021

	
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INITIALS INITIALS
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AD-3.01, Revised 10-22-2020 Page1 of 4
DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIP
(As required by the Civil Code)
When you enter into a discussion with a real estate agent regarding a real estate transac on, you should from the outset understand what type of agency rela onship
or representa on you wish to have with the agent in the transac on.
SELLER'S AGENT
A Seller's agent under a lis ng agreement with the Seller acts as the agent for the Seller only. A Seller's agent or a subagent of that agent has the following affirma ve
obliga ons:
To the Seller: A fiduciary duty of utmost care, integrity, honesty and loyalty in dealings with the Seller.
To the Buyer and the Seller:
(a) Diligent exercise of reasonable skill and care in performance of the agent's du es.
(b) A duty of honest and fair dealing and good faith.
(c) A duty to disclose all facts known to the agent materially affec ng the value or desirability of the property that are not known to, or within the diligent a en on
and observa on of, the par es.
An agent is not obligated to reveal to either party any confiden al informa on obtained from the other party that does not involve the affirma ve du es set
forth above.
BUYER'S AGENT
A Buyer's agent can, with a Buyer's consent, agree to act as agent for the Buyer only. In these situa ons, the agent is not the Seller's agent, even if by agreement the
agent may receive compensa on for services rendered, either in full or in part from the Seller. An agent ac ng only for a Buyer has the following affirma ve
obliga ons:
To the Buyer: A fiduciary duty of utmost care, integrity, honesty and loyalty in dealings with the Buyer.
To the Buyer and the Seller:
(a) Diligent exercise of reasonable skill and care in performance of the agent's du es.
(b) A duty of honest and fair dealing and good faith.
(c) A duty to disclose all facts known to the agent materially affec ng the value or desirability of the property that are not known to, or within the diligent
a en on and observa on of, the par es.
An agent is not obligated to reveal to either party any confiden al informa on obtained from the other party that does not involve the affirma ve du es set forth
above.
AGENT REPRESENTING BOTH SELLER AND BUYER
A real estate agent, either ac ng directly or through one or more salesperson and broker associates, can legally be the agent of both the Seller and the Buyer in a
transac on, but only with the knowledge and consent of both the Seller and the Buyer.
In a dual agency situa on, the agent has the following affirma ve obliga ons to both the Seller and the Buyer:
(a) A fiduciary duty of utmost care, integrity, honesty and loyalty in the dealings with either the Seller or the Buyer.
(b) Other du es to the Seller and the Buyer as stated above in their respec ve sec ons.
In represen ng both Seller and Buyer, a dual agent may not, without the express permission of the respec ve party, disclose to the other party confiden al
informa on, including, but not limited to, facts rela ng to either the Buyer's or Seller's financial posi on, mo va ons, bargaining posi on, or other personal
informa on that may impact price, including the Seller's willingness to accept a price less than the lis ng price or the Buyer's willingness to pay a price greater than
the price offered.
SELLER AND BUYER RESPONSIBILITIES
Either the purchase agreement or a separate document will contain a confirma on of which agent is represen ng you and whether that agent is represen ng you
exclusively in the transac on or ac ng as a dual agent. Please pay a en on to that confirma on to make sure it accurately reflects your understanding of your agent’s
role. The above du es of the agent in a real estate transac on do not relieve a Seller or Buyer from the responsibility to protect his or her own interests. You should
carefully read all agreements to assure that they adequately express your understanding of the transac on. A real estate agent is a person qualified to advise about
real estate. If legal or tax advice is desired, consult a competent professional. If you are a Buyer, you have the duty to exercise reasonable care to protect yourself,
including as to those facts about the property which are known to you or within your diligent a en on and observa on. Both Sellers and Buyers should strongly
consider obtaining tax advice from a competent professional because the federal and state tax consequences of a transac on can be complex and subject to change.
Throughout your real property transac on you may receive more than one disclosure form, depending upon the number of agents assis ng in the transac on. The
law requires each agent with whom you have more than a casual rela onship to present you with this disclosure form. You should read its contents each  me it is
presented to you, considering the rela onship between you and the real estate agent in your specific transac on. This disclosure form includes the provisions of
Sec ons 2079.13 to 2079.24, inclusive, of the Civil Code set forth on page 2. Read it carefully. I/WE ACKNOWLEDGE RECEIPT OF A COPY OF THIS DISCLOSURE AND
THE PORTIONS OF THE CIVIL CODE PRINTED ON THE BACK (OR A SEPARATE PAGE).
Buyer Seller
SubLessor
Lessee
Date:
Buyer Seller Lessor Sub
Lessee Date:
Agent: Alex Hayden DRE Lic. #: 01202588
Real Estate Broker (Firm)
By: DRE Lic. #: Date:
7/16/2021
7/16/2021

	
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AD-3.01, Revised 10-22-2020 Page2 of 4
(Salesperson or Broker-Associate)
THIS FORM HAS BEEN PREPARED BY AIR CRE. NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR ADEQUACY OF THIS FORM FOR ANY SPECIFIC
TRANSACTION. PLEASE SEEK LEGAL COUNSEL AS TO THE APPROPRIATENESS OF THIS FORM.

	
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INITIALS INITIALS
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AD-3.01, Revised 10-22-2020 Page3 of 4
DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIP
CIVIL CODE SECTIONS 2079.13 THROUGH 2079.24(2079.16 APPEARS ON THE FRONT)
2079.13. As used in Sec ons 2079.7 and 2079.14 to 2079.24, inclusive, the following terms have the following meanings:
(a) “Agent” means a person ac ng under provisions of Title 9 (commencing with Sec on 2295) in a real property transac on, and includes a person who is licensed as
a real estate broker under Chapter 3 (commencing with Sec on 10130) of Part 1 of Division 4 of the Business and Professions Code, and under whose license a lis ng
is executed or an offer to purchase is obtained. The agent in the real property transac on bears responsibility for that agent’s salespersons or broker associates who
perform as agents of the agent. When a salesperson or broker associate owes a duty to any principal, or to any buyer or seller who is not a principal, in a real property
transac on, that duty is equivalent to the duty owed to that party by the broker for whom the salesperson or broker associate func ons. (b) “Buyer” means a
transferee in a real property transac on, and includes a person who executes an offer to purchase real property from a seller through an agent, or who seeks the
services of an agent in more than a casual, transitory, or preliminary manner, with the object of entering into a real property transac on. “Buyer” includes vendee or
lessee of real property. (c) “Commercial real property” means all real property in the state, except (1) single-family residen al real property, (2) dwelling units made
subject to Chapter 2 (commencing with Sec on 1940) of Title 5, (3) a mobile home, as defined in Sec on 798.3, (4) vacant land, or (5) a recrea onal vehicle, as
defined in Sec on 799.29. (d) “Dual agent” means an agent ac ng, either directly or through a salesperson or broker associate, as agent for both the seller and the
buyer in a real property transac on. (e) “Lis ng agreement” means a wri en contract between a seller of real property and an agent, by which the agent has been
authorized to sell the real property or to find or obtain a buyer, including rendering other services for which a real estate license is required to the seller pursuant to
the terms of the agreement. (f) “Seller's agent” means a person who has obtained a lis ng of real property to act as an agent for compensa on. (g) “Lis ng price” is
the amount expressed in dollars specified in the lis ng for which the seller is willing to sell the real property through the seller’s agent. (h) “Offering price” is the
amount expressed in dollars specified in an offer to purchase for which the buyer is willing to buy the real property. (i) “Offer to purchase” means a wri en contract
executed by a buyer ac ng through a buyer’s agent that becomes the contract for the sale of the real property upon acceptance by the seller. (j) “Real property”
means any estate specified by subdivision (1) or (2) of Sec on 761 in property, and includes (1) single-family residen al property, (2) mul -unit residen al property
with more than four dwelling units, (3) commercial real property, (4) vacant land, (5) a ground lease coupled with improvements, or (6) a manufactured home as
defined in Sec on 18007 of the Health and Safety Code, or a mobile home as defined in Sec on 18008 of the Health and Safety Code, when offered for sale or sold
through an agent pursuant to the authority contained in Sec on 10131.6 of the Business and Professions Code. (k) “Real property transac on” means a transac on for
the sale of real property in which an agent is retained by a buyer, seller, or both a buyer and seller to act in that transac on, and includes a lis ng or an offer to
purchase. (l) “Sell,” “sale,” or “sold” refers to a transac on for the transfer of real property from the seller to the buyer and includes exchanges of real property
between the seller and buyer, transac ons for the crea on of a real property sales contract within the meaning of Sec on 2985, and transac ons for the crea on of a
leasehold exceeding one year’s dura on. (m) “Seller” means the transferor in a real property transac on and includes an owner who lists real property with an agent,
whether or not a transfer results, or who receives an offer to purchase real property of which he or she is the owner from an agent on behalf of another. “Seller”
includes both a vendor and a lessor of real property. (n) “Buyer's agent” means an agent who represents a buyer in a real property transac on.
2079.14.A seller’s agent and buyer’s agent shall provide the seller and buyer in a real property transac on with a copy of the disclosure form specified in Sec on
2079.16, and shall obtain a signed acknowledgment of receipt from that seller and buyer, except as provided in Sec on 2079.15, as follows: (a) The seller’s agent, if
any, shall provide the disclosure form to the seller prior to entering into the lis ng agreement. (b) The buyer’s agent shall provide the disclosure form to the buyer as
soon as prac cable prior to execu on of the buyer’s offer to purchase. If the offer to purchase is not prepared by the buyer’s agent, the buyer’s agent shall present the
disclosure form to the buyer not later than the next business day a er receiving the offer to purchase from the buyer.
2079.15. In any circumstance in which the seller or buyer refuses to sign an acknowledgment of receipt pursuant to Sec on 2079.14, the agent shall set forth, sign,
and date a wri en declara on of the facts of the refusal.
2079.16 Reproduced on Page 1 of this AD form.
2079.17(a) As soon as prac cable, the buyer’s agent shall disclose to the buyer and seller whether the agent is ac ng in the real property transac on as the buyer’s
agent, or as a dual agent represen ng both the buyer and the seller. This rela onship shall be confirmed in the contract to purchase and sell real property or in a
separate wri ng executed or acknowledged by the seller, the buyer, and the buyer’s agent prior to or coincident with execu on of that contract by the buyer and the
seller, respec vely. (b) As soon as prac cable, the seller’s agent shall disclose to the seller whether the seller’s agent is ac ng in the real property transac on as the
seller’s agent, or as a dual agent represen ng both the buyer and seller. This rela onship shall be confirmed in the contract to purchase and sell real property or in a
separate wri ng executed or acknowledged by the seller and the seller’s agent prior to or coincident with the execu on of that contract by the seller.
(C) CONFIRMATION: The following agency rela onships are confirmed for this transac on.
Seller's Brokerage Firm DO NOT COMPLETE, SAMPLE ONLY License Number
Is the broker of (check one):   the seller; or   both the buyer and seller. (dual agent)
Seller's Agent DO NOT COMPLETE, SAMPLE ONLY License Number
Is (check one):   the Seller's Agent. (salesperson or broker associate); or   both the Buyer's Agent and the Seller's Agent. (dual agent)
Buyer's Brokerage Firm DO NOT COMPLETE, SAMPLE ONLY License Number
Is the broker of (check one):   the buyer; or   both the buyer and seller. (dual agent)
Buyer's Agent DO NOT COMPLETE, SAMPLE ONLY License Number
Is (check one):   the Buyer's Agent. (salesperson or broker associate); or   both the Buyer's Agent and the Seller's Agent. (dual agent)
(d) The disclosures and confirma on required by this sec on shall be in addi on to the disclosure required by Sec on 2079.14. An agent’s duty to provide disclosure
and confirma on of representa on in this sec on may be performed by a real estate salesperson or broker associate affiliated with that broker.
2079.18 (Repealed pursuant to AB-1289, 2017-18 California Legisla ve session)
2079.19 The payment of compensa on or the obliga on to pay compensa on to an agent by the seller or buyer is not necessarily determina ve of a par cular agency
rela onship between an agent and the seller or buyer. A lis ng agent and a selling agent may agree to share any compensa on or commission paid, or any right to any
compensa on or commission for which an obliga on arises as the result of a real estate transac on, and the terms of any such agreement shall not necessarily be
determina ve of a par cular rela onship.
2079.20 Nothing in this ar cle prevents an agent from selec ng, as a condi on of the agent’s employment, a specific form of agency rela onship not specifically

	
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prohibited by this ar cle if the requirements of Sec on 2079.14 and Sec on 2079.17 are complied with.
2079.21 (a) A dual agent may not, without the express permission of the seller, disclose to the buyer any confiden al informa on obtained from the seller. (b) A dual
agent may not, without the express permission of the buyer, disclose to the seller any confiden al informa on obtained from the buyer. (c) “Confiden al informa on”
means facts rela ng to the client’s financial posi on, mo va ons, bargaining posi on, or other personal informa on that may impact price, such as the seller is willing
to accept a price less than the lis ng price or the buyer is willing to pay a price greater than the price offered. (d) This sec on does not alter in any way the duty or
responsibility of a dual agent to any principal with respect to confiden al informa on other than price.
2079.22 Nothing in this ar cle precludes a seller’s agent from also being a buyer’s agent. If a seller or buyer in a transac on chooses to not be represented by an
agent, that does not, of itself, make that agent a dual agent.
2079.23 (a) A contract between the principal and agent may be modified or altered to change the agency rela onship at any  me before the performance of the act
which is the object of the agency with the wri en consent of the par es to the agency rela onship.(b) A lender or an auc on company retained by a lender to
control aspects of a transac on of real property subject to this part, including valida ng the sales price, shall not require, as a condi on of receiving the lender’s
approval of the transac on, the homeowner or lis ng agent to defend or indemnify the lender or auc on company from any liability alleged to result from the ac ons
of the lender or auc on company. Any clause, provision, covenant, or agreement purpor ng to impose an obliga on to defend or indemnify a lender or an auc on
company in viola on of this subdivision is against public policy, void, and unenforceable.
2079.24 Nothing in this ar cle shall be construed to either diminish the duty of disclosure owed buyers and sellers by agents and their associate licensees, subagents,
and employees or to relieve agents and their associate licensees, subagents, and employees from liability for their conduct in connec on with acts governed by this
ar cle or for any breach of a fiduciary duty or a duty of disclosure.
AIR CRE * h ps://www.aircre.com * 213-687-8777 * contracts@aircre.com
NOTICE: No part of these works may be reproduced in any form without permission in wri ng.Exhibit 10.11

 

LOAN AUTHORIZATION AND AGREEMENT (LA&A)

 

A PROPERLY SIGNED DOCUMENT IS 

REQUIRED PRIOR
TO ANY 

DISBURSEMENT

 

	CAREFULLY READ THE LA&A:
	 
	This document describes the terms and conditions of your loan. It is your responsibility to comply with ALL the terms and conditions of your loan.
	 

 

	SIGNING THE LA&A:
	 	 	 
	All borrowers must sign the LA&A.
	 	 	 
	 	·	Sign your name exactly as it appears on the LA&A. If typed incorrectly, you should sign with the correct spelling.
	 	·	If your middle initial appears on the signature line, sign with your middle initial.
	 	·	If a suffix appears on the signature line, such as Sr. or Jr., sign with your suffix.
	 	·	Corporate Signatories: Authorized representatives should sign the signature page.
	 	 	 
	Your signature represents your agreement to comply
	with the terms and conditions of the loan.
	 

 

     

     

    

 

U.S. Small Business Administration

 

Economic Injury Disaster Loan

 

LOAN AUTHORIZATION
AND AGREEMENT

 

Date: 05.26.2020 (Effective Date)

 

On the above date, this Administration (SBA) authorized (under Section 7(b) of
the Small Business Act, as amended) a Loan (SBA Loan #3463267808) to Phoenix Cars LLC (Borrower) of 401 S Doubleday Avenue Ontario California
91761 in the amount of one hundred and fifty thousand and 00/100 Dollars ($150,000.00), upon the following conditions:

 

PAYMENT

 

		·	Installment payments, including principal and interest, of $731.00 Monthly, will begin Twelve (12) months from the date
of the promissory Note. The balance of principal and interest will be payable Thirty (30) years from the date of the promissory
Note.

 

INTEREST

 

		·	Interest will accrue at the rate of 3.75% per annum and will accrue only on funds actually advanced from the date(s) of
each advance.

 

PAYMENT TERMS

 

		·	Each payment will be applied first to interest accrued to the date of receipt of each payment, and the balance, if any, will be applied
to principal.

 

		·	Each payment will be made when due even if at that time the full amount of the Loan has not yet been advanced or the authorized amount
of the Loan has been reduced.

 

COLLATERAL

 

		·	For loan amounts of greater than $25,000, Borrower hereby grants to SBA, the secured party hereunder, a continuing security interest
in and to any and all “Collateral” as described herein to secure payment and performance of all debts, liabilities and obligations
of Borrower to SBA hereunder without limitation, including but not limited to all interest, other fees and expenses (all hereinafter called
 “Obligations”). The Collateral includes the following property that Borrower now owns or shall acquire or create immediately
upon the acquisition or creation thereof: all tangible and intangible personal property, including, but not limited to: (a) inventory,
(b) equipment, (c) instruments, including promissory notes (d) chattel paper, including tangible chattel paper and electronic
chattel paper, (e) documents, (f) letter of credit rights, (g) accounts, including health-care insurance receivables and credit card receivables,
(h) deposit accounts, (i) commercial tort claims, (j) general intangibles, including payment intangibles and software and
(k) as-extracted collateral as such terms may from time to time be defined in the Uniform Commercial Code. The security interest
Borrower grants includes all accessions, attachments, accessories, parts, supplies and replacements for the Collateral, all products,
proceeds and collections thereof and all records and data relating thereto.

 

		·	For loan amounts of $25,000 or less, SBA is not taking a security interest in any collateral.

 

    Page 2 of 11

     

    

 

REQUIREMENTS RELATIVE TO COLLATERAL

 

		·	Borrower will not sell or transfer any collateral (except normal inventory turnover in the ordinary course of business) described
in the "Collateral" paragraph hereof without the prior written consent of SBA.

 

		·	Borrower will neither seek nor accept future advances under any superior liens on the collateral securing this Loan without the prior
written consent of SBA.

 

USE OF LOAN PROCEEDS

 

		·	Borrower will use all the proceeds of this Loan solely as working capital to alleviate economic injury caused by disaster occurring
in the month of January 31, 2020 and continuing thereafter and to pay Uniform Commercial Code (UCC) lien filing fees and a third-party
UCC handling charge of $100 which will be deducted from the Loan amount stated above.

 

REQUIREMENTS FOR USE OF LOAN PROCEEDS AND RECEIPTS

 

		·	Borrower will obtain and itemize receipts (paid receipts, paid invoices or cancelled checks) and contracts for all Loan funds spent
and retain these receipts for 3 years from the date of the final disbursement. Prior to each subsequent disbursement (if any) and whenever
requested by SBA, Borrower will submit to SBA such itemization together with copies of the receipts.

 

		·	Borrower will not use, directly or indirectly, any portion of the proceeds of this Loan to relocate without the prior written permission
of SBA. The law prohibits the use of any portion of the proceeds of this Loan for voluntary relocation from the business area in which
the disaster occurred. To request SBA's prior written permission to relocate, Borrower will present to SBA the reasons therefore and a
description or address of the relocation site. Determinations of (1) whether a relocation is voluntary or otherwise, and (2) whether
any site other than the disaster-affected location is within the business area in which the disaster occurred, will be made solely by
SBA.

 

		·	Borrower will, to the extent feasible, purchase only American-made equipment and products with the proceeds of this Loan.

 

		·	Borrower will make any request for a loan increase for additional disaster-related damages as soon as possible after the need for
a loan increase is discovered. The SBA will not consider a request for a loan increase received more than two (2) years from
the date of loan approval unless, in the sole discretion of the SBA, there are extraordinary and unforeseeable circumstances beyond the
control of the borrower.

 

DEADLINE FOR RETURN OF LOAN CLOSING DOCUMENTS

 

		·	Borrower will sign and return the loan closing documents to SBA within 2 months of the date of this Loan Authorization and Agreement.
By notifying the Borrower in writing, SBA may cancel this Loan if the Borrower fails to meet this requirement. The Borrower may submit
and the SBA may, in its sole discretion, accept documents after 2 months of the date of this Loan Authorization and Agreement.

 

COMPENSATION FROM OTHER SOURCES

 

		·	Eligibility for this disaster Loan is limited to disaster losses that are not compensated by other sources. Other sources include
but are not limited to: (1) proceeds of policies of insurance or other indemnifications, (2) grants or other reimbursement (including loans)
from government agencies or private organizations, (3) claims for civil liability against other individuals, organizations or
governmental entities, and (4) salvage (including any sale or re-use) of items of damaged property.

 

    Page 3 of 11

     

    

 

		·	Borrower will promptly notify SBA of the existence and status of any claim or application for such other compensation, and of the
receipt of any such compensation, and Borrower will promptly submit the proceeds of same (not exceeding the outstanding balance of this
Loan) to SBA.

 

		·	Borrower hereby assigns to SBA the proceeds of any such compensation from other sources and authorizes the payor of same to deliver
said proceeds to SBA at such time and place as SBA shall designate.

 

		·	SBA will in its sole discretion determine whether any such compensation from other sources is a duplication of benefits. SBA will
use the proceeds of any such duplication to reduce the outstanding balance of this Loan, and Borrower agrees that such proceeds will not
be applied in lieu of scheduled payments.

 

DUTY TO MAINTAIN HAZARD INSURANCE

 

		·	Within 12 months from the date of this Loan Authorization and Agreement the Borrower will provide proof of an active and in effect
hazard insurance policy including fire, lightning, and extended coverage on all items used to secure this loan to at least 80% of the
insurable value. Borrower will not cancel such coverage and will maintain such coverage throughout the entire term of this Loan. BORROWER
MAY NOT BE ELIGIBLE FOR EITHER ANY FUTURE DISASTER ASSISTANCE OR SBA FINANCIAL ASSISTANCE IF THIS INSURANCE IS NOT MAINTAINED AS
STIPULATED HEREIN THROUGHOUT THE ENTIRE TERM OF THIS LOAN. Please submit proof of insurance to: U.S. Small Business Administration,
Office of Disaster Assistance, 14925 Kingsport Rd, Fort Worth, TX. 76155.

 

BOOKS AND RECORDS

 

		·	Borrower will maintain current and proper books of account in a manner satisfactory to SBA for the most recent 5 years until 3 years
after the date of maturity, including extensions, or the date this Loan is paid in full, whichever occurs first. Such books will include
Borrower's financial and operating statements, insurance policies, tax returns and related filings, records of earnings distributed and
dividends paid and records of compensation to officers, directors, holders of 10% or more of Borrower's capital stock, members, partners
and proprietors.

 

		·	Borrower authorizes SBA to make or cause to be made, at Borrower's expense and in such a manner and at such times as SBA may require:
(1) inspections and audits of any books, records and paper in the custody or control of Borrower or others relating to Borrower's
financial or business conditions, including the making of copies thereof and extracts therefrom, and (2) inspections and appraisals
of any of Borrower's assets.

 

		·	Borrower will furnish to SBA, not later than 3 months following the expiration of Borrower's fiscal year and in such form as SBA may
require, Borrower's financial statements.

 

		·	Upon written request of SBA, Borrower will accompany such statements with an 'Accountant's Review Report' prepared by an independent
public accountant at Borrower's expense.

 

		·	Borrower authorizes all Federal, State and municipal authorities to furnish reports of examination, records and other information
relating to the conditions and affairs of Borrower and any desired information from such reports, returns, files, and records of such
authorities upon request of SBA.

 

    Page 4 of 11

     

    

 

LIMITS ON DISTRIBUTION OF ASSETS

 

		·	Borrower will not, without the prior written consent of SBA, make any distribution of Borrower’s assets, or give any preferential
treatment, make any advance, directly or indirectly, by way of loan, gift, bonus, or otherwise, to any owner or partner or any of its
employees, or to any company directly or indirectly controlling or affiliated with or controlled by Borrower, or any other company.

 

EQUAL OPPORTUNITY REQUIREMENT

 

		·	If Borrower has or intends to have employees, Borrower will post SBA Form 722, Equal Opportunity Poster (copy attached), in Borrower's
place of business where it will be clearly visible to employees, applicants for employment, and the general public.

 

DISCLOSURE OF LOBBYING ACTIVITIES

 

		·	Borrower
agrees to the attached Certification Regarding Lobbying Activities

 

 BORROWER’S CERTIFICATIONS

 

Borrower certifies that:

 

		·	There has been no substantial adverse change in Borrower's financial condition (and organization, in case of a business borrower)
since the date of the application for this Loan. (Adverse changes include, but are not limited to: judgment liens, tax liens, mechanic's
liens, bankruptcy, financial reverses, arrest or conviction of felony, etc.)

 

		·	No fees have been paid, directly or indirectly, to any representative (attorney, accountant, etc.) for services provided or to
be provided in connection with applying for or closing this Loan, other than those reported on SBA Form 5 Business Disaster Loan
Application'; SBA Form 3501 COVID-19 Economic Injury Disaster Loan Application; or SBA Form 159, 'Compensation Agreement'. All
fees not approved by SBA are prohibited.

 

		·	All representations in the Borrower's Loan application (including all supplementary submissions) are true, correct and complete and
are offered to induce SBA to make this Loan.

 

		·	No claim or application for any other compensation for disaster losses has been submitted to or requested of any source, and no such
other compensation has been received, other than that which Borrower has fully disclosed to SBA.

 

		·	Neither the Borrower nor, if the Borrower is a business, any principal who owns at least 50% of the Borrower, is delinquent more than
60 days under the terms of any: (a) administrative order; (b) court order; or (c) repayment agreement that requires payment
of child support.

 

		·	Borrower certifies that no fees have been paid, directly or indirectly, to any representative (attorney, accountant, etc.) for
services provided or to be provided in connection with applying for or closing this Loan, other than those reported on the Loan Application.
All fees not approved by SBA are prohibited. If an Applicant chooses to employ an Agent, the compensation
an Agent charges to and that is paid by the Applicant must bear a necessary and reasonable relationship
to the services actually performed and must be comparable to those charged by other Agents in the geographical area. Compensation cannot
be contingent on loan approval. In addition, compensation must not include any expenses which are deemed by SBA to be unreasonable for
services actually performed or expenses actually incurred. Compensation must not include charges prohibited in 13 CFR 103 or SOP 50-30, Appendix 1.
If the compensation exceeds $500 for a disaster home loan or $2,500 for a disaster business loan, Borrower must fill out the Compensation
Agreement Form 159D which will be provided for Borrower upon request or can be found on the SBA website.

 

    Page 5 of 11

     

    

 

		·	Borrower certifies, to the best of its, his or her knowledge and belief, that the certifications and representations
in the attached Certification Regarding Lobbying are true, correct and complete and are offered to induce SBA to make this Loan.

 

CIVIL AND CRIMINAL PENALTIES

 

		·	Whoever wrongfully misapplies the proceeds of an SBA disaster loan shall be civilly liable to the Administrator in an amount equal
to one-and-one half times the original principal amount of the loan under 15 U.S.C. 636(b). In addition, any false statement or misrepresentation
to SBA may result in criminal, civil or administrative sanctions including, but not limited to: 1) fines, imprisonment or both, under
15 U.S.C. 645, 18 U.S.C. 1001, 18 U.S.C. 1014, 18 U.S.C. 1040, 18 U.S.C. 3571, and any other
applicable laws; 2) treble damages and civil penalties under the False Claims Act, 31 U.S.C. 3729; 3) double damages and civil penalties
under the Program Fraud Civil Remedies Act, 31 U.S.C. 3802; and 4) suspension and/or debarment from all Federal procurement and non-procurement
transactions. Statutory fines may increase if amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.

 

RESULT OF VIOLATION OF THIS LOAN AUTHORIZATION AND AGREEMENT

 

		·	If Borrower violates any of the terms or conditions of this Loan Authorization and Agreement, the Loan
will be in default and SBA may declare all or any part of the indebtedness immediately due and payable. SBA's failure to exercise its
rights under this paragraph will not constitute a waiver.

 

		·	A default (or any violation of any of the terms and conditions) of any SBA Loan(s) to Borrower and/or its affiliates will be
considered a default of all such Loan(s).

 

DISBURSEMENT OF THE LOAN

 

		·	Disbursements will be made by and at the discretion of SBA Counsel, in accordance with this Loan Authorization and Agreement and the
general requirements of SBA.

 

		·	Disbursements may be made in increments as needed.

 

		·	Other conditions may be imposed by SBA pursuant to general requirements of SBA.

 

		·	Disbursement may be withheld if, in SBA's sole discretion, there has been an adverse change in Borrower's financial condition or in
any other material fact represented in the Loan application, or if Borrower fails to meet any of the terms or conditions of this Loan
Authorization and Agreement.

 

		·	NO DISBURSEMENT WILL BE MADE LATER THAN 6 MONTHS FROM THE DATE OF THIS LOAN AUTHORIZATION AND AGREEMENT UNLESS SBA, IN ITS
SOLE DISCRETION, EXTENDS THIS DISBURSEMENT PERIOD.

 

    Page 6 of 11

     

    

 

PARTIES AFFECTED

 

		·	This Loan Authorization and Agreement will be binding upon Borrower and Borrower's successors and assigns and will inure to the benefit
of SBA and its successors and assigns.

 

RESOLUTION OF BOARD OF DIRECTORS

 

		·	Borrower shall, within 180 days of receiving any disbursement of this Loan, submit the appropriate SBA Certificate and/or Resolution
to the U.S. Small Business Administration, Office of Disaster Assistance, 14925 Kingsport Rd, Fort Worth, TX. 76155.

 

ENFORCEABILITY

 

		·	This Loan Authorization and Agreement is legally binding, enforceable and approved upon Borrower’s signature, the SBA’s
approval and the Loan Proceeds being issued to Borrower by a government issued check or by electronic debit of the Loan Proceeds to Borrower’
banking account provided by Borrower in application for this Loan.

 

	 	/s/ James E. Rivera
	 	James
    E. Rivera
	 	Associate Administrator
	 	U.S. Small Business
    Administration

 

The undersigned agree(s) to be bound by the terms and
conditions herein during the term of this Loan, and further agree(s) that no provision stated herein will be waived without prior
written consent of SBA. Under penalty of perjury of the United States of America, I hereby certify that I am authorized to apply
for and obtain a disaster loan on behalf of Borrower, in connection with the effects of the COVID-19 emergency.

 

	 	Phoenix
    Cars LLC	 	 
	 	 	 	 
	 	/s/ Gillary Cadet	Date:	05.26.2020
	 	Gillray
    Cadet, Owner/Officer	 	 

 

Note:
Corporate Borrowers must execute Loan Authorization and Agreement in corporate name, by a duly authorized officer. Partnership Borrowers
must execute in firm name, together with signature of a general partner. Limited Liability entities must execute in the entity name by
the signature of the authorized managing person.

 

    Page 7 of 11

     

    

 

CERTIFICATION REGARDING
LOBBYING

 

For loans over $150,000,
Congress requires recipients to agree to the following:

 

		1.	Appropriated
                                            funds may NOT be used for lobbying.

 

		2.	Payment
                                            of non-federal funds for lobbying must be reported on Form SF-LLL.

 

		3.	Language
                                            of this certification must be incorporated into all contracts and subcontracts exceeding
                                            $100,000.

 

		4.	All
                                            contractors and subcontractors with contracts exceeding $100,000 are required to certify
and disclose accordingly.

 

    Page 8 of 11

     

    

 

CERTIFICATION REGARDING 

LOBBYING

 

Certification for Contracts, Grants,
Loans, and Cooperative 

Agreements

 

Borrower and all Guarantors (if any) certify, to the best
of its, his or her knowledge and belief, that:

 

(1)      No
Federal appropriated funds have been paid or will be paid, by or on behalf of the undersigned, to any person for influencing or attempting
to influence an officer or employee of any agency, a Member of Congress, an officer or employee of Congress, or an employee of a Member
of Congress in connection with awarding of any Federal contract, the making of any Federal grant, the making of any Federal loan, the
entering into of any cooperative agreement, and the extension, continuation, renewal, or modification of any Federal contract, grant,
loan, or cooperative agreement.

 

(2)     If
any funds other than Federal appropriated funds have been paid or will be paid to any person for influencing or attempting to influence
an officer or employee of any agency, a Member of Congress, an officer or employee of Congress, or an employee of a Member of Congress
in connection with this Federal loan, the undersigned shall complete and submit Standard Form LLL, "Disclosure Form to
Report Lobbying," in accordance with its instructions.

 

(3)     The
undersigned shall require that the language of this certification be included in the award documents for all sub-awards at all tiers (including
subcontracts, sub-grants, and contracts under grants, loans, and co-operative agreements) and that all sub-recipients shall certify and
disclose accordingly.

 

This certification is a material representation of fact upon
which reliance was placed when this transaction was made or entered into. Submission of this certification is a prerequisite for making
or entering into this transaction imposed by Section 1352, Title 31, U.S. Code. Any person who fails to file the required certification
shall be subject to a civil penalty of not less than $10,000.00 and not more than $100,000.00 for each such failure.

 

    Page 9 of 11

     

    

 

	

	This Statement of Policy is Posted
	 
	In Accordance with Regulations of the
	 
	Small Business Administration

 

This Organization Practices

 

Equal Employment Opportunity

 

We do not discriminate on the ground of race, color, religion,
sex, age, disability or national origin in the hiring, retention, or promotion of employees; nor in determining their rank, or the compensation
or fringe benefits paid them.

 

This Organization Practices

 

Equal Treatment of Clients

 

We do not discriminate on the basis of race, color, religion,
sex, marital status, disability, age or national origin in services or accommodations offered or provided to our employees, clients or
guests.

 

These policies
and this notice comply with regulations of the

United States Government.

 

	Please report violations of this policy to:
	 	 
	 	Administrator
	 	Small Business Administration 

Washington, D.C. 20416

 

In order for the public and your employees
to know their rights under 13 C.F.R Parts 112, 113, and 117, Small Business Administration Regulations, and to conform with the directions
of the Administrator of SBA, this poster must be displayed where it is clearly visible to employees, applicants for employment, and the
public.

 

Failure
to display the poster as required in accordance with SBA Regulations may be considered evidence of noncompliance and subject you to the
penalties contained in those Regulations.

 

	SBA FORM 722 (10-02) REF: SOP 9030 PREVIOUS EDITIONS ARE OBSOLETE	U.S. GOVERNMENT
PRINTING OFFICE: 1994 0- 153-346 
	 	 
	This form was electronically produced by Elite Federal Inc. 	 

 

 

    Page 10 of 11

     

    

 

	
    

	Esta Declaración De Principios Se Publica
	 
	De Acuerdo Con Los Reglamentos De La
	 
	Agencia
    Federal Para el Desarrollo de la Pequeña Empresa

 

Esta Organización Practica

 

Igual Oportunidad De Empleo

 

No discriminamos por razón de raza, color,
religión, sexo, edad, discapacidad o nacionalidad en el empleo, retención o ascenso de personal ni en la
determinación de sus posiciones, salarios o beneficios marginales.

 

Esta Organización Practica

 

Igualdad En El Trato A Su Clientela

 

No discriminamos por razón de raza, color,
religión, sexo, estado civil, edad, discapacidad o nacionalidad en los servicios o facilidades provistos para nuestros
empleados, clientes o visitantes.

 

Estos principios y este
aviso cumplen con los reglamentos del Gobierno

 de los Estados Unidos de América.

 

Favor de informar violaciones a lo aquí indicado
a:

 

	 	Administrador
	 	Agencia Federal Para el Desarrollo de la

 Pequeña Empresa
	 	Washington, D.C. 20416

 

A fin de que el público y sus empleados
conozcan sus derechos según lo expresado en las Secciones 112, 113 y 117 del Código de Regulaciaones Federales
No. 13, de los Reglamentos de la Agencja Federal Para el Desarrollo de la Pequeña Empresa y de acuerdo con las
instrucciones del Administrador de dicha agencia, esta notificación debe fijarse en un lugar claramente visible para los
empleados, solicitantes de empleo y público en general. No fijar esta notificación según lo requerido por los
reglamentos de la Agencia Federal Para el Desarrollo de la Pequeña Empresa, puede ser interpretado como evidencia de falta de
cumplimiento de los mismos y conllevará la ejecución de los castigos impuestos en estos reglamentos.

 

	SBA FORM 722 (10-02) REF: SOP 9030 PREVIOUS EDITIONS ARE OBSOLETE	U.S. GOVERNMENT
PRINTING OFFICE: 1994 0- 153-346 
	 	 
	This form was electronically produced by Elite Federal Inc. 	 

 

 

    Page 11 of 11

     

    

 

NOTE

 

A PROPERLY SIGNED NOTE IS

REQUIRED PRIOR
TO ANY

DISBURSEMENT

 

	CAREFULLY READ THE NOTE: It is your promise to repay the loan.
	 	 	 
	 	·	The Note is pre-dated. DO NOT CHANGE THE DATE OF THE NOTE.
	 	·	LOAN PAYMENTS will be due as stated in the Note.
	 	·	ANY CORRECTIONS OR UNAUTHORIZED MARKS MAY VOID THIS DOCUMENT.
	 	 	 

 

 

	SIGNING THE NOTE: All borrowers must sign the Note.
	 	 	 
	 	·	Sign your name exactly as it appears on the Note. If typed incorrectly, you should sign with the correct spelling.
	 	·	If your middle initial appears on the signature line, sign with your middle initial.
	 	·	If a suffix appears on the signature line, such as Sr. or Jr., sign with your suffix.
	 	·	Corporate Signatories: Authorized representatives should sign the signature page.
	 	 	 

 

     

     

    

 

	
    
	U.S. Small Business Administration

                                                                                 
	Date: 05.26.2020
	

                                                                             NOTE
	Loan Amount: $150,000.00
	 	 
	(SECURED
                                            DISASTER LOANS)

                                                                                 
	Annual Interest Rate: 3.75%

 

	SBA Loan # 3463267808	Application #3300872592

 

		1.	PROMISE TO PAY: In return for a loan, Borrower promises to pay to the order of SBA the amount of one hundred and fifty thousand
and 00/100 Dollars ($150,000.00), interest on the unpaid principal balance, and all other amounts required by this Note.

 

		2.	DEFINITIONS: A) “Collateral” means any property taken as security for payment of this Note or any guarantee of
this Note. B) “Guarantor” means each person or entity that signs a guarantee of payment of this Note. C) “Loan
Documents” means the documents related to this loan signed by Borrower, any Guarantor, or anyone who pledges collateral.

 

		3.	PAYMENT TERMS: Borrower must make all payments at the place SBA designates. Borrower may prepay this Note in part or in full
at any time, without notice or penalty. Borrower must pay principal and interest payments of $731.00
every month beginning Twelve (12) months from the date of the Note. SBA will apply each installment payment
first to pay interest accrued to the day SBA receives the payment and will then apply any remaining balance to reduce principal. All remaining
principal and accrued interest is due and payable Thirty (30) years from the date of the Note.

 

		4.	DEFAULT: Borrower is in default under this Note if Borrower does not make a payment when due under this Note, or if Borrower:
A) Fails to comply with any provision of this Note, the Loan Authorization and Agreement, or other Loan Documents; B) Defaults
on any other SBA loan; C) Sells or otherwise transfers, or does not preserve or account to SBA’s satisfaction for, any of
the Collateral or its proceeds; D) Does not disclose, or anyone acting on their behalf does not disclose, any material fact to
SBA; E) Makes, or anyone acting on their behalf makes, a materially false or misleading representation to SBA; F) Defaults
on any loan or agreement with another creditor, if SBA believes the default may materially affect Borrower’s ability to pay this
Note; G) Fails to pay any taxes when due; H) Becomes the subject of a proceeding under any bankruptcy or insolvency law;
I) Has a receiver or liquidator appointed for any part of their business or property; J) Makes an assignment for the benefit
of creditors; K) Has any adverse change in financial condition or business operation that SBA believes may materially affect Borrower’s
ability to pay this Note; L) Dies; M) Reorganizes, merges, consolidates, or otherwise changes ownership or business structure
without SBA’s prior written consent; or, N) Becomes the subject of a civil or criminal action that SBA believes may materially
affect Borrower’s ability to pay this Note.

 

		5.	SBA’S RIGHTS IF THERE IS A DEFAULT: Without notice or demand and without giving up any of its rights, SBA may: A)
Require immediate payment of all amounts owing under this Note; B) Have recourse to collect all amounts owing from any Borrower
or Guarantor (if any); C) File suit and obtain judgment; D) Take possession of any Collateral; or E) Sell, lease,
or otherwise dispose of, any Collateral at public or private sale, with or without advertisement.

 

		6.	SBA’S GENERAL POWERS: Without notice and without Borrower’s consent, SBA may: A) Bid on or buy the Collateral
at its sale or the sale of another lienholder, at any price it chooses; B) Collect amounts due under this Note, enforce the terms
of this Note or any other Loan Document, and preserve or dispose of the Collateral. Among other things, the expenses may include payments
for property taxes, prior liens, insurance, appraisals, environmental remediation costs, and reasonable attorney’s fees and costs.
If SBA incurs such expenses, it may demand immediate reimbursement from Borrower or add the expenses to the principal balance; C) Release
anyone obligated to pay this Note; D) Compromise, release, renew, extend or substitute any of the Collateral; and E) Take
any action necessary to protect the Collateral or collect amounts owing on this Note.

 

    Page 2 of 3

     

    

 

		7.	FEDERAL LAW APPLIES: When SBA is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations.
SBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By
using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to this Note,
Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal
law.

 

		8.	GENERAL PROVISIONS: A) All individuals and entities signing this Note are jointly and severally liable. B) Borrower
waives all suretyship defenses. C) Borrower must sign all documents required at any time to comply with the Loan Documents and
to enable SBA to acquire, perfect, or maintain SBA’s liens on Collateral. D) SBA may exercise any of its rights separately
or together, as many times and in any order it chooses. SBA may delay or forgo enforcing any of its rights without giving up any of them.
E) Borrower may not use an oral statement of SBA to contradict or alter the written terms of this Note. F) If any part of
this Note is unenforceable, all other parts remain in effect. G) To the extent allowed by law, Borrower waives all demands and
notices in connection with this Note, including presentment, demand, protest, and notice of dishonor. Borrower also waives any defenses
based upon any claim that SBA did not obtain any guarantee; did not obtain, perfect, or maintain a lien upon Collateral; impaired Collateral;
or did not obtain the fair market value of Collateral at a sale. H) SBA may sell or otherwise transfer this Note.

 

		9.	MISUSE OF LOAN FUNDS: Anyone who wrongfully misapplies any proceeds of the loan will be civilly liable to SBA for one and one-
half times the proceeds disbursed, in addition to other remedies allowed by law.

 

		10.	BORROWER’S NAME(S) AND SIGNATURE(S): By signing below, each individual or entity acknowledges and accepts personal
obligation and full liability under the Note as Borrower.

 

	 	Phoenix Cars LLC
	 	/s/ Gillray Cadet
	 	Gillray Cadet, Owner/Officer

 

    Page 3 of 3

     

    

 

SECURITY AGREEMENT

 

Read
this document carefully. It grants the SBA a security interest (lien) in all the property described
in paragraph 4.

 

This document is predated. DO NOT CHANGE
THE DATE ON THIS DOCUMENT.

 

     

     

    

 

	
    
	 
	 
	 
	 
	 
	U.S. Small Business Administration
	SECURITY AGREEMENT
	 
	 
	 
	 
	 

 

	SBA Loan #:	3463267808
	Borrower:	Phoenix Cars LLC
	Secured Party:	The Small Business Administration, an Agency of the U.S. Government
	Date:	05.26.2020
	
     

    Note Amount:
	
     

    $150,000.00

 

		1.	DEFINITIONS.

 

Unless otherwise specified, all terms used in this Agreement
will have the meanings ascribed to them under the Official Text of the Uniform Commercial Code, as it may be amended from time to time,
(“UCC”). “SBA” means the Small Business Administration, an Agency of the U.S. Government.

 

		2.	GRANT OF SECURITY INTEREST.

 

For value received, the Borrower grants to the Secured Party
a security interest in the property described below in paragraph 4 (the “Collateral”).

 

		3.	OBLIGATIONS SECURED.

 

This
Agreement secures the payment and performance of: (a) all obligations under a Note dated 05.26.2020, made by Phoenix Cars LLC , made
payable to Secured Lender, in the amount of $150,000.00 (“Note”), including all
costs and expenses (including reasonable attorney’s fees), incurred by Secured Party in the disbursement, administration and collection
of the loan evidenced by the Note; (b) all costs and expenses (including reasonable attorney’s fees), incurred by Secured Party
in the protection, maintenance and enforcement of the security interest hereby granted; (c) all obligations of the Borrower in any
other agreement relating to the Note; and (d) any modifications, renewals, refinancings, or extensions of the foregoing obligations.

 

    Page 2 of 5

     

    

 

		4.	COLLATERAL DESCRIPTION.

 

The Collateral in which this security interest is
granted includes the following property that Borrower now owns or shall acquire or create immediately upon the acquisition or
creation thereof: all tangible and intangible personal property, including, but not limited to: (a) inventory,
(b) equipment, (c) instruments, including promissory notes (d) chattel paper, including tangible chattel paper and
electronic chattel paper, (e) documents, (f) letter of credit rights, (g) accounts, including health-care insurance
receivables and credit card receivables, (h) deposit accounts, (i) commercial tort claims, (j) general intangibles,
including payment intangibles and software and (k) as-extracted collateral as such terms may from time to time be defined in
the Uniform Commercial Code. The security interest Borrower grants includes all accessions, attachments, accessories, parts,
supplies and replacements for the Collateral, all products, proceeds and collections thereof and all records and data relating
thereto.

 

		5.	RESTRICTIONS ON COLLATERAL TRANSFER.

 

Borrower will not sell, lease, license or otherwise transfer
(including by granting security interests, liens, or other encumbrances in) all or any part of the Collateral or Borrower’s interest
in the Collateral without Secured Party’s written or electronically communicated approval, except that Borrower may sell inventory
in the ordinary course of business on customary terms. Borrower may collect and use amounts due on accounts and other rights to payment
arising or created in the ordinary course of business, until notified otherwise by Secured Party in writing or by electronic communication.

 

		6.	MAINTENANCE AND LOCATION OF COLLATERAL; INSPECTION; INSURANCE.

 

Borrower must promptly notify Secured Party by written or
electronic communication of any change in location of the Collateral, specifying the new location. Borrower hereby grants to Secured Party
the right to inspect the Collateral at all reasonable times and upon reasonable notice. Borrower must: (a) maintain the Collateral
in good condition; (b) pay promptly all taxes, judgments, or charges of any kind levied or assessed thereon; (c) keep current
all rent or mortgage payments due, if any, on premises where the Collateral is located; and (d) maintain hazard insurance on the
Collateral, with an insurance company and in an amount approved by Secured Party (but in no event less than the replacement cost of that
Collateral), and including such terms as Secured Party may require including a Lender’s Loss Payable Clause in favor of Secured
Party. Borrower hereby assigns to Secured Party any proceeds of such policies and all unearned premiums thereon and authorizes and empowers
Secured Party to collect such sums and to execute and endorse in Borrower’s name all proofs of loss, drafts, checks and any other
documents necessary for Secured Party to obtain such payments.

 

	7.	CHANGES TO BORROWER’S LEGAL STRUCTURE, PLACE OF BUSINESS, JURISDICTION OF ORGANIZATION, OR NAME.

 

Borrower must notify Secured Party by written or electronic
communication not less than 30 days before taking any of the following actions: (a) changing or reorganizing the type of organization
or form under which it does business; (b) moving, changing its place of business or adding a place of business; (c) changing
its jurisdiction of organization; or (d) changing its name. Borrower will pay for the preparation and filing of all documents Secured
Party deems necessary to maintain, perfect and continue the perfection of Secured Party’s security interest in the event of any
such change.

 

		8.	PERFECTION OF SECURITY INTEREST.

 

Borrower consents, without further notice, to Secured Party’s
filing or recording of any documents necessary to perfect, continue, amend or terminate its security interest. Upon request of Secured
Party, Borrower must sign or otherwise authenticate all documents that Secured Party deems necessary at any time to allow Secured Party
to acquire, perfect, continue or amend its security interest in the Collateral. Borrower will pay the filing and recording costs of any
documents relating to Secured Party’s security interest. Borrower ratifies all previous filings and recordings, including financing
statements and notations on certificates of title. Borrower will cooperate
with Secured Party in obtaining a Control Agreement satisfactory to Secured Party with respect to any Deposit Accounts or Investment Property,
or in otherwise obtaining control or possession of that or any other Collateral.

 

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		9.	DEFAULT.

 

Borrower is in default under this Agreement if:
(a) Borrower fails to pay, perform or otherwise comply with any provision of this Agreement; (b) Borrower makes any
materially false representation, warranty or certification in, or in connection with, this Agreement, the Note, or any other
agreement related to the Note or this Agreement; (c) another secured party or judgment creditor exercises its rights against
the Collateral; or (d) an event defined as a “default” under the Obligations occurs. In the event of default and if
Secured Party requests, Borrower must assemble and make available all Collateral at a place and time designated by Secured Party.
Upon default and at any time thereafter, Secured Party may declare all Obligations secured hereby immediately due and payable, and,
in its sole discretion, may proceed to enforce payment of same and exercise any of the rights and remedies available to a secured
party by law including those available to it under Article 9 of the UCC that is in effect in the jurisdiction where Borrower or
the Collateral is located. Unless otherwise required under applicable law, Secured Party has no obligation to clean or otherwise
prepare the Collateral for sale or other disposition and Borrower waives any right it may have to require Secured Party to enforce
the security interest or payment or performance of the Obligations against any other person.

 

		10.	FEDERAL RIGHTS.

 

When SBA is the holder of the Note, this Agreement will
be construed and enforced under federal law, including SBA regulations. Secured Party or SBA may use state or local procedures for filing
papers, recording documents, giving notice, enforcing security interests or liens, and for any other purposes. By using such procedures,
SBA does not waive any federal immunity from state or local control, penalty, tax or liability. As to this Agreement, Borrower may not
claim or assert any local or state law against SBA to deny any obligation, defeat any claim of SBA, or preempt federal law.

 

		11.	GOVERNING LAW.

 

Unless SBA is the holder of the Note, in which case federal
law will govern, Borrower and Secured Party agree that this Agreement will be governed by the laws of the jurisdiction where the Borrower
is located, including the UCC as in effect in such jurisdiction and without reference to its conflicts of laws principles.

 

		12.	SECURED PARTY RIGHTS.

 

All rights conferred in this Agreement on Secured Party
are in addition to those granted to it by law, and all rights are cumulative and may be exercised simultaneously. Failure of Secured Party
to enforce any rights or remedies will not constitute an estoppel or waiver of Secured Party’s ability to exercise such rights or
remedies. Unless otherwise required under applicable law, Secured Party is not liable for any loss or damage to Collateral in its possession
or under its control, nor will such loss or damage reduce or discharge the Obligations that are due, even if Secured Party’s actions
or inactions caused or in any way contributed to such loss or damage.

 

		13.	SEVERABILITY.

 

If any provision of this Agreement is unenforceable, all
other provisions remain in effect.

 

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		14.	BORROWER CERTIFICATIONS.

 

Borrower certifies that: (a) its Name (or Names) as
stated above is correct; (b) all Collateral is owned or titled in the Borrower’s name and not in the name of any other organization
or individual; (c) Borrower has the legal authority to grant the security interest in the Collateral; (d) Borrower’s ownership
in or title to the Collateral is free of all adverse claims, liens, or security interests (unless expressly permitted by Secured Party);
(e) none of the Obligations are or will be primarily for personal, family or household purposes; (f) none of the Collateral
is or will be used, or has been or will be bought primarily for personal, family or household purposes; (g) Borrower has read and
understands the meaning and effect of all terms of this Agreement.

 

		15.	BORROWER NAME(S) AND SIGNATURE(S).

 

By signing or otherwise authenticating below, each individual
and each organization becomes jointly and severally obligated as a Borrower under this Agreement.

 

	Phoenix Cars LLC
	 	 	 	 
	/s/ Gillray Cadet	 	Date:	05.26.2020
	Gillray Cadet, Owner/Officer	 	 	 

 

    Page 5 of 5

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