Document:

Exhibit 10.2

 

Zoned Properties, Inc. - Indemnification Agreement

 

Dated as of [________], 2021

 

This Indemnification Agreement
(this “Agreement”), dated as of the date first set forth above (the “Effective Date”) is entered into by and between
Zoned Properties, Inc., a Nevada corporation (the “Company”), and [_______________] (“Indemnitee”). The Company
and Indemnitee may be referred to individually as a “Party” and collectively as the “Parties”.

 

WHEREAS, Indemnitee is current
serving as a director and/or officer of the Company;

 

WHEREAS, Indemnitee’s
service to the Company substantially benefits the Company;

 

WHEREAS, individuals are reluctant
to serve as directors or officers of corporations or in certain other capacities unless they are provided with adequate protection through
insurance or indemnification against the risks of claims and actions against them arising out of such service;

 

WHEREAS, Indemnitee does not
regard the protection currently provided by applicable Law, the Company’s governing documents and any insurance as adequate under
the present circumstances, and Indemnitee may not be willing to serve as a director or officer without additional protection;

 

WHEREAS, in order to induce
Indemnitee to continue to provide services to the Company, it is reasonable, prudent and necessary for the Company to contractually obligate
itself to indemnify, and to advance expenses on behalf of, Indemnitee as permitted by applicable Law; and

 

WHEREAS, this Agreement is
a supplement to and in furtherance of the indemnification provided in the Company’s articles of incorporation and bylaws, and any
resolutions adopted pursuant thereto, and this Agreement shall not be deemed a substitute therefor, nor shall this Agreement be deemed
to limit, diminish or abrogate any rights of Indemnitee thereunder;

 

NOW THEREFORE, on the stated
premises and for and in consideration of the mutual covenants and agreements hereinafter set forth and the mutual benefits to the Parties
to be derived here from, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and
intending to be legally bound hereby, the Parties hereby agree as follows: 

 

Article I. Definitions
and Interpretation

 

Section 1.01 Defined
Terms. For purposes of this Agreement, the following terms shall have the following meanings:

 

		(a)	“Beneficial Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange
Act; provided, however, that “Beneficial Owner” shall exclude any Person otherwise becoming a Beneficial Owner by reason of
(i) the shareholders of the Company approving a merger of the Company with another entity or (ii) the Company’s board of directors
approving a sale of securities by the Company to such Person.

 

		(b)	“Corporate Status” describes the status of a person who is or was a director, trustee, general
partner, managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise.

 

     

     

    

 

		(c)	“Disinterested Director” means a director of the Company who is not and was not a party to
the Proceeding in respect of which indemnification is sought by Indemnitee.

 

		(d)	“Enterprise” means the Company and any other corporation, partnership, limited liability company,
joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as
a director, trustee, general partner, managing member, officer, employee, agent or fiduciary.

 

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

 

		(f)	“Expenses” include all reasonable attorneys’ fees, retainers, court costs, transcript
costs, fees and costs of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage,
delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending,
preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding, and
“Expenses” also include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without
limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond or other appeal bond or their equivalent,
and (ii) for purposes of Section 12(c), Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense
of Indemnitee’s rights under this Agreement or under any directors’ and officers’ liability insurance policies maintained
by the Company, and provided that “Expenses” shall not include amounts paid in settlement by Indemnitee or the amount of judgments
or fines against Indemnitee.

 

		(g)	“Governmental Authority” means any federal, state, local or foreign government or political
subdivision thereof, or any agency or instrumentality of such government or political subdivision, or any self-regulated organization
or other non-governmental regulatory authority or quasi-governmental authority (to the extent that the rules, regulations or orders of
such organization or authority have the force of Law), or any arbitrator, court or tribunal of competent jurisdiction.

 

		(h)	“Independent Counsel” means a law firm, or a partner or member of a law firm, that is experienced
in matters of corporation Law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or
Indemnitee in any matter material to either such Party (other than as Independent Counsel with respect to matters concerning Indemnitee
under this Agreement, or other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving
rise to a claim for indemnification hereunder, provided that, notwithstanding the foregoing, the term “Independent Counsel”
shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest
in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

		(i)	“Law” means any statute, law, ordinance, regulation, rule, code, order, constitution,
treaty, common Law, judgment, decree, other requirement or rule of law of any Governmental Authority.

 

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		(j)	“NRS” means the Nevada Revised Statutes.

 

		(k)	“Person” shall have the meaning as set forth in Section 13(d) and Section 14(d) of the Exchange
Act; provided, however, that “Person” shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities
under an employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by the shareholders of the Company
in substantially the same proportions as their ownership of stock of the Company.

 

		(l)	“Proceeding” means any threatened, pending or completed action, suit, arbitration, mediation,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or proceeding, whether brought in the right of
the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, including any appeal therefrom and
including without limitation any such Proceeding pending as of the date of this Agreement, in which Indemnitee was, is or will be involved
as a party, a potential party, a non-party witness or otherwise by reason of (i) the fact that Indemnitee is or was a director or officer
of the Company, (ii) any action taken by Indemnitee or any action or inaction on Indemnitee’s part while acting as a director or
officer of the Company, or (iii) the fact that he or she is or was serving at the request of the Company as a director, trustee, general
partner, managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise, in each case whether or not serving
in such capacity at the time any liability or Expense is incurred for which indemnification or advancement of expenses can be provided
under this Agreement.

 

Section 1.02 Change
in Control. For purposes of this Agreement, a “Change in Control” shall be deemed to occur upon the earliest to occur
after the date of this Agreement of any of the following events:

 

		(i)	Acquisition of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial
Owner (as defined below), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined
voting power of the Company’s then-outstanding securities.

 

		(ii)	Change in Board Composition. During any period of two consecutive years (not including any period
prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Company’s board of directors,
and any new directors (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction
described in Sections 1(a)(i), 1(a)(iii) or 1(a)(iv)) whose election by the board of directors or nomination for election by the Company’s
shareholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning
of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority
of the members of the Company’s board of directors;

 

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		(iii)	Corporate Transactions. The effective date of a merger or consolidation of the Company with any
other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately
prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities
of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately
after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of
such surviving entity.

 

		(iv)	Liquidation. The approval by the shareholders of the Company of a complete liquidation of the Company
or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets.

 

		(v)	Other Events. Any other event of a nature that would be required to be reported in response to
Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the
Exchange Act, whether or not the Company is then subject to such reporting requirement.

 

Section 1.03 Interpretation.
Unless the express context otherwise requires (i) the words “hereof,” “herein,” and “hereunder”
and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision
of this Agreement; (ii) terms defined in the singular shall have a comparable meaning when used in the plural, and vice versa; (iii)
the terms “Dollars” and “$” mean United States Dollars; (iv) references herein to a specific Section shall
refer, respectively, to Sections of this Agreement; (v) wherever the word “include,” “includes,” or “including”
is used in this Agreement, it shall be deemed to be followed by the words “without limitation”; (vi) references herein to
any gender shall include each other gender; (vii) references herein to any Person shall include such Person’s heirs, executors,
personal Representatives, administrators, successors and assigns; provided, however, that nothing contained in herein is intended to
authorize any assignment or transfer not otherwise permitted by this Agreement; (viii) references herein to a Person in a particular
capacity or capacities shall exclude such Person in any other capacity; (ix) with respect to the determination of any period of time,
the word “from” means “from and including” and the words “to” and “until” each means
“to but excluding”; (xi) references herein to any Law or any license mean such Law or license as amended, modified, codified,
reenacted, supplemented or superseded in whole or in part, and in effect from time to time; (xii) references herein to any Law shall
be deemed also to refer to all rules and regulations promulgated thereunder; (xiii) references to “other enterprises” shall
include employee benefit plans, references to “fines” shall include any excise taxes assessed on a person with respect to
any employee benefit plan, references to “serving at the request of the Company” shall include any service as a director,
officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent
with respect to an employee benefit plan, its participants or beneficiaries; and (xiv) a person who acted in good faith and in a manner
he or she reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be
deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

 

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Article II. Indemnification

 

Section 2.01 Indemnity
in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this Section 2.01 if Indemnitee
is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company
to procure a judgment in its favor. Pursuant to this Section 2.01, Indemnitee shall be indemnified to the fullest extent permitted by
applicable Law against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or
on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and
in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal
action or proceeding, had no reasonable cause to believe that his or her conduct was unlawful.

 

Section 2.02 Indemnity
in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the provisions of this
Section 2.02 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company
to procure a judgment in its favor. Pursuant to this Section 2.02, Indemnitee shall be indemnified to the fullest extent permitted by
applicable Law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with
such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed
to be in or not opposed to the best interests of the Company. No indemnification for Expenses shall be made under this Section 2.02 in
respect of any claim, issue or matter as to which Indemnitee shall have been adjudged by a court of competent jurisdiction to be liable
to the Company, unless and only to the extent that any court in which the Proceeding was brought shall determine upon application that,
despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled
to indemnification for such expenses as such court shall deem proper.

 

Section 2.03 Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. To the extent that Indemnitee is a party to or a participant in and is
successful (on the merits or otherwise) in defense of any Proceeding or any claim, issue or matter therein, the Company shall indemnify
Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.
To the extent permitted by applicable Law, if Indemnitee is not wholly successful in such Proceeding but is successful, on the merits
or otherwise, in defense of one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee
against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with (a) each successfully
resolved claim, issue or matter and (b) any claim, issue or matter related to any such successfully resolved claim, issue or matter.
For purposes of this Section 2.03, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice,
shall be deemed to be a successful result as to such claim, issue or matter.

 

Section 2.04 Indemnification
for Expenses of a Witness. To the extent that Indemnitee is, by reason of his or her Corporate Status, a witness in any Proceeding
to which Indemnitee is not a party, Indemnitee shall be indemnified to the extent permitted by applicable Law against all Expenses actually
and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

Section
2.05 Additional Indemnification.

 

		(a)	Notwithstanding any limitation in Section 2.01, Section 2.02, Section 2.03 or Section 2.04, the Company
shall indemnify Indemnitee to the fullest extent permitted by applicable Law if Indemnitee is, or is threatened to be made, a party to
or a participant in any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against
all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his or her behalf in
connection with the Proceeding or any claim, issue or matter therein.

 

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		(b)	For purposes of Section 2.05(a), the meaning of the phrase “to the fullest extent permitted by applicable
Law” shall include, but not be limited to:

 

		(i)	the fullest extent permitted by the provision of the NRS that authorizes or contemplates additional indemnification
by agreement, or the corresponding provision of any amendment to or replacement of the NRS; and

 

		(ii)	the fullest extent authorized or permitted by any amendments to or replacements of the NRS adopted after
the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors.

 

Section 2.06 Exclusions.
Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in
connection with any Proceeding (or any part of any Proceeding):

 

		(a)	for which payment has actually been made to or on behalf of Indemnitee under any statute, insurance policy,
indemnity provision, vote or otherwise, except with respect to any excess beyond the amount paid;

 

		(b)	for an accounting or disgorgement of profits pursuant to Section 16(b) of the Exchange Act, or similar
provisions of federal, state or local statutory Law or common Law, if Indemnitee is held liable therefor (including pursuant to any settlement
arrangements);

 

		(c)	for any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based
compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange
Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley
Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee
of securities in violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor (including pursuant to any
settlement arrangements);

 

		(d)	initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee
against the Company or its directors, officers, employees, agents or other indemnitees, unless (i) the Company’s board of directors
authorized the Proceeding (or the relevant part of the Proceeding) prior to its initiation, (ii) the Company provides the indemnification,
in its sole discretion, pursuant to the powers vested in the Company under applicable Law, (iii) otherwise authorized in Section 2.11(c)
or otherwise required by applicable Law; or

 

		(e)	if prohibited by applicable Law.

 

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Section 2.07 Advances
of Expenses. The Company shall advance the Expenses incurred by Indemnitee in connection with any Proceeding, and such advancement
shall be made as soon as reasonably practicable, but in any event no later than 30 days, after the receipt by the Company of a written
statement or statements requesting such advances from time to time (which shall include invoices received by Indemnitee in connection
with such Expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditure
made that would cause Indemnitee to waive any privilege accorded by applicable Law shall not be included with the invoice). Advances
shall be unsecured and interest free and made without regard to Indemnitee’s ability to repay such advances. Indemnitee hereby
undertakes to repay any advance to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the
Company. This Section 2.07 shall not apply to the extent advancement is prohibited by Law and shall not apply to any Proceeding for which
indemnity is not permitted under this Agreement, but shall apply to any Proceeding referenced in Section 2.06(a) or Section 2.06(c) prior
to a determination that Indemnitee is not entitled to be indemnified by the Company.

 

Section 2.08 Procedures
for Notification and Defense of Claim.

 

		(a)	Indemnitee shall notify the Company in writing of any matter with respect to which Indemnitee intends
to seek indemnification or advancement of Expenses as soon as reasonably practicable following the receipt by Indemnitee of notice thereof.
The written notification to the Company shall include, in reasonable detail, a description of the nature of the Proceeding and the facts
underlying the Proceeding. The failure by Indemnitee to notify the Company will not relieve the Company from any liability which it may
have to Indemnitee hereunder or otherwise than under this Agreement, and any delay in so notifying the Company shall not constitute a
waiver by Indemnitee of any rights, except to the extent that such failure or delay materially prejudices the Company.

 

		(b)	If, at the time of the receipt of a notice of a Proceeding pursuant to the terms hereof, the Company has
directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of the Proceeding
to the insurers in accordance with the procedures set forth in the applicable policies. The Company shall thereafter take all commercially-reasonable
action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the
terms of such policies.

 

		(c)	In the event the Company may be obligated to make any indemnity in connection with a Proceeding, the Company
shall be entitled to assume the defense of such Proceeding with counsel approved by Indemnitee, which approval shall not be unreasonably
withheld, upon the delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such
counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee for any fees or expenses
of counsel subsequently incurred by Indemnitee with respect to the same Proceeding. Notwithstanding the Company’s assumption of
the defense of any such Proceeding, the Company shall be obligated to pay the fees and expenses of Indemnitee’s counsel to the extent
(i) the employment of counsel by Indemnitee is authorized by the Company, (ii) counsel for the Company or Indemnitee shall have reasonably
concluded that there is a conflict of interest between the Company and Indemnitee in the conduct of any such defense such that Indemnitee
needs to be separately represented, (iii) the Company is not financially or legally able to perform its indemnification obligations or
(iv) the Company shall not have retained, or shall not continue to retain, such counsel to defend such Proceeding. The Company shall have
the right to conduct such defense as it sees fit in its sole discretion. Regardless of any provision in this Agreement, Indemnitee shall
have the right to employ counsel in any Proceeding at Indemnitee’s personal expense. The Company shall not be entitled, without
the consent of Indemnitee, to assume the defense of any claim brought by or in the right of the Company.

 

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		(d)	Indemnitee shall give the Company such information and cooperation in connection with the Proceeding as
may be reasonably appropriate.

 

		(e)	The Company shall not be liable to indemnify Indemnitee for any settlement of any Proceeding (or any part
thereof) without the Company’s prior written consent, which shall not be unreasonably withheld.

 

		(f)	The Company shall have the right to settle any Proceeding (or any part thereof) without the consent of
Indemnitee.

 

Section 2.09 Procedures
upon Application for Indemnification.

 

		(a)	To obtain indemnification, Indemnitee shall submit to the Company a written request, including therein
or therewith such documentation and information as is reasonably available to Indemnitee and as is reasonably necessary to determine whether
and to what extent Indemnitee is entitled to indemnification following the final disposition of the Proceeding. The Company shall, as
soon as reasonably practicable after receipt of such a request for indemnification, advise the board of directors that Indemnitee has
requested indemnification. Any delay in providing the request will not relieve the Company from its obligations under this Agreement,
except to the extent such failure is prejudicial.

 

		(b)	Upon written request by Indemnitee for indemnification pursuant to Section 2.09(a), a determination, if
required by applicable Law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case (i) if a Change
in Control shall have occurred, by Independent Counsel in a written opinion to the Company’s board of directors, a copy of which
shall be delivered to Indemnitee or (ii) if a Change in Control shall not have occurred (A) by a majority vote of the Disinterested Directors,
even though less than a quorum of the Company’s board of directors, (B) by a committee of Disinterested Directors designated by
a majority vote of the Disinterested Directors, even though less than a quorum of the Company’s board of directors, (C) if there
are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the
Company’s board of directors, a copy of which shall be delivered to Indemnitee or (D) if so directed by the Company’s board
of directors, by the shareholders of the Company. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee
shall be made within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making the determination
with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable
advance request any documentation or information that is not privileged or otherwise protected from disclosure and that is reasonably
available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees and disbursements)
reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the
Company, to the extent permitted by applicable Law.

 

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		(c)	In the event the determination of entitlement to indemnification is to be made by Independent Counsel
pursuant to Section 2.09(b), the Independent Counsel shall be selected as provided in this Section 2.09(c). If a Change in Control shall
not have occurred, the Independent Counsel shall be selected by the Company’s board of directors, and the Company shall give written
notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred,
the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Company’s
board of directors, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising
it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within
ten days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a
written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel
so selected does not meet the requirements of “Independent Counsel” as defined herein, and the objection shall set forth with
particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent
Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel
unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after
the later of (i) submission by Indemnitee of a written request for indemnification pursuant to Section 2.09(a) and (ii) the final disposition
of the Proceeding, the Parties have not agreed upon an Independent Counsel, either the Company or Indemnitee may petition a court of competent
jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of
Independent Counsel and for the appointment as Independent Counsel of a person selected by the court or by such other person as the court
shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent
Counsel under Section 2.09(b). Upon the due commencement of any judicial proceeding pursuant to Section 2.11(a), the Independent Counsel
shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct
then prevailing).

 

		(d)	The Company agrees to pay the reasonable fees and expenses of any Independent Counsel and to fully indemnify
such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement
pursuant hereto.

 

Section 2.10 Presumptions
and Effect of Certain Proceedings.

 

		(a)	The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement
or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement)
of itself create a presumption that Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in
or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause
to believe that his or her conduct was unlawful.

 

		(b)	For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith
to the extent Indemnitee relied in good faith on (i) the records or books of account of the Enterprise, including financial statements,
(ii) information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, (iii) the advice of legal counsel
for the Enterprise or its board of directors or counsel selected by any committee of the board of directors or (iv) information or records
given or reports made to the Enterprise by an independent certified public accountant, an appraiser, investment banker or other expert
selected with reasonable care by the Enterprise or its board of directors or any committee of the board of directors. The provisions of
this Section 2.10(b) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed
to have met the applicable standard of conduct set forth in this Agreement.

 

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		(c)	Neither the knowledge, actions nor failure to act of any other director, officer, agent or employee of
the Enterprise shall be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

Section 2.11 Remedies
of Indemnitee.

 

		(a)	Subject to Section 2.11(d), in the event that (i) a determination is made pursuant to Section 2.09 that
Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section
2.07 or Section 2.11(c), (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 2.09 within
90 days after the later of the receipt by the Company of the request for indemnification or the final disposition of the Proceeding, (iv)
payment of indemnification pursuant to this Agreement is not made (A) within ten days after a determination has been made that Indemnitee
is entitled to indemnification or (B) with respect to indemnification pursuant to Section 2.03, Section 2.04 and Section 2.11(c), within
30 days after receipt by the Company of a written request therefor, or (v) the Company or any other person or entity takes or threatens
to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed
to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be
entitled to an adjudication by a court of competent jurisdiction of his or her entitlement to such indemnification or advancement of Expenses.
Indemnitee shall commence such proceeding seeking an adjudication within 180 days following the date on which Indemnitee first has the
right to commence such proceeding pursuant to this Section 2.11(a); provided, however, that the foregoing clause shall not apply in respect
of a proceeding brought by Indemnitee to enforce his or her rights under Section 2.03. The Company shall not oppose Indemnitee’s
right to seek any such adjudication in accordance with this Agreement.

 

		(b)	Neither (i) the failure of the Company, its board of directors, any committee or
subgroup of the board of directors, Independent Counsel or shareholders to have made a determination that indemnification of Indemnitee
is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor (ii) an actual determination by the
Company, its board of directors, any committee or subgroup of the board of directors, Independent Counsel or shareholders that Indemnitee
has not met the applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has or has not
met the applicable standard of conduct. In the event that a determination shall have been made pursuant to Section 2.09 that Indemnitee
is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 2.11 shall be conducted in all respects
as a de novo trial, on the merits, and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding
commenced pursuant to this Section 2.11, the Company shall, to the fullest extent not prohibited by Law, have the burden of proving Indemnitee
is not entitled to indemnification or advancement of Expenses, as the case may be.

 

    10

     

    

 

		(c)	To the extent not prohibited by Law, the Company shall indemnify Indemnitee against
all Expenses that are incurred by Indemnitee in connection with any action for indemnification or advancement of Expenses from the Company
under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company to the extent
Indemnitee is successful in such action, and, if requested by Indemnitee, shall (as soon as reasonably practicable, but in any event no
later than 30 days, after receipt by the Company of a written request therefor) advance such Expenses to Indemnitee, subject to the provisions
of Section 2.07.

 

		(d)	Notwithstanding anything in this Agreement to the contrary, no determination as
to entitlement to indemnification shall be required to be made prior to the final disposition of the Proceeding.

 

Section 2.12 Contribution.
To the fullest extent permissible under applicable Law, if the indemnification provided for in this Agreement is unavailable to Indemnitee,
the Company, in lieu of indemnifying Indemnitee, shall contribute to the amounts incurred by Indemnitee, whether for Expenses, judgments,
fines or amounts paid or to be paid in settlement, in connection with any claim relating to an indemnifiable event under this Agreement,
in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the
relative benefits received by the Company and Indemnitee as a result of the events and transactions giving rise to such Proceeding and
(ii) the relative fault of the Company (and its other directors, officers, employees and agents) and Indemnitee in connection with such
events and transactions.

 

Section 2.13 Non-exclusivity.
The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable Law, the Company’s articles of incorporation
or bylaws, any agreement, a vote of shareholders or a resolution of directors, or otherwise. To the extent that a change in Nevada Law,
whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently
under the Company’s articles of incorporation and bylaws and this Agreement, it is the intent of the Parties that Indemnitee shall
enjoy by this Agreement the greater benefits so afforded by such change, subject to the restrictions expressly set forth herein or therein.
Except as expressly set forth herein, no right or remedy herein conferred is intended to be exclusive of any other right or remedy, and
every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at Law or in equity or otherwise. Except as expressly set forth herein, the assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

Section 2.14 No Duplication
of Payments. The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder
(or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received payment for such
amounts under any insurance policy, contract, agreement or otherwise.

 

Section 2.15 Insurance.
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, trustees, general
partners, managing members, officers, employees, agents or fiduciaries of the Company or any other Enterprise, Indemnitee shall be covered
by such policy or policies to the same extent as the most favorably-insured persons under such policy or policies in a comparable position.

 

    11

     

    

 

Section 2.16 Subrogation.
In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution
of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

Section 2.17 Services
to the Company. Indemnitee agrees to serve as a director or officer of the Company or, at the request of the Company, as a director,
trustee, general partner, managing member, officer, employee, agent or fiduciary of another Enterprise, for so long as Indemnitee is
duly elected or appointed or until Indemnitee tenders his or her resignation or is removed from such position. Indemnitee may at any
time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation
of Law), in which event the Company shall have no obligation under this Agreement to continue Indemnitee in such position. This Agreement
shall not be deemed an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee. Indemnitee
specifically acknowledges that any employment with the Company (or any of its subsidiaries or any Enterprise) is at will, and Indemnitee
may be discharged at any time for any reason, with or without cause, with or without notice, except as may be otherwise expressly provided
in any executed, written employment contract between Indemnitee and the Company (or any of its subsidiaries or any Enterprise), any existing
formal severance policies adopted by the Company’s board of directors or, with respect to service as a director or officer of the
Company, the Company’s articles of incorporation or bylaws or the NRS. No such document shall be subject to any oral modification
thereof.

 

Section 2.18 Duration
of Agreement. This Agreement shall continue until and terminate upon the later of (a) ten years after the date that Indemnitee shall
have ceased to serve as a director or officer of the Company or as a director, trustee, general partner, managing member, officer, employee,
agent or fiduciary of any other Enterprise, as applicable; or (b) one year after the final termination of any Proceeding, including any
appeal, then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of
any proceeding commenced by Indemnitee pursuant to Section 2.11 relating thereto.

 

Article III. Miscellaneous.

 

Section 3.01 Notices.
Any notice or other communications required or permitted hereunder shall be in writing and shall be sufficiently given if personally
delivered to it or sent by reputable overnight courier, by registered or certified U.S. mail with a follow up copy by overnight courier,
or electronic mail with return receipt requested to the addresses as set forth below. Notices shall be deemed to have been received (i)
upon receipt, if personally delivered or sent by electronic mail with return receipt requested and received, (ii) on the day after dispatch,
if sent by overnight by a reputable overnight courier, and (iii) three (3) days after mailing, if sent by registered or certified U.S.
mail with a follow up copy by overnight courier. Notices shall be addressed as follows or to such other addresses as shall be furnished
in writing by any Party in the manner for giving notices hereunder:

 

If to the Company:

 

Zoned Properties,
Inc.

Attn: Bryan McLaren

14269 N. 87th
Street, Suite # 205

Scottsdale, AZ 85260 

Email: bryan@zonedproperties.com

 

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If to Indemnitee:

 

[_______________]

[_______________]

[_______________]

Email: [_______________]

 

Section 3.02 Governing
Law. This Agreement shall be governed by, enforced, and construed under and in accordance with the Laws of Nevada, without giving
effect to principles of conflicts of Law thereunder. Venue for all matters arising hereunder shall be exclusively in the State of Arizona
and the United States Courts located in Scottsdale, Arizona (the “Selected Courts”) and each of the Parties (a) irrevocably
consents and agrees that any legal or equitable action or proceedings arising under or in connection with this Agreement shall be brought
exclusively in the Selected Courts. By execution and delivery of this Agreement, each Party hereto irrevocably submits to and accepts,
with respect to any such action or proceeding, generally and unconditionally, the jurisdiction of the aforesaid court, and irrevocably
waives any and all rights such Party may now or hereafter have to object to such jurisdiction.

 

Section 3.03 Waiver
of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS IS LIKELY TO INVOLVE COMPLICATED
AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN. EACH PARTY CERTIFIES
AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT
SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C)
SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 3.03.

 

Section 3.04 Specific
Performance. The Parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance
with the terms hereof and that the Parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy
to which they are entitled at Law or in equity.

 

Section 3.05 Attorneys’
Fees. In the event that any Party institutes any action or suit to enforce this Agreement or to secure relief from any default hereunder
or breach hereof, the prevailing Party shall be reimbursed by the losing Party for all costs, including reasonable attorneys’ fees,
incurred in connection therewith and in enforcing or collecting any judgment rendered therein.

 

    13

     

    

 

Section 3.06 Third-Party
Beneficiaries. This Agreement is strictly between the Parties and, except as specifically provided, no director, officer, shareholder,
employee, agent, independent contractor or any other Person shall be deemed to be a third-party beneficiary of this Agreement.

 

Section 3.07 Entire
Agreement. This Agreement represents the entire agreement between the Parties relating to the subject matter thereof and supersede
all prior agreements, understandings and negotiations, written or oral, with respect to such subject matter, provided that any other
employment agreement or engagement agreement between the Parties with respect to the Indemnitee’s service to the Company shall
also apply with respect thereto to the extent set forth therein.

 

Section 3.08 Severability;
Waiver. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or
provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the
Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible
in a mutually acceptable manner. Other than as specifically set forth herein, every right and remedy provided herein shall be cumulative
with every other right and remedy, whether conferred herein, at Law, or in equity, and may be enforced concurrently herewith, and no
waiver by any Party of the performance of any obligation by the other shall be construed as a waiver of the same or any other default
then, theretofore, or thereafter occurring or existing.

 

Section 3.09 Amendment.
This Agreement may by amended only by a writing signed by both Parties.

 

Section 3.10 Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and
permitted assigns. No Party may assign its rights or obligations hereunder without the prior written consent of the other Party. No assignment
shall relieve the assigning Party of any of its obligations hereunder.

 

Section 3.11 Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken together
shall be but a single instrument. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

[Signature Page Follows]

 

    14

     

    

 

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

 

	 	Zoned Properties, Inc.
	 	 
	 	By:	 
	 	Name:  	 
	 	Its:	 
	 	 	 
	 	[____________________]
	 	 	 
	 	By:	
	 	Name:	[____________________]Exhibit 10.1

 

DEALERSHIP ASSET
PURCHASE AGREEMENT

 

This DEALERSHIP ASSET PURCHASE
AGREEMENT (this “Agreement”) is effective as of the date Greenberg Traurig, P.A.(“Escrow Agent”)
executes the escrow receipt on the last page hereto (the “Effective Date”), and is among LMP Greeneville CDJR, LLC,
a Tennesee limited liability company or its assigns (“Buyer”), J. Chantz Scott, a resident of Tennessee (collectively,
“Principal”), and Blue Sky Automotive, Inc. , a Tennessee corporation (“Seller”; and together with
Buyer and Principal, each a “Party” and, collectively, the “Parties”).

 

RECITALS:

 

WHEREAS, Seller owns,
controls and operates a Chrysler Jeep Dodge RAM automotive dealership and all ancillary business related thereto (the “Business”)
located at 300 Bachman Dr., Greeneville, TN 37745 (collectively, the “Dealership”), under agreements with Stellantis
(collectively, “Manufacturer”); and

 

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

 

AGREEMENT:

 

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

 

1. Timing &
Money.

 

(a)
Inspection Period & Closing Date. From the Effective Date through the sixtieth (60th) day after the Effective
Date (the “Inspection Period”), Buyer may terminate this Agreement for any or no reason upon written notice to Seller
and Buyer shall receive a full refund of the Earnest Money (defined below) without any written permission from Seller, Principal or any
other person or entity. The “Closing Date Deadline” means December 15, 2021; provided, however, that
if, as of the seventh (7th) day prior to such date, the approvals or other conditions set forth in Sections 8(a) and
8(c) of this Agreement have not been obtained, the Closing Date Deadline will automatically be extended for thirty (30) days, time
being of the essence. The Closing will occur on a mutually agreed to business day by the Closing Date Deadline within ten (10) days
after the satisfaction or waiver of the pre-Closing Date conditions contained in Section 8 below.

 

(b) Purchase
Price & Broker. The purchase price for the Assets described in Section 2(e) below is $5,000,000.00, consisting
of purchase of goodwill at $4,500,000 and Furniture, Fixtures and Equipment at $500,000, payable in cash equal to $2,500,000 and LMP
Stock (defined below) equal to up to $2,500,000 on the Closing Date (the foregoing collectively being the “Purchase
Price”). Each Party shall use the Purchase Price and other allocation described in the spreadsheet detailing inventories,
values, debits and credits executed and delivered by the Parties upon Closing (the “Closing Memorandum”) in all
reporting to, and all tax returns filed with, the Internal Revenue Service and other state and local taxing authorities.

 

     

     

    

 

(c)
LMP Stock.

 

(i) Issue
Price. Buyer will issue at Closing common stock of LMP Automotive Holdings, Inc., a Delaware corporation (NASDAQ: LMPX, the
“LMP Stock”) equal up to $2,500,000 calculated at a price per share (rounded down to the nearest whole share, the
“Issue Price”) equal to the greater of (i) the average price per share of LMP Stock as reported at the closing of
the NASDAQ Composite stock market exchange for each of the five (5) trading days prior to the Closing Date and (ii) the average
price per share of LMP Stock as reported at the closing of the NASDAQ Composite stock market exchange for each of the five (5)
trading days prior to the Effective Date; provided, that Buyer is not obligated to issue more than that number of shares of
LMP Stock or LMP Stock shares sufficient to make Seller or any Principal own or control 10% or more of LMP Stock
(“Maximum Shares”). If the product of the Maximum Shares and the Issue Price (the
“Maximum Equity Value”) is greater than 10% or more of LMP Stock, then Buyer shall pay Seller cash in an
amount equal to the difference between the Maximum Shares and the Maximum Equity Value.

 

(ii) Compliance.
Seller and its owners, as applicable, and Principal shall at all times comply with all applicable federal and state securities laws
applicable to the LMP Stock and ownership and/or control thereof, and shall comply strictly with any applicable insider trading
policy or similar rules of LMP. Upon Seller’s request, and after the six (6) month anniversary of the LMP Stock issuance date,
Buyer shall provide a customary opinion letter from Buyer’s counsel (in a form reasonably satisfactory to the LMP Stock
transfer agent) opining as to the sale of the LMP Stock in accordance with Rule 144 (“Rule 144”) under the
Securities Act of 1933, as amended (the “Securities Act”), subject to any applicable volume limitations therein,
or other exemptions from registration under the Securities Act. If LMP Stock is issued pursuant to this Section 1(c), then
Buyer shall take such actions as are reasonably necessary such that Seller is not restricted in any way by Rule 144 from selling the
LMP Stock after six (6) month anniversary date of the LMP Stock issuance date; provided that Buyer is not required to
register the LMP Stock in accordance with the Securities Act. LMP is an intended third-party beneficiary of this Section 1(c) and
has the right, power and authority to enforce the provisions hereof as though it were a party hereto.

 

(d) Earnest
Money. Within three (3) business days after the first date that Buyer has signed this Agreement and received from Seller a
complete, fully executed copy of this Agreement signed by Seller and Principal; and the existing owner’s title policy,
existing survey and existing environmental reports for the real property that comprises the Real Property, Buyer shall deliver to
Escrow Agent $250,000 as earnest money (the “Earnest Money”) to be held in trust by Escrow Agent for and on
behalf of the Parties pursuant to this Agreement. On the Closing Date, if the Closing occurs, the Earnest Money will be returned to
Buyer (or applied to the purchase price owed, if so directed by Buyer in writing). Upon the sooner to occur of Closing or
termination of this Agreement, the Earnest Money will be paid as provided in Section 12(a).

 

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

 

(f) Audit.
At Buyer’s expense, Seller shall provide Buyer with two (2) years (2019 and 2020) of audited financial statements and a 2021
quarterly reviewed financial statements performed by a mutually agreed to certified public accounting firm (the “Audit and
Reviewed Statement”) during the Inspection Period (and if not provided within the Inspection Period, the Inspection Period
will be automatically extended until the tenth (10th) day after Buyer’s receipt of the Audit and Reviewed
Statement). On the Closing Date, or within five (5) days after the earlier termination of this Agreement for any reason other than
Seller’s or Principal’s breach of this Agreement, Buyer will reimburse Seller for any of Seller’s actual,
documented expenses for the Audit and Reviewed Statement.

 

2. Dealership Assets. Subject to the terms and conditions contained in this Agreement, upon the consummation of the transactions
contemplated by this Agreement (the “Closing”, and the date thereof, the “Closing Date”), Seller
shall sell to Buyer, and Buyer shall purchase from Seller, the Assets as set forth on Schedule 2 and as more generally described
below in this Section 2. A mutually agreed to form of Bill of Sale, attached as Exhibit C hereto, executed and delivered
by the Parties on the Closing Date (the “Bill of Sale”) will contain a list of all of the Assets sold to Buyer as set
forth on Schedule 2.

 

(a)
Fixed Assets: Buyer shall purchase from Seller, and Seller shall sell to Buyer, all fixed assets owned by Seller on the
Closing Date and used in connection with the Dealership as reflected on the June 30, 2021 Dealer Financial Statement (collectively, the
“Fixed Assets”). Fixed Assets exclude Seller-owned vehicles (i.e., “company vehicles”) and assets that
would be properly characterized as leasehold improvements, fixtures (e.g., signs) or real property and all assets included as Furniture,
Fixtures and Equipment and listed on Schedule 2(b). The Fixed Asset purchase price will be an amount equal to the net book value
of such Fixed Assets as of the Closing Date (less all discounts, incentives and refunds) after being entered on the original in service
date (i.e., the date purchased by Seller or, if purchased used, the date purchased by the original owner) for an amount equal to the actual,
out-of-pocket initial purchase price for such Fixed Assets on such original in service date and depreciated through the Closing Date in
accordance with Seller’s Manufacturer statements and industry standard depreciation provisions consistently applied.

 

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

 

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

 

    Page 4 of 44

     

    

 

(d)
Parts; Accessories & Other Inventories.

 

(i)  Inventory & Returnable. A physical inventory of Seller’s parts and accessories will be taken in the presence
of a representative of Buyer and Seller by an inventory service mutually acceptable to Buyer and Seller, the cost of which will be borne
by the Buyer and Seller splitting the cost on a 50/50 basis (the “Inventory”). The Inventory will classify parts and
accessories as “returnable” or “non-returnable”. The terms “returnable parts” and “returnable
accessories” means only those new undamaged replacement parts and new undamaged accessories for Manufacturer vehicles which
are listed (coded) in the latest current Master Parts Price List Suggested List Prices and Dealer Prices (or other applicable similar
Manufacturer price lists, with supplements or the equivalent in effect as of the Inventory date, the “Master Price List”),
as returnable to the Manufacturer at not less than the purchase price reflected in the Master Price List and are within the limits of
returnable parts established by the Manufacturer from time to time. Buyer shall purchase from Seller, and Seller shall sell to Buyer,
all of Seller’s returnable parts and returnable accessories for an amount equal to the price listed in the Master Price List (less
all applicable rebates and discounts). At Closing the total Parts and Miscellaneous Inventory as reflected on the June 30, 2021 Dealer
Financial Statement of approximately $140,000 in value shall be delivered at Closing as part of the Purchase Price

 

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

 

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

 

    Page 5 of 44

     

    

 

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

 

(f) Excluded
Assets & Name License. Notwithstanding anything in this Agreement to the contrary, the following assets are not being sold
pursuant to this Agreement: (i) all cash and cash equivalents, wherever located and in whatever form (unless “petty
cash” is noted on the Closing Memorandum); (ii) promissory notes and other evidences of indebtedness; (iii) all insurance
policies; (iv) accounts receivable; (v) any claims or causes of action of Seller against third parties; (vi) tax credits and claims
for tax refunds; (vii) securities, voting or otherwise in any entity; (viii) any rights in connection with and any assets of any
employee benefit plan of Seller; (ix) the minute books and capital stock records of Seller, (x) all employment contracts, union
contracts or collective bargaining agreements relating to any employees of Seller or Seller’s operations, (xi) any contract to
which Seller is a party that is not an Assigned Contract, and (xii) any vehicle that is not included in the purchased Assets;
(collectively, the “Excluded Assets”).

 

(g) Excluded
Liabilities. Notwithstanding anything contained herein to the contrary, Buyer shall not assume, or cause to be assumed, or be
deemed to have assumed or caused to have assumed or be liable or responsible for any liabilities or obligations (whether known or
unknown, fixed, absolute, matured, unmatured, accrued or contingent, now existing or arising after the date hereof) of Seller or any
of its Affiliates (other than the liabilities expressly assumed in this Agreement) including, but not limited to, the following
obligations and liabilities of Seller and its Affiliates (such obligations and liabilities not assumed hereunder, the
“Excluded Liabilities”):

 

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(i)   
any liabilities or obligations relating to any current or former employee or independent contractor of Seller or any of its Affiliates
(whether or not such employee is hired by Buyer following the Closing) and labor matters relating to any such current or former employee
or independent contractor including any liabilities or obligations arising out of or relating to any employee-related matter, employee-related
payment obligation, collective bargaining contract, labor negotiation, severance cost, pension plan, profit sharing plan, deferred compensation
plan, accrued holiday benefit, accrued bonus, salary, bonus plan, phantom stock award, stock option or purchase plan, employment contract,
consulting contract, any Employee Benefit Plan or any entitlements arising as a result of or in connection with the consummation of the
Purchase;

 

(ii)
any Taxes (i) attributable to the purchased Assets or the Business with respect to any Pre-Closing Period or (ii) imposed
on Seller or any of its Affiliates;

 

(iii)
any liabilities or obligations related to the Excluded Assets;

 

(iv)  
any liabilities or obligations arising out of or relating to indebtedness of Seller or any of its Affiliates;

 

(v)
any liabilities or obligations arising out of or relating to any contract which is not an Assigned Contract;

 

(vi)  
other than in connection with the operation of the Business after the Closing Date, any liabilities or obligations arising out
of or relating to any real property owned, leased, occupied or controlled by Seller;

 

(vii)
any liabilities or obligations related to the Business not expressly assumed hereunder or any other litigation, arbitration, investigation,
proceeding or claim pertaining to or affecting the Business or the purchased Assets, to the extent based on a cause of action arising
prior to the Closing Date, whether the commencement of such litigation, arbitration, investigation, proceeding or claim is before or after
the Closing Date;

 

(viii)   
any Seller Transaction Expenses; and

 

(ix)  
any liabilities or obligations arising from product liability claims for which the injury or loss giving rise thereto (not just
the delivery of the notice of such claims) occurs prior to the Closing Date, including specifically all losses caused by or arising out
of any alleged design, manufacture, assembly, installation, use or sale of any products manufactured by the Factory or the Business prior
to the Closing Date, whether the commencement of any related litigation, arbitration, investigation, proceeding or claim occurs before
or after the Closing Date

 

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3.
Pro-rations & Assigned Contracts.

 

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

 

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

 

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

 

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4.
Real Property. For purposes hereunder the real property shall consist of all real property underlying the Dealerships
located at 300 Bachman Dr., Greenville, TN 37745 (the “Real Property”).

 

(a)
Leases. The Real Property is subject to a Lease with Wheels Real Estate, LLC for a term of 10 years and with a current monthly
rental of $12,000 per month (the “Real Property Lease”). Seller shall cause the landlord of any real estate leased
by Seller to be assigned to Buyer and a landlord estoppel letter at no additional cost or expense and on the same terms and conditions
as the existing leases (the “Assigned Leases”). Attached as Schedule 4(b) are a list of the Assigned Leases.
In connection with the Real Property Lease, the Buyer and Seller agree that the purchase option set forth in Schedule E of said lease
shall be assigned to Buyer.

 

(b)
Environmental Audit. Seller shall allow an environmental consulting firm selected by Buyer to have prompt access to the
Real Property in order to conduct environmental investigations, and to prepare a report (which will include a Phase I report and may include
a Phase II report) with respect to, the Real Property. Buyer shall pay the cost of the Phase I. If a Phase I environmental report recommends
a Phase II environmental report, then Buyer shall pay for such Phase II environmental report. Seller shall provide the environmental
auditors reasonable access to all of its existing records. If environmental remediation or maintenance is recommended by such reports
or required by law, then, Seller and Buyer will agree on the amount to be withheld from Seller’s Purchase Price proceeds in a third
party escrow account as an additional indemnity in favor of Buyer to support any remediation or maintenance work that is recommended by
such reports.

 

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

 

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

 

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

 

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

 

(c) Conflicts.
The execution and delivery of this Agreement by Seller and the performance by Seller of its obligations hereunder and the
consummation by it of the transactions contemplated by this Agreement will not (i) contravene any provision of its organizational or
governing documents, (ii) violate or conflict with any law, statute, ordinance, rule, regulation, decree, writ, injunction, judgment
or order of any nation or government, or any state, regional, local or other political subdivision thereof (“Governmental
Authority”) or of any arbitration award which is either applicable to, binding upon or enforceable against it, (iii)
conflict with, result in any breach of, or constitute a default (or an event which would, with the passage of time or the giving of
notice or both, constitute a default) under, or give rise to a right of payment under or the right to terminate, amend, modify,
abandon or accelerate, any material agreement, indenture, deed of trust, mortgage, loan agreement or any material instrument, by
Seller, to which Seller is a party or by which Seller, the Dealership Property or any of the Purchased Assets is bound or affected,
(iv) result in or require the creation or imposition of any lien or other encumbrance upon or with respect to any of its properties
or assets, (v) give to any individual or entity a right or claim against it, or (vi) require the consent, approval,
authorization or permit of, or filing with or notification to, any Governmental Authority, any court or tribunal or any other
Person, except (a) any right of first refusal or other approval rights the Factory may have with respect to the purchase of the
assets of the Dealership under the Franchise Agreement, (b) filings or consents required to be made or obtained by Seller, (c) any
governmental permits or licenses required to operate the Dealership and other businesses of Seller or other filings or consents
required to be made or obtained by Buyer, and (d) any violations, conflicts, liens, rights or claims, or consents in the case of
clauses (ii), (iii), (iv), (v) and (vi) above that would not have an adverse effect on Buyer following the Closing or Seller’s
ability to consummate the transactions provided herein.

 

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(d)
Financials. True, correct and complete copies of the Financial Statements have been delivered by Seller to Buyer. Subject
to the adjustment for Inventory as set for in Section 2. (d) (i) above, the Financial Statements have been based upon and are consistent
with the information contained in the Seller’s books and records and are complete and correct. The Financial Statements accurately
and completely present in all material respects the financial condition of the Seller, as of the dates thereof, and the cash flows and
results of operations of the Seller, for the periods related thereto, in accordance with GAAP and have been prepared in all material respects
in accordance with Manufacturer’s requirements and made within the ordinary course of Seller’s Business. “Financial
Statements” means Seller’s internally prepared, un-audited financial statements in the form required by Manufacturer,
for the fiscal year ended December 31, 2017, December 31, 2018, and December 31, 2019, December 31, 2020, and each of the completed months
thereafter through the Closing Date, including Statements of Income, Balance Sheet and Cash Flow. The Seller maintains systems of internal
accounting controls sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with management’s
general or specific authorization, (ii) transactions are recorded as necessary to permit the preparation of financial statements in conformity
with GAAP and to maintain accountability for assets, (iii) access to its assets and properties is permitted only in accordance with management’s
general or specific authorization, and (iv) the recorded accountability for assets is compared with the actual levels at reasonable intervals
and appropriate action is taken with respect to any differences. The financial books and records, and the accounts, of the Seller used
to prepare the Financial Statements: (A) have been maintained in accordance with GAAP and good business practices, on a basis consistent
with prior years, (B) are stated in reasonable detail and reflect actual bona fide transactions of the Seller, and (C) constitute
the basis for the Financial Statements.

 

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

 

(f)  Litigation.
As of the date hereof (i) there are no actions, suits or other legal or administrative proceedings or governmental investigations
pending, or to the Knowledge of Seller (as hereinafter defined), threatened against Seller, the purchased Assets, the Dealership or
the Dealership Property before any Governmental Authority, and to the Knowledge of Seller, there is no valid basis for any such
action, proceeding or investigation (including, without limitation, any dispute which materially adversely affects, or may
materially adversely affect, the Seller, the purchased Assets, the Dealership or the Dealership Property) and (ii) there are no
outstanding orders, decrees or stipulations issued by any Governmental Authority in any proceeding to which Seller is or was a
party. Seller is not subject to any judgment, order, writ, injunction or decree that has not been satisfied or complied with. To the
Knowledge of Seller, Seller has not violated any federal, state or local law or ordinance or any rule, regulation order or decree of
any governmental agency, court or authority having jurisdiction over it or over any part of its operations or assets which would
have an adverse impact on Buyer.

 

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(g)
Good Title. Seller is the owner of, and has, good and marketable title to all of the Assets (including intangible assets
such as websites and domain names); all of the Assets will be transferred to Buyer free and clear of all liens and encumbrances; and all
of the Assets to be sold under the terms of this Agreement are, or on the Closing Date will be, in good operating condition and repair.
Seller does not utilize any tangible or intangible personal property (e.g., websites, delivery vehicles, trade names, off-site storage
facilities, no equipment leases, etc.) or real estate in its operation of the Dealership that is not either being sold to Buyer as an
Asset or subject of the Real Estate Lease. Except for Seller, there are currently no parties in possession of any of the Dealership Property,
and Seller has not granted any rights of possession with respect to the Dealership Property. Seller has not received any written notices
of any pending or, to Seller’s Knowledge, threatened condemnation proceedings affecting the Dealership Property. Seller has not
received any written notice from a Governmental Authority that Seller is not in material compliance with any local, state or federal laws,
ordinances, rules or regulations applicable to the Dealership Property.

 

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

 

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

 

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

 

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(k)
Assigned Contracts. The summaries of the Assigned Contracts on Schedule 3(c) accurately describe such Assigned Contracts,
neither party to any Assigned Contract is in breach, in any material respect, of such Assigned Contract, and all payments or obligations
on the Assigned Contracts are, or as of the Closing Date will be current. Each of the Assigned Contracts is valid, legal and binding and
is in full force and effect. Seller has made all payments due under each of the Assigned Contracts through the date hereof. No event or
condition has occurred and is continuing which, with or without the lapse of time or giving of notice, constitutes, or would ripen into
or become, a breach of or default under an Assigned Contract by the Seller, or, to the Seller’s Knowledge, by any other party thereto,
in any term, covenant or condition of each Assigned Contract.

 

(l)  Assigned
Leases. The summaries of the Assigned Leases on Schedule 4(b) accurately describe such Assigned Leases, neither party to
any Assigned Leases is in breach, in any material respect, of such Assigned Leases, and all payments or obligations on the Assigned
Leases are, or as of the Closing Date will be current. Each of the Assigned Leases is valid, legal and binding and is in full force
and effect. Seller has made all payments due under each of the Assigned Leases through the date hereof. No event or condition has
occurred and is continuing which, with or without the lapse of time or giving of notice, constitutes, or would ripen into or become,
a breach of or default under an Assigned Leases by the Seller, or, to the Seller’s Knowledge, by any other party thereto, in
any term, covenant or condition of each Assigned Leases.

 

(m) Inventory. All Inventory of the Seller, whether or not reflected on the Financial Statements, consists of items of a quality
usable and, with respect to finished goods, saleable in the Ordinary Course of Business, except for slow-moving or Obsolete Inventory
and items of below-standard quality, all of which have been written off or written down to net realizable value in the Financial Statements.
The quantities of each item of Inventory (whether raw materials, intermediaries, work-in-process or finished goods) are not excessive
and are sufficient for the operations of the Business in the Ordinary Course of Business. The supply of spare parts in the Inventory,
the product mix of the Inventory and the raw materials and work in process necessary to convert to finished goods is not materially out
of balance in relation to Seller’s expectations of the demand of its customers. All raw materials, intermediaries, work-in-process
and finished goods are free of any material defect or other deficiency. The Seller is not in possession of any Inventory not owned by
the Seller, including goods already sold. The historical values at which the Inventory of the Seller has been presented to the Buyer have
been determined in accordance with customary valuation policies of the Seller (which is the lower of cost or fair market value, with cost
determined in accordance with GAAP, as consistently applied by the Seller. Since the date of the Latest Balance Sheet, the Seller has
continued to replenish its Inventory and to dispose of slow-moving and Obsolete Inventory in the Ordinary Course of Business, consistent
with the prevailing practice of the Business’ industry as a whole. All Inventory is located at Seller Real Property

 

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(n)
 Options, Rights of First Refusal. Except Manufacturer’s right of first refusal, for the right of Buyer to acquire
the Assets pursuant to this Agreement and Buyer’s rights pursuant to the Real Property pursuant to the Option to Purchase Agreement
dated October 1, 2018 (the “Real Estate Option to Purchase Agreement”), no other person or entity has any right to
acquire all or any portion of the Assets, the Real Property or any interest therein, or Seller’s Manufacturer contract rights or
privileges.

 

(o)
Intellectual Property Rights. Except as set forth in Section 2. (e) above, the Seller either owns or is otherwise entitled
to use (under a license or otherwise) all Proprietary Rights necessary to conduct the business of the Business as presently conducted.
For purposes of this Agreement, “Proprietary Rights” means all (i) trademarks, service marks, trade dress, logos, trade
names and corporate names and registrations and applications for registration thereof, (ii) copyrights and registrations and applications
for registration thereof, (iii) mask works and registrations and applications for registration thereof, (iv) computer software data and
documentation, (v) trade secrets and confidential business information (including ideas, formulas, compositions, inventions (whether patentable
or unpatentable and whether or not reduced to practice), copyrightable works, financial, marketing and business data, pricing and cost
information, business and marketing plans and customer and supplier lists and information), (vi) other proprietary rights or any intellectual
property, and (vii) copies and tangible embodiments thereof (in whatever form or medium).

 

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

 

(q) Employment
Matters. Except as set forth on the Financial Statements of the Seller, Seller has no oral or written collective bargaining or
organized labor contracts, employment agreements, bonus, deferred compensation, profit sharing, welfare or health benefit, or
retirement plan or arrangement, whether or not legally binding, nor is Seller currently paying any pension, deferred compensation or
retirement allowance to anyone. Seller has no contract for the future employment of any person. Seller is not delinquent in payments
to any of its employees for any wages, salaries, commissions, bonuses or other direct compensation for any services performed by
them or amounts required to be reimbursed to such employees. Seller has no knowledge that any Seller employee intends to terminate
his or her employment. Seller has complied in all material respects with the applicable requirements for its employee medical and
benefit plans, if any, as set forth in the Internal Revenue Code of 1986, as amended (the “Code”), and the
Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder
(“ERISA”), including Section 4980B of the Code (as well as its predecessor provision, Section 162(k) of the Code)
and Sections 601 through 608, inclusive, of ERISA, which provisions are hereinafter referred to collectively as
“COBRA”. There have not been any unfair labor practice complaints or work stoppages (within the past thirty-six
(36) months) and there are no present or, to Seller’s Knowledge, threatened walkout, strike or labor disturbance involving any
of Seller’s employees working primarily at the Dealership. The Seller has taken the required actions under Applicable Law to
confirm the identity and work status eligibility of its Employees. The Seller has not received any written notice of any inspection
or investigation relating to their alleged noncompliance with or violation of IRCA, nor has or otherwise penalized for any failure
to comply with IRCA or for any willful violation of any other immigration law, rule or regulation.

 

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

 

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

 

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(t) Insurance.
Seller has all insurance (including policies providing property, casualty, general liability, and workers’ compensation
coverage and bond and surety arrangements) ) in amounts and with coverage that are standard in the auto dealership industry and
shall maintain such insurance at all times between the date hereof and Closing. All such insurance policies and all such bonds
(including surety bonds) are legal, valid, binding, enforceable, and in full force and effect. All premiums and other payments due
prior to the date hereof under each such insurance policies and bond have been timely and fully paid. Seller has not received any
notice of any default and is not in default with respect to its obligations under any insurance policy maintained by it.

 

(u)
Covid and the Paycheck Protection Program. The Sellers have complied, in each case in all material respects, with the COVID-19
guidelines, all applicable Laws and mandatory guidance related to employees in response to COVID-19. Seller has accepted loans pursuant
to the Small Business Administration’s Paycheck Protection Program.

 

(v)
Brokers. Except for Broker, no broker, investment banker, financial advisor, consultant or other Person is entitled to any
broker’s, finder’s, financial advisor’s or other similar fee or commission in connection with this Agreement based upon
arrangements made by or on behalf of the Seller. The sole broker’s commission or finder’s fee payable as a result of the closing
of the transaction contemplated herein shall be paid by Seller & Buyer at Closing to DCG Acquisitions, LLC (“Broker”)
in accordance with the separate agreements between Seller, Buyer and Broker. No person other than Broker is entitled to any commission
in connection with the transactions contemplated by this Agreement.

 

(w) Prohibited Persons. Neither Seller nor any members of the Seller: (i) appears on the Specially Designated Nationals
and Blocked Persons List of the Office of Foreign Assets Control in the United States Department of the Treasury or the Annex to United
States Executive Order 132224-Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism,
or (ii) is a prohibited party under the laws of the United States

 

(x) Full
Disclosure. The representations and warranties contained in this Section are true and correct as of the date hereof, and will be
true and correct as of the Closing Date. This Agreement and the Other Agreements, and their respective Schedules and Exhibits
delivered by or on behalf of the Seller hereunder and thereunder are complete and correct in all material respects. No
representation or warranty made by Seller in this Agreement contains (or will contain, when furnished) any untrue statement of a
material fact or omits (or will omit, when furnished) a material fact necessary to make the statements herein or therein not
misleading.

 

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(y)
Absence of Undisclosed Liabilities. The Financial Statements reflect all Liabilities of the Seller as of the dates thereof,
required by GAAP to be reflected on the Financial Statements. The Seller does not have any Liability (and there is no Basis for any present
or future legal proceeding against the Seller giving rise to any Liability) except the Liabilities (a) that are accrued for or reserved
against in the Latest Balance Sheet, (b) that have arisen since the date of the Latest Balance Sheet in the Ordinary Course of Business,
(c) that are otherwise disclosed herein, in each case, (i) none of which results from, arises out of, relates to, is in the nature of,
or was caused by any breach of contract, breach of warranty, tort, infringement or violation of Law, and (ii) none of which, individually
or in the aggregate, is material as defined under GAAP.

 

(z)
Absence of Certain Changes. Seller has not suffered or been threatened with (and Seller has no Knowledge of any facts which
may cause or result in) any change to the business, operations (including results of operations), assets, liabilities, condition (financial
or otherwise) or prospects of the Seller which would be reasonably likely to have a Material Adverse Effect, including, without limiting
the generality of the foregoing, the existence or threat of a labor dispute, or any material adverse change in, or loss of, any relationship
between Seller and any of its key employees. Since the date of the Latest Balance Sheet, except for the marketing of Seller for sale,
and Seller has conducted the Business in the Ordinary Course of Business. For purposes of this Agreement, “Material Adverse Effect”
shall mean any event, circumstance, development, state of facts, occurrence, change or effect that is materially adverse to (i) the Business,
purchased Assets, liabilities, or results of operations of the Business, taken as a whole, (ii) the ability of the Seller to operate the
Dealership in the manner in which it has been customarily operated, or (iii) the ability of Seller to perform its obligations hereunder
or to consummate the transactions contemplated hereby.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(j) Simultaneous
Real Estate Closing. The Closing hereunder will occur simultaneously with the execution of an Assignment of Real Estate Lease,
Assignment of Real Property Option to Purchase Agreement and accompanying estoppel letter from landlord to Buyer in a form
satisfactory to Buyer and each of the foregoing attached hereto as Exhibit E.

 

(k)
Financing. Buyer shall have received loan commitments (and funding at Closing) on terms and conditions satisfactory to Buyer
in its sole discretion for both the floor plan and acquisition in connection with this transaction.

 

(l) Third
Party Consents. With respect to each Assigned Contract and Assigned Lease that requires, prior to an assignment of the
Seller’s interest therein, the Consent of a third party, each such third party shall, without cost to the Buyer, have granted
its Consent, in form and substance reasonably satisfactory to Buyer, authorizing the assignment of each of the Assigned Contracts
and Assigned Leases from the Seller to the Buyer.

 

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

 

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

 

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

 

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

 

(d)
Simultaneous Closing. The Closing hereunder will occur simultaneously with the “Assignment of Lease and Assignment
of Real Estate Option to purchase Agreement.

 

(e)
 Closing. The Closing occurs prior to December 31, 2021.

 

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10. Pre- &
Post-Closing Covenants.

 

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

 

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

 

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

 

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

 

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(e)
Seller’s Receivables. Following the Closing, Buyer shall accept payment of Seller’s accounts receivable and
Manufacturer warranty payments arising out of the operation of the Dealership prior to Closing for a period of 180 days. Buyer shall turn
over to Seller on the last day of each calendar month during said period all of the monies so accepted on said accounts receivable during
the previous calendar month. Buyer is not obligated to accept payments of such accounts receivable after such 180-day period, but if Buyer
does so then Buyer will promptly pay the same over to Seller. Buyer is only obligated to accept payment during such period, not to attempt
to enforce payment. No adjustment will be made in any of such accounts receivable without Seller’s permission. Seller reserves the
right to pursue legal remedies of collection upon default by the customer with respect to any receivables owed to Seller. Buyer shall
have no obligation to pursue or otherwise actively work to collect any of such Seller receivables or Manufacturer warranty payments. At
the end of said 180-day period, Buyer shall no longer be obligated to accept payments of such accounts receivable. If Buyer does accept
payment of any of Seller’s accounts receivable after expiration of the 180-day period, Buyer shall hold same in trust for Seller
and promptly pay same over to Seller. It is understood that Buyer’s responsibility, so far as such collection is concerned, is only
to accept monies paid on Seller’s accounts receivable and shall not include any obligation to ascertain the correct amount of any
accounts receivable.

 

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

 

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11.
Indemnification. Except as expressly written in this Agreement, Buyer is not assuming any liabilities or obligations
of Seller or Principal whether absolute, contingent, accrued, known or unknown. Examples of liabilities that may exist, which Buyer is
not assuming include, but are not limited to, the following (collectively, “Liabilities Not Assumed”): (1) violations
of any local, state, or federal Environmental Laws or the actual, alleged or threatened discharge, dispersal, seepage, migration, release
or escape of hazardous materials or other nuisances into the environment (including the pre-Closing management and off-site disposal
of waste oil, used oil filters and other industrial wastes and any fines or penalties associated with pre-Closing Environmental Law violations);
(2) violations of any applicable law relating to labor or employment, including violations of any collective bargaining agreement; (3)
violations of, failure to comply with, or any obligation arising under, any applicable law relating to any welfare, retirement, vacation
or other benefit plan or any plan covered by the Employee Retirement Income Security Act of 1974, as amended, or the failure to comply
with the continuation coverage requirements of Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended; (4)
any pending or threatened law suit, claim or other action against Seller, whether from personal injury, wrongful death or property damage,
or whether arising out of employment or a contractual or alleged contractual right; (5) any finance contract chargebacks, insurance (e.g.
credit life, accident and health, extended warranty, etc.) chargebacks, or repossessions and all rebates to Seller’s customers
of premiums for credit life insurance, credit accident and health insurance, mechanical insurance coverage and GAP insurance; (6) any
claims, liabilities or damages of any kind arising out of Seller’s breach of any representations and warranties hereunder or its
failure to perform any of its obligations hereunder, and (7) any tax liabilities for any period or portion thereof ending by the Closing
Date (including all taxes, fines, penalties and expenses associated with the potential sales tax liabilities (whether or not known or
disclosed by Seller) or resulting from the transactions contemplated hereby.

 

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

 

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

 

(c) Expiration
of Indemnification Obligations. Except as otherwise expressly provided in this Agreement, the rights of the Indemnified Parties
to indemnification with respect to breaches of representations and warranties will expire and be of no further effect after the
third (3rd) anniversary of the Closing Date, and accordingly no Indemnified Party may seek indemnification under this Agreement with
respect to breaches of representations and warranties after the third (3rd) anniversary of the Closing Date; provided however
that there will be no expiration of the indemnity obligations of Seller hereunder in the event of (i) a breach by Seller of the
representations and warranties set forth in Sections 6(a), (b), (c), and (g) which will survive indefinitely . The
foregoing notwithstanding, none of the provisions set forth in this Agreement, including but not limited to the provisions contained
in this Section 11(c), will be deemed to limit the time period during which a claim based on a Party’s fraud (whether
of commission or omission), criminal conduct, or intentional wrongdoing, or a claim for breach of any covenant, may be brought.
Buyer’s right to indemnification, reimbursement or any other remedy based upon Seller’s and Principal’s
representations, warranties, covenants and obligations in this Agreement (or any document executed in connection herewith) will not
be affected by any investigation (including any environmental investigation or assessment) conducted, or any knowledge acquired (or
capable of being acquired) at any time. Seller shall name Buyer as an additional insured on Seller’s current and past
insurance policies with coverage applicable to the Dealership.

 

(d) Indemnification
Procedure.

 

(i) Promptly
after receipt by an Indemnified Party of notice of the commencement of any proceeding against it by a third party (but in no event
later than ten (10) days after receipt of such notice), such Indemnified Party will, if a claim is to be made against any
indemnifying party with respect to such action, give notice to the indemnifying party of the commencement of such claim, but the
failure to notify the indemnifying party will not relieve the indemnifying party of any liability that it may have to any
Indemnified Party, except to the extent that the indemnifying party demonstrates that the defense of such action is materially
prejudiced by the indemnifying party’s failure to give such notice.

 

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(ii)
The indemnifying party will be entitled to participate in such proceeding and, to the extent that it wishes to assume the defense
of such proceeding with counsel reasonably satisfactory to the Indemnified Party and, after notice from the indemnifying party to the
Indemnified Party of its election to assume the defense of such proceeding, the indemnifying party will not, as long as it diligently
conducts such defense, be liable to the Indemnified Party for any fees of other counsel or any other expenses with respect to the defense
of such proceeding subsequently incurred by the Indemnified Party in connection with the defense of such proceeding. In connection with
any indemnification, the Indemnified Party will cooperate with all reasonable requests of the indemnifying party, and will be reimbursed
all of its reasonable out-of-pocket expenses incurred in such cooperation.

 

(iii) A
claim for indemnification for any matter not involving a third-party claim may be asserted by prompt written notice to the party
from whom indemnification is sought, subject to any limitations contained in this Agreement.

 

(iv) The amount
of any Losses that are subject to indemnification, compensation or reimbursement under this Agreement shall be reduced by the amount
of any insurance proceeds and any indemnity, contribution or other similar payment actually received by the Indemnified Party in
respect of such Losses or any of the events, conditions, facts or circumstances resulting in or relating to such Losses
(“Third-Party Payments”). If an Indemnified Party receives any Third-Party Payment with respect to any Losses for
which it has previously been indemnified (directly or indirectly) by an Indemnifying Party, the Indemnified Party shall promptly
(and in any event within three (3) Business Days after receiving such payment) pay to the Indemnifying Party an amount equal to such
Third-Party Payment or, if it is a lesser amount, the amount of such previously indemnified Losses. The Indemnified Party shall use
its commercially reasonable efforts to recover under insurance policies or indemnity, contribution or other similar agreements other
than this Agreement for any Losses to the same extent such Party would if such Losses were not subject to indemnification,
compensation or reimbursement hereunder.

 

(v) The amount
of any Losses that are subject to indemnification, payment or reimbursement under this Agreement shall be reduced by an amount equal
to any Tax benefit actually realized as a result of such Losses by the Indemnified Party. The Indemnified Party shall be deemed to
have “actually realized” a Tax benefit to the extent that, and at such time as, the amount of Taxes paid by the
Indemnified Party or any of its Affiliates is reduced below the amount of Taxes that such Persons would have been required to pay
but for the Tax benefit. If a Tax benefit is actually realized by an Indemnified Party with respect to any Losses for which it has
previously been indemnified (directly or indirectly) by an Indemnifying Party, the Indemnified Party shall promptly (and in any
event within three (3) Business Days after such Tax benefit is actually realized) pay to the Indemnifying Party an amount equal to
such actually realized Tax benefit or, if it is a lesser amount, the amount of such previously indemnified Losses. If a Tax benefit
is reasonably available to an Indemnified Party in connection with any such Losses, the Indemnified Party shall use commercially
reasonable efforts to cause such Tax benefit to be actually realized.

 

    Page 25 of 44

     

    

 

(vi)
Notwithstanding anything in this Agreement to the contrary, in no event shall Buyer or Seller be required to indemnify, defend,
hold harmless, pay or reimburse any Indemnified Party under Section 11, or otherwise be liable in connection with this Agreement,
the negotiation, execution or performance of this Agreement, or the transactions contemplated hereby, for any Losses that are punitive,
incidental, consequential, special or indirect, including loss of future revenue or income, loss of business reputation or opportunity
relating to the breach or alleged breach of this Agreement, diminution of value and any damages based on any type of multiple, in each
case, in any way arising out of or relating to this Agreement or the transactions contemplated hereby (whether at law or in equity, and
whether in contract or in tort or otherwise).

 

(vii)
Notwithstanding anything to the contrary herein, no party hereto shall be liable under Section 11 or otherwise for any Losses
based upon or arising out of any inaccuracy in or breach of any of the representations, warranties or covenants of such party contained
in this Agreement if another party had actual knowledge of such inaccuracy or breach prior to the Closing Date.

 

(viii) To
the extent a party discharges any claim for indemnification hereunder, such party shall be subrogated to all rights of the
Indemnified Party against third parties.

 

(ix)
For the purposes of calculating the amount of Losses under Section 11 related to a breach of a representation or warranty,
any qualification as to materiality, or “Material Adverse Effect” contained in this Agreement shall be disregarded.

 

(x) Once a Loss
is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this Agreement, the Indemnifying Party shall
satisfy its obligations within 10 Business Days of such final, non-appealable adjudication.

 

(xi)
All indemnification payments made under this Agreement shall be treated by the parties as an adjustment to the Purchase Price for
Tax purposes, unless otherwise required by law.

 

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

 

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

 

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

 

    Page 26 of 44

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    Page 27 of 44

     

    

 

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

 

13.
Miscellaneous.

 

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

 

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

 

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

 

    Page 28 of 44

     

    

 

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

 

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

 

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

 

    Page 29 of 44

     

    

 

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

 

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

 

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

 

[Remainder of Page Blank]

 

    Page 30 of 44

     

    

 

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

 

	Blue Sky Automotive, Inc., a Tennessee	 	LMP Greeneville CDJR, LLC, a a
	Corporation, as Seller	 	Tennesseelimited liability company, as Buyer
	 	 	 	 	 
	By:		 	By:	 
	 	J. Chantz Scott, President	 	 	Sam Tawfik G.P.
	 	 	 	 	 
	 	Notice Address:	 	 	Notice Address:
	 	 	 	 	 
	 	 	 	 	sam@lmpmotors.com,
	 	 	 	 	 
	 	With a copy to:	 	 	richard.aldahan@lmpmotors.com

 

    Page 31 of 44

     

    

 

Schedule 2 – List of Assets

 

Inventory of new vehicles, used vehicles, parts and accessories will
be inventoried and attached at or near Closing.

 

    Page 32 of 44

     

    

 

Schedule 2(b) – FF & 

 

 

    Page 33 of 44

     

    

 

Schedule 3(c) – Assigned Contracts

 

(Completed during the Inspection Period)

 

	Counter Party	 	Date and Term	 	Cost	 	 	Termination Rights
	Reynolds & Reynolds (note with Vision Automotive for DMS and related equipment lease)	 	10/22/2018,

66 months 	 	$	5003.24 /month		 	60 notice to terminate
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    Page 34 of 44

     

    

 

Schedule 4(a) – Real Estate Under
the Real Estate Lease

 

In Greene County, Tennessee:

 

 

    Page 35 of 44

     

    

 

Schedule 4(b) – Assigned Leases

 

 

	Landlord	 	Lessee	 	Date of Lease	 	Term	 	Property
	Wheel’s Real Estate, LLC	 	Blue Sky Automotive, Inc.	 	10/1/2018	 	10 years	 	See description below

 

Property description: In Greene County, Tennessee:

 

 

    Page 36 of 44

     

    

 

Schedule 6(h) – Manufacturer Matters

 

None.

 

    Page 37 of 44

     

    

 

EXHIBIT A

License Use Agreement

 

(Request for Permission to Operate)

 

Reference is hereby made to that certain Dealership
Asset Purchase Agreement effective _____ [●], 2021 (as it may be amended and assigned, the “Agreement”; undefined
capitalized terms used herein are used as defined therein), by and among LMP Automotive Holdings LLC (“Buyer”), Blue
Sky Automotive, Inc.. a Tennessee corporation (“Seller”), and J. Chantz Scott (collectively, “Principal”).

 

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

 

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

 

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

 

Entered into as of August [●], 2021.

 

    Page 38 of 44

     

    

 

	Blue Sky Automotive, Inc., a Tennessee corporation, as Seller	 	LMP AUTOMOTIVE HOLDINGS, LLC, a Delaware limited liability company, as Buyer
	 	 	 
	By:	                           	 	By:	 
	J. Chantz Scott, President	 	Name: 	Sam Tawfik
	 	 	 	Title:	G.P.
	 	 	 	 	 
	 	 	 	Notice Address:
	 	 	 	 	sam@lmpmotors.com, and
	 	 	 	 	richard.aldahan@lmpmotors.com

 

	Approved:	 
	 	 
	 	 
	 	 
	___________________, Commissioner Office of Consumer Credit Commissioner	 
	 	 
	Date:	 

 

    Page 39 of 44

     

    

 

EXHIBIT B

 

NON-COMPETITION
AGREEMENT

 

    Page 40 of 44

     

    

 

EXHIBIT C

 

BILL OF SALE

 

    Page 41 of 44

     

    

 

EXHIBIT D 

 

Transferred Employees

 

    Page 42 of 44

     

    

 

EXHIBIT E

 

Assignment of Real Property Lease, Assignment
of Real Property Option to Purchase

and Landlord Estoppel letter

 

    Page 43 of 44

     

    

 

ESCROW RECEIPT

 

Dealership Asset Purchase Agreement

 

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

 

☐ A. Executed copies of the Dealership
Asset Purchase Agreement on August __, 2021;

 

☐ B. Earnest Money in the amount of $__________
on August __, 2021.

 

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

 

	Escrow Agent:	 
	 	 	 
	By:	               	 
	 	Name & Title:	 

 

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

 

 

page 44 of 44

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