Document:

Exhibit 10.2

 

NEITHER THIS SECURITY NOR THE
SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS SECURITY MAY
BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

Original Issue Date: August 9, 2022

 

$3,500,000

 

CONVERTIBLE
DEBENTURE

DUE
August 9, 2025

 

THIS CONVERTIBLE DEBENTURE
is one of a series of duly authorized and validly issued Convertible Debentures of Lion Group Holding Ltd., a Cayman Islands exempted
company (the “Company”), having its principal place of business at 3 Phillip Street, #15-04 Royal Group Building, Singapore
048693, designated as its Convertible Debenture due August 9, 2025 (this debenture, the “Debenture” and, collectively
with the other debentures of such series, the “Debentures”).

 

FOR VALUE RECEIVED, the Company
promises to pay to ATW Opportunities Master Fund, L.P. or its registered assigns (the “Holder”), or shall have paid
pursuant to the terms hereunder, the principal sum of $3,500,000 on August 9, 2025 (the “Maturity Date”) or such earlier
date as this Debenture is required or permitted to be repaid as provided hereunder, and to pay interest to the Holder on the aggregate
unconverted and then outstanding principal amount of this Debenture in accordance with the provisions hereof. This Debenture is subject
to the following additional provisions:

 

Section 1. Definitions.
For the purposes hereof, in addition to the terms defined elsewhere in this Debenture, (a) capitalized terms not otherwise defined
herein shall have the meanings set forth in the Purchase Agreement and (b) the following terms shall have the following
meanings:

 

“ADS Delivery
Date” shall have the meaning set forth in Section 4(c)(ii).

 

     

     

    

 

“Alternate
Consideration” shall have the meaning set forth in Section 5(e).

 

“Bankruptcy
Event” means any of the following events: (a) the Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w)
of Regulation S-X) thereof commences a case or other proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt,
relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction relating to the Company or any Significant
Subsidiary thereof, (b) there is commenced against the Company or any Significant Subsidiary thereof any such case or proceeding that
is not dismissed within 60 days after commencement, (c) the Company or any Significant Subsidiary thereof is adjudicated insolvent or
bankrupt or any order of relief or other order approving any such case or proceeding is entered, (d) the Company or any Significant Subsidiary
thereof suffers any appointment of any custodian or the like for it or any substantial part of its property that is not discharged or
stayed within 60 calendar days after such appointment, (e) the Company or any Significant Subsidiary thereof makes a general assignment
for the benefit of creditors, (f) the Company or any Significant Subsidiary thereof calls a meeting of its creditors with a view to arranging
a composition, adjustment or restructuring of its debts, (g) the Company or any Significant Subsidiary thereof admits in writing that
it is generally unable to pay its debts as they become due, (h) the Company or any Significant Subsidiary thereof, by any act or failure
to act, expressly indicates its consent to, approval of or acquiescence in any of the foregoing or takes any corporate or other action
for the purpose of effecting any of the foregoing.

 

“Base Conversion
Price” shall have the meaning set forth in Section 5(b).

 

“Beneficial
Ownership Limitation” shall have the meaning set forth in Section 4(d).

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized
or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” 
or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority
so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally
are open for use by customers on such day.

 

“Buy-In”
shall have the meaning set forth in Section 4(c)(v).

 

    2

     

    

 

“Change
of Control Transaction” means the occurrence after the date hereof of any of (a) an acquisition after the date hereof by an
individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control
(whether through legal or beneficial ownership of capital shares of the Company, by contract or otherwise) of in excess of 33% of the
voting securities of the Company (other than by means of conversion of the Debentures and the Securities issued together with the Debentures),
(b) the Company merges into or consolidates with any other Person, or any Person merges into or consolidates with the Company and, after
giving effect to such transaction, the shareholders of the Company immediately prior to such transaction own less than 66% of the aggregate
voting power of the Company or the successor entity of such transaction, (c) the Company (and all of its Subsidiaries, taken as a whole)
sells or transfers all or substantially all of its assets to another Person and the shareholders of the Company immediately prior to such
transaction own less than 66% of the aggregate voting power of the acquiring entity immediately after the transaction, (d) a replacement
at one time or within a three year period of more than one-half of the members of the Board of Directors which is not approved by a majority
of those individuals who are members of the Board of Directors on the Original Issue Date (or by those individuals who are serving as
members of the Board of Directors on any date whose nomination to the Board of Directors was approved by a majority of the members of
the Board of Directors who are members on the date hereof), or (e) the execution by the Company of an agreement to which the Company is
a party or by which it is bound, providing for any of the events set forth in clauses (a) through (d) above.

 

“Conversion”
shall have the meaning ascribed to such term in Section 4.

 

“Conversion
Date” shall have the meaning set forth in Section 4(a).

 

“Conversion
Price” shall have the meaning set forth in Section 4(b).

 

“Conversion
Schedule” means the Conversion Schedule in the form of Schedule 1 attached hereto.

 

“Conversion
Shares” means, collectively, the ADSs issuable upon conversion of this Debenture in accordance with the terms hereof.

 

“Debenture
Register” shall have the meaning set forth in Section 2(c).

 

“Dilutive
Issuance” shall have the meaning set forth in Section 5(b).

 

“Dilutive
Issuance Notice” shall have the meaning set forth in Section 5(b).

 

    3

     

    

 

“Equity
Conditions” means, during the period in question, (a) the Company shall have duly honored all conversions and redemptions scheduled
to occur or occurring by virtue of one or more Notices of Conversion of the Holder, if any, (b) the Company shall have paid all liquidated
damages and other amounts owing to the Holder in respect of this Debenture, (c) all of the Conversion Shares issuable pursuant to the
Transaction Documents (and shares issuable in lieu of cash payments of interest) may be resold pursuant to Rule 144 without volume or
manner-of-sale restrictions or current public information requirements as determined by the counsel to the Company as set forth in a written
opinion letter to such effect, addressed and acceptable to the Depositary and the Holder, (d) the ADSs are trading on a Trading Market
and all of the shares issuable pursuant to the Transaction Documents are listed or quoted for trading on such Trading Market (and the
Company believes, in good faith, that trading of the ADSs on a Trading Market will continue uninterrupted for the foreseeable future),
(e) there is a sufficient number of authorized but unissued and otherwise unreserved Ordinary Shares for the issuance of all of the ADSs
then issuable pursuant to the Transaction Documents, (f) there is no existing Event of Default and no existing event which, with the passage
of time or the giving of notice, would constitute an Event of Default, (g) the issuance of the ADSs in question to the Holder would not
violate the limitations set forth in Section 4(d) herein, (h) there has been no public announcement of a pending or proposed Fundamental
Transaction or Change of Control Transaction that has not been consummated, (i) the applicable Holder is not in possession of any information
provided by the Company, any of its Subsidiaries, or any of their officers, directors, employees, agents or Affiliates, that constitutes,
or may constitute, material non-public information and (j) for each Trading Day in a period of 20 consecutive Trading Days prior to the
applicable date in question, the daily trading volume for the ADSs on the principal Trading Market exceeds $100,000 per Trading Day.

 

“Event
of Default” shall have the meaning set forth in Section 8(a).

 

“Fundamental
Transaction” shall have the meaning set forth in Section 5(e).

 

“Interest
Conversion Rate” means the lesser of (a) the Conversion Price or (b) 90% of the lesser of (i) the average of the VWAPs for the
five (5) consecutive Trading Days ending on the Trading Day that is immediately prior to the applicable Interest Payment Date or (ii)
the average of the VWAPs for the five (5) consecutive Trading Days ending on the Trading Day that is immediately prior to the date the
applicable Interest Conversion Shares are issued and delivered if such delivery is after the Interest Payment Date.

 

“Interest
Conversion Shares” shall have the meaning set forth in Section 2(a).

 

“Interest
Notice Period” shall have the meaning set forth in Section 2(a).

 

“Interest
Payment Date” shall have the meaning set forth in Section 2(a).

 

“Interest
ADS Amount” shall have the meaning set forth in Section 2(a).

 

“Late Fees”
shall have the meaning set forth in Section 2(d).

 

    4

     

    

 

“Mandatory
Default Amount” means the sum of (a) the greater of (i) the outstanding principal amount of this Debenture, plus all accrued
and unpaid interest hereon, divided by the Conversion Price on the date the Mandatory Default Amount is either (A) demanded (if demand
or notice is required to create an Event of Default) or otherwise due or (B) paid in full, whichever has a lower Conversion Price, multiplied
by the VWAP on the date the Mandatory Default Amount is either (x) demanded or otherwise due or (y) paid in full, whichever has a higher
VWAP, or (ii) 125% of the outstanding principal amount of this Debenture, plus 100% of accrued and unpaid interest hereon, and (b) all
other amounts, costs, expenses and liquidated damages due in respect of this Debenture.

 

“New York
Courts” shall have the meaning set forth in Section 9(d).

 

“Notice
of Conversion” shall have the meaning set forth in Section 4(a).

 

“Original
Issue Date” means the date of the first issuance of the Debentures, regardless of any transfers of any Debenture and regardless
of the number of instruments which may be issued to evidence such Debentures.

 

“Permitted
Lien” means the individual and collective reference to the following: (a) Liens for taxes, assessments and other governmental
charges or levies not yet due or Liens for taxes, assessments and other governmental charges or levies being contested in good faith and
by appropriate proceedings for which adequate reserves (in the good faith judgment of the management of the Company) have been established
in accordance with GAAP, (b) Liens imposed by law which were incurred in the ordinary course of the Company’s business, such as
carriers’, warehousemen’s and mechanics’ Liens, statutory landlords’ Liens, and other similar Liens arising in
the ordinary course of the Company’s business, and which (x) do not individually or in the aggregate materially detract from the
value of such property or assets or materially impair the use thereof in the operation of the business of the Company and its consolidated
Subsidiaries or (y) are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing for
the foreseeable future the forfeiture or sale of the property or asset subject to such Lien.

 

“Purchase
Agreement” means the Securities Purchase Agreement, dated as of May 17, 2022 among the Company and the original Holders, as
amended, modified or supplemented from time to time in accordance with its terms.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Successor
Entity” shall have the meaning set forth in Section 5(e).

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the ADSs are listed or quoted for trading on the date in question:
the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange
(or any successors to any of the foregoing).

 

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“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed or quoted
on a Trading Market, the daily volume weighted average price of the ADSs for such date (or the nearest preceding date) on the Trading
Market on which the ADSs are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City
time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the
ADSs for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the ADSs are not then listed or quoted for
trading on OTCQB or OTCQX and if prices for the ADSs are then reported on The Pink Open Market (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of ADS so reported, or (d) in all other cases, the fair
market value of a share of ADS as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest
of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

Section
2. Interest.

 

a)
Payment of Interest in Cash or Kind. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding
principal amount of this Debenture at the rate of 8.0% per annum to the extent such interest is paid in cash or 12.0% to the extent such
interest is paid in ADSs at the Company’s election, payable quarterly on January 1, April 1, July 1 and October 1, beginning on
the first such date after the Original Issue Date, on each Conversion Date (as to that principal amount then being converted) and on the
Maturity Date (each such date, an “Interest Payment Date”) (if any Interest Payment Date is not a Business Day, then
the applicable payment shall be due on the next succeeding Business Day), in cash or, at the Company’s option, in duly authorized,
validly issued, fully paid and non-assessable ADSs at the Interest Conversion Rate (the dollar amount to be paid in ADSs, the “Interest
ADS Amount”) or a combination thereof; provided, however, that payment of interest in ADSs may only occur if (i)
all of the Equity Conditions have been met (unless waived by the Holder in writing) during the 20 Trading Days immediately prior to the
applicable Interest Payment Date (the “Interest Notice Period”) and through and including the date such ADSs are actually
issued to the Holder, (ii) the Company shall have given the Holder notice in accordance with the notice requirements set forth below and
(iii) as to such Interest Payment Date, prior to such Interest Notice Period (but not more than five (5) Trading Days prior to the commencement
of such Interest Notice Period), the Company shall have delivered to the Holder’s account with The Depository Trust Company a number
of ADSs to be applied against such Interest ADS Amount equal to the quotient of (x) the applicable Interest ADS Amount divided by (y)
the lesser of the (i) then Conversion Price and (ii) the Interest Conversion Rate assuming for such purposes that the Interest Payment
Date is the Trading Day immediately prior to the commencement of the Interest Notice Period (the “Interest Conversion Shares”).

 

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b)
Company’s Election to Pay Interest in Cash or Kind. Subject to the terms and conditions herein, the decision whether to pay
interest hereunder in cash, ADSs or a combination thereof shall be at the sole discretion of the Company. Prior to the commencement of
any Interest Notice Period, the Company shall deliver to the Holder a written notice of its election to pay interest hereunder on the
applicable Interest Payment Date either in cash, ADSs or a combination thereof and the Interest ADS Amount as to the applicable Interest
Payment Date, provided that the Company may indicate in such notice that the election contained in such notice shall apply to future Interest
Payment Dates until revised by a subsequent notice. During any Interest Notice Period, the Company’s election (whether specific
to an Interest Payment Date or continuous) shall be irrevocable as to such Interest Payment Date. Subject to the aforementioned conditions,
failure to timely deliver such written notice to the Holder shall be deemed an election by the Company to pay the interest on such Interest
Payment Date in cash. At any time the Company delivers a notice to the Holder of its election to pay the interest in ADSs, the Company
shall timely file a prospectus supplement pursuant to Rule 424 disclosing such election. The aggregate number of ADSs otherwise issuable
to the Holder on an Interest Payment Date shall be reduced by the number of Interest Conversion Shares previously issued to the Holder
in connection with such Interest Payment Date.

 

c)
Interest Calculations. Interest shall be calculated on the basis of a 360-day year, consisting of twelve 30 calendar day periods,
and shall accrue daily commencing on the Original Issue Date until payment in full of the outstanding principal, together with all accrued
and unpaid interest, liquidated damages and other amounts which may become due hereunder, has been made. Payment of interest in ADSs (other
than the Interest Conversion Shares issued prior to an Interest Notice Period) shall otherwise occur pursuant to Section 4(c)(ii) herein
and, solely for purposes of the payment of interest in shares, the Interest Payment Date shall be deemed the Conversion Date. Interest
shall cease to accrue with respect to any principal amount converted, provided that, the Company actually delivers the Conversion Shares
within the time period required by Section 4(c)(ii) herein. Interest hereunder will be paid to the Person in whose name this Debenture
is registered on the records of the Company regarding registration and transfers of this Debenture (the “Debenture Register”).
Except as otherwise provided herein, if at any time the Company pays interest partially in cash and partially in Ordinary Shares to the
holders of the Debentures, then such payment of cash shall be distributed ratably among the holders of the then-outstanding Debentures
based on their (or their predecessor’s) initial purchases of Debentures pursuant to the Purchase Agreement.

 

d) Late
Fee. All overdue accrued and unpaid interest to be paid hereunder shall entail a late fee at an interest rate equal to the
lesser of 18% per annum or the maximum rate permitted by applicable law (the “Late Fees”) which shall accrue
daily from the date such interest is due hereunder through and including the date of actual payment in full. Notwithstanding
anything to the contrary contained herein, if, on any Interest Payment Date the Company has elected to pay accrued interest in the
form of ADSs but the Company is not permitted to pay accrued interest in ADSs because it fails to satisfy the conditions for payment
in ADSs set forth in Section 2(a) herein, then, at the option of the Holder, the Company, in lieu of delivering either ADSs pursuant
to this Section 2 or paying the regularly scheduled interest payment in cash, shall deliver, within three (3) Trading Days of each
applicable Interest Payment Date, an amount in cash equal to the product of (x) the number of ADSs otherwise deliverable to the
Holder in connection with the payment of interest due on such Interest Payment Date multiplied by (y) the highest VWAP during the
period commencing on the Interest Payment Date and ending on the Trading Day prior to the date such payment is actually made. If any
Interest Conversion Shares are issued to the Holder in connection with an Interest Payment Date and are not applied against an
Interest ADS Amount, then the Holder shall promptly return such excess shares to the Company.

 

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e)
Prepayment. Except as otherwise set forth in this Debenture, the Company may not prepay any portion of the principal amount of
this Debenture without the prior written consent of the Holder.

 

f) Interest
Make-Whole. Upon the conversion of all of this Debenture prior to the Maturity Date, the
Holder shall be entitled to receive all interest which would have accrued on the principal amount being converted after the date of
such conversion, in any combination of cash or ADSs at the Company’s election and
in accordance with the procedures set forth in Section 2(a) (the “Make-Whole Payment”). Notwithstanding anything
in Section 2(a) to the contrary, in the event all of this Debenture is converted prior to the Maturity Date, the Company shall make
the Make-Whole Payment within three (3) Trading Days of such conversion. In addition to the foregoing, upon the partial conversion
of this Debenture prior to the Maturity Date, the Holder shall be entitled to receive all accrued and unpaid interest plus the
interest which would have accrued on the principal amount being converted after the date of such conversion, in any combination of
cash or ADSs at the Company’s election and in accordance with the procedures set
forth in Section 2(a) (the “Partial Make-Whole Payment”). Notwithstanding anything in Section 2(a) to the
contrary, in the event a portion of this Debenture is converted prior to the Maturity Date, the Company shall make the Partial
Make-Whole Payment within three (3) Trading Days of such conversion. For example, if the Holder converts $100,000 in principal
amount of this Debenture on the five (5) month anniversary of the Original Issue Date, the Partial Make Whole Payment shall equal to
all accrued but unpaid interest and thirty-one (31) months of interest that would have accrued on the converted principal had such
principal not been converted prior to the Maturity Date.

 

Section 3. Registration
of Transfers and Exchanges.

 

a)
Different Denominations. This Debenture is exchangeable for an equal aggregate principal amount of Debentures of different authorized
denominations, as requested by the Holder surrendering the same. No service charge will be payable for such registration of transfer or
exchange.

 

b)
Investment Representations. This Debenture has been issued subject to certain investment representations of the original Holder
set forth in the Purchase Agreement and may be transferred or exchanged only in compliance with the Purchase Agreement and applicable
federal and state securities laws and regulations.

 

c)
Reliance on Debenture Register. Prior to due presentment for transfer to the Company of this Debenture, the Company and any agent
of the Company may treat the Person in whose name this Debenture is duly registered on the Debenture Register as the owner hereof for
the purpose of receiving payment as herein provided and for all other purposes, whether or not this Debenture is overdue, and neither
the Company nor any such agent shall be affected by notice to the contrary.

 

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Section 4. Conversion.

 

a)
Voluntary Conversion. At any time after the Original Issue Date until this Debenture is no longer outstanding, this Debenture shall
be convertible, in whole or in part, into ADSs at the option of the Holder, at any time and from time to time (subject to the conversion
limitations set forth in Section 4(d) hereof). The Holder shall effect conversions by delivering to the Company a Notice of Conversion,
the form of which is attached hereto as Annex A (each, a “Notice of Conversion”), specifying therein the principal
amount of this Debenture to be converted and the date on which such conversion shall be effected (such date, the “Conversion
Date”). If no Conversion Date is specified in a Notice of Conversion, the Conversion Date shall be the date that such Notice
of Conversion is deemed delivered hereunder. No ink-original Notice of Conversion shall be required, nor shall any medallion guarantee
(or other type of guarantee or notarization) of any Notice of Conversion form be required. To effect conversions hereunder, the Holder
shall not be required to physically surrender this Debenture to the Company unless the entire principal amount of this Debenture, plus
all accrued and unpaid interest thereon, has been so converted in which case the Holder shall surrender this Debenture as promptly as
is reasonably practicable after such conversion without delaying the Company’s obligation to deliver the shares on the ADS Delivery
Date. Conversions hereunder shall have the effect of lowering the outstanding principal amount of this Debenture in an amount equal to
the applicable conversion. The Holder and the Company shall maintain records showing the principal amount(s) converted and the date of
such conversion(s). The Company may deliver an objection to any Notice of Conversion within one (1) Business Day of delivery of such Notice
of Conversion. In the event of any dispute or discrepancy, the records of the Holder shall be controlling and determinative in the absence
of manifest error. The Holder, and any assignee by acceptance of this Debenture, acknowledge and agree that, by reason of the provisions
of this paragraph, following conversion of a portion of this Debenture, the unpaid and unconverted principal amount of this Debenture
may be less than the amount stated on the face hereof.

 

b)
Conversion Price. The conversion price in effect on any Conversion Date shall be equal to the lesser of (i) $1.25 (the “Fixed
Conversion Price”) or (ii) 85% of the lowest daily VWAP in the last fifteen (15) Trading Days immediately prior to conversion,
subject to adjustment herein (the “Conversion Price”). Notwithstanding the foregoing, from the Initial Issue Date until
the 183-day anniversary of the Initial Issue Date, the Conversion Price shall not be less than $0.75 (as adjusted for reverse and forward
stock splits, recapitalizations and similar transactions following the date hereof) (the “Floor Price Period”). The Floor
Price Period is subject to renewal or extension upon mutual agreement.

 

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c) Mechanics
of Conversion.

 

i. Conversion
Shares Issuable Upon Conversion of Principal Amount. The number of Conversion Shares issuable upon a conversion hereunder shall
be determined by the quotient obtained by dividing (x) the outstanding principal amount of this Debenture to be converted by (y) the
Conversion Price.

 

ii.
Delivery of Conversion Shares Upon Conversion. Not later than the earlier of (i) two (2) Trading Days and (ii) the number of Trading
Days comprising the Standard Settlement Period (as defined below) after each Conversion Date (the “ADS Delivery Date”),
the Company shall deliver, or cause to be delivered, to the Holder (A) the Conversion Shares which, on or after the earlier of (i) the
six month anniversary of the Original Issue Date or (ii) the Effective Date, shall be free of restrictive legends and trading restrictions
(other than those which may then be required by the Purchase Agreement) representing the number of Conversion Shares being acquired upon
the conversion of this Debenture (including, if the Company has given continuous notice pursuant to Section 2(b) for payment of interest
in ADSs at least 20 Trading Days prior to the date on which the Notice of Conversion is delivered to the Company, ADSs representing the
payment of accrued interest otherwise determined pursuant to Section 2(a) but assuming that the Interest Notice Period is the 20 Trading
Days period immediately prior to the date on which the Notice of Conversion is delivered to the Company and excluding for such issuance
the condition that the Company deliver Interest Conversion Shares as to such interest payment prior to the commencement of the Interest
Notice Period) and (B) a bank check in the amount of accrued and unpaid interest (if the Company has elected or is required to pay accrued
interest in cash). On or after the earlier of (i) the six month anniversary of the Original Issue Date or (ii) the Effective Date, the
Company shall deliver any Conversion Shares required to be delivered by the Company under this Section 4(c) electronically through the
Depository Trust Company or another established clearing corporation performing similar functions. As used herein, “Standard
Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary
Trading Market with respect to the ADSs as in effect on the date of delivery of the Notice of Conversion.

 

iii.
Failure to Deliver Conversion Shares. If, in the case of any Notice of Conversion, such Conversion Shares are not delivered to
or as directed by the applicable Holder by the ADS Delivery Date, the Holder shall be entitled to elect by written notice to the Company
at any time on or before its receipt of such Conversion Shares, to rescind such Conversion, in which event the Company shall promptly
return to the Holder any original Debenture delivered to the Company and the Holder shall promptly return to the Company the Conversion
Shares issued to such Holder pursuant to the rescinded Conversion Notice.

 

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iv.
Obligation Absolute; Partial Liquidated Damages. The Company’s obligations to issue and deliver the Conversion Shares upon
conversion of this Debenture in accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction
by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any
Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged
breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by the Holder or
any other Person, and irrespective of any other circumstance which might otherwise limit such obligation of the Company to the Holder
in connection with the issuance of such Conversion Shares; provided, however, that such delivery shall not operate as a
waiver by the Company of any such action the Company may have against the Holder. In the event the Holder of this Debenture shall elect
to convert any or all of the outstanding principal amount hereof, the Company may not refuse conversion based on any claim that the Holder
or anyone associated or affiliated with the Holder has been engaged in any violation of law, agreement or for any other reason, unless
an injunction from a court, on notice to Holder, restraining and or enjoining conversion of all or part of this Debenture shall have been
sought and obtained, and the Company posts a surety bond for the benefit of the Holder in the amount of 150% of the outstanding principal
amount of this Debenture, which is subject to the injunction, which bond shall remain in effect until the completion of arbitration/litigation
of the underlying dispute and the proceeds of which shall be payable to the Holder to the extent it obtains judgment. In the absence of
such injunction, the Company shall issue Conversion Shares or, if applicable, cash, upon a properly noticed conversion. If the Company
fails for any reason to deliver to the Holder such Conversion Shares pursuant to Section 4(c)(ii) by the second (2nd) Trading
Day following the ADS Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each
$1,000 of principal amount being converted, $10 per Trading Day (increasing to $20 per Trading Day on the fifth (5th) Trading
Day after such liquidated damages begin to accrue) for each Trading Day after such ADS Delivery Date until such Conversion Shares are
delivered or Holder rescinds such conversion. Nothing herein shall limit a Holder’s right to pursue actual damages or declare an
Event of Default pursuant to Section 8 hereof for the Company’s failure to deliver Conversion Shares within the period specified
herein and the Holder shall have the right to pursue all remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief. The exercise of any such rights shall not prohibit the Holder from seeking
to enforce damages pursuant to any other Section hereof or under applicable law.

 

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v.
Compensation for Buy-In on Failure to Timely Deliver Conversion Shares Upon Conversion. In addition to any other rights available
to the Holder, if the Company fails for any reason to deliver to the Holder such Conversion Shares by the second (2nd) Trading
Day following the ADS Delivery Date pursuant to Section 4(c)(ii), and if after such ADS Delivery Date the Holder is required by its brokerage
firm to purchase (in an open market transaction or otherwise), or the Holder’s brokerage firm otherwise purchases, ADSs to deliver
in satisfaction of a sale by the Holder of the Conversion Shares which the Holder was entitled to receive upon the conversion relating
to such ADS Delivery Date (a “Buy-In”), then the Company shall (A) pay in cash to the Holder (in addition to any other
remedies available to or elected by the Holder) the amount, if any, by which (x) the Holder’s total purchase price (including any
brokerage commissions) for the ADSs so purchased exceeds (y) the product of (1) the aggregate number of ADSs that the Holder was entitled
to receive from the conversion at issue multiplied by (2) the actual sale price at which the sell order giving rise to such purchase obligation
was executed (including any brokerage commissions) and (B) at the option of the Holder, either reissue (if surrendered) this Debenture
in a principal amount equal to the principal amount of the attempted conversion (in which case such conversion shall be deemed rescinded)
or deliver to the Holder the number of ADSs that would have been issued if the Company had timely complied with its delivery requirements
under Section 4(c)(ii). For example, if the Holder purchases ADSs having a total purchase price of $11,000 to cover a Buy-In with respect
to an attempted conversion of this Debenture with respect to which the actual sale price of the Conversion Shares (including any brokerage
commissions) giving rise to such purchase obligation was a total of $10,000 under clause (A) of the immediately preceding sentence, the
Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit
a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree
of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver Conversion Shares upon
conversion of this Debenture as required pursuant to the terms hereof.

 

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vi.
Reservation of Ordinary Shares Issuable Upon Conversion. The Company covenants that it will at all times reserve and keep available
out of its authorized and unissued Ordinary Shares for the sole purpose of issuance upon conversion of this Debenture and payment of interest
on this Debenture, each as herein provided, free from preemptive rights or any other actual contingent purchase rights of Persons other
than the Holder (and the other holders of the Debentures), not less than such aggregate number of Ordinary Shares as shall (subject to
the terms and conditions set forth in the Purchase Agreement) required for the issuance of the ADSs (taking into account the adjustments
and restrictions of Section 5) upon the conversion of the then outstanding principal amount of this Debenture and payment of interest
hereunder. The Company covenants that all Ordinary Shares that shall be so issuable shall, upon issue, be duly authorized, validly issued,
fully paid and nonassessable.

 

vii.
Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of this Debenture.
As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such conversion, the Company shall at its
election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Conversion
Price or round up to the next whole share.

 

viii.
Transfer Taxes and Expenses. The issuance of Conversion Shares on conversion of this Debenture shall be made without charge to
the Holder hereof for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such Conversion
Shares, provided that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the
issuance and delivery of any such Conversion Shares upon conversion in a name other than that of the Holder of this Debenture so converted
and the Company shall not be required to issue or deliver such Conversion Shares unless or until the Person or Persons requesting the
issuance thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that
such tax has been paid; provided further that the Holder shall pay any one-time initial issuance fee charged by Deutsche Bank in an amount
up to $0.03 per ADS. The Company shall pay all Depositary fees required for same-day processing of any Notice of Conversion and all fees
to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic
delivery of the Conversion Shares.

 

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d)
Holder’s Conversion Limitations. The Company shall not effect any conversion of this Debenture, and a Holder shall not have
the right to convert any portion of this Debenture, to the extent that after giving effect to the conversion set forth on the applicable
Notice of Conversion, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the
Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)) would beneficially own in excess
of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of Ordinary Shares
beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Ordinary Shares issuable upon
conversion of this Debenture with respect to which such determination is being made, but shall exclude the number of Ordinary Shares which
would be issuable upon (i) conversion of the remaining, unconverted principal amount of this Debenture beneficially owned by the Holder
or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or unconverted portion of any other
securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein (including, without
limitation, any other Debentures) beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set
forth in the preceding sentence, for purposes of this Section 4(d), beneficial ownership shall be calculated in accordance with Section
13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this Section
4(d) applies, the determination of whether this Debenture is convertible (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which principal amount of this Debenture is convertible shall be in the sole discretion
of the Holder, and the submission of a Notice of Conversion shall be deemed to be the Holder’s determination of whether this Debenture
may be converted (in relation to other securities owned by the Holder together with any Affiliates or Attribution Parties) and which principal
amount of this Debenture is convertible, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation
to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall
be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes
of this Section 4(d), in determining the number of outstanding Ordinary Shares, the Holder may rely on the number of outstanding Ordinary
Shares as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B)
a more recent public announcement by the Company, or (C) a more recent written notice by the Company or the Company’s Depositary
setting forth the number of Ordinary Shares outstanding.  Upon the written or oral request of a Holder, the Company shall within
one (1) Trading Day confirm orally and in writing to the Holder the number of Ordinary Shares then outstanding.  In any case, the
number of outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities of the Company,
including this Debenture, by the Holder or its Affiliates since the date as of which such number of outstanding Ordinary Shares was reported.
The “Beneficial Ownership Limitation” shall be 4.99% of the number of Ordinary Shares outstanding immediately after
giving effect to the issuance of Ordinary Shares issuable upon conversion of this Debenture. The Holder, upon notice to the Company, may
increase or decrease the Beneficial Ownership Limitation provisions of this Section 4(d), provided that the Beneficial Ownership Limitation
in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares
upon conversion of this Debenture held by the Holder and the Beneficial Ownership Limitation provisions of this Section 4(d) shall continue
to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is
delivered to the Company. The Beneficial Ownership Limitation provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 4(d) to correct this paragraph (or any portion hereof) which may be
defective or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary
or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder
of this Debenture.

 

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Section 5. Certain
Adjustments.

 

a)
Stock Dividends and Stock Splits. If the Company, at any time while this Debenture is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions payable in Ordinary Shares and/or ADSs on Ordinary Shares or any Ordinary Shares Equivalents
(which, for avoidance of doubt, shall not include any ADSs issued by the Company upon conversion of, or payment of interest on, the Debentures),
(ii) subdivides outstanding ADSs and/or Ordinary Shares into a larger number of shares, (iii) combines (including by way of a reverse
stock split) outstanding ADSs and/or Ordinary Shares into a smaller number of shares or (iv) issues, in the event of a reclassification
of Ordinary Shares, any shares of capital stock of the Company, then the Fixed Conversion Price shall be multiplied by a fraction of which
the numerator shall be the number of Ordinary Shares (excluding any treasury shares of the Company) outstanding immediately before such
event, and of which the denominator shall be the number of Ordinary Shares outstanding immediately after such event. Any adjustment made
pursuant to this Section shall become effective immediately after the record date for the determination of shareholders entitled to receive
such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination
or re-classification.

 

b)
Subsequent Equity Sales. If, at any time while this Debenture is outstanding, the Company or any Subsidiary, as applicable, sells
or grants any option to purchase or sells or grants any right to reprice, or otherwise disposes of or issues (or announces any sale, grant
or any option to purchase or other disposition), any ADSs, Ordinary Shares or Ordinary Shares Equivalents entitling any Person to acquire
ADSs or Ordinary Shares at an effective price per share that is lower than the then Fixed Conversion Price (such lower price, the “Base
Conversion Price” and such issuances, collectively, a “Dilutive Issuance”) (if the holder of the ADSs, Ordinary
Shares or Ordinary Shares Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions,
floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection
with such issuance, be entitled to receive ADSs or Ordinary Shares at an effective price per share that is lower than the Fixed Conversion
Price, such issuance shall be deemed to have occurred for less than the Fixed Conversion Price on such date of the Dilutive Issuance),
then simultaneously with the consummation (or, if earlier, the announcement) of each Dilutive Issuance the Fixed Conversion Price shall
be reduced to equal the Base Conversion Price. Notwithstanding the foregoing, no adjustment will be made under this Section 5(b) in respect
of an Exempt Issuance. If the Company enters into a Variable Rate Transaction, despite the prohibition set forth in the Purchase Agreement,
the Company shall be deemed to have issued Ordinary Shares or Ordinary Shares Equivalents at the lowest possible conversion price at which
such securities may be converted or exercised. The Company shall notify the Holder in writing, no later than the Trading Day following
the issuance of any Ordinary Shares and/or ADSs or Ordinary Shares Equivalents subject to this Section 5(b), indicating therein the applicable
issuance price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice, the “Dilutive
Issuance Notice”). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to
this Section 5(b), upon the occurrence of any Dilutive Issuance, the Holder is entitled to receive a number of Conversion Shares based
upon the Base Conversion Price on or after the date of such Dilutive Issuance, regardless of whether the Holder accurately refers to the
Base Conversion Price in the Notice of Conversion.

 

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c)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 5(a) above, if at any time the Company grants,
issues or sells any Ordinary Shares Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record
holders of any class of Ordinary Shares (the “Purchase Rights”), then the Holder will be entitled to acquire, upon
the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held
the number of Ordinary Shares acquirable upon complete conversion of this Debenture (without regard to any limitations on exercise hereof,
including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant,
issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are
to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to the extent that the Holder’s
right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder
shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Ordinary Shares as a result
of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time,
if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

d)
Pro Rata Distributions. During such time as this Debenture is outstanding, if the Company shall declare or make any distribution
of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital or otherwise (including, without
limitation, any distribution of cash, shares or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after
the issuance of this Debenture, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same
extent that the Holder would have participated therein if the Holder had held the number of Ordinary Shares acquirable upon complete conversion
of this Debenture (without regard to any limitations on conversion hereof, including without limitation, the Beneficial Ownership Limitation)
immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the
record holders of shares of Ordinary Shares are to be determined for the participation in such Distribution (provided, however,
that, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership
of any Ordinary Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance
for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership
Limitation).

 

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e)
Fundamental Transaction. If, at any time while this Debenture is outstanding, (i) the Company, directly or indirectly, in one or
more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all of
its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other
disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase
offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of ADSs and/or
Ordinary Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by
the holders of 50% or more of the outstanding Ordinary Shares, (iv) the Company, directly or indirectly, in one or more related transactions
effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which
the ADSs are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly,
in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding ADSs and/or Ordinary Shares (not including any Ordinary Shares held
by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock
or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
conversion of this Debenture, the Holder shall have the right to receive, for each Conversion Share that would have been issuable upon
such conversion immediately prior to the occurrence of such Fundamental Transaction (without regard to any limitation in Section 4(d)
on the conversion of this Debenture), the number of Ordinary Shares of the successor or acquiring corporation or of the Company, if it
is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result
of such Fundamental Transaction by a holder of the number of Ordinary Shares for which this Debenture is convertible immediately prior
to such Fundamental Transaction (without regard to any limitation in Section 4(d) on the conversion of this Debenture). For purposes of
any such conversion, the determination of the Conversion Price shall be appropriately adjusted to apply to such Alternate Consideration
based on the amount of Alternate Consideration issuable in respect of one (1) Ordinary Share in such Fundamental Transaction, and the
Company shall apportion the Conversion Price among the Alternate Consideration in a reasonable manner reflecting the relative value of
any different components of the Alternate Consideration. If holders of Ordinary Shares are given any choice as to the securities, cash
or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any conversion of this Debenture following such Fundamental Transaction. The Company shall cause any successor entity
in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing
all of the obligations of the Company under this Debenture and the other Transaction Documents (as defined in the Purchase Agreement)
in accordance with the provisions of this Section 5(e) pursuant to written agreements in form and substance reasonably satisfactory to
the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the
holder of this Debenture, deliver to the Holder in exchange for this Debenture a security of the Successor Entity evidenced by a written
instrument substantially similar in form and substance to this Debenture which is convertible for a corresponding number of shares of
capital stock of such Successor Entity (or its parent entity) equivalent to the Ordinary Shares acquirable and receivable upon conversion
of this Debenture (without regard to any limitations on the conversion of this Debenture) prior to such Fundamental Transaction, and with
a conversion price which applies the conversion price hereunder to such shares of capital stock (but taking into account the relative
value of the Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares
of capital stock and such conversion price being for the purpose of protecting the economic value of this Debenture immediately prior
to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the
occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after
the date of such Fundamental Transaction, the provisions of this Debenture and the other Transaction Documents referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations
of the Company under this Debenture and the other Transaction Documents with the same effect as if such Successor Entity had been named
as the Company herein.

 

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f) Change in ADS Ratio. If, after the date of issuance, the ADS ratio is increased or reduced, then the number of Conversion Shares
to be provided on conversion of the Debentures will be reduced or increased (respectively) in inverse proportion to the change in the
ADS ratio of ADSs per ADS.

 

g)
Calculations. All calculations under this Section 5 shall be made to the nearest cent or the nearest 1/100th of a share, as the
case may be. For purposes of this Section 5, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall
be the sum of the number of Ordinary Shares (excluding any treasury shares of the Company) issued and outstanding.

 

h)
Notice to the Holder.

 

i.
Adjustment to Conversion Price. Whenever the Conversion Price is adjusted pursuant to any provision of this Section 5, the Company
shall promptly deliver to each Holder a notice setting forth the Conversion Price after such adjustment and setting forth a brief statement
of the facts requiring such adjustment.

 

ii.
Notice to Allow Conversion by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form)
on the ADSs or Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary
Shares, (C) the Company shall authorize the granting to all holders of the Ordinary Shares of rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection
with any reclassification of the Ordinary Shares, any consolidation or merger to which the Company(and all of its Subsidiaries, taken
as a whole) is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange
whereby the ADSs are converted into other securities, cash or property or (E) the Company shall authorize the voluntary or involuntary
dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be filed at each
office or agency maintained for the purpose of conversion of this Debenture, and shall cause to be delivered to the Holder at its last
address as it shall appear upon the Debenture Register, at least twenty (20) calendar days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary Shares of record to
be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected
that holders of the Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property
deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange, provided that the failure to deliver
such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding
the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report
on Form 6-K. The Holder shall remain entitled to convert this Debenture during the 20-day period commencing on the date of such notice
through the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

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Section 6. Reserved.

 

Section 7. Negative
Covenants. As long as any portion of this Debenture remains outstanding, unless the holders of at least 67% in principal amount
of the then outstanding Debentures shall have otherwise given prior written consent, the Company shall not, and shall not permit any
of the Subsidiaries to, directly or indirectly:

 

a)
enter into, create, incur, assume, guarantee or suffer to exist any indebtedness for borrowed money of any kind, including, but not limited
to, a guarantee, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income
or profits therefrom;

 

b)
other than Permitted Liens, enter into, create, incur, assume or suffer to exist any Liens of any kind, on or with respect to any of its
property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom;

 

c)
amend its charter documents, including, without limitation, its certificate of incorporation and bylaws, in any manner that materially
and adversely affects any rights of the Holder;

 

d)
repay, repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of Ordinary Shares or Ordinary
Shares Equivalents other than as to (i) the Conversion Shares as permitted or required under the Transaction Documents and (ii) repurchases
of Ordinary Shares or Ordinary Shares Equivalents of departing officers and directors of the Company, provided that such repurchases shall
not exceed an aggregate of $100,000 for all officers and directors during the term of this Debenture;

 

e)
repay, repurchase or offer to repay, repurchase or otherwise acquire any Indebtedness, other than the Debentures if on a pro-rata basis,
other than regularly scheduled principal and interest payments as such terms are in effect as of the Original Issue Date, provided that
such payments shall not be permitted if, at such time, or after giving effect to such payment, any Event of Default exist or occur;

 

f) pay cash
dividends or distributions on any equity securities of the Company;

 

g) enter into
any transaction with any Affiliate of the Company which would be required to be disclosed in any public filing with the Commission,
unless such transaction is made on an arm’s-length basis and expressly approved by a majority of the disinterested directors
of the Company (even if less than a quorum otherwise required for board approval);

 

h)
alter or change the rights, preferences or privileges of the Debentures as a class;

 

i)
approve the liquidation or dissolution of the Company or any Subsidiary; or

 

j)
enter into any agreement with respect to any of the foregoing.

 

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Section 8. Events of
Default.

 

a)
“Event of Default” means, wherever used herein, any of the following events (whatever the reason for such event and
whether such event shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any
court, or any order, rule or regulation of any administrative or governmental body):

 

i.
any default in the payment of (A) the principal amount of any Debenture or (B) interest, liquidated damages and other amounts owing
to a Holder on any Debenture, as and when the same shall become due and payable (whether on a Conversion Date or the Maturity Date or
by acceleration or otherwise) which default, solely in the case of an interest payment or other default under clause (B) above, is not
cured within three (3) Trading Days;

 

ii.
the Company shall fail to observe or perform any other covenant or agreement contained in the Debentures (other than a breach by
the Company of its obligations to deliver ADSs to the Holder upon conversion, which breach is addressed in clause (xi) below) or in any
Transaction Document, which failure is not cured, if possible to cure, within the earlier to occur of (A) 5 Trading Days after notice
of such failure sent by the Holder or by any other Holder to the Company and (B) 10 Trading Days after the Company has become or should
have become aware of such failure;

 

iii.
a default or event of default (subject to any grace or cure period provided in the applicable agreement, document or instrument)
shall occur under (A) any of the Transaction Documents or (B) any other material agreement, lease, document or instrument to which the
Company or any Subsidiary is obligated (and not covered by clause (vi) below);

 

iv.
any representation or warranty made in this Debenture, any other Transaction Documents, any written statement pursuant hereto or
thereto or any other report, financial statement or certificate made or delivered to the Holder or any other Holder shall be untrue or
incorrect in any material respect as of the date when made or deemed made;

 

v.
the Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X) shall be subject to a Bankruptcy
Event;

 

vi.
the Company or any Subsidiary shall default on any of its obligations under any mortgage, credit agreement or other facility, indenture
agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any
indebtedness for borrowed money or money due under any long term leasing or factoring arrangement that (a) involves an obligation greater
than $150,000, whether such indebtedness now exists or shall hereafter be created, and (b) results in such indebtedness becoming or being
declared due and payable prior to the date on which it would otherwise become due and payable;

 

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vii.
the ADSs shall not be eligible for listing or quotation for trading on a Trading Market and shall not be eligible to resume listing
or quotation for trading thereon within five Trading Days;

 

viii.
the Company (and all of its Subsidiaries, taken as a whole) shall be a party to any Change of Control Transaction or Fundamental
Transaction or shall agree to sell or dispose of all or in excess of 33% of its assets in one transaction or a series of related transactions
(whether or not such sale would constitute a Change of Control Transaction);

 

ix.
the Company shall fail for any reason to deliver Conversion Shares to a Holder prior to the fifth Trading Day after a Conversion
Date pursuant to Section 4(c) or the Company shall provide at any time notice to the Holder, including by way of public announcement,
of the Company’s intention to not honor requests for conversions of any Debentures in accordance with the terms hereof;

 

x.
any Person shall breach any agreement delivered to the initial Holders pursuant to Section 2.2 of the Purchase Agreement;

 

xi.
the electronic transfer by the Company of ADSs and/or Ordinary Shares through the Depository Trust Company or another established
clearing corporation is no longer available or is subject to a “chill”;

 

xii.
any monetary judgment, writ or similar final process shall be entered or filed against the Company, any subsidiary or any of their
respective property or other assets for more than $50,000, and such judgment, writ or similar final process shall remain unvacated, unbonded
or unstayed for a period of 45 calendar days; or

 

xiii.
a false or inaccurate certification (including a false or inaccurate deemed certification) by the Company that the Equity Conditions
are satisfied or that there has been no Equity Conditions Failure or as to whether any Event of Default has occurred.

 

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b)
Remedies Upon Event of Default. If any Event of Default occurs, the outstanding principal amount of this Debenture, plus accrued
but unpaid interest, liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall become, at
the Holder’s election, immediately due and payable in cash at the Mandatory Default Amount. Commencing five (5) days after the occurrence
of any Event of Default that results in the eventual acceleration of this Debenture, the interest rate on this Debenture shall accrue
at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted under applicable law. Upon the payment in full
of the Mandatory Default Amount, the Holder shall promptly surrender this Debenture to or as directed by the Company. In connection with
such acceleration described herein, the Holder need not provide, and the Company hereby waives, any presentment, demand, protest or other
notice of any kind, and the Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies
hereunder and all other remedies available to it under applicable law. Such acceleration may be rescinded and annulled by Holder at any
time prior to payment hereunder and the Holder shall have all rights as a holder of the Debenture until such time, if any, as the Holder
receives full payment pursuant to this Section 8(b). No such rescission or annulment shall affect any subsequent Event of Default or impair
any right consequent thereon.

 

Section 9. Miscellaneous.

 

a)
Notices. Any and all notices or other communications or deliveries to be provided by the Holder hereunder, including, without limitation,
any Notice of Conversion, shall be in writing and delivered personally, by email attachment, or sent by a nationally recognized overnight
courier service, addressed to the Company, at the address set forth above, or such other email address, or address as the Company may
specify for such purposes by notice to the Holder delivered in accordance with this Section 9(a).  Any and all notices or other communications
or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by email attachment, or sent by a
nationally recognized overnight courier service addressed to each Holder at the email address or address of the Holder appearing on the
books of the Company, or if no such email attachment or address appears on the books of the Company, at the principal place of business
of such Holder, as set forth in the Purchase Agreement.  Any notice or other communication or deliveries hereunder shall be deemed
given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via email attachment
to the email address set forth on the signature pages attached hereto prior to 5:30 p.m. (New York City time) on any date, (ii) the next
Trading Day after the date of transmission, if such notice or communication is delivered via email attachment to the email address set
forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading
Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (iv)
upon actual receipt by the party to whom such notice is required to be given.

 

b)
Absolute Obligation. Except as expressly provided herein, no provision of this Debenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of, liquidated damages and accrued interest, as applicable, on
this Debenture at the time, place, and rate, and in the coin or currency, herein prescribed. This Debenture is a direct debt obligation
of the Company. This Debenture ranks pari passu with all other Debentures now or hereafter issued under the terms set forth herein.

 

    22

     

    

 

c)
Lost or Mutilated Debenture. If this Debenture shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver,
in exchange and substitution for and upon cancellation of a mutilated Debenture, or in lieu of or in substitution for a lost, stolen or
destroyed Debenture, a new Debenture for the principal amount of this Debenture so mutilated, lost, stolen or destroyed, but only upon
receipt of evidence of such loss, theft or destruction of such Debenture, and of the ownership hereof, reasonably satisfactory to the
Company.

 

d)
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Debenture shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflict
of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of the transactions
contemplated by any of the Transaction Documents (whether brought against a party hereto or its respective Affiliates, directors, officers,
shareholders, employees or agents) shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan
(the “New York Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York
Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed
herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not
to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such New York Courts,
or such New York Courts are improper or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service
of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Debenture and
agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any other manner permitted by applicable law. Each party hereto hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or
relating to this Debenture or the transactions contemplated hereby. If any party shall commence an action or proceeding to enforce any
provisions of this Debenture, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys
fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

e)
Waiver. Any waiver by the Company or the Holder of a breach of any provision of this Debenture shall not operate as or be construed
to be a waiver of any other breach of such provision or of any breach of any other provision of this Debenture. The failure of the Company
or the Holder to insist upon strict adherence to any term of this Debenture on one or more occasions shall not be considered a waiver
or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Debenture on any
other occasion. Any waiver by the Company or the Holder must be in writing.

 

    23

     

    

 

f) Severability.
If any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture shall remain in effect, and
if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and
circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law
governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest
permitted under applicable law. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time
insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other
law which would prohibit or forgive the Company from paying all or any portion of the principal of or interest on this Debenture as
contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance
of this Debenture, and the Company (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any
such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein
granted to the Holder, but will suffer and permit the execution of every such as though no such law has been enacted.

 

g)
Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief.  The remedies provided in this Debenture shall
be cumulative and in addition to all other remedies available under this Debenture and any of the other Transaction Documents at law or
in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder’s
right to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Debenture.  The
Company covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein.
Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the
amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company
(or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to
the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such
breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies, to an injunction restraining any
such breach or any such threatened breach, without the necessity of showing economic loss and without any bond or other security being
required. The Company shall provide all information and documentation to the Holder that is requested by the Holder to enable the Holder
to confirm the Company’s compliance with the terms and conditions of this Debenture.

 

h)
Next Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment
shall be made on the next succeeding Business Day.

 

i) Headings.
The headings contained herein are for convenience only, do not constitute a part of this Debenture and shall not be deemed to limit
or affect any of the provisions hereof.

 

Section 10. Disclosure. Upon
receipt or delivery by the Company of any notice in accordance with the terms of this Debenture, unless the Company has in good faith
determined that the matters relating to such notice do not constitute material, nonpublic information relating to the Company or its Subsidiaries,
the Company shall within two (2) Business Days after such receipt or delivery publicly disclose such material, nonpublic information on
a Current Report on Form 6-K or otherwise. In the event that the Company believes that a notice contains material, non-public information
relating to the Company or its Subsidiaries, the Company so shall indicate to the Holder contemporaneously with delivery of such notice,
and in the absence of any such indication, the Holder shall be allowed to presume that all matters relating to such notice do not constitute
material, nonpublic information relating to the Company or its Subsidiaries.

 

*********************

 

(Signature Page Follows)

 

    24

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Debenture to be duly executed by a duly authorized officer as of the date first above indicated.

 

	 	lion group holding ltd.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    25

     

    

 

ANNEX
A

 

NOTICE OF CONVERSION

 

The undersigned hereby elects
to convert principal under the Convertible Debenture due August 9, 2025 of Lion Group Holding Ltd., a Cayman Islands exempted company
(the “Company”), into ADSs of the Company according to the conditions hereof, as of the date written below. If ADSs
are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect
thereto and is delivering herewith such certificates and opinions as reasonably requested by the Company in accordance therewith. No fee
will be charged to the holder for any conversion, except for such transfer taxes, if any.

 

By the delivery of this Notice
of Conversion the undersigned represents and warrants to the Company that its ownership of the Ordinary Shares does not exceed the amounts
specified under Section 4 of this Debenture, as determined in accordance with Section 13(d) of the Exchange Act.

 

The undersigned agrees to
comply with the prospectus delivery requirements under the applicable securities laws in connection with any transfer of the aforesaid
Ordinary Shares.

 

	Conversion
    calculations:	
	 	Date
    to Effect Conversion:
	 	
	 	Principal
    Amount of Debenture to be Converted:
	 	
	 	Payment
    of Interest in ADSs __ yes __ no
	 	If
    yes, $_____ of Interest Accrued on Account of Conversion at Issue.
	 	
	 	Number
    of Ordinary Shares to be issued:
	 	
	 	Signature:
	 	
	 	Name:
	 	
	 	Address
    for Delivery of ADSs:
	 	
	 	Or
	 	 
	 	DWAC
    Instructions:
	 	
	 	Broker
    No:                                       
	 	Account
    No:                                   

 

    26

     

    

 

Schedule 1

 

CONVERSION SCHEDULE

 

The Convertible Debentures due on August 9, 2025
in the aggregate principal amount of $3,500,000 are issued by Lion Group Holding Ltd., a Cayman Islands exempted company. This Conversion
Schedule reflects conversions made under Section 4 of the above referenced Debenture.

 

Dated:

 

	
    Date of Conversion

    (or for first entry, Original Issue Date)
	
    Amount of Conversion
	
    Aggregate Principal Amount Remaining
Subsequent to Conversion

    (or original Principal Amount)
	
    Company Attest

	
     

     

     
	
     

     
	
     

     
	
     

     

	
     

     

     
	
     

     
	
     

     
	
     

     

	
     

     

     
	
     

     
	
     

     
	
     

     

	
     

     

     
	
     

     
	
     

     
	
     

     

	
     

     

     
	
     

     
	
     

     
	
     

     

	
     

     

     
	
     

     
	
     

     
	
     

     

	
     

     

     
	
     

     
	
     

     
	
     

     

	
     

     

     
	
     

     
	
     

     
	
     

     

	
     
	
     
	
     

     

     
	
     

     

 

 

 

27Exhibit 10.1

 

Execution Version

 

DEALERSHIP ASSET
PURCHASE AGREEMENT

 

This DEALERSHIP ASSET PURCHASE
AGREEMENT (this “Agreement”) is effective as of August 5, 2022 (the “Effective Date”), by and among
Port Charlotte AFL K, LLC, a Florida limited liability company (“Buyer”), LMP Port Charlotte KOPC, LLC, a Florida limited
liability company” (the “Seller”), and LMP Automotive Holdings, Inc., a Delaware corporation (“LMP”),
and together with Seller and Buyer, each a “Party” and, collectively, the “Parties”).

 

RECITALS:

 

WHEREAS, Seller owns,
controls and operates a Kia automotive dealership (the “Dealership”), and all ancillary business related thereto (the
“Business”) located at 202 Tamiami Trail, Port Charlotte, Florida (the “Premises”) under agreements
with Kia Motors America, Inc. (the “Manufacturer”);

 

WHEREAS, LMP owns and
operates through various affiliates, six (6) automotive dealerships, including the Seller, (the collectively, the “Subject LMP
Dealerships”), and certain real property (the “Real Property”), which are the subject of that certain letter of
intent with an affiliate of Buyer, dated June 11, 2022, for the purchase of substantially all of the assets of the Subject LMP Dealerships
(the “LOI”), including the sale 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”);

 

WHEREAS, simultaneously
with the consummation of this Agreement, Port Charlotte AFL RE, LLC , a Florida limited liability company and Buyer (collectively the
“Real Property Purchaser”) will jointly purchase and acquire the real property of the Premises from LMP Automotive Holdings,
LLC, a Florida limited liability company (“Real Property Seller”) in accordance with that certain Real Property Purchase and
Sale Agreement for the purchase and sale of the real property underlying the Premises (the “Real Property Purchase and Sale Agreement”);

 

WHEREAS, the LOI sets
forth that there is no due diligence period with respect to the Dealership and the Assets once this Agreement is executed;

 

WHEREAS, the Buyer
desires to purchase the Assets and Seller desires to sell and transfer the Assets on the terms and conditions hereinafter set forth (the
“Transaction”).

 

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.
Closing Date and Purchase Price.

 

(a) Closing Date.
Subject to the terms and conditions set forth in this Agreement, the consummation of the transactions contemplated hereby (the
“Closing”) shall take place no later than within (15) business days of the receipt of the latest to occur of: (i)
all applicable manufacturers’ approvals in accordance with Section 7(a) in connection with the purchase and sale of all
of the Subject LMP Dealerships and (ii) all required entity approvals from the boards of directors and shareholders of LMP, and the
manager of sellers of the Subject LMP Dealerships as well as the manager of the sellers of the real estate properties underlying the
LMP Dealerships being sold are obtained in connection with authorizing the contemplated Transaction and the transactions involving
the Subject LMP Dealerships. The date of the Closing is referred to herein as the “Closing Date.” The Closing shall be
deemed to be effective as of the opening of business on the Closing Date. The “Closing Date Deadline” means October 31,
2022; provided, however, that if, as of the fifteenth (15th) day prior to such date, all of the
manufacturers’ approvals have not been obtained, or if all applicable waiting periods pursuant to the HSR Act have not expired
or terminated, or if the Florida Department of Revenue has not provided a Clearance Letter to Seller, the Closing Date Deadline will
automatically be extended for thirty (30) days, time being of the essence. It is agreed that the closings for all of the Subject LMP
Dealerships may occur in separated groups with the same manufacturer and/or by geographical regions. It is acknowledged that the
actual Closing and funding for this transaction make take 1 or 2 business days.

 

     

     

    

 

(b)
Purchase Price & Broker. The purchase price for the Assets described in Section 2(e) below is $21,449,500.00
in connection with the purchase of goodwill and FF&E (the “Goodwill Purchase Price”) plus additional purchase price
for parts, work in progress (“WIP”), and New Vehicles, Used Vehicles and Pre-Owned Vehicles (collectively, the “Vehicle
Inventories”) calculated as described below (the “Additional Purchase Price,” with the Goodwill Purchase
Price, collectively the “Purchase Price”). The parties agree that the FF&E portion of the Goodwill Purchase Price
includes the price for Seller’s vehicles used in its business operations which are listed in the FF&E schedules to its financial
statements. The Additional Purchase Price will be calculated as follows:

 

(i)
The purchase price for Dealership’s new, undamaged and untitled 2021, 2022 and subsequent year Manufacturer vehicles, including
demonstrators and loaners, (the “New Vehicles”) is an amount equal to the actual Manufacturer’s original
invoice; plus Seller’s direct out-of-pocket cost of dealer-installed optional parts and accessories theretofore installed
upon New Vehicles; less all applicable dealer hold-backs paid to Seller; less fifty percent of all credits, and allowances for
order assistance, floor plan assistance, Kia retailer support, and dealer advertising support; less “prep” expenses
for New Vehicles which have not yet been prepared for sale; less the cost to repair any damage and less the replacement cost of any parts
or equipment removed. Notwithstanding the foregoing, the purchase price of New Vehicles shall not include or be increased for rust proofing,
undercoating, scotch-guarding, non-Manufacturer alarm systems, interrupt systems, theft protection devices and similar dealer additions.
The purchase price of New Vehicles with more than 600 miles but less than 4,000 miles will be reduced by $0.60 per mile. New Vehicles
with 4,000 or more miles will be valued as a Used Vehicle (defined below). For purposes of this Agreement, a vehicle will be considered
damaged if it has more than six hundred and fifty dollars ($650.00) of repairs that are needed or previously performed on the vehicle.

 

(ii)
The purchase price for pre-owned, company (other than those scheduled as FF&E), service, and rental vehicles (the “Pre-Owned
Vehicles” or “Used Vehicles”) shall be priced for each such vehicle at the lower of: (i) the pricing of a
New Vehicle set forth above, or (ii) MMR adjusted as per CR rating, as set forth on Schedule 1(b)(ii) hereto.

 

(iii) Buyer shall
purchase all vehicles other than the New Vehicles in Seller’s vehicle inventory at CR based MMR (collectively, the
“Used Vehicles”; provided, however, if the purchase price for a Pre-owned Vehicle or Used Vehicle cannot be agreed upon,
such vehicle shall be retained by Seller and be an Excluded Asset and provided further that Buyer shall have no obligation to
purchase any damaged vehicle or vehicle that has salvage status, a branded title, or was in an accident.

 

(iv)
The purchase price for all obsolete parts shall be equal to 50% of Seller’s cost of such obsolete parts with a cap of $10,000
and non-obsolete parts inventory shall be equal to manufacturer cost (less all applicable rebates and discounts). For purposes of clarity,
any obsolete parts in excess of $10,000 shall be transferred to Buyer at Closing. Obsolete parts means (i) any of new OEM parts not listed
in any of the manufacturer’s most recent price books; (ii) any vehicle parts or accessories that, at Closing, are not returnable
to the supplier from whom they were originally purchased for a full refund less any normal restocking charge; or (iii) any vehicle part
or accessory that, as of the Closing Date, has been in Seller’s parts inventory over 365 days.

 

(c)
Earnest Money Deposit. Within three (3) business days after the Effective date Buyer shall deliver to Escrow Agent $1,072,475
(five percent of the Goodwill Purchase Price) as earnest money (the “Deposit”) to be held in trust by Greenberg Traurig,
PA, as Escrow Agent for and on behalf of the Parties pursuant to this Agreement. On the Closing Date, if the Closing occurs, the Deposit
will be applied to the Purchase Price. The Deposit is non-refundable except if (i) Manufacturer fails to approve the Transaction;
or (ii) as per Sections 11(a)(i), (ii), (iv), (v) or (vi).

 

(d)
Hart-Scott-Rodino Act. Filing under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”)
may be required. If filing or notice or other action is required under the HSR Act with respect to the transactions outlined herein, then
Buyer shall effect such filing or notice and Buyer and Seller shall each pay for 50% of the filing fees required by the HSR Act . Buyer
and Seller shall each be responsible for their own attorney fees incurred to effect such filing. Seller shall cooperate fully with Buyer
in said action and promptly provide all requisite information.

 

    2

     

    

 

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 A 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)
Vehicles. Subject to Section 1:

 

(i)
Buyer shall purchase from Seller and Seller shall sell to Buyer the Seller’s New Vehicles in Seller’s inventory in
the ordinary course of business and identified by Seller on the Closing Date.

 

(ii) Buyer shall
purchase from Seller and Seller shall sell to Buyer the Seller’s Used Vehicles and Pre-Owned Vehicles in Seller’s
inventory in the ordinary course of business and identified by Seller on the Closing Date (but subject to the provisions of Section
1 (b) (iii)). Prior to Closing, Seller shall (i) disclose to Buyer any and all facts known to Seller concerning each Used Vehicle
and Pre-Owned Vehicle that Seller would be legally obligated to disclose to a retail purchaser of a Used Vehicle including, but not
limited to, known damage, known usage history, frame and flood damage, salvage status, open recalls, and warranty eligibility; (ii)
provide Buyer with legal odometer statements for each Used and Pre-Owned Vehicle; and (iii) provide free and clear title for each of
the Used Vehicles and Pre-Owned Vehicles. At least 10 days prior to Closing, Seller shall provide Buyer with its then current Used
Vehicle and Pre-Owned vehicle inventory along with Seller’s asking price for each such vehicle.

 

(b)
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 chosen by Buyer and reasonably acceptable to 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 that are in their original packaging, current
and returnable and with sales in the 12 months prior to closing for an amount equal to the Manufacturer prices as reflected in the most
recent pricing catalogs less all discounts and allowances. Seller will assign Sellers’ parts return rights to Buyer at Closing.

 

(ii)
Nonreturnable. All parts and accessories not coded as returnable in the Master Price List are “nonreturnable”
and shall be considered an obsolete part. The purchase price for the nonreturnable parts and accessories, non-Manufacturer, “jobber”
or “NPN” parts and accessories will be considered as and sold as obsolete parts pursuant to Section 1 (b)(iv).

 

(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). Miscellaneous Supplies shall be purchased as provided for in subsection (d) below.
The purchase price for all other parts not addressed in this Section or Section 1 will equal the value thereof as mutually agreed
between Buyer and Seller provided, however, if the purchase price for such assets cannot be agreed upon, such assets shall be
retained by Seller and be an Excluded Asset. 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.

 

    3

     

    

 

(c)
Intellectual Property. 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, ), 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 Florida,
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
and 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).

 

(d)
Other Assets. Gas, oil, grease, nuts and bolts (“Miscellaneous Supplies”) shall be purchased by Buyer
with the value thereof being equal to the Dealership’s cost of such items (established by invoice or such other documentation reasonably
requested by Buyer), less any incentives received, or rebates received with respect thereto. Work in Process shall be purchased by Buyer
as provided for in Section 3 (c).

 

(e)
Buyer agrees to buy all of Seller’s body shop inventories of unopened and not expired containers of paint (base and tints),
quantities of paint in spray booths and machinery that can be accurately determined, new and unused dry supplies, and new and unused sheet
metal, if any (“Body Shop Inventories”). The purchase price for Body Shop Inventories shall be Seller’s cost
in such inventories.

 

(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 or Closing Statement); (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, 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 or
parts that are not included in the purchased Assets; (collectively, the “Excluded Assets”). Seller shall remove all vehicles
that are Excluded Assets from the Premises within ten (10) days following the Closing.

 

    4

     

    

 

(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”):

 

(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, interest, and penalties (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 operations prior to the Closing Date, and /or relating to any real property owned, leased, occupied or controlled by Seller;

 

(vii)
any Seller Transaction Expenses; and

 

(viii)
 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

 

Seller shall satisfy all Excluded
Liabilities that are an obligation of Seller promptly when due.

 

    5

     

    

 

3.
Prorations & Assigned Contracts.

 

(a)
Prepaid Expenses & Prorations. Current personal property [and real property] taxes will be prorated and adjusted between
Buyer and Seller as of the Closing Date based on the number of days in the year to which the taxes relate that each party occupies the
property. If current tax bills are unavailable on the Closing Date, the prior year’s tax bills will be used for proration purposes
and taxes will be re-prorated between Buyer and Seller when the current year’s tax bills are received. Any amounts owed by either
Party with respect to such re-proration will be paid to the other Party within ten (10) days after the determination of such re-proration.
All operating expenses (other than prepaid expenses) of the Dealership for the month of Closing will be prorated and adjusted between
Buyer and Seller as of the Closing Date based on a thirty (30) day month. To the extent possible, the Parties shall cause all utility
meters to be read on the day preceding the Closing Date. Unless the applicable utility terminates billing on Seller’s account as
of the Closing Date, utilities payable by Seller (or Buyer, to the extent applicable) for the Dealership Property, including, but not
limited to electricity, gas and water and sewer, shall be prorated as of the Closing Date. The adjustment therefor shall be made on the
basis of the most recently historical data/billings therefor and shall be subject to final reconciliation based upon actual charges after
receipt of a final bill by Seller. Buyer will make its own arrangements for any security deposits required by any utility company, and
Seller will cancel and retain any deposits previously furnished. Buyer shall receive a credit against the Purchase Price for the cost
to replace any missing special tools required by the Manufacturer’s most recent catalogue.

 

(b)
Within sixty (60) days after the Closing Date, the Parties shall make an adjustment to the Purchase Price to reflect any customary
adjustments, additions and deletions necessary to properly reflect the categorization and/or amount of the Assets in accordance with this
Agreement. In the event the Purchase Price is adjusted, the appropriate party shall effect a wire transfer of immediately available funds
to the other party for the appropriate amount within five (5) days after the determination of the adjustment.

 

(c) 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 limited to security deposit on
any real property lease, if applicable. 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 or
Closing Statement 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 have been supplied by Seller 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.

 

(d)
Assigned Contracts. As of the Closing Date, Seller shall assign, and Buyer shall assume Seller’s contractual obligations,
which Buyer has agreed to assume, listed on Schedule 3(d) hereto on the Closing Date (collectively, “Assigned Contracts”).
The term “Assigned Contracts” excludes obligations and liabilities arising or accruing by the Closing Date or by reason
of any breach or alleged breach by Seller, regardless of when such obligation or liability is asserted. 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.

 

    6

     

    

 

4.
Deliveries.

 

(a)
At Closing, Buyer shall deliver to Seller (or to Escrow Agent (as defined in the Real Property Purchase and Sale Agreement) for
further disbursement to Seller) the following:

 

(i)
the Purchase Price in immediately available funds, of which $2,500,000 (the “Holdback Amount”) shall be delivered
to the Indemnity Escrow Agent (if not previously delivered) to hold under the Indemnity Escrow Agreement and the balance shall be delivered
to Seller at Closing.

 

(ii)
A copy of resolutions duly adopted by Buyer’s Manager authorizing and approving Buyer’s performance of the transactions
contemplated herein and the execution and delivery of all documents in connection with such transactions, certified by the secretary or
manager of Buyer, as true and in full force as of the Closing Date.

 

(iii)
A certificate executed by an authorized member, manager, or officer of Buyer certifying that, as of the Closing Date, all of the
representations and warranties of Buyer are true and correct in all material respects and that each and every covenant and agreement to
be performed by Buyer prior to or as of the Closing Date pursuant to this Agreement has been performed in all respects.

 

(iv) A certificate of existence
in good standing for Buyer from the State of its formation dated within fourteen (14) days of the Closing Date.

 

(v)
Assignment and assumption of the Assigned Contracts , together with consents to the assignments where noted on Schedule 3 (d).
as necessary, in form and substance reasonably satisfactory to Buyer (the “Assignment of Contracts”), duly executed by Buyer.

 

(vi)
The Indemnity Escrow Agreement executed by Buyer and Buyer’s Affiliates as named therein.

 

(b)
At Closing, Seller shall deliver to Buyer (or to Escrow Agent on behalf of Buyer), at Seller’s sole cost and expense, such
bills of sale, endorsements, assignments, and other good and sufficient instruments of conveyance and transfer as provided for herein,
and any other instruments in form and substance reasonably acceptable to Buyer as shall be necessary to vest effective in Buyer all right,
title, and interest in and to the Assets, free and clear of all Encumbrances (except as provided herein), including without limitation,
the following:

 

(i)
Duly executed Bill of Sale with respect to the Assets in the form and substance of Exhibit “A” attached hereto
and incorporated herein by this reference (the “Bill of Sale”), and an Assignment of Trademarks, URLs and Telephone
Numbers.

 

(ii)
Fully and properly executed transfers of MCOs, titles, or such instruments of title and other documents required to properly transfer
Seller’ right, title and interest in and to the New Vehicles and Used Vehicles , and any other titled Assets to Buyer.

 

(iii)
A certificate executed by an authorized member, manager, or officer of Seller certifying that, as of the Closing Date, all of the
representations and warranties of Seller are true and correct in all material respects and that each and every covenant and agreement
to be performed by such Seller prior to or as of the Closing Date pursuant to this Agreement has been performed in all respects.

 

(iv)
A certificate of existence in good standing for Seller from the State of its formation dated within fourteen (14) days of the Closing
Date.

 

    7

     

    

 

(v)
A copy of resolutions duly adopted by each of Seller and LMP for the Necessary Seller Approvals authorizing and approving such
Seller’s performance of the transactions contemplated herein and the execution and delivery of all documents in connection with
such transactions, certified by the manager of each Seller, as true and in full force as of the Closing Date.

 

(vi)
A Clearance Letter from the Florida Department of Revenue showing that Seller owes no amounts.

 

(vii)
Seller shall deliver customary payoff and termination letters from the holders of any liens or Encumbrances reflecting the payoff
amount required for the release of liens on the Closing.

 

(viii) Seller will provide
evidence of Seller’ voluntary termination of its dealer agreements with the Manufacturer as it relates to the Dealership.

 

(ix)
The License Use Agreement executed by Seller attached as Exhibit “B”.

 

(x)
The Indemnity Escrow Agreement executed by Seller, and Seller’s Affiliates as named therein, and the escrow agent thereunder.

 

(xi)
Assignment and assumption of the Assigned Contracts, together with consents to the assignments where noted on Schedule 3(d). as
necessary, in form and substance reasonably satisfactory to Buyer (the “Assignment of Contracts”), duly executed by Seller.

 

Such other instruments and documents as Buyer
may reasonably consider necessary to effect the transactions contemplated herein

 

5.
Seller’s Representations & Warranties. Seller and LMP jointly, and severally , represent and warrant 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 its organization and is duly
qualified to transact business in the state in which the Dealership is located.

 

(b)
Authority. Subject to the Necessary Seller Approvals, Seller (i) has the requisite corporate power and authority to execute
and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby, and (ii) has
taken all entity action necessary to authorize its execution and delivery of this Agreement, the performance of its obligations hereunder
and the consummation of the transactions contemplated hereunder. For purposes of this Agreement, the “Necessary Seller Approvals”
shall mean the consent of: Seller’s Board of Managers; LMP Automotive Holdings, LLC as the majority member of Seller; the Board
of Directors of LMP; and the shareholders of LMP required to approve and authorize this Agreement and Transaction.

 

(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 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”).

 

    8

     

    

 

(d)
Assets. Seller is the owner of, and has good and valid title to, all of the Assets except any liens described on Schedule
5(d) (which shall be satisfied at Closing). To the Knowledge of Seller, there are no special assessments against any of the Assets.
All of the fixtures and equipment used in the Business are in operating condition, ordinary wear and tear excepted, and are adequate and
suitable for the purposes for which they are presently being used.

 

(e) Financial
Statements. The Seller has delivered to Buyer the Financial Statements. Subject to the adjustment for Inventory as set for in Section
2 above, the Financial Statements are materially true, complete, and accurate. “Financial Statements” means
Seller’s internally prepared, un-audited adjusted dealer income statements reflecting zero debt on the Dealership,
substantially in the form required by Manufacturer, for the fiscal year ended December 31, 2021, and each of the completed months
thereafter through the Closing Date, The Financial Statements are prepared in accordance with recognized industry standards and the
Manufacturer’s guidelines and fairly present the financial condition of Seller’s business and the results of operations
of Seller’s business, in all material respects, at the dates and for the periods covered by such financial statements and
related materials. In connection with this representation of Seller regarding its financial statements, Buyer acknowledges
Seller’s financial statements include expenses for a management fee to LMP, and exclude interest on Seller’s capital
loan.

 

(f)
Compliance. The Dealership complies in all material respects with, and the Dealership has been conducted in all material
respects in compliance with, all laws, rules and regulations (including all worker safety, applicable zoning and other laws, ordinances,
regulations and building codes (collectively, the “Laws”). The Seller is not under investigation with respect to violations
of any such Laws. To Seller’s Knowledge, Seller is not in material default of any its material agreements with third parties.

 

(g)
Litigation. There are no actions, suits, claims, investigations or other proceedings pending with respect to Seller, and,
to the Seller’s knowledge, there is no action, suit, claim, investigation, proceeding, grievance, or controversy threatened against
the Seller that could affect the ability to convey the Purchased Assets conveyed pursuant to this Agreement.

 

(h)
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 did not obtain any funds under the Paycheck Protection Program.

 

(i)
Licenses. Except as would not have a materially adverse effect on the Buyer, Seller has maintained all licenses and permits
and has filed all registrations, reports and other documents required by local, state and federal authorities and regulating bodies in
connection with the Dealership. None of the permits or licenses used by Seller in the operation of the Dealership has been terminated
or revoked and to Seller’s Knowledge, no violations have been recorded regarding such licenses or permits, and no proceeding is
pending or threatened seeking the revocation or limitation of any of them.

 

(j)
Assigned Leases and Contracts. To the Knowledge of Seller, each of the Assigned Leases and material contracts are valid,
legal and binding and is in full force and effect. Seller has made all payments due under each of the Assigned Leases and any material
contract through the date hereof. To the Knowledge of Seller, 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 and
assigned material contract by the Seller, or, to the Seller’s Knowledge, by any other party thereto, in any term, covenant or condition
of each Assigned Lease and assigned material contract.

 

(k) Intellectual
Property Rights. Except as set forth in Section 2c 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
entity 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).

 

    9

     

    

 

(l)
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, or the Dealership.

 

(m)
Employment Matters. Except as set forth on Schedule 5(m), 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.

 

(n) 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 at Closing to Bank of America Securities, Inc.
(“Broker”) in accordance with the separate agreements between Seller and Broker. No person other than Broker is
entitled to any commission in connection with the transactions contemplated by this Agreement.

 

(o)
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.

 

(p)
Solvency. Immediately after the Closing Date, and after giving effect to the sale of the Purchased Assets and the other
transactions contemplated by this Agreement, Seller will be solvent (in that both the fair value of its assets will not be less than the
sum of its known debts, provided however, immediately after Closing, the Seller and LMP anticipate paying such known debts in full and
dissolving the Seller.

 

(q)
In-house Warranty Work. Except as provided in Schedule 5(q) , Seller is not obligated to provide to any customers or third
parties any coupons, pre-paid parts, accessories, services or in-house warranties which may result in a liability of the same to Buyer
after the Closing. Except as reflected in Schedule 5(q), Seller has no agreement or understanding with any customer or third party to
return or refund any portions of any amounts paid for any extended warranty or service contract or otherwise pay any amounts to customers
who elect not to or do not make claims under such contracts, but if such an obligation exists, Seller shall pay all amounts owed.

 

    10

     

    

 

(r)
Option Agreements. Except with respect to the Manufacturer and as provided on Schedule 5(r), there are no options, right
of first refusals, or similar agreements in connection with the Assets.

 

As used in this Agreement, the phrases “Knowledge
of Seller” or “Seller’s Knowledge” means the actual knowledge of Seller’s officers, the Seller’s
LLC company managers, the officers of LMP, the Board of Directors of LMP, the Dealership’s general managers, Sam Tawfik, and Richard
Aldahan.

 

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

 

(a)
Formation. Buyer is a Florida limited liability company. Buyer will be an entity duly formed and validly existing with authority
to conduct business in Florida 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 for Buyer which has not been
obtained (except as provided for in this Agreement for consents to be obtained and filings made before Closing), and no filing with
or other notification to any person or governmental authority is required which has not been properly completed (except as provided
for in this Agreement for consents to be obtained and filings made before Closing). 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.

 

(c)
Brokers or Finders. The Buyer has not incurred and will not incur any liability to any broker, finder or agent for any fees,
commissions or similar compensation with respect to the transactions contemplated herein.

 

(d)
Conflicts. The execution and delivery of this Agreement by Buyer and the performance by Buyer 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 Governmental Authority or of any arbitration award which is either applicable to, binding upon or enforceable against
it, (iii) require the consent, approval, authorization or permit of, or filing with or notification to, any Governmental Authority,
except the HSR filing, or as otherwise provided for herein.

 

(e)
Litigation. There are no actions, suits, claims, investigations or other proceedings pending and, to the Buyer’s knowledge,
there is no action, suit, claim, investigation, proceeding, grievance, or controversy threatened against the Buyer that could affect the
Seller’s ability to convey the Purchased Assets to Buyer conveyed pursuant to this Agreement.

 

(f)
[Reserved].

 

(g)
Sufficiency of Funds.

 

(i)
Buyer or its affiliates have sufficient funds or access to sufficient funds to make payment of the Purchase Price and consummate
the transactions contemplated herein;

 

(ii)
Immediately after the Closing Date, and after giving effect to the purchase of the Purchased Assets and the other transactions
contemplated by this Agreement, Buyer (i) will be solvent (in that both the fair value of its assets will not be less than the sum of
its debts and that the present fair saleable value of its assets will not be less than the amount required to pay its debts as they become
absolute and matured); (ii) will have adequate capital with which to engage in its business; and (iii) will not have incurred debts beyond
its ability to pay as they become absolute and matured.

 

(h) Prohibited
Persons. Neither Buyer nor any members or principals of the Buyer: (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.

 

    11

     

    

 

7.
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 has 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)
HSR Filing. If the HSR Filing is required to be made, all applicable waiting periods pursuant to the HSR Act shall have expired
or have been terminated and there are no outstanding objections made by the Federal Trade Commission for a Closing of this transaction
..

 

(c)
Seller has obtained a Clearance letter from Florida Dept. of Revenue showing that no amounts are owing.

 

(d)
Closing Statement. Buyer has agreed to the Closing and Disbursement Statement which shall enumerate the Purchase Price,
prorations and adjustments, all in accordance with this Agreement or as otherwise agreed upon by Seller and Buyer.

 

(e)
Consents. Seller has obtained all consents required for the Lease Assignments and contract assignments being assumed by Buyer.

 

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

 

(g)
Purchase of the Premises. The consummation of the transactions contemplated under the Real Estate Purchase and Sale Agreement
shall occur simultaneously.

 

(h)
No Litigation. No proceeding with Seller as a Party, shall be pending before any court or other Governmental Authority,
wherein an unfavorable injunction, judgement, order, decree, ruling, or charge would (1) restrain, enjoin, prohibit or prevent consummation
of this transaction or any other transaction contemplated by this Agreement, or (2) cause the transaction to be rescinded following consummation.

 

(i)
Buyer shall have received all of the documents, certificates and resolutions described in Section 4.2(b), in form and substance
reasonably satisfactory to Purchaser.

 

(j) Adverse Change.
Since the Effective Date, no Material Adverse Change shall have occurred. “Material Adverse Change” means any change,
event or occurrence that individually or in the aggregate (taking into account all other such changes, events or occurrences) has
had, or would be reasonably likely to have, a material adverse effect upon the assets, business, operations, financial condition or
prospects of Seller, but shall not include any event or circumstance or change arising out of or attributable to general economic or
political conditions, conditions generally affecting the motor vehicle industry (including supply chain problems), or the COVID-19
pandemic.

 

(k)
Necessary Seller Approvals. Seller has obtained the Necessary Seller Approvals.

 

(l)
Termination of Options and Minority Rights. Each of the agreements listed on Schedule 5(r) shall have been either terminated,
waived, or Seller shall have been released and received a waiver from such minority member from any option or similar obligations thereunder,
and the minority member and its principal(s) shall have agreed to a noncompetition provision of at least two (2) years with a seventy-five
(75) mile radius of the Dealership.

 

(m)
Agreements Not To Compete. Seller, LMP, Sam Tawfik and Richard Aldahan, as officers of LMP, shall have executed an Agreement
Not to Compete substantially in the form attached hereto as Exhibit D.

 

    12

     

    

 

8.
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 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
and at Closing.

 

(c)
Purchase of the Premises. The consummation of the transactions contemplated under the Real Estate Purchase and Sale Agreement
shall occur simultaneously.

 

(d)
HSR Filing. If the HSR Filing is required to be made, all applicable waiting periods pursuant to the HSR Act shall have
expired or have been terminated and there are no outstanding objections made by the Federal Trade Commission for a Closing of this transaction.

 

(e)
Necessary Seller Approvals. The receipt, of the Necessary Seller Approvals.

 

(f)
Closing Statement. Buyer executed and delivered the Closing and Disbursement Statement which shall enumerate the Purchase
Price, prorations and adjustments, all in accordance with this Agreement or as otherwise agreed upon by Seller and Buyer.

 

(g)
Seller shall have received all of the documents, certificates and resolutions described in Section 4.2(a), in form and substance
reasonably satisfactory to Seller.

 

9. 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. Buyer (or its affiliate) shall promptly apply to the
Manufacturer for the issuance of a contractual right to operate an automobile dealership upon the Premises. The Parties shall use
commercially reasonable best efforts to obtain Manufacturer approval as soon as possible. Seller 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 Excluded 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 Manufacturer. 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, except in the ordinary course of business; (v) not conduct any liquidation, close-out or going out of business sale or, (vi)
attempt to order and restock inventory sold; (vii) intentionally omitted; (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, except those in the
ordinary course of business; and (ix) not take or permit any action which would result in Seller’s representations or warranties
becoming incorrect or untrue in any material respect.

 

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(c) Employee
Matters.

 

(i) Seller 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 contractual liability for such liability or obligation hereunder, and Seller fail to pay or perform such
liability or obligation within five (5) days after Buyer’s written demand, then in addition to any other remedies available,
such amounts may be set off from time to time from any amount Buyer (or its affiliate) owes 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 due Seller’s employees
as of the Closing Date. At Closing, Buyer shall assume Seller’s obligations for payment of unused vacation, paid time off,
holiday pay, sick pay and other similar compensation accrued to those employees of Seller which are retained by Buyer, and Buyer
shall receive a credit against the Purchase Price for such amounts. Buyer shall be responsible to satisfy such amounts to the former
employees of Seller to the extent of the credit received provided, however Buyer shall not be liable for any such amounts that are
disputed or in excess of the credit given at the Closing and Seller and LMP shall defend and hold Buyer harmless for such disputed
amounts. 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.

 

(ii)
Subject to the approval and cooperation of Seller’s applicable health insurance plans and policies, Buyer shall have the
right to cause Seller to continue its health insurance plans (including the related ancillary insurance benefits such as dental, vision,
short term disability) for the employees of Seller that Buyer retains for the month of the Closing and the month following the Closing.
In such case, the applicable premiums shall be prorated based upon the number of days allocable to Seller prior to Closing Date and Buyer
following the Closing Date.

 

(d) Seller’s
Receivables. Following the Closing, upon the receipt of accounts receivable of the Seller, Buyer will remit checks thereof
directly to the Seller at its principal office on a weekly basis. 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 it received as cleared funds
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.
Upon reasonable notice to Buyer, Buyer shall provide Seller with access to records relating to Seller’s operation of the
Dealership, but Seller and LMP agree that they shall have no right to utilize the employees of Buyer to provide accounting or other
bookkeeping services to themselves.

 

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(e)
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 or any third party 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 9(e). Buyer with any needed cooperation of Seller 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 or by Seller (if any) and the parties shall pay any amounts owing to the other within ten (10) business days.

 

(f) Dealing and
Non-Circumvent. In order to induce Buyer to enter into this Agreement, during the period commencing on the Effective Date until the
Closing Date (or earlier termination of this Agreement), Seller and LMP will not and will cause each of its stockholders, managers,
directors, officers, agents, advisors and other representatives to not, directly or indirectly, through affiliates or otherwise, (i)
enter into any sale, lease, pledge or other disposition of all or any significant part of the purchased Assets, or any agreement for
the sale of any capital stock or other equity securities of Seller, or agreement relating to a merger, consolidation or other
acquisition proposal involving Seller or its member with any other party, or any transaction similar to the foregoing in format or
purpose, with any party other than Purchaser; or (ii) enter into any transaction (A) with a total cumulative and aggregate value in
excess of One Hundred Fifty Thousand Dollars ($150,000), or (B) outside of the ordinary course of business of Seller consistent with
past practice in contemplation of any transaction described above with any party other than Buyer; or (iii) encourage, solicit,
provide information to or negotiate with any party, other than Buyer, to do any of the foregoing.

 

(g)
License Use. The Parties acknowledge that the State of Florida Department of Highway Safety and Motor Vehicles, Division of Motor
Vehicles may be experiencing delays in the processing of motor vehicle dealer licenses. The Seller hereby agrees that the Buyer may use
the Seller’s licenses required under the laws of the State of Florida to operate the Business for a period of not more than 30 days
after the Closing Date (and the Seller shall maintain all such licenses during such period). As a material inducement to the Seller to
permit the Purchaser’s use of such licenses: (a) Buyer agrees that it will use best efforts to obtain its own licenses with the
State of Florida as promptly as practicable , and (b) Buyer hereby agrees to indemnify and hold Seller, its respective affiliates, and
their respective owners, managers, members, controlling persons, directors, officers, and employees (collectively, the “Seller Indemnified
Parties”) harmless from and against any cost or liability, including reasonable attorneys’ fees, incurred by any Seller Indemnified
Party in connection with or as a result of the Buyer’s use of the Seller’s licenses. Upon the Effective Date, the Seller will
provide Buyer with a copy of the Seller’s DMV and other state and county regulatory licenses. Buyer agrees to add the Seller to
its general liability insurance coverage as an additional insured during the term of the License Use Agreement. To effect the Purchaser’s
use of the Seller’s license as contemplated hereby, the Seller agrees at the Closing to enter into a license use and indemnification
agreement sufficient to satisfy applicable law for such license use in the form of Exhibit B hereto (the “License Use Agreement”).

 

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10.
Access.

 

(a)
Upon receipt of Manufacturer’s approval to transfer the Dealership to Buyer, Buyer may set up Buyer’s computer system
parallel to Seller’s computer systems for the Dealership, provided, however, Seller’s systems shall not be turned off until
the Closing Date. Following the Effective Date, Buyer’s Information Technology personnel may access the Dealership for the purposes
of assessment of technology resources and criteria, and may interact with Seller’s Chief Technology Officer(s) (or such other technicians
as Seller may approve) to facilitate any applicable transfer purchased Assets.

 

(b) Seller shall permit
representatives of Buyer to have access to and to examine the records, properties and assets associated with the Assets and the Real
Property, provided, however, all access hereunder shall be subject to this Agreement and the provisions of the Real Property
Purchase Agreement. Any access by Buyer shall be at times determined by Sellers and Buyer and in a manner so as not to interfere
with the normal business operations of Seller .

 

(c)
Buyer’s Information Technology personnel may have certain access to the Dealership (no login access) for the purposes of
assessment of technology resources and criteria, and may interact with Seller’s Chief Technology Officer(s) (or such other technicians
as Seller may approve). Following receipt of Manufacturer approval for transfer of the Dealership to Buyer, Seller shall contact its providers
for DMS, CRM, and any other third-party data servicers, and execute all necessary documents to effectuate the transfer all intangible
data Assets to Buyer’s DMS system on the Closing Date. Buyer shall be solely responsible for any and all costs associated with effectuating
the transfer of all intangible data Assets to Buyers DMS system.

 

11.
Default & Termination. Notwithstanding any provision in this Section 11 to the contrary, no Party may
terminate this Agreement due to the breach of another Party if the first Party is in material 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. 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;

 

(ii)
By Buyer if a breach of any material provision of this Agreement has been committed by Seller 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;

 

(iii)
By Seller if a breach of any material 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;

 

(iv)
By Seller if Seller’s conditions precedent to Closing have not been satisfied by the Closing Date Deadline; or

 

(v)
By Buyer if Buyer’s conditions precedent to Closing have not been satisfied by the Closing Date Deadline; or

 

(vi)
By Seller or Buyer, if the Closing has not occurred by the Closing Date Deadline.

 

Unless this Agreement is terminated by Seller
under the provisions of Section 11(a)(iii), Buyer shall be entitled to receive a return of the Deposit upon a termination.

 

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(b) Buyer’s
Default. If prior to Closing Buyer breaches this Agreement and fails to cure as provided above, then Seller’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
Deposit 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 upon Buyer’s default. Seller’s retention of the Deposit is intended not as a
penalty, but as full liquidated damages.

 

(c)
Seller Default. If prior to Closing, if Seller breaches this Agreement and fails 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 (pursuant
to which Buyer is not obligated to post a bond or prove special damages or irreparable injury) for the specific performance by Seller
of the terms and provisions of this Agreement and disgorgement of profits from the date of the Closing Date Deadline until receipt of
any applicable remedy at law or equity in the Buyer’s favor; and (ii) the right to terminate this Agreement by giving written notice
of such termination to Seller and receive a full refund of the Deposit without prejudice to any of Buyer’s rights or remedies including
an action for direct damages, but not consequential damages.

 

(d)
Cross Default. Any default by the Real Property Purchaser under the Real Property Purchase and Sale Agreement shall be a
default by Buyer under this Agreement and a default by Buyer under this Agreement shall be a default by the Real Property Purchaser under
the Real Property Purchase and Sale Agreement. Any default by the Real Property Seller under the Real Property Purchase and Sale Agreement
shall be a default by Seller under this Agreement and a default by Seller under this Agreement shall be a default by the Real Property
Seller under the Real Property Purchase and Sale Agreement. The terms of the Real Property Purchase and Sale Agreement are incorporated
herein by reference.

 

(e)
Breakup Fee. If this Agreement is terminated by any Party hereto due to the failure of Seller or LMP to obtain the Necessary
Seller Approvals prior to the Closing Date Deadline, regardless of the reason for such failure, then Buyer shall be entitled to receive
from Seller and LMP, and Seller and LMP shall be obligated to pay Buyer within 3 business days following receipt of an invoice from Buyer,
a fee (the “Breakup Fee”) equal to the reasonable costs and fees expended or incurred by Buyer and Port Charlotte AFL RE,
LLC for the transactions contemplated herein and under the Real Property Purchase and Sale Agreement.

 

12.
Survival and Indemnification.

 

(a)
Representations and Warranties Survive Closing. It is the express intention and agreement of the parties that all representations
and warranties made by the parties in this Agreement shall survive the Closing for a period of twenty-four (24) months. Thereafter, all
representations and warranties made by the parties in this Agreement shall terminate and no action may be had on them (excepting claims
made during the Survival Period may continue to be pursued). All covenants and agreements of the parties shall survive the Closing in
accordance with their terms.

 

(b) Buyer’s
Obligation to Indemnify. Following the Closing, Buyer will indemnify and hold Seller, its affiliates, managers, member, and
officers harmless from and against any and all liability, loss, damage, or deficiency (collectively, “Losses”)
resulting from: (i) any misrepresentation, breach of warranty, or non-fulfillment of any agreement on the part of Buyer under this
Agreement; (ii) any misrepresentation in or occasioned by any certificate, document, or other instrument furnished or to be
furnished by Buyer in connection with the transactions contemplated by this Agreement; (iii) the ownership, management and
operations of the Dealership or the Assets from and after the Closing Date; (iv) any misrepresentation, inaccuracy, or failure of
any representation or warranty of Buyer; (v) the Assigned Contracts, and; (vi) any and all actions, suits, proceedings, claims,
demands, assessments, judgments, costs, and expenses, including without limitation, reasonable legal fees and expenses incident to
any of the foregoing or incurred in investigating or attempting to void the same or to oppose the imposition thereof or in enforcing
this indemnity.

 

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(c)
Seller’s Obligation to Indemnify. Following the Closing, Seller and LMP (jointly and severally with Seller) will indemnify
and hold Buyer, its affiliates, managers, members, officers, and directors harmless from and against any and all Losses resulting from:
(i) any misrepresentation, default, breach of warranty or non-fulfillment of any agreement on the part of Seller or LMP under this Agreement;
(ii) any misrepresentation in or occasioned by any certificate, document, or other instrument or to be furnished by Seller or LMP in connection
with the transactions contemplated by this Agreement; (iii) the ownership, management, and operations of the Dealership or the Assets
prior to the Closing Date; (iv) any misrepresentation, inaccuracy, or failure of any representation or warranty of Seller; (v) the Excluded
Liabilities; (vi) any and all actions, suits, proceedings, claims, demands, assessments, judgments, costs, and expenses, including without
limitation, reasonable legal fees and expenses incident to any of the foregoing or incurred in investigating or attempting to void the
same or to oppose the imposition thereof or in enforcing this indemnity, and (vii) any audits, including warranty audits, for sales, service
and business operations of Seller arising or accruing prior the Closing Date.

 

(d) Limitations. No
claim may be made for indemnification in respect of a breach of a representation or warranty unless notice of such claim is
delivered in writing prior to the expiration of the survival of the representation or warranty that is the subject of such claim.
Each party shall have the right to bring an action against the other on the breach of a representation or warranty hereunder, but
only if the party bringing the action for breach gives written notice of such breach to the other party before the end of the
Survival Period. Notwithstanding anything in this Agreement to the contrary, no indemnification shall be required to be made under Section 12(c)
for a misrepresentation or breach of a warranty hereof in respect of any Loss unless, and to the extent that, the aggregate amount
of the Buyer’s Group Global Losses exceeds $50,000; provided, however, that the foregoing limitation shall not apply to any
Loss with respect to intentional misconduct or fraud. Notwithstanding anything in this Agreement to the contrary, no indemnification
shall be required to be made under Section 12(b) for a misrepresentation or breach of a warranty hereof in respect of
any Loss unless, and to the extent that, the aggregate amount of the Seller’s Group Global Losses exceeds $50,000.
Notwithstanding anything in this Agreement to the contrary, the Seller and LMP shall not have any liability whatsoever under Section
12(c) for a misrepresentation or breach of a warranty hereof in respect of any Loss of any amount by which the Losses payable by
the Seller and LMP shall, individually or in the aggregate, exceed Seller’s Group Global Cap of $2,500,000. For the purposes
of applying the foregoing liability limitations, amounts paid by Seller, LMP and Seller’s affiliates shall be aggregated.
Notwithstanding anything in this Agreement to the contrary, the foregoing limitation on liability shall not apply to any Losses
arising or resulting from intentional misconduct or fraud of the Seller, or LMP or their affiliates. For purposes of this Agreement,
“Buyer’s Group Global Losses” shall mean the cumulative Losses of Buyer and Buyer’s affiliates who purchase
any of the Subject LMP Dealerships as provided for under their Dealership Asset Purchase Agreements with Seller or Seller’s
affiliates. For purposes of this Agreement, “Seller’s Group Global Losses” shall mean the cumulative Losses of
Seller and Seller’s affiliates who sell any of the Subject LMP Dealerships as provided for under their Dealership Asset
Purchase Agreements with Buyer or Buyer’s affiliates. For purposes of this Agreement, “Seller’s Group Global
Cap” shall mean the cumulative liability of LMP, Seller and Seller’s affiliates for Losses to Buyer and Buyer’s
affiliates (excluding Losses arising or resulting from intentional misconduct or fraud) under their Dealership Asset Purchase
Agreements for any of the Subject LMP Dealerships.

 

(e)
Matters Involving Third Parties.

 

(i)
To be entitled to such indemnification, the party claiming indemnification (“Indemnified Party”) will give the
other party (“Indemnifying Party”) prompt written notice of the assertion by a third party of any claim with respect
to which the Indemnified Party might bring a claim for indemnification hereunder (“Third Party Claim”), and in all
events must have supplied such notice to the Indemnifying Party within the applicable period for defense of such claim; provided, however,
that the failure to give prompt written notice as prescribed above will not preclude indemnification so long as such failure does not
prejudice the Indemnifying Party’s defense against such claim.

 

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(ii)
The Indemnifying Party will be entitled, at its own expense, to participate in the defense of such action, proceeding or claim,
and, if (i) the action, proceeding or claim involved seeks (and continues to seek) solely monetary damages, environmental remediation
or relates to any liability for taxes, (ii) the Indemnifying Party confirms, in writing, its obligation hereunder to indemnify and hold
harmless the Indemnified Party with respect to such damages in their entirety, and (iii) the Indemnifying Party, in the reasonable judgment
of the Indemnified Party, will be able to satisfy any adverse judgment as a result of its indemnification obligation with respect to such
action, proceeding or claim, then the Indemnifying Party will be entitled to assume and control such defense with counsel chosen by the
Indemnifying Party and approved by the Indemnified Party, which approval will not be unreasonably withheld or delayed. The Indemnified
Party will be entitled to participate therein after such assumption, the costs of such participation following such assumption to be at
its own expense. Upon assuming such defense, the Indemnifying Party will have full rights to enter into any monetary compromise or settlement
which is dispositive of the matters involved; provided, that such settlement is paid in full by the Indemnifying Party and will not have
any direct or indirect adverse effect upon the Indemnified Party.

 

(iii) With respect to any
action, proceeding or claim as to which (i) the Indemnifying Party does not have the right to assume the defense or (ii) the Indemnifying
Party will not have exercised its right to assume the defense, the Indemnified Party will assume and control the defense of and contest
such action, proceeding or claim with counsel chosen by it and approved by the Indemnifying Party, which approval will not be unreasonably
withheld or delayed. The Indemnifying Party will be entitled to participate in the defense of such action, proceeding or claim, the cost
of such participation to be at its own expense. The Indemnifying Party will be obligated to pay the reasonable attorneys’ fees
and expenses of the Indemnified Party. The Indemnified Party may not settle such action, proceeding or claim without the prior written
consent of the Indemnifying Party, which will not be unreasonably withheld.

 

(iv)
 Both the Indemnifying Party and the Indemnified Party will cooperate fully with one another in connection with the defense, compromise
or settlement of any such action, proceeding or claim, including, without limitation, by making available to the other all pertinent information
and witnesses within its control.

 

(f)
Procedures for Indemnification - Other Claims. A claim for indemnification relating to a breach of a warranty or representation
for any matter not involving a Third-Party Claim must be asserted by notice to the Indemnifying Party by the Indemnified Party on or before
the expiration of the Survival Period. The Indemnifying Party will have the obligation to eliminate or mitigate its indemnification obligation
under this Agreement by affecting a cure of any breach of this Agreement not related to any Third-Party Claim (including any document,
certificate, instrument or agreement to be executed and/or delivered under this Agreement), if susceptible of cure, within thirty (30)
days after any such notice. The Indemnifying Party will pay any uncured indemnification claim and any claim that is not capable of cure
that is undisputed promptly after such notice and failure to cure. The Indemnifying Party will promptly pay any other indemnification
claim upon resolution by an agreement with the Indemnified Party or upon a final, non-appealable order of a court of competent jurisdiction.
All claims for indemnification as to a breach of a representation or warranty will survive as to any claim or demand made on or before
the expiration of the Survival Period until such claim or demand is fully paid or otherwise resolved by the parties hereto in writing
or by a court of competent jurisdiction.

 

(g)
Seller’s Security for Indemnification Claims. To secure the indemnity obligations of Seller and LMP under this Section
12. for claims made by Buyer and claims of Buyer’s affiliates for indemnification under their Dealership Asset Purchase Agreements
and underlying Real Estate Purchase Agreements with Seller’s affiliates within 24 months of the Closing Date of the first transaction
that closes under the Dealership Asset Purchase Agreements being executed simultaneously herewith; the Parties and their affiliates who
sell and purchase any of the Subject LMP Dealerships shall enter into an Indemnity Escrow Agreement with Greenberg Traurig, PA, as the
“Indemnity Escrow Agent”. Seller and Seller’s affiliates shall fund the Holdback Amount under the Indemnity Escrow Agreement
in full upon the Closing Date of the first transaction that closes under the Dealership Asset Purchase Agreements being executed simultaneously
herewith. The form of the Indemnity Escrow Agreement is attached as Exhibit C .

 

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(i)
Subject to the limitations set forth in this Section 12, all payments by the Seller or LMP to Buyer pursuant to this Section
12 shall be satisfied first from the Indemnity Escrow Funds (to the extent the Indemnity Escrow Funds are sufficient, and then,
subject to the limitations herein, the Seller and or LMP shall pay any excess due hereunder directly) and the Buyer and the Seller and
their affiliates shall execute the necessary documents instructing the Indemnity Escrow Agent to make the applicable payments.

 

(ii) On the first year anniversary
following the Closing Date, an amount equal to 50% of the total Indemnity Escrow Funds originally funded to the Indemnity Escrow Agent
minus  the amount of claims paid by the Indemnity Escrow Agent, and minus the aggregate outstanding  amount,
if any, which Buyer or any of Buyer’s affiliates has claimed for indemnification on or prior to such date shall be released to
the Seller, LMP and or Seller’s affiliates on such date (if such number is positive), and the Buyer and the Seller and their affiliates
shall execute the necessary documents instructing the Escrow Agent to make the applicable payment.

 

(iii)
On the second year anniversary following the Closing Date, an amount equal to the balance of the Indemnity Escrow Funds minus
the aggregate outstanding  amount, if any, which Buyer or any of Buyer’s affiliates has claimed for indemnification on or prior
to such date (any such claim, a “Remaining Indemnity Claim”) shall be released to the Seller, LMP and or Seller’s
affiliates on such date, and the Buyer and the Seller shall execute the necessary documents instructing the Escrow Agent to make the applicable
payment.  Following the final resolution of any Remaining Indemnity Claim, if the Indemnity Escrow Funds exceed the aggregate amount,
if any, which any of Buyer or Buyer’s affiliates has claimed under Section 12 or under any of their Dealership Asset Purchase Agreements
with respect to Remaining Indemnity Claims that remain unresolved, the excess Indemnity Escrow Funds shall be released to the Seller,
Seller’s affiliates or LMP on such date, and the Buyer and the Seller and their affiliates shall execute the necessary documents
instructing the Escrow Agent to make the applicable payment.

 

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, the FTC, if applicable) of this Agreement and the transactions contemplated hereby by filing
an unredacted copy of this Agreement. The Parties may not otherwise announce the transactions contemplated hereby which may identify the
Seller, the Buyer, and the Dealership to the general public without the consent of the other. Further, notwithstanding any contrary provision
herein, Buyer may apply for licenses, tax applications, qualifications, and fictitious name registrations required for its business operations
and the parties may disclose this transaction to obtain the necessary consents related to contract assumptions and the Necessary Seller
Approvals.

 

    20

     

    

 

(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.

 

(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., the 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. 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 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. 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. A business day shall mean Monday
through Friday, excluding federal and national holidays or State of Florida holidays. The term “material” shall mean an
amount which would involve an expenditure, liability or damages in excess of $50,000.00.

 

(g)
Further Assurances. At the request of Seller and at Seller’s expense, Buyer shall cooperate in the preparation by
Seller of all filings to be made by Seller with the Securities and Exchange Commission including any periodic filings and any filing with
respect to a registered offering of its securities by Seller and the closing of the offering registered thereby. Upon a party’s
request at any time, the other party shall take any act, including executing and delivering any document, necessary or advisable to otherwise
to carry out the provisions of this Agreement.

 

    21

     

    

 

(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 Deposit. If there is any dispute as to whether the Escrow Agent is obligated to deliver the Deposit or as to
whom the Deposit is to be delivered, the Escrow Agent may refuse to make any delivery and may continue to hold the Deposit until receipt
by the Escrow Agent of an authorization in writing, signed by Seller and Buyer, directing the disposition of the Deposit, or, in the absence
of such written authorization, the Escrow Agent may hold the Deposit until a final non appealable 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 Deposit 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 Deposit. Upon making delivery of the Deposit 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 Deposit 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 of Florida 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 Broward County, Florida. 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).

 

(j)
 Waiver of Jury Trial. Each party hereto hereby acknowledges and agrees that any controversy which may arise under this
Agreement 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 hereby.

 

(k)
Real Estate Agreement. The execution and delivery of this Agreement is contingent upon the concurrent and simultaneous execution
and delivery of the Real Property Purchase and Sale Agreement.

 

[Remainder of Page Blank]

 

    22

     

    

 

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

 

	LMP Port Charlotte KOPC, LLC, a Florida limited liability company	 	Port Charlotte AFL K, LLC, a Florida limited liability company
	 	 	 
	By:	/s/ Sam Tawfik	 	By:	/s/ Ali Ahmed
	 	Sam Tawfik, Authorized Signatory	 	 	Name: Ali Ahmed
	
     

    LMP Automotive Holdings, Inc, a Delaware corporation

     

     
	 	 	
    Title: Manager

    Notice Address for Buyer:

    Attn: Ali Ahmed

    5875 NW 163rd Street

    Suite 104

    Miami Lakes, FL 33014

    Email: Ali@dodgemiami.com

	 	 	 	 
	By:	/s/ Sam Tawfik	 	 	 
	 	Sam Tawfik, CEO	 	 	 
	 	 	 	 	 
	
    Notice Address for Seller and LMP:

     

    LMP Port
    Charlotte KOPC, LLC

    500 East Broward Boulevard, Suite 1900

    Fort Lauderdale, FL 33394

    Attn: Sam Tawfik, Chief Executive Officer

     

    With a Copy To:

     

    Greenberg Traurig, PA

    Attn: Bruce C. Rosetto

    777 S. Flagler Rive

    Suite 300 East

    West Palm Beach, FL 33401

    Email: Rosettob@gtlaw.com
	 	
    With a copy to:

     

    Greenspoon Marder LLP

    Attn: David Weisman

    200 East Broward Blvd.

    Suite 1800

    Fort Lauderdale, FL 33301

    Email: David.Weisman@gmlaw.com

    Greenspoon Marder LLP

    Attn: Greg Blodig

    200 East Broward Blvd.

    Suite 1800

    Fort Lauderdale, FL 33301

    Email: Greg.Blodig@gmlaw.com

 

    23

     

    

 

Schedule 1(b)(ii) – Purchase Price
for PreOwned, Service and Rental Vehicles

 

 

 

 

 

 

    24

     

    

 

Schedule 2 – List of Assets

 

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

 

Seller’s FF&E is listed on Schedule
2(b).

 

 

    25

     

    

 

Schedule 2(b) – FF&E

 

 

 

 

 

 

 

    26

     

    

 

Schedule 3(d) – Assigned Contracts

 

 

 

 

 

 

 

    27

     

    

 

Schedule 5(d) – Liens

 

 

 

 

 

 

    28

     

    

 

Schedule 5(m) – Employment Matters

 

 

 

 

 

 

 

    29

     

    

 

Schedule 5(q) – In-House Warranties

 

 

 

 

 

    30

     

    

 

Schedule 5(r) – Option Agreements

 

 

 

 

 

    31

     

    

 

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 July __, 2022;

 

☐ B. Deposit in the amount of
$__________ on July __, 2022.

 

Escrow
Agent:

 

	By:	 	 
	 	 	 
	Name & Title:	 

 

Escrow Agent acknowledges
having reviewed this Dealership Asset Purchase Agreement and will be bound by those provisions.

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