Document:

Exhibit
10.17

 

Execution
Version

 

INTELLECTUAL
PROPERTY SECURITY AGREEMENT

 

THIS
INTELLECTUAL PROPERTY SECURITY AGREEMENT (this “IP Security Agreement”) is dated as of the 8th day
of October 2021, and executed by WOLO INDUSTRIAL HORN & SIGNAL, INC., a New York corporation and WOLO MFG. CORP., a New York corporation
(each a “Grantor” and collectively the “Grantors”), in favor of Leonite Capital LLC as agent for
the Secured Parties under the Security Agreement referenced below (in such capacity, the “Agent”).

 

Capitalized
terms used and not otherwise defined herein shall have the meanings assigned to them in the Note Purchase Agreement (as defined below).

 

WHEREAS,
1847 Holdings LLC, a Delaware limited liability company (“Issuer”), the Grantors and the other guarantors party thereto
(the “Guarantors”), the purchasers party thereto (the “Purchasers”), and the Agent, as agent for
the Purchasers, have entered into a Note Purchase Agreement, dated as of October 8, 2021 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Note Purchase Agreement”); and

 

WHEREAS,
each of the Grantors, the Issuer, and the other Guarantors are party to a Security Agreement dated as of October 8, 2021, in favor of
the Agent, for the benefit of the Secured Parties (as the same may be amended, restated, supplemented or otherwise modified from time
to time, the “Security Agreement”), pursuant to which the Grantors are required to execute and deliver this IP Security
Agreement.

 

Subject
to the terms of the Security Agreement, Grantors have granted, and hereby grant to Agent, for the benefit of the Secured Parties, a continuing
security interest in, lien on and right of set-off against, all of Grantors’ rights, titles and interests in and to (a) the United
States patents and patent applications described on Schedule 1 attached hereto and made a part hereof, (b) the United States
trademarks and trademark applications described on Schedule 2 attached hereto and made a part hereof, and (c) the United
States copyrights and copyright applications described on Schedule 3 attached hereto and made a part hereof, in each case,
to secure the payment and performance of the Obligations (used herein as such term is defined in the Security Agreement). Grantors hereby
authorize the Commissioner for Patents, the Commissioner for Trademarks and Register of Copyrights and any other governmental officials
to record and register this IP Security Agreement upon request by Agent.

 

This
IP Security Agreement shall be construed in accordance with and governed by the laws of the State of New York, except as otherwise required
by mandatory provisions of law and except to the extent that remedies provided by the laws of any jurisdiction other than New York are
governed by the laws of such jurisdiction.

 

The
provisions of this IP Security Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns. In the event of any conflict between the terms of this IP Security Agreement and the terms of the Security Agreement, the
terms of the Security Agreement shall control.

 

[Remainder
of page intentionally blank; signature page follows.]

 

    

     

    

 

IN
WITNESS WHEREOF, this Intellectual Property Security Agreement has been executed by the undersigned as of the day and year first above
written.

 

	 	WOLO
    INDUSTRIAL HORN & SIGNAL, INC.
	 	 	 
	 	By:
    	/s/
    Ellery W. Roberts
	 	 	Name:
    Ellery W. Roberts
	 	 	Title:
      Executive Chairman
	 	 	 
	 	WOLO
    MFG. CORP.
	 	 	 
	 	By:	/s/ Ellery W. Roberts
	 	 	Name:
    Ellery W. Roberts
	 	 	Title:
      Executive Chairman

 

[SIGNATURE
PAGE TO INTELLECTUAL PROPERTY SECURITY AGREEMENT]Exhibit
10.18

 

AMENDMENT NO. 1

TO THE

SECURITIES PURCHASE AGREEMENT

 

This AMENDMENT NO. 1 TO THE
SECURITIES PURCHASE AGREEMENT, dated as of October 8, 2021 (this “Amendment”), is entered into among 1847 Asiens Inc.,
a Delaware corporation (the “Buyer”), and Joerg Christian Wilhelmsen and Susan Kay Wilhelmsen, as Trustees of the Wilhelmsen
Family Trust, U/D/T dated May 1, 1992 (the “Seller”). The Buyer and the Seller are sometimes referred to in this Amendment
individually as a “Party” and, collectively, as the “Parties.”

 

RECITALS

 

A. The Parties have
previously entered into that certain Securities Purchase Agreement, dated as of July 29, 2020 (the “Securities Purchase
Agreement”).

 

B.
In consideration for entering into that certain Subordination Agreement in connection with a proposed financing between the parent
company of the Buyer, and Leonite Capital, LLC, as agent (the “Agent”), as requested by the Agent, the Parties desire
to amend the 6% Amortizing Promissory Note (the “Promissory Note”), dated July 29, 2020, as attached as Exhibit A to
the Securities Purchase Agreement, on the terms and in the manner set forth herein.

 

C.
Pursuant to Section 10 of the Promissory Note, the Promissory Note may be amended by the Parties only by written consent of the
Buyer and the Seller.

 

AGREEMENT

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree to the following:

 

1. Definitions. All
capitalized terms used herein without definition shall have the meanings ascribed to them in the Securities Purchase Agreement or
the Promissory Note, as applicable.

 

2. Amendments.

 

A. Section
1 as set forth in the Promissory Note shall be amended and restated in its entirety to read as follows.

 

“Principal Repayment.
One-half (50%) of the outstanding principal amount of this Note ($518,750) (the “Amortized Principal”) and all accrued
interest thereon shall be amortized on a two-year straight-line basis and payable quarterly in accordance with the amortization schedule
set forth on Exhibit A to this Note (the “Amortization Schedule”), except for the payments that were initially scheduled
on January 1, 2022 and April 1, 2022, which shall be paid upon closing of the proposed financing between the parent company of the Buyer
and Leonite Capital, LLC, as agent (the “Financing”). The second-half (50%) of the outstanding principal amount of
this Note ($518,750) (the “Unamortized Principal”) with all accrued, but unpaid interest thereon shall be paid on the
Second Anniversary of the date of this Note (the “Maturity Date”) along with any other unpaid principal or accrued
interest thereon. All payments of interest and principal shall be in lawful money of the United States of America.”

 

     

     

    

 

B. Exhibit
A to the Promissory Note, as set forth in the Promissory Note, shall be amended and restated in its entirety to read as follows.

 

Exhibit A

 

Amortization Schedule

 

Quarterly payments begin on October 1, 2020 and
shall be made on each January 1, April 1, July 1, and October 1 thereafter, and the balance of unpaid principal and accrued, but unpaid
interest thereon, being fully paid on the Maturity Date; provided, however, the payments scheduled on January 1, 2022 and April 1, 2022
shall be accelerated and paid upon closing of the SILAC Financing, and the quarterly payments schedule will resume on July 1, 2022.

 

	 
Quarterly Payment No.
	 	 
Payment

 Amount
	 	 	 
 
Principal
	 	 	 
 
Interest
	 	 	Remaining

 Amortized

 Principal Balance 

 (50% of Total

 Principal)
	 
	October 1, 2020	 	$	69,296.71	 	 	$	61,515.46	 	 	$	7,781.25	 	 	$	457,234.54	 
	January 1, 2021	 	$	69,296.71	 	 	$	62,438.19	 	 	$	6,858.52	 	 	$	394,796.35	 
	April 1, 2021	 	$	69,296.71	 	 	$	63,374.76	 	 	$	5,921.95	 	 	$	331,421.59	 
	July 1, 2021	 	$	69,296.71	 	 	$	64,325.39	 	 	$	4,971.32	 	 	$	267,096.20	 
	October 1, 2021	 	$	69,296.71	 	 	$	65,290.27	 	 	$	4,006.44	 	 	$	201,805.93	 
	Upon Closing of the Financing	 	$	133,533.29	 	 	$	133,533.29	 	 	 	-	 	 	$	68,272.64	 
	July 1, 2022	 	$	71,391.22	 	 	$	70,336.18	 	 	$	1,055.04	 	 	$	0.00	 
	TOTALS:	 	$	554,373.70	 	 	$	520,813.54	 	 	$	30.594.52	 	 	 	 	 

 

3. Effect of
Amendment. Except as amended as set forth above, the Promissory Note and Securities Purchase Agreement shall continue in full
force and effect.

 

4. Counterparts.
This Amendment may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any
electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method
and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all
purposes.

 

5. Governing Law.
This Amendment will be governed by, and construed in accordance with, the Laws of the State of California, without giving effect to
any choice of Law or conflict of Law provision or rule that would cause the application of the Laws of any jurisdiction other than
the State of California.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, the Parties
hereto have caused this Amendment to be duly executed as of the date first above written.

 

	 	BUYER:
	 	 
	 	1847 Asiens Inc.
	 	 
	 	By: 	/s/ Robert Patterson
	 	Name: 	Robert Patterson
	 	Title: 	CEO
	 	 
	 	SELLER:
	 	 
	 	JOERG CHRISTIAN WILHELMSEN AND SUSAN
	 	KAY WILHELMSEN, AS TRUSTEES OF THE
	 	WILHELMSEN FAMILY TRUST, U/D/T 
	 	DATED MAY 1, 1992
	 	 
	 	By: 	/s/ Joerg Christian Wilhelmsen
	 	Name:  	JOERG CHRISTIAN WILHELMSEN
	 	Title: 	Trustee
	 	 
	 	By: 	/s/ Susan Kay Wilhelmsen
	 	Name: 	Susan Kay WILHELMSEN
	 	Title: 	Trustee

 

 

3Exhibit 10.16(a)

 

FIRST AMENDMENT TO EMPLOYMENT
AGREEMENT

 

THIS FIRST AMENDMENT dated
October 8, 2021 (the “Amendment”) is made to the Employment Agreement dated as of January 16, 2018 (the “Employment
Agreement”) by and between ESPEY MG. & ELECTRONICS CORP., a New York corporation (the “Company”) and PATRICK T.
ENRIGHT, JR. (the “Executive”).

 

WHEREAS, the Company and the
Executive desire to amend the Employment Agreement in order to extend the Employment Term.

 

NOW, THEREFORE, the parties
hereto agree as follows:

 

1.       Defined
Terms. Capitalized terms used in this Amendment without definition shall have the respective meanings assigned to such terms in the
Employment Agreement.

 

2.       Employment
Term. The Employment Term is extended for an additional two years commencing February 1, 2022 and terminating on January 31, 2024.

 

3.       Base
Salary. Executive’s current Base Salary, subject to the terms and conditions of Section 3(a) of the Employment Agreement, is
$275,000.

 

4.       Form
of Release. Exhibit B to the Employment Agreement, the form of Separation Agreement and General Release is amended and restated in
the form attached hereto.

 

5.       No
Other Amendments. In all other respects the Employment Agreement is ratified and confirmed.

 

 

[signatures contained on the
next page]

 

 

 

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IN WITNESS WHEREOF, the Company and the Executive
have caused this Amendment to be duly executed effective as of the day and year first above written.

 

 

	 	ESPEY MFG. & ELECTRONICS CORP.
	 	 
	 	 
	 	By:	 
	 	Name: /s/ David O’Neil
	 	Title: Executive Vice President
	 	 
	 	 
	 	 
	 	/s/ Patrick T. Enright, Jr.

 

 

 

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EXHIBIT B

 

SEPARATION AGREEMENT AND GENERAL RELEASE

 

This “Separation Agreement
and General Release” (hereinafter “Release”), signed by PATRICK T. ENRIGHT, JR. (hereinafter “you” or “your”)
and in favor of Espey Mfg. & Electronics Corp. (hereinafter “the Company”) is for the purpose of amicably and fully resolving
any and all claims, disputes and issues arising out of your employment at the Company and the termination of that employment.

 

As your employment with the
Company terminated on ____________ (“your Termination Date”), and

 

As you have agreed to provide this Release to
the Company in return for the consideration set forth herein;

 

Therefore, in consideration of the mutual covenants
and promises hereinafter provided and of the actions to be taken pursuant thereto, you agree as follows:

 

1.   (a)You hereby accept the sums set forth in Section 1(b) below. Except as provided in said Section 1(b) and in Section 5 below,
you will not be entitled to any other compensation or benefits from the Company.

 

(b)   (i)The Company will make severance payments to you in the gross aggregate amount of $____________, (representing nine months
of your base salary) less all withholdings and deductions required by law, to be paid according to your regular payroll cycle until fully
paid.

 

(ii)  The Company will commence making severance payments to you beginning on the first regular payroll after the thirtieth day following
your Termination Date.

 

(iii)  To the extent any taxes may be due on the payments provided in this Agreement, beyond any withheld by the Company, you shall pay
them yourself and shall indemnify and hold the Company harmless from any tax claims or penalties resulting from such payments. You further
agree to provide the Company any and all information pertaining to you upon request as reasonably necessary for the Company and other
entities released herein to comply with applicable tax laws. You hereby acknowledge that the Company has not made any representations
regarding the tax consequences of the payments provided in this Release and that the Company has not provided you with any tax advice
regarding the payments provided in this Release, including without limitation advice on the treatment of the payments under Section 409A
of the Internal Revenue Code.

 

(c)   You shall be entitled to any continuation of your medical benefits until the end of the nine -month period during which severance
pay is payable pursuant to Section 1(b) above, at the same premium rate that active employees of the Company pay for such medical benefits,
with the Company paying the difference between your premium rate and the cost of such medical benefits, as permitted under Section 6(c)
of the Employment Agreement dated ____________, 2018. Nothing in this Release shall affect your entitlement to continuation of your medical
benefits under Section 4980B of the Internal Revenue Code of 1986, as amended, or similar state law.

 

    5

     

    

 

OR (d) If you elect to continue
your medical benefits under COBRA, the Company will pay your portion of the COBRA premium for the period during which severance pay is
payable pursuant to Section 1(b) above.

 

[If Applicable]    [The
Company will make a payment to you in the gross amount of $____________ in accordance with Section 6(c) Termination without Cause of the
Employment Agreement dated ____________, 2018.

 

2.  In exchange for the sums and benefits set forth above, you agree to release the Company, its subsidiaries, its affiliated and related
entities and their current and former shareholders, officers, directors, agents, employees, successors and assigns (hereinafter collectively
the “Released Parties”) from all claims, demands, actions, and liabilities, whether known or unknown (except as expressly
set forth in Section 4 below), you may have against them or any one of them in any way related to your employment at the Company and/or
the termination of that employment. By way of example, the types of claims that are covered under this Release include, but are not limited
to:

 

(a)   all “wrongful discharge” claims, “constructive discharge” claims, claims relating to any contracts of employment,
expressed or implied, any covenants of good faith and fair dealing, expressed or implied, any personal wrongs or injuries and any claim
for attorneys fees;

 

(b)   any claims that could be brought pursuant to Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000-1 et seq., the
Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., the Americans with Disabilities Act, 42 U.S.C. § 12101
et seq., the Employee Retirement Income Security Act, 29 U.S.C. § 1131 et seq., the Family and Medical Leave Act, 29
U.S.C. § 2601 et seq. the Lilly Ledbetter Fair Pay Act of 2009, Pub. L. No. 111L-2; the New York Human Rights Law, McKinney’s
Executive Law §290, et seq., (all as may have been amended);

 

(c)   any claims that could be brought under any other federal, state, county or municipal statute or ordinance dealing with (i) discrimination
in employment on the basis of sex, race, national origin, religion, disability, age, marital status, affectional or sexual orientation
or other reason; (ii) employee whistleblower protection; and (iii) employee family leave rights; and

 

(d)   all other claims including those of which you are not aware and those not specifically mentioned in this Release.

 

3.   (a)You agree that you will never sue or otherwise institute a claim of any kind against the Released Parties or any one of
them for anything that has happened up to now, whether such claim is presently known or unknown by you, in any way related to your
employment at the Company and/or the termination of that employment.

 

(b)   If you breach the terms of this Release by suing the Company or the Company’s personnel, you agree that you will pay all
costs and expenses incurred by the Company and the Company’s personnel in defending against the suit, including reasonable attorneys’
fees.

 

(c)   Additionally, if you breach the terms of this Release, you agree that the Company shall have the right to obtain, by way of counterclaim
or other lawful means, repayment of the full amount paid to you as consideration for this Release.

 

    6

     

    

 

4.  Notwithstanding anything in this Release to the contrary, (a) this Release does not include any claims you may have with respect
to any medical, prescription, dental, flexible spending account, life insurance, retirement and savings or other benefits provided by
plans maintained by the Company to which you may be entitled, any rights that you may have under this Release, Company’s Employee
Stock Ownership Plan or outstanding stock options granted to you by the Company, any rights to indemnification you may have under the
Company’s Certificate of Incorporation or By-Laws, or to any payments due you under this Release, and (b) nothing in this Release
is intended to prohibit or restrict you from: making any disclosure of information required by law or (i) filing a charge with, (ii) providing
information to, or (iii) testifying or otherwise assisting or participating in any investigation or proceeding brought by, any regulatory
or law enforcement agency or legislative body, including, but not limited to, the Equal Employment Opportunity Commission and the National
Labor Relations Board; nevertheless, you acknowledge and agree that by virtue of this Release you have waived any relief available to
you (including without limitation, monetary damages, equitable relief and reinstatement) under any of the claims and/or causes of action
waived in this Release, and you therefore agree you will not accept any award or settlement from any source or proceeding (including but
not limited to any proceeding brought by any other person or by any government agency) with respect to any claim or right waived in this
Release.

 

5.  You agree that you have executed this Release on your own behalf and also on behalf of any heirs, agents, representatives, successors
and assigns that you may have now or in the future.

 

6.  You acknowledge and agree that the benefits provided herein exceed any amount to which you would otherwise be presently entitled
under the Company’s policies, procedures and benefit programs and/or under any applicable law without providing this Release, and
constitute valuable consideration for this Release.

 

7.  You acknowledge that, by requesting this Release, the Company does not admit, expressly or implicitly, that it has engaged in any
wrongdoing whatsoever.

 

8.  (a)You hereby acknowledge and agree that Section 7 of your Employment Agreement dated ____________, 2018, which contains various
covenants as to Confidential Information, non-competition and non-solicitation shall remain in full force and effect according to its
terms.

 

(b) You further acknowledge and represent that you have returned to the Company all Confidential Information (including copies), all
other documents, and all tangible property of the Company, including, but not limited to, keys, credit cards, cell phones, computers and
other electronic equipment.

 

    7

     

    

 

9.    You and the Company agree that neither you nor the Company will make any statements, orally or in writing (including electronic
communications), that disparage the business reputation or good will of the Released Parties or any one of them or of you.

 

10.  You agree to keep both the existence and the terms of this Release completely confidential, except that you may discuss this Release
with your attorney, accountant or other tax professional, and your spouse, and (b) to the extent necessary to enforce your rights hereunder.

 

11.  You acknowledge that you have been advised of the following:

 

(a)   you have the right to and should consult with an attorney prior to signing this Release;

 

(b)   you have 21 days to decide whether to sign this Release and deliver it to, ________________ at the Company’s offices,
233 Ballston Avenue, Saratoga Springs, New York 12866.

 

(c)   if you sign this Release, you have up to 7 days to revoke it and the Release will not become effective until this 7-day
period has expired;

 

12.   This Release is not effective or enforceable for 7 days after you sign it and you may revoke it during that time. To revoke, a
written notice of revocation must be delivered to, ________________ at the Company’s offices at the above address, within 7 days
after you sign this Release. The revocation must be:

 

(a)   sent by certified mail within the 7-day period; and

 

(b)   properly addressed to ________________________ at the above address.

 

If ____________ does not receive a written verification
in accordance with the foregoing terms, you will not be able to rescind this Release.

 

13.             
You agree that this Release contains the entire agreement of the parties and that this Release cannot be amended, modified, or
supplemented in any respect except by the written agreement of both parties.

 

14.             
You agree that if any term or provision of this Release or the application thereof to any alleged claim or party or circumstances,
shall to any extent be determined to be invalid, void, or unenforceable, the remaining provisions and any application thereof shall nevertheless
continue in full force and effect without being impaired or invalidated in any way. The parties further agree to replace any such void
or unenforceable provision of this Release with a valid and enforceable provision that will achieve, to the extent possible, the economic,
business or other purposes of the void or unenforceable provision.

 

15.             
You agree that this Release shall be governed by the laws of the State of New York without giving effect to any conflicts of law
principles.

 

16.             
This Agreement will not become effective until the expiration of the 7-day revocation period set forth in paragraph 12 above.

 

    8

     

    

 

17.             
You hereby acknowledge that you have read this Release in its entirety, understand fully the meaning and significance of all
its terms, and hereby voluntarily and knowingly agree to accept all of its terms. You further acknowledge that you have not relied on
any representations, promises, or agreements of any kind made to you in connection with your decision to sign this Release except for
the agreements set forth in the Release.

 

 

	 	 	 
	 	Date: 	 

 

 

 

 

 

    9

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