Document:

Exhibit 10.4

 

ASSET PURCHASE AGREEMENT

 

THIS ASSET PURCHASE
AGREEMENT (the “Agreement”) is made and entered into as of the date of the last signature to this Agreement
(the “Effective Date”), by and among LMP AUTOMOTIVE HOLDINGS, INC., a Delaware corporation with a mailing
address of c/o Sam Tawfik, 601 North State Road 7, Plantation, Florida 33317 and an email address of sam@lmpmotors.com, and or
its assigns (“Purchaser”); BACHMAN-BERNARD CHEVROLET-BUICK-GMC-CADILLAC, INC., a Tennessee corporation
with a mailing address of 3365 East Andrew Johnson Highway, Greeneville, Tennessee 37745-0967 and an email address of stouffer@bachmancars.com
(the “Seller”); and PHILIP M. BACHMAN, JR., an individual resident of Tennessee with a mailing address
of 1330 East Allen’s Bridge Road, Meadow Hall, Greeneville, Tennessee 37743 and an email address of meadowhl@aol.com (“Bachman”),
and MYRON BERNARD, an individual resident of Tennessee with a mailing address of 215 Brobeck Road, Limestone, Tennessee
37681 and an email address of myron@bachmanbernard.com (“Bernard” and, together with Bachman, the “Shareholder”).
The Purchaser, Seller, and Shareholder may each be referred to herein as a “Party” or collectively as the “Parties.”

 

W I T N E S S
E T H

 

WHEREAS, the Seller
owns and operates a franchised motor vehicle dealership located at 3365 East Andrew Johnson Highway, Greenville, Tennessee 37745
(the “Dealership Premises”), which sells and services (i) new and used Chevrolet, Cadillac, Buick, and GMC motor
vehicles manufactured by General Motors LLC (the “Manufacturer”), (ii) new parts and accessories, and (iii)
other used motor vehicles (collectively, the “Business”); and

 

WHEREAS, the Shareholder
owns all of the outstanding and issued shares of stock in the Seller, and each such Shareholder, as longstanding leading participants
in the greater Greenville, Tennessee automobile sales market, have also separately developed certain Personal Goodwill as described
herein; and

 

WHEREAS, the Seller
desires to sell the Purchased Assets, and the Shareholder desires to sell their Personal Goodwill, subject to, and in accordance
with, the terms and conditions of this Agreement; and

 

WHEREAS, the Purchaser
desires to purchase the Purchased Assets from the Seller and the Personal Goodwill from the Shareholder, and to secure a dealer
sales and service agreement from the Manufacturer appointing the Purchaser as an authorized dealer in the Manufacturer’s
products and services at the Dealership Premises; and

 

WHEREAS, the Shareholder
owns the Dealership Premises and facilities thereon. In connection with the Purchaser’s acquisition of the Purchased Assets,
the Purchaser’s Affiliate has entered into an agreement with the Shareholder to purchase the Dealership Premises (the “REPA”),
which, subject to certain terms and conditions specified in the REPA, is contemplated to close simultaneously with this Transaction.

 

NOW, THEREFORE, in
consideration of the Parties’ execution of this Agreement, and the premises, mutual covenants and promises hereinafter set
forth, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

		1.	DEFINITIONS

 

1.1 Certain Definitions. For purposes of
this Agreement, the following terms shall have the meanings set forth below:

 

(a) 
“Affiliate” of a Person shall mean a Person that, directly or indirectly, controls, is controlled by or is under
common control with the first Person.

 

     

     

    

 

(b) “Applicable
Law” shall mean all applicable provisions of any federal, state, local, municipal, statute, law, common law, permit,
ordinance, code, rule, regulation, decision, order, decree, treaty or judgment enacted, promulgated or issued by any Governmental
Authority.

 

(c) “Basis”
shall mean any past or present fact, situation, circumstance, status, condition, activity, practice, plan, occurrence, event, incident,
action, failure to act or transaction that forms or could form the basis for any specified consequence.

 

(d) “Business
Day” shall mean any day excluding Saturday, Sunday, and any day on which commercial banks are by law closed in the State
of Tennessee.

 

(e) “Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

(f) “Consent”
shall mean all consents, approvals, authorizations, stipulations, ratifications, waivers, exemption or order of, registration,
certificate, declaration or filing with, or report or notice to, any Person, including any Governmental Authority.

 

(g) “Contract”
or “Contracts” shall mean all agreements, contracts, commitments, orders, licenses, leases and other instruments,
arrangements and understandings (whether written or oral) to which a Person is a party, or by which any of its assets or properties
are bound.

 

(h) “Control”
(including the terms “controlled by” and “under common control with”) means the possession
of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting
securities, by contract or otherwise.

 

(i) “Current
Financials” shall mean the internally prepared, un-audited financial statements of the Seller in the form required by
the Manufacturer, for the fiscal years ending 2017, 2018, 2019, and year-to-date 2020.

 

(j) “Cut-Off
Date” shall mean the date that is 120 days after the Effective Date, with an automatic 30-day extension
in the event the conditions in Section 4.2(d) have not been satisfied by the end of the 120-day period.

 

(k) “DMS”
shall mean a dealership management system.

 

(l) “EEOC”
shall mean the U.S. Equal Employment Opportunity Commission.

 

(m) “Employee
Benefit Plan” shall mean any (i) employee benefit plan within the meaning of Section 3(3) of ERISA, (ii) profit sharing,
bonus, compensation, stock purchase, stock option, employment, termination, severance, retention or other similar plan, agreement
or arrangement, and (iii) hospitalization, medical, life, or supplemental unemployment benefits plan, program, agreement or arrangement,
which are or have been sponsored, maintained or contributed to or required to be contributed to by the Seller, any of its subsidiaries
or any ERISA Affiliate for the benefit of any former or current consultant, employee, officer or director of the Seller, any of
its subsidiaries or any ERISA Affiliate, whether formal or informal and whether legally binding or not.

 

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(n) “Encumbrance”
shall mean any charge, claim, community property interest, equitable interest, lien, option, pledge, security interest, right of
first option, right of first refusal or similar restriction, including any restriction on use, voting (in the case of any security
or equity interest), transfer, or exercise of any other attribute of ownership that is imposed by agreement, understanding, Applicable
Law or otherwise, whether of record or otherwise.

 

(o) “Environmental,
Health and Safety Liabilities” shall mean any Losses, natural resource damages, Encumbrances, orders, and consulting
fees, (i) which are incurred as a result of (A) the existence or alleged existence of Hazardous Substances in, on, under, at or
emanating from the Dealership Premises, (B) the actual or alleged offsite transportation, treatment, storage or disposal of Hazardous
Substances generated by the Seller or at the Dealership Premises or (C) the violation or alleged violation of any Environmental
Laws or (ii) which arise under the Environmental Laws.

 

(p) “Environmental
Laws” shall mean all Applicable Laws pertaining to the injury to, or the pollution or protection of human health and
safety and the environment, including the regulation, control, clean-up, generation, use, collection, treatment, storage, transportation,
recovery, removal, discharge or disposal of Hazardous Substances.

 

(q) “ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.

 

(r) “ERISA
Affiliate” shall mean any trade or business, whether or not incorporated, that together with the Seller or any of its
subsidiaries would be deemed a “single employer” within the meaning of Section 4001(b)(1) of ERISA.

 

(s) “Escrow
Agent” shall mean First American Title Insurance Company.

 

(t) “GAAP”
shall mean the Generally Accepted Accounting Principles.

 

(u) “Governmental
Authority” means any nation or government, any state or other political subdivision thereof, any entity exercising legislative,
executive, judicial, quasi-judicial, regulatory or administrative functions of or pertaining to government, or any tribunal or
arbitrators of competent jurisdiction.

 

(v) “Hazardous
Substances” shall mean any chemical, material, substance, constituent, contaminant, waste or pollutant regulated under
any Environmental Law, including:

 

(i) any
toxic or hazardous wastes, materials, pollutants or substances, including petroleum products and by-products, flammable explosives,
radioactive materials, asbestos, polychlorinated byphenyls, pesticides, herbicides, pesticide or herbicide containers, untreated
sewage, industrial process sludge;

 

(ii)
any substances defined as “hazardous substances” or “toxic substances” or similarly identified under CERCLA
(42 U.S.C. § 9601 et seq., as amended);

 

(iii) “hazardous
materials” as identified under the Hazardous Materials Transportation Act, 49 U.S.C. § 1801 et seq., as amended;

 

(iv) any
chemical substance or mixture regulated under the Toxic Substance Control Act of 1976, 15 U.S.C. § 2601 et seq., as amended;

 

(v) any
“toxic pollutant” under the Clean Water Act, 33 U.S.C. § 466 et seq., as amended, any hazardous air pollutant
under the Clean Air Act, 42 U.S.C. § 7401 et seq., as amended; or

 

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(vi) any
toxic or hazardous wastes, materials, pollutants or substances regulated under any other Environmental Law including any so-called
“Super Fund” or “Super Lien” legislation, now existing, pertaining to hazardous materials, pollutants or
wastes.

 

(w) “IRCA”
shall mean the Immigration Reform and Control Act of 1986, as amended, and all regulations promulgated thereunder.

 

(x) “IRS”
shall mean the United States Internal Revenue Service.

 

(y) “Knowledge”
an individual will be deemed to have “Knowledge” of a particular fact or other matter if such individual knows or,
after reasonable investigation, should have known of the particular matter referred to; with respect to the Seller, shall mean
such actual knowledge of either Shareholder, Suzanne Stouffer, and Seller’s General Manager.

 

(z) “Liability”
or “Liabilities” shall mean with respect to any Person, any liability or obligation of such Person of any kind,
character or description, whether known or unknown, absolute or contingent, accrued or unaccrued, disputed or undisputed, liquidated
or unliquidated, secured or unsecured, joint or several, due or to become due.

 

(aa) “Licenses”
shall mean all licenses, grants, franchises, permits, approvals, Consents and other authorizations issued to or maintained by the
Seller in connection with its ownership, possession, use, occupancy or operation of any of the Purchased Assets, or its operation
of the Business.

 

(bb) “Losses”
shall mean any and all damages (including punitive damages and consequential damages awarded by a court of competent jurisdiction
to the extent not waived hereunder), losses, charges, liabilities, claims, demands, Proceedings, payments, judgments, settlements,
assessments, obligations, deficiencies, Taxes, interest, penalties, costs, and expenses (including reasonable attorneys’
fees actually incurred).

 

(cc) “Manufacturer
Parts Inventory” shall mean all of the Seller’s inventories of new, current, returnable, and non-obsolete Manufacturer
parts and accessories in their original, unbroken packages, which are located on or in transit to the Seller as of the Closing
Date, and which are listed in a Manufacturer’s current parts and accessories price book/catalogues, with supplements in effect
on the inventory date described in Section 3.2. Notwithstanding the foregoing, Manufacturer Parts shall not include
any “Obsolete” parts, defined as parts (i) not being listed in the current Manufacturer’s 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, or (ii) that have been in the Seller’s inventory longer
than 12 months prior to Closing Date.

 

(dd) “Material
Adverse Change” shall mean any change in, or effect on, the Seller (including the business thereof) which is, or could
reasonably be expected to be, materially adverse to the business, operations, assets, condition (financial or otherwise) or prospects
of the Seller, but which shall not encompass: (i) any developments in the current pandemic conditions in the United States; (ii)
general economic conditions; or (iii) changes in dealer operations required by General Motors, unless any of the conditions or
acts described in subparts (i) through (iii) have a disproportionate effect on the Seller or the Business.

 

(ee) “Miscellaneous
Inventory” shall mean all miscellaneous inventory of the Seller located at the Dealership Premises on the Closing Date
and consisting of non-Manufacturer Parts, shop supplies, batteries, tires, and paint, gas, oil and grease, etc., each of which
is less than 1 year old, and all of which (in the case of fluids and paint) shall be in unopened containers and usable.

 

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(ff) “Non-Competition Period”
is the Term (as defined in the Non-Competition Agreement).

 

(gg) Other Agreements”
shall mean collectively, the Bill of Sale and Assignment, the Non-Competition and Non-Solicitation Agreement, and any other agreements,
instruments, certificates and documents executed by the Parties in connection herewith or therewith.

 

(hh)
“Parts” shall mean collectively, the Manufacturer Parts and the Non-Manufacturer Parts.

 

(ii) “Permitted
Encumbrances” shall mean Encumbrances securing indebtedness or other monetary obligations that constitute an Assumed
Liability.

 

(jj) “Person”
shall mean any natural person, firm, partnership, association, corporation, company, limited liability company, trust, business
trust, Governmental Authority or other entity (foreign or domestic).

 

(kk) “Personal
Goodwill” shall mean with respect to an individual constituting the Shareholder, such individual’s personal ability,
experience, personality, reputation, skill, contacts, integrity and accumulated information relating thereto in the Seller’s
service area in the Business.

 

(ll) “PPP Loan” shall
mean a loan issued under the Paycheck Protection Program, a lending program authorized by the CARES Act and administered by the
SBA.

 

(mm) “Proceeding”
shall mean any action, claim, demand, suit, proceeding, arbitration, grievance, citation, summons, subpoena, inquiry or investigation,
civil, criminal, regulatory or otherwise, in law or in equity.

 

(nn) “Returns”
shall mean any return, report, declaration, form, claim for refund or information return or statement relating to Taxes, including
any schedule or attachment thereto and any amendment thereof.

 

(oo)
“SBA” shall mean the Small Business Administration.

 

(pp) “Service
Loaners” shall mean Chevrolet, Cadillac, Buick, or GMC motor vehicles owned by the Seller, located on the Dealership
Premises on the Closing Date, and provided by the Seller to customers while the Seller is servicing their vehicles. Service Loaners
shall include motor vehicles that are current in status as well as vehicles that have been retired from such status.

 

(qq) “Tax”
or “Taxes” shall mean any federal, state, local, foreign or other income, alternative, minimum, accumulated
earnings, personal holding company, franchise, capital stock, net worth, capital, profits, windfall profits, gross receipts, value
added, sales (including bulk sales), use, goods and services, excise, customs duties, transfer, conveyance, mortgage, registration,
stamp, documentary, recording, premium, severance, environmental (including taxes under section 59A of the Code), real property,
personal property, ad valorem, intangibles, rent, occupancy, license, occupational, employment, unemployment insurance, social
security, disability, workers’ compensation, payroll, health care, withholding, estimated or other similar tax, duty or other
governmental charge or assessment or deficiencies thereof, including all interest and penalties thereon and additions thereto whether
disputed or not.

 

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(rr) “TDOR”
shall mean the Tennessee Department of Revenue.

 

(ss) “Third-Party
Claim” means a third-party claim asserted against an Indemnified Party by a Person other than (a) an Affiliate of such
Indemnified Party or (b) any director, stockholder, officer, member, partner, equity holder or employee of any such Indemnified
Party or its Affiliates.

 

(tt) “Transaction”
shall mean the sale by the Seller and the purchase by the Purchaser of the Purchased Assets, the assumption by the Purchaser of
the Assumed Liabilities, and the sale by the Shareholder and the purchase by the Purchaser of the Personal Goodwill, in accordance
with the terms of this Agreement.

 

(uu) “Treasury Regulations”
shall mean the Federal income tax regulations promulgated under the Code, as such Treasury Regulations may be amended from time
to time.

 

(vv)
“URL” shall mean a uniform resource locator.

 

(ww) “Used
Vehicles” shall mean all vehicles that are located on the Dealership Premises on the Closing Date and owned and held
by the Seller for resale, but excluding New Vehicles, Demos, Qualified Service Loaners, or company vehicles.

 

(xx) “WARN
Act” shall mean the Worker Adjustment and Retraining Notification Act or any similar state or local Applicable Law.

 

(yy) “We-Owes” shall
mean a promise by the Seller to a customer for the delivery of goods or services in the future.

 

1.2 Other Defined Terms. Certain
other terms are defined in this Agreement and are used with the meanings so ascribed to them.

 

		2.	THE TRANSACTION

 

2.1 Purchased Assets. Upon the terms and subject to the conditions of this Agreement, on the Closing Date, the Seller shall sell to the Purchaser and
the Purchaser shall purchase from the Seller, all of the Seller’s right, title, and interest in and to the following assets
(collectively, the “Purchased Assets”), free and clear of all Encumbrances (except Permitted Encumbrances):

 

(a) all
of the Seller’s furniture, fixtures, signs, product marketing displays, office equipment and computers, company vehicles,
machinery and shop equipment, parts equipment, special tools, lifts, hybrid charging stations and related equipment, removable
compressors, shop tools, company vehicles, and other items of tangible personal property owned and used by the Seller in the operation
of the Business, including those items listed on the Seller’s depreciation schedules and on Schedule 2.1(a) (the “Fixed
Assets”), attached hereto;

 

(b) each
new and not previously titled (even if later reversed) or reported sold (even if later reversed), 2020 and newer model year Manufacturer
motor vehicles, which (i) has less than 500 miles recorded on its odometer as of the Closing Date, (ii) has been in inventory
fewer than 365 days as of the Closing Date, (iii) is located at or in transit to the Dealership Premises as of the Closing
Date, and (iv) has less than $1,000.00 worth of damage (even if previously repaired) (collectively, the “New Vehicles”);

 

(c) each
vehicle that would be a New Vehicle but for having 500 miles or more recorded on its odometer as of the Closing Date (collectively,
the “Demos”). Notwithstanding the foregoing, a Demo shall not include any vehicle with more than 5,000 miles
recorded on its odometer as of the Closing Date;

 

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(d) each
new and not previously titled (even if later reversed) or reported sold (even if later reversed), 2020 and newer model year Service
Loaners, which (i) has less than 5,000 miles recorded on its odometer as of the Closing Date, (ii) has been in inventory
fewer than 365 days as of the Closing Date, and (iii) has less than $1,000.00 worth of damage (even if previously
repaired) (collectively, the “Qualified Service Loaners”);

 

(e) such
of the Seller’s inventory of Used Vehicles for which the Parties are able to agree to a purchase price. Any Used Vehicle(s)
for which the Parties cannot reach an agreement on a purchase price shall be considered an Excluded Asset;

 

(f) the
Seller’s assignable rights and privileges under (i) the Contracts identified on Schedule 2.1(f) attached hereto, which
the Purchaser shall elect whether to assume by the end of its Due Diligence Period (collectively, the “Assumed Contracts”);
and (ii) other Assumed Liabilities;

 

(g) all
of the Seller’s Manufacturer Parts Inventory;

 

(h) all
of the Seller’s Miscellaneous Inventories;

 

(i) all
of the Seller’s sublet repairs and work in process repairs for which (i) the Seller possesses an initial repair order signed
by the customer authorizing such repair, (ii) the repair order has been open for fewer than 10 Business Days prior to the
Closing Date, (iii) in the case of work in process repairs, the subject vehicle is present at the Dealership Premises on the Closing
Date, and (iv) in the case of sublet repairs, the subject vehicle is present at the sublet repair facility on the Closing Date
(collectively, the “WIP”). The Purchaser may review all WIP prior to the Closing Date;

 

(j) the
Seller’s return privileges, if any, concerning the Manufacturer Parts;

 

(k) the
Seller’s assignable rights to its email addresses, PO Boxes, telephone and facsimile numbers (local and toll-free), as listed
on Schedule 2.1(k);

 

(l) to
the extent transferable, all Licenses;

 

(m) all
rights of the Seller relating to deposits and prepaid expenses, claims for refunds and rights to offset in respect thereof, each
of which relates to an Assumed Liability and are not otherwise an Excluded Asset;

 

(n) all
offices supplies, janitorial supplies, and similar items owned by the Seller and located at the Dealership Premises as of the Closing
Date;

 

(o) any
rights relating to or arising out of or under any express or implied warranties from suppliers with respect to the Purchased Assets;

 

(p) all
assignable rights of the Seller arising under any non-compete or restrictive covenant agreements between the Seller and any former
member(s), or between the Seller and its employees, current or former;

 

(q) any
insurance proceeds for claims or damages to the Purchased Assets, unless such proceeds have been used prior to the Closing Date
for repair or restoration; and

 

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(r) all
of the Seller’s perpetual inventory records, sales records, customer lists, customer service records and all other customer
data, deal jackets, supply and manufacturer lists, technical data, and sales and marketing literature, advertising materials, promotional
materials, including merchandising literature from the Manufacturer, whether in hard or digital copies (the “Records”),
and all of the Seller’s intangible property rights and goodwill associated with the Business, including all assignable franchise
rights under the Manufacturer’s dealer sales and service agreements, all tradenames and URLs (including those listed in Schedule
5.2(q)) owned or controlled by the Seller and utilized by the Business, and any and all of the Seller’s rights to content
and access (including usernames and passwords, or other access means) related to GooglePlusLocal, GooglePlusBusiness,
yelp, LinkedIn®, Facebook®, MySpace®, foursquare, Twitter®, Dealer Rater, Edmunds,
and Cars.com, and other intellectual property owned by Seller and used or useable in the Business, and all other intangible
assets, rights and properties of the Seller whatsoever (along with the Records, collectively, the “Company Goodwill”),
except as described in Section 2.2.

 

Notwithstanding the
foregoing, the transfer of the Purchased Assets under this Agreement shall not include the assumption of any Liability in respect
thereof unless the Purchaser expressly assumes such Liability under Section 2.4(a).

 

2.2 Personal Goodwill.
The Purchaser agrees to purchase, and Bachman and Bernard agree to sell, assign, and transfer to the Purchaser, all of their interest
in and to their Personal Goodwill as of the Closing. From and after the Closing, and from time to time thereafter throughout the
Noncompetition Period, without further compensation, Bachman and Bernard will take all actions that the Purchaser deems reasonably
necessary to ensure the orderly transition of the Personal Goodwill. Such actions may include, without limitation, the following:
Bachman and Bernard introducing the Purchaser and/or its designees to Bachman and Bernard’s vendors, institutional customers,
recurring customers and referral sources, and any others selected by the Purchaser, and using reasonable efforts to transfer to
the Purchaser Bachman and Bernard’s goodwill and relationships with customers, contractors, vendors and referral sources
to the individuals designated by the Purchaser. Such introductions and transitions shall be in the form of email, calls, written
correspondence and/or face to face communication, at the option of the Purchaser. Bachman and Bernard shall use their reasonable
efforts to persuade existing or prospective customers to be and remain customers of the Purchaser or its designee from and after
the Closing Date. The compensation for the foregoing is described in Section 3.1(a)(ii) below.

 

2.3 Excluded Assets.
Notwithstanding any contrary provision contained herein, the Seller shall retain, and shall not sell to the Purchaser, the assets
not included in the Purchased Assets, including the following specific items (collectively, the “Excluded Assets”):

 

(a) cash
and cash equivalents on hand and in banks, certificates of deposit, commercial paper, stocks, bonds and other liquid investments;

 

(b) accounts
receivable of the Seller (including any “contracts in transit,” rebates receivable, holdbacks, discounts receivable,
credit life commissions receivable, A & H commissions and finance Seller receivables, both current and deferred);

 

(c) any
prepaid expense, insurance, interest, utilities, or rent and any deposits related thereto, which accrue to the benefit of the Seller
as of the day prior to the Closing Date;

 

(d) any
deposits, credits, reimbursements, or claims relating to Contracts which are not Assumed Contracts;

 

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(e) the
minute book, corporate, accounting, and Tax records, and corporate seal of the Seller;

 

(f) any
correspondence or records of the Seller that constitutes attorney-client privileged communications;

 

(g) the
consideration for the Purchased Assets to be delivered by the Purchaser to the Seller under this Agreement;

 

(h) the
Seller’s right to enforce this Agreement;

 

(i) vehicle
parts and accessories that do not constitute Manufacturer Parts Inventory or Miscellaneous Inventories;

 

(j) vehicles
not purchased by the Purchaser hereunder;

 

(k) the
Seller’s contracts or policies of insurance and any refunds of taxes or tax loss carry forwards of the Seller;

 

(l) any
assets leased by the Seller that would otherwise constitute Fixed Assets if not so leased, unless the Purchaser assumes such lease
obligations;

 

(m) all
rights under any Licenses and Contracts, except for Assumed Contracts and assigned Licenses;

 

(n) real
estate owned by the Seller, which is the subject of the REPA;

 

(o) those
items of personal property owned by the Shareholder or an Affiliate of the Shareholder and located at the Dealership Premises,
which are listed on Schedule 2.3(o); and

 

(p) all
Employee Benefit Plans.

 

2.4 Assumption
of Liabilities.

 

(a) At
the Closing, the Purchaser shall assume (and shall agree to discharge, pay and perform in accordance with their terms) only the
following Liabilities of the Seller (each an “Assumed Liability,” and collectively, the “Assumed Liabilities”),
and no other liabilities or obligations of the Seller whatsoever:

 

(i) all
of the Seller’s Liabilities under the Assumed Contracts arising on or after the Closing Date (other than any Liabilities
arising out of any breach or default that occurred prior to the Closing Date);

 

(ii) all
of the Seller’s Liabilities to customers under the conditions of the Seller’s vehicle order forms or special parts
order forms arising with respect to any customer deposits received in the ordinary course consistent with past practices, to the
extent that (A) the terms and conditions thereof are reasonably acceptable to the Purchaser and consistent with the Seller’s
past practices and current market as would be acknowledged during the Due Diligence Period, (B) the associated deposit is not escheatable
or otherwise subject to forfeiture to the State of Tennessee as unclaimed property, and (C) the associated vehicles are currently
scheduled for production, which such Liabilities shall be reflected at the Closing on a schedule, and, along with any such Seller’s
vehicle order or special parts order forms, shall be delivered during the Due Diligence Period and then updated at the Closing
(the “Customer Deposits”); provided, however, that the Purchaser shall not assume any of the Seller’s
Liabilities arising out of any breach of or default under such vehicle order that occurred prior to the Closing Date;

 

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(iii)
all of the Seller’s obligations to complete WIP; and

 

(iv)
all of the Seller’s We-Owes, the value of which shall be subtracted from the Purchase Price.

 

(b) Except as
otherwise provided in this Section 2.3, the Purchaser shall not assume, or in any way be responsible or liable for,
any Retained Liabilities. “Retained Liabilities” shall mean each and every Liability of the Seller, other
than the Assumed Liabilities, including (i) any Liabilities of the Seller arising out of the operation of the Business prior
to the Closing Date, (ii) conditions existing or alleged to have existed or any acts or omissions occurring or alleged to
have occurred at the Dealership Premises prior to the Closing Date, including any Liabilities described in this Agreement or
the Schedules, (iii) any Liabilities attributable to violations of any Applicable Law, (iv) any pending or threatened
Proceeding against the Seller, and (v) chargebacks from the cancellation/termination of finance or insurance products on
vehicles sold by the Seller prior to the Closing Date.

 

(c) Except
for the Assumed Liabilities, following the Closing, the Seller shall pay all amounts due to creditors of the Seller for goods or
services provided to the Seller with respect to the Business as such amounts come due, it being understood that Seller shall use
its best efforts to discharge such obligations in a timely manner so as not to result in any unreasonable interruption of business
or delivery of services or products to the Purchaser.

 

(d) Without
limitation of the foregoing, it is specifically understood and agreed between the Parties that the Purchaser shall not be responsible
for any express or implied warranties given by the Seller to customers prior to the Closing Date. Further, should any customer
make a claim upon any warranty given by the Seller or for defective vehicle repair by the Seller prior to the Closing, then, in
that event, the Purchaser at its option may adjust any such minor item as it so desires, at the Seller’s expense, and on
any major item shall notify the Seller and, upon the Seller’s approval, shall repair said item at the Seller’s expense.
Any major item shall be defined as any item at cost to the Purchaser in excess of $250.00.

 

(e) The
obligations of the Seller and Purchaser under this Section 2.3 shall survive the Closing of this Transaction.

 

2.5 Simultaneous
Transactions. This Agreement represents one facet of a two-part transaction. The other facet consists of the REPA. The respective
obligations of the Seller and the Purchaser to close the Transaction hereunder are conditioned on the closing of the transaction
contemplated under the REPA. In addition, this Agreement and the REPA are hereby cross-defaulted such that a default by a party
under this Agreement or the REPA shall constitute a default by that same party or its Affiliate under the other agreement. If this
Agreement is terminated and canceled, the REPA shall become void, and there shall be no further liability or obligation of any
Party to either this Agreement or the REPA, except as otherwise provided for herein.

 

		3.	PURCHASE PRICE

 

3.1 Purchase Price.
The consideration to be paid by the Purchaser for the Purchased Assets and Personal Goodwill (the “Purchase Price”)
shall be determined and allocated as follows, and shall be payable at Closing in accordance with Section 4.5(a):

 

(a) Company
Goodwill: The purchase price for the Company Goodwill shall be $2,000,000.00; PLUS

 

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(b) Personal
Goodwill: The purchase price for the Personal Goodwill shall be $500,000.00, which shall be split equally between Bernard
and Bachman; PLUS

 

(c) Fixed
Assets: The purchase price for the Fixed Assets shall be equal to their depreciated net book value (on tax basis accounting
in accordance with the Code) as of the month ending preceding the Closing Date; provided, however, with respect to any lease or
financing agreement involving the Fixed Assets and included in the Assumed Contracts, the purchase price for the Fixed Assets shall
be reduced by an amount equal to any applicable payoff amount of such obligation as of the Closing Date. The purchase price
for the Fixed Assets will be subject to (i) reduction (at replacement cost) prior to the Closing for Fixed Assets which are listed
on Schedule 2.1(a) on the Effective Date but missing from the Dealership Premises or not in good working condition as of
the Closing Date, and (ii) increase (at depreciated net book value) prior to the Closing Date for Fixed Assets which are not listed
on Schedule 2.1(a) at the Effective Date, but are added to Fixed Assets prior to the Closing Date with the Purchaser’s
prior written approval, not to be unreasonably withheld, conditioned, or delayed; PLUS

 

(d) Manufacturer
Parts Inventory: The purchase price for the Manufacturer Parts Inventory shall be the price shown in the most recent Manufacturer
parts and accessories price book or catalogues, as applicable, with all supplements in effect as of the date of an inventory, with
such pricing to be reduced by any credits, discounts, allowances, rebates, or other incentives for which the Seller has received
on or before the Closing Date or would be eligible to receive after the Closing Date; PLUS

 

(e) Miscellaneous
Inventory: The purchase price for the Miscellaneous Inventory shall be the Seller’s verifiable costs in such inventories;
PLUS

 

(f) New
Vehicles: The purchase price for each New Vehicle shall be an amount equal to the aggregate sum of (i) the Manufacturer’s
invoice cost to the Seller, including Manufacturer charges for freight and handling, PLUS (ii) the wholesale cost (without
internal markup) to the Seller of all “add-on” parts or accessory items (installed consistent with the Seller’s
past practices, but specifically excluding reconditioning charges and soft adds such as etch, leather treatment, undercoatings,
paint sealants, etc.), MINUS (iii) dealer holdback, floorplan assistance, advertising or marketing allowance and any dealer
cash/rebates or carryover allowances, and any other dealer factory incentives with respect to such vehicles and for which the Seller
has previously been paid, MINUS (iv) a credit in favor of the Purchaser equal to the value of any Manufacturer installed
accessories removed or missing from a vehicle, valued at cost reflected on such vehicle’s invoice, MINUS (v) the amount
of any PDI payment received from the Manufacturer but for which no PDI activity has been performed on such vehicle, and MINUS
the amount necessary to repair any damages to such vehicle (such formula being hereinafter referred to as the “Triple
Net Formula”). Any dealer-traded vehicle that constitutes a New Vehicle shall be priced in accordance with the Triple
Net Formula. The purchase price of each New Vehicle shall not include any cleaning or reconditioning charges or any Seller-imposed
surcharge or “pack” (whether or not such amounts have been or were to be taken into income by the Seller); PLUS

 

(g) Demos:
The purchase price for each Demo shall be calculated in accordance with the Triple Net Formula, except there shall be an additional
credit in favor of the Purchaser in the amount of $0.25 per mile for each mile in excess of 500 miles recorded on
such Demo’s odometer as of the Closing Date; PLUS

 

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(h) Qualified
Service Loaners: The purchase price for each Qualified Service Loaner shall be calculated in accordance with the formula for
Demos, except there shall be an additional credit in favor of the Purchaser for any and all additional monies paid, or to be paid,
by the Manufacturer to the Seller related to Manufacturer’s service loaner program, including, but not limited to, monies
received when a Qualified Service Loaner is entered into the loaner program or removed from the loaner program; PLUS

 

(i) Used
Vehicles: The purchase price for each Used Vehicle shall be as mutually agreed upon by the Parties; PLUS

 

(j) WIP:
The purchase price for the WIP shall be the Seller’s cost of parts and accessories (with no internal markup) and the cost
of the Seller’s service technician wage expense (with no internal markup); MINUS

 

(k) Customer
Deposits: The sum of all Customer Deposits held by the Seller as of the Closing Date for all New Vehicles or special-order
parts and accessories to be delivered on or after the Closing Date; MINUS

 

(l) We-Owes:
The sum of all outstanding We-Owes issued prior to the Closing Date, which shall be reflected at the Closing on a schedule.

 

3.2 Physical Inventories.
The classification and valuation of the Manufacturer Parts Inventory and Miscellaneous Inventory shall be established, in accordance
with the provisions hereof, by a physical inventory count conducted by an independent inventory service reasonably acceptable to
the Parties (the “Parts Inventory”). The Parts Inventory shall be taken as close as practicable to the Closing
Date, but no later than 2 days before the Closing Date, and will be adjusted to reflect purchases and sales of the Parts
between the date of such physical inventory count and the Closing Date. The Seller agrees that no such additions and deductions
shall be made in such inventory except in the ordinary course consistent with past practices and, further, to keep its usual and
adequate records of such additions and deductions, which records shall be made available to the Purchaser for review and verification.

 

3.3 Audit
of Seller’s 2018 and 2019 Financials; Non-Audited Financials.

 

(a) At
or prior to the Effective Date of this Agreement, the Seller shall engage its longstanding accountants Brown Edwards (“BE-CPA”)
to undertake requisite procedures to prepare financial statements in accordance with GAAP for the fiscal years 2018 and 2019 as
encompassing profit and loss statement, cash-flow statement, and balance sheet, accompanied by appropriate disclosures. Such financial
statements shall be prepared in accordance with Statements on Standards for Accounting and Review Services (SSARS) promulgated
by the Accounting and Review Services Committee of the AICPA. (the “Unaudited Financial Statements”). The Seller
shall coordinate with such accountants to catalyze such preparation process with a goal that such Unaudited Financial Statements
shall be available within 30 days from the Effective Date (with the parties acknowledging that this is aggressive time frame,
that the accountants may not be able to fulfill such time frame, and that such non-fulfillment shall not be considered a breach
by Seller hereunder).

 

(b) On
or before the 5th Business Day after the Effective Date, the Seller agrees to engage a national public accounting
firm to commence an independent audit of the Seller’s book and records for the fiscal years 2018 and 2019, utilizing
as appropriate the work product of BE-CPA from preparation of the Reviewed Financial Statements, to prepare audited financial
statements and related statements of income (profit and loss), cash flow, and member equity (balance sheet) (collectively, the
“Audited Financial Statements”), to be delivered to the Seller on or before the 60th day after
the Effective Date. The Audited Financial Statements shall be prepared in accordance with GAAP applied on a consistent basis throughout
the periods covered thereby as well as consistent with PCAOB standards, and shall be consistent with the books and records of the
Seller. Within 3 Business Days of receipt of the Audited Financial Statements, the Seller shall deliver to the Purchaser,
together with the Audited Financial Statements, an opinion of Seller’s independent auditors that the Audited Financial Statements
present fairly the financial condition and results of operations of the business relating to the Purchased Assets of the Seller.
Seller shall make available to the Purchaser and the Purchaser’s accountants the Seller’s work papers and backup materials
used in the preparation of the Audited Financial Statements.

 

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(c) The
costs incurred in connection with the accountants undertakings for the Unaudited Financial Statements and the Audited Financial
Statements (“Accountants Fees”) shall be allocated as follows: (i) if the Transaction is consummated, Purchaser
shall be responsible for payment or reimbursement of 75% of such Accountants Fees and the Seller shall be responsible for
payment of 25% of such Accountants Fees; and (ii) if the Transaction is not consummated, the costs shall be borne as provided
in Section 8.2 hereof.

 

3.4 Prorations.

 

(a) All
obligations and liabilities represented by ad valorem taxes and assessments on the Purchased Assets for the year in which the Closing
occurs, and all prepaid and accrued expenses related to utilities, prepaid items, non-refundable utility deposits and the like
relating to the Business or Assumed Liabilities, shall be apportioned between the Seller and the Purchaser as of the Closing Date,
it being understood that the Seller shall be responsible for any such obligations and liabilities accrued or allocable to periods
prior to the Closing Date (whether or not then paid) and the Purchaser shall be responsible for any such obligations and liabilities
accruing or allocable for the periods on and after the Closing Date.

 

(b) To
the extent not fixed at the Closing Date, the initial apportionment of taxes shall be upon the basis of the appropriate rate or
charge for the preceding year or other applicable period and applied to the latest assessment. If any final bill, including one
for taxes and other apportioned obligations and liabilities, is different from that upon which the initial apportionment is made,
the Parties shall promptly thereafter make an appropriate adjustment.

 

(c) Payments
between the Parties to effect any apportionment under this Section 3.4 shall occur on the Closing Date or promptly after
such adjustments have been determined and mutually agreed to by the Parties.

 

3.5 Allocations.

 

(a) The
Parties shall agree to an allocation of the Purchase Price, taking into account any adjustments made thereto in accordance with
this Agreement, among the Purchased Assets and the Personal Goodwill per the procedures shown on Exhibit C. The Parties
acknowledge that such procedures comply with Section 1060 of the Code and the Treasury Regulations thereunder (and any similar
provision of state, local or foreign law, as appropriate), which the allocations shall be binding upon the Parties. Each of the
Parties shall take all actions and file all Returns (including IRS Form 8594 “Asset Acquisition Statement”) consistent
with such allocation. The Parties shall timely and properly prepare, execute, file and deliver all such documents, forms and other
information as may be reasonably requested by another Party to prepare such allocation.

 

(b) The
Seller and the Shareholder acknowledge and agree that the Purchaser was not involved in and takes no responsibility for the allocation
of the value between the Company Goodwill and the Shareholder’s Personal Goodwill (the “Personal Goodwill Allocation”).
Should the IRS (or any other Governmental Authority with jurisdiction over matters involving the Transaction) challenge the Personal
Goodwill Allocation such that the Purchaser incurs a Loss, the Seller and the Shareholder, jointly and severally, agree to indemnify
the Purchaser in accordance Section 6.2.

 

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3.6 Deposit.

 

(a) Within
3 Business Days of the Effective Date, the Purchaser shall deliver to the Escrow Agent the amount of $250,000.00,
to be held by the Escrow Agent in accordance with the terms of this Agreement (the “Deposit”).

 

(b) If
the Transaction shall be consummated, the Deposit shall be applied to the Purchaser’s obligations at the Closing as set forth
in Section 4.5, and if this Agreement shall be terminated and the Transaction abandoned, then the Deposit shall be applied
as set forth in Section 8.2.

 

(c) By
its execution of a counterpart of this Agreement or other signed agreement among Escrow Agent, the Seller, and the Purchaser, the
Escrow Agent hereby accepts its designation as the escrow agent with respect to the Deposit, acknowledges receipt of the Deposit,
subject to collection, and agrees to hold, invest and disburse the same as herein provided. The Escrow Agent shall not be liable
for any acts taken in good faith, shall only be liable for its willful default or action, or gross negligence, and may, in its
sole discretion, rely in good faith upon the written notices, communications, orders or instructions given by any Party; provided,
however, that if any notice or correspondence is not executed by both the Purchaser and the Seller, the Escrow Agent shall
give to the Purchaser or the Seller, as the case may be, copies of any notice or correspondence received from the other and shall
not take any actions with regard thereto for 5 Business Days following the giving of such notice.

 

(d) In
the event of a disagreement between the Seller and the Purchaser as to the proper disbursement of the Deposit, the Escrow Agent
reserves the right to deposit said funds into the Registry of the Clerk of Court of Greene County, Tennessee (the “Court
Registry”), by filing an interpleader action and Escrow Agent shall thereupon be discharged from the liability hereunder
and shall be entitled to reimbursement from the Seller and the Purchaser for all attorney’s fees incurred and court costs
expended in connection therewith. The parties acknowledge that the Escrow Agent is also the Purchaser’s attorney with respect
to this Transaction and that, in the event an interpleader action is filed with respect to the Escrow Deposit, the Escrow Agent
may continue to represent the Seller in such action or in any other action against the Seller with respect to this Agreement.

 

(e) The
Seller and the Purchaser hereby agree to indemnify and hold harmless the Escrow Agent against any and all losses, claims, damages,
liabilities and expenses which may be incurred by the Escrow Agent in connection with its acceptance of this appointment or the
performance of its duties hereunder; provided, however, that if the Escrow Agent shall be found guilty of willful default or action,
or gross negligence, then, in such event, the Escrow Agent shall bear all such losses, claims, damages, liabilities and expenses.
In the event the Escrow Agent places the Deposit in the Court Registry, upon the delivery of same to the prevailing party, whether
by court order or otherwise, the non-prevailing party shall (i) pay to the prevailing party at the time of such delivery, interest
on said monies at the publicly announced prime rate of J.P. Morgan Chase Bank, as such rate may change from time to time, said
interest to run from the date of deposit into the Court Registry until delivery of same to the prevailing party, and (ii) notwithstanding
any contrary provision contained herein, pay to the Escrow Agent all monies necessary to reimburse the Escrow Agent for any losses,
claims, damages, liabilities and expenses incurred by the Escrow Agent in connection with its appointment as the Escrow Agent or
the performance of its duties hereunder.

 

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		4.	CLOSING

 

4.1 Time, Date and Place of
Closing.

 

(a) Subject
to the provisions of Section 8, the closing of the Transaction (the “Closing”) shall take place at such
time and location as the Parties shall mutually select on or before the 10th Business Day following the later of: (i) Manufacturer’s
approval of the Purchaser, as provided in Section 4.2(c) below, (ii) the expiration of the Due Diligence Period, or (iii)
such other date agreed to by Seller and Purchaser (the “Closing Date”); provided, the satisfaction (or appropriate
waiver in writing) of the conditions set forth in Sections 4.2 and 4.3 below; provided, the foregoing does not diminish
the requirement of the fulfillment (or appropriate waiver in writing) of those conditions that by their terms or nature are to
be satisfied at the Closing, and such conditions to be satisfied at the Closing shall not be grounds for delaying the scheduling
of the Closing.

 

(b) The
Closing shall be effective at 12:00:01 a.m. (Eastern) on the Closing Date.

 

4.2 Conditions
to Obligations of the Purchaser. The obligations of the Purchaser to make the payments and deliveries required under Section
4.5 and to consummate the Transaction are subject to the fulfillment prior to or at the Closing Date of each of the following
conditions:

 

(a) Accuracy
of Representations. Each of the representations and warranties of the Seller and the Shareholder contained in this Agreement,
or in any certificate or other document delivered by the Seller and the Shareholder in connection with this Agreement (as encompassing
any referenced exhibits or schedules thereto) shall be true and correct in all material respects, in each case on the Effective
Date and at and as of the Closing Date as though made on and as of the Closing Date and each of such representations and warranties
that is qualified as to materiality shall be true and correct in all respects in each case on the Effective Date and at and as
of the Closing Date as though made on and as of the Closing Date (except in each case for such representations and warranties as
are dated as of a particular date, which shall be true and correct in all material respects or true and correct in all respects,
as the case may be, as of such date).

 

(b) Performance
of Obligations. The Seller and the Shareholder shall have complied with and performed in all material respects all of their
obligations and covenants under this Agreement required to be performed or complied with prior to or at the Closing, including
tendering for delivery to the Purchaser all of the items set forth in Section 4.4 below, with the expectation that any non-performance
which is not material to the Transaction shall be encompassed within the Post-Closing Agreement.

 

(c) No
Material Adverse Change. Between the Effective Date and the Closing Date there shall have been no Material Adverse Change.

 

(d) Manufacturer
Approval. The Manufacturer shall have approved in writing the Transaction and the appointment of the Purchaser as an authorized
motor vehicle dealer in the Manufacturer’s products at the Dealership Premises, on no less favorable terms than the Seller’s
current franchise agreement with the Manufacturer, and the Manufacturer shall have issued to the Purchaser such documentation necessary
for issuance of a Tennessee new motor vehicle dealer license. The Seller shall have executed all documents required by the Manufacturer
to terminate its dealer sales and service agreement with the Manufacturer, to be effective as of the Closing Date and to be delivered
to the Purchaser and the Manufacturer at Closing.

 

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

 

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(f) No
Litigation. No Proceeding shall be pending, or threatened, or reasonably foreseeable, before any court or other Governmental
Authority, wherein an unfavorable injunction, judgment, order, decree, ruling, or charge would (i) restrain, enjoin, prohibit or
prevent consummation of the Transaction or any other transaction contemplated by this Agreement, (ii) cause the Transaction to
be rescinded following consummation, or (iii) affect adversely the right of the Purchaser to own the Purchased Assets and to operate
the Business (and no such injunction, judgment, order, decree, ruling, or charge shall be in effect).

 

(g) Licenses.
The Purchaser shall have obtained all required Licenses from Governmental Authorities to operate a franchised new motor vehicle
dealership at the Dealership Premises, in the same manner as currently operated by the Seller.

 

(h) Due
Diligence. The Purchaser shall be satisfied with its due diligence investigations and inspections of the Business and the Purchased
Assets, and shall be deemed satisfied at the end of the 1st Business Day after the end of the Due Diligence Period, unless
the Purchaser terminates this Agreement pursuant to Section 8.1(f).

 

(i) REPA. The
REPA shall have closed simultaneously with the Closing pursuant to the terms thereof.

 

4.3 Conditions to
Obligations of the Seller. The obligations of the Seller to make the deliveries set forth in Section 4.4 and to consummate
this Transaction are subject to the fulfillment prior to or at the Closing Date of each of the following conditions:

 

(a) Accuracy
of Representations. Each of the representations and warranties of the Purchaser contained in this Agreement, or in any certificate,
exhibit, Schedule or other document delivered by the Purchaser in connection with this Agreement shall be true and correct in all
material respects in each case on the Effective Date and at and as of the Closing Date as though made on and as of the Closing
Date and each of such representations and warranties that is qualified as to materiality shall be true and correct in all respects
in each case on the Effective Date and at and as of the Closing Date as though made on and as of the Closing Date (except in each
case for such representations and warranties as are dated as of a particular date, which shall be true and correct in all material
respects or true and correct in all respects, as the case may be, as of such date).

 

(b) Performance
of the Purchaser’s Obligations. The Purchaser shall have complied with and performed in all material respects all its
obligations and covenants under this Agreement required to be performed or complied with prior to or at the Closing, including
tendering for delivery to the Purchaser all of the items set forth in Section 4.5 below, with the expectation that any non-performance
which is not material to the Transaction shall be encompassed within the Post-Closing Agreement.

 

(c) Manufacturer
Approval. The Seller shall have received documents required by the Manufacturer to terminate the Seller’s dealer sales
and service agreement with the Manufacturer, to be effective as of the Closing Date, as would encompass release or transition procedures
(including the Parts Account Settlement Acknowledgement described below.

 

(d) No
Litigation. No Proceeding shall be pending, or threatened, or reasonably foreseeable, before any court or other Governmental
Authority, wherein an unfavorable injunction, judgment, order, decree, ruling, or charge would (i) restrain, enjoin, prohibit or
prevent consummation of any of the Transaction or any other transaction contemplated by this Agreement, or (ii) cause the Transaction
to be rescinded following consummation.

 

(e) REPA.
The REPA shall have closed simultaneously with the Closing pursuant to the terms thereof.

 

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4.4 Deliveries
by the Seller at the Closing. On or before the Closing Date, the Seller and the Shareholder, as the case may be, shall deliver
the following to the Purchaser (or as otherwise provided herein), each, where applicable, duly executed (or endorsed, as the case
may be) by the Seller and/or Shareholder:

 

(a) (i)
such deeds, bills of sale, endorsements, assignments and other good and sufficient instruments of conveyance (collectively, the
“Conveyance Instrument”) as will effectively convey to the Purchaser all title to and interest in the Purchased
Assets, together with releases or termination statements of all Encumbrances (other than Permitted Encumbrances) on the Purchased
Assets, and (ii) an instrument of assignment and assumption with respect to the Assumed Liabilities (the “Assignment and
Assumption Instrument,” and along with the Conveyance Instrument, collectively, the “Bill of Sale and Assignment”),
in substantially the form attached hereto as Exhibit A;

 

(b) an
instrument of assignment and assumption with respect to the fictitious names, tradenames, trademarks, domain names and URLs listed
on Schedule 5.2(q), in substantially the form attached hereto as Exhibit B (the “IP Assignment Agreement”);

 

(c) an
instrument of conveyance with respect to the Personal Goodwill;

 

(d) an
agreement concerning the allocation of the Purchase Price and preparation of IRS Form 8594 (which shall include a draft Form 8594
that allocates the Purchase Price in accordance with this Agreement), in substantially the form attached hereto as Exhibit
C (the “8594 Agreement”);

 

(e) a
non-competition and non-solicitation agreement, in substantially the form attached hereto as Exhibit D (the “Non-Competition
Agreement”);

 

(f) a
post-Closing agreement (the “Post-Closing Agreement”), as applicable;

 

(g) the
Indemnification Escrow Agreement;

 

(h) the
PPP Escrow Agreement, as applicable;

 

(i) a
closing and disbursement statement enumerating the Purchase Price, prorations, and adjustments, all in accordance with this Agreement
or as otherwise agreed upon by the Seller and the Purchaser (the “Closing Statement”);

 

(j) all
manufacturer statements of origin furnished by the Manufacturer for the New Vehicles, Demos, and purchased Service Loaners, and
all titles for the purchased Used Vehicles and the company vehicles (collectively, the “Titles”), along with
a limited power of attorney in favor of the Purchaser with respect to the Titles;

 

(k) an
affidavit from an officer of the Seller as to Seller’s compliance with TDOR regulations in remitting or accruing sales tax
in accordance with Section 67-6-513, Tennessee Code. The foregoing shall be referred to as the “Tax Affidavit.”

 

(l) all
owners’ manuals, all headsets, all DVD remotes (if applicable), all navigation system SD cards and DVDs, all floor mats,
and at least 2 keys and wireless key fobs for each New Vehicle, Demo, purchased Service Loaner, and purchased Used Vehicle
that has not been titled, and 1 key to each of the other purchased Used Vehicles;

 

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(m) schedules,
inventories, and other data from the Seller’s DMS reasonably requested by the Purchaser as part of building closing inventory/accounting
schedules;

 

(n) a
certificate dated the Closing Date and executed by an authorized representative of the Seller, certifying (i) that the
representations and warranties of the Seller in this Agreement are true and correct in all material respects on and as of the
Closing Date with the same effect as though such representations and warranties had been made on and as of such date, (ii)
the covenants and agreements to be performed or complied with by the Seller prior to the Closing have been performed and
complied with in all material respects, (iii) the resolutions of the Seller authorizing the execution and delivery of this
Agreement and the agreements contemplated hereby and approving the consummation of the Transaction, (iv) the incumbency
and signatures of any representatives of the Seller executing this Agreement; and (v) attachment of certificate of good
standing with respect to the Seller from the Tennessee Secretary of State, dated as of a recent date prior to the Closing
Date;

 

(o) such
document(s) as may be required by the Manufacturer to (i) memorialize or confirm the surrender or termination by the Seller of
its dealer sales and service agreement and franchise rights with respect to the Manufacturer’s brands, (ii) confirm successful
Closing of the Transaction, or (iii) memorialize the agreed disposition of the Seller’s parts account (e.g., the “Parts
Account Settlement Acknowledgement”); and

 

(p) such
other documents or instruments as may be required under this Agreement or as may be reasonably requested by the Purchaser in connection
with the consummation of the Transaction.

 

4.5 Deliveries by
the Purchaser at the Closing. On or before the Closing Date, the Purchaser shall deliver or cause to be delivered the following
to the Seller (or as otherwise provided herein), each, where applicable, duly executed (or endorsed, as the case may be) by the
Purchaser:

 

(a) delivery
by wire transfer in immediately available funds of an amount equal to the sum of the Purchase Price, subject to the adjustments
provided herein MINUS the Deposit MINUS the Indemnification Escrow Amount MINUS any PPP Escrow Amount and
PLUS or MINUS any adjustments for prorations and other payments and withholdings to be paid or otherwise borne by the Seller
or the Purchaser under this Agreement, which such net amount shall be disbursed to the Seller by wire transfer to an account designated
by the Seller, in immediately available funds; except that the Purchaser may pay directly to creditors of the Seller the
amount required to satisfy the PPP Non-Forgiven Amount and release any Encumbrances (other than Permitted Encumbrances) on the
Purchased Assets;

 

(b) the
Deposit, which shall be disbursed by the Escrow Agent to the Seller by wire transfer to an account designated by the Seller, in
immediately available funds;

 

(c) the
Bill of Sale and Assignment;

 

(d) the
IP Assignment Agreement;

 

(e) the
8594 Agreement;

 

(f) the
Non-Competition Agreement;

 

(g) the
Post-Closing Agreement, if applicable;

 

(h) the
Indemnification Escrow Agreement;

 

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(i) the
PPP Escrow Agreement, as applicable;

 

(j) the
Closing Statement;

 

(k) a
certificate of good standing with respect to the Purchaser from the Tennessee Secretary of State, dated as of a recent date prior
to the Closing Date;

 

(l) a
certificate dated the Closing Date and executed by an officer of the Purchaser, certifying (i) that the representations and warranties
of the Purchaser in this Agreement are true and correct in all material respects on and as of the Closing Date with the same effect
as though such representations and warranties had been made on and as of such date, (ii) the covenants and agreements to be performed
or complied with by the Purchaser prior to the Closing have been performed and complied with in all material respects, (iii) the
resolutions of the Purchaser authorizing the execution and delivery by the Purchaser of this Agreement and the agreements contemplated
hereby and approving the consummation of the Transaction, and (ii) the incumbency and signatures of the officer of the Purchaser
executing this Agreement; and

 

(m) such
other documents or instruments as may be reasonably required by the Seller in accordance with this Agreement, each in form and
substance reasonably satisfactory to the Purchaser.

 

4.6 Post-Closing
Matters.

 

(a) Delivery
of Possession. The Seller shall take all necessary action to provide the Purchaser with possession of the Purchased Assets
on the Closing Date. Within 5 Business Days after the Closing Date, the Seller shall remove from the Dealership Premises
the Excluded Assets not sold to the Purchaser hereunder, during which time the Purchaser shall not be liable for any damages or
losses to any of the Seller’s assets while on the Dealership Premises. If any of the Seller’s Excluded Assets remain
on the Dealership Premises after such period, the Purchaser shall provide the Seller with written notice to remove the remaining
Excluded Assets within 5 Business Days, and any Excluded Assets not removed by the Seller by the end of such additional
period shall be deemed included in the Transaction. The Seller agrees to indemnify and hold the Purchaser harmless from any claims
from customers or employees concerning their respective assets located on the Dealership Premises on the Closing Date.

 

(b) Records.
The Purchaser agrees to store the Records, at no expense to the Seller, for the period(s) required under Applicable Law (and a
period of not less than 7 years for deal jackets). The Purchaser shall be obligated to exercise only the same degree of
care in the safeguard and maintenance of said Records as the Purchaser provides its own records. After the Closing Date, the Purchaser
shall give to the Seller, and its agents, reasonable access to the Records as shall be necessary for recordkeeping and tax purposes,
or in connection with any third-party demand or claim made by or against the Seller.

 

(c) Seller’s
Receivables. Following the Closing, the Purchaser agrees for a period of 120 days or 4 month-ends, whichever
is greater (the “Run Out Period”), to accept payment of the Seller’s accounts receivable payments arising
out of the operation of the Business prior to Closing and to hold same for prompt payment over to the Seller. At the end of the
Run Out Period, the Purchaser shall no longer be obligated to accept payments of such accounts receivable. If the Purchaser does
accept payment of any of the Seller’s accounts receivable after expiration of the Run Out Period, the Purchaser shall promptly
pay same over to the Seller. It is understood that the Purchaser’s responsibility, so far as such collection is concerned,
is only to accept monies paid on such accounts receivable and shall not include any obligation to attempt to enforce payment thereof,
or to send out bills or statements therefor.

 

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(d) Run
Out of Books.

 

(i) The
Purchaser agrees to turn over to the Seller all payments, mail, invoices, general correspondence, and any other business-related
items (“Residual Transactions”) related to the Seller’s Business operations prior to the Closing
Date that are received by the Purchaser after the Closing Date, so the Seller may account for such items in the winddown of its
business affairs. The Purchaser and Seller will work closely to reasonably ensure that all Residual Transactions that may impact
both the Purchaser and Seller will be reconciled, reviewed, and settled on a weekly basis for the first month and thereafter on
a bi-weekly basis through the end of the Run Out Period.

 

(ii) For
a period of 30 days after the Closing, the Purchaser shall provide the Seller with office space and use of the Purchaser’s
telephone and computer systems so that the Seller can conduct its wind-down activities.

 

(e) Erroneous
Payments. The Parties shall in good faith work together and use their commercially reasonable efforts to ensure that (i) amounts
paid by the Seller but owed by the Purchaser as a result of Manufacturer or vendor erroneously billing the Seller for items arising
out of or in connection with the operation of the Business following Closing shall be paid over to the Seller promptly, and (ii)
amounts paid by the Purchaser but owed by the Seller as a result of Manufacturer or vendor erroneously billing the Purchaser for
items arising out of or in connection with the operation of the Dealership prior to Closing shall be paid over to the Purchaser
promptly.

 

(f) Further
Assurances.

 

(i) To
the extent that any of the Assumed Contracts is not assignable without the consent of another party, this Agreement shall not constitute
an assignment or attempted assignment thereof at any time prior to receipt of such consent. If such consent shall not be obtained
on or prior to the Closing, the Seller agrees to cooperate with the Purchaser after the Closing in implementing any reasonable
arrangement designed to provide for the Purchaser the benefits under any such Assumed Contracts.

 

(ii) The
Seller shall, from time to time after the Closing, deliver to the Purchaser such further deeds, bills of sale and assignment, documents
of title and other instruments necessary or desirable, in the reasonable opinion of the Purchaser’s counsel, to perfect the
transfers of the Purchased Assets and the Assumed Liabilities to the Purchaser, free and clear of all Encumbrances other than the
Permitted Encumbrances. The Purchaser shall, from time to time after the Closing, deliver to the Seller such further assignments,
instruments of assumption, or other documents as may be necessary or desirable, in the reasonable opinion of the Seller’s
counsel, to perfect or clarify the Purchaser’s assumption of the Assumed Liabilities.

 

(g) Survival.
The matters under this Section 4.6 shall survive the Closing.

 

		5.	REPRESENTATIONS AND WARRANTIES

 

5.1 Representations and Warranties by
the Purchaser. The Purchaser hereby represents and warrants to the Seller as of the Effective Date and as of the Closing Date
as follows:

 

(a) Corporate
Matters.

 

(i) The
Purchaser is duly organized, validly existing, and in good standing under the laws of the state of its formation and will, by the
Closing Date, be authorized to conduct business in the State of Tennessee.

 

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(ii) The
execution, delivery and performance of this Agreement and the Other Agreements to which it is a party by the Purchaser have been
duly authorized by all requisite company action. Except for the required Licenses, third party Consents related to Assumed Liabilities,
and the Consent of the Manufacturer to the appointment of the Purchaser as an authorized dealer in the Manufacturer’s products,
no approval or consent of any other person is required in connection with the execution, delivery, and performance by the Purchaser
of this Agreement and the Other Agreements to which it is a party.

 

(iii) This
Agreement has been, and at the Closing the Other Agreements to which the Purchaser is a party will be duly executed and, assuming
due authorization, execution, and delivery by the Seller and Shareholder, this Agreement constitutes and the Other Agreements to
which the Purchaser is a party will constitute legal, valid and binding obligations of the Purchaser, enforceable in accordance
with their respective terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency and other
laws and equitable principles affecting creditors’ rights generally and the discretion of the courts in granting equitable
remedies.

 

(iv) The
execution and delivery by the Purchaser of this Agreement and the Other Agreements to which it is a party, and the consummation
by the Purchaser of the transactions contemplated hereby and thereby, will not constitute (with or without the giving of notice
or the lapse of time or both) a violation of, contravene, be in conflict with, result in the acceleration of or entitle any party
to accelerate (whether after the giving of notice or lapse of time or both), or constitute a default under (A) any term or provision
of the articles of organization or operating agreement of the Purchaser, (B) any Contract to which the Purchaser is subject or
by which it is bound, or (C) subject to compliance with any Applicable Law.

 

(b) Financial
Ability. The Purchaser has the financial ability to consummate the Transaction as set forth herein.

 

(c) Brokers.
Except as set forth in Schedule 5.1(c), no broker, agent, consultant, finder, or other similar person has assisted the Purchaser
in procuring, negotiating, or executing this Agreement, and the Purchaser is under no contract with any such party.

 

(d) No
Material Misrepresentation or Omission. No representation or warranty by the Purchaser contained in this Agreement, and no
statement contained in any instrument, list, certificate, or writing furnished by the Purchaser to the Seller under the provisions
hereof or in connection with the Transaction, contains any untrue statement of a material fact or omits to state a material fact
necessary in order to make the statements contained herein or therein not misleading.

 

5.2 Representations
and Warranties by the Seller and Shareholder. Each of the Seller and the Shareholder represent and warrant to the Purchaser
as of the Effective Date and as of the Closing Date as follows:

 

(a) Corporate
Matters.

 

(i) The
Seller is a Corporation duly organized, validly existing, and in good standing under the laws of the State of Tennessee.

 

(ii) The
execution, delivery and performance of this Agreement and the Other Agreements to which it is a party by the Seller have been duly
authorized by all requisite company action (including approval by the Shareholder). Except for the Consent of the Manufacturer
to the appointment of the Purchaser as an authorized dealer in the Manufacturer’s products, no approval or consent of any
other person is required in connection with the execution, delivery, and performance by the Seller and the Shareholder of this
Agreement and the Other Agreements to which they are parties.

 

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(iii) This
Agreement has been, and at the Closing the Other Agreements to which the Seller and/or the Shareholder are parties will be duly
executed and, assuming due authorization, execution and delivery by the Purchaser, this Agreement constitutes and the Other Agreements
to which the Seller and/or the Shareholder are parties will constitute the legal, valid and binding obligations of each of the
Seller and the Shareholder, enforceable in accordance with their respective terms, except to the extent that enforceability may
be limited by applicable bankruptcy, insolvency and other laws and equitable principles affecting creditors’ rights generally
and the discretion of the courts in granting equitable remedies.

 

(iv) Except
as to the consents or other actions required at the Closing set forth on Schedule 5.2(a), the execution and delivery by
the Seller and the Shareholder of this Agreement and the Other Agreements to which the Seller and/or the Shareholder are parties,
and the consummation by the Seller and the Shareholder of the transactions contemplated hereby and thereby, will not constitute
(with or without the giving of notice or the lapse of time or both) a violation of, contravene, be in conflict with, result in
the acceleration of or entitle any party to accelerate (whether after the giving of notice or lapse of time or both), or constitute
a default under (A) any term or provision of the articles of organization or operating agreement of the Seller or the Shareholder,
(B) any Contract to which the Seller or the Shareholder are subject or by which they are bound, or (C) subject to compliance with
any Applicable Law.

 

(b) Legal
Capacity. The Shareholder has the necessary legal capacity to enter into this Agreement and the Seller’s Closing Documents
to which the Shareholder is a party and to perform his obligations hereunder and thereunder.

 

(c) Title.
The Seller owns, and has, or shall have as of the Closing Date, good title to, the Purchased Assets, free and clear of all Encumbrances,
other than the Permitted Encumbrances. Except as set forth in Schedule 5.2(c), all Fixed Assets located at the Dealership
Premises and utilized by the Seller in the operation of its Business are owned by the Seller.

 

(d) Taxes.
The Seller has duly filed all foreign, federal, state, county and local income, excise, sales, property, withholding, social security,
franchise, license, information returns and other applicable tax returns and reports, or appropriate and permitted extensions thereto,
required to be filed by it as of the Effective Date with respect to the Business and the Purchased Assets. To the Seller’s
Knowledge, each such return is true, correct, and complete, and the Shareholder has paid all taxes, assessments, amounts, interest
and penalties due to any Governmental Authority. To its Knowledge, the Seller has no liability for any taxes, assessments, amounts,
interest or penalties of any nature whatsoever other than those for which the Seller has created sufficient reserves or made other
adequate provision. No Governmental Authority is now asserting or, to the Seller’s Knowledge, threatening to assert any deficiency
or assessment for additional taxes, interest, penalties or fines with respect to the Seller, the Business, the Real Property or
the Purchased Assets.

 

(e) Contracts.

 

(i) Each
Assumed Contract listed on Schedule 2.1(f) is in full force and effect and constitutes a legal, valid, and binding agreement,
enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium, similar laws
affecting creditors’ rights and remedies generally and general principles of equity. 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 Assumed Contract by the Seller, or, to the Seller’s Knowledge, by any other party thereto, in any
term, covenant or condition of each Assumed Contract.

 

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(ii) Except
for (A) the Assumed Contracts, and (B) Contracts involving in each case less than $2,000.00 over their respective terms
or which are terminable at will by the Seller without payment or penalty of any nature whatsoever, the Seller is not a party to
any Contract.

 

(f) Employees
and Employment Matters. Unless otherwise set forth in detail in Schedule 5.2(f):

 

(i) The
Seller has complied with all requirements of Applicable Law relating to the Seller’s employees (each an “Employee”
and collectively, the “Employees”) and will have paid all wages, salary, vacation, and sick leave (even if not
specifically accrued for by the Seller), and bonuses due to the Employees (the “Employee Compensation”) through
the Closing Date (including any accrued bonuses). The Seller has not received any notice regarding a current claim against it for
(A) overtime pay, wages, salary or bonus, excluding current payroll periods or (B) vacation time, excluding time earned in current
payroll periods.

 

(ii)
The Seller is not currently paying any pension, deferred compensation, or retirement allowance to anyone.

 

(iii) The
Seller has no oral or written collective bargaining or organized labor contracts, employment agreements, bonus or commission agreements,
pay plans, deferred compensation agreements, profit sharing agreements, welfare or health benefit agreements, or retirement plans
or arrangements, whether or not legally binding. In accordance with the deadlines in Section 7.4, the Seller shall deliver
to the Purchaser true and correct copies of each agreement, plan, or arrangement described on Schedule 5.2(f), if any.

 

(iv) The
Seller represents that it has taken no action that would interfere with any employment by the Purchaser of any Employee.

 

(v) To
Seller’s Knowledge, no Employee intends to terminate his or her employment relationship with the Seller. The Seller has no
contract for the future employment of any Employee.

 

(vi) To
Seller’s Knowledge, no Employee intends to refuse employment with the Purchaser after the Closing or will terminate his/her
employment with the Purchaser within 2 weeks after the Closing Date.

 

(vii)
There have been no Employee walk-outs, strikes, or similar events within the last 3 years.

 

(viii)
No current or former Employee has filed a charge with the EEOC within the last 2 years.

 

(ix) The
Seller maintains current files containing all Labor Condition Applications and related public and non-public access documentation
which they must present upon request by the Department of Labor including all documentation noted in 20 CFR §655.760. The
Seller also maintain current files containing all documentation which they are required to maintain in the event of an audit related
to labor certification for permanent employment filings, including all documentation noted in 20 CFR §655 and 656 and the
rules and regulations promulgated thereunder.

 

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(x) 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 the Seller been warned, fined or otherwise penalized for any failure to comply with IRCA or for any
willful violation of any other immigration law, rule or regulation.

 

(xi) The
Seller has complied in all material respects with the applicable requirements for its employee medical and benefit plans as set
forth in the Code and 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.”

 

(xii)
The Seller has not violated the WARN Act.

 

(g) Financial
Statements. True, correct and complete copies of the Current Financials have been delivered by the Seller to the Purchaser
for Purchaser’s review in connection with its due diligence investigation of the Business and the Purchased Assets. The Current
Financials (i) have been prepared in accordance with the Manufacturer’s reporting requirements, (ii) represent actual, bona
fide transactions, and (iii) fairly present in all material respects the financial condition and the results of operations of the
Business as at the respective dates of and for the periods referred to in such records. To the Knowledge of the Seller, neither
the Seller nor its independent accountants have identified or been made aware of any fraud, whether or not material, that involves
the Seller’s management or other employees who have a role in the preparation of financial statements or the internal controls
utilized by the Seller, or any claim or allegation regarding any of the foregoing. Except as disclosed on Schedule 5.2(g),
since July 1, 2020, there has been:

 

(i) no
business condition or any fact that has specific application to the Seller that may result in a Material Adverse Change;

 

(ii) no
damage to, or destruction or loss of, any assets of the Seller materially and adversely affecting the Purchased Assets or the condition
(financial or otherwise), business, operations or prospects of the Business;

 

(iii) no
sale, lease, abandonment or other disposition or removal of any assets that would have constituted Purchased Assets except in the
ordinary course consistent with past practices with replacement by assets of similar utility and value;

 

(iv) no
material increases in the compensation, commissions or bonuses payable to any employee or agent of the Seller performing services
with respect to the Business; no entry into or amendment or modification of any employment, severance or similar contract; no adoption
of or material increase in benefits under any employee benefit plan or program; and no labor problems, strikes or other occurrences
of a similar nature; or

 

(v) no
change in the accounting methods used by the Seller with respect to the Business.

 

(h) Absence
of Undisclosed Liabilities. The Seller has no debts, claims, liabilities or obligations of any nature, whether known or unknown,
absolute, accrued, contingent or otherwise and whether due or to become due, asserted or un-asserted, except (1) to the extent
disclosed or reserved against in the Seller’s balance sheet for the 12 months ended December 31, 2019, and (2) for
liabilities and obligations that were incurred after December 31, 2019 in the ordinary course consistent with past practices and
that, individually or in the aggregate, do not exceed $25,000.00.

 

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(i) Condition
of the Purchased Assets and the Dealership Premises. Except as set forth in Schedule 5.2(i):

 

(i) the
Purchased Assets constitute all of the assets used by the Seller in connection with, and necessary for, the operation of the Business
in the ordinary course and as historically operated by the Seller;

 

(ii)
the facility is in compliance with all currently-effective requirements of General Motors whether as to size or condition of the
facility or its image;

 

(iii) the
Seller has not received notice of and has no actual knowledge of (A) any pending or contemplated condemnation, eminent domain or
rezoning Proceeding affecting the Dealership Premises, (B) any proposal or other consideration for increasing the assessed value
of the Dealership Premises for state, county, local or other ad valorem or similar Taxes by an amount that would materially affect
the profitability of the Business, or (C) any Proceedings or public improvements which could or might result in the levy of any
special Tax or assessment against the Dealership Premises; and

 

(iv)
the only real estate, properties, and interests used by the Seller in the Business or necessary to the operation of the Business
are the Dealership Premises.

 

(j) Litigation.
Except as set forth on Schedule 5.2(j), there is no Proceeding pending or, to the Knowledge of the Seller or the Shareholder,
threatened against or relating to the Seller (including in connection with or relating to the Transaction or the Other Agreements
or of any action taken or to be taken in connection therewith or the consummation of the transactions contemplated hereby or thereby).

 

(k) Compliance
with Applicable Laws. To its Knowledge, the Seller has complied with all Applicable Laws relating to the Business, the Purchased
Assets and its use and occupation of the Dealership Premises (including zoning laws), and is not and has not been either charged
with, in receipt of any notice or warning of, or to the Knowledge of the Seller, under investigation with respect to, any failure
or alleged failure to comply with any provision of any Applicable Law.

 

(l) Brokers.
Except as set forth in Schedule 5.2(l), no broker, agent, consultant or other similar person has assisted Seller in procuring,
negotiating or closing this Transaction, and the Seller is under no contract with any such party.

 

(m) Environmental.
Except as set forth in Schedule 5.2(m):

 

(i) To
the Seller’s and Shareholder’s Knowledge, there are no Hazardous Substances present at, on, in or under the Dealership
Premises, except for consumables used and waste generated in the ordinary course of the Seller’s business, in each case in
compliance with applicable Environmental Laws.

 

(ii) The
Seller and Shareholder have not received any notice, whether oral or written, from any Governmental Authority or other Person of
any actual or threatened Environmental, Health and Safety Liabilities that are pending or unresolved with respect to the Dealership
Premises Storage or the Business.

 

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(iii) There
are currently no underground storage tanks or underground hydraulic lifts located in, at, on or under the Dealership Premises,
and any former such items that were removed from the Dealership Premises prior to Effective Date were in good condition and repair
and not leaking when removed and were removed in accordance with all Applicable Laws.

 

(iv) To
the Seller’s Knowledge, all gasoline, oil and other petroleum products stored, treated, used or disposed of on, in or about
any portion of the Dealership Premises have been stored, treated, used or disposed of in full and strict compliance with all Applicable
Laws. All above-ground gasoline, oil or petroleum product storage tanks on the Dealership Premises, if any, have been properly
registered.

 

(v) The
Seller or the Shareholder has provided to the Purchaser all material environmental reports, assessments, audits, studies, investigations,
data and other nonprivileged written environmental information in its custody, possession or control concerning the Business or
the Dealership Premises.

 

(n) Manufacturer
Communications. Except as set forth on Schedule 5.2(n), no Manufacturer has (i) notified the Seller or Shareholder of
any deficiency in dealership operations (including brand imaging, facility conditions, sales efficiency, customer satisfaction,
warranty work and reimbursement, or sales incentives); (ii) advised the Seller or the Shareholder of a present or future need for
facility improvements, upgrades, or relocation in connection with the Business; (iii) notified the Seller or the Shareholder of
the Manufacturer’s desire to alter the configuration of the Business, including facility utilization; (iv) notified the Seller
or the Shareholder of a plan to establish an additional dealer within 40 or fewer miles from the Dealership Premises, (v)
notified the Seller or the Shareholder of the relocation of an existing dealership for any of the Manufacturer’s products
within 20 miles of the Dealership Premises, or (vi) notified the Seller or the Shareholder of any reduction in the Seller’s
new vehicle allocation for the Manufacturer’s products. The Seller is not a party to any “exclusive use agreement,”
“site control agreement,” or other Contract with any Manufacturer (other than a dealer sales and service agreement)
concerning the occupation and use of the Dealership Premises.

 

(o) Manufacturer
Audits. Except as set forth on Schedule 5.2(o), in the last 5 years, the Manufacturer has not conducted any audit
of the Seller’s sales practices and documentation or service practices and warranty claim documentation, and the Seller has
not been subject to a chargeback of monies previously paid to the Seller with respect to its vehicle sales and warranty claims.

 

(p) Dealership
Marketing Plans. Except as set forth on Schedule 5.2(p), in the last 5 years, the Seller has not participated,
and currently does not participate, in customer marketing or added value plans such as “tires for life,” “batteries
for life,” “lifetime oil changes,” customer coupon programs, customer gift certificates, extended service warranties,
insurance related products, or similar customer programs, and the Seller has not offered its customers any products or services
for which the Seller, or any of its Affiliates, has an ongoing responsibility for administration and the Liability thereof.

 

(q) Tradenames;
Domain Names; URLs. Schedule 5.2(q) sets forth a complete list of all tradenames and trademarks that have been utilized
by the Seller in its Business and a list of all Internet domain names or URLs registered, owned, or leased by the Seller, Shareholder,
or their Affiliates. The Seller owns, solely and exclusively, or possesses the valid and enforceable right to use all of the Seller’s
tradenames.

 

(r) Odometer
Accuracy. The odometer on each of the motor vehicles included in the Seller’s inventory on the Closing Date represents
the actual mileage that such motor vehicle has been driven unless otherwise disclosed on the odometer disclosure statement accompanying
such motor vehicle.

 

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(s) Privacy
Laws. The Seller has complied with the Gramm-Leach-Bliley Act (the “GLB Act”) with respect to customer information
received by the Seller, including, if applicable, responsibility for providing any notice required, and the Seller has implemented
and maintained privacy practices to protect any financial information received by the Seller from its customers. Schedule 5.2(s)
contains a copy of the Seller’s internal policies and procedures document for compliance with the GLB Act and a copy of the
notice provided to the Seller’s customers.

 

(t) Solvency.
The Seller is not insolvent and will not be rendered insolvent by the Transaction. As used in this Section 5.2(t), “insolvent”
means that the sum of the Seller’s debts and other probable Liabilities exceeds the present fair saleable value of the Seller’s
assets.

 

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

 

(v) Licenses.
Schedule 5.2(v) contains a list of all Licenses that, to the Knowledge of Seller, constitute all material Licenses as required
for the operation of the Business as presently conducted and as presently intended to be conducted. The Seller currently has all
such Licenses, and to its Knowledge, the Seller is not in default or violation (and no event has occurred which, with notice or
the lapse of time or both, would constitute a default or violation) of any term, condition or provision of any such License, nor
are any facts or circumstances that could form the Basis for any such default or violation.

 

(w) No
Material Misrepresentation or Omission. No representation or warranty by the Seller or the Shareholder contained in this Agreement,
and no statement contained in any instrument, list, certificate, or writing furnished by the Seller or the Shareholder to the Purchaser
under the provisions hereof or in connection with the Transaction, contains any untrue statement of a material fact or omits to
state a material fact necessary in order to make the statements contained herein or therein not misleading.

 

(x) Loans.
Except as set forth on Schedule 5.2(x), the Seller is not liable as a principal, borrower, guarantor, or obligor for any
loans or other debt instruments, and the Shareholder is not a principal, borrower, guarantor, or obligor for any loans or other
debt instruments that are related to the Seller or the Business.

 

		6.	SURVIVAL; INDEMNIFICATION

 

6.1 Survival.
Subject to the limitations described in Section 6.5, the representations, warranties, covenants and agreements made by the
Parties and in any agreement, certificate, instrument or other document delivered under this Agreement shall survive the Closing
and consummation of the Transaction.

 

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6.2 Indemnities
of the Seller and Shareholder.

 

(a) The
Seller and Shareholder shall, jointly and severally, indemnify, hold harmless and agree to defend the Purchaser and its Affiliates,
officers, directors, employees, agents, consultants, representatives, stockholders and controlling Persons and their respective
successors and assigns (collectively, the “Purchaser Indemnified Parties”) at all times from and after the date
of this Agreement, from and against any and all Losses incurred by any of the Purchaser Indemnified Parties (the “Purchaser
Damages”), which may now or in the future be actually incurred or suffered by the Purchaser Indemnified Parties resulting
from or arising out of any one or more of the following:

 

(i) any
misrepresentation or breach of any warranty of the Seller or the Shareholder made or contained in this Agreement

 

(ii)
any failure of the Seller or the Shareholder to perform any covenant or agreement made or contained in this Agreement or fulfill
any obligation in respect thereof;

 

(iii)
any Retained Liability or Excluded Asset;

 

(iv) any
non-compliance by the Seller or the Shareholder with any fraudulent transfer law in connection with the Transaction;

 

(v) the
Seller and Shareholder’s valuation of Company Goodwill and Personal Goodwill; or

 

(vi) any
brokerage or finder’s fees or commissions or similar payments based upon any Contract made, or alleged to have been made,
by any Person, with the Seller or the Shareholder (or any Person acting on their behalf) in connection with the Transaction.

 

(b) Basket.
In no event will any amount be recovered from the Seller for any Purchaser Damages resulting from matters described in Section
6.1(a)(i) or (ii) until the aggregate amount of all Purchaser Damages incurred by the Purchaser Indemnified Parties
exceeds $40,000.00 (the “Basket”), in which event the Seller and Shareholder, jointly and severally,
will be obligated, subject to the other provisions of this Agreement, to indemnify the Purchaser Indemnified Parties to the full
extent of such Purchaser Damages, including the Basket, on a dollar for dollar basis; provided, however, that the Seller’s
Liability for any Purchaser Damages will not be limited as set forth in this Section 8.1(b) if such Purchaser Damages relate
to a breach of representation or warranty set forth in Sections 5.2(a), (b), or (c) (inclusive).

 

(c) Insurance.
The Seller’s indemnification obligations shall be reduced to the extent that the subject matter of any indemnification claim
brought by the Purchaser is covered by and paid to Purchaser pursuant to a warranty or indemnification from a third-party or third-party
insurance.

 

(d) Indemnification
Escrow. At the Closing, an amount equal to $250,000.00 of the Purchase Price shall be withheld and delivered to the
Escrow Agent and deposited in escrow by the Purchaser (the “Indemnification Escrow Amount”), to be held for
a period of 18 months following the Closing Date (the “Indemnification Escrow Period”) to secure the
Seller’s indemnification obligations under this Section 6.2. The Escrow Agent shall deposit the Indemnification Escrow
Amount in a non-interest-bearing account to be held in accordance with the form of escrow agreement (“Indemnification
Escrow Agreement”) attached hereto as Exhibit E.

 

(i) Fifty
percent (50%) of the Indemnification Escrow Amount shall be released and paid by the Escrow Agent to the Seller on the 1st
anniversary of the Closing Date (the “First Release”); provided, however, the First Release shall be reduced
by any amounts either (A) paid to a Purchaser Indemnified Party from the Indemnification Escrow Amount, or (B) subject to a disputed
claim as of the date of the First Release.

 

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(ii) The
remaining portion of the Indemnification Escrow Amount shall be released and paid by the Escrow Agent to the Seller at the end
of the Indemnification Escrow Period (the “Second Release”); provided, however, the Second Release shall be
reduced by any amounts either (A) paid to a Purchaser Indemnified Party from the Indemnification Escrow Amount, or (B) subject
to a disputed claim as of the date of the Second Release.

 

(iii) If
the Seller receives notice from the Purchaser of a request for indemnification during the Indemnification Escrow Period and the
Seller does not dispute its indemnification obligation in connection therewith, the Purchaser may, only after complying with the
procedures described in the Indemnification Escrow Agreement, set off the amount owed to it in respect of such indemnification
obligation against the Indemnification Escrow Amount. Such amount will reduce the Indemnification Escrow Amount and any corresponding
release owed to the Seller during the applicable period set forth in this Section 6.2(d), or upon termination of the Indemnification
Escrow Period, as the case may be. Prior to exercising its right of set-off hereunder, the Purchaser shall notify the Seller in
writing of the matter in dispute together with all material facts and circumstances reasonably necessary for the Seller to determine
the Basis for such claim or asserted obligation.

 

6.3 Indemnities
of the Purchaser.

 

(a) The
Purchaser shall, and hereby does indemnify, hold harmless and agree to defend the Seller and its Affiliates, officers, directors,
employees, agents, consultants, representatives, stockholders and controlling Persons and their respective successors and assigns
(collectively, the “Seller Indemnified Parties”) at all times from and after the date of this Agreement, from
and against any and all Losses incurred by any of the Seller Indemnified Parties (the “Seller Damages”), which
may now or in the future be actually incurred by the Seller Indemnified Parties resulting from or arising out of any one or more
of the following:

 

(i) any
misrepresentation or breach of any warranty of the Purchaser made or contained in this Agreement;

 

(ii)
any failure of the Purchaser to perform any covenant or agreement made or contained in this Agreement or fulfill any obligation
in respect thereof; or

 

(iii) any
brokerage or finder’s fees or commissions or similar payments based upon any Contract made, or alleged to have been made,
by any Person, with the Purchaser (or any Person acting on their behalf) in connection with the Transaction.

 

(b) Basket.
In no event will any amount be recovered from the Purchaser for any Seller’s Damages resulting from matters described in
Section 6.3(a)(i) until the aggregate amount of all Seller Damages incurred by the Seller Indemnified Parties exceeds the
Basket, in which event the Purchaser will be obligated, subject to the other provisions of this Agreement, to indemnify the Seller
to the full extent of such Seller’s Damages, including the Basket, on a dollar for dollar basis.

 

6.4 Claim Procedures.
Each Person that desires to make a Claim for indemnification pursuant to this Section 6 (an “Indemnified Party”)
will provide notice (a “Claim Notice”) thereof in writing to the Purchaser (if the Indemnified Party is a Seller
Indemnified Party) or to the Seller (if the Indemnified Party is a Purchaser Indemnified Party) (in each such case, an “Indemnifying
Party”), specifying the nature and Basis for such Claim and a copy of all papers served with respect to such Claim (if
any). For purposes of this Section 6.4, receipt by a Person of written notice of any Third-Party Claim which gives rise
to a Claim on behalf of such Person will require delivery of a Claim Notice to the Indemnifying Party within 20 days following
the receipt of such Third-Party Claim; provided, however, that an Indemnified Party’s failure to send or delay in
sending a Claim Notice will not relieve an Indemnifying Party from Liability hereunder with respect to such Claim except to the
extent and only to the extent the Indemnifying Party is materially prejudiced by such failure or delay.

 

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6.5 Limitations
on Indemnification.

 

(a) Except
for claims for indemnification arising out of (i) the Seller’s Retained Liabilities or Excluded Assets, (ii) the Seller’s
breach of Sections 5.2(a) and 5.2(b), (iii) the Purchaser’s breach of Section 5.1(a), or (iv) the Seller’s
or Purchaser’s willful, fraudulent, or intentional misrepresentation, each of which shall survive the Closing through the
period that ends 60 days after all statutes of limitation applicable to the underlying claim(s), any other claims for indemnification
by the Seller or the Purchaser Indemnitees under this Agreement must be made within 18 months following the Closing.

 

(b) The
representations, warranties and covenants that are the subject of a claim shall survive until the claim is finally determined.

 

(c) The
aggregate amount of all Losses for which the Seller and Shareholder shall be liable pursuant to Section 6.2 shall not exceed
$2,500,000.00 (the “Cap”). The Cap shall not apply to Losses related to the Seller’s or the Shareholder’s
fraud, Tax, or Section 6.2(a)(iii).

 

6.6 Calculation,
Timing, Manner and Characterization of Indemnification Payments.

 

(a) Payments
of all amounts owing by an Indemnifying Party other than as a result of a Third-Party Claim will be made within 15 Business
Days after the later of (i) the date the Indemnifying Party is deemed liable therefor pursuant to this Section 6 or
(ii) if disputed, the date of the adjudication of the Indemnifying Party’s Liability to the Indemnified Party under this
Agreement.

 

(b) Payments
of all amounts owing by an Indemnifying Party as a result of a Third-Party Claim will be made as and when Losses with respect thereto
are incurred by the Indemnified Party and within 15 Business Days after the Indemnified Party makes demand therefor to the
Indemnifying Party.

 

(c) Notwithstanding
the foregoing, the Purchaser acknowledges and agrees that it shall first offset any indemnification obligations of the Seller,
so agreed or finally adjudicated arising under this Section 6, against the Indemnification Escrow Amount. To the extent
the remaining balance of the Indemnification Escrow Amount (after taking into account prior offsets or any releases of any portion
of the Indemnification Escrow Amount pursuant to Section 6.2(d)) is less than any amounts to which the Purchaser is entitled
to indemnification, the Seller shall remain liable for the balance of any amounts owed pursuant to such indemnification obligations
and shall satisfy them in accordance with this Section 6.5.

 

6.7 Third-Party
Claims.

 

(a) In
the event of the assertion of any Third-Party Claim, the Indemnifying Party, at its option, may assume (with legal counsel reasonably
acceptable to the Indemnified Party) at its sole cost and expense the defense of such Third-Party Claim if it acknowledges to the
Indemnified Party in writing its obligations to indemnify the Indemnified Party with respect to all elements of such Third-Party
Claim and may assert any defense of the Indemnified Party or the Indemnifying Party; provided that the Indemnified Party
will have the right at its own expense to participate jointly with the Indemnifying Party in the defense of any such Third-Party
Claim. Counsel representing both the Indemnifying Party and the Indemnified Party must acknowledge in writing its obligation to
act as counsel for all parties being represented and must acknowledge and respect separate attorney-client privileges with respect
to each party represented. If the Indemnifying Party elects to undertake the defense of any Third-Party Claim under this Agreement,
the Indemnified Party will cooperate with the Indemnifying Party in the defense or settlement of the Third-Party Claim, including
providing access to information, making documents available for inspection and copying, and making employees available for interviews,
depositions and trial, in each case, at the Indemnifying Party’s expense. The Indemnifying Party will not be entitled to
settle any Third-Party Claim without the prior written consent of the Indemnified Party, which consent will not be unreasonably
withheld or delayed.

 

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(b) If
the Indemnifying Party, by the 30th day after receipt of notice of any Third-Party Claim (or, if earlier, by
the 10th day preceding the day on which an answer or other pleading must be served in order to prevent Judgment
by default in favor of the Person asserting such Third-Party Claim) does not assume actively and in good faith the defense of any
such Third-Party Claim or action resulting therefrom, the Indemnified Party may, at the Indemnifying Party’s expense, defend
against such Claim or litigation, after giving notice of the same to the Indemnifying Party, on such terms as the Indemnified Party
may deem appropriate, and the Indemnifying Party will be entitled to participate in (but not control) the defense of such action,
with its counsel and at its own expense. The Indemnified Party will not settle or compromise any Third-Party Claim for which it
is entitled to indemnification under this Agreement, without the prior written consent of the Indemnifying Party, which consent
will not be unreasonably withheld or delayed.

 

(c) Notwithstanding
anything in this Section 6.6 to the contrary, the Purchaser will in all cases be entitled to control the defense of a Third-Party
Claim if the Purchaser reasonably believes (i) such Third-Party Claim could result in Liabilities which, taken together with other
then outstanding Claims by the Purchaser under this Agreement, could exceed the remaining potential Losses payable by the Seller
under this Agreement or the amount that the Purchaser believes it will be able to collect from the Seller under this Agreement
or (ii) such Third-Party Claim could adversely affect in any material respect the Purchaser or its Affiliates (other than as a
result of money damages) or if injunctive or other non-monetary relief has been sought against the Purchaser or its Affiliates.

 

6.8 Exclusive Remedy.
In the absence of fraud or criminal conduct, the indemnification provisions in this Section 6 will be the sole and exclusive
remedy and recourse for any breach of this Agreement by the Purchaser and Seller, except as expressly provided in this Agreement.
In addition, any Party will be entitled to seek specific performance against any other Party in accordance with this Agreement.

 

6.9 Materiality.
For purposes of determining the amount of Losses that are the subject matter of a Claim for indemnification or reimbursement hereunder
(but not for purposes of determining whether any such item had been breached), each such representation or warranty shall be read
without regard and without giving effect to the term “material” or “materiality” or similar phrases contained
in such representation or warranty.

 

6.10 Treatment.
Any indemnity payments made under this Agreement will be treated for all U.S. federal income Tax purposes as an adjustment to the
aggregate Purchase Price, unless otherwise required by any applicable Legal Requirement.

 

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		7.	OTHER AGREEMENTS

 

7.1 Covenants of the Seller. On and after
the Effective Date and until the Closing Date:

 

(a) Continuing
Operation of Business. The Seller will (i) carry on the Business in the ordinary course consistent with past practices, shall
not engage in any transaction or activity or enter into any Contract or make any commitment except in the ordinary course consistent
with past practices, (ii) comply with all Applicable Laws, (iii) file all required tax returns and pay all required Taxes, (iv)
maintain or cause to be maintained in full force and effect fire, property damage, and extended coverage insurance in the amount
of the full replacement cost of the Purchased Assets under the Seller’s blanket insurance policy or policies, (v) use its
commercial best efforts to preserve and promote the Business and preserve intact the reputation of the Business and the Seller’s
relationship with Employees, customers, and vendors, (vi) maintain all of the Purchased Assets (including all buildings,
structures and improvements on the Dealership Premises) in good operating condition and repair, ordinary wear and tear excepted,
and make any necessary repairs, and (vii) not take or permit any act or omission to act which would have a Materially Adverse
Change to the Business.

 

(b) Internal
Operating Statements. The Seller will furnish to the Purchaser within 15 days after the end of each month a statement
of income and a balance sheet as of the end of such month with respect to the Business, all of which shall be prepared in accordance
with the Manufacturer’s accounting standards.

 

(c) Books
and Records. The Seller will maintain books, accounts and records relating to the Business in the ordinary course consistent
with past practices.

 

(d) Negative
Covenants of the Seller. After the Effective Date and without the consent of the Purchaser, the Seller will not with
respect to the Business:

 

(i) enter
into any employment, collective bargaining or professional services Contract;

 

(ii) change
employment terms, including with respect to wages, salary or bonuses, or institute or modify any benefit plans or programs, except
in the ordinary course consistent in all material respects with past practices;

 

(iii)
make any material change in management personnel;

 

(iv)
enter into any new, or amend or terminate any Assumed Contract;

 

(v) take
or omit to take any action which would cause a material breach of any Assumed Contract;

 

(vi)
implement any operation decision(s) of a material nature relating to the Business; or

 

(vii)
make any change in the “dealer agreement” (or any equivalent Contract with the Manufacturer).

 

Except as set forth in Schedule 7.1(d),
none of the foregoing has occurred between January 1, 2020 and the Effective Date.

 

(e) Parts
Return. Upon the satisfaction of the Manufacturer’s approval condition in Section 4.2(d), if the Seller has any
Parts return privileges or allowances that are not assignable, then the Seller shall initiate a Parts return (designating for return
Parts selected by the Purchaser) prior to the Closing Date, with the intent of exhausting any such non-assignable outstanding return
privileges or allowances.

 

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(f) Dealer
Trades. From the Effective Date through the Closing Date, the Seller agrees not to transfer any of its New Vehicle inventory
to any new vehicle dealer unless the Seller receives in trade for placement in its New Vehicle inventory a replacement New Vehicle
of like kind and quality and in a model and trim that the Seller has sold in the 3-month period prior to the Effective Date.

 

(g) Damage
Disclosure. At Closing, the Seller agrees to inform the Purchaser as to whether or not any of the motor vehicle inventory sold
to the Purchaser hereunder is known by the Seller to have incurred damages, and will provide repair records for such vehicles.

 

(h) No
Interference. The Seller shall not to take any action that is designed or intended to have the effect of discouraging any lessor,
licensor, customer, supplier, Employee, or other business associate of the Business, or the Seller, from maintaining the same business
relationships with the Business and the Purchaser after the Closing Date as they maintained with the Business and the Seller prior
to the Closing. The Seller will refer all customer inquiries relating to the Business to the Purchaser from and after the Closing
Date.

 

(i) Changes
in Warranties, Representations and Schedules. The Seller (i) shall not take or permit any action or omit to take any
action which would cause any of the representations and warranties of the Seller contained in this Agreement or the Other Agreements
become untrue, and (ii) shall promptly notify the Purchaser, in accordance with Section 7.4(b), of any changes to the Seller’s
warranties and representations contained herein.

 

7.2 Third
Party Consents.

 

(a) Each
Party shall cooperate in good faith and shall use its respective reasonable best efforts to obtain any Consents required under
this Agreement.

 

(b) Within
2 Business Days after the Effective Date, the Seller shall deliver a notice on the Seller’s letterhead, addressed
to the Manufacturer, and prepared in accordance with Applicable Law, expressing the Seller’s desire to consummate the Transaction
and otherwise obtain the Manufacturer’s consent to the Transaction and appointment of the Purchaser as an authorized dealer
in the Manufacturer’s products at the Dealership Premises. Such notice shall include a request that the Manufacturer provide
to the Seller and the Purchaser any forms or applications necessary to achieve the Transaction. The Seller will provide any and
all information and assistance reasonably necessary to assist the Purchaser in its application to the Manufacturer.

 

7.3 Employees
of the Seller; Employee Benefits; Payroll Tax Related Matters.

 

(a) Within
3 Business Days after the Effective Date, the Seller shall provide to the Purchaser:

 

(i) a
complete and correct list of the names, job title, and current salary, bonus and commission arrangements, written or unwritten,
for each Employee of the Seller working at or for the Business; and

 

(ii) true
and correct copies of each employment/bonus/commission agreement, plan or arrangement described on Schedule 5.2(f).

 

(b) On
the Closing Date, the Seller shall, with respect to all such Employees, terminate the employment of all of its Employees working
at or for the Business, and shall fully pay and satisfy all outstanding Liabilities of the Seller for wages and other compensation,
including any unused vacation, sick leave, or paid time-off benefits (even if not specifically accrued for by the Seller), or bonuses,
in whole or part, even though a partial month of business has only occurred prior to the Closing Date. Nothing in this Agreement
is intended to confer upon any Employee any rights or remedies, including, any rights of employment of any nature or kind whatsoever.

 

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(c) The
Seller shall after the Closing Date, in accordance with Applicable Law, terminate or take all appropriate action in connection
with Employee Benefit Plans, if any, that are applicable to the Seller and/or Employees. The Seller acknowledges that the Purchaser
shall have no responsibility or liability or obligation of any nature under any Employee Benefit Plans to any person, firm
or corporation whatsoever; it being understood and agreed that if any Applicable Law provides that the Purchaser is or will be
liable for any liability or obligation under any Employee Benefit Plans despite the Seller’s contractual liability for such
liability or obligation hereunder, and the Seller fails to pay or perform such liability or obligation within 5 Business Days
of the Purchaser’s written demand, then any and all such amounts may be subject to indemnification in accordance with Section
6.

 

(d) The
Seller, or, where appropriate, the Seller’s health and welfare benefit plans that are “group health plans,” shall
retain liability for and shall 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) arising
out of a “qualifying event” prior to 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. The Parties acknowledge that, after giving effect to the actions
to be taken at the Closing, the Seller will not have any employees and will not maintain any health and welfare benefit plans after
the Closing Date. No later than 10 Days prior to the Closing Date, the Seller shall provide the Purchaser with a list of
all individuals to whom the Seller is as of that date liable to provide access to COBRA benefits as well as those employees who
have terminated their employment with the Seller prior to Closing and may still apply for COBRA benefits. In accordance with Treasury
Regulation Section 54.4980B9 Q&A-8, as of the Closing Date (or, if later, the date on which the Seller ceases to offer any
group health plan coverage), the Purchaser, or its health and welfare benefit plans that are “group health plans,”
will assume the Seller’s post-Closing non-default liability to provide the Business’s “merger and
acquisition qualified beneficiaries” (as that term is defined under COBRA, which includes qualified beneficiaries whose COBRA
qualifying event occurred before or in connection with the sale and who is, or whose COBRA qualifying event occurred in connection
with a covered employee whose last employment before the COBRA qualifying event was, associated with assets being sold) access
to continuing health insurance coverage required under COBRA (at such “beneficiaries’” cost), as
well as providing applicable employee notices required under COBRA, and the Seller shall provide to the Purchaser sufficient employee
information to enable the Purchaser to carry out such obligations.

 

(e) Upon
the Parties’ receipt of the Manufacturer’s written approval of the Transaction and agreement to appoint the Purchaser
as an authorized dealer in the Manufacturer’s products, the Purchaser may begin to interview the Employees for purposes of
considering whether and on what terms to offer employment to them effective as of the Closing Date, in accordance with the Purchaser’s
hiring practices and requirements. It is the intention of the Purchaser, and the Seller hereby acknowledges such intention, that
any Employees that the Purchaser hires will be new employees of the Purchaser as of the Closing Date or the date of hire, whichever
is later. Such new employees shall only be entitled to such compensation and employee benefits as are agreed to by such employees
and the Purchaser, or as are otherwise provided by the Purchaser, in its sole discretion. As a condition to the Purchaser’s
discretion in hiring Employees, the Purchaser shall ensure that it shall hire a sufficient number of the Employees so that the
WARN will not apply to the Transaction.

 

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(f) If
requested by the Purchaser, the Seller agrees to provide reasonable assistance to the Purchaser in the latter’s efforts to
be restated as a successor employer for employment tax purposes with respect to the Employees hired by the Purchaser, including
the annual wage limitation for FICA tax, and to meet the requirements of Revenue Procedure 2004-53, Section 4, Standard Procedure,
for federal payroll tax purposes. The Purchaser agrees to perform the obligations imposed upon it under such Revenue Procedure,
together with such requirements as may be imposed by FICA. If requested by the Purchaser, the Seller shall execute all documents
reasonably necessary to allow the Purchaser to benefit from and take advantage of the payroll tax withholding and deductions of
the Seller for the current Tax year, as may be allowed by the Internal Revenue Service and/or state agencies.

 

7.4 Schedule
Delivery.

 

(a) All
schedules to this Agreement (each a “Schedule,” and collectively, the “Schedules”) shall
be arranged in paragraphs corresponding to the lettered and numbered paragraphs contained in this Agreement and delivered by the
Seller on or before the 5th Business Day after the Effective Date (the “Schedule Due Date”),
along with a signed certificate from the Seller that the Schedules so delivered are complete (the “Schedule Certificate”).
Without limiting the foregoing, each Schedule shall identify with particularity and describe in relevant detail all relevant facts
to be described in such Schedules; the mere listing of (or inclusion of a copy) of a document or other item shall not be deemed
adequate to disclose an exception to a representation or warranty made by the Seller herein unless the representation or warranty
has to do with the existence of the document or other item itself.

 

(b) Notwithstanding
anything herein to the contrary, the Seller shall have the ability to update the Schedules attached hereto within 5 days
of learning of a fact that would cause a change to any of the Schedules, with an updated Schedule Certificate attached thereto.
The Seller shall disclose to the Purchaser in writing promptly upon discovery thereof (the “Updated Disclosures”)
any material variances from the representations and warranties contained in Section 5.2 and/or any information necessary
or appropriate to make such representations and warranties true and correct as of such date. None of the foregoing supplemental
disclosures shall limit or otherwise affect the remedies available to the Purchaser hereunder; provided, that if such Updated
Disclosures (i) were not required to be disclosed to make the representations and warranties true and correct in all material respects
as of the Effective Date, (ii) disclose underlying events that occurred and circumstances that arose exclusively between the Effective
Date and the Closing, and are delivered to the Purchaser at least 5 Business Days prior to the Closing Date (any disclosure
meeting the requirements of clauses (i) and (ii) a “Qualifying Updated Disclosure”), then such
Qualifying Updated Disclosure(s) shall amend and supplement the representations and warranties in Section 5.2 as of the
Closing Date for purposes of indemnification under Section 6.2 hereunder but not for purposes of determining whether the
conditions set forth in Section 4.2(a) have been satisfied, if the Purchaser gives a written termination notice within 10
Business Days after its receipt of such Qualifying Updated Disclosures and such termination is based on the failure to satisfy
the conditions set forth in Section 4.2(a) as a result of the contents of such Qualifying Updated Disclosures.

 

7.5 Due
Diligence Inspections.

 

(a) The
Purchaser shall have 60 days from the later of (i) the Effective Date, or (ii) the date on which the Schedule Certificate
is delivered by the Seller in accordance with Section 7.4 above (the “Due Diligence Period”) to complete
to its satisfaction due diligence regarding the Business and the Dealership Assets, including obtaining such reports and studies
as the Purchaser deems appropriate. The Parties agree that the Due Diligence Period shall be extended, as applicable, so that the
Purchaser shall have not less than 10 Business Days to review the Audited Financial Statements after receipt by the Purchaser.
The Purchaser may conduct due diligence regarding the Business, including obtaining such reports and studies as the Purchaser deems
appropriate. The Seller agrees to provide to the Purchaser and Purchaser’s representatives reasonable access to the books,
records, reports, information and facilities of the Dealership, and will make the officers, comptroller, accountants and attorneys
of the Seller available at reasonable times to discuss with the Purchaser and Purchaser’s representatives such aspects of
the Business as the Purchaser may wish.

 

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(b) The
Purchaser may, at Purchaser’s expense, commission the services of a qualified geotechnical and environmental consultant (hereinafter
referred to as the “Engineer”) to conduct a “Phase I Environmental Site Assessment” (a “Phase
I”) upon the Dealership Premises to identify any “recognized environmental conditions” and to determine whether
the Dealership Premises are in substantial compliance with applicable Environmental Laws, in general accordance with standards
recommended by the American Society for Testing and Materials -- ASTM E1527-13 “Standard Practice for Environmental
Site Assessments: Phase I Environmental Site Assessment Process.” The Purchaser will provide the Seller a copy of the Engineer’s
Phase I report(s). All access to the Dealership Premises must be arranged and scheduled with Myron Bernard (at his contact information
on first page hereof), so that the Seller, or its representative, is present or available at the time of inspection. The Purchaser
shall have no obligation to indemnify the Seller with respect to the presence of any Hazardous Substances discovered during the
Purchaser’s due diligence nor shall the Purchaser have any obligation to engage in the remediation of the Dealership Premises
with respect to such Hazardous Substances.

 

(c) Should
the Purchaser be dissatisfied with its inspections during the Due Diligence Period, it may terminate the Asset Purchase Agreement
under Section 8.1(f), and thereafter the Purchaser’s right to inspect or to receive data and information shall terminate.

 

(d) No
investigation made by, nor any disclosure made prior to or after the Effective Date by, the Purchaser on the one hand, or by the
Seller, on the other hand, shall affect the enforceability of, or the remedies available under this Agreement with respect to,
any such representations, warranties, covenants, agreements or undertakings or their survival.

 

(e) After
Manufacturer approval and prior to the Closing Date, the Seller agrees to afford the Purchaser and its agents, attorneys, accountants
and representatives such access to the Dealership Premises, business records and properties of the Seller, and shall furnish to
the Purchaser such information concerning the Business, as the Purchaser shall reasonably deem necessary or desirable for the purpose
of enabling the Purchaser to prepare for Closing, including preparation of closing inventory schedules. The Seller will make its
appropriate officers, employees and representatives available to the Purchaser at all reasonable times for the purpose of assisting,
in all reasonable respects, the Purchaser with Closing preparations.

 

7.6 Confidentiality.

 

(a) Except
as may be required by law or legal process, the Purchaser agrees that any confidential information received in due diligence will
be kept confidential by the Purchaser and its representatives and will not be disclosed by the Purchaser to any Person except the
Manufacturer, the Purchaser’s attorneys, accountants, representatives, financial sources, engineers, etc., or otherwise with
the specific prior written consent of the Seller. The foregoing obligations and restrictions shall not apply to that part of the
Seller’s information that (a) was or becomes generally available to the public other than as a result of a disclosure by
the Purchaser, or (b) was available, or becomes available, to the Purchaser on a non-confidential basis prior to its disclosure
to the Purchaser by the Seller. Notwithstanding anything herein to the contrary, the Purchaser may provide notice of this Transaction
to the United States Securities and Exchange Commission by filing of a copy of this Agreement.

 

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(b) The
Parties also agree that the terms and conditions of this Agreement, the Transaction, and the fact the Transaction exists, are to
remain confidential. Neither the Seller nor the Purchaser will issue or approve a news release or other announcement of the Transaction
without the prior approval of the other as to the contents of the announcement and its release, which approval will not be unreasonably
withheld, delayed or conditioned. Notwithstanding the foregoing, the fact the Transaction exists may be disclosed after the Effective
Date by the Seller to its vendors and by the Purchaser to Seller’s employees and contractors, with the prior written approval
of the other. Furthermore, nothing in this Section 7.6 shall be construed to prohibit the Purchaser or the Purchaser’s
Affiliates from applying for, and publishing in the local or regional newspaper as required by Tennessee law, fictitious names
for the operation of the Business post-Closing, and the Purchaser shall not be required to obtain the Seller’s permission
to make such applications and publications.

 

7.7 Expenses.

 

(a) General.
Except as may otherwise be provided in Section 9.12, whether or not the Transaction is consummated, each Party shall bear
its own costs and expenses incurred in connection with the negotiation, drafting and execution of this Agreement. Except as otherwise
set forth below or elsewhere in this Agreement, each Party shall bear its own costs and expenses of consummating the Transaction.

 

(b) Specific.
Notwithstanding the foregoing:

 

(i) The
Seller shall pay all costs, expenses and fees to release and discharge any Encumbrances on the Purchased Assets (other than Permitted
Encumbrances), all federal and state Taxes due or payable by Seller in connection with the Transaction, and 1⁄2 of the fees,
costs, and expenses of the Parts Inventory.

 

(ii)
The Purchaser shall pay all costs, expenses and fees related to its due diligence and financing, and 1⁄2 of the fees, costs,
and expenses of the Parts Inventory.

 

7.8 Pre-Closing
Access. The Seller shall afford to the Purchaser and its employees and subcontractors, on reasonable prior notice, reasonable
access before Closing to the Dealership Premises for the purpose of installing communications lines (” New Communications
Lines”) which in the Purchaser’s reasonable judgment are necessary to allow the Purchaser, immediately after Closing,
to connect those premises and the computer systems, telephone systems, networks and data bases in them to the Purchaser’s
computer systems, telephone systems, networks and data bases; provided, however, that the Purchaser shall not use the New Communications
Lines before the Closing, other than for testing purposes, without the Seller’s consent. If this Agreement is terminated
for any reason, the Purchaser shall undertake to promptly, but in no event later than 30 days after such termination, remove
the New Communications Lines. The Purchaser’s installation and, if applicable, removal of the New Communications Lines shall
be done in a manner that does not unreasonably interfere with the Seller’s operation of the Business and that does not damage
the Dealership Premises. At least 1 week before the anticipated Closing Date, the Seller shall provide the Purchaser with
digital access to the Seller’s vehicle inventory. The Purchaser may also arrange for the Seller’s employees to attend
DMS and other training prior to Closing so long as such training does not materially interfere with such employee’s work
duties to the Seller.

 

7.9 Records.
The Seller agrees to deliver to the Purchaser on the Closing Date the Records in a format that meets the Purchaser’s reasonable
requests. To the extent the Records are in a digital form, the Purchaser and the Seller acknowledge and understand that the transfer
of a copy of a digital form of the Records involves a joint and collaborative effort of the Parties along with the Seller’s
DMS vendor and requires the cooperation of the Parties and the vendor. The Seller agrees to contact its DMS vendor and arrange
for the transfer of a copy of its Records that are in digital form on its DMS to the Purchaser on or before the Closing, either
through the creation of a separate sign-on and creation of a mirror store on the Seller’s DMS or transfer of a copy of the
Records to a location of the Purchaser’s choice, it being contemplated that the Purchaser shall have all necessary access
to these Records immediately after the Closing. Should the Purchaser obtain access to the Records prior to the Closing, the Purchaser
shall hold the Records subject to Section 7.6. In the event the Transaction does not close, any Records in the Purchaser’s
possession or control shall be destroyed and the Purchaser shall be enjoined from using the Records for its or any of its Affiliates’
benefit. The Parties agree to equally share in the expense of creating a mirror store and separate sign-on on the Seller’s
DMS.

 

    37

     

    

 

7.10 No Negotiations
or Discussions. Until the Closing Date, the Seller and the Shareholder shall deal exclusively with the Purchaser regarding
the sale of the Purchased Assets. In order to avoid any possible interference with or frustration of this Transaction, neither
the Seller nor the Shareholder shall, directly or indirectly (including any agent or designee, or use of the services of a third
party), at any time on or prior to the Closing Date, pursue, initiate, encourage or engage in any negotiations or discussions with,
or provide any information to, any person or entity (other than the Purchaser and its representatives and Affiliates) regarding
the sale or possible sale to any such person or entity of all or any of the Purchased Assets, Dealership Premises or stock of the
Seller or any merger, consolidation, joint venture, management agreement, or any other transaction of any nature with the Seller
or the Shareholder, which would hinder or frustrate the Purchaser from closing in accordance with the terms of this Agreement (a
“Prohibited Discussion”). If any person or entity other than the Purchaser makes inquiry of the Seller or the
Shareholder of any matter which could involve a Prohibited Discussion, then the Seller or the Shareholder (as the case may be)
shall inform the Purchaser in writing and inform such person or entity of the existence of this Agreement, and that any Prohibited
Discussion would constitute a violation of this Agreement.

 

7.11 Unemployment
Rate Factor; Worker’s Compensation Experience Factor.

 

(a) The
Purchaser, at its election, may utilize the Seller’s State of Tennessee unemployment rate factor to the extent allowed under
law. The Seller agrees to assist and cooperate with the Purchaser in such efforts.

 

(b) The
Purchaser, at its election, may utilize the Seller’s worker’s compensation experience factor to the extent allowed
under Tennessee law. The Seller agrees to assist and cooperate with the Purchaser in such efforts.

 

7.12 PPP
Loan.

 

(a) If
the Seller received a PPP Loan, the Seller shall complete the Paycheck Protection Program Loan Forgiveness Application (OMB Control
Number 3245-0407) and file same with the lender servicing the PPP Loan (the “PPP Lender”) within 30 days
of the Effective Date.

 

(b) If,
by the Closing Date, the Seller does not receive formal, written notification from the SBA or the PPP Lender stating that the Seller’s
PPP Loan is fully or partially forgiven, the Purchase Price shall be reduced by an amount equal to 20% of the outstanding
principal balance on the PPP Loan (the “PPP Escrow Amount”). At the Closing, the Purchaser shall deliver to
the Escrow Agent an amount equal to the PPP Escrow Amount, to be held in accordance with the form of escrow agreement (the “PPP
Escrow Agreement”) attached hereto as Exhibit F.

 

(c) If
the PPP Loan has been forgiven, partially or fully, prior to the Closing Date, the Seller will provide the Purchaser with written
evidence of such forgiveness. If the PPP Loan is just partially forgiven, then prior to the Closing Date, the Seller shall make
payments on the unforgiven portion as required by Applicable Law and/or the PPP Loan documents. At the Closing, the Escrow Agent,
using the Seller’s closing proceeds, shall pay off the unpaid portion of any partially forgiven PPP Loan.

 

    38

     

    

 

		8.	TERMINATION AND ABANDONMENT; DEPOSIT

 

8.1 Termination and Abandonment.
This Agreement may be terminated at any time prior to the Closing:

 

(a) by
mutual agreement of the Seller and the Purchaser; or

 

(b) by
the Purchaser by Notice to the Seller, if the conditions set forth in Section 4.2 have not been satisfied or the deliveries
required by Section 4.4 shall not have been complied with and performed, and any such noncompliance or nonperformance shall
not have been cured or eliminated (or by its nature cannot be cured or eliminated) on or before the Cut-Off Date unless such failure
shall be due to the failure of the Purchaser to comply with any of its obligations to be performed or complied with by it prior
to the Closing; or

 

(c) by
the Seller by Notice to the Purchaser, if the conditions set forth in Section 4.3 have not been satisfied or the deliveries
required by Section 4.5 have not been complied with and performed and such noncompliance or nonperformance shall not have
been cured or eliminated (or by its nature cannot be cured or eliminated) on or before the Cut-Off Date, unless such failure shall
be due to the failure of the Seller to comply with any of its obligations to be performed or complied with by it prior to the Closing;
or

 

(d) by
the Purchaser if the Closing has not occurred on or before the Cut-Off Date, or such later date as the Parties may agree upon,
unless the Purchaser is in material breach of or default under this Agreement; or

 

(e) by
the Seller if the Closing has not occurred on or before the Cut-Off Date, or such later date as the Parties may agree upon, unless
the Seller or the Shareholder is in material breach of or default under this Agreement; or

 

(f) by
the Purchaser, by notice within 1 Business Day after the expiration of the Due Diligence Period if the Purchaser is dissatisfied
with its due diligence inspections; or

 

(g) by
either Party, if there shall be a final non-appealable order of a court of competent jurisdiction in effect preventing the Closing;
or

 

(h) by
either Party, if the Manufacturer shall exercise, or purport to exercise, any right of first refusal to purchase all or any material
portion of the Purchased Assets.

 

8.2 Rights
and Obligations on Termination.

 

(a) Except
as otherwise provided in Section 8.2(b) below, if this Agreement is terminated as provided in Section 8.1, this Agreement
shall forthwith become void, the Escrow Agent shall return the Deposit to the Purchaser, and there shall be no liability or obligation
on the part of any Party or their respective officers, directors, partners, members, shareholders, principals, agents or representatives.

 

(b) Notwithstanding
the provisions of Section 8.2(a) above:

 

(i) if
this Agreement is terminated and abandoned pursuant to Section 8.1(c), due to a material breach or material default by the
Purchaser under any of its express or implied covenants and obligations hereunder, then the Seller shall be entitled to: (A) the
Deposit from the Escrow Agent and (B) reimbursement from the Purchaser of the Accountants Fees, not to exceed $150,000.00 as full
payment and liquidated damages, which shall be the Seller’s sole and exclusive remedy.

 

    39

     

    

 

(ii) if
this Agreement is terminated and abandoned pursuant to Section 8.1(b) due to a material breach or material default by the
Seller under any of its express covenants and obligations hereunder, then the Purchaser, at its sole discretion, may seek specific
performance or reimbursement by the Seller and the Shareholder of its reasonable out-of-pocket costs not to exceed $100,000.00.
The Seller agrees that it is estopped from subsequently asserting in any action to enforce the provisions of the covenants contained
herein that the Purchaser has an adequate remedy at law and therefore is not entitled to specific performance or injunctive relief.

 

(c) Notwithstanding
the provisions of Section 8.2(a) above, if the Transaction is terminated under Section 8.1(b) and the Seller is not
in breach of this Agreement, Section 8.1(d), Section 8.1(f), Section 8.1(g), or Section 8.1(h), then
the Seller shall be entitled to reimbursement of the Accountants Fees, not to exceed $150,000.00 (whether from the Escrow
Fund via the Escrow Agent or separate reimbursement form Purchaser).

 

(d) The
Parties acknowledge and agree that the rights and obligations set forth in this Section 8.2 shall not in any way affect
or limit the respective rights and obligations of the Parties that arise out of, and survive, the Closing of the Transaction, including
the provisions of Section 6 above.

 

		9.	MISCELLANEOUS

 

9.1 Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the Parties and their respective heirs, successors and permitted
assigns.

 

9.2 No Waiver.
The waiver by any Party of a breach of any covenant, agreement or undertaking contained herein shall be made only by an instrument
in writing signed by the Party giving such waiver, and no such waiver shall operate or be construed as a waiver of any prior or
subsequent breach of the same covenant, agreement or undertaking. Except as otherwise specifically provided herein, the exercise
of any remedy provided by law or otherwise, and the provisions of this Agreement for any remedy, shall not exclude any other remedy.

 

9.3 Severability.
If any provision of this Agreement shall be held invalid, illegal, or unenforceable, in whole or in part, the validity, legality
and enforceability of the remaining part of such provision, and the validity, legality and enforceability of the other provisions
hereof shall not be affected thereby. Any provision of this Agreement that is held invalid, illegal, or unenforceable in any jurisdiction
shall not be deemed invalid, illegal or unenforceable in any other jurisdiction.

 

9.4 Entire Agreement;
Amendment. This Agreement, together with all exhibits and Schedules hereto constitutes the entire agreement among the Parties
pertaining to the Transaction, and supersedes all prior agreements, understandings, negotiations, and discussions, whether oral
or written, of the Parties. Except as otherwise provided herein, no supplement to, or modification of, this Agreement shall be
binding unless executed in writing by each of the Parties.

 

9.5 Governing Law.
This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Tennessee without
regard to any principles of conflict of laws.

 

    40

     

    

 

9.6 Submission to
Jurisdiction; Jury Trial Waiver. Each of the Parties (a) consents to submit itself to the exclusive personal jurisdiction of
any state or federal court sitting in the State of Tennessee, Greene County, in any Proceeding for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, (b) agrees that all claims
in respect of such action or proceeding may be heard and determined only in any such court, and (c) agrees that it will not attempt
to deny or defeat such personal jurisdiction by motion or other request for leave from any such court. Each of the Parties waives
any defense of inconvenient forum to the maintenance of any proceeding so brought and waives any bond, surety or other security
that might be required of any other Party with respect thereto. Any Party may make service on the other Party by sending or delivering
a copy of the process to the Person to be served at the address and in the manner provided for the giving of Notices in Section
9.9. Nothing in this Section 9.6, however, shall affect the right of any Party to serve legal process in any other manner
permitted by law. EACH PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ALL RIGHTS TO TRIAL BY JURY IN ANY
SUCH PROCEEDING.

 

9.7 Assignability.
Subject to the terms and conditions of this Section 9.7, the Purchaser may assign its rights under this Agreement, in whole
or in part, to any Affiliate of the Purchaser. Except as expressly provided in this Section 9.7, neither this Agreement,
nor any of the rights and obligations arising hereunder, may be assigned by either Party without the prior written consent of the
other Party.

 

9.8 Notices.
All notices, demands and other communications (each, a “Notice”) required or permitted hereunder shall be in
writing (including facsimile), and shall be (a) sent by registered or certified mail, First Class postage attached, (b) sent by
hand or overnight delivery, or (c) sent by electronic mail or facsimile, in each case addressed to the respective Parties at the
addresses first set forth above, or to such other address and to the attention of such other Persons as a Party hereto may specify
from time to time by Notice to the other Parties. Each Notice shall be deemed given and be effective only upon actual receipt (or
refusal of receipt). Copies of any Notices shall be provided as below:

 

If to the Purchaser, then to its Counsel (which copy shall not
constitute notice) to:

 

Bass Sox Mercer

Attention: Robert A. Bass, Esq.

2822 Remington Green Circle

Tallahassee, Florida 32308

Telephone: (850) 878-6404

Email: bassra@dealerlawyer.com

 

If to the Seller or to Shareholder, then to their Counsel (which
copy shall not constitute notice) to:

 

Burr & Forman, LLP

Attention: James M. McCarten

171 17th Street, NW, Suite 1100

Atlanta, Georgia 30363

Telephone: 404-532-7236

Email: jim.mccarten@burr.com

 

9.9 Counterparts;
Effective Date; Facsimile Copies. This Agreement may be executed in any number of counterparts, each of which shall be deemed
to be an original, but all of which shall be deemed to be a single instrument, and shall be effective as of the date when one or
more counterparts have been signed by each of the Parties and delivered to the other Parties. A facsimile copy of this Agreement
and any signatures on any counterpart hereof shall be considered for all purposes as originals.

 

    41

     

    

 

9.10 Time of Essence;
Computation of Time. Time is of the essence with respect to all dates and time periods set forth or referred to in this Agreement
and each of its provisions. Whenever this Agreement requires that something be done within a period of days, such period shall:
(a) not include the day from which such period commences; (b) include the day upon which such period expires; (c) expire at 8:00
p.m. (ET) on the date by which such thing is to be done; or (d) be extended by 2 Business Days if the final day of such
period falls on a Saturday, Sunday, or bank holiday in the state where such thing is to be done.

 

9.11 Agreement Not
Recordable. No Party shall have the right or the authority to file this Agreement or any notice thereof of record in any public
office unless the same is necessary in order to assert, vindicate, enforce, or defend the Party’s rights under this Agreement.

 

9.12 Attorneys’
Fees. Should any Party institute any suit, action or Proceeding in court or otherwise to enforce or interpret this Agreement
by reason of or with respect to an alleged breach of any provision hereof, the prevailing Party shall be entitled to receive from
the non-prevailing Party such amount as the court may judge to be reasonable attorneys’ and paralegals’ fees for the
services rendered to the prevailing Party in such action or Proceeding, plus the prevailing Party’s costs and expenses therein.

 

9.13 Interpretation.
The Parties acknowledge and agree that: (a) each Party and its counsel reviewed and negotiated the terms and provisions of this
Agreement and the Other Agreements and have contributed to their revision; and (b) the rule of construction to the effect that
any ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement and the Other
Agreements. The words “include,” “includes,” “included,” “including,” and “such
as” do not limit the preceding words or terms and shall be deemed to be followed by the words “without limitation”.
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. The section headings contained in this Agreement are solely for the purpose of reference, are
not part of the agreement of the Parties and shall not in any way affect the meaning or interpretation of this Agreement.

 

*****

 

[signatures on following page]

 

    42

     

    

 

IN WITNESS WHEREOF, the Parties have duly
executed this Asset Purchase Agreement on the last date noted below.

 

	PURCHASER:	 	 
	 	 	 
	LMP AUTOMOTIVE HOLDINGS, INC.,	 	 
	a Delaware corporation	 	 
	 	 	 	 
	By:	/s/ Sam Tawfik	 	Dated: August 28, 2020 
	 	Sam Tawfik, CEO	 	 
	 	 	 	 
	SELLER:	 	 
	 	 	 
	BACHMAN-BERNARD CHEVROLET-BUICK-	 	 
	GMC-CADILLAC, INC., a Tennessee corporation	 	 
	 	 	 	 
	By:	/s/ Phillip M. Bachman, Jr.	 	Dated: August 28, 2020
	 	Phillip M. Bachman, Jr.	 	 
	 	 	 	 
	SHAREHOLDER:	 	 
	 	 	 
	PHILIP M. BACHMAN, JR.,	 	 
	 	 	 
	 	 	Dated: August 28, 2020
		 	 	 
	MYRON BERNARD	 	 
	 	 	 	 
	 	 	Dated: August 28, 2020

 

    43

     

    

 

IN WITNESS WHEREOF, the Parties have duly
executed this Asset Purchase Agreement on the last date noted below.

 

	PURCHASER:	 	 
	 	 	 
	LMP AUTOMOTIVE HOLDINGS, INC.,	 	 
	a Delaware corporation	 	 
	 	 	 	 
	By:	/s/ Sam Tawfik	 	Dated: August 28, 2020
	 	Sam Tawfik, CEO	 	 
	 	 	 	 
	SELLER:	 	 
	 	 	 
	BACHMAN-BERNARD CHEVROLET-BUICK-	 	 
	GMC-CADILLAC, INC., a Tennessee corporation	 	 
	 	 	 	 
	By:	/s/ Myron Bernard	 	Dated: August 28, 2020
	 	Myron Bernard, Vice President/Secretary	 	 
	 	 	 	 
	SHAREHOLDER:	 	 
	 	 	 
	PHILIP M. BACHMAN, JR. by Martha M.Bachman

Under Power of Attorney dated August 22, 2012	 	 
	 	 	 
	Philip M. Bachman, JR. by Martha M.Bachman	 	Dated: August 28, 2020
	 	 	 	 
	MYRON BERNARD	 	 
	 	 	 	 
	Myron Bernard	 	Dated: August 28, 2020

 

    44

     

    

 

ACKNOWLEDGMENT
BY ESCROW AGENT

 

The
undersigned, on behalf of First American Title Insurance Company, joins in the execution of this Agreement for the purpose of agreeing
to act as the Escrow Agent hereunder.

 

Date: August 27, 2020

 

	 	FIRST AMERICAN TITLE INSURANCE COMPANY
	 	 	 
	 	By:	/s/ Alicia Otten
	 	Name: 	Alicia Otten
	 	Title:	Sr.
    Escrow Officer

 

The
undersigned Escrow Agent acknowledges receipt of the $250,000.00 earnest money deposit referred to in Section 3.6
of the foregoing Asset Purchase Agreement, and agrees to hold and disburse said funds and all accrued interest thereon in accordance
with the terms of said Agreement.

 

Date:
              , 2020

 

	 	FIRST AMERICAN TITLE INSURANCE COMPANY
	 	 	 
	 	By:	         
	 	Name: 	
	 	Title:	

 

    45

     

    

 

INDEX TO EXHIBITS AND SCHEDULES

 

	Exhibit Letter	 	Description of Exhibit
	 	 	 
	A 	 	Bill of Sale and Assignment and Assumption Agreement
	B 	 	Assignment of Intangible Property
	C 	 	Agreement Regarding IRS Form 8594
	D	 	Non-Competition and Non-Solicitation Agreement
	E 	 	Indemnification Escrow Agreement
	F 	 	PPP Escrow Agreement

 

	Schedule Number	 	Description of Schedule
	 	 	 
	2.1(a) 	 	Fixed Assets
	2.1(f) 	 	Assumed Contracts
	2.1(k) 	 	Email Addresses, PO Boxes, Telephone and Facsimile numbers
	2.3(o) 	 	Excluded Assets
	5.1(c) 	 	Purchaser’s Brokers
	5.2(a) 	 	Consents
	5.2(c) 	 	Title
	5.2(f) 	 	Employees and Employment Matters
	5.2(g) 	 	Exceptions to Financial Statements
	5.2(i) 	 	Condition of the Purchased Assets and the Dealership Premises
	5.2(j)	 	Litigation
	5.2(l)	 	Seller’s Brokers
	5.2(m) 	 	Environmental
	5.2(n) 	 	Manufacturer Communications
	5.2(o) 	 	Manufacturer Audits
	5.2(p)	 	Dealership Marketing Plans
	5.2(q) 	 	Tradenames; Domain Names; URLs
	5.2(s) 	 	GLB Act Compliance
	5.2(v) 	 	Licenses
	5.2(x) 	 	Loans
	7.1(d)	 	Negative Covenants

 

    46

     

    

 

EXHIBIT
A

 

BILL
OF SALE AND ASSIGNMENT AND ASSUMPTION AGREEMENT

 

(see
attached)

 

 

 

 

 

 

 

 

 

 

 

 

    

     

    

 

Exhibit
A

 

BILL
OF SALE AND ASSIGNMENT AND ASSUMPTION AGREEMENT

 

THIS
BILL OF SALE AND ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement”) is executed as of the __________________ day
of ____________________, 2020 (the “Closing Date”), BACHMAN-BERNARD CHEVROLET-BUICK-GMC-CADILLAC, INC., a Tennessee
corporation (the “Seller”), in favor of LMP AUTOMOTIVE HOLDINGS, INC., a Delaware corporation (the “Purchaser,”
and together with the Seller, the “Parties”).

 

This
Agreement is executed and delivered pursuant to that certain Asset Purchase Agreement dated August ____, 2020, by and among
the Seller, the Purchaser, and others (the “Purchase Agreement”), relating to the Seller’s
Chevrolet, Cadillac, Buick, and GMC motor vehicle dealership (the “Business”) located at 3365 East Andrew
Johnson Highway, Greenville, Tennessee 37745 (the “Dealership Premises”).

 

Capitalized
terms not otherwise defined herein shall have the meaning ascribed thereto in the Purchase Agreement.

 

KNOW
ALL MEN BY THESE PRESENTS:

 

1. CONVEYANCE.
Pursuant to the Purchase Agreement and in consideration of the receipt of Ten Dollars ($10.00) in hand paid by the Purchaser to
the Seller, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Seller
hereby sells, transfers, sets over and assigns to the Purchaser all of the Seller’s right, title and interest in and to
the assets described in Exhibit A attached hereto and made a part hereof (collectively, the “Purchased
Assets”), to have and to hold the same unto the Purchaser forever, free and clear of all Encumbrances (other than Permitted
Encumbrances). The Seller shall, however, retain and not sell to the Purchaser, all assets not included in the enumeration of
the Purchased Assets, including, without limitation, the items described in Exhibit B attached hereto and made a
part hereof (collectively, the “Excluded Assets”).

 

2. WARRANTY
OF TITLE. The Seller warrants that it is the lawful owner of the Purchased Assets, it possesses good and valid title to sell,
transfer, convey and deliver the Purchased Assets described in this Bill of Sale to the Purchaser, free and clear of any and all
Encumbrances whatsoever (other than Permitted Encumbrances), and the Seller covenants and agrees to defend the title vested in
the Purchaser under this Bill of Sale.

 

3. FURTHER
ASSURANCES. The Seller agrees that, at any time and from time to time after the Closing Date, it will upon request of the
Purchaser and at the Purchaser’s sole cost, duly execute, acknowledge and deliver, or will cause to be done, executed, acknowledged
and delivered, all such further acts, bills of sale, assignments, transfers, powers of attorney or assurances as may be reasonably
required to assign, transfer, convey and confirm to the Purchaser title to any of the Purchased Assets.

 

4. ASSIGNMENT
AND ASSUMPTION. The Seller does hereby sell, transfer, set over and assign unto the Purchaser all of the Seller's rights and
privileges in and to the liabilities and obligations described in Exhibit C attached hereto (collectively, the “Assumed
Liabilities”).

 

The
Purchaser hereby accepts the foregoing assignment of the Assumed Liabilities as defined in the Purchase Agreement and assumes,
covenants and agrees to fully and faithfully perform and discharge each and every covenant, duty, obligation, liability and term
on the part of the Seller to be performed in connection with the Assumed Liabilities relating to periods from and after the Closing
Date, to the extent, and only to the extent, such obligations first accrue and are required to be performed subsequent to the
Closing Date (provided that such obligations did not arise as a result of a breach by the Seller of any contract on or prior to
the Closing Date or a breach of the Seller’s representations, warranties, covenants and agreements under the Purchase Agreement).

 

    A-1

     

    

 

Exhibit
A

 

Except
for the Assumed Liabilities expressly set forth in Exhibit C, the Purchaser shall not assume, or in any way be responsible
or liable for, any Retained Liabilities. “Retained Liabilities” shall mean each and every Liability of the
Seller, other than the Assumed Liabilities, including (i) any Liabilities of the Seller arising out of the operation of the Business
prior to the Closing Date, (ii) conditions existing or alleged to have existed or any acts or omissions occurring or alleged to
have occurred at the Dealership Premises prior to the Closing Date, including any Liabilities described in the Purchase Agreement
or the Schedules attached thereto, (iii) any Liabilities attributable to violations of any Applicable Law, (iv) any pending or
threatened Proceeding against the Seller, and (v) chargebacks from the cancellation/termination of finance or insurance products
on vehicles sold by the Seller prior to the Closing Date.

 

Without
limitation of the foregoing, it is specifically understood and agreed between the Parties that the Purchaser shall not be responsible
for any express or implied warranties given by the Seller to customers prior to the Closing Date. Further, should any customer
make a claim upon any warranty given by the Seller or for defective vehicle repair by the Seller prior to the Closing Date, then,
in that event, the Purchaser at its option may adjust any such minor item as it so desires, at the Seller’s expense, and
on any major item shall notify the Seller and, upon the Seller’s approval, shall repair said item at the Seller’s
expense. Any major item shall be defined as any item at cost to the Purchaser in excess of $250.00.

 

5. BINDING
EFFECT. The terms, covenants, and agreements herein contained shall be binding upon, and inure to the benefit of, the Parties
and their respective successors and assigns.

 

6. GOVERNING
LAW. This Agreement shall be construed in accordance with and shall be governed by the laws of the State of Tennessee. The
Parties agree that the state or federal courts in and for Greene County, Tennessee are the proper venue and exclusive jurisdiction
for any disputes hereunder. THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY.

 

7. COUNTERPARTS.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which
shall be deemed to be a single instrument. Facsimile and/or electronic copies of this Agreement and any signatures on any counterpart
hereof shall be considered for all purposes as originals.

 

8. INCONSISTENCIES.
If there is any conflict or inconsistency between the terms of this Bill of Sale and the Purchase Agreement, the terms of the
Purchase Agreement shall govern and control.

 

9. AMENDMENTS.
This Agreement may be amended only by a written agreement executed by the Parties. No waiver granted shall be deemed effective
unless in writing and executed by the party against whom enforcement of the waiver is sought.

 

 10. CLOSING DATE. This Agreement shall be effective as of the Closing Date.

 

[signatures
on following page]

 

    A-2

     

    

 

Exhibit
A

 

IN
WITNESS WHEREOF, the Parties have caused this Bill of Sale and Assignment and Assumption Agreement to be signed and sealed by
their respective duly authorized representatives on the date first set forth above.

 

	 	SELLER:
	 	 
	 	BACHMAN-BERNARD CHEVROLET-
	 	BUICK-GMC-CADILLAC,
    INC.,
	 	a Tennessee corporation
	 	 
	 	By: 	              
	 	 	Myron Bernard, Vice President/Secretary
	 	 
	 	PURCHASER:
	 	 
	 	LMP AUTOMOTIVE HOLDINGS,
    INC.,
	 	a Delaware corporation
	 	 
	 	By: 	
	 	 	Sam Tawfik, CEO

 

    A-3

     

    

 

Exhibit
A

 

EXHIBIT
A

BILL
OF SALE AND ASSIGNMENT AND ASSUMPTION AGREEMENT

 

Purchased
Assets

 

		●	All
of the Seller’s furniture, fixtures, signs, product marketing displays, office equipment and computers, company vehicles,
machinery and shop equipment, parts equipment, special tools, lifts, hybrid charging stations and related equipment, removable
compressors, shop tools, company vehicles, and other items of tangible personal property owned and used by the Seller in the operation
of the Business, including those items listed on the Seller’s depreciation schedules and on Schedule 1 attached
hereto (the “Fixed Assets”);

 

		●	The
Seller’s New Vehicles, Demos, and Qualified Service Loaners listed on Schedule 2 attached hereto;

 

		●	The
Seller’s Used Vehicles listed on Schedule 3 attached hereto;

 

		●	The
Seller’s assignable rights and privileges under (i) the Contracts identified on Schedule 4 attached hereto
(the “Assumed Contracts”) and (ii) other Assumed Liabilities;

 

		●	All
of the Manufacturer Parts Inventory and Miscellaneous Inventory, all as summarized on Schedule 5 attached hereto;

 

		●	All
of the Seller’s sublet repairs and work in process repairs, as listed on Schedule 6 attached hereto (“WIP”);

 

		●	The
Seller’s return privileges, if any, concerning the Manufacturer Parts;

 

		●	The
Seller’s assignable rights to its email addresses, PO Boxes, telephone and facsimile numbers (local and toll-free), as listed
on Schedule 7 attached hereto;

 

		●	To
the extent transferable, all Licenses;

 

		●	All
assignable rights of the Seller relating to deposits and prepaid expenses, claims for refunds and rights to offset in respect
thereof;

 

		●	All
of the Seller’s offices supplies, janitorial supplies, and similar items owned by the Seller and located at the Dealership
Premises as of the Closing Date;

 

		●	Any
rights relating to or arising out of or under any express or implied warranties from suppliers with respect to the Purchased Assets;

 

		●	All
assignable rights of the Seller arising under any non-compete or restrictive covenant agreements between the Seller and any former
member(s), or between the Seller and its employees, current or former;

 

		●	Any
insurance proceeds for claims or damages to the Purchased Assets, unless such proceeds have been used prior to the Closing Date
for repair or restoration; and

 

    A-4

     

    

 

Exhibit A

 

		●	All
of the Seller’s perpetual inventory records, sales records, customer lists, customer service records and all other customer
data, deal jackets, supply and manufacturer lists, technical data, and sales and marketing literature, advertising materials,
promotional materials, including merchandising literature from the Manufacturer, whether in hard or digital copies, and all of
the Seller’s intangible property rights and goodwill associated with the Business, including all assignable franchise rights
under the Manufacturer’s dealer sales and service agreements, and any and all of the Seller’s rights to content and
access (including usernames and passwords, or other access means) related to GooglePlusLocal, GooglePlusBusiness, yelp, LinkedIn®,
Facebook®, MySpace®, foursquare, Twitter®, Dealer Rater, Edmunds, and Cars.com, and other intellectual property owned
by Seller and used or useable in the Business, and all other intangible assets, rights and properties of the Seller whatsoever,
except the Excluded Assets.

 

    A-5

     

    

 

Exhibit A

 

EXHIBIT
B

BILL
OF SALE AND ASSIGNMENT AND ASSUMPTION AGREEMENT

 

Excluded
Assets

 

		●	Cash
and cash equivalents on hand and in banks, certificates of deposit, commercial paper, stocks, bonds and other liquid investments;

 

		●	Accounts
receivable of the Seller (including any “contracts in transit,” rebates receivable, holdbacks, discounts receivable,
credit life commissions receivable, A & H commissions and finance Seller receivables, both current and deferred);

 

		●	Any
prepaid expense, insurance, interest, utilities, or rent and any deposits related thereto, which accrue to the benefit of the
Seller as of the day prior to the Closing Date;

 

		●	Any
deposits, credits, reimbursements, or claims relating to Contracts which are not Assumed Contracts;

 

		●	The
minute book, corporate, accounting, and Tax records, and corporate seal of the Seller;

 

		●	Any
correspondence or records of the Seller that constitutes attorney-client privileged communications;

 

		●	The
consideration for the Purchased Assets to be delivered by the Purchaser to the Seller under the Purchase Agreement;

 

		●	The
consideration for the Purchased Assets;

 

		●	The
Seller’s right to enforce the Purchase Agreement;

 

		●	Vehicle
parts and accessories that do not constitute Manufacturer Parts Inventory or Miscellaneous Inventories;

 

		●	Vehicles
not purchased by the Purchaser;

 

		●	The
Seller’s contracts or policies of insurance and any refunds of taxes or tax loss carry forwards of the Seller;

 

		●	Any
assets leased by the Seller that would otherwise constitute Fixed Assets if not so leased (unless the Purchaser assumes such lease
obligations);

 

		●	All
rights under any Licenses and Contracts, except for the Assumed Contracts and assigned Licenses;

 

		●	Real
                                         estate owned by the Seller, which is the subject of the REPA;

 

		●	Those
items of personal property owned by the Shareholder or an Affiliate of the Shareholder and located at the Dealership Premises,
which are listed on Schedule 8 attached hereto; and

 

		●	All
of the Seller’s Employee Benefit Plans.

 

    A-6

     

    

 

Exhibit
A

 

EXHIBIT
C

BILL
OF SALE AND ASSIGNMENT AND ASSUMPTION AGREEMENT

 

Assumed
Liabilities

 

		●	All
of the Seller’s Liabilities under the Assumed Contracts, as listed on Schedule 4 attached hereto, arising
on or after the Closing Date (other than any Liabilities arising out of any breach or default that occurred prior to the Closing
Date);

 

		●	All
of the Seller’s Liabilities to customers under the conditions of the Seller’s vehicle order forms or special parts
order forms, as listed on Schedule 9 attached hereto (“Customer Deposits”);

 

		●	All
of Seller’s obligations to complete WIP, as listed on Schedule 6 attached hereto; and

 

		●	All
of the Seller’s We-Owes, as listed on Schedule 10 attached hereto (“We-Owes”), the value
of which shall be subtracted from the Purchase Price.

 

    A-7

     

    

 

EXHIBIT
B

ASSIGNMENT
OF INTANGIBLE PROPERTY

 

(see
attached)

 

    

     

    

 

Exhibit
B

 

ASSIGNMENT
OF INTANGIBLE PROPERTY

 

THIS
ASSIGNMENT OF INTANGIBLE PROPERTY (the “Assignment”) is made as of the _____ day of ________________, 2020
(the “Effective Date”), by and between BACHMAN-BERNARD CHEVROLET-BUICK-GMC-CADILLAC, INC., a Tennessee
corporation (“Assignor”), and LMP AUTOMOTIVE HOLDINGS, INC., a Delaware corporation (“Assignee”).

 

W
I T N E S S E T H:

 

WHEREAS,
this Assignment is executed and delivered pursuant to that certain Asset Purchase Agreement dated August ____, 2020 (the “Purchase
Agreement”), by and among Assignor, Assignee, and others, concerning assets of Assignor’s Chevrolet, Cadillac,
Buick, and GMC motor vehicle dealership located in Greenville, Tennessee (the “Business”); and

 

WHEREAS,
Assignor owns or has an interest in the Intangible Property and desires to transfer an undivided interest in such Intangible Property
to Assignee.

 

NOW,
THEREFORE, it is agreed that:

 

1. Recitals
and Capitalized Terms. The above recitals are true and correct and are incorporated herein by reference. Capitalized terms
used but not defined herein shall have the meanings ascribed to such terms in the Purchase Agreement.

 

2. Transfer
and Assignment. Assignor hereby transfers and assigns, effective as of the Effective Date, all of its right, title, benefit,
and interest in and to the following assets regarding the Business, subject to the terms and conditions contained in the Purchase
Agreement:

 

All
of Assignor’s tradenames and URLs owned or controlled by the Seller and utilized by the Business, as listed on Schedule
1 attached hereto (collectively, the “Intangible Property”).

 

3. Acceptance
of Assignment. Assignee hereby accepts the Assignment set forth in Section 2 above.

 

4. Representation
and Warranty. Assignor represents and warrants that all corporate action to authorize this Assignment has been completed.

 

5. Cooperation.
Assignor and Assignee agree to promptly do all things necessary or appropriate to accomplish the transfer to Assignee
of the Intangible Property.

 

6. Binding
Effect. The terms, covenants and agreements herein contained shall be binding upon, and inure to the benefit of, the parties
hereto and their respective successors and assigns.

 

7. Governing
Law. This Assignment shall be construed in accordance with and shall be governed by the laws of the State of Tennessee.

 

8. Counterparts.
This Assignment may be executed in any number of counterparts, each of which shall be deemed to be an original, but all
of which shall be deemed to be a single instrument. Facsimile and/or electronic copies of this Assignment and any signatures on
any counterpart hereof shall be considered for all purposes as originals.

 

    B-1

     

    

 

Exhibit
B

 

9. Inconsistencies.
If there is any conflict or inconsistency between the terms of this Assignment and the Purchase Agreement, the terms of
the Purchase Agreement shall govern.

 

[signatures
on following page]

 

    B-2

     

    

 

Exhibit
B

 

IN
WITNESS WHEREOF, Assignor and Assignee have executed this Assignment of Intangible Property the day and year first above written.

 

	 	ASSIGNOR:
	 	 
	 	BACHMAN-BERNARD CHEVROLET-
	 	BUICK-GMC-CADILLAC, INC.,
	 	a Tennessee corporation
	 	 
	 	By: 	
	 	 	Myron Bernard, Vice President/Secretary
	 	 
	 	ASSIGNEE:
	 	 
	 	LMP AUTOMOTIVE HOLDINGS, INC.,
	 	a Delaware corporation
	 	 
	 	By: 	
	 	 	Sam Tawfik, CEO

 

    B-3

     

    

 

EXHIBIT
C

AGREEMENT
REGARDING IRS FORM 8594

 

(see
attached)

 

    

     

    

 

Exhibit
C

 

AGREEMENT
REGARDING IRS FORM 8594

 

THIS
AGREEMENT REGARDING IRS FORM 8594 (this “Agreement”) is made as of the _____ day of _______________, 2020
by and between BACHMAN-BERNARD CHEVROLET-BUICK-GMC-CADILLAC, INC., a Tennessee corporation (“Seller”),
and LMP AUTOMOTIVE HOLDINGS, INC., a Delaware corporation (“Purchaser”).

 

RECITALS

 

WHEREAS,
Seller, Purchaser, and others, entered into that certain Asset Purchase Agreement dated August ____, 2020 (the “Purchase
Agreement”), whereby Seller agreed to sell and Purchaser agreed to purchase certain assets described therein (“Assets”)
on the terms and conditions set forth therein; and

 

WHEREAS,
the parties desire to agree upon the fair market values and the allocation of the purchase price for the Assets among the various
classes of assets as will be set forth on Form 8594 which will be attached to the respective Federal Income Tax Returns of the
Purchaser and the Seller so that the form which is submitted to the Internal Revenue Service by each of them will be identical
as to such fair market values and allocation.

 

NOW,
THEREFORE, in consideration of the promises and agreements herein contained, the receipt and sufficiency of which are hereby acknowledged,
the parties agree as follows:

 

1. Fair
Market Values/Allocation of Purchase Price. The parties agree that the aggregate fair market values and the aggregate allocation
of the purchase price of the Assets among the various classes of assets as provided for on Form 8594 shall be as set forth in
Part II of the Form 8594 attached hereto as Exhibit A and made a part hereof. Each party agrees to complete and
attach a Form 8594, completed identically to Exhibit A attached hereto, to its Federal Income Tax Return for the
year in which the closing of the purchase and sale of the Assets under the Purchase Agreement takes place.

 

2. Taxes
and Expenses. Each of the parties shall be solely responsible for the preparation and timely filing of its respective Federal
Income Tax Return and Form 8594 and the payment of all taxes, interest and/or penalties, if any, associated therewith.

 

3. Governing
Law. This Agreement shall be construed in accordance with and shall be governed by the laws of the State of Tennessee.

 

4. Attorneys'
Fees and Costs, Etc. In the event a dispute arises between the parties under this Agreement and suit is instituted, the allocation
of costs and attorneys’ fees shall be in accordance with Section 9.12 of the Purchase Agreement.

 

5. No
Third-Party Beneficiary. This Agreement is solely between the parties hereto and no person not a party to this Agreement shall
have any rights hereunder, either as a third-party beneficiary or otherwise.

 

6. Complete
Agreement. This Agreement and the Purchase Agreement constitute the complete agreement between the parties hereto and incorporates
all prior discussions, agreements and representations made in regard to the matters set forth herein. This Agreement may not be
amended, modified or changed except by a writing signed by the party to be charged by said amendment, change or modification.
To the extent there is any conflict between the terms of this Agreement and the Purchase Agreement, the terms of the Purchase
Agreement shall govern and control.

 

    C-1

     

    

 

Exhibit C

 

IN
WITNESS WHEREOF, the parties have executed this Agreement Regarding IRS Form 8594 as of the date first set forth above.

 

	PURCHASER:	 
	 	 
	LMP AUTOMOTIVE
    HOLDINGS, INC.,	 
	a Delaware
    corporation	 
	 	 
	By:	 	 
	 	Sam Tawfik, CEO	 
	 	 
	SELLER:	 
	 	 
	BACHMAN-BERNARD
    CHEVROLET-BUICK-	 
	GMC-CADILLAC,
    INC., a Tennessee corporation	 
	 	 
	By:	 	 
	 	Myron Bernard, Vice
    President/Secretary	 

 

    C-2

     

    

 

EXHIBIT
A

FORM
8594

 

(see
attached)

 

    C-3

     

    

 

EXHIBIT
D

NON-COMPETITION
AND NON-SOLICITATION AGREEMENT

 

(see
attached)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

     

    

 

Exhibit
D

 

NON-COMPETITION
AND NON-SOLICITATION AGREEMENT

 

THIS
NON-COMPETITION AND NON- SOLICITATION AGREEMENT (this “Agreement”) is made and entered into as of the
____ day of _____________, 2020 (the “Effective Date”), by and among LMP AUTOMOTIVE HOLDINGS, INC.,
a Delaware corporation (“Purchaser”); BACHMAN-BERNARD CHEVROLET-BUICK-GMC-CADILLAC, INC., a
Tennessee corporation (“Seller”); and MYRON BERNARD, an individual resident of Tennessee
(“Bernard”), and PHILLIP M. BACHMAN, JR., an individual resident of Tennessee
(“Bachman” and, together with Bernard, “Shareholder”).

 

RECITALS

 

WHEREAS,
Seller owned and operated a franchised Chevrolet, Cadillac, Buick, and GMC motor vehicle dealership (the “Dealership”)
located at 3365 East Andrew Johnson Highway, Greenville, Tennessee 37745 (the “Dealership Premises”); and

 

WHEREAS,
Seller’s operation of the Dealership has resulted in Seller developing a significant reputation in its market and the surrounding
regions in connection with sales, lease, repair, and service of Chevrolet, Cadillac, Buick, and GMC new motor vehicles and with
the general operation of the Dealership; and

 

WHEREAS,
Shareholder has been actively involved in the management, development, and strategic direction of the Dealership and has acquired
considerable experience/skill and has contributed to the goodwill of the Dealership; and

 

WHEREAS,
Purchaser, Seller, and Shareholder entered into that certain Asset Purchase Agreement dated August ____, 2020, regarding the sale
and purchase of substantially all the operating assets and inventories of the Dealership (the “Purchase Agreement”);
and

 

WHEREAS,
if any of the Restricted Parties were to resume the business activities of a motor vehicle dealership, including but not limited
to selling vehicles and/or vehicle parts, clothing or accessories, in the area of the Dealership after the Effective Date, such
activities could have a material impact on the Protected Business. Accordingly, the execution of and compliance with the terms
of this Agreement by the Restricted Parties are essential to the business acquired pursuant to the Purchase Agreement; and

 

WHEREAS,
in order to protect the future business operations of Purchaser from such competition, the Restricted Parties have agreed, for
the Term not to compete with Purchaser and to refrain from soliciting or hiring any of Purchaser’s employees following the
Effective Date.

 

NOW,
THEREFORE, in order to induce Purchaser to close the transactions pursuant to the Purchase Agreement, the transfer of financial
consideration under the Purchase Agreement, and other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

 1. Recitals. The Recitals above are herein incorporated by reference.

  

    D-1

     

    

 

Exhibit
D

 

2.
Definitions. As used in this Agreement the following terms shall have the following meanings:

 

(a) “Affiliate”
or “Affiliates” of a Person shall mean a Person that, directly or indirectly, controls, is controlled by or
is under common control with the first Person.

 

(b) “Clients”
includes any customer or other party who engages or has engaged in business with Purchaser or with any other Protected Party as
a customer. The term “Clients” includes any party whose business is actively solicited by any Protected Party at any
time during the term of this Agreement.

 

(c) “Competition”
means any activity that is, directly or indirectly, competitive with the Dealership. Competition includes working within the Restricted
Area and making any offer or sale of, or marketing, any product or service competitive with the Protected Business, even though
the business of producing, processing, shipping, or marketing such product or service may be located outside the Restricted Area.
Competition also includes the sale, rental, or service of new or used vehicles originally distributed by, or financed or otherwise
regulated by other vehicle manufacturers. For purposes of this Agreement, direct or indirect competition will include but not
be limited to competition as a sole proprietor, partner, corporate officer, director, manager, member, employee, lender, consultant,
agent, independent contractor, trustee, guarantor, advisor (including as an advisor to a family member), or in any other capacity
whatsoever pursuant to which the Restricted Party holds any beneficial interest in a competitor, derives any income or other benefit
from a competitor, or provides any service, advice, support (financial or otherwise), or assistance of any type whatsoever to
a competitor.

 

(d) “Confidential
Information” shall mean any business information relating to the Restricted Parties’ operation of the Business,
and regarding any of the operations, services, employee compensation, pricing procedures, organization, finances, marketing, or
sales and service customer lists of the Business, including, but not limited to, all Records (as defined in the Purchase Agreement)
purchased by Purchaser. Confidential Information also includes without limitation, all procedures, concepts, methods, and other
matters and information, specifically including but not limited to information such as price lists, publicity, marketing strategies,
Client, distributor, contractor, supplier and vendor identities and lists, revenues, key contact personnel, financial relationships,
methods of soliciting business, documents, financial data, and marketing programs. The term “Confidential Information”
is intended to be interpreted very broadly to encompass all items described in this paragraph regardless of whether each item
satisfies the legal concept of a trade secret. Confidential Information shall not include any information that is or becomes available
to the general public through no fault of the Restricted Parties.

 

(e) “Motor
Vehicle Dealership Business” shall mean the operation of a motor vehicle dealership sales and/or service business, including
but not limited to the sales and service of new or used motor vehicles, internet sales, and the sale of motor vehicle parts and
accessories.

 

(f) “Person”
shall mean an individual, a partnership, an association, a corporation, a limited liability company, a trust, an unincorporated
organization, or any other business entity or enterprise.

 

(g) “Protected
Business” means the Dealership, as acquired and operated by Purchaser, including, but not limited to, the operation
of the motor vehicle dealership and the sale, rental, and/or service of (i) new and used products originally distributed by, or
financed or otherwise regulated by General Motors LLC (“GM”); (ii) other used motor vehicles; and (iii) retail
distribution of new motor vehicle parts and accessories.

 

(h) “Protected
Party” and “Protected Parties” include Purchaser, its shareholders, directors, officers, and their
respective successors and assigns.

 

    D-2

     

    

 

Exhibit
D

 

(i)
“Restricted Area” means from a location within a 75-mile radius of the Dealership
Premises.

 

 (j) “Restricted Parties” shall collectively mean Seller and Shareholder.

 

Any
capitalized terms used herein which are not otherwise defined herein shall have the meaning ascribed to them in the Purchase Agreement.

 

3. Non-Competition.
From the Effective Date and for a period of 36 months thereafter (the “Term”), each of the Restricted
Parties agrees not to be involved directly or indirectly, either as an employee, officer, director, agent, lender, stockholder,
partner, member, self-employed individual, contractor, or consultant with a Person, or as manager, owner or operator with any
Person engaged in a Motor Vehicle Dealership Business within the Restricted Area. Further, during the Term, each of the Restricted
Parties agrees not to engage in Competition with any Protected Party within the Restricted Area. Competition within the Restricted
Area includes activities outside the Restricted Area to the extent that such activities include contacting Clients within the
Restricted Area or otherwise involve buying, selling, repairing or otherwise dealing in or with competitive goods or services
within the Restricted Area; provided, however, that general advertising or marketing (but not direct marketing to Clients, such
as direct mail, email, or telephone solicitation) that may be published in the Restricted Area will not violate the foregoing
restriction so long as such products do not promote the sale or service of products of GM or its Affiliates or any other vehicle
manufacturer or contain their trademarks. The provisions of this Section 3 will not, however, prevent any Restricted Party
from: (a) owning less than 1% of the outstanding stock of any publicly traded corporation engaged in competition, so long
as no Restricted Party engages in such corporation’s business or otherwise engages in Competition with any Protected Party,
(b) the use, showing, warehousing and eventual sale or trade of a classic car collection; or (c) owning and operating the current
“buy-here, pay-here” operation known as the “Boulevard Motors” in Greenville, Tennessee.

 

4. Non-Solicitation
and Hiring. During the Term, without the prior express written consent of Purchaser, which such consent may be withheld
in Purchaser’s absolute discretion, the Restricted Parties will not (and will not attempt to, permit or cause any of
its Affiliates, subsidiaries, contractors or representatives or their respective owners, directors, officers, employees,
contractors, agents, representatives or third parties to) for any reason: (a) hire or solicit to hire any employee,
independent contractor or third party under the control of the Dealership, which has had a business relationship with the
Dealership (and after the Effective Date, Purchaser) at any time during the period of time from 6 months prior to the
Effective Date through the Term (each, a “Restricted Person”), or (b) directly or indirectly recruit,
induce, encourage or solicit any Restricted Person to do any of the following (or engage in any discussion, the topic,
intent, goal or result of which is, to cause or encourage any such person or entity to): (i) terminate or alter his, her or
its employment, contract or relationship with the Dealership (and after the Effective Date, Purchaser), (ii) act in such a
manner that his, her or its employment contract or relationship with the Dealership (and after the Effective Date, Purchaser)
is terminated or altered, or (iii) become associated with, provide services to or become an employee, contractor, agent or
representative of any other Person.

 

5. No
use of Confidential Information. The Restricted Parties will not (and will not attempt to, permit or cause any of its Affiliates,
subsidiaries, contractors or representatives or their respective owners, directors, officers, employees, contractors, agents,
representatives or third parties to attempt), for any reason, directly or indirectly, disclose to any Person, or use or otherwise
exploit for the Restricted Parties’ own benefit or for the benefit of any other Person, any Confidential Information, including
but not limited to the solicitation of prior customers of Seller’s Business.

 

    D-3

     

    

 

Exhibit D

 

6. Reasonableness
of Restrictions. Each of the Restricted Parties agrees that the restrictions contained herein have been carefully negotiated
with a view toward avoiding unreasonable interference with the ability of each of the Restricted Parties to engage in gainful
employment or other advantageous economic activities. In particular, the scope of the Protected Business, the Restricted Area,
and the duration of the Restricted Period have been carefully defined to provide necessary protection to the Protected Parties
without unreasonably limiting the ability of the Restricted Parties to engage in productive and profitable activities. Each Restricted
Party represents that said party (a) is familiar with the covenants set forth in this Agreement; (b) is fully aware of the obligations
imposed on the Restricted Parties hereunder, including, without limitation, the length of time, scope and geographic coverage
of these covenants; (c) has received specific, bargained for consideration for the covenants contained in this Agreement; and
(d) the performance of such Restricted Party’s obligations under this Agreement will not conflict with, or result in a violation
or breach of, any other agreement to which such Restricted Party is a part or any judgment, order or decree to which such Restricted
Party is subject.

 

 7. Enforcement.

 

(a) Injunctive
Relief. The parties hereto recognize that because of the role of Restricted Parties in the management, operation and ownership
of the Dealership and because of the knowledge of the Dealership’s customers, business plans and financial strengths and
weaknesses, irreparable damage will result to Purchaser in the event of a breach of the terms of this Agreement by the Restricted
Parties. The Restricted Parties agree that in such event Purchaser shall be entitled, in addition to any other remedies and damages
available, to an injunction to restrain and enjoin Seller from violating the restrictive covenants in Paragraphs 3, 4,
or 5 above (collectively, the “Restrictive Covenants”) without the necessity of posting any bond or
proving special damages or irreparable injury. Moreover, it is agreed that the Restricted Parties, jointly and severally, shall
be responsible for any and all expenses incurred by Purchaser, including reasonable and necessary legal fees of Purchaser in any
litigation between Purchaser and the Restricted Parties involving this Agreement in which Purchaser prevails. It is understood
and agreed between the parties to this Agreement that in the event there is a suit in equity by Purchaser against the Restricted
Parties to enforce this Agreement, and the Court shall refuse for any reason to enforce this Agreement by injunction, such suit
in equity shall not be a bar to a later suit to recover damages.

 

(b) Interpretation;
Severability. The parties hereto expressly agree and acknowledge that it is not their intention that the Restrictive Covenants
in this Agreement violate any public policy or statutory or common law. If a court of competent jurisdiction renders a ruling
(sustained on appeal, if any) holding that any one or more of the provisions of this Agreement, including the stated term and/or
geographic coverage of the Restrictive Covenants, constitute an unreasonable restriction, then the parties specifically agree
that the Restrictive Covenants shall not be rendered void but shall apply to such extent and as to such time period and geographic
areas as the court may determine constitutes a reasonable restriction under the circumstances.

 

(c) Term
Extended. Notwithstanding anything herein to the contrary, and provided Purchaser furnishes written notice to the Restricted
Parties of its objection to a breach of this Agreement, the Term shall be automatically extended by a period of time equal to
any and all times during which the Restricted Parties are found to be in breach of this Agreement.

 

8. Jury
Waiver. THE PARTIES EACH HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTERS
IN ANY WAY ARISING OUT OF, RELATED TO OR CONNECTED WITH THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREIN.

 

    D-4

     

    

 

Exhibit
D

 

9. Advice
of Legal Counsel. Each Restricted Party acknowledges and represents that, in executing this Agreement, he or it has consulted
with legal counsel (or has affirmatively chosen not to do so) and is fully aware of his or its rights and obligations under this
Agreement. This Agreement shall not be construed against any party by reason of its drafting or preparation.

 

10. Governing
Law. This Agreement shall be governed in all respects by the laws of the State of Tennessee (without regard to the conflict
of laws principles thereof).

 

11. Severability.
If any provision of this Agreement shall be held invalid, illegal, or unenforceable, in whole or in part, the validity, legality
and enforceability of the remaining part of such provision, and the validity, legality and enforceability of the other provisions
hereof shall not be affected thereby.

 

12. Assignment;
Incorporation by Reference. Purchaser may freely assign its rights and duties under this Agreement by providing Seller written
notice. Purchaser and Seller each hereby covenants and agrees that Article 9 of the Purchase Agreement is incorporated
herein by reference and shall be a part of this Agreement, mutatis mutandis, and otherwise modified as necessary to apply
to this Agreement as if herein stated.

 

[signatures
on following page]

 

    D-5

     

    

 

Exhibit
D

 

IN
WITNESS WHEREOF the parties hereto have executed this Non-Competition Agreement under seal or caused this Non-Competition
Agreement to be executed under seal as of the day and year first written above.

 

	WITNESSES:	 	 	PARTIES:
	 	 	 	 
	 	 	 	BACHMAN-BERNARD CHEVROLET-
	 	 	 	BUICK-GMC-CADILLAC, INC.,
	 	 	 	a Tennessee corporation
	 	 	 	 	 
	 	 	By:	        
	Print Name:	           	 		Phillip M. Bachman, Jr.
	 	 	 	 
	 	 	 
	Print Name:	 	 	MYRON BERNARD
	 	 	 	 	 
	 	 	 
	Print Name:	 	 	PHILLIP M. BACHMAN, JR.
	 	 	 	LMP AUTOMOTIVE HOLDINGS, INC.,
	 	 	 	a Delaware corporation
	 	 	 	 
	 	 	By:	 
	Print Name:	 	 		Sam Tawfik, CEO

 

    D-6

     

    

 

EXHIBIT
E

INDEMNIFICATION
ESCROW AGREEMENT

 

(see
attached)

 

    

     

    

 

Exhibit
E

 

INDEMNIFICATION
ESCROW AGREEMENT

 

THIS
INDEMNIFICATION ESCROW AGREEMENT (this “Agreement”) is made and entered into as of ___________ _____,
2020 (the “Effective Date”), by and among LMP AUTOMOTIVE HOLDINGS, INC., a Delaware corporation
(“Purchaser”), BACHMAN-BERNARD CHEVROLET-BUICK-GMC-CADILLAC, INC., a Tennessee corporation
(“Seller”), and FIRST AMERICAN TITLE INSURANCE COMPANY (the “Indemnification Escrow
Agent”)

 

RECITALS

 

A. Seller,
Purchaser, and others, entered into that certain Asset Purchase Agreement dated August ____, 2020 (the “Purchase Agreement”),
with respect to Seller’s Chevrolet, Cadillac, Buick, and GMC motor vehicle dealership located at 3365 East Andrew Johnson
Highway, Greenville, Tennessee 37745.

 

B. As
set forth in Section 6.2(d) of the Purchase Agreement, the parties agreed to withhold from the Purchase Price $250,000.00
(the “Original Escrow Amount”) (as reduced by any disbursements and amounts withdrawn under Section
3 hereof, the “Escrow Fund”) for the purpose of securing the performance of Seller’s obligation to
indemnify Purchaser against claims arising under the Purchase Agreement.

 

C. Capitalized
terms used in this agreement without definition shall have the respective meanings given to them in the Asset Purchase Agreement.

 

AGREEMENT

 

The
parties, intending to be legally bound, hereby agree as follows:

 

		1.	ESTABLISHMENT
OF ESCROW

 

(a) Purchaser,
as a delivery of the Purchase Price under the Purchase Agreement, is depositing with the Indemnification Escrow Agent in immediately
available funds the Original Escrow Amount. Wiring instructions for the Indemnification Escrow Agent are attached hereto as Exhibit
A. The Indemnification Escrow Agent acknowledges receipt thereof.

 

(b) The
Indemnification Escrow Agent hereby agrees to act as escrow agent and to hold, safeguard and disburse the Escrow Fund pursuant
to the terms and conditions hereof.

 

		2.	ACCOUNT

 

The
Indemnification Escrow Agent shall deposit the Escrow Fund into non-interest bearing attorney IOLTA accounts in any number of
different accounts with any number of different FDIC-insured institutions as the Indemnification Escrow Agent chooses.

 

		3.	CLAIMS

 

(a)
From time to time on or before the 18th month after the Effective Date, an Authorized Representative of
Purchaser may give notice (a “Notice”) to Seller and the Indemnification Escrow Agent specifying in
reasonable detail the nature and dollar amount of any claim (a “Claim”) it may have under Section
6.2 of the Purchase Agreement; such Authorized Representative may make more than one claim with respect to any underlying
state of facts. If an Authorized Representative of Seller gives notice to Purchaser and the Indemnification Escrow
Agent disputing any Claim (a “Counter Notice ”) within 30 days following receipt by the
Indemnification Escrow Agent of the Notice regarding such Claim, such Claim shall be resolved as provided in Section
3(b). If no Counter Notice is received by the Indemnification Escrow Agent within such 30-day period, then the
dollar amount of damages claimed by Purchaser as set forth in its Notice shall be deemed established for purposes of this
Agreement and the Purchase Agreement and, at the end of such 30-day period, the Indemnification Escrow Agent shall pay
to Purchaser the dollar amount claimed in the Notice from (and only to the extent of) the Escrow Fund. The Indemnification
Escrow Agent shall not inquire into or consider whether a Claim complies with the requirements of the Purchase Agreement.

 

    E-1

     

    

 

Exhibit
E

 

(b) If
a Counter Notice is given by an Authorized Representative with respect to a Claim, the Indemnification Escrow Agent shall reserve
from the Escrow Fund a portion thereof equal to the Claim amount (a “Reserved Amount”) and thereafter shall
disburse such Reserved Amount only in accordance with (i) joint written instructions of each Authorized Representative of Purchaser
and Seller or (ii) a final, non-appealable order of a court of competent jurisdiction. Any court order shall be accompanied by
a legal opinion by counsel for the presenting party satisfactory to the Indemnification Escrow Agent to the effect that the order
is final and non-appealable. The Indemnification Escrow Agent shall act on such court order and legal opinion without further
question.

 

		4.	PARTIAL
RELEASE AND TERMINATION OF ESCROW

 

At
the end of the 12th month after the Effective Date, $125,000 of the Escrow Fund, less (i) the
amount of all offsets and reductions previously made in accordance with this Agreement less (ii) any Reserved Amount
for any Claims that are then pending in an amount equal to the aggregate dollar amount shown in the Notice(s) of such
Claim(s), shall be released to Seller. At the end of the 18th month after the Closing Date and provided
that all claims by Purchaser under Section 6.2 of the Purchase Agreement, if any, have been finally resolved and
further provided that no Claims are then pending, the remaining amount of the Escrow Fund shall be released to Seller. All
disbursements provided for in this Section 4 hereof require joint written instructions of Purchaser and Seller or a
final, non-appealable order of a court of competent jurisdiction as contemplated by Section 3(b) hereof.

 

		5.	DUTIES
OF INDEMNIFICATION ESCROW AGENT

 

(a) The
Indemnification Escrow Agent agrees to hold and distribute the Escrow Funds under the terms and conditions of this Agreement and
to perform the acts and duties expressly set forth in this Agreement, which shall be deemed purely ministerial in nature, in good
faith and in a commercially-reasonable manner. This Agreement expressly sets forth all the duties of the Indemnification Escrow
Agent with respect to any and all matters pertinent hereto. No implied duties or obligations shall be read into this Agreement
against the Indemnification Escrow Agent. Unless the Indemnification Escrow Agent is a party thereto, the Indemnification Escrow
Agent shall not be bound by the provisions of any agreement among the other parties hereto except this Agreement.

 

(b) The
Indemnification Escrow Agent shall be entitled to rely upon any order, judgment, certification, demand, notice, instrument or
other writing delivered to it hereunder without being required to determine the authenticity or the correctness of any fact stated
therein or the propriety or validity of the service thereof. The Indemnification Escrow Agent may act in reliance upon any instrument
or signature reasonably believed by it to be genuine and to have been signed by an Authorized Representative, as applicable. The
Indemnification Escrow Agent may conclusively presume that the undersigned Authorized Representative of any party hereto has full
power and authority to instruct the Indemnification Escrow Agent on behalf of that party unless written notice to the contrary
is delivered to the Indemnification Escrow Agent.

 

    E-2

     

    

 

Exhibit
E

 

(c) Except
in the case of fraud, willful misconduct or gross negligence, the Indemnification Escrow Agent shall not be liable for any action
taken or omitted to be taken by it (or any action suffered by it to be taken or omitted to be taken) in good faith and reasonably
believed by it to be authorized or within the rights or powers conferred upon it by this Agreement.

 

(d)
The Indemnification Escrow Agent may resign and thus be discharged from its duties or obligations hereunder by giving 5
days’ notice in writing of such resignation to each of the other parties to this Agreement, specifying a date when
such resignation shall take effect, which shall not be less than 10 days or more than 30 days after the date of
such resignation notice. A successor escrow agent shall be appointed in writing by the mutual written agreement of the other
parties or, failing such, by a court of competent jurisdiction. A successor escrow agent shall execute a copy of this
Agreement agreeing to be bound by the terms of this Agreement.

 

(e) Purchaser
and the Seller shall each be severally responsible for 1⁄2 of the commercially-reasonable expenses, disbursements
and advances, including, without limitation, reasonable attorneys’ fees and costs, incurred or paid by the Indemnification
Escrow Agent in connection with carrying out its duties under this Agreement; provided, however, that no attorneys’
fees and costs shall be paid by the Indemnification Escrow Agent to the Indemnification Escrow Agent’s law firm. No other
compensation will be due or payable to the Indemnification Escrow Agent for its services under this Agreement.

 

(f) Each
of Purchaser, on the one hand, and Seller, on the other hand, agree to indemnify the Indemnification Escrow Agent for, and to
hold it harmless against, 1/2 of any loss, damage, cost, liability or expense (including, without limitation, reasonable
attorneys’ fees and costs, and costs of defending itself against any claim or liability) incurred or sustained (including,
without limitation, any third-party claims) without gross negligence, bad faith or willful misconduct on the part of the Indemnification
Escrow Agent, by reason of its compliance in good faith with the terms of this Agreement. To avoid any doubt, this Section
5 shall survive for the maximum time period permitted under applicable law.

 

		6.	LIMITED
RESPONSIBILITY

 

This
Agreement expressly sets forth all the duties of the Indemnification Escrow Agent with respect to any and all matters pertinent
hereto. No implied duties or obligations shall be read into this Agreement against the Indemnification Escrow Agent. The Indemnification
Escrow Agent shall not be bound by the provisions of any agreement among the other parties hereto except this Agreement.

 

		7.	OWNERSHIP
FOR TAX PURPOSES

 

Seller
agrees that, for purposes of federal and other taxes based on income, Seller will be treated as the owner of the Escrow Fund and
that Seller will report all income, if any, that is earned on, or derived from, the Escrow Fund as its income in the taxable year
or years in which such income is properly includible and pay any taxes attributable thereto.

 

		8.	AUTHORIZED
REPRESENTATIVES

 

The
parties acknowledge and agree that the following individuals shall serve as the authorized representatives of such party (the
“Authorized Representatives”): (a)(i) Myron Bernard has been appointed as Seller’s Authorized
Representative, (ii) any instructions to be given or actions to be taken hereunder may be given or taken by Sellers’
Authorized Representative on behalf of Seller, and (iii) as between Sellers, Purchaser and the Indemnification Escrow Agent,
all actions taken or consented to by Seller’s Authorized Representative hereunder shall be final, irrevocable and
binding upon each of the Seller; and (b) (i) [**] has been appointed as Purchaser’s Authorized Representative, (ii) any
instructions to be given or actions to be taken hereunder may be given or taken by Purchaser’s Authorized
Representative on behalf of Purchaser, and (iii) as between Seller, Purchaser and the Indemnification Escrow Agent, all
actions taken or consented to by Purchaser’s Authorized Representative hereunder shall be final, irrevocable and
binding upon Purchaser.

 

    E-3

     

    

 

Exhibit
E

 

		9.	NOTICES

 

All
notices, Consents, waivers and other communications required or permitted under this Agreement shall be in writing and shall be
deemed given to a party when (a) delivered to the appropriate address by hand or by a nationally recognized overnight courier
service (costs prepaid); (b) sent by email (with confirmation by the transmitting equipment); or (c) received by the addressee,
if sent by certified mail, return receipt requested, in each case to the following addresses and facsimile numbers and marked
to the attention of the person (by name or title) designated below (or to such other address, facsimile number or person as a
party may designate by notice to the other parties):

 

If
to Seller:

 

Bachman-Bernard
Chevrolet-Buick-GMC-Cadillac, Inc.

Attn:
Myron Bernard

215
Brobeck Road

Limestone,
TN 37681

E-Mail
address: myron@bachmanbernard.com

 

with
a copy to:

 

Burr
& Forman, LLP

Attention:
James M. McCarten

171
17th Street, NW, Suite 1100

Atlanta,
Georgia 30363

Telephone:
404-532-7236

Email:
jim.mccarten@burr.com

 

If
to Purchaser:

 

LMP
Automotive Holdings, Inc.

Attn:
Sam Tawfik

601
North State Road 7

Plantation,
Florida 33317

E-Mail
address: sam@lmpmotors.com

 

with
a copy to:

 

Bass
Sox Mercer

Attn:
Robert A. Bass

2822
Remington Green Circle

Tallahassee,
Florida 32308

E-Mail
address: bassra@dealerlawyer.com

 

    E-4

     

    

 

Exhibit E

 

Indemnification
Escrow Agent:

 

First
American Title Insurance Company

Attn:

 

E-Mail
address:

 

		10.	INDEMNIFICATION
                                         ESCROW AGENT AS COUNSEL

 

The
parties acknowledge that the Indemnification Escrow Agent acts as counsel on behalf of Purchaser. The parties acknowledge that
the Indemnification Escrow Agent has accepted appointment as escrow agent under this Agreement only at the specific request of
Purchaser and Seller. Further, Seller acknowledges that it is represented by independent counsel. Seller hereby waives any and
all real or perceived conflicts of interest between Purchaser and the Indemnification Escrow Agent resulting from the existing
representation of Purchaser so long as the Indemnification Escrow Agent acts in accordance with the terms of this Agreement. The
Indemnification Escrow Agent’s service hereunder shall not affect the Indemnification Escrow Agent’s ability to represent
Purchaser in connection with any matters arising from or in connection with the Purchase Agreement, with the exception of any
matters which may involve this Agreement, so long as the Indemnification Escrow Agent has resigned from its position as escrow
agent.

 

		11.	JURISDICTION;
                                         SERVICE OF PROCESS

 

Any
Proceeding arising out of or relating to this Agreement may be brought in the courts of the State of Tennessee, Greene County,
or, if it has or can acquire jurisdiction, in the United States District Court for the Eastern District of Tennessee, and each
of the parties irrevocably submits to the exclusive jurisdiction of each such court in any such Proceeding and waives any objection
it may now or hereafter have to venue or to convenience of forum, agrees that all claims in respect of the Proceeding shall be
heard and determined only in any such court and agrees not to bring any Proceeding arising out of or relating to this Agreement
in any other court. Process in any Proceeding referred to in the preceding sentence may be served on any party anywhere in the
world.

 

		12.	EXECUTION
                                         OF AGREEMENT

 

This
Agreement may be executed in one or more counterparts, 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. The exchange of copies of this Agreement
and of signature pages by facsimile transmission shall constitute effective execution and delivery of this Agreement as to the
parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile
shall be deemed to be their original signatures for any purposes whatsoever.

 

		13.	SECTION
                                         HEADINGS, CONSTRUCTION

 

The
headings of sections in this Agreement are provided for convenience only and will not affect its construction or interpretation.

 

    E-5

     

    

 

Exhibit E

 

		14.	WAIVER

 

The
rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure nor any delay by
any party in exercising any right, power or privilege under this Agreement or the documents referred to in this Agreement will
operate as a waiver of such right, power or privilege, and no single or partial exercise of any such right, power or privilege
will preclude any other or further exercise of such right, power or privilege or the exercise of any other right, power or privilege.
To the maximum extent permitted by applicable law, (a) no claim or right arising out of this Agreement or the documents referred
to in this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless
in writing signed by the other party; (b) no waiver that may be given by a party will be applicable except in the specific instance
for which it is given; and (c) no notice to or demand on one party will be deemed to be a waiver of any obligation of such party
or of the right of the party giving such notice or demand to take further action without notice or demand as provided in this
Agreement or the documents referred to in this Agreement.

 

		15.	ENTIRE
                                         AGREEMENT AND MODIFICATION

 

This
Agreement supersedes all prior agreements among the parties with respect to its subject matter and constitutes (along with the
documents referred to in this Agreement) a complete and exclusive statement of the terms of the agreement between the parties
with respect to its subject matter. This Agreement may not be amended except by a written agreement executed by Purchaser, Seller
and the Indemnification Escrow Agent.

 

		16.	GOVERNING
                                         LAW

 

This
Agreement shall be governed by the laws of the State of Tennessee without regard to conflicts of law principles that would require
the application of any other Law.

 

[signatures
on following page]

 

    E-6

     

    

 

Exhibit
E

 

IN
WITNESS WHEREOF, the parties have executed and delivered this Indemnification Escrow Agreement as of the date first written above.

 

	 	SELLER:
	 	 
	 	BACHMAN-BERNARD CHEVROLET-
	 	BUICK-GMC-CADILLAC, INC.,
	 	a Tennessee corporation
	 	 
	 	By: 	
	 	 	Myron Bernard, Vice President/Secretary
	 	 
	 	PURCHASER:
	 	 
	 	LMP AUTOMOTIVE HOLDINGS, INC.
	 	a Delaware corporation
	 	 
	 	By: 	
	 	 	Sam Tawfik, CEO
	 	 
	 	INDEMNIFICATION ESCROW AGENT:
	 	 
	 	FIRST AMERICAN TITLE INSURANCE
	 	COMPANY
	 	 
	 	By:	                      
	 	Name: 	
	 	Title: 	

 

    E-7

     

    

 

EXHIBIT
F

 

 PPP ESCROW AGREEMENT

(see attached)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

     

    

 

Exhibit
F

 

PPP
ESCROW AGREEMENT

 

THIS
PPP ESCROW AGREEMENT (the “Agreement”), dated as of _____________ _____, 2020 (the “Effective
Date”), is by and among BACHMAN-BERNARD CHEVROLET-BUICK-GMC-CADILLAC, INC., a Tennessee corporation
(“Seller”), LMP AUTOMOTIVE HOLDINGS, INC., a Delaware corporation (“Purchaser”),
and _____________________ (“PPP Escrow Agent”).

 

This
Agreement is executed and delivered pursuant to that certain Asset Purchase Agreement by and among Seller, Purchaser, and others,
dated August ____, 2020 (the “Purchase Agreement”), relating to Seller’s Chevrolet, Cadillac, Buick,
and GMC motor vehicle dealership operations (the “Dealership”) located at 3365 East Andrew Johnson Highway,
Greenville, Tennessee 37745.

 

Capitalized
terms not otherwise defined herein shall have the meaning ascribed thereto in the Purchase Agreement.

 

Under
Section 7.13 of the Purchase Agreement, the parties agreed to withhold the PPP Escrow Amount from the Purchase Price paid
at Closing for the purpose of assuring Purchaser that the PPP Loan will be fully paid and satisfied.

 

AGREEMENT

 

The
parties, intending to be legally bound, hereby agree as follows:

 

 1. Establishment of Escrow

 

(a)
Purchaser is depositing with PPP Escrow Agent the sum of $________________in immediately available funds (the “PPP
Withheld Amount”) (as reduced by any disbursements, the “Escrow Fund”). Wiring instructions for PPP
Escrow Agent are attached hereto as Exhibit A. PPP Escrow Agent acknowledges receipt of the Escrow Fund. Seller
acknowledges and agrees that the establishment of the Escrow Fund does not limit its obligations and liabilities under the Asset
Purchase Agreement.

 

(b) PPP
Escrow Agent hereby agrees to act as escrow agent and to hold, safeguard and disburse the Escrow Fund pursuant to the terms and
conditions hereof.

 

2. Claims
to be Paid. The Escrow Fund shall be held by PPP Escrow Agent for the purpose of, and to be applied to, payment of the following:
Any and all amounts claimed by the PPP Lender, the SBA, or any applicable governmental authority(ies) (collectively, the “Lenders”)
to be owed by Seller in connection with the PPP Loan or any other claim, lien or assessment issued in connection therewith.

 

 3. Distribution. PPP Escrow Agent shall distribute the Escrow Fund as follows:

 

(a) At
such time as Seller delivers to PPP Escrow Agent a copy of a Determination by the Lenders regarding Seller’s liability to
the Lenders as it relates to the PPP Loan, which shall include applicable penalties and interest, then, at Seller’s direction,
PPP Escrow Agent shall pay to the Lenders from the Escrow Fund the balance of such liability determined to be due such Lenders.
“Determination” shall mean a written notice from the Lenders stating that (i) the entire PPP Loan has been
forgiven, (ii) a portion of the PPP Loan has been forgiven and that the Seller owes a sum certain to the Lenders, or (iii) no
portion of the PPP Loan has been forgiven and that the Seller owes a sum certain to the Lenders.

 

    F-1

     

    

 

Exhibit
F

 

(a) At
the time PPP Escrow Agent receives confirmation from the Lenders that all of Sellers’ liabilities to the Lenders, as it
relates to the PPP Loan, have been satisfied, and Seller and Purchaser accept such confirmation, PPP Escrow Agent shall promptly
pay the balance of the Escrow Fund to Seller.

 

(b) PPP
Escrow Agent may also make such partial payments from the Escrow Fund as Seller and Purchaser may jointly authorize and direct
from time to time due to partial releases of Seller’s obligations under the subject matter of this Agreement.

 

 4. Duties of PPP Escrow Agent

 

(a) PPP
Escrow Agent shall not be under any duty to give the Escrow Fund held by it hereunder any greater degree of care than it gives
its own similar property and shall not be required to invest any funds held hereunder except as directed in this Agreement. Uninvested
funds held hereunder shall not earn or accrue interest.

 

(b) PPP
Escrow Agent shall not be liable, except for its own gross negligence or willful misconduct and, except with respect to claims
based upon such gross negligence or willful misconduct that are successfully asserted against PPP Escrow Agent, the other parties
hereto shall jointly and severally indemnify and hold harmless PPP Escrow Agent (and any successor PPP Escrow Agent) from and
against any and all losses, liabilities, claims, actions, damages and expenses, including reasonable attorneys’ fees and
disbursements, arising out of and in connection with this Agreement. Without limiting the foregoing, PPP Escrow Agent shall in
no event be liable in connection with its investment or reinvestment of any cash held by it hereunder in good faith, in accordance
with the terms hereof, including, without limitation, any liability for any delays (not resulting from its gross negligence or
willful misconduct) in the investment or reinvestment of the Escrow Fund, or any loss of interest incident to any such delays.
This Section 4(b) shall survive notwithstanding any termination of this Agreement or the resignation of PPP Escrow Agent.

 

(c) PPP
Escrow Agent shall be entitled to rely upon any order, judgment, certification, demand, notice, instrument, or other writing delivered
to it hereunder without being required to determine the authenticity or the correctness of any fact stated therein or the propriety
or validity of the service thereof. PPP Escrow Agent may act in reliance upon any instrument or signature believed by it to be
genuine and may assume that the person purporting to give receipt or advice or make any statement or execute any document in connection
with the provisions hereof has been duly authorized to do so. PPP Escrow Agent may conclusively presume that the undersigned representative
of any party hereto which is an entity other than a natural person has full power and authority to instruct PPP Escrow Agent on
behalf of that party unless written notice to the contrary is delivered to PPP Escrow Agent.

 

(d) PPP
Escrow Agent may act pursuant to the advice of counsel with respect to any matter relating to this Agreement and shall not be
liable for any action taken or omitted by it in good faith in accordance with such advice.

 

(e) PPP
Escrow Agent does not have any interest in the Escrow Fund deposited hereunder but is serving as escrow holder only and having
only possession thereof.

 

(f) PPP
Escrow Agent makes no representation as to the validity, value, genuineness, or the collectability of any security or other document
or instrument held by or delivered to it.

 

(g)
PPP Escrow Agent (and any successor PPP Escrow Agent) may at any time resign as such by delivering the Escrow Fund to any
successor PPP Escrow Agent jointly designated by the other parties hereto in writing, or to any court of competent
jurisdiction, whereupon PPP Escrow Agent shall be discharged of and from any and all future obligations arising in connection
with this Agreement. The resignation of PPP Escrow Agent will take effect on the earlier of (a) the appointment of a
successor (including a court of competent jurisdiction) or (b) the day which is 30 days after the date of
delivery of its written notice of resignation to the other parties hereto. If at that time PPP Escrow Agent has not received
a designation of a successor PPP Escrow Agent, PPP Escrow Agent’s sole responsibility after that time shall be to
retain and safeguard the Escrow Fund until receipt of a designation of successor PPP Escrow Agent or a joint written
disposition instruction by the other parties hereto or a final binding decision of an arbitration panel, as provided herein.
Purchaser and Seller shall have the right to replace PPP Escrow Agent at any time by joint written notice to PPP Escrow Agent
and joint written designation of a successor PPP Escrow Agent. In such event, PPP Escrow Agent shall promptly resign, and the
preceding provisions of this Section 4(g) pertinent to PPP Escrow Agent’s resignation shall become
applicable.

 

    F-2

     

    

 

Exhibit
F

 

(h) In
the event of any disagreement between the other parties hereto resulting in adverse claims or demands being made in connection
with the Escrow Fund or in the event that PPP Escrow Agent is in doubt as to what action it should take hereunder, PPP Escrow
Agent shall be entitled to retain the Escrow Fund until PPP Escrow Agent shall have received (i) a final binding decision of an
arbitration panel, as provided herein, or (ii) a written agreement executed by the other parties hereto directing delivery of
the Escrow Fund, in which event PPP Escrow Agent shall disburse the Escrow Fund in accordance with such order or agreement. Any
arbitration decision shall be accompanied by a legal opinion by counsel for the presenting party satisfactory to PPP Escrow Agent
to the effect that the decision is final and binding. PPP Escrow Agent shall act on such decision and legal opinion without further
question.

 

(i) No
printed or other matter in any language (including, without limitation, prospectuses, notices, reports and promotional material)
that mentions PPP Escrow Agent’s name or the rights, powers, or duties of PPP Escrow Agent shall be issued by the other
parties hereto or on such parties’ behalf unless PPP Escrow Agent shall first have given its specific written consent thereto.

 

(j) The
other parties hereto authorize PPP Escrow Agent, for any securities held hereunder, to use the services of any United States central
securities depository it reasonably deems appropriate, including, without limitation, the Depositary Trust Company and the Federal
Reserve Book Entry system.

 

5. Limited
Responsibility. This Agreement expressly sets forth all the duties of PPP Escrow Agent with respect to any and all matters
pertinent hereto. No implied duties or obligations shall be read into this Agreement against PPP Escrow Agent. PPP Escrow Agent
shall not be bound by the provisions of any agreement among the other parties hereto except this Agreement.

 

6. Notices.
All notices, consents, waivers and other communications under this Agreement must be in writing and will be deemed to have been
duly given when (a) delivered to the appropriate address by hand or by a nationally recognized overnight courier service (costs
prepaid); (b) sent by email (with confirmation by the transmitting equipment); or (c) received by the addressee, if sent by certified
mail, return receipt requested, in each case to the following addresses and facsimile numbers and marked to the attention of the
person (by name or title) designated below (or to such other address, facsimile number or person as a party may designate by notice
to the other parties):

 

If
to Seller:

 

Bachman-Bernard
Chevrolet-Buick-GMC-Cadillac, Inc.

Attn:
Myron Bernard

215
Brobeck Road

 

Limestone,
Tennessee 37681

Facsimile:

 

    F-3

     

    

 

Exhibit F

 

with
a copy to:

 

Burr
& Forman, LLP

Attention:
James M. McCarten

171
17th Street, NW, Suite 1100

Atlanta,
Georgia 30363

Facsimile:
_404-817-3244

 

If
to Purchaser:

 

LMP
Automotive Holdings, Inc.

Attn:
Sam Tawfik

601
North State Road 7

Plantation,
Florida 33317

Facsimile:
954-756-8122

 

with
a copy to:

 

Bass
Sox Mercer

Attn:
Robert A. Bass, Esq.

2822
Remington Green Circle

Tallahassee,
Florida 32308

Facsimile:
850-942-4869

 

If
to PPP Escrow Agent:

 

__________________________

__________________________

__________________________

__________________________

__________________________

 

7. Jurisdiction.
Any Proceeding arising out of or relating to this Agreement may be brought in the courts of the State of Tennessee, Greene County,
or, if it has or can acquire jurisdiction, in the United States District Court for the Eastern District of Tennessee, and each
of the parties irrevocably submits to the exclusive jurisdiction of each such court in any such Proceeding and waives any objection
it may now or hereafter have to venue or to convenience of forum, agrees that all claims in respect of the Proceeding shall be
heard and determined only in any such court and agrees not to bring any Proceeding arising out of or relating to this Agreement
in any other court. Process in any Proceeding referred to in the preceding sentence may be served on any party anywhere in the
world.

 

8. Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original and all of which, when
taken together, will be deemed to constitute one and the same agreement.

 

9. Section
Headings. The headings of sections in this Agreement are provided for convenience only and will not affect its construction
or interpretation.

 

    F-4

     

    

 

Exhibit
F

 

10. Waiver.
The rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure nor any
delay by any party in exercising any right, power, or privilege under this Agreement or the documents referred to in this
Agreement will operate as a waiver of such right, power, or
privilege, and no single or partial exercise of any such right, power, or privilege will preclude any other or further
exercise of such right, power, or privilege or the exercise of any other right, power, or privilege. To the maximum extent
permitted by applicable law, (a) no claim or right arising out of this Agreement or the documents referred to in this
Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless in
writing signed by the other party; (b) no waiver that may be given by a party will be applicable except in the specific
instance for which it is given; and (c) no notice to or demand on one party will be deemed to be a waiver of any obligation
of such party or of the right of the party giving such notice or demand to take further action without notice or demand as
provided in this Agreement or the documents referred to in this Agreement.

 

11. Exclusive
Agreement and Modification. This Agreement supersedes all prior agreements among the parties with respect to its subject matter
and constitutes (along with the documents referred to in this Agreement) a complete and exclusive statement of the terms of the
agreement between the parties with respect to its subject matter. This Agreement may not be amended except by a written agreement
executed by Purchaser, Seller, and PPP Escrow Agent.

 

12. Governing
Law. This Agreement shall be governed by the laws of the State of Tennessee without regard to conflicts of law principles.

 

[signature
page follows]

 

    F-5

     

    

 

Exhibit
F

 

IN
WITNESS WHEREOF, the parties have executed and delivered this Escrow Agreement as of the date first written above.

 

	WITNESSES:	 	SELLER:
	 	 	 
	 	 	BACHMAN-BERNARD CHEVROLET-
	 	 	BUICK-GMC-CADILLAC, INC.,
	 	 	a Tennessee corporation
	 	 	 
		 	By: 	 
	Print Name: 	     	 	 	Myron Bernard, Vice President/Secretary
	 	 	 
	 	 	PURCHASER:
	 	 	 
	 	 	LMP AUTOMOTIVE HOLDINGS, INC.
	 	 	a Delaware corporation
	 	 	 
		 	By:	 
	Print Name:	 	 	 	Sam Tawfik, CEO
	 	 	 
	 	 	PPP ESCROW AGENT:
	 	 	 
	 	 	[**]
	 	 	 
		 	By:	 
	Print Name:	 	 	 	[**]

 

 

F-6Exhibit 10.5

 

REAL ESTATE PURCHASE AGREEMENT

 

THIS REAL ESTATE PURCHASE
AGREEMENT (this “Agreement”) is made and entered into as of August 28, 2020 (the “Effective Date”)
by and between PHILIP M. BACHMAN, JR., an individual (“Bachman”) and MYRON BERNARD, an individual, (“Bernard,”
together with Bachman, collectively the “Seller”), and 601 NSR, LLC, a Delaware limited liability company and
or its assigns (“Purchaser”, and together with Seller, each a “Party” and collectively, the
“Parties”).

 

RECITALS:

 

WHEREAS, Seller
is the owner of the real property, buildings and site improvements (collectively the “Improvements”) located
at 3365 E. Andrew Johnson Hwy, Greenville, Tennessee 37745, being more particularly described as the two parcels in Exhibit
A attached hereto and incorporated herein by this reference (the “Premises”); and

 

WHEREAS, Seller
desires to sell, and Purchaser desires to purchase, the Property (hereinafter defined).

 

NOW, THEREFORE,
for and in consideration of the mutual covenants and agreements of the parties as hereinafter set forth and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties intending to be legally bound
hereby agree as follows:

 

1. Purchase
and Sale; Integral Transaction; Deposit. Subject to and on the terms and conditions set forth herein, Seller hereby agrees
to sell to Purchaser, and Purchaser agrees to purchase from Seller, the Premises together with all (a) benefits, privileges, fixtures,
easements, hereditaments and other rights appurtenant to the Premises or any part thereof, including without limitation Seller’s
right, title and interest, if any, in and to any streets, alleys, ways, sewer rights, utility capacity or rights thereto, development
rights, impact fee credits, air rights, water rights, water courses and water bodies adjacent to the Premises and mineral rights;
(b) all of Seller’s right, title and interest in and to any and all of the Improvements; and (c) all of Seller’s right,
title and interest in and to all surveys, reports, plans, specifications, drawings, engineering information and data, guaranties
(to the extent assignable), warranties (to the extent assignable), licenses and permits (to the extent assignable) relating to
the Premises and in the possession and control of Seller (the Premises and all other property and/or rights enumerated in Sections
1(a), 1(b) and 1(c) are hereinafter collectively referred to as the “Property”).

 

This Agreement
represents one facet of a two-part transaction. The other facet consists of a separate asset purchase agreement of even date
herewith (the “APA”), by and between Bachman-Bernard Chevrolet-Buick-GMC-Cadillac, Inc., a Tennessee
corporation (the “Asset Seller”), and LMP Automotive Holdings, Inc., a Delaware corporation (the
“Asset Purchaser”), for purchase and sale of the Bachman Bernard Chevrolet, Buick, GMC, Cadillac
dealership operations (the “Dealership Operations”). This Agreement shall terminate automatically upon
termination or expiration of the APA for any reason. No separate deposit under this Agreement is required of Purchaser;
rather, Purchaser has delivered to the Escrow Agent (as defined in the APA) the Deposit (as defined in the APA) to be held
and disbursed in accordance with the terms of the APA; accordingly, the Deposit provisions of the APA are part of this
Agreement, and Seller and Purchaser acknowledge and agree that the Deposit shall be deemed sufficient consideration for this
Agreement. The respective obligations of Seller and Purchaser to close the transaction hereunder are conditioned upon
the closing of the transactions contemplated under the APA. In addition, this Agreement and the APA are hereby
cross-defaulted such that a pre-closing default by a Party under one shall constitute a default by that same Party, or its
affiliate, under the other agreement. If this Agreement and/or the APA is terminated and cancelled, this Agreement and the
APA shall become void, and there shall be no further liability or obligation of any Party to either this Agreement or the
APA, except as to matters that are expressly stated to survive termination.

 

    

     

    

 

2. Purchase
Price; Appraisal Fair Market Value. The purchase price for the Property (the “Purchase Price”) shall be
Five Million Four Hundred Thousand and 000/100 Dollars ($5,400,000.00).

 

3. Payment;
Closing. Payment for the Property purchased as described herein shall be made at the closing of the purchase and sale of the
Property described herein (the “Closing”) by wire transfer of immediately available funds, PLUS or MINUS
any adjustments for prorations and other payments and withholdings to be paid or otherwise borne by Seller or Purchaser pursuant
to this Agreement. At Closing, Seller will deliver to Purchaser possession of the Property, subject to the Permitted Exceptions
(as hereinafter defined), and shall deliver all available keys, and alarm codes, if any, to the Property. The Closing will occur
on the “Closing Date” under, and as defined in the APA; and this Agreement shall terminate automatically upon
termination or expiration of the APA for any reason.

 

4. Deed.
At Closing, Seller will transfer title to the Property to Purchaser by special warranty deed in form reasonably satisfactory to
Purchaser (the “Deed”) free and clear of any and all liens and encumbrances (except for Permitted Exceptions,
as hereinafter defined, if any). If the legal description of the Property set forth on the Survey (defined below) is different
from the legal description set forth on Exhibit A attached hereto, Seller shall also execute, at Closing, a quit claim deed
conveying the Property to Purchaser utilizing the legal description reflected in the Survey provided that such Survey is certified
to the Seller.

 

5. Documents
to be Delivered by Seller. Within 3 days following the Effective Date, Seller shall deliver to Purchaser copies of the
following, to the extent in Seller’s or Seller’s representatives’ possession or control:

 

(a) Copies
of all existing and proposed easements, covenants, restrictions, agreements, plans, designs, blueprints, utility capacity letters,
contracts, service agreements and other documents that affect the Property available to Seller.

 

(b) Copies
of all leases of all or any portion of the Property, and any amendments thereto. Copies of any and all options, rights of first
refusal or other interests affecting the Property.

 

(c) A copy of Seller’s owners/lenders
title insurance policy and the most recent survey of the Property.

 

(d) Copies
of all environmental studies or impact reports relating to the Property, including, but not limited to Phase I and Phase II Environmental
Site Assessments previously conducted, any asbestos studies, and any environmental approvals, conditions, orders or declarations
issued by any governmental authority relating thereto. Any written reports or information regarding underground storage tanks presently
located on the Property or which may at any time have been located on the Property, as well as any written reports or other information
relating to the disposition of any pollutants from any source whatsoever in, on or under the Property.

 

(e) Details
and contact information for all contractors and subcontractors that have provided goods or services on or to the Property in the
past year and copies of any and all warranties, agreements or proposals provided or assigned by such contractors or subcontractors.

 

(f) Copies of all reports, maintenance records,
programs or warranties, if any, as to the roof, plumbing, HVAC, furnaces, boilers, and electrical systems.

 

    Page 2 of 17

     

    

 

The above documents
shall be delivered to Purchaser along with a signed certificate (the “Document Set Certificate”) from the Seller
that the due diligence documents so delivered are complete to the extent in Seller’s or Seller’s representatives’
possession or control.

 

 6. Inspections.

 

6.1 Environmental
and Building Inspections. Purchaser shall have 60 days from receipt of the Document Set Certificate (the “Inspection
Period”) in which to conduct, inspect and evaluate any and all tests, studies, and surveys of, in Purchaser’s sole
discretion, all aspects of the Property, including, without limitation, the condition of the Improvements, the soil conditions,
environmental conditions (including a Phase I environmental site assessment), property condition assessments, structural testing,
and to confirm the zoning and status of entitlements applicable to the Property. Purchaser shall use good faith efforts to avoid
any unreasonable interference with the business and operations of Seller’s current business at the Property; and Purchaser,
at its sole expense, shall indemnify Seller for any and all loss, cost and expense incurred by Seller as a result of Purchaser’s
inspections, and further promptly repair any damage caused by said inspections at Purchaser’s sole cost and expense. Seller
will make its appropriate officers, employees and representatives available to Purchaser at all reasonable times for the purpose
of assisting Purchaser in such investigations or examinations. Notwithstanding the foregoing, Purchaser may not perform any test
of the Property of an intrusive or disruptive nature (including, without limitation, soil borings), without the prior written consent
of Seller, which consent shall not be unreasonably withheld, conditioned or delayed, except that Seller shall be entitled to review
and approve any investigation planned and any samples taken. If Purchaser is required or advised by its consultants or its lender
to do environmental testing in addition to Phase I environmental testing such that a Phase II environmental site assessment is
recommended, Seller will reasonably cooperate with Purchaser to extend the Inspection Period to the extent reasonably necessary
to allow Purchaser sufficient time to conduct Phase II testing, not to exceed an additional 15 days. If Purchaser is not
satisfied with its inspections of the Property, Purchaser may terminate this Agreement (without premium or penalty) by sending
written notice to Seller on or before the expiration of the Inspection Period, as may be extended in accordance with the terms
hereof. All site inspections shall be coordinated in advance with Myron Bernard, whose email address of myron@bachmanbernard.com
and whose cell phone number is 423-823-4141.

 

6.2 Title
Examination.

 

(a) Purchaser shall
order and obtain a title insurance commitment (the “Commitment”) from a national title insurance company
of its selection (“Title Insurer”), insuring fee-simple marketable title to the Property. Purchaser shall
have until the expiration of the Inspection Period to examine the Commitment and all instruments listed as exceptions and as
requirements therein. If title is found unacceptable to Purchaser, Purchaser shall, on or before expiration of the Inspection
Period, provide Notice(s) to Seller specifying its title and/or survey objections (the “Title Notice”),
and any exceptions set forth in the Commitment or Survey to which Purchaser does not object pursuant to a Title Notice shall
be deemed a permitted exception (the “Permitted Exceptions”). Seller will have 10 days from receipt
of Purchaser’s Title Notice(s), (the “Seller’s Response Period”) to either (i) notify
Purchaser that it will cure any of such title objections and the steps it will take to do so, or (ii) notify Purchaser that
it elects not to cure any of such objections. If Seller fails to respond within Seller’s Response Period, then Seller
is deemed to have elected not to seek to remove, correct, and/or satisfy any objections. If Seller’s response indicates
that Seller will not seek to remove, correct, and/or satisfy certain objections set forth in Purchaser’ Title Notice,
or if Seller fails to notify Purchaser of Seller’s response within Seller’s Response Period, then Purchaser may
either (i) waive certain objections set forth in Purchaser’s Title Notice and proceed with Closing or (ii) terminate
this Agreement by sending written notice thereof to Seller not later than 5 business days after the later of
Purchaser’s receipt of Seller’s response if any, or expiration of Seller’s Response Period if Seller failed
to provide a timely response. If Purchaser fails to so terminate this Agreement, Purchaser is deemed to have waived any of
those certain objections set forth in a Title Notice that Seller has elected not to cure, and to have accepted those title
conditions as Permitted Exceptions. If there remain at Closing any objections that Purchaser included in Purchaser’s
Title Notice(s) for which Seller affirmatively agreed to seek to remove, correct, and/or satisfy, then Purchaser may elect
to: (i) waive such objections and proceed with the Closing and accept the Property subject to such exceptions without
reduction of the Purchase Price, and all such exceptions so waived or otherwise accepted by Purchaser shall hereinafter
constitute “Permitted Exceptions”, or (ii) terminate this Agreement, thereby releasing Purchaser and Seller from
all further obligations under this Agreement (except those that expressly survive), upon which the APA shall also terminate.
Notwithstanding the foregoing, Seller shall cure or cause any monetary liens against the Property to be satisfied and removed
at or prior to Closing and to remove any lis pendens against the Property.

 

    Page 3 of 17

     

    

 

(b) If
any subsequent update of the Commitment reveals any additional exceptions not permitted by this Agreement, Seller shall have 10
days in which to remove such additional exceptions, subject to the limitations set forth above. If Seller elects not to remove
or is unable to remove such additional exceptions, Purchaser shall have the same rights and remedies as provided above, except
that the Closing shall not be extended more than 10 days to permit Seller to cure any such additional exceptions.

 

(c) Seller
and Purchaser each agree to provide reasonable affidavits and documentation to enable the Title Company to delete all Schedule
B-I requirements (provided however in no event shall Seller be required to deliver any affidavits to delete the survey-related
requirements), the “gap” exception, and the construction lien and parties in possession exceptions from the Commitment
at Closing. Seller and Purchaser each shall be responsible for satisfying those Schedule B-I requirements applicable to each of
them.

 

6.3 Survey.
Purchaser may, at its expense, obtain a survey of the Property (the “Survey”) during the Inspection Period.
If the Survey discloses an encroachment on the Property or that improvements located on the Property encroach on setback lines,
easements, lands of others, or violate any restrictions or applicable governmental regulations which are unacceptable to Purchaser,
which will impair the marketability of the Property, or constitute a survey exception on the owner’s title insurance policy,
then upon Notice to Seller, tendered on or before expiration of the Inspection Period, the same shall constitute a Title Notice
and shall be governed by the terms of Section 6.2 hereof.

 

 7. Representations, Warranties and Covenants.

 

7.1 Representations, Warranties and Covenants
by Seller. Seller hereby represents, warrants and covenants as of the date hereof and as of the Closing that:

 

(a) No
other agreement concerning or restricting the sale of the Property is in effect and no person or entity, other than Purchaser,
has any right or option to acquire all or any portion of the Property. There are no leases or other occupancy agreements affecting
the Property and there are no licenses or related agreements affecting the Property which will be binding on the Purchaser after
Closing.

 

(b) To
Seller’s knowledge, the Property described herein is the only Premises and Improvements used by Asset Seller in the Dealership
Operations.

 

(c) The
person executing this Agreement has full power and authority to do so and to perform every act and to execute and deliver every
document and instrument necessary or appropriate to consummate the transaction provided for herein. To Seller’s knowledge,
the transactions contemplated in this Agreement are not prohibited by any law, regulation, agreement, instrument, restriction,
order or judgment including, without limitation, any site control agreement, option or right of first refusal.

 

    Page 4 of 17

     

    

 

(d) Seller
is not a “foreign person” under, and as defined in, Section 1445(f)(3) of the Internal Revenue Code, as amended from
time to time.

 

(e) This
Agreement constitutes the valid obligation of Seller, is legally binding, and to Seller’s knowledge, is enforceable in accordance
with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency and other laws and equitable principles
affecting creditors’ rights generally and the discretion of the courts in granting equitable remedies. Provided, there
are no attachments, executions, assignments for the benefit of creditors, receiverships, conservatorships or voluntary or involuntary
proceedings in bankruptcy or pursuant to any other debtor relief laws contemplated or filed by Seller or pending against Seller
or the Property

 

(f) The
execution and delivery by Seller of this Agreement and any other agreements, certificates, instruments and documents executed and
delivered by Seller pursuant hereto (the “Seller Delivered Agreements”), and the consummation by Seller of the
transaction provided for herein, will not, to Seller’s knowledge, constitute (with the giving of notice or the lapse of time
or both) a violation of, be in conflict with, result in the acceleration of or entitle any Party to accelerate (whether after the
giving of notice or lapse of time or both), or constitute a default under (i) any material agreement, commitment or understanding
to which Seller is subject or by which Seller is bound, or (ii) any applicable law.

 

(g) Seller
has received no written notice that the continued ownership, operation, use and occupancy of the Property violates in a material
manner any zoning, building, health, flood control, fire or other law, ordinance, order or regulation or any restrictive covenant.
To Seller’s knowledge, there are no open and/or pending violations of any federal, state, county or municipal law, ordinance,
order, regulation or requirement, affecting any portion of the Property, and no written notice of any such violation has been issued
by any governmental authority. All necessary certificates of occupancy, licenses, permits, authorizations and approvals by all
governmental authorities having jurisdiction over the Property have been paid for, issued and to Seller’s knowledge remain
in full force and effect for the Property.

 

(h) There
are no condemnation or annexation or similar proceedings affecting the Property or any portion thereof, including any pending action
or action threatened in writing that would result in (i) the termination or material impairment of access to or from the Property,
or (ii) the termination or material impairment of access from the Property to existing sewer or other utility facilities servicing,
adjoining or situated on the Property. Seller has not received any written notice, nor has any knowledge, that any such proceeding
is contemplated.

 

(i) Seller
has received no written notice of actual or threatened special assessments or reassessments of the Property, and the Property is
not burdened by any obligation for contribution of money or property to or participation in any road development or completion
project or to bear any share of the cost of any road or other offsite improvement. Seller has not made and has no knowledge of
any written commitments to or agreements with any governmental or quasi-governmental authority, utility company, school board,
church or other religious body, any property owner’s association, or any other organization, group or individual relating
to the Property, which have not been fulfilled or satisfied prior to the Effective Date hereof, and which would impose an obligation
upon Purchaser, as owner of the Property, to construct, install or maintain any improvements of a public or private nature on or
off the Property after Closing.

 

(j) There
are no actions, suits, claims, proceedings or causes of action which are pending or, to Seller’s knowledge, have been threatened
or asserted in writing against, or are affecting, Seller or the Property or any part thereof in any court or before any arbitrator,
board or governmental or administrative agency or other person or entity which might have an adverse effect on the Property or
any portion thereof or on Purchaser’s ability to use the Property for a full service franchised dealership facility.

 

    Page 5 of 17

     

    

 

(k) Seller
has no knowledge: (i) of the presence of any Hazardous Materials (defined below), including, but not limited to, transformers or
equipment containing polychlorinated biphenyls (“PCBs”), on the Property, (ii) of any spills, releases, discharges,
or disposal of Hazardous Materials that have occurred or are presently occurring on or onto the Property, or (iii) of any failure
to comply in any material respect with any applicable local, state or federal environmental laws, regulation, ordinance, or administrative
or judicial order relating to the generation, recycling, reuse, sale, storage, handling, transport, and disposal of any Hazardous
Materials with respect to the Property. Seller has no knowledge of any above ground tanks on the Property that are not in compliance
with all Environmental Laws, and Seller has no knowledge of any underground storage tanks (herein referred to as “USTs”),
at the Property. Seller has not removed or abandoned any USTs at the Property and Seller has no knowledge of the abandonment or
removal of USTs at the Property. Seller has no knowledge of any friable or damaged asbestos at the Property; nor has Seller removed
(or required or requested the removal of) any PCBs or damaged or friable asbestos from the Property. Seller has no knowledge of
the previous existence of any PCBs or damaged or friable asbestos at the Property. To Seller’s knowledge, no property adjacent
to or in the vicinity of the Property has a Hazardous Condition in, on or under such property. For purposes hereof, “Hazardous
Conditions” refers to the presence on, in or about any such property (including ground water) of Hazardous Materials,
the concentration, condition, quantity, location or other characteristics of which fail to comply in any material respect with
applicable Environmental Laws. Further, (i) Seller has not received any written notice from any governmental authority alleging
a violation of any Environmental Laws that are applicable to the Property, (ii) Seller has complied in all material respects with
all Environmental Laws that are applicable to the Property, and has obtained and has been in compliance in all material respects
with all required governmental environmental permits with respect to the Property, and (iii) no unauthorized storage, treatment,
discharge or disposal of Hazardous Materials on the Property has been made by Seller or its employees or agents, except in compliance
in all material respects with applicable Environmental Laws. “Environmental Laws” means any federal, state or
local statute, ordinance, rule or regulation relating to the existence, cleanup, removal and/or remedy of contamination on property,
the protection of the environment from spilled, emitted, discharged, discarded, deposited or emplaced Hazardous Materials, the
generation, use, transport, storage, handling, disposal, removal or recovery of Hazardous Materials, and the exposure to hazardous,
toxic, or other substances determined by law to be harmful, including, without limitation, the Comprehensive Environmental Response,
Compensation and Liability Act of 1980 as amended (“CERCLA”), The Toxic Substances Control Act, The Clean Air
Act, and the Resource, Conservation and Recovery Act of 1976; and the term “Hazardous Materials” means any “hazardous
substance,” as defined by §101(14) of CERCLA.

 

(l) Seller
has not released or modified any warranties of builders, contractors, manufacturers or other trade persons with respect to the
Property that have been given to Seller.

 

To Seller’s knowledge,
all information given to Purchaser by or on behalf of Seller and pertaining to the Property or the operations thereon is true and
correct in all material respects, and accurately depicts, in all material respects, the matters set forth therein. The representations
and warranties of Seller set forth in this Agreement shall survive the Closing and delivery and recordation of the Deed for a period
of 18 months. Other than such representations and warranties and in particular as related to the condition and maintenance of the
Property, the Property is being sold “AS-IS.”

 

7.2 Representations
and Warranties by Purchaser.

 

(a) Purchaser is a
Delaware limited liability company, duly formed, validly existing, and in good standing under the laws of the state of its
formation. The execution, delivery and performance of this Agreement by Purchaser has been duly authorized by its member and
the person executing this Agreement on behalf of Purchaser has full power and authority to do so and to perform every act and
to execute and deliver every document and instrument necessary or appropriate to consummate the transaction provided for
herein.

 

    Page 6 of 17

     

    

 

(b) This
Agreement constitutes the valid obligation of Purchaser, is legally binding, and is enforceable in accordance with its terms, except
as enforceability may be limited by applicable bankruptcy, insolvency and other laws and equitable principles affecting creditors’
rights generally and the discretion of the courts in granting equitable remedies.

 

(c) The
execution and delivery by Purchaser of this Agreement and any other agreements, certificates, instruments and documents executed
and delivered by any of them pursuant hereto, and the consummation by Purchaser of the transaction provided for herein, will not
constitute (with the giving of notice or the lapse of time or both) a violation of, be in conflict with, result in the acceleration
of or entitle any Party to accelerate (whether after the giving of notice or lapse of time or both), or constitute a default under
(i) any term or provision of the formation documents of Purchaser, as may be amended (ii) any material agreement, commitment or
understanding to which Purchaser is subject or by which they are bound, or (iii) any applicable law.

 

The representations and warranties of Purchaser
set forth in this Agreement shall survive the Closing and delivery and recordation of the Deed for a period of 18 months.

 

7.3. Covenants
of Seller.

 

(a) From
and after the Effective Date, assuming this Agreement remains in full force and effect, Seller shall not: (i) make any material
changes on or about the Property other than as contemplated by this Agreement; (ii) except as set forth herein, create or incur
or permit to exist any mortgage, lien, pledge or other encumbrance in any way affecting the Property that will not be paid at Closing;
(iii) commit any waste or nuisance on the Property; or (iv) convey any interest (fee or leasehold) in the Property.

 

(b) Seller
shall maintain and keep in place all insurance coverage affecting the Premises and the Improvements through and including the Closing
Date.

 

(c) Upon
the written request of Purchaser, Seller shall request and use commercially reasonable efforts to obtain an estoppel certificate
from any relevant property owner’s association, or the like, reflecting that Seller is in good standing, with no pending
or open violations of the association’s rules, regulations, or governing documents, and describing the amount and due date
of all outstanding and upcoming dues, fees, fines, or amounts of any kind, assessed in connection with the Property

 

8. Conditions
Precedent to Purchaser’s Obligations. The obligations of Purchaser hereunder are subject to the satisfaction of each
of the following conditions:

 

(a) Seller’s
representations and warranties contained in this Agreement shall be true and accurate, in all material respects as if made as of
Closing, and Seller shall have fulfilled its delivery requirements set forth herein.

 

(b) Seller shall have delivered or caused
to be delivered the items set forth in Sections 5 and 10.

 

(c) Seller
shall have paid any and all taxes, franchise fees and any other tax charge(s) which is/are currently due and payable in relation
to the Property.

 

    Page 7 of 17

     

    

 

(d) The
transactions contemplated under the APA shall have closed, it being contemplated that such closing shall occur simultaneously with
the Closing hereunder.

 

In the event any of the foregoing conditions
precedent to Closing are not satisfied, in Purchaser’s reasonable opinion, on or prior to Closing, then Purchaser shall have
the right to waive such conditions and proceed to Closing or terminate this Agreement.

 

9. Conditions
Precedent to Seller’s Obligations. The obligations of Seller hereunder are subject to the satisfaction of each of the
following conditions:

 

(a) At
Closing, the representations and warranties set forth herein by Purchaser shall be true and correct in all material respects as
if made as of Closing and Purchaser shall have fulfilled its delivery requirements set forth herein.

 

(b) Purchaser shall have delivered or
cause to be delivered the items set forth in Section 10 below.

 

(c) Each
of the obligations of Purchaser required by this Agreement to be performed by it at or prior to the Closing shall have been duly
performed and complied with in all material respects as of the Closing.

 

(d) The
transactions contemplated under the APA shall have closed, it being contemplated that such closing shall occur simultaneously with
the Closing hereunder.

 

In the event any of the foregoing conditions
precedent to Closing are not satisfied, in Seller’s reasonable opinion, on or prior to Closing, then Seller shall have the
right to waive such conditions and proceed to Closing or terminate this Agreement.

 

 10. Closing Documents.

 

10.1 Deliveries by Seller at Closing.
On or prior to the Closing, Seller shall execute (as applicable) and deliver to Purchaser, the following:

 

(a) The
Deed conveying fee simple title to the Property, free and clear of all liens and encumbrances, except the Permitted Exceptions.
A quit claim deed as provided for in Section 4 hereof, as applicable;

 

(b) A
bill of sale conveying the Improvements and all Property rights to be conveyed hereunder, free and clear of all liens and encumbrances,
except the Permitted Exceptions;

 

(c) Assignment
of any and all warranties (if any and to the extent assignable), plans, specifications, drawings, and engineering information and
data provided or assigned by any contractors and subcontractors, architects and engineers that have provided goods or services
on or to the Property;

 

(d) An
owner’s affidavit in a form acceptable to Seller and Title Insurer affirming that there are no outstanding possessory rights,
liens or rights to claim liens against the Property;

 

(e) An
Affidavit from Seller required pursuant to Section 1445 of the Code and corresponding laws of the State of Tennessee, as applicable;

 

 (f) An IRS Form 1099;

 

    Page 8 of 17

     

    

 

 (g) A termination of any and all leases affecting the Property;

 

 (h) Tax certificates required by or contemplated under applicable law;

 

(i) Written
assurances (the “Lienholder Assurances”), reasonably satisfactory to Title Insurer, executed by the holders
of all liens encumbering the Property (the “Real Property Lienholders”), setting forth the payment (the “Release
Payment”) required to be made to each such Real Property Lienholder to obtain a release of all encumbrances affecting
the Property, which amount may include other loans from Real Property Lienholder to Seller which are not secured by encumbrances
on the Property, and containing each such Real Property Lienholder’s commitment to promptly execute and deliver to Purchaser
a complete release of all such encumbrances upon receipt of the Release Payment;

 

(j) A
certificate dated the Closing Date and executed by an authorized representative of Seller stating that the representations and
warranties of Seller in this Agreement are true and correct in all material respects on and as of the Closing Date with the same
effect as those such representations and warranties had been made on and as of such date, and that the covenants and agreements
to be performed or complied with by Seller prior to the Closing have been performed and complied with in all material respects;

 

(k) Settlement
statement prepared in accordance with the allocations contained in Section 14 hereof (the “Settlement Statement”);

 

(l) Such
other closing documents as may be customary in the jurisdiction in which the Property is located, including, without limitation,
corporate certificates and resolutions and affidavits reasonably required by the Title Insurer; and

 

(m) Certificate of Good Standing for Seller
issued within 30 days prior to the Closing Date.

 

10.2 Deliveries
by Purchaser at Closing.

 

(a) The
Purchase Price as set forth in Section 2 hereof, by wire transfer of immediately available funds, subject to prorations,
adjustments and credits as described in this Agreement;

 

(b) Execute
and deliver or obtain for delivery any instruments reasonably necessary to close this transaction, including, without limitation,
corporate certificates and resolutions and affidavits reasonably required by the Title Insurer;

 

(c) Certificate of Good
Standing for Purchaser issued within 30 days prior to the Closing Date; and

 

 (d) The Settlement Statement.

 

    Page 9 of 17

     

    

 

11. Condemnation.
If prior to the Closing all or any part of the Property shall have been taken, or Purchaser or Seller receives notice that
all or any part of the Property may be taken, in the exercise of the power of eminent domain, Purchaser may, upon written
notice to Seller given within 10 days after Purchaser receives written notice of such taking or contemplated taking,
terminate this Agreement and, in such event, Seller and Purchaser shall have no further rights or obligations hereunder to
the other. Otherwise, if prior to the Closing Date any part of the Property shall have been taken, or Purchaser or Seller
receives notice that all or any part of the Property may be taken, in the exercise of the power of eminent domain by any
governmental or private authority, this Agreement shall remain in full force and effect and at Closing, Seller shall assign,
transfer and set over to Purchaser all of the right, title and interest of Seller in and to any awards that have been or that
may thereafter be made for such taking. In the event Seller has received payment of any such awards prior to Closing, such
amounts shall be credited against the Purchase Price, to the extent not used for restoring or repairing the improvements. If
restoration or repairs are conducted, then Seller will expeditiously and timely undertake to restore the Property to a
condition reasonably acceptable to Purchaser, and Purchaser will have the right to reasonably approve all plans,
specifications, time periods and the contractor performing any such work.

 

12. Casualty.
If, prior to the Closing, all or any part of the Property shall have been damaged or destroyed by fire or other casualty rendering
20% or more not usable for at least 75 days, Purchaser may, upon written notice to Seller given within 10 days
after Purchaser receives written notice of such casualty, or within 10 days after discovering said casualty, terminate this
Agreement and, in such event, Purchaser and Seller shall have no further rights or obligations hereunder to the other. If Purchaser
does not elect to terminate this Agreement as aforesaid, this Agreement shall remain in full force and effect and at Closing, Seller
shall assign, transfer and set over to Purchaser all of the right, title and interest of Seller in and to any proceeds that have
been or that may thereafter be made for such casualty. In the event Seller has received payment of any such proceeds prior to Closing,
such amounts shall be credited against the Purchase Price, to the extent not used for restoring or repairing the improvements.
If restoration or repairs are conducted, then Seller will expeditiously and timely undertake to restore the Property to a condition
reasonably acceptable to Purchaser, and Purchaser will have the right to reasonably approve all plans, specifications, time periods
and the contractor performing any such work.

 

13. Commission.
Seller and Purchaser warrant and represent to each other that, except for as attached in Schedule 13 hereto (who shall be
paid at Closing by Seller at Seller’s sole expense pursuant to a separate agreement,) Seller and Purchaser have not entered
into any agreement or arrangement and have not received services from any broker or broker’s employees or independent contractors
and there are no broker’s commissions or fees payable in connection with this Agreement or the purchase and sale of the Property
by reason of their respective dealings, negotiations or communications. The warranties and representations made in this section
shall survive termination, expiration or Closing of this Agreement.

 

14. Costs.
Except as provided below, the costs and expenses of the transactions contemplated by this Agreement shall be allocated as is customary
in commercial transactions in the county and state where the property is situated. Ad valorem and any other applicable taxes
for the year in which the Closing occurs shall be prorated as of the Closing Date; provided, however, rollback taxes or special
assessments, if any, shall be the sole obligation of Seller without proration, and due and payable at Closing.

 

 (a) At the Closing, Seller shall pay the cost of:

 

(i) any unpaid taxes, assessments or
similar charges due and payable as of the Closing Date;

 

(ii) any
applicable deed transfer tax and/or excise tax with respect to this transaction, including without limitation documentary stamp
taxes or fees applicable to recording the Deed;

 

(iii) any
expenses incurred by Seller in obtaining a release of mortgages or encumbrances affecting title, and all of Seller’s attorneys’
fees;

 

(iv) any costs
associated with a Phase II environmental site assessment, if deemed necessary and appropriate by the Phase I environmental
site assessment; and any costs associated with curing, to Purchaser’s satisfaction, all recognized environmental
concerns discovered as part of the environmental assessments, should Seller elect to cure same; and

 

    Page 10 of 17

     

    

 

 (v) one-half of the closing/escrow/disbursement agent’s fees.

 

 (b) At the Closing, Purchaser shall pay the cost of:

 

 (i) recording the Deed;

 

 (ii) owner’s policy premium, endorsement, and title search and exam fees;

 

(iii) lender’s
title policy premiums and fees, endorsements, title search and exam fees and other related title costs;

 

(iv) all loan fees
charged by Purchaser’s lender and Purchaser’s attorneys’ fees;

 

(v) all
expenses incurred by Purchaser in the investigation of the suitability of the Property, including but not limited to engineering
fees, surveyor fees, consulting fees, feasibility studies and environmental fees (provided, however, if a Phase I environmental
site assessment obtained by Purchaser recommends that a Phase II environmental site assessment be obtained, Seller shall pay for
the Phase II environmental site assessment), architectural fees, appraisal fees, and other consultants’ fees; and

 

 (vi) one-half of the closing/escrow/disbursement agent’s fees.

 

 15. Indemnification.

 

(a) Seller
agrees, from and after the Closing, to indemnify Purchaser, its successors and assigns and their respective owners, managers, partners,
officers, directors, employees and agents (collectively, the “Purchaser Parties”) harmless from any and all
claims, liabilities, damages, penalties, loss, cost or expense any of them may incur, including reasonable attorneys’ fees,
incident to, resulting from any way arising out of (i) the material breach of any warranty or representation made herein, or (ii)
the ownership or operation of the Property on or prior to Closing, including but not limited to any and all claims, liabilities,
damages, penalties, loss or expense incurred, resulting from, or in any way arising out of any injury to persons or damage to property
happening or occurring in, on or about the Property in connection with the operation of the Property on or prior to the Closing.
This Section 15 shall survive the Closing for a period of 18 months.

 

(b) Purchaser
hereby agrees, from and after the Closing, to indemnify Seller and hold Seller harmless from any and all claims, liabilities,
damages, penalties, loss, cost or expense incurred by Seller, including reasonable attorneys’ fees, incident to,
resulting from, or any way arising out of (i) the material breach of any warranty or representation made herein, (ii) the
investigation (prior to Closing), or (ii) ownership or operation of the Property after the Closing, including but not limited
to any and all claims, liabilities, damages, penalties, loss or expense incurred, resulting from, or in any way arising out
of any injury to persons or damage to property happening or occurring in, on or about the Property in connection with the
operation of the Property, after the Closing. This Section 15 shall survive the Closing for a period of 18 months.

 

(c) As
used in this Section 15, the term “Indemnitor” refers to the Party from whom indemnification is sought
and the “Indemnified Party” refers to the Party seeking indemnification.

 

    Page 11 of 17

     

    

 

(d) If
any claim that is covered by this Section 15 is made against an Indemnified Party, the Indemnified Party shall give prompt
written notice of such claim (the “Indemnity Notice”) to the Indemnitor within the survival period as set forth
in this Agreement. Failure to give or delay in giving the Indemnity Notice shall not relieve the Indemnitor of its obligation to
indemnify unless, and to the extent that, the Indemnitor is materially prejudiced by the failure or delay.

 

(e) Upon
receipt by the Indemnitor of the Indemnity Notice, the Indemnitor shall have the responsibility of defending the claim, and all
expenses (including reasonable attorneys’ fees) incurred in connection therewith shall be paid by the Indemnitor and shall
notify the Indemnified Party of its intention to defend within 10 days of receipt of notice. The Indemnified Party shall
have the right to be represented by counsel at its own expense in any defense. If the Indemnitor defends the claim, the Indemnitor
shall have the exclusive right to settle any such matter, either before or after the initiation of litigation, at such time and
upon such terms as it deems fair and reasonable, provided that the Indemnitor, except with the consent of the Indemnified Party,
shall not consent to entry of judgment or enter into any settlement that involves injunctive relief against the Indemnified Party
or does not include an unconditional release by the claimant to the Indemnified Party from all liability in respect to such matter.
If a claim under this Section is not defended by the Indemnitor and the claim is determined favorably to the Indemnified Party,
the Indemnified Party shall give notice to the Indemnitor of the amount of the expenses (including reasonable attorneys’
fees) incurred with respect to such claim, and the Indemnitor shall remit such amount to the Indemnified Party promptly. If such
claim is finally determined adversely to the Indemnified Party or if the Indemnified Party compromises the claim, the Indemnified
Party shall give notice to the Indemnitor of the amount of such claim as finally determined or compromised (including the amount
of the Indemnified Party’s costs and interest with respect thereto and attorneys’ fees, if applicable), and the Indemnitor
shall remit such amount to the Indemnified Party promptly. References herein to costs and attorneys’ fees shall also include
all costs and attorneys’ fees incurred in appeals.

 

(f) Notwithstanding
anything in this Agreement to the contrary, in no event will either Party be liable for any indirect, special, consequential or
punitive damages, or any damages for business interruption or lost profits arising out of or in connection with this Agreement,
even if any Party hereto has been advised of the possibility of such damages.

 

(g) A
Party entitled to indemnification hereunder shall take, and cause its Affiliates to take, all reasonable steps to mitigate any
loss upon becoming aware of any event or circumstance that would be reasonably expected to, or does, give rise thereto, including
incurring costs only to the minimum extent necessary to remedy the breach that gives rise to such loss.

 

 16. Default.

 

(a) If
Purchaser shall default hereunder and fails to remedy such default within 10 days after receiving written notice from Seller
thereof (or such longer period of time as may be reasonably necessary given the specific nature of the default, so long as Purchaser
promptly commences cure thereof and diligently pursues completion), Seller’s sole remedy is to terminate this Agreement and
cause Asset Seller to seek any available remedies under the APA.

 

(b) In
the event Seller fails to comply with or perform any of the conditions to be complied with or any of the obligations to be performed
by Seller under the terms and provisions of this Agreement and Seller fails to remedy such default within 10 days after
written notice from Purchaser, Purchaser shall be entitled to exercise an action in equity against Seller for the specific performance
by Seller of the terms and provisions of this Agreement provided that Purchaser commences such action for specific performance
within sixty (60) days of the occurrence of such default.

 

    Page 12 of 17

     

    

 

 (c) This section shall survive Closing, termination or expiration of this Agreement.

 

17. Notices.
All notices and other communications provided for hereunder shall be in writing and shall be (a) sent by registered or certified
mail, First Class postage attached, (b) sent by hand or overnight delivery, or (c) sent by electronic mail, in each case addressed
to the respective Parties at the addresses set forth below, or to such other address and to the attention of such other Persons
as a Party hereto may specify from time to time by Notice to the other Parties. Each Notice shall be deemed given and be effective
only upon actual receipt (or refusal of receipt), except that electronic mail notices will be deemed duly given and effective upon
the date of mailing, provided that a copy of said notice is confirmed within 2 days thereafter by delivery (or refusal) by any
of the delivery methods described in (a) or (b). Either Party may, by notice in writing, direct that future notices or demands
be sent to different addresses, and notices on behalf of either Party may be given by the attorneys representing such Party. The
Parties and their respective counsel may waive, by way of email correspondence, any notice requirements provided for herein. To
the extent there are multiple Purchaser or Seller parties, a notice to one purchaser or seller is effective as to all of the purchaser
or sellers, respectively.

 

If to Seller, to:

 

c/o Myron Bernard (as Property Owner)

215 Brobeck Road, Limestone, TN 37681

Email: myron@bachmanbernard.com

 

With a copy to:

 

Burr & Forman LLP

171 Seventeenth Street NW, Suite 1100

Atlanta, Georgia 30363

Attention: James M. McCarten

Telephone: 404-532-7236

Email: jim.mccarten@burr.com

 

If to Purchaser to:

 

LMP Automotive

Attention: Mr. Sam Tawfik

601 North State Road 7

Plantation, Florida 33317

Email: sam@lmpmotors.com

 

With a copy to:

 

Bass Sox Mercer

Attention: Gregory A. May, Esq.

2822 Remington Green Circle

Tallahassee, Florida 32308

Email: gmay@dealerlawyer.com

 

The refusal by any party to accept delivery
shall not negate the effectiveness of notice otherwise properly given.

 

    Page 13 of 17

     

    

 

18. Entire
Agreement; Assignment. This Agreement constitutes the entire agreement between the Parties with respect to the sale and purchase
of the Property, and may not be modified orally or in any manner other than by an agreement in writing signed by the Parties. Escrow
Agent will not be required to join in the execution of any amendments unless its rights or obligations under this Agreement are
affected. It is expressly understood and agreed that without Seller’s consent, Purchaser may assign or otherwise transfer
all of Purchaser’s rights, obligations and benefits hereunder to any entity owned or controlled in whole or in part by Purchaser’s
equity owner(s); provided, however, that Purchaser shall deliver written notice to Seller of such assignment not less than 5
days prior to Closing.

 

19. Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective heirs, successors
and permitted assigns.

 

20. No
Waiver. The waiver by any Party of a breach of any covenant, agreement or undertaking contained herein shall be made only by
an instrument in writing signed by the Party giving such waiver, and no such waiver shall operate or be construed as a waiver of
any prior or subsequent breach of the same covenant, agreement or undertaking. Except as otherwise specifically provided herein,
the exercise of any remedy provided by law or otherwise, and the provisions of this Agreement for any remedy, shall not exclude
any other remedy.

 

21. Severability.
If any provision of this Agreement shall be held invalid, illegal or unenforceable, in whole or in part, the validity, legality
and enforceability of the remaining part of such provision, and the validity, legality and enforceability of the other provisions
hereof shall not be affected thereby.

 

22. Time
of Essence; Computation of Time. Time is of the essence with respect to all dates and time periods set forth or referred to
in this Agreement and each of its provisions. Whenever this Agreement requires that something be done within a period of days,
such period shall: (a) not include the day from which such period commences; (b) include the day upon which such period expires;
(c) expire at 6:00 p.m. (Eastern) on the date by which such thing is to be done; or (d) be extended to the next succeeding business
day if the final day of such period falls on a Saturday, Sunday, or bank holiday in the state where such thing is to be done.

 

23. 1031
Exchange. In the event Purchaser or Seller desires to effect a tax-deferred exchange in connection with the conveyance of the
Property, Seller and Purchaser each agrees to cooperate in effecting such exchange; provided, however, that neither
Party shall be responsible for any additional costs associated with an exchange by the other Party, and provided further that neither
Party shall assume any additional liability or be responsible for any costs with respect to such tax-deferred exchange nor shall
it cause a delay in closing. Seller and Purchaser shall execute such additional documents as shall be reasonably required to give
effect to this provision.

 

24. Applicable
Law and Venue. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS AND
JUDICIAL DECISIONS OF THE STATE OF TENNESSEE WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS THEREOF. ANY LITIGATION, ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE INSTITUTED IN ANY STATE COURT IN THE STATE OF TENNESSEE,
GREENE COUNTY. EACH PARTY HERETO HEREBY 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 HERETO HEREBY CONSENTS TO SERVICE OF PROCESS BY REGISTERED MAIL, RETURN RECEIPT
REQUESTED, AT THE ADDRESS SPECIFIED HEREIN AND EXPRESSLY WAIVES THE BENEFIT OF ANY CONTRARY PROVISION OF LAW.

 

    Page 14 of 17

     

    

 

25. Joint
Preparation. The preparation of this Agreement has been a joint effort of the parties and the resulting documents shall not,
solely as a matter of judicial construction, be construed more severely against one of the parties than the other.

 

26. JURY
WAIVER. IN ANY CIVIL ACTION, COUNTERCLAIM, OR PROCEEDING, WHETHER AT LAW OR IN EQUITY, WHICH ARISES OUT OF, CONCERNS, OR RELATES
TO THIS AGREEMENT, ANY AND ALL TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE PERFORMANCE OF THIS AGREEMENT, OR THE RELATIONSHIP
CREATED BY THIS AGREEMENT, WHETHER SOUNDING IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE, TRIAL SHALL BE TO A COURT OF COMPETENT
JURISDICTION AND NOT TO A JURY. THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY. ANY PARTY
MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE OTHER PARTY
TO THIS AGREEMENT OF THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. NEITHER PARTY HAS MADE OR RELIED UPON ANY ORAL REPRESENTATIONS TO
OR BY ANY OTHER PARTY REGARDING THE ENFORCEABILITY OF THIS PROVISION. EACH PARTY HAS READ AND UNDERSTANDS THE EFFECT OF THIS JURY
WAIVER PROVISION.

 

27. Confidentiality.
Prior to the Closing or in the event this Agreement is terminated for any reason, Purchaser and Seller will maintain in confidence,
the terms of this Agreement and any information not previously disclosed to the public, furnished by Seller to Purchaser or by
Purchaser to Seller in connection with the transactions contemplated hereby, or disclosed by any inspection of the Property, and
shall not disclose such information except: (i) to their respective attorneys, accountants, brokers, consultants, key employees
and financial advisors having a need to know such information; (ii) to the extent necessary or appropriate in making any filing
or obtaining any waiver, consent or approval required for the consummation of the transaction contemplated hereby; or (iii) as
required by law or in a legal proceeding involving this Agreement upon prior notice to the other Party. If this Agreement is terminated
for any reason prior to Closing, each Party shall return or destroy as much of such written information as the other Party may
reasonably request. The confidentiality provisions set forth herein shall survive the termination of this Agreement for any reason.
Each Party shall take reasonable precautions to ensure that all of its employees, agents and other representatives comply with
these covenants.

 

28. Attorneys’
Fees. In connection with any dispute arising under, from, or as a result of this Agreement, the Parties agree that the prevailing
Party or Parties will be entitled to recover all costs or expenses incurred (including those incurred in any appeals from any litigation
and enforcement of judgments), including reasonable attorneys’ fees, paralegals and legal assistants. This provision will survive
the Closing or any termination of this Agreement.

 

29. Recording.
Neither Purchaser nor Seller will record this Agreement or a memorandum of this Agreement, except as done in connection with an
action to enforce the terms hereof, and any violation of this Section will be a default under this Agreement.

 

30. Further
Assurances. Purchaser and Seller each agree from time to time to execute and deliver such further and other transfers, assignments,
and documents and to do all matters and things that are legally required or reasonably necessary to effectuate the intentions of
this Agreement. This provision will survive the Closing.

 

    Page 15 of 17

     

    

 

31. Gender
and Case. Wherever in this Agreement the singular number is used, the same will include the plural, and the masculine gender
will include the feminine and neuter genders, and vice versa, as the context will require.

 

32. Captions.
The captions of this Contract are for convenience only and are not to be construed as defining or limiting in any way the scope
or intent of the provisions of this Contract.

 

33. Counterparts;
Effective Date; Electronic Mail Copies. This Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original, but all of which shall be deemed to be a single instrument and shall be effective as of the date when
one or more counterparts have been signed by each of the Parties and delivered to the other Parties. An electronic mail copy or
pdf version of this Agreement and any signatures on any counterpart hereof shall be considered for all purposes as originals.

 

(Signatures on following page)

 

    Page 16 of 17

     

    

 

IN WITNESS WHEREOF, the Parties
hereto have executed this Real Estate Purchase Agreement on the dates shown below.

 

	SELLER:	 
	 	 
	By: 	/s/ Philip M. Bachman, Jr.,

                                                                              Martha M. Bachman, POA
	 
	 	Philip M. Bachman, Jr., an individual., by	 
	 	Martha M. Bachman Under Power of Attorney	 
	 	dated August 22, 2012	 
	 	 
	Date: 08/28/2020	 
	 	 
	By: 	/s/ Myron
    Bernard	 
	 	Myron Bernard, an
    individual	 
	 	 
	Date: 08/28/202	 
	 	 
	PURCHASER:	 
	 	 
	601 NSR,
    LLC, a Delaware limited	 
	liability
    company	 
	 	 
	By: 	/s/ Sam Tawfik	 
	 	Sam Tawfik	 
	 	 	 
	Title: 	CEO	 
	 	 
	Date: 08/28/2020	

 

    Page 17 of 17

     

    

 

EXHIBIT A

 

Main Parcel:

 

SITUATE in the 13th
Civil District of Greene County, Tennessee, and being more particularly described as follows:

 

BEGINNING at a T-bar in the northerly
right-of-way line of U.S. Highway 11E, also known as the Robert Smith Parkway, corner to Ray and Charlotte Jones on which is currently
located the Char Ray Inn; thence with the line of Jones, North 21 deg. 30 min. 40 sec. West a distance of 690.07 feet to a T-bar,
corner to Fred and Barbara Serral; thence with the line of Serral, South 52 deg. 29 min. 20 sec. West a distance of 474.59 feet
to an iron pin, corner to 11-E Building Supply; thence with the line of 11-E Building Supply, South 22 deg. 32 min. 10 sec. East
a distance of 519.20 feet to a T-bar in the right-of-way line of Highway 11E; thence with the right-of-way of said highway with
a curve to the right having a radius of 2461.83 feet, a chord bearing of North 73 deg. 37 min. 15 sec. East and an arc distance
of 448.72 feet to the point of BEGINNING, as shown by map or plat dated April 19, 1989, by Morris J. Turpin, Registered Land Surveyor,
Tennessee No. 1119.

 

BEING the same property conveyed to
Max Lawson and wife, Barbara Lawson, from Fred A. Serral and wife, Barbara Serral, by deed dated July 1, 1977, of record in Deed
Book 339, page 299, in the Register’s Office for Greene County, Tennessee, to which reference is here made.

 

Front Lot Parcel:

 

SITUATE in the 13th
Civil District of Greene County, Tennessee, and being more particularly described as follows:

 

BEGINNING on an iron pin in the North
right-of-way line of West Andrew Johnson Highway, said point located 130 feet North of the centerline of said highway, and running
thence with a curve of the right-of-way line of West Andrew Johnson Highway, South 73 deg. 42 min. 27 sec. West, radius of 2421.83
feet, arc distance of 441.45 feet to an iron pin; thence North 26 deg. 51 min. 37 sec. West 40 feet to an iron pin corner to Bachman & Bernard; thence with a curve along the line of Bachman & Bernard North 73 deg. 37 min. 15 sec. East, radius of 2461.83
feet, arc distance of 448.72 feet to a T-bar; thence South 16 deg. 23 min. 47 sec. East 40 feet to the point of BEGINNING, containing
0.41 acre, more or less, according to survey of Tony R Bowman, Tennessee License No. 2282, dated April 4, 2013.

 

BEING the same property conveyed to
Myron N. Bernard, by deed of Max Lawson and wife, Barbara Lawson dated May 2, 2013, of record in Deed Book 525A, page 2167, Register’s
Office for Greene County, Tennessee.

 

    

     

    

 

SCHEDULE 13

 

As part of the overall transactions of Seller and the Asset
Seller as including that under the APA, Seller is obligated for certain brokerage commissions to the Tim Lamb Group, L.L.C.

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