Document:

Exhibit 10.1

 

BUSINESS LOAN AGREEMENT

  

	Borrower:	
    HALL OF FAME RESORT &

 ENTERTAINMENT COMPANY

    2626 Fulton Drive NW

    Canton, OH 44718 
	Lender: 	
    THE CITY OF CANTON

    Canton City Hall

    218 Cleveland Avenue, SW

    Canton, Ohio 44 702

  

THIS BUSINESS LOAN AGREEMENT (“Agreement”),
dated September 15, 2022, is made and executed between HALL OF FAME RESORT & ENTERTAINMENT COMPANY, a Delaware corporation (“Borrower”),
and THE CITY OF CANTON, a municipal corporation duly organized and validly existing under the laws of the State of Ohio (“Lender”)
on the following terms and conditions. Borrower understands and agrees that in granting, renewing, or extending any Loan, Lender is relying
upon the representations, warranties, and agreements set forth in this Agreement and the Term Loan Note (described below); and all shall
be and remain subject to the terms and conditions of this Agreement. All capitalized terms used in this Agreement shall have the meaning
provided below in the definition section of this Agreement, unless otherwise indicated in the body of this Agreement.

 

1. LOAN
FACILITY. This Agreement shall apply to a Term Loan in the original principal amount of $5,000,000.00 (the “Term Loan”)
as evidenced by a promissory note (“Term Loan Note”) executed on September 15, 2022.

 

2. TERM
OF AGREEMENT. This Agreement shall be effective as of September 15, 2022 and shall continue in full force and effect until: (i) such
time as the Term Loan in favor of Lender has been paid in full, including principal, interest, costs, expenses, reasonable attorneys’
fees, and other fees and charges associated therewith, or (ii) until such time as the parties may agree in writing to terminate this Agreement
(the “Term of Agreement”).

 

3. TERM
OF TERM LOAN. In the absence of an Event of Default, the initial Term Loan shall mature and shall be due and payable in full June
30, 2029 (the ” Maturity Date”).

 

4. USE
OF LOAN PROCEEDS. The proceeds of the Loan set forth in this Agreement shall be used by Borrower for the sole purpose of funding (i)
the development and construction of Infrastructure for Phase II of the Development Plan for Hall of Fame Village including but not limited
to an on campus 180 room hotel, an indoor waterpark, the Constellation Center for Excellence, the Center for Performance, the Play Action
Plaza and the Fan Engagement Zone (i.e. a retail promenade), and (ii) any costs or fees in connection with the Term Loan (collectively,
“Phase II”). For purposes of this Agreement, “Infrastructure” will be defined as the design and
installation of electric, water, stormwater and sanitary sewer lines and related improvements required for construction of Phase II and
located on the parcels described on Exhibit A, which is attached hereto and made a part hereof. The City acknowledges that in addition
to payment for new construction of Infrastructure, the proceeds of the Term Loan may be used for funding ongoing Phase II Infrastructure
and/or for payments due to contractors or materialmen for such work that has already been completed. Notwithstanding the foregoing, such
Term Loan proceeds shall not be used to retire or satisfy any pre-existing loan to Borrower or any Affiliate thereof.

 

     

     

    

 

5. INTEREST.
The interest rate applicable to the Term Loan shall be six percent (6.0%) per annum, compounded quarterly. Upon an Event of Default, the
interest rate applicable to the outstanding amount due under the Term Loan shall equal the interest rate that would otherwise be in effect
pursuant to the provisions of the Term Loan Note, plus five percent (5%) per annum. All interest on Indebtedness shall be computed based
on a year of 360 days, with interest being charged for each day the principal amount is outstanding including the date of actual payment.

 

6. REPAYMENT
OBLIGATIONS. The following repayment obligations shall apply to the Term Loan:

 

(A) Quarterly
Interest Payments. Interest at the foregoing rate on the unpaid amount owing under the Term Loan shall be paid quarterly, beginning
on December 31, 2022, and continuing thereafter on every March 31, June 30, September 30, and December 31 of each year until all amounts
due and owing on the Term Loan have been paid in full. Failure of Borrower to make timely payments of such interest will be a breach of
the terms hereof and Borrower will be deemed to be in default hereunder and under the Term Loan Note, subject to applicable notice and
cure periods contained in this Agreement.

 

(B) Payment
of Principal. On the Maturity Date, the Term Loan shall mature and the entire outstanding principal balance, all accrued interest,
and all other amounts that may be due and owing to Lender under this Agreement, the Term Loan Note and the Loan Documents, shall all be
fully due and payable, and Borrower shall on that date pay Lender all such sums in presently available U.S. currency in the manner set
forth herein and/or in the Term Loan Note. Failure of Borrower to make timely payment of all of such sums will be a breach of the terms
hereof and Borrower will be deemed to be in default hereunder and under the Term Loan Note, subject to applicable notice and cure periods
contained in this Agreement.

 

7. FEES.
Borrower shall pay Lender all reasonable costs and expenses incurred by Lender in preparation, review and negotiation of the Loan Documents,
including Lender’s outside counsel attorney fees payable at closing.

 

8. CONDITIONS
PRECEDENT TO TERM LOAN. Lender’s obligation to make the Term Loan under this Agreement shall be subject to, and contingent upon, the
fulfillment to Lender’s reasonable satisfaction (unless a different standard is indicated below) of all of the conditions set forth In
this Agreement, including, but not limited to the following:

 

A. Execution
of Loan Documents. Borrower shall have executed and/or provided to Lender the following documents for the Term Loan: (1) the Term
Loan Note; (2) this Agreement; and (3) all other documents as Lender may reasonably require; all in form and substance reasonably satisfactory
to Lender and Lender’s counsel.

 

B. Borrower’s
Authorization. Borrower shall have provided in form and substance satisfactory to Lender: (1) a certificate of good standing from
the Secretary of State of Delaware confirming that Borrower has been properly formed and is validly in existence; (2) verification that
Borrower had been authorized to conduct its business in the State of Ohio; and (3) properly certified resolutions, duly authorizing the
execution and delivery of this Agreement and the Term Loan Note.

 

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C. Borrower’s
Obtaining Additional Financing to Complete Infrastructure. Borrower shall have obtained written financing commitments from third parties
having an aggregated total borrowing amount that, with the Term Loan Amount set forth herein, shall adequately fund the completion of
all Phase II Infrastructure being proposed by Borrower, the total cost of such additional Infrastructure being approximately Twenty Five
Million Dollars ($25,000,000). Prior to disbursement of Term Loan proceeds hereunder, Borrower shall provide a written certification,
executed by an authorized officer thereof, confirming that such written financing commitments have been obtained thereby. Until such time
as Borrower has closed on all financing necessary to finance the completion of the Phase II Infrastructure, Borrower shall deliver to
Lender monthly updates and closing schedules with respect to all of such loans.

 

D. Design,
Plans and Permits for Infrastructure. Borrower shall have submitted to all appropriate authorities all plans and designs for the Phase
II Infrastructure improvements that are necessary to obtain required building and other permits for the Phase II Infrastructure improvements
to be completed by use of Term Loan funds to be disbursed to Borrower hereunder. Approval of such plans and designs by any department
of the City of Canton shall not be a representation or warranty of any kind as to the completeness, adequacy, accuracy or suitability
thereof for Borrower’s intent or operation, and Lender is not assuming any responsibility or liability in connection therewith.

 

E. Representations
and Warranties. All of Borrower’s representations and warranties set forth in this Agreement, in the Term Loan Note, and/or
in any of the other Loan Documents, if any, and in any document or certificate delivered by Borrower to Lender under this Agreement or
in connection with any Loan, are true, accurate and complete in all material respects as of the date hereof.

 

F. Compliance
with Affirmative and Negative Covenants. Borrower has complied in all material respects with all negative and affirmative covenants
set forth in this Agreement and the Loan Documents, as determined by Lender in its reasonable discretion.

 

G. Due
Diligence. Borrower shall have provided to Lender a source of funds and such other financial information, financial statements and
other information and documentation requested by Lender in connection with the Phase II Infrastructure, and Lender shall have completed
all of the due diligence investigations, reviews, and analysis required by Lender prior to the disbursement of the Term Loan proceeds,
and such due diligence shall be satisfactory to Lender. The financial condition, operating status, and general business prospects of the
Borrower shall be satisfactory to Lender. Notwithstanding the foregoing or any due diligence inspections, investigations or other efforts
made by Lender prior to making the Loan hereunder or making any disbursements hereunder shall not be deemed to be a waiver by Lender of
any of its rights or remedies hereunder or otherwise under any of the Loan Documents, nor shall Lender be responsible for or in any way
liable for any acts, omissions, claims, disputes or any form of liability related to Borrower’s design, construction or completion
of any of the Infrastructure or other facet of Phase II hereunder.

 

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H. No
Adverse Change. No material adverse change has occurred, or is threatened to occur, with respect to Borrower in connection with the
businesses, operations, customer base, prospects, or any financial or other condition, which would have a material adverse effect on the
Borrower, as determined by Lender in its reasonable discretion.

 

I. No
Event of Default. There shall not exist as of the Closing Date a condition which would constitute or lead to an Event of Default under
this Agreement or under any Loan Document.

 

J. Change
in Law. No change has occurred in any applicable law, rule, regulation, or requirement restricting Lender’s ability to extend
credit to Borrower in accordance with the terms set forth in the Loan Documents.

 

K. Stark
Community Foundation Loan. Borrower shall have obtained and closed on a term loan from the Stark Community Foundation in the amount
of Five Million Dollars ($5,000,000.00) which shall be used solely for design and completion of Phase II Infrastructure (the “Foundation
Loan”) on or before execution of this Agreement. The Foundation Loan shall have a term of not less than seven (7) years and shall
provide repayment and other terms that are substantially the same as the terms set forth in this Agreement and in the other Loan Documents.

 

L. Stark County Loan. No later
than contemporaneous with the closing of this Term Loan, Borrower shall have obtained formal and final approval of and shall have closed
a loan from Stark County funds, directly or through any authorized intermediary, in the amount of Five Million Dollars ($5,000,000.00)
(the “County Loan”), which loan proceeds have been disbursed and are to be used for completion of the Infrastructure for Phase
II. The County Loan shall have a term that will not expire or mature prior to the Maturity Date of the Term Loan, and shall provide repayment
and other terms that are substantially the same as the terms set forth in this Agreement and in the other Loan Documents, provided that
such loan will bear interest at a rate that will be set by the County, which may differ from the interest accruing on the unpaid balance
of the Term Loan hereunder; and

 

M. Satisfaction
of All Disbursement Requirements. Borrower shall have satisfied all of the foregoing requirements and conditions prior to the first
disbursement of Term Loan proceeds hereunder and shall thereafter satisfy all other terms, requirements and conditions set forth in Section
9 below and otherwise in this Agreement prior to any additional funds being disbursed hereunder.

 

9. TERM
LOAN DISBURSEMENT.  Borrower and Lender agree that the proceeds of the Term Loan shall be disbursed to Borrower in the following
manner and subject to the following requirements:

 

A. Provided
all requirements set forth in Section 8 above have been satisfied, and subject to the requirements of Section 11(D), Five Million Dollars
($5,000,000.00) will be disbursed upon Borrower’s execution and delivery to Lender of this Agreement, the Term Loan Note and all
other Loan Documents (the “Closing Date”); and

 

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B. At
the time of the execution of the Loan Documents, in the event that all of the requirements set forth in Section 8 have not yet been satisfied,
the proceeds of the loan will only thereafter be disbursed upon receipt of written confirmation from the Borrower certifying that all
such requirements have been satisfied.

 

10. REPRESENTATIONS
AND WARRANTIES. Borrower hereby represents and warrants to Lender, as of the date of this Agreement, as of the date of any requested
disbursement under the Term Loan, as of the date of any renewal, extension, or modification of the Term Loan, and at all times while any
Indebtedness exists:

 

A. Authority.
Borrower has full power, authority and legal right to enter into this Agreement and the Loan Documents, and to perform its obligations
hereunder and thereunder. This Agreement and the Loan Documents have been duly executed and delivered by Borrower, and this Agreement
and the Loan Documents constitute the legal, valid and binding obligation of Borrower enforceable in accordance with their terms, except
as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights
generally. The execution, delivery and performance of this Agreement and the Loan Documents (a) are within Borrower’s powers, have been
duly authorized by all necessary corporate action, are not in contravention of law or the terms of Borrower’s organizational documents
or other applicable documents relating to Borrower’s formation or to the conduct of Borrower’s business or of any material agreement,
(b) will not conflict with or violate any law or regulation, or any judgment, order or decree of any governmental body, (c) will not require
the consent of any governmental body or any other Person, (d) will not conflict with, nor result in any breach in any of the provisions
of or constitute a default under or result in the creation of any lien upon any asset of such Borrower under the provisions of any agreement,
charter document, instrument, organizational documents, or other instrument to which such Borrower is a party or by which it or its property
is a party or by which it may be bound, other than prior agreements with Lender or as set forth herein and under any other Loan Document.

 

B. Organization.
Borrower is a Delaware corporation which is, and at all times shall be, duly organized, validly existing, and in good standing under and
by virtue of the laws of the State of Delaware and any other state in which it is registered or authorized to do business. Borrower is
duly authorized to transact business in all other states in which Borrower is doing business, having obtained all necessary filings, governmental
licenses and approvals for each state in which Borrower is doing business. Borrower maintains its principal office at 2626 Fulton Drive
NW, Canton, OH 44718. Unless Borrower has designated otherwise in writing, the principal office is the office at which Borrower keeps
its books and records. Borrower will notify Lender in writing prior to any change in the location of Borrower’s state of organization
or any change In Borrower’s name or address of its principal office.

 

C. Assumed
Business Names. Borrower has filed or recorded all documents or filings required by law relating to all assumed business names used
by Borrower. Excluding the name of Borrower, the following is a complete list of all assumed business names under which Borrower does
business: None.

 

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D. Financial
Disclosures. Borrower’s financial statements supplied to Lender truly and completely disclose Borrower’s financial condition
as of the statement and there has been no material adverse change in Borrower’s financial condition subsequent to the date of the
most recent financial statements supplied to Lender. Borrower has no material contingent obligations except as disclosed in such financial
statements or as otherwise disclosed to Lender in writing.

 

E. Taxes
and Governmental Obligations. Borrower is not in violation of any applicable statute, law, rule, regulation or ordinance, court, governmental
body or arbitration board or tribunal in any respect which could reasonably be expected to have a material adverse effect on Borrower
or its ability to perform as required in this Agreement or any other Loan Documents. Borrower has filed all federal, state, and local
tax returns, together with all other reports which it is required by law to file. Borrower has paid all taxes, assessments, and other
similar charges that are due and payable, except for any taxes, assessments or charges which are being contested in good faith and for
which adequate reserves have been provided for. Borrower has withheld all employee and similar taxes which it is required by law to withhold
and has maintained adequate reserves for the payment of all taxes and similar charges. No tax liens have been filed with respect to Borrower,
and to the knowledge of Borrower, no claims are being asserted with respect to any such taxes, assessments, or charges (and no basis exists
for any such claims).

 

F. Licenses
and Permits. Borrower (a) is in compliance in all material respects with and (b) has procured and is now in possession of, all material
licenses or permits required by any applicable federal, state or local law, rule or regulation for the operation of its business in each
jurisdiction wherein it is now conducting or proposes to conduct business.

 

G. No
Default. Except as otherwise disclosed by Borrower to Lender as of the date of this Agreement, Borrower is not in default in the payment
or performance of any of its obligations under any contract (including financing obligations) and no event has occurred under the provisions
of any applicable contract which with or without the lapse of time or the giving of notice, or both, constitutes or would constitute an
event of default thereunder.

 

H. No
Litigation or Liens. Except as otherwise disclosed by Borrower to Lender as of the date of this Agreement in writing, neither Borrower
nor any of its Affiliates or Subsidiaries is involved in any pending or threatened litigation, arbitration, action or proceeding which
may have a material adverse effect on its financial condition, its ability to perform as required under this Agreement or the Loan Documents,
or to complete the Infrastructure or other improvements related to Phase II. No event has occurred which, to the best of Borrower’s
knowledge, could result in any violation of the representations and warranties set forth in this paragraph. Borrower has duly complied
with, and its facilities, business, assets, property, leaseholds, real property and equipment, are in compliance in all material respects
with, the provisions of the Federal Occupational Safety and Health Act; there have been no outstanding citations, notices or orders of
non-compliance issued to Borrower or relating to Its business, assets, property, leaseholds or equipment under any such laws, rules or
regulations. Borrower is not involved in any labor dispute; there are no strikes, walkouts or union organization of any of Borrower’s
employees threatened or to Borrower’s knowledge in existence. Neither Borrower (or its Affiliates or Subsidiaries), nor any of Borrower’s
(or its Affiliates’ or Subsidiaries’) properties or assets are subject to any mechanic’s, laborer’s or materialmen’s
liens resulting from delinquent or unpaid amounts related to any portion of Phase I of Borrower’s construction and development work
at the Hall of Fame Village and/or with respect to any part of Phase II thereof.

 

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I. Plan
Contributions. Except for Borrower’s 401(k) plan for employees in the ordinary course of Borrower’s business, Borrower
does not maintain or contribute to any employee related benefit plan.

 

J. Solvency.
After giving effect to the within Term Loan, the Foundation Loan, the County Loan and such other financing as may be required for Borrower
to complete the Phase II Infrastructure, Borrower will be solvent, able to pay its debts as they mature, will have capital sufficient
to carry on its business, and (i) as of the Closing Date, the fair present saleable value of its assets, calculated on a going concern
basis, is in excess of the amount of Borrower’s liabilities and (ii) subsequent to the Closing Date, the fair saleable value of
Borrower’s assets (calculated on a going concern basis) will be In excess of the amount of its liabilities.

 

K. Compliance
With Law. Borrower is in compliance and conformity, in all material respects, with all laws (including without limitation all applicable
foreign, federal, state and local laws, including environmental laws, safety laws, pension laws and employment or labor laws), ordinances,
rules, regulations and all other legal requirements. Borrower has not received any notice or order of any violation or claim of violation
of any such law, ordinance, rule, regulation, or requirement from any governmental authority.

 

L. Environmental
Matters. Borrower represents and warrants that to Borrower’s knowledge, Borrower’s operations and the properties which
it owns, leases, and operates are and have always been in compliance, in all material respects, with all laws and orders relating to any
hazardous or dangerous waste or substance, any pollutants, or any waste disposal. No proceeding is pending or threatened against or affecting
Borrower with respect to any such environmental matters.

 

M. Full
Disclosure. No representation or warranty made by Borrower in any Loan Documents contains any untrue statement of a material fact
or omits a material fact necessary to make the statements contained herein or therein not misleading. There is no fact which Borrower
has not disclosed to Lender which has or will have a material adverse effect on the financial condition or assets of the Borrower.

 

N. Completeness
and Survival of Representations and Warranties. The representations, warranties, and all covenants contained in this Agreement shall
be of a continuing nature and survive the closing of the transactions contemplated by the Loan Documents and termination of this Agreement.
No warranty or representation made herein, and no statement contained in any document, instrument, schedule or exhibit otherwise delivered
to Lender in connection with the Term Loan contains, or will contain, any untrue statement of any material fact or omits, or will omit,
to state a material fact necessary to make the statements contained herein or therein, in the light of the circumstances in which they
are made, not misleading.

 

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O. Insurance.
At all times until all principal and interest owed under the Term Loan is paid in full, Borrower shall maintain, with financially sound
and reputable insurers, general commercial liability insurance in an amount that is not less than Two Million Dollars ($2,000,000.00)
per occurrence and Five Million Dollars ($5,000,000.00) in the aggregate. Borrower will pay promptly when due any premiums on such insurance.
Such policies of insurance shall have loss-payable clauses in favor of and in form reasonably acceptable to Lender, and Borrower shall
within 5 business days of Closing of the Loan deliver to Lender a certificate of insurance verifying Borrower’s compliance with
the terms of this Agreement and adding Lender as an additional insured party thereon. Not less than fifteen (15) days before the expiration
of any such policies, Borrower will deliver to Lender new or renewal policies in like amounts covering the same risks. The policies shall
provide that no cancellation shall occur without thirty (30) days prior written notice to Lender. In addition to the foregoing, Borrower
shall at all times maintain workers compensation insurance in amounts required by each state in which Borrower is conducting its business,
including but not limited to Ohio.

 

P. Preservation
and Maintenance of Borrower’s Property and Improvements. Borrower, its Affiliates and its Subsidiaries (a) shall not commit
waste or permit impairment or deterioration of any of its property or improvements; (b) shall not abandon any of its properties or
improvements; (c) shall restore or repair promptly and in a good and workmanlike manner all or any part of the Infrastructure completed
by Borrower to the substantially equivalent of its original condition, or such other condition as Lender may approve in writing, in the
event of any damage, injury or loss thereto, whether or not insurance proceeds are available to cover in whole or in part the costs of
such restoration or repair; (d) shall keep the Infrastructure, including improvements, fixtures, equipment, machinery, and appliances,
in good repair and shall replace improvements, fixtures, equipment, machinery, and appliances when necessary to keep such items in good
repair; (e) shall comply in all material respects with all laws, ordinances, regulations, and requirements of any governmental body
applicable to the Infrastructure and Borrower’s construction thereof; and (f) shall give notice in writing to Lender, appear
in and defend any action or proceeding purporting to affect the Infrastructure or the rights and/or powers of Lender.

 

11. AFFIRMATIVE
COVENANTS. Borrower covenants and agrees with Lender that, so long as this Agreement and any Loan Document remains in effect, Borrower
will:

 

A. Notices
of Claims and Litigation. Promptly inform Lender in writing of (1) all material adverse changes in Borrower’s financial condition,
(2) all existing and all threatened litigation, claims, investigations, administrative proceedings or similar actions affecting Borrower
which could materially affect the financial condition of Borrower, (3) any fact or occurrence that makes any of the representations and
warranties inaccurate or incomplete in any material respect and/or which causes, or could lead to, it being in default of the affirmative
or negative covenants, or any other term or condition, set forth in this Agreement or in the Loan Documents, (4) the occurrence of a default
with respect to any material indebtedness or obligation owed to another Person, and (5) the failure to act on the part of Borrower when
action is required, which results in the breach of any covenants imposed upon the Borrower by the Loan Documents, or which, with the giving
of notice of passage of time would result in a breach of such covenants, including, specifically, without limitation, the failure of Borrower
to maintain any of the covenants set forth in the Loan Documents.

 

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B. Financial
Records. Permit Lender to examine and audit Borrower’s books and records at all reasonable times upon reasonable advance notice
to Borrower.

 

C. Financial
Statements. Furnish Lender with such financial statements and other related information at such frequencies and in such detail as
set forth in this Agreement and/or as Lender may reasonably request. Until such time as Borrower has closed on all loans necessary to
finance the completion of the Phase II Infrastructure, Borrower shall deliver to Lender monthly updates and closing schedules with respect
to all of such loans.

 

D. Use
of Loan Proceeds and Verification of Use of Loan Funds.

 

(i) Use
all Loan proceeds solely for the design, development and construction of the Infrastructure for Phase II and/or for payments due to contractors
or materialmen for such work to the extent already completed, and all costs or fees incurred in connection with the Term Loan, provided
however that such Term Loan proceeds shall not be used to retire or satisfy any pre-existing loan to Borrower or any Affiliate thereof;
and

 

(ii) Until
such time as Borrower has accounted for the use of all disbursements of Loan proceeds hereunder, Borrower shall, on a calendar quarter
basis, no later than fifteen (15) days after the end of each calendar quarter, deliver to Lender written verification, reasonably satisfactory
to Lender, that Loan proceeds hereunder have only been used directly for completion of the Phase II Infrastructure improvements referenced
herein and solely for payment for soft and/or hard costs to unaffiliated third parties performing services, labor or materials in connection
with completion of the Phase II Infrastructure improvements and/or for payments due to contractors or materialmen for such work that has
already been completed, and verifying that such Loan proceeds were used in accordance with Section 4 above and that such sums were not
used to retire or satisfy any pre-existing loan to Borrower or an Affiliate thereof. Failure of Borrower to provide written verification
of the proper use of such Loan proceeds will be a breach of the terms of this Agreement and a default under the Term Loan Note, and entitling
Lender to exercise all other rights hereunder, under the Term Loan Note and/or under any other Loan Documents, including but not limited
to acceleration of Borrower’s payment obligations hereunder and under the Term Loan Note, subject to applicable notice and cure
periods contained in this Agreement.

 

(iii) Borrower
shall maintain a Loan Account reflecting the date of each disbursement of Term Loan proceeds thereto hereunder and identifying by date,
amount, and payee how all Term Loan proceeds have been used by Borrower for the purposes permitted hereunder. Such Loan Account shall
also include a running balance reflecting at any given time the remaining amount of Term Loan proceeds that have not yet been used to
pay for Phase II Infrastructure as permitted in this Agreement. At Lender’s request Borrower shall provide Lender access to or a
copy of the then current Loan Account for Lender’s review.

 

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E. Taxes,
Charges and Liens. Pay and discharge when due all of its indebtedness and obligations, including without limitation all assessments,
taxes, governmental charges, levies and liens, of every kind and nature, imposed upon Borrower or its properties, income, or profits,
prior to the date on which penalties would attach, and all lawful claims that, if unpaid, might become a lien or charge upon any of Borrower’s
assets, properties, income, or profits. Provided however, Borrower will not be required to pay and discharge any such assessment, tax,
charge, levy, lien or claim so long as (1) the legality of the same shall be contested in good faith by appropriate proceedings, and (2)
Borrower shall have established on Borrower’s books adequate reserves with respect to such contested assessment, tax, charge, levy,
lien, or claim in accordance with GAAP.

 

F. Performance.
Perform and comply, in a timely manner, with all terms, conditions, and provisions set forth in this Agreement, in the Loan Documents,
and in all other instruments and agreements between Borrower and Lender. In addition to the foregoing, Borrower shall at all times perform
and comply in a timely manner with all terms, conditions and provisions set forth in the loan documents related to the Foundation Loan
and the County Loan. Borrower shall notify Lender immediately in writing of any default in connection with any agreement with Lender and/or
in connection with the Foundation Loan and/or the County Loan.

 

G. Compliance
with Governmental Requirements. Comply in all material respects with all laws, ordinances, and regulations, now or hereafter in effect,
of all governmental authorities applicable to the Borrower’s design and construction of the Infrastructure, development and construction
of Phase II, and in the conduct of Borrower’s assets, properties, businesses and operations, including without limitation, ERISA,
environmental laws and Americans with Disabilities Act. Borrower may contest in good faith any such law, ordinance, or regulation and
withhold compliance during any proceeding, including appropriate appeals, so long as Borrower has notified Lender in writing prior to
doing so and so long as, in Lender’s reasonable opinion, Lender’s interests are not jeopardized. Lender may require Borrower to post adequate
security or a surety bond, reasonably satisfactory to Lender, to protect Lender’s interest.

 

H. Existence
As A Company. Borrower shall remain a corporation validly existing and in good standing under the laws of the State of Delaware, and
shall remain, or shall become, as required, duly licensed or qualified to do business in all states wherein the failure to be so licensed
or qualified would have a material adverse effect upon Borrower.

 

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I. Payment
of Fees; Costs and Expenses. Borrower shall reimburse Lender for any and all fees, costs, and expenses, including, without limitation,
reasonable attorneys’ fees incurred or paid by Lender or any of its officers, employees, or agents in connection with: (a) the preparation,
negotiation, procurement, review, administration, or enforcement of the Loan Documents or any instrument, agreement, document, policy,
consent, waiver, subordination, release of lien, termination statement, satisfaction of mortgage, financing statement or other lien search,
recording or filing related thereto (or any amendment, modification or extension to, or any replacement or substitution for, any of the
foregoing), whether or not any particular portion of the transactions contemplated during such negotiations is ultimately consummated,
and (b) the defense, preservation, and protection of Lender’s rights and remedies thereunder, including without limitation, whether
incurred in bankruptcy, insolvency, foreclosure, or other litigation or proceedings or otherwise. The costs shall be due and payable upon
demand by Lender. At the option of Lender, Lender may withhold the same from the Term Loan proceeds to be delivered to Borrower. If Borrower
fails to pay the costs upon such demand, Lender is entitled to disburse such sums as an obligation of Borrower hereunder. Thereafter,
such costs and/or if appliable such disbursed amounts shall bear interest from the date incurred or disbursed at the highest rate set
forth in the Term Loan Note. This provision shall survive the termination of this Agreement and/or the repayment of any amounts due or
the performance of any of Borrower’s obligations hereunder or under any of the Loan Documents.

 

12. NEGATIVE
COVENANTS. Borrower covenants and agrees with Lender that while this Agreement is in effect, and until all Indebtedness and amounts
due and payable to Lender under the Loan Documents have been satisfied in full, Borrower, and any Affiliate or Subsidiary of Borrower,
shall not without the prior written consent of Lender:

 

A. Continuity
of Operations. (1) Engage in any business activities substantially different than those in which Borrower or such Affiliate or Subsidiary
is presently engaged or plans to engage, without prior notice to Lender and approval by Lender, which approval shall not be unreasonably
withheld; (2) merge, transfer, acquire or consolidate with any other entity, change its name, dissolve or transfer or sell its assets
out of the ordinary course of business; (3) purchase, sell, transfer, or retire a majority or controlling interest of its outstanding
shares, issue additional shares, or materially alter or amend its capital or equity structure, without prior written notice to Lender
and approval by Lender, which consent shall not be unreasonably withheld, conditioned or delayed; (4) amend, modify, or waive any material
term or material provisions of its Code of Regulations or By Laws, unless required by law without prior written notice and approval of
Lender, which approval shall not be unreasonably withheld; (5) sell or transfer substantially all of their assets or property without
first obtaining Lender’s prior written consent.

 

B. Change in Control. Engage
in any transaction resulting in a change in ownership or control of Borrower. For purposes of this Agreement, a change in ownership and
control shall mean a change in the ownership of shares affecting 50% or more of the outstanding shares in Borrower or any subsidiary thereof,
or a change in ownership of any lesser number of shares if such change effectively shifts control to another Person or entity.

 

    11

     

    

 

C. Payments
of Other Debt. Except for in connection with the Permitted Debt, make any payment outside the ordinary course of business, or make
any pre-payment, repurchase, or redemption, in connection with any note or other debt or obligation.

 

D. No
Debt. Create, suffer to exist, or permit in any fashion, voluntarily or by operation of law, any debt obligation, including contingent
obligations, or otherwise guarantee, endorse, or become surety for or upon any obligations of others, other than: (i) debt to Lender as
provided in this Agreement and the Loan Documents, (ii) debt existing on the date of this Agreement (including any extensions, renewals,
or refinancing thereof, but not to the extent of any increase in the amount of any debt or obligation thereunder), (iii) debt entered
into by Borrower or any of its Affiliates or Subsidiaries in its ordinary course of business or in connection with development of any
of its projects (including, but not limited to, the development of the Hall of Fame Village), provided Borrower obtains Lender’s
written consent prior to incurring any such debt, which consent shall not be unreasonably withheld or delayed, (iv) trade payables and
accrued expenses incurred in the ordinary course of business which are not represented by a promissory note or other evidence of indebtedness,
but not to its members, Subsidiaries, or any Affiliates thereof, (v) the Foundation Loan, (vi) the County Loan, and (vii) debt which is
approved by Lender in writing prior to the creation of the debt obligations, which approval shall not be unreasonably withheld or delayed
(“Permitted Debt”).

 

E. No
Pledge. Pledge, encumber, transfer, or license of any interest in its assets, except as otherwise specifically herein permitted, in
connection with any Permitted Debt or in the ordinary course of its business, including without limitation a pledge, encumber, transfer,
or license of its goodwill or intellectual property, which includes, but is not limited to, trademarks, copyrights, patents, designs,
inventions, creations, formulas, and names.

 

F. Licenses
and Permits. Allow any license, permit or other right necessary to conduct its business in its ordinary course to lapse or be revoked,
either voluntarily, for failure to perform or otherwise comply with the requirements and conditions of said license, permit or other right,
or by operation of law.

 

G. Agreements.
Enter into any agreement containing any provisions which would be violated or breached by the performance of the obligations under this
Agreement.

 

H. No
Distributions. If an Event of Default has occurred and is continuing beyond any applicable notice and/or cure period set forth herein,
make any distributions to its shareholders, without Lender’s prior written consent, which consent shall not be unreasonably withheld,
or delayed.

 

I. No
Change of Business, Business Name or Registration. Engage in any business activities other than the business presently conducted or
currently planned to engage. Furthermore, Borrower shall not change its name or do business under any other name, or change its state
of registration without providing Lender at least 30 days’ prior written notice.

 

    12

     

    

  

J. Affiliate
Transactions. From and after the date of the Loan Documents, enter into, or be a party to, any transaction with any Affiliate of Borrower,
except in connection with any Permitted Debt or the ordinary course of, and pursuant to the reasonable requirements of, Borrower’s
business and upon fair and reasonable terms which are fully disclosed in writing to Lender and which are no less favorable to Borrower
than Borrower would obtain in a comparable arms-length transaction with a Person or entity not an Affiliate of Borrower.

 

K. Modification
of the Foundation Loan or the County Loan. Until all Indebtedness has been irrevocably and irrecoverably paid in full, amend or permit
the amendment, modification or the like of any loan documents or their respective terms and conditions related to such loans without first
obtaining the express written consent of Lender, which shall not be unreasonably withheld or delayed.

 

13. CESSATION
OF DISBURSEMENT OF LOAN PROCEEDS. If Lender has made any commitment to make any Loan to Borrower, whether under this Agreement or
under any other agreement, Lender shall have no obligation to disburse such loan proceeds if Lender determines, in its reasonable discretion,
that: (A) an Event of Default exists under the terms of this Agreement, the Loan Documents or any other agreement that Borrower has with
Lender, now or in the future; (B) Borrower becomes insolvent, files a petition in bankruptcy or similar proceedings, or Is adjudged a
bankrupt, (C) any of the conditions precedent set forth above in this Agreement are not satisfied, or (D) there occurs a material adverse
change in Borrower’s financial condition.

 

14. DEFAULT.
Each of the following shall constitute an Event of Default under this Agreement and the Loan Documents:

 

A. Payment
Default. Borrower fails to make any payment within ten (10) days of when due under this Agreement, under the Term Loan Note, or the
Loan Documents.

 

B. Completion
Default. Borrower fails to complete the Infrastructure development for Phase II on or before December 31, 2024.

 

C. Breach
of other Borrower Obligations. Borrower fails to comply with, or to perform any other term, debt, Indebtedness, obligation, covenant
or condition, contained in this Agreement, the Term Loan Note, or the Loan Documents, other than non-payment, or the occurrence of any
of the other Events of Default set forth in this Agreement, the Term Loan Note and/or any other Loan Document, and said default continues
for a period of thirty (30) days or more after the date of such failure; provided, however, that if curing such Event of Default cannot
reasonably be accomplished within said thirty (30) day period, then Borrower shall have an additional sixty (60) day period to cure such
Event of Default and no Event of Default shall be deemed to exist hereunder so long as Borrower commences such cure within the initial
thirty (30) days period and diligently and in good faith pursues such cure to completion within such resulting ninety (90) day period
from the date of the occurrence of such failure.

 

    13

     

    

 

D. Default
in Favor of Third Parties. Subject to any grace periods or rights to cure, Borrower, defaults under any loan, debt, indebtedness,
extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or Person,
including but not limited to any default under the Foundation Loan or the County Loan, or any default by any Related Entity of Borrower
on any loan, debt, indebtedness, extension of credit , security agreement, purchase agreement or any other agreement in favor of another
Person or entity that may materially adversely affect Borrower or any of its assets or property, or Borrower’s ability to repay
the Indebtedness, or perform its obligations under the Loan Documents, as determined by Lender in its reasonable discretion.

 

E. False
Statements. Any warranty, representation or statement made or furnished to Lender by Borrower, or on Borrower’s behalf, under
this Agreement, the Term Loan Note, or the Loan Documents is false or misleading in any material respect, either now or at the time made
or becomes false at any time thereafter.

 

F. Insolvency.
The dissolution or termination of Borrower’s existence, the cessation of Borrower’s business for any reason, the insolvency of Borrower
or a Related Entity, the appointment of a receiver for any part of Borrower’s or a Related Entity’s businesses or property, any
assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency
laws by or against Borrower or any Related Entity, excepting, however, an involuntary bankruptcy proceeding, for which Borrower or a Related
Entity shall have sixty (60) days from the date of filing to discharge.

 

G. Creditor
or Forfeiture Proceedings. The filing of a mechanic’s, laborer’s or materialman’s lien on any of Borrower’s
property that has been improved by the Infrastructure being financed in part by the Term Loan hereunder and such lien has not been satisfied
or released on record by bond or otherwise within ninety (90) days after the same has been filed, or the commencement of foreclosure or
forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or a
Related Entity, or by any governmental agency against Borrower or a Related Entity, or any assets of Borrower or a Related Entity. This
includes a garnishment of any of Borrower’s or a Related Entity’s accounts. However, this Event of Default shall not apply if there
is a good faith dispute as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding
and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond
in an amount determined by Lender as being an adequate reserve or bond for the dispute.

 

H. Additional
Financing. The failure of Borrower to provide to Lender monthly reports which show progress toward and the schedule for closing(s)
on financing in an amount that reasonably necessary to complete the Infrastructure development for Phase II.

 

I. Adverse
Change. A material adverse change occurs in Borrower’s or a Related Entity’s financial condition which leads Lender to reasonably
believe that the prospect of a Borrower’s payment and/or performance under this Agreement, the Term Loan Note and/or under any other Loan
Documents is impaired.

 

    14

     

    

 

15. EFFECT
OF AN EVENT OF DEFAULT. At any time after the occurrence and continuation of an Event of Default beyond any applicable grace or cure
period, except where otherwise provided in this Agreement or the Loan Documents, all commitments and obligations of Lender under this
Agreement immediately will terminate and, at Lender’s option, all Indebtedness immediately will become due and payable, all without notice
of any kind to Borrower, except that in the case of an Event of Default of the type described in the “Insolvency” subsection
above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in this
Agreement and the Loan Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s
rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Lender to pursue any remedy shall
not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower shall
not affect Lender’s right to declare a default and to exercise its rights and remedies.

 

16. FINANCIAL
STATEMENTS. As soon as available, but in no event later than One Hundred Twenty (120) days after the end of each fiscal year, Borrower
shall furnish Lender with audited financial statements for Borrower, including balance sheet and income statement for the year ended.
In addition, Borrower shall promptly provide Lender with copies of its publicly filed annual Form 10-K’s and quarterly Form 10-Q’s
for each of Borrower’s fiscal quarters during the term of the Loan. In addition, Borrower shall furnish to Lender monthly reports
describing the status of Borrower’s pending financing requests to obtain financing in an amount to reasonably complete the Infrastructure
development for Phase II.

 

17. TAX
RETURNS. Within thirty (30) days after filing, Borrower shall obtain and furnish to Lender the annual federal, state, and local income
tax returns filed by Borrower, together with all schedules and attachments thereto.

 

18. INDEMNIFICATION.
Notwithstanding anything to the contrary contained herein or in any Loan Document, to the fullest extent permitted by law, Borrower hereby
agrees to protect, indemnify, defend and save harmless, Lender and its directors, officers, Affiliates, agents and employees from and
against any and all liability, expense or damage of any kind or nature and from any suits, claims or demands, including legal fees and
expenses relating to or resulting from Borrower’s design, development, construction and/or operation of the Infrastructure, the
breach by Borrower of any covenant, representation, or warranty by Borrower, or on account of any matter or thing or action or failure
to act by Lender or Borrower, whether or not in litigation, arising out of this Agreement or any Loan Document, or any Event of Default,
or any default or event which, with the lapse of time, would constitute an Event of Default, provided, however, that Borrower shall not
be required to indemnify Lender to the extent such suit, claim or damage is caused solely by willful malfeasance of Lender, its directors,
officers, agents and authorized employees. This indemnity is not intended to excuse Borrower from performing hereunder. All obligations
on the part of Borrower shall survive the closing of the transaction contemplated by any Loan Document, the repayment of any and all sums
due and owing to Lender hereunder and/or under any of the Loan Documents and any cancellation of any Loan Document.

 

    15

     

    

 

19. OTHER
INFORMATION.  Borrower shall promptly furnish to Lender such other information, reports, certificates, and substantiating documentation
as Lender may reasonably request to reflect Borrower’s financial condition, business performance and compliance with the terms set
forth in this Agreement and/or in any of the other Loan Documents.

 

20. PRIOR
AGREEMENTS.  This Agreement shall supersede any prior business loan agreement between Borrower and Lender regarding the subject matter
hereof, but shall not have any affect upon the terms governing any other loan or extension of credit from Lender to Borrower or any other
agreement between Lender and Borrower, which shall continue to be governed by the documents and instruments evidencing such prior transactions.

 

21. INTERPRETATION
OF LOAN DOCUMENTS. The provisions set forth in this Agreement and the Loan Documents shall be cumulative. In the event of a discrepancy
between the provisions set forth in this Agreement and the provisions set forth in the Loan Documents, the provisions which are most restrictive
or impose the greatest obligation on Borrower shall apply.

 

22. NOTICES.
Any notices under or pursuant to this Agreement shall be deemed to have been served when delivered by hand, when delivered by a nationally
recognized overnight delivery service, or three days after posting by U.S. Postal Services registered or certified mail, return receipt
requested, addressed as follows:

 

To Borrower:Hall of Fame Resort & Entertainment Company

2626 Fulton Drive NW

Canton, OH 44718

Attn: Chief Financial Officer

 

W/ a copy to:Hall of Fame Resort & Entertainment Company

2626 Fulton Drive NW

Canton, OH 44718

Attn: General Counsel

 

To Lender:The City of Canton

218 Cleveland Avenue SW

Canton, OH 44702

Attn: Law Director

 

23. ASSIGNMENT.
Borrower agrees not to assign any of Borrower’s rights, remedies or obligations described in this Agreement or under any of
the Loan Documents without the prior written consent of Lender, which consent may be withheld in Lender’s sole discretion (and any
other attempted assignment or transfer by Borrower shall be null and void). This Agreement is assignable by Lender, and any transfer or
assignment of this Agreement, the Term Loan Note, or the Loan Documents, or portions thereof by Lender, shall operate to vest in any such
assignee all rights and powers herein conferred upon and granted to Lender.

 

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24. EXTENT
OF COVENANTS; NO PERSONAL LIABILITY. All covenants, obligations and agreements of the Lender contained in this Agreement shall be
effective to the extent authorized and permitted by applicable law. No such covenant, stipulation, obligation or agreement shall be deemed
to be a covenant, stipulation, obligation or agreement of any present or future member of the Legislative Authority or of any present
or future officer, employee or agent of the Lender, in other than his or her official capacity, and neither the present or future members
of its Legislative Authority, nor any present or future officer, employee or agent of the Lender, shall be subject to any personal liability
or accountability by reason of the stipulations, obligations or agreements contained in this Agreement. Any obligation of the Lender created
by or rising out of this Agreement shall never constitute a general obligation, debt or bonded indebtedness, or a pledge of the general
credit, of the Lender or give rise to any pecuniary liability of the Lender, but shall be payable solely out of funds that have been allocated
and appropriated by the Lender for disbursement of the principal amount of the Term Loan.

 

25. CONFESSION
OF JUDGMENT. Consistent with the terms set forth in the Term Loan Note, Borrower hereby irrevocably authorizes and empowers any attorney-at-law,
including an attorney hired by Lender, to appear in any court of record, after the obligations become due, and to confess judgment against
Borrower for the unpaid amount due and owing on the Term Loan Note as evidenced by an affidavit signed by an officer of Lender setting
forth the amount then due, attorneys’ fees plus costs of suit, and to release all errors, and waive all rights of appeal. If a copy of
this Agreement and the Term Loan Note, verified by an affidavit, shall have been filed in the proceeding, it will not be necessary to
file the original as a warrant of attorney. Borrower hereby waives the right to any injunction which would prevent Lender from taking
judgment under this Agreement and/or under the Term Loan Note by confession, and any stay of execution and the benefit of all exemption
laws now or hereafter in effect. No single exercise of the foregoing warrant and power to confess judgment will be deemed to exhaust the
power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void; but the power will continue undiminished
and may be exercised from time to time as Lender may elect until all amounts owing on this Agreement and/or under the Term Loan Note have
been paid in full. Borrower waives any conflict of interest that an attorney hired by Lender may have in acting on behalf of Borrower
in confessing judgment against Borrower while such attorney is retained by Lender. Borrower expressly consents to such attorney acting
for Borrower in confessing judgment.

 

26. DEFINITIONS.
The following capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically stated to
the contrary, all references to dollar amounts shall mean amounts in lawful money of the United State of America. Words and terms used
in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise
defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code. Accounting words and terms
not otherwise defined in this Agreement shall have the meanings assigned to them in accordance with generally accepted accounting principles
as in effect on the date of this Agreement:

 

A. Affiliate.
The word “Affiliate” shall mean as to any Person, any other Person (excluding any Subsidiary) which, directly or indirectly,
is in control of, is controlled by, or is under common control with such Person. For purposes of this definition, a Person shall be deemed
to be “controlled by” a Person if such Person possesses, directly or indirectly, power either (i) to vote twenty percent (20%)
or more of the securities having ordinary voting power for the election of directors of such Person or (ii) to direct or cause the direction
of the management and policies of such Person whether by control or otherwise.

 

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B. Agreement.
The word “Agreement” means this Business Loan Agreement, as this Business Loan Agreement may be amended or modified from time
to time, together with all exhibits and schedules attached to this Business Loan Agreement from time to time.

 

C. Borrower.
The word “Borrower” means Hall of Fame Resort & Entertainment Company.

 

D. Event
of Default. The term “Event of Default” means any of the events of default set forth in this Agreement, including but not
limited to those set forth in the default section of this Agreement, and any event or occurrence that constitutes an event of default
under the Term Loan Note and/or under any other Loan Document.

 

E. Indebtedness.
The word “Indebtedness” means the indebtedness evidenced by the Term Loan Note, this Agreement and any other amounts, including
fees, costs and expenses, which Borrower owes to Lender, now or at any time in the future, including without limitation all principal,
interest, default interest, fees, costs and expenses and other obligations set forth in the Term Loan Note, this Agreement, or under any
of the Loan Documents.

 

F. Infrastructure.
The word “Infrastructure” shall have the meaning set forth therefore in Section 4 above.

 

G. Legislative
Authority. The words “Legislative Authority” means the City Council of the City of Canton, Ohio.

 

H. Lender.
The word “Lender” means the City of Canton and its successors and assigns.

 

I. Loan.
The term “Loan” or “Loans” means the following, whether now existing or hereafter created, entered into or otherwise
existing: (i) the Term Loan, as described above in this Agreement, (ii) any and all other loans, letters of credit, guaranties, and/or
financial accommodations from Lender to Borrower.

 

J. Loan
Account. The term “Loan Account” means a record or account ledger maintained by Borrower which shall record, among other
things, the date and amount of each disbursement of Term Loan proceeds made by Lender, the manner in which such Term Loan proceeds are
used, including amounts, dates and payees, and the date and amount of each payment made by Borrower to Lender in respect thereof. If any
discrepancy or inconsistency should arise between the Borrower’s Loan Account and Lender’s records regarding Term Loan disbursements
and Borrower’s Term Loan payments hereunder, Borrower and Lender shall promptly meet and each shall use reasonable and good faith
efforts to promptly resolve the discrepancy.

 

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K. Loan
Documents. The term “Loan Documents” means, collectively and Individually, the following: (1) this Agreement; (2) the Term
Loan Note; (3) any exhibit or schedule attached to this Agreement or to any of the other Loan Documents, (4) any document or report required
to be provided by Borrower from time to time in connection with the Term Loan; and (5) all other documents as Lender may reasonably require;
all in form and substance satisfactory to Lender and Lender’s counsel.

 

L. Phase
II. The term “Phase II” shall have the meaning set forth therefore in Section 4 above.

 

M. Person.
The word “Person” means any individual, sole proprietorship, partnership, corporation, business trust, joint stock company,
trust, unincorporated associate organization, association, limited liability company, institution, public benefit corporation, joint venture,
entity or governmental body.

 

N. Related
Entity. The words “Related Entity” means any Subsidiary or Affiliate of Borrower.

 

O. Subsidiary.
The word “Subsidiary” means a corporation, limited liability company, or other entity of whose shares of stock, units, or
other ownership interests having ordinary voting power (other than stock or other ownership interest having such power only by reason
of the happening of a contingency) to elect a majority of the directors of such corporation, are owned, directly or indirectly, by Borrower.

 

P. Term
Loan Note. The words “Term Loan Note” mean collectively or individually: the Term Loan Note executed, or to be executed,
by Borrower to reflect the indebtedness in connection with the Term Loan, in the original principal amount of Five Million Dollars ($5,000,000.00),
dated of even date herewith together with all renewals, extensions, modifications, refinancings, replacements, consolidations, and/or
substitutions of or for the Term Loan Note.

 

27. MISCELLANEOUS
PROVISIONS.

 

A. Waiver
of Notice. Borrower hereby waives notice of non-payment, demand, presentment, protest and notice thereof with respect to this Agreement,
the Note, and all other Loan Documents, notice of acceptance hereof, notice of loans or advances made, credit extended, or any other action
taken in reliance hereon, and all other demands and notices of any description, except such as are expressly provided in this Agreement
or in the Loan Documents.

 

B. Successors
and Assigns. Borrower may not assign any of its respective rights or delegate any of its respective duties hereunder. This Agreement
will be binding upon and inure to the benefit of the successors of the parties hereto.

 

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C. Survival
of Representations and Warranties. All representations, warranties, covenants, and delivery requirements set forth in this Agreement
and/or in the Loan Documents shall survive the closing of the within Loan and shall continue until all of Borrower’s Indebtedness
to Lender has been paid in full.

 

D. Delay.
No delay or omission on Lender’s part in exercising any right, remedy or option shall operate as a waiver of such or any other
right, remedy or option or of any Event of Default.

 

E. Governing
Law. The rights and obligations of the parties hereunder and the interpretation of this Agreement and the Loan Documents are governed
by the laws of the state of Ohio (other than those relating to conflicts of laws).

 

F. Severability.
If a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to any circumstance,
that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the
offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be
so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity, or unenforceability
of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision of this Agreement.

 

G. No
Waiver by Lender. Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing
and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any
other right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of Lender’s right otherwise
to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of
dealing between Lender and Borrower shall constitute a waiver of any of Lender’s rights or of any of Borrower’s obligations
as to any future transactions. Whenever the consent of Lender is required under this Agreement, the granting of such consent by Lender
in any instance shall not constitute continuing consent to subsequent instances where such consent is required.

 

H. Consent
to Jurisdiction. Borrower agrees that any action or proceeding to enforce or arising out of this Agreement shall be commenced in,
and Borrower consents to the jurisdiction of, the courts of Stark County, State of Ohio.

 

BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS
OF THIS AGREEMENT AND BORROWER AGREES TO ITS TERMS. THIS AGREEMENT IS ENTERED INTO AND EXECUTED IN STARK COUNTY, OHIO AND DATED AS OF
SEPTEMBER 15, 2022.

 

[Signatures on the following page]

 

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	WARNING - BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.

 

 

 

 

	
    BORROWER:

     

    HALL OF FAME RESORT & ENTERTAINMENT COMPANY

     

     

    By: /s/ Michael Crawford 

     

    Print Name: Michael Crawford

     

    Its: President & CEO

     
	
    LENDER:

     

    THE CITY OF CANTON

     

     

     

    By: /s/ Thomas M. Bernabei 

     

    Print Name: Thomas M. Bernabei

     

    Its: Mayor

 

     

     

    

 

EXHIBIT A

 

Fan Engagement Zone (aka Retail I and Retail II parcels):

 

Retail I (OL 1478), Parcel Nos. 10015053, 10014342:

 

Situated in the City of Canton, Stark County, State of Ohio, being
all of O.L. 1478 on that certain HOF Village Replat recorded as Instrument Number 202203250013418 of the Stark County, Ohio Records, containing
4.85 acres, more or less.

 

Retail II (Lot 43481), Parcel Nos. 10015055, 10014341:

 

Situated in the City of Canton, Stark County, State of Ohio, and known
as all of Lot 43481 on that certain HOF Village Replat recorded as Instrument Number 202203250013418 of the Stark County, Ohio Records,
containing .91 acres, more or less.

 

CFE Building (OL 1480), Parcel Nos. 10015056, 10014340:

 

Situated in the City of Canton, Stark County, Ohio, and known as O.L.
1480 on that certain HOF Village Replat recorded in the Office of the Recorder of Stark County as Instrument No. 202203250013418, containing
3.64 acres, more or less.

 

CFE Parking (OL 1481), Parcel No. 10015057:

 

Situated in the City of Canton, Stark County, Ohio, and known as O.L.
1481 on that certain HOF Village Replat recorded in the Office of the Recorder of Stark County as Instrument No. 202203250013418, containing
3.60 acres, more or less.

 

CFP Parcel (OL 1482) Parcel No. 10015058:

 

Situated in the City of Canton, Stark County, Ohio, and known as O.L.
1482 on that certain HOF Village Replat recorded in the Office of the Recorder of Stark County as Instrument No. 202203250013418, containing
6.34 acres, more or less.

 

Play Action Plaza (OL 1479), Parcel No. 10015054:

 

Situated in the City of Canton, Stark County, Ohio, and known as O.L.
1479 on that certain HOF Village Replat recorded in the Office of the Recorder of Stark County as Instrument No. 202203250013418, containing
3.10 acres, more or less.

 

Waterpark (OL 1469), Parcel No. 10014331:

 

Situated in the City of Canton, Stark County, State of Ohio, being
all of O.L. 1469 on that certain Pro Football Hall of Fame Replat and Vacation recorded in the Office of the Recorder of Stark County
as Instrument Number 202108120041822, containing 4.93 acres, more or less.

 

WP Hotel (OL 1463), Parcel No. 10014330:

 

Situated in the City of Canton, Stark County, and State of Ohio, being
all of Outlot 1463 on that certain Pro Football Hall of Fame Replat and Vacation recorded in the Office of the Recorder of Stark County
as Instrument Number 202108120041822, containing 1.64 acres, more or less.

 

     

     

    

 

Waterpark & Hotel Parking (OL 1465), Parcel No. 10014334:

 

Situated in the City of Canton, Stark County, Ohio, and known as O.L.
1465 on that certain Pro Football Hall of Fame Replat and Vacation recorded in the Office of the Recorder of Stark County as Instrument
No. 202108120041822, containing 2.49 acres, more or less.

 

HOFRECo Offices/2626 Fulton (Lot 43461), Parcel No. 10014332:

 

Situated in the City of Canton, Stark County, Ohio, and known as O.L.
43461 on that Pro Football Hall of Fame Replat and Vacation recorded in the Office of the Recorder of Stark County as Instrument No. 202108120041822,
containing 0.21 acres, more or less.

 

Private Roadway (OL 1477), Parcel Nos. 10015059, 10014344:

 

Situated in the City of Canton, Stark County, Ohio, and known as O.L.
1477 on that certain HOF Village Replat recorded in the Office of the Recorder of Stark County as Instrument No. 202203250013418, containing
9.5958 acres, more or lessExhibit 4.1

 

Form of Convertible Promissory Notes

 

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES
REPRESENTED BY THIS NOTE NOR THE SECURITIES INTO WHICH THESE SECURITIES MAY CONVERT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED
OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE ACT OR (B) AN OPINION OF COUNSEL
TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID
ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.

 

ev TRANSPORTATION SERVICES, INC. 

 

FORM OF CONVERTIBLE PROMISSORY NOTE

 

	$________	Issuance Date:___________, 2021

 

FOR VALUE RECEIVED, the undersigned,
EV TRANSPORTATION SERVICES, INC., a Delaware corporation (the “Company”), hereby promises to pay to ____________ (“Holder”),
the principal amount of _______________________ ($___________________) (the “Principal Amount”) in lawful money of the United
States of America, on or before the 12 month anniversary of the first closing date of this offering (the “Maturity Date”),
subject to extension as set forth in Section 1. This note (the “Note”) is one of a series of Convertible Promissory Notes
that may be issued by the Company containing substantially identical terms and conditions with an aggregate principal amount (including
this Note) of up to $10,000,000 (collectively, the “Notes”), unless increased at the discretion of the Company.

 

This Note has been executed
and issued pursuant to the terms of a Subscription Agreement between the Company and the Holder dated as of even date herewith (the “Purchase
Agreement”), pursuant to which the Holder acquired this Note. This Note is not secured and is convertible as provided herein.

 

1. Payment; Interest.
Interest will accrue on the unpaid Principal Amount at the rate of 10% per annum simple interest accruing from the date set forth above
and payable at the Maturity Date. All accrued interest shall be computed on the basis of a 360-day year consisting of twelve 30-day months,
and shall be payable on the date the outstanding Principal Amount shall become due and payable on the Maturity Date or by acceleration
or otherwise as contemplated below in Section 6. All payments shall be applied first to interest then due, if any, then to the Principal
Amount. The Company, at its sole option, may extend the Maturity Date by six months from the Maturity Date to ________, 20__(the “Extended
Maturity Date”). From and including the Maturity Date until the Extended Maturity Date, interest will accrue on the unpaid Principal
Amount at the rate of 15% per annum simple interest. To replace the Maturity Date with the Extended Maturity Date, the Company must provide
written notice to each Holder at least 30 days prior to the Maturity Date.

 

2. Conversion of Note.

 

(a) Mandatory Conversion.
Upon (i) a sale of equity securities of the Company in an offering of any size and in which equity securities of the Company become listed
on the New York Stock Exchange, the Nasdaq Stock Market, or any other national securities exchange (a “Qualified Offering”);
(ii) the closing of the sale of substantially all of the assets of the Company, the sale of 51% or greater of the Company’s outstanding
securities, or a merger to or with a special purpose acquisition company, existing public company or private company (an “Acquisition”);
or (iii) the approval of the Company’s Board of Directors and the Holders representing a majority of the then-outstanding aggregate
Principal Amount of Notes (“Majority Approval”), the outstanding Principal Amount and all accrued and unpaid interest of each
Note (the “Conversion Amount”) shall be converted into fully paid and nonassessable shares of (y) in the case of a Qualified
Offering, the equity securities of the Company sold in such offering (“Equity Security Conversion Shares”) or (z) in the case
of an Acquisition or Majority Approval, common stock of the Company (“Common Conversion Shares”, together with the Equity
Security Conversion Shares, the “Conversion Shares”).

 

    1

     

    

 

(b) Voluntary Conversion.
Upon any private offering of the Company’s capital stock that is for financing purposes and not, for example, as an equity incentive
to employees (a “Private Offering”), each Holder may elect to convert the Conversion Amount into the securities issued in
such Private Offering. The Holder must convert the entire Conversion Amount. The Company must provide written notice to each Holder at
least 30 days prior to the first closing of any Private Offering that the Company is conducting the Private Offering, the type of securities
being offered, the price per security, and that the Holder has the option to convert into that offering. The Holder must elect to convert
the Conversion Amount into Equity Security Conversion Shares within 14 days of receiving the Company’s written notice by providing
written notice of the election to the Company.

 

(c) Conversion Price.
The number of Equity Security Conversion Shares or Common Conversion Shares, as applicable, to be issued upon conversion of the Notes
shall be equal to the quotient obtained by dividing (i) the Conversion Amount by (ii) the lesser of (A) 75% of the price per share paid
in the Qualified Offering, Private Offering, or deemed to be paid in the Acquisition (the “Transaction Price”) and (B) the
Conversion Cap Price. The “Conversion Cap Price” shall be calculated by dividing (y) $110,000,000, less all outstanding indebtedness
of the Company for borrowed money, including accrued and unpaid interest, by (z) the total number of issued and outstanding shares of
the Company’s common stock, assuming the conversion or exercise of all of the Company’s outstanding convertible or exercisable
securities, including, but not limited to, all outstanding preferred stock, vested or unvested stock options or warrants, but excluding
all outstanding stock options or warrants with an exercise price that is greater than the Transaction Price and shares available for issuance
in an equity award program. For the avoidance of doubt, in the event of Majority Approval the conversion price will be determined using
the Conversion Cap Price.

 

(d) Mechanics of Conversion.

 

(i) Upon the closing of a
Qualified Offering, Acquisition, or, at the Holder’s option, a Private Offering, or the Company’s receipt of Majority Approval,
the Company shall provide Holder with written notice thereof and within two business days thereafter, the Holder shall surrender this
Note to the Company.

 

(ii) The Company shall, as
soon as practicable after the surrender of this Note as provided above, issue and deliver to the Holder, a certificate or certificates
for the number of Conversion Shares to which it shall be entitled as aforesaid in book entry format; provided, that if such Conversion
Shares cannot be delivered via book entry, then instruments representing such Conversion Shares will be delivered in hard copy format.
Such conversion shall be deemed to have been made immediately prior to the close of business on (A) the closing date of the Qualified
Offering, Acquisition, or Private Offering, as applicable, or (B) the effective date of the Majority Approval and the Holders shall be
treated for all purposes as the record holders of the Conversion Shares on such date.

 

(iii) No fractional shares
of equity securities shall be issued upon conversion of this Note into Conversion Shares. In lieu of fractional shares to which the Holder
would otherwise be entitled, the Company shall round up any fractional share to the next whole share.

 

(e) Equal Treatment.
Notwithstanding anything to the contrary, any conversion of any or all of the Notes into Conversion Shares shall apply in the same manner
to all Notes subject to such conversion and shall be made simultaneously, into the same class and type of shares (as determined herein),
and based on the same per share conversion price, such that the outstanding Principal Amount of each of the Notes, and any and all accrued
but unpaid interest thereon, shall be converted into the Conversion Shares.

 

(f) Cancellation of
Note. Upon the conversion of this Note pursuant to this Section 2, this Note shall be cancelled and, except for the obligations set forth
in this Section 2, shall no longer be an obligation of the Company.

 

    2

     

    

 

3. Covenants of the Company and the Holder.

 

(a) Covenants of the Company.

 

(i) In addition to any other
vote, consent or approval required by law or the Company’s Amended and Restated Certificate of Incorporation (the “Charter”),
at any time when the Notes remain outstanding, the Company shall not, either directly or indirectly by amendment, merger, consolidation
or otherwise, do any of the following without first obtaining the written consent or affirmative vote of the Holders of a majority of
the then-outstanding aggregate principal amount of the Notes. No provision of this Agreement may be amended or waived other than by an
instrument in writing signed by the Company and the holders of at least a majority of the principal amount of the Notes then outstanding
(the “Required Holders”). No such amendment shall be effective to the extent that it applies to less than all of the holders
of the Notes then outstanding. For this purpose, the term “Notes” shall mean the Notes sold in the Offering (“Offering
Notes”) together with any other notes issued by the Company substantially identical to the Offering Notes. Any such act or transaction
entered into without such consent or vote shall be null and void ab initio, and of no force or effect:

 

		A.	liquidate,
dissolve or wind up the business and affairs of the Company;

 

		B.	effect
any merger or consolidation of the Company with or into another company other than in a transaction with a special purpose acquisition
company or that would constitute a Qualified Offering;

 

		C.	amend,
alter or repeal any provision of this Note, the Charter or the Company’s other governing documents in a manner that adversely affects
the Holders;

 

		D.	create,
or authorize the creation of, or issue, or authorize the issuance of any indebtedness for borrowed money (other than the Notes as defined
above), if the aggregate additional indebtedness of the Company and any of its subsidiaries would equal or exceed $5 million; provided
that, for purposes of this Section 3(a)(i), purchases of equipment, vehicles, vehicle components, manufacturing and production services
or other items in the ordinary course of business with debt financings are not considered to be “indebtedness for borrowed money”;
or

 

		E.	change
the principal business of the Company or any subsidiary.

 

(ii) The Company shall
at all times while the Notes are outstanding maintain a reserve from its duly authorized capital stock of a number of shares sufficient
to allow for the issuance of the Conversion Shares.

 

(iii) For so long as
any Notes remain outstanding and until a Qualified Offering, the Company shall include a mandatory lock-up provision in the award of stock
options, warrants or other equity-linked securities (“Award”) such that the holder of the Award, or shares of common stock
underlying the Award, must not sell, transfer, assign, pledge or hypothecate the Award, or any portion thereof, the shares underlying
the Award, or any portion thereof, or be the subject of any hedging, short sale, derivative, put or call transaction that would result
in the effective economic disposition of such securities for a period of 180 days following the effective date of the Qualified Offering.

 

(b) Covenants of the Holder.
For so long as the Holder’s Note remains outstanding, the Holder agrees to execute and deliver to the Company the agreements entered
into by the purchasers in the Qualified Offering or necessary to effect a Qualified Offering or a Private Offering, including but not
limited to a purchase agreement, stockholders agreement, voting agreement, investors’ rights agreement and/or other ancillary agreements
with customary representations and warranties and transfer restrictions.

 

    3

     

    

 

4. No Rights as Stockholder.
This Note does not entitle Holder to any voting rights or other rights as a stockholder of the Company prior to the conversion set forth
in Section 2 hereof.

 

5. Events of Default.
The occurrence of any of the following shall constitute an event of default (each, an “Event of Default,” and collectively,
“Events of Default”) hereunder:

 

(a) the Company’s default
in the payment of (i) the Principal Amount of any Note or (ii) interest or any other amounts owing to a Holder hereunder, as an when the
same shall become due and payable;

 

(b) the Company’s failure
to comply with any covenant or agreement contained in any of the Notes or the Subscription Agreement in any material respect (other than
the payment of principal or interest), and the failure continues for five days after the Company has been notified in writing by a Holder;

 

(c) the Company is in payment
default, not otherwise waived, in the principal amount of $500,000 or more under any agreement, instrument or other document relating
to any indebtedness for money borrowed, or capital lease, whether such indebtedness now exists or shall hereinafter be created, in each
case following the expiration of any applicable cure period;

 

(d) the Company making a general
assignment for the benefit of creditors or the filing of any petition or the commencement of any proceedings against the Company, whether
voluntary or involuntary, under the United States Bankruptcy Code or otherwise, for arrangement, reorganization, dissolution, liquidation
or settlement of claims against or winding up of affairs, which is not discharged within 30 days from the commencement of such proceedings;

 

(e) a judgment or decree is
entered against the Company and such judgment or decree has not been vacated, discharged, stayed or bonded pending appeal within 30 days
from the entry thereof; or

 

(f) the dissolution of the Company
or the Company ceases to exist.

 

    4

     

    

 

6. Remedies. Upon the
occurrence of an Event of Default, the unpaid Principal Amount, together with accrued interest thereon, shall automatically become immediately
due and payable, without presentment, demand, protest or other requirements of any kind, all of which are expressly waived by the Company,
and the Holder may, at its option, exercise any or all of the Holder’s rights, powers or remedies under applicable law.

 

7. Miscellaneous.

 

(a) Amendments and Waivers.
Any term of this Note may be amended and the observance of any term thereof may be waived (either generally or in a particular instance)
only with the written consent of the Company and the Holders holding the majority of the outstanding principal amount of the Notes then
outstanding, and in accordance with any restrictions set forth herein. Any amendment or waiver effected in accordance with this section
shall be binding upon each subsequent holder of this Note.

 

(b) Assignments, Successors,
and No Third-Party Rights. Neither the Company nor the Holder may assign any of its rights under this Note without the prior written consent
of the other party. Subject to the preceding sentence, this Note will apply to, be binding in all respects upon, and inure to the benefit
of and be enforceable by the respective successors and permitted assigns of the Company and the Holder.

 

(c) Severability. If any
provision of this Note is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Note will
remain in full force and effect. Any provision of this Note held invalid or unenforceable only in part or degree will remain in full force
and effect to the extent not held invalid or unenforceable.

 

(d) Section Headings. The
headings of Articles and Sections in this Note are provided for convenience only and will not affect its construction or interpretation.
All references to “Article” or “Articles” or “Section” or “Sections” refer to the corresponding
Article or Articles or Section or Sections of this Note, unless the context indicates otherwise.

 

(e) Addresses and Notices.
All notices, demands, consents, requests, instructions and other communications to be given or delivered or permitted under or by reason
of the provisions of this Note or in connection with the transactions contemplated hereby shall be in writing and shall be deemed to be
delivered and received by the intended recipient as follows: (i) if personally delivered, on the business day of such delivery (as evidenced
by the receipt of the personal delivery service), (ii) if mailed certified or registered mail return receipt requested, two business days
after being mailed, (iii) if delivered by overnight courier (with all charges having been prepaid), on the business day of such delivery
(as evidenced by the receipt of the overnight courier service of recognized standing), or (iv) if delivered by electronic mail, on the
business day of such delivery. If any notice, demand, consent, request, instruction or other communication cannot be delivered because
of a changed address of which no notice was given (in accordance with this Section 7(e)), or the refusal to accept same, the notice, demand,
consent, request, instruction or other communication shall be deemed received on the second business day the notice is sent (as evidenced
by a sworn affidavit of the sender).

 

    5

     

    

 

All such notices, demands, consents, requests,
instructions and other communications will be sent to the following addresses or facsimile numbers as applicable:

 

	 	If to the Company to: 	ev Transportation Services, Inc.

1309 Beacon Street

Suite 300 Brookline, 

MA 02446 

Attn: David Solomont 

Email: david@evTS.com
	 	 	 
	 	With copies to: 	Sullivan & Worcester LLP 

One Post Office Square Boston, 

MA 02109 

Attn: Edwin L. Miller, Jr., Esq.

Email: emiller@sullivanlaw.com

 

If to the Holder, to the address
set forth on the signature page of the Subscription Agreement.

 

Any such person may by notice
given in accordance with this Section 7(e) to the other parties hereto designate another address or person for receipt by such person
of notices hereunder.

 

(f) Maximum Permissible
Interest. Notwithstanding anything herein to the contrary, payment of any interest, expense or other amount shall not be required if such
payment would be unlawful. In any such event, this Note shall automatically be deemed amended so that interest charges and all other payments
required hereunder, individually and in the aggregate, shall be equal to but not greater than the maximum permitted by law.

 

(g) Lost Note. In the event
that the Notes were to be delivered in hard copy format, and upon receipt by the Company of evidence reasonably satisfactory to it of
the loss, theft, destruction or mutilation of this Note and of indemnity reasonably satisfactory to it, and upon surrender and cancellation
of this Note (in case of mutilation), the Company will make and deliver in lieu of this Note a new Note of like tenor and unpaid Principal
Amount and dated as of the date to which interest has been paid on the unpaid Principal Amount in lieu of which such new Note is made
and delivered.

 

(h) Execution. In the event
that any signature on this Note is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file,
such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with
the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 

(i) Choice of Law and Jurisdiction.
This Note will be deemed to have been made and delivered in New York County, State of New York and will be governed as to validity, interpretation,
construction, effect and in all other respects by the internal laws of the State of New York. The Company and the Holder (i) agree that
any legal suit, action or proceeding arising out of or relating to this Note shall be instituted exclusively in New York State Supreme
Court, County of New York, or in the United States District Court for the Southern District of New York, (ii) waive any proceeding, and
(iii) irrevocably consent to the jurisdiction of the New York State Supreme Court, County of New York, and the United States District
Court for the Southern District of New York in any such suit, action or proceeding. The Company and the Holder further agree to accept
and acknowledge service of any and all process which may be served in any such suit action or proceeding brought in the New York State
Supreme Court, County of New York, or in the United States District Court for the Southern District of New York and agree that service
of process upon it mailed by certified mail to its address shall be deemed in every respect effective service of process upon it in any
suit, action or proceeding.

 

(j) Waiver of Jury Trial.
EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO
THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

[SIGNATURE PAGE FOLLOWS]

 

    6

     

    

 

IN WITNESS WHEREOF, the Company
executed and delivered this Note as of the date first above written.

 

	 	EV TRANSPORTATION SERVICES, INC.
	 	 
	 	By:	                         
	 	Name:	 
	 	Title:	 

 

    7

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