Document:

Exhibit 10.4

COMMERCIAL LEASE U  F T F RM B P R      AR    T M MB R  F T T XA A  C AT   F R ALT R   C.      T AUT R D. ©Tex s Assoc t on of REALTORS®, Inc 2014 T ble of Contents 1. 2. 3. o Desc  t on Parties .......................................................... 2 Leased Premises ......................................... 2 Term A. Term ...................................................... 2 B .   Dela y o f ccupanc y .............................. . 2 C .   Certificat e o f ccupanc y ....................... . 3 4. Rent and xpenses A .   Bas e Monthl y Ren t ................................ . 3 B .   Additiona l Ren t ...................................... . 3   C. D. . F. G. . First Full Month's Rent ...........................  3  Prorate d Ren t ........................................ . 3 Plac e o f Paymen t .................................. . 3 Metho d o f Paymen t ............................... . 3 Late Charges ......................................... 4 Returned Checks ...................................  4 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. ecurity Deposit ........................................... 4 Taxes ............................................................ 4 Utilities .......................................................... 4 nsurance ...................................................... 5 Use and ours ............................................. 6 Lega l Complianc e ........................................ . 6 igns  ............................................................ 6  Acces s B y Landlor d ..................................... . 7 Move - n Condition ........................................ 7 Move - ut Condition ..................................... 7 Maintenance and Repairs Repair Persons ......................................  8 VAC ervice Contract ......................... 9 A .   Cleanin g ................................................ . 7 B. Conditions Caused by  a Party ................8 C. Repai r & M aintenanc e Responsibilit y 8   D. . F. G. . Common Areas ...................................... 9 otice of Repairs ................................... 9 Failure to Repair .................................... 9 16. 17. 18. 19. 20. 21. Alterations .................................................... 9 Liens ............................................................. 9 Liability ......................................................... 9 ndemnity ...................................................... 10 Default .......................................................... 10 Abandonment nterruption of Utilities  Remova l o f Propert y & Lockou t ................... . 10 oldover ....................................................... 10 Landlord' s Lie n & ecurit y nteres t .............. . 11 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. nformation  About Brokerage ervices  (TXR - 2501) (TXR - 2101) 4 - 1 - 14 nitialed for dentification by Landlord: and Tenant:  Page 1 of 15 Fax: DE N  Property Group,  LLC , 80 4 Christophe r Stree t  Austi n TX 7870 4 Phone : 512.799.3777 William Steakley Produced ith Lone olf Transactions ( ipForm   dition) 231 hearson Cr. Cambridge ntario Canada 1T 1 5      .l olf.com X o Desc  t on Assignmen t an d ublettin g .......................... . 11   Relocation .................................................... 11 ubordination ............................................... 11 stoppe l Certificate s & Financia l nf o .......... . 11   Casualt y Los s .............................................. . 1 2 Condemnation .............................................. 12 Attorney' s Fee s ............................................ . 1 2 Representations ........................................... 12 Brokers ......................................................... 13 Addenda ....................................................... 13 otices ......................................................... 13 pecial Provisions ........................................ 14 Agreemen t o f th e Partie s ............................. . 14 ADDE DA & EXHIBITS (check all that apply) xhibit Survey + Site Plan xhibit  Commercial Lease Addendum  for  Broker's Fee  (TXR - 2102) Commercial Lease Addendum for xpense  Reimbursement (TXR - 2103) Commercial Lease Addendum for   xtension ption (TXR - 2104) Commercial Lease Addendum  for  Percentage  Rent (TXR - 2106) Commercial Lease Addendum  for  Parking  (TXR - 2107) Commercial Landlord's Rules and Regulations  (TXR - 2108) Commercial Lease Guaranty (TXR - 2109) Commercial Lease Addendum  for  Right of  First  Refusal (TXR - 2105) Commercial Lease Addendum for   ptional pace (TXR - 2110) Commercial Lease Addendum  for  Construction  (TXR - 2111) or (TXR - 2112) Commercial Lease Addendum  for  Contingencies (TXR - 2119) 0 0 HWY  290 DocuSign Envelope ID: 5C4429B0 - 923A - 4699 - B2A3 - 4EB2A8EDC0EA DocuSign Envelope ID: F6D07D35 - 3D45 - 49A5 - 8FE6 - 4CF6A87FF91A

    	 

    	 

    

COMMERCIAL LEASE U  F T F RM B P R      AR    T M MB R  F T T XA A  C AT   F R ALT R   C.      T AUT R D. ©Tex s Assoc t on of REALTORS®, Inc 2014 1 ARTIES: The parties to this lease are: Landlord: Alexander EV Park, LLC ; and Tenant: Volcon, Inc. . 2 LEASED REMISES: A. Landlord leases to Tenant the follo ing described real property kno n as the "leased premises  " along ith all its improvements  (Check only one box) : (1) Multiple - Tenant Property : uite or Unit umber 100 containing approximately 10,000  square feet of rentable area in Alexander EV Park (project name)   at 19201 HWY 29  (a re ) in Liberty Hill (c ty) Williamson (co  nty)  Texas   hich is legally described on attached xhibit or as  follo  s:  AW0438 Mudd, B.S. SUR., Acres  53.79 . (2) ingle - Tenant Property : The real property containing approximately square feet of  rentable area at:  (a re ) in (c ty) (co nty)   Texas hich  is legally described on attached xhibit or as follo s: . B. f Paragraph 2A(1) applies: (1) "Property" means the building or complex in hich the leased premises are located inclusive of  any common areas drives parking areas and alks; and (2) the parties agree that the rentable area of the leased premises may not equal the actual or useable  area ithin the leased premises and may include an allocation of common areas in the Property. The rentable area X ill ill not be adjusted if re - measured. 3 TERM: A. Term : The  term of this lease is 60 months and 0 days commencing on: December 1, 2020 (Commencement Date)  and ending on November 30, 2025 ( xpiration Date). B. Delay of ccupancy : f Tenant is unable to occupy the leased premises on the Commencement Date  because of construction on the leased premises to be completed by Landlord that is not substantially (TXR - 2101 ) 4 - 1 - 14 nitialed for dentification by Landlord:  and Tenant:  Page 2 of 15 Produced ith Lone olf Transactions  ( ipForm   dition) 231 hearson Cr. Cambridge ntario Canada 1T 1 5       .l olf.com X 0 0 HWY  290 DocuSign Envelope ID: 5C4429B0 - 923A - 4699 - B2A3 - 4EB2A8EDC0EA DocuSign Envelope ID: F6D07D35 - 3D45 - 49A5 - 8FE6 - 4CF6A87FF91A

    	 

    	 

    

Dates Rate per rentable square foot (opt onal) Base Monthly Rent $ From To $ Monthly Rate $ Annual Rate 12/01/2020 11/30/2021 1.50 rsf month rsf year 15,000.00 12/01/2021 11/30/2022 1.55 rsf month rsf year 15,500.00 12/01/2022 11/30/2023 1.60 rsf month rsf year 16,000.00 12/01/2023 11/30/2024 1.65 rsf month rsf year 16,500.00 12/01/2024 11/30/2025 1.70 rsf month rsf year 17,000.00 X B. Additional Rent : n addition to the base monthly rent Tenant ill pay Landlord all other amounts as  provided by the attached (Check all that apply.) : (1) Commercial Lease Addendum for   xpense Reimbursement (TXR - 2103) (2) Commercial Lease Addendum for Percentage Rent (TXR - 2106) (3) Commercial Lease Addendum for Parking (TXR - 2107) ( 4 ) All amounts payable under the applicable addenda are deemed to be ''rent" for the purposes of this lease . C. First Full Month's Rent : The first full monthly rent is due on or before Upon landlord receiving certificate of occupancy on improved building. . D. Prorated Rent : f the Commencement Date is on a day other than the first day of a month Tenant ill pay Landlord as prorated rent an amount equal to the base monthly rent multiplied by the follo ing fraction : the number of days from the Commencement Date to the first day of the follo ing month divided by the number of days in the month in hich this lease commences . The prorated rent is due on or before the Commencement Date . . Place of Payment : Tenant ill remit all amounts due to Landlord under this lease to the follo ing  person at the place  stated or to such other person or place as Landlord may later designate in riting: ame: Alexander EV Park, LLC Address: 317 w 3rd Street, Austin, TX 78701 F. Method of Payment : Tenant must pay all rent timely ithout demand deduction or offset except as  permitted by la or this lease. f Tenant fails to timely pay any amounts due under this lease or if any DocuSign Envelope ID: 5C4429B0 - 923A - 4699 - B2A3 - 4EB2A8EDC0EA DocuSign Envelope ID: F6D07D35 - 3D45 - 49A5 - 8FE6 - 4CF6A87FF91A 19201 HWY 29 Commercial Lease concerning: Liberty Hill, TX 78642 c omplete or a prior tenant's holding over of the leased premises Landlord ill not be liable to Tenant for such delay and this lease ill remain enforceable . n the event of such a delay the Commencement Date ill automatically be extended to the date Tenant is able to occupy the Property and the xpiration  Date ill also be extended by a like number of days so that the length of this lease remains  unchanged. f Tenant is unable to occupy the leased premises after the 90th day after the Commencement Date because of construction on the leased premises to be completed by Landlord  that is not substantially complete or a prior tenant's holding over of the leased premises Tenant may terminate this lease by giving ritten notice to Landlord before the leased premises become available  to be occupied by Tenant and Landlord ill refund to Tenant any amounts paid to Landlord by Tenant. This Paragraph 3B does not apply to any delay in occupancy caused by cleaning or repairs. C. Certificate of ccupancy : Unless the parties agree other ise Tenant is responsible for obtaining a  certificate of occupancy for  the leased premises if required by  a governmental body. 4 RE T A D EX E SES: A. Base Monthly Rent : n or before the first day of each month during this lease Tenant ill  pay  Landlord base monthly rent as described on attached xhibit N/A or as follo s: (TXR - 2101 ) 4 - 1 - 14 nitialed for dentification by Landlord:  and Tenant:  Produced ith Lone olf Transactions  ( ipForm   dition) 231 hearson Cr. Cambridge ntario Canada 1T 1 5       .l olf.com Page 3 of 15 0 0 HWY  290

    	 

    	 

    

X X X X X X X X X DocuSign Envelope ID: 5C4429B0 - 923A - 4699 - B2A3 - 4EB2A8EDC0EA DocuSign Envelope ID: F6D07D35 - 3D45 - 49A5 - 8FE6 - 4CF6A87FF91A 19201 HWY 29 Commercial Lease concerning: Liberty Hill, TX 78642 check of Tenant is returned to Landlord by the institution on hich it as dra n Landlord after providing ritten notice to Tenant may require Tenant to pay subsequent amounts that become due under this lease in certified funds . This paragraph does not limit Landlord from seeking other remedies under this lease for Tenant's failure to make timely payments ith good funds . G . Late Charges : f Landlord does not actually receive a rent payment at the designated place of payment ithin 5 days after the date it is due Tenant ill pay Landlord a late charge equal to 10 % of the amount due . n this paragraph the mailbox is not the agent for receipt for Landlord . The late charge is a cost associated ith the collection of rent and Landlord's acceptance of a late charge does not aive Landlord's right to exercise remedies under Paragraph 20 . . Returned Checks : Tenant ill pay $ 25.00 for each check Tenant tenders to Landlord hich is returned by the institution on hich it is dra  n for any reason plus any late charges until  Landlord receives payment. 5 SECURITY DE OSIT: A. Upon execution of this lease Tenant ill pay $ 45,000.00 to Landlord as a security  deposit. B. Landlord may apply the security deposit to any amounts o ed by Tenant under this lease . f Landlord applies any part of the security deposit during any time this lease is in effect to amounts o ed by Tenant Tenant must ithin 10 days after receipt of notice from Landlord restore the security deposit to the amount stated . C. ithin 60 days after Tenant surrenders the leased premises and provides Landlord ritten notice of Tenant's for arding address Landlord ill refund the security deposit less any amounts applied to ard amounts o ed by Tenant or other charges authori ed by this lease . 6 TAXES:  Unless other  ise  agreed by the parties Landlord ill  pay all real property ad valorem taxes  assessed against the leased premises. 7 UTILITIES: A. The party designated belo ill pay for the follo ing utility charges to the leased premises and any  connection charges  for the utilities.  (Check all that apply.) A Landlord Tenant (1) ater (2) e er (3) lectric (4) Gas (5) Telephone (6) nternet (7) Cable (8) Trash (9) Septic & Well Maintenance (10) All other utilities B. The party responsible for the charges under Paragraph 7 A ill pay the charges directly to the utility service provider . The responsible party may select the utility service provider except that if Tenant selects the provider any access or alterations to the Property or leased premises necessary for the utilities may be made only ith Landlord's prior consent hich Landlord ill not unreasonably ithhold . f Landlord incurs any liability for utility or connection charges for hich Tenant is responsible to pay (TXR - 2101 ) 4 - 1 - 14 nitialed for dentification by Landlord:  and Tenant:  Produced ith Lone olf Transactions  ( ipForm   dition) 231 hearson Cr. Cambridge ntario Canada 1T 1 5       .l olf.com Page 4 of 15 0 0 HWY  290

    	 

    	 

    

(a) $1 000 000; or  (b) $2 000 000. f neither box is checked the minimum amount ill be $1 000 000. (2) personal property damage insurance for the business operations being conducted in the leased premises and contents in the leased premises in an amount sufficient to replace such contents after a casualty loss ; and (3) business interruption insurance sufficient to pay 12 months of rent payments ; B. Before the Commencement Date Tenant must provide Landlord ith a copy of insurance certificates evidencing the required coverage . f the insurance coverage is rene ed or changes in any manner or degree at any time this lease is in effect Tenant must not later than 10 days after the rene al or change provide Landlord a copy of an insurance certificate evidencing the rene al or change . C. f Tenant fails to maintain the required insurance in full force and effect at all times this lease is in  effect Landlord may: (1) purchase insurance that ill provide Landlord the same coverage as the required insurance and  Tenant must immediately reimburse Landlord for such expense; or (2) exercise Landlord's remedies under Paragraph 20. D. Unless the parties agree other ise Landlord ill maintain in full force and effect insurance for : ( 1 ) fire and extended coverage in an amount to cover the reasonable replacement cost of the improvements of the Property ; and ( 2 ) any public liability insurance in an amount that Landlord determines reasonable and appropriate . . f there is an increase in Landlord's insurance premiums for the leased premises or Property or its contents that is caused by Tenant Tenant's use of the leased premises or any improvements made by or for Tenant Tenant ill for each year this lease is in effect pay Landlord the increase immediately (TXR - 2101) 4 - 1 - 14 nitialed for dentification by Landlord: and Tenant:  Page 5 of 15 X DocuSign Envelope ID: 5C4429B0 - 923A - 4699 - B2A3 - 4EB2A8EDC0EA DocuSign Envelope ID: F6D07D35 - 3D45 - 49A5 - 8FE6 - 4CF6A87FF91A 19201 HWY 29 Commercial Lease concerning: Liberty Hill, TX 78642 and Landlord pays such amount Tenant ill immediately upon ritten  notice from Landlord reimburse  Landlord such amount. C. ot ce : Ten nt s ould dete m ne  f  ll necess y ut l t es   e v l ble  to t e le sed  em ses nd  e dequ te fo Ten nt's ntended use  D. After - ours VAC Charges : " VAC services" means heating ventilating and air conditioning of the  leased premises. (Check one box only.) (1) Landlord is obligated to provide the VAC services to the leased premises only during the Property's operating hours specified under Paragraph 9 C . (2) Landlord ill provide the VAC services to the leased premises during the operating hours specified under Paragraph 9 C for no additional charge and ill at Tenant's request provide VAC services to the leased premises during other hours for an additional charge of $ per hour . Tenant ill pay Landlord the charges under this paragraph immediately upon receipt of Landlord's invoice . ourly charges are charged on a half - hour basis . Any partial hour ill be rounded up to the next half hour . Tenant ill comply ith Landlord's procedures to make a request to provide the additional VAC services under this paragraph . X   (3) Tenant ill pay for the VAC services under this lease. 8 I SURA CE: A. During all times this lease is in effect Tenant must at Tenant's expense maintain in full force and  effect from an insurer  authori ed to operate in Texas: ( 1 ) public liability insurance naming Landlord as an additional insured ith policy limits on an occurrence basis in a minimum amount of : (check only (a) or (b) below) Produced ith Lone olf Transactions  ( ipForm   dition) 231 hearson Cr. Cambridge ntario Canada 1T 1 5       .l olf.com 0 0 HWY  290

    	 

    	 

    

DocuSign Envelope ID: 5C4429B0 - 923A - 4699 - B2A3 - 4EB2A8EDC0EA DocuSign Envelope ID: F6D07D35 - 3D45 - 49A5 - 8FE6 - 4CF6A87FF91A 19201 HWY 29 Commercial Lease concerning: Liberty Hill, TX 78642 after Landlord notifies Tenant of the increase . Any charge to Tenant under this Paragraph 8 ill be equal to the actual amount of the increase in Landlord's insurance premium . 9 USE A D HOURS: A. Tenant may use the leased premises for the follo ing purpose and no other : Assembly, manufacturing, test driving, events, office and retail services . . B. Unless other ise specified in this lease Tenant ill operate and conduct its business in the leased premises during business hours that are typical of the industry in hich Tenant represents it operates . C. The Property maintains operating hours of ( pec fy ho r , ay of week, an f ncl ve or excl ve of weeken an hol ay ) : 24 - 7 . 10 LEGAL COM LIA CE: A. Tenant may not use or permit any part of the leased premises or the Property to be used for : (1) any activity hich is a nuisance or is offensive noisy or dangerous ; (2) any activity that interferes ith any other tenant's normal business operations or Landlord's management of the Property ; (3) any activity that violates any applicable la regulation oning ordinance restrictive covenant governmental order o ners' association rules tenants' association rules Landlord's rules or regulations or this lease ; (4) any ha ardous activity that ould require any insurance premium on the Property or leased premises to increase or that ould void any such insurance ; (5) any activity that violates any applicable federal state or local la including but not limited to those la s related to air quality ater quality ha ardous materials aste ater aste disposal air emissions or other environmental matters ; (6) the permanent or temporary storage of any ha ardous material ; or ( 7 ) . B. " a ardous material" means any pollutant toxic substance ha ardous aste ha ardous material ha ardous substance solvent or oil as defined by any federal state or local environmental la regulation ordinance or rule existing as of the date of this lease or later enacted . C. Landlord does not represent or arrant that the leased premises or Property conform to applicable restrictions oning ordinances setback lines parking requirements impervious ground cover ratio requirements and other matters that may relate to Tenant's intended use . Tenant must satisfy itself that the leased premises may be used as Tenant intends by independently investigating all matters related to the use of the leased premises or Property . Tenant agrees that it is not relying on any arranty or representation made by Landlord Landlord's agent or any broker concerning the use of the leased premises or Property . 11 SIG S: A . Tenant may not post or paint any signs or place any decoration outside the leased premises or on the Property ithout Landlord's ritten consent . Landlord may remove any unauthori ed sign or decorations and Tenant ill promptly reimburse Landlord for its cost to remove any unauthori ed sign or decorations . (TXR - 2101) 4 - 1 - 14 nitialed for dentification by Landlord:  and Tenant:  Page 6 of 15 Produced ith Lone olf Transactions  ( ipForm   dition) 231 hearson Cr. Cambridge ntario Canada 1T 1 5       .l olf.com 0 0 HWY  290

    	 

    	 

    

DocuSign Envelope ID: 5C4429B0 - 923A - 4699 - B2A3 - 4EB2A8EDC0EA DocuSign Envelope ID: F6D07D35 - 3D45 - 49A5 - 8FE6 - 4CF6A87FF91A 19201 HWY 29 Commercial Lease concerning: Liberty Hill, TX 78642 B . Any authori ed sign must comply ith all la s restrictions oning ordinances and any governmental order relating to signs on the leased premises or Property . Landlord may temporarily remove any authori ed sign to complete repairs or alterations to the leased premises or the Property . C . By providing ritten notice to Tenant before this lease ends Landlord may require Tenant upon move - out and at Tenant's expense to remove ithout damage to the Property or leased premises any or all signs or decorations that ere placed on the Property or leased premises by or at the request of Tenant . Any signs or decorations that Landlord does not require Tenant to remove and that are fixtures become the property of the Landlord and must be surrendered to Landlord at the time this lease ends . 12 ACCESS BY LA DLORD: A. During Tenant's normal business hours Landlord may enter the leased premises for any reasonable purpose including but not limited to purposes for repairs maintenance alterations and sho ing the leased premises to prospective tenants or purchasers . Landlord may access the leased premises after Tenant's normal business hours if : ( 1 ) entry is made ith Tenant's permission ; or ( 2 ) entry is necessary to complete emergency repairs . Landlord ill not unreasonably interfere ith Tenant's business operations hen accessing the leased premises . B. During the last 90 days of this lease Landlord may place a "For Lease" or similarly orded sign on the leased premises . 13 MOVE - I CO DITIO : Tenant has inspected the leased premises and accepts it in its present (as - is) condition unless expressly noted other ise in this lease or in an addendum . Landlord and any agent have made no express or implied arranties as to the condition or permitted use of the leased premises or Property . 14 MOVE - OUT  CO DITIO A D FORFEITURE OF  TE A T'S ERSO AL RO ERTY: A. At the time this lease ends Tenant ill surrender the leased premises in the same condition as hen received except for normal ear and tear . Tenant ill leave the leased premises in a clean condition free of all trash debris personal property ha ardous materials and environmental contaminants . B. f Tenant leaves any personal property in the leased premises after Tenant surrenders possession of the leased premises Landlord may : ( 1 ) require Tenant at Tenant's expense to remove the personal property by providing ritten notice to Tenant ; or ( 2 ) retain such personal property as forfeited property to Landlord . C. " urrender" means vacating the leased premises and returning all keys and access devices to Landlord . " ormal ear and tear" means deterioration that occurs ithout negligence carelessness accident or abuse . D. By providing ritten notice to Tenant before this lease ends Landlord may require Tenant upon move - out and at Tenant's expense to remove ithout damage to the Property or leased premises any or all fixtures that ere placed on the Property or leased premises by or at the request of Tenant . Any fixtures that Landlord does not require Tenant to remove become the property of the Landlord and must be surrendered to Landlord at the time this lease ends . 15 MAI TE A CE A D RE AIRS: A . Cleaning : Tenant must keep the leased premises clean and sanitary and promptly dispose of all garbage in appropriate receptacles . Landlord X Tenant ill provide at its expense janitorial services to the leased premises that are customary and ordinary for the property type . Tenant ill maintain any grease trap on the Property hich Tenant uses including but not limited to periodic (TXR - 2101) 4 - 1 - 14 nitialed for dentification by Landlord:  and Tenant:  Page 7 of 15 Produced ith Lone olf Transactions  ( ipForm   dition) 231 hearson Cr. Cambridge ntario Canada 1T 1 5       .l olf.com 0 0 HWY  290

    	 

    	 

    

X X X X X X X X X X X X ( 1 ) Foundation exterior alls roof and other structural components ..... ( 2 ) Glass and indo s ............................................................................. ( 3 ) Fire protection equipment ................................................................... ( 4 ) Fire sprinkler systems ........................................................................ (5) xterior  &  overhead doors including closure devices molding locks  and hard are ........................................................................... (6) Grounds maintenance including landscaping and irrigation  systems .............................................................................................. (7) nterior doors including closure devices frames molding locks and  hard are ...................................................................................... (8) Parking areas and alks ..................................................................... ( 9 ) Plumbing systems drainage systems and sump pumps .................... ( 10 ) lectrical systems mechanical systems ............................................ ( 11 ) Ballas t an d lam p r eplacemen t ............................................................ ( 12 ) eating Ventilation and Air Conditioning ( VAC) systems ................ (13) VAC system replacement ................................................................. (14) igns and lighting: ............................................................................... (a) Pylon ............................................................................................. (b) Facia ............................................................................................. (c) Monument ..................................................................................... (d) Door  uite ..................................................................................... (e) ther: ............. (15) xtermination and pest control excluding ood - destroying insects.  (16) Fences and Gates ..............................................................................  (17) torage yards and storage buildings .................................................. (18) ood - destroying insect treatment and repairs ...................................  (19) Cranes and related systems ............................................................... (20) (21)  (22) All other items and systems. ............................................................... D. Repair Persons : Repairs must be completed by  trained qualified and insured repair persons. X X X X X X X (TXR - 2101 ) 4 - 1 - 14 nitialed for dentification by Landlord:  and Tenant:  Page 8 of 15 Produced ith Lone olf Transactions  ( ipForm   dition) 231 hearson Cr. Cambridge ntario Canada 1T 1 5       .l olf.com X X 0 0 HWY  290 DocuSign Envelope ID: 5C4429B0 - 923A - 4699 - B2A3 - 4EB2A8EDC0EA DocuSign Envelope ID: F6D07D35 - 3D45 - 49A5 - 8FE6 - 4CF6A87FF91A 19201 HWY 29 Commercial Lease concerning: Liberty Hill, TX 78642 emptying and cleaning as ell as making any modification to the grease trap that may be necessary to  comply ith any applicable  la . B . Repairs of Conditions Caused by a Party : ach party must promptly repair a condition in need of repair that is caused either intentionally or negligently by that party or that party's guests patrons invitees contractors or permitted subtenants . C . Repair and Maintenance Responsibility : xcept as other ise provided by this Paragraph 15 the party designated belo at its expense is responsible to maintain and repair the follo ing specified items in the leased premises (if any) . The specified items must be maintained in clean and good operable condition . f a governmental regulation or order requires a modification to any of the specified items the party designated to maintain the item must complete and pay the expense of the modification . The specified items include and relate only to real property in the leased premises . Tenant is responsible for the repair and maintenance of its personal property . (Check all that apply . ) A Landlord Tenant

    	 

    	 

    

 DocuSign Envelope ID: 5C4429B0 - 923A - 4699 - B2A3 - 4EB2A8EDC0EA DocuSign Envelope ID: F6D07D35 - 3D45 - 49A5 - 8FE6 - 4CF6A87FF91A 19201 HWY 29 Commercial Lease concerning: Liberty Hill, TX 78642 .  VAC   ervice  Contract : f  Tenant maintains the VAC system under Paragraph 15C(12) Tenant X is  is not required to maintain at its expense a regularly scheduled maintenance and service contract  for the VAC system. The maintenance and service contract must be purchased from a VAC  maintenance company that regularly provides such contracts to similar properties. f Tenant fails to  maintain a required VAC maintenance and service contract in effect at all times during this lease  Landlord may do so and Tenant   ill reimburse Landlord for the expense of such maintenance and service contract or Landlord may exercise Landlord's remedies under Paragraph 20. F. Common Areas : Landlord ill maintain any common areas in the Property in a manner as Landlord determines to be in the best interest of the Property . Landlord ill maintain any elevator and signs in the common area . Landlord may change the si e dimension and location of any common areas provided that such change does not materially impair Tenant's use and access to the leased premises . Tenant has the non - exclusive license to use the common areas in compliance ith Landlord's rules and regulations . Tenant may not solicit any business in the common areas or interfere ith any other person's right to use the common areas . This paragraph does not apply if Paragraph 2 A( 2 ) applies . G. otice of Repairs : Tenant must promptly notify Landlord of any item that is in need of repair and that is Landlord's responsibility to repair . All requests for repairs to Landlord must be in riting . . Failure to Repair : Landlord must make a repair for hich Landlord is responsible ithin a reasonable period of time after Tenant provides Landlord ritten notice of the needed repair . f Tenant fails to repair or maintain an item for hich Tenant is responsible ithin 10 days after Landlord provides Tenant ritten notice of the needed repair or maintenance Landlord may : ( 1 ) repair or maintain the item ithout liability for any damage or loss to Tenant and Tenant must immediately reimburse Landlord for the cost to repair or maintain ; or ( 2 ) exercise Landlord's remedies under Paragraph 20 . 16 ALTERATIO S: A. Tenant may not alter (including making any penetrations to the roof exterior alls or foundation) improve or add to the Property or the leased premises ithout Landlord's ritten consent . Landlord ill not unreasonably ithhold consent for the Tenant to make reasonable non - structural alterations modifications or improvements to the leased premises . B. Tenant may not alter any locks or any security devices on the Property or the leased premises ithout Landlord's consent . f Landlord authori es the changing addition or rekeying of any locks or other security devices Tenant must immediately deliver the ne keys and access devices to Landlord . C. f a governmental order requires alteration or modification to the leased premises the party obligated to maintain and repair the item to be modified or altered as designated in Paragraph 15 ill at its expense modify or alter the item in compliance ith the order and in compliance ith Paragraphs 16 A and 17 . D. Any alterations improvements fixtures or additions to the Property or leased premises installed by either party during the term of this lease ill become Landlord's property and must be surrendered to Landlord at the time this lease ends except for those fixtures Landlord requires Tenant to remove under Paragraph 11 or 14 or if the parties agree other ise in riting . 17 LIE S : Tenant may not do anything that ill cause the title of the Property or leased premises to be encumbered in any ay . f Tenant causes a lien to be filed against the Property or leased premises Tenant ill ithin 20 days after receipt of Landlord's demand : ( 1 ) pay the lien and have the lien released of record ; or ( 2 ) take action to discharge the lien . Tenant ill provide Landlord a copy of any release Tenant obtains pursuant to this paragraph . 18 LIABILITY : To the extent permitted by la Landlord is T responsible to Tenant or Tenant's employees patrons guests or invitees for any damages injuries or losses to person or property caused by : (TXR - 2101) 4 - 1 - 14 nitialed for dentification by Landlord:  and Tenant:  Page 9 of 15 Produced ith Lone olf Transactions  ( ipForm   dition) 231 hearson Cr. Cambridge ntario Canada 1T 1 5       .l olf.com 0 0 HWY  290

    	 

    	 

    

DocuSign Envelope ID: 5C4429B0 - 923A - 4699 - B2A3 - 4EB2A8EDC0EA DocuSign Envelope ID: F6D07D35 - 3D45 - 49A5 - 8FE6 - 4CF6A87FF91A 19201 HWY 29 Commercial Lease concerning: Liberty Hill, TX 78642 A. an act omission or neglect of : Tenant ; Tenant's agent ; Tenant's guest ; Tenant's employees ; Tenant's patrons ; Tenant's invitees ; or any other tenant on the Property ; B. fire flood ater leaks ice sno hail inds explosion smoke riot strike interruption of utilities theft burglary robbery assault vandalism other persons environmental contaminants or other occurrences or casualty losses . 19 I DEM ITY : ach party ill indemnify defend and hold the other party harmless from any property damage personal injury suits actions liabilities damages cost of repairs or service to the leased premises or Property or any other loss caused negligent y or other ise by that party or that party's employees patrons guests or invitees . 20 DEFAULT: A. f Landlord fails to comply ith this lease ithin 30 days after Tenant notifies Landlord of Landlord's failure to comply Landlord ill be in default and Tenant may seek any remedy provided by la . f ho ever Landlord's non - compliance reasonably requires more than 30 days to cure Landlord ill not be in default if the cure is commenced ithin the 30 - day period and is diligently pursued . B. f Landlord does not actually receive at the place designated for payment any rent due under this lease ithin 5 days after it is due Tenant ill be in default . f Tenant fails to comply ith this lease for any other reason ithin 10 days after Landlord notifies Tenant of its failure to comply Tenant ill be in default . C. f Tenant is in default Landlord may ith at least 3 days ritten notice to Tenant : (i) terminate this lease or (ii) terminate Tenant's right to occupy the leased premises ithout terminating this lease and may accelerate all rents hich are payable during the remainder of this lease or any rene al period . Landlord ill attempt to mitigate any damage or loss caused by Tenant's breach by using commercially reasonable means . f Tenant is in default Tenant ill be liable for : (1) any lost rent; (2) Landlord's cost of reletting the leased premises including brokerage fees advertising fees and  other fees necessary  to relet  the leased premises; (3) repairs to the leased premises for use beyond normal ear and tear; (4) all Landlord's costs associated ith eviction of Tenant such as attorney's fees court costs and  prejudgment interest; (5) all Landlord's costs associated  ith collection of rent such as collection fees late charges and  returned check charges; (6) cost of removing any of Tenant's equipment or  fixtures left on the leased premises or Property; (7) cost to remove any trash debris personal property ha ardous materials or environmental contaminants left by Tenant or Tenant's employees patrons guests or invitees in the leased premises or Property ; (8) cost to replace any unreturned keys or access devices to the leased premises parking areas or Property ; and (9) any other recovery to hich Landlord may be entitled under this lease or under la . 21 ABA DO ME T, I TERRU TIO  OF UTILITIES, REMOVAL  OF RO ERTY,  A D LOCKOUT: Chapter 93 of the Texas Property Code governs the rights and obligations of the parties ith regard to: (a) abandonment of the leased premises; (b) interruption of utilities; (c) removal of Tenant's property; and (d) ''lock - out'' of Tenant. 22 HOLDOVER:  f Tenant fails to vacate the leased premises at the time this lease ends Tenant ill become  a tenant - at - ill and must vacate the leased premises immediately upon receipt of demand from Landlord. o holding over by Tenant   ith or ithout the consent of Landlord ill extend this lease. Tenant   ill (TXR - 2101) 4 - 1 - 14 nitialed for dentification by Landlord:  and Tenant:  Page 10 of 15 Produced ith Lone olf Transactions  ( ipForm   dition) 231 hearson Cr. Cambridge ntario Canada 1T 1 5       .l olf.com 0 0 HWY  290

    	 

    	 

    

A . By providing Tenant ith not less than 90 days advanced ritten notice Landlord may require Tenant to relocate to another location in the Property provided that the other location is equal in si e or larger than the leased premises then occupied by Tenant and contains similar leasehold improvements . Landlord ill pay Tenant's reasonable out - of - pocket moving expenses for moving to the other location . "Moving expenses" means reasonable expenses payable to professional movers utility companies for connection and disconnection fees iring companies for connecting and disconnecting Tenant's office equipment required by the relocation and printing companies for reprinting Tenant's stationary and business cards . A relocation of Tenant ill not change or affect any other provision of this lease that is then in effect including rent and reimbursement amounts except that the description of the suite or unit number ill automatically be amended . Landlord may not require Tenant to relocate to another location in the Property ithout Tenant's prior  consent. X B. 26 SUBORDI ATIO : A. This lease and Tenant's leasehold interest are and ill be subject subordinate and inferior to: (1) any lien encumbrance or ground lease no or hereafter placed on the leased premises or the  Property that Landlord  authori es; (2) all advances made under any such lien encumbrance  or ground lease; (3) the interest payable on any such lien or encumbrance; (4) any and all  rene als and extensions of any such lien encumbrance or ground lease; (5) any restrictive covenant affecting the leased premises or the Property; and (6) the rights of any  o ners' association affecting the leased premises or Property. B. Tenant must on demand execute a subordination attornment and non - disturbance agreement that Landlord may request that Tenant execute provided that such agreement is made on the condition that this lease and Tenant's rights under this lease are recogni ed by the lien - holder . 27 ESTO EL CERTIFICATES & FI A CIAL I  FORMATIO : A . ithin 10 days after receipt of a ritten request from Landlord Tenant ill execute and deliver to Landlord an estoppel certificate that identifies the terms and conditions of this lease . DocuSign Envelope ID: 5C4429B0 - 923A - 4699 - B2A3 - 4EB2A8EDC0EA DocuSign Envelope ID: F6D07D35 - 3D45 - 49A5 - 8FE6 - 4CF6A87FF91A 19201 HWY 29 Commercial Lease concerning: Liberty Hill, TX 78642 indemnify Landlord and any prospective tenants for any and all damages caused by the holdover . Rent for any holdover period ill be 150 % of the base monthly rent plus any additional rent calculated on a daily basis and ill be immediately due and payable daily ithout notice or demand . 23 LA DLORD'S LIE A D SECURITY I TEREST : To secure Tenant's performance under this lease Tenant grants to Landlord a lien and security interest against all of Tenant's nonexempt personal property that is in the leased premises or on the Property . This lease is a security agreement for the purposes of the Uniform Commercial Code . Landlord may file a financing statement to perfect Landlord's security interest under the Uniform Commercial Code . 24 ASSIG ME T A D SUBLETTI G : Landlord may assign this lease to any subsequent o ner of the Property . Tenant may not assign this lease or sublet any part of the leased premises ithout Landlord's ritten consent . An assignment of this lease or subletting of the leased premises ithout Landlord's ritten consent is voidable by Landlord . f Tenant assigns this lease or sublets any part of the leased premises Tenant ill remain liable for all of Tenant's obligations under this lease regardless if the assignment or sublease is made ith or ithout the consent of Landlord . 25 RELOCATIO : (TXR - 2101 ) 4 - 1 - 14 nitialed for dentification by Landlord:  and Tenant:  Page 11 of 15 Produced ith Lone olf Transactions  ( ipForm   dition) 231 hearson Cr. Cambridge ntario Canada 1T 1 5       .l olf.com 0 0 HWY  290

    	 

    	 

    

DocuSign Envelope ID: 5C4429B0 - 923A - 4699 - B2A3 - 4EB2A8EDC0EA DocuSign Envelope ID: F6D07D35 - 3D45 - 49A5 - 8FE6 - 4CF6A87FF91A 19201 HWY 29 Commercial Lease concerning: Liberty Hill, TX 78642 B . ithin 30 days after receipt of a ritten request from Landlord Tenant ill provide to Landlord Tenant's current financial information (balance sheet and income statement) . Landlord may request the financial information no more frequently than once every 12 months . 28 CASUALTY LOSS: A. Tenant must immediately notify Landlord of any casualty loss in the leased premises . ithin 20 days after receipt of Tenant's notice of a casualty loss Landlord ill notify Tenant if the leased premises are less than or more than 50 % unusable on a per square foot basis and if Landlord can substantially restore the leased premises ithin 120 days after Tenant notifies Landlord of the casualty loss . B. f the leased premises are less than 50 % unusable and Landlord can substantially restore the leased premises ithin 120 days after Tenant notifies Landlord of the casualty Landlord ill restore the leased premises to substantially the same condition as before the casualty . f Landlord fails to substantially restore ithin the time required Tenant may terminate this lease . C. f the leased premises are more than 50 % unusable and Landlord can substantially restore the leased premises ithin 120 days after Tenant notifies Landlord of the casualty Landlord may : ( 1 ) terminate this lease ; or ( 2 ) restore the leased premises to substantially the same condition as before the casualty . f Landlord chooses to restore and does not substantially restore the leased premises ithin the time required Tenant may terminate this lease . D. f Landlord notifies Tenant that Landlord cannot substantially restore the leased premises ithin 120 days after Tenant notifies Landlord of the casualty loss Landlord may : ( 1 ) choose not to restore and terminate this lease ; or ( 2 ) choose to restore notify Tenant of the estimated time to restore and give Tenant the option to terminate this lease by notifying Landlord ithin 10 days . . f this lease does not terminate because of a casualty loss rent ill be reduced from the date Tenant notifies Landlord of the casualty loss to the date the leased premises are substantially restored by an amount proportionate to the extent the leased premises are unusable . 29 CO DEM ATIO : f after a condemnation or purchase in lieu of condemnation the leased premises are totally unusable for the purposes stated in this lease this lease ill terminate . f after a condemnation or purchase in lieu of condemnation the leased premises or Property are partially unusable for the purposes of this lease this lease ill continue and rent ill be reduced in an amount proportionate to the extent the leased premises are unusable . Any condemnation a ard or proceeds in lieu of condemnation are the property of Landlord and Tenant has no claim to such proceeds or a ard . Tenant may seek compensation from the condemning authority for its moving expenses and damages to Tenant's personal property . 30 ATTOR EY'S FEES : Any person ho is a prevailing party in any legal proceeding brought under or related to the transaction described in this lease is entitled to recover prejudgment interest reasonable attorney's fees and all other costs of litigation from the nonprevailing party . 31 RE RESE TATIO S: A. Tenant's statements in this lease and any application for rental are material representations relied upon by Landlord . ach party signing this lease represents that he or she is of legal age to enter into a binding contract and is authori ed to sign the lease . f Tenant makes any misrepresentation in this lease or in any application for rental Tenant is in default . B. Landlord is not a are of any material defect on the Property that ould affect the health and safety of an ordinary person or any environmental ha ard on or affecting the Property that ould affect the (TXR - 2101 ) 4 - 1 - 14 nitialed for dentification by Landlord:  and Tenant:  Page 12 of 15 Produced ith Lone olf Transactions  ( ipForm   dition) 231 hearson Cr. Cambridge ntario Canada 1T 1 5       .l olf.com 0 0 HWY  290

    	 

    	 

    

nc    l B oke  : DEN Property Group, LLC  Agent: William M. Steakley  Address: 317 W 3rd St Austin, TX 78701 Phone & Fax:  - mail : will@denpg.com License o.: 8999937 Principal Broker: (Check only one box) Coo e t n B oke : Agent : Address : Phone & Fax:  - mail:  License o.:  Cooperating Broker represents Tenant. represents Landlord only.  represents Tenant only. i s a n intermediar y bet ee n Landlor d an d Tenant. B. Fees : (1) Principal Broker's fee ill be paid according  to: (Check only one box) . (a) a  separate ritten commission agreement  bet  een  Principal Broker  and:  Landlord Tenant. (b) the attached Commercial Lease Addendum for Broker's Fee (TXR - 2102). (2) Cooperating Broker's fee ill be paid according to: (Check only one box) . (a) a  separate ritten commission agreement  bet  een  Cooperating Broker  and:  Principal Broker Landlord Tenant. (b) the attached Commercial Lease Addendum for Broker's Fee (TXR - 2102). 33 ADDE DA : ncorporated into this lease are the addenda exhibits and other information marked in the Addenda and xhibit section of the Table of Contents . f Landlord's Rules and Regulations are made part of this lease Tenant agrees to comply ith the Rules and Regulations as Landlord may at its discretion amend from time to time . 34 OTICES : All notices under this lease must be in riting and are effective hen hand - delivered sent by mail or sent by facsimile transmission to : X Landlord at: Alexander EV Park, LLC Address: 317 West 3rd St, Austin, TX 78701 (TXR - 2101 ) 4 - 1 - 14 nitialed for dentification by Landlord: and Tenant:  Page 13 of 15 Produced ith Lone olf Transactions  ( ipForm   dition) 231 hearson Cr. Cambridge ntario Canada 1T 1 5       .l olf.com 0 0 HWY  290 DocuSign Envelope ID: 5C4429B0 - 923A - 4699 - B2A3 - 4EB2A8EDC0EA DocuSign Envelope ID: F6D07D35 - 3D45 - 49A5 - 8FE6 - 4CF6A87FF91A 19201 HWY 29 Commercial Lease concerning: Liberty Hill, TX 78642 health or safety of an ordinary person except: . C . ach party and each signatory to this lease represents that : ( 1 ) it is not a person named as a pecially Designated ational and Blocked Person as defined in Presidential xecutive rder 13224 ; ( 2 ) it is not acting directly or indirectly for or on behalf of a pecially Designated and Blocked Person ; and ( 3 ) is not arranging or facilitating this lease or any transaction related to this lease for a pecially Designated and Blocked Person . Any party or any signatory to this lease ho is a pecially Designated and Blocked person ill indemnify and hold harmless any other person ho relies on this representation and ho suffers any claim damage loss liability or expense as a result of this representation . 32 BROKERS: A. The brokers to this lease are:

    	 

    	 

    

36 AGREEME T OF ARTIES: A. ntire Agreement : This lease contains the entire agreement bet een Landlord and Tenant and may not be changed except by ritten agreement . B. Binding ffect : This lease is binding upon and inures to the benefit of the parties and their respective heirs executors administrators successors and permitted assigns . C. oint and everal : All Tenants are jointly and severally liable for all provisions of this lease . Any act or notice to or refund to or signature of any one or more of the Tenants regarding any term of this lease its rene al or its termination is binding on all Tenants . D. Controlling La : The la s of the tate of Texas govern the interpretation performance and enforcement of this lease . . everable Clauses : f any clause in this lease is found invalid or unenforceable by a court of la the remainder of this lease ill not be affected and all other provisions of this lease ill remain valid and enforceable . F . aiver : Landlord's delay aiver or non - enforcement of acceleration contractual or statutory lien rental due date or any other right ill not be deemed a aiver of any other or subsequent breach by Tenant or any other term in this lease . (TXR - 2101) 4 - 1 - 14 nitialed for dentification by Landlord:  and Tenant:  Page 14 of 15 DocuSign Envelope ID: 5C4429B0 - 923A - 4699 - B2A3 - 4EB2A8EDC0EA DocuSign Envelope ID: F6D07D35 - 3D45 - 49A5 - 8FE6 - 4CF6A87FF91A 19201 HWY 29 Commercial Lease concerning: Liberty Hill, TX 78642 Phone:  (512)799 - 3777 Fax: and a copy to: Address: Phone: Fax: X Landlord also consents to receive notices by e - mail at: will@denpg.com Tenant at the leased premises and a copy to : Address : Phone : ( 305 ) 962 - 3851 Fax : X Tenant also consents to receive notices by e - mail at : adrian@volcon . com 35 S ECIAL  ROVISIO S: Due to lack of credit and rental history, landlord requires tenant to prepay rent. In addition to the security deposit, tenant will pre - pay 6 months of rent to landlord upon  lease  execution. The pre - paid rent will be credited to the tenant's last 6 months of payments on final  lease term. Prior to occupancy, tenant will have complimentary access and use of the land while  the landlord entitles and develops the property. Tenant has the right to pay for for preliminary site work, gate improvements and maintenance of  the test  track. Commencement (they dat monthly lease payments to landlord begins) date will be 24hrs  after  landlord receives the "certificate of occupancy" on the completed building. The proposed 35,000sf building may have additional tenants and who will share all common  elements, amenities, frontage access and parking. Produced ith Lone olf Transactions  ( ipForm   dition) 231 hearson Cr. Cambridge ntario Canada 1T 1 5       .l olf.com 0 0 HWY  290

    	 

    	 

    

L ndlo d : Alexander E V Park , LLC By:  B y (signature) :  Printed ame: William M. Steakley Title :  Manager Dat e N : ovember 19, 2020 By:  B y (signature) : Printed ame : Title : Date : Ten nt: Volcon, Inc. By:  By (signature):  Printed ame: Adrian James Title :  Co - Founde r Date: By:  B y (signature) : Printed ame : Title : Date : (TXR - 2101) Page 15 of 15 DocuSign Envelope ID: 5C4429B0 - 923A - 4699 - B2A3 - 4EB2A8EDC0EA November 20, 202 DocuSign Envelope ID: F6D07D35 - 3D45 - 49A5 - 8FE6 - 4CF6A87FF91A 19201 HWY 29 Commercial Lease concerning : Liberty Hill, TX 78642 G. Quiet njoyment : Provided that Tenant is not in default of this lease Landlord covenants that Tenant ill enjoy possession and use of the leased premises free from material interference. . Force Majeure : f Landlord's performance of a term in this lease is delayed by strike lock - out shortage of material governmental restriction riot flood or any cause outside Landlord's control the time for Landlord's performance ill be abated until after the delay . . Time : Time is of the essence.  The parties require  strict compliance ith the times for performance. B oke s e not qu l f ed to ende le l dv ce, o e ty ns ect ons, su veys, en nee n stud es, env onment l ssessments, t x dv ce, o com l nce ns ect ons T e t es s ould seek ex e ts to ende suc se v ces READ THIS LEASE CAREFULLY If you do not unde st nd t e effect of t s Le se, consult you tto ney BEFORE s n n Produced ith Lone olf Transactions  ( ipForm   dition) 231 hearson Cr. Cambridge ntario Canada 1T 1 5       .l olf.com 0 0 HWY  290

    	 

    	 

    

COMMERCIAL LEASE AMENDMENT USE OF THIS FORM BY PERSONS WHO ARE NOT MEMBERS OF THE TEXAS ASSOCIATION OF REALTORS® IS NOT AUTHORIZED  ©Texas Association of REALTORS®, Inc. 2010 AMENDMENT TO THE COMMERCIAL LEASE BETWEEN THE UNDERSIGNED PARTIES CONCERNING  THE LEASED PREMISES AT 19201 HWY 29, Liberty Hill, TX  78642 Effective on February 23, 2021 Landlord and Tenant amend the above - referenced lease as follo s: X   A Leased Premises : The suite or unit number identified in Paragraph 2A(1) is: (1) changed to (1) The length of the term stated in Paragraph 3A is changed to months and days  (2) The Commencement Date stated in Paragraph 3A is changed to (3) The Expiration Date stated in Paragraph 3A is changed to C Rent : The amount of  the base monthly rent specified in Paragraph 4A is changed to: $ $61,410/mo ($1.50/FT) from 12/01/2020 to 11/30/2021 ; $ $63,457/mo ($1.55/FT) from 12/01/2021 to 11/30/2022 ; $ $65,504/mo ($1.60/FT) from 12/01/2022 to 11/30/2023 ; $ $67,551/mo ($1.65/FT) from 12/01/2023 to 11/30/2024 ; $ $69,598/mo ($1.70/FT) from 12/01/2024 to 11/30/2025 D Securit y Deposit : Th e amoun t o f the s ecurit y deposi t i n Paragrap h 5 i s c hange d to $ 184,230.00 E Maintenance and Repairs : The follo ing item(s) specified in the identified subparagraph of Paragraph  15C ill be maintained by the party designated  belo : Para No Description Responsible Party N/ A Landlord N/ A Landlord N/ A Landlord N/ A Landlord Tenant Tenant Tenant Tenant F Parking : (1) Common Parking : The number of vehicles identified in Paragraph A(1) of the Commercial Lease  Parking Addendum is changed to vehicles  (2) Restricted Common Parking for Tenants : The number of vehicles identified in Paragraph A(2) of  the Commercial Lease Parking Addendum is changed to vehicles  (TXR - 2114) 1 - 26 - 10 Initialed for Identification by Landlord:  and Tenant: Page 1 of 2 Fax: DE N  Property Group,  LLC , 80 4 Christophe r Stree t  Austi n TX 7870 4 Phone : 512.799.3777 William Steakley Produced ith Lone Wolf Transactions ( ipForm Edition) 231 Shearson Cr Cambridge Ontario Canada N1T 1 5       l olf com X (2) contains approximately 40940 square feet  B Term : X X X 0 0 HWY  290 DocuSign Envelope ID: F6D07D35 - 3D45 - 49A5 - 8FE6 - 4CF6A87FF91A

    	 

    	 

    

Amendment to Commercial Lease concerning (3) Assigned Parking : Tenant's assigned parking areas identified in Paragraph A(3) of the Commercial  Lease Parking Addendum is changed to (4) Parking Rental : The amount of rent identified in Paragraph B of the Commercial Lease Parking  Addendum is changed to $ G   Other: Paragraph(s) Section 35 are changed to read (cite specific paragraphs and copy the  applicable paragraphs verbatim, making any necessary changes): 1) Additional Special Provisions: "Landlord anticipates delivering warm shell in Q1  2021" Landlord: By:  B y (signature) :  Printed Name: William M. Steakley Title: Date: By:  B y (signature) : Printe d Name : Title : Date : Tenant: By:  B y (signature) :  Printed Name: Christian Okonsky Title: Date: By:  B y (signature) : Printe d Name : Title : Date : (TXR - 2114 ) 1 - 26 - 10 Page 2 of 2 Produced ith Lone Wolf Transactions ( ipForm Edition) 231 Shearson Cr Cambridge Ontario Canada N1T 1 5         l olf com 19201 HWY 29, Liberty Hill, TX 78642 X 2) Additional Special Provisions: "Building size has increased to approx. 40,940sf rentable  square feet and will be a purpose - built facility leased exclusively to Volcon Inc." 3) Additional Special Provisions: "Tenant may use undeveloped, open land for test  track." 4) New attachment to Lease Agreement: "Commercial Lease Addendum for Expense  Reimbursement" 5) Correction in Special Provisions: Commencement date (the date monthly lease payments to  landlord begins) will be 24hrs after landlord receives the "certificate of occupancy" on the  completed building. All printed Tenant Name signatures changed to "Christian Okonsky". 6) All lease terms will adjust according to tenant's occupancy date upon completion. 7) Upon execution, Volcon, Inc. additional prepaid rents and deposits are due as follows:  Additional Prepaid Rents Due: $315,588 (50% paid before 3/1/2021 and 50% before  4/1/2021)  Additional Security Deposit: $139,230 (50% paid before 3/1/2021 and 50% before  4/1/2021) 0 0 HWY  290 DocuSign Envelope ID: F6D07D35 - 3D45 - 49A5 - 8FE6 - 4CF6A87FF91AExhibit 10.5

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(the “Agreement”) is entered into a of June 7, 2021 (the “Effective Date”), by and between Volcon, Inc.,
a Delaware corporation (the “Company”) having its principal place of business at 2590 Oakmont Drive, Suite 520, Round
Rock, TX 78665, and Greg Endo (“Executive”, and the Company and the Executive collectively referred to herein as the
“Parties”).

 

WITNESSETH:

 

WHEREAS, the Executive has
agreed to serve as the Company’s Chief Financial Officer (“CFO”) and the Company would like to retain Executive
as its CFO, and the Parties desire to enter into this Agreement embodying the terms of such employment; and

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants and promises of the Parties contained herein, the Parties, intending to be legally bound, hereby
agree as follows:

 

1.                  
Title and Job Duties.

 

(a)                
Subject to the terms and conditions set forth in this Agreement, commencing on the Effective Date, the Company agrees to employ
Executive as CFO. Executive shall report directly to the Company’s Board of Directors (the “Board”).

 

(b)               
Executive accepts such employment and agrees, during the term of his employment, to devote his full business and professional time
and energy to the Company, and agrees faithfully to perform his duties and responsibilities in an efficient, trustworthy and businesslike
manner. Executive shall have all duties and responsibilities commensurate with his title. Executive also agrees that the Board shall determine
from time to time such other duties as may be assigned to him consistent with his title. Executive agrees to carry out and abide by such
directions of the Board.

 

(c)                
Without limiting the generality of the foregoing, Executive shall not, without the written approval of the Company, render services
of a business or commercial nature on his own behalf or on behalf of any other person, firm, or corporation, whether for compensation
or otherwise, during his employment hereunder. The foregoing limitation shall not apply to Executive’s involvement in associations,
charities and service on another entity’s board of directors, provided such involvement does not interfere with Executives responsibilities
(and as it pertains to any service on another entity’s board of directors, provided such action is pre-approved by the Company).

 

2.                  
Salary and Additional Compensation.

 

(a)                
Base Salary. During the Term, the Company shall pay to Executive an annual base salary (“Base Salary”),
which shall initially be $190,000. The Board of Directors of the Company (the “Board”) shall review the Executive’s
Base Salary no less than annually (at the end of the Company’s compensation year) and may increase (but not decrease) such Base
Salary during the term of this Agreement.

 

(b)               
Annual Bonus. For each compensation year during the Term, Executive will be entitled to receive an annual cash bonus (the
“Annual Bonus”), within ninety (90) days of the completion of such year, payable on the date that bonuses are paid
to senior officers of the Company. The final determination of the amount, if any, of the Annual Bonus will be made by, and in the sole
discretion of, the Compensation Committee of the Board (or the Board, if such committee has been dissolved), based on goals and objectives
previously approved by the Compensation Committee of the Board (or the Board, if such committee has been dissolved). The target Annual
Bonus for the 2021 compensation year is $125,000, and thereafter the target Annual Bonus shall be determined by the Compensation Committee
of the Board (or the Board, if such committee has been dissolved).

 

 

    	 	 	 

     

    

 

(c)                
Option Grant. On the Effective Date, Executive will be granted a stock option to purchase 125,000 shares of Company common
stock at an exercise price of $2.50 per share (the “Option Grant”). The Option Grant shall have a term of ten years
and shall vest in three (3) equal installments on each of the succeeding three anniversary dates of the date of grant; provided Executive
remains continuously employed by Company on and does not resign prior to each such vesting date. The Option Grant shall in all respects
be subject to the terms and conditions of the Company’s 2021 Equity Plan (the “Plan”). In the event of a Change
in Control (as defined in the Plan) prior to the final vesting of the Option Grant, all of the unvested options shall immediately vest;
provided, however, in the event the acquiring party desires to replace the unvested Option Grant with a substitute of equal or greater
value (the “Substitute Grant”), such proposed substitution shall be submitted to the Compensation Committee of the
Board (or the Board, if such committee has been dissolved prior to the Change in Control), and the Compensation Committee of the Board
(or the Board if such committee has been dissolved) shall decide whether to allow the unvested Option Grant to vest or whether to cancel
the unvested Option Grant and replace them with the Substitute Grant proposed by the acquiring party. In the event of a termination without
Cause, the next unvested tranche shall vest, and you shall have no less than 12 months to exercise any such options.

 

3.                  
Expenses. In accordance with Company policy, the Company shall reimburse Executive for all reasonable association fees,
professional related expenses (certifications, licenses and continuing professional education) and business expenses properly and necessarily
incurred and paid by Executive in the performance of his duties under this Agreement, upon his presentment of detailed receipts in the
form required by the Company’s policy. Notwithstanding the foregoing, all expenses must be promptly submitted for reimbursement
by Executive. In no event shall any reimbursement be paid by the Company after the end of the year following the year in which the expense
is incurred by Executive.

 

4.                  
Benefits.

 

(a)                
Vacation. Executive shall be entitled to reasonable vacation time and to utilize such vacation as the Executive shall determine;
provided however, that Executive shall evidence reasonable judgment with regard to appropriate vacation scheduling.

 

(b)               
Health Insurance. Executive shall be eligible for medical benefits through the Company’s provider with the Company
agreeing to cover 75% of the Executive’s and 25% of the Executive’s spouse and dependents’ premium costs.

 

(c)                
Relocation and Living Stipend. Executive will receive a monthly stipend for living expenses in the amount of $1,500 for
the first 12 months of employment for housing in the Austin area prior to Executive’s relocation. If the Executive relocates to
the Austin area, Executive will receive a relocation allowance of $15,000.

 

5.                  
Term. The term of employment under this Agreement (the “Term”) shall commence on the Effective Date and
shall continue until terminated by the Company or Executive in accordance with the terms and conditions set forth herein.

 

6.                  
Termination.

 

(a)                
Termination at the Company’s Election.

 

(i)                 
For Cause. At the election of the Company, Executive’s employment may be terminated at any time for Cause (as defined
below) upon written notice to Executive given pursuant to Section 12 of this Agreement. For purposes of this Agreement, “Cause”
for termination shall mean that Executive: (A) pleads “guilty” or “no contest” to, or is convicted of an act which
is defined as a felony under federal or state law, or is indicted or formally charged with acts involving criminal fraud or Embezzlement;
(B) in carrying out his duties, engages in conduct that constitutes gross negligence or willful misconduct; (C) engages in substantiated
fraud, misappropriation or embezzlement against the Company; (D) willfully engages in any inappropriate or improper conduct that causes
material harm to the reputation of the Company; or (E) materially breaches any term of this Agreement. With respect to subsection (E)
of this section, to the extent such material breach may be cured, the Company shall provide Executive with written notice of the material
breach and Executive shall have twenty (20) days to cure such breach.

 

(ii)               
Upon Disability or Without Cause; Death. At the election of the Company Executive’s employment may be terminated:
(A) should Executive have a physical or mental impairment that substantially limits a major life activity and Executive is unable to perform
the essential functions of his job with or without reasonable accommodation (“Disability’); or (B) with thirty (30)
days prior written notice, at any time without Cause. Executive’s employment with the Company will end upon Executive’s death.

 

 

    	 	2	 

     

    

 

(b)               
Termination at Executive’s Election. Notwithstanding anything contained elsewhere in this Agreement to the contrary,
Executive may terminate his employment hereunder at any time and for any reason, upon thirty (30) days’ prior written notice given
pursuant to Section 12 of this Agreement (“Voluntary Resignation”), provided that upon notice of resignation the Company
may terminate Executive’s employment immediately.

 

(c)                
Termination in General. If Executive’s employment with the Company terminates for any reason, the Company will pay
or provide to Executive: (i) any unpaid Base Salary through the date of employment termination, (ii) reimbursement for any unreimbursed
business expenses incurred through the termination date, to the extent reimbursable in accordance with Section 3, and (iii) all other
payments or benefits (if any) to which Executive is entitled under the terms of any benefit plan or arrangement.

 

7.                  
Severance.

 

(a)                
A “Covered Period” is defined as the period commencing 30 days prior to a Change in Control and ending twelve
(12) months following a Change in Control.

 

(b)               
Subject to Section 7(c) below, if Executive’s employment is terminated prior to the end of the Term by the Company without
Cause (other than due to death or Disability), Executive shall be entitled to receive a severance payment equal to six months of Executive’s
Base Salary at the time of termination; provided, however, if such termination occurs during a Covered Period, the payment in shall be
twelve months rather than six. Executive shall also receive a prior year’s bonus, if not yet paid, payable at no less than target.
Such severance payment shall be made in a single lump sum sixty (60) days following such termination provided the Executive has executed
and delivered to the Company, and has not revoked a general release of the Company, its parents, subsidiaries and affiliates and each
of its officers, directors, employees, agents, successors and assigns, and such other persons and/or entities as the Company may determine,
in a form reasonably acceptable to the Company. Such general release shall be delivered on or about the date of termination and must be
executed within 21 days of termination.

 

(c)                
Notwithstanding the foregoing, (i) any payment(s) of “nonqualified deferred compensation” (within the meaning of Section
409A of the Code and the regulations and official guidance issued thereunder (“Section 409A”)) that is/are required to be
made to Executive hereunder as a “specified employee” (as defined under Section 409A) as a result of such employee’s
“separation from service” (within the meaning of Section 409A) shall be delayed for the first six (6) months following such
separation from service (or, if earlier, the date of death of the specified employee) and shall instead be paid upon expiration of such
six (6) month delay period; and (ii) for purposes of any such payment that is subject to Section 409A, if the Executive’s termination
of employment triggers the payment of “nonqualified deferred compensation” hereunder, then the Executive will not be deemed
to have terminated employment until the Executive incurs a “separation from service” within the meaning of Section 409A.

 

8.                  
Confidentiality Agreement.

 

(a)                
Executive understands that during his employment he will have access to unpublished and otherwise confidential information both
of a technical and non-technical nature, relating to the business of the Company and any of its parents, subsidiaries, divisions, affiliates
(collectively, “Affiliated Entities”), or clients, including without limitation any of their actual or anticipated
business, research or development, any of their technology or the implementation or exploitation thereof, including without limitation
information Executive and others have collected, obtained or created, information pertaining to patent formulations, vendors, prices,
costs, materials, processes, codes, material results, technology, system designs, system specifications, materials of construction, trade
secrets and equipment designs, including information disclosed to the Company by others under agreements to hold such information confidential
(collectively, the “Confidential Information”). Executive agrees to observe all Company policies and procedures concerning
such Confidential Information. Executive further agrees not to disclose or use, either during his employment or at any time thereafter,
any Confidential Information for any purpose, including without limitation any competitive purpose, unless authorized to do so by the
Company in writing, except that he may disclose and use such information when necessary in the performance of his duties for the Company.
Executive’s obligations under this Agreement will continue with respect to Confidential Information, whether or not his employment
is terminated, until such information becomes generally available from public sources through no action of Executive. Notwithstanding
the foregoing, however, Executive shall be permitted to disclose Confidential Information as may be required by a subpoena or other governmental
order, provided that he first notifies promptly the Company of such subpoena, order or other requirement and allows the Company the opportunity
to obtain a protective order or other appropriate remedy. Nothing herein shall prohibit Employee from (i) reporting a suspected violation
of law to any governmental or regulatory agency and cooperating with such agency, or from receiving a monetary recovery for information
provided to such agency, (ii) testifying truthfully under oath pursuant to subpoena or other legal process or (iii) making disclosures
that are otherwise protected under applicable law or regulation.

 

 

    	 	3	 

     

    

 

(b)               
During Executive’s employment, upon the Company’s request, or upon the termination of his employment for any reason,
Executive will promptly deliver to the Company all documents, records, files, notebooks, manuals, letters, notes, reports, customer and
supplier lists, cost and profit data, e-mail, apparatus, computers, cell phones, tablets, hardware, software, drawings, and any other
material of the Company or any of its Affiliated Entities or clients, including all materials pertaining to Confidential Information developed
by Executive or others, and all copies of such materials, whether of a technical, business or fiscal nature, whether on the hard drive
of a laptop or desktop computer, in hard copy, disk or any other format, which are in Executive’s possession, custody or control.
Executive shall be permitted to retain any documents evidencing his compensation, equity holdings, or terms of employment without violation
of this provision.

 

(c)                
Executive will promptly disclose to the Company any idea, invention, discovery or improvement, whether patentable or not (“Creations”),
conceived or made by him alone or with others at any time during his employment. Executive agrees that the Company owns all such Creations,
conceived or made by Executive alone or with others at any time during his employment, and Executive hereby assigns and agrees to assign
to the Company all rights he has or may acquire therein and agrees to execute any and all applications, assignments and other instruments
relating thereto which the Company deems necessary or desirable. These obligations shall continue beyond the termination of his employment
with respect to Creations and derivatives of such Creations conceived or made during his employment with the Company. Executive understands
that the obligation to assign Creations to the Company shall not apply to any Creation which is developed entirely on his own time without
using any of the Company’s equipment, supplies, facilities, and/ or Confidential Information unless such Creation (a) relates in
any way to the business or to the current or anticipated research or development of the Company or any of its Affiliated Entities; or
(b) results in any way from his work at the Company.

 

(d)               
Executive will not assert any rights to any invention, discovery, idea or improvement relating to the business of the Company or
any of its Affiliated Entities or to his duties hereunder as having been made or acquired by Executive prior to his work for the Company.

 

(e)                
Executive agrees to cooperate fully with the Company, both during and after his employment with the Company, with respect to the
procurement, maintenance and enforcement of copyrights patents, trademarks and other intellectual property rights (both in the United
States and foreign countries) relating to such Creations. Executive shall sign all papers, including, without limitation, copyright applications,
patent applications, declarations, oaths, formal assignments, assignments of priority rights and powers of attorney, which the Company
may deem necessary or desirable in order to protect its rights and interests in any Creations. Executive further agrees that if the Company
is unable, after reasonable effort, to secure Executive’s signature on any such papers, any officer of the Company shall be entitled
to execute such papers as his agent and attorney-in-fact and Executive hereby irrevocably designates and appoints each officer of the
Company as his agent and attorney-in-fact to execute any such papers on his behalf and to take any and all actions as the Company may
deem necessary or desirable in order to protect its rights and interests in any Creations, under the conditions described in this paragraph.

 

9.                  
Representation and Warranty. The Executive hereby acknowledges and represents that he has had the opportunity to consult
with legal counsel regarding his rights and obligations under this Agreement and that he fully understands the terms and conditions contained
herein. Executive represents and warrants that Executive has provided the Company a true and correct copy of any agreements that purport:
(a) to limit Executive’s right to be employed by the Company; (b) to prohibit Executive from engaging in any activities on behalf
of the Company; or (c) to restrict Executive’s right to use or disclose any information while employed by the Company. Executive
further represents and warrants that Executive will not use on the Company’s behalf any information, materials, data or documents
belonging to a third party that are not generally available to the public, unless Executive has obtained written authorization to do so
from the third party and provided such authorization to the Company. In the course of Executive’s employment with the Company, Executive
is not to breach any obligation of confidentiality that Executive has with third parties, and Executive agrees to fulfill all such obligations
during Executive’s employment with the Company. Executive further agrees not to disclose to the Company or use while working for
the Company any trade secrets belonging to a third party.

 

10.               
Injunctive Relief. Without limiting the remedies available to the Company, Executive acknowledges that a breach of any of
the covenants contained in Section 8 above may result in material irreparable injury to the Company for which there is no adequate remedy
at law, that it will not be possible to measure precisely damages for such injuries and that, in the event of such a breach or threat
thereof, the Company shall be entitled, without the requirement to post bond or other security, to seek a temporary restraining order
and/or injunction restraining Executive from engaging in activities prohibited by this Agreement or such other relief as may be required
to specifically enforce any of the covenants in Section 8 of this Agreement.

 

 

    	 	4	 

     

    

 

11.               
Notice. Any notice or other communication required or permitted to be given to the Parties shall be deemed to have been
given if either personally delivered, or if sent for next-day delivery by nationally recognized overnight courier, and addressed as follows:

 

If to Executive, to:

 

Greg Endo 

[***] 

[***]

 

If to the Company, to:

 

Volcon, Inc.

2590 Oakmont Drive, Suite 520

Round Rock, TX 78665

Attention: CEO

 

12.               
Severability. If any provision of this Agreement is declared void or unenforceable by a court of competent jurisdiction,
all other provisions shall nonetheless remain in full force and effect.

 

13.               
Withholding. The Company may withhold from any payment that it is required to make under this Agreement amounts sufficient
to satisfy applicable withholding requirements under any federal state or local law.

 

14.               
Indemnification. The Company agrees that Executive will be covered by any “directors and officers” insurance
policies then in effect with respect to Executive’s acts as an officer and/or director of the Company.

 

15.               
Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State
of Texas, without regard to the conflict of laws provisions thereof. Any action, suit or other legal proceeding that is commenced to resolve
any matter arising under or relating to any provision of this Agreement shall be submitted to the exclusive jurisdiction of any state
or federal court in Travis County, Texas.

 

16.               
Waiver. The waiver by either Party of a breach of any provision of this Agreement shall not be or be construed as a waiver
of any subsequent breach. The failure of a Party to insist upon strict adherence to any provision of this Agreement on one or more occasions
shall not be considered a waiver or deprive that Party of the right thereafter to insist up on strict adherence to that provision or any
other provision of this Agreement. Any such waiver must be in writing, signed by the Party against whom such waiver is to be enforced.

 

17.               
Assignment. This Agreement is a personal contract and Executive may not sell, transfer, assign, pledge or hypothecate his
rights, interests and obligations hereunder. Except as otherwise herein expressly provided, this Agreement shall be binding upon and shall
inure to the benefit of Executive and his personal representatives and shall inure to the benefit of and be binding upon the Company and
its successors and assigns, including without limitation, any corporation or other entity into which the Company is merged or which acquires
all or substantially all of the assets of the Company.

 

18.               
Entire Agreement. This Agreement embodies all of the representations, warranties, covenants, understandings and agreements
between the Parties relating to Executive’s employment with the Company. No other representations, warranties, covenants, understandings,
or agreements exist between the Parties relating to Executive’s employment. This Agreement shall supersede all prior agreements,
written or oral, relating to Executive’s employment. This Agreement may not be amended or modified except by a writing signed by
the Parties.

 

[Signature page follows]

 

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF, the Parties
have caused this Agreement to be duly executed and delivered on the date first written above.

 

Volcon, Inc.

 

By: /s/ Christian Okonsky                  

Name: Christian Okonsky 

Title: Chairman

 

Agreed to and Accepted:

 

Greg Endo

 

/s/ Greg Endo                        

 

Date: 6/4/21

 

 

 

 

    	 	6

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