Document:

Exhibit 10.9

 

 

 

Date:
04/25/2019

 

LMP
FINANCE, LLC

601
N State Road 7

Plantation,
FL 333172128

 

Application
#: 100-321-4503 / V8 

 

Dear: SAMER TAWFIK

 

Mercedes-Benz
Financial Services, business unit of Mercedes-Benz Financial Services USA LLC, is pleased to make the following approval to LMP
FINANCE, LLC for the acquisition of the equipment described herein. This Approval is subject to the terms and conditions outlined
below.

 

Expiration
Date:

 

		*	This
approval will expire on 04/30/2020 (the “Expiration Date”). Any transactions funded pursuant to this Approval must
be presented to Mercedes-Benz Financial Services at least five (5) business days prior to the Expiration Date.

 

Line
of Credit Amount:

 

		*	$3,500,000.00

 

		*	All
amounts funded pursuant to this Approval shall deplete the Total Approved Amount / Total Adjusted Capitalized Cost on a pro rata
basis (e.g., funding a $50,000 contract shall decrease the funds available under the Total Approved Amount / Total Adjusted Capitalized
Cost by $50,000). Payment made by LMP FINANCE, LLC on accounts funded pursuant to this Approval will replenish the credit available
under the Total Approve Amount / Total Adjusted Capitalized Cost provided that at no time shall the amounts outstanding under
this Approval exceeded the Total Approved Amount / Total Adjusted Capitalized Cost.

 

Group # 1 - $3,500,000.00

Equipment: New Car

Approved
Terms of Contract(s):

 

		*	Retail

 

		*	36
Months and 30.00% Balloon

 

		*	Trac
                                                                                                                                                             Lease

 

		*	36
Months and 30.00% Residual

 

Interest
Rate:

 

		*	Please contact MERCEDES-BENZ FINANCIAL SERVICES USA
LLC

 

Contract
Requirements for All Groups: 

MB Fleet Retail Commitment Items

 

		*	Retail
Dealer Transaction Summary- MBFF0024

 

MB
Fleet Trac Lease Commitment Items

 

		*	Lease
Agreement TracLease MBFF0001

		*	Lease
Dealer Transaction Summary- MBFF0014

		*	Schedule
A Trac MBFF0002

 

Requirements:

 

		☐	Insurance
Certificate listing Mercedes-Benz Financial Services USA LLC as loss payee for retail contracts and/or Daimler Trust as loss payee
and additional insured for leases. Physical damage insurance for the greater of Actual Cash Value or the amount financed, with
a deductible of not more than $10,000 per unit and, if Leasing, combined single limit coverage of not less than $1,000,000 Liability
Insurance is also required

 

     

     

    

 

		☐	Notice
of Requirement to Provide Insurance- MBFF0020

		☐	Mercedes-Benz
Financial Services USA LLC will require an Authorization to Conduct a Credit Investigation signed by each personal and corporate
guarantor. (MBFF3039) - ( MBFF3039 )

		☐	Documentation
must be signed by President/Vice-President (for Corporations) or Member/Manager (for LLC), otherwise a Certificate of Authority-
Global form- MBFF0030 is required. All signatures (on every document) must be accompanied with the signer's title.

		☐	Titling
Requirements: a) For Retail, provide a copy of completed Title Application showing Mercedes-Benz Financial Services USA LLC as
Lienholder using the following address (except in NJ): PO Box 279319, Sacramento, CA 95827. For state specific lienholder codes
and addresses refer to the Information Notices under "Title P.O. Boxes and Addresses Updated" which can be located in
the Notices Section on F&I Pro. b) For Leases, provide a copy of completed Title Application showing Daimler Trust as Owner
and Daimler Title Co. as Lienholder. Use the following address for Daimler Trust as Owner: 13650 Heritage Pkwy, 1st Floor, Fort
Worth, TX 76177. Use the following address for Daimler Title Co. : PO Box 279274, Sacramento, CA 95827. For state specific lienholder
codes and addresses refer to the Information Notices under "Title P.O. Boxes and Addresses Updated" which can be located
in the Notices Section on F&I Pro.

		☐	Continuing
                                         Cross Guaranty of SAMER TAWFIK & LMP Automotive Holdings, Inc. & LMP Motors.com,
                                         LLC for LMP Finance, LLC - MBFF0009

		☐	10%
down payment required for each financed unit.

		☐	Annual
company prepared or better financial statements required within 90 days of FYE.

 

In order to better service your new account,
we offer consolidated billing and AUTO-PAY®. Please inform your contact at MERCEDES -BENZ FINANCIAL SERVICES USA LLC of your
preference prior to taking delivery.

 

Please ship all contract packages to the following addresses:

FedEx users: 4054 Willow Lake Blvd, Suite 2079, Memphis, TN
38153

UPS or USPS users: 3268 Progress Way, Suite 2079, Wilmington,
OH 45177

 

As part of a like-kind exchange program, Mercedes-Benz
Financial Services has engaged MBF Account Services LLC as a qualified intermediary. Mercedes-Benz Financial Services has or
will assign to MBF Account Services LLC its rights (but not its obligations) for the purchase of equipment in the lease(s)
approved in this letter.

 

Notwithstanding the foregoing, Mercedes-Benz Financial Services
may cancel this Approval at any time for any reason upon notice to Applicant. Further, Mercedes-Benz Financial Services has no
obligation to fund if the Applicant is in default of any obligations owed to Mercedes-Benz Financial Services USA LLC.

 

Mercedes-Benz Financial Services is pleased to be the
source for your financing needs and looks forward to assisting you far into the future. If you have any questions, please do
not hesitate to contact MERCEDES-BENZ FINANCIAL SERVICES USA LLC.

 

Sincerely,

 

Peter Brant

Fleet Credit AnalystExhibit 10.10

 

DM
DRAFT OF 3/1/18

 

NEITHER
THIS NOTE NOR ANY OF THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, (THE “SECURITIES ACT”) OR UNDER THE SECURITIES LAWS OF ANY FOREIGN JURISDICTION OR ANY STATE SECURITIES LAWS
WITHIN THE UNITED STATES AND MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED UNLESS THERE IS A REGISTRATION STATEMENT
UNDER THE SECURITIES ACT AND OTHER APPLICABLE SECURITIES LAWS IN EFFECT COVERING THIS NOTE OR SUCH SECURITIES, AS THE CASE MAY
BE, OR THERE IS AVAILABLE AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
LAWS.

 

LMP AUTOMOTIVE HOLDINGS, INC.

 

CONVERTIBLE
PROMISSORY NOTE DUE 2018

 

	$_______________	 	_______________,
    2018

 

FOR
VALUE RECEIVED, LMP AUTOMOTIVE HOLDINGS, INC. (the “Company”), a Delaware corporation, promises to pay to __________________
(the “Holder”), or registered assigns, the principal amount of ____________________Dollars ($__________________).

 

This
Convertible Promissory Note (this “Note”) shall bear simple interest on the unpaid principal balance outstanding at
the rate of [four percent (4%)] per annum, calculated on the basis of a 365-day year and the actual number of days elapsed. Unless
this Note is earlier converted pursuant to Article 2, the principal amount of this Note and all accrued and unpaid interest hereon
shall be payable in full upon maturity of this Note as provided in Section 1.1 below, which payment shall be made by check mailed
to the address of the Holder as such address shall appear on the record books of the Company.

 

This
Note is one of a series of convertible promissory notes due 2018 in the aggregate principal amount of up to [One Million Nine
Hundred Thousand Dollars ($1,900,000)] (collectively the “Notes”) being issued by the Company pursuant to that certain
Note Purchase Agreement, dated as of ______________, 2018 among the Company and the purchasers listed thereto, as it may be amended
from time to time (the “Note Purchase Agreement”).

 

This
Note is subject to the following provisions, terms and conditions:

 

Article
1 – PAYMENT

 

Section
1.1 Maturity. Subject to the conversion provisions of Article 2, the unpaid principal balance of this Note together
with all accrued and unpaid interest thereon shall due and payable in full on the earlier of: (a) the date that is six (6) months
after the date of issuance hereof (the “Maturity Date”) or (b) a liquidation, dissolution or winding up of the Company.

 

     

     

    

 

Section
1.4 Prepayment or Conversion. Upon thirty (30) days’ written notice by the Company to the Holders at any time at
least thirty (30) days before the Maturity Date (“Prepayment Notice”), each Holder shall have the option to: (i) have
the Company prepay the entire unpaid principal amount outstanding under this Note and the accrued interest thereto (to the extent
not previously converted in accordance with the terms of this Note), without penalty or premium or (ii) convert this Note pursuant
to Article 2 below. If a Holder has not completed its election above by written notice to the Company within ten (10) days after
the date of the Prepayment Notice, it shall be assumed that the Holder elected to convert pursuant to Section 1.4(ii) above.

 

Article
2 – CONVERSION

 

Section
2.1 Optional Conversion. The Holder may elect to convert all, but not less than all, of the
entire unpaid principal amount outstanding under this Note and the accrued interest thereon (the “Conversion Amount”)
into fully paid and non-assessable shares (“Shares”) of the Company’s common stock, par value $0.00001 per share
(“Common Stock”), at any time prior to the Maturity Date, with such rights, preferences, privileges and restrictions,
contractual or otherwise, as are applicable to the Common Stock, such number of Shares shall equal the quotient obtained by dividing
(a) the outstanding principal balance and unpaid accrued interest under this Note on the date of conversion by (b) [four dollars
and seventy-five cents $4.75] (as appropriately adjusted for any forward or reverse stock split, combination, reorganization,
recapitalization, reclassification, stock distribution, stock dividend or similar events)(the “Conversion Price”).
If the Holder wishes to exercise the Holder’s right to effect such a conversion, the Holder shall provide the Company with
a written notice of such election, in the form attached hereto as Exhibit A (the “Conversion Notice”), no later than
thirty (30) days prior to the Maturity Date. 

 

Section
2.2 Surrender of Note; Issuance of Stock Certificates; Joinder. As promptly as practicable after the conversion of
this Note as provided in Section 2.1, the Holder shall surrender this Note to the Company for cancellation, whereupon the
Company shall either, and at the Company’s sole discretion (a) issue and deliver to the Holder, in the name of the
Holder, a certificate or certificates for the number of full Shares issuable upon the conversion of this Note or (b) in lieu
of delivering physical certificates representing the shares of Common Stock issuable upon conversion of this Note, the
Company may issue the shares in book entry or other electronic format through a transfer agent. As a condition to any
conversion of this Note pursuant to Section 2.1, the Holder shall execute and deliver to the Company an agreement to become a
party to (i) that certain Stockholders’ Agreement, by and between the Company, Samer Tawfik and the persons named
therein, attached as Exhibit C to the Note Purchase Agreement (the “Stockholders Agreement”), and, if applicable,
the Shares shall bear such transfer restriction legends as may be required pursuant to the Stockholders’ Agreement and
(ii) any other documents as the Company shall reasonably request for the Holder with respect to the Shares issued upon such
conversion, all in form and substance reasonably satisfactory to the Company and as a condition to any conversion of this
Note pursuant to Section 2.1, the Holder shall execute and deliver to the Company an agreement to become a party to the
agreements of the type listed in the foregoing clauses (i) and (ii) to which the holders of the securities into which this
Note is converted are then parties or are then becoming parties.

 

    2

     

    

 

Section
2.3 No Fractional Shares. No fractional shares shall be issued upon conversion of this Note. If conversion of this Note
would result in the issuance of a fractional share, the amount payable under this Note that therefore cannot be applied to the
purchase of the Shares purchasable upon conversion shall be returned to the Holder by the Company.

 

Section
2.4 Anti-Dilution Adjustment. The Conversion Price shall be subject to appropriate adjustment
so as to protect the rights of Lender upon the occurrence on or after the issuance of the Note of any stock dividend, stock split,
reverse stock split, recapitalization, reclassification, merger, combination, consolidation or other similar transaction. Upon
each occurrence of any event described in the immediately preceding sentence, the Conversion Price in effect immediately prior
to such event shall be adjusted (and any other appropriate actions shall be taken by the Company, including, upon the occurrence
of any merger, combination, consolidation or other similar transaction, the issuance to Lender of any securities into which this
Note shall be converted by operation of law or pursuant to the express terms of such transaction provided that such transaction
has been approved by the board of directors of the Company), so that Holder, upon any conversion of this Note, shall be entitled
to receive the number of shares of Common Stock or other property, including cash or securities, that Holder would have owned
or would have been entitled to receive upon or by reason of any of the events described above, had this Note been converted immediately
prior to the date of such event, or if such event has a record date, then the record date applicable to such event. An adjustment
made pursuant to the immediately preceding sentence shall become effective retroactively to the close of business on the day upon
which such event is affected.

 

Article
3 – SUBORDINATION

 

Section
3.1 Subordination. No indebtedness shall be senior in any respect to this Note, except Senior Indebtedness. As used herein,
“Senior Indebtedness” shall mean the principal of and unpaid accrued interest on: (a) indebtedness of the Company,
or with respect to which the Company is a guarantor, to banks, insurance companies, lease financing institutions or other financial
institutions regularly engaged in the business of lending money, which is for money borrowed (or purchase or lease of equipment
in the case of lease financing) by the Company (whether or not secured) in the ordinary course of business, and (b) any such indebtedness
or any debentures, notes or other evidence of indebtedness issued in exchange for such Senior Indebtedness, or any indebtedness
arising from the satisfaction of such Senior Indebtedness by a guarantor.

 

Section
3.2 Pari Passu Notes. The Holder acknowledges and agrees that the payment of all or any portion of the outstanding principal
amount of this Note and all interest hereon shall be pari passu in right of payment and in all other respects to the other Notes.
In the event that the Holder receives payments in excess of the Holder’s pro rata share of the Company’s payments
to the holders of all of the Notes, then the Holder shall hold in trust all such excess payments for the benefit of the holders
of the other Notes, as the case may be, and shall pay such amounts held in trust to such other Holders upon demand by such holders.

 

    3

     

    

 

Article
4 – REMEDIES OF HOLDER IN EVENT OF
DEFAULT

 

Section
4.1 Events of Default Defined.  Any of the following that shall occur and be continuing for any reason whatsoever (and
whether such occurrence shall be voluntary or involuntary or come about or be effected by operation of law or otherwise) shall
constitute an event of default (each an “Event of Default”):

 

(a) the
Company shall fail to perform or observe any covenant or agreement set forth in this Note or the Note Purchase Agreement in any
material respect, or the Company shall breach any representation or warranty contained in the Note Purchase Agreement in any material
respect, and (except as set forth in Section 4.1(e)) such failure or breach continues uncured for 10 business days after written
notice thereof shall be received by the Company from holders of at least of majority of the principal amount of the Notes then
outstanding (the “Requisite Noteholders”); or

 

(b) if
an order, judgment or decree is entered adjudicating the Company bankrupt or insolvent; or if the Company shall commence any case,
proceeding or other action relating to it in bankruptcy or seeking reorganization, liquidation, dissolution, winding-up, arrangement,
composition or readjustment of its debts, or for any other relief, under any bankruptcy, insolvency, reorganization, liquidation,
dissolution, arrangement, composition, readjustment of debt or other similar act or law of any jurisdiction, domestic or foreign,
now or hereafter existing; or if the Company shall apply for a receiver, custodian or trustee of it or for all or a substantial
part of its property, or makes a general assignment for the benefit of creditors; or

 

(c) if
any case, proceeding or other action against the Company shall be commenced in bankruptcy or seeking reorganization, liquidation,
dissolution, winding-up, arrangement, composition or readjustment of its debts, or any other relief, under any bankruptcy, insolvency,
reorganization, liquidation, dissolution, arrangement, composition, readjustment of debt or other similar act or law of any jurisdiction,
domestic or foreign, now or hereafter existing; or if a receiver, custodian or trustee of the Company or for all or a substantial
part of its properties shall be appointed; or if a warrant of attachment, execution or distraint, or similar process, shall be
issued against any substantial part of the property of the Company; and if, in each such case, such condition shall continue for
a period of 60 days undismissed, undischarged or unbonded; or

 

(d) the
Company shall fail to pay when due any principal of or accrued interest on this Note and such payment shall not have been made
within ten business days after written notice thereof is received by the Company from the Requisite Noteholders.

 

Section
4.2 Notice to Company. Upon the occurrence of any Event of Default described in Section 4.1(a) or Section 4.1(d), the
Requisite Noteholders may, by written notice thereof provided to the Company, declare the entire principal amount and all interest
accrued and unpaid on the Notes to be, and the Notes shall thereupon become, forthwith due and payable, without any presentment,
demand, protest or other notice of any kind, all of which are hereby expressly waived. Upon the occurrence of any Event of Default
described in Section 4.1(b) or Section 4.1(c), immediately, and without notice, the entire principal amount and all interest accrued
and unpaid on the Notes to be, and the Notes shall thereupon become, forthwith due and payable, without any presentment, demand,
protest or other notice of any kind, all of which are hereby expressly waived. No course of dealing on the part of the Requisite
Noteholders nor any delay or failure on the part of the Holder or the Requisite Noteholders to exercise any right shall operate
as a waiver of such right or otherwise prejudice such holders’ rights, powers and remedies. In addition to the foregoing
remedies, upon the occurrence of and during the continuance of any Event of Default, the Requisite Noteholders may elect to exercise
any other right, power or remedy permitted by law, either by suit in equity or by action at law, or both.

 

    4

     

    

 

Article
5 – TRANSFER, ETC.

 

Section
5.1 Instruments of Transfer. The transfer of this Note shall be subject to the Note Purchase Agreement. Subject to the
foregoing, this Note, if presented or surrendered for exchange or transfer, shall, if so required by the Company, be accompanied
by a duly executed written instrument of transfer, in form reasonably satisfactory to the Company, and such other documentation
as the Company shall reasonably request. Thereupon, this Note shall be re-issued to, and registered in the name of, the transferee,
or a new Note for like principal amount and interest shall be issued to, and registered in the name of, the transferee. The Holder
acknowledges and agrees that it may not transfer, or otherwise assign, this Note (a) to any other person engaged, or who reasonably
anticipates engaging, directly or indirectly, in whole or in part, to any competitor of the Company, (b) without complying with
all federal and state securities laws, or any other applicable law, rule or regulation, to the extent applicable, and (c) without
executing any other documents as the Company shall reasonably request for the Holder with respect to such transfer.

 

Section
5.2 Loss, Theft, Etc. Upon receipt of evidence satisfactory to the Company of the loss, theft, mutilation or destruction
of this Note, and in the case of such loss, theft or destruction, upon delivery of a bond of indemnity in such form and amount
as shall be reasonably satisfactory to the Company, or in the event of such mutilation upon surrender and cancellation of this
Note, the Company shall make and deliver without expense to the Holder a new Note, of like tenor, in lieu of such lost, stolen,
destroyed or mutilated Note. At the discretion of the Company, the Company may accept in lieu of a bond of indemnity, the affidavit
of the Holder that sets forth the fact of loss, theft or destruction and of the Holder’s ownership of this Note at the time
of such loss, theft or destruction as satisfactory evidence thereof and no further indemnity shall be required as a condition
to the execution and delivery of a new Note other than the written agreement of such owner to indemnify the Company.

 

Section
5.3 Person Deemed Owner. Prior to due presentation of this Note for transfer in accordance with this Article 5, the
Company may deem and treat the Holder as the absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding
any notation of ownership or other writing hereon) for the purpose of receiving payment of or on account of the principal amount
hereof and interest due thereon and for all other purposes, and the Company shall not be affected by any notice to the contrary.

 

Section
5.4 Assignment by the Company. Neither this Note nor any of the rights, interests or obligations hereunder may be assigned,
by operation of law or otherwise, in whole or in part, by the Company without the prior written consent of the Requisite Noteholders.

 

Article
6 – MISCELLANEOUS

 

Section
6.1 Undertaking. By acceptance of this Note, the Holder acknowledges that there may not be sufficient shares of Common
Stock authorized under the Certificate of Incorporation of the Company, as then in effect, upon the conversion of Notes pursuant
to Article 2. In connection with any conversion pursuant to Article 2, the Company shall take such action as shall be necessary
to authorize the securities being issued in such conversion, to the extent that a sufficient number of such securities is not
otherwise authorized at the time of such conversion.

 

    5

     

    

 

Section
6.2 Amendment and Waiver. For purposes of the Notes, no course of dealing between the Company and the holders of the
Notes, or any of them, and no delay on the part of any such party in exercising any rights hereunder shall operate as a waiver
of the rights thereof. Any term of this Note may be amended, supplemented, modified or waived only with the written consent of
the Company and the holders of at least a majority of the principal amount of the Notes then outstanding; provided, however, that
any such amendment, supplement, modification or waiver that impairs the rights or increases the obligations of any Holder shall
not be effected without the prior written consent of such Holder unless such amendment, supplement, modification or waiver applies
to all Holders in the same fashion. Any amendment, supplement, modification of waiver effected in accordance with this Section
6.2 shall be binding upon the Holder of this Note and each transferee thereof (or the securities issuable upon conversion thereof).

 

Section
6.3 Section and Other Headings. The section and other headings contained in this Note are for reference purposes only
and shall not affect the meaning or interpretation of this Note.

 

Section
6.4 Governing Law. This Note shall be governed by, and construed and enforced in accordance with, the laws of the State
of Delaware.

 

Section
6.5 Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall
be deemed effectively given upon the earlier of actual receipt or (a) personal delivery to the party to be notified, (b) when
sent, if sent by confirmed electronic mail or facsimile transmission during normal business hours of the recipient, and if not
sent during normal business hours, then on the recipient’s next business day, (c) five days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (d) one business day after the business day of deposit with a
nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of
receipt; addressed to the Holder at the Holder’s address in the records of the Company and addressed to the Company at its
principal place of business to the attention of its Secretary.

 

[Signature
page follows.]

 

    6

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be signed by its duly authorized officer as of the day and year first above
written.

 

	 	LMP AUTOMOTIVE HOLDINGS, INC.
	 	 	 
	 	By:	       
	 	 	Samer Tawfik
	 	 	Chief Executive Officer and President

 

    7

     

    

 

EXHIBIT
A

 

FORM
OF CONVERSION NOTICE

(To
be executed by the registered Holder

in order to convert Note)

 

The
undersigned hereby elects to convert the specified principal amount of Convertible Promissory Notes (the “Notes”)
into shares of common stock, par value $0.00001 per share (the “Common Stock”), of LMP Automotive Holdings, Inc.,
a Delaware corporation, according to the conditions hereof, as of the date written below.

 

	 	
	 	Date to Effect Conversion
	 	 
	 	
	 	Principal amount of Notes owned prior to conversion
	 	 
	 	
	 	Principal amount of Notes to be converted
	 	(including accrued but unpaid interest thereon)
	 	 
	 	
	 	Number of shares of Common Stock to be Issued
	 	 
	 	
	 	Applicable Conversion Price 
	 	 
	 	
	 	Principal amount of Notes owned subsequent to Conversion
	 	 
	 	
	 	Signature of Holder
	 	By
	 	Name:
	 	Title:

 

 

8

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