Document:

Exhibit 10.11

 

PATENT, TRADEMARK AND COPYRIGHT SECURITY
AGREEMENT

 

THIS AGREEMENT is made on
the 30th day of March, 2021, by and between WOLO MFG. CORP., a New York corporation having a mailing address at 1 Saxwood Street,
Deer Park, New York 11729 and WOLO INDUSTRIAL HORN & SIGNAL, INC., a New York corporation having a mailing address at 1 Saxwood
Street, Deer Park, New York 11729 (collectively, the “Obligor”) and STERLING NATIONAL BANK having a mailing
address at 400 Rella Boulevard, Montebello, New York 10901 (the “Lender”).

 

BACKGROUND

 

Obligor, together with 1847
Wolo Inc. (collectively, the “Borrowers”), and the Lender have entered into that Credit Agreement of even date herewith
(as amended, restated and supplemented from time to time, the “Credit Agreement”), which provides for various extensions
of credit from Lender to Borrowers.

 

In order to induce Lender
to (i) execute and deliver the Credit Agreement and (ii) extend credit to the Borrowers, Obligor has agreed to execute and deliver to
Lender this Agreement (as amended or supplemented from time to time, “Security Agreement”). This Agreement, covering
Patents, Trademarks and Copyrights (each as hereinafter defined), is being executed contemporaneously with, inter alia, the Credit
Agreement and the other Loan Documents (as defined in the Credit Agreement), and with the Security Agreement by the Borrowers under which
Lender is granted a lien on and security interest in all personal property of the Borrowers (as amended, restated, or supplemented, from
time to time, the “General Security Agreement”).

 

NOW,
THEREFORE, in consideration of the foregoing, Obligor and Lender hereby agree as follows:

 

1. Defined
Terms. The following terms shall have the meaning set forth below. Capitalized terms not otherwise defined herein shall have the
meanings set forth in the Credit Agreement.

 

“Code”
shall mean the Uniform Commercial Code as the same may time to time be in effect in the State of New York.

 

“Collateral”
shall have the meaning assigned to it in Section 2 of this Security Agreement.

 

“Copyrights”
shall have the meaning assigned to it in the Credit Agreement.

 

“Event of Default”
shall have the meaning assigned to it in the Credit Agreement.

 

“Obligations”
shall have the meaning assigned to it in the Credit Agreement.

 

“Patents”
shall have the meaning assigned to it in the Credit Agreement.

 

“Permitted Liens”
shall have the meaning assigned to it in the Credit Agreement.

 

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“Proprietary Rights”
shall mean collectively, all Trademarks and all Patents.

 

“Security Agreement”
shall mean this Security Agreement, as the same may from time to time be amended or supplemented.

 

“Trademarks”
shall have the meaning assigned to it in the Credit Agreement.

 

2. Grant
of Security Interest. As collateral security for the prompt payment of the Obligations, Obligor hereby grants and conveys to Lender
a security interest in and to the entire right, title and interest of Obligor in and to following, whether now existing or hereafter created
or acquired: (i) the Patents, the inventions and improvements described and claims therein listed in Schedule A hereto (as same may be
amended pursuant hereto from time to time), any continuation, division, renewal, extension, substitute or reissue thereof or any legal
equivalent in a foreign country for the full term or terms for which the same may be granted, all rights to income, royalties, profits,
awards, damages or other rights relating to said patents, applications or inventions including the right to sue for past, present or future
infringement, and any other rights and benefits relating to said patents, applications or inventions; (ii) the Trademarks, including the
registrations and applications appurtenant thereto, listed in Schedule B hereto (as the same may be amended pursuant hereto from time
to time), and in and to any and all trademarks, together with the registrations and applications appurtenant thereto, hereafter acquired
or filed by Obligor, including without limitation all renewals thereof, all proceeds of infringement suits and all rights corresponding
thereto in the United States and the goodwill of the business to which each of the Trademarks relates; (iii) the Copyrights, including
the registrations and applications appurtenant thereto, listed in Schedule C hereto (as the same may be amended pursuant hereto from time
to time), and in and to any and all copyrights, together with the registrations and applications appurtenant thereto, hereafter acquired
or filed by Obligor, including without limitation all renewals thereof, all proceeds of infringement suits and all rights corresponding
thereto in the United States and the goodwill of the business to which each of the Copyrights relates; and (iv) all records, products
and proceeds of the foregoing (all of the foregoing hereinafter, collectively, the “Collateral”).

 

3. Representations
and Warranties. Obligor covenants and warrants that as of the date of this Security Agreement:

 

(a) The Proprietary Rights are
subsisting and have not been adjudged invalid or unenforceable;

 

(b) Each of the Proprietary
Rights is valid and enforceable;

 

(c) The Obligor has not received
any written notice of any claim that the use of any of the Proprietary Rights violates the rights of any third person;

 

(d) Obligor is the sole and
exclusive owner of the entire and unencumbered right, title and interest in and to each of the Proprietary Rights, free and clear of any
liens, charges and encumbrances, (including without limitation pledges, assignments, licenses, registered user agreements and covenants
by Obligor not to sue third persons) other than Permitted Liens;

 

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(e) Obligor has the right to
enter into this Security Agreement and perform its terms;

 

(f) Obligor has used, and will
continue to use for the duration of this Security Agreement, proper statutory notice, where appropriate, in connection with its use of
the Proprietary Rights;

 

(g) Obligor has used, and will
continue to use for the duration of this Security Agreement, consistent standards of quality in its manufacture of products sold under
the Proprietary Rights; and

 

(h) Obligor has no Copyrights.

 

4. Right
of Inspection. Obligor hereby grants to Lender and its employees and agents the right to visit Obligor's plants and facilities
which manufacture, inspect or store products sold under any of the Proprietary Rights, and to inspect the products and quality control
relating thereto at reasonable times during regular business hours, all subject to the provisions of the Credit Agreement. Obligor shall
use its best efforts to do any and all acts reasonably required by Lender to ensure Obligor's compliance with paragraph 3(g) above.

 

5. New
Patents and/or Trademarks and/or Copyrights. (a) If, before the Obligations shall have been indefeasibly paid in full and the
Credit Agreement has been terminated, Obligor shall obtain rights to any new patents or patentable inventions or trademarks or copyrights,
the provisions of paragraph 2 shall automatically apply thereto and Obligor shall give Lender prompt written notice thereof.

 

(b) Obligor grants Lender
a power-of-attorney, irrevocable so long as the Credit Agreement is in existence and/or the Obligations are outstanding, to modify this
Security Agreement by amending (i) Schedule A to include any future patents or patentable inventions (including patents registrations
or applications appurtenant thereto) or (ii) Schedule B to include any future trademarks (including registrations or applications appurtenant
thereto) or (iii) Schedule C to include any future copyrights (including registrations or applications appurtenant thereto), in each case
covered by this Security Agreement.

 

6. Covenants.
Obligor covenants and agrees with Lender that from and after the date of this Security Agreement and until the Obligations are fully satisfied
and any commitment from Lender under the Obligations has terminated:

 

(a) Further
Documentation; Pledge of Instruments. At any time and from time to time, upon the written request of Lender, Obligor will promptly
and duly execute and deliver any and all such further instruments and documents and take such further action as Lender may reasonably
deem desirable in obtaining the full benefits of this Security Agreement and of the rights and powers herein granted, including, without
limitation, the filing of any financing or continuation statement under the Code with respect to the liens and security interests granted
hereby. If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any promissory note or
other instrument, such note or instrument shall be promptly pledged to Lender hereunder, duly endorsed in a manner satisfactory to Lender.

 

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(b) Maintenance
of Proprietary Rights. Obligor will not do any act, or omit to do any act, whereby any Proprietary Rights material to the business
of Obligor or any registration or application appurtenant thereto, may become abandoned, invalidated, unenforceable, avoided, avoidable,
or will otherwise diminish in value, and shall notify Lender immediately if it knows of any reason or has reason to know of any ground
under which this result may occur. Obligor shall take appropriate action at its expense to halt the infringement of the Proprietary Rights.

 

(c) Indemnification.
Obligor assumes all responsibility and liability arising from the use of the Proprietary Rights, and Obligor hereby indemnifies and holds
Lender harmless from and against any claim, suit, loss, damage or expense (including reasonable attorneys’ fees) arising out of
Obligor's operations of its business from the use of the Proprietary Rights.

 

(d) Limitation
of Liens on Collateral. Obligor will not create, permit or suffer to exist, and will defend the Collateral against and take such other
action as is necessary to remove any lien, security interest, encumbrance, claim or right, in or to the Collateral other than Permitted
Liens.

 

(e) Notices.
Obligor will advise Lender promptly, in reasonable detail, (i) of any lien or claim made or asserted against any of the Collateral, (ii)
of any material change in the composition of the Collateral, and (iii) of the occurrence of any other event which would have a material
adverse effect on the value of any of the Collateral or on the security interests created hereunder.

 

(f) Limitation
on Further Uses of Proprietary Rights. Obligor will not assign, sell, mortgage, lease, transfer, pledge, hypothecate, grant a security
interest in or lien upon, encumber, grant an exclusive or non-exclusive license, or otherwise dispose of any of the Collateral, without
prior written consent of Lender.

 

7. Lender’s
Appointment as Attorney-in-Fact.

 

(a) Obligor
hereby irrevocably constitutes and appoints Lender and any officer or agent thereof, with full power of substitution, as its true and
lawful attorney-in-fact with full irrevocable power and authority in the place and stead of Obligor and in the name of Obligor or in its
own name, from time to time in Lender’s discretion, for the purposes of carrying out the terms of this Security Agreement, to, at
any time following the occurrence and continuance of an Event of Default, take any and all appropriate action and to execute any and all
documents and instruments which may be necessary or desirable to accomplish the purposes of this Security Agreement and, without limiting
the generality of the foregoing, hereby gives Lender the power and right, on behalf of Obligor, to do the following:

 

(i) To pay or discharge taxes,
liens, security interests or other encumbrances levied or placed on or threatened against the Collateral (other than Permitted Liens),
to effect any repairs or any insurance called for by the terms of this Security Agreement and to pay all or any part of the premiums therefor
and the costs thereof; and

 

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(ii) To take the following
actions: (A) receive payment of and receipt for any and all moneys, claims and other amounts due and to become due at any time in respect
of or arising out of any Collateral; (B) commence and prosecute any suits, actions or proceedings at law or in equity in any court of
competent jurisdiction to collect the Collateral or any part thereof and to enforce any other right in respect of any Collateral; (C)
defend any suit, action or proceeding brought against Obligor with respect to any Collateral; (D) settle, compromise, or adjust any suit,
action or proceeding described above and, in connection therewith, to give such discharges or releases as Lender may deem appropriate;
and (E) generally to sell, transfer, pledge, make any agreement with respect to or otherwise deal with any of the Collateral as fully
and completely as though Lender were the absolute owner thereof for all purposes, and to do, at Lender's option all acts and things which
Lender deems necessary to protect, preserve or realize upon the Collateral and Lender's security interest therein, in order to effect
the intent of this Security Agreement, all as fully and effectively as Obligor might do.

 

This power of attorney is a
power coupled with an interest and shall be irrevocable. Notwithstanding the foregoing, Obligor further agrees to execute any additional
documents which Lender may require in order to confirm this power of attorney, or which Lender may deem necessary to enforce any of its
rights contained in this Security Agreement.

 

(b) The
powers conferred on Lender hereunder are solely to protect its interests in the Collateral and shall not impose any duty upon it to exercise
any such powers. Lender shall be accountable only for amounts that it actually receives as a result of the exercise of such powers and
neither it nor any of its officers, directors, employees or agents shall be responsible to Obligor for any act or failure to act, except
for liability directly or exclusively caused by Lender’s own gross negligence or willful misconduct.

 

(c) Obligor
also authorizes Lender to execute, in connection with the sale provided for in paragraph 10(b) of this Security Agreement, any endorsements,
assignments or other instruments of conveyance or transfer with respect to the Collateral.

 

8. Execution
of Power of Attorney. Concurrently with the execution and delivery hereof, Obligor is executing and delivering to Lender, in the
form of Schedule I hereto, ten (10) originals of a Power of Attorney for the implementation of the assignment, sale or other disposal
of the Patents, Trademarks and Copyrights pursuant to paragraph 7 hereof.

 

9. Performance
by Lender of Obligor’s Obligations. If Obligor fails to perform or comply with any of its agreements contained herein and
Lender, as provided for by the terms of this Security Agreement, shall itself perform or comply, or otherwise cause performance or compliance,
with such agreement, the expenses of Lender incurred in connection with such performance or compliance shall be payable by Obligor to
Lender promptly following demand and shall constitute Obligations secured hereby.

 

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10. Remedies,
Rights Upon Event of Default.

 

(a) Upon
the occurrence and during the continuance of an Event of Default:

 

(i) All
payments received by Obligor under or in connection with any of the Collateral shall be held by Obligor in trust for Lender, shall be
segregated from other funds of Obligor and shall forthwith upon receipt by Obligor, be turned over to Lender, in the same form as received
by Obligor (duly indorsed by Obligor to Lender, if required); and

 

(ii) Any
and all such payments so received by Lender (whether from Obligor or otherwise) may, in the sole discretion of Lender, be held by Lender
as collateral security for, and/or then or at any time thereafter applied in whole or in part by Lender against all or any part of the
Obligations in such order as Lender shall elect. Any balance of such payments held by Lender and remaining after payment in full of all
the Obligations shall be paid over to Obligor or to whomsoever may be lawfully entitled to receive the same.

 

(b) Upon
the occurrence and during the continuance of an Event of Default, Lender may exercise in addition to all other rights and remedies granted
to it in this Security Agreement and in any other instrument or agreement securing, evidencing or relating to the Obligations, all rights
and remedies of a secured party under the Uniform Commercial Code. Obligor shall remain liable for any deficiency if the proceeds of any
sale or disposition of the Collateral are insufficient to pay all amounts to which Lender is entitled. Obligor shall also be liable for
the reasonable fees of any attorneys employed by Lender to collect any such deficiency and also as to any reasonable attorneys’
fees incurred by Lender with respect to the collection of any of the Obligations and the enforcement of any of Lender's respective rights
hereunder.

 

11. Termination.
At such time as Obligor shall completely pay in full all of the Obligations and the Credit Agreement is terminated, this Security Agreement
shall terminate and Lender shall execute and deliver to Obligor all such releases, deeds, assignments and other instruments as may be
necessary or proper to revest in Obligor full title to the Proprietary Rights, subject to any disposition thereof which may have been
made by Lender pursuant hereto.

 

12. Notices.
Wherever this Agreement provides for notice to either party (except as expressly provided to the contrary), it shall be in writing and
given in the manner specified in Section 8.12 of the Credit Agreement.

 

13. No
Waiver. No course of dealing between Obligor and Lender, nor any failure to exercise, nor any delay in exercising, on the part
of Lender, any right, power or privilege hereunder or under the Credit Agreement shall operate as a waiver thereof; nor shall any single
or partial exercise of any right, power or privilege hereunder or thereunder preclude any other or further exercise thereof or the exercise
of any other right, power or privilege.

 

14. Cumulative
Remedies. All of Lender’s rights and remedies with respect to the Collateral, whether established hereby or by the Credit
Agreement, or by the Loan Documents or any other agreements or by law, shall be cumulative and may be exercised singularly or concurrently.

 

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15. Severability.
The provisions of this Security Agreement are severable, and if any clause or provision shall be held invalid and unenforceable in whole
or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof,
in such jurisdiction, and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause or provision
of this Agreement in any jurisdiction.

 

16. No
Modification Except in Writing. This Security Agreement is subject to modification only by a writing signed by the parties, except
as provided in paragraphs 5 and 7.

 

17. Successors
and Assigns. The benefits and burdens of this Security Agreement shall inure to the benefit of and be binding upon the respective
successors and permitted assigns of the parties.

 

18. Governing
Law. The validity and interpretation of this Security Agreement and the rights and obligations of the parties shall be governed
by the laws of the State of New York.

 

[NO FURTHER TEXT ON THIS PAGE]

 

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SIGNATURE PAGE 

Patent, Trademark and Copyright Security Agreement

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement under seal as of the day and year first above written.

 

	 	 	Obligor:
	 	 	 
	WITNESS:	 	WOLO MGF. CORP.
	 	 	 	 
	 	 	By:	
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	WITNESS:	 	WOLO INDUSTRIAL HORN & SIGNAL, INC.
	 	 	 	 
	 	 	 By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	 	 	Lender:
	 	 	 	 
	WITNESS:	 	STERLING NATIONAL BANK
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

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State of New York, County of _____________,
ss:

 

On the ____ day of _____________,
in the year 2021, before me the undersigned, personally appeared ______________________, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she
executed the same in his/her capacity, and that by his/her signature on the instrument, the individual or the person upon behalf of which
the individual acted, executed the instrument.

 

	 	 
	 	Notary Public

 

State of New York, County of _______________,
ss:

 

On the _____ day of ______________
in the year 2021, before me the undersigned, personally appeared _________________________, personally known to me or proved to me on
the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that
he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual or the person upon behalf
of which the individual acted, executed the instrument.

 

	 	 
	 	Notary Public

 

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SCHEDULE A

PATENTS

 

 

 

 

 

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SCHEDULE B

TRADEMARKS

 

 

 

 

 

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SCHEDULE C

COPYRIGHTS

 

 

 

 

 

 

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SCHEDULE I

 

SPECIAL POWER OF ATTORNEY

 

	STATE OF ILLINOIS 	)	 
	 	:ss:	 
	COUNTY OF DUPAGE	)	 

 

KNOW ALL MEN BY THESE PRESENTS,
that WOLO MFG. CORP., a corporation formed under the laws of New York, with its principal office at 1 Saxwood Street, Deer Park,
New York 11729, and WOLO INDUSTRIAL HORN & SIGNAL, INC., a corporation formed under the laws of New York, with its principal
office at 1 Saxwood Street, Deer Park, New York 11729 (hereinafter, collectively, called “Obligor”), pursuant to a
Trademark Security Agreement, dated the date hereof (the “Security Agreement”), hereby appoints and constitutes STERLING
NATIONAL BANK, a national banking association, with offices at 400 Rella Boulevard, Montebello, New York 10901 (hereinafter
called the “Lender”), its true and lawful attorney, with full power of substitution, and with full power and authority
to perform the following acts on behalf of Obligor:

 

		1.	Assigning, selling or otherwise disposing of all right, title and interest of Obligor in and to the Patents
listed on Schedule A, Trademarks listed on Schedule B or Copyrights listed on Schedule C of the Security Agreement, and including those
trademarks which are added to the same subsequent hereto, and all registrations and recordings thereof, and all pending applications therefor,
and for the purpose of the recording, registering and filing of, or accomplishing any other formality with respect to the foregoing, and
to execute and deliver any and all agreements, documents, instruments of assignment or other papers necessary or advisable to effect such
purpose.

 

		2.	To execute any and all documents, statements, certificates or other papers necessary or advisable in order
to obtain the purposes described above as Lender may in its sole discretion determine.

 

This power of attorney is
made pursuant to the Security Agreement, dated the date hereof, between Obligor and Lender and may not be revoked until the payment in
full of all Obligations as defined in such Security Agreement.

 

[remainder of page intentionally left blank]

 

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SIGNATURE PAGE

Power of Attorney

 

	 	WOLO MFG. CORP.
	 	 	 
	 	By:	 
	 		Name:
	 	 	Title:

 

	 	WOLO INDUSTRIAL HORN & SIGNAL, INC.
	 	 	 
	 	By:	 
	 		Name:
	 	 	Title:

 

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State of New York, County of Nassau, ss:

 

On the __ day of ______________,
in the year 2021, before me the undersigned, personally appeared _____________________, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she
executed the same in his/her capacity, and that by his/her signature on the instrument, the individual or the person upon behalf of which
the individual acted, executed the instrument.

 

	 	 
	 	Notary Public

 

 

15Exhibit 10.12

 

COLLATERAL PLEDGE AGREEMENT

 

This Collateral Pledge Agreement
(“Agreement”), dated as of March 30, 2021, is made by 1847 WOLO INC., a Delaware corporation, having
an address at c/o 1847 Holdings LLC, 590 Madison Avenue, 21st Floor, New York, New York 10022 (“Pledgor”),
in favor of STERLING NATIONAL BANK, a national banking association with an office
at 400 Rella Boulevard, Montebello, New York 10901 (“Secured Party”).

 

Background

 

A. This
Agreement is executed in connection with that certain Credit Agreement between Pledgor, WOLO MFG. CORP., and WOLO INDUSTRIAL HORN &
SIGNAL, INC. (collectively, the “Borrower”) and Secured Party dated as of the date hereof (as same may be further
amended, supplemented, restated, replaced or otherwise modified from time to time, the “Loan Agreement”). All
capitalized terms used herein and not otherwise defined shall have the same meanings assigned to such terms in the Loan Agreement.

 

B. This
Agreement is intended to provide additional security for the Obligations (as defined in the Loan Agreement) owing by Borrower to Secured
Party.

 

NOW THEREFORE, for other good
and sufficient consideration, the receipt of which is hereby acknowledged, Pledgor, intending to be legally bound hereby, covenants and
agrees as follows:

 

1. As
security for the Obligations, Pledgor does hereby grant to Secured Party a security interest in, and does hereby assign, pledge, hypothecate,
deliver and set over to Secured Party, its successors and assigns, all of Pledgor’s now owned or hereafter acquired or arising investment
property, including without limitation all of the following property, together with any additions, exchanges, replacements and substitutions
therefor, dividends and distributions with respect thereto, and the proceeds thereof (collectively, the “Pledged Collateral”):
all of Pledgor’s shares of capital stock, partnership interests and membership interests in those corporations, partnerships and
limited liability companies listed on Schedule I attached hereto, whether now owned or hereafter acquired by Pledgor or in which Pledgor
now or hereafter has any rights, options or warrants, together with all certificates representing such interests, if any, and all rights
(but none of the obligations) under or arising out of the applicable organizational documents of such companies. If the Pledged Collateral
is in certificated form, Pledgor shall, contemporaneously with the execution and delivery of this Agreement, cause the Pledged Collateral
to be delivered to Secured Party, duly endorsed in blank without restrictions and, at the request of the Secured Party, with all signatures
guaranteed with medallion signature guaranty acceptable to Secured Party and with all necessary transfer tax stamps affixed, if applicable.

 

2. The
pledge and security interest described herein shall continue in effect to secure all Obligations from time to time outstanding unless
and until all Obligations have been indefeasibly paid and satisfied in full and Secured Party’s commitment to make Loans is terminated.

 

    

     

    

 

3. Pledgor
hereby represents and warrants that:

 

a. Except
as pledged herein, Pledgor has not sold, assigned, transferred, pledged or granted any option or security interest in or otherwise hypothecated
the Pledged Collateral in any manner whatsoever and the Pledged Collateral is pledged herewith free and clear of any and all liens, security
interests, encumbrances, claims, pledges, restrictions, legends, and options;

 

b. Pledgor
has the full power and authority to execute, deliver, and perform under this Agreement and to pledge the Pledged Collateral hereunder;

 

c. This
Agreement constitutes the valid and binding obligation of Pledgor, enforceable in accordance with its terms, and the pledge of the Pledged
Collateral referred to herein is not in violation of and shall not create any default under organizational document of any issuer listed
on Schedule I attached hereto, or any other material agreement, undertaking or obligation of Pledgor;

 

d. The
Pledged Collateral has been duly and validly authorized and issued by the issuer thereof and such Pledged Collateral is fully paid for
and non-assessable;

 

e. Pledgor
is pledging hereunder all of the Pledgor’s interest and ownership in all entities listed on Schedule I attached hereto;

 

f. The
Pledged Collateral is represented by certificates and each certificate or other document evidencing such portion of the Pledged Collateral
is genuine, has been duly authorized and validly issued by each of the respective issuers, is in all respects what it purports to be and
is enforceable in accordance with its terms; and

 

g. Contemporaneously
with the execution hereof, Pledgor is delivering to Secured Party a copy of each by-law, partnership or operating agreement (as applicable)
governing, as of the date hereof, each issuer listed on Schedule I attached hereto.

 

4. If
an Event of Default occurs and is continuing under the Loan Agreement, then Secured Party may, at its sole option, exercise from time
to time with respect to the Pledged Collateral, any and/or all rights and remedies available to it hereunder, under the Uniform Commercial
Code, as in effect from time to time, in the State of New York (“UCC”), or otherwise available to it, at law
or in equity, including, without limitation, the right to dispose of the Pledged Collateral at public or private sale(s) or other proceedings,
and Pledgor agrees that, if permitted by law, Secured Party or its nominee may become the purchaser at any such sale(s).

 

5. a. In addition to
all other rights granted to Secured Party herein, or otherwise available at law or in equity, Secured Party shall have the following rights,
each of which may be exercised at Secured Party’s sole discretion (but without any obligation to do so), at any time during the
continuation of any Event of Default under the Loan Agreement, without further consent of Pledgor: (i) transfer the whole or any part
of the Pledged Collateral into the name of itself or its nominee or to conduct a sale of the Pledged Collateral pursuant to the UCC or
pursuant to any other applicable law; (ii) vote the Pledged Collateral; (iii) notify the persons obligated on any of the Pledged Collateral
to make payment to Secured Party, of any amounts due or to become due thereon; and (iv) release, surrender or exchange any of the Pledged
Collateral at any time, or to compromise any dispute with respect to the same. Secured Party may proceed against the Pledged Collateral,
or any other collateral securing the Obligations, in any order, and against Pledgor and any other obligor, jointly and/or severally, in
any order to satisfy the Obligations. Pledgor waives and releases any right to require Secured Party to first collect any of the Obligations
secured hereby from any other collateral of Pledgor or any other party securing the Obligations under any theory of marshalling of assets,
or otherwise. All rights and remedies of Secured Party are cumulative, not alternative.

 

    2

     

    

 

b. Pledgor
hereby irrevocably appoints Secured Party its attorney-in-fact, subject to the terms hereof, during the continuation of such Event of
Default under the Loan Agreement, at Secured Party’s option, (i) to effectuate the transfer of the Pledged Collateral on the books
of the issuer thereof to the name of Secured Party or to the name of Secured Party’s nominee, designee or assignee; (ii) to endorse
and collect checks payable to Pledgor representing distributions or other payments on the Pledged Collateral; and (iii) to carry out the
terms and provisions hereof.

 

c. Secured
Party is hereby authorized to file financing statements naming Pledgor as debtor (without Pledgor’s signature), in accordance with
the UCC. Pledgor hereby authorizes Secured Party to file all financing statements and amendments to financing statements describing the
Pledged Collateral in any filing office as Secured Party, in its sole discretion may determine.

 

6. The
proceeds of any sale or other disposition of or realization upon the Pledged Collateral by Secured Party may be applied to or on account
of the Obligations and in such order as Secured Party may elect including to the Expenses. Expenses shall mean all costs and expenses
incurred by the Secured Party in enforcing the Obligations and/or the Loan Documents, including attorneys fees and disbursements.

 

7. Pledgor
recognizes that Secured Party may be unable to effect, or may effect only after such delay which would adversely affect the value that
might be realized from the Pledged Collateral, a public sale of all or part of the Pledged Collateral by reason of certain prohibitions
contained in the Securities Act of 1933, as amended (“Securities Act”) and may be compelled to resort to one
or more private sales to a restricted group of purchasers who will be obliged to agree, among other things, to acquire such securities
for their own account, for investment and not with a view to the distribution or resale thereof. Pledgor agrees that any such private
sale may be at prices and on terms less favorable to Secured Party or the seller than if sold at public sales, and therefore recognizes
and confirms that such private sales shall not be deemed to have been made in a commercially unreasonable manner solely because they were
made privately. Pledgor agrees that Secured Party has no obligation to delay the sale of any such securities for the period of time necessary
to permit the issuer of such securities to register such securities for public sale under the Securities Act.

 

8. In
the event that any change is made or declared in the capital structure of any issuer listed on Schedule I attached hereto, or Pledgor
acquires or in any other manner receives additional capital stock, partnership or membership interests (as applicable) in any such entity,
or any option included within the Pledged Collateral is exercised, any and all new, substituted or additional certificates representing
or evidencing such ownership interests which have been issued by reason of any such change or exercise, shall be delivered to and held
by Secured Party under the terms hereof in the same manner as the Pledged Collateral originally pledged hereunder. Notwithstanding any
provision herein to the contrary, unless an Event of Default has occurred and is continuing under the Loan Agreement, Pledgor may retain
all Distributions on the Pledged Collateral.

 

    3

     

    

 

9. So
long as no Event of Default has occurred and is continuing under the Loan Agreement, and until Secured Party notifies Pledgor in writing
of the exercise of its rights hereunder, Pledgor shall retain the sole right to vote the Pledged Collateral and exercise all rights of
ownership with respect to all corporate questions for all purposes not inconsistent with the terms hereof.

 

10. Secured
Party shall have no obligation to take any steps to preserve, protect or defend the rights of Pledgor or Secured Party in the Pledged
Collateral against other parties. Secured Party shall have no obligation to sell or otherwise deal with the Pledged Collateral at any
time for any reason, whether or not upon request of Pledgor, and whether or not the value of the Pledged Collateral, in the opinion of
Secured Party or Pledgor, is more or less than the aggregate amount of the Obligations secured hereby, and any such refusal or inaction
by Secured Party shall not be deemed a breach of any duty which Secured Party may have under law to preserve the Pledged Collateral. Except
as provided by applicable law, no duty, obligation or responsibility of any kind is intended to be delegated to or assumed by Secured
Party at any time with respect to the Pledged Collateral.

 

11. To
the extent Secured Party is required by law to give Pledgor prior notice of any public or private sale, or other disposition of the Pledged
Collateral, Pledgor agrees that seven (7) Business Days prior written notice to Pledgor shall be a commercially reasonable and sufficient
notice of such sale or other intended disposition. Pledgor further recognizes and agrees that if the Pledged Collateral, or a portion
thereof, threatens to decline speedily in value or is of a type customarily sold on a recognized market, Pledgor shall not be entitled
to any prior notice of sale or other intended disposition.

 

12. Pledgor
shall indemnify, defend and hold harmless Secured Party from and against any and all claims, losses and liabilities resulting from any
breach by Pledgor of Pledgor’s representations and covenants under this Agreement and any actions that Secured Party must take for
the preservation or enforcement of its rights hereunder.

 

13. Pledgor
hereby waives notice of (a) acceptance of this Agreement, (b) the existence and incurrence from time to time of any Obligations under
the Loan Agreement, and (c) demand and default hereunder.

 

14. Pledgor
hereby consents and agrees that Secured Party may at any time or from time to time pursuant to the Loan Agreement (a) extend or change
the time of payment and/or the manner, place or terms of payment of any and all Obligations, (b) supplement, amend, restate, supersede,
or replace the Loan Agreement or any other Loan Documents, (c) renew, extend, modify, increase or decrease loans and extensions of credit
under the Loan Agreement, (d) modify the terms and conditions under which loans and extensions of credit may be made under the Loan Agreement,
(e) settle, compromise or grant releases for any Obligations and/or any person or persons liable for payment of any Obligations, (f) exchange,
release, surrender, sell, subordinate or compromise any collateral of any party now or hereafter securing any of the Obligations and (g)
apply any and all payments received from any source by Secured Party at any time against the Obligations in any order as Secured Party
may determine; all of the foregoing in such manner and upon such terms as Secured Party may determine and without notice to or further
consent from Pledgor and without impairing or modifying the terms and conditions of this Agreement which shall remain in full force and
effect.

 

    4

     

    

 

15. This
Agreement shall remain in full force and effect and shall not be limited, impaired or otherwise affected in any way by reason of (a) any
delay in making demand on Pledgor for or delay in enforcing or failure to enforce, performance or payment of the Obligations, (b) any
failure, neglect or omission on Secured Party’s part to perfect any lien upon, protect, exercise rights against, or realize on,
any property of Pledgor or any other party securing the Obligations, (c) any failure to obtain, retain or preserve, or the lack of prior
enforcement of, any rights against any person or persons or in any property, (d) the invalidity or unenforceability of any Obligations
or rights in any Collateral under the Loan Agreement, (e) the existence or nonexistence of any defenses which may be available to the
Pledgor with respect to the Obligations or (f) the commencement of any bankruptcy, reorganization, liquidation, dissolution or receivership
proceeding or case filed by or against Pledgor.

 

16. Pledgor
covenants and agrees that Pledgor shall not, without the prior written consent of Secured Party, sell, encumber or grant any lien, security
interest or option on or with respect to any of the Pledged Collateral.

 

17. Pledgor
hereby authorizes and instructs each issuer of the Pledged Collateral to comply with any instruction received by it from Secured Party
in writing that (a) states that an Event of Default exists and (b) is otherwise in accordance with the terms of this Agreement, without
any other or further instructions from Pledgor, and Pledgor agrees that each such issuer shall be fully protected in so complying.

 

18. No
omission or delay by Secured Party in exercising any right or power under this Agreement or any related agreements and documents will
impair such right or power or be construed to be a waiver of any Default, or Event of Default or an acquiescence therein, and any single
or partial exercise of any such right or power will not preclude other or further exercise thereof or the exercise of any other right,
and as to Pledgor no waiver will be valid unless in writing and signed by Secured Party and then only to the extent specified.

 

19. This
Agreement and all related documents delivered hereunder shall be construed as integrated and complementary of each other, and as augmenting
and not restricting Secured Party’s rights and remedies. No modification hereof or any agreement referred to herein shall be binding
or enforceable unless in writing and signed by Pledgor and Secured Party.

 

20. THIS
AGREEMENT, AND ALL MATERS ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND ALL RELATED AGREEMENTS AND DOCUMENTS, SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK. THE PROVISIONS OF THIS AGREEMENT AND ALL OTHER AGREEMENTS
AND DOCUMENTS REFERRED TO HEREIN ARE TO BE DEEMED SEVERABLE, AND THE INVALIDITY OR UNENFORCEABILITY OF ANY PROVISION SHALL NOT AFFECT
OR IMPAIR THE REMAINING PROVISIONS WHICH SHALL CONTINUE IN FULL FORCE AND EFFECT.

 

21. Pledgor
hereby irrevocably consents to the non-exclusive jurisdiction of the Courts of the State of New York or the United States District Court
for the Eastern District of New York in any and all actions and proceedings whether arising hereunder or under any other agreement or
undertaking. Pledgor waives any objection which Pledgor may have based upon lack of personal jurisdiction, improper venue or forum
non conveniens. Pledgor irrevocably agrees to service of process by certified mail, return receipt requested to the address of the
appropriate party set forth on the signature page hereto.

 

    5

     

    

 

22. All
communications which Secured Party may provide to Pledgor herein shall be sent to Pledgor at the respective address set forth in the Loan
Agreement in writing, and may be delivered in person, with receipt acknowledged, or sent by telex, telecopy, nationally reorganized overnight
courier service or by United States mail, registered or certified, return receipt requested, postage prepaid in accordance with the Notice
provisions in the Loan Agreement.

 

23. This
Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties. Pledgor may not transfer,
assign or delegate any of its duties or obligations hereunder.

 

24. PLEDGOR
(AND SECURED PARTY BY ITS ACCEPTANCE HEREOF) HEREBY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION,
PROCEEDING OR COUNTERCLAIM ARISING WITH RESPECT TO RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO OR UNDER THE LOAN DOCUMENTS OR WITH RESPECT
TO ANY CLAIMS ARISING OUT OF ANY DISCUSSIONS, NEGOTIATIONS OR COMMUNICATIONS INVOLVING OR RELATED TO ANY PROPOSED RENEWAL, EXTENSION,
AMENDMENT, MODIFICATION, RESTRUCTURE, FORBEARANCE, WORKOUT, OR ENFORCEMENT OF THE TRANSACTIONS CONTEMPLATED HEREUNDER OR UNDER THE LOAN
DOCUMENTS.

 

[SIGNATURES TO FOLLOW ON SEPARATE
PAGE]

 

    6

     

    

 

SIGNATURE PAGE

Collateral Pledge Agreement

 

IN WITNESS WHEREOF, this Collateral
Pledge Agreement has been executed and delivered as of the date first set forth above.

 

	 	 	 	1847 WOLO INC.
	 	 	 	 	 
	Attest:	 	 	By: 	 
	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	 	Address:	c/o 1847 Holdings LLC
	 	 	 	 	590 Madison Avenue, 21st Floor
	 	 	 	 	New York, New York 10022

 

    7

     

    

 

SCHEDULE I

Pledged Collateral

 

The following Collateral is
hereby pledged by Pledgor to Secured Party pursuant to the Collateral Pledge Agreement to which this Schedule is attached:

 

A. Pledged
Capital Stock

 

	Name of Corporation	 	
    State of

    Inc.
	 	
    Class of

    Stock
	 	Certificate No.	 	Number of Shares	 	Owner of Stock
	
     

    Wolo Mfg. Corp.

     
	 	New York	 	Common	 	 	 	100%	 	1847 Wolo Inc.
	
     

    Wolo Industrial Horn & Signal, Inc.

     
	 	New York	 	Common	 	 	 	100%	 	1847 Wolo Inc.

 

 

8

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