Document:

Exhibi 10.1

    

   
  
    EXECUTION VERSION

     

    AMENDED AND RESTATED EMPLOYMENT AGREEMENT

      (Robert Lisy)

     

    This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“Agreement”)

      is entered into effective as of January 1, 2022 (the “Effective Date”), by and between Robert Lisy, an individual (“Executive”), and Intermex Holdings, Inc., a
      Delaware corporation (“Employer”), and shall replace and supersede in its entirety, as of the Effective Date, Executive’s prior employment agreement dated as of
      January 1, 2021 (the “Prior Employment Agreement”).

     

    WHEREAS, Executive currently serves as President and Chief Executive Officer of Employer and International Money Express, Inc. (“Parent”) and Chairman of the Board of Directors of Parent (the “Board”); and

     

    WHEREAS, the Executive and the Employer desire that Executive’s employment with Employer continue pursuant to the terms of this
      Agreement, which replaces and supersedes the Prior Employment Agreement primarily to reflect the current terms of employment as agreed upon by the Executive and the Employer;

     

    NOW, THEREFORE, in consideration of the mutual agreements hereinafter set forth, Employer and Executive have agreed and do hereby agree
      as follows:

     

    Article I

    

      Employment

     

        

    Section 1.01          Term. The term of Executive’s employment under this Agreement shall, unless sooner terminated by either party, as provided in this Section
        1.01 and subject to the provisions of Article IV, terminate at 11:59 p.m. on December 31,
          2023 (the “Initial Term”); provided, however, that the period of Executive’s employment hereunder shall be automatically extended for successive one-year periods thereafter (each a “Renewal Term”, and the Initial Term together with
          all Renewal Terms, “the term”), in each case unless either party hereto provides the other with written notice that such period shall not be so extended at least 90 days in advance of the expiration of the Initial Term or the then-current
          Renewal Term, as applicable.  Each one-year Renewal Term shall be added to the end of the next scheduled expiration date of the Initial
          Term or Renewal Term, as applicable, as of the first day after the last date on which notice may be given pursuant to the preceding sentence. Executive’s employment with Employer will be “at will” and, subject to the provisions of Article
        IV, Executive’s employment under this Agreement may be terminated by either party at any time after sixty (60) days’ written notice to the other party as provided in Article IV. Executive’s employment under this Agreement
          shall terminate automatically upon Executive’s death.

     

    Section 1.02          Position and Duties. Executive shall continue to serve as the President and Chief Executive Officer of Employer and Parent, reporting to
          the Board. Executive shall continue to perform such services and duties in accordance with the policies and practices of Employer. Executive shall also continue to serve as the Chairman of Parent and preside over meetings of the Board and, if
          requested, serve as a member of the Board’s committees, and the boards of directors or other managing bodies of Parent’s subsidiaries and their respective committees, without additional compensation.

     

    
      
        

    

    
    Section 1.03          Time and Effort. Executive shall serve Employer faithfully, loyally, honestly and to the best of Executive’s ability. Executive shall
          devote all Executive’s business time (but in any event, not less than 40 hours weekly) and best efforts to the performance of Executive’s duties on behalf of Employer. During Executive’s term of employment, Executive shall not at any time or
          place or to any extent whatsoever, either directly or indirectly, without the express written consent of the Board (or such other person or persons as may be designated from time to time by the Board), engage in any outside employment or in any
          activity that, in the reasonable judgment of Employer, is competitive with or adverse to the business, practices or affairs of Employer or any of their subsidiaries, whether or not such activity is pursued for gain, profit or other pecuniary
          advantage. Notwithstanding the foregoing, Executive may engage in civic, charitable and investment activities provided that such activities do not unreasonably interfere with Executive’s performance of his duties hereunder or violate the
          restrictions set forth in Article V.

     

    Article II

    

      Compensation

     

        

    Section 2.01          Base Salary. During the term of Executive’s employment under this Agreement, Employer shall, as compensation for the obligations set forth
          herein and for all services rendered by Executive in any capacity during Executive’s employment under this Agreement, including services as an officer, employee, director or member of any governing body, or committee thereof, of Employer or any
          of Employer’s affiliates, including Parent, pay Executive a base salary (herein “Base Salary”) at the annual rate of $1,000,000 payable in accordance with Employer’s standard payroll practices as in effect from time to time. Executive’s
          Base Salary shall be reviewed annually in January, and may be entitled to an increase, as determined in the reasonable discretion of the Board.  In the event that sickness or disability payments under any insurance programs of Employer or
          otherwise shall become payable to Executive in respect of any period of Executive’s employment under this Agreement, the salary installment payable to Executive hereunder on the next succeeding salary installment payment date shall be an amount
          computed by subtracting (a) the amount of such sickness or disability payments that shall have become payable during the period between
          such date and the immediately preceding salary installment date from (b) the salary installment otherwise payable to Executive
          hereunder on such date.

     

    
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    Section 2.02          Annual Bonus. During the term of Executive’s employment under this Agreement, Executive shall be eligible to receive an annual bonus with
          a target payout of 125% of his then current Base Salary (“Target Bonus”). Such Target Bonus amount shall be based upon achievement by Parent of its budgeted EBITDA (as defined below) for the applicable fiscal year of Parent as approved by
          the Board in its reasonable discretion at the beginning of the applicable bonus period.  The amount of any annual bonus actually payable based on the achievement of such Target Bonus criteria to Executive hereunder shall be determined by the
          Board in its reasonable discretion and shall be payable in accordance with the Employer’s practices as of the date hereof or pursuant to such other procedures as may be agreed to between Executive and the Board. Executive acknowledges that the
          Board may, with Executive’s consent (without the requirement to amend this Agreement), prospectively amend or modify from time to time the bonus criteria established with respect to Executive’s bonus, including any related performance
          requirements and target levels; provided, however, that no such criteria, performance requirements or target levels shall be increased with regard to any period in which a bonus is currently being measured and any such increase will only apply to
          subsequent bonus measuring periods. Executive acknowledges that the Target Bonus will be payable, if performance criteria is achieved, consistent with Employer’s executive bonus program, as in effect from time to time (including as to payment
          timing and as to the threshold and maximum performance targets and linear interpolation for payout).  For purposes of this Agreement, “EBITDA” means the following with respect to Parent and its consolidated subsidiaries for an applicable
          period (all determined in accordance with GAAP consistently applied (except as GAAP or the rules and regulations of the Securities and Exchange Commission may otherwise require) as determined from the audited consolidated financial statements of
          Parent and, to the extent applicable, directly drawn from the face of the financial statements of Parent for the applicable period) without duplication: (a) consolidated net income of Parent and its consolidated subsidiaries for such period, plus (b) consolidated
          interest expense of Parent and its consolidated subsidiaries for such period, plus (c) consolidated federal, state, local and foreign
          income taxes of Parent and its consolidated subsidiaries for such period, plus (d) depreciation and amortization of Parent and its
          consolidated subsidiaries for such period, less (e) consolidated interest income and any gain on sale of assets of Parent and its
          consolidated subsidiaries for such period; provided, however, that in the case of any items referred to in clauses (b), (c) and (d), only to the extent such related item was included as a deduction (or other charge to income) in calculating net income; and, in the case of
          any items referred to in clause (e), only to the extent such related item was included as an addition in calculating net income.

     

    Section 2.03          Award of Restricted Stock.  Subject to his continued employment with the Company during the term, Executive shall receive a grant of that number of restricted
        shares of Parent with an aggregate grant date fair value of $1,500,000, as computed in accordance with FASB ASC Topic 718 on the date of grant (the “Restricted
            Stock”), which shall be granted under the Plan (as hereinafter defined) at the regularly scheduled meeting of the Compensation Committee of the Board  (the “Committee”)
        in February 2022 (and in no event later than March 15, 2022), and which shall vest in accordance with the terms determined by the Committee at the time of such grant.

     

    Section 2.04          Award of Performance Stock Units.  Subject to his continued employment with the Company during the term, Executive shall receive a grant of performance stock units
        in respect of that target number of shares of Parent with an aggregate grant date fair value of $1,500,000, as computed in accordance with FASB ASC Topic 718 on the date of grant (the “PSUs”), which shall be granted under the Plan at the regularly
        scheduled meeting of the Committee in February 2022 (and in no event later than March 15, 2022), and which shall vest in the amounts and upon attainment of the performance goals as determined by the Committee at the time of such grant.  Although
        the terms of the PSUs are ultimately subject to the approval of the Committee, it is intended that the PSUs granted in 2022 will include a two-year performance period and an additional one year service period, similar to the periods applicable to
        the PSUs granted in 2021.

     

    
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    Section 2.05          Incentive Compensation.  During the term of Executive’s employment under this Agreement, Executive will be eligible to participate in the 2020 Omnibus Equity
        Compensation Plan (the “Plan”) and receive awards thereunder as may be determined by the Board or the “Committee” from time to time.  The Committee will review
        and determine equity grants to Executive under the Plan annually with the intent to grant awards after 2021 in line with the grants described in Sections 2.03 and 2.04 above, assuming the Company’s performance goals are achieved or exceeded (such
        annually determined grants are intended to be a part of the Company’s long term incentive program approved by the Committee from time to time that is generally applicable to senior executives of the Company and are referred to herein as the “LTI Grants”).  With respect to awards granted under the Plan as LTI Grants to Executive following the Effective Date (including the Restricted Stock and PSUs),
        such LTI Grants shall have the same terms as are applicable generally in such long term incentive program, except that Executive’s LTI Grants shall also (a) vest automatically upon his death, and (b) continue to vest and be settled in accordance
        with the original vesting and settlement schedule and terms (including those terms requiring attainment of performance goals following the termination of Executive’s employment due to Executive’s “Retirement” (as defined below); provided that if
        Executive breaches his obligations under Section 5 of this Agreement, all such LTI Grants, to the extent unvested, shall be immediately terminated and forfeited.  “Retirement”
        as used in this Section 2.05 means a resignation by Executive (other than for Good Reason) after his sixty-sixth birthday and that is effective after providing six months’ notice of such resignation to the Company; provided that the Company has not
        terminated Executive’s employment for Cause prior to the effective date of such resignation.  For the avoidance of doubt, in no event will Executive be entitled to treat a termination as both a Retirement resignation and a Good Reason resignation
        under this Agreement.

     

    Article III

      

      Executive Benefits

     

    Section 3.01          Benefit Plans. During the term of Executive’s employment under this Agreement, Executive shall be entitled to participate in any benefit
          plans (excluding severance, bonus, incentive or profit-sharing plans) offered by Employer as in effect from time to time (collectively, “Benefit Plans”) on the same basis as that generally made available to other employees of Employer to
          the extent Executive may be eligible to do so under the terms of any such Benefit Plans. Executive understands that any such Benefit Plans may be terminated or amended from time to time by Employer in its discretion.

     

    Section 3.02          Business Expenses. Employer will reimburse Executive for all reasonably incurred business expenses, subject to the travel and expense
          policy established by Employer from time to time, incurred by Executive during the term of Executive’s employment under this Agreement in the performance of Executive’s duties hereunder, provided that Executive furnishes to Employer adequate
          records and other documentary evidence required to substantiate such expenditures. Notwithstanding the foregoing, Executive shall be entitled to the following (in amounts not less than currently provided) throughout the term of Executive’s
          employment under this Agreement: (i) car allowance, (ii) if obtained by Employer during the term of Executive’s employment, the right
          to acquire and assume the premium payments under any life insurance policy held by the Employer upon termination of Executive’s employment, and (iii) reimbursement within thirty (30) days following the Effective Date for all reasonably incurred
          legal, accounting and tax advisory services rendered to or on behalf of Executive in connection with this Agreement.

     

    
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    Section 3.03          Vacation. During the term of Executive’s employment under this Agreement, Executive shall receive 25 paid vacation days per year.

     

    Article IV

    

      

    Termination

     

        

    Section 4.01          Exclusive Rights. The amounts payable under this Article IV are intended to be, and are, exclusive and in lieu of any other rights or remedies to which Executive may otherwise be entitled, including under common, tort or contract law, under policies of Employer and its affiliates in
          effect from time to time, under this Agreement or otherwise, in the event of Executive’s termination of employment with Employer and its affiliates.

     

    Section 4.02          Termination by Employer for Cause.

     

    (a)          If
        Employer terminates Executive for Cause (as defined below), Executive shall be entitled to receive (i) Base Salary earned through the date of termination that remains unpaid as of the date of Executive’s termination,
        (ii) any accrued and unpaid bonus for any previously completed year that Executive is entitled to receive as of the date of termination that remains unpaid as of the date of Executive’s termination, (iii) any accrued and unpaid vacation days, (iv)
        reimbursement for any unreimbursed business expenses properly incurred by Executive prior to the date of Executive’s termination to the extent such expenses are reimbursable under Section 3.02 and (v) such benefits
        (excluding benefits under any severance plan, program or policy then in effect), if any, to which Executive may be entitled under the Benefit Plans as of the date of Executive’s termination, which benefits shall be payable in accordance with the
        terms of such Benefits Plans (the amounts described in clauses (i) through (v) of this Section 4.02(a) being referred to herein as the “Accrued
            Rights”).

     

    (b)          For
        purposes of this Agreement, the term “Cause” shall mean Executive’s (i) willful failure to perform those duties that Executive is
        required to perform as an employee under this Agreement, (ii) conviction of, or a plea of guilty or nolo contendere to, a misdemeanor involving moral turpitude, dishonesty, theft, unethical business conduct or conduct that significantly impairs the
        reputation of Employer or any of its subsidiaries or affiliates or a felony (or the equivalent thereof in a jurisdiction other than the United States), (iii) gross negligence, malfeasance or willful misconduct in connection with Executive’s duties
        hereunder (either by an act of commission or omission) that is significantly injurious to the financial condition or business reputation of Employer, Parent, Intermex Wire Transfer, LLC (“Intermex LLC”) or any of their subsidiaries or affiliates, (iv) breach of the provisions of Section 5.03, Section 5.04 or Section 5.06 or (v) a breach of the provisions of Article V
        (other than Section 5.03, Section 5.04 or Section 5.06) that either (A) is materially damaging to the business or reputation of Employer, Parent or Intermex LLC or any of their affiliates or (B)
        occurs after Employer has notified Executive of a prior breach of such Article V (other than Section 5.03, Section 5.04 or Section 5.06).

     

    
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    (c)          If
        Employer desires to terminate Executive’s employment for Cause in the case of clauses (i), (ii) and (iii) of Section 4.02(b) and the basis for Cause, by its nature, is capable of being cured, Employer shall first provide Executive with written
        notice of the applicable event that constitutes the basis for Cause (a “Cause Notice”) within 10 days of the Board’s becoming aware of such event. Such notice
        shall specifically identify such claimed breach. Executive shall have 15 days following receipt of such Cause Notice (the “Cause Cure Period”) to cure such
        basis for Cause, and Employer shall be entitled at the end of such Cause Cure Period to terminate Executive’s employment under this Agreement for Cause; provided, however, that, if such breach is cured within the Cause Cure Period or if Employer
        does not terminate Executive’s employment with Employer within 10 days after the end of the Cause Cure Period, Employer’s termination of Executive’s employment shall not be deemed to be a termination for Cause.

     

    Section 4.03          Termination by Employer Other Than for Cause, Disability or Death, Termination by Executive for Good Reason or Termination pursuant to Employer
            Notice of Non-Renewal.

     

    (a)          If
        (A) Employer elects to terminate Executive’s employment for any reason other than Cause, Disability (as defined below) or death, (B) Executive elects to terminate Executive’s employment with Employer for Good Reason (as
        defined below), or (C) Employer provides Executive with written notice of its intention not to renew the term of this Agreement, then (i) Employer shall pay Executive an amount equal to two
        times the sum of Executive’s Base Salary plus Target Bonus payable in equal installments during the two year period following such termination of employment at the same times as Employer’s payroll applicable to the other employees of Employer is
        paid and (ii) Executive shall be entitled to the Accrued Rights (to the extent they are not duplicated above); provided, however, that Employer shall not be obligated to (x) commence such payments until such time as
        Executive has provided a general release in favor of Employer, Parent, Intermex LLC, their subsidiaries and affiliates, and their respective directors, officers, employees, agents and representatives that is substantially in the form attached as
        Exhibit A to this Agreement (subject to any changes Employer, Parent or Intermex LLC determines are necessary or advisable in order to make the release enforceable under applicable law) (the “Release”) that has become effective and irrevocable (the date upon which the Release becomes effective and irrevocable, the “Release
            Effective Date”), except that, subject to Section 6.16(c), any payments that would have otherwise been paid to Executive following the date of the termination of employment and prior to the Release Effective Date shall be accumulated
        and paid to Executive in a lump sum on the first payment date following the Release Effective Date, and (y) continue such payments at any time following a breach of the provisions of Section 5.03, Section 5.04 or
        Section 5.06, subject to Section 4.03(b), or a breach of the provisions of Article V (other than Section 5.03, Section 5.04 or Section 5.06) that either (A) is materially damaging to the business or reputation of
        Employer, Parent or Intermex LLC or any of their affiliates or (B) occurs after Employer has notified Executive of a prior breach of such Article V (other than Section 5.03, Section 5.04 or Section 5.06); provided,
        further, that if the Release Effective Date does not occur within 60 days of the date of termination of employment, Employer shall not be obligated to make payments under clauses (i) and (ii) above and if such 60 day period spans two calendar
        years, such payments shall commence to be paid in the second calendar year.

     

    
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    (b)          If
        Employer desires to cease continuing the payments to Executive as described in the last proviso of Section 4.03(a) as a result of a breach of the provisions of Section 5.03 or Section 5.04, and such breach by its nature is capable of being cured,
        Employer shall first give Executive written notice (the “Non-Competition Notice”) of such intent, a detailed and specific description of the reasons and basis
        therefor and 15 calendar days to remedy or cure such perceived breaches or deficiencies (the “Non-Competition Cure Period”). If
        Executive does not cure the notified breaches or deficiencies within the Non-Competition Cure Period, Employer shall not be obligated to continue any payments to Executive under clauses (i) and (ii) of Section 4.03(a) and Executive shall repay
        Employer any amounts paid by Employer to Executive pursuant to clauses (i) and (ii) of Section 4.03(a) from the date of the Non-Competition Notice.

     

    (c)          For
        purposes of this Agreement, the term “Good Reason” shall mean (other than following the delivery of notice of (I) the existence of or the termination by Employer for Cause and during any cure period related thereto, or (II) resignation by Executive
        pursuant to Section 4.05 below): (i) (A) the assignment to Executive of any duties inconsistent in any material adverse respect with Executive’s authority, duties or responsibilities as
        contemplated by Section 1.02 or a material and adverse reduction in such duties and responsibilities or (B) Executive’s ceasing to hold the title of Chief Executive Officer or President of Parent; (ii) any material
        breach by Employer of any material provisions of this Agreement; (iii) any relocation by Employer of Executive’s primary office location outside Miami-Dade, Broward or Palm Beach Counties, Florida without Executive’s prior written consent; (iv) a
        material reduction in Executive’s Base Salary; or (v) in the event of a transfer (for consideration or otherwise) of substantially all of the business operations of Employer, this Agreement is not assigned pursuant to
        Section 6.01. In the case of termination by Executive for Good Reason as defined in clause (v), the cash equivalent of the amounts payable under this Section 4.03, discounted to reflect their net present value, using the then prime rate of the then
        primary lender of Employer, shall become immediately payable instead of being payable over time. Following delivery of a notice of resignation by Executive for Retirement purposes, Executive may then only resign for Good Reason due to events
        described in clauses (iii) and (iv) above and any such resignation for Good Reason shall then not constitute a “Retirement” resignation.

     

    (d)          Executive
        shall provide Employer with written notice of the applicable event that constitutes the basis for Good Reason within 10 days of such event. Such notice shall specifically identify such claimed breach and shall inform Employer what is required to
        cure such breach within 30 calendar days after the receipt of such notice. If Employer fails within such 30-day period (the “Good Reason Cure
            Period”) to cure such basis for Good Reason, Executive shall be entitled at the end of such period to terminate his employment under this Agreement for Good Reason, whereupon Executive shall provide written notice of such termination
        to Employer. Notwithstanding the foregoing, if such breach is cured within such 30-day period or if Executive does not terminate Executive’s employment with Employer within 10 days after the end of the Good Reason Cure
        Period, any termination of employment by Executive shall not be deemed to be a termination for Good Reason.

     

    
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    Section 4.04          Termination for Disability or Death. Executive’s employment shall terminate automatically upon Executive’s death. Employer may terminate
          Executive’s employment upon the occurrence of Executive’s Disability. In the event of Executive’s termination due to death or Disability, Executive, or Executive’s estate, as the case may be, shall be entitled to receive the Accrued Rights. For
          purposes of this Agreement, the term “Disability” shall mean (a) the inability of Executive, due to illness, accident or any
          other physical or mental incapacity, to perform Executive’s duties in a normal manner for a period of 120 days (whether or not consecutive) in any 12-month period during the term of Executive’s employment under this Agreement or (b) the Executive’s being
          accepted for long-term disability benefits under any long-term disability plan in which he is then participating. The Board shall determine in good faith, according to the facts then available, whether and when the Disability of Executive has
          occurred. Such determination shall not be arbitrary or unreasonable and the Board will take into consideration the expert medical opinion of a physician chosen by Employer, after such physician has completed an examination of Executive. Executive
          agrees to make himself available for such examination upon the reasonable request of Employer.

     

    Section 4.05          Termination of Employment by Executive Without Good Reason. If Executive terminates Executive’s employment with Employer for any reason
          other than for Good Reason, Executive shall provide written notice to Employer at least 60 days prior to the effective date of Executive’s resignation from employment, and Executive shall be entitled to receive the Accrued Rights only.

     

    Section 4.06          Board Resignation. Upon termination of Executive’s employment for any reason, Executive agrees to resign, as of the date of such
          termination and to the extent applicable, as an officer of Employer, Parent, Intermex LLC and their affiliates and from the Board and its committees and the Board of Directors or other managing body of Employer, Parent, Intermex LLC or other
          affiliates and their committees.

     

    Article V

    

      Executive Covenants

     

        

    Section 5.01          Employer Interests.  i) Executive acknowledges that Employer (as defined below for purposes of this Article V) has expended substantial amounts of time, money and effort to develop business
          strategies, customer relationships, employee relationships, trade secrets and goodwill and to build an effective organization and that Employer has a legitimate business interest and right in protecting those assets as well as any similar assets
          that Employer may develop or obtain. Executive acknowledges that Employer is entitled to protect and preserve the going concern value of Employer and its business and trade secrets to the extent permitted by law. Executive acknowledges that
          Employer’s business is worldwide in nature and international in scope. Executive acknowledges and agrees that the restrictions imposed upon Executive under this Agreement are reasonable and necessary for the protection of Employer’s goodwill,
          confidential information, trade secrets and customer relationships, and that the restrictions set forth in this Agreement will not prevent Executive from earning a livelihood without violating any provision of this Agreement.

     

    (a)          As
        used in this Article V, the term “Employer” includes Employer’s subsidiaries and affiliates (including Parent and Intermex LLC) and its and their predecessors,
        successors and assigns.

     

    Section 5.02          Consideration to Executive. In consideration of Employer’s entering into this Agreement and Employer’s obligations hereunder and other good
          and valuable consideration, the receipt of which is hereby acknowledged, and acknowledging hereby that Employer would not have entered into this Agreement without the covenants contained in this Article V, Executive hereby agrees to be bound by the provisions and covenants contained in this Article V.

     

    
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    Section 5.03          Non-Solicitation. Executive agrees that, for the period commencing on the Effective Date and terminating two years after the date of
          Executive’s termination of employment with Employer, Executive shall not, and shall cause each of Executive’s affiliates (other than Employer) not to, directly or indirectly: (a) solicit any person or entity that is or was a sending agent, paying agent or otherwise a customer (or prospective customer) of Employer to (i) provide any goods or services related to any Competitive Business (as defined below) from anyone other than Employer or (ii) reduce its volume of goods or services provided
          from Employer, (b) interfere with, or attempt to interfere with, business relationships (whether formed before, on or after the date of
          this Agreement) between Employer and sending or paying agents, suppliers, partners, members or investors of Employer, (c) other than on
          behalf of Employer, solicit, recruit or hire any employee, consultant or sending or paying agent of Employer or any person who has, at any time within two years prior to such solicitation, recruitment or hiring, worked for or provided services to
          Employer; provided, however, that this clause (c) shall not preclude Executive from making solicitations of employment targeted to the general public or from hiring any employee who responds to such general solicitation, (d) solicit or encourage any employee or consultant of Employer to leave the employment of, or to cease providing services to, Employer or (e) assist any person or entity in any way to do, or attempt to do, anything prohibited by this Section 5.03.

     

    Section 5.04          Non-Competition.  ii) Executive agrees that, for the period commencing on the Effective Date and terminating two years after the date of Executive’s termination of employment with Employer,
          Executive shall not, and shall cause each of Executive’s affiliates (other than Employer) not to, directly or indirectly: (i) engage in
          or establish any Competitive Business (as defined below), including providing goods or services relating to any Competitive Business that are of the type provided by Employer, (ii) assist any person or entity in any way to engage in or establish,
          or attempt to engage in or establish, any Competitive Business, (iii) except as provided in Section 5.04(b), be employed by, consult with, advise, permit his or
          her name to be used by, or be connected in any manner with the ownership, management, operation or control of any person or entity that directly or indirectly engages in any Competitive Business, (iv) engage in any course of conduct that involves
          any Competitive Business that is substantially detrimental to the business reputation of Employer or (v) engage in or establish any
          Tier II Business (as defined below) using any sending agent of Employer if either (A) prior to such use of such sending agent,
          Employer is using such sending agent in the conduct of the same Tier II Business, or (B) the conduct of Executive or Executive’s
          affiliates of such Tier II Business, directly or indirectly, restricts or materially impairs the ability of such sending agent to participate with Employer in Employer’s conduct of a Tier II Business.

     

    (a)          The
        term “Competitive Business” shall mean the money order services industry, money transfer services industry and money remittance services industry located anywhere in, or providing services to customers or payees in, the United States of America,
        Latin America, the Caribbean, Africa and Canada and any other region in which Employer operates (now or in the future), all in any manner, including, but not limited to, by way of wire, telephone, courier, ATM, prepaid or stored value card, credit
        card or otherwise. The term “Tier II Business” shall mean any business or industry located in, or providing services to customers or payees in, the United States, Latin America, the Caribbean, Africa and Canada and any other region in which
        Employer operates (now or in the future) in the fields of check cashing services, pay-day loan services, prepaid or stored value card services or any form of foreign exchange or money exchange services.

     

    
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    (b)          This
        Section 5.04 shall be deemed not breached solely as a result of the ownership by Executive or any of Executive’s affiliates of: (i) less than an aggregate of 5% of any class of stock of a public company engaged,
        directly or indirectly, in any Competitive Business; (ii) less than 5% in value of any instrument of indebtedness of a public company engaged, directly or indirectly, in any Competitive Business; or (iii) a public company that engages, directly or
        indirectly, in any Competitive Business if such Competitive Business accounts for less than 5% of such person’s or entity’s consolidated annual revenues. A “public company” for purposes of this Section 5.04(b) shall mean an entity whose common
        stock is traded on a nationally recognized securities exchange.

     

    (c)          Notwithstanding
        anything in this Section 5.04 to the contrary, in the event Executive voluntary resigns without Good Reason following the third anniversary of the Effective Date, this Section 5.04 shall apply only if Employer, in its discretion, elects within 30
        days following such resignation to make payments to Executive as if he had been terminated by Employer without Cause; provided, however, that Employer’s obligation to make such payments is conditioned on Executive signing and not revoking the
        Release within the time periods provided in Section 4.03(a) above.  To the extent Executive is presented with and does not sign or revokes the Release, the noncompetition obligations under this Section 5.04 will continue to apply.

     

    Section 5.05          Confidential Information. Executive hereby acknowledges that (a) in the performance of Executive’s duties and services pursuant to this Agreement, the Prior Employment Agreement and the employment agreement entered into between the Employer and the Executive
          dated February 1, 2017, Executive has received, and may be given access to, Confidential Information and (b) all Confidential
          Information is or will be the property of Employer. For purposes of this Agreement, “Confidential Information” shall mean information, knowledge and data that is or will be used, developed, obtained or owned by Employer relating to the business,
          products and/or services of Employer or the business, products and/or services of any customer, sales officer, sales associate or independent contractor thereof, including products, services, fees, pricing, designs, marketing plans, strategies,
          analyses, forecasts, formulas, drawings, photographs, reports, records, computer software (whether or not owned by, or designed for, Employer), other operating systems, applications, program listings, flow charts, manuals, documentation, data,
          databases, specifications, technology, inventions, new developments and methods, improvements, techniques, trade secrets, devices, products, methods, know-how, processes, financial data, customer lists, contact persons, cost information,
          executive information, regulatory matters, personnel matters, accounting and business methods, copyrightable works and information with respect to any vendor, customer, sales officer, sales associate or independent contractor of Employer, in each
          case whether patentable or unpatentable and whether or not reduced to practice, and all similar and related information in whatever form, and all such items of any vendor, customer, sales officer, sales associate or independent contractor of
          Employer; provided, however, that Confidential Information shall not include information that is generally known to the public other than as a result of disclosure by Executive in breach of this Agreement or in breach of any similar covenant made
          by Executive prior to entering into this Agreement.

     

    
      10

      
        

    

    Section 5.06          Non-Disclosure. Except as otherwise specifically provided in Section 5.07, Executive will not, directly or indirectly, disclose or cause or permit to be disclosed, to any person or entity whatsoever, or utilize or cause or permit to be utilized, by any person or to any entity whatsoever, any
          Confidential Information acquired pursuant to Executive’s employment with Employer (whether acquired prior to or subsequent to the execution of this Agreement) under this Agreement or otherwise. Executive will not disclose to anyone, other than
          Executive’s immediate family and legal or financial advisors, the existence or contents of this Agreement, except to the extent permitted in Section 5.07 or to
          comply with Section 5.14, and, to the extent such information is disclosed to Executive’s immediate family or legal or financial advisors, will ensure those
          parties comply with the non-disclosure requirements of this Section 5.06.

     

    Section 5.07          Permitted Disclosure. Executive may (a) utilize and disclose the Confidential Information only to the extent reasonably necessary and required in the discharge of Executive’s duties as an employee of Employer and (b) disclose Confidential Information only to the extent Executive is compelled to disclose such Confidential Information or else stand liable for contempt or suffer other
          censure or penalty, is required to disclose such Confidential Information by law or discloses such information in the context of litigation between Employer and Executive.

     

    Section 5.08          Prior Inventions. Executive has attached hereto, as Exhibit B, a list describing all inventions, works of authorship (including software,
          related items, databases, documentation, site content, text or graphics), developments, improvements and trade secrets (“Inventions”) that were created or contributed to by Executive, either solely or jointly with others, prior to the date hereof
          (collectively referred to as “Prior Inventions”) that relate to the current business, services, products or research and development of Employer and have not been assigned to Employer or, if no such list is attached, Executive represents that
          there are no such Prior Inventions. Executive covenants and represents that Exhibit B shall be true and complete as of the Effective Date or, if no such list is attached, that there are no Prior Inventions as of the Effective Date. To the fullest
          extent permissible by law, Executive hereby grants Employer or its designee a non-exclusive royalty-free, irrevocable, perpetual, worldwide license under all Executive’s Prior Inventions to make, have made, copy, modify, distribute, use and sell
          inventions, works of authorship, developments, improvements, trade secrets, products, services, processes, machines and other property and to otherwise operate the current and future business of Employer.

     

    Section 5.09          Ownership of Inventions. Executive will promptly make full written disclosure to Employer of, and hereby assigns to Employer or its
          designee all Executive’s rights, title and interest in and to, any and all Inventions, whether or not patentable, that Executive may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to
          practice, during the term of Executive’s employment with Employer that relate to the proposed or current business, services, products or research and development of Employer (whether before or after execution of this Agreement) (collectively
          referred to as “Employer Inventions”). Executive further acknowledges that all original works of authorship that are created or contributed to by Executive (solely or jointly with others) within the scope of, and during the period of, Executive’s
          employment (whether before or after execution of this Agreement) with Employer are to be deemed “works made for hire”, as that term is defined in the United States Copyright Act, and the copyright and all intellectual property rights therein
          shall be the sole property of Employer or its designee. To the extent any of such works are deemed not to be “works for hire”, Executive hereby assigns the copyright and all other intellectual property rights in such works to Employer or its
          designee.

     

    
      11

      
        

    

    

    

    Section 5.10          Further Assurances. Executive shall take all requested actions and execute all requested documents to assist Employer, or its designee, at
          Employer’s expense, in every way to secure Employer’s or its designee’s above rights in the Prior Inventions and Employer Inventions and any copyrights, patents, mask work rights or other intellectual property rights relating thereto in any and
          all countries, and to pursue any patents or registrations with respect thereto. This covenant shall survive the termination of this Agreement. If Employer or its designee is unable for any other reason to secure Executive’s signature on any
          document for this purpose, then Executive hereby irrevocably designates and appoints Employer or its designee and their duly authorized officers and agents, as the case may be, as Executive’s agent and attorney in fact, to act for and in
          Executive’s behalf and stead to execute any documents and to do all other lawfully permitted acts in connection with the foregoing.

     

    Section 5.11          Records. All memoranda, books, records, documents, papers, plans, information, letters and other data relating to Confidential Information
          or the business and customer accounts of Employer, whether prepared by Executive or otherwise, coming into Executive’s possession shall be and remain the exclusive property of Employer and Executive shall not, during the term of Executive’s
          employment with Employer or thereafter, directly or indirectly assert any interest or property rights therein. Upon termination of employment with Employer for any reason, Executive will immediately return to Employer all such memoranda, books,
          records, documents, papers, plans, information, letters and other data, and all copies thereof or therefrom, and Executive will not retain, or cause or permit to be retained, any copies or other embodiments of the materials so returned. Executive
          further agrees that he will not retain or use for Executive’s account at any time any trade names, trademark or other proprietary business designation used or owned in connection with the business of Employer.

     

    Section 5.12          Mutual Non-Disparagement.

     

    (a)          Executive
        has not prior to the date hereof, whether in writing or orally, criticized or disparaged Employer, nor shall Executive at any time following the date hereof, unless in the context of litigation between Employer and Executive or under penalty of
        perjury, whether in writing or orally, criticize or disparage Employer or any of its affiliates or any of their respective current or former affiliates, directors, officers, employees, members, partners, agents or representatives.

     

    (b)          Employer
        shall, following Executive’s termination of employment, instruct its affiliates, directors and officers not to criticize or disparage Executive, whether in writing or orally, unless in the context of litigation between Employer and Executive or
        under penalty of perjury.

     

    Section 5.13          Specific Performance. Executive agrees that any breach by Executive of any of the provisions of this Article V shall cause irreparable harm to Employer that could not be made whole by monetary damages and that, in the event of such a breach, Executive shall waive the defense in any
          action for specific performance that a remedy at law would be adequate, and Employer shall be entitled to specifically enforce the terms and provisions of this Article V without the necessity of proving actual damages or posting any bond or providing prior notice, in addition to any other remedy to which Employer may be entitled at law or in equity.

     

    
      12

      
        

    

    

    

    Section 5.14          Notification of Subsequent Employer. Prior to accepting employment with any other person or entity during any period during which Executive
          remains subject to any of the covenants set forth in Section 5.03 or Section 5.04,
          Executive shall provide such prospective employer with written notice of the provisions of this Agreement, with a copy of such notice delivered simultaneously to Employer in accordance with Section 6.05.

     

    Article VI

    

      Miscellaneous

     

        

    Section 6.01          Assignment. This Agreement shall not be assignable by Executive. The parties agree that any attempt by Executive to delegate Executive’s
          duties hereunder shall be null and void. This Agreement may be assigned by Employer to a person or entity that is an affiliate or a successor in interest to substantially all the business operations of Employer. Upon such assignment, the rights
          and obligations of Employer hereunder shall become the rights and obligations of such affiliate or successor person or entity. As used in this Agreement, the term “Employer” shall mean Employer as hereinbefore defined in the recital to this
          Agreement and any permitted assignee to which this Agreement is assigned.

     

    Section 6.02          Successors. This Agreement shall be binding upon and shall inure to the benefit of the successors and permitted assigns of Employer and the
          personal or legal representatives, executors, administrators, successors, distributees, devisees and legatees of Executive. Executive acknowledges and agrees that all Executive’s covenants and obligations to Employer, Parent and Intermex LLC, as
          well as the rights of Employer, Parent and Intermex LLC under this Agreement, shall run in favor of and will be enforceable by Employer, Parent, Intermex LLC, their subsidiaries and their successors and permitted assigns.

     

    Section 6.03          Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to the transactions
          contemplated hereby and the subject matter hereof and supersedes and replaces any and all prior agreements, understandings, statements, representations and warranties, written or oral, express or implied and/or whenever and howsoever made,
          directly or indirectly relating to the subject matter hereof and thereof, it being understood that the Executive’s obligations under this Agreement are in addition to, and shall not supersede, Executive’s obligations under any other agreements;
          provided, however, that, upon the Effective Date, this Agreement shall supersede and replace the Prior Employment Agreement, and Executive shall have no further rights and Employer shall have no further obligations thereunder.

     

    Section 6.04          Amendment. This Agreement may not be altered, modified or amended except by written instrument signed by the parties hereto.

     

    Section 6.05          Notice. All documents, notices, requests, demands and other communications that are required or permitted to be delivered or given under
          this Agreement shall be in writing and shall be deemed to have been duly delivered or given when received.

     

    
      13

      
        

    

    

    

    	
            If to Employer:

          	
            Intermex Holdings, Inc.

          
	 	
            9480 S. Dixie Highway

          
	 	
            Miami, Florida 33156

          
	 	
            Attn:  Chairman of the Compensation Committee of the Board of Directors of International Money Exchange, Inc.

          
	 	 
	
            with copies to:

          	
            Intermex Holdings, Inc.

          
	 	
            9480 S. Dixie Highway

          
	 	
            Miami, Florida 33156

          
	 	
            Attn:  General Counsel

          
	 	 
	
            If to Executive:

          	
            Robert Lisy

          
	 	
            2821 South Bayshore Drive, Unit PH-D

          
	 	
            Coconut Grove, Florida 33133

          
	 	
            Telephone: (954) 625-7466

          
	 	
            E-mail: rlisy@intermexusa.com

          
	 	 
	
            with copies to:

          	
            Brenner Kaprosy Mitchell, L.L.P.

          
	 	
            30050 Chagrin Blvd., Suite 100

          
	 	
            Pepper Pike, OH 44124

          
	 	
            Attention: T. David Mitchell, Esq.

          
	 	
            Telephone: (216) 292-5555

          
	 	
            Facsimile: (216) 292-5511

          
	 	
            E-mail: tdmitchell@brenner-law.com

          

     

    

    The parties may change the address to which notices under this Agreement shall be sent by providing written notice to the other in the manner specified
      above.

     

    Section 6.06          Governing Law and Jurisdiction.

     

    (a)          This
        Agreement and any disputes arising under or related hereto (whether for breach of contract, tortious conduct or otherwise) shall be governed and construed in accordance with the laws of the State of Florida, without reference to its conflicts of
        law principles. Each party irrevocably agrees that any legal action, suit or proceeding against them arising out of or in connection with this Agreement or the transactions contemplated by this Agreement or disputes relating hereto (whether for
        breach of contract, tortious conduct or otherwise) shall be brought exclusively in the federal or state courts located in Miami-Dade County, Florida and hereby irrevocably accepts and submits to the exclusive jurisdiction and venue of the aforesaid
        courts in personam, with respect to any such action, suit or proceeding.

     

    (b)          EACH
        PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
        (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.06(b).

     

    
      14

      
        

    

    (c)          The
        prevailing party in any dispute or legal action arising under this Agreement shall be entitled to recover its reasonable expenses, attorneys’ fees and costs from the non-prevailing party.

     

    Section 6.07          Severability. If any term, provision, covenant or condition of this Agreement is held by a court of competent jurisdiction to be invalid,
          illegal, void or unenforceable in any jurisdiction, then such provision, covenant or condition shall, as to such jurisdiction, be modified or restricted to the extent necessary to make such provision valid, binding and enforceable, or, if such
          provision cannot be modified or restricted, then such provision shall, as to such jurisdiction, be deemed to be excised from this Agreement and any such invalidity, illegality or unenforceability with respect to such provision shall not
          invalidate or render unenforceable such provision in any other jurisdiction, and the remainder of the provisions hereof shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

     

    Section 6.08          Survival. The rights and obligations of Employer and Executive under the provisions of this Agreement, including Article V and Article VI, shall survive and remain binding and enforceable, notwithstanding any
          termination of Executive’s employment with Employer, to the extent necessary to preserve the intended benefits of such provisions.

     

    Section 6.09          Cooperation. Executive shall provide Executive’s reasonable cooperation to Employer, Parent and Intermex LLC in connection with any suit,
          action or proceeding (or any appeal therefrom) that relates to events occurring during Executive’s employment with Employer or any of its affiliates other than a suit between Executive, on the one hand, and Employer, Parent or Intermex LLC, on
          the other hand, provided that Employer shall reimburse Executive for expenses reasonably incurred in connection with such cooperation.

     

    Section 6.10          Executive Representation. Executive hereby represents to Employer that the execution and delivery of this Agreement by Executive and
          Employer and the performance by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, or be prevented, interfered with or hindered by, the terms of any employment agreement or other agreement or
          policy to which Executive is a party or otherwise bound.

     

    Section 6.11          No Waiver. The provisions of this Agreement may be waived only in writing signed by the party or parties entitled to the benefit thereof. A
          waiver or any breach or failure to enforce any provision of this Agreement shall not in any way affect, limit or waive a party’s rights hereunder at any time to enforce strict compliance thereafter with every provision of this Agreement.

     

    Section 6.12          Set Off. Employer’s obligation to pay Executive the amounts provided and to make the arrangements provided hereunder shall be subject to
          set-off, counterclaim or recoupment of amounts owed by Executive to Employer or its affiliates.

     

    
      15

      
        

    

    Section 6.13          Withholding Taxes. Employer may withhold from any amounts payable under this Agreement such federal, state, local and foreign taxes as may
          be required to be withheld pursuant to any applicable law or regulation.

     

    Section 6.14          Release. In consideration of Employer’s entering into this Agreement and Employer’s obligations hereunder, Executive hereby irrevocably
          waives, releases and forever discharges Employer and its affiliates and their predecessors, successors, current and former employees, shareholders, members, partners, directors, officers, representatives and agents from any and all actions,
          causes of action, claims, demands for general or specific or punitive damages, attorneys’ fees or expenses, known or unknown, that in any way relate to or arise out of Executive’s employment with Employer through and including the date of this
          Agreement which Executive may now or hereafter have, including claims under any federal, state or local statute, rule or regulation or principle of common, tort or contract law.

     

    Section 6.15          Determinations. Unless otherwise expressly provided in this Agreement, all determinations of Employer or the Board shall be in the good
          faith discretion of Employer or the Board, as applicable. This Section 6.15 shall not apply to any determination of the existence of Cause under Section
        4.02(b).

     

    Section 6.16          Section 409A.  iii) It is intended that the provisions of this Agreement comply with Section
          409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury Regulations thereunder as in effect from time to time (“Section 409A”), and all provisions of this Agreement shall be construed and interpreted in a manner
          consistent with the requirements for avoiding taxes or penalties under Section 409A.

     

    (a)          Neither
        Executive nor any of his creditors or beneficiaries shall have the right to subject any deferred compensation (within the meaning of Section 409A) payable under this Agreement or under any other plan, policy,
        arrangement or agreement of or with Employer or any of its affiliates (this Agreement and such other plans, policies, arrangements and agreements, the “Company Plans”)
        to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. Except as permitted under Section 409A, any deferred compensation (within the meaning of Section 409A) payable to Executive or for Executive’s benefit under any Company Plan may not be reduced by, or offset against, any amount owing by Executive to Employer or any of its affiliates.

     

    (b)          If,
        at the time of Executive’s separation from service (within the meaning of Section 409A), (i) Executive shall be a specified employee (within the meaning of Section
        409A and using the identification methodology selected by Employer from time to time) and (ii) Employer shall make a good faith determination that an amount payable under a Company Plan constitutes deferred compensation (within the meaning of Section 409A) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A in order to avoid taxes or penalties under Section 409A, then Employer (or its affiliate, as applicable) shall not pay such amount on the otherwise scheduled payment date but shall instead accumulate such amount and pay it on the
        first business day after such six-month period.

     

    
      16

      
        

    

    (c)          Notwithstanding
        any provision of this Agreement or any Company Plan to the contrary, in light of the uncertainty with respect to the proper application of Section 409A, Employer reserves the right to make amendments to any Company
        Plan as Employer deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A. In any case, Executive is solely responsible and liable for the satisfaction of all taxes and penalties
        that may be imposed on Executive or for Executive’s account in connection with any Company Plan (including any taxes and penalties under Section 409A), and neither Employer nor any affiliate shall have any obligation
        to indemnify or otherwise hold Executive harmless from any or all of such taxes or penalties.

     

    (d)          For
        purposes of Section 409A, each payment hereunder will be deemed to be a separate payment as permitted under Treasury Regulation Section 1.409A-2(b)(2)(iii).

     

    (e)          Except
        as specifically permitted by Section 409A, any benefits and reimbursements provided to Executive under this Agreement during any calendar year shall not affect any benefits and reimbursements to be provided to
        Executive under this Agreement in any other calendar year, and the right to such benefits and reimbursements cannot be liquidated or exchanged for any other benefit. Furthermore, reimbursement payments shall be made to Executive as soon as
        practicable following the date that the applicable expense is incurred, but in no event later than the last day of the calendar year following the calendar year in which the underlying expense is incurred.

     

    Section 6.17          Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original instrument and
          all of which together shall constitute a single instrument.

     

    Section 6.18          Section 280G. Executive hereby agrees to the terms set forth in Exhibit C to this Agreement.

     

    Section 6.19          Construction. The headings in this Agreement are for convenience only and shall not control or affect the meaning or construction of any
          provision of this Agreement. As used in this Agreement, words such as “herein,” “hereinafter,” “hereby,” “hereunder” and words of like import refer to this Agreement, unless the context requires otherwise. The words “include,” “includes” and
          “including” shall be deemed to be followed by the phrase “without limitation”.

     

    
      17

      
        

    

    IN WITNESS WHEREOF, the parties have duly executed this Agreement on November 15, 2021.

     

    	 	
            EMPLOYER

          
	 	 
	 	
            INTERMEX HOLDINGS, INC.

          
	 	 
	 	
            By:

          	
            /s/ Ernesto Luciano

          
	 	 	
            Name: Ernesto Luciano

          
	 	 	
            Title: General Counsel

          
	 	  
	 	
            EXECUTIVE

          
	 	 
	 	
            /s/ Robert Lisy

          
	 	
            Name: Robert Lisy

          

    

    

    
      
        

    

    EXHIBIT A

      

      YOU SHOULD CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS

      

      RELEASE OF CLAIMS.

      

      FORM OF SEPARATION AND RELEASE AGREEMENT

     

    This Separation and Release Agreement (“Agreement”)

      is entered into by and between Robert Lisy (“you”) and Intermex Holdings, Inc., a Delaware corporation (“Employer”) and arises out of your severance from employment with Employer on [•]1 (“Termination

          Date”). In consideration of the promises contained in this document, the parties agree as follows:

     

    1.          Payments and Benefits. Following your Termination Date, Employer will provide you with the payments and benefits you are entitled to pursuant to Section 4.03(a)
        of the employment agreement between you and Employer, dated as of [DATE], 2020 (your “Employment Agreement”). Applicable Federal, state, and local payroll
        taxes will be deducted as required by law. The payments and benefits covered in this Section 1 do not include any Accrued Rights (as defined in the Employment Agreement) which you may have and which are payable
        according to the terms of any applicable agreements, benefit plans, practices, policies, arrangements, or programs; and, therefore, this Agreement shall not release Employer of any obligation to make any payments or provide any benefits or
        privileges required to satisfy such Accrued Rights.

     

    2.          General Release. In exchange for the payments and benefits covered in Section 1, you, for yourself, your family, your attorneys,
        agents, heirs and personal representatives, hereby release and discharge Employer, its parents, subsidiaries, affiliates, agents, directors, officers, employees, members and representatives, and all persons acting by, through, under or in concert
        with Employer, its parent or subsidiaries (collectively referred to as the “Released Parties”), from any and all causes of action, claims, liabilities,
        obligations, promises, agreements, controversies, damages, and expenses, known or unknown, which you ever had, or now have, against the Released Parties to the date of this Agreement that arise out of or in connection with your employment with
        Employer. The claims you release include, but are not limited to, claims that the Released Parties:

     

    
      	
              •

            	
              discriminated against you on the basis of your race, color, sex (including claims of sexual harassment), national origin, ancestry, disability,
                religion, sexual orientation, marital status, parental status, veteran status, source of income, entitlement to benefits, union activities, age or any other claim or right you may have under the Age Discrimination in Employment Act (“ADEA”), or any other status protected by local, state or Federal laws, constitutions, regulations, ordinances or executive orders; or

            

    

    

    

    

    

    1 To be filled in with last day of employment.

     

    

    
      
        

    

    
    
      	
              •

            	
              failed to give proper notice of this employment termination under the Workers Adjustment and Retraining Notification Act (“WARN”), or any similar state or local statute or ordinance; or

            

       

      

    

    
      	
              •

            	
              violated any other Federal, state, or local employment statute, such as the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which, among other things, protects employee benefits; the Fair Labor Standards Act, which regulates wage and hour matters; the Family and
                Medical Leave Act, which requires employers to provide leaves of absence under certain circumstances; Title VII of the Civil Rights Act of 1964; the Americans With Disabilities Act; the Rehabilitation Act; Occupational Safety and Health
                Act; and any other laws relating to employment; or

            

       

      

    

    
      	
              •

            	
              violated the Released Parties’ personnel policies, handbooks, any covenant of good faith and fair dealing, or any contract of employment between
                you and any of the Released Parties; or

            

       

      

    

    
      	
              •

            	
              violated public policy or common law, including claims for: personal injury, invasion of privacy, retaliatory discharge, negligent hiring,
                retention or supervision, defamation, intentional or negligent infliction of emotional distress and/or mental anguish, intentional interference with contract, negligence, detrimental reliance, loss of consortium to you or any member of your
                family, and/or promissory estoppel; or

            

       

      

    

    
      	
              •

            	
              are in any way obligated for any reason to pay your damages, expenses, litigation costs (including attorneys’ fees), bonuses, commissions,
                disability benefits, compensatory damages, punitive damages, and/or interest.

            

       

      

    

    For the purpose of giving a full and complete release, you understand and agree that this Agreement includes all claims that you may now
      have but do not know or suspect to exist in your favor against the Released Parties, and that, except as set forth in Section 3 below, this Agreement extinguishes those claims.

     

    If you were employed by Employer at any time in California, or if you resided in California at any time while employed by Employer, you
      waive all rights under California Civil Code Section 1542, which states:

     

    A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor
      at the time of executing the release, and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.

     

    If you were employed by Employer at any time in New Jersey, or if you resided in New Jersey at any time while employed by Employer, you
      specifically waive all rights under New Jersey’s Conscientious Employee Protection Act.

     

    
      20

      
        

    

    3.          Protected Rights. You are not prohibited from making or asserting (a) any claim or right under state workers’ compensation or
        unemployment laws, or (b) any claim or right which by law cannot be waived, including your rights to file a charge with an administrative agency or to participate in an agency investigation, including but not limited
        to the right to file a charge or participate in an investigation or proceeding conducted by the Equal Employment Opportunity Commission (“EEOC”). You waive,
        however, the right to recover money if any Federal, state or local government agency, including but not limited to the EEOC, pursues a claim on your behalf or on behalf of a class to which you may belong that arises out of or relates to your
        employment or severance from employment. In addition, this Agreement does not constitute a waiver or release of any rights you have pursuant to Section 4.03(a) and Section 5.12 of your Employment Agreement or any rights you have as an equityholder
        in Employer.

     

    4.          Covenant Not to Sue. You affirm that you have not filed, have not caused to be filed, and are not presently party to, any lawsuit or arbitration against any
        Released Party in any forum. You agree not to sue any of the Released Parties or become a party to a lawsuit on the basis of any claims of any type to date that arise out of any aspect of your employment or severance from employment. You understand
        that this is an affirmative promise by you not to sue any of the Released Parties, which is in addition to your general release of claims in Section 2 above. However, nothing in this Agreement affects your right to
        challenge the validity of this Agreement under the ADEA. If you breach this Agreement by suing any of the Released Parties in violation of this Covenant Not to Sue, you understand that the Released Parties will be entitled to apply for and receive
        an injunction to restrain any violation of this Section.

     

    5.          Acknowledgments. You affirm that you have fully reviewed the terms of this Agreement, affirm that you understand its terms, and state that you are entering into
        this Agreement knowingly, voluntarily, and in full settlement of all claims which existed in the past or which currently exist, that arise out of your employment with Employer or your severance from employment.

     

    You acknowledge that you have had at least 21 days to consider this Agreement thoroughly, and have been specifically advised to consult
      with an attorney, if you wish, before you sign below.

     

    If you sign and return this Agreement before the end of the 21-day period, you certify that your
      acceptance of a shortened time period is knowing and voluntary, and Employer did not improperly encourage you to sign through fraud, misrepresentation, a threat to withdraw or alter the offer before the 21-day period
      expires, or by providing different terms to other employees who sign the release before such time period expires.

     

    You understand that you may revoke this Agreement within seven (7) days after you sign it. Your revocation
      must be in writing and submitted within the seven-day period to [name], [title], [company], [address]. If you do not revoke this Agreement within the seven-day period, it becomes effective and irrevocable. You further understand that if you revoke
      this Agreement, you will not be eligible to receive the payments and benefits covered in Section 1. Payments and benefits covered in Section 1 will commence after the end of the seven-day
      period, in accordance with the terms of your Employment Agreement and applicable law.

     

    
      21

      
        

    

    You acknowledge that, before signing this Agreement, you (i) received certain information about
      eligibility for the payments and benefits available under this Agreement and (ii) had at least 21 days to consider this information before signing this Agreement.

     

    You acknowledge and agree that, upon the Termination Date, all of your duties and responsibilities with respect to Employer and all of
      its subsidiaries and affiliates ceased and that, from and after the Termination Date, you no longer held any position as a director, officer or otherwise with Employer or any of its respective subsidiaries and affiliates.

     

    6.          Assignment; Binding Effect. This Agreement is assignable only by Employer (provided that no such assignment shall relieve Employer of its obligations under this
        Agreement to you), shall inure to the benefit of Employer’s assigns, successors, affiliates, and Released Parties, and is binding on the parties, their representatives, agents and assigns, and as to you, your spouse, heirs, legatees,
        administrators, and personal representatives.

     

    7.          Complete Agreement; Severability, Successors. This Agreement is the exclusive and complete agreement between you and Employer relating to the subject matter of
        this Agreement. This Agreement may be executed simultaneously in more than one counterpart, each of which shall be deemed an original and all of which shall constitute one in the same instrument. No amendment of this Agreement will be binding
        unless in writing and signed by you and Employer. The parties acknowledge and agree that if any provision of this Agreement is found, held or deemed by a court of competent jurisdiction to be void, unlawful or unenforceable under any controlling
        law, the rest of this Agreement will continue in full force and effect. Additionally, a court of competent jurisdiction is authorized to modify any portion of this Agreement which is overbroad to make such portion enforceable. You acknowledge and
        agree that all your covenants and obligations to Employer, as well as the rights of Employer under this Agreement and the Employment Agreement, shall run in favor of and will be enforceable by Employer and its affiliates and successors and
        permitted assigns. Moreover, wherever in this Agreement the term Employer is used, such term shall be construed to include not only Employer itself but also all of the Released Parties.

     

    8.          No Waiver. The waiver by any party hereto of any breach of any provision of this Agreement shall not constitute or operate as a waiver of any other breach of
        such provision or of any provisions hereof, nor shall any failure to enforce any provision hereof operate as a waiver at such time or at any time in the future of such provision or any provision hereof.

     

    9.          Non-Admission of Liability. This Agreement and the terms and provisions thereof shall not be construed as an admission of liability by any of the Released
        Parties released hereunder.

     

    10.          Governing Law. THIS AGREEMENT SHALL BE DEEMED TO BE MADE IN THE STATE OF FLORIDA, AND, TO THE EXTENT NOT PREEMPTED BY ERISA OR OTHER FEDERAL LAW, THE VALIDITY,
        INTERPRETATION, AND PERFORMANCE OF THIS AGREEMENT IN ALL RESPECTS SHALL BE GOVERNED BY THE LAWS OF THE STATE OF FLORIDA WITHOUT REGARD TO ITS PRINCIPLES OF CONFLICTS OF LAW.

     

    
      22

      
        

    

    This Agreement is effective on the 8th day following the date on which you sign and date this Agreement below. Your right to revoke this Agreement is
      described in Section 5 of this Agreement. You are hereby advised by Employer to consult with an attorney prior to signing this Agreement.

     

    
      23

      
        

    

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

     

    	 	
            EMPLOYER

          
	 	 
	 	
            INTERMEX HOLDINGS, INC.

          
	 	 
	 	
            By:

          	
            

            

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	
            EXECUTIVE

          
	 	 
	 	
            Name: Robert Lisy

          

    

    

    
      24

      
        

    

    EXHIBIT B

      

      PRIOR INVENTIONS

      

      None.

    

    

    
      25

      
        

    

    

    

    EXHIBIT C

      

      PARACHUTE TAX PROVISIONS

     

    This Exhibit C sets forth the terms and provisions applicable to
      the Executive as referenced in Section 6.18 of the Employment Agreement.  This Exhibit C shall be subject in all respects to the terms and conditions of the
      Employment Agreement.

     

    (a)          To
        the extent that the Executive, would otherwise be eligible to receive a payment or benefit pursuant to the terms of this Employment Agreement or any equity compensation or other agreement with the Employer or any subsidiary or otherwise in
        connection with, or arising out of, the Executive’s employment with the Employer or a change in ownership or effective control of the Employer or of a substantial portion of its assets (any such payment or benefit, a “Parachute Payment”), that a nationally recognized United States public accounting firm selected by the Employer (the “Accountants”) determines, but for this sentence would be subject to excise tax imposed by Section 4999 of the Code (the “Excise Tax”),
        subject to clause (c) below, then the Employer shall pay to the Executive whichever of the following two alternative forms of payment would result in the Executive’s receipt, on an after-tax basis, of the greater amount of the Parachute Payment
        notwithstanding that all or some portion of the Parachute Payment may be subject to the Excise Tax: (1) payment in full of the entire amount of the Parachute Payment (a “Full Payment”), or
        (2) payment of only a part of the Parachute Payment so that the Executive receives the largest payment possible without the imposition of the Excise Tax (a “Reduced Payment”).

     

    (b)          If
        a reduction in the Parachute Payment is necessary pursuant to clause (a), then the reduction shall occur in the following order:  (1) cancellation of acceleration of vesting on any equity
        awards for which the exercise price exceeds the then fair market value of the underlying equity; (2) reduction of cash payments (with such reduction being applied to the payments in the
        reverse order in which they would otherwise be made, that is, later payments shall be reduced before earlier payments); and (3) cancellation of acceleration of vesting of equity awards not covered under (1) above; provided, however,
        that in the event that acceleration of vesting of equity awards is to be cancelled, acceleration of vesting of full value awards shall be cancelled before acceleration of options and stock appreciation rights and within each class such acceleration
        of vesting shall be cancelled in the reverse order of the date of grant of such equity awards, that is, later equity awards shall be canceled before earlier equity awards; and provided, further, that to the extent permitted by Code Section 409A and Sections 280G and 4999 of the Code, if a different reduction procedure would be permitted without violating Code Section 409A or losing the benefit of the
        reduction under Sections 280G and 4999 of the Code, the Executive may designate a different order of reduction.

     

    (c)          For
        purposes of determining whether any of the Parachute Payments (collectively the “Total Payments”) will be subject to the Excise Tax and the amount of such
        Excise Tax, (i) the Total Payments shall be treated as “parachute payments” within the meaning of Section 280G(b)(2) of the Code, and all “parachute payments”
        in excess of the “base amount” (as defined under Section 280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, unless and except to the extent that, in the opinion of the
        Accountants, such Total Payments (in whole or in part):  (1) do not constitute “parachute payments,” including giving effect to the recalculation of stock options in accordance with
        Treasury Regulation Section 1.280G-1, Q&A 33, (2) represent reasonable compensation for services actually rendered within the
        meaning of Section 280G(b)(4) of the Code in excess of the “base amount” or (3) are otherwise not subject to the Excise Tax, and
        (ii) the value of any non-cash benefits or any deferred payment or benefit shall be determined by the Accountants in accordance with the principles of Section 280G of the Code.

     

    
      26

      
        

    

    (d)          All
        determinations hereunder shall be made by the Accountants, which determinations shall be final and binding upon the Employer and the Executive.

     

    (e)          The
        federal tax returns filed by the Executive (and any filing made by a consolidated tax group which includes the Employer) shall be prepared and filed on a basis consistent with the determination of the Accountants with respect to the Excise Tax
        payable by the Executive.  The Executive shall make proper payment of the amount of any Excise Tax, and at the request of the Employer, provide to the Employer true and correct copies (with any amendments) of his or her federal income tax return as
        filed with the Internal Revenue Service, and such other documents reasonably requested by the Employer, evidencing such payment (provided that the Executive
        may delete information unrelated to the Parachute Payment or Excise Tax and provided, further that the Employer at all times shall treat such returns as confidential and use such return only for purpose contemplated by this paragraph).

     

    (f)          In
        the event of any controversy with the Internal Revenue Service (or other taxing authority) with regard to the Excise Tax, the Executive shall permit the Employer to control issues related to the Excise Tax (at its expense), provided that such
        issues do not potentially materially adversely affect the Executive but the Executive shall control any other issues.  In the event that the issues are interrelated, the Executive and the Employer shall in good faith cooperate so as not to
        jeopardize resolution of either issue.  In the event of any conference with any taxing authority as to the Excise Tax or associated income taxes, the Executive shall permit the representative of the Employer to accompany the Executive, and the
        Executive and his representative shall cooperate with the Employer and its representative.

     

    (g)          The
        Employer shall be responsible for all charges of the Accountants.

     

    (h)          The
        Employer and the Executive shall promptly deliver to each other copies of any written communications, and summaries of any verbal communications, with any taxing authority regarding the Excise Tax covered by this Exhibit C.

     

    (i)          Nothing
        in this Exhibit C is intended to violate the Sarbanes-Oxley Act of 2002 and to the extent that any advance or repayment obligation hereunder would do so, such
        obligation shall be modified so as to make the advance a nonrefundable payment to the Executive and the repayment obligation null and void.

     

    (j)          Notwithstanding
        the foregoing, any payment or reimbursement made pursuant to this Exhibit C shall be paid to the Executive promptly and in no event later than the end of the
        calendar year next following the calendar year in which the related tax is paid by the Executive or where no taxes are required to be remitted, the end of the Executive’s calendar year following the Executive’s calendar year in which the audit is
        completed or there is a final and nonappealable settlement or other resolution of the litigation.

     

    
      27

      
        

    

    (k)          The
        provisions of this Exhibit C shall survive the termination of the Executive’s employment with the Employer for any reason and the termination of the
        Employment Agreement.

     

     

    

     28Exhibit 10.1

 

REAL ESTATE PURCHASE AND SALE AGREEMENT

 

This Real Estate Purchase
And Sale Agreement (“Agreement”) is made this 14th day of October, 2021, by and between Schmitt Industries, Inc.,
an Oregon Corporation ("Seller"), and Sierra Auto Properties LLC, a California limited liability company and/or assigns ("Purchaser").

 

For and in consideration of
the mutual covenants contained herein, the sufficiency of which is unconditionally acknowledged, Seller hereby agrees to sell to Purchaser,
and Purchaser hereby agrees to purchase from Seller, on the following terms and conditions, certain real property and all improvements
thereon (collectively, the "Property"), commonly known as 2451 NW 28th Avenue, Portland, Oregon, and more particularly
described on Exhibit A attached hereto and incorporated herein by this reference.

 

1.       Purchase
Price. The purchase price for the Property is Five Million One Hundred Thousand and no/100 Dollars ($5,100,000.00) (the "Purchase
Price"), payable in cash at closing.

 

2.       Payment
of Earnest Money and Deposits. Within three (3) business days following the delivery of the fully executed Purchase Agreement, Purchaser
will deliver to Rachael Rodgers at First American Title Company, 200 SW Market Street, Suite 250, Portland, OR 97201 (“Title Company”)
(as a deposit) by wire transfer the amount of One Hundred Fifty Thousand Dollars ($150,000.00) (the “Deposit”). In the event
Purchaser elects not to proceed with this transaction on or prior to the expiration of the Review Period, the Deposit will be immediately
returned to Purchaser. In the event Purchaser elects to proceed with this transaction on or prior to expiration of the Review Period,
the Deposit become non-refundable and applied to the Purchase Price at the Close of Escrow and released to Seller.

 

3.       Contingencies/Feasibility
Period.

 

a.       Contingencies.
The obligations of Purchaser to close hereunder shall be, and are hereby, conditioned upon waiver or satisfaction, during the Review Period,
of the following conditions. As used herein, the term "Review Period" shall mean and refer to the period beginning upon the
later to occur of: (i) the mutual execution of this Agreement, or (ii) the date Seller provides Purchaser with access to the Seller Documents,
and ending twenty-one (21) days thereafter.

 

    

    

    

 

i.       Inspection
of Properties and Books and Records; Feasibility. Purchaser's approval, in Purchaser’s sole discretion, of (1) the physical
condition of the Property, (2) any legal/regulatory/contractual limitations or impositions on the Property (including without limitation,
title), and (3) the Seller Documents. Purchaser's examination of the physical condition of the Property may include, but shall not be
limited to, such matters as wetland and other site and off-site information, environmental and hazardous waste inspections and investigations,
availability of governmental permits and approvals, and such other aspects of the Property as Purchaser desires to examine in its sole
discretion. Seller shall provide Purchaser and its representatives with access to the Property at all reasonable times for the purpose
of conducting non-invasive and non-destructive inspections, examinations and investigations contemplated by this paragraph. All inspections,
examinations and investigations performed shall be at Purchaser’s sole cost and expense. In conducting such inspections, examinations
and investigations, Purchaser agrees to promptly repair, at Purchaser's sole cost and expense, any damage caused to the Property by Purchaser
or its representatives. All entry onto the Property by or on behalf of Purchaser shall be at the sole risk and expense of Purchaser. Purchaser
has no authority to bind the Property for purposes of statutory liens or otherwise. Purchaser agrees to defend, indemnify, and hold Seller
harmless from and against all liens, claims, damages and losses whatsoever, arising by reason or as a result of Purchaser's entry onto
the Property as permitted by this Agreement or as a result of any entity on the Property at Purchaser’s request or direction. Seller
shall deliver the Seller Documents, or copies thereof, to Buyer within three (3) days after the mutual execution of this Agreement. As
used herein, “Seller Documents” means the following to the extent in Seller’s possession or control: (i) financial reports
for the Property for the prior three (3) years, (ii) copies of any vendor contracts not terminable upon thirty (30) days’ notice
and a listing of all other vendor contracts in effect as of the Effective Date, (iii) a list of all capital repairs or capital replacements
made to the Property in the prior twenty-four (24) months, (iv) copies of all leases and amendments, (v) copies of all plans, proposed
plans, permits, licenses, and/or specifications for improvements to the Property, (vi) any current surveys of the Property, (vii) any
third party prepared environmental report or engineering report pertaining to the Property and (viii) a tenant estoppel certificate in
form reasonably acceptable to Purchaser for each tenant of the Property. Notwithstanding the foregoing, Seller shall not be required to
deliver any of the following documents: (i) any proposals, letters of intent, draft contracts and the like prepared by or for other prospective
purchasers of the Property, or (ii) Seller’s internal memoranda, attorney-client privileged documents or privileged communications
or appraisals. Although Seller has agreed to make available to Purchaser information regarding the Property, Seller and its agents shall
have no responsibility or liability for the completeness or accuracy of such information, Seller is making no representation with respect
to such documents and information, Purchaser assumes and accepts the entire responsibility for interpreting and assessing the information
provided, and Purchaser will rely solely on Purchaser’s own judgment in making Purchaser’s decision to purchase the Property.

 

     2

     

    

 

ii.       Title
and Title Insurance. Purchaser's approval of the condition of title to the Property. Seller shall cause to be delivered to Purchaser,
within three (3) days after the date of this Agreement, a preliminary title commitment for an owner's ALTA coverage policy of title insurance
for the Property, issued by First American Title Company (“Title Company”), together with legible copies of all exceptions
listed in such title commitment (the date of delivery of such title report and copies of the exceptions is hereinafter referred to as
the “Title Delivery Date”). Purchaser shall have a period of ten (10) days following the Title Delivery Date in which to
notify Seller in writing of Purchaser's disapproval of any exceptions shown in the Title Report, other than any mortgages, trust deeds,
judgment liens or construction liens to be satisfied by Seller by payment on or before the Closing Date; provided, any failure by Purchaser
to give such notice shall be deemed to be a rejection of title and this Agreement shall terminate and the Deposit shall be returned to
Purchaser. In the event Purchaser notifies Seller within such period that Purchaser disapproves one or more exceptions to title, Seller
shall notify Purchaser in writing within five (5) days thereafter as to whether Seller agrees to remove the exceptions so disapproved.
If Seller elects not to eliminate any disapproved exception, Purchaser may elect to cancel this Agreement, in which event the Deposit,
if any, shall be returned to Purchaser and this Agreement shall terminate; provided, if Seller elects not to eliminate any disapproved
exception Purchaser shall be deemed to have elected to cancel this Agreement unless, prior to expiration of the Review Period, Purchaser
has notified Seller in writing of Purchaser’s election not to cancel this Agreement regardless of such disapproved exceptions.
If Purchaser does not elect to cancel this Agreement, Purchaser's objections to the disapproved exceptions which Seller elects not to
eliminate shall be deemed waived and the Property shall be conveyed to the Purchaser with such defects and without credit against the
purchase price. Notwithstanding the foregoing to the contrary, Seller agrees that it shall cause any and all mortgages, trust deeds,
judgment liens or construction liens against the Property to be released of record on or before Closing.

 

     3

     

    

 

Seller discloses to Purchaser
that a small strip of land of the Property has been used by an adjoining property owner for a period of years (the “Encroachment
Area”). Seller has commenced discussions with the adjoining property owner to document the right of the adjoining property owner
to use the Encroachment Area pursuant to a lease that is terminable upon prior notice. The waiver of Purchaser’s contingencies specified
in Paragraph 3.a. above shall be deemed Purchaser’s waiver of Purchaser’s right to terminate this Agreement as a result of
such encroachment onto the Encroachment Area and if such contemplated lease is executed between Seller and the adjoining property owner,
the execution of such lease so long as such lease provides for the option of the owner of the Property to terminate such lease upon not
less than eighteen (18) months prior written notice.

 

b.       Satisfaction
and/or Waiver of Contingencies. The contingencies specified in Paragraph 3.a. above shall be deemed approved unless Purchaser has
notified Seller in writing, within the time and in the manner specified in this Agreement, that it disapproves such contingencies. In
the event of disapproval by Purchaser, this Agreement shall terminate and the Deposit shall be returned to Purchaser. Except in the event
of a default by Seller, the Deposit shall be non-refundable following approval of contingencies.

 

4.       Closing
of Sale. The transaction contemplated by this Agreement shall be closed (the "Closing") on that date designated by Purchaser
in writing to Seller, which date shall be not later than three (3) business days following Purchaser's approval or waiver of all contingencies
specified in Paragraph 3 above. This transaction shall be closed by the Title Company, or such other closing agent (“Closing Agent”)
as the parties may mutually agree upon. Purchaser and Seller shall, immediately on demand, deposit with the Closing Agent all instruments
and monies required to complete the purchase in accordance with this Agreement. The transaction contemplated by this Agreement shall be
deemed closed on the date on which all documents are recorded and the sale proceeds are available to Seller (“Closing Date”).
Purchaser shall be entitled to possession of the Property on the Closing Date. Seller shall convey title by an Oregon form statutory special
warranty deed.

 

5.       Closing
Costs and Prorations. The parties agree to the following allocations and prorations of the income and expenses related to the Property
and the closing:

 

a.       Seller
shall pay the real estate excise tax assessed against the transfer of title to the Property;

 

     4

     

    

 

b.       All
real property taxes and assessments, rents, utilities and operating expenses shall be prorated as of the Closing Date, based upon the
period for which such taxes and assessments are due and payable;

 

c.       Purchaser
shall pay all recording fees;

 

d.       Seller
shall pay the premium for an owner's standard coverage title insurance policy for the Property in the amount of the Purchase Price; provided,
however, Purchaser shall pay any additional cost for extended title insurance coverage plus additional endorsements, if any, desired by
Purchaser, and Purchaser shall also pay the cost of any survey required for extended coverage title insurance;

 

e.       Seller
and Purchaser shall each pay one-half of the escrow fees charged by the Closing Agent;

 

f.       Seller
shall pay the commissions due the brokers as specified in Paragraph 8 hereof; and

 

g.       Each
party shall pay its own attorneys' fees.

 

6.       Representations
and Warranties.

 

a.       Seller
represents and warrants to Purchaser as follows; provided, however, if Seller becomes aware after the date of this Agreement that any
representation by Seller is untrue in any material respect, Seller may give Purchaser written notice of such change in Seller's representation
and Purchaser shall have seven (7) days to terminate this Agreement by written notice to Seller and receive a refund of the Deposit, but
the failure of Purchaser to timely terminate this Agreement shall be deemed a modification of such representation and Seller shall only
be obligated to remake such representation at Closing as so modified.:

 

i.                   
To Seller's knowledge, but without investigation, (A) there is no pending or threatened litigation or administrative action with
respect to the Property, (B) there is no pending or contemplated eminent domain, condemnation or other governmental taking of the Property
or any portion thereof, and (C) Seller has not receive written notice of any violation of law with respect to the Property that has not
been cured, including, without limitation, with respect to the presence of hazardous materials on the Property,

 

ii.                 
This Agreement and the consummation of the transaction evidenced by this Agreement does not violate any other agreement to which
Seller is a party, or any law, statute or ordinance which is binding upon the Property or Seller.

 

     5

     

    

 

ii.       This
Agreement is a valid and binding obligation of the Seller. No authorizations or approvals, whether of governmental bodies or otherwise
will be necessary in order for Seller to enter into this Agreement. Neither the execution and delivery of this Agreement nor the consummation
of the transactions contemplated hereunder will, to Seller's knowledge, conflict with or result in the breach of any law, regulation,
writ, injunction or decree of any court or governmental instrumentality applicable to Seller.

 

iii.       Seller
is not a "foreign person" as defined in Section 1445 of the Internal Revenue Code of 1954, as amended. Seller shall deliver
to Purchaser at closing a Certificate of Non-foreign Status setting forth Seller's address and United States taxpayer identification number
and certifying that it is not a foreign person as so defined.

 

As used in this Agreement, the term “Seller’s
knowledge” or similar words mean the actual knowledge, and not constructive knowledge, of Michael Zapata (and any officers or employees
of Seller with whom he may have consulted), without any duty to investigate.

 

b.       Purchaser
represents and warrants to Seller that this Agreement is a valid and binding obligation of the Purchaser. No authorizations or approvals,
whether of governmental bodies or otherwise will be necessary in order for Purchaser to enter into this Agreement. Neither the execution
and delivery of this Agreement nor the consummation of the transactions contemplated hereunder will, to the best of Purchaser's knowledge,
conflict with or result in the breach of any law, regulation, writ, injunction or decree of any court or governmental instrumentality
applicable to Purchaser.

 

7.       "As
Is" Sale. Notwithstanding anything to the contrary contained in this Agreement, Purchaser acknowledges and agrees that, except
for the warranties contained in Section 6 above, Seller hereby disclaims all warranties of any kind or nature whatsoever, whether expressed
or implied, including, but not limited to, warranties with respect to fitness of the Property for a particular purpose, the availability
or sufficiency of utilities, the zoning of the land, the presence on or beneath the Property (or any parcel in proximity thereto) of hazardous
substances or materials which are categorized as hazardous or toxic under any local, state or federal law, statute, ordinance, rule, or
regulation pertaining to environmental or substance regulation, contamination, clean up or disclosure or the suitability of the Property
for Purchaser's intended use thereof. Pursuant to this Agreement, Purchaser has been granted the right to conduct a diligent investigation
of the Property (employing such independent professionals in connection therewith as Purchaser deems necessary) with regard to its condition,
permitted use, and suitability for Purchaser's intended use thereof, as well as all other factors deemed material to Purchaser. Purchaser
further acknowledges that Purchaser is purchasing the Property "AS-IS" and "WHERE-IS" with all faults and in its present
condition, and, except as provided in Section 6 above, Purchaser is not relying upon any representation of any kind or nature made by
Seller, or any of Seller's employees or agents with respect to the Property, and that, in fact, no such representations have been made.
To the extent that this Agreement contains any representations or covenants on behalf of Seller, such covenants are made only to Seller's
knowledge and without independent investigation. Except as may be otherwise specifically provided in this Agreement (including without
limitation Seller’s representations and warranties set forth in Paragraph 6), Purchaser and anyone claiming by, through or under
Purchaser, hereby fully and irrevocably releases Seller, its affiliates, agents and representatives, from any and all claims that they
may now have or hereafter acquire against Seller, its affiliates, agents or representatives for any cost, loss, liability, damage, expense,
action or cause of action, whether foreseen or unforeseen, arising from or related to the condition of the Property, the presence of environmentally
hazardous, toxic or dangerous substances, or any other conditions (whether patent, latent or otherwise) affecting the Property, it being
acknowledged that the inspections and investigations provided Purchaser under Paragraph 3 hereof will afford Purchaser the opportunity
for full and complete examination, inspection and investigation of the Property. The provisions of this Paragraph 7 shall survive the
Closing.

 

     6

     

    

 

8.       Real
Estate Brokers. Purchaser and Seller hereby represent each to the other that, except for John S. Archibald and Guillermo Olaiz of
NAI Capital Commercial Inc (“NAI Capital”), who represents the Purchaser and Rick Sanders (“Sanders”), of Wyse
Real Estate Advisors, who represents Seller, they have not discussed this Agreement or the subject matter hereof with, and have not engaged
in any fashion or any connection with this transaction the services of, any real estate broker, agent, or salesman, so as to create any
legal right in any such broker, agent, or salesman to claim a real estate commission or similar fee with respect to the conveyance of
the Property or the other transactions contemplated by this Agreement. At Closing, Seller shall pay commission equal to six (6%) percent
of the gross sales price through closing of escrow. The commission shall be spilt equally (50/50) between Sanders and NAI Capital. Seller
and Purchaser hereby agree to indemnify and hold the other harmless from and against any and all claims (including, without limitation,
court costs and reasonable attorneys’ fees actually incurred in connection with any such claims) for any real estate commissions
or similar fees arising out of or in any way connected with any breach of the foregoing representation.

 

     7

     

    

 

9.       Default.
In the event that Purchaser is obligated to pay the Purchase Price and fails to do so, then Seller, as Seller's sole remedy, shall be
entitled to retain the Earnest Money deposited by Purchaser (and all interest earned thereon) as liquidated damages. Purchaser
and Seller hereby agree that a reasonable estimate of the total damages that Seller would suffer in the event that Purchaser defaults
and fails to complete the purchase of the Property is an amount equal to all of the Earnest Money. Such amount will be the full, agreed
and liquidated damages for the breach of this Agreement by Purchaser, and after payment thereof to Seller, neither party shall have any
further obligation to or rights against the other.

 

In the event Seller wrongfully fails to deliver
to Escrow Holder a Seller-executed deed transferring the Property to Purchaser, and authorize closing of the sale of the Property to Purchaser
after each of the following has occurred: (a) the expiration of three (3) business days from Seller's receipt of written demand to close
from Purchaser; (b) all contingencies have been satisfied or waived in writing by Purchaser; (c) Purchaser represents in writing to Seller
that it is ready, willing, and able to close; and (d) Seller is not otherwise prevented from closing by a third-party outside of Seller's
control, then Purchaser may elect, as its sole remedy, either to: (i) terminate this Agreement by giving Seller and the Escrow Holder
timely written notice of such election within sixty (60) days following the date set for Closing in Paragraph 4 above, in which case Purchaser
shall be entitled to return of the entire Deposit, any interest earned thereon, and reimbursement for third party out-ofpocket costs incurred
by Purchaser in connection with this Agreement not to exceed $50,000.00; or (ii) seek specific performance of this Agreement; provided,
however, Purchaser must file suit within thirty (30) days from the scheduled date of Closing or within thirty (30) day from the date Seller
has informed Purchaser in writing that Seller will not proceed with Closing, whichever is earlier; provided, however. if Purchaser timely
pursues the remedy of specific performance and Purchaser does not obtain the remedy of specific performance within ninety (90) days of
the scheduled date of Closing, Purchaser shall be entitled to receive a refund of the Earnest Money and also recover from Seller $400,000.00
as liquidated damages.

 

     8

     

    

 

PURCHASER AND SELLER HEREBY AGREE THAT A REASONABLE
ESTIMATE OF THE TOTAL DAMAGES THAT PURCHASER WOULD SUFFER IN THE EVENT THAT SELLER DEFAULTS AND FAILS TO COMPLETE THE SALE OF THE PROPERTY
IN SUCH A MANNER THAT PURCHASER DOES NOT TIMELY OBTAIN THE REMEDY OF SPECIFIC PERFORMANCE AS PROVIDED ABOVE WHERE ALL OF THE LIQUIDATED
DAMAGES PRECO DITIONS HA VE OCCURRED, IS AN AMOUNT EQUAL TO FOUR HUNDRED THOUSAND DOLLARS ($400,000). SUCH AMOUNT WILL BE THE FULL, AGREED
AND LIQUIDATED DAMAGES FOR SUCH WRONGFUL FAILURE TO CLOSE BY SELLER, AND FTER PAYMENT THEREOF TO PURCHASER AND RETURN OF PURCHASER'S EARNEST
MONEY, NEITHER PARTY SHALL HAVE ANY FURTHER OBLIGATION TO OR RIGHTS AGAINST THE OTHER.

 

	
    SELLER

     

    /s/ Michael Zapata

     
	
    BUYER

     

    /s/ Peter Hoffman

     

 

10.       Confidentiality
Requirements. Prior to acquiring the Property, Purchaser shall use and disclose information it obtains about the Property solely in
connection with its purchase evaluation. Purchaser shall not disclose any such information to any third party except (a) to its employees,
affiliates, permitted assignees, successors, consultants, lenders and attorneys; (b) as required by any court of competent jurisdiction
or as may be necessary in its reasonable judgment in connection with any mediation, arbitration, or litigation in connection with this
Agreement; and (c) as to any information which is otherwise a matter of public record.

 

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11.       Notices.
All notices, demands, or other communications which are required or are permitted to be given under this Agreement shall be in writing
and shall be deemed to have been delivered on the earlier of: (a) the date of actual receipt by personal service, receipt of a telecopier
transmission thereof or receipt by delivery from a commercially recognized overnight courier, or (b) three (3) days after having been
deposited in the U.S. mail, addressed to the parties at the following addresses or at such other addresses as either party may give to
the other party by notice in writing pursuant to the terms of this paragraph:

 

	 	Seller's Address:	Schmitt Industries Inc. 
	 	 	2755 Nicolai Street
	 	 	Portland, Oregon 97210
	 	 	Attn: Michael Zapata
	 	 	Email: mzapata@schmitt-ind.com
	 	 	 
	 	With a copy to:	Brad Miller
	 	 	Brix Law LLP
	 	 	75 SE Yamhill, Suite 202
	 	 	Portland, OR 97214
	 	 	Email: bmiller@brixlaw.com
	 	 	 
	 	Purchaser's Address:	Sierra Auto Properties, LLC
	 	 	1217 S. Shamrock Ave
	 	 	Monrovia, CA 91017
	 	 	Attention: Peter Hoffman
	 	 	 
	 	With a copy to:	Thomas Hoffman, Esq
	 	 	302 W Sierra Madre Blvd
	 	 	Sierra Madre, CA 91024

 

Any party hereto may change its address for purposes
of notice hereunder by giving notice to the other party in the manner set forth herein.

 

12.       Miscellaneous.

 

a.       Integration.
This Agreement, together with any attached exhibits, is the entire contract between the parties, and no representations, warranties, projections,
inducements, promises, understandings, assurances, or agreements (whether express or implied, or whether oral or written) made before
the execution of this Agreement, will change its terms or have any binding effect on either party. There are no verbal or other agreements
which modify or affect this Agreement.

 

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b.       Legal
Relationships. This Agreement creates only the relationship of Seller and Purchaser and no joint venture, partnership or other joint
undertaking is intended hereby, and neither party hereto shall have any rights to make any representations or incur any obligations on
behalf of the other. Neither party has authorized any agent to make any representations, admit any liability or undertake any obligation
on its behalf. Neither party is executing this Agreement on behalf of an undisclosed principal, and no third party is intended to be benefited
by this Agreement. The parties agree that this Agreement involves only the sale and purchase of real, personal and intangible property,
that Purchaser is not, except as stated herein, acquiring any business or ongoing liability of Seller, and except to the limited extent
assumed by Purchaser in writing, Purchaser shall have no successor liability under this Agreement to any employee, agent or other person
with whom Seller has contracted or is liable.

 

c.       Waiver.
Failure of either party at any time to require performance of any provision of this Agreement shall not limit the party's right to enforce
the provision. Waiver of any breach of any provision shall not be a waiver of any succeeding breach of the provision or a waiver of the
provision itself or any other provision.

 

d.       Attorneys'
Fees. In the event suit or action is instituted to interpret or enforce the terms of this Agreement, the prevailing party shall be
entitled to recover from the other party such sum as the court may adjudge reasonable as attorneys' fees and costs in the preparation
of its case at trial, on any appeal, and on any petition for review, in addition to all other sums provided by law.

 

e.       Applicable
Law. This Agreement shall be construed, applied and enforced in accordance with the laws of the State of Oregon and the venue of any
suit shall be Multnomah County.

 

f.       Statutory
Notice. THE PROPERTY DESCRIBED IN THIS INSTRUMENT MAY NOT BE WITHIN A FIRE PROTECTION DISTRICT PROTECTING STRUCTURES. THE PROPERTY
IS SUBJECT TO LAND USE LAWS AND REGULATIONS THAT, IN FARM OR FOREST ZONES, MAY NOT AUTHORIZE CONSTRUCTION OR SITING OF A RESIDENCE AND
THAT LIMIT LAWSUITS AGAINST FARMING OR FOREST PRACTICES, AS DEFINED IN ORS 30.930, IN ALL ZONES. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT,
THE PERSON TRANSFERRING FEE TITLE SHOULD INQUIRE ABOUT THE PERSON’S RIGHTS, IF ANY, UNDER ORS 195.300, 195.301 AND 195.305 TO 195.336
AND SECTIONS 5 TO 11, CHAPTER 424, OREGON LAWS 2007, SECTIONS 2 TO 9 AND 17, CHAPTER 855, OREGON LAWS 2009, AND SECTIONS 2 TO 7, CHAPTER
8, OREGON LAWS 2010. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING FEE TITLE TO THE PROPERTY SHOULD CHECK WITH THE
APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY THAT THE UNIT OF LAND BEING TRANSFERRED IS A LAWFULLY ESTABLISHED LOT OR PARCEL,
AS DEFINED IN ORS 92.010 OR 215.010, TO VERIFY THE APPROVED USES OF THE LOT OR PARCEL, TO VERIFY THE EXISTENCE OF FIRE PROTECTION FOR
STRUCTURES AND TO INQUIRE ABOUT THE RIGHTS OF NEIGHBORING PROPERTY OWNERS, IF ANY, UNDER ORS 195.300, 195.301 AND 195.305 TO 195.336 AND
SECTIONS 5 TO 11, CHAPTER 424, OREGON LAWS 2007, SECTIONS 2 TO 9 AND 17, CHAPTER 855, OREGON LAWS 2009, AND SECTIONS 2 TO 7, CHAPTER 8,
OREGON LAWS 2010.

 

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g.       Modification.
This Agreement may be changed only by a writing that is executed and delivered by both Seller and Purchaser.

 

h.       Severability.
The invalidity or unenforceability of one provision of this Agreement will not affect the validity or enforceability of the other provisions.

 

i.       Captions.
The captions of the paragraphs of this Agreement are inserted only for the convenience of the parties and are not to be construed as a
part of this Agreement or as a limitation of the scope of the particular paragraphs to which they refer.

 

j.       Weekends;
Holidays. If the last day for giving any notice or taking any action required or permitted under this Agreement would otherwise fall
on a Saturday, Sunday or legal holiday, that last day shall be postponed until the next legal business day.

 

k.       Time;
Right To Assign. Time is of the essence of each and every provision of this Agreement. Purchaser may assign its rights under this
Agreement only with Seller’s prior written consent, such consent not to be unreasonably withheld, conditioned or delayed.

 

l.       Survival.
All of the representations, warranties and agreements of the parties set forth in this Agreement shall survive for a period of twelve
(12) months from the Closing, and if any action is to be brought based upon such representations, warranties and agreements, said claim
must be commenced within twelve (12) months from the Closing or be forever barred. Notwithstanding anything to the contrary contained
herein, after the Closing: (a) the maximum aggregate liability of Seller, and the maximum aggregate amount which may be awarded to and
collected by Purchaser (including, without limitation, for any breach of any representation, warranty and/or covenant by Seller) in connection
with the Property and/or the sale thereof to Purchaser including, without limitation, under this Agreement or any documents executed pursuant
hereto or in connection herewith (collectively, the “Other Documents”, shall under no circumstances whatsoever exceed five
percent (5%) of the Purchase Price (the “Liability Cap”); and (b) no claim by Purchaser alleging a breach by Seller of
any representation, warranty and/or covenant of Seller contained herein or in any of the Other Documents may be made, and Seller shall
not be liable for any judgment in any action based upon any such claim, unless and until such claim, either alone or together with any
other claims by Purchaser alleging a breach by Seller of any such representation, warranty and/or covenant is for an aggregate amount
in excess of Twenty-Five Thousand Dollars ($25,000) (the “Floor Amount”), in which event Seller’s liability respecting
any final judgment concerning such claim or claims shall be for the entire amount thereof, subject to the limitation set forth in clause
(a) above; provided, however, that if any such final judgment is for an amount that is less than or equal to the Floor Amount, then Seller
shall have no liability with respect thereto. If Purchaser elects to cause the Property to be conveyed at Closing to more than one entity,
the Liability Cap shall not be allocated among the various buying entities.

 

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m.       1031
Exchange. If either Purchaser or Seller intends for this transaction to be a part of a Section 1031 like-kind exchange, then
the other party agrees to cooperate in the completion of the like-kind exchange so long as the cooperating party incurs no additional
liability in doing so, and so long as any expenses (including attorneys’ fees and costs) incurred by the cooperating party at the
written request of the other party that are related only to the exchange are paid or reimbursed to the cooperating party at or prior to
closing.

 

n.       Risk
of Loss. Until Closing, all risk of any loss or damage to all or part of the Property, including eminent domain, shall be and remain
on Seller. In the event that such loss or damage shall occur, Seller shall give Purchaser written notice of such loss or damage along
with its estimate of the amount of the loss or damage, within five (5) calendar days of such event occurring. In the event of any loss
due to eminent domain or damage due to casualty in which the estimate of the loss is greater than One Hundred Thousand Dollars ($100,000.00),
then within five (5) calendar days after receipt of Seller’s written notice, Purchaser, at its option by written notice to Seller,
may elect to terminate this Agreement in which event the Deposit and all interest earned thereon shall be promptly returned to Purchaser.
In the event that Purchaser does not elect to terminate this Agreement, or in the event that the loss is One Hundred Thousand Dollars
($100,000.00) or less, Seller shall assign to Purchaser all of its rights, title and interest, if any, to the proceeds of any insurance
or condemnation award covering such loss or damage at Closing, and Purchaser shall receive a credit against the Purchase Price at Closing
in the amount of any deductible of such insurance.

 

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o.       Counterparts;
Facsimiles. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. This Agreement or any counterpart may be executed and delivered via facsimile transmission
or email (pdf) with an executed hard copy to follow.

 

p.       Right
of First Offer. Seller discloses to Purchaser that Tosei America, Inc., an Ohio corporation (“Tosei”), the tenant under
that certain lease dated November 22, 2019 (the “Lease”) has a right of first offer to purchase the Property and that through
an email exchange Tosei has stated that it is not interested in purchasing the Property. Seller’s obligation to sell Purchaser the
Property iscontingent upon Seller obtaining written confirmation of such waiver from Tosei within fourteen (14) days or within such fourteen
(14) day period obtaining confirmation from the Title Company that the previous email exchange with Tosei is sufficient for the Title
Company to issue an owner’s policy of title insurance to Purchaser without an exception pertaining to Tosei’s right of first
offer applicable to Purchaser’s purchase of the Property.

 

IN WITNESS WHEREOF, this Agreement
has been executed as of the date first hereinabove written.

 

	"SELLER"	 	"PURCHASER"
	 	 	 
	SCHMITT INDUSTRIES INC.	 	SIERRA AUTO PROPERTIES LLC
	 	 	 
	 	 	 
	By:	/s/ Michael Zapata	 	 	By:	/s/ Peter Hoffman	 
	Its:	CEO	 	 	Its:	President	 

 

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EXHIBIT A

 

LEGAL DESCRIPTION

 

Lot 1, SCHMITT INDUSTRIAL PARK, in the City of Portland, County
of Multnomah and State of Oregon.

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