Document:

synh-ex101_313.htm

Exhibit 10.1

SYNEOS HEALTH, INC.
2018 Equity Incentive Plan

Global Restricted Stock Unit Award Agreement for Directors

This Global Restricted Stock Unit Award Agreement for Directors (the “Agreement”) is made by and between Syneos Health, Inc., a Delaware corporation (the “Company”), and [INSERT NAME] (the “Participant”), effective as of [INSERT DATE OF GRANT] (the “Date of Grant”). 

RECITALS

WHEREAS, the Company has adopted the Syneos Health, Inc. 2018 Equity Incentive Plan (as the same may be amended and/or amended and restated from time to time, the “Plan”), which Plan is incorporated herein by reference and made a part of this Agreement, and capitalized terms not otherwise defined in this Agreement will have the meanings ascribed to those terms in the Plan; and

WHEREAS, the Committee has authorized and approved the grant of an Award to the Participant of Restricted Stock Units payable in shares of Common Stock (the “Shares”), subject to the terms and conditions set forth in the Plan and this Agreement.  

NOW THEREFORE, in consideration of the premises and mutual covenants set forth in this Agreement, the parties agree as follows:

	
1.
	
Grant of Restricted Stock Units.  The Company has granted to the Participant, effective as of the Date of Grant, [insert number] Restricted Stock Units, on the terms and conditions set forth in the Plan and this Agreement, subject to adjustment as set forth in Section 4.5 of the Plan (the “RSUs”).  

	
2.
	
Vesting of RSUs.  Subject to the terms and conditions set forth in the Plan and this Agreement, the RSUs will vest as follows:

	
 
	
(a)
	
General.  Except as otherwise provided in Sections 2(b) through 2(c) and Section 4, 100% of the Shares subject to the RSUs will vest on the first anniversary of the Date of Grant, or, if earlier, the date of the next subsequent annual meeting following the Date of Grant but only to the extent the Participant is not re-elected as a Non-Employee Director at such annual meeting, in each case, subject to the Participant’s continued Service through the applicable vesting date.

 

	
 
	
(b)
	
Effect of Death and Termination Due to Disability. The RSUs will become fully vested immediately upon the Participant’s death or termination of Service due to Disability.  

	
 
	
(c)
	
Change in Control.  To the extent that (i) the RSUs are not converted, assumed, substituted or replaced by a successor or survivor corporation, or a parent or subsidiary thereof upon the occurrence of a Change in Control or (ii) the Participant’s Service is not continued by the successor or survivor corporation in 

 

2018 EIP_RSU Agreement_NonEmployee Director

 

	
 
		
connection with such Change in Control, the RSUs will become fully vested immediately prior the consummation of a Change in Control subject to the Participant’s continued Service through the date of such Change in Control. 

 

	
3.
	
Settlement of RSUs Upon Vesting.

	
 
	
(a)
	
Settlement in Shares.  RSUs vested as described in Section 2 above will be settled by delivering to the Participant a number of Shares equal to the number of vested RSUs within sixty (60) days of the date on which the RSUs vest. In any case, the Company may provide a reasonable delay in the delivery of the Shares to address Tax­Related Items, withholding, and other administrative matters.  Neither the Company nor the Committee will be liable to the Participant or any other Person for damages relating to any delays in issuing the Shares or any mistakes or errors in the issuance of the Shares. 

 

	
 
	
(b)
	
Book­Entry Registration of the Shares.  The Company will deliver the Shares payable pursuant to this Agreement within the settlement period set forth in Section 3(a) by registering such Shares with the Company’s transfer agent (or another custodian selected by the Company) in book­entry form in the Participant’s name.  

	
 
	
(c)
	
Shareholder Rights. The Participant will not have any rights of a stockholder with respect to the Shares subject to the RSUs, including voting and dividend rights, unless and until the Shares are delivered as described in Section 3(b) above.

	
 
	
(d)
	
Responsibility for Taxes.  The Participant acknowledges that, regardless of any action taken by the Company, the ultimate liability for all Tax-Related Items is and remains the Participant’s responsibility and that the Participant will consult with his or her personal tax advisor regarding the Tax-Related Items that arise in connection with this Agreement.  The Participant is relying solely on such advisor and is not relying in any part on any statement or representation of the Company or any of its agents. The Participant further acknowledges that the Company (1) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant or vesting of the RSUs, the delivery of Shares following the vesting date of the RSUs, the subsequent sale of Shares acquired pursuant to such vesting/delivery and the receipt of any dividends and/or dividend equivalents; and (2) does not commit to and is under no obligation to structure the terms of the grant or any aspect of the RSUs to reduce or eliminate the Participant’s liability for Tax-Related Items or achieve any particular tax result.  Further, if the Participant is subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that the Company may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

	
 
	
(e)
	
Withholding Requirements.  Prior to any relevant taxable or tax withholding event, as applicable, the Participant agrees to make adequate arrangements satisfactory to the Company to satisfy all Tax-Related Items.  In this regard, the Participant authorizes the Company, or its respective agents, at the Company’s discretion, to 

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satisfy their obligations, if any, with regard to all Tax-Related Items by one or a combination of the following: (1) cash payment by the Participant to the Company prior to the day of vesting of an amount that the Company will apply to the required withholding; (2) withholding from proceeds of the sale of Shares acquired upon vesting/settlement of the RSUs either through a voluntary sale or through a mandatory sale arranged by the Company (on the Participant’s behalf pursuant to this authorization); or (3) withholding in Shares to be issued upon settlement of the RSUs.  For the purposes of alternative (3) above, any Shares withheld shall be credited for purposes of the withholding requirements at the Fair Market Value of the Shares on the date that the tax withholding is determined.  Until such time as the Company provides notice to the contrary, it will collect withholding for Tax-Related Items pursuant to alternative (2) above; provided, however, that if such method (A) cannot be processed by the broker or (B) the Participant is subject to the Company’s Policy on Insider Trading and Communications with the Public (the “Insider Trading Policy”), the sale of Shares pursuant to alternative (2) is prohibited under the Insider Trading Policy and the Participant has not entered into an arrangement that is intended to comply with the requirements of Rule 10b5-1(c)(1) of the Exchange Act and that provides for the sale of all of the Shares subject to this Agreement, the Company will instead collect withholding for Tax-Related Items pursuant to alternative (3).

The Company may withhold or account for Tax-Related Items by considering rates up to, but not exceeding, the maximum tax rates in the Participant’s jurisdiction(s), in which case the Participant may receive a refund of any over-withheld amount in cash and will have no entitlement to the Common Stock equivalent.  If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Participant is deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax-Related Items.

 

Finally, the Participant agrees to pay to the Company any amount of Tax-Related Items that the Company may be required to withhold or account for as a result of the Participant’s participation in the Plan that cannot be satisfied by the means previously described.  The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if the Participant fails to comply with the Participant’s obligations in connection with the Tax-Related Items.

 

	
4.
	
Forfeiture.  Except as provided in Sections 2(b) through 2(c) above, any unvested RSUs will be forfeited immediately, automatically and without consideration upon a termination of the Participant’s Service for any reason.  Without limiting the generality of the foregoing, the RSUs and the Shares (and any resulting proceeds) will continue to be subject to Section 13 of the Plan.

	
5.
	
Adjustment to RSUs.  In the event of any change with respect to the outstanding shares of Common Stock contemplated by Section 4.5 of the Plan, the RSUs may be adjusted in accordance with Section 4.5 of the Plan.

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2018 EIP_RSU Agreement_NonEmployee Director

 

	
6.
	
Nature of Grant.  In accepting the RSUs, the Participant acknowledges, understands and agrees that:

	
 
	
(a)
	
the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

	
 
	
(b)
	
the grant of the RSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past; 

	
 
	
(c)
	
all decisions with respect to future RSUs or other grants, if any, will be at the sole discretion of the Company; 

	
 
	
(d)
	
the RSUs and the Participant’s participation in the Plan shall not create a right to employment or be interpreted as forming an employment or services contract with the Company or any Subsidiary; 

	
 
	
(e)
	
the Participant is voluntarily participating in the Plan; 

	
 
	
(f)
	
unless otherwise agreed with the Company, the RSUs and the Shares subject to the RSUs, and the income from and value of same, are not granted as consideration for, or in connection with, the service the Participant may provide as a director of a Subsidiary; and

	
 
	
(g)
	
the future value of the underlying Shares is unknown, indeterminable and cannot be predicted with certainty.

	
7.
	
No Advice Regarding Grant.  The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant’s participation in the Plan, or the Participant’s acquisition or sale of the underlying Shares.  The Participant should consult with the Participant’s own personal tax, legal and financial advisors regarding the Participant’s participation in the Plan before taking any action related to the Plan.

	
8.
	
Insider Trading Restrictions/Market Abuse Laws.  The Participant acknowledges that, depending on the Participant’s or the Participant’s broker’s country of residence or where the Shares are listed, the Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect the Participant’s ability to accept, acquire, sell or otherwise dispose of Shares or rights to Shares or rights linked to the value of Shares (e.g., phantom awards, futures) under the Plan during such times as the Participant is considered to have “inside information” regarding the Company (as defined by the laws or regulations in the applicable jurisdiction).  Local insider trading laws and regulations may prohibit the cancellation or amendment of orders the Participant places before possessing inside information.  Furthermore, the Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a “need to know” basis) and (ii) “tipping” third parties or causing them otherwise to buy or sell securities.  Keep in mind third parties include fellow employees.

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Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy.  The Participant is responsible for complying with any applicable restrictions and should speak with a personal legal advisor on this matter.

	
9.
	
Miscellaneous Provisions

	
 
	
(a)
	
Securities Laws Requirements or Exchange Control Laws Requirements.  No Shares will be issued or transferred pursuant to this Agreement unless and until all then applicable requirements imposed by federal and state securities and other securities or exchange control laws, rules and regulations and by any regulatory agencies having jurisdiction, and by any exchanges upon which the Shares may be listed, have been fully met.  As a condition precedent to the issuance of Shares pursuant to this Agreement, the Company may require the Participant to take any reasonable action to meet those requirements.  The Committee may impose such conditions on any Shares issuable pursuant to this Agreement as it may deem advisable, including, without limitation, restrictions under the Securities Act of 1933, as amended, under the requirements of any exchange upon which shares of the same class are then listed and under any blue sky or other securities laws applicable to those Shares.  

	
 
	
(b)
	
Non­Transferability.  The RSUs and the rights and privileges conferred thereby shall be non-transferable except as provided by Section 15.3 of the Plan.  Any Shares delivered hereunder will be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which such shares are listed, any applicable federal or state laws and any agreement with, or policy of, the Company or the Committee to which the Participant is a party or subject, and the Committee may cause orders or designations to be placed upon any certificate(s) or other document(s) delivered to the Participant, or on the books and records of the Company’s transfer agent, to make appropriate reference to such restrictions.

	
 
	
(c)
	
No Right to Continued Service.  Nothing in this Agreement or the Plan confers upon the Participant any right to continue in Service for any period of specific duration.

	
 
	
(d)
	
Notification.  Any notification required by the terms of this Agreement will be given by the Participant (i) in a writing addressed to the Company at its principal executive office and will be deemed effective upon actual receipt when delivered by personal delivery or by registered or certified mail, with postage and fees prepaid, or (ii) by electronic transmission to the Company’s e-mail address of the Company’s General Counsel and will be deemed effective upon actual receipt.  Any notification required by the terms of this Agreement will be given by the Company (x) in a writing addressed to the address that the Participant most recently provided to the Company and will be deemed effective upon personal delivery or within three (3) days of deposit with the United States Postal Service, by registered or certified 

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2018 EIP_RSU Agreement_NonEmployee Director

 

	
 
		
mail, with postage and fees prepaid, or (y) by facsimile or electronic transmission to the Participant’s primary work fax number or e-mail address (as applicable) and will be deemed effective upon confirmation of receipt by the sender of such transmission.

	
 
	
(e)
	
Entire Agreement.  This Agreement and the Plan constitute the entire agreement between the parties hereto with regard to the subject matter of this Agreement.  This Agreement and the Plan supersede any other agreements, representations or understandings (whether oral or written and whether express or implied) that relate to the subject matter of this Agreement.

	
 
	
(f)
	
Waiver.  No waiver of any breach or condition of this Agreement will be deemed to be a waiver of any other or subsequent breach or condition whether of like or different nature.

	
 
	
(g)
	
Successors and Assigns.  The provisions of this Agreement will inure to the benefit of, and be binding upon, the Company and its successors and assigns and upon the Participant, the Participant’s executor, personal representative(s), distributees, administrator, permitted transferees, permitted assignees, beneficiaries, and legatee(s), as applicable, whether or not any such person will have become a party to this Agreement and have agreed in writing to be joined herein and be bound by the terms hereof.

	
 
	
(h)
	
Severability.  The provisions of this Agreement are severable, and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, then the remaining provisions will nevertheless be binding and enforceable.

	
 
	
(i)
	
Amendment.  Except as otherwise provided in the Plan, this Agreement will not be amended unless the amendment is agreed to in writing by both the Participant and the Company.

	
 
	
(j)
	
Choice of Law; Jurisdiction.  This Agreement and all claims, causes of action or proceedings (whether in contract, in tort, at law or otherwise) that may be based upon, arise out of or relate to this Agreement will be governed by the internal laws of the State of Delaware, excluding any conflicts or choice-of-law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.  The Participant and each party to this Agreement agrees that it will bring all claims, causes of action and proceedings (whether in contract, in tort, at law or otherwise) that may be based upon, arise out of or be related to the Plan and this Agreement exclusively in the Delaware Court of Chancery or, in the event (but only in the event) that such court does not have subject matter jurisdiction over such claim, cause of action or proceeding, exclusively in the United States District Court for the District of Delaware (the “Chosen Court”), and hereby (i) irrevocably submits to the exclusive jurisdiction of the Chosen Court, (ii) waives any objection to laying venue in any such proceeding in the Chosen Court, (iii) waives any objection that the Chosen Court 

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is an inconvenient forum or does not have jurisdiction over any party and (iv) agrees that service of process upon such party in any such claim or cause of action will be effective if notice is given in accordance with this Agreement.

	
 
	
(k)
	
Signature in Counterparts. This Agreement may be signed in counterparts, manually or electronically, each of which will be an original, with the same effect as if the signatures to each were upon the same instrument.

	
 
	
(l)
	
Electronic Delivery.  The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means or request the Participant’s consent to participate in the Plan by electronic means.  The Participant hereby consents to receive such documents by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

	
 
	
(m)
	
Acceptance.  The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement.  The Participant has read and understands the terms and provisions of the Plan and this Agreement, and accepts the RSUs subject to all of the terms and conditions of the Plan and this Agreement.  In the event of a conflict between any term or provision contained in this Agreement and a term or provision of the Plan, the applicable term and provision of the Plan will govern and prevail.

[Signature page follows.]

 

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2018 EIP_RSU Agreement_NonEmployee Director

 

 

IN WITNESS WHEREOF, the Company and the Participant have executed this Restricted Stock Unit Award Agreement as of the date first written above. 

 

 

					
	
[insert name]
	
 
	
 
	
SYNEOS HEALTH, INC.

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By:
	
 

	
Signature
	
 
	
 
	
Name:
	
 

	
 
	
 
	
 
	
Title:
	
 

 

2018 EIP_RSU Agreement_NonEmployee DirectorExhibit 10.1

 

DEALERSHIP ASSET PURCHASE AGREEMENT

 

This DEALERSHIP ASSET PURCHASE
AGREEMENT (this “Agreement”) is effective as of August 5, 2021 (the “Effective Date”),
and is among LMP Yonkers Kia, LLC, a New York limited liability company (“Buyer”), LMP Automotive Holdings Inc.,
a Delaware corporation (“Issuer”), Harrison M. Gray, an individual and Respect Auto Group I LLC, a New York
limited liability company (collectively and jointly and severally, the “Principal”), and Respect Auto Yonkers,
LLC, a New York limited liability company (“Seller”; and together with Buyer, Issuer and Principal, each a “Party”
and, collectively, the “Parties”).

 

RECITALS:

 

WHEREAS, Seller owns,
controls and operates the Yonkers Kia motor vehicle dealership (collectively, the “Dealership”) located at 1850
Central Avenue in the City of Yonkers, New York 10710 (the “Property”), under agreements with Kia Motors America,
Inc. (the “Manufacturer”); and

 

WHEREAS, Seller and
Principal desire to sell and transfer substantially all of the Dealership’s assets (as more particularly described in Section
2 below, but excluding the Excluded Assets defined below, collectively, the “Assets”) to Buyer and Buyer
desires to purchase said assets on the terms and conditions hereinafter set forth.

 

AGREEMENT:

 

NOW, THEREFORE, in
consideration for the mutual promises contained in this Agreement, the receipt and sufficiency of which is hereby acknowledged by each
Party, the Parties as follows:

 

1. Timing
& Money.

 

(a) Inspection
Period & Closing Date. From the Effective Date through the seventy-fifth (75th) day after the Effective Date (the “Inspection
Period”), Buyer may terminate this Agreement for any or no reason upon written notice to Seller. The “Closing
Date Deadline” means the date which is one hundred twenty (120) days after the Effective Date; provided, however,
that if, as of the seventh (7th) day prior to such date, the approvals or other conditions set forth in Sections 8(a)
and 8(c) of this Agreement have not been obtained, the Closing Date Deadline will automatically be extended for thirty (30) days.
The Closing will occur on a mutually agreed to business day by the Closing Date Deadline within ten (10) days after the satisfaction or
waiver of the pre-Closing Date conditions contained in Section 8 below.

 

(b) Purchase
Price & Escrow. The purchase price for the Assets described in Section 2(e) below is Fourteen Million U.S. Dollars ($14,000,000.00)
(the “Goodwill Price”), partially payable in cash and partially payable in LMP Stock (defined below) on the
Closing Date. Each Party shall use the purchase price and other allocation described in the spreadsheet detailing inventories, values,
debits and credits executed and delivered by the Parties upon Closing (the “Closing Memorandum”) in all reporting
to, and all tax returns filed with, the Internal Revenue Service and other state and local taxing authorities.

 

(1) The
Parties hereto shall establish an escrow account (“Escrow”) with an escrow agent acceptable to the Parties (“Escrow
Agent”). Buyer shall deliver to Escrow Agent within fifteen (15) Business Days following execution of this Agreement the
sum of Five Hundred Thousand Dollars ($500,000.00) (“Deposit”), which sum shall be held and disbursed pursuant
to the terms of this Agreement. The Deposit shall be applied to the benefit of Buyer toward the Purchase Price upon the Closing. If the
Closing does not occur, then the Deposit shall be applied in the manner set forth in Section 12 hereof. All costs and fees of the Escrow
shall be paid fifty percent (50%) by Buyer and fifty percent (50%) by Seller.

 

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(2) Sales
Tax. Buyer shall be responsible for the payment of any and all sales, use, and other transfer Taxes payable with respect to the transfer
of the Assets pursuant to this Agreement, including without limitation, all tire fees and other asset fees assessed by an municipality
or the New York Department of Motor Vehicles. Such payment shall be made by wire transfer of the entire amount of such sales, use and
other transfer Taxes payable hereunder by Buyer to Escrow Agent concurrently with the payment of the balance of the Purchase Price pursuant
to Section 1(b)(3) below, or directly by Buyer to the relevant taxing authorities.

 

(3) Closing
Mechanism. Prior to the Closing (as defined in Section 2 below), Buyer shall wire to Escrow Agent the Goodwill Price (reduced by any
portion Buyer elects to pay in the form of LMP Stock, as contemplated by subsection (c), below), and the price for Fixed Assets, New Vehicles,
Used Vehicles and Inventory, as described below (collectively, the “Purchase Price” to the extent the Purchase
Price is in excess of the Deposit together with fifty percent (50%) of the escrow costs and expenses and any sales and use tax payable
by Buyer as stipulated by this Agreement and any net adjusted amount owed by Buyer under this Agreement. Concurrently with the Closing,
the Escrow Agent shall (a) apply the Purchase Price in accordance with the provisions of this Agreement including, without limitation,
the satisfaction of any and all liabilities of Seller secured by liens on the Assets which are not satisfied outside of Escrow, and (b)
pay the balance of the Purchase Price to Seller. The payment by the Escrow Agent to Seller hereunder shall be by wire transfer of immediately
available funds pursuant to wire transfer instructions given by Seller to Escrow Agent no later than five (5) Business Days preceding
the Closing Date.

 

(c) LMP
Stock.

 

(1) Issue
Price and True Up. Buyer or Issuer may elect to pay up to Five Million U.S. Dollars ($5,000,000.00) of the Goodwill Price (the “LMP
Stock Consideration Value”) in the form of common stock of LMP Automotive Holdings, Inc., a Delaware corporation (NASDAQ:
LMPX, the “LMP Stock”), calculated at a price per share (rounded down to the nearest whole share, the “Issue
Price”) equal to the average price per share of LMP Stock as reported at the closing of the NASDAQ Composite stock market
exchange for each of the five (5) trading days prior to the Closing Date. If, during the period beginning seven (7) calendar months following
the Closing Date and ending eight (8) calendar months following the Closing Date (the “True Up Period”), the
closing price of the LMP Stock as reported by NASDAQ does not equal or exceed the Issue Price on any single day during the True Up Period,
Buyer or Issuer shall pay to Seller in cash within five (5) days after receiving notice from Seller of such deficiency in the LMP Stock
price at any time during the True Up Period or within thirty (30) days of the end of the True Up Period, the difference between (A) (I)
the Issue Price per share multiplied by (II) the total number of shares of LMP Stock issued to the Seller on the Closing Date, minus (B)
(I) the average of the closing sales prices of the LMP Stock as reported by NASDAQ during the True Up Period multiplied by (II) the total
number of shares of LMP Stock issued to the Seller on the Closing Date regardless of whether or not Seller actually sells or transfers
any shares of LMP Stock issued to Seller hereunder prior to the end of the True Up Period at a price per share equal to or higher than
the Issue Price per share,; and provided that, in the event Seller actually sells or transfers any shares of LMP Stock issued to Seller
hereunder prior to the end of the True Up Period at a price per share that is less than the Issue Price per share, Buyer or Issuer shall
pay to Seller in cash within thirty (30) days of the end of the True Up Period the difference between (C)(I) each such sales price, multiplied
by the number of shares sold at each such price, and (C)(II) the Issue Price per share multiplied by the number of shares sold at each
such price.

 

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(2) Compliance.
Seller and its owners, as applicable, and Principal shall at all times comply with all applicable federal and state securities laws applicable
to the LMP Stock and ownership and/or control thereof, and, to the extent applicable to Principal, shall comply strictly with any applicable
insider trading policy or similar rules of LMP. Upon Seller’s request, and after the six (6) month anniversary of the LMP Stock
issuance date, Buyer shall provide a customary opinion letter from Buyer’s counsel opining as to the sale of the LMP Stock in accordance
with Rule 144 (“Rule 144”) under the Securities Act of 1933, as amended (the “Securities Act”),
subject to any applicable volume limitations therein, or other exemptions from registration under the Securities Act. If LMP Stock is
issued pursuant to this Section 1(c), then Buyer shall take such actions as are reasonably necessary such that Seller is not restricted
in any way by Rule 144 from selling the LMP Stock after six (6) month anniversary date of the LMP Stock issuance date; provided
that Buyer is not required to register the LMP Stock in accordance with the Securities Act. In the event Seller is unable to sell any
portion of the LMP Stock pursuant to Rule 144 prior to the end of the True Up Period, Seller shall have the right, but not the obligation,
to require Buyer to pay Seller in cash an amount equal to (i) the LMP Stock Consideration Value minus (ii) the proceeds received by Seller
pursuant to any prior sales of the LMP Stock by Seller (clause (i) minus clause (ii), the “Post-Closing Payment”),
which right shall be exercised by Seller upon written notice to Buyer and Issuer prior to the date that is forty five (45) days following
the end of the True Up Period, in which case Buyer shall pay to Seller the Post-Closing Payment within thirty (30) days of receipt of
such notice, and in which case Seller shall surrender to the Buyer without additional consideration all shares of LMP Stock not previously
sold by Seller and referenced in clause (ii), above. To the extent Buyer fails to perform any of the Buyer obligations set forth in the
preceding sentence, Issuer shall assume and perform all such obligations, including without limitation, payment of the Post-Closing Payment
to Seller. In connection therewith, Seller agrees that it shall not make any transfers of LMP Stock prior to the end of the True Up Period
without the prior written consent of the Issuer. LMP Automotive Holdings, Inc. is an intended third-party beneficiary of this Section
1(c) and has the right, power and authority to enforce the provisions hereof as though it were a party hereto. Issuer, with a view to
making the benefits of Rule 144 available with respect to the LMP Stock, shall use commercially reasonable efforts to: (a) make and keep
available adequate current public information, as those terms are understood and defined in SEC Rule 144; (b) use commercially reasonable
efforts to file with the Securities and Exchange Commission (“SEC”) in a timely manner all reports and other
documents required of Issuer under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended.

 

(d) Audit.
Seller shall provide Buyer with two (2) years (2019 and 2020) of audited financial statements and a 2021 quarter renewal statements, prepared
in accordance with generally accepted accounting principles, performed by a mutually agreed upon certified public accounting firm (the
“Audit & Renewal Statement”) during the Inspection Period (and if not provided prior to the date that is
10 days prior to the end of the Inspection Period, the Inspection Period will be automatically extended until the tenth (10th)
day after Buyer’s receipt of the Audit & Renewal Statement).

 

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2. Dealership
Assets. Subject to the terms and conditions contained in this Agreement, upon the consummation of the transactions contemplated
by this Agreement (the “Closing”, and the date thereof, the “Closing Date”), Seller
shall sell to Buyer, and Buyer shall purchase from Seller, the Assets listed below in this Section 2. A mutually agreed to form
of Bill of Sale, Assignment and Assumption Agreement executed and delivered by the Parties on the Closing Date (the “Bill
of Sale”) will contain a list and description of all of the Assets sold to Buyer.

 

(a) Fixed
Assets: Buyer shall purchase from Seller, and Seller shall sell to Buyer, all fixed assets owned by Seller on the Closing Date and
used in connection with the Dealership (collectively, the “Fixed Assets”). Fixed Assets exclude Seller-owned
vehicles (i.e., “company vehicles”) and assets that would be properly characterized as leasehold improvements, fixtures (e.g.,
signs) or real property. The Fixed Asset purchase price will be an amount equal to, as applicable: (i) the net book value of such Fixed
Assets which were purchased more than one year prior to the Effective Date, or (ii) Seller’s purchase price for Fixed Assets which
were purchased one year prior to the Effective Date or more recently (less all discounts, incentives and refunds actually received by
Seller).

 

(b) New
Vehicles. Buyer shall purchase from Seller and Seller shall sell to Buyer Seller’s new, unregistered and unused 2021 and subsequent
model year Manufacturer vehicles in Seller’s inventory in the ordinary course of business and identified by Seller on the Closing
Date (including up to 10 untitled demonstrators with less than 5,000 miles) but excluding service loaners, rental vehicles, company-owned
vehicles, conversion vans, vehicles for commercial and/or municipal use or sale, or similar-type vehicles) (collectively, “New
Vehicles”). The New Vehicle purchase price will be an amount equal to the actual net cost to Seller of each New Vehicle,
as reflected on Manufacturer’s original invoice without interest or finance cost; plus Seller’s direct out-of-pocket
cost of dealer-installed optional parts and accessories theretofore installed upon New Vehicles (excluding labor, rust-proofing, undercoating,
nitrogen, scotch guarding, and non-Manufacturer alarm systems, theft protection devices and GPS devices); less 50% of the advertising
co-op; less the cost of any accessories, equipment or parts missing from any New Vehicle; less all applicable dealer hold-backs,
incentives (in any form, including wholesale programs), assistance in any form, and rebates (including all floor plan credits, advertising
consideration, SFE and EBE, and other inventory-based rebates or incentives paid to Seller (or payable to Seller, upon sale of such vehicles
); less “prep” expenses for New Vehicles which have not yet been prepared for sale; and less the cost to repair
any damage and any related diminution in value. The purchase price of New Vehicles with more than 500 miles but less than 5,000 miles
will be reduced by $0.25 per mile. New Vehicles with 5,000 or more miles will be valued as a Used Vehicle (defined below). If Buyer and
Seller cannot agree on the cost of repairs or the corresponding price reduction for such repairs, then such New Vehicle will be retained
by Seller. Notwithstanding any provision herein to the contrary, (i) New Vehicles reported to the Manufacturer as sold (or “retail
delivered”) or damaged and/or repaired such that Buyer would be required under applicable law or commercially reasonable standards
and practices to disclose the repairs to a customer will be valued as Used Vehicles; (ii) “dealer traded” New Vehicles will
be valued as if such New Vehicle had been invoiced to Seller by Manufacturer and will not exceed the actual net cost thereof to Seller;
and (iii) the following New Vehicles will be purchased at a mutually agreed to price after good faith and reasonable negotiations or otherwise
retained by Seller: (A) discontinued model New Vehicles; (B) New Vehicles with dealer added accessories that, as valued as provided above,
exceed 10% of the New Vehicle purchase price established by the calculations above; and (C) New Vehicles in stock for more than
six months.

 

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(c) Used
Vehicles. Buyer may purchase all vehicles other than the New Vehicles in Seller’s vehicle inventory as of the Closing
Date selected by Seller at a mutually agreed upon price (collectively, “Used Vehicles”). Notwithstanding any
provision in this Agreement to the contrary, titled demonstrators and service loaners will be purchased for the reasonably depreciated
net book value as of the Closing Date. If the Parties are unable to agree on the price of any Used Vehicle, then each such Used Vehicle
will be excluded from the sale and removed from the Property within ten (10) days after the Closing.

 

(d) Parts;
Accessories & Other Inventories.

 

(i) Inventory
& Returnable. A physical inventory of Seller’s parts and accessories will be taken in the presence of a representative of
Buyer and Seller by an inventory service mutually acceptable to Buyer and Seller, the cost of which will be equally divided between Buyer
and Seller (the “Inventory”). The Inventory will classify parts and accessories as “returnable”
or “non-returnable”. The terms “returnable parts” and “returnable accessories”
means only those new undamaged replacement parts and new undamaged accessories which are listed (coded) in the latest current Master Parts
Price List Suggested List Prices and Dealer Prices (or other applicable similar Manufacturer or non-OEM manufacturer price lists, with
supplements or the equivalent in effect as of the Inventory date, the “Master Price List”), as returnable to
at not less than the purchase price reflected in the Master Price List and are within the limits of returnable parts established by such
part’s manufacturer from time to time. Buyer shall purchase from Seller, and Seller shall sell to Buyer, all of Seller’s returnable
parts and returnable accessories for an amount equal to the price listed in the Master Price List (less all applicable rebates and discounts).

 

(ii) Nonreturnable.
All parts and accessories not coded as returnable in the Master Price List are “nonreturnable”. The purchase
price for the nonreturnable parts and accessories, “jobber” or “NPN” parts and accessories and nuts and bolts
will be as mutually agreed by the Parties.

 

(iii) Return
Rights, etc. Upon Closing, Seller shall retain Seller’s terminating parts return rights but agrees to cooperate in good faith
with any Buyer requests for Seller to return, after the Closing, any returnable parts Buyer has purchased but wants Seller to return,
the proceeds of which shall be deposited in a separate account maintained by Seller (the “Separate Account”). Seller will
disburse to Buyer all funds deposited by the Manufacturer in the Separate Account, within three (3) days of such deposits. Buyer is not
obligated to purchase non-current, opened, obsolete, superseded, incomplete, or damaged parts or accessories or any parts, accessories
or sheet metal with no sales in the twelve (12) months prior to Closing. Buyer shall also purchase Seller’s useable gas, oil, grease
and other useable inventories for a purchase price equal to the actual dealer replacement cost (less all rebates and discounts) as mutually
agreed between Buyer and Seller. The purchase price for all other parts not addressed in this Section will equal the value thereof as
mutually agreed between Buyer and Seller. If any parts and accessories or other inventories or goods that Buyer is not obligated to purchase
hereunder are not removed from the Property within ten (10) days after the Closing Date, such property will automatically become Assets
transferred to Buyer pursuant to the Bill of Sale without additional consideration.

 

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(e) Miscellaneous
Assets & Goodwill. Buyer shall purchase from Seller (the price of which is included in the Goodwill Price), and Seller shall sell,
transfer and assign to Buyer, without additional cost, Seller’s telephone and data numbers, website addresses and domain names (owned
or registered by or on behalf of the Dealership, which relate only to YonkersKia.com), used by Seller in connection with the Dealership’s
operations, but excluding assets used solely by any entity that controls, is controlled by, owns, or is under common control with Seller
(the “Respect Affiliates”) or shared between Seller and the Respect Affiliates (which are subject to the Shared
Intellectual Property licensing provisions of this Section), including e-mail addresses, classified telephone and internet advertising,
prospect data, customer sales, lease, finance and service records (both hard copy and electronic format (including deal jackets), for
no additional cost to Buyer). Seller will be permitted to retain copies at Seller’s expense of Seller’s deal jackets and any
books and records relating to its prior operation of the Dealership. Seller shall transfer to Buyer, to the extent transferrable, Seller’s
workman’s compensation and unemployment rating in the State of New York, all lawfully transferable licenses and permits of the Dealership
or Seller, Dealership Intellectual Property (defined below), leasehold improvements and fixtures, unused internal and customer repair
order forms, customer lists and marketing materials and catalogues, retail buyer’s order forms, office and shop supplies, shop reference
manuals, parts reference catalogs, all books and records necessary for the continued operation of the Dealership (including training and
promotional materials, and employee records of employees hired by Buyer, P.O. boxes, third party warranties in Seller’s favor and
all licenses and rights to use all software (other than DMS systems not assumed by Buyer) on or used in connection with any personal computer
or other computing device used in connection with the Dealership, etc.), parts sales tickets, unused purchase order forms and all other
forms and Seller’s goodwill and going concern value relating to the Dealership, but excluding any items which are used solely by
any Respect Affiliates. “Dealership Intellectual Property” means any rights or ownership of the Dealership or
Seller to all of the following used in whole or in part in connection with the Dealership’s operations and which is not used exclusively
in connection with the operations of any Respect Affiliates: (i) patents, patent applications, patent disclosures and improvements, (ii)
trademarks, trade, service marks, trade dress, and logos “ but see Section 2(f) below), (iii) copyrights and registrations and applications
for registration thereof, (iv) computer software, data and documentation, (v) trade secrets; and (vi) social media, directory assistance,
reputation management and e-commerce sites and accounts (including E-Bay, Facebook, Instagram, Twitter, yelp!, Dealer Rater, Edmunds and
Google programs). Schedule 2(e) sets forth any Dealership Intellectual Property that is used both in connection with the Dealership and
in connection with Respect Affiliates (the “Shared Intellectual Property”). Prior to the end of the Inspection
Period, the Parties shall confer with respect to the appropriate disposition of any Shared Intellectual Property and consider a license
by Buyer to Seller of such portion of the Shared Intellectual Property as may be necessary or appropriate to permit the continued operation
of the business assets held by the Respect Affiliates.

 

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(f) Excluded
Assets & Name License. Notwithstanding anything in this Agreement to the contrary, the following assets are not being sold pursuant
to this Agreement (“Excluded Assets”): (i) all cash and cash equivalents, wherever located and in whatever form
(unless “petty cash” is noted on the Closing Memorandum); (ii) promissory notes and other evidences of indebtedness; (iii)
all insurance policies; (iv) accounts receivable of all types, including unreimbursed holdbacks for sold vehicles, unpaid carryover allowances
incurred by Seller, unreimbursed factory incentives for sold vehicles by Seller, factory bonuses and reimbursements received or to be
received by for vehicles sold by Seller, warranty claims, dealership related reserves including the finance reserves, rebates for previously
sold inventory and amounts due from finance companies, and all loan funds received by any Seller pursuant to the Paycheck Protection Program,
established by Section 1102 of the Coronavirus Aid, Relief, and Economic Security Act; (v) any contracts of insurance or related prepaid
assets in respect of Seller’s Dealership to the extent not paid for by Buyer hereunder; (vi) the general books of account and books
of original entry that comprise Seller’s permanent accounting and tax records, Seller’s corporate books and records including
its stock ledger and minute books; (vii) any claims or causes of action of Seller against third parties; (viii) tax credits and claims
for tax refunds arising prior to the Closing Date; (ix) securities, voting or otherwise, held by Seller in any entity that is unrelated
to the business operations or financial condition of the Dealership; (x) any vehicles owned by Seller that Buyer is not purchasing from
Seller hereunder; (xi) all intangible assets used solely by Respect Affiliates, including patents, patent applications, patent disclosures
and improvements, trademarks, trade, service marks, trade dress, and logos, copyrights and registrations and applications for registration
thereof, computer software, data and documentation, trade secrets, social media, directory assistance, reputation management and e-commerce
sites and accounts, including E-Bay, Facebook, Instagram, Twitter, yelp!, Dealer Rater, Edmunds and Google programs utilized by multiple
dealerships (the “Respect Affiliate Intangibles”); provided that all Shared Intellectual Property shall be addressed
as set forth in subsection (g); (xii) subject to any escrow established by the Parties at the Closing with respect to the payment of any
outstanding PPP obligations, all loan funds received by any Seller pursuant to the Paycheck Protection Program (“PPP”),
established by Section 1102 of the Coronavirus Aid, Relief, and Economic Security Act; and (xiii) any rights in connection with and any
assets of any employee benefit plan of Seller.

 

3. Pro-rations
& Assumed Contracts.

 

(a) Prepaid
Expenses & Pro-rations. Buyer shall purchase from Seller, and Seller shall sell to Buyer, the Dealership’s prepaid expense
items incurred in the ordinary course of business at the direct out-of-pocket cost to Seller for such items and provided such prepaid
expenses provide future benefit to Buyer as determined by Buyer in its sole discretion. All prorations which are normal and reasonable
will be made as of Closing, including but not limited to the pro-ration of personal property taxes and utilities. Seller shall pay all
vehicle inventory ad valorem taxes (“VIT”) owed for vehicles sold through the end of the year of Closing
(the “Closing Year”). Buyer shall pay all sales, use, and transfer taxes pursuant to Section 1(b)(2). Unless
prohibited by law, on and after Closing, Buyer shall collect VIT on Dealership vehicle sales for the balance of the Closing Year and remit
such VIT to the appropriate taxing authority (or, if it rejects such payment, to Seller so that Seller may remit such VIT) so that such
Closing Year VIT may be applied to Seller’s account. To the extent there is VIT shortfall for the Closing Year, Seller shall be
solely responsible for such shortfall attributable to pre-Closing period (based on a comparison of the VIT collected for the same
period in the prior year), and Buyer shall reimburse Seller for any VIT shortfall for the Closing Year attributable to the post-Closing
period (based on a comparison of the VIT collected for the same period in the prior year).

 

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(b) Customer
Deposits & Work in Process. Upon Closing, Seller shall transfer to Buyer all customer deposits for incomplete orders taken by
Seller in the ordinary course of business. Seller shall retain all escheatable deposits. At the Closing, Seller shall furnish Buyer with
a list of such deposits (including “we owes”, due bills, etc.), setting forth, as to each, the name and address of the customer,
any goods or services owed to the customer and the amount of the deposit, and Seller shall deliver to Buyer all documents in Seller’s
possession reflecting such deposits, we owes, due bills, etc. Prior to the Closing, Seller and Buyer shall estimate the amount of all
liabilities related to Seller’s service obligations to its customers concerning free or discounted oil changes and tire rotations,
and the Parties shall enter into a negotiation, in good faith, at least ten (10) days prior to the Closing Date, to determine an appropriate
reduction of the Purchase Price, to offset such liabilities. Seller shall remain liable under all other contracts with Seller’s
customers for which Seller is an obligor, including without limitation, any other service contracts, such as those administered by DOWC
Administration Services. Seller shall credit Buyer for all we owes/due bills on the Closing Date. The Bill of Sale will contain a list
and description of such customer transactions (and Work in Process, as detailed below). Seller shall credit Buyer the actual cost to complete
all due bills. Buyer shall purchase from Seller, and Seller shall sell to Buyer, Seller’s pending service orders written by Seller
in the ordinary course of business for an amount equal to Seller’s actual cost for parts and labor for any such orders which are
in process at the opening of business on the Closing Date (“Work in Process”). Seller shall not receive the
revenue from such Work in Process. Buyer may reject (and Seller shall retain) all Work in Process where (i) the Work in Process was not
placed in the normal course of business; (ii) Seller does not possess an order signed by the customer authorizing such service, the vehicle
isn’t at the Property on the Closing Date or such order has been open for longer than thirty (30) days prior to the Closing Date;
(iii) the Work in Process does not provide for a profit to Buyer; or (iv) the Work in Process does not provide for cash or commercially
reasonable credit terms on delivery of the vehicle.

 

(c) Assumed
Contracts. As of the Closing Date, Buyer shall assume Seller’s contractual obligations listed on Schedule 3(c) on the
Closing Date (collectively, “Assumed Contracts”), including, without limitation, all of Seller’s ordinary
course of business obligations, signage agreements, and equipment leases with vendors that are ancillary to Dealership operations, but
excluding Seller’s DMS contract. The term “Assumed Contracts” excludes obligations and liabilities arising by the Closing
Date or by reason of any breach by Seller that remains uncured as of the Closing Date. During the Inspection Period, Seller shall provide
Buyer with complete copies of all contracts Seller proposes for Buyer to assume. Seller and Buyer shall use commercially reasonable efforts
to agree in writing to a final Schedule 3(c) at least ten (10) days prior to expiration of the Inspection Period. Seller shall
arrange for assignment of the Assumed Contracts at Seller’s cost. Buyer is not assuming any liabilities or obligations of Seller
other than the Assumed Contracts, except as otherwise provided in this Agreement.

 

4.
Real Property.

 

(a)
Real Estate Leases. At or prior to Closing, either: (i) Seller shall assign to Buyer, subject to any required approval from the
owner of the Property (the “Landlord”), the current leases between Seller and Landlord relating to the Properties,
inclusive of what is formally known as the Dick Gidron dealership property lease, (the “Leases”); (ii) Seller
shall sublease the Properties to Buyer subject to any necessary Landlord approval, on terms and conditions acceptable to Seller (the “Subleases”);
or (iii) Buyer shall have entered into new leases of the Properties with Landlord (the “New Leases”).

 

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(b) Prorations
Regarding the Leases. Buyer and Seller shall proportionately allocate (i) real property taxes and assessments for the Property for
the current fiscal year of the Seller to the extent that Seller shall be liable for real property taxes and assessments under the Leases;
(ii) rents and other payments under the Leases paid in advance for the month in which the Closing occurs; (iii) water, gas, electricity
and other utility and sewer charges paid in advance for the month in which the Closing occurs, and (iv) any personal property tax payable
to the county or state. In the event Buyer assumes the Leases or subleases the Properties, Seller shall either: (i) maintain in place
all deposits under the Leases and all utilities and utility deposits for the benefit of the Buyer, subject to Buyer’s reimbursement
in full to Seller for each such deposit at the Closing, or (ii) obtain a refund of all such deposits from the applicable Landlord or other
lessor.

 

5. Inspections.
Beginning on the Effective Date, Buyer may conduct due diligence regarding the Dealership and Property, including obtaining such reports
and studies as Buyer deems appropriate. Buyer shall be permitted to conduct a Phase I environmental report and, if the Phase I environmental
report recommends a Phase II environmental report, then the Inspection Period will be automatically extended if necessary until the fifth
(5th) business day after Buyer receives the written Phase II environmental report. During the Inspection Period, Seller shall
provide to Buyer and Buyer’s representatives reasonable access to the books, records (including extraction of three (3) years of
the DMS data that supports Seller’s Manufacturer financial statements), reports, employees (which access to employees will be permitted
at least thirty (30) days prior to the scheduled Closing Date), information and facilities of the Dealership and the Property, and shall
make Seller’s officers, employees, accountants and attorneys available at reasonable times to discuss with Buyer and Buyer’s
representatives such aspects of the business of the Dealership, the Property as Buyer may wish. Within fifteen (15) days after the Effective
Date, Seller shall obtain from a nationally recognized provider and provide to Buyer, at Seller’s expense, a Uniform Commercial
Code (“UCC”) search report, judgment lien reports and federal, state and local tax lien reports, with respect
to Seller from all jurisdictions in which Seller and/or its assets are located. Seller shall obtain and provide to Buyer separate UCC
reports with respect to Seller’s legal name(s) used in the last five (5) years. If Seller does not timely provide such reports to
Buyer, Buyer may obtain such reports, and Seller shall reimburse Buyer for all expenses incurred by Buyer in connection therewith.

 

6. Seller’s
Representations & Warranties. Seller represents and warrants to Buyer on the Effective Date and the Closing Date, other than
as set forth in a disclosure letter delivered by Seller to Buyer hereunder (all references to a “Schedule” herein
shall be deemed to be a reference to the schedule of the same number as set forth in the disclosure letter), as follows:

 

(a) Formation.
Seller is duly formed, validly existing, and in good standing under the laws of the State of New York and is duly qualified to transact
business in the city and county in which the Property is located. Seller’s equity owners are Respect Auto Group I LLC, a New York
limited liability company, and Harrison M. Gray, an individual.

 

(b) Authority.
Seller has the requisite legal power and authority to execute and deliver this Agreement, to perform its obligations hereunder, and to
consummate the transactions contemplated hereby, all of which have been duly authorized and approved by all necessary action and for which
no consent of any person or governmental authority is required. This Agreement constitutes Seller’s valid and legally binding obligation,
enforceable in accordance with its terms, subject only to the application of the Bankruptcy Code of the United States and any other applicable
liquidation, conservatorship, bankruptcy or similar state or federal law from time to time in effect affecting the rights of creditors
generally.

 

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(c) Conflicts.
The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby is permitted by Seller’s
organizational documents and resolutions and Seller’s agreements and obligations. The execution, delivery, and performance of this
Agreement by Seller does not require the consent of any other person other than the Manufacturer, other than such consents as have been,
or prior to the Closing will be, obtained (including without limitation, the consents of Seller’s creditors).

 

(d) Financials.
True, correct and complete copies of the Current Financials have been delivered by Seller to Buyer. The Current Financials are in accordance
with the books and records and Seller’s accounting methods, and have been prepared in all material respects in accordance with Manufacturer’s
requirements, except for the first page of each of the Current Financials. “Current Financials” means Seller’s
internally prepared, un-audited financial statements in the form required by Manufacturer, for the fiscal year ended December 31, 2018
(for the period beginning on the date that Seller acquired the Dealership), and December 31, 2019, December 31, 2020, and each of the
completed months thereafter through the Closing Date. To the extent the Current Financials consist of financial statements for the fiscal
years ended December 31, 2019 and December 31, 2020, such Current Financials have been or will be audited prior to the date that is five
(5) days prior to the end of the Inspection Period.

 

(e) Compliance.
Except as disclosed on Schedule 6(e), to Seller’s knowledge, the Dealership and the Property comply in all material respects
with, and the Dealership has been conducted in all respects in material compliance with, all laws, rules and regulations (including all
worker safety and all Environmental Laws (as hereinafter defined)), applicable zoning and other laws, ordinances, regulations and building
codes, and neither Seller nor Principal has received any notice of any violation thereof which has not been cured.

 

(f) Litigation.
There are no actions, suits or legal proceedings pending, or, to Seller’s or Principal’s knowledge, threatened, against or
affecting Seller, the Dealership or the Property which will likely adversely affect Seller’s power or authority to carry out the
transactions to be performed by Seller hereunder.

 

(g) Dealership
Assets. Seller is the owner of, and has, good and marketable title to all of the Assets to be sold to Buyer under the terms of this
Agreement (including intangible assets such as websites and domain names); all of the Assets will be transferred to Buyer free and clear
of all liens and encumbrances; and all of the Assets to be sold under the terms of this Agreement are, or on the Closing Date will be,
in operable condition.

 

(h) Manufacturer.
Except as disclosed on Schedule 6(h), Manufacturer has not notified Seller or Principal of (i) any deficiency in Dealership operations
(including, but not limited to, brand imaging, facility conditions, sales efficiency, customer satisfaction, warranty work and reimbursement,
or sales incentives); (ii) a present or future need for facility improvements or upgrades in connection with the Dealership or the Property;
or (iii) the awarding or possible awarding of a Manufacturer dealership to any person or entity in the Metropolitan Statistical Areas
in which the Dealership operates. The Dealership does not sell vehicles for export. Except in the ordinary course of Manufacturer’s
business, Manufacturer has not audited Seller’s sales, service or warranty practices or documentation, or refused or charged back
vehicle sales or warranty claims. To Seller’s knowledge, the Property and the improvements thereon are compliant with all Manufacturer
requirements, guidelines and programs, including the “Essential Brand Elements” or “EBE” program, and Seller is
eligible for all facility/sales-related incentives offered by the Manufacturer or its distributor.

 

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(i) Licenses.
Except as disclosed on Schedule 6(i), to Seller’s knowledge: (i) none of the permits or licenses used by Seller in the operation
of the Dealership have been terminated or revoked; (ii) no violations have been recorded regarding such licenses or permits; and (iii)
no proceeding is pending or threatened seeking the revocation or limitation of any such licenses or permits.

 

(j)
Warranties. Except as disclosed on Schedule 6(j): Seller does not have, or agreed to accept for others, any warranty
or service obligations to any third party and Seller has not offered its customers any marketing or added-value programs or plans for
which Seller is responsible for administration or the liability thereof, including, but not limited to programs commonly called “tires
for life”, “oil changes for life”, “car wash/detailing service plans”, “rewards programs” or
any similar offers.

 

(k) Assumed
Contracts. The copies of the Assumed Contracts on Schedule 3(c) are accurate, neither party to any Assumed Contract is in breach,
in any material respect, of such Assumed Contract, and all payments or obligations on the Assumed Contracts are, or as of the Closing
Date will be current. The Assumed Contracts, including without limitation the Lease and all agreements with the Manufacturer, (i) constitute
all of the contracts material to the operation of the of the business of the Dealership, (ii) constitute legal, valid and binding obligations
of the parties thereto and are enforceable by the parties thereto in accordance with their terms, and (iii) other than as set forth on
Schedule 3(c), are assignable and/or transferable in accordance with their terms.

 

(l) Options,
Rights of First Refusal. Except Manufacturer’s right of first refusal and for the right of Buyer to acquire the Assets pursuant
to this Agreement, no other person or entity has any right to acquire all or any portion of the Assets, the Property or any interest therein,
or Seller’s Manufacturer contract rights or privileges.

 

(m) 
Taxes. Seller has duly filed all foreign, federal, state, county and local income, excise, sales, property, withholding, unemployment,
social security, franchise, license, information returns and other tax returns and reports, or appropriate and permitted extensions thereto,
required to be filed by it with respect to the Dealership or the Property. Each such return is true, correct, and complete in all material
respects, and Seller has paid all taxes, assessments, amounts, interest and penalties due to applicable governmental authority. Seller
has no liability for any taxes, assessments, amounts, interest or penalties of any nature whatsoever other than those for which Seller
has created sufficient reserves or made other adequate provision. No governmental authority is now asserting or threatening to assert
any deficiency or assessment for additional taxes, interest, penalties or fines with respect to Seller, the Dealership or the Property.

 

(n) Employment
Matters. Seller has no oral or written collective bargaining or organized labor contracts, employment agreements, bonus, deferred
compensation, profit sharing, welfare or health benefit, or retirement plan or arrangement, whether or not legally binding, nor is Seller
currently paying any pension, deferred compensation or retirement allowance to anyone. Seller has no contract for the future employment
of any person. Seller is not delinquent in payments to any of its employees for any wages, salaries, commissions, bonuses or other direct
compensation for any services performed by them or amounts required to be reimbursed to such employees. Seller has no knowledge that any
Seller employee intends to terminate his or her employment. Seller has complied in all material respects with the applicable requirements
for its employee medical and benefit plans, if any, as set forth in the Internal Revenue Code of 1986, as amended (the “Code”),
and the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder (“ERISA”),
including Section 4980B of the Code (as well as its predecessor provision, Section 162(k) of the Code) and Sections 601 through 608, inclusive,
of ERISA, which provisions are hereinafter referred to collectively as “COBRA”.

 

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(o) Property.
Except as disclosed on Schedule 6(o), to Seller’s knowledge: There are no known and undisclosed defects in the physical condition
of the Property or the improvements or fixtures thereon (including structural elements, mechanical systems, plumbing, electric, fire protection,
mold, roofs, fences, paving, parking, sidewalks, utilities, drainage and erosion control), the Property and improvements thereon are in
good operating condition and repair (reasonable wear and tear excluded) and have been maintained. There are no actions, suits, claims,
proceedings or causes of action which are pending or, to Seller’s knowledge, have been threatened or asserted against, or are affecting,
the Property or any part thereof in any court or before any arbitrator, board or governmental or administrative agency or other person
or entity which might have an adverse effect on the Property or any portion thereof or on Buyer’s ability to use the Property as
a motor vehicle storage, sales, lease, repair and service center. Seller and Principal have not received any written notice, nor do they
have any knowledge, of any pending condemnation or annexation or similar proceeding affecting the Property or any portion thereof.

 

(p) Environmental.
Except as disclosed on Schedule 6(p), to Seller’s knowledge: (i) neither Seller nor Principal have received any notice from
any governmental authority alleging a violation of any Environmental Laws that are applicable to the Property, (ii) Seller has complied
in all material respects with all Environmental Laws that are applicable to the Property, and has obtained and has been in compliance
in all material respects with all required governmental environmental permits with respect to the Dealership, and (iii) no unauthorized
storage, treatment, discharge or disposal of Hazardous Materials on the Property has been made by Seller or its employees or agents, except
in compliance in all material respects with applicable Environmental Laws. “Environmental Laws” means any federal,
state or local statute, ordinance, rule or regulation relating to the existence, cleanup, removal and/or remedy of contamination on property,
the protection of the environment from spilled, emitted, discharged, discarded, deposited or emplaced Hazardous Materials, the generation,
use, transport, storage, handling, disposal, removal or recovery of Hazardous Materials, and the exposure to hazardous, toxic, or other
substances determined by law to be harmful, including the Comprehensive Environmental Response, Compensation and Liability Act of 1980
as amended (“CERCLA”), The Toxic Substances Control Act, The Clean Air Act, and the Resource, Conservation and
Recovery Act of 1976; and the term “Hazardous Material” means any “hazardous substance,” as defined
by §101(14) of CERCLA.

 

(q) Paycheck
Protection Program. Except as disclosed on Schedule 6(q): As of the Closing Date, Seller will have no outstanding loan or loans
issued pursuant to the PPP.

 

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(r) Brokers.
Except for National Business Brokers, no broker, agent, finder or other similar person has assisted the Seller in procuring, negotiating
or executing this Agreement. Seller shall remain responsible for payment of all commissions due to National Business Brokers in connection
with any services it has rendered to Seller in connection with this Agreement.

 

(s) Securities
Representations.

 

		a.	Purchase Entirely for Own Account. This Agreement is made with in reliance upon Seller’s
representation to Issuer, which by Seller’s execution of this Agreement, Seller hereby confirms, that the LMP Stock to be acquired
by Seller will be acquired for investment for Seller’s own account, not as a nominee or agent, and not with a view to the resale
or distribution of any part thereof in violation of the Securities Act or applicable state law, and that Seller has no present intention
of selling, granting any participation in, or otherwise distributing the same in violation of the Securities Act or applicable state law.
By executing this Agreement, Seller further represents that Seller does not presently have any contract, undertaking, agreement or arrangement
with any Person to sell, transfer or grant participations to such Person or to any third Person, with respect to any of the LMP Stock.

 

		b.	Disclosure of Information. Seller has had an opportunity to discuss Issuer’s business, management,
financial affairs and the terms and conditions of the offering of the LMP Stock with Issuer’s management and has had an opportunity
to review Issuer’s facilities.

 

		c.	Restricted Securities. Seller understands that the LMP Stock have not been, and will not be, registered
under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon,
among other things, the bona fide nature of the investment intent and the accuracy of Seller’s representations as expressed herein.
Seller understands that the LMP Stock are “restricted securities” under applicable U.S. federal and state securities laws
and that, pursuant to these laws, Seller must hold the LMP Stock indefinitely unless they are registered with the SEC and qualified by
state authorities, or an exemption from such registration and qualification requirements is available. Seller further acknowledges that
if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited
to, the time and manner of sale, the holding period for the LMP Stock, and on requirements relating to Issuer which are outside of Seller’s
control, and which Issuer is under no obligation and may not be able to satisfy.

 

		d.	Legends. Seller understands that the LMP Stock and any securities issued in respect of or exchange
for the LMP Stock, may be notated with one or all of the following legends plus any legend required by the securities laws of any state
to the extent such laws are applicable to the LMP Stock represented by the certificate, instrument, or book entry so legended:

 

“THE SHARES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION
WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR
AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.”

 

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(t) Disclosure.
To Seller’s knowledge, no representation or warranty made by Seller in this Agreement contains (or will contain, when furnished)
any untrue statement of a material fact or omits (or will omit, when furnished) a material fact necessary to make the statements herein
or therein not misleading.

 

As used in this Agreement, the phrases “knowledge
of Seller” or “Seller’s knowledge” means the knowledge of Seller’s owner, Harrison M. Gray.

 

7. Buyer’s
and Issuer’s Warranties & Representations. Buyer and Issuer represent and warrant to Seller and Principal on the Effective
Date and the Closing Date as follows:

 

(a) Formation
of Buyer. Buyer is a Delaware limited liability company. Buyer’s assignee will be an entity duly formed and validly existing
with authority to conduct business in New York on the Closing Date.

 

(b) Formation
of Issuer. Issuer is a Delaware corporation duly formed and validly existing with authority to conduct business in New York on the
Closing Date.

 

(c) Buyer
Authority. Buyer has the requisite legal power and authority to execute and deliver this Agreement, to perform the obligations of
Buyer hereunder, and to consummate the transactions contemplated hereby, all of which have been duly authorized and approved by all necessary
entity action and for which no consent of any person or governmental authority is required which has not been obtained, and no filing
with or other notification to any person or governmental authority is required which has not been properly completed. This Agreement constitutes
the valid and legally binding obligation of Buyer, enforceable in accordance with its terms, subject only to the application of debtor
relief laws and general equitable principles.

 

(d) Issuer
Authority. Issuer has the requisite legal power and authority to execute and deliver this Agreement, to perform the obligations of
Issuer hereunder, and to consummate the transactions contemplated hereby, all of which have been duly authorized and approved by all necessary
entity action and for which no consent of any person or governmental authority is required which has not been obtained, and no filing
with or other notification to any person or governmental authority is required which has not been properly completed. This Agreement constitutes
the valid and legally binding obligation of Issuer, enforceable in accordance with its terms, subject only to the application of debtor
relief laws and general equitable principles.

 

(e) Valid
Issuance of Shares. The LMP Stock, if issued, sold and delivered in accordance with the terms set forth in this Agreement, will be
validly issued, fully paid and nonassessable and free of restrictions on transfer other than applicable state and federal securities laws
and liens or encumbrances created by or imposed by Seller. Assuming the accuracy of the representations of the Seller in Section 6(s)
of this Agreement, the LMP Stock will be issued in compliance with all applicable federal and state securities laws.

 

    Page 14 of 30

     

    

 

(f) Issuer
Reports. The Issuer has filed with or furnished to the SEC, as applicable, on a timely basis (giving effect to all extensions of any
period to so file that were obtained pursuant to filings by the Issuer on Form 12b-25 under the Securities Exchange Act), all Issuer Reports.
Each of the Issuer Reports, at the time of its filing with or being furnished to the SEC, complied, with the applicable requirements of
the Securities Act and the Securities Exchange Act. As of their respective dates (or, if amended or supplemented, as of the date of such
amendment or supplement), the Issuer Reports did not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements made therein, in light of the circumstances in which they were made,
not misleading. For the purposes of this paragraph, “Issuer Reports” means the forms, statements, certifications, reports
and documents required to be filed with or furnished by the Issuer to the SEC pursuant to the Securities Exchange Act or the Securities
Act since [January 1 2019] (other than any documents filed by the Company with the SEC on a voluntary basis by means of a Current Report
on Form 8-K, such excepted filings being referred to collectively as the “Excluded Filings”), including financial statement
notes, exhibits and schedules thereto and all other information incorporated by reference therein and any amendments and supplements thereto
and those forms, statements, certifications, reports and documents filed with or furnished to the SEC by the Issuer subsequent to the
date of this Agreement (other than the Excluded Filings), including financial statement notes, exhibits and schedules thereto and all
other information incorporated by reference and any amendments and supplements thereto.

 

(g) Brokers.
Except for National Business Brokers, no broker, agent, finder or other similar person has assisted the Buyer in procuring, negotiating
or executing this Agreement. Buyer shall remain responsible for payment of all commissions due to National Business Brokers in connection
with any services it has rendered to Buyer in connection with this Agreement including without limitation, Buyer’s agreement to
issue to National Business Brokers shares of LMP Stock valued at one percent (1%) of the Goodwill Price pursuant to a separate agreement
between National Business Brokers and an affiliate of Buyer.

 

8. Conditions
to Obligations of Buyer. The obligation of Buyer to consummate the transactions contemplated by this Agreement are subject to
the fulfillment (or express written waiver by Buyer) prior to or at the Closing, of all of the following conditions:

 

(a) Manufacturer
Approval. Manufacturer issued to Buyer a new Dealership Sales and Service Agreement, or commitment therefor, on terms and conditions
acceptable to Buyer in its good faith discretion, approving Buyer’s board of directors and other designees, permitting Buyer to
operate the Dealership at the Property as Seller has operated it in the past.

 

(b) Seller
Performance; Accuracy of Representations. Seller and Principal performed in all material respects all of its obligations hereunder
to be performed prior to or at Closing. Seller’s representations and warranties contained in this Agreement are true and correct
as of the date made.

 

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(c) Licenses & Approvals. Buyer obtained all required licenses and permits from governmental and other agencies to operate a new and used vehicle
dealership and repair, body shop and service facility at the Property, in the same manner as currently operated by Seller.

 

(d) Seller
Authorization. Buyer received evidence reasonably acceptable to Buyer regarding Seller’s due organization and authority to enter
into the transactions described herein, including evidence of existence and good standing in the State of New York and an officer’s
certificate in form acceptable to Buyer containing a copy of resolutions duly adopted by Seller’s appropriate governing body and
owners approving the transactions contemplated hereby.

 

(e) No
Material Adverse Change. Between the Effective Date and the Closing Date (i) there has been no material adverse change to the Dealership
or the Property, (ii) there has been no federal, state or local legislative or regulatory change affecting the services, products or business
of the Dealership, which would have a material adverse effect on the Dealership or the Property, and (iii) none of the Assets have been
damaged by fire, flood, casualty, act of God or the public enemy or other cause, which damages would have a material adverse effect on
the Dealership or the Property.

 

(f) No
Litigation. No action, suit, filing requirement, waiting period or proceeding has been instituted, applied or mandated by a governmental
agency or any other third party to prohibit or restrain the transactions contemplated by this Agreement or otherwise challenge the power
and authority of the Parties to enter into this Agreement or to carry out their obligations hereunder or the legality or validity of this
Agreement.

 

(g) License
Use. Seller executed and delivered the license use agreement in the form of Exhibit A hereto.

 

(h) Closing
Memorandum & Bill of Sale; etc. Seller and Principal must have executed and delivered the Closing Memorandum, the Bill of Sale,
all Manufacturer-required documents, vehicle title documents, state tax compliance certificates, additional insured certificate and such
other deeds, assignments or certificates of title, documents and other instruments of transfer and conveyance as may reasonably be required
by Buyer, each in form and substance reasonably satisfactory to Buyer.

 

(i) Non-Competition
Agreement. Seller, Principal and Seller’s owner(s) have executed and delivered the non-competition agreement in the form attached
hereto as Exhibit B (the “Non-Competition Agreement”).

 

(j) Leases.
Buyer shall have assumed the Leases, or executed the Subleases or New Leases (in each case in a form satisfactory to Buyer in its good
faith discretion), subject to any required Landlord approval, and Seller, Principal, and all owners of Seller shall have received releases
from the Landlord releasing them from any post-Closing obligations under the current Leases and any guarantees relating to post-Closing
obligations under such Leases.

 

9. Conditions
to Seller’s Obligations. Seller’s obligation to consummate the transactions contemplated by this Agreement are subject
to the fulfillment (or written waiver by Seller), prior to or at the Closing, of all of the following conditions:

 

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(a) Purchase
Price Payment. Buyer paid Seller the net aggregate purchase price for the Assets, and LMP Automotive Holdings, Inc. shall have issued
to Seller the LMP Stock.

 

(b) Buyer
and Issuer Performance. Buyer and Issuer in all material respects all of their obligations hereunder to be performed prior to or at
Closing each of Buyer’s and Issuer’s representations and warranties contained in this Agreement are true and accurate as of
the date made.

 

(c) Closing
Memorandum. Buyer executed and delivered the Closing Memorandum.

 

(d) Leases.
Buyer shall have assumed the Leases, or executed the Subleases or New Leases (in each case in a form satisfactory to Buyer in its good
faith discretion), subject to any required Landlord approval, and Seller, Principal, and all owners of Seller shall have received releases
from the Landlord releasing them from any post-Closing obligations under the current Leases and any guarantees relating to post-Closing
obligations under such Leases.

 

10. Pre-
& Post-Closing Covenants.

 

(a) Pre-Closing.
Promptly upon the execution of this Agreement, Seller shall notify the Manufacturer regarding the transactions contemplated by this Agreement,
utilizing a form of notification acceptable to Buyer. Buyer (or its affiliate) shall promptly apply to the Manufacturer for the issuance
of a contractual right to operate an automobile dealership upon the Property. The Parties shall use commercially reasonable best efforts
to obtain Manufacturer approval as soon as possible. Seller and Principal shall promptly provide the requisite information, documents
and access necessary to prepare for Closing and ensure a seamless operational transfer of the Assets. Effective as of the Closing, Seller
shall terminate its Dealer Sales and Service Agreements with the Manufacturer and execute and deliver all of the Manufacturer’s
customary documents and promptly remove Manufacturer’s intellectual property from all publicly visible assets in every form and
medium (i.e., retained internet sites, signs, etc.). Seller shall fully cooperate with Buyer, and take all reasonable steps to assist
Buyer, in Buyer’s efforts to obtain its own similar Dealer Sales and Service Agreements with the Manufacturer. All actions to be
taken at the Closing pursuant to this Agreement will be deemed to have occurred simultaneously, and no action, document or transaction
will be deemed to have been taken, delivered or effected, until all such actions, documents and transactions have been taken, delivered
or effected. Promptly after the Closing, Seller shall transfer to Buyer certificates of title or origin for all vehicles and all of its
registration lists, owner follow-up lists and service files on hand as of the Closing, provided that such lists and files relate to the
Assets. If Seller presents assets for purchase post-Closing that would have otherwise been Assets (excluding in-transit New Vehicles),
then such assets may be purchased at a mutually agreed to price or otherwise retained by Seller and Buyer is not required to submit an
offer to purchase such assets.  This does not apply to in-transit vehicles from the factory. Buyer shall retain and safeguard the
pre-Closing customer paper deal jackets retained by Buyer in accordance with law. After the Closing, Buyer shall have the option to request
that Seller remove any pre-Closing physical records, at which time Seller may dispose of the records as Seller sees fit, or if the records
are not removed within thirty (30) days from the date of Buyer’s written request, Buyer may securely destroy such records without
further liability to Seller. Seller shall have reasonable access to Seller’s pre-Closing customer records (e.g., paper deal jackets)
and any records related to Assumed Contracts in Buyer’s possession after the Closing for any legitimate purpose, such as (by way
of example and not by limitation) for resolving customer inquiries.

 

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(b) Dealership
Operations Pending Closing. Pending Closing, Seller shall continue to operate the Dealership in substantially the same manner as it
has been operated by Seller in the past and Seller shall: (i) use commercially reasonable efforts to maintain working relationships with
all suppliers, customers, employees and others having contact with the Dealership and bring all payables current as of the Closing Date;
(ii) maintain current insurance policies in full force and effect; (iii) exercise reasonable diligence in safeguarding and maintaining
the confidentiality of all books, reports and data pertaining to the Dealership, including good faith efforts to ensure that Seller’s
sales and service records remain adequately protected; (iv) not grant increases in salary, pay or other employment related benefits to
any officers or employees of the Dealership or allow, suggest or require employees to take unused vacation, in every case, without the
written consent of Buyer; (v) not conduct any liquidation, close-out or going out of business sale or, except in the ordinary course of
business, purchase more than $10,000 in Fixed Assets at once or in the aggregate in any month; (vi) not, without Buyer’s written
consent, which shall not be unreasonably withheld, remove any Fixed Assets from the Property prior to Closing except in the ordinary course
of business; (vii) not enter into any contract or agreement which is not terminable without penalty on not more than 30 days’ notice
and which provides for payment by the Dealership (whether actual or accrued) in excess of $2,500 without the prior written consent of
Buyer; (viii) not transfer any inventory except in the ordinary course of business to Respect Affiliate Bronx Kia or employee of the Dealership
to Seller’s (or Seller’s owners’) other business, or transfer any inventory or employee of any of Seller’s (or
its owners’) other businesses to the Dealership; and (ix) not take or permit any action which would result in Seller’s representations
or warranties becoming incorrect or untrue in any material respect.

 

(c) No
Negotiations or Discussions. Until the expiration of the Inspection Period, Seller and Principal shall deal exclusively with Buyer
regarding the transactions contemplated by this Agreement. Until the expiration of the Inspection Period, Seller and Principal shall not
pursue, initiate, encourage or engage in any negotiations or discussions with, or provide any information to, any person or entity (other
than Buyer and its representatives and affiliates) regarding the sale or possible sale to any such person or entity of the Assets, Property
or Seller’s equity or any merger, consolidation, joint venture, management agreement, or any other transaction of any nature with
Seller or Principal, which would hinder or frustrate Buyer from closing in accordance with the terms of this Agreement (a “Prohibited
Discussion”). If any person or entity other than Buyer initiates a Prohibited Discussion prior to the expiration of the
Inspection Period, then Seller or the Principal (as the case may be) shall inform Buyer in writing and inform such person or entity of
the existence of this Agreement, and that any Prohibited Discussion would constitute a violation of this Agreement. In the event Buyer
has waived all closing conditions in writing and set a proposed Closing Date, Seller’s obligations to deal exclusively with Buyer,
avoid Prohibited Discussions, and inform Buyer of third party solicitations pursuant to this Section 10(c) will extend past the expiration
of the Inspection Period and until the Closing Date that Buyer has proposed.

 

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(d) Employee
Matters. Seller and Principal shall terminate or take all appropriate action in connection with pension, profit sharing and
health and welfare benefit plans, if any, that are applicable to Seller and/or Seller’s employees
(“Plans”), prior to or at Closing, so that Buyer will have no responsibility or liability or obligation of
any nature under Plans to any person, firm or corporation whatsoever. If any applicable law provides that Buyer is or will be liable
for any liability or obligation under any Plan despite Seller’s and Principal’s contractual liability for such liability
or obligation hereunder, and Seller and Principal fail to pay or perform such liability or obligation within five (5) days after
Buyer’s written demand, then such amounts may be set off from time to time from any amount Buyer (or its affiliate) owes
Principal or Seller (or its affiliate). Seller (including all employers, whether or not incorporated, that are treated together with
Seller as a single employer within the meaning of Section 414 of the Code or, where appropriate, Seller’s health and welfare
benefit plans that are “group health plans” will retain liability for and will pay when due all benefits (including all
liabilities and obligations for or arising from any “COBRA” health care continuation coverage required to be provided
under Section 4980B of the Code and Sections 601-608 of ERISA) attributable as of the Closing Date to “covered
employees” or “qualified beneficiaries” entitled to “continuation coverage” (as those terms are
defined in Section 4980B of the Code) regardless of when services were rendered or expenses incurred. By Closing, Seller shall pay
all wages (including earned but unused vacation and sick leave wages, whether or not yet vested) due Seller’s employees as of
the Closing Date. Seller shall terminate its employees on the Closing Date. Provided the Closing takes place, Buyer may, but is not
obligated to, employ Seller’s employees who are willing to accept the offered employment with Buyer, and Buyer will give due
regard to such employees’ benefits from their prior employer, so long as such employees meet all eligibility requirements,
including any probationary period; provided that, notwithstanding anything in this Agreement to the contrary, Buyer shall hire on an
at-will basis enough of Seller’s employees (each selected by Buyer in its sole and absolute discretion) so that Buyer and
Seller will be in compliance with the provisions of the Workers Adjustment and Retraining Notification Act, 29 U.S.C.
§2101-2109, and the New York Worker Adjustment and Retraining Notification Act, N.Y. Labor Law
§ 860 et seq., if applicable. The foregoing does not grant to any of Seller’s individual employees a right of employment
by Buyer. Schedule 10(a) sets forth a list of each person employed by Seller but whose services are used both in connection
with the Dealership and in connection with the operations of Respect Affiliates (the “Respect Auto Group
Employees”). Seller agrees that one or more Respect Affiliates shall employ the Respect Auto Group Employees from and
after the Closing, and Buyer shall make no offer of employment to any the Respect Auto Group Employees at or prior to the Closing
other than to the extent mutually agreed upon by Buyer and Seller.

 

(e) Seller’s
Receivables. Following the Closing, Buyer shall accept payment, but Seller will not be obligated to assign any of Seller’s accounts
receivable and Manufacturer warranty payments arising out of the operation of the Dealership prior to Closing for a period of 180 days.
Buyer shall turn over to Seller on the last day of each calendar month during said period all of the monies so accepted on said accounts
receivable during the previous calendar month. Buyer is not obligated to accept payments of such accounts receivable after such 180-day
period, but if Buyer does so then Buyer will promptly pay the same over to Seller. Buyer is only obligated to accept payment during such
period, not to attempt to enforce payment. No adjustment will be made in any of such accounts receivable without Seller’s permission.
Seller reserves the right to pursue legal remedies of collection upon default by the customer with respect to any receivables owed to
Seller.

 

(f) Manufacturer
Payments. The Parties shall use their commercially reasonable efforts to ensure that (i) amounts due to Seller but collected by Buyer
(e.g., Manufacturer receivables, Manufacturer credits relating to items such as warranty claims or other claims, credit card payments,
etc.) arising out of or in connection with the operation of the Dealership prior to Closing will be paid over to Seller promptly; (ii)
amounts due to Buyer but collected by Seller arising out of or in connection with the operation of the Dealership on or following the
Closing or as provided in this Agreement will be paid over to Buyer promptly; (iii) amounts paid by Seller but owed by Buyer as a result
of Manufacturer erroneously billing Seller for items arising out of or in connection with the operation of the Dealership following Closing
will be paid over to Seller promptly; and (iv) amounts paid by Buyer but owed by Seller (e.g., any finance contract chargebacks, insurance
(e.g. credit life, accident and health, extended warranty, etc.) chargebacks, or repossessions and all rebates to Seller’s customers
of premiums for credit life insurance, credit accident and health insurance, mechanical insurance coverage and GAP insurance) as a result
of Manufacturer erroneously billing Buyer for items arising out of or in connection with the operation of the Dealership prior to Closing
will be paid over to Buyer promptly. This section survives Closing indefinitely. If there are vehicles in-transit on the Closing Date
(whether or not they are physically present) that have not been funded by Seller’s floor plan lender and the Parties do not know
whether they will be paid for by Buyer’s floor plan lender or Seller’s floor plan lender, then the Parties may separately
schedule those vehicles, Buyer will buy them but not pay for them, and, if such vehicles are funded by Seller’s floor plan lender,
then Seller shall notify Buyer and Buyer shall promptly pay Seller’s floor plan lender such amounts. Any other payments related
to such vehicles misdirected by the Manufacturer will be redistributed as contemplated by this Section 10(f). Buyer shall undertake
all accounting, bookkeeping and reconciliation as necessary under this section and shall make all payments as necessary. On a monthly
basis, Buyer shall present Seller with a reconciliation and the amount owed by Buyer by Seller (if any) and Seller and Principal, jointly
and severally, shall pay any amounts owing Buyer within ten (10) business days.

 

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11. Indemnification.
Except as expressly written in this Agreement, Buyer is not assuming any liabilities or obligations of Seller or Principal whether absolute,
contingent, accrued, known or unknown. Examples of liabilities of Seller or Principal that may exist, which Buyer is not assuming include,
but are not limited to, the following (collectively, “Liabilities Not Assumed”): (1) violations of any local,
state, or federal Environmental Laws or the actual, alleged or threatened discharge, dispersal, seepage, migration, release or escape
of hazardous materials or other nuisances into the environment (including the pre-Closing management and off-site disposal of waste oil,
used oil filters and other industrial wastes and any fines or penalties associated with pre-Closing Environmental Law violations); (2)
violations of any applicable law relating to labor or employment, including violations of any collective bargaining agreement; (3) violations
of, failure to comply with, or any obligation arising under, any applicable law relating to any welfare, retirement, vacation or other
benefit plan or any plan covered by the Employee Retirement Income Security Act of 1974, as amended, or the failure to comply with the
continuation coverage requirements of Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended; (4) any pending
or threatened law suit, claim or other action against Seller, whether from personal injury, wrongful death or property damage, or whether
arising out of employment or a contractual or alleged contractual right; (5) any finance contract chargebacks, insurance (e.g. credit
life, accident and health, extended warranty, etc.) chargebacks, or repossessions and all rebates to Seller’s customers of premiums
for credit life insurance, credit accident and health insurance, mechanical insurance coverage and GAP insurance; and (6) any tax liabilities
for any period or portion thereof ending by the Closing Date (including all taxes, fines, penalties and expenses associated with the potential
sales tax liabilities (whether or not known or disclosed by Seller) or resulting from the transactions contemplated hereby.

 

(a) Indemnification
by Seller and Principal. Seller and Principal, jointly and severally, shall indemnify, defend, and hold harmless Buyer, its affiliates
and subsidiaries, and their respective owners, general partners, partners, managers, members, controlling persons, directors, officers,
employees, agents, attorneys, and their successors and assigns (collectively, the “Buyer Indemnified Parties”)
from and against, and to pay to Buyer Indemnified Parties the amount of, all losses, claims, obligations, demands, assessments, penalties,
fines, forfeitures, liabilities, costs, and other damages, including reasonable attorneys’ fees and expenses, whether or not involving
a third-party claim (collectively, “Damages”), arising directly or indirectly from (i) Seller’s or Principal's
breach of this Agreement, including any representations or warranties herein; (ii) all Liabilities Not Assumed; and (iii) Seller’s,
Principal’s, the Dealership’s or Seller’s employee’s act or omission prior to the Closing Date (e.g., the Dealership’s
operations up to the Closing Date).

 

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(b) Indemnification
by Buyer. Buyer shall indemnify, defend, and hold harmless Seller and Seller’s owners, controlling persons, directors, officers,
employees, agents, attorneys, and affiliates, and Principal and their affiliates, heirs, successors, assigns, and personal representatives
(collectively, the “Seller Indemnified Parties”, and together with Buyer Indemnified Parties, the “Indemnified
Parties”) from and against, and to pay to Seller Indemnified Parties the amount of, all Damages arising directly or indirectly
from (i) Buyer’s breach of this Agreement, including any representations or warranties herein; or (ii) any act or omission of Buyer,
the Dealership or Buyer’s employees on or after the Closing Date (e.g., the Dealership’s operations on and after the Closing
Date).

 

(c) Expiration
of Indemnification Obligations. Except as otherwise expressly provided in this Agreement, the rights of the Indemnified Parties to
indemnification with respect to breaches of representations and warranties will expire and be of no further effect after the second (2nd)
anniversary of the Closing Date, and accordingly no Indemnified Party may seek indemnification under this Agreement with respect to breaches
of representations and warranties after the second (2nd) anniversary of the Closing Date. The foregoing notwithstanding, none
of the provisions set forth in this Agreement, including but not limited to the provisions contained in this Section 11(c), will be deemed
to limit the time period during which a claim based on a Party’s fraud (whether of commission or omission), or criminal conduct
may be brought. Buyer’s right to indemnification, reimbursement or any other remedy based upon Seller’s and Principal’s
representations, warranties, covenants and obligations in this Agreement (or any document executed in connection herewith) will not be
affected by any investigation (including any environmental investigation or assessment) conducted, or any knowledge acquired (or capable
of being acquired) at any time.

 

(d) Indemnification
Limitations. Notwithstanding any contrary provision in this Agreement, (i) neither Seller nor Principal are obligated pursuant to
this Agreement to reimburse Buyer Indemnified Parties for Damages until the aggregate amount of Damages equals or exceeds $20,000, excluding
chargebacks, Damages arising from breaches of the representations or warranties in Sections 6(a)-6(c), or Damages arising from Seller’s
or Principal’s fraud (whether of commission or omission) or criminal conduct (the “Basket”), in which
case Seller and Principal shall be jointly and severally liable for all such Damages, and (ii) neither Seller nor Principal are obligated
pursuant to this Agreement to reimburse Buyer Indemnified Parties for Damages in excess of an amount equal to ten percent (10%) of the
Goodwill Price, excluding Damages arising from breaches of the representations or warranties in Sections 6(a)-6(c), or Damages arising
from Seller’s or Principal’s fraud (whether of commission or omission), or criminal conduct (whether of commission or omission).
Nothing in this section prohibits or impairs any equitable remedy available to Buyer.

 

12. Default
& Termination. Notwithstanding any provision in this Section 12 to the contrary, no Party may terminate this Agreement due
to the breach of another Party if the first Party is in breach of this Agreement.

 

(a) Termination.
The Parties may exercise their respective rights of termination by the delivery of written notice of termination to the other Party at
any time prior to the completion of the Closing (including as provided in Section 5). This Agreement and the transactions contemplated
hereby may be terminated on or before the Closing Date as follows:

 

(i) By
the mutual written agreement of the Parties;

 

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(ii) By
Buyer if a breach of any provision of this Agreement has been committed by Seller or Principal and such breach has not been either (A)
cured within thirty (30) days after written notice to Seller, or (B) waived in writing by Buyer;

 

(iii) By
Seller if a breach of any provision of this Agreement has been committed by Buyer and such breach has not been either (A) cured within
thirty (30) days after written notice to Buyer, or (B) waived in writing by Seller;

 

(iv) By
Buyer if any of the conditions to the obligations of Buyer set forth in Section 8 have not been satisfied by the third (3rd)
business day prior to the designated Closing Date Deadline (other than due to Buyer’s breach of this Agreement) and Buyer has not
by then waived such condition in writing;

 

(v) By
Seller if Seller’s conditions precedent to Closing in Section 9 have not been satisfied by the Closing Date Deadline (other than
due to Seller’s breach of this Agreement) and Seller has not then waived such condition in writing; or

 

(vi) By
Buyer or Seller, if the Closing has not occurred by the Closing Date Deadline, for any reason other than a breach by the terminating Party.

 

(vii) By
Seller, upon thirty (30) days written notice to Buyer, if a material adverse change in the business of Buyer that cannot be cured within
thirty (30) days by Buyer.

 

(viii) By
Buyer, prior to the expiration of the Inspection Period.

 

(b) Seller
or Principal Default. If prior to Closing Seller or Principal breach this Agreement and fail to cure as provided above, then Buyer
may exercise any and all rights and remedies available to it at law or in equity, including (i) an action in equity against Seller and/or
Principal (pursuant to which Buyer is not obligated to post a bond or prove special damages or irreparable injury) for the specific performance
by Seller and Principal of the terms and provisions of this Agreement; and (ii) the right to terminate this Agreement by giving written
notice of such termination to Seller and Principal.

 

(c) Effect
of Termination.

 

		1.	Upon termination of this Agreement, this Agreement shall be of no force or no effect, and neither Buyer
nor Seller shall have any further rights or obligations under this Agreement except with respect to the provisions set forth in this Agreement
that expressly survive the termination of this Agreement.

 

    Page 22 of 30

     

    

 

		2.	Upon termination of this Agreement, Buyer will promptly redeliver to Seller all confidential information
and other documents provided by Seller to Buyer, following execution of this Agreement.

 

		3.	The Deposit shall be immediately disbursed from Escrow to Buyer in the event this Agreement is terminated:
(i) by the mutual consent of Buyer and Seller pursuant to Section 12(a)(i); (ii) by Buyer pursuant to Section 12(a)(ii); (iii) by Buyer
pursuant to Sections 12(a)(viii); (iv) by Buyer pursuant to Section 12(a)(iv); (v) by Seller pursuant to Section 12(a)(v), unless the
failure to satisfy the applicable condition precedent to Closing is due to the Buyer’s failure to perform its obligations under
this Agreement; (vi) by Buyer or Seller pursuant to Section 12(a)(vi), unless the failure to consummate the Closing by the Closing Date
Deadline is due to a breach by Buyer of its obligations under this Agreement; or (vii) by Seller pursuant to Section 12(a)(vii).

 

		4.	IN THE EVENT THAT SELLER TERMINATES THIS AGREEMENT PURSUANT TO SECTION 12.1(a)(iii) HEREOF, OR THIS AGREEMENT
IS TERMINATED FOR ANY REASON NOT LISTED IN SECTION 12(c)(3), THEN THE DEPOSIT SHALL BE DISBURSED TO SELLER AS LIQUIDATED DAMAGES TEN BUSINESS
DAYS AFTER NOTICE PROVIDED THAT BUYER DOES NOT OBJECT WITHIN SUCH TEN BUSINESS DAY PERIOD. IF BUYER DOES OBJECT TO THE DISBURSEMENT, THEN
THE DEPOSIT SHALL BE KEPT IN ESCROW PENDING ADJUDICATION OF THE RESPECTIVE MERITS AND DEFENSES OF THE PARTIES. THE PARTIES ACKNOWLEDGE
THAT SELLER’S ACTUAL DAMAGES IN THE EVENT THAT THIS AGREEMENT IS TERMINATED BY SELLER AS SET FORTH IN THE IMMEDIATELY PRECEDING
SENTENCE, WOULD BE EXTREMELY DIFFICULT OR IMPRACTICAL TO DETERMINE. THEREFORE, BY SEPARATELY EXECUTING THIS SECTION BELOW, THE PARTIES
ACKNOWLEDGE THAT THE DEPOSIT HAS BEEN AGREED UPON, AFTER NEGOTIATION, AS THE PARTIES REASONABLE ESTIMATE OF SELLER’S DAMAGES AND
AS SELLER’S EXCLUSIVE REMEDY AGAINST BUYER IN THE EVENT THE CLOSING DOES NOT OCCUR AS A RESULT OF A BREACH OF THIS AGREEMENT BY
BUYER AND AGAINST BUYER ARISING FROM SUCH FAILURE OF THE SALE TO CLOSE IN THE EVENT OF A TERMINATION HEREOF BY SELLER PURSUANT TO SECTION
12.1(a)(iii) OR FOR ANY REASON NOT LISTED IN SECTION 12(c)(3).

 

	 	Buyer’s Initials	  ________	Seller’s Initials      ______

 

    Page 23 of 30

     

    

 

13. Miscellaneous.

 

(a) Transaction
& Enforcement Costs. Each Party shall bear its own costs and expenses, including legal and accounting fees, incurred in connection
with this Agreement and the transactions contemplated hereby, and shall pay such costs and expenses whether or not the Closing occurs,
subject to the provisions of Section 12. Upon any litigation between or among the Parties to enforce any provisions or rights hereunder,
the non-prevailing Party shall pay to the prevailing Party all costs and expenses of such Party (and any of such Party’s agents,
such as attorneys or accountants) expressly including, but not limited to, reasonable attorneys’ fees and court costs incurred therein
by such successful Party, which costs, expenses and attorneys’ fees will be included in and as a part of any judgment rendered in
such litigation.

 

(b) Confidentiality.
Each Party and its representatives shall hold in strict confidence all data and information obtained in connection with this transaction,
including all financial and other information of or related to the Dealership and the terms of this Agreement, and shall not directly
or indirectly at any time reveal, report, publish, disclose or transfer to any person any of such data and information or utilize any
of such data or information for any purpose; provided, however, each Party may disclose information to Manufacturer and legal, tax, accounting
advisors, lenders and potential lenders and other parties deemed by a Party to be necessary or appropriate in connection with the transactions
described herein, provided that such persons acknowledge that they too are bound by the confidentiality provisions contained herein. Notwithstanding
any contrary provision herein, Buyer may notify governmental agencies and organizations (e.g., the SEC, New York Department of Motor Vehicles
and municipal entities) of this Agreement and the transactions contemplated hereby by filing an unredacted copy of this Agreement, and
may announce the transactions contemplated hereby as long as such announcement does not identify, or allow the general public to identify
Seller or the Dealership.

 

(c) Relationship
& Authority. Each Party is acting as an independent contractor. Each Party is responsible for all taxes relating to its operation,
including payroll taxes for its employees and nothing in this Agreement is intended to create a relationship, express or implied, of employer-employee
or partnership or joint venture between or among any Party. Each individual executing this Agreement on behalf of a Party individually
represents and warrants that such Party is validly existing, that such execution has been duly authorized, that the terms of the instrument
will be binding upon the Party, and that such individual is duly authorized to execute this Agreement on behalf of such Party.

 

(d) Notices.
All notices and other communications provided for hereunder will be in writing, unless otherwise specified, and will be deemed to have
been duly given if delivered personally, via e-mail, via Federal Express or other nationally recognized courier, to the addresses on the
signature pages hereof or at such other addresses as a Party may designate from time to time in writing. Notices will be effective upon
receipt by the Party or refusal to accept delivery. Notices on behalf of either Party may be given by the attorneys representing such
Party.

 

(e) Integration;
Amendments & Time. This Agreement and the Non-Competition Agreement contains the entire understanding between the Parties and
supersede any prior understanding and/or oral agreements between them respecting the subject matter of this Agreement (including that
certain letter agreement between Buyer and Seller dated July 3, 2021). Any modification or amendment of this Agreement will be in writing
and executed by Seller and Buyer. Time is of the essence in this Agreement. If the last day to perform under a provision of this Agreement
or the final day of any period (e.g., Inspection Period or Closing Date Deadline) falls on a Saturday, Sunday, or legal holiday, then
such performance deadline or period is automatically extended through the next day which is not a Saturday, Sunday, or legal holiday.

 

    Page 24 of 30

     

    

 

(f) Interpretation
& Administration. The words “include”, “includes”, “included”, “including” and
“such as” do not limit the preceding words or terms and are deemed to be followed by the words “without limitation”.
The Parties have a duty of good faith and fair dealing. All captions and headings contained in this Agreement are for convenience of reference
only and will not be construed to limit or extend the terms or conditions of this Agreement. Any Schedule referenced herein but not present
on the Effective Date shall be provided by Seller at least five (5) days prior to expiration of the Inspection Period. All pronouns and
any variations thereof refer to the masculine, feminine or neuter, singular or plural, as the context may require. All terms defined in
this Agreement in their singular or plural forms, have correlative meanings when used herein in their plural or singular forms, respectively.
Each Party and its counsel have reviewed this Agreement and the rule of construction that any ambiguities are to be resolved against the
drafter will not be employed in the interpretation of this Agreement or any amendments, schedules or exhibits hereto. This Agreement may
be executed in one or more counterparts and delivered by e-mail or facsimile, each of which will be deemed to be an original copy of this
Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. This Agreement will be binding
upon and inure to the benefit of the Parties, their successors and assigns. Buyer may assign or otherwise transfer all of Buyer’s
rights, obligations and benefits hereunder to any entity owned or controlled by, or under common control with, Buyer without Seller’s
or Principal’s consent. The invalidity of any one or more phrases, sentences, clauses, paragraphs, or sections of this Agreement
will not affect the remaining portions of this Agreement. Sections 10 through 13 of this Agreement will survive the expiration and termination
of this Agreement. No failure or delay by any Party to enforce any right specified herein will operate as a waiver of such right, nor
will any single partial exercise of a right preclude any further or later enforcement of the right.

 

(g) Further
Assurances. At the request of Buyer and at Buyer’s expense, Seller and Principal shall cooperate in the preparation by Buyer
of all filings to be made by Buyer with the SEC including any periodic filings and any filing with respect to a registered offering of
its securities by Buyer and the closing of the offering registered thereby. Upon Buyer’s request at any time, Seller and Principal
shall take any act, including executing and delivering any document, necessary or advisable to transfer to and vest in Buyer, and protect
its rights, title and interest in and enjoyment of, all the Assets and Property and otherwise to carry out the provisions of this Agreement
(including user names and passwords for sites and accounts for or related to social media, directory assistance or reputation management
and Closing Memorandum error corrections). Such further acts include terminations or transfers of trade name filings and domain name assignments
and assisting Buyer in its efforts to be restated as a successor employer for employment tax purposes with respect to Seller’s employees
hired by Buyer, including, but not limited to, the annual wage limitation for FICA tax, and to meet the requirements of Revenue Procedure
2004-53, Section 4, Standard Procedure, for federal payroll tax purposes.

 

(h) Applicable
Law & Venue. This Agreement will be governed by and construed and enforced in accordance
with the internal laws and judicial decisions of the State New York without regard to conflict of law provisions thereof. Any litigation,
action or proceeding arising out of or relating to this Agreement will be held exclusively in any state or Federal court in the state
and county in which the Property is primarily located. Each Party waives any objection which it might have now or hereafter to the venue
of any such litigation, action or proceeding, submits to the sole and exclusive jurisdiction of any such court and waives any claim or
defense of inconvenient forum. Each Party consents to service of process at such Party’s address as provided herein (and updated
in writing from time to time).

 

[Remainder of Page Blank]

 

    Page 25 of 30

     

    

  

IN WITNESS WHEREOF, the Parties executed
and delivered this Agreement as of the Effective Date.

 

	Respect Auto Yonkers, LLC	 	LMP Yonkers Kia, LLC
	a New York limited liability company, as Seller	 	a New York limited liability company, as Buyer
	 	 	 	 	 
	By:	 	 	By:	 
	 	Harrison M. Gray, its Manager	 	Name:	 
	 	 	 	Title:
	 	 	 
	 	 	As to Sections 1(c), 7 and 9(b) only:
	 	 	 	 
	Respect Auto Group I LLC	 	LMP Automotive Holdings, Inc.
	a New York limited liability company, as Principal	 	a Delaware corporation, as Issuer
	 	 	 	 	 
	By:	 	 	By:	 
	 	Harrison M. Gray, its Manager	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	 	 	 
	Harrison M. Gray, an individual, as Principal	 	 	 

 

	Notice Address:	Notice Address:
	hgray@respectautogroup.com	sam@lmpmotors.com  and
	 	richard.aldahan@lmpmotors.com
	 	 
	With a copy to:	With a copy to:
	 	 
	Arent Fox LLP	Clark Hill LLP
	Attn: Aaron H. Jacoby	Attn:  Sander C. Zagzebski
	555 West Fifth Street, 48th Floor	1055 West Seventh Street, 24th Floor
	Los Angeles, CA 90013	Los Angeles, California 90017
	Facsimilie 213.629.7401	Facsimile:  213.488.1178
	Email: Aaron.Jacoby@arentfox.com	Email:  szagzebski@clarkhill.com

 

    Page 26 of 30

     

    

  

EXHIBIT A

 

License
Use Agreement

(Request
for Permission to Operate)

 

[TO FOLLOW]

 

    Page 27 of 30

     

    

  

EXHIBIT B

 

NON-COMPETITION AGREEMENT

 

This NON-COMPETITION AGREEMENT
(this “Agreement”) is made and entered into as of [●], 2021,
by and between Harrison M. Gray, an individual, RESPECT AUTO YONKERS, LLC, a New York limited liability company and RESPECT AUTO GROUP
I LLC (collectively, “Seller”), on the one hand, and LMP RESPECT HOLDINGS 001, LLC, a Delaware limited liability
company (the “Buyer”) on the other hand. Each of Seller and Buyer is sometimes individually referred to as a
“Party” and collectively as the “Parties” herein.

 

WHEREAS, Seller has
been involved in the ownership or operation of a Kia motor vehicle dealership located 1850 Central Avenue in the City of Yonkers, New
York 10710 (the “Dealership”) for several years and has developed a significant reputation in the Yonkers metropolitan
area and the surrounding regions in connection with sales, lease and service of motor vehicles and with the general operation of the Dealership;

 

WHEREAS, Buyer and
Seller are parties to that certain Dealership Asset Purchase Agreement effective as of August 5, 2021, regarding the Dealership (as it
may be amended or assigned, the “APA”; undefined capitalized terms used herein are used as defined in the APA);
and

 

WHEREAS, in order to
protect the future business operations of Buyer from such competition Seller has agreed to refrain from taking certain actions as detailed
herein.

 

NOW, THEREFORE,
in exchange for $100.00 and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereto hereby agree as follows:

 

1. Term.
The term of this Agreement is two (2) years following the Closing Date (the “Term”); provided, however, the
Term (and each shorter period described below) in each case will be automatically extended by a period of time equal to the time(s) during
which Seller is in breach of this Agreement.

 

2. Non-Competition.
During the Term, Seller shall not directly or indirectly own or control any motor vehicle dealership franchised by Kia Motors America,
Inc., which is located in Westchester County, New York.

 

3. No
Solicitation or Hiring.

 

a. From
the Closing Date through the date that is eighteen months following the Closing Date, without the prior express written consent of Buyer,
Seller shall not (and shall not attempt to, permit or cause any of its affiliates, subsidiaries, contractors or representatives or their
respective owners, directors, officers, employees, contractors, agents, representatives or third parties to) solicit for hire any Dealership
employee that, to Seller’s knowledge, works for the Dealership at any time during the period of time from July 3, 2021, through
the date that is eighteen months following the Closing Date.

 

b. From
the Closing Date through the first anniversary thereof, without the prior express written consent of Buyer, Seller shall not (and shall
not attempt to, permit or cause any of its affiliates, subsidiaries, contractors or representatives or their respective owners, directors,
officers, employees, contractors, agents, representatives or third parties to) hire any Dealership employee that to Seller’s knowledge,
worked for the Dealership at any time during the period of time from July 3, 2021, through the first anniversary of the Closing Date.

 

    Page 28 of 30

     

    

 

c. Notwithstanding
any other provision of this Agreement to the contrary, Seller shall not be prohibited from soliciting for hire or hiring any Dealership
employees where: (i) Buyer has consented in writing to Seller’s employment of any such employee, in Buyer’s sole discretion,
or (ii) such person was not offered employment by Buyer with materially identical compensation and benefits as he or she received from
Seller prior to the Closing Date.

 

d. Notwithstanding
any other provision of this Agreement to the contrary, Seller shall not be prohibited from continuing to employ any of the Respect Auto
Group Employees (as such term is defined in Section 10(e) of the APA).

 

4. Injunctive
Relief. Irreparable damage will result to Buyer upon Seller’s breach of this Agreement, and upon such a Seller breach, Buyer
will be entitled, in addition to any other rights and remedies available at law or in equity, to an injunction to restrain and enjoin
Seller from violating the restrictive covenants in this Agreement (collectively, the “Restrictive Covenants”)
without the necessity of posting any bond or proving special damages or irreparable injury. In the event any Party engages legal counsel
to enforce or protect its rights under this Agreement through litigation, the Party substantially prevailing in any such efforts shall
be entitled, in addition to all other relief, to reasonable attorney’s fees, out-of-pocket costs and disbursements relating to such
efforts, including any appeals. If there is a suit in equity by any Party to enforce this Agreement, and the court refuses for any reason
to enforce the Agreement by injunction, then such suit in equity will not be a bar to a later suit to recover damages.

 

5. Interpretation
& Administration. The parties hereto do not intend for the Restrictive Covenants to violate any public policy or statutory or
common law, including New York employment laws and regulations. If a court of competent jurisdiction renders a ruling holding that any
one or more of the provisions of this Agreement, including the stated term and/or geographic coverage of the Restrictive Covenants, constitute
an unreasonable restriction, then the Restrictive Covenants will not be rendered void but will apply to such extent and as to such time
period and geographic areas as the court may determine constitutes a reasonable restriction under the circumstances. For clarity, put
another way, a court shall be allowed to revise the restrictions to cover the maximum period, scope and area permitted by law. The parties
specifically intend that the Restrictive Covenants will be construed as a series of separate and independent covenants for each restrictive
action and for each distinct geographic area contained within the stated territory. Seller’s
representations, warranties, covenants, duties, obligations and agreements in this Agreement are the joint and several representations,
warranties, covenants, duties, obligations and agreements of Seller and each person or entity included in the definition of “Seller”
in the recitals. Buyer may freely assign its rights and duties under this Agreement only to a wholly owned subsidiary of Buyer
or of Buyer’s parent entity, by providing Seller written notice. Section 13 of the APA is incorporated herein by this reference,
mutatis mutandis.

 

[Signature Page Follows]

 

    Page 29 of 30

     

    

 

IN WITNESS WHEREOF the parties hereto executed
and delivered this Agreement as of the date in the Preamble above.

 

	Respect Auto Yonkers, LLC	 	LMP Yonkers Kia, LLC
	a New York limited liability company, as Seller	 	a New York limited liability company, as Buyer
	 	 	 	 	 
	By:	 	 	By:	 
	 	Harrison M. Gray, its Manager	 	Name:	 
		 	Title:	 
	 	 	 	 
	Respect Auto Group I LLC	 	 	 
	a New York limited liability company, as Seller	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	Harrison M. Gray, its Manager	 	 	 
	 	 	 	 	 
	 	 	 	 
	Harrison M. Gray, an individual, as Seller	 	 	 

 

	Notice Address:	Notice Address:
	hgray@respectautogroup.com	sam@lmpmotors.com  and
	 	richard.aldahan@lmpmotors.com  
	 	 
	With a copy to:	With a copy to:
	 	 
	Arent Fox LLP	Clark Hill LLP
	Attn: Aaron H. Jacoby	Attn:  Sander C. Zagzebski
	555 West Fifth Street, 48th Floor	1055 West Seventh Street, 24th Floor
	Los Angeles, CA 90013	Los Angeles, California 90017
	Facsimilie 213.629.7401	Facsimile:  213.488.1178
	Email: Aaron.Jacoby@arentfox.com  	Email:  szagzebski@clarkhill.com 

 

    Page 30 of 30

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