Document:

Exhibit 10.2

 

AYRO,
INC.

 

RESTRICTED
STOCK AWARD AGREEMENT

 

1.
Grant of Award. Pursuant to the terms of this Restricted Stock Award Agreement (this “Agreement”) and
as an inducement material to the Grantee (defined below) entering into employment with the AYRO, Inc., a Delaware corporation (the “Company”),
within the meaning of Nasdaq Listing Rule 5635(c)(4), the Company hereby grants to

 

Thomas
Wittenschlaeger

(the
“Grantee”)

 

an
award of Restricted Stock (defined below). The number of shares of the Company’s common stock, par value $0.0001 per share (“Common
Stock”) awarded under this Agreement is 450,000 shares (the “Awarded Shares”). The “Date
of Grant” of this Award is September 23, 2021.

 

2.
Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth below:

 

a.
“Applicable Laws” means all legal requirements relating to the administration of equity incentive plans or
awards and the issuance and distribution of shares of Common Stock, if any, under applicable corporate laws, applicable securities laws,
the rules of any exchange or inter-dealer quotation system upon which the Company’s securities are listed or quoted, the rules
of any foreign jurisdiction applicable to equity awards granted to residents therein, and any other applicable law, rule, or restriction.

 

b.
“Board” means the Board of Directors of the Company.

 

c.
“Change in Control” means the occurrence of any of the following events:

 

i.
any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities
beneficially owned by such Person any securities acquired directly from the Company or its Affiliates) representing 50% or more of the
combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in
connection with a transaction described in clause (A) of paragraph (iii) below; or

 

ii.
the following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on
the Date of Grant, constitute the Board and any new director (other than a director whose initial assumption of office is in connection
with an actual or threatened election contest, including, but not limited to, a consent solicitation, relating to the election of directors
of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved
or recommended by a vote of at least two-thirds of the directors then still in office who either were directors on the Date of Grant
or whose appointment, election, or nomination for election was previously so approved or recommended; or

 

    	 

     

    

 

iii.
there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation,
other than (A) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to
such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of
the surviving entity or any parent thereof) at least 50% of the combined voting power of the securities of the Company or such surviving
entity or any parent thereof outstanding immediately after such merger or consolidation, or (B) a merger or consolidation effected to
implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly
or indirectly, of securities of the Company (not including the securities Beneficially Owned by such Person any securities acquired directly
from the Company or its Affiliates other than in connection with the acquisition by the Company or its Affiliates of a business) representing
50% or more of the combined voting power of the Company’s then outstanding securities; or

 

iv.
the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement
for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition
by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined voting power of the
voting securities of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company
immediately prior to such sale.

 

For
purposes hereof:

 

“Affiliate”
shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act.

 

“Beneficial
Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act.

 

“Person”
shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except
that such term shall not include (A) the Company or any of its Subsidiaries, (B) a trustee or other fiduciary holding securities under
an employee benefit plan of the Company or any of its Affiliates, (C) an underwriter temporarily holding securities pursuant to an offering
of such securities, or (D) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company.

 

d.
“Claim” means any claim, liability, or obligation of any nature, arising out of or relating to this Agreement
or an alleged breach of this Agreement.

 

e.
“Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein will
be a reference to any successor or amended section of the Code.

 

f.
“Committee” means a committee of the Board or of other individuals satisfying Applicable Laws appointed by
the Board, or by the compensation committee of the Board, who have been appointed or designated by the Board to administer this Agreement.

 

g.
“Employment Agreement” means that certain Executive Employment Agreement, dated September 22, 2021, by and
between the Company and the Grantee.

 

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h.
“Exchange Act” means the United States Securities Exchange Act of 1934, as amended.

 

i.
“Fair Market Value” means, as of a particular date, (i) if the shares of Common Stock are listed on any established
national securities exchange, the closing sales price per share of Common Stock on the consolidated transaction reporting system for
the principal securities exchange for the Common Stock on that date, or, if there shall have been no such sale so reported on that date,
on the last preceding date on which such a sale was so reported; (ii) if the shares of Common Stock are not so listed, but are quoted
on an automated quotation system, the closing sales price per share of Common Stock reported on the automated quotation system on that
date, or, if there shall have been no such sale so reported on that date, on the last preceding date on which such a sale was so reported;
(iii) if the Common Stock is not so listed or quoted, the mean between the closing bid and asked price on that date, or, if there are
no quotations available for such date, on the last preceding date on which such quotations shall be available, as reported by the National
Association of Securities Dealer, Inc.’s OTC Bulletin Board or the Pink OTC Markets, Inc. (previously known as the National Quotation
Bureau, Inc.); or (iv) if none of the above is applicable, such amount as may be determined by the Committee (acting on the advice of
an Independent Third Party, should the Committee elect in its sole discretion to utilize an Independent Third Party for this purpose),
in good faith, to be the fair market value per share of Common Stock. The determination of Fair Market Value shall, where applicable,
comply with Section 409A of the Code.

 

j.
“Independent Third Party” means an individual or entity independent of the Company having experience in providing
investment banking or similar appraisal or valuation services and with expertise generally in the valuation of securities or other property
for purposes of this Agreement. The Committee may utilize one or more Independent Third Parties.

 

k.
“Restricted Stock” means shares of Common Stock issued or transferred to the Grantee pursuant to this Agreement
that are subject to restrictions or limitations set forth herein.

 

l.
“Service Provider” means an employee, director, or consultant that provides services to the Company.

 

m.
“Subsidiary” means (i) any corporation in an unbroken chain of corporations beginning with the Company, if
each of the corporations other than the last corporation in the unbroken chain owns stock possessing a majority of the total combined
voting power of all classes of stock in one of the other corporations in the chain, (ii) any limited partnership, if the Company or any
corporation described in item (i) above owns a majority of the general partnership interest and a majority of the limited partnership
interests entitled to vote on the removal and replacement of the general partner, and (iii) any partnership or limited liability company,
if the partners or members thereof are composed only of the Company, any corporation listed in item (i) above or any limited partnership
listed in item (ii) above. “Subsidiaries” means more than one of any such corporations, limited partnerships,
partnerships, or limited liability companies.

 

3.
Vesting. Except as otherwise provided herein, the Awarded Shares shall vest in accordance with the schedule set forth on Schedule
A attached hereto, provided the Grantee has remained a Service Provider through the applicable vesting date, with the number of Awarded
Shares vesting based on the determination by the Board or, if applicable, the Committee of whether the vesting conditions set forth on
Schedule A have been achieved. Vested portions of the Awarded Shares shall be cumulative, and the determination of whether any
vesting performance criteria has been achieved shall be determined by the Board or, if applicable, the Committee, in its sole discretion.

 

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4.
Forfeiture of Awarded Shares. Awarded Shares that are not vested in accordance with Section 3 shall be forfeited on the
date the Grantee ceases to be a Service Provider. Upon forfeiture, all of the Grantee’s rights with respect to the forfeited Awarded
Shares shall cease and terminate, without any further obligations on the part of the Company.

 

5.
Clawback. Notwithstanding anything herein to the contrary, the Company may recoup all or any portion of any shares received by
the Grantee in connection with this Agreement in accordance with Section 8 of the Employment Agreement or in the event of a restatement
of the Company’s financial statements as set forth in the Company’s clawback policy, if any, as may be approved by the Company’s
Board from time to time.

 

6.
Restrictions on Awarded Shares.

 

a.
Subject to the terms of this Agreement, including, without limitation, Section 6.b. below, from the Date of Grant until the date
the Awarded Shares are vested in accordance with Section 3 and are no longer subject to forfeiture in accordance with Section
4 (the “Restriction Period”), the Grantee shall not be permitted to sell, transfer, pledge, hypothecate,
margin, assign, or otherwise encumber any of the Awarded Shares that have not vested.

 

b.
Notwithstanding anything herein to the contrary, to the extent Awarded Shares vest in accordance with Section 3 above upon the
achievement of the applicable performance criteria set forth on Schedule A while the Grantee has continuously remained a Service
Provider, 50% of such Awarded Shares that vest (after the satisfaction of the tax withholding obligations as set forth in Section
26 below) on any given date (each, a “Vesting Date”) shall remain subject to the restrictions set forth
in Section 6.a. above on and after the date on which the Restriction Period Ends (in each case, the “Held Shares”)
until the earlier of (i) the third anniversary of the applicable Vesting Date, (ii) the date on which the Grantee ceases to be a Service
Provider, and (iii) the closing date of a Change in Control (the “Holding Period”).

 

c.
Except for the limitations contained in this Section 6, the Committee may, in its sole discretion, remove any or all of the restrictions
on such Awarded Shares whenever it may determine that, by reason of changes in Applicable Laws or changes in circumstances after the
Date of Grant, such action is appropriate.

 

7.
Legend. The following legend shall be placed on all certificates issued representing Awarded Shares:

 

On
the face of the certificate:

 

“Transfer
of this stock is restricted in accordance with conditions printed on the reverse of this certificate.”

 

On
the reverse:

 

“The
shares of stock evidenced by this certificate are subject to and transferable only in accordance with that certain Restricted Stock Award
Agreement, dated September 22, 2021, by and between the Company and the Grantee, a copy of which is on file at the principal office of
the Company in Round Rock, Texas. No transfer or pledge of the shares evidenced hereby may be made except in accordance with and subject
to the provisions of said agreement. By acceptance of this certificate, any holder, transferee or pledgee hereof agrees to be bound by
all of the provisions of said agreement.”

 

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The
following legend shall be inserted on a certificate evidencing Common Stock issued pursuant to this Agreement if the shares were not
issued in a transaction registered under the applicable federal and state securities laws:

 

“Shares
of stock represented by this certificate have been acquired by the holder for investment and not for resale, transfer or distribution,
have been issued pursuant to exemptions from the registration requirements of applicable state and federal securities laws, and may not
be offered for sale, sold or transferred other than pursuant to effective registration under such laws, or in transactions otherwise
in compliance with such laws, and upon evidence satisfactory to the Company of compliance with such laws, as to which the Company may
rely upon an opinion of counsel satisfactory to the Company.”

 

All
Awarded Shares owned by the Grantee shall be subject to the terms of this Agreement and shall be represented by a certificate or certificates
bearing the foregoing legend.

 

8.
Delivery of Certificates; Registration of Shares. The Company shall deliver certificates for the Awarded Shares to the Grantee
or shall register the Awarded Shares in the Grantee’s name, free of restriction under this Agreement, promptly after, and only
after, the Restriction Period has expired without forfeiture pursuant to Section 4. In connection with any issuance of a certificate
for Restricted Stock, the Grantee shall endorse such certificate in blank or execute a stock power in a form satisfactory to the Company
in blank and deliver such certificate and executed stock power to the Company.

 

9.
Rights of a Stockholder. Except as provided in Section 4 and Section 5 above, the Grantee shall have, with respect
to his Awarded Shares, all of the rights of a stockholder of the Company, including the right to vote the shares and, except as otherwise
provided in this Section 9, the right to receive any dividends thereon. Notwithstanding the foregoing, the Grantee shall not be
eligible to receive, and he shall not receive, dividends on the Awarded Shares until they have vested in accordance with Section 3
above. For the avoidance of doubt, the classification of any vested Awarded Shares as Held Shares in accordance with Section 6.b.
above shall not affect the Grantee’s eligibility to receive dividends on such Awarded Shares.

 

10.
Voting. The Grantee, as record holder of the Awarded Shares, has the exclusive right to vote, or consent with respect to, such
Awarded Shares until such time as the Awarded Shares are transferred in accordance with this Agreement; provided, however,
that this Section 10 shall not create any voting right where the holders of such Awarded Shares otherwise have no such right.

 

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11.
Adjustment to Number of Awarded Shares.

 

a.
Adjustments. In the event that any dividend or other distribution (whether in the form of cash, shares of Common Stock, other
securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up,
spin-off, combination, repurchase, or exchange of shares of Common Stock or other securities of the Company, or other change in the corporate
structure of the Company affecting the shares occurs, the Company, in order to prevent diminution or enlargement of the benefits or potential
benefits intended to be made available under this Agreement, will adjust the number and class of shares of stock that may be delivered
under this Agreement and/or the number, class, and price of shares of stock covered by this Agreement.

 

b.
Merger or Change in Control. Subject to Section II of Schedule A, in the event of a merger of the Company with or into
another corporation or other entity or a Change in Control, the Awarded Shares granted under this Agreement will be treated as the Company
determines (subject to the provisions of the following paragraph) without the Grantee’s consent, including, without limitation,
(i) that the Awarded Shares will be assumed, or a substantially equivalent award will be substituted, by the acquiring or succeeding
corporation (or an affiliate thereof) with appropriate adjustments as to the number and kind of shares and prices; (ii) upon written
notice to the Grantee, that the Awarded Shares will terminate upon or immediately prior to the consummation of such merger or Change
in Control; (iii) that the Awarded Shares will vest and the restrictions applicable to the Awarded Shares will lapse, in whole or in
part, prior to or upon consummation of such merger or Change in Control, and, to the extent the Company determines, terminate upon or
immediately prior to the effectiveness of such merger or Change in Control; (iv) (A) the termination of this Agreement in exchange for
an amount of cash and/or property, if any, equal to the amount that would have been attained upon the realization of the Grantee’s
rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the
transaction the Company determines in good faith that no amount would have been attained upon the realization of the Grantee’s
rights, then this Agreement may be terminated by the Company without payment), or (B) the replacement of the Awarded Shares with other
rights or property selected by the Company in its sole discretion; or (v) any combination of the foregoing.

 

In
the event that the successor corporation does not assume or substitute for the Awarded Shares (or portion thereof), the Grantee will
fully vest in such Awarded Shares and all restrictions on the Awarded Shares will lapse.

 

For
purposes of this Section 11.b., the Awarded Shares will be considered assumed if, following the merger or Change in Control, they
confer the right to purchase or receive, for each share of Common Stock subject to this Agreement immediately prior to the merger or
Change in Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change in Control
by holders of the Company’s Common Stock for each share held on the effective date of the transaction (and if holders were offered
a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock).

 

12.
Specific Performance. The parties acknowledge that remedies at law will be inadequate remedies for a breach of this Agreement
and consequently agree that this Agreement shall be enforceable by specific performance. The remedy of specific performance shall be
cumulative of all of the rights and remedies at law or in equity of the parties under this Agreement.

 

13.
Grantee’s Representations. Notwithstanding any of the provisions hereof, the Grantee hereby agrees that he will not acquire
any Awarded Shares, and that the Company will not be obligated to issue any Awarded Shares to the Grantee hereunder, if the issuance
of such shares shall constitute a violation by the Grantee or the Company of any provision of any law or regulation of any governmental
authority. Any determination in this connection by the Company shall be final, binding, and conclusive. The rights and obligations of
the Company and the rights and obligations of the Grantee are subject to all Applicable Laws, rules, and regulations.

 

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14.
Investment Representation. Notwithstanding anything herein to the contrary, the Grantee hereby represents and warrants to the
Company, that:

 

a.
The Grantee acknowledges that the Awarded Shares have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), and that the Company’s reliance on an exemption from the Securities Act depends, in part, upon the truth and
accuracy of the Grantee’s representations set forth herein.

 

b.
The Grantee is acquiring the Awarded Shares for his own account, for investment purposes only, and not with a view to the distribution,
resale, or other disposition not in compliance with the Securities Act and applicable state securities laws.

 

c.
The Grantee is an “accredited investor” as such term is defined in Rule 501 promulgated under the Securities Act.

 

d.
The decision of the Grantee to acquire the Awarded Shares for investment has been based solely upon the evaluation made by the Grantee.

 

e.
The Grantee recognizes and understands that the Awarded Shares may not be sold, transferred, or otherwise disposed of without registration
under the Securities Act or an exemption therefrom, and that in the absence of an effective registration statement or an available exemption,
he must hold such Awarded Shares indefinitely. The Grantee further acknowledges that Rule 144 promulgated under the Securities Act may
not be applicable to the Awarded Shares and understands that the Company will not be obligated to make the filings and reports, or make
publicly available the information, which is a condition to the availability of Rule 144. The Grantee further recognizes that the Company
is under no obligation to register the Awarded Shares or to comply with any exemption from such registration. The Grantee understands
that the certificates representing the Awarded Shares may carry one or more legends incorporating such restrictions.

 

f.
The Grantee acknowledges that he is a sophisticated investor, having such knowledge and experience in financial and business matters
as to be capable of making an informed investment decision with respect to the acquisition of the Awarded Shares and that he has the
financial wherewithal to absorb the loss of any investment in the Awarded Shares.

 

g.
The Grantee acknowledges receipt of all information he considers necessary or appropriate for deciding and evaluating the merits and
risks of his acquiring and holding the Awarded Shares. The Grantee acknowledges that he has had an opportunity to ask questions and to
receive answers from the Company regarding the Awarded Shares and the business properties, prospects, and financial condition of the
Company and to obtain additional information necessary to verify the accuracy of any information furnished to him or to which he had
access.

 

h.
The Grantee acknowledges that applicable securities laws provide restrictions on the ability of stockholders to sell, transfer, assign,
mortgage, hypothecate, or otherwise encumber their Awarded Shares and places certain other restrictions on the Grantee.

 

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15.
Grantee’s Acknowledgments. The Grantee hereby acknowledges and agrees to accept as binding, conclusive, and final all decisions
or interpretations of the Committee or the Board, as applicable, upon any questions arising under this Agreement.

 

16.
Law Governing. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Delaware
(excluding any conflict of laws rule or principle of Delaware law that might refer the governance, construction, or interpretation of
this Agreement to the laws of another state).

 

17.
No Right to Continue Service or Employment. Nothing herein shall be construed to confer upon the Grantee the right to continue
to be a Service Provider to the Company or any Subsidiary, whether as an Employee, Contractor, or Outside Director, or to interfere with
or restrict in any way the right of the Company or any Subsidiary to discharge the Grantee as an Employee, Contractor, or Outside Director
at any time.

 

18.
Legal Construction. In the event that any one or more of the terms, provisions, or agreements that are contained in this Agreement
shall be held by a court of competent jurisdiction to be invalid, illegal, or unenforceable in any respect for any reason, the invalid,
illegal, or unenforceable term, provision, or agreement shall not affect any other term, provision, or agreement that is contained in
this Agreement, and this Agreement shall be construed in all respects as if the invalid, illegal, or unenforceable term, provision, or
agreement had never been contained herein.

 

19.
Covenants and Agreements as Independent Agreements. Each of the covenants and agreements that are set forth in this Agreement
shall be construed as a covenant and agreement independent of any other provision of this Agreement. The existence of any claim or cause
of action of the Grantee against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the
enforcement by the Company of the covenants and agreements that are set forth in this Agreement.

 

20.
Entire Agreement. This Agreement, together with the Employment Agreement, supersedes any and all other prior understandings and
agreements, either oral or in writing, between the parties with respect to the subject matter hereof and constitute the sole and only
agreements between the parties with respect to the said subject matter. All prior negotiations and agreements between the parties with
respect to the subject matter hereof are merged into this Agreement. Each party to this Agreement acknowledges that no representations,
inducements, promises, or agreements, orally or otherwise, have been made by any party or by anyone acting on behalf of any party, which
are not embodied in this Agreement or the Employment Agreement and that any agreement, statement, or promise that is not contained in
this Agreement or the Employment Agreement shall not be valid or binding or of any force or effect.

 

21.
Parties Bound. The terms, provisions, and agreements that are contained in this Agreement shall apply to, be binding upon, and
inure to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, and permitted successors
and assigns, subject to the limitation on assignment expressly set forth herein. No person shall be permitted to acquire any Awarded
Shares without first executing and delivering an agreement in the form satisfactory to the Company making such person or entity subject
to the restrictions on transfer contained herein.

 

22.
Modification. No change or modification of this Agreement shall be valid or binding upon the parties unless the change or modification
is in writing and signed by the parties hereto. Notwithstanding anything herein to the contrary, the Company may modify the performance
criteria related to the vesting of the Awarded Shares from time to time by amending Schedule A without the need to otherwise amend
this Agreement, and any such modifications may be made by the Board (or, if applicable, the Committee) or any officer or representative
of the Company authorized by the Board (or, if applicable, the Committee) to amend Schedule A.

 

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23.
Headings. The headings that are used in this Agreement are used for reference and convenience purposes only and do not constitute
substantive matters to be considered in construing the terms and provisions of this Agreement.

 

24.
Gender and Number. Words of any gender used in this Agreement shall be held and construed to include any other gender, and words
in the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise.

 

25.
Notice. Any notice required or permitted to be delivered hereunder shall be deemed to be delivered only when actually received
by the Company or by the Grantee, as the case may be, at the addresses set forth below, or at such other addresses as they have theretofore
specified by written notice delivered in accordance herewith:

 

a.
Notice to the Company shall be addressed and delivered as follows:

 

	 	AYRO, Inc.	 
	 	 900
    E. Old Settlers Boulevard, Suite 100 	 
	 	 Round
    Rock, TX 78664 	 
	 	Attn:	 Chairman
    of the Board 	 
	 	Fax: 		 

 

b.
Notice to the Grantee shall be addressed and delivered as set forth on the signature page.

 

26.
Tax Requirements. The Grantee is hereby advised to consult immediately with his own tax advisor regarding the tax consequences
of this Agreement, the method and timing for filing an election to include this Agreement in income under Section 83(b) of the Code,
and the tax consequences of such election. By execution of this Agreement, the Grantee agrees that if the Grantee makes such an election,
the Grantee shall provide the Company with written notice of such election in accordance with the regulations promulgated under Section
83(b) of the Code. The Company or, if applicable, any Subsidiary (for purposes of this Section 26, the term “Company”
shall be deemed to include any applicable Subsidiary), shall have the right to deduct from all amounts paid in cash or other form in
connection with this Agreement, any federal, state, local, or other taxes required by law to be withheld in connection with this Award.
The Company may, in its sole discretion, also require the Grantee receiving shares of Common Stock issued pursuant to this Agreement
to pay the Company the amount of any taxes that the Company is required to withhold in connection with the Grantee’s income arising
with respect to this Award. Such payments shall be required to be made when requested by the Company and may be required to be made prior
to the delivery of any certificate representing shares of Common Stock. Such payment may be made by (a) the delivery of cash to the Company
in an amount that equals or exceeds (to avoid the issuance of fractional shares under (c) below) the required tax withholding obligations
of the Company; (b) if the Company, in its sole discretion, so consents in writing, the actual delivery by the Grantee to the Company
of shares of Common Stock, other than Common Stock that the Grantee has acquired from the Company within six (6) months prior thereto,
which shares so delivered have an aggregate Fair Market Value that equals or exceeds (to avoid the issuance of fractional shares under
(c) below) the required tax withholding payment; (c) if the Company, in its sole discretion, so consents in writing, the Company’s
withholding of a number of shares to be delivered upon the vesting of this Award, which shares so withheld have an aggregate Fair Market
Value that equals (but does not exceed) the required tax withholding payment; or (d) any combination of (a), (b), or (c). The Company
may, in its sole discretion, withhold any such taxes from any other cash remuneration otherwise paid by the Company to the Grantee.

 

27.
Indemnification of Board and Committee. No member of the Board or the Committee, nor any officer or employee of the Company acting
on behalf of the Board or the Committee, shall be personally liable for any action, determination, or interpretation taken or made in
good faith with respect to this Agreement, and all members of the Board and the Committee, each officer of the Company, and each employee
of the Company acting on behalf of the Board or the Committee shall, to the extent permitted by law, be fully indemnified and protected
by the Company in respect of any such action, determination, or interpretation to the fullest extent provided by law. Except to the extent
required by any unwaiveable requirement under Applicable Law, no member of the Board or the Committee (and no Subsidiary of the Company)
shall have any duties or liabilities, including, without limitation, any fiduciary duties, to the Grantee (or any person claiming by
or through the Grantee) as a result of this Agreement or any Claim arising hereunder and, to the fullest extent permitted under Applicable
Law, the Grantee (as consideration for receiving and accepting this Agreement) irrevocably waives and releases any right or opportunity
the Grantee might have to assert (or participate or cooperate in) any Claim against any member of the Board or the Committee, or any
Subsidiary of the Company arising out of this Agreement.

 

[Remainder
of Page Intentionally Left Blank;

Signature
Page Follows.]

 

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IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Grantee, to evidence his
consent and approval of all the terms hereof, has duly executed this Agreement, as of the date specified in Section 1 hereof.

 

	 	COMPANY:
	 	 
	 	AYRO,
    Inc.
	 	 	 
		By:	/s/
    Joshua Silverman
	 	Name:	Joshua Silverman
	 	Title:	Chairman

 

	 	GRANTEE:
	 	 	 
	 	 	/s/ Thomas Wittenschlaeger
	 	 	Signature
	 	 	 
			
	 	Name:	Thomas Wittenschlaeger
	 	Address:	 
	 	 	 

 

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Schedule
A

 

Performance
Criteria

 

The
determination of whether any performance criteria set forth on this Schedule A has been achieved shall be determined by the Board
or, if applicable, the Committee, in its sole discretion, and the Awarded Shares shall vest as follows:

 

I.
Subject to Section 6.b., if the Stock Price Milestones (defined below) and the Business Milestones (defined below) equal or exceed
the thresholds in the chart below during Executive’s employment with the Company, then the number of Awarded Shares set forth directly
across from such thresholds shall vest and no longer be subject to forfeiture in accordance with Section 4, provided the Grantee
has continuously remained a Service Provider through the applicable vesting date.

 

	Stock
    Price Milestone Achieved	 	Business
    Milestones Achieved	 	Awarded
    Shares Vesting
	First
    SPA/MC Milestone	 	0	 	90,000
	Second
    SPA/MC Milestone	 	1	 	90,000
	Third
    SPA/MC Milestone	 	3	 	90,000
	Fourth
    SPA/MC Milestone	 	4	 	90,000
	Fifth
    SPA/MC Milestone	 	5	 	90,000

 

For
the avoidance of doubt, the number of Awarded Shares listed in the table above shall not vest unless both the corresponding Stock Price
Milestone and the number of Business Milestones have yet been achieved.

 

Example:
Assume the following facts: The First SPA/MC Milestone is achieved in 2021, the Second SPA/MC Milestone is achieved in 2022, but no Business
Milestones have been achieved. Under those facts, 90,000 of the Awarded Shares would be vested as follows:

 

	●	 90,000
    Awarded Shares vested upon the achievement of the First SPA/MC Milestone because no Business Milestones were required to be achieved
    for such Awarded Shares to vest.
	 	 
	●	 No
    Awarded Shares vested upon the achievement of the Second SPA/MC Milestone because at least one Business Milestone must also be achieved
    for the next tranche of 90,000 Awarded Shares to vest.

 

II.
Notwithstanding anything in this Schedule A to the contrary, upon the occurrence of a Change in Control while the Grantee is a
Service Provider:

 

a.
To the extent any Stock Price Milestones have been achieved, but the corresponding number of Business Milestones necessary for a tranche
of Awarded Shares to vest has not also been achieved as of the closing date of a Change in Control, then the number of Awarded Shares
that would become vested upon the achievement of the corresponding number of Business Milestones, shall vest immediately prior to such
Change in Control, irrespective of the failure to achieve such number of Business Milestones, and shall no longer be subject to forfeiture
in accordance with Section 4; and

 

b.
The Holding Period requirements of Section 6.b. shall be waived as to all vested Awarded Shares immediately prior to such Change
in Control.

 

    	11 

     

    

 

III.
For purposes of this Schedule A, the following terms shall have the meanings set forth below:

 

a.
“Average Stock Price Threshold” means the average, calculated over any Measurement Period, of the closing price
of a share of Common Stock during such Measurement Period on the Trading Market on which the Common Stock is then listed or quoted for
trading as reported by Bloomberg L.P. (or successor thereto).

 

b.
“Business Milestone” means the seven business and operational performance goals agreed to by the Grantee and
the Board or, if applicable, the Committee, which shall be agreed to by the parties in writing no later than the 30th day
following the Date of Grant. The terms of such writing shall be incorporated herein by reference for purposes of determining whether
such Business Milestones have been achieved.

 

c.
“Market Capitalization Threshold” means the average, calculated over any Measurement Period, of the aggregate
Fair Market Value of the Company’s outstanding shares of Common Stock, determined by calculating the product of (i) the total number
of outstanding shares of Common Stock on the applicable Trading Days during such Measurement Period, multiplied by (ii) the closing prices
of the Common Stock during such Measurement Period on the Trading Market on which the Common Stock is then listed or quoted for trading
as reported by Bloomberg L.P. (or successor thereto).

 

d.
“Measurement Period” means any 90 consecutive calendar days during Grantee’s employment with the Company.

 

e.
“Stock Price Milestone” means the Average Stock Price Thresholds or the Market Capitalization Thresholds set
forth in the following table:

 

	Stock
    Price Milestone Achieved	 	Average
    Stock Price Threshold	 	Market
    Capitalization Threshold
	First
    SPA/MC Milestone	 	$8
    per share	 	$288
    million
	Second
    SPA/MC Milestone	 	$11
    per share	 	$396
    million
	Third
    SPA/MC Milestone	 	$14
    per share	 	$504
    million
	Fourth
    SPA/MC Milestone	 	$17
    per share	 	$612
    million
	Fifth
    SPA/MC Milestone	 	$20
    per share	 	$720
    million

 

For
the avoidance of doubt, a Stock Price Milestone listed in the table above shall be deemed achieved if either the corresponding Average
Stock Price Threshold or Market Capitalization Threshold is achieved.

 

f.
“Trading Day” means each Monday, Tuesday, Wednesday, Thursday, and Friday, other than any day on which securities
are not traded on the applicable Trading Market or in the applicable securities market.

 

g.
“Trading Market” means the primary securities exchange on which the Common Stock is listed or quoted for trading
on the date in question.

 

**********

 

    	12Exhibit 10.3

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

This
EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of September 23, 2021 by and between AYRO, Inc., (the “Company”),
and Thomas Wittenschlaeger (“Executive”). The Company and Executive may be collectively referred to in this Agreement
as the “Parties” or individually as a “Party.”

 

W
I T N E S S E T H :

 

WHEREAS,
the Company and Executive desire to enter into this Agreement to establish the terms and conditions of Executive’s employment with
the Company.

 

NOW,
THEREFORE, in consideration of the foregoing premises and the agreements contained herein and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follow:

 

1. Agreement
to Employ. The Company and Executive agree pursuant to the terms of this Agreement that the Company shall employ Executive as its
Chief Executive Officer (“CEO”). The Company and Executive acknowledge that this Agreement supersedes any other offer,
agreement or promises made by anyone, specifically concerning the offer of employment by the Company, and this Agreement comprises the
complete agreement between Executive and the Company concerning Executive’s employment by the Company.

 

2. Term
of Employment. This Agreement shall be binding upon and enforceable against the Company and Executive immediately when both parties
execute the Agreement. The Agreement’s stated term and the employment relationship created hereunder will begin on the Effective
Date and will remain in effect for two (2) years, unless earlier terminated in accordance with Sections 5 and 6 (the “Initial
Term”). This Agreement may be renewed for three (3) successive one (1) year terms after the Initial Term (the “Renewal
Term(s)”), unless terminated by either Party upon written notice (“Non-Renewal Notice”) provided not less
than sixty (60) days before the end of the Initial Term or a subsequent Renewal Term, or unless earlier terminated in accordance with
Sections 5 and 6. The period during which Executive is employed under this Agreement (including the Renewal Term(s)) will be referred
to as the “Employment Period.”

 

3. Services
to be Provided by Executive.

 

(a)
Position and Responsibilities. Subject to the terms of this Agreement, Executive agrees to serve the Company as its CEO. Executive
shall have the duties and privileges customarily associated with an executive occupying such role, and shall perform all reasonable acts
customarily associated with such role, or necessary and/or desirable to protect and advance the best interests of the Company. Subject
to approval of the Company’s shareholders, Executive shall also serve as a Member of the Board of Directors of the Company (the
“Board”). For purposes of this Agreement only, all references to the Board shall not include Executive. Upon a termination
of employment for any reason, Executive shall resign each position (if any) that Executive then holds as an officer or director of the
Company. Executive’s execution of this Agreement shall be deemed the grant by Executive to the officers of the Company of a limited
power of attorney to sign in Executive’s name and on Executive’s behalf any such documentation as may be required to be executed
solely for the limited purposes of effectuating such resignations.

 

    	1

    	 

    

 

(b)
Performance. Executive shall report to the Board and Executive shall devote his best efforts and his full business time, skill,
energy and attention to the business and affairs of the Company and its subsidiaries whether currently existing or hereafter acquired
or formed. Executive shall (i) perform his duties and responsibilities hereunder faithfully and to the best of his abilities in a diligent,
trustworthy, businesslike and efficient manner, and in accordance with the Company’s policies and applicable law, (ii) use his
best efforts to promote the success of the Company, (iii) not do anything, or permit anything to be done at his direction, inconsistent
with his duties to the Company or opposed to its best interests, and (v) cooperate fully with the Board in the advancement of the best
interests of the Company.

 

(c) Executive’s
Employment Representations. Executive agrees that he (i) shall not serve as a member of any board of directors, or as a trustee of,
or in any manner be affiliated with, any present or future agency or organization (except for civic, religious, and not for profit organizations)
without the consent of the Board, which consent will not be unreasonably withheld, other than those board of directors or trustees on
which Executive serves as of date of this Agreement; and (ii) is required to devote sufficient working time to the Company (other than
sick time and civic responsibilities, charitable or religious activities that do not interfere with the performance of Executive’s
duties) in order to properly carry out Executive’s duties. Executive further represents to the Company that Executive (x) is not,
to Executive’s knowledge, violating and will not violate any contractual, legal, or fiduciary obligations or burdens to which Executive
is subject as of the date of this Agreement by entering into this Agreement or providing services under the Agreement’s terms;
(y) is, to Executive’s knowledge, under no contractual, legal, or fiduciary obligation or burden that will interfere with his ability
to perform services under the Agreement’s terms; and (z) has no bankruptcies, convictions, disputes with regulatory agencies, or
other disclosable or disqualifying events that would have any material impact on the Company or its ability to conduct securities offerings.
Notwithstanding for the foregoing, Executive may continue to advise Nantworks, Inc., for a period of three (3) months following the Effective
Date, subject to the terms and conditions of the Company’s Confidential Information, Invention Assignment and Restrictive Covenant
Agreement (the “Confidential Information Agreement”) attached hereto as Exhibit A.

 

(d) Executive’s
Office Location. Executive’s primary office location shall be the Company’s business office in Round Rock, Texas.

 

4. Compensation
for Services. As compensation for the services Executive will perform under this Agreement during the Employment Period, the Company
will pay Executive, and Executive shall accept as full compensation, the following:

 

(a) Base
Salary. Executive shall receive an annual base salary of Two Hundred-Eighty Thousand Dollars ($280,000), less required withholdings
(the “Base Salary”), payable in equal installments semi-monthly pursuant to the Company’s normal payroll practices.
During the Renewal Term, Executive shall receive the same rate of Base Salary as in effect immediately prior to the commencement of such
Renewal Term. Executive’s compensation shall be subject to all appropriate federal and state withholding taxes.

 

    	2

    	 

    

 

(b) Performance
Based Bonus. For the 2021 fiscal year, Executive shall be eligible for a partial bonus as determined in the discretion of the Board,
based upon the achievement of short-term target objectives and performance criteria as agreed upon by Executive and the Board, payable
no later than March 15, 2022. For subsequent fiscal years during the Employment Period, Executive shall be eligible to receive periodic
bonuses of up to fifty percent (50%) of his Base Salary upon achievement of target objectives and performance criteria, payable on or
before March 15th of the fiscal year following the fiscal year to which the bonus relates. Except to the extent provided by Section 6(c),
Executive shall be entitled to a bonus for a year, subject to achievement of the performance criteria, if he is employed by the Company
as of December 31 for the year to which services to which the bonus applies were performed. Targets and performance criteria shall be
established by the Board after consultation with Executive within the first thirty (30) days following the Effective Date and at least
annually during the Employment Period. The evaluation of Executive’s performance, as measured by the applicable targets and the
awarding of bonuses, if any, shall be at the Board’s sole discretion.

 

(c) Equity.

 

(i) Restricted
Stock. Executive shall be granted 450,000 shares of the Company’s Restricted Common Stock representing, 1.25% of the Company’s
outstanding equity (the “Restricted Stock”) pursuant to the terms and conditions of the Restricted Stock Agreement
approved by the Board, a form of which has been provided to Executive, and certain performance vesting criteria as described in the following
paragraph (ii) and the holding period set forth in paragraph (iii) of this Section 4(c).

 

(ii) Performance
Vesting. Except as set forth in Section 7 of this Agreement, during the Employment Period, the Restricted Stock shall vest in tranches
of 90,000 shares upon the achievement of a combination of:

 

(A) the
share price/market cap milestones set forth in Table 1 below (the “Stock Price Milestones”), and

 

(B) seven
(7) business and operational milestones to be agreed upon between Executive and the Board (or the Compensation Committee of the Board)
within the first 30 days following the Effective Date (the “Business Milestones”), (collectively the “Performance
Vesting Criteria”). Notwithstanding the foregoing, if the first Stock Price Milestone is achieved prior to the achievement
of any one of the Business Milestones, the first 90,000 tranche of Restricted Stock shall vest. The Performance Vesting Criteria are
illustrated in Table 2. below.

 

Table
1. Stock Price Milestones

 

	Stock Price Milestone	 	 	Share Price Average	 	 	Market Cap	 
	1	 	 	$	8	 	 	 	288M	
	2	 	 	$	11	 	 	 	396M	
	3	 	 	$	14	 	 	 	504M	
	4	 	 	$	17	 	 	 	612M	
	5	 	 	$	20	 	 	 	720M	

 

The
share price and market cap averages shall be determined over a period of 90 calendar

 

    	3

    	 

    

 

Table
2. Vesting Illustration

 

	Tranche	Market Cap/Share Price	+	Business Milestone	=	Vested 
	1	Any 1 MC/SP Milestone	+	0 of 7	=	90k
	2	Any 2 MC/SP Milestones	+	Any 1 of 7 Business Milestones	=	90k
	3	Any 3 MC/SP Milestones 	+	Any 3 of 7 Business Milestones	=	90k
	4	Any 4 MC/SP Milestones 	+	Any 4 of 7 Business Milestones	=	90k
	5	All 5 MC/SP Milestones 	+	Any 5 of 7 Business Milestones	=	90k

 

(iii)
Holding Period. Pursuant to the terms of the Restricted Stock Agreement, to the extent any of the Performance Vesting Criteria
are achieved during the Employment Period, fifty percent (50%) of the vested shares of Restricted Stock (after any disposition required
for the payment of taxes) shall be subject to a holding period (the “Held Shares”) during which Executive may not
sell, transfer, encumber, pledge or otherwise dispose of the Held Shares (the “Holding Period”). The Holding Period
shall end on the earlier of (i) three (3) years from the date the Performance Vesting Criteria is met, or (ii) the date the Employment
Period ends.

 

(d)
Reimbursement of Ordinary Business Expenses. The Company shall reimburse Executive for all reasonable business expenses upon the
presentation of itemized statements of such expenses in accordance with Company policies and procedures as may be in effect from time
to time.

 

(e)
Other Benefits and Perquisites. Executive shall be entitled to participate in the benefit plans provided by the Company for all
employees generally, and for the Company’s executive employees, including the availability of health and dental insurance benefits.
The Company shall be entitled to modify, amend or terminate these benefit plans in its sole discretion at any time. Any reimbursement
of expenses made under this Agreement shall only be made for eligible expenses incurred during the Employment Period, and no reimbursement
of any expense shall be made by the Company after December 31st of the year following the calendar year in which the expense was incurred.
The amount eligible for reimbursement under this Agreement during a taxable year may not affect expenses eligible for reimbursement in
any other taxable year, and the right to reimbursement under this Agreement is not subject to liquidation or exchange for another benefit.
Executive will comply with the Company’s policies regarding these benefits, including all Internal Revenue Service rules and requirements.

 

(f)
Relocation Expenses. The Company shall provide Executive fifteen thousand dollars ($15,000) payable no later than December 31,
2021, intended to reimburse him for expenses related his relocation to the Austin, Texas area, provided Executive has indeed so relocated.

 

    	4

    	 

    

 

5. Termination
of Agreement. The employment relationship between Executive and the Company created under this Agreement shall terminate before the
expiration of the stated term of this Agreement upon the occurrence of any one of the following events:

 

(a)
Death or Permanent Disability. This Agreement, and Executive’s employment, shall be terminated effective on the death or
permanent disability of Executive. For this purpose, “permanent disability” shall mean that Executive has, by reason of any
medically determinable physical or mental impairment, been determined to be disabled under a long-term disability benefits plan covering
employees of the Company or is determined to be totally disabled by the U.S. Social Security Administration.

 

(b)
Termination by the Company for Cause. The Company may terminate Executive’s employment hereunder for Cause at any time after
providing written notice to Executive. For purposes of this Agreement, the term “Cause” shall mean any of the following:

 

(i) an
act or acts of theft, embezzlement, fraud, or willful or material misrepresentation by Executive;

 

(ii) an
act or acts of intentional dishonesty or willful misrepresentation of a material nature;

 

(iii)
any willful misconduct by Executive with regard to the Company;

 

(iv) a material breach by Executive of any fiduciary duties owed by him to the Company;

 

(v) Executive’s
conviction of, or pleading nolo contendere or guilty to, a felony or misdemeanor (other than a traffic infraction) that is reasonably
likely to cause damage to the Company or the Company’s reputation;

 

(vi)
Executive’s refusal to perform the material duties and responsibilities lawfully and ethically required to be performed by Executive
under the terms of this Agreement, which Executive failed to cure within thirty (30) days after receiving written notice from the Board;
and

 

(vii) a
material breach by Executive of this Agreement or any other agreement to which Executive and the Company are parties that is not cured
by Executive within thirty (30) days (to the extent curable) after receipt by Executive of a written notice from the Company of such
breach specifying the details thereof.

 

(c)
Termination by the Company Without Cause. The Company may terminate this Agreement and Executive’s employment at any time
upon thirty (30) days written notice to Executive without Cause, during which period Executive shall not be required to perform any services
for the Company other than to assist the Company in training his successor and generally preparing for an orderly transition.

 

(d) Termination
by Executive. Executive may terminate this Agreement and his employment without Good Reason at any time upon thirty (30) days written
notice to the Company. Executive may also terminate his employment for Good Reason. For purposes of this Agreement, the term “Good
Reason” shall mean the occurrence of any of the following without Executive’s prior written consent:

 

(i) a
material reduction in Executive’s Base Salary;

 

(ii) a
material diminution in Executive’s title, duties, responsibility or authority; or

 

    	5

    	 

    

 

(iii)  relocation without Executive’s consent for three consecutive months or more to an office located fifty (50) miles outside of Executive’s
principal place of business.

 

Any
event described in (i) through (iii) shall not constitute Good Reason unless Executive delivers to the Companies a written notice of
termination for Good Reason within ninety (90) days after Executive first learns of the existence of the circumstances giving rise to
Good Reason, and within thirty (30) days following delivery of such notice, the Company has failed to cure the circumstances giving rise
to Good Reason.

 

(e)
Separation from Service. For purposes of this Agreement any references to a termination of Executive’s employment shall
mean a “separation from service” as defined by Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)
and the Treasury Regulations and other guidance issued thereunder.

 

(f) Notice
of Termination. Any termination of Executive’s employment hereunder (other than as a result of the death of Executive or as
a result of the expiration of the Employment Term or any Renewal Term if either party has given a Non-Renewal Notice to the other), whether
by the Company or by Executive, shall be communicated by written Notice of Termination to the other party hereto. For purposes of this
Agreement, a “Notice of Termination” shall mean a written notice that shall indicate (i) the specific termination
provision in this Agreement relied upon; (ii) the basis for the termination; and (iii) the date of termination.

 

6. Compensation
Upon Termination. Upon the termination of Executive’s employment under this Agreement before the expiration of the stated
term in this Agreement, Executive shall be entitled to the following:

 

(a)
Termination by the Company for Cause or as a Result of the Resignation of Executive. In the event that Executive’s employment
is terminated by the Company for Cause, or as a result of Executive’s resignation, the Company shall, in addition to any benefits
provided under any employee benefit plan or program of the Company, pay the following amounts to Executive (or his estate or other legal
representative, as the case may be) within the time period required by applicable law (and in all events within thirty (30) days of such
termination):

 

(i) any
accrued but unpaid Base Salary (as determined pursuant to Section 4(a) hereof, including any shares of common stock) for services rendered
to the date of termination; and

 

(ii) any
accrued but unpaid expenses required to be reimbursed pursuant to Section 4(e) hereof.

 

The
amounts described in Sections 6(a)(i), and 6(a)(ii) above, together with benefits provided under any employee benefit plan or program
of the Company, shall be referred to herein as the “Accrued Obligations.”

 

(b)
Termination by Reason of Death or Disability of Executive. In the event that Executive’s employment is terminated by reason
of Executive’s death or Disability, the Company shall pay the Accrued Obligations to Executive (or his estate or other legal representative,
as the case may be) within the time period required by applicable law (and in all events within thirty (30) days of such termination).
In addition, the Company shall pay Executive any earned, but unpaid, bonus under Section 4(b) for services rendered during the year preceding
the date of termination within the time period provided by Section 4(b) for payment of bonuses (the “Accrued Bonus”).

 

    	6

    	 

    

 

(c)
Termination by the Company Without Cause or Upon Non-Renewal, or by Executive for Good Reason. In the event that Executive’s
employment is terminated by the Company without Cause or by reason of non-renewal of the Agreement by the Company as provided by Section
2 hereof or by Executive for Good Reason, the Company shall pay and/or provide the following amounts to Executive:

 

(i) the
Accrued Obligations within the time period required by applicable law (and in all events within thirty (30) days of such termination),
except for employee benefits that shall be provided in accordance with the terms applicable to such benefits, and the Accrued Bonus within
the time period provided by Section 4(b) hereof for payment of bonuses; and

 

(ii) subject
to compliance with the restrictive covenants set forth in the attached Confidential Information, Invention Assignment and Restrictive
Covenant Agreement (the “Confidential Information Agreement “) and the execution and timely return by Executive of
a release of claims in a form agreed to by both parties, which the Company shall deliver to Executive within five (5) business days following
the termination of Executive’s employment, and subject to the provisions of Section 10 below:

 

(A) The Company shall pay Executive an amount equal to twelve (12) months Base Salary, payable in equal monthly installments over twelve
(12) months (the “Severance Period”). The first installment shall commence on the sixtieth (60th) day following
the termination of Executive’s employment but shall include all installment amounts that would have been paid during the first
sixty (60) days following the termination of Executive’s employment had installments commenced immediately following the date of
termination, and

 

(B) The Company shall pay Executive an amount equal to the greater of (x) the most recent annual bonus earned by Executive, (y) the average
of the immediately preceding two year’s annual bonuses earned by Executive, or (z) if Executive’s termination of employment
occurs during the first calendar year of the Initial Term before any annual bonus for a full twelve (12)-month period of service has
been paid, then the target bonus Executive is eligible for under Section 4(b) hereof (the greater of clauses (x), (y) or (z), the “Bonus
Amount”), provided that no Bonus Amount shall be payable if the bonuses for the year of termination are subject to achievement
of performance goals and such performance goals are not achieved by the Company for such year , and

 

(C) The
Company shall pay Executive a monthly amount equal to the cost of Executive’s premiums to continue coverage under the Company’s
health plan pursuant to COBRA, subject to applicable tax and withholding, until the earlier of (x) the expiration of the Severance Period
or (y) the date Executive obtains other group health coverage (the “Assistance Amount”). The Assistance Amount is
intended to assist Executive with the cost of health coverage following Executive’s termination of employment, however Executive
shall have no obligation to use the Assistance Amount for COBRA coverage and may use the Assistance Amount in his sole discretion.

 

    	7

    	 

    

 

In
the event Executive fails to comply with the Confidential Information Agreement or does not timely execute and return (or otherwise revokes)
the Release, no amount shall be payable to Executive pursuant to this Section 6(c)(ii).

 

(d)
Return of Company Property. Executive shall deliver to the Company, in the event Executive ceases to be employed by the Company
for any reason (including termination, resignation, death or Disability), or at any other time the Company may request, all equipment,
files, property, confidential information, work product, memoranda, notes, plans, records, reports, computer tapes, printouts and software
and other documents and data (and all electronic, paper or other copies of any of the foregoing) belonging to the Company or any subsidiary
or affiliate thereof, which Executive may then possess or have under Executive’s control. To the extent that the Company or one
of its subsidiaries or affiliates has provided Executive with a computer, phone and/or any other technology or equipment in his capacity
as an employee or officer of the Company, Executive shall immediately return such items to the Company upon the cessation of his employment
with the Company for any reason. Executive agrees that his final paycheck will not be delivered to him until such items are returned
to the Company.

 

7. Change
in Control.

 

(a) For
purposes of this Agreement, Change in Control means following:

 

(i) Any
person, entity or group, within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934 (the “Exchange
Act”) but excluding the Company and its subsidiaries and any employee benefit or stock ownership plan of the Company or its
subsidiaries and also excluding an underwriter or underwriting syndicate that has acquired the Company’s securities solely in connection
with a public offering thereof (such person, entity or group being referred to herein as a “Person”) becomes the beneficial
owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either the then outstanding shares of Common
Stock or the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors;
or

 

(ii) Individuals
who, as of the effective date hereof, constitute the Board of Directors of the Company (the “Incumbent Board”) cease
for any reason to constitute at least a majority of the Board of Directors of the Company, provided that any individual who becomes a
director after the effective date hereof whose election, or nomination for election by the Company’s shareholders, is approved
by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered to be a member of the Incumbent
Board unless that individual was nominated or elected by any Person having the power to exercise, through beneficial ownership, voting
agreement and/or proxy, 50% or more of either the outstanding shares of Common Stock or the combined voting power of the Company’s
then outstanding voting securities entitled to vote generally in the election of directors, in which case that individual shall not be
considered to be a member of the Incumbent Board unless such individual’s election or nomination for election by the Company’s
shareholders is approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board; or

 

    	8

    	 

    

 

(iii)
Consummation by the Company of the sale, lease, exchange or other disposition, in one transaction or a series of transactions, by the
Company of all or substantially all of the Company’s assets or a reorganization or merger or consolidation of the Company with
any other Person, entity or corporation, other than:

 

(A) a reorganization or merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto
(or, in the case of a reorganization or merger or consolidation that is preceded or accomplished by an acquisition or series of related
acquisitions by any Person, by tender or exchange offer or otherwise, of voting securities representing 50% or more of the combined voting
power of all securities of the Company, immediately prior to such acquisition or the first acquisition in such series of acquisitions)
continuing to represent, either by remaining outstanding or by being converted into voting securities of another entity, more than 50%
of the combined voting power of the voting securities of the Company or such other entity outstanding immediately after such reorganization
or merger or consolidation (or series of related transactions involving such a reorganization or merger or consolidation), or

 

(B) a reorganization or merger or consolidation effected to implement a recapitalization or reincorporation of the Company (or similar transaction)
that does not result in a material change in beneficial ownership of the voting securities of the Company or its successor; or

 

(C)  approval by the shareholders of the Company or an order by a court of competent jurisdiction of a plan of complete liquidation or dissolution
of the Company.

 

(iv) If required for purposes of compliance with Section 409A of the Code, in no event will a Change in Control be deemed to have occurred
if such transaction is not also a “change in the ownership or effective control of” the Company or “a change in the
ownership of a substantial portion of the assets of” the Company as determined under Treasury Regulation Section 1.409A-3(i)(5)
(without regard to any alternative definition thereunder). The Board may, in its sole discretion and without Executive’s consent,
amend the definition of “Change in Control” to conform to the definition of “Change in Control” under Section
409A and the regulations thereunder.

 

(b) Compensation
upon a Change in Control.

 

(i) Equity.
With respect to the Share Price Milestones that have been met upon the closing of Change in Control, to the extent the Business Milestones
have not been fully achieved, such unmet Business Milestones shall be waived for such Share Price tranche(s) and those shares of unvested
Restricted Stock shall fully vest, and shall no longer be subject to the Holding Period.

 

(ii)
Termination of Employment Following a Change in Control. If Executive’s employment is terminated without Cause, Executive
resigns for Good Reason or this Agreement is not renewed within twelve (12) months following a Change in Control, Executive shall be
entitled to the amounts set forth in Section 6(c) subject to the conditions set forth in Section 6(c)(ii); provided, however, the Company
or its successor shall have the discretion to provide the amounts set forth in Section 6(c)(ii)(A) in a lump sum within sixty (60) days
following the date Executive’s employment is terminated.

 

    	9

    	 

    

 

8. Forfeiture.

 

(a)
If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of the
intentional misconduct or gross negligence of the Executive, with any financial reporting requirement under the United States
securities laws, then the Executive shall forfeit and reimburse the Company for all of the following: (i) any incentive or incentive
compensation paid based upon such erroneously stated financial information, (ii) any incentive or incentive compensation or equity
compensation received by Executive during the twelve (12) month period following the earlier of the first public issuance or filing
with the SEC of the financial document embodying the financial reporting requirement, (iii) any profits realized by Executive from
the sale of Company securities during that same twelve (12) month period, (iv) if Executive is terminated or has been terminated,
the right to receive Special Severance and Incentive Payments, and (v) if Executive is terminated or has been terminated, any
unvested and/or unexercised long-term incentive compensation awards.

 

(b) Executive
acknowledges and agrees he is one of the persons subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002
and if the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of
misconduct (within the meaning of said Section 304, but other than as a result of Executive’s intentional misconduct or gross negligence,
which is governed by the preceding subsection), with any financial reporting requirement under the United States securities laws, then
the Executive shall forfeit and reimburse the Company for all of the following: (i) any incentive or incentive compensation or equity
compensation received by Executive during the twelve (12) month period following the earlier of the first public issuance or filing with
the SEC of the financial document embodying the financial reporting requirement, and (ii) any profits realized by Executive from the
sale of Company securities during that same twelve (12) month period.

 

(c) Executive
acknowledges that Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, among other things, requires the United
States Securities and Exchange Commission to direct the national securities exchanges to prohibit the continued listing of the securities
of an issuer unless the issuer develops and implements a policy providing, among other things, for the recovery of certain erroneously
awarded compensation. Executive agrees that this Agreement shall be automatically amended without any further consideration to incorporate
any amendments to the recovery provisions set forth in such policy. Upon the request of the Company, Executive agrees without further
consideration to execute an amendment evidencing the incorporation of said amended provisions into this Agreement.

 

(d) No
forfeiture or recovery of compensation under this Section 8 shall constitute an event giving rise to Executive’s right to terminate
this Agreement for Good Reason.

 

    	10

    	 

    

 

9. Other
Provisions.

 

(a) Limitations
on Assignment. In entering into this Agreement, the Company is relying on the unique personal services of Executive; services from
another person will not be an acceptable substitute. Except as provided in this Agreement, Executive may not assign this Agreement or
any of the rights or obligations set forth in this Agreement without the explicit written consent of the Company. Any attempted assignment
by Executive in violation of this Section 9(a) shall be void. Except as provided in this Agreement, nothing in this Agreement entitles
any person other than the parties to the Agreement to any claim, cause of action, remedy, or right of any kind, including, without limitation,
the right of continued employment. No rights or obligations of the Company under this Agreement may be assigned or transferred by the
Company without Executive’s prior written consent, except that such rights or obligations may be assigned or transferred pursuant
to a merger or consolidation in which the Company is not the continuing entity, or a sale, liquidation or other disposition of all or
substantially all of the assets of the Company, provided that the assignee or transferee is the successor to all or substantially all
of the assets of the Company and assumes the liabilities, obligations and duties of the Company under this Agreement, either contractually
or as a matter of law. The Company further agrees that, in the event of any disposition of its business and assets described in the preceding
sentence, it shall cause such assignee or transferee expressly to assume the liabilities, obligations and duties of the Company hereunder.

 

(b) Severability
and Reformation. The parties intend all provisions of this Agreement to be enforced to the fullest extent permitted by law. If, however,
any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future law, such provision shall be
fully severable, and this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision were never
a part hereof, and the remaining provisions shall remain in full force and effect and shall not be affected by the illegal, invalid,
or unenforceable provision or by its severance. In lieu of such illegal, invalid or unenforceable provision, there shall be added automatically
as a part of this Agreement a legal, valid and enforceable provision as similar in terms to such illegal, invalid or unenforceable provision
as may be possible, and the Company and Executive hereby request the court to whom disputes relating to this Agreement are submitted
to reform the otherwise unenforceable covenant in accordance with this Section 9(b).

 

(c)
Notices. Any notice or other communication required, permitted or desired to be given under this Agreement shall be deemed delivered
when personally delivered; the business day, if delivered by overnight courier; the same day, if transmitted by facsimile on a business
day before noon, Eastern Standard Time; the next business day, if otherwise transmitted by facsimile; and the third business day after
mailing, if mailed by prepaid certified mail, return receipt requested, as addressed or transmitted as follows (as applicable):

 

If
to Executive:

 

The
address of Executive’s principal residence kept in the Company’s records, with a copy to him (during the Employment Period)
at his office.

 

If
to the Company:

 

AYRO,
Inc.

Attn:
General Counsel

900
E. Old Settlers Boulevard, Suite 100

Round
Rock, TX 78664

 

(d) Further
Acts. Whether or not specifically required under the terms of this Agreement, each party shall execute and deliver such documents
and take such further actions as shall be necessary in order for such party to perform all of his or its obligations specified in the
Agreement or reasonably implied from the Agreement’s terms.

 

    	11

    	 

    

 

(e) Publicity
and Advertising. Executive agrees that the Company may use his name, picture, or likeness for any advertising, publicity or other
business purpose at any time, during the term of this Agreement and may continue to use materials generated during the term of this Agreement
for a period of six (6) months thereafter. The use of Executive’s name, picture, or likeness shall not be deemed to result in any
invasion of Executive’s privacy or in violation of any property right Executive may have; and Executive shall receive no additional
consideration if his name, picture or likeness is so used. Executive further agrees that any negatives, prints or other material for
printing or reproduction purposes prepared in connection with the use of his name, picture or likeness by the Company shall be and are
the sole property of the Company.

 

(f)
Waiver. A party’s waiver of any breach or violation of any Agreement provisions shall not operate as, or be construed to
be, a waiver of any later breach of the same or other Agreement provision.

 

(g)
Entire Agreement, Amendment, Binding Effect. This Agreement constitutes the entire agreement between the parties concerning the
subject matter in this Agreement. No oral statements or prior written material not specifically incorporated in this Agreement shall
be of any force and effect, and no changes in or additions to this Agreement shall be recognized, unless incorporated in this Agreement
by written amendment, such amendment to become effective on the date stipulated in it. Executive acknowledges and represents that in
executing this Agreement, he did not rely, and has not relied, on any communications, promises, statements, inducements, or representation(s),
oral or written, by the Company, except as expressly contained in this Agreement. Any amendment to this Agreement must be signed by all
parties to this Agreement. This Agreement will be binding on and inure to the benefit of the parties hereto and their respective successors,
heirs, legal representatives, and permitted assigns (if any). This Agreement supersedes any prior agreements between Executive and the
Company concerning the subject matter of this Agreement.

 

(h)
Counterparts. This Agreement may be executed in counterparts, with the same effect as if both parties had signed the same document.
All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument.

 

(i) Indemnification.
The Company agrees to maintain a directors’ and officers’ liability insurance policy covering Executive in an amount, and
on terms and conditions (including without limitation, with respect to scope, exclusions, sub-amounts and deductibles), no less favorable
to him than the coverage the Company provides other senior executives and directors from time to time. Executive’s indemnification
rights shall be outlined by such policy and to the extent applicable, the Company by-laws and other governing documents.

 

    	12

    	 

    

 

(j)
Cooperation. Executive will cooperate with all reasonable requests by the Company for assistance in connection with any investigations
or legal proceedings involving the Company (or any subsidiary or affiliate thereof) and related to Executive’s employment period
with the Company, including by providing testimony in person in any such investigations or legal proceeding without having to be subpoenaed;
provided, however, that the foregoing shall not apply to any investigation or legal proceeding involving disputes between
Executive and the Company (or any subsidiary or affiliate thereof) arising under this Agreement or any other agreement. If such cooperation
is required following the date on which Executive ceases to be an employee of the Company, then the Company shall reimburse Executive
for all reasonable out of pocket expenses incurred by Executive in rendering such services that are approved by the Company.

 

(k)
Attorney’s Fees. The Company agrees to pay or reimburse Executive for reasonable attorney’s fees incurred by Executive
in connection with the review of this Agreement, up to a maximum of $10,000. Such payment will be made promptly following execution of
this Agreement.

 

10.  Section
409A of the Code.

 

(a) To
the extent (i) any payments to which Executive becomes entitled under this Agreement, or any agreement or plan referenced herein, in
connection with Executive’s termination of employment with the Company constitute deferred compensation subject to Section 409A
of the Code; (ii) Executive is deemed at the time of his separation from service to be a “specified employee” under Section
409A of the Code; and (iii) at the time of Executive’s separation from service the Company is publicly traded (as defined in Section
409A of Code), then such payments (other than any payments permitted by Section 409A of the Code to be paid within six (6) months of
Executive’s separation from service) shall not be made until the earlier of (x) the first day of the seventh month following Executive’s
separation from service or (y) the date of Executive’s death following such separation from service. Upon the expiration of the
applicable deferral period described in the immediately preceding sentence, any payments which would have otherwise been made during
that period (whether in a single sum or in installments) in the absence of this Section 10 shall be paid to Executive or Executive’s
beneficiary in one lump sum, plus interest thereon at the Delayed Payment Interest Rate computed from the date on which each such delayed
payment otherwise would have been made to Executive until the date of payment. For purposes of the foregoing, the “Delayed Payment
Interest Rate” shall mean the national average annual rate of interest payable on jumbo six-month bank certificates of deposit,
as quoted in the business section of the most recently published Sunday edition of The New York Times preceding Executive’s separation
from service.

 

(b) To
the extent any benefits provided under Sections above are otherwise taxable to Executive, such benefits shall, for purposes of Section
409A of the Code, be provided as separate in-kind payments of those benefits, and the provision of in-kind benefits during one calendar
year shall not affect the in-kind benefits to be provided in any other calendar year.

 

(c) In
the case of any amounts payable to Executive under this Agreement, or under any plan of the Company, that may be treated as payable in
the form of “a series of installment payments,” as defined in Treas. Reg. §1.409A-2(b)(2)(iii), Executive’s right
to receive such payments shall be treated as a right to receive a series of separate payments for purposes of Treas. Reg. §1.409A-2(b)(2)(iii).

 

    	13

    	 

    

 

(d) It
is intended that this Agreement comply with or be exempt from the provisions of Section 409A of the Code and the Treasury Regulations
and guidance of general applicability issued thereunder, and in furtherance of this intent, this Agreement shall be interpreted, operated,
and administered in a manner consistent with such intent.

 

11.  Dispute
Resolution.

 

(a)
Remedies; Legal Fees. Each of the parties to this Agreement will be entitled to enforce its rights under this Agreement specifically,
to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights existing in its favor.
The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement
and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific performance
and/or injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement. The prevailing party shall
be entitled to attorney’s fees.

 

(b) GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING EFFECT TO
THE CONFLICT OF LAWS (RULES) OR CHOICE OF LAWS (RULES) THEREOF.

 

(c) Venue.
The exclusive venue for all suits or proceedings arising from or related to this Agreement shall be in a court of competent jurisdiction
in Williamson County, Texas.

 

[Signature
Page Follows]

 

    	14

    	 

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Employment Agreement as of the date first written above.

 

	 	AYRO, INC.:
	 	 	 
	 	By:
     	/s/
    Joshua Silverman
	 	Name:
    	Joshua
    Silverman
	 	Title:
	Chairman
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	/s/
    Thomas Wittenschlaeger
	 	Thomas Wittenschlaeger
	 	 	 
	 	Address for Notices:
	 	 
	 	 

 

    	 

    	 

    

 

EXHIBIT
A

CONFIDENTIAL
INFORMATION, INVENTION ASSIGNMENT AND 

RESTRICTIVE
COVENANT AGREEMENT

 

    	 

    	 

    

 

APPENDIX
A 

TO
THE CONFIDENTIAL INFORMATION, INVENTION ASSIGNMENT AND RESTRICTIVE COVENANT AGREEMENT

 

PRIOR
CREATIONS; PRIOR COMMITMENTS

 

    	 

    	 

    

 

APPENDIX
B

TO THE CONFIDENTIAL INFORMATION, INVENTION ASSIGNMENT AND RESTRICTIVE COVENANT AGREEMENT

 

TERMINATION
CERTIFICATION

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