Document:

Exhibit 10.8

	
		Execution Copy
Privileged & Confidential

		SUPPLY AGREEMENT

		This SUPPLY AGREEMENT (this “Agreement”) is made as of the 9th day of April, 2021, by and between Chongqing Sokon Motors(Group) Imp. & Exp. Co., Ltd. , a People’s Republic of China corporation with address at No. 618 Liangjiang Avenue, Longxing, Yubei District, Chongqing, China (“Supplier”), and  Electric Last Mile, Inc., a Delaware corporation (“Buyer”) with address at 1055 W Square Lake Rd, Troy, Michigan 48098.

		WITNESSETH:

		WHEREAS, Supplier is an import and export trading company established in accordance with the laws of the People’s Republic of China that engages in import and export of goods including but not limited to brands of mini vehicles, auto parts, electronic products, etc. in the business, among others, of marketing and selling equipment, vehicles, auto components and parts, and can also assist its client to source other customized products as needed.

		WHEREAS, subject to the terms and conditions of this Supply Agreement, Buyer wishes to obtain of a source of supply and Supplier is willing to supply vehicles and parts listed in Annex A from Supplier, or purchase other customized components and parts per the technical requirements, drawing or technical standards on Buyer’s behalf. The Supplied Products agreed in this Supply Agreement include: (i) EC35 (cargo van)and D51 (mini truck) models, which will be supplied either in complete build up sets (CBU) , semi-knocked down units (SKD) or Completely knocked-down units (CKD); (ii) components and spare parts to vehicles, and Supplier is willing to sell such products to Buyer, all pursuant to the provisions of this Agreement. Products described in (i) and (ii) are collectively referred to as Supplied Products herein after. SKD and CKD are collectively referred to as KD Sets herein after. For clarity, all vehicle identification numbers and product codes referenced in this Agreement are for reference at the time of Purchase Order placement, and Buyer is granted no right to use any of the Supplier’s vehicle identification numbers (including Model Numbers EC35 and D51), all kinds of logos and product codes, and agrees to refrain from using any such vehicle identification number, all kinds of logos and product codes as of the Effective Date (as defined below)

		NOW, THEREFORE, in consideration of the foregoing and the mutual covenants set forth herein, the parties agree as follows:

		ARTICLE I.
PRODUCTS; SCOPE

		1.1    Sales of Products.    Subject to the terms and conditions hereof, Supplier agrees to sell to Buyer, and Buyer agrees to purchase from Supplier, vehicles and parts listed in Annex A, or other customized components and parts per the technical requirements, drawing or technical standards from Buyer as needed. The Supplied Products agreed in this Supply Agreement include: (i) EC35 (cargo van) and D51 (mini truck) models, which will be supplied either in complete build up sets (CBU) , semi-knocked down units (SKD) or completely knocked-down units (CKD); (ii) components and spare parts to vehicles, and Supplier is willing to sell such products to Buyer, all pursuant to the provisions of this Agreement. Products described in (i) and (ii) are collectively referred to as Supplied Products herein after. SKD and CKD are collectively referred to as KD Sets herein after. The list of Products may be amended from time to time by the mutual written agreement of the parties and under the following conditions:

		a)      Compliance with Law:    the Supplied Products’ specifications, trademarks and product codes shall comply with all laws and regulations as applicable to sell and supply such Products in the People’s Republic of China.  For clarity, Supplier is not required, and has no obligation, to conform the Products to comply with laws or regulation applicable to sell and supply such Products in the Territory (as defined below).  Buyer shall at its own expenses conduct risk investigation and make necessary improvements and adjustments accordingly to conform the Products to any and all applicable laws and regulations for sale in the Territory, including obtain any approval, certificates and homologations from the appropriate authorities of the Territory, to which Supplier shall not take any legal responsibilities.  To the extent any modification or alteration to the Products are necessary to make such product in compliance with applicable laws and regulations in the Territory,  Buyer shall submit such necessary modifications or alterations to Supplier 

		

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		for approval at Supplier’s sole discretion.  Supplier may assist Buyer in conforming the Products to be in compliance in the Territory, subject to mutually agreed terms including reasonable compensation to Supplier in providing such assistance.

		b)      Minimum order quantity:    During calendar years 2021, 2022 and 2023, Buyer agrees to procure from the Supplier forecasted minimums of 2,000 units, 10,000 Units and 20,000 Units, respectively (each, a “Minimum Order Quantity or MOQ”), the MOQ including CBU, SKD and CKD sets (see specific Purchase Order per Section 2.2 below).

		c)      Notices of Off-Spec Products:    Supplier shall notify Buyer in event of a manufacturing issue (off-spec products; untimely delivery; raw material shortages, change in laws; change in manufacturing process).

		d)      Notices — Commercial Viability:    Either Party shall notify the other in the event of a potential quality issue that would impact commercial viability.

		e)      Nature & Quality of Supply Services:    With respect to the products and services provided by Supplier to Buyer under this Agreement, Supplier shall use the same degree of care as it applies to Supplier’s other customers. When purchasing customized parts and components according to Buyer’s technical requirements, drawings, and standards, which requires special development and manufacture of the parts by the parts supplier, Buyer shall bear the cost; Supplier shall immediately notify Buyer, and Both Parties shall discuss and negotiate about the requirements/scope, development fee and payment terms separately, and shall enter into separate development agreement(s) .

		f)      Maintain Books & Records:    Both Parties shall maintain books and records of all data relating to manufacture, sale and supply of products supplied and purchased under this Agreement.  Buyer shall have the right to obtain a copy of necessary data from the Supplier reasonably necessary to ensure quality and commercial viability.

		g)      Restrictions:    Buyer agrees that the Products purchased under this Agreement may only be sold and supplied by the Buyer within the United States, Mexico and Canada (the “Territory”) except Supplier itself and its affiliates.

		1.2    Relationship of Parties.    The relationship between Supplier and Buyer is that of a seller and buyer; they are independent contractors.  Neither Buyer nor any of its employees or agents are or will be deemed to be the employees, agents or representatives of Supplier for any purpose whatsoever.  Neither Buyer nor its employees or agents are granted by this Agreement or otherwise any express or implied right or authority to assume or create any obligation or responsibility on behalf or in the name of Supplier.

		ARTICLE II.
TERMS AND CONDITIONS OF SALE

		2.1    Forecasts of Orders.    At the beginning of each calendar year, Buyer shall provide to Supplier on an annual order forecast and shall confirm on a quarterly basis the order  forecast of the Products to be purchased by Buyer during each of the following three calendar months, with such forecasts specifying Product quantities and requested delivery dates and, to the best knowledge of the Buyer, the Buyer shall promptly inform the Supplier any change of internal and external conditions that may materially affect such forecasts .  Each such forecast shall constitute a non-binding, good faith estimate of plan by Buyer to purchase Products in the quantities and in accordance with the delivery dates set forth in the forecast; each such order, including the requested delivery dates, shall be subject to Supplier’s acceptance. 

		2.2    Purchase Orders.    Based on the agreed and forecasted annual Minimum Order Quantity set forth in 1.1b, Buyer shall from time to time provide to Supplier binding purchase orders (each a “Purchase Order”) to purchase Products in the actual quantities and in accordance with the requested delivery dates set forth in the orders; each such order, including the requested delivery dates, shall be subject to Supplier’s acceptance with issuance of a Proforma Invoice( “Proforma Invoice”).  Supplier will use its commercially reasonable efforts to accept and fulfill these orders.  Supplier will use its commercial best efforts to deliver the applicable Products within forty-five (45) days of Supplier’s receipt of down payment of the Purchase Order. To the extent it is unable to meet any aspect of a forecast or order, Supplier shall so inform Buyer, and the parties shall negotiate a mutually acceptable modified Product delivery schedule.

		

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		2.3    Terms of Sale.    All sales of Products by Supplier to Buyer shall be governed by the terms of this Agreement, which as supplemented by the Product quantities and delivery dates in forecasts or orders that have been accepted by Supplier shall constitute the entire agreement of the parties with respect to sales of Products; no additional or different terms set forth in any of the Buyer’s forms, correspondence or other communications shall apply to any such sales.

		2.4    Shipping Terms.    All Products sold under this Agreement shall be sold either (i) EXW Supplier’s plant (as such term is defined in Incoterms 2020), with risk of loss of or damage to the Products being transferred to Buyer when they are made available to Buyer’s carrier for loading at Supplier’s warehouse; or (ii) FOB Supplier’s dock, with risk of loss of or damage to the Products being transferred to the Buyer when they are made available to Buyer’s carrier for loading at Supplier’s dock. The detailed shipping terms shall be specified in each Purchase Orders. All provisions stated in Incoterms 2020 shall govern the responsibilities of each party.

		2.5    Pricing.    Product pricing shall be mutually agreed between the Parties and shall be specified in Proforma Invoices applicable to each Purchase Order. The Product prices in effect on the date of this Agreement are set forth in Exhibit B attached hereto. If no prices are included on Exhibit B, the Parties agree to negotiate in good faith to establish the prices for inclusion on the Exhibit B. Product prices for new Purchase Orders shall be subject to change by Supplier from time to time on 30 calendar days’ notice to Buyer. Supplier can not change the mutually agreement upon Product Price on prior issued Purchased Orders.  It is understood and agreed that, if Supplier incurs surcharges or similar charges from its vendors or suppliers related to increases in the cost of materials, fuels, or other inputs associated with the Products, such surcharges or other charges shall be passed through to Buyer.  Buyer shall have the right to offset any costs for short deliveries. The Parties mutually agree that export prices will be determined separately based on the Product status and Supplier’s export rules, which shall be mutually agreed between the Parties.

		2.6    Currency; Terms of Payment.    All payments hereunder shall be made in United States Dollars (USD). Supplier shall issue Buyer an invoice upon Supplier’s receipt of Purchase Order.  Buyer shall pay a 20% down payment of such invoice amount within 7 days after Buyer’s receipt of the invoice and shall pay the balance prior to the shipment date as specified in the applicable Purchase Order.  Buyer shall pay interest on past due amounts at the lesser of 5% per annum or the highest rate permitted under applicable law, calculated from the due date until paid. If the balance is not paid in 30 days or above, Supplier has the right to cancel the order, forfeit the down payment, and reserve the right to claim compensation for any losses caused by the cancellation. Supplier has the right not to ship the goods before receipt of full payment

		2.7    Cancellation of order.    Order can be cancelled before Supplier receives the down payment, in case of any cancellation of the order required after receipt of down payment, Supplier is entitled to forfeit the down payment and reserves the right to ask for compensation of any loss due to the cancellation.

		2.8    Inspection of the order. Buyer has the right to do inspection at Supplier’s site before each shipment. If Buyer decides not to do the inspection before shipment, Buyer has 10 days from the date of receiving the shipment to inspect all Supplied Products, in case of any material defects, wrong parts, or shorts in quantity founded, Buyer shall provide Supplier with a report with reasonable details including photos and statements. If no claims received within 10 days from date of receipt by Buyer, it is considered as the shipment is fully inspected and accepted. Buyer is responsible for all cost and expenses related to the Supplied Products following delivery.

		2.9    Indemnification.    Each Party shall defend, indemnify and hold harmless the other Party from and against any and all damages, liabilities, losses, costs and expenses (including without limitation reasonable attorneys’ fees) that are incurred or suffered by the other Party as a result of (i) any failure by such Party or any of its employees or agents to comply with any applicable laws, regulations, rules or ordinances in connection with the use of the Products or otherwise in connection with their performance under this Agreement; or (ii) the negligence or willful misconduct of such Party or its employees or agents.

		Buyer shall defend, indemnify and hold harmless Supplier and its affiliates, officers, employees and agents (collectively  “Supplier Indemnified Parties”) from and against any and all damages, liabilities, losses, costs and expenses (including without limitation reasonable attorneys’ fees) that are incurred or suffered by Supplier Indemnified Parties as a result of (i) any improper installation, misuse, abuse or improper maintenance or repair of the Supplied Products by Buyer or its agents or employees; or (ii) any third party claims (including any products liability claims) against any products sold or supplied by the Buyer, unless such third party claim is solely caused by the Supplied Products’ failure to meet Supplier’s express specifications.

		

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		2.10    Point of Contact.    Supplier shall be Buyer’s point of contact for the Products; Buyer may contact any of the Supplier’s subcontractors or third party vendors regarding the Products with written authorization from Supplier in writing, and such authorization shall not be unreasonably withheld.

		2.11    Buyer shall import, assemble, manufacture, distribute and sell the products and relevant Parts, in strict compliance with all applicable laws, rules and regulations of governmental authorities of the Territory, and shall be in charge of handling the relative legal transactions.

		ARTICLE III.
CONFIDENTIAL INFORMATION

		3.1    Each Party (the “Discloser”) may from time to time disclose to the other Party (the “Recipient”) certain Confidential Information (as defined below) of the Discloser.  Recipient agrees to receive in confidence from Discloser all of Discloser’s Confidential Information.  Recipient agrees that it, its employees, contractors, representatives, successors, assigns, Affiliates, parents, subsidiaries, officers, directors, and the like shall, for the Confidentiality Period, (a) hold Discloser’s Confidential Information in strict confidence, use the same degree of care (but no less than a reasonable degree of care) in safeguarding Discloser’s Confidential Information as safeguarding Recipient’s own Confidential Information, and take all precautions reasonably necessary to protect Discloser’s Confidential Information including, without limitation, all precautions Recipient normally employs with respect to its own Confidential Information; (b) not divulge any of Discloser’s Confidential Information or any information derived therefrom to any third person; (c) not make any use whatsoever at any time of Discloser’s Confidential Information, except as is necessary or appropriate in the exercise of Recipient’s rights or performance of Recipient’s specific duties under this Agreement; (d) not copy, reverse engineer, alter, modify, break down, melt down, disassemble or transmit any of Discloser’s Confidential Information1;(e) notify Discloser in writing immediately upon discovery of any unauthorized use or disclosure of Discloser’s Confidential Information by Recipient or its employees or any third party; and (f) upon demand by Discloser, promptly return, or, at Discloser’s option, destroy, and confirm in writing to Discloser the destruction of, all documents, papers, files, notes, samples and materials of any kind, including copies or reproductions thereof, to the extent they contain Discloser’s Confidential Information. “Confidentiality Period” means (i) for all Confidential Information that constitutes a ‘trade secret’ under applicable law, the period beginning on the date of disclosure to the Recipient and ending on when such Confidential Information is no longer a trade secret under applicable law or (ii) for all other Confidential Information, the period beginning on the date of disclosure to the Recipient and ending on the date that is five (5) years after the expiration or termination of this Agreement.

		3.2    Definition of Confidential Information.    For purposes hereof, the term “Confidential Information” means any and all confidential and/or proprietary knowledge, data or information of a Party in tangible or intangible form that is either (i) in writing and marked as CONFIDENTIAL INFORMATION (or if transmitted orally or visually, identified as such by the Discloser at the time of disclosure, and identified in writing to the Recipient, as CONFIDENTIAL INFORMATION, within thirty (30) days after such oral or visual disclosure) or (ii) not marked as “Confidential Information” but given the circumstance of disclosure reasonably expected to be confidential or proprietary in nature, including without limitation trade secrets, techniques, sketches, drawings, models, inventions, products, know-how, processes, apparatus, equipment, algorithms, technology, software programs, software source documents, formulae, research, experimental work, development, design details, and specifications, engineering, financial information, procurement requirements, operations, purchasing, manufacturing, customer lists, procurement source, and supply chain system, business forecasts, sales and merchandising, and marketing plans and information.  The definition of “Confidential Information” shall not include information (a) that is already known by Recipient prior to disclosure (unless Recipient is subject to pre-existing obligations to keep such information confidential; (b) that is publicly known or becomes publicly known without breach of Recipient’s obligations under this Agreement; (c) that is rightfully acquired by Recipient from a third party who or which is not subject to any restriction on disclosure or use of such information; or (d) that is independently developed by employees of Recipient without knowledge or reference to any of Discloser’s Confidential Information. Recipient will have the burden of proof respecting any of the aforementioned events on which Recipient may rely as excluding information from the definition of “Confidential Information”.

		____________
​1           Note to draft: both parties shall comply with U.S. Export Control laws, but that is separate and different from keep information confidential.  For example, a party can transfer confidential information not subject to U.S. export control over internet while keeping such information confidential.

		

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		3.3     Exception.    The restrictions on the disclosure of a Party’s Confidential Information under this Section 3 shall not apply to the extent that (i) information is required to be disclosed under order of a court of competent jurisdiction, provided that Recipient promptly notifies Discloser of such order and reasonably cooperates in any action by the Discloser to seek a protective order (or similar order) with respect to such Confidential Information and to oppose such disclosure, or (ii) such information must be disclosed to the Securities and Exchange Commission or other regulatory body as part of an initial public offering or as otherwise required by law, provided that Recipient notifies Discloser of such proposed disclosure to such regulatory body by the Discloser to seek a confidential treatment with respect to such Confidential Information.

		3.4     Acknowledgments.

		(a)     Recipient acknowledges that Discloser’s Confidential Information is valuable information, whether technical or nontechnical, of use in Discloser’s trade or business, and that unauthorized use or disclosure by Recipient will harm Discloser economically.  Recipient acknowledges that all or some of the Confidential Information may constitute a trade secret under the law and agrees to be bound by the law of unfair competition and applicable trade secret law as to that portion of the Confidential Information.

		(b)     Recipient acknowledges and agrees that due to the unique nature of Discloser’s Confidential Information, there may be no adequate remedy at law for any breach of Recipient’s obligations hereunder, which breach may result in irreparable harm to Discloser, and therefore, that upon any such breach or any threat thereof, Discloser may be entitled to appropriate equitable relief, including injunction, without the requirement of posting a bond, in addition to whatever remedies it might have at law.

		ARTICLE IV.
TERM AND TERMINATION

		4.1     Term.    Unless earlier terminated pursuant to Section 4.2, this Agreement shall enter into force upon the Transfer of Possession date provided in that certain Asset Purchase agreement (the “Purchase Agreement”) executed by and between SF Motors Inc. dba Seres and Buyer on the even date hereof (the “Effective Date”) and continue in full force and effect for a term of 5 years.

		4.2     Premature Termination.    This Agreement may be terminated at any time:  (a) by either party,  effective immediately, if the other party breaches any of its material obligations  (including but not limited to the full and punctual payment of any amount due) under this Agreement and fails to cure such breach within 30 calendar days (10 calendar days if the breach involves failure to make any payment when due) after receipt of written notice of the breach from the non-breaching party; or (b) by either party, effective immediately, if the other party (i) makes a general assignment for the benefit of creditors; (ii) applies for or consents to the appointment of a receiver, trustee or liquidator for all or a substantial portion of its assets; (iii) files a voluntary bankruptcy or insolvency petition, or becomes the subject of an involuntary bankruptcy petition that is not dismissed within 60 calendar days after the date it is filed; or (iv) if either Party is generally unable to pay its debts as they mature for a period of six months, or admits in writing its inability to pay for a period of six months, its debts as they mature, or otherwise becomes insolvent; or (c) by the Supplier, within _30_ days following the beginning of any applicable calendar year, if the Buyer fails to meet the Minimum Order Quantity applicable to the previous calendar year.

		4.3     Right to Suspend.    In the event that Buyer materially breaches the Purchase Agreement (including failure to make installment payments provided thereunder),  Supplier has the right to suspend its performance under this Agreement, including suspension of delivery of all unfulfilled Purchase Orders, until Buyer provides performance assurance satisfactory to Supplier.

		4.4     Effect of Termination; Survival.    Upon expiration or termination of this Agreement, Buyer shall return to Supplier any and all documents, materials and other property of Supplier, and all confidential information of Supplier, that may then be in the possession or under the control of Buyer. For no more than five (5) years following termination or expiration of this Agreement, Buyer may purchase spare parts of the Supplied Products purchased during the Term of this Agreement, subject to the price, delivery time and other terms and conditions acceptable to Supplier for such continued supply of spare parts.  Those provisions of this Agreement that by their nature or their express terms are meant to survive termination or expiration hereof shall so survive.  Expiration or termination of this Agreement shall not affect rights or obligations of the parties that accrued prior to expiration or termination.

		

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		ARTICLE V.
GENERAL PROVISIONS

		5.1     Force Majeure.    Delay by either party in performing, or failure by either party to perform, any of its obligations under this Agreement (except for the obligation to pay money when due) shall be excused to the extent caused by circumstances that are beyond the reasonable control of such party, including without limitation acts of God, fires, floods, pandemic, riots, war, floods, strikes or other labor disturbances, inability to obtain necessary labor, materials or manufacturing facilities, governmental acts, requests, orders or regulation, embargo, transportation delays and terrorist acts.  Any party affected by such a force majeure event shall promptly notify the other party in writing of said event and its expected duration, and shall utilize commercially reasonable efforts to overcome the effects of such event and resume performance as soon as reasonably practicable. Other cases of force majeure if not mentioned in this agreement shall be as defined in the ICC (International Chamber of Commerce) Force Majeure clause 2003.

		5.2     Governing Law.    This Agreement shall be construed, enforced and performed in accordance with the laws of the China, without reference to principles of conflicts of laws.

		5.3     Arbitration.    During the period of execution of this agreement, if there are different interpretations, all disputes arising from the performance of this agreement shall be settled through amicable negotiation. In case no settlement can be reached, any party of this agreement can submit the dispute to the Arbitration center of CIETAC (China International Economic and Trade Arbitration Commission). The decision made by the Arbitration shall be final and binding upon the two parties. Arbitration fees shall be borne by the losing party, unless otherwise awarded.

		5.4     Entire Agreement.    This Agreement, including the attached Exhibits, sets forth the entire agreement and understanding between the parties, superseding all prior agreements, understandings, representations and negotiations, on the subject matter hereof, whether oral or written.  Neither of the parties shall be bound by any conditions, representations or warranties with respect to the subject matter of this Agreement, other than as expressly provided herein.  To the greatest extent possible, this document and the attached Exhibits shall be construed consistently, so as to complement each other.  Any irreconcilable conflict or inconsistency between any provision of this document and a provision of any of the attached Exhibits shall be resolved by giving priority to this document.

		5.5     Severability/Waiver.    The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any of the remaining provisions hereof.  The failure of either party at any time to require performance by the other party of any of the provisions of this Agreement shall not operate as a waiver of the right of such party to require strict performance of the same or other provisions hereof at a later time.

		5.6     Amendment.    This Agreement may not be amended or altered except as mutually agreed by the parties in writing.

		5.7     Assignment.    This Agreement may be assigned by Buyer, in whole or in part, whether voluntarily or by operation of law, with the prior written consent of Supplier (such consent not to be unreasonably withheld).

		5.8     Notices.    Notification required or permitted under this Agreement shall be deemed given when sent via reputable overnight courier, via confirmed facsimile transmission, email or via certified mail, return receipt requested and postage prepaid, and directed to the party to be given notification at the address (or facsimile number) to which that party has previously requested, by notice hereunder, that notices be sent or, if no such request has been made, at the address (or facsimile number) listed in conjunction with that party’s name in the signature area of this Agreement.  Notices shall be effective upon receipt.

		5.9     Construction.    This Agreement has been submitted to the scrutiny of, and has been negotiated by, both parties hereto and their respective counsel, and it shall be given a fair and reasonable interpretation in accordance with the terms hereof, without consideration or weight being given to its having been drafted by any party hereto or its counsel.

		5.10     Miscellaneous.    Headings in this Agreement are for convenience of reference only and shall be of no force or effect in the construction or interpretation of any of the provisions of this Agreement.  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall together constitute one and the same instrument.

		

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		This agreement is prepared and signed both in English and Chinese language. If there are different interpretations between the Chinese and English version, the English version shall prevail.

		This agreement upon coming to force and effect supersedes all agreements reached either in writing or orally by both parties with respect to the Supply of Products before. Any modification to this agreement must be done in writing and signed by authorized representatives of both parties.

		(This space intentionally left blank)

		

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		IN WITNESS WHEREOF, Supplier and Buyer have caused this Agreement to be executed by their duly authorized representatives, as of the date first written above.

			

						SUPPLIER

						 	 	 	
						BUYER

					
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
						By:

						 	
						/s/ Zhang Xingyan 

						 	 	 	
						By:

						 	
						/s/ James Taylor 

					
	 	 	 	 	 	 	 	 	 
	
						Printed name: Zhang Xingyan

						 	 	 	
						Printed name: James Taylor

					
	 	 	 	 	 	 	 	 	 
	
						Title: General Manager

						 	 	 	
						Title: Chief Executive Officer

					
	 	 	 	 	 	 	 	 	 
	
						Date:

						 	
						April 9, 2021 

						 	 	 	
						Date:

						 	
						April 9, 2021 

					

		SIGNATURE PAGE TO SUPPLY AGREEMENT

		

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		EXHIBIT A

		Supplied Products

		

		EC35 Cargo van

			

						
						Lenth mm

						
						4500

						 
	 	
						Width mm

						
						1680

						 
	 	
						Height mm

						
						1985

						 
	 	
						Wheelbase mm

						
						3050

						 
	 	
						Cargo Size mm

						
						2570*1440*1270

						 
	 	
						Gross Weight kg

						
						2600

						 
	 	
						Curb Weight kg

						
						1520

						 
	 	
						Battery Capacity (kWh)

						
						41.4

						 
	 	
						Peak Power( kW)

						
						60

						 
	 	
						Motor cooling

						
						Water Cooling

						 
	 	
						Front Suspension

						
						Independent Mac Pherson Strut

						 
	 	
						Rear Suspension

						
						Leaf Spring

						 
	 	
						Steering

						
						Electric Power Assisted

						 
	 	
						ABS

						
						YES

						 
	 	
						Parking Sensor

						
						YES

						 

		SIGNATURE PAGE TO SUPPLY AGREEMENT

		

		Ex-A-1

	
		

		D51 mini truck

		Gasoline and diesel

			

						
						Lenth mm

						
						5450

						 
	 	
						Width mm

						
						1600

						 
	 	
						Height mm

						
						2050

						 
	 	
						Wheelbase mm

						
						3400

						 
	 	
						Cargo Size mm

						
						3400*1600*370

						 
	 	
						Gross Weight kg

						
						1330

						 
	 	
						Curb Weight kg

						
						3450

						 
	 	
						Battery Capacity (kWh)

						
						-

						 
	 	
						Peak Power( kW)

						
						82(Engine)

						 
	 	
						Motor cooling

						
						Water Cooling

						 
	 	
						Front Suspension

						
						Independent Mac Pherson Strut

						 
	 	
						Rear Suspension

						
						Leaf Spring

						 
	 	
						Steering

						
						Electric Power Assisted

						 
	 	
						ABS

						
						optional

						 
	 	
						Parking Sensor

						
						optional

						 

		

		Ex-A-2

	
		EXHIBIT B

		Supplied Products prices

		(to be discussed and attached to this agreement when needed)

		

		Ex-B-1Exhibit
10.9

 

LAND CONTRACT

 

This LAND CONTRACT (“Contract”) is
executed to be effective as of the 25th day of June, 2021 (“Execution Date”), by and between SF Motors, Inc., a Delaware
corporation, DBA SERES (“Vendor”), and Electric Last Mile, Inc., a Delaware corporation (“Purchaser”).

 

WITNESSETH, that the parties agree as follows:

 

Vendor hereby sells to Purchaser, and Purchaser hereby purchases from
Vendor, subject to the terms, covenants and conditions set forth herein, the following property: certain real property generally located
at 12900 McKinley Highway, Mishawaka, Indiana, further described on Exhibit A attached hereto and made a part hereof (the
“Land”), together with (1) all buildings, improvements and fixtures located thereon (collectively, the “Improvements”),
(2) all rights, benefits, privileges, easements, tenements, hereditaments, rights-of-way and other appurtenances thereon or in any way
appertaining thereto, including all mineral rights, development rights, air and water rights, and (3) all strips and gores and any land
lying in the bed of any street, road or alley, open or proposed, adjoining such Land (collectively, the “Real Property”).

 

1.
Purchase Price and Manner of Payment.

 

		1.1.	Purchase Price. The Purchase Price for the Real Property shall be the sum of Ninety Million and 00/100 Dollars ($90,000,000.00)
(“Purchase Price”), which Purchaser agrees to pay Vendor in accordance with the terms and conditions of this Contract, without
relief from valuation and appraisement laws and with reasonable attorneys’ fees after and Event of Default (as defined below) and referral
to an attorney for collection.

 

		1.2.	Manner of Payment. The Purchase Price shall be paid in the following manner:

 

		1.2.1.	The sum of Eighteen Million Six Hundred Twenty Thousand Six Hundred Eighty-Nine and 66/100 Dollars ($18,620,689.66) is herewith paid
in cash on the date hereof in connection with turning over the possession of Real Property pursuant to the Purchase Agreement (the “Possession
Date”) as set out in that certain Agreement of Purchase and Sale between Vendor and Purchaser dated as of April 9, 2021 (“Purchase
Agreement”).

 

		1.2.2.	The remainder of the Purchase Price in the amount of Seventy-One Million Three Hundred Seventy-Nine Thousand Three Hundred Ten and
34/100 Dollars ($71,379,310.34) (such amount plus any Delinquent Interest referred to as the “Contract Balance”) shall be
paid by Purchaser to the order of Vendor in twenty-three (23) consecutive monthly installments of Three Million One Hundred Three Thousand
Four Hundred Forty-Eight and 28/100 Dollars ($3,103.448.28) (each, a “Monthly Payment”), with the first Monthly Payment being
due and payable on June 30, 2021 (the last day of the calendar month in which the Transfer of Possession Date occurs), and each successive
Monthly Payment being made on later than the last day of each consecutive calendar month thereafter (each a “Payment Date”)
until Vendor receives the entire Purchase Price.

 

    

    

    

 

		1.2.3.	Purchaser’s obligation to pay the Contract Balance, including the Monthly Payments on the Payment Dates are independent covenants
without offset, counterclaim, defense, presentment, notice or demand, at such address or bank account(s) as Vendor may direct by written
notice. There shall be no prepayment penalty for payments made before the applicable Payment Date and such prepayment amount shall reduce
the Purchase Price, provided that any partial prepayment shall not act to reduce or delay the next Monthly Payment, but rather shall be
applied to the Contract balance in inverse order of maturity of the Monthly Payments.

 

		1.2.4.	Purchaser hereby acknowledges that late payment of any Monthly Payment will cause Vendor to incur costs not contemplated hereunder,
the exact amount of which is presently anticipated to be extremely difficult to ascertain. If Vendor does not receive the applicable Monthly
Payment on the applicable Payment Date, and Purchaser fails to cure such nonpayment within five (5) days following receipt of written
notice from Vendor, Purchaser will pay Vendor a late charge equal to five percent (5%) of the Monthly Payment, plus interest at the Default
Rate (as defined in Section 11) and subject to other rights and remedies provided herein.

 

2.
Taxes and Assessments. Real estate taxes and assessments shall be prorated and paid in accordance
with the Purchase Agreement. Specifically, Vendor shall pay the installments due on May 10 and November 10, 2021 when due. Vendor will
also pay its share and Purchaser’s share of the installment payable on May 10, 2022, allocated with 176/181 to Vendor and 5/181
to Purchaser (approximately $170,963.31 to Vendor and $4,856.91). Purchaser shall reimburse Vendor for Purchaser’s share of such tax
installment within ten (10) days after billing. Thereafter, beginning on November 10, 2022, Purchaser shall be responsible for directly
paying to the taxing authority all installments of real estate taxes and assessments payable thereafter. Purchaser, upon written notice
to Vendor and at Purchaser’s expense, may contest on Vendor’s and Purchaser’s behalf, any changes of the assessed valuation of the Real
Property. Vendor shall forward or cause to be forwarded to Purchaser a copy of all statements for real estate taxes and assessments on
the Real Property payable by Purchaser, as received, and Purchaser shall provide to Vendor upon request evidence of payment of such taxes.
Should Purchaser fail to timely pay any real estate taxes or assessments required under this Section 2 and should Purchaser not rectify
the situation within five (5) business days after written notice from Vendor to Purchaser, Vendor shall have the right, without assuming
obligation in connection therewith, to pay such real estate taxes and assessments at the sole cost of Purchaser, and all costs incurred
by Vendor shall be payable to Vendor by Purchaser within ten (10) days after demand and without prejudice to any other rights and remedies
of Vendor under this Contract. Notwithstanding the foregoing, Purchaser shall have the right to appeal any tax bill so long as Purchaser
does not cause any delinquency in payment of the same or penalties to accrue as a result of the same.

 

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3. Insurance.

 

		3.1.	Coverages. At all times during the term of this Contract, at Purchaser’s sole cost and expense, Purchaser shall obtain
and keep in force for the benefit of Purchaser and Vendor the following insurance:

 

		3.1.1.	Property Insurance. Special causes of loss/special form property insurance (formerly known as “all risk” or “extended
coverage” property insurance), earthquake insurance, and flood insurance on all Improvements and all of Purchaser’s personal property
located on, in or about the Real Property. The amount of such insurance shall be the Full Insurable Replacement Value (as defined below).
Each such policy shall specify that proceeds shall be payable whether or not any improvements are actually rebuilt. Each such policy shall
include an endorsement protecting the named and additional insureds against becoming a co-insured under the policy. Purchaser hereby releases
and waives as against Vendor and its shareholders and employees any and all claims, causes of action, demands, and rights of recovery,
of whatever nature, for damages, loss or injury to the Improvements and/or the property of Purchaser in, upon or about the Real Property
caused by or resulting from fire and/or any other perils required to be insured against by Purchaser hereunder, whether or not such damages,
loss or injury is caused by the fault or negligence of Vendor or its shareholders or employees.

 

		3.1.2.	“Full Insurable Replacement Value” means 100% of the actual costs to replace the Improvements (without deduction
for depreciation but with standard exclusions such as foundations, excavations, paving and landscaping, as applicable to specific perils),
including the costs of demolition and debris removal and including materials and equipment not in place but in transit to or delivered
to the Real Property. The Full Insurable Replacement Value initially shall be determined at Purchaser’s expense by an appraiser or an
insurer, selected by Purchaser and acceptable to Vendor, but in no event at any time less than the Contract Balance. Purchaser shall maintain
coverage at the current Full Insurable Replacement Value throughout the term of this Contract, subject to reasonable deductibles approved
by Vendor pursuant to Subsection 3.2.1. below.

 

		3.1.3.	Business Interruption Insurance. Insurance against loss from business interruption under a business interruption policy, covering
risk of loss due to causes insured against under Subsection 3.1.1. above, in an amount not less than eighteen (18) months of projected
gross revenues from the Real Property.

 

		3.1.4.	Worker’s Compensation and Employer’s Liability Insurance. Worker’s compensation insurance in the amounts and coverages required
under worker’s compensation, disability and similar employee benefit laws applicable to Purchaser and/or the Real Property, and employer’s
liability Insurance in amounts not less than $2,000,000 per occurrence for bodily injury and $2,000,000 per employee for injury by disease
(or such higher amounts as may be required by law).

 

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		3.1.5.	Commercial General Liability Insurance. Commercial general liability insurance through one or more primary and umbrella liability
policies against claims, including but not limited to, bodily injury and property damage occurring in, on or about the Real Property,
with such limits as may be reasonably required by Vendor from time to time, but in any event not less than $10,000,000, combined single
limit and annual aggregate, which Purchaser shall increase as necessary during the term of this Contract to maintain adequate coverage
over time that is comparable to the requirements in effect as of the execution of this Contract. Such insurance shall insure the performance
by Purchaser of the indemnity agreements contained in this Contract. If any governmental agency or department requires insurance or bonds
with respect to any proposed or actual use, storage, treatment or disposal of Hazardous Materials by Purchaser, Purchaser shall be responsible
for such insurance and bonds and shall pay all premiums and charges connected therewith; provided, however, that this provision shall
not and shall not be deemed to modify the provisions of this Section 3.

 

Such liability insurance policy shall (i)
delete any employee exclusion on bodily injury coverage; (ii) include employees as additional insureds; (iii) provide blanket contractual
coverage, including liability assumed by and the obligations of Purchaser under this Contract for personal injury, death and/or property
damage; (iv) provide products and completed operations and independent contractors coverage and broad form property damage liability coverage
without exclusions for collapse, explosion, demolition, underground coverage and excavating, including blasting; (v) provide aircraft
liability coverage, if applicable, and automobile liability coverage for owned, non-owned and hired vehicles; (vi) provide liability coverage
on all mobile equipment used by Purchaser; and (vii) include a cross liability endorsement (or provision) permitting recovery with respect
to claims of one insured against another. Such insurance shall insure against any and all claims for bodily injury, including death, resulting
therefrom, and damage to or destruction of property of any kind whatsoever and to whomever belonging and arising from Purchaser’s operations
at the Real Property and whether such operations are performed by Purchaser or any of its contractors, subcontractors, or by any other
person (with the exception of damage or injury caused by the gross negligence or willful misconduct of Vendor occurring after the Execution
Date or any other person or party acting by or on behalf of Vendor).

 

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		3.1.6.	Other. All other insurance that Purchaser is required to maintain under all applicable laws, ordinances, and regulations of
any U.S and State of Indiana governmental authority having jurisdiction thereof.

 

		3.2.	Policy Form and General.

 

		3.2.1.	All insurance policies required to be maintained under this Contract by Purchaser, and all renewals thereof, shall be (i) issued by
one or more companies of recognized responsibility, authorized and qualified to do business in the State of Indiana, with a financial
rating of at least A-, X in the most recent edition of Best’s Insurance Reports (or its successor, or, if there is no equivalent
successor rating, otherwise reasonably acceptable to Vendor); (ii) a primary policy payable directly to Vendor, and any insurance maintained
by Vendor shall be excess of and shall not contribute with Purchaser’s policies; and (iii) endorsed such that such policies shall
not be changed or canceled without at least thirty (30) days’ prior written notice to Vendor. The
insurance shall be issued in the names of Purchaser and Vendor, as their respective interests may appear. All property insurance
shall also be required to be maintained under this Contract by Purchaser shall name Vendor as loss payee and all liability insurance required
to be maintained under this Contract by Purchaser shall name as additional insureds Vendor, its shareholder, its employees, and such other
parties as Vendor may reasonably request. Any deductibles under any of the insurance required hereunder must be agreed to in advance in
writing by Vendor in its reasonable, good faith discretion. All deductibles shall be paid by Purchaser.

 

		3.2.2.	A copy of each insurance policy required hereunder of Purchaser, or a certificate of each such policy executed by the insurance company
evidencing that the required insurance coverage is in full force and effect, shall be deposited with Vendor on or before the Execution
Date of this Contract, shall be maintained throughout the term of this Contract, and shall be renewed not less than thirty (30) days before
the expiration of the term of the policy. No such policy shall contain any provisions for exclusions from liability and no exclusion shall
be permitted in any event if it conflicts with any coverage required hereby, and, in addition, no such policy shall contain any exclusion
from liability for bodily injury or sickness, disease or death or which in any way impairs coverage under the contractual liability coverage
described above.

 

		3.2.3.	No approval by Vendor of any insurer, or the terms or conditions of any policy, or any coverage or amount of insurance, or any deductible
amount shall be construed as a representation, warranty or other assurance by Vendor of the solvency of the insurer or the sufficiency
of any policy or any coverage or amount of insurance or deductible, and Purchaser assumes full risk and responsibility for any inadequacy
of insurance coverage or any failure of insurers.

 

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		3.2.4.	Should Purchaser fail to take out and keep in force each insurance policy required under this Section 3, or should such insurance
not be reasonably approved by Vendor and should Purchaser not rectify the situation within ten (10) business days after written notice
from Vendor to Purchaser, Vendor shall have the right, without assuming any obligation in connection therewith, to purchase such insurance
at the sole cost of Purchaser, and all costs incurred by Vendor shall be payable to Vendor by Purchaser within ten (10) days after demand
and without prejudice to any other rights and remedies of Vendor under this Contract.

 

		3.2.5	If the Improvements or any part thereof are damaged by casualty the entire insurance proceeds payable in respect of the part so taken
or damaged are hereby assigned to and shall be paid directly to Vendor for the sole purpose of making the same available for Purchaser
to restore the Improvements to as nearly the same condition as existed prior to such casualty so long as (i) no outstanding Event of Default
exists hereunder, and (ii) sufficient insurance proceeds are available to Purchaser to completely restore the Improvements to its condition
immediately preceding said loss, or if sufficient insurance proceeds are not available, Purchaser deposits with Vendor sufficient additional
cash to make up for any such deficiency of insurance proceeds, (iii) the Improvements can be restored on the Real Property in compliance
with applicable law (including zoning ordinances), (iv) the loss occurs at a time which is greater than three (3) months prior to the
due date of the final Monthly Payment, and (iv) at Vendor’s option, such insurance proceeds shall be held by Vendor in a non-interest
bearing account disbursed by Vendor with final disbursement being made only at such time as the restoration is completed in a good and
workmanlike manner, lien free, a certificate of occupancy for the restored Improvements has been issued by the appropriate governmental
authority (if available). Vendor shall not be responsible for conducting any of such restoration work. If the foregoing requirements are
not met, or if the insurance proceeds exceeds the cost of reconstruction, restoration or repair, the insurance proceeds, or the excess
insurance proceeds, as the case may be, shall be applied to the payment of the Contract Balance. The event of casualty shall in no case
relieve Purchaser from continuing to pay each full Monthly Payment when due until the Contract Balance is satisfied in full from such
payments and application of the insurance proceeds.

 

		3.3.	Purchaser’s Responsibility for Accidents. Purchaser hereby assumes all risk and responsibility for accident, injury or damage
to person and property arising from Purchaser’s use and control of the Real Property and the Improvements thereon except for accidents,
injury or damage caused by or arising out of the gross negligence or willful misconduct occurring after the Execution Date of Vendor or
any party acting through or on behalf of Vendor and not covered by insurance required to be maintained by Purchaser hereunder. Purchaser
shall insure such risk by carrying standard commercial general liability insurance, in such amounts as are satisfactory to Vendor, insuring
the Vendor’s liability as well as the Purchaser’s, pursuant to this Section 3.

 

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4.
Title, Escrow And Final Payment. Vendor has delivered to Escrow Agent (defined below)
a fully-executed (i) Special Warranty Deed in recordable form (the “Deed”), (ii) executed Assignment of the Ground Lease by
and between Vendor and St. Joseph County Indiana, Department of Redevelopment acting by and through the St. Joseph County Redevelopment
Commission, dated December 18, 2001, in recordable form (the “Lease Assignment”) and (iii) a Release and Termination of Memorandum
of Land Contract in recordable form (“Memorandum Release”) (collectively, the Recordable Documents”). Purchaser has obtained
Contract Owner’s Title Policy in the amount of the Purchase Price from the Chicago Title Insurance Company (referred to herein as the
“Title Company” or the “Escrow Agent”). Upon written direction by both Vendor and Purchaser to Escrow Agent that all
conditions have been satisfied, and in accordance with the provisions of the Escrow Agreement by and between Escrow Agent, Vendor and
Purchaser, Escrow Agent shall (i) record the Recordable Document in the Office of the Recorder of St. Joseph County, Indiana, (ii) promptly
provide to Purchaser file stamped copies of the recorded Recordable Documents and, (iii) return the original recorded Recordable Documents
to Purchaser promptly after recorded (the “Final Payment Transaction”). At the Final Payment Transaction, Purchaser’s obligations
under this Land Contract shall be satisfied in full. 

 

5.
Representations and Warranties. The representations and warranties of Vendor and Purchaser
are as set out in the Purchase Agreement. In addition, Vendor hereby warrants that Vendor has good and merchantable title to the Real
Estate, free and clear of any and all liens, leases, restrictions and encumbrances, except as follows:

 

		(i)	Easements and restrictions of record;
	 	 	 

		(ii)	Current real estate taxes not yet delinquent;
	 	 	 

		(iii)	Matters that would be disclosed by an accurate inspection or survey of the Real Estate; and
	 	 	 

		(iv)	Applicable zoning, building, land use and other governmental restrictions, laws, ordinances, rules and regulations;

 

Vendor further represents and warrants the following
as of the date hereof: Vendor has made no contract to sell all or a part of the Real Estate to any person other than the Purchaser; Vendor
has not given to any person an option, which is presently exercisable, to purchase all or any part of the Real Estate; there are no unpaid
claims for labor done upon or materials furnished for the Real Estate in respect of which liens have been or may be filed; there is no
judgment of any court of the State of Indiana or of any court of the United States that is or may become a lien on the Real Estate; and
Vendor is neither principal nor surety on any bond payable to the State of Indiana.

 

6.
Purchaser’s Right to Mortgage the Real Property. Purchaser shall not have the right to
encumber the Real Property or Purchaser’s interest in this Contract in any way, including with an easement, lease, mortgage, security
interest, assignment or any form of lien or debt instrument and any such encumbrance shall be void ab initio. 

 

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7.
Transfer of Purchaser’s Interest -- Condemnation.
Purchaser’s interest in this Contract and Purchaser’s interest in the Real Property may not be sold, assigned, pledged, mortgaged,
encumbered or transferred by Purchaser without the prior written consent of Vendor, which consent may be withheld at Vendor’s sole
discretion. If the Real Property or any part thereof is taken or damaged pursuant to an exercise or threat of exercise of the power of
eminent domain, the entire proceeds of the award or compensation payable in respect of the part so taken or damaged are hereby assigned
to and shall be paid directly to Vendor. Such proceeds shall be applied, at Vendor’s option and without premium, in part or entirely
as a prepayment of the Contract Balance or to restoration of the Real Property; provided, however, that if by electing to apply part
of any such award or compensation against the Contract Balance, the Contract Balance shall be recalculated and the Monthly Payment amount
shall be reduced to amortize the recalculated Contract Balance over the remaining term of this Contract. If the Contract Balance is paid
in full, then Vendor shall pay the balance of the proceeds of the award to Purchaser.

 

8.
Indemnification and Release. (a) Regardless of whether or not separate, several, joint
or concurrent liability may be imposed upon Vendor, Purchaser shall indemnify, defend and hold harmless Vendor from and against all damages,
claims and liability arising from or connected with Purchaser’s control or use of the Real Property, including, without limitation, any
damage or injury to person or property with the exception of any liability, damage or injury caused by or arising from the gross negligence
or willful misconduct occurring after the Execution Date of Vendor or any person or party acting through or on behalf of Vendor and not
covered by insurance required to be maintained by Vendor. This indemnification shall not include any matter for which the Vendor is effectively
protected by insurance. If Vendor without fault of Vendor any person or party acting by or on behalf of Vendor, shall become a party
to litigation commenced by or against Purchaser (but not by Purchaser against Vendor), then Purchaser shall indemnify, defend and hold
Vendor harmless. The indemnification provided by this paragraph shall include all reasonable legal costs and attorneys’ fees incurred
by Vendor in connection with any such claim, action or proceeding. (b) Vendor shall indemnify, defend and hold harmless Purchaser from
and against all damages, claims and liability arising from or connected with use of, or access to, the Real Property occurring after
the Execution Date by Vendor or any person or party acting through or on behalf of Vendor, including, without limitation, any damage
or injury to person or property.

 

9.
Covenants.

 

		9.1.	Maintenance. Purchaser shall, at its sole cost and expense, shall maintain, repair and make all replacements to the Real
                                                                Property and all common area, parking, machinery, apparatus, equipment and systems located thereon, including, without limitation,
                                                                the roof, roof membrane, foundation, slabs, load bearing and exterior walls, other structural elements of the Real Property,
                                                                windows, boilers, heating, ventilation, air conditioning and other mechanical systems, plumbing and sewer systems, electrical
                                                                systems on or serving the Real Property, necessary to keep the Real Property and all such machinery, apparatus, equipment and
                                                                systems in good condition, repair and working order; provided that Vendor shall be responsible for all maintenance, repair and
                                                                replacement necessitated by damage caused after the Execution Date by Vendor or any person or party acting through or on behalf of
                                                                Vendor. Purchaser shall keep the Real Property in a neat and orderly condition and in compliance with all applicable laws,
                                                                ordinances, and regulations of any governmental authority having jurisdiction thereof.

 

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		9.2.	Use. Purchaser shall use and operate the Real Property for the manufacturing of vehicles and related uses (“Purchaser’s
Intended Use”) and shall not change such usage. The Real Property shall not, without the prior written consent of Vendor, be rented,
leased or occupied by persons other than Purchaser, until payment in full of the Contract Balance.

 

		9.3.	Alterations. Purchaser shall not make or permit to be made any alteration, addition or improvement in, upon or to the Real
Property, or any portion thereof, without the prior written consent of Vendor, which consent shall not be unreasonably withheld, conditioned
or delayed. In the event Vendor’s consent is obtained, all such alterations, additions or improvements shall be performed at the
expense of Purchaser in a diligent, good and workmanlike manner, free from faults and defects and in accordance with all applicable laws,
ordinances, and regulations of any governmental authority having jurisdiction thereof. Prior to commencing the construction, installation
or making of any alterations, additions or improvements, Purchaser shall provide Vendor with detailed plans and specifications therefor
along with all necessary building permits and other governmental approvals and shall obtain Vendor’s written approval thereof.

 

		9.4.	Liens. Purchaser shall not permit any Statement of Intention to hold a Mechanic’s Lien to be filed against the Real Property
nor against any interest or estate therein by reason of labor, services or materials claimed to have been performed or furnished to or
for Purchaser. If such Statement of Intention to hold a Mechanic’s Lien shall be filed, Vendor, at Vendor’s option, may compel the prosecution
of an action for the foreclosure of such Mechanic’s Lien by the lienor. If any such Statement of Intention to hold a Mechanic’s Lien shall
be filed and an action commenced to foreclose the lien, Purchaser, upon demand by Vendor, shall cause the lien to be released at Purchaser’s
expense by the filing of a written undertaking with a surety approved by the Court and obtaining an order from the Court releasing the
property from such lien. Nothing in this instrument shall be deemed or construed to constitute consent to, or a request to any party for,
the performance of any labor or services or the furnishing of any materials for the improvement, alteration or repairing of the Real Property;
nor as giving Purchaser the right or authority to contract for, authorize or permit the performance of any labor or services or the furnishing
of any material that would permit the attaching of a valid mechanic’s lien.

 

		9.5.	Possession. Purchaser acknowledges that, except as expressly set forth herein, it has had a full opportunity to inspect the
Real Property and agrees to accept the Real Property as of the Execution Date in its current condition “AS IS, WHERE IS, WITH ALL
FAULTS CONDITION”, as set-out in the Purchase Agreement. EXCEPT AS EXPRESSLY SET FORTH HEREIN, VENDOR MAKES NO WARRANTY, EXPRESS
OR IMPLIED, CONCERNING THE CONDITION OF THE REAL PROPERTY OR ITS HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURCHASE.

 

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		9.6	Tax Treatment. For all applicable tax purposes, Vendor
and Purchaser shall treat the transaction contemplated herein as a purchase of the Real Property by Purchaser from Vendor as of the Possession
Date.

 

10.
Vendor’s Right of Entry. Vendor reserves and shall have the right to enter the Real Property
(accompanied by an employee of Purchaser) upon at least two business (2) days prior notice (except in an extreme emergency, when no notice
shall be required) to inspect the Real Property, to evaluate Purchaser’s compliance with this Contract (including Purchaser’s
compliance with all applicable laws, ordinances, and regulations of any governmental authority having jurisdiction thereof), to cure any
default of Purchaser, to post notices of non-compliance, to perform any obligation and/or to exercise any rights Vendor has under this
Contract. Vendor’s entry provided herein shall (i) be accomplished in a manner designed to least interfere with Purchaser’s operations,
(ii) comply with Purchaser’s safety protocols, and (iii) not constitute an actual or constructive eviction of Purchaser, in whole or in
part, or giving rise to an abatement of Purchase Price by reason of loss or interruption of business of Purchaser or giving rise to any
liability for direct or indirect injury to or interference with Purchaser’s business or any inconvenience or annoyance suffered by Purchaser.
Notwithstanding anything to the contrary set forth in this Section 10, Vendor shall be responsible for any and all damage, injury or other
liability arising out of Vendor’s exercise of its access rights set forth above to the extent the same is not covered by the insurance
which Purchaser is required to maintain hereunder. 

 

11.
Default and Acceleration. It is expressly agreed by Purchaser that time is of the essence
of this Contract. Upon the occurrence of any Event of Default, as hereinafter defined, and at any time thereafter, the entire Contract
Balance and all Obligations (as defined in Section 11.2), and all accrued, unpaid interest thereon, shall, at the option of Vendor, become
immediately due and payable without any notice, presentment, demand, protest, notice of protest, or other notice or dishonor or demand
of any kind, all of which are hereby expressly waived by Purchaser, and Vendor shall have the right to pursue immediately any and all
remedies, legal or equitable, as are available under applicable law to collect such Contract Balance together with a default rate of
interest equal to twelve percent (12%) per annum beginning to accrue on the date of the Event of Default (the “Default Interest”).
Vendor shall be entitled to avail itself of the remedy of declaring a forfeiture and cancel the Contract as provided below and thereby
taking possession and removing the Purchaser from the Real Property. The following shall each constitute an “Event of Default”
for purposes of this Contract:

 

		11.1.	Default by Purchaser in the payment of:

 

		11.1.1.	any Monthly Payment installment of the Purchase Price within five (5) days of the date due under the terms of this Contract,

 

		11.1.2.	any installment of real estate taxes on the Real Property or assessment for a public improvement which by the terms of this Contract
are payable by Purchaser, on or before the date the same becomes delinquent,

 

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		11.1.3.	any lapse of insurance required by the terms of this Contract to be maintained by Purchaser,

 

		11.1.4.	any installment of basic rent or other additional charges payable under the that certain sublease between Vendor and Purchaser to
the ground lease for parking lot purposes by and between Vendor and St Joseph County, Indiana Department of Redevelopment, acting by and
through the St. Joseph County Redevelopment Commission dated December 18, 2001 (the “Sublease”),

 

		11.1.5.	any other mutually agreed upon amount payable pursuant to this Contract.

 

		11.2.	Default, for a period of ten (10) days (provided that, with the exception of Purchaser’s payment obligations, if any breach of this
Contract cannot reasonably be remedied within such ten (10) day period, it shall not be a Purchaser Default hereunder so long as Purchaser
commences such cure within the ten (10) day period and proceeds diligently until such cure is complete, but in no event longer than sixty
(60) days) after written notice thereof is given to Purchaser, in the indebtedness, obligations and liabilities, or the performance or
observation of any other covenant or term of this Contract or the Sublease, (collectively, the “Contract Documents”) of Purchaser
owing to Vendor (collectively, the “Obligations”).

 

		11.3.	Lease, sublease or encumbrance of the Real Property or any part thereof, or the making of any levy, seizure or attachment thereof
or thereon or a substantial, uninsured loss of any part of the Real Property.

 

		11.4.	Purchaser

 

		11.4.1.	institutes or consents to any proceedings in insolvency, or for the adjustment, liquidation, extension or composition or arrangement
of debts or for any other relief under any insolvency law or laws relating to the relief or reorganization of debtors’,

 

		11.4.2.	files an answer admitting bankruptcy or insolvency or in any manner is adjudged insolvent, or

 

		11.4.3.	makes an assignment for the benefit of creditors or admits in writing inability to pay debts as they become due.

 

		11.5.	Any part of Real Property or all or a substantial part of the property or assets of Purchaser is placed in the hands of any receiver,
trustee or other officers or representatives of any court, or Purchaser consents, agrees or acquiesces to the appointment of any such
receiver or trustee.

 

		11.6.	Desertion or abandonment of the Real Property, or any part thereof, by Purchaser.

 

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		11.7.	Actual or threatened alteration, demolition or removal of any Improvements which are a part of the Real Property.

 

		11.8.	Sale, transfer, conveyance or other disposition of Purchaser’s interest in this Contract or Purchaser’s interest in any of the Real
Property, or any part thereof, without Vendor’s prior written consent and without paying the Purchase Price in full.

 

12.
Land Contract Forfeiture. Purchaser acknowledges that it has only acquired a vendee’s
interest in the Real Property and that Vendor is retaining fee simple title in the same to secure payment of the Contract Balance. In
the event Purchaser commits an Event of Default as defined above, including without limitation fails to pay the Contract Balance when
due, deserts or abandons the Real Property or commits any breach of this Contract which materially diminishes the security intended to
be given to Vendor under and by virtue of this Contract, then, it is expressly agreed by Purchaser that Vendor may, at Vendor’s option
and in its sole discretion in lieu of foreclosure set forth in Section 13 below, cancel this Contract and take possession of the Real
Property and remove Purchaser therefrom, or those holding or claiming under Purchaser without any demand and to the full extent permitted
by applicable law. In the event of Vendor’s cancellation upon such default by Purchaser, all rights and demands of Purchaser under this
Contract and in and to the Real Property shall cease and terminate and Purchaser shall have no further right, title or interest, legal
or equitable, in and to the Real Property, or any portion thereof, and Vendor shall have the right to retain all amounts paid by Purchaser
toward the Purchase Price as an agreed payment for Purchaser’s possession and use of the Real Property prior to such default. Such retention
shall not bar Vendor’s right to recover damages for unlawful detention of the Real Property after default, for any failure to pay taxes,
insurance or other amounts owing as a result Purchaser’s possession of the Real Property, for failure to maintain the Real Property
at any time, for waste committed thereon or for any other damages suffered by Vendor, including reasonable attorneys’ fees incurred by
Vendor in enforcing any right hereunder or in removing any encumbrance on the Real Property made or suffered by Purchaser. In the event
of Vendor’s cancellation of this Contract upon default by Purchaser, Purchaser shall surrender and vacate the Real Property immediately
and deliver exclusive possession thereof to Vendor in as clean, good and tenantable condition as existed on the Execution Date, ordinary
wear and tear, casualty and condemnation excepted, and free of any Hazardous Material (a) discharged, disposed of or released by Purchaser
or any of its agents, employees, contractors, vendors, suppliers, licensees, customers, or invitees or (b) otherwise resulting from Purchaser’s
operations at the Property. All alterations, additions and improvements made or added to the Real Property by or on behalf of Purchaser
shall, at Vendor’s option, be deemed part of the Real Property and surrendered to Vendor lien free upon such termination without
compensation to Purchaser. Any alterations, additions or improvements that Vendor does not elect to have surrendered with the Real Property,
together with any personal property of the Purchaser, shall be removed by Purchaser as soon as practicable following Vendor’s cancellation
of this Contract, and Purchaser shall repair all damage to the Real Property resulting from such removal. Any personal property of Purchaser
than remains on the premises of the Real Property after thirty (30) days following Vendor’s cancellation of this Contract shall
be deemed abandoned by Purchaser, or at Vendor’s option, Vendor may store or remove the personal property at the risk, cost and
expense of Purchaser and Vendor shall in no event be responsible for the value, preservation or safekeeping thereof. 

 

    12

    

    

 

All of Vendor’s
remedies under this Section 12 and Sections 13 through 16 shall be cumulative and not exclusive and shall include the right to appoint
a receiver in the Event of Default, to foreclose on Purchaser’s interest under foreclosure laws and collect all attorneys’ fees
in the enforcement of this Contract. Failure of Vendor to exercise any remedy at any time shall not operate as a waiver of the right of
Vendor to exercise any remedy for the same or any subsequent default at any time thereafter.

 

13.
Mortgage Foreclosure. As an alternative remedy to Vendor in the Event of Default which
may be pursued simultaneously with the institution of the Land Contract forfeiture procedures in Section 12, Vendor, in its sole and
absolute discretion, may foreclose on this Contract under Indiana mortgage foreclosure laws as a real estate mortgage. Purchaser hereby
mortgages, warrants, and grants a security in the Real Property to Vendor to secure all Obligations. Upon an Event of Default, Vendor:

 

		13.1	may, to the extent permitted by law, either in person or by agent,
with or without bringing any action or proceeding, enter upon and take possession of the Real Property, or any part thereof, in its own
name, and do any acts which it deems necessary or desirable to preserve the value, marketability or rentability of the Real Property
or part thereof or interest therein, increase the income therefrom or protect the security hereof and, with or without taking possession
of the Real Property, sue for or otherwise collect the rents, issues and profits thereof, including those past due and unpaid, and apply
the same to its costs and expenses and then to the Contract Balance and all amounts due under the Contract Documents. The entering upon
and taking possession of the Real Property, the collection of such rents, issues and profits and the application thereof as aforesaid,
shall not cure or waive any default or notice of default hereunder or invalidate any act done in response to such default or pursuant
to such notice of default and notwithstanding the continuance in possession of the Real Property or the collection, receipt and application
of rents, issues or profits, Vendor shall be entitled to exercise every right provided for in any of the Contract Documents or by law
upon occurrence of any Event of Default hereunder.

 

		13.2	may commence an action to foreclose this Contract as an Indiana
mortgage, appoint a receiver, or specifically enforce any of the covenants hereof and to take all such other actions permitted by applicable
law.

 

		13.3	may exercise any or all of the remedies available to a secured
party under the Indiana Uniform Commercial Code to the extent applicable to the Real Property.

 

		13.4	may collect all expenses which may be paid or incurred by or on
behalf of Vendor in connection with the foreclosure of this Contract for attorneys’ fees, appraisers’ fees, outlays for documentary and
expert evidence, stenographers’ charges, publication costs and cost of procuring all environmental assessments and all title searches,
policies and examinations and similar data and assurances with respect to title and the environmental condition of the Real Property
as Vendor reasonably may deem necessary to prosecute such suit shall constitute advancements, shall be immediately due and payable by
Purchaser, with Default Interest, and shall be allowed and included as indebtedness in the judgment for sale and part of the Obligations.

 

    13

    

    

 

		13.5	recover a deficiency from Purchaser to the extent the mortgage
foreclosure sale fails to pay the Obligations in full in accordance with Indiana law.

 

14.
Foreclosure Proceedings and Receiver. Upon the commencement of any proceedings to forfeit
or foreclose this Contract, Vendor shall be entitled forthwith to the appointment of a receiver or receivers, as a matter of right, without
the giving of notice to any other party, without regard to the adequacy or inadequacy of any security for the Contract Balance and without
the requirement of any bond, and Purchaser hereby consents to such appointment. Vendor shall be entitled to recover judgment either before
or after or during the pendency of any proceedings for the enforcement of this Contract. The right of Vendor to recover such judgment
shall not be affected by the exercise of any other right, power or remedy for the enforcement of this Contract, or the foreclosure of
the lien of this Contract.

 

15.
Assignment of Leases and Rents. As additional security for the repayment of the Contract
Balance or other indebtedness hereby secured, Purchaser assigns to Vendor its entire interest, as lessor, in all present and future leases,
all rentals and other income from the Real Property and all licenses, permits, agreements or contracts pertaining to the Real Property.
This assignment shall not be construed as a consent by Vendor to any such lease, license, permit, agreement or contract hereby assigned
nor impose upon Vendor any obligations with respect thereto since it is given as collateral security only. In the Event of a Default,
Purchaser shall, upon demand therefor made by Vendor, surrender possession of the Real Property to Vendor, its duly constituted agents,
or to a duly appointed receiver who may thereafter take possession and assume the management of the Real Property and collect the rentals
and other income therefrom, rent or lease the Real Property or any portion thereof, upon such terms and for such time as it may deem best,
terminate any tenancy and maintain proceedings to recover possession of the Real Property from any tenant or trespasser, and apply the
net proceeds of such rent and income to the following purposes and in the following order: (a) preservation and management of the Real
Property; (b) payment of taxes; (c) payment of insurance premiums; and (d) payment of the Contract Balance and any amounts due under
the Contract Documents. Vendor, its duly constituted agent, or duly appointed receiver, as applicable, shall be liable to account only
for those rents actually received.

 

16.
Intentionally Omitted. 

 

17.
Interpretation of Contract. The article, section and other headings of this Contract
are for convenience of reference only and shall not be construed to affect the meaning of any provision contained herein. Where the context
so requires, the use of the singular shall include the plural and vice versa and the use of the masculine shall include the feminine
and the neuter. The term “person” shall include any individual, partnership, joint venture, corporation, trust, unincorporated
association, any other entity and any government or any department or agency thereof, whether acting in an individual, fiduciary or other
capacity.

 

    14

    

    

 

18.
Notices. Any notices required or permitted to be given hereunder shall be given in writing
and shall be delivered (a) in person, (b) by certified mail, postage prepaid, return receipt requested, (c) via email or (d) by a commercial
overnight courier that guarantees next business day delivery and provides a receipt, and such notices shall be addressed as follows:

 

	 	To Purchaser:	
    Electric Last Mile, Inc.

    c/o: Benjamin
    Wu, General Counsel

    1055 W Square Lake Rd

    Troy, MI 48098

    Email: bwu@electriclastmile.com

     

	 	with a copy to:	
    Mark E. Wright Mark E. Wright

    Faegre Drinker Biddle & Reath LLP

    600 E. 96th Street, Suite 600

    Indianapolis, Indiana 46240, USA

    mark.wright@faegredrinker.com

    Phone: 317-569-4659

     

	 	To Vendor:	
    SF MOTORS, INC. dba SERES

    

    Attn: Legal Department

    

    3303 Scott Blvd.,

    

    Santa Clara, CA 95054

    

    Email:
    legal@driveseres.com

     

	 	with copy to:	
    King & Wood Mallesons LLP

    

    535 Middlefield Road, Suite 245

    

    Menlo Park, California 94025

    Attn: Yuji Sun, Esq.

    Email: yuji.sun@us.kwm.com

    

     

or to such other address as either party may from time to time specify
in writing to the other party. Any such notice shall be deemed to have been given (i) upon delivery, if personally delivered, one (1)
business day after sending if sent by any nationally recognized form of airborne/overnight delivery service, or (ii) the date of sending
if sent by email. Either party may change the address at which it desires to receive notice upon giving written notice of such request
to the other party. Purchaser and Vendor, and their respective counsel, hereby agree that notices may be given hereunder by the parties’
respective counsel, and that if any communication is given hereunder by Purchaser’s or Vendor’s counsel, such counsel may
send such communication directly to all principals so long as such other counsel is copied, as required to comply with the foregoing provisions.

 

19.
Entire Contract. This Contract, together with the Exhibits and schedules hereto and
all other Contract Documents, contain all representations, warranties and covenants made by Purchaser and Vendor and constitutes the entire
understanding between the parties hereto with respect to the subject matter hereof. All obligations of Purchaser in the Contract Documents
are independent of its obligations hereunder and are not integrated or replaced by this Contract, nor shall Purchaser be excused of any
performance hereunder due to any limitations set forth in the Purchase Agreement or any alleged breach by Vendor of any obligations under
the Purchase Agreement.

 

    15

    

    

 

20.
Time. Time is of the essence in the performance of each of the parties’ respective
obligations contained herein. If the time period by which any right, option or election provided under this Contract must be exercised,
or by which any act required hereunder must be performed expires on a Saturday, Sunday or legal or bank holiday, then such time period
shall be automatically extended through the close of business on the next regularly scheduled business day (a “Business Day”).

 

21.
Attorneys’ Fees. Purchaser will pay Vendor’s reasonable attorneys’ fees
and costs in connection with the enforcement of the Contract Documents after an Event of Default, including costs to protect, collect,
lease, sell, take possession of, or liquidate any of the Real Property, or to attempt to enforce or protect any security interest or lien
or other right under any of the Contract Documents, or to enforce any rights of Vendor or obligations of Purchaser or any other person,
firm or corporation which may be obligated to Vendor by virtue of this Contract or under any of the Contract Documents and any expenses,
costs and charges relating thereto, which shall constitute an additional indebtedness owing by Purchaser to Vendor payable on demand and
evidenced and secured by the Contract Documents.

 

22.
Assignment. Purchaser’s rights and obligations hereunder shall not be assignable
without the prior written consent of Vendor in Vendor’s sole discretion. 

 

23.
Counterparts. This Contract may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which taken together shall constitute one and the same instrument.

 

24.
Governing Law. This Contract shall be governed by and construed in accordance with the
laws of the State of Indiana.

 

25.
Confidentiality and Return of Documents. Purchaser and Vendor shall each maintain as confidential
any and all material obtained about the other or, in the case of Purchaser, about the Property, this Contract or the transactions contemplated
hereby, and shall not disclose such information to any third party. Except for Purchaser’s attorneys, accountants and consultants (who
also shall be subject to the obligations set forth in this Section 25) and as may be required by law, Purchaser will not divulge any such
information to other persons or entities including, without limitation, appraisers, real estate brokers, or competitors of Vendor.

 

26.
Amendments. This Contract may be amended or modified only by a written instrument signed
by Purchaser and Vendor.

 

27.
No Recording. This Contract shall not be recorded, but a Memorandum thereof providing
for the names of the parties, the legal description of the Real Property the duration of the contract term may be recorded to the extent
required for the Title Company to issue the vendee’s policy of title insurance.

 

    16

    

    

 

28.
No Partnership. The relationship of the parties hereto is solely that of Vendor and Purchaser
with respect to the Real Property and no joint venture or other partnership exists between the parties hereto. Neither party has any fiduciary
relationship hereunder to the other.

 

29.
No Third-Party Beneficiary. The provisions of this Contract are not intended to benefit
any third parties.

 

30.
Severability. If any term or provision of this Contract or the application thereof to
any person or circumstance shall for any reason and to any extent be held to be invalid or unenforceable, then such term or provision
shall be ignored, and to the maximum extent possible, this Contract shall continue in full force and effect, but without giving effect
to such term or provision.

 

31.
No Waiver. Neither the failure of either party to exercise any power given such party
hereunder or to insist upon strict compliance by the other party with its obligations hereunder, nor any custom or practice of the parties
at variance with the terms hereof shall constitute a waiver of either party’s right to demand exact compliance with the terms hereof.

 

32.
Construction. The parties agree that this Contract is the result of negotiation by the
parties, each of whom was represented by counsel, and thus, this Contract shall not be construed against the maker thereof.

 

[Signature page to follow]

 

    17

    

    

 

IN WITNESS WHEREOF, Vendor and Purchaser
have executed this Land Contract to be effective as of the Execution Date.

 

	 	VENDOR:
	 	 
	 	SF MOTORS, INC.,
	 	a Delaware corporation,
	 	doing business as SERES

 

	 	By:	/s/ Yu Zheng
	 	Printed:	Yu Zheng
	 	Title:	Secretary of the Corporation

 

	 	PURCHASER:
	 	 
	 	ELECTRIC LAST MILE, INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ James Taylor
	 	Printed:	James Taylor
	 	Title:	CEO

 

     

    

    

 

EXHIBIT A

 

Legal Description of the Land

 

Lot 1 in AM General Mishawaka Minor
Subdivision, an addition to Penn Township, St. Joseph County, Indiana as per plat thereof recorded September 15, 2017 as Instrument
Number 1725316, in the Office of the Recorder of St. Joseph County, Indiana.

 

Non-exclusive easement for sewer and discharge of water
as reserved in a Deed of Easement granted by Indiana & Michigan Electric Company to Rockwell Spring and Axle Company, dated
February 3, 1956 and recorded February 5, 1956 in Deed Record 551, page 156 in the Office of the Recorder of St. Joseph County,
Indiana.

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