SEC Contract Filing

Filing Date: 2023-02-06

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex10-2.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none"><B>Exhibit
10.2</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FIRST
AMENDMENT TO STOCK PURCHASE AND SALE AGREEMENT </B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
FIRST AMENDMENT TO STOCK PURCHASE AND SALE AGREEMENT (this &ldquo;First Amendment&rdquo;) is dated as of the 1st of February, 2023, by
and among TLSS-STI, Inc., a Delaware corporation (the &ldquo;Buyer&rdquo;), and Severance Trucking Co., Inc., a Massachusetts corporation,
Severance Warehousing, Inc., a Massachusetts corporation and McGrath Trailer Leasing, Inc., a Maine corporation (collectively, the &ldquo;Companies&rdquo;)
and Kathryn Boyd, Clyde J. Severance and Robert H. Severance, Jr., collectively, as the shareholders of the Companies (collectively,
the &ldquo;Shareholders&rdquo; and hereinafter, collectively, the &ldquo;Seller&rdquo;), as well as Kathryn Boyd, as the Shareholders&rsquo;
representative (the &ldquo;Shareholders&rsquo; Representative&rdquo;), as joined in by R|A Feingold Law &amp; Consulting, P.A., as closing
agent and escrow agent (the &ldquo;Closing Agent&rdquo; or &ldquo;Escrow Agent&rdquo;) and Transportation and Logistics Systems, Inc.,
a Nevada corporation (&ldquo;TLSS&rdquo;), in connection with TLSS&rsquo;s agreement to provide a corporate guaranty pursuant to the
terms hereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">W
I T N E S S E T H :</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
TLSS Acquisition, Inc., a Delaware corporation and a wholly owned subsidiary of TLSS (&ldquo;TLSSA&rdquo;), the Companies, the Shareholders,
the Shareholders&rsquo; Representative and the Escrow Agent entered into that certain Stock Purchase and Sale Agreement having an Effective
Date of January 4, 2023, as assigned to Buyer pursuant to that Assignment and Assumption Agreement, dated January 31, 2023 by and between
Buyer and TLSSA (the &ldquo;Agreement&rdquo;) with respect to the purchase by Buyer from the Shareholders of one hundred percent (100%)
of the issued and outstanding shares of stock of the Companies (the &ldquo;Shares&rdquo;); and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Buyer, the Shareholders, the Companies and the Shareholders&rsquo; Representative desire to amend the terms of the Agreement pursuant
to the terms set forth herein.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of Ten Dollars ($10.00) and other good and valuable consideration, the receipt, adequacy and sufficiency
of which is hereby acknowledged, the parties intending to be legally bound, hereby agree as follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. The
Agreement as modified by this First Amendment remains in full force and effect. To the extent of any inconsistency between the terms
of this First Amendment and the terms of the Agreement, the terms of this First Amendment shall supersede and control to the extent of
such inconsistency. Terms not otherwise defined herein shall have the meaning set forth in the Agreement.</FONT></P>

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