SEC Contract Filing

Filing Date: 2020-07-17

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ea124239ex10-1_lmpauto.htm
<DESCRIPTION>ASSET PURCHASE AND CONTRIBUTION AGREEMENT, DATED AS OF JULY 13, 2020, BY AND BETWEEN LMP AUTOMOTIVE HOLDINGS, INC., NEWNAN IMPORTS, INC. AND WALT GUTIERREZ
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ASSET PURCHASE AND CONTRIBUTION AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THIS ASSET PURCHASE
AND CONTRIBUTION AGREEMENT </B>(the &ldquo;<B>Agreement</B>&rdquo;) is made and entered into as of the date of the last signature
to this Agreement (the &ldquo;<B>Effective Date</B>&rdquo;), by and among <B>LMP AUTOMOTIVE HOLDINGS, INC.</B>, a Delaware corporation,
and or its assigns, with a mailing address for purposes of notices hereunder of c/o Sam Tawfik, 601 North State Road 7, Plantation,
Florida 33317 (&ldquo;<B>Purchaser</B>&rdquo;), <B>NEWNAN IMPORTS, INC.,</B> a Georgia corporation, with a mailing address for
purposes of notices hereunder of c/o Walt Gutierrez, 28 Rose Arbor Court, Newnan, Georgia 30265 (the &ldquo;<B>Seller</B>&rdquo;),
and <B>WALT GUTIERREZ, </B>an individual resident of Georgia, with a mailing address for purposes of notices hereunder of 28 Rose
Arbor Court, Newnan, Georgia 30265 (the &ldquo;<B>Shareholder</B>&rdquo;). The Purchaser, Seller, and Shareholder may each be referred
to herein as a &ldquo;<B>Party</B>&rdquo; or collectively as the &ldquo;<B>Parties</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Seller
owns and operates a franchised motor vehicle dealership located at 2 Herring Road, Newnan, Georgia 30265 (the &ldquo;<B>Dealership
Premises</B>&rdquo;), which sells and services (i) new and used motor vehicles distributed by Toyota Motor Sales, USA, Inc. and
Southeast Toyota Distributors, LLC (collectively, &ldquo;<B>Toyota</B>&rdquo; or &ldquo;<B>Manufacturer</B>&rdquo;), (ii) new parts
and accessories, and (iii) other used motor vehicles (collectively, the &ldquo;<B>Business</B>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Shareholder
owns all of the outstanding and issued shares of stock in the Seller; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, subject to,
and in accordance with, the terms and conditions of this Agreement the Purchaser desires to purchase an undivided interest in the
Dealership Assets (as hereinafter defined) from the Seller; the Seller desires to contribute an undivided interest in the Dealership
Assets in exchange for issuance of a membership interest in the Purchaser; and the Purchaser desires to secure a dealer sales and
service agreement from Manufacturer appointing the Purchaser as an authorized Toyota dealer at the Dealership Premises; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Seller
desires to sell an undivided interest in the Dealership Assets and contribute an undivided interest in the Dealership Assets in
exchange for issuance of a membership interest in the Purchaser, subject to, and in accordance with, the terms and conditions of
this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Seller
occupies the Dealership Premises and facilities thereon under that certain Real Estate Lease by and between the Seller and Herring
Road, LLC (&ldquo;<B>Landlord</B>&rdquo;), dated February 1, 2006, as amended (the &ldquo;<B>Premises Lease</B>&rdquo;). In connection
with the Purchaser&rsquo;s acquisition of the Dealership Assets, Parties will seek the consent of the Landlord to permit the Seller
to assign its interests, as tenant, under the Premises Lease to the Purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the Parties&rsquo; execution of this Agreement, and the premises, mutual covenants and promises hereinafter set
forth, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1. DEFINITIONS</B></P>

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