EX-10.20



 Exhibit 10.20 

GROUND LEASE 

THIS GROUND LEASE (“Lease”), dated as of October 16, 2013 (the “Effective Date”), is made by and between TRAILER
TRANSFER, INC., a New Mexico corporation (“Landlord”) and TPI Mexico, LLC an Arizona Limited Liability Company (“Tenant”), with respect to the following facts: 

R E C I T A L S: 
 A. Tenant is
seeking a site in Doña Ana County, New Mexico for the secure storage of Tenant’s manufactured products (the “Tenant’s Project”). 

B. Landlord is the fee owner of that certain real property of approximately 7.1336 acres situated in Doña Ana County, New Mexico, which
real property is legally described on Exhibit “A” attached hereto, together with all rights and interest, if any, of Landlord in and to the land lying in the streets and roads in front thereof and adjoining thereto and in and to any
casements or other rights appurtenant thereto (collectively, “Landlord Property”). 
 NOW, THEREFORE, in consideration of
the above recitals, and the representations, warranties, covenants and conditions contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Landlord and Tenant agree as follows: 

DEFINITIONS 
 As used in
this Lease, the following capitalized terms shall have the meanings set forth below: 
 “Additional Rent” is defined in
Section 3.4. 
 “Affiliate” means any person or entity which directly or indirectly through one or more intermediaries
controls, or is controlled by, or is under common control with, the Tenant or Landlord. “Control” means the possession, directly or indirectly, of the power to cause the direction of the management and policies of a person or entity,
whether through the ownership of voting securities, by contract, family relationship or otherwise. 
 “Anniversary Date” means the
date exactly one (1) year after the date on which an event occurred in a previous calendar year. 
 “Annual Rent” is defined
in Section 3.1(a). 
 “Commencement Date” is the date upon which the term of this Lease commences which shall be
January 1, 2014 
 “County” means Doña Ana County, New Mexico. 

“Default Rate” means the lesser of (a) four percentage points in excess of the “Prime Rate”, or (b) the highest
rate permitted by law. The interest rate ascertained as the Default Rate under this 

  
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Agreement shall change as often as, and when, the Prime Rate changes or changes in the law occur, as the case may be. 

“Effective Date” means the date first written above, which is the date upon which the last party hereto has executed this Lease.

 “Environmental Laws” is defined in Section 8.1. 

“Force Majeure Event” shall mean the occurrence of any of the following acts or events, but only to the extent such act or event
(i) is the cause of a delay in or prevents performance or the meeting of an obligation of Landlord and Tenant hereunder, (ii) is beyond the control of the Party relying upon the act or event, and (iii) such Party has been unable by
the exercise of due diligence to overcome or mitigate the effects of such act or event: 
 Any delay, interruption,
suspension or interference with Landlord’s, Tenant’s, or a subcontractor’s performance hereunder, which delay, interruption, suspension or interference is caused by earth movement, lightning, fires or explosions, floods, epidemic,
hurricanes, typhoons, or cyclones, acts of a public enemy, wars, blockades, riots, rebellions, sabotage, insurrections, governmental actions or civil disturbance, national, regional, industry-wide or local labor strikes, work stoppages, boycotts,
walkouts and other labor difficulties or shortages (“Labor Disputes”); provided, however, that Labor Disputes on the Premises or involving Landlord’s or Tenant’s on-Premises employees shall not constitute an event of Force
Majeure. 
 Force Majeure shall not mean any act or event to the extent resulting from the fault or negligence of any person claiming Force Majeure, or the
financial inability of any person to perform its obligations under this Lease. 
 “Hazardous Substances” means any hazardous or
toxic substances, materials or wastes, including, but not limited to, those substances, materials, and wastes listed in the United States Department of Transportation Hazardous Materials Table (49 CFR 172.101) or by the Environmental Protection
Agency as hazardous substances (40 CFR Part 302); Hazardous Chemicals as defined in the OSHA Hazard Communication Standard; Hazardous Substances as defined in the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. §
9601, et. seq.; Hazardous Substances as defined in the Toxic Substances Control Act, 15 U.S.C. § 26012671; all substances now or hereafter designated as “hazardous wastes” under New Mexico law; all substances now or hereafter
designated by the Governor of the State of New Mexico pursuant to the Safe Drinking Water and Toxic Enforcement Act of 1986 as being known to cause cancer or reproductive toxicity, and all substances now or hereafter designated as “hazardous
substances,” “hazardous materials” or “toxic substances” under any other federal, state or local laws or in any regulations adopted and publications promulgated pursuant to said laws, and amendments to all such laws and
regulations thereto, or such substances, materials, and wastes which are or become regulated under any applicable local, state or federal law. 

“Imposition” means all taxes (including possessory interest, real property, ad valorem, and personal property taxes), assessments
including without limitation special assessments for County bond issues for sewer, water and other infrastructure improvements levied against the Premises, charges, license fees, municipal liens, levies, excise taxes, impact fees, or imposts,
whether general or special, 

  
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ordinary or extraordinary imposed by any governmental or quasi-governmental authority pursuant to law, or the assessments of any Property Owner’s Association having jurisdiction, against the
Premises or the Improvements located thereon which may be levied, assessed, charged or imposed, or may be or become a lien or charge upon the Premises, or any part thereof, or upon the leasehold estate hereby created. 

“Improvements” means any compaction, drainage facilities, site work, paving and/or gravel surface, fencing (including an ornamental
wall and chain link), utilities lines and connections and engineering and planning costs associated therewith, hereafter constructed on the Landlord’s Property by or for Tenant. 

“Indemnified Parties” means either the Landlord Indemnified Parties or the Tenant Indemnified Parties, as applicable; an
“Indemnified Party” means any individual within either such group, as applicable, all as defined in Section 8.3 hereof. 

“Insurance Proceeds” means any amount received by Tenant from an insurance carrier, after deducting therefrom the reasonable fees
and expenses of collection, including but not limited to reasonable attorneys’ fees and experts’ fees. 
 “Insured
Property” means with respect to the Premises, the gates, cement treated base, lighting and related electrical work, plumbing and the Improvements which shall be covered by insurance as required pursuant to and in accordance with this Lease. It
is understood and agreed that all insurance to be provided pursuant to this Lease may exclude damage to the Land within the Premises. 

“Landlord’s Estate” means all of Landlord’s right, title, and interest in its fee estate in the Landlord’s Property,
its reversionary interest in the Improvements pursuant hereto, and all other Rent and benefits due Landlord hereunder. 
 “Lease
Expiration Date” means the earlier to occur of the following dates: (a) that date which is Five (5) Years following the Commencement Date, or (b) that date upon which this Lease is sooner terminated pursuant to the provisions of
this Lease or the mutual agreement of the parties hereto. 
 “Legal Requirements” means all present and future laws, statutes,
requirements, ordinances, orders, judgments, regulations, administrative or judicial determinations, even if unforeseen or extraordinary, of every governmental or quasi-governmental authority, court or agency claiming jurisdiction over the Premises
now or hereafter enacted or in effect (including, but not limited to, Environmental Laws and those relating to accessibility to, usability by, and discrimination against, disabled individuals), and all covenants, restrictions, and conditions now or
hereafter of record which may be applicable to Tenant or to all or any portion of the Premises, or to the use, occupancy, possession, operation, maintenance, alteration, repair or restoration of any of the Premises, even if compliance therewith
necessitates structural changes to the Improvements or the making of Improvements, or results in interference with the use or enjoyment of all or any portion of the Premises. 

“Official Records” means the Official Records of Doña Ana County, New Mexico. 

“Partial Taking” is defined in Section 10.2. 

  
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 “Permitted Exceptions” means those matters described in Exhibit “B” attached
hereto affecting Landlord’s title to the Land all of which have been approved by Tenant. 
 “Premises” shall mean the
Landlord’s Property and the Improvements now or hereafter located thereon. 
 “Prime Rate” means the Wall Street
Journal (Eastern Edition) prime rate for large money center banks as announced from time to time in its “Money Rates” column, or if there is no Wall Street Journal Prime Rate, then the Prime Rate shall be the prime rate
announced from time to time by the banking institution in the State of New Mexico having the greatest dollar volume of deposits. 

“Rent” means all sums due and payable to Landlord by Tenant hereunder. 

“Sublease” means any present or future ground sublease, space sublease, use, or occupancy agreement, entered into in accordance with
Article 14 below, and any modification, extension or termination of any of the foregoing entered into in accordance with Article 14 below. Subleases shall also include any ground lease, space lease, use or occupancy agreement between Tenant, as
lessor thereunder, and a lessee, the demised premises under which are partially situated within the Premises and partially situated within other portions of Tenant’s Project. 

“Subtenant” means any person or entity entitled to the use of all or any portion of the Premises under any Sublease. Subtenants
shall also include each lessee under any ground lease, space lease; use or occupancy agreement between Tenant, as lessor thereunder, and such lessee, the demised premises under which are partially situated within the Premises and partially situated
within other portions of Tenant’s Project. 
 “Tenant’s Estate” means all of Tenant’s right, title and interest in
its leasehold estate in the Premises, its fee estate in the Improvements, and its interest under this Lease. 
 “Tenant’s
Project”, sometimes called herein the “Project”, is defined in Recital A. 
 “Term” is defined in Section 2.1.

 ARTICLE 1 
 DEMISE
OF PREMISES 
 1.1 Demise. Landlord hereby leases to Tenant and Tenant hereby hires from Landlord, Landlord’s Property,
together with all rights, privileges, easements, and appurtenances belonging to or in any way appertaining thereto, including but not limited to, any and all surface easements, rights, titles, and privileges of Landlord now or hereafter existing in
and to adjacent streets, sidewalks and alleys for the Term, at the rental, and upon all of the covenants and conditions set forth herein. 

On the Commencement Date, Landlord shall deliver possession of the Landlord’s Property to Tenant, subject to the following matters to the
extent that they affect the Premises: 

  
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 (a) The Permitted Exceptions to the extent valid and subsisting and affecting the Premises as of
the Commencement Date; 
 (b) The effect of all present building restrictions and regulations and present and future zoning laws,
ordinances, resolutions, and regulations of the County (which are of general application in the County) and all present ordinances, regulations and orders of all boards, bureaus, commissions and bodies of the County (which are of general application
in the County) and any state or federal agency, now having, or hereafter having acquired, jurisdiction of the Premises and the use and improvement thereof; 

(c) The condition and state of repair of the Premises on the Commencement Date; 

(d) All taxes, duties, assessments, special assessments, water charges and sewer rents, and any other Impositions, accrued or unaccrued,
fixed or not fixed, prorated as hereinafter more fully provided; and 
 (e) Present violations of law, ordinances, orders or requirements
that might be disclosed by an examination and inspection or search of the Premises by any federal, state, county or municipal department or authority having jurisdiction, as the same may exist on the Commencement Date. 

1.2 Memorandum of Lease. This Lease shall not be recorded; however, to establish the status of Tenant’s title, Landlord and Tenant
agree, upon Tenant’s request, to execute and acknowledge a short form Memorandum of this Lease, in the form attached hereto as Exhibit “C”, which shall be recorded in the Official Records on or about the Commencement Date. In the
event of a discrepancy between the provisions of such Memorandum and this Lease, the provisions of this Lease shall prevail. 
 ARTICLE 2

 TERM 
 2.1
Term. The term of this Lease shall commence on the Commencement Date and shall expire on the date which is Five (5) years after the Commencement Date, unless sooner terminated or extended as provided herein (“Term”). 

Deleted intentionally 

  
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 Deleted Intentionally 

ARTICLE 3 
 RENT

 3.1 Payment of Rent for Landlord’s Property. Tenant shall pay Rent during the term of this Ground Lease to Landlord as
follows: 
 (a) Annual Rent. As annual rent (“Annual Rent”), for the period for the Commencement Date to but not including
the first (1st) anniversary of the Commencement Date, the sum of $80,400.00, payable in advance in equal monthly installments of $6,700.00 beginning on the Commencement Date and thereafter on
the first day of each calendar month during the Term, subject to adjustment as provided in subsection (b) below. 
 (b) Adjustment
to Annual Rent. On the Third (3rd) Anniversaries of the Commencement Date, the Annual Rent shall be increased to $7,035.00 per month 

Commensurate with execution of this lease agreement Tenant shall pay $3,000 to Landlord. After the expiration of the Environmental inspection by Tenant such
deposit shall become non-refundable and non-applicable fee in consideration of the Landlord holding the property off the market until the Commencement date of January 1, 2014. After execution of the Lease Tenant shall have thirty (30) days
to perform it environmental inspection per professional third party inspection. Should Tenant discover an Environmental detriment per the professional inspection the Tenant must deliver the professional report as evidence of such defect and the
Lease will become null and void. Landlord will return the $3,000 upon such notification. After the expiration of the inspection period, the lease will be binding on both parties with no further contingencies. 

3.2 Deposits. Upon its Commencement hereof, Tenant shall pay to Landlord (a) first and last months’ Rent totaling $13,735 and
(b) a security deposit of $6,700.00. 
 3.3 Taxes on Rents. Notwithstanding the terms of Section 3.1 hereof, or of any
other provision hereof, Tenant agrees that to the extent there is or shall be levied, assessed or imposed on Landlord by the State of New Mexico or the County during the Term hereof, a tax directly on the rents received by Landlord under this Lease,
or a tax measured by or based, in whole or in part, upon such rents, including without limitation, a gross receipts tax or a sales tax (but not including an income tax), 

  
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then Tenant shall be obligated to pay such amount in monthly installments in addition to Annual Rent due hereunder. 

3.4 Additional Rent. Tenant shall pay Additional Rent as provided elsewhere in this Ground Lease. If under the terms of this Ground
Lease, Tenant is obligated to pay Additional Rent to a party other than Landlord, Landlord may, if Tenant fails to make the payment as herein required within the grace periods and after notice as provided herein, make the payment on Tenant’s
behalf. If Landlord makes such a payment, then Tenant shall pay the Additional Rent, together with interest thereon which shall accrue at the Default Rate from the time of Landlord’s payment until Landlord receives Tenant’s payment. 

3.5 Manner of Payment. Rent to be paid to Landlord shall be paid in legal tender for the payment of public and private debts, without
counterclaim, set off or deduction of any kind or nature whatsoever and without demand, to Landlord at such address as Landlord may from time to time designate in writing. For any period of less than a full month, quarter or year for which Rent is
payable, the applicable Rent shall be prorated. 
 3.6 All Rent to be Net. All Rent shall be absolutely net to Landlord so that this
Ground Lease shall yield to Landlord the full amount of the Rent throughout the Term without deduction or offset except as permitted through abatement pursuant to Section 10.2 below. 

ARTICLE 4 
 PAYMENT OF
TAXES AND OTHER CHARGES 
 4.1 Payment of Impositions. Commencing on the Commencement Date and continuing for the entire Term of
this Lease, Tenant covenants and agrees (except as specifically otherwise provided in Sections 2.4 above and 4.2 and 4.4 below) to pay and discharge or cause to be paid and discharged all Impositions promptly before delinquency and before any fine,
interest or penalty shall be assessed by reason of its nonpayment. If, at any time during the term of this Lease or any extension thereof the methods of taxation prevailing at the Commencement Date shall be so altered so that in lieu of any
Imposition described in this Section 4.1 there shall be levied, assessed or imposed an alternate tax, however designated, such alternate tax shall be deemed an Imposition for the purpose of this Article and Tenant shall pay and discharge such
Imposition as provided by this Article, If the Commencement Date is a day other than the first day of a “tax” or “fiscal” year, i.e., January 1 (a “Tax Year”), all such Impositions shall be prorated such that
Tenant shall be responsible only for those Impositions payable in connection with the Premises following the Commencement Date, such proration to be based on the ratio that the number of days in such fractional Tax Year bears to 365. Payment of
Impositions with respect to the final Tax Year within the Term shall be similarly prorated. Notwithstanding the foregoing, if prior to the Commencement Date or after the expiration or earlier termination of this Lease, any Imposition is not payable
with respect to the Premises because Landlord is exempt under applicable law from paying such Imposition, then such Imposition shall not be prorated, and Tenant shall be responsible for one hundred percent (100%) of such Imposition attributable
to the period following the Commencement Date or prior to the expiration or earlier termination of this Lease, as the case may be. 

  
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 4.2 Contesting Impositions. In the event that Tenant shall desire to contest or otherwise
review by appropriate legal or administrative proceeding any Imposition, Tenant shall give Landlord written notice of its intention to so contest same; after giving such notice to Landlord, Tenant shall not be in default hereunder by reason of the
non-payment of such Imposition if Tenant shall have (a) obtained and furnished to the applicable taxing authority (other than Landlord) a bond or other security to the extent required by applicable law, and (b) established reserves
sufficient to pay such contested Imposition and all penalties and interest that may be reasonably payable in connection therewith. Any such contest or other proceeding shall be conducted solely at Tenant’s expense and free of expense to
Landlord. Tenant shall pay the amount so determined to be due, together with all costs, expenses, interest, and penalties related thereto. 

4.3 Utilities. All water, gas, electricity, or other public utilities used upon or furnished to the Premises during the Term hereof
shall be promptly paid by Tenant as billed and prior to delinquency. 
 4.4 Payment by Landlord. Unless Tenant is contesting any
Impositions as provided in Section 4.2 above, Landlord may, at any time after the date any Imposition is delinquent, give written notice to Tenant specifying same, and if Tenant continues to fail to pay or contest such Imposition, then at any
time after ten (10) days from Tenant’s receipt of such written notice, Landlord may pay the Imposition specified in said notice. Tenant covenants to reimburse and pay Landlord any amount so paid or expended in the payment of such
Imposition upon demand therefor, with interest thereon at the Default Rate from the date of such payment by Landlord until repaid by Tenant. 

ARTICLE 5 
 ENCUMBRANCES

 5.1 No Encumbrance of Tenant’s Estate. Tenant shall have no right to (a) encumber Tenant’s Estate or any
portion thereof or interest therein or (b) any Sublease or (c) any portion of the Landlord Property or any portion of the Landlord’s Estate. 

5.2 Encumbrance of Landlord’s Estate. Landlord shall have the right to encumber its estate. This Lease shall be subordinate to any
Landlord mortgage now in existence or hereinafter granted. Landlord agrees to perform all covenants and to keep in good standing any Landlord mortgage on the Landlord’s Property. Any default by Landlord under a Landlord mortgage shall
constitute a default hereunder by Landlord. 
 ARTICLE 6 

POSSESSION, USE, COMPLIANCE WITH LAWS, 

MAINTENANCE AND REPAIRS 

6.1 Possession. Tenant acknowledges that as of the Commencement Date it shall have made such visual inspections as deemed necessary by
Tenant, and Tenant shall accept possession of the Landlord’s Property in its AS IS condition existing as of the Commencement Date. Tenant shall not be responsible for loss or damage to the Land resulting from subsurface, subterranean or
underground conditions unless such condition was caused by Tenant’s negligence or malfeasance. 

  
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 6.2 Use. Subject to the provisions of this Article 6, Tenant may use the Premises
for storage of manufactured products including without limitation wind power generating products. 
 6.3 Compliance With Laws.
Subject to the provisions of Article 8 below, Tenant shall comply with all Legal Requirements in the use, occupation, control and enjoyment of the Premises and in the prosecution and conduct of its business thereon. Tenant shall have the right, at
its own cost and expense, to contest or review by appropriate legal or administrative proceeding the validity or legality of any such Legal Requirement, and during such contest Tenant may refrain from complying therewith provided that compliance
therewith may legally be held in abeyance without subjecting Landlord to any liability, civil or criminal, of whatsoever nature for failure so to comply therewith and without the incurrence of alien, charge or liability against the Premises or
Landlord’s Estate; and provided further that all such proceedings shall be prosecuted by Tenant with due diligence. 
 6.4
Maintenance. Except as specifically otherwise provided in Section 2.4 above, Tenant shall, during the term hereof, keep and maintain the Premises and all appurtenances thereto in compliance with all Legal Requirements and in good order
and repair, and shall allow no nuisance to exist or be maintained therein, Landlord shall not be obligated to make any repairs, replacements, or renewals of any kind, nature, or description whatsoever to the Premises. Tenant expressly waives all
rights to make repairs at Landlord’s expense under any similar or successor statute now in force or hereinafter enacted. 
 The storm water retention
pond will be maintained by Landlord and delivered in good condition at the Commencement of this lease 
 ARTICLE 7 

CHANGES, ALTERATIONS AND NEW CONSTRUCTION 

7.1 Generally. After completion of the initial Improvements, Tenant shall have the right to alter, repair, restore, replace or
reconstruct any of the Improvements located on the Premises, provided that all such work shall be performed by Tenant in compliance with this Article 7. 

7.2 Notice of Completion. Upon completion of the Improvements upon the Premises, Tenant shall file or cause to be filed, if required by
applicable law, a valid Notice of Completion in a timely fashion. 
 7.3 Title to Improvements. All Improvements constructed or
installed upon the Premises by Tenant at any time prior to the Lease Expiration Date shall be and thereafter remain real property, and are and shall be the property of Tenant; provided, however, that upon the Lease Expiration Date, title to such
Improvements shall vest in Landlord and the same shall become the property of Landlord, Notwithstanding anything to the contrary contained in this Section, Tenant hereby covenants and agrees to promptly execute and acknowledge (at no cost or expense
to Tenant) a quitclaim deed, bill of sale, or any other documentation reasonably required by Landlord to effectuate the provisions of this Section; Tenant’s covenant to do so shall survive the Lease Expiration Date. 

7.4 No Liens on Fee. Landlord’s interest in the Premises shall not be subjected to liens of any nature by reason of Tenant’s
construction, alteration, repair, restoration, replacement or reconstruction of any Improvements on the Premises, or by reason of any other act or omission of Tenant (or of any person claiming by, through or under Tenant) including, but not limited
to, mechanics’ and 

  
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materialmen’s liens. All persons dealing with Tenant are hereby placed on notice that such persons shall not look to Landlord or to Landlord’s credit or assets (including
Landlord’s interest in the Improvements constructed thereon or furnishings contained therein) for payment or satisfaction of any obligations incurred in connection with the construction, alteration, repair, restoration, replacement or
reconstruction thereof by or on behalf of Tenant. Tenant has no power, right or authority to subject Landlord’s interest in the Premises to any mechanic’s or materialman’s lien or claim of lien. 

ARTICLE 8 

ENVIRONMENTAL MATTERS 

8.1 Environmental Compliance. Commencing on the Commencement Date, Tenant shall at all times comply with all applicable laws,
regulations and ordinances governing Hazardous Substances promulgated by an federal, state, county or municipal entity or agency (“Environmental Laws”) affecting the Premises. Tenant shall at its own expense maintain in effect any permits,
license or other governmental approvals relating to Hazardous Substances, if any, required for Tenant’s use, and cause each Subtenant to maintain in effect any such permits, license or other governmental approvals, if any, required for such
Subtenant’s use, of the Premises. Tenant shall make all disclosures required of Tenant by any such Environmental Laws, and shall comply with all orders, with respect to Tenant’s and its employees’, agents’, contractors’ and
invitees’ use of the Premises, issued by any governmental authority having jurisdiction over the Premises and take all action required by such governmental authorities to bring Tenant’s and its employees’, agents’,
contractors’ and invitees’ activities on the Premises into compliance with all Environmental Laws affecting the Premises. To the best of Landlord’s knowledge no environmental adversities exist at commencement date. Landlord has no
reason to believe there are any environmental adversities. 
 8.2 Notices. If at any time Tenant or Landlord shall become aware, or
have reasonable cause to believe, that any actionable level of Hazardous Substance has been released or has otherwise come to be located on or beneath the Premises, such party shall immediately upon discovering the release or the presence or
suspected presence of the Hazardous Substance, give written notice of that condition to the other party. In addition, the party first learning of the release or presence of an actionable level of Hazardous Substance on or beneath the Premises, shall
immediately notify the other party in writing of: (i) any enforcement, cleanup, removal, or other governmental or regulatory action instituted, completed, or threatened pursuant to any Environmental Laws; (ii) any claim made or threatened by
any person against Landlord, Tenant or the Premises arising out of or resulting from any actionable level of Hazardous Substances; and (iii) any reports made to any local, state, or federal environmental agency arising out of or in connection
with any actionable level of Hazardous Substance. 
 8.3 Indemnity. 

(a) By Landlord. Landlord shall indemnify, defend (by counsel acceptable to Tenant), protect, and hold harmless Tenant, Tenant’s
Affiliates and their respective partners, members, shareholders, trustees, beneficiaries, officers, directors, employees, attorneys, agents, heirs, representatives, successors and assigns (“Tenant Indemnified Parties”), from any and all
claims, liabilities, penalties, lines, judgments, forfeitures, losses, costs, or expenses (including reasonable attorneys’, consultants’, and expert fees) (collectively, “Claims”) arising from, related to, or in connection with
the death of or injury to any person or damage to any property whatsoever, arising from or caused in whole or in part, directly or indirectly, by the presence in, on, under, or about the Land, or any discharge or release in or from the
Landlord’s Property of any Hazardous Substance, to the extent that 

  
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any such presence, discharge, or release is caused by Landlord’s activities or the activities of any of Landlord’s employees, agents, contractors or invitees. 

(b) Tenant. Tenant shall indemnify, defend (by counsel acceptable to Landlord), protect, and hold harmless Landlord, Landlord’s
Affiliates and their respective partners, members, shareholders, directors, trustees, beneficiaries, officers, directors, employees, attorneys, agents, successors and assigns (“Landlord Indemnified Parties”), from and against any and all
Claims arising from, related to, or in connection with the death of or injury to any person or damage to any property whatsoever, arising from or caused in whole or in part, directly or indirectly, by (i) the presence in, on, under, or about
the Premises or any discharge or release in or from the Premises of any Hazardous Substance, to the extent that any such presence, discharge, or release is caused by Tenant’s activities, or the activities of any of Tenant’s Subtenants,
employees, agents, contractors or invitees, or (ii) Tenant’s failure to comply with its covenants under Section 8.1. Notwithstanding anything contained elsewhere in this Lease to the contrary, Tenant shall in no event be liable
or responsible for any pre-existing conditions in, on, under or about the Premises. 
 (c) Costs Included; Survival. The indemnity
obligations created hereunder shall include, without limitation, whether foreseeable or unforeseeable, any and all costs incurred in connection with any site investigation, and any and all costs for repair, cleanup, detoxification or
decontamination, or other remedial action of the Premises. The obligations of the parties hereunder shall survive the expiration or earlier termination of this Lease. 

ARTICLE 9 
 INSURANCE

 9.1 All Risk Insurance. Tenant, at its sole cost and expense, shall upon substantial completion of any Improvement and
throughout the entire Term keep the Insured Property insured against loss or damage by fire, windstorm, tornado, hail, water damage, lightning, vandalism, malicious mischief and earthquake and against loss or damage by such other, further and
additional risks as now are or hereafter may be embraced by the standard “all risk” forms or endorsements, in each case in the full amount of the replacement value of the Insured Property and 100% of the replacement value of the rental
receipts of the Insured Property on an actual loss sustained basis (the “Full Insurable Value”). For purposes of the immediately preceding sentence, any building or structure and the improvements related thereto or contained therein shall
be deemed to be substantially completed when such building or structure and its related Improvements, taken as a whole, are substantially completed. 

9.2 Additional Insurance. Tenant, at its sole cost and expense, shall throughout the entire Term procure and maintain: 

(a) Workers’ Compensation Insurance. Workers’ compensation insurance in the State of New Mexico. Such insurance shall
include coverage under the Broad Form All States Endorsement. 
 (b) Liability Insurance. Commencing on the Commencement Date,
Tenant shall at all times comply with all applicable laws, regulations and ordinances governing Hazardous Substances promulgated by an federal, state, county or municipal entity or agency (“Environmental Laws”) affecting the Premises.
Tenant shall at its own expense maintain in effect any permits, license or other 

  
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governmental approvals relating to Hazardous Substances, if any, required for Tenant’s use, and cause each Subtenant to maintain in effect any such permits, license or other governmental
approvals, if any, required for such Subtenant’s use, of the Premises. Tenant shall make all disclosures required of Tenant by any such Environmental Laws, and shall comply with all orders, with respect to Tenant’s and its employees’,
agents’, contractors’ and invitees’ use of the Premises, issued by any governmental authority having jurisdiction over the Premises and take alt action required by such governmental authorities to bring Tenant’s and its
employees’, agents’, contractors’ and invitees’ activities on the Premises into compliance with all Environmental Laws affecting the Premises. 

(c) Excess and Umbrella Liability Insurance. Excess and umbrella liability insurance on a form following basis (excluding automobile
liability) covering all insureds to bring the total maximum collective limits of liability to $5,000,000 for each occurrence and in the aggregate, where applicable. 

(d) Automobile Insurance. For commercial automobile liability coverage of all claims for personal injury, death and property damage
arising from the use of owned, unowned and hired vehicles used in connection with providing services for the Insured Property, in a combined single limit of $1,000,000. 

9.3 Rent Interruption Insurance. Tenant shall carry rent interruption insurance coverage for a period of not less than one
(1) year hereunder. 
 9.4 Named Insureds and Insurance Trustee. All policies of insurance required under this Article 9 to be
furnished under this Lease shall include as “additional insureds” Landlord and Landlord’s mortgagees, and their respective officers, directors, trustees, partners, employees and agents, as their respective interests may appear. All
such policies of insurance shall provide that the loss, if any, shall be payable to Tenant, provided that payments may be made directly to the third-party claimants under liability policies. 

9.5 Insurance in General. 

(a) Each policy of insurance required under this Lease shall be non-cancelable and not be subject to material change, unless at least thirty
(30) days’ notice of such proposed cancellation or material change has been provided to Landlord and Tenant. 
 (b) Unless waived
in writing by Landlord, each such policy shall be issued by an insurance company duly authorized to conduct business in the State of New Mexico with a rating of at least “A+” from A.M. Best or equivalent rating agency. 

(c) All proceeds of such policies (where appropriate) shall be used for the restoration or repair of the Insured Property. 

(d) Each policy of insurance required under this Lease shall include a provision for a waiver of subrogation in favor of Landlord, Tenant and
all other insureds. 

  
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 (e) Landlord has no obligation to insure, and no liability for any damage to, any improvements,
equipment or other personal property of Tenant or its Permittees located in the Basement Areas. 
 9.6 Copies to Landlord. Upon the
execution and delivery of this Lease and thereafter not less than ten (10) days prior to the expiration date of any insurance policy delivered pursuant to this Article, Tenant shall deliver to Landlord certificates of insurance evidencing the
coverage required hereunder. 
 9.7 Adjustment of Loss. Any loss under any policy of insurance required to be furnished under this
Lease shall be adjusted solely by Tenant. 
 9.8 Blanket Insurance. Nothing in this Article shall prevent Tenant from taking out
insurance of the kind and in the amounts provided for under this Article under any blanket insurance policy which covers other properties owned or operated by Tenant or its Affiliates as well as the Insured Property, provided that any such policy of
insurance (a) shall specify therein, or Tenant shall furnish Landlord with a written statement from the insurers under such policy specifying, the amount of the total insurance allocated to the Insured Property, which amount shall be not less
than the amount required by this Article to be carried, and (b) shall not contain any clause which would result in the insured thereunder being required to carry insurance with respect to the Insured Property in an amount equal to a minimum
specified percentage of the Full Insurable Value of such Insured Property in order to prevent the named insured therein from becoming a co-insurer of any loss with the insurer under such policy. Tenant shall furnish to Landlord, within thirty
(30) days after the filing thereof with any insurance ratemaking body, copies of the schedule or make-up of all property covered by any such policy of blanket insurance. 

9.9 Primary and Excess Coverages. Limits of liability for insurance required hereunder may be provided by primary insurance or a
combination of both primary and excess insurance coverages. 
 9.10 Insurance Non-Contributory. Neither Tenant nor Landlord shall
carry separate insurance, concurrent in form and contributing, in the event of loss, for any insurance required under the provisions of this Article unless, in conformity with the requirements of this Article, all the named insureds listed in
Section 9.5 are included therein as the named insureds. Tenant and Landlord shall each promptly notify of and deliver to the other each such separate insurance policy. 

ARTICLE 10 
 EMINENT
DOMAIN 
 10.1 Total Taking. If the whole or substantially all of the Premises shall be taken for a public or quasi-public use by
the exercise of the power of eminent domain or by purchase under threat of condemnation by any governmental agency, this Lease shall terminate in its entirety on the date the condemning authority actually consummates such taking of the Premises, and
the Rent required to be paid by Tenant hereunder shall be appropriately prorated and paid to such date of taking or reduced as provided hereinbelow. In the event of any such taking, Landlord and Tenant shall together make one claim for an award for
their combined interests in the Premises including an award for severance damages if less than the whole shall be so taken. If the whole or substantially all of the Premises shall 

  
 13 








 
be so taken, then the Condemnation Proceeds shall be distributed to Tenant to the extent that it is attributable to Tenant’s Estate, or Tenant’s personal property or the Improvements
(or that of its invitees, agents or Subtenants) and to Landlord to the extent that it is attributable to the Landlord’s Estate. 
 10.2
Partial Taking. If less than substantially all of the Premises shall be taken for any public or quasi-public use under the power of eminent domain or by purchase under threat of condemnation by any governmental agency, or if any appurtenances
of the Premises or any vaults or areas outside the boundaries of the Premises or rights in, under or above the streets adjoining the Premises or the rights and benefits of light, air or access from or to such streets, shall be so taken, or the grade
of any such streets shall be changed, in any such case in a manner that the remaining portion of the Premises can be adapted and economically operated for the purposes and in substantially the same manner as it was operated prior thereto in
Tenant’s good faith business judgment, Tenant shall give prompt notice thereof to Landlord, this Lease shall continue in full force and effect and Annual Rent shall be equitably abated. Tenant shall proceed, with reasonable diligence, to
perform any necessary repairs and to restore the Premises to an economically viable unit in strict accordance with all Legal Requirements and the requirements of Article 7 above, and as nearly as possible to the condition the Premises was in
immediately prior to such taking, provided, however, any such repair or restoration costs resulting from such partial taking shall be paid from the Condemnation Proceeds. The Condemnation Proceeds shall be paid to Tenant or as Tenant may direct as
the restoration of the Premises progresses, to pay or reimburse Tenant for the cost of such restoration. Any portion of the Condemnation Proceeds not so used for such restoration shall be paid to Tenant to the extent that it is attributable to
Tenant’s Estate, or Tenant’s personal property or the Improvements (or that of its invitees, agents or Subtenants) and to Landlord to the extent that it is attributable to the Landlord’s Estate. 

10.3 Temporary Taking. If the use (but not leasehold title) of the whole or any part of the Premises shall be taken on a temporary
basis only, this Lease shall not be affected in any way and Tenant shall continue to pay all Rent due hereunder. All Condemnation Proceeds as a result of such temporary use shall be paid to Tenant. A total taking on a temporary basis for a period in
excess of one hundred eighty (180) days shall be treated as a total taking under Section 10.1 and a partial taking on a temporary basis in excess of 180 days shall be treated as a partial taking under Section 10.2. 

10.4 Proceedings. In any condemnation proceeding affecting the Premises which may affect Landlord’s Estate and Tenant’s
Estate, both parties shall have the right to appear in and defend against such action as they deem proper in accordance with their own interests. To the extent possible, the parties shall cooperate to maximize the Condemnation Proceeds payable by
reason of the condemnation. Issues between Landlord and Tenant required to be resolved pursuant to this Article shall be joined in any such condemnation proceeding to the extent permissible under then applicable procedural rules of such court of law
or equity for the purpose of avoiding multiplicity of actions and minimizing the expenses of the parties. 
 ARTICLE 11 

DEFAULT 
 11.1 Events
of Default. A breach of this Lease by Tenant shall exist if any of the following events (individually an “Event of Default” and collectively “Events of Default”) shall occur: 

  
 14 








 (a) Tenant shall have failed to pay the Rent within five (5) days of when due and such
failure shall not have been cured within ten (10) days after receipt of written notice from Landlord respecting such overdue payment; if such payment is received fifteen (15) days or more after the due date, it shall bear interest at the
Default Rate; or 
 (b) Tenant shall have failed to pay any other charge, Imposition or any obligation of Tenant requiring the payment of
money under the terms of this Lease (other than the payment of Rent) within thirty (30) days of when due and such failure shall not have been cured within thirty (30) days after receipt of written notice from Landlord respecting such
overdue payment; if such payment is to be made to Landlord or if Landlord makes such payment because of Tenant’s failure to do so, any such payment received forty-five (45) days or more after the due date shall bear interest at the Default
Rate; or 
 (c) Tenant shall have failed to perform any term, covenant, or condition of this Lease to be performed by Tenant, except those
requiring the payment of money, and Tenant shall have failed to cure same within thirty (30) days after written notice from Landlord, delivered in accordance with the provisions of this Lease, where such failure could reasonably be cured within
said thirty (30) day period (subject to the occurrence of a Force Majeure Event); provided, however, that where such failure could not reasonably be cured within said thirty (30) day period, that Tenant shall not be in default unless it
has failed to promptly commence and thereafter be continuing to make diligent and reasonable efforts to cure such failure as soon as practicable and in no event later than one hundred eighty (180) days (subject to extension based on the
occurrence of a Force Majeure Event as provided in Section 20.3). 
 (d) Abandonment of the Premises, Improvements or of the leasehold
estate, except in accordance with Article 12 hereof; or 
 (e) The subjection of any right or interest of Tenant under this Lease to
attachment, execution, or other levy, or to seizure under legal process, if not released or appropriately bonded within ninety (90) days after receipt of written notice by Landlord; or 

(f) The appointment of a receiver to take possession of the Premises and/or Improvements or of Tenant’s Estate or of Tenant’s
operations for any reason if not discharged within ninety (90) days of such appointment, including but not limited to, assignment for the benefit of creditors or voluntary or involuntary bankruptcy proceedings, but not including receivership
(i) pursuant to administration of the estate of any deceased or incompetent Tenant or of any deceased or incompetent individual partner of Tenant or (ii) instituted by Landlord, the event of default being not the appointment of a receiver
at Landlord’s instance but the event justifying the receivership, if any; or 
 (g) An assignment by Tenant for the benefit of
creditors or the filing of a voluntary or involuntary petition by or against Tenant under any law for the purpose of adjudicating Tenant as bankrupt; or for extending time for payment, adjustment or satisfaction of Tenant’s liabilities to
creditors generally; or for reorganization, dissolution, or arrangement on account of or to prevent bankruptcy or insolvency; unless the assignment or proceeding, and all consequent orders, adjudications, custodies, and supervisions are dismissed,
vacated, or otherwise permanently stayed or terminated within ninety (90) days after the assignment, filing, or other initial event; or 

  
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 N/A 

11.2 Notice to Certain Persons. Landlord shall, before pursuing any remedy, use its reasonable good faith efforts to give such notice
to all Subtenants who have requested the same. Each notice of an Event of Default shall specify the Event of Default and shall describe any damage resulting from any such act. 

11.3 Landlord’s Remedies. If any Event of Default by Tenant shall continue uncured, following notice of default as required by
this Lease, for the period applicable to the default under the applicable provision of this Lease, Landlord shall have the following remedies in addition to all other rights and remedies provided by law or equity, to which Landlord may resort
cumulatively or in the alternative: 
 (a) Termination. Landlord may at its election terminate this Lease by giving Tenant written
notice of termination. On the giving of the notice, all of Tenant’s rights in the Premises and in the Improvements shall terminate. Promptly after notice of termination, Tenant shall surrender and vacate the Premises and the Improvements in
broom-clean condition, and Landlord may reenter and take possession of the Premises and the Improvements and eject all parties in possession or eject some and not others or eject none. Termination shall not relieve Tenant from the payment of any
sums then due to Landlord hereunder plus interest thereon from the date due at the Default Rate, or from any claim for damages previously accrued or then accruing against Tenant up to the date of termination. 

(b) Reentry Without Termination. Landlord may at its election continue this Lease in effect until such time as Landlord elects to
terminate Tenant’s right to possession, reenter the Landlord may at its election eject all persons or eject some and not others or eject none. Any reletting may be for the remainder of the Term or for a longer or shorter period. Landlord shall
be entitled to all rents from the use, operation, or occupancy of the Premises or Improvements or both. In the event of any re-entry by Landlord, Tenant shall nevertheless pay to Landlord on the due dates specified in this Lease the equivalent of
all sums required of Tenant under this Lease, plus Landlord’s reasonable expenses, plus interest thereon from the date due at the Default Rate, less the proceeds of any reletting or attornment which shall be applied, when received, as follows:
(1) to Landlord to the extent that the proceeds for the period covered do not exceed the amount due from and charged to Tenant for the same period, and (2) the balance to Tenant. No act by or on behalf of Landlord under this provision
shall constitute & termination of this Lease unless Landlord gives Tenant notice of termination. 
 (c) Tenant’s Personal
Property Located in the Premises. Subject to any rights pursuant to the New Mexico Uniform Commercial Code of any secured creditor of Tenant holding a perfected security interest in Tenant’s personal property, Landlord may at its election
use Tenant’s personal property and trade fixtures located on and used in connection with the management and operation of the Premises and the Improvements, or any of such property and fixtures without compensation and without liability for use
or damage, or store them for the account and at the cost of Tenant. The election of one remedy for any one item shall not foreclose an election of any other remedy for another item or for the same item at a later time. Inventory stored upon the
property, that is owned by third party customer of Tenant shall be exempt from this provision. 

  
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 (d) Damages. Should this Lease be terminated by Landlord pursuant to any provision
hereof, Landlord shall be entitled to damages in the following aggregate sums: all amounts that would have fallen due as Rent between the time of termination of this Lease and the time of the claim, judgment, or other award, less the proceeds of all
relettings and attornments, plus interest on the balance unless Tenant makes the payments provided for in Section 11.3.(b) above in which event damages shall be limited to (1) the amounts paid by Tenant pursuant to Section 11.3(b)
above, plus (2) the sum of any unpaid Annual Rent, all other Rent, and Impositions which are due and owing to Landlord on the date of Landlord’s re-entry pursuant to Section 11.3(b). 

11.4 Cumulative Remedies. The remedies given to Landlord herein shall not be exclusive but shall be cumulative with and in addition to
all remedies now or hereafter allowed by law and elsewhere provided in this Lease. 
 11.5 Waiver of Breach. No waiver by a party of
any default by the other shall constitute a waiver of any other breach or default by the other, whether of the same or any other covenant or condition. No waiver, benefit, privilege, or service voluntarily given or performed’ by a party shall
give the other any contractual right by custom, estoppel, or otherwise. The subsequent acceptance of rent pursuant to this Lease shall not constitute a waiver of any preceding default by Tenant other than default in the payment of the particular
rental payment so accepted, regardless of Landlord’s knowledge of the preceding breach at the time of accepting the rent, nor shall acceptance of rent or any other payment after termination constitute a reinstatement, extension, or renewal of
this Lease or revocation of any notice or other act by Landlord. 
 11.6 Tenant Remedies. In the event (a) Landlord shall
neglect or fail to perform or observe any of the covenants, provisions or conditions contained in this Lease on its part to be performed or observed or (b) there is a default by Trailer Transfer, Inc., a New Mexico corporation, under the
Trailer Transfer Lease beyond any notice and cure periods, which default under (a) or (b) is not cured within sixty (60) days after written notice of default from Tenant (or if more than sixty (60) days shall be required to cure
because of the nature of the default within 180 days of such notice, subject to extension based upon the occurrence of a Force Majeure Event, then in that event Tenant shall be entitled to terminate this Lease and Landlord shall be liable to Tenant
for any and all actual damages sustained by Tenant as a result of Landlord’s breach, in addition to all other Tenant’s rights and remedies provided by law or equity. 

ARTICLE 12 
 SURRENDER
OF THE PREMISES 
 On the Lease Expiration Date or earlier termination of this Lease pursuant to the provisions hereof, Tenant shall
quit and surrender the Premises to Landlord without delay, and in good order, condition and repair, ordinary wear and tear (and damage and destruction or condemnation if this Lease is terminated pursuant to either Article 10 excepted). Such
surrender of the Premises shall be accomplished without the necessity for any payment therefor by Landlord. Upon such event, title to the Improvements shall automatically vest in Landlord without the execution of any further instrument; provided,
however, Tenant covenants and agrees, upon either such event, to execute (at no cost or expense to Tenant) such appropriate documentation as may be reasonably requested by Landlord to transfer title to the Improvements to Landlord. Within sixty
(60) days after such expiration or earlier 

  
 17 








 
termination of this Lease, if requested by Landlord in writing, Tenant shall raze the then existing improvements and clear the land of debris and rubble. Notwithstanding anything to the contrary
contained in Article 13 below, no such surrender shall cause or be deemed to cause a merger of Landlord’s Estate and Tenant’s Estate, unless Landlord expressly so agrees in writing. 

ARTICLE 13 
 PERMITTED
SUBLEASES 
 13.1 Tenant’s Right to Sublease. Tenant may sub-ground lease or sub-space lease portions of the Improvements
during the Term of this Lease pursuant to Subleases with Subtenants who are Affiliates of Tenant and who will occupy all or any portion of the Premises for the conduct of business consistent with the uses permitted herein, subject to the
requirements set forth in this Article 13. 
 13.2 Required Sublease Terms. Each Sublease shall contain the following terns and
conditions: 
 (a) The Sublease shall incorporate the terms, conditions and covenants set forth in, and state that it is subject and
subordinate to this Lease and to any extension, modifications or amendments of, this Lease, unless Landlord specifically requires that such Sublease be prior and superior to this Lease; and 

(b) That rents due Tenant under the Sublease (i) have been assigned to Landlord (and Tenant hereby assigns such rents to
Landlord), to support the performance of Tenant’s covenants under this Lease, which assignment shall be effective only upon the occurrence of any Event of Default, (ii) shall not be paid more than six (6) months in advance
and (iii) shall, upon receipt of written notification the Subtenant, receives written notice from Landlord that Tenant has cured the Event of Default or is in the process of curing such Event of Default in a manner satisfactory to Landlord.

 13.3 Copies of Subleases. Upon written request by Landlord, Tenant shall promptly deliver to Landlord complete copies of any and
all Subleases entered into by Tenant with Subtenants, which Subleases shall be kept confidential by Landlord to the extent provided in Section 23.13 below. 

13.4 Obligations under Lease. Landlord acknowledges and agrees that Tenant may assign any obligation or obligations under this Lease to
any Subtenants without Landlord’s prior consent; provided, that Tenant shall not be released from any such obligations in the event such Subtenant fails to perform same. 

ARTICLE 14 

RESTRICTIONS ON TRANSFER 

14.1 No Disposition Prior to Completion Without Landlord’s Consent. Tenant acknowledges that this Lease has been entered into by
Landlord relying on Tenant’s commitment to be owner of the Improvements comprising Tenant’s Project for that period from the Commencement Date until substantial completion of Tenant’s Project as well as in reliance upon Tenant’s
unique qualifications to 

  
 18 








 
do so. Accordingly, Tenant shall not dispose of this Lease, any right or interest in this Lease, or any right or interest in the Premises or any of the Improvements located thereon prior to the
Completion Date other than through: (i) Subleases which meet the requirements of Article 13 above, but not or by way of any sublease of the entirety or substantially the entirety of the Premises for the entire Term, (ii) preapproved
dispositions described in Section 14.3 below, without the prior express written consent of Landlord, which may be withheld in Landlord’s sole and absolute discretion. 

14.2 Dispositions After the Completion Date. After the Completion Date, Tenant shall not dispose of this Lease without Landlord’s
prior written consent which shall not be unreasonably withheld or delayed. It shall not be unreasonable for Landlord to withhold its consent to any assignment, or other transfer if a proposed transferee’s anticipated use of the Premises
involves a use not within the Permitted Uses or provides for a use which is in violation of Article 5 above. Landlord may not withhold its consent to any assignment of Tenant’s Estate created hereby if (a) in Landlord’s reasonable
judgment the proposed transferee has experience in the operation and management of real estate of the type and character of the Improvements then located on the Premises, or agrees and covenants to at all times cause the Premises and Improvements to
be operated and managed by a party who has such managing and operating experience, (b) in Landlord’s reasonable judgment the proposed transferee has a good business reputation, and (c) the proposed transferee has an aggregate net
worth equal to twenty (20) times the Annual Rent then payable hereunder. If the proposed transferee is a partnership or joint venture, or if a rent payment guaranty is offered, the aggregate net worth of the general partners or venturers or
such guarantor, as the case may be, shall be added to the net worth of the entity to arrive at the aggregate net worth of the proposed transferee for the purposes of this section. Upon the permitted transfer by the Tenant or by any successor or
assign of its leasehold interest to a transferee approved by Landlord after the Completion Date, the Tenant shall be fully relieved and released of each of its duties and obligations as Tenant. Any disposition, except a disposition pursuant to
Section 14.3, by the Tenant without the prior written consent of Landlord as herein provided, whether it be voluntary or involuntary, by operation of law or otherwise, shall be deemed void and shall, at the option of Landlord, be an Event of
Default hereunder. A consent by Landlord to one disposition shall not be deemed to be a consent to any subsequent disposition. This Section shall not apply to any Sublease described in Article 13 above (provided, however, a sublease for
substantially the entirety of the Premises and/or substantially the entirety of the Improvements to a single party or a group of Affiliates for substantially the entire term of this Lease (whether in a single term or several terms with renewal
rights) shall be deemed a disposition subject to approval pursuant to this Section 14.2. 
 14.3 Permitted Transfers.
Notwithstanding the provisions of Section 14.1 or Section 14.2, the following transactions shall not constitute an assignment or sublease hereunder, shall not release Tenant from its obligations hereunder, unless otherwise agreed to by
Landlord in a written instrument, and shall not require the consent of Landlord, provided that no such transactions shall permit the use of the Premises in violation of the use restrictions set forth in Section 6.2 above: 

(a) the transfer of ownership of any ownership interests in Tenant to any Affiliate of Tenant; or 

(b) the assignment of this Lease, the Tenant’s Estate or any Sublease of the Premises to any Affiliate of Tenant; or 

  
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 (c) the merger, consolidation, restructuring or sale of substantially all of the assets of
Tenant or any Affiliate of Tenant, provided that the resulting entity has a net worth, calculated in accordance with generally accepted accounting principles, equal to or greater than the net worth of Tenant immediately prior to such transaction.

 14.4 Conditions Precedent to Disposition. The following are conditions precedent to Tenant’s right of disposition pursuant to
Sections 14.1 or 14.2: 
 (a) Tenant shall give Landlord thirty (30) days prior written notice of the proposed disposition with
appropriate documentation as to the identity of the proposed transferee and the proposed transferee’s proposed use of the Premises and financial condition and history, business description and qualifications to operate the Improvements, and
business reputation. 
 (b) The proposed transferee shall assume all the covenants and conditions to be performed by Tenant pursuant to
this Lease after the date of such transfer by execution of an instrument in form and substance reasonably satisfactory to Landlord. Upon consummation of any assignment of Tenant’s Estate, the assignee shall cause to be recorded in the Official
Records an appropriate instrument reflecting such assignment. 
 (c) No uncured Event of Default shall exist hereunder on the date of
transfer. 
 (d) Tenant shall have paid, or caused to be paid, to Landlord all reasonable costs and expenses incurred by Landlord in
connection with the disposition, if any, including without limitation all recording fees, transfer and other taxes, attorneys’ fees, escrow fees and fees for title insurance and similar charges; provided, however, that nothing contained in this
Article 14 shall be deemed to prohibit Tenant’s right to execute Subleases. 
 ARTICLE 15 

NOTICES 
 15.1 Any notice,
approval, demand or other communication required or desired to be given pursuant to this Lease shall be in writing and shall be personally served (including by means of professional messenger service or air express service using receipts) or in lieu
of personal service, deposited in the United States mail, postage prepaid, certified or registered mail, return receipt requested, and unless sooner received, each notice shall be deemed received seventy-two (72) hours after same shall have
been so deposited in the United States mail addressed as set forth below: 
  

			
	If to Landlord:	  	Trailer Transfer, Inc.
		  	1210 Luisa Street, Suite 10
		  	Santa Fe, New Mexico 87505
		  	Attention: Walt Marshall, President
		
	If to Tenant:	  	TPI Mexico, LLC
		  	8501 N. Scottsdale Rd
		  	Gainey Center II, Ste 280
		  	Scottsdale, AZ 85253
		  	Atten: William Siwek


  
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 Either Landlord or Tenant may change its respective address by giving written notice to the other
in accordance with the provisions of this Section. 
 ARTICLE 16 

ESTOPPEL CERTIFICATES 

16.1 Estoppel Certificates. Tenant agrees promptly following request by Landlord or the holder of any deed of trust, mortgage or other
encumbrance on Landlord’s Estate to execute and deliver an Estoppel Certificate to whichever of them has requested the same. Landlord agrees promptly following request by Tenant to execute and deliver an Estoppel Certificate to Tenant. The term
“Estoppel Certificate” shall mean an estoppel certificate, certifying (a) that this Lease is unmodified and in full force and effect, or, if modified, stating the nature of such modification and certifying that this Lease, as so
modified, is in full force and effect and the date to which the Rent and other charges are paid in advance, if any, (b) that there are no uncured defaults on the part of Landlord and Tenant hereunder, or if there exist any uncured defaults on
the part of Landlord and/or Tenant hereunder stating the nature of such uncured defaults on the part of Landlord and/or Tenant, and (c) the correctness of such other information respecting the status of this Lease as may be reasonably required
by the party hereto requesting execution of such Estoppel Certificate. 
 A party’s failure to so execute and deliver an Estoppel
Certificate within ten (10) business days following written request as required above, shall be conclusive upon such party that as of the date of said request for the same (a) that this Lease is in full force and effect, without
modification except as may be represented by the party hereto requesting execution of such Estoppel Certificate, (b) that there are no uncured Events of Default in Landlord’s or Tenant’s obligations under this Lease except as may be
represented by the party hereto requesting execution of such Estoppel Certificate, and (e) that no Rent has been paid in advance except as may be represented by the party hereto requesting execution of such Estoppel Certificate. 

ARTICLE 17 
 ENFORCEMENT
AND ATTORNEYS’ FEES 
 17.1 In any proceeding or controversy associated with or arising out of this Lease or a claimed or actual
breach hereof, the prevailing party shall be entitled to recover from the other party as a part of the prevailing party’s costs, such party’s reasonable attorneys’, appraiser’s and other professionals’ fees and court costs.
The award for legal expenses shall not be computed in accordance with any court schedule, but shall be as necessary to fully reimburse all attorneys’ and other professionals’ fees and other expenses actually incurred reasonably and in good
faith, regardless of the size of the judgment, it being the intention of the parties to fully compensate the prevailing party for all the attorneys’ and other professionals’ fees and other expenses paid in good faith. 

  
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 ARTICLE 18 

NO MERGER 
 18.1 No
Merger; Subleases. The voluntary or other surrender of this Lease by Tenant, or a mutual cancellation thereof, shall not work a merger and shall, at the option of Landlord, operate as an assignment to Landlord of any or all Subleases of
Subtenants. 
 ARTICLE 19 

QUIET ENJOYMENT - 

LANDLORD’S RIGHT TO INSPECT 

19.1 Landlord covenants that, provided no Event of Default has occurred under the terms of the Lease and has continued beyond all applicable
cure periods set forth in this Lease or any other written agreement between Landlord, Tenant shall have quiet and peaceful possession of the Premises as against Landlord and any person claiming the same by, through or under Landlord. Landlord
reserves the right to enter the Premises and the Improvements during normal business hours upon reasonable prior written notice for purposes of conducting normal and periodic inspections of the Premises, provided such inspections shall be subject to
the terms of, and shall not interfere with, the rights of any Subtenant under any Sublease. 
 ARTICLE 20 

GENERAL 
 20.1
Captions. The captions used in this Lease are for the purpose of convenience only and shall not be construed to limit or extend the meaning of any part of this Lease. 

20.2 Counterparts. Any executed copy of this Lease shall be deemed an original for all purposes. This Lease may be executed in one or
more counterparts, each of which shall be an original, and all of which together shall constitute a single instrument. 
 20.3 Time of
Essence. Time is of the essence for the performance of each covenant and term of this Lease. Notwithstanding the foregoing, any non-monetary obligation of Tenant or Landlord which cannot be satisfied due to war, strikes, acts of God or other
events which are beyond the reasonable control of Tenant or Landlord, as the case may be (each, a “Force Majeure Event”), shall be excused until the cessation of such Force Majeure Event. In addition, Tenant’s Rent obligations
hereunder, and all dates for the performance of any of Tenant’s other obligations hereunder, shall be automatically extended on a day for day basis in the event of any act of Landlord in violation of this Lease which actually delays
Tenant’s performance, as hereinabove set forth in this Lease, provided that (a) Tenant has previously notified Landlord of such fact in writing and Landlord has not cured the cause of such delay within three (3) days of the receipt of
said notice and (b) in no event shall any Force Majeure Event excuse any obligation for longer than a twenty-four (24) month period from the occurrence of such Force Majeure Event. 

  
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 20.4 Severability. If any one or more of the provisions contained herein shall for any
reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Lease, but this Lease shall be construed as if such invalid, illegal or unenforceable
provision had not been contained herein. 
 20.5 Interpretation. This Lease shall be construed and enforced in accordance with the
laws of the State of New Mexico, The language in all parts of this Lease shall in all eases be construed as a whole according to its fair meaning, and not strictly for or against either Landlord or Tenant. When the context of this Lease requires,
the neuter gender includes the masculine, the feminine, a partnership or corporation or joint venture or other entity, and the singular includes the plural. 

20.6 Successors and Assigns. The covenants and agreements contained in this Lease shall be binding upon and shall inure to the benefit
of the parties hereto and their respective permitted heirs, successors, and assigns (to the extent this Lease is assignable). 
 20.7
Waivers. The waiver of any breach of any terns, covenant or condition herein contained shall not be deemed to be a waiver of such term, covenant or condition or any subsequent breach of the same or any other term, covenant or condition herein
contained. 
 20.8 Remedies. All remedies herein conferred shall be deemed cumulative and no one remedy shall be exclusive of any
other remedy herein conferred or created by law. 
 20.9 Good Faith. Except where a party hereto is specifically permitted to act in
its sole and absolute discretion, each party hereto agrees to act reasonably and in good faith with respect to the performance and fulfillment of the terms of each and every covenant and condition contained in this Lease. 

20.10 No Partnership. The parties hereto agree that nothing contained in this Lease shall be deemed or construed as creating a
partnership, joint venture, or association between Landlord and Tenant, or cause either party to be responsible in any way for the debts or obligations of the other party, and neither the method of computing Rent nor any other provision contained in
this Lease not any acts of the parties hereto shall be deemed to create any relationship between Landlord and Tenant other than the relationship of landlord and tenant. 

20.11 Integration. This Lease, and the Exhibits and addendums, if any, attached hereto, constitute the entire agreement between the
parties, and there are no agreements or representations between the parties except as expressed herein. All prior negotiations and agreements between Landlord and Tenant with respect to the subject matter hereof are superseded by this Lease. Except
as otherwise provided herein, no subsequent change or addition to this Lease shall be binding unless in writing and signed by the parties hereto. 

20.12 Commissions. Landlord and Tenant each represent and warrant to the other that they have employed no broker, finder or other
person in connection with the transactions contemplated under this Lease which might result in the other party being held liable for all or any portion of a commission hereunder, except NAI El Paso , who shall be paid a commission by Landlord
pursuant to a separate written agreement (“Landlord’s Broker”). Landlord agrees to indemnify Tenant against all claims of Landlord’s Broker and Landlord and Tenant each hereby agree to indemnify


  
 CBRE represents the
Tenant. Commission will be paid by Landlord per separate agreement. 


  
 23 








 
and hold the other free and harmless from and against all claims and liability arising by reason of the incorrectness of the representations and warranties made by such party in this Section,
including, without limitation, reasonable attorneys’ fees and litigation costs. 
 20.13 Survival. Notwithstanding anything to
the contrary contained in this Lease, the provisions (including, without limitation, covenants, agreements, representations, warranties, obligations, and liabilities described therein) of this Lease which from their sense and context are intended to
survive the expiration or earlier termination of this Lease (whether or not such provision expressly provides as such) shall survive such expiration or earlier termination of this Lease and continue to be binding upon the applicable party. 

20.14 Limitation on Liability. In no event, whether based on contract, indemnity, warranty, tort (including negligence), strict
liability or otherwise, shall Tenant or Landlord, their employees be liable for incidental, indirect, exemplary or consequential damages including, but not limited to, loss of use of the equipment or any associated equipment, cost of capital, cost
of purchased or replacement power, cost of substitute equipment, facilities or services, loss of anticipated profit or revenue, downtime costs, or claims of customers of Landlord for such damages. This Limitation of Liability shall prevail over any
conflicting or inconsistent provision contained in any item or document, which comprises the Lease. 
 IN WITNESS WHEREOF, the
parties hereunto have hereunder set this their hands and seals as of the date hereinafter indicated. 
  

									
		 		 		 	 LANDLORD:

			
	Witnesses:	 		 	 TRAILER TRANSFER, INC.,

		 		 		 	 a New Mexico corporation

					
	(1)	 		 		 	By:	 	
		 	Name:	 		 		 	Walt Marshall, President
		 		 		 		 	Date of Execution:
	(2)	 		 		 		 	
		 	Name:	 		 		 	
	As to Landlord	 		 	

  

											
		 		 		 		 	TENANT:
					
		 		 		 		 	TPI Mexico, LLC 
	Witnesses:	 		 		 		 	
					
	(1)	 	 /s/ William E. Siwek
	 		 		 	
		 	 Name:
	 	 William E. Siwek
	 		 	 By:       /s/ Steven C. Lockard

		 		 		 		 	 Name:  President & CEO, TPI Composites, Inc.

		 		 		 		 	 Title:    Steven C. Lockard

	(2)	 	 /s/ MURRAY B. COUPE
	 		 	 Date of Execution:
	 	September 18, 2013
		 	 Name:
	 	 MURRAY B. COUPE
	 		 		 	
	As to Tenant	 		 		 	


  
 24 








 EXHIBIT “A” 

LEGAL DESCRIPTION 
 TO

 MEMORANDUM OF LEASE 

7.1336 ACRE PARCEL 

BEING PROPOSED LOT 7, BLOCK 2, SANTA TERESA INTERMODAL PARK 

PHASE I 
 SITUATE WITHIN

 SECTION 24, TOWNSHIP 28 SOUTH, RANGE 2 EAST 

NEW MEXICO PRINCIPAL MERIDIAN 

DOÑA ANA COUNTY, NEW MEXICO 
 A
certain parcel of land being proposed Lot 7, Block 2, Santa Teresa Intermodal Park, Phase I, situate within Section 24, Township 28 South, Range 2 East, New Mexico Principal Meridian, Doña Ana County, New Mexico, and being more
particularly described by metes and bounds as follows: 
 Commencing at a found U.S.G.L.O. brass cap common to Sections 23, 24, 25 and 26, Township 28
South, Range 2 East, New Mexico Principal Meridian, Doña Ana County, New Mexico, whence a found U.S.G.L.O. Brass Cap marking the quarter common to Sections 23 and 24, Township 28 South, Range 2 East, bears N00°33’20”E, a
distance of 2633.60 feet; 
 THENCE, N00°33’20”E, a distance of 165.32 feet along the section line common to Sections 23 and 24 to a set
5/8” rebar with yellow cap No. 5948 on the southeasterly right-of-way line of Industrial Drive (150 feet right-of-way) and the southerly boundary of the Santa Teresa Intermodal Park Phase I Plat; 

THENCE, N50°45’48”E, a distance of 1047.41 feet along said southeasterly right-of-way line of Industrial Drive to a set 5/8” rebar with
yellow cap No. 5948 to an angle point; 
 THENCE, leaving the southeasterly right-of-way of Industrial Drive, N39°14’12”W, a distance of
150.00 feet to a set 5/8” rebar with yellow cap No. 5948 on the northwesterly right-of-way of Industrial Drive and the “True Point of Beginning” of the parcel herein described; 

THENCE, continuing along the northwesterly right-of-way line of Industrial Drive S50°45’48”W, a distance of 402.26 feet to a set 5/8” rebar
with yellow cap No. 5948, said rebar being a point of curvature. 
 THENCE, leaving the northwesterly right-of-way line of Industrial Drive, 65.85 feet
along the arc of a curve to the right, having a radius of 40.00 feet, a central angle of 94°19’45” and a long chord which bears N82°04’20”W, a distance of 58.66 feet to a set 5/8 inch rebar with yellow cap No. 5948,
said rebar being a point on the easterly right-of-way line of Ave. Creel (80 feet right-of-way); 







 THENCE, continuing along the easterly right-of-way line of Ave. Creel, 309.23 feet along the arc of a curve to
the right, having a radius of 500.00 feet, a central angle of 35°26’08” and a long chord which bears N17°11’23”W, a distance of 304.33 feet to a set 5/8 inch rebar with yellow cap No. 5948, said rebar being a point
on the easterly right-of-way line of Ave. Creel; 
 THENCE, N00°31’41”E, a distance of 484.10 feet along the easterly right-of-way line of
Ave. Creel a set 5/8” rebar with yellow cap No. 5948 marking the corner common to Lot 6, Block 2, Santa Teresa Intermodal Park Phase I and the parcel herein described; 

THENCE, leaving said Ave. Creel, S89°28’l9”E, a distance of 460.00 feet to a set 5/8” rebar with yellow cap No, 5948 lying on the westerly
boundary of Lot 1, Block 2, Santa Teresa Intermodal Park Phase I and marking the northeast corner of the parcel herein described; 
 THENCE,
S00°31’41”W, a distance of 524.25 feet to the “True Point of Beginning” of the parcel herein described containing 310,741 square feet or 7.1336 acres of land, MORE OR LESS, said parcel being subject to any easements of
record. 







 EXHIBIT “B” 

PERMITTED EXCEPTIONS 
  

	1.	Rights or claims of parties in possession not shown by the Public Records. 

  

	2.	Easements, or claims of easements, not shown by Public Records. 

  

	3.	Encroachments, overlaps, conflicts in boundary lines, shortages in area, or other matters which would be disclosed by an accurate survey and inspection of the premises. 


 

	4.	Any lien, claim or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the Public Records. 


 

	5.	Community property, survivorship, or homestead rights, if any, of any spouse of the insured (or vestee in a leasehold or loan policy). 


 

	6.	Any titles or rights asserted by anyone including, but not limited to, persons, corporations, governments, or other entities, to lands comprising the shores or bottoms of navigable streams, lakes, or land beyond the
line of the harbor or bulkhead lines established or changed by the United States Government. 

  

	7.	Unpatented mining claims; reservations or exceptions in patents or in acts authorizing the issuance thereof; water rights, claims or title to water. 


 

	8.	Taxes or assessments which are not shown as existing liens by the Public Record. 

  

	9.	Taxes for the year 2004, and thereafter. 

  

	10.	Reservations contained in the Patent from the United States of America recorded in Book 68, Page 586, Book 79, Page 569, and Book 296 at Pages 509-512, all in Deed Records of Doña Ana County, New Mexico.


  

	11.	Terms and conditions contained in Special Warranty Deed filed for record in the office of the County Clerk of Dona Ana County, New Mexico on October 1, 1999 and recorded in Book 196 at Pages 573-577.


  

	12.	Covenants, conditions, restrictions, terms, provisions and easements recorded in Book 315 at Pages 1237-1314, records of Doña Ana County, New Mexico, but deleting any covenant, condition or restriction indicating
a preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status or national origin to the extent such covenants, conditions or restrictions violate 42 USC 3604(c). 


 

	13.	All utility easements as shown on the Plat of Santa Teresa Intermodal Park Phase 1, recorded in Book 20 at Pages 9-11, Plat Records. 


 

	14.	All mortgages now or hereafter of record. 

  

	NOTE:	All recordings are in the Records of Doña Ana County, New Mexico. 








 EXHIBIT “C” 

FORM OF MEMORANDUM OF LEASE 

This Memorandum of Lease is entered into this      day of
            , between TRAILER TRANSFER, INC., a New Mexico corporation, whose address is 1210 Luisa Street, Suite 10, Santa Fe, New Mexico, 87505, (“Landlord”), and TPI
Mexico, LLC, an Arizona Limited Liability Company, whose address is 8501 N. Scottsdale Rd, Scottsdale, AZ 85253, (“Tenant”). 

W I T N E S S E T H: 

WHEREAS, Landlord and Tenant entered into that certain Ground Lease dated
                     whereby Landlord leased to Tenant the Land more particularly described on Exhibit “A” attached hereto and made a part
hereof. 
 NOW, THEREFORE, in consideration of the premises, Ten Dollars ($ 10.00) in hand paid by each Party hereto to the other
party, and other good and valuable considerations, the receipt and sufficiency of which is hereby acknowledged, the Parties hereto agree as follows: 

1. The parties hereto are entering into this Memorandum of Lease solely for the purpose of placing all on notice of the existence of the Lease
for the time period herein set forth. In no event shall this Memorandum of Lease be deemed an amendment or modification or the Leases [ILLEGIBLE] affect the terms and provisions of the Lease. In furtherance and not in limitation thereof, all persons
are directed to review the Lease in full to determine the provisions thereof. 
 2. Section 7.4 of the Lease provides as follows: 

7.4 No Liens on Fee. Landlord’s interest in the Premises shall not be subjected to liens of any nature by reason of
Tenant’s construction, alteration, repair, restoration, replacement or reconstruction of any Improvements on the Premises, or by reason of any other act or omission of Tenant (or of any person claiming by, through or under Tenant) including,
but not limited to, mechanics’ and materialmen’s liens. All persons dealing with Tenant are hereby placed on notice that such persons shall not look to Landlord or to Landlord’s credit or assets (including Landlord’s interest in
the Improvements constructed thereon or furnishings contained therein) for payment or satisfaction of any obligations incurred in connection with the construction, alteration, repair, restoration, replacement or reconstruction thereof by or on
behalf of Tenant. Tenant has no power, right or authority to subject Landlord’s interest in the Premises to any mechanic’s or materialman’s lien or claim of lien. 







 3. Section 5.2 of the Lease provides as follows: 

5.2 Encumbrance of Landlord’s Estate. Landlord shall have the right to encumber its estate. This Lease shall be
subordinate to any Landlord Mortgage now in existence or hereinafter granted. Landlord agrees to perform all covenants and to keep in good standing any Landlord mortgage on the Landlord’s Property. Any default by Landlord under a Landlord
mortgage shall constitute a default hereunder by Landlord. 
 4. This Memorandum of Lease shall be of no further force or effect upon the
sooner to occur of (i) five (5) years from the date first above written or (ii) the recording of a termination hereof. Notwithstanding the foregoing, the fact that this Memorandum of Lease may not have been terminated is not
determinative as to whether or not the Lease may at any time hereafter be in full force or effect. Accordingly, it is possible that the Lease may be terminated prior to the termination hereof. 

WHEREOF, Landlord and Tenant have executed this Memorandum of Lease the date first written above. 

 

													
	Signed, sealed and delivered in the presence of:		LANDLORD:
		
	Witnesses:		TRAILER TRANSFER, INC.,
									a New Mexico corporation
						
	(1)						By:				
			Name:								Walt Marshall, President
						
	(2)		  
								
			Name:		  
								
	As to Landlord						
					
									TENANT:
					
									TPI Mexico, LLC
						
	(1)		 /s/ William E. Siwek
								
			Name:		 William E. Siwek
				By  		/s/ Steven C. Lockard
											Name:		Steven C. Lockard
											Title:		President & CEO,
	(2)		  
								TPI Composites, Inc.
			Name:		  
								
	As to Tenant