# EDGAR Filing Document

**Accession Number:** 0001970622
**File Stem:** 0001213900-26-063832
**Filing Date:** 2026-6
**Character Count:** 384649
**Document Hash:** 14f2cdf204a2914ece2870bfd4035f55
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-063832.hdr.sgml**: 20260602

**ACCESSION NUMBER**: 0001213900-26-063832

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260601

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260602

**DATE AS OF CHANGE**: 20260602

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** USA Rare Earth, Inc.
- **CENTRAL INDEX KEY:** 0001970622
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 981720278
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41711
- **FILM NUMBER:** 261053848

**BUSINESS ADDRESS:**
- **STREET 1:** 100 W AIRPORT ROAD
- **CITY:** STILLWATER
- **STATE:** OK
- **ZIP:** 74075
- **BUSINESS PHONE:** 813-867-6155

**MAIL ADDRESS:**
- **STREET 1:** 100 W AIRPORT ROAD
- **CITY:** STILLWATER
- **STATE:** OK
- **ZIP:** 74075

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Inflection Point Acquisition Corp. II
- **DATE OF NAME CHANGE:** 20230322

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 8-K**

**CURRENT REPORT**

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): **June 1, 2026**

**USA Rare Earth, Inc.**

*(Exact Name of Registrant as Specified in its Charter)*

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41711** | **98-1720278** |
| (State or Other Jurisdiction | (Commission File Number) | (I.R.S. Employer |
| of Incorporation) |  | Identification No.) |

---

**100 W. Airport Road, Stillwater, OK 74075**

*(Address of Principal Executive Offices) (Zip Code)*

**(813) 867-6155**

*(Registrant's telephone number, including area code)*

Not applicable

*(Former Name or Former Address, if Changed Since Last Report)*

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.0001 | USAR | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 1.01 Entry into a Material Definitive Agreement.** 

*The Lease*

On June 1, 2026, USA Rare Earth, Inc. (the "Company") entered into a Lease Agreement (the "Lease") with TC Liberty Development, LLC, a Delaware limited liability company ("Landlord"), for the lease of a to-be-constructed specialty rare earth magnet manufacturing facility located on Bear Den Road in Blacksburg, Cherokee County, South Carolina (the "Premises"). The Premises will be used for specialty manufacturing and general industrial/warehouse purposes, including receiving, storing, shipping, and wholesaling products made or distributed by the Company.

The Premises consists of an approximately 800,000 square foot building to be constructed on approximately 129.9 acres of land in Blacksburg, South Carolina. The Premises is intended to serve as the Company's rare earth magnet manufacturing facility.

The Lease has an initial term of 240 full calendar months (20 years), commencing on the earliest of (i) the date the Company occupies any portion of the Premises and begins conducting business, (ii) the date on which substantial completion of base building work is achieved, or (iii) the date on which substantial completion would have been achieved but for Tenant delays (the "Commencement Date").

The Company has two successive options to extend the term of the Lease, each for an additional period of ten years. The Company may exercise each extension option by delivering written notice to the Landlord not earlier than 18 months or later than 15 months prior to the expiration of the then-current term. The base rent for each extension term will be the prevailing market rental rate for comparable space in the submarket in which the Premises is located. In no event will the base rent for an extension term be less than 103% of the base rent in effect during the last month of the immediately preceding term. If the Company and the Landlord do not agree on the prevailing market rental rate, the rate will be determined through an arbitration procedure specified in the Lease.

The base rent will be determined based on final Project Costs (as defined in the Lease) multiplied by the Lease Constant Percentage (as defined in the Lease), with 2.5% annual escalations on each anniversary of the Commencement Date. The parties will execute an amendment to the Lease setting forth the Base Rent upon final determination of Project Costs and the Lease Constant Percentage.

The Lease is structured as a net lease. In addition to Base Rent, the Company is responsible for its proportionate share of operating costs, real estate taxes, and insurance, along with a property management fee of no more than 1% so long as the Company self-manages the Premises.

The Landlord is responsible for achieving substantial completion of the base building work. Milestone dates and associated cure periods for substantial completion are set forth in the Lease. The Company expects to enter into a design build agreement with the Landlord which will include a liquidated damages provision for the failure to achieve substantial completion by the applicable milestone date.

The Lease is conditioned upon Landlord's acquisition of the land on terms satisfactory to Landlord and upon Landlord's closing of financing for the Premises within 90 days following the Lease date. In the event Landlord elects not to purchase the land or fails to close financing, Landlord has the right to terminate the Lease, in which case (among other things) Landlord would convey the land to the Company and the parties would execute a development services agreement pursuant to which Landlord would serve as developer.

Provided no event of default exists, the Company has a right of first offer to purchase the Premises prior to any sale by Landlord to an unrelated third party, subject to customary exclusions.

In addition, the Lease contains customary provisions, including restrictions on the Company's ability to assign or sublease the Premises, requirements for the Company to maintain certain insurance, and indemnification obligations of the Company in favor of the Landlord. The Lease also includes customary events of default applicable to the Company and corresponding remedies available to the Landlord, as well as termination rights for each party under certain circumstances, including delays in delivery of the Premises, casualty events, and condemnation.

The foregoing description of the Lease does not purport to be complete and is qualified in its entirety by reference to the full text of the Lease, which is included as Exhibit 10.1 hereto.

*The Incentives Agreement*

 

On June 1, 2026, the Company entered into a Fee-in-Lieu of Ad Valorem Taxes and Incentives Agreement (the "Incentives Agreement") with Cherokee County, South Carolina (the "County") in connection with the development of the Company's rare earth magnet manufacturing facility in the County. The Incentives Agreement provides for certain economic development incentives to induce the Company's investment in the facility, including a fee-in-lieu of ad valorem taxes arrangement and the inclusion of the facility in a multi-county industrial or business park.

Under the Incentives Agreement, the Company is expected to invest approximately $800 million in the project and to create approximately 325 new jobs. To qualify for and maintain the fee-in-lieu of ad valorem taxes arrangement, the Company is required to invest a minimum of $400 million in the project during an investment period of eight years, which automatically extends to thirteen years if the Company has invested at least 75% of the projected investment by the end of the initial eight-year period.

The fee-in-lieu of ad valorem taxes arrangement provides for payments to the County calculated using a reduced assessment ratio of 4%, in lieu of the standard assessment ratio otherwise applicable to manufacturing property, for a term of up to 40 years with respect to qualifying property placed in service during the investment period. In addition, the facility is to be included in a multi-county industrial or business park established by the County with a partner county, which supports the availability of the incentives.

The Incentives Agreement contains customary provisions, including reporting and filing obligations of the Company, events of default and corresponding remedies available to the County, and termination rights. The Company's failure to meet the minimum investment and other requirements under the Incentives Agreement may result in the reduction, recapture, or "clawback" of incentive benefits in accordance with applicable South Carolina law.

The foregoing description of the Incentives Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Incentives Agreement, which is included as Exhibit 10.2 hereto.

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

To the extent applicable, the disclosures included under Item 1.01 of this Current Report on Form 8-K regarding the Lease are incorporated by reference herein.

**Item 7.01 Regulation FD Disclosure.**

On June 2, 2026, the Company issued a press release announcing the Company's rare earth magnet manufacturing facility project in Cherokee County, South Carolina. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Cautionary Note Regarding Forward-Looking Statements**

This report, including the exhibits filed hereto, contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those relating to the development and construction of the Company's rare earth magnet manufacturing facility in Cherokee County, South Carolina, the anticipated timing and completion of construction and commencement of operations at the facility, the Company's expected capital investment and job creation at the facility, the Company's ability to satisfy the conditions to and realize the anticipated benefits of the Lease and the Incentives Agreement, and other statements regarding the Company's expectations for future development, operations, strategies, transactions and financial performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as "aim," "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "growth," "intend," "may," "might," "plan," "potential," "project," "propose," "should," "target," "vision," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from our expectations, including without limitation: the ability of the Company and the Landlord to satisfy the conditions to the Lease, including the Landlord's acquisition of the land and closing of financing for the facility, on the anticipated timeline or at all; the ability of the Landlord to complete construction of the facility on the anticipated timeline or budget or at all; the availability of utilities (including power and water), materials, and equipment in the quantities and at the prices necessary to develop and operate the facility; the Company's ability to obtain and maintain required permits, approvals, and governmental incentives; the Company's ability to comply with the minimum investment, job creation, and other requirements for federal, state and local government incentives and financing, including under the Incentives Agreement, and the risk of reduction, recapture, or "clawback" of incentive benefits; risks that we may experience delays, unforeseen expenses, increased capital costs, and other complications while developing the facility; risks that the proposed transactions with Serra Verde Group, Carester SAS and Texas Mineral Resources Corp. may not be consummated on their anticipated timelines or at all; we may not realize the anticipated benefits of our proposed and prior acquisitions, including expected synergies, financial performance, estimated EBITDA and, in the case of Serra Verde Group, integration of operations, on the anticipated timeline or at all; the ability of our Stillwater magnet manufacturing facility to commence commercial operations on the timing and with the production capacity anticipated or at all; our limited operating history; our ability to commercially extract minerals from the Round Top deposit on our anticipated timeline or at all; risks that we may experience delays, unforeseen expenses, increased capital costs, and other complications in operating our business; our ability to raise necessary capital on acceptable terms or at all; potential dilution to existing stockholders and adverse effect on our stock price if we issue additional common stock or equity-linked securities; the volatility of our stock price; our ability to enter into definitive agreements for the proposed U.S. government financing, which is subject to conditions precedent and final government approvals, on the anticipated terms or at all and, if executed, to satisfy the milestones and other conditions of such financing, which could impose conditions to access such financing over a period of time; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow us to develop and commercially operate our Stillwater facility and other facilities; our ability to meet individual customer specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of our products, including without limitation as a result of dumping, predatory pricing and other tactics by the Company's competitors or state actors or the overall competitive environment; our ability to achieve positive cash flow or profitability or the ability to access cash flow within our corporate structure due to restrictions contained in our financing agreements; our ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of our neo magnets and other products into definitive orders; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People's Republic of China, the United States or other countries in which we operate or sell products or otherwise; war, terrorism, natural disasters or public health emergencies; our ability to retain or recruit key personnel; environmental, health and safety regulations; and our ability to comply with requirements for federal, state and local government incentives and financing.

Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in the Company's filings with the SEC. Any forward-looking statements speak only as of the date of this report (or such other date as is specified in such statements), and the Company undertakes no obligation to update any forward-looking statements as a result of new information or future events or developments, except to the extent required by law.

**Item 9.01 Financial Statements and Exhibits.**

**(d) Exhibits.**

The following exhibits are attached with this Current Report on Form 8-K:

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1†# | [Lease Agreement, dated June 1, 2026, between TC Liberty Development, LLC and USA Rare Earth, Inc.](ea029312701ex10-1.htm) |
| 10.2 | [Fee-in-Lieu of Ad Valorem Taxes and Incentives Agreement, dated June 1, 2026, by and between Cherokee County, South Carolina and USA Rare Earth, Inc.](ea029312701ex10-2.htm) |
| 99.1 | [Press Release, dated June 2, 2026, issued by USA Rare Earth, Inc.](ea029312701ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

† The annexes, schedules, and certain exhibits to this exhibit have been omitted pursuant to
Item 601(a)(5) of Regulation S-K. The Registrant hereby agrees to furnish supplementally a copy of any omitted annex, schedule or exhibit
to the SEC upon request.

# The Registrant has redacted provisions or terms of this exhibit pursuant to Item 601(b)(10)(iv) of Regulation S-K. While portions of the exhibit have been redacted, this exhibit includes a prominent statement on the first page of the exhibit that certain identified information has been excluded from the exhibit because it is both not material and is the type that the Registrant treats as private or confidential. The Registrant agrees to furnish an unredacted copy of the exhibit to the SEC upon its request.

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **USA Rare Earth, Inc.** | **USA Rare Earth, Inc.** |
| Date: June 2, 2026 | By: | /s/ Valerie Ford Jacob |
|  |  | Valerie Ford Jacob |
|  |  | Chief Legal Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

Confidential portions of this exhibit have been omitted because they are both (i) not material and (ii) are the type of information that the registrant treats ad private or confidential. The redacted terms have been marked at the appropriate place with "[XXX]."

**LEASE AGREEMENT**

**BETWEEN**

**TC LIBERTY DEVELOPMENT, LLC, AS LANDLORD, AND**

**USA RARE EARTH, INC., AS TENANT**

**Bear Den ROAD<br> Blacksburg, South Carolina**

Bear Den Road <br> Blacksburg, SC

**<u>BASIC LEASE INFORMATION</u>**

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| | | |
|:---|:---|:---|
| Lease Date: | As defined on the signature page of this Lease. | As defined on the signature page of this Lease. |
| Landlord: | **TC LIBERTY DEVELOPMENT, LLC**, a Delaware limited liability company | **TC LIBERTY DEVELOPMENT, LLC**, a Delaware limited liability company |
| Tenant: | **USA RARE EARTH, INC.**, a Delaware corporation | **USA RARE EARTH, INC.**, a Delaware corporation |
| Premises: | The entire building to be constructed pursuant to the Design-Build Agreement, generally depicted on the plan attached to the Lease as <u>Exhibit A</u>, and whose street address is anticipated to be assigned on Bear Den Road, Blacksburg, South Carolina 29702 (the "**<u>Building</u>**"), generally depicted on the plan attached to the Lease as <u>Exhibit A</u>, and the land on which the Building is located (the "**<u>Land</u>**") as more particularly described on <u>Exhibit B</u>. The term "**<u>Premises</u>**" shall collectively refer to the Building, the Land and any appurtenant roadways, and similar improvements and easements associated with the foregoing or the operations thereof. | The entire building to be constructed pursuant to the Design-Build Agreement, generally depicted on the plan attached to the Lease as <u>Exhibit A</u>, and whose street address is anticipated to be assigned on Bear Den Road, Blacksburg, South Carolina 29702 (the "**<u>Building</u>**"), generally depicted on the plan attached to the Lease as <u>Exhibit A</u>, and the land on which the Building is located (the "**<u>Land</u>**") as more particularly described on <u>Exhibit B</u>. The term "**<u>Premises</u>**" shall collectively refer to the Building, the Land and any appurtenant roadways, and similar improvements and easements associated with the foregoing or the operations thereof. |
| Term: | 240 full calendar months, plus any partial month from the Commencement Date to the end of the month in which the Commencement Date falls, starting on the Commencement Date and ending at 5:00 p.m. local time on the last day of the 240<sup>th</sup> full calendar month following the Commencement Date, subject to adjustment and earlier termination as provided in the Lease. | 240 full calendar months, plus any partial month from the Commencement Date to the end of the month in which the Commencement Date falls, starting on the Commencement Date and ending at 5:00 p.m. local time on the last day of the 240<sup>th</sup> full calendar month following the Commencement Date, subject to adjustment and earlier termination as provided in the Lease. |
| Commencement Date: | The earliest of (a) the date on which Tenant occupies any portion of the Premises and begins conducting business therein, (b) the date on which Substantial Completion of the Base Building Work (as defined in <u>Exhibit D</u> hereto) is achieved, or (c) the date on which Substantial Completion of the Base Building Work would have been achieved but for the occurrence of any Tenant Delay (as defined in <u>Exhibit D-1</u> hereto). | The earliest of (a) the date on which Tenant occupies any portion of the Premises and begins conducting business therein, (b) the date on which Substantial Completion of the Base Building Work (as defined in <u>Exhibit D</u> hereto) is achieved, or (c) the date on which Substantial Completion of the Base Building Work would have been achieved but for the occurrence of any Tenant Delay (as defined in <u>Exhibit D-1</u> hereto). |
| Basic Rent: | Basic Rent shall be calculated using the Lease Constant Percentage applied to the Project Costs (as defined in <u>Exhibit J</u>), with annual escalations of 2.5% on each anniversary of the Commencement Date. Upon the final determination of the Lease Constant Percentage and the Project Costs, the parties shall execute an amendment to this Lease setting forth the Basic Rent payable pursuant to this Lease. | Basic Rent shall be calculated using the Lease Constant Percentage applied to the Project Costs (as defined in <u>Exhibit J</u>), with annual escalations of 2.5% on each anniversary of the Commencement Date. Upon the final determination of the Lease Constant Percentage and the Project Costs, the parties shall execute an amendment to this Lease setting forth the Basic Rent payable pursuant to this Lease. |
| Security Deposit: | [Intentionally Deleted]. | [Intentionally Deleted]. |
| Additional Rent: | The Property Management Fee and Tenant's Proportionate Share of Operating Costs and Taxes. | The Property Management Fee and Tenant's Proportionate Share of Operating Costs and Taxes. |
| Rent: | Basic Rent, Additional Rent, and all other sums that Tenant may owe to Landlord or otherwise be required to pay under the Lease. | Basic Rent, Additional Rent, and all other sums that Tenant may owe to Landlord or otherwise be required to pay under the Lease. |
| Permitted Use: | Specialty manufacturing use and general industrial/warehouse use for the purpose of receiving, storing, shipping and selling (but limited to wholesale sales) products, materials and merchandise made or distributed by Tenant in compliance with Section 9 of the Lease. Tenant shall be responsible for confirming that the Permitted Use complies with all applicable Laws. | Specialty manufacturing use and general industrial/warehouse use for the purpose of receiving, storing, shipping and selling (but limited to wholesale sales) products, materials and merchandise made or distributed by Tenant in compliance with Section 9 of the Lease. Tenant shall be responsible for confirming that the Permitted Use complies with all applicable Laws. |
| Tenant's Proportionate Share: | 100%. The number of rentable square feet in the Premises is an estimate calculated by Landlord's architect using the Standard Method of Measurement, ANSI/BOMA Z65.2-2019 ("**<u>BOMA Standard</u>**"). Landlord shall use the architect's most recent calculations of the number of rentable square feet in the Premises upon completion of construction thereof and thereafter from time to time so long as such calculations are consistent with the BOMA Standard measurement requirements. Upon completion of the initial construction of the Premises, Landlord shall promptly notify Tenant of the determination of measurements by Landlord's architect. Within ten business days following the determination of such measurements, the parties shall execute an amendment to this Lease in the form of <u>Exhibit I</u> attached hereto establishing the number of rentable square feet in the Premises and the Basic Rent payable during the Term. | 100%. The number of rentable square feet in the Premises is an estimate calculated by Landlord's architect using the Standard Method of Measurement, ANSI/BOMA Z65.2-2019 ("**<u>BOMA Standard</u>**"). Landlord shall use the architect's most recent calculations of the number of rentable square feet in the Premises upon completion of construction thereof and thereafter from time to time so long as such calculations are consistent with the BOMA Standard measurement requirements. Upon completion of the initial construction of the Premises, Landlord shall promptly notify Tenant of the determination of measurements by Landlord's architect. Within ten business days following the determination of such measurements, the parties shall execute an amendment to this Lease in the form of <u>Exhibit I</u> attached hereto establishing the number of rentable square feet in the Premises and the Basic Rent payable during the Term. |
| Tenant's Address: | For all Notices: | With a copy to: |
|  | USA Rare Earth, Inc.<br> 100 West Airport Road<br> Stillwater, OK 74075<br> Attention: Brittany Allison | USA Rare Earth, Inc. <br> 100 West Airport Road <br> Stillwater, OK 74075 <br> Attention: David Kronenfeld, General Counsel <br> Telephone: 813.867.6155 <br> Email: legal@usare.com |
|  |  | And a copy to: |
|  |  | USA Rare Earth, Inc. <br> 100 West Airport Road <br> Stillwater, OK 74075 <br> Attention: Valerie Jacob, Chief Legal Officer Telephone: 813.867.6155<br> Email: legal@usare.com |
| Landlord's Address: | For all Notices: | With a copy to: |
|  | TC Liberty Development, LLC<br> c/o Trammell Crow Company<br> 2173 Hawkins Street, Suite D<br> Charlotte, NC 28203<br> Attention: Benjamin G. Schon | TC Liberty Development, LLC<br> c/o Trammell Crow Company<br> 2121 North Pearl Street, Suite 3000<br> Dallas, TX 75201<br> Attention: General Counsel |

---

The foregoing Basic Lease Information is incorporated into and made a part of the Lease identified above. If any conflict exists between any Basic Lease Information and the Lease, then the Lease shall control.

Bear Den Road <br> i Blacksburg, SC

**<u>**TABLE OF CONTENTS**</u>**

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| | | | |
|:---|:---|:---|:---|
|  | | | Page No. |
| 1. | DEFINITIONS AND BASIC PROVISIONS | DEFINITIONS AND BASIC PROVISIONS | 1 |
| 2. | LEASE GRANT | LEASE GRANT | 1 |
| 3. | TENDER OF POSSESSION; EARLY ACCESS | TENDER OF POSSESSION; EARLY ACCESS | 1 |
|  | 3.1 | Generally | 1 |
|  | 3.2 | Confirmation of Commencement Date | 1 |
|  | 3.3 | Early Entry by Tenant | 1 |
| 4. | RENT | RENT | 1 |
|  | 4.1 | Payment | 1 |
|  | 4.2 | Additional Rent | 2 |
| 5. | DELINQUENT PAYMENT; HANDLING CHARGES | DELINQUENT PAYMENT; HANDLING CHARGES | 4 |
| 6. | ESCROW AGREEMENT | ESCROW AGREEMENT | 4 |
| 7. | LANDLORD'S MAINTENANCE OBLIGATIONS | LANDLORD'S MAINTENANCE OBLIGATIONS | 5 |
|  | 7.1 | Net Lease | 5 |
|  | 7.2 | Costs Paid by Landlord | 5 |
|  | 7.3 | Costs Paid as Operating Costs | 5 |
|  | 7.4 | Performance of Work | 5 |
| 8. | IMPROVEMENTS; ALTERATIONS; REPAIRS; MAINTENANCE | IMPROVEMENTS; ALTERATIONS; REPAIRS; MAINTENANCE | 5 |
|  | 8.1 | Improvements; Alterations | 5 |
|  | 8.2 | Approval Process | 6 |
|  | 8.3 | Repair and Maintenance by Tenant | 6 |
|  | 8.4 | Performance of Work | 7 |
|  | 8.5 | Mechanic's Liens | 7 |
|  | 8.6 | Janitorial Services | 7 |
|  | 8.7 | Utilities; Licenses and Permits | 8 |
|  | 8.8 | Reimbursable Expenses | 8 |
|  | 8.9 | Signs | 8 |
| 9. | USE | USE | 8 |
|  | 9.1 | General Provisions | 8 |
|  | 9.2 | Compliance With Laws | 9 |
|  | 9.3 | Prohibited Uses | 9 |
| 10. | ASSIGNMENT AND SUBLETTING | ASSIGNMENT AND SUBLETTING | 9 |
|  | 10.1 | Transfers | 9 |
|  | 10.2 | Consent Standards | 9 |
|  | 10.3 | Request for Consent | 10 |
|  | 10.4 | Conditions to Consent | 10 |
|  | 10.5 | Attornment by Subtenants | 10 |
|  | 10.6 | Cancellation | 10 |
|  | 10.7 | Additional Compensation | 11 |
|  | 10.8 | Permitted Transfers | 11 |
|  | 10.9 | Permitted Occupants | 12 |
| 11. | INSURANCE; WAIVERS; SUBROGATION; INDEMNITY | INSURANCE; WAIVERS; SUBROGATION; INDEMNITY | 13 |
|  | 11.1 | Tenant's Insurance | 13 |
|  | 11.2 | Landlord's Insurance | 15 |
|  | 11.3 | No Subrogation; Waiver of Property Claims | 15 |
|  | 11.4 | Indemnity | 15 |

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Bear Den Road <br> ii Blacksburg, SC

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| | | | |
|:---|:---|:---|:---|
|  | | | Page No. |
| 12. | SUBORDINATION; ATTORNMENT; NOTICE TO LANDLORD'S MORTGAGEE | SUBORDINATION; ATTORNMENT; NOTICE TO LANDLORD'S MORTGAGEE | 16 |
|  | 12.1 | Subordination | 16 |
|  | 12.2 | Attornment | 16 |
|  | 12.3 | Notice to Landlord's Mortgagee | 16 |
| 13. | RULES AND REGULATIONS | RULES AND REGULATIONS | 16 |
| 14. | CONDEMNATION | CONDEMNATION | 16 |
|  | 14.1 | Total Taking | 16 |
|  | 14.2 | Partial Taking - Tenant's Rights | 16 |
|  | 14.3 | Partial Taking - Landlord's Rights | 16 |
|  | 14.4 | Award | 17 |
|  | 14.5 | Restoration | 17 |
|  | 14.6 | Condemnation Waiver | 17 |
| 15. | FIRE OR OTHER CASUALTY | FIRE OR OTHER CASUALTY | 17 |
|  | 15.1 | Repair Estimate | 17 |
|  | 15.2 | Tenant's Rights | 17 |
|  | 15.3 | Landlord's Rights | 17 |
|  | 15.4 | Repair Obligation | 18 |
|  | 15.5 | Abatement of Rent | 18 |
|  | 15.6 | Casualty Waiver | 18 |
| 16. | PERSONAL PROPERTY TAXES | PERSONAL PROPERTY TAXES | 18 |
| 17. | EVENTS OF DEFAULT | EVENTS OF DEFAULT | 18 |
|  | 17.1 | Payment Default | 18 |
|  | 17.2 | Prohibited Payments | 18 |
|  | 17.3 | Failure to Take Possession; Abandonment | 19 |
|  | 17.4 | Estoppel; Subordination; Financial Reports | 19 |
|  | 17.5 | Construction-Related Documentation | 19 |
|  | 17.6 | Insurance | 19 |
|  | 17.7 | Mechanic's Liens | 19 |
|  | 17.8 | Unpermitted Transfer | 19 |
|  | 17.9 | Other Defaults | 19 |
|  | 17.10 | Insolvency | 19 |
| 18. | REMEDIES | REMEDIES | 19 |
|  | 18.1 | Termination of Lease | 19 |
|  | 18.2 | Termination of Possession | 20 |
|  | 18.3 | Perform Acts on Behalf of Tenant | 20 |
|  | 18.4 | Suspension of Services | 20 |
|  | 18.5 | Alteration of Locks | 20 |
| 19. | PAYMENT BY TENANT; NON-WAIVER; CUMULATIVE REMEDIES; MITIGATION OF DAMAGE | PAYMENT BY TENANT; NON-WAIVER; CUMULATIVE REMEDIES; MITIGATION OF DAMAGE | 20 |
|  | 19.1 | Payment by Tenant | 20 |
|  | 19.2 | No Waiver | 20 |
|  | 19.3 | Cumulative Remedies | 21 |
|  | 19.4 | Mitigation of Damage | 21 |
|  | 19.5 | Waiver of Landlord's Lien | 21 |
| 20. | LANDLORD'S DEFAULT | LANDLORD'S DEFAULT | 21 |
|  | 20.1 | General Provisions | 21 |
|  | 20.2 | Tenant's Right of Self-Help | 22 |
|  | 20.3 | Tenant's Offset Right | 22 |

---

Bear Den Road <br> iii Blacksburg, SC

---

| | | | |
|:---|:---|:---|:---|
|  | | | Page No. |
| 21. | SURRENDER OF PREMISES | SURRENDER OF PREMISES | 22 |
| 22. | HOLDING OVER | HOLDING OVER | 23 |
| 23. | CERTAIN RIGHTS RESERVED BY LANDLORD | CERTAIN RIGHTS RESERVED BY LANDLORD | 23 |
|  | 23.1 | Building Operations | 23 |
|  | 23.2 | Security | 23 |
|  | 23.3 | Prospective Purchasers and Lenders | 23 |
|  | 23.4 | Prospective Tenants | 23 |
| 24. | SUBSTITUTION SPACE | SUBSTITUTION SPACE | 23 |
| 25. | MISCELLANEOUS | MISCELLANEOUS | 23 |
|  | 25.1 | Landlord Transfer | 23 |
|  | 25.2 | Limitation of Liability | 24 |
|  | 25.3 | Force Majeure | 24 |
|  | 25.4 | Brokerage | 24 |
|  | 25.5 | Estoppel Certificates | 25 |
|  | 25.6 | Notices | 25 |
|  | 25.7 | Separability | 25 |
|  | 25.8 | Amendments; Binding Effect; No Electronic Records | 25 |
|  | 25.9 | Counterparts; Electronic Signatures | 25 |
|  | 25.10 | Quiet Enjoyment | 25 |
|  | 25.11 | No Merger | 26 |
|  | 25.12 | Submission | 26 |
|  | 25.13 | Entire Agreement; Arm's-Length Negotiation; No Reliance | 26 |
|  | 25.14 | Waiver of Jury Trial | 26 |
|  | 25.15 | Governing Law; Jurisdiction | 26 |
|  | 25.16 | Recording | 26 |
|  | 25.17 | Water or Mold Notification | 27 |
|  | 25.18 | Joint and Several Liability | 27 |
|  | 25.19 | Financial Reports | 27 |
|  | 25.20 | Telecommunications | 27 |
|  | 25.21 | Confidentiality | 28 |
|  | 25.22 | Authority of Tenant; Prohibited Persons and Transactions | 28 |
|  | 25.23 | Authority of Landlord; Prohibited Persons and Transactions | 28 |
|  | 25.24 | Hazardous Materials; Environmental Requirements | 29 |
|  | 25.25 | List of Schedules and Exhibits | 30 |
|  | 25.26 | UBTI and REIT Qualification | 30 |
|  | 25.27 | Sustainability | 31 |
|  | 25.28 | Cross Default | 31 |
|  | 25.29 | Reserved Rights | 31 |
|  | 25.30 | Security Service | 31 |
|  | 25.31 | No Construction Contract | 32 |
|  | 25.32 | Time | 32 |
|  | 25.33 | Digital Rights | 32 |
| 26. | OTHER PROVISIONS | OTHER PROVISIONS | 32 |
|  | 26.1 | Parking | 32 |
|  | 26.2 | Lease Contingencies | 32 |
|  | 26.3 | Credits and Incentives | 33 |

---

Bear Den Road <br> iv Blacksburg, SC

**<u>LIST OF DEFINED TERMS</u>**

---

| | |
|:---|:---|
|  | Page No. |
| Action | 33 |
| Additional Rent | i |
| Affiliate | 36 |
| Authorities | 33 |
| Base Building Work | D-1 |
| Baseline Site Assessment | 29 |
| Basic Lease Information | 1 |
| Basic Rent | i |
| BOMA Standard | i |
| Building | i |
| Building's Structure | 36 |
| Building's Systems | 36 |
| Cannabis | 36 |
| Casualty | 17 |
| CHIPS Act | D-7 |
| Code | 30 |
| Commencement Date | i |
| Company | 27 |
| Cooperation Efforts | 33 |
| Corporate Debt Rating | 36 |
| Corporate Debt Rating Requirement | 36 |
| Cure Period | D-1-1 |
| Damage Notice | 17 |
| Default Rate | 36 |
| Design Issue | 36 |
| Design-Build Agreement | 36 |
| Design-Builder | 36 |
| Developer Spread | 36 |
| Development Services | D-4 |
| Development Services Agreement | 36 |
| Development Services Fees | 37 |
| Digital Rights | 37 |
| Discount Rate | 37 |
| Environmental Consultant | 29 |
| Environmental Requirements | 37 |
| Escrow | 4 |
| Escrow Agreement | 4 |
| Escrowed Amount | 4 |
| Event of Default | 18 |
| Excluded Operating Costs | 37 |
| Excused Delay | D-1-1 |
| Exit Site Assessment | 29 |
| Final Development Costs | J-2 |
| Final Plans | D-2 |
| Final Project Budget | J-3 |
| Force Majeure | 24 |
| GAAP | 38 |
| Green Initiatives | 38 |
| Hazardous Materials | 38 |
| HVAC | 38 |
| Improvements | 38 |
| Incentives | 33 |
| Incentives Claim | 33 |

---

Bear Den Road <br> v Blacksburg, SC

---

| | |
|:---|:---|
|  | Page No. |
| including | 38 |
| Initial Project Budget | J-2 |
| Insolvent | 33 |
| Insurance Proceeds | 18 |
| Land | i |
| Landlord | i |
| Landlord Insured Parties | 39 |
| Landlord's Cost Overrun Obligation | J-3 |
| Landlord's Mortgagee | 39 |
| Landlord's Statement of Costs | J-1 |
| Laws | 39 |
| Lease | 1 |
| Lease Constant Percentage | 39 |
| Lease Date | 35 |
| Lease Month | 39 |
| Letter Agreement | 4 |
| Loss | 15 |
| Milestone | D-1-1 |
| Milestone Date | D-1-1 |
| Minor Alterations | 39 |
| Moody's | 39 |
| Mortgage | 39 |
| OFAC | 39 |
| Operating Costs | 39 |
| Permitted Hazardous Materials | 40 |
| Permitted Occupant | 12 |
| Permitted Transfer | 11 |
| Permitted Transferee | 11 |
| Permitted Use | i |
| Plans | D-1 |
| Preliminary Work | 40 |
| Premises | i |
| Prevailing Rental Rate | G-1 |
| Primary Lease | 40 |
| Prime Rate | 40 |
| Prohibited Entity | 40 |
| Prohibited Entity Law | 40 |
| Prohibited Use | 40 |
| Project Costs | J-1 |
| Property Management Fee | 2 |
| Punch List | D-3 |
| Punchlist Items | E-1 |
| Purchase Offer Notice | M-1 |
| Qualified Broker | 41 |
| reasonable wear and tear | 41 |
| Reconciliation Period | J-1 |
| Reconciliation Statement | 3 |
| Regulations | 30 |
| related complex | 41 |
| Release | 41 |
| Rent | i |
| Repair Period | 17 |

---

Bear Den Road <br> vi Blacksburg, SC

---

| | |
|:---|:---|
|  | Page No. |
| Response Period | M-1 |
| ROFO Deposit | M-1 |
| S&P | 41 |
| Second Notice | 22 |
| Security Deposit | i |
| Sign Requirements | 8 |
| Standard of Care | D-4 |
| Substantial Completion Notice | D-2 |
| Substantial Completion of the Base Building Work | D-1-1 |
| Substitute Tenant | 21 |
| Sustainability Standards | 41 |
| Taking | 16 |
| Tangible Net Worth | 41 |
| Tangible Net Worth/Credit Threshold | 41 |
| Taxes | 42 |
| TC MidAtlantic | 4 |
| Telecommunications Services | 42 |
| Tenant | i |
| Tenant Contractor Delay | D-1-1 |
| Tenant Contribution | J-3 |
| Tenant Delay | D-1-1 |
| Tenant Party | 42 |
| Tenant's Objections | J-1 |
| Tenant's Off-Premises Equipment | 42 |
| Tenant's Property | 21 |
| Tenant's Proportionate Share | i |
| Tenant's Signage | 8 |
| Tenant-Triggered Modifications | 42 |
| Term | i |
| Termination Declaration | 28 |
| Transfer | 9 |
| trash | 42 |
| UCC | 42 |
| Walk-Through Date | D-3 |
| Warranty Period | D-2 |

---

Bear Den Road <br> vii Blacksburg, SC

**<u>LEASE</u>**

This Lease Agreement (this "**<u>Lease</u>**") is entered into as of the Lease Date between Landlord and Tenant (as each such term is defined in the Basic Lease Information).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Definitions and Basic Provisions</u>**. The definitions and basic provisions set forth in the Basic Lease Information (the "**<u>Basic Lease Information</u>**") and the schedule of definitions attached to this Lease as <u>Schedule 1</u> are incorporated herein by reference for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Lease Grant</u>**. Subject to the terms of this Lease, Landlord leases to Tenant, and Tenant leases from Landlord, the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Tender of Possession; Early Access</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **<u>Generally</u>**. Landlord shall deliver possession of the Premises when Substantial Completion of the Base Building Work has been achieved. Upon "Final Completion of the Project" (as defined in the Design-Build Agreement), Tenant shall have full, unrestricted access to the Premises for occupancy and use in accordance with, and subject to, the terms of this Lease (including Punch List completion, warranty work and Landlord's reserved rights under this Lease). Tenant shall have early access to the Premises pursuant to Section 3.3 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **<u>Confirmation of Commencement Date</u>**. Within ten business days after request from either party therefor following the Commencement Date, Landlord and Tenant shall each execute and deliver to the other a letter substantially in the form of <u>‎</u><u>Exhibit E</u> hereto confirming (a) the Commencement Date, (b) the expiration of the initial Term, and (c) that Landlord has performed all of its obligations with respect to the delivery condition of the Premises (except for punchlist items specified in such letter that are the responsibility of Landlord pursuant to the express terms and conditions of this Lease); however, the failure of the parties to execute such letter shall not defer the Commencement Date or otherwise invalidate this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 **<u>Early Entry by Tenant</u>**. Entry into any portion of the Premises by any Tenant Party prior to the Commencement Date shall be subject to all of the provisions of this Lease excepting only those requiring the payment of Basic Rent and Additional Rent. Before Tenant may occupy the Premises to conduct business therein, Tenant shall, at its expense, obtain and deliver to Landlord evidence (e.g., a certificate of occupancy or its local equivalent) from the appropriate governmental authority that Tenant may lawfully occupy and use the Premises for the Permitted Use. To the extent permitted by and subject to all Laws, and subject to and in accordance with the Design-Build Agreement, Tenant may enter the Premises before Substantial Completion of the Base Building Work with Landlord's prior written consent (which shall not be unreasonably withheld) to install furniture, fixtures and equipment therein, provided that (a) Landlord is given prior written notice of any such entry, (b) such entry shall be coordinated with Landlord and shall not interfere with the Base Building Work, and (c) Tenant shall deliver to Landlord evidence that the insurance required under Section 11 of this Lease has been obtained. Tenant shall conduct its activities therein so as not to interfere with the Base Building Work, and shall do so at its risk and expense. If, in Landlord's reasonable judgment, Tenant's activities therein interfere with the Base Building Work and such interference is not cured within two days following Landlord's delivery of written notice of such interference, Landlord may terminate Tenant's right to enter the Premises before Substantial Completion of the Base Building Work. Tenant acknowledges that Tenant shall be responsible for obtaining all applicable permits and inspections relating to any such entry by Tenant to the extent required for Tenant's separate work or activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Rent</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **<u>Payment</u>**. Tenant shall timely pay to Landlord Rent, without notice, demand, deduction or set off (except as otherwise expressly provided herein), by good and sufficient check drawn on a national banking association, or, at either party's election, by electronic or wire transfer, at Landlord's address provided for in this Lease or such other address as may be specified in writing by Landlord. Additionally, Tenant's payments of Rent shall be accompanied by all applicable state and local sales, use, transaction privilege, rental and excise taxes that may at any time be levied or imposed upon, or measured by, any amount payable by Tenant under this Lease. The obligations of Tenant to pay Rent to Landlord and the obligations of Landlord under this Lease are independent obligations. Basic Rent and Additional Rent shall be payable monthly in advance on the first day of each calendar month. Payments of Basic Rent and Additional Rent for any partial calendar month shall be prorated in the proportion to the number of days this Lease is in effect during such month as to the actual number of days in such month; such Basic Rent and Additional Rent payment for any partial calendar month at the beginning of the Term shall be due by Tenant on the Commencement Date. Unless a shorter time period is specified in this Lease, all payments of miscellaneous Rent charges hereunder (that is, all Rent other than Basic Rent and Additional Rent) shall be due and payable within 30 days following Landlord's delivery to Tenant of an invoice therefor.

Bear Den Road <br> 1 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **<u>Additional Rent</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 **<u>Operating Costs</u>**. Tenant shall pay to Landlord Tenant's Proportionate Share of Operating Costs. Landlord may make a good faith estimate of Operating Costs to be due by Tenant for any calendar year or part thereof during the Term. During each calendar year or partial calendar year of the Term, Tenant shall pay to Landlord, in advance on the first day of each calendar month, an amount equal to Tenant's estimated Operating Costs for such calendar year or part thereof divided by the number of months therein. From time to time, Landlord may estimate and re-estimate (but Landlord may not re-estimate more than once in any calendar year) the Operating Costs to be due by Tenant and deliver a copy of the estimate or re-estimate to Tenant. Thereafter, the monthly installments of Operating Costs payable by Tenant shall be appropriately adjusted in accordance with the estimations so that, by the end of the calendar year in question, Tenant shall have paid all of the Operating Costs as estimated by Landlord. Any amounts paid based on such an estimate shall be subject to adjustment as herein provided when actual Operating Costs are available for each calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 **<u>Taxes</u>**. Tenant shall pay Tenant's Proportionate Share of Taxes in the same manner as provided above for Tenant's Proportionate Share of Operating Costs. For property tax purposes, Tenant waives and releases all rights to protest or appeal the appraised value of the Premises, except as provided below, and all rights to receive notices of reassessment and/or reappraisement; however, upon written request from Tenant, Landlord shall promptly provide or cause to be provided to Tenant such reasonable and non-privileged documentation regarding same that is in Landlord's possession or control (such as notices, returns, invoices, receipts, determinations, opinions, communications and certifications received from or submitted to the taxing authorities relating to the Premises). Landlord shall engage a tax consultant each year to determine whether it is in the best interest to contest Taxes for the year in question, and if such tax consultant determines it is in the best interest to contest Taxes, Landlord will contest Taxes for the year in question. If Landlord, after consultation with Landlord's tax consultant, elects not to contest Taxes for the period in question, Landlord shall promptly notify Tenant in writing, and upon written request from Tenant, Landlord shall submit or cause the submission to Tenant of requested reasonable and non-privileged documentation as described above as relates to the decision not to contest Taxes for the year in question. If Tenant, in consultation with Tenant's tax consultant, reasonably and in good faith believes contesting Taxes will reduce Taxes for the period in question and Landlord has elected not to contest Taxes for the applicable year, Tenant may elect, at its sole expense, to contest Taxes for the period in question and shall so notify Landlord thereof in writing. Nothing herein shall be deemed to limit, suspend or abate Tenant's obligations to pay Taxes when due. Further, if Tenant protests, challenges or appeals any valuation for property tax purposes or all or any portion of the Premises, and such valuation increases from the value protested, challenged or appealed, Tenant agrees to indemnify, defend and hold Landlord harmless on an after-tax basis for any property taxes due as a result of such increase. From time to time during any calendar year, Landlord may estimate or re-estimate (but Landlord may not re-estimate more than twice in any calendar year) the Taxes to be due by Tenant for that calendar year and deliver a copy of the estimate or re-estimate to Tenant. Thereafter, the monthly installments of Taxes payable by Tenant shall be appropriately adjusted in accordance with the estimations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 **<u>Property Management Fee</u>**. Subject to Section 4.2.6 below with respect to Tenant's self-management of the Premises, Tenant shall pay to Landlord, in advance on the first day of each calendar month, a property management fee equal to 3% of the sum of Tenant's monthly Basic Rent and Tenant's Proportionate Share of Operating Costs and Taxes, in each case disregarding, for the purposes of such calculation, any abatement of Rent granted in this Lease (the "**<u>Property Management Fee</u>**").

Bear Den Road <br> 2 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4 **<u>Reconciliation Statement</u>**. Landlord shall endeavor to furnish to Tenant a statement of Operating Costs for the previous year and of the Taxes for the previous year (the "**<u>Reconciliation Statement</u>**") no later than June 30 of each calendar year, or as soon thereafter as practicable. If Tenant's estimated payments of Operating Costs or Taxes under this Section 4.2.4 for the year covered by the Reconciliation Statement exceed Tenant's Proportionate Share of such items as indicated in the Reconciliation Statement, then Landlord shall credit or reimburse Tenant for such excess within 30 days after Landlord furnishes the Reconciliation Statement to Tenant; likewise, if Tenant's estimated payments of Operating Costs or Taxes under this Section 4.2.4 for such year are less than Tenant's Proportionate Share of such items as indicated in the Reconciliation Statement, then Tenant shall pay Landlord such deficiency within 30 days of invoice from Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.5 **<u>Tenant's Inspection Right</u>**. Provided no Event of Default then exists, after receiving an annual Reconciliation Statement and giving Landlord 30 days' prior written notice thereof, Tenant may inspect or audit Landlord's records relating to Additional Rent for the period of time covered by such Reconciliation Statement in accordance with the following provisions. If Tenant fails to object to the calculation of Additional Rent on an annual Reconciliation Statement within 90 days after the Reconciliation Statement has been delivered to Tenant, or if Tenant fails to conclude its audit or inspection within 120 days after the Reconciliation Statement has been delivered to Tenant, then Tenant shall have waived its right to object to the calculation of Additional Rent for the year in question and the calculation of Additional Rent set forth on such Reconciliation Statement shall be final. Tenant's audit or inspection shall be conducted where Landlord maintains its books and records, shall not unreasonably interfere with the conduct of Landlord's business, and shall be conducted only during business hours reasonably designated by Landlord. Tenant shall pay the cost of such audit or inspection unless the total Additional Rent for the period in question is determined to be overstated by more than 5% in the aggregate, and, as a result thereof, Tenant paid to Landlord more than the actual Additional Rent due for such period, in which case Landlord shall pay the audit cost (not to exceed $3,500). Tenant may not conduct an inspection or have an audit performed more than once during any calendar year. Tenant or the accounting firm conducting such audit shall, at no charge to Landlord, submit its audit report in draft form to Landlord for Landlord's review and comment before the final approved audit report is submitted to Landlord, and any reasonable comments by Landlord shall be incorporated into the final audit report. If such inspection or audit reveals that an error was made in the Additional Rent previously charged to Tenant, then Landlord shall refund to Tenant any overpayment of any such costs, or Tenant shall pay to Landlord any underpayment of any such costs, as the case may be, within 30 days after notification thereof. Provided Landlord's accounting for Additional Rent is consistent with the terms of this Lease, Landlord's good faith judgment regarding the proper interpretation of this Lease and the proper accounting for Additional Rent shall be binding on Tenant in connection with any such audit or inspection. Tenant shall maintain the results of each such audit or inspection confidential and shall not be permitted to use any third party to perform such audit or inspection, other than an independent firm of certified public accountants (a) reasonably acceptable to Landlord, (b) which is not compensated on a contingency fee basis or in any other manner which is dependent upon the results of such audit or inspection (and Tenant shall deliver the fee agreement or other similar evidence of such fee arrangement to Landlord upon request), and (c) which agrees with Landlord in writing to maintain the results confidential. Nothing in this Section 4.2.5 shall be construed to limit, suspend or abate Tenant's obligation to pay Rent when due, including Additional Rent. Tenant hereby acknowledges that Tenant's sole right to audit Landlord's books and records and to contest the amount of Additional Rent payable by Tenant shall be as set forth in this Section 4.2.5, and Tenant hereby waives and releases any and all other rights pursuant to applicable Law to audit such books and records and/or to contest the amount of Additional Rent payable by Tenant and this waiver and release shall survive the expiration or earlier termination of the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.6 **<u>Tenant's Self-Management of Premises</u>**. Notwithstanding anything to the contrary contained in this Lease, so long as Tenant or a Permitted Transferee leases and occupies the entire Premises, and provided no Event of Default exists, Tenant shall self-manage the Premises on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Property Management Fee shall be reduced to a commercially reasonable amount (reasonably determined by Landlord but not to exceed 1%) to compensate Landlord for its remaining property management and asset management obligations under this Lease and with respect to the Premises.

Bear Den Road <br> 3 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Tenant (and not Landlord) shall be responsible for maintaining, repairing and replacing the interior and exterior of the Premises (other than the Building's Structure, which at all times shall be maintained by Landlord in accordance with Sections 7.2 and 7.3 below), consistent with the standards of comparable projects in the submarket in which the Premises are located and for providing all services to be provided by Landlord under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Tenant shall promptly pay, before delinquency, all costs associated with the Premises, and all other costs which Landlord would otherwise be required to pay (subject to reimbursement by Tenant) if Landlord had engaged a professional property management company to perform such services (other than the Property Management Fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without limiting the foregoing, Tenant shall maintain the Building's Systems in good repair and condition and in accordance with all applicable Laws and with such equipment manufacturers' suggested operation/maintenance service program; such obligation shall include replacement of all equipment necessary to maintain such equipment and system in good working order. On or before the Commencement Date, Tenant shall enter into regularly scheduled (no less than quarterly) preventive maintenance/service contracts for such equipment, each in compliance with Landlord's specifications and otherwise in form and substance and with a contractor reasonably acceptable to Landlord, and deliver copies thereof to Landlord. At least 14 days before the end of the Term, Tenant shall deliver to Landlord a certificate from an engineer reasonably acceptable to Landlord certifying that the Building's Systems are then in good repair and working order, reasonable wear and tear excepted, and no deferred maintenance items then exist. Landlord may from time to time, at reasonable times and after reasonable prior notice to Tenant, inspect the Premises to insure that Tenant is properly maintaining the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Delinquent Payment; Handling Charges</u>**. All past due payments required of Tenant hereunder shall bear interest from the date due until paid at the Default Rate; additionally, Landlord, in addition to all other rights and remedies available to it, may charge Tenant a late fee equal to the greater of (a) five percent of the delinquent payment, and (b) $250, to reimburse Landlord for its cost and inconvenience incurred as a consequence of Tenant's delinquency. In no event, however, shall the charges permitted under this Section 5 or elsewhere in this Lease, to the extent they are considered to be interest under applicable Law, exceed the maximum lawful commercial rate of interest. Notwithstanding the foregoing, the late fee referenced above shall not be charged with respect to the first occurrence (but not any subsequent occurrence) during any 12-calendar month period that Tenant fails to make any payment of Additional Rent when due, until five days after Landlord delivers written notice of such delinquency to Tenant. The late fee referenced above represents a fair and reasonable estimate of the costs Landlord will incur by reason of Tenant's delinquent payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Escrow Agreement</u>**. Prior to the Lease Date, TC MidAtlantic Development V, Inc. ("**<u>TC MidAtlantic</u>**") and Tenant executed the Letter Agreement Providing Limited Authorization to Proceed in Advance of Proposed Lease dated as of April 10, 2026 (the "**<u>Letter Agreement</u>**") to set forth the terms and conditions upon which TC MidAtlantic would commence performing work and incurring costs related to the acquisition of the Land and the development of the Premises. The Letter Agreement was assigned to Landlord and has now been superseded by this Lease. Notwithstanding the foregoing, the payment obligations of Tenant to Landlord under the Letter Agreement are incorporated into this Lease. As contemplated in the Letter Agreement, Tenant, TC MidAtlantic and Fidelity National Title Insurance Company executed the Escrow Agreement dated as of April 10, 2026 (the "**<u>Escrow Agreement</u>**") to provide for Tenant's escrow (the "**<u>Escrow</u>**") of certain funds based on the then-current budget of costs for the "Preliminary Work" (as such term is defined in the Letter Agreement), as amended from time to time (the "**<u>Escrowed Amount</u>**"). Prior to the execution of this Lease, the Escrow Agreement was amended to (a) acknowledge the assignment of the Escrow Agreement by TC MidAtlantic to Landlord, (b) allow Landlord to draw funds from the Escrow that are due and payable by Tenant pursuant to the terms of the Letter Agreement and Escrow Agreement, as amended, and (c) to allow Fidelity National Title Insurance Company to pay certain amounts to Tenant's broker and the Design Builder from the Escrow Amount. Tenant shall maintain the Escrow with an Escrowed Amount equal to Landlord's then-current budget for the Project Costs, as amended from time to time. Notwithstanding anything to the contrary in this Lease or the Escrow Agreement, the parties hereby agree that the Escrow Agreement will continue to be kept in full force and effect through the later to occur of (a) commencement of vertical construction of the Premises, and (b) the date of execution of an amendment to this Lease incorporating the terms and closing of Landlord's capitalization (whether equity financing, debt financing or both) with respect to this Lease.

Bear Den Road <br> 4 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Landlord's Maintenance Obligations</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **<u>Net Lease</u>**. This Lease is intended to be a net lease and Landlord's maintenance, repair and replacement obligations are limited to those expressly set forth in this Section 7. Landlord's obligations under this Section 7 shall not apply to any items installed by or on behalf of a Tenant Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **<u>Costs Paid by Landlord</u>**. Landlord, at its own cost and expense (except to the extent expressly reimbursable by Tenant to Landlord pursuant to this Lease, including Section 8.8), shall be responsible only for replacement of the structural elements of the Building's roof, foundation and exterior walls. Landlord's liability for any defects, repairs, replacement or maintenance for which Landlord is specifically responsible for under this Lease shall be limited to the cost of performing the work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **<u>Costs Paid as Operating Costs</u>**. Landlord shall maintain, repair and replace the Building's Structure, that portion of the Building's Systems not allocated to Tenant pursuant to the terms of this Lease, and exterior areas of the Premises, including driveways, alleys, parking areas, roads, landscape and grounds of the Premises, the exterior of the Building (including painting, caulking and sealing [including caulking and sealing the Building's exterior walls]) and any items normally associated with the foregoing, in each case, in good condition and consistent with the operation of a specialty manufacturing facility. All costs in performing the work described in this Section 7.3 shall be included in Operating Costs except those costs (a) payable by Landlord at its sole cost and expense pursuant to Section 7.2, or (b) reimbursable by Tenant to Landlord pursuant to this Lease, including Section 8.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 **<u>Performance of Work</u>**. Tenant shall promptly notify Landlord in writing of any work required to be performed under this Section 7, and Landlord shall not be responsible for performing such work until Tenant delivers to Landlord such notice. Landlord shall have no obligations hereunder with respect to uninsured losses and damages caused by a Tenant Party. Tenant expressly waives and releases the benefit of any Law now or in the future in effect which would otherwise afford Tenant the right to terminate this Lease because of Landlord's failure to keep the Premises in good order, condition and repair. Notwithstanding anything to the contrary contained herein, Landlord shall, in its sole and absolute discretion, determine the appropriate remedial action required of it to satisfy its maintenance, repair and replacement obligations hereunder (e.g., Landlord shall, in its sole discretion, determine whether, and to the extent, maintenance, repairs or replacements are the appropriate remedial action).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Improvements; Alterations; Repairs; Maintenance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **<u>Improvements; Alterations</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 **<u>Minor Alterations</u>**. After the completion of any initial work, and following the Commencement Date, Tenant may perform Minor Alterations in the Premises without Landlord's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 **<u>General Provisions for All Alterations</u>**. Improvements to the Premises shall be installed at Tenant's expense and only in accordance with plans and specifications which have been previously submitted to and, except for Minor Alterations, approved in writing by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed; however, Landlord may withhold its consent in its sole discretion to any Improvement that contains a Design Issue. All paints, sealants, stains and adhesives used by any Tenant Party shall have no- or low-volatile organic emissions. All work to modify or remove Improvements shall be governed by this Section 8, and Tenant shall submit plans and specifications for any such work to Landlord for Landlord's review and approval if plans would typically be prepared therefor. All Improvements shall be constructed, maintained, and used by Tenant, at its risk and expense, in accordance with all Laws; Landlord's consent to or approval of any Improvements (or the plans therefor) shall not constitute a representation or warranty by Landlord, nor Landlord's acceptance, that the same comply with sound architectural or engineering practices or with all applicable Laws, and Tenant shall be solely responsible for ensuring all such compliance. All Improvements, trade fixtures, equipment and appurtenances which may be installed or placed in or about the Premises from time to time shall be at the sole cost of Tenant and, upon the expiration or earlier termination of the Term, shall be and become part of the Premises and the property of Landlord except as otherwise provided in Section 21. Tenant shall reimburse Landlord for all costs and expenses incurred by Landlord because of any Improvements made by or on behalf of any Tenant Party within 30 days after Landlord's delivery to Tenant of a statement of such costs, together with reasonable supporting documentation.

Bear Den Road <br> 5 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **<u>Approval Process</u>**. If Tenant desires to perform any work in the Premises that requires Landlord's approval under Section 8.1 hereto and submits to Landlord plans and specifications therefor or change orders thereto, then Landlord shall within ten business days after its receipt of such plans and specifications and within six business days after its receipt of any such change orders with respect thereto (or, if such change orders involve work which would affect the Building's Structure or the Building's Systems, ten business days after its receipt of any such change orders), notify Tenant whether it approves or disapproves the same; any notice of disapproval shall be accompanied by a statement in reasonable detail of the reasons therefor. If, in Landlord's reasonable judgment, any item submitted by Tenant under this Lease is not accompanied by sufficient information to allow Landlord to determine whether such items should be approved, then the time period hereunder for Landlord's response shall be extended by one day for each day until Tenant provides such necessary information to Landlord. Notwithstanding the foregoing, if Landlord fails to notify Tenant that it approves or disapproves the requested alteration to the Premises within ten business days after submission to Landlord of all the items required under this Section 8, Tenant may deliver a second written notice regarding same to Landlord, and if such second notice conspicuously states, "**IF YOU DO NOT DELIVER YOUR APPROVAL OR DISAPPROVAL OF THE REQUESTED ALTERATION WITHIN FIVE BUSINESS DAYS AFTER YOU RECEIVE THIS REQUEST FOR CONSENT, YOUR APPROVAL OF THIS ALTERATION WILL BE DEEMED GIVEN**", and Landlord fails to notify Tenant that it approves or disapproves the requested alteration to the Premises within five business days after delivery of such second notice, then Landlord shall be deemed to have approved such alteration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 **<u>Repair and Maintenance by Tenant</u>**. To the extent not a specific Landlord responsibility set forth in Section 7.2 or 7.3 above, Tenant shall maintain the Premises in a clean, safe, and operable condition, and to a Class A standard, and shall not permit or allow to remain any waste or damage to any portion of the Premises. Additionally, Tenant, at its sole expense, shall repair, replace and maintain in good repair and condition and in accordance with all Laws and the equipment manufacturer's suggested service programs, all portions of the Premises and Tenant's Off-Premises Equipment and all other areas, Improvements and systems serving the Premises, including loading areas, loading docks, dock wells, dock equipment, dock doors, dock bumpers, dock seals, overhead doors, levelers, plates and similar equipment, plumbing, drains and sump pumps, electrical, water, fire sprinkler system, and sewer lines, entries, doors, door frames, special fronts or office entries, ceilings, skylights, glass or plate glass windows, window frames, interior walls, interior and exterior lighting, and the interior side of demising walls, floor slab and HVAC systems (including all duct work and any evaporative units), and other building and mechanical systems, electrical and plumbing systems, and Tenant shall utilize all of the foregoing items in accordance with the applicable design specifications and capacities. Such repair and replacements include capital expenditures and repairs whose benefit may extend beyond the Term. No later than 14 days prior to the end of the Term, Tenant shall deliver to Landlord a certificate from an engineer reasonably acceptable to Landlord certifying that all such items which Tenant is required to maintain hereunder are then in good repair and condition and have been maintained in accordance with this Section 8.3. In lieu of the engineer's certificate, Tenant may elect to give written notice to Landlord at least 30 days prior to vacating the Premises and shall meet with Landlord for a joint inspection of the Premises at the time of vacating. If Tenant fails to give such notice or to participate in such joint inspection, Landlord's inspection shall be deemed conclusive for purposes of determining whether Tenant's obligations under Section 21 of this Lease have been satisfied (including any maintenance, repair, replacement or restoration Tenant failed to perform pursuant to Section 21). In furtherance of the foregoing, Tenant, during the entire Term and at its sole cost and expense, shall enter into a regularly scheduled preventative maintenance/service contract with a maintenance contractor reasonably approved by Landlord for servicing all hot water, HVAC and elevator systems and equipment within or serving the Premises. Tenant's HVAC service contract shall ensure that all HVAC systems are electronically monitored for remote diagnosis and system malfunctions (and all notifications shall be sent to both Landlord's property manager and Tenant) and all issues shall be repaired by Tenant or its vendor within 15 days following the initial notification. Such service contract must include all services suggested by the equipment manufacturer in its operations/maintenance manual. An executed copy of such contract (including renewals) shall be provided to Landlord upon request. If Tenant fails to provide a copy of such contract (or renewal) within ten business days following Landlord's written request therefor, Landlord may elect to enter into such contract at Tenant's cost, plus an administrative fee of 15% of such cost. Tenant shall repair or replace, subject to Landlord's direction and supervision, (a) any damage to the Premises caused by a Tenant Party, and (b) as more particularly described below in this Section 8.3, Tenant shall be responsible for the costs to repair or replace any damage to the Premises caused by a Tenant Party. If (1) Tenant fails to commence to perform any maintenance or make any repairs or replacements required to be made by Tenant pursuant to this Section 8.3 within 30 days after Landlord's written request therefor (or, if earlier, within 30 days following the occurrence of such damage caused by a Tenant Party) and thereafter diligently pursue the completion thereof (or, in the case of an emergency, such shorter period of time as is reasonable given the circumstances), or (2) notwithstanding such diligence, Tenant fails to complete such maintenance, repairs or replacements within 90 days after Landlord's written request therefor (or, if earlier, within 90 days following the occurrence of such damage) (or, in the case of an emergency, such shorter period of time as is reasonable given the circumstances), then Landlord may make the same at Tenant's cost. If any damage caused by a Tenant Party affects the Building's Systems or Building's Structure or any area outside the interior surface of the curtain walls of the Building, then Landlord may elect to repair such damage at Tenant's expense.

Bear Den Road <br> 6 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 **<u>Performance of Work</u>**. Following Landlord's approval of the plans and specifications therefor as described above, all work described in this Section 8 shall be performed only by contractors and subcontractors approved in writing by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed. If Tenant requests that Landlord supervise any work described in this Section 8, Tenant shall pay to Landlord a market rate construction management fee (reasonably determined by Landlord but not to exceed 5%) related to such work. If Tenant has not requested that Landlord supervise any work described in this Section 8, but all or a portion of such work affects the Building's Systems or Building's Structure, Tenant shall pay to Landlord a market rate construction management fee (reasonably determined by Landlord but not to exceed 5%) with respect to that portion of the work affecting the Building's Systems or Building's Structure. Tenant shall cause all contractors and subcontractors to procure and maintain insurance coverage naming the Landlord Insured Parties as additional insureds against such risks, and in such commercially reasonable amounts as Landlord may require. Tenant shall provide Landlord with the identities, mailing addresses and telephone numbers of all persons performing work or supplying materials prior to beginning such construction and Landlord may post on and about the Premises notices of non-responsibility pursuant to applicable Laws. All such work shall be performed in accordance with the plans and specifications approved by Landlord as described above, all Laws and in a good and workmanlike manner so as not to damage the Premises (including the Premises, the Building's Structure and the Building's Systems) and shall use materials of a quality that is at least equal to the quality designated by Landlord as the minimum standard for the Building. Landlord may designate reasonable and non-discriminatory rules, regulations and procedures for the performance of all such work in the Building (including insurance requirements for contractors). All such work which may affect the Building's Structure or the Building's Systems must be approved by Landlord's engineer, at Tenant's expense, and, at Landlord's election, must be performed by Landlord's usual contractor for such work. All work affecting the roof of the Building or the Premises' fire protection or life safety systems must be performed by Landlord's applicable contractor for such type of work, and no such work will be permitted if it would void or reduce or otherwise adversely affect any warranty associated with the Premises. Upon completion of any work described in this Section 8 (other than purely cosmetic work such as paint, wallpaper or carpet), Tenant shall furnish Landlord with accurate reproducible "as-built" CADD files of the Improvements as constructed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 **<u>Mechanic's Liens</u>**. All work performed, materials furnished, or obligations incurred by or at the request of a Tenant Party (excluding the Base Building Work) shall be deemed authorized and ordered by Tenant only, and Tenant shall not permit any mechanic's or construction liens to be filed against the Premises in connection therewith. Upon completion of any such work, Tenant shall deliver to Landlord final unconditional lien waivers from all contractors, subcontractors and materialmen who performed such work in a commercially reasonable form approved by Landlord. If any mechanic's or construction lien is filed, then Tenant shall, within ten business days after the filing thereof (or such earlier time period as may be necessary to prevent the forfeiture of the Premises or any interest of Landlord therein or the imposition of a civil or criminal fine with respect thereto), either (a) pay the amount of the lien and cause the lien to be released of record, or (b) diligently contest such lien and deliver to Landlord a bond or other security reasonably satisfactory to Landlord. If Tenant fails to timely take either such action, then Landlord may pay the lien claim, and any amounts so paid, including expenses and interest, shall be paid by Tenant to Landlord within ten business days after Landlord has invoiced Tenant therefor. Landlord's and Tenant's relationship is and shall be solely that of "landlord-tenant" (thereby excluding a relationship of "owner-contractor," "owner-agent" or other similar relationships) and that Tenant is not authorized to act as Landlord's common law agent or construction agent in connection with any work performed in the Premises. Accordingly, all materialmen, contractors, artisans, mechanics, laborers and any other persons now or hereafter contracting with Tenant, any contractor or subcontractor of any Tenant Party for the furnishing of any labor, services, materials, supplies or equipment with respect to any portion of the Premises, at any time from the Lease Date until the end of the Term, are hereby charged with notice that they look exclusively to Tenant to obtain payment for same. Nothing herein shall be deemed a consent by Landlord to any liens being placed upon the Premises or Landlord's interest therein due to any work performed by or for Tenant or deemed to give any contractor or subcontractor or materialman any right or interest in any funds held by Landlord to reimburse Tenant for any portion of the cost of such work. Tenant shall defend, indemnify and hold harmless Landlord and its agents and representatives from and against all claims, demands, causes of action, suits, judgments, damages and expenses (including reasonable attorneys' fees) in any way arising from or relating to the failure by any Tenant Party to pay for any work performed, materials furnished, or obligations incurred by or at the request of a Tenant Party; provided that this sentence shall not apply to work performed by Landlord so long as Tenant has timely reimbursed Landlord for applicable amounts related thereto in accordance with this Lease. This indemnity provision shall survive termination or expiration of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 **<u>Janitorial Services</u>**. Tenant, at its sole expense, shall provide its own janitorial services to the Premises and shall maintain the Premises in a clean and safe condition and to a Class A standard. Tenant shall utilize cleaning materials that protect indoor air quality. If Tenant fails to provide janitorial services to the Premises or trash removal services in compliance with the foregoing or maintain the Premises in a clean and safe condition, Landlord, in addition to any other rights and remedies available to it, may provide such services, and Tenant shall pay to Landlord the cost thereof, plus an administrative fee equal to 15% of such cost, within ten days after Landlord delivers to Tenant an invoice therefor.

Bear Den Road <br> 7 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 **<u>Utilities; Licenses and Permits</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.1 **<u>Utilities</u>**. Tenant shall pay for all water, gas, electricity, heat, telephone, sewer, sprinkler charges and other utilities and services used at the Premises, together with any taxes, penalties, surcharges, connection charges, maintenance charges, and the like pertaining to Tenant's use of the Premises. Landlord shall have no responsibility whatsoever in connection with the foregoing. Landlord may, at Tenant's expense, separately meter and bill Tenant directly for its use of any such utility service. To the extent any utility service for the Premises is submetered, the meter shall be read by Landlord or Landlord's designee, and Tenant shall pay to Landlord, within 30 days after receipt of an invoice therefor, the cost of such service based on rates charged for such service by the utility company furnishing such service, including all fuel adjustment charges, demand charges and taxes. In addition, if any particular utility is not separately metered or submetered as provided above, Tenant shall reimburse Landlord for any costs of such utility service obtained in Landlord's name within 30 days following Landlord's invoice for such costs. Tenant, at its expense, shall obtain all utility services for the Premises (other than a utility that is submetered or otherwise provided to the Premises by Landlord), including making all applications therefor, obtaining meters and other related equipment, and paying all deposits and connection charges. Tenant will cooperate with Landlord's legally-required efforts to monitor utility use and consumption and waste disposal at the Premises. In connection therewith, Landlord may (a) install meters, submeters or other measurement devices to monitor water, sewer, gas and electricity use and consumption at the Premises and (b) obtain data regarding Tenant's waste disposal and recycling and water, sewer, gas and electric use and consumption at the Premises directly from the applicable Tenant Party's utility and waste disposal or recycling providers (and, within ten business days following Landlord's written request therefor, such Tenant Party shall execute such commercially reasonable written releases as such utility and waste disposal and recycling providers may request to evidence such Tenant Party's consent to deliver such consumption data). If requested in writing by Landlord, Tenant will deliver to Landlord a copy of the waste disposal and recycling and water, sewer, gas and electric utility bills pertaining to the Premises that are billed to or paid by any Tenant Party in a manner reasonably requested by Landlord promptly following Landlord's request therefor. Landlord shall not be liable for any interruption or failure of utility service to the Premises, and such interruption or failure of utility service shall not be a constructive eviction of Tenant, constitute a breach of any implied warranty, or entitle Tenant to any abatement of Tenant's obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.2 **<u>Licenses and Permits</u>**. Tenant shall, at its sole cost and expense, obtain and keep in force during the Term, and all extensions thereof, all licenses, certificates and permits necessary for it to use the Premises in accordance with applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.3 **<u>Power Agreements</u>**. Tenant shall execute and deliver, and shall pay the costs relating to, any agreement with the electrical power or other utility provider to the Premises, including any power study, power purchase agreement, usage agreement or other similar agreement required or requested by the utility provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 **<u>Reimbursable Expenses</u>**. Within 30 days following Landlord's written invoice to Tenant, Tenant shall reimburse Landlord (not as an Operating Cost but as a direct reimbursement) for (a) the cost of all maintenance, repair or replacement work performed or paid by Landlord under Section 8, or as a result of any Tenant Party (including Tenant's failure to maintain in accordance with this Lease) invalidating or otherwise affecting the warranties applicable to the Premises, (b) the cost of all alterations to the Building's Structure or the Building's Systems required by applicable Law because of Tenant-Triggered Modifications and (c) any fees, fines or penalties levied against the Premises (or any portion thereof) or against Landlord to the extent reasonably attributable (in each case, as reasonably determined by Landlord) to (1) Tenant's violation of Law or (2) Tenant's use or occupancy of the Premises, in each case of clause (a) and (c) above, plus an administrative fee of 15% of such cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 **<u>Signs</u>**. Subject to all applicable authorities' prior approval of the location, design, size, color, material composition and plans and specifications therefor, Tenant may install, at Tenant's expense, fascia and directional signage at the Building (collectively, "**<u>Tenant's Signage</u>**"). Tenant shall erect Tenant's Signage in accordance with the approved plans and specifications, in a good and workmanlike manner, in accordance with all Laws, regulations, restrictions (governmental or otherwise), and architectural guidelines in effect for the area in which the Building is located, so long as Tenant has received all requisite approvals thereunder (the "**<u>Sign Requirements</u>**"); thereafter, Tenant shall maintain Tenant's Signage in a good, clean and safe condition in accordance with the Sign Requirements, all at Tenant's sole cost and expense. After the end of the Term or after Tenant's right to possess the Premises has been terminated, Tenant shall remove Tenant's Signage, repair all damage caused thereby and restore the Building to its condition before the installation of Tenant's Signage. Additionally, if Tenant fails to do so prior to such date, Landlord may, without compensation to Tenant, at Tenant's expense, remove Tenant's Signage, perform the related restoration and repair work and dispose of Tenant's Signage in any manner Landlord deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Use</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 **<u>General Provisions</u>**. Tenant shall use the Premises only for the Permitted Use and for no other use or purpose, shall obtain all zoning, occupancy and operational permits, and shall comply with all Laws relating in each case to the use, condition, access to, and occupancy of the Premises and will not commit waste, overload the Building's Structure or the Building's Systems or subject the Premises to use that would damage the Premises. Subject to the Building rules and regulations attached as <u>Exhibit C</u> hereto and the other provisions of this Lease (including this Section 9), Tenant will be provided access to the Premises 24 hours per day, seven days per week.

Bear Den Road <br> 8 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 **<u>Compliance With Laws</u>**. Notwithstanding anything in this Lease to the contrary, as between Landlord and Tenant, Tenant shall comply with all Laws with respect to the Premises, including making all Tenant-Triggered Modifications. If Tenant's Improvements or legal compliance obligations under this Lease require any alterations to the Building's Structure or Tenant-Triggered Modifications, Landlord may elect to manage those portions of the alterations that affect the Building's Structure or Tenant-Triggered Modifications, and Tenant shall reimburse Landlord the cost thereof, together with a market rate construction management fee (reasonably determined by Landlord but not to exceed 5%), within 30 days following delivery by Landlord to Tenant of a reasonably detailed invoice therefor. Tenant shall comply with, and reasonably cooperate with Landlord's efforts to comply with, Laws and utility provider requirements pertaining to natural resource and energy use, green building or carbon reduction, including disclosures and surveys.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 **<u>Prohibited Uses</u>**. The Premises shall not be used for any Prohibited Use. If, because of a Tenant Party's acts or omissions or because Tenant vacates the Premises, the rate of insurance on the Building or its contents increases, Tenant shall pay to Landlord the amount of such increase on demand, and acceptance of such payment shall not waive any of Landlord's other rights. If Tenant fails to cease or remediate such acts within 15 days after Landlord's request that Tenant do so, then such acts or omissions shall be an Event of Default. Tenant shall conduct its business and control each other Tenant Party so as not to create any nuisance or unreasonably interfere with Landlord in its performance of its obligations under this Lease. Tenant shall (a) use commercially reasonable efforts to cooperate with any Green Initiatives voluntarily adopted by Landlord, (b) comply with any Green Initiatives pertaining to the Premises imposed by Law on any Tenant Party and (c) cooperate with Landlord's efforts to comply with any Green Initiatives pertaining to the Premises imposed on Landlord by Law, including completing disclosures and surveys.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Assignment and Subletting</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 **<u>Transfers</u>**. Except for Permitted Transfers as expressly provided in Section 10.8, Tenant shall not, without the prior written consent of Landlord (which consent shall be governed by Section 10.2), (a) assign, transfer, or encumber this Lease or any estate or interest herein, whether directly, indirectly, by operation of law, or by any direct or indirect change in control of Tenant, (b) permit any other entity to become Tenant hereunder by merger, consolidation, or other reorganization, (c) if Tenant is an entity other than a corporation whose stock is publicly traded, permit the transfer of an ownership interest in Tenant or any indirect owner of Tenant so as to result in a change in the current direct or indirect control of Tenant, (d) sublet any portion of the Premises, (e) grant any license, concession, or other right of occupancy of any portion of the Premises, (f) permit the use of the Premises by any parties other than Tenant, or (g) sell or otherwise transfer, in one or more transactions, a majority of Tenant's assets (any of the events listed in Section 10.1(a) through 10.1(g) being a "**<u>Transfer</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 **<u>Consent Standards</u>**. Landlord shall not unreasonably withhold, condition or delay its consent to any assignment of Tenant's entire interest in this Lease or subletting of the Premises, provided that the proposed transferee (a) is creditworthy, (b) will use the Premises for the Permitted Use, (c) will not use the Premises in a manner that would materially increase the cost to Landlord to perform its obligations under this Lease, (d) is not a governmental or quasi-governmental entity, or subdivision or agency thereof, or any other entity entitled to the defense of sovereign immunity, (e) is not a party or an Affiliate of a party with whom Landlord or its Affiliates has had a material lease dispute and is not currently and has not in the past been involved in litigation with Landlord or any of its Affiliates, (f) will not result in, either by the transfer or any consideration payable to Landlord in connection therewith, an adverse effect on any real estate investment trust (or pension fund or other ownership vehicle) qualification tests applicable to Landlord or any of its Affiliates, and (g) is not a person or entity with whom Landlord, or any of Landlord's Affiliates, is then, or has been within the six-month period prior to the time Tenant seeks to enter into such assignment or subletting, negotiating to lease space in the Premises or any related complex or any Affiliate of any such person or entity; otherwise, Landlord may withhold its consent in its sole and absolute discretion. Additionally, Landlord may (1) withhold its consent in its sole and absolute discretion to any proposed Transfer if any Event of Default by Tenant then exists, and (2) condition its consent on the satisfaction of such conditions as Landlord may, in its reasonable discretion, determine appropriate for the operation of the Building or Premises. Any Transfer made while an Event of Default exists hereunder, irrespective whether Landlord's consent is required hereunder with respect to the Transfer, and any Transfer made by Tenant in violation of this Lease, shall be voidable by Landlord in Landlord's sole discretion. In agreeing to act reasonably, Landlord is agreeing to act in a manner consistent with the standards followed by large institutional owners of commercial real estate and Landlord is permitted to consider the financial terms of the Transfer and the impact of the Transfer on Landlord's own leasing efforts and the value of the Premises. Landlord may condition its consent to a Transfer on receipt (or increase if applicable) of a security deposit, guaranty or letter of credit from a suitable party. Tenant shall not pledge, collaterally assign or otherwise encumber this Lease or any interest therein.

Bear Den Road <br> 9 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 **<u>Request for Consent</u>**. If Tenant requests Landlord's consent to a Transfer, then, at least 15 business days prior to the effective date of the proposed Transfer, Tenant shall provide Landlord with a written description of all terms and conditions of the proposed Transfer, copies of the proposed documentation, and the following information about the proposed transferee: name and address of the proposed transferee and any entities and persons who own, control or direct the proposed transferee; reasonably satisfactory information about its business and business history; its proposed use of the Premises; banking, financial, and other credit information; and general references sufficient to enable Landlord to determine the proposed transferee's creditworthiness and character. Concurrently with Tenant's notice of any request for consent to a Transfer, Tenant shall pay to Landlord a fee of $1,000 to defray Landlord's expenses in reviewing such request, and Tenant shall also reimburse Landlord immediately upon request for its reasonable attorneys' fees and other expenses incurred in connection with considering any request for consent to a Transfer (whether or not consent is granted) and in documenting (and negotiating the terms of) Landlord's consent (which shall not exceed $3,500 for consents to subleases provided Landlord's standard consent to sublease form is used without material modification or negotiation). If Landlord does not consent to a Transfer, Tenant's sole remedy against Landlord will be an action for specific performance or declaratory relief without monetary damages, and Tenant may not terminate this Lease or seek monetary damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 **<u>Conditions to Consent</u>**. If Landlord consents to a proposed Transfer, then the proposed transferee shall deliver to Landlord a written agreement on Landlord's consent form (subject to incorporation of commercially reasonable comments thereto acceptable to Landlord) whereby it expressly assumes Tenant's obligations hereunder (among other terms and conditions reasonably required by Landlord in connection with providing its consent); however, any transferee of less than all of the space in the Premises shall be liable only for obligations under this Lease that are properly allocable to the space subject to the Transfer for the period of the Transfer. No Transfer shall release Tenant from its obligations under this Lease, but rather Tenant and its transferee shall be jointly and severally liable therefor. Landlord's consent to any Transfer shall not waive Landlord's rights as to any subsequent Transfers and no subtenant of any portion of the Premises shall be permitted to further sublease any portion of its subleased space. If an Event of Default occurs while the Premises or any part thereof are subject to a Transfer, then Landlord, in addition to its other remedies, may collect directly from such transferee all rents becoming due to Tenant and apply such rents against Rent. Tenant authorizes its transferees to make payments of rent directly to Landlord upon receipt of notice from Landlord to do so following the occurrence of an Event of Default hereunder. Tenant shall pay for the cost of any demising walls or other improvements necessitated by a proposed subletting or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 **<u>Attornment by Subtenants</u>**. Each sublease by Tenant hereunder shall be subject and subordinate to this Lease and to the matters to which this Lease is or shall be subordinate, and each subtenant by entering into a sublease is deemed to have agreed that in the event of termination, re-entry or dispossession by Landlord under this Lease, Landlord may, at its option, take over all of the right, title and interest of Tenant, as sublandlord, under such sublease, and such subtenant shall, at Landlord's option, attorn to Landlord pursuant to the then executory provisions of such sublease, except that Landlord shall not be (a) liable for any previous act or omission of Tenant under such sublease, (b) subject to any counterclaim, offset or defense that such subtenant might have against Tenant, (c) bound by any previous modification of such sublease not approved by Landlord in writing or by any rent or additional rent or advance rent which such subtenant might have paid for more than the current month to Tenant, and all such rent shall remain due and owing, notwithstanding such advance payment, (d) bound by any security or advance rental deposit made by such subtenant which is not delivered or paid over to Landlord and with respect to which such subtenant shall look solely to Tenant for refund or reimbursement, or (e) obligated to perform any work in the subleased space or to prepare it for occupancy, and in connection with such attornment, the subtenant shall execute and deliver to Landlord any instruments Landlord may reasonably request to evidence and confirm such attornment. Each subtenant or licensee of Tenant shall be deemed, automatically upon and as a condition of its occupying or using the Premises or any part thereof, to have agreed to be bound by the terms and conditions set forth in this Section 10.5. The provisions of this Section 10.5 shall be self-operative, and no further instrument shall be required to give effect to this provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 **<u>Cancellation</u>**. Landlord may, within 30 days after submission of Tenant's written request for Landlord's consent to an assignment or subletting, cancel this Lease as to the portion of the Premises proposed to be sublet or assigned as of the date the proposed Transfer is to be effective. If Landlord cancels this Lease as to any portion of the Premises, then this Lease shall cease for such portion of the Premises and Tenant shall pay to Landlord all Rent accrued through the cancellation date relating to the portion of the Premises covered by the proposed Transfer. Thereafter, Landlord may lease such portion of the Premises to the prospective transferee (or to any other person) without liability to Tenant, and in such event, Tenant will execute commercially reasonable documentation as required by Landlord in order to evidence the conversion of this Lease into a multi-tenant lease. The provisions of this Section 10.6 shall not apply to a Permitted Transfer.

Bear Den Road <br> 10 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 **<u>Additional Compensation</u>**. While no Event of Default exists, Tenant shall pay to Landlord, immediately upon receipt thereof, 50% of the excess of (a) all compensation received by Tenant for a Transfer less the actual out-of-pocket costs reasonably incurred by Tenant with unaffiliated third parties (i.e., brokerage commissions and tenant finish work) in connection with such Transfer (such costs shall be amortized on a straight-line basis over the term of the Transfer in question) over (b) the Rent allocable to the portion of the Premises covered thereby. While any Event of Default exists, Tenant shall pay to Landlord, immediately upon receipt thereof, 100% of the excess of (1) all compensation received by Tenant for a Transfer over (2) the Rent allocable to the portion of the Premises covered thereby. The provisions of this Section 10.7 shall not apply to a Permitted Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 **<u>Permitted Transfers</u>**. Notwithstanding Section 10.1, Tenant may Transfer all or part of its interest in this Lease or all or part of the Premises or an ownership interest in Tenant so as to result in a change in the direct or indirect control of Tenant (a "**<u>Permitted Transfer</u>**") to the following types of entities (a "**<u>Permitted Transferee</u>**") without the written consent of Landlord, provided that such Transfer is for a legitimate business purpose and not to circumvent the provisions of this Section 10:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8.1 an Affiliate of Tenant, but only so long as such transferee remains an Affiliate of Tenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8.3 any corporation, limited partnership, limited liability partnership, limited liability company or other business entity acquiring all or substantially all of Tenant's assets, so long as (a) Tenant's obligations hereunder are assumed by the entity acquiring such assets; and (b) the proposed transferee satisfies the Tangible Net Worth/Credit Threshold immediately following the effective date of the Permitted Transfer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8.4 any corporation, limited partnership, limited liability partnership, limited liability company or other business entity acquiring, directly or indirectly, a controlling interest in Tenant or any indirect owner of Tenant, so long as Tenant continues to satisfy the Tangible Net Worth/Credit Threshold immediately following the effective date of the Permitted Transfer.

Tenant shall notify Landlord of any such Permitted Transfer at least ten business days prior to the effective date thereof. Tenant shall remain liable for the performance of all of the obligations of Tenant hereunder, or if Tenant no longer exists because of a merger, consolidation, or acquisition, the surviving or acquiring entity shall either expressly assume in writing the obligations of Tenant hereunder or be bound automatically as a matter of applicable Law. Additionally, the Permitted Transferee shall comply with all of the terms and conditions of this Lease, including the Permitted Use, and the use of the Premises by the Permitted Transferee may not violate any other agreements affecting the Premises or Landlord. No later than ten business days prior to the effective date of any Permitted Transfer, Tenant shall furnish Landlord with (a) copies of the instrument effecting any of the foregoing Transfers, (b) documentation establishing Tenant's satisfaction of the requirements set forth above applicable to any such Transfer, and (c) evidence of insurance as required under this Lease with respect to the Permitted Transferee. The occurrence of a Permitted Transfer shall not waive Landlord's rights as to any subsequent Transfers, and any subsequent Transfer by a Permitted Transferee shall be subject to the terms of this Section 10. The right to Transfer to an Affiliate pursuant to Section 10.8.1 shall be subject to the condition that such Permitted Transferee remains an Affiliate of Tenant. If such Permitted Transferee ceases to be an Affiliate of Tenant, it shall so notify Landlord in writing within ten business days after such event and, upon the written request of Landlord, transfer, assign, set over or re-assign this Lease and its interest in the Premises, as applicable, to Tenant or, subject to complying with this Section 10.8, another Affiliate of Tenant.

Bear Den Road <br> 11 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 **<u>Permitted Occupants</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9.1 Notwithstanding anything in Section 10.1 to the contrary, Tenant may permit its subsidiaries, Affiliates, clients, contractors, customers, auditors, strategic partners or other entities under common ownership (total or partial) with Tenant or with whom Tenant has or is then establishing a bona fide business relationship (each a "**<u>Permitted Occupant</u>**") to occupy and use a reasonable portion of the Premises without the written consent of Landlord, subject to the following conditions: (a) the Permitted Occupant is of character, is engaged in a business, uses the Premises in keeping with Tenant and the Permitted Use, and otherwise meets Landlord's reasonable standards for tenants of the Building, (b) the use of the Premises by the Permitted Occupant may not violate any other agreements affecting the Premises, the Building, or Landlord, (c) the use and occupancy by the Permitted Occupant is otherwise expressly subject to, and the Permitted Occupant must comply with, all of the terms, covenants, conditions and obligations on Tenant's part to be observed and performed under this Lease (other than Tenant's obligation to pay Basic Rent or Additional Rent under this Lease), including the requirement to obtain insurance in the requisite amounts and to indemnify, defend and hold Landlord harmless for any Loss or other liabilities resulting from the use and operations contemplated by this Section 10.9, (d) any violation of any provision of this Lease by the Permitted Occupant shall be deemed to be a default by Tenant under such provision, (e) the space occupied by the Permitted Occupant shall not be separately demised from the Premises, (f) the Permitted Occupant shall have no recourse against Landlord whatsoever on account of any failure by Landlord to perform any of its obligations under this Lease or on account of any other matter, (g) all notices required of Landlord under this Lease shall be forwarded only to Tenant in accordance with the terms of this Lease and in no event shall Landlord be required to send any notices to any Permitted Occupant, (h) in no event shall any use or occupancy of any portion of the Premises by any Permitted Occupant release or relieve Tenant from any of its obligations under this Lease, (i) each such Permitted Occupant shall be deemed an invitee of Tenant, and Tenant shall be fully and primarily liable for all acts and omissions of such Permitted Occupant as fully and completely as if such Permitted Occupant was an employee of Tenant; (j) in no event shall the occupancy of any portion of the Premises by any Permitted Occupant be deemed to create a landlord/tenant relationship between Landlord and such Permitted Occupant or be deemed to vest in Permitted Occupant any right or interest in the Premises or this Lease, and, in all instances, Tenant shall be considered the sole tenant under the Lease notwithstanding the occupancy of any portion of the Premises by any Permitted Occupant; and (k) Tenant shall receive no rent, payment or other consideration in connection with such occupancy and use other than nominal rent payments, which in no event may be greater per rentable square foot occupied and used by such Permitted Occupant than the Basic Rent and Additional Rent amounts (per rentable square foot in the Premises) payable by Tenant hereunder. Occupancy of the Premises by a Permitted Occupant shall not constitute occupancy by Tenant for any purposes under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9.2 Tenant shall provide to Landlord the name and contact information of each Permitted Occupant being allowed access to the Premises by Tenant before such access is provided to such Permitted Occupant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9.3 Any equipment or other property of a Permitted Occupant in the Premises shall be subject to Section 16 (Personal Property Taxes) and Section 21 (Surrender of Premises) of this Lease. However, nothing in this Section 10.9 shall diminish Landlord's rights elsewhere in this Lease or imply that Landlord has any duties to any Permitted Occupant. Tenant acknowledges that Landlord shall have no responsibility or liability for the allocation or use of the Premises between Tenant and any Permitted Occupant. No disputes among Tenant and any Permitted Occupant shall in any way affect the obligations of Tenant hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9.4 In addition to all other indemnity obligations of Tenant under this Lease, Tenant shall defend, indemnify and hold harmless Landlord, Landlord's Mortgagee and their respective representatives and agents from and against all Losses arising from all claims made by, attributable to, or otherwise relating to, any Permitted Occupant.

Bear Den Road <br> 12 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Insurance; Waivers; Subrogation; Indemnity</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 **<u>Tenant's Insurance</u>**. Effective as of the earlier of (a) the date Tenant enters or occupies the Premises, or (b) the Commencement Date, and continuing throughout the Term, Tenant shall maintain the following insurance policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1 commercial general liability insurance (including property damage, bodily injury, personal injury, contractual liability and damage to rented premises coverage) in amounts of $1,000,000 per occurrence and $2,000,000 in the annual aggregate in primary coverage, or, following the expiration of the initial Term, such other amounts as Landlord may from time to time reasonably require, insuring Tenant (and naming the Landlord, Landlord's Mortgagee (and such other Landlord Insured Parties designated by Landlord) as additional insureds), against liability for injury to or death of a person or persons or damage to property arising from the use and occupancy of the Premises, completed operations, independent contractors, products-completed operations, personal injury, advertising injury, liability under assumed contracts, and without implying any consent by Landlord to the installation thereof, the installation, operation, maintenance, repair or removal of Tenant's Off-Premises Equipment (and if the use and occupancy of the Premises include any activity or matter that is or may be excluded from coverage under a commercial general liability policy [e.g., the sale, service, distribution or consumption of alcoholic beverages], Tenant shall obtain such endorsements to the commercial general liability policy or otherwise obtain insurance to insure all liability arising from such activity or matter [including liquor liability, if applicable] in such amounts as Landlord may reasonably require);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2 cause of loss-special risk form (formerly "all-risk") or its equivalent insurance (including sprinkler leakage, theft, boiler and machinery, ordinance and law, sewer back-up, pipe burst, wind driven rain, water leakage, flood, earthquake, theft, vandalism, malicious mischief, glass breakage, windstorm and collapse coverage) covering the full replacement value of all Improvements in the Premises, naming Landlord, Landlord's Mortgagee (and such other Landlord Insured Parties designated by Landlord) as loss payees as their interests may appear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.3 cause of loss-special risk form (formerly "all-risk") or its equivalent insurance covering the full replacement value of all furniture, trade fixtures, equipment, merchandise, business records and personal property (including property of Tenant or others) in the Premises or otherwise placed in the Premises by or on behalf of a Tenant Party (including Tenant's Off-Premises Equipment) with a maximum deductible of $250,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.4 during any period of construction, alteration, modification, or Improvement on the Premises, builder's risk or property insurance in an amount not less than the full replacement cost of the completed value of all constructed, modified, altered, or improved property on the Premises with an installation floater where applicable, which shall provide coverage for any building, structure, machinery, equipment, materials, or fixtures which are damaged, impaired, broken, or destroyed, whether stored off-site or on-site, including during transit, installation, and testing and naming Landlord, Landlord's Mortgagee (and such other Landlord Insured Parties designated by Landlord) as loss payees as their interests may appear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.5 commercial auto liability insurance covering automobiles and trucks owned, non-owned, hired, or used by Tenant in carrying on its business with limits not less than $1,000,000 combined single limit for each accident per vehicle on a per occurrence basis, insuring Tenant and naming the Landlord Insured Parties as additional insureds and underlying to the umbrella/excess liability insurance policy (and if any Tenant Party participates in for-hire commerce, Tenant's policies shall include an endorsement (Form MCS-90) or surety bond (Form MSC-82) filed with FMCSA in compliance with 49 CFR 387 for auto coverage or Truckers or Motor Carrier coverage form);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.6 worker's compensation insurance at statutory limits (and, for the avoidance of doubt, Tenant shall not be permitted to self-insure for such coverage or otherwise opt out of local worker's compensation insurance requirements [i.e., Tenant shall not be a non-subscriber]), and employer's liability insurance with limits of not less than $1,000,000 each accident, $1,000,000 disease policy limit, and $1,000,000 disease each employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.7 business interruption and extra expense insurance equal to 100% of the projected gross revenue from the Premises (less non-continuing expenses) for a minimum period of restoration of 12 months plus an extended period of indemnity endorsement of at least 12 months;

Bear Den Road <br> 13 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.8 comprehensive crime coverage of $1,000,000 providing employee dishonesty and theft coverage, covering money, securities, and tangible property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.9 if any Tenant Party handles, stores or transports any Hazardous Materials (other than Permitted Hazardous Materials) at the Premises, environmental impairment liability insurance insuring Tenant (and naming the Landlord Insured Parties as additional insureds) against all liability for environmental damage, including third party property damage and bodily injury liability, as well as the cost of investigation and remediation (and insuring pollution hazards from cargo), arising from the use and occupancy of the Premises and (without implying any consent by Landlord to the installation thereof) the installation, operation, maintenance, repair or removal of Tenant's Off-Premises Equipment, with limits of not less than $2,000,000 per claim and $2,000,000 in the aggregate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.10 umbrella / excess liability insurance in an amount of not less than $10,000,000 per occurrence on terms consistent with the commercial general liability, the employer's liability insurance and the business automobile liability policies required in clauses 11.1.1, 11.1.5 and 11.1.6, hereof.

Notwithstanding the foregoing, Tenant may elect to self-insure for the risks that would be covered under the business interruption insurance required under Section 11.1.7 above, in which event the Landlord Insured Parties shall be afforded no less insurance protection than if the self-insured coverage were fully insured by an insurance company meeting the requirements of this Section 11.1. In addition, Tenant shall cause every Tenant Party to procure and maintain insurance coverage (and naming the Landlord Insured Parties as additional insureds) against such risks, in such amounts, and with such companies as Landlord may reasonably require, including insurance similar to insurance Tenant is obligated to maintain pursuant to this Section 11.1. Landlord's initial requirements for contractors, sub-contractors, suppliers, service providers, moving companies, vendors and others performing work of any type for Tenant in the Premises are set forth in <u>Exhibit H</u>.

The additional insureds will be entitled to the limits stated in this Lease, or the full limits of the insurance policies maintained by Tenant, whichever are greater. Any insurance required to be maintained by Tenant may be taken out under a blanket insurance policy or policies covering other premises, property or insureds in addition to the Premises and Tenant, provided such blanket policy or policies otherwise comply with this Section 11.1. Tenant and its contractors' builder's risk insurance shall be written on a special form or an "all risk" policy form of coverage. Landlord, Landlord's Mortgagee (and such other Landlord Insured Parties designated by Landlord) shall be named as loss payees under all required builder's risk insurance. Tenant's insurance shall be primary and non-contributory when any policy issued to Landlord provides duplicate or similar coverage, and in such circumstance Landlord's policy will be excess over Tenant's policy. Tenant shall furnish to Landlord certificates of such insurance and such other evidence satisfactory to Landlord of the maintenance of all insurance coverages required hereunder at least ten days prior to the earlier of the Commencement Date or the date Tenant enters or occupies the Premises (in any event, within ten days of the effective date of coverage), and at least 15 days prior to each renewal of said insurance, and Tenant shall endeavor to ensure that each of its policies requires the insurance company to notify Landlord at least 30 days before cancellation or material change of such policy, or if that is not possible, Tenant shall so notify Landlord in writing at least 30 days before such cancellation or material change (and if Tenant is not successful, Tenant shall notify Landlord in writing of such cancellation or material change by the deadlines set forth above). All such insurance policies shall be in form reasonably satisfactory to Landlord and issued by companies with an A.M. Best rating of A+:VIII or better. However, no review or approval of any insurance certificate or policy by Landlord shall derogate from or diminish Landlord's rights or Tenant's obligations hereunder. If Tenant fails to comply with the foregoing insurance requirements or to deliver to Landlord the certificates or evidence of coverage required herein, Landlord, in addition to any other remedy available pursuant to this Lease or otherwise, may, but shall not be obligated to, obtain such insurance and Tenant shall pay to Landlord on demand the premium costs thereof, plus an administrative fee of 15% of such cost.

Bear Den Road <br> 14 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 **<u>Landlord's Insurance</u>**. Throughout the Term of this Lease, Landlord shall maintain, as a minimum, the following insurance policies: (a) property insurance for the Building's replacement value (excluding property required to be insured by Tenant), less a commercially-reasonable deductible if Landlord so chooses, and (b) commercial general liability insurance in an amount determined by Landlord. Landlord may, but is not obligated to, maintain such other insurance and additional limits and coverages as it may deem necessary. The cost of all insurance carried by Landlord with respect to the Premises, together with any deductible amounts payable thereunder, shall be included in Operating Costs. The foregoing insurance policies and any other insurance carried by Landlord shall be for the sole benefit of Landlord and under Landlord's sole control, and Tenant shall have no right or claim to any proceeds thereof or any other rights thereunder. Tenant acknowledges that Landlord shall not carry insurance on, and shall not be responsible for, damage to, protecting from further loss or damage to, or repairs to Tenant's personal property, which includes furniture, furnishings, trade fixtures or equipment, or any Improvements in the Premises, including any tenant finish work or any other Improvements, by whomsoever constructed. Any insurance required to be maintained by Landlord may be taken out under a blanket insurance policy or policies covering other buildings, property or insureds in addition to the Building and Landlord. In such event, the costs of any such blanket insurance policy or policies shall be reasonably allocated to the Premises and the other properties covered by such policy or policies as reasonably determined by Landlord and included as part of Operating Costs. Notwithstanding anything in this Lease to the contrary, Landlord's indemnity obligations under this Lease shall be limited to the extent any such claim is insured against under the terms of any insurance policy required to be maintained by Landlord under the terms of this Lease; provided that such limitation shall not apply if the act for which there is an indemnity obligation falls under the policy exclusions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 **<u>No Subrogation; Waiver of Property Claims</u>**. Notwithstanding anything to the contrary in this Lease, Landlord and Tenant each waives and releases any claim it might have against the other for any damage to or theft, destruction, or other Loss (defined below), to the extent the same is insured against (or permitted to be self-insured against) under any insurance policy of the types described in this Section 11 that covers the Premises, any trade fixtures, personal property or Improvements therein, or Landlord's or Tenant's business, or is required to be insured against under the terms hereof, **regardless of whether the negligence of the other party caused such Loss**; and such waiver shall also apply to any deductible payable under Tenant's property insurance policies, and any self-insurance and self-retention amounts maintained by Tenant. Additionally, Landlord and Tenant each waives and releases any claim it may have against the other for any Loss to the extent such Loss is caused by a terrorist act, whether certified by the U.S. Government or non-certified. Where not prohibited by Law, each party shall cause its insurance carrier to endorse all insurance policies required to be maintained by such party under this Lease except for Landlord's commercial general liability insurance (waiving the carrier's rights of recovery under subrogation or otherwise against the other party including, with respect to Landlord, the Landlord Insured Parties) to the extent such waiver is not already included in such party's policies. Notwithstanding any provision in this Lease to the contrary, Landlord, its agents, employees and contractors shall not be liable to any Tenant Party or to any party claiming by, through or under any Tenant Party for (and Tenant, on behalf of itself and each Tenant Party, hereby waives and releases Landlord and its servants, agents, contractors, employees and invitees from any claim or responsibility for) any injury or interruption to any Tenant Party's business or any loss of income under any circumstances, in each case whether caused by casualty, theft, fire, third parties or any other matter or cause, **regardless of whether the negligence of any party caused such Loss in whole or in part**. Landlord shall not be required to carry insurance on, and shall not be responsible for damage to, any property of any Tenant Party located in or about the Premises or any related complex. Notwithstanding anything to the contrary in this Lease, Landlord shall not be liable to any Tenant Party, and Tenant (on behalf of itself and every Tenant Party) hereby waives and releases all claims against Landlord and its representatives and agents, for any damages arising from any act, omission or neglect of any other tenant or occupant in the Premises or any related complex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 **<u>Indemnity</u>**. Subject to Section 11.3, to the fullest extent permitted by Law, Tenant shall defend, indemnify, and hold harmless Landlord and its representatives and agents from and against all claims, demands, liabilities, causes of action, suits, judgments, damages, and expenses (including reasonable attorneys' fees) arising from any injury to or death of any person or the damage to or theft, destruction, loss, or loss of use of, any property or inconvenience (a "**<u>Loss</u>**") occurring in or on the Premises or arising out of the installation, operation, maintenance, repair or removal of any property of any Tenant Party located in or about the Premises, including Tenant's Off-Premises Equipment. Subject to Section 11.3, to the fullest extent permitted by Law, Landlord shall defend, indemnify, and hold harmless Tenant and its representatives and agents from and against all claims, demands, liabilities, causes of action, suits, judgments, damages, and expenses (including reasonable attorneys' fees) arising from any Loss occurring in or on the Premises or arising out of the installation, operation, maintenance, repair or removal of any property of any Landlord Party located in or about the Premises, to the extent caused by the sole negligence or intentional misconduct of Landlord and its agents. The indemnities set forth in this Lease shall survive termination or expiration of this Lease and shall not terminate or be waived, diminished or affected in any manner by any abatement or apportionment of Rent under any provision of this Lease. If any proceeding is filed for which indemnity is required hereunder, the indemnifying party shall, upon request therefor, defend the indemnified party in such proceeding at its sole cost utilizing counsel reasonably satisfactory to the indemnified party.

Bear Den Road <br> 15 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Subordination; Attornment; Notice to Landlord's Mortgagee</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 **<u>Subordination</u>**. This Lease shall be subordinate to any Mortgage or Primary Lease that now or hereafter covers all or any part of the Premises. Any Landlord's Mortgagee may elect, at any time, unilaterally, to make this Lease superior to its Mortgage, Primary Lease, or other interest in the Premises by so notifying Tenant in writing. The provisions of this Section shall be self-operative and no further instrument of subordination shall be required; however, if requested by Landlord, in confirmation of such subordination, Tenant shall execute and return to Landlord (or such other party designated by Landlord) within 20 days after written request therefor such documentation, in recordable form if required, as a Landlord's Mortgagee may reasonably request to evidence the subordination of this Lease to such Landlord's Mortgagee's Mortgage or Primary Lease (including a subordination, non-disturbance and attornment agreement) or, if the Landlord's Mortgagee so elects, the subordination of such Landlord's Mortgagee's Mortgage or Primary Lease to this Lease; provided that any subordination of Tenant's rights hereunder to any future Landlord's Mortgagee shall be conditioned upon Tenant's rights under this Lease continuing and not being terminated or disturbed so long as Tenant is not in default of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 **<u>Attornment</u>**. Tenant shall attorn to any party succeeding to Landlord's interest in the Premises, whether by purchase, foreclosure, deed in lieu of foreclosure, power of sale, termination of lease, or otherwise, upon such party's request, and shall execute such agreements confirming such attornment as such party may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 **<u>Notice to Landlord's Mortgagee</u>**. Tenant shall not seek to enforce any remedy it may have for any default on the part of Landlord without first giving written notice by certified mail, return receipt requested, specifying the default in reasonable detail, to any Landlord's Mortgagee whose address has been given to Tenant, and affording such Landlord's Mortgagee a reasonable opportunity to perform Landlord's obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Rules and Regulations</u>**. Tenant shall comply with the rules and regulations of the Premises which are attached hereto as <u>Exhibit C</u>. Landlord may, from time to time, change such rules and regulations, provided that such changes will not unreasonably interfere with Tenant's use of the Premises. Tenant shall be responsible for the compliance or noncompliance with such rules and regulations by each Tenant Party. Notwithstanding anything to the contrary contained herein, in the event of any conflict between the rules and regulations attached hereto as <u>Exhibit C</u>, as amended by any subsequent changes or modifications thereto, and the terms and conditions of this Lease, the terms and conditions of this Lease shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Condemnation</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 **<u>Total Taking</u>**. If the entire Building or Premises are taken by right of eminent domain or conveyed in lieu thereof (a "**<u>Taking</u>**"), this Lease shall terminate as of the date of the Taking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 **<u>Partial Taking - Tenant's Rights</u>**. If any part of the Building becomes subject to a Taking and such Taking will prevent Tenant from conducting on a permanent basis its business in the Premises in a manner reasonably comparable to that conducted immediately before such Taking, then Tenant may terminate this Lease as of the date of such Taking by giving written notice to Landlord within 30 days after the Taking, and Basic Rent and Additional Rent shall be apportioned as of the date of such Taking. If Tenant does not terminate this Lease, then Basic Rent and Additional Rent shall be abated on a reasonable basis as to that portion of the Premises rendered untenantable by the Taking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 **<u>Partial Taking - Landlord's Rights</u>**. If any material portion, but less than all, of the Building or Premises becomes subject to a Taking, or if Landlord is required to pay any of the proceeds arising from a Taking to a Landlord's Mortgagee, then Landlord may terminate this Lease by delivering written notice thereof to Tenant within 30 days after such Taking, and Basic Rent and Additional Rent shall be apportioned as of the date of such Taking. If Landlord does not so terminate this Lease, then this Lease will continue, but if any portion of the Premises has been taken, Basic Rent and Additional Rent shall abate as provided in the last sentence of Section 14.2.

Bear Den Road <br> 16 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 **<u>Award</u>**. If any Taking occurs, then Landlord shall receive the entire award or other compensation for the Premises and other improvements taken; however, Tenant may separately pursue a claim (to the extent it will not reduce Landlord's award) against the condemnor for the value of Tenant's personal property taken which Tenant is entitled to remove under this Lease, moving costs and loss of business. In no event shall Tenant have any claim against Landlord or the condemning authority for the value of any unexpired portion of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 **<u>Restoration</u>**. In the event of any Taking of less than the whole of the Premises which does not result in a termination of this Lease, (a) Landlord, at its expense but only to the extent of the award actually received by Landlord pursuant to such Taking (after deducting any reasonable expenses incurred in connection with such Taking), shall proceed with reasonable diligence to repair, alter and restore the remaining parts of the affected Building and the Premises therein to the extent practicable, and (b) if requested by either party, Landlord and Tenant shall promptly execute an amendment to this Lease confirming the deletion from the Premises of the space subject to the Taking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 **<u>Condemnation Waiver</u>**. The provisions of this Section 14 shall constitute Tenant's sole and exclusive remedy in the event of any Taking, and Tenant waives and releases all rights and remedies in favor of Tenant in the event of a Taking. Except for any abatement or award expressly provided under this Section 14, no damages, compensation or claim shall be payable by Landlord for any inconvenience, any interruption or cessation of Tenant's business, or any annoyance, in any case arising from any Taking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Fire or Other Casualty</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 **<u>Repair Estimate</u>**. If the Premises are damaged by fire or other casualty (a "**<u>Casualty</u>**"), Tenant shall immediately give written notice thereof to Landlord, and Landlord shall, within 90 days after such Casualty (or, if later, after Landlord's receipt of Tenant's notice of such Casualty), deliver to Tenant a good faith estimate (the "**<u>Damage Notice</u>**") of the time needed to repair the damage caused by such Casualty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 **<u>Tenant's Rights</u>**. If the Premises are damaged by Casualty such that Tenant is prevented from conducting its business in the Premises in a manner reasonably comparable to that conducted immediately before such Casualty and Landlord estimates that the damage caused thereby for which Landlord is responsible to repair under this Lease pursuant to Section 15.4 below cannot be repaired within 15 months after the commencement of repairs (the "**<u>Repair Period</u>**"), then Tenant may terminate this Lease by delivering written notice to Landlord of its election to terminate within 30 days after the Damage Notice has been delivered to Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 **<u>Landlord's Rights</u>**. If a Casualty occurs and (a) Landlord estimates that the damage caused thereby for which Landlord is responsible to repair pursuant to Section 15.4 below cannot be repaired within the Repair Period, (b) the damage occurs during the last two years of the Term and Landlord estimates that either (1) the damage cannot be repaired within three months from the date of the Casualty, or (2) less than six months will remain in the Term following completion of such repairs, (c) regardless of the extent of damage, the damage is not fully covered by Landlord's insurance policies (including that the coverage afforded by such insurance policies is insufficient to pay a market rate construction management and/or development fee (reasonably determined by Landlord but not to exceed 5%) with respect to such repair work), or (d) Landlord is required to pay any insurance proceeds arising out of the Casualty to a Landlord's Mortgagee, then Landlord may terminate this Lease by giving written notice of its election to terminate within 30 days after the Damage Notice has been delivered to Tenant.

Bear Den Road <br> 17 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 **<u>Repair Obligation</u>**. If neither party elects to terminate this Lease following a Casualty, then Landlord shall, promptly following receipt of all insurance proceeds with respect to such Casualty and all necessary permits, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair or replace any Improvements within the Premises (which shall be promptly and with due diligence repaired and restored by Tenant at Tenant's sole cost and expense) or any furniture, furnishings, equipment, trade fixtures or personal property of Tenant or others in the Premises, all of which Tenant covenants to protect from further loss or damage, and Landlord's obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question or the proceeds that Landlord would have received had Landlord carried the insurance required to be maintained by Landlord under Section 11.2. If this Lease is terminated under the provisions of this Section 15, Landlord shall be entitled to the full proceeds of Tenant's insurance policies providing coverage for all Improvements in the Premises (and, if Tenant has failed to maintain insurance on such items as required by this Lease, Tenant shall pay Landlord an amount equal to the proceeds Landlord would have received had Tenant maintained insurance on such items as required by this Lease), in each case without any reduction for any applicable deductible (collectively, the "**<u>Insurance Proceeds</u>**"). If the Term expires or this Lease is otherwise terminated prior to completion of Tenant's restoration work pursuant to this Section, Tenant shall pay to Landlord all Insurance Proceeds, reduced only by the amount of actual restoration costs paid by Tenant with respect to such restoration work performed prior to such expiration or earlier termination, and such payment shall be a condition precedent to Tenant's vacating the Premises in the condition required by this Lease in accordance with Section 21.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 **<u>Abatement of Rent</u>**. If the Premises are damaged by Casualty, Basic Rent and Additional Rent for the portion of the Premises rendered untenantable by the damage shall be abated on a reasonable basis from the date of damage until the earlier of (a) completion of Landlord's repairs, (b) the date upon which completion of Landlord's repairs would have occurred but for delays caused by any Tenant Party, or (c) the date of termination of this Lease by Landlord or Tenant as provided above, as the case may be, unless a Tenant Party caused such damage, in which case, Basic Rent and Additional Rent shall be abated only to the extent Landlord is compensated for such Rent by loss of rents insurance proceeds, if any; however, in no event will payment of any insurance deductible be abated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 **<u>Casualty Waiver</u>**. The provisions of this Section 15 shall constitute Tenant's sole and exclusive remedy in the event of damage or destruction to the Premises, and Tenant waives and releases all rights and remedies in favor of Tenant in the event of damage or destruction. Except for any abatement expressly provided under this Section 15, no damages, compensation or claim shall be payable by Landlord for any inconvenience, any interruption or cessation of Tenant's business, or any annoyance, in any case arising from any damage or destruction of all or any portion of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **<u>Personal Property Taxes</u>**. Tenant shall be liable for, and shall pay prior to delinquency, all taxes levied or assessed against personal property, furniture, trade fixtures, and Improvements placed by any Tenant Party in the Premises or in or on the Building. If any taxes for which Tenant is liable are levied or assessed against Landlord or Landlord's property and Landlord elects to pay the same, or if the assessed value of Landlord's property is increased by inclusion of such personal property, furniture, trade fixtures, and Improvements and Landlord elects to pay the taxes based on such increase, then Tenant shall pay to Landlord, within 30 days following written request therefor, the part of such taxes for which Tenant is primarily liable hereunder; however, Landlord shall not pay such amount if Tenant notifies Landlord that it will contest the validity or amount of such taxes before Landlord makes such payment, and thereafter diligently proceeds with such contest in accordance with Law and if the non-payment thereof does not pose a threat of loss or seizure of the Premises or interest of Landlord therein or impose any fee or penalty against Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **<u>Events of Default</u>**. Each of the following occurrences shall be an "**<u>Event of Default</u>**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 **<u>Payment Default</u>**. Tenant's failure to pay Rent within five business days after Landlord has delivered written notice to Tenant that the same is due; however, an Event of Default shall occur hereunder without any obligation of Landlord to give any notice if Tenant fails to pay Rent when due and, during the 12 month interval preceding such failure, Landlord has given Tenant written notice of failure to pay Rent on one or more occasions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 **<u>Prohibited Payments</u>**. Tenant or any guarantor of Tenant's obligations under this Lease becomes an entity from which Landlord is legally prohibited from accepting Rent payments or otherwise transacting business;

Bear Den Road <br> 18 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 **<u>Failure to Take Possession; Abandonment</u>**. Tenant (a) fails to take possession of the Premises when tendered by Landlord; or (b) vacates the Premises or any substantial portion thereof for more than 30 days, or removes a substantial portion of its furniture, equipment or files from the Premises, in either case unless (1) Tenant has notified Landlord in writing at least ten business days in advance that it intends to vacate the Premises or any substantial portion thereof; (2) no Event of Default then exists and no event, circumstance or condition has occurred or exists which, with the passage of time or giving of notice, would constitute an Event of Default; and (3) Tenant fulfills all of its obligations under Section 21 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 **<u>Estoppel; Subordination; Financial Reports</u>**. Tenant fails to provide any estoppel certificate, documentation regarding the subordination of this Lease or financial reports after Landlord's written request therefor pursuant to Section 25.5, Section 12.1, and Section 25.19 respectively, and such failure shall continue for five days after Landlord's second written notice thereof to Tenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 **<u>Construction-Related Documentation</u>**. Any Tenant Party commences any Improvements to the Premises or the Building without following the requirements in this Lease (including those requirements in Section 8 or <u>Exhibit D</u> hereto, respectively) and such failure continues for a period of more than 15 days after Landlord has delivered to Tenant written notice thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 **<u>Insurance</u>**. Tenant fails to procure and maintain the insurance policies and coverages required under this Lease or Tenant fails to deliver to Landlord (within five business days after Landlord's demand therefor) evidence of such insurance policies and coverages as required under this Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7 **<u>Mechanic's Liens</u>**. Tenant fails to pay and release of record, or diligently contest and bond around, any mechanic's or construction lien filed against the Premises for any work performed, materials furnished, or obligation incurred by or at the request of a Tenant Party, within the time and in the manner required by Section 8.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8 **<u>Unpermitted Transfer</u>**. Tenant shall Transfer this Lease or Tenant's interest therein except as expressly permitted in this Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.9 **<u>Other Defaults</u>**. Tenant's failure to perform, comply with, or observe any agreement or obligation of Tenant under this Lease other than provided in this Section 17 and the continuance of such failure for a period of more than 30 days after Landlord has delivered to Tenant written notice thereof; however, if such failure cannot be cured within such 30-day period, and Tenant commences to cure such failure within such 30-day period and thereafter diligently pursues such cure to completion, then such failure shall not be an Event of Default unless it is not fully cured by the earliest of (a) 60 additional days after the expiration of the initial 30-day period, (b) the date that is five business days prior to Landlord being in default of any agreement between Landlord and any third party as a result of Tenant's failure under this Lease, or (c) the expiration of the Term; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.10 **<u>Insolvency</u>**. The filing of a petition by or against Tenant (the term "Tenant" shall include, for the purpose of this Section 17.10, any guarantor of Tenant's obligations hereunder) (a) in any bankruptcy or other insolvency proceeding; (b) seeking any relief under any state or federal debtor relief law; (c) for the appointment of a liquidator or receiver for all or substantially all of Tenant's property or for Tenant's interest in this Lease; (d) for the reorganization or modification of Tenant's capital structure; or (e) in any assignment for the benefit of creditors proceeding; however, if such a petition is filed against Tenant, then such filing shall not be an Event of Default unless Tenant fails to have the proceedings initiated by such petition dismissed within 90 days after the filing thereof.

Any notices to be provided by Landlord under this Section 17 shall be in lieu of, and not in addition to, any notices required under applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **<u>Remedies</u>**. Upon any Event of Default, Landlord may, in addition to all other rights and remedies afforded Landlord hereunder or by law or equity, take any one or more of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 **<u>Termination of Lease</u>**. Terminate this Lease by giving Tenant written notice thereof, in which event Tenant shall pay to Landlord the sum of (a) all Rent accrued hereunder through the date of termination, (b) all amounts due under Section 19.1, and (c) an amount equal to (but in no event less than zero) (1) the total Rent that Tenant would have been required to pay for the remainder of the Term discounted to present value using the Discount Rate, minus (2) the then present fair rental value of the Premises for such period, similarly discounted;

Bear Den Road <br> 19 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 **<u>Termination of Possession</u>**. Terminate Tenant's right to possess the Premises without terminating this Lease by giving written notice thereof to Tenant, in which event Tenant shall pay to Landlord (a) all Rent and other amounts accrued hereunder to the date of termination of possession, (b) all amounts due from time to time under Section 19.1, and (c) all Rent and other net sums required hereunder to be paid by Tenant during the remainder of the Term, diminished by any net sums thereafter received by Landlord through reletting the Premises during such period, after deducting all costs incurred by Landlord in reletting the Premises. If Landlord elects to terminate Tenant's right to possession without terminating this Lease, and to retake possession of the Premises (and Landlord shall have no duty to make such election), Landlord shall use reasonable efforts to relet the Premises as further described in Section 19.4 below. Landlord shall not be liable for, nor shall Tenant's obligations hereunder be diminished because of, Landlord's failure to relet the Premises or to collect rent due for such reletting. Tenant shall not be entitled to the excess of any consideration obtained by reletting over the Rent due hereunder. Re-entry by Landlord in the Premises shall not affect Tenant's obligations hereunder for the unexpired Term; rather, Landlord may, from time to time, bring an action against Tenant to collect amounts due by Tenant, without the necessity of Landlord's waiting until the expiration of the Term. Unless Landlord delivers written notice to Tenant expressly stating that it has elected to terminate this Lease, all actions taken by Landlord to dispossess or exclude Tenant from the Premises shall be deemed to be taken under this Section 18.2. If Landlord elects to proceed under this Section 18.2, it may at any time elect to terminate this Lease under Section 18.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 **<u>Perform Acts on Behalf of Tenant</u>**. Perform any act Tenant is obligated to perform under the terms of this Lease (and enter upon the Premises in connection therewith if necessary) in Tenant's name and on Tenant's behalf, without being liable for any claim for damages therefor. In addition, if Landlord is performing any improvements on behalf of any Tenant Party, Landlord may cease performing such improvements and, at Landlord's election, terminate all contracts related thereto. Tenant shall reimburse Landlord on demand for any expenses which Landlord may incur in thus effecting compliance with Tenant's obligations under this Lease or ceasing the performance of such improvements (including collection costs and legal expenses), plus interest thereon at the Default Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4 **<u>Suspension of Services</u>**. Suspend any services required to be provided by Landlord hereunder without being liable for any claim for damages therefor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 **<u>Alteration of Locks</u>**. Additionally, with or without notice, Landlord may alter locks or other security devices at the Premises to deprive Tenant of access thereto, and Landlord shall not be required to provide a new key or right of access to Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **<u>Payment by Tenant; Non-Waiver; Cumulative Remedies; Mitigation of Damage</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 **<u>Payment by Tenant</u>**. Upon any Event of Default, Tenant shall pay to Landlord all amounts, costs and expenses incurred by Landlord (including court costs and reasonable attorneys' fees and expenses) in (a) obtaining possession of the Premises, (b) removing, storing and disposing of Tenant's or any other occupant's property, (c) repairing, restoring, altering, remodeling, or otherwise putting the Premises into the condition required by market conditions then prevailing so as to be reasonably acceptable to a new tenant, as determined in Landlord's sole discretion, (d) if Tenant is dispossessed of the Premises and this Lease is not terminated, reletting all or any part of the Premises (including brokerage commissions, cost of tenant finish work, and other costs incidental to such reletting), (e) performing Tenant's obligations under this Lease which Tenant failed to perform, (f) enforcing, or advising Landlord of, its rights, remedies, and recourses arising out of the default, and (g) securing this Lease, including all commissions, allowances, reasonable attorneys' fees, and if this Lease or any amendment hereto contains any abated Rent granted by Landlord as an inducement or concession to secure this Lease or amendment hereto, the full amount of all Rent so abated (and such abated amounts shall be payable immediately by Tenant to Landlord, without any obligation by Landlord to provide written notice thereof to Tenant, and Tenant's right to any abated rent accruing following such Event of Default shall immediately terminate). In addition, if any Event of Default occurs prior to the commencement of vertical construction of the Premises, Tenant shall pay, reimburse and indemnify Landlord for all costs, fees and expenses incurred by Landlord in connection with the Preliminary Work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 **<u>No Waiver</u>**. Landlord's acceptance of Rent following an Event of Default shall not waive Landlord's rights regarding such Event of Default or be deemed an acceptance of a cure. No waiver by Landlord of any violation or breach of any of the terms contained herein shall waive Landlord's rights regarding any future violation of such term. Landlord's acceptance of any partial payment of Rent shall not waive Landlord's rights with regard to the remaining portion of the Rent that is due, regardless of any endorsement or other statement on any instrument delivered in payment of Rent or any writing delivered in connection therewith; accordingly, Landlord's acceptance of a partial payment of Rent shall not constitute an accord and satisfaction of the full amount of the Rent that is due. If an Event of Default by Tenant occurs, Landlord may elect, in Landlord's sole and absolute discretion, to accept or decline any attempts by Tenant to cure such default and no acceptance shall be valid unless it is in writing and signed by Landlord.

Bear Den Road <br> 20 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 **<u>Cumulative Remedies</u>**. Any and all of Landlord's remedies set forth in this Lease: (a) shall be in addition to any and all other remedies Landlord may have at law or in equity, (b) shall be cumulative, and (c) may be pursued successively or concurrently as Landlord may elect. The exercise of any remedy by Landlord shall not be deemed an election of remedies or preclude Landlord from exercising any other remedies in the future. Additionally, Tenant shall defend, indemnify and hold harmless Landlord, Landlord's Mortgagee and their respective representatives and agents from and against all claims, demands, liabilities, causes of action, suits, judgments, damages and expenses (including reasonable attorneys' fees) arising from Tenant's failure to perform its obligations under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 **<u>Mitigation of Damage</u>**. Any duty imposed by Law on Landlord to mitigate damages after a default by Tenant under this Lease shall be satisfied in full if Landlord uses reasonable efforts to lease the Premises to another tenant (a "**<u>Substitute Tenant</u>**") by hiring a real estate broker or agent and listing the Premises for lease on an online website selected by Landlord. Furthermore, (a) Landlord shall have no obligation to solicit or entertain negotiations with any Substitute Tenant for the Premises until 60 days following the date upon which Landlord obtains full and complete possession of the Premises, including the relinquishment by Tenant of any claim to possession of the Premises by written notice from Tenant to Landlord; (b) Landlord shall not be obligated to lease or show the Premises on a priority basis or offer the Premises to any prospective tenant when other space in the Premises or any related complex is or soon will be available; (c) Landlord shall not be obligated to lease the Premises to a Substitute Tenant for less than the current fair market value of the Premises, as determined by Landlord in its sole discretion, nor will Landlord be obligated to enter into a new lease for the Premises under other terms and conditions that are unacceptable to Landlord under Landlord's then-current leasing policies; (d) Landlord shall not be obligated to enter into a lease with a Substitute Tenant: (1) whose use would violate any restriction, covenant or requirement contained in the lease of another tenant in any related complex; (2) whose use would adversely affect the reputation of the Premises or any related complex; (3) whose use would require any addition to or modification of the Premises or any related complex in order to comply with applicable Law, including building codes; (4) who does not have, in Landlord's sole opinion, the creditworthiness to be an acceptable tenant; (5) that is a governmental entity, or quasi-governmental entity, or subdivision or agency thereof, or any other entity entitled to the defense of sovereign immunity, or is otherwise prohibited by Section 9 of this Lease; (6) that does not meet Landlord's reasonable standards for tenants of the Premises or any related complex or is otherwise incompatible with the character of the occupancy of the Premises, as reasonably determined by Landlord; (7) whose use does not comply with the Permitted Use; or (8) whose use or occupancy would result in an increase in the insurance premiums for the Premises; and (e) Landlord shall not be required to expend any amount of money to alter, remodel or otherwise make the Premises suitable for use by a Substitute Tenant unless: (1) Tenant pays any such amount to Landlord prior to Landlord's execution of a lease with such Substitute Tenant (which payment shall not relieve Tenant of any amount it owes Landlord as a result of Tenant's default under this Lease); or (2) Landlord, in Landlord's sole discretion, determines any such expenditure is financially prudent in connection with entering into a lease with the Substitute Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 **<u>Waiver of Landlord's Lien</u>**. Landlord waives all contractual, statutory and constitutional liens held by Landlord on Tenant's personal property, goods, equipment, inventory, furnishings, chattels, accounts and assets ("**<u>Tenant's Property</u>**") to secure the obligations of Tenant under this Lease until such time as Landlord may obtain an enforceable judgment against Tenant from a court with jurisdiction of Tenant or Tenant's Property, at which time Landlord shall have such lien rights at law and in equity to enforce and collect such judgment and Tenant's obligations under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **<u>Landlord's Default</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 **<u>General Provisions</u>**. Landlord shall be in default under this Lease if Landlord fails to perform any of its obligations hereunder and such failure continues for 30 days after Tenant delivers to Landlord written notice specifying such failure; however, if such failure cannot reasonably be cured within such 30-day period, but Landlord commences to cure such failure within such 30-day period and thereafter diligently pursues the curing thereof to completion, then Landlord shall not be in default hereunder or liable for damages therefor. Except where the provisions of this Lease grant Tenant an express, exclusive remedy, or expressly deny Tenant a remedy, Tenant's exclusive remedy for Landlord's failure to perform its obligations under this Lease shall be limited to damages, injunctive relief, or specific performance; in each case, Landlord's liability or obligations with respect to any such remedy shall be limited as provided in Section 25.2. Tenant shall use commercially reasonable efforts to mitigate any damages resulting from a default by Landlord under this Lease.

Bear Den Road <br> 21 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 **<u>Tenant's Right of Self-Help</u>**. If Landlord is in default of this Lease as provided in Section 20.1 above after the notice and cure period described therein (as extended by any delays caused by a Tenant Party) and Landlord does not dispute in good faith that Landlord is obligated pursuant to the terms of this Lease to perform the obligation in question, Tenant shall have the right to cure such default as more particularly described below after giving an additional written notice in bold, upper case letters (in 16 point font or larger) the phrase "**FINAL REQUEST – TENANT WILL BE ENTITLED TO SELF HELP REMEDY UNDER THE LEASE**" (the "**<u>Second Notice</u>**") to Landlord. If such default remains uncured for an additional ten business days after Landlord's receipt of the Second Notice (as extended by any delays caused by a Tenant Party), and such failure by Landlord materially and adversely affects Tenant's use or occupancy of the Premises, then, provided no Event of Default by Tenant then exists, Tenant may perform such obligation so long as such work (a) is performed in good and workmanlike manner and compliance with all Laws and this Lease, (b) is performed with new materials, and (c) is performed in a manner so that no warranty is shortened, voided or otherwise diminished. Thereafter, provided such costs would not otherwise be payable by Tenant pursuant to this Lease, Landlord shall reimburse Tenant for the commercially reasonable out-of-pocket costs actually incurred by Tenant to cure such default within 30 days following receipt by Landlord of a written invoice from Tenant, with the paid invoices therefor, and final, unconditional lien waivers in recordable form therefor. Notwithstanding anything to the contrary contained herein, if the obligation to be performed by Tenant will affect the Building's Structure (including the roof) or the Building's Systems, Tenant shall use only those contractors used by Landlord in the Premises for work on such structure or system, as applicable. For all other work, Tenant shall use those contractors used by Landlord in the Premises for same type of work unless such contractor is unwilling to perform such work after reasonable, good-faith requests by Tenant, in which event Tenant may use different contractors, subject to Landlord's reasonable approval. Landlord agrees to approve or reject any contractor proposed to be used by Tenant within two business days of receipt of written notice from Tenant requesting Landlord's consent (which notice, if sent separately from the Second Notice, must be in the form satisfying the requirements of the Second Notice as described above); provided that if a proposed contractor is duly licensed, bonded, satisfies Landlord's vendor insurance requirements, performs similar work in comparable buildings and Landlord does not respond to Tenant's notice within such two-business-day period, Landlord shall be deemed to have approved Tenant's proposed contractor. Notwithstanding anything in this Section 20.2 to the contrary, this Section shall not apply to Landlord's performance of the Base Building Work or any default or failure caused by a Taking or a Casualty (all of which shall be governed by the applicable respective provisions of this Lease).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3 **<u>Tenant's Offset Right</u>**. If Landlord fails to pay the amounts owed by Landlord to Tenant as provided in Section 20.2 above within such 30-day period, Tenant may offset such costs that are not in good faith disputed by Landlord against Tenant's next accruing installments of Basic Rent until Tenant has been reimbursed for such costs; provided, however, that the amount offset against Basic Rent in any single month shall not exceed 10% of the Basic Rent payable for such month. The rights set forth in this Section 20.3 shall be Tenant's sole and exclusive remedy for Landlord's failure to timely pay amounts owed by Landlord to Tenant as provided in Section 20.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **<u>Surrender of Premises</u>**. No act by Landlord shall be deemed an acceptance of a surrender of the Premises, and no agreement to accept a surrender of the Premises shall be valid unless it is in writing and signed by Landlord. At the expiration or termination of this Lease or Tenant's right to possess the Premises, Tenant shall (a) deliver to Landlord the Premises broom-clean with all Improvements located therein in good repair and condition (except for reasonable wear and tear, condemnation and Casualty damage not caused by a Tenant Party, as to which Sections 14 and 15 shall control), free of any liens or encumbrances and free of Hazardous Materials placed on the Premises during the Term; (b) deliver to Landlord all keys to the Premises and all access cards to the Premises (and shall reimburse Landlord for the then-current replacement cost charged by Landlord for all such keys and access cards that are not returned); (c) remove all unattached trade fixtures, furniture (including demountable walls), and personal property placed in the Premises or elsewhere in the related complex by a Tenant Party and unattached equipment located in the Premises (but Tenant may not remove any such item which was paid for, in whole or in part, by Landlord unless Landlord requires such removal); (d) abandon and leave in place, without additional payment to Tenant or credit against Rent, any and all cabling (including conduit), and Tenant covenants that such cabling shall be left in a neat and safe condition in accordance with the requirements of all applicable Laws, including the National Electric Code or any successor statute, and shall be terminated at both ends of a connector, properly labeled at each end and in each electrical closet and junction box); and (e) remove such Improvements and Tenant's Off-Premises Equipment as Landlord may require and restore the areas surrounding such Improvements and Tenant's Off-Premises Equipment to their conditions existing immediately prior to the installation of such Improvements and Tenant's Off-Premises Equipment; however, Tenant shall not be required to remove any Improvements to the Premises installed by Landlord unless Landlord has specifically required in writing at the time of Landlord's installation of same that the Improvements in question need not be removed. For clarity, Tenant's repair, maintenance and replacement obligations are independent of Tenant's surrender obligations. Tenant shall repair all damage caused by the removal of the items described above. If Tenant fails to remove any property, including any of the property described above, Landlord may, at Landlord's option, (1) deem such items to have been abandoned by Tenant, the title thereof shall immediately pass to Landlord at no cost to Landlord, and such items may be appropriated, sold, stored, destroyed, or otherwise disposed of by Landlord without notice to Tenant and without any obligation to account for such items; any such disposition shall not be considered a strict foreclosure or other exercise of Landlord's rights in respect of the security interest granted hereunder or otherwise, (2) remove such items, perform any work required to be performed by Tenant hereunder, and repair all damage caused by such work, and Tenant shall reimburse Landlord on demand for any expenses which Landlord may incur in effecting compliance with Tenant's obligations hereunder (including collection costs and attorneys' fees), plus interest thereon at the Default Rate, or (3) elect any of the actions described in clauses (1) and (2) above as Landlord may elect in its sole discretion. The provisions of this Section 21 shall survive the end of the Term.

Bear Den Road <br> 22 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **<u>Holding Over</u>**. If Tenant fails to vacate the Premises in the condition required by this Lease at the end of the Term, then Tenant shall be a tenant at sufferance and, in addition to all other damages and remedies to which Landlord may be entitled for such holding over, (a) Tenant shall pay, in addition to the other Rent, Basic Rent equal to 150% of the Basic Rent payable during the last month of the Term for the first 60 days of such holdover, 200% thereafter, and (b) Tenant shall otherwise continue to be subject to all of Tenant's obligations under this Lease. The provisions of this Section 22 shall not be deemed to limit or constitute a waiver of any other rights or remedies of Landlord provided herein or at law. If Tenant fails to surrender the Premises upon the termination or expiration of this Lease, such failure shall be an immediate and incurable Event of Default (without any required notice), and, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord harmless from all loss, costs (including removal and storage costs, and reasonable attorneys' fees) and liability resulting from such failure, including any claims made by any succeeding tenant founded upon such failure to surrender, and any lost profits or other consequential damages to Landlord resulting therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. **<u>Certain Rights Reserved by Landlord</u>**. Landlord shall have the following rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 **<u>Building Operations</u>**. To make inspections, tests and repairs, whether structural or otherwise, in and about the Premises, or any part thereof; to monitor utility consumption and usage at the Premises (to the extent required by Law); to enter upon the Premises (after giving Tenant reasonable notice thereof, which may be verbal notice, except in cases of real or apparent emergency, in which case no notice shall be required) to exercise Landlord's rights or to perform Landlord's obligations under this Lease and, during the continuance of any such work, to temporarily close doors, entryways, public space, and corridors in the Building; and to interrupt or temporarily suspend Building services and facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 **<u>Security</u>**. To take such reasonable measures as Landlord deems advisable for the security of the Building and its occupants; evacuating the Building for cause, suspected cause, or for drill purposes; or temporarily denying access to the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 **<u>Prospective Purchasers and Lenders</u>**. Upon reasonable prior notice (which notice may be verbal) to Tenant, to enter the Premises at all reasonable hours to show the Premises to prospective purchasers or lenders (provided no Event of Default exists and Tenant is then occupying the Premises, Tenant shall have the opportunity to provide a representative of Tenant to accompany such entry); however, if no such Tenant employee or agent is made available by Tenant, Landlord may enter the Premises as provided above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.4 **<u>Prospective Tenants</u>**. At any time during the last 12 months of the Term (or earlier if Tenant has notified Landlord in writing that it does not desire to extend the Term) upon reasonable prior notice (which notice may be verbal) to Tenant, or at any time following the occurrence of an Event of Default, to enter the Premises at all reasonable hours to show the Premises to prospective tenants (provided no Event of Default exists and Tenant is then occupying the Premises, Tenant shall have the opportunity to provide a representative of Tenant to accompany such entry); however, if no such Tenant employee or agent is made available by Tenant, Landlord may enter the Premises as provided above.

In exercising the foregoing rights in this Section 23, Landlord shall use commercially reasonable efforts to minimize any interference with Tenant's occupancy of the Premises; however, nothing in this Section shall diminish or impair Landlord's exercise of remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. **<u>Substitution Space</u>**. [Intentionally Deleted].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. **<u>Miscellaneous</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1 **<u>Landlord Transfer</u>**. Landlord may transfer any portion of the Premises and any of its rights under this Lease (including, for avoidance of doubt, to any entity providing equity financing pursuant to Section 26.2.2(a)). If Landlord assigns its rights under this Lease, then Landlord shall thereby be released from any further obligations hereunder arising after the date of transfer, provided that the assignee assumes in writing (or by operation of Law) Landlord's obligations hereunder arising from and after the transfer date.

Bear Den Road <br> 23 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2 **<u>Limitation of Liability</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.1 **<u>Landlord's Liability</u>**. The liability of Landlord (and its successors, partners, shareholders or members) to Tenant (or any person or entity claiming by, through or under Tenant) for any default by Landlord under the terms of this Lease or any matter relating to or arising out of the occupancy or use of the Premises or other areas of the Building or the Premises shall be limited to Tenant's actual direct, but not consequential, punitive, special or indirect, damages therefor and shall be recoverable only from the amount which is equal to the equity interest of Landlord in the Building. Further, Landlord (and its successors, partners, shareholders or members) shall not be personally liable for any deficiency, and in no event shall any liability hereunder extend to any sales or insurance proceeds received by Landlord (or its successors, partners, shareholders or members) in connection with the Building or the Premises. Additionally, Tenant hereby waives and releases all lien rights on the Premises and Landlord's property and all termination rights provided under law or equity; however nothing in the preceding clause shall diminish Tenant's termination rights expressly set forth in this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.2 **<u>Tenant's Liability</u>**. The liability of Tenant to Landlord for any monetary damages arising from any default by Tenant under the terms of this Lease shall be limited to Landlord's actual direct, but not consequential, damages therefor; provided that, notwithstanding the foregoing, such limitation shall not apply to any holding over in the Premises following the expiration of the Term, the Release of Hazardous Materials by a Tenant Party, or a violation of Tenant's representations, covenants or indemnity obligations under Section 25.22, all of which Landlord may recover consequential damages from Tenant. Nothing in this Section 25.2.2 shall affect or limit Landlord's rights to file legal actions to recover possession of the Premises, or for injunctive relief against Tenant, or any other non-monetary relief as provided in Sections 18 or 19 of this Lease, or Landlord's rights to prosecute any suit or action in connection with enforcement of rights hereunder or arising herefrom or collection of amounts that may become owing or payable under or on account of insurance maintained by Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.3 **<u>Survival</u>**. The provisions of this Section 25.2 shall survive the expiration or earlier termination of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3 **<u>Force Majeure</u>**. Whenever a period of time is prescribed for action to be taken by either party hereto, such party shall not be liable or responsible for, and there shall be excluded from the computation of any such period of time, any delays whatsoever which are beyond the control of such party, whether any such delays are foreseeable as of the Lease Date or not or are otherwise contemplated by the parties herein, including those due to strikes, riots, acts of God, weather, shortages of labor or materials, subsurface, environmental or otherwise concealed physical conditions, fire, landslide, explosions, sabotage, revolution, injunction, tariffs, or other delays incurred by either party in construction or re-construction of the Premises not caused by such party, war, terrorist acts or activities, Laws, pandemic, epidemic, disease, public health emergency (including delays arising out of the spread of a viral illness), delays in the responsiveness of, or the unavailability of, governmental authorities to grant applications or signoffs or to perform inspections, the unavailability of contractors or laborers or disruption of supply chains as a result of any of the foregoing items in this Section, or any other causes of any kind (each such event sometimes referred to as "**<u>Force Majeure</u>**"). However, the foregoing provisions shall not apply to Landlord's or Tenant's obligations under this Lease that can be performed by the payment of money (e.g., payment of Rent and maintenance of insurance), Tenant's obligation to vacate and surrender the Premises upon the expiration or earlier termination of the Term, and any deadline to request payment of any allowances or application of rent credits. Except where the provisions of this Lease (or any amendment to this Lease) grant an express right or remedy to Landlord or Tenant, the provisions of this Section shall constitute the parties' sole and exclusive remedy in the event of any delays caused by any of the reasons described above in this Section 25.3, and Landlord and Tenant waive and release all rights and remedies (whether statutory, common law, in equity or otherwise) in the event of such delays, including rights and remedies for frustration of purpose or impossibility or impracticability of performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.4 **<u>Brokerage</u>**. Neither Landlord nor Tenant has dealt with any broker or agent in connection with the negotiation or execution of this Lease, other than Cresa LLC, whose commission shall be paid pursuant to a separate written agreement as described in Section 6. Tenant and Landlord shall each indemnify the other against all costs, expenses, attorneys' fees, liens and other liability for commissions or other compensation claimed by any other broker or agent claiming the same by, through or under the indemnifying party.

Bear Den Road <br> 24 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.5 **<u>Estoppel Certificates</u>**. From time to time, Tenant shall furnish to any party designated by Landlord, within ten business days after Landlord has made a request therefor, a certificate signed by Tenant confirming and containing such factual certifications and representations as to this Lease as Landlord may reasonably request. Tenant may not make any assertions on an estoppel certificate inconsistent with the terms of this Lease. Unless otherwise required by Landlord's Mortgagee or a prospective purchaser or mortgagee of the Premises, the initial form of estoppel certificate to be signed by Tenant is attached hereto as <u>Exhibit F</u>; provided, however, the factual statements contained therein may be amended or modified to the extent any of the certifications or representations contained therein are not true as of the date Tenant executes the same. If Tenant does not deliver to Landlord the certificate signed by Tenant within such required time period, Landlord, Landlord's Mortgagee and any prospective purchaser or mortgagee, may conclusively presume and rely upon the following facts: (a) this Lease is in full force and effect; (b) the terms and provisions of this Lease have not been changed except as otherwise represented by Landlord; (c) not more than one monthly installment of Basic Rent and other charges have been paid in advance; (d) there are no claims against Landlord nor any defenses or rights of offset against collection of Rent or other charges; and (e) Landlord is not in default under this Lease. In such event, Tenant shall be estopped from denying the truth of the presumed facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.6 **<u>Notices</u>**. All notices and other communications given pursuant to this Lease shall be in writing and shall be (a) mailed by first class, United States Mail, postage prepaid, certified, with return receipt requested, and addressed to the parties hereto at the address specified in the Basic Lease Information, (b) hand-delivered to the intended addressee, or (c) sent by a nationally recognized overnight courier service. All notices shall be effective upon delivery to the address of the addressee (even if such addressee refuses delivery thereof). The parties hereto may change their addresses by giving notice thereof to the other in conformity with this provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.7 **<u>Separability</u>**. If any clause or provision of this Lease is illegal, invalid, or unenforceable under present or future Laws, then the remainder of this Lease shall not be affected thereby and in lieu of such clause or provision, there shall be added as a part of this Lease a clause or provision as similar in terms to such illegal, invalid, or unenforceable clause or provision as may be possible and be legal, valid, and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.8 **<u>Amendments; Binding Effect; No Electronic Records</u>**. This Lease may not be amended except by instrument in writing signed by Landlord and Tenant. No provision of this Lease shall be deemed to have been waived by Landlord or Tenant unless such waiver is in writing signed by the waiving party, and no custom or practice which may evolve between the parties in the administration of the terms hereof shall waive or diminish the right of either party to insist upon the performance by the other party in strict accordance with the terms hereof. Landlord and Tenant shall not conduct the transactions or communications contemplated by this Lease by electronic means, except by electronic signatures as specifically set forth in Section 25.9, and neither the use of the phrase "in writing", nor the word "written", shall be construed to include electronic communications except by electronic signatures as specifically set forth in Section 25.9; provided, however, the foregoing shall not be deemed to prevent Landlord and Tenant from communicating by electronic mail, but in no event shall such communication be deemed to modify or amend this Lease or otherwise be binding in any way upon either party hereto. The terms and conditions contained in this Lease shall inure to the benefit of and be binding upon the parties hereto, and upon their respective successors in interest and legal representatives, except as otherwise herein expressly provided. This Lease is for the sole benefit of Landlord and Tenant, and, other than Landlord's Mortgagee, no third party shall be deemed a third party beneficiary hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.9 **<u>Counterparts; Electronic Signatures</u>**. This Lease (and amendments to this Lease) may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of such counterparts shall constitute one document. To facilitate execution of this Lease, the parties may execute and exchange, by electronic mail PDF, counterparts of the signature pages. Signature pages may be detached from the counterparts and attached to a single copy of this Lease to physically form one document. This Lease may be signed or transmitted by e-mail of a .pdf document or using electronic signature technology (e.g., via DocuSign or similar electronic signature technology), and that such signed electronic record shall be valid and as effective to bind the party so signing as a paper copy bearing such party's handwritten signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.10 **<u>Quiet Enjoyment</u>**. So long as no Event of Default then exists, Tenant shall peaceably and quietly hold and enjoy the Premises for the Term, without hindrance from Landlord or any party claiming by, through or under Landlord, but not otherwise, subject to the terms and conditions of this Lease and all matters of record as of the Lease Date which are applicable to the Premises.

Bear Den Road <br> 25 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.11 **<u>No Merger</u>**. There shall be no merger of the leasehold estate hereby created with the fee estate in the Premises or any part thereof if the same person acquires or holds, directly or indirectly, this Lease or any interest in this Lease and the fee estate in the leasehold Premises or any interest in such fee estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.12 **<u>Submission</u>**. The submission of this Lease by Landlord to Tenant for examination or execution shall not be construed as an offer and shall not in any manner bind Landlord, and Tenant shall not have any rights under this Lease, and no obligations on Landlord shall arise under this Lease, unless and until Landlord executes a copy of this Lease and delivers it to Tenant; provided, however, the execution and delivery by Tenant of this Lease to Landlord shall constitute an irrevocable offer by Tenant of the terms and conditions herein contained, which offer may not be revoked for 30 days after such delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.13 **<u>Entire Agreement; Arm's-Length Negotiation; No Reliance</u>**. This Lease constitutes the entire agreement between Landlord and Tenant regarding the subject matter hereof and supersedes all verbal statements and prior writings relating thereto. Except for those set forth in this Lease, no representations, warranties, or agreements have been made by Landlord or Tenant to the other with respect to this Lease or the obligations of Landlord or Tenant in connection therewith. Except as otherwise provided herein, no subsequent alteration, amendment, change or addition to this Lease shall be binding unless in writing and signed by Landlord and Tenant. Each of Landlord and Tenant has had the opportunity to retain legal counsel to review, revise, and negotiate this Lease on its individual behalf. Landlord and Tenant stipulate that this Lease has been reviewed and revised by both Landlord and Tenant and their respective legal counsel and that this Lease is the result of an arm's-length negotiation and compromise. Landlord and Tenant further stipulate that they are both sophisticated individuals or business entities capable of understanding and negotiating the terms of this Lease. The normal rule of construction that any ambiguities be resolved against the drafting party shall not apply to the interpretation of this Lease or any exhibits or amendments hereto. Further, Tenant disclaims any reliance upon any and all representations, warranties or agreements not expressly set forth in this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.14 **<u>Waiver of Jury Trial</u>**. **TO THE MAXIMUM EXTENT PERMITTED BY LAW, TENANT (ON BEHALF OF ITSELF AND ITS SUCCESSORS, ASSIGNS AND SUBTENANTS) AND LANDLORD EACH, AFTER CONSULTATION WITH COUNSEL, KNOWINGLY WAIVES AND RELEASES ANY RIGHT TO TRIAL BY JURY IN ANY LITIGATION OR TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE ARISING OUT OF OR WITH RESPECT TO THIS LEASE OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED HERETO.** This Section has been negotiated at arm's length with the assistance of legal counsel and the legal effect has been fully explained to each party, and its provisions constitute a knowing and voluntary agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.15 **<u>Governing Law; Jurisdiction</u>**. This Lease shall be governed by and construed in accordance with the Laws of the state in which the Premises are located. The proper place of venue to enforce this Lease will be the county or district in which the Premises are located. In any legal proceeding regarding this Lease, including enforcement of any judgments, each party irrevocably and unconditionally (a) submits to the jurisdiction of the courts of law in the county or district in which the Premises are located; (b) accepts the venue of such courts and waives, releases and shall not plead any objection thereto; and (c) agrees that (1) service of process may be effected at the address specified for such party in this Lease, or at such other address of which the other party has been properly notified in writing, and (2) nothing herein will affect either party's right to effect service of process in any other manner permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.16 **<u>Recording</u>**. At any time following the Lease Date, at the request of Landlord or Tenant, Landlord and Tenant shall execute a memorandum of lease in the form attached hereto as <u>Exhibit L</u>. The cost of recording such memorandum of lease shall be paid by Tenant. If any conflict exists or arises between the terms of this Lease and the terms of such memorandum, the terms of this Lease shall prevail. Tenant shall, within ten business days following Landlord's written request after expiration or earlier termination of the Term or Tenant's right of possession hereunder (time being of the essence with respect thereto), execute and deliver original counterparts to a release of such memorandum of lease (also in recordable form), and Tenant shall defend, indemnify and hold harmless Landlord and its representatives and agents from and against all Loss associated with Tenant's failure to timely deliver any such original counterparts. Notwithstanding anything to the contrary contained in this Lease, Tenant shall not record this Lease without the prior written consent of Landlord, which consent may be withheld or denied in the sole and absolute discretion of Landlord, and any recordation by Tenant shall be a material breach of this Lease. If Tenant records this Lease or any similar instrument without Landlord's consent (other than the memorandum of lease as expressly permitted pursuant to this Section 25.16), Tenant shall defend, indemnify, and hold harmless Landlord and its representatives and agents from and against any and all claims, demands, liabilities, causes of action, suits, judgments, damages and expenses (including reasonable attorneys' fees) to the extent arising from such recorded instrument.

Bear Den Road <br> 26 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.17 **<u>Water or Mold Notification</u>**. To the extent Tenant or its agents or employees discover any water leakage, water damage or mold in or about the Premises, Tenant shall promptly notify Landlord thereof in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.18 **<u>Joint and Several Liability</u>**. If Tenant consists of more than one party (or if Tenant permits any other party to occupy the Premises), each such party shall be jointly and severally liable for Tenant's obligations under this Lease. All unperformed obligations of Tenant hereunder not fully performed at the end of the Term shall survive the end of the Term, including payment obligations with respect to Rent and all obligations concerning the condition and repair of the Premises, and the terms of Section 22 shall apply with respect to those obligations capable of being performed at the end of the Term (including all of Tenant's obligations under Sections 15 and 21) until all such obligations are fully performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.19 **<u>Financial Reports</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.19.1 **<u>Obligation to Deliver Financial Statements</u>**. If Tenant is an entity that is domiciled in the United States of America, whose securities are traded on a national securities exchange, and whose financial statements are readily available through the EDGAR database system operated by the United States Securities and Exchange Commission, the terms of this Section 25.19 shall not apply. Otherwise, within 15 days after Landlord's request, Tenant will furnish Tenant's most recent audited financial statements (including any financial accounting notes to them) to Landlord, or, if no such audited statements have been prepared, such other financial statements (and financial accounting notes to them) as may have been prepared by an independent certified public accountant or, failing those, Tenant's internally prepared financial statements. Tenant will discuss its financial statements with Landlord and, following the occurrence of an Event of Default hereunder, will give Landlord access to Tenant's books and records in order to enable Landlord to verify the financial statements. Landlord will not disclose any aspect of Tenant's financial statements that Tenant designates to Landlord as confidential except (a) to Landlord's Mortgagee or prospective mortgagees or actual or prospective purchasers or investors of interests in the Building, (b) in litigation between Landlord and Tenant, (c) to attorneys, accountants, consultants, appraisers, or other advisors, (d) otherwise as reasonably necessary for the operation of the Premises or administration of Landlord's business, or (e) if required by Law or court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.19.2 **<u>Frequency of Obligation</u>**. Tenant shall not be required to deliver the financial statements required under Section 25.19.1 more than once in any 12-month period unless some event has occurred that necessitates Landlord's review of such financial reports, including a possible sale or financing of the Premises, Tenant's extension of the Term, an expansion or relocation of the Premises, or if requested by Landlord's Mortgagee or a prospective buyer or lender of the Building or an Event of Default occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.19.3 **<u>Accuracy of Financial Statements</u>**. Tenant represents and warrants to Landlord that the financial statements or other financial information pertaining to Tenant or its Affiliates (whether one or more, the "**<u>Company</u>**") delivered to Landlord in connection with this Lease (whether delivered as part of the negotiation of this Lease, pursuant to Section 25.19.1, or otherwise) are and will be based upon and are consistent in all material respects with the information contained in the Company's books and records, have been or will be prepared and reviewed by the Company, based on GAAP consistently applied throughout the periods indicated (except as may be indicated in the notes thereto) and fairly present, and will fairly present, in all material respects, the financial position of the Company as of the date thereof and the results of its respective operations for the periods then ended, except as otherwise noted therein; provided that interim financial statements are subject to customary recurring year-end adjustments, which in the aggregate are not material, and lack footnotes and other presentation items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.20 **<u>Telecommunications</u>**. Tenant and its telecommunications companies, including local exchange telecommunications companies and alternative access vendor services companies, shall have no right of access to and within the Building, for the installation and operation of Telecommunications Services for part or all of Tenant's telecommunications within the Building and from the Building to any other location unless Landlord has previously reviewed and approved all plans, specifications and contracts pertaining to telecommunication service entry points, and any documents to which Landlord is a party or which may encumber the Premises, which consent will not be unreasonably withheld, conditioned or delayed. All providers of Telecommunications Services shall be required to comply with the rules and regulations of the Premises, applicable Laws and Landlord's policies and practices for the Premises, and shall be required, at Landlord's election, to enter into a license agreement with Landlord to confirm and approve items such as, without limitation, the proposed location (and labeling requirements) of wiring, cabling, fiber lines, points of demarcation, entry into the Premises, insurance requirements and the like, all at no cost to Landlord. Landlord shall not be required to provide or arrange for any Telecommunications Services and Landlord shall have no liability to any Tenant Party in connection with the installation, operation or maintenance of Telecommunications Services or any equipment or facilities relating thereto. Tenant, at its cost and for its own account, shall be solely responsible for obtaining all Telecommunications Services.

Bear Den Road <br> 27 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.21 **<u>Confidentiality</u>**. Both Landlord and Tenant acknowledge that the terms and conditions of this Lease (other than the existence of this Lease and the location of the Premises) are to remain confidential for both parties' benefit, and may not be disclosed by either party to anyone, by any manner or means, directly or indirectly, without the other party's prior written consent; however, Landlord or Tenant may disclose the terms and conditions of this Lease to its respective attorneys, accountants, employees and existing or prospective financial partners. The disclosing party shall be liable for any disclosures made in violation of this Section by the disclosing party or by any entity or individual to whom the terms of and conditions of this Lease were disclosed or made available by the disclosing party. The consent by either party to any disclosures shall not be deemed to be a waiver on the part of such party of any prohibition against any future disclosure. Notwithstanding anything to the contrary herein, Landlord and Tenant shall each have the right to make disclosures of the terms of this Lease (a) to the extent required by Law (including disclosures that are reasonably necessary to comply with rules of any stock exchange), (b) to the extent reasonably necessary to enforce such party's rights hereunder, (c) in connection with such party's financing, selling, leasing, insuring, or otherwise transferring or capitalizing its assets or its business (or any such transaction consummated by such party's affiliate), (d) in connection with such party's books and records being audited, (e) to the extent necessary reasonably necessary in constructing, operating, insuring, maintaining, repairing or restoring the Premises, and (f) pursuant to a press release which has been approved by both parties. Except for disclosures made pursuant to subparagraphs (a), (b) and (f) in the immediately preceding sentence, the disclosing party shall advise all parties to whom the disclosing party is permitted to disclose the terms and conditions of this Lease pursuant to this Section 25.21 of the confidential nature of such terms and conditions prior to disclosure and the disclosing party shall be responsible for any violation of the terms of this Section 25.21 by any such receiving party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.22 **<u>Authority of Tenant; Prohibited Persons and Transactions</u>**. Tenant (if a corporation, partnership or other business entity) hereby represents and warrants to Landlord that Tenant is and will remain during the Term a duly formed and existing entity qualified to do business in the state in which the Premises are located, that Tenant has full right and authority to execute and deliver this Lease, and that each person signing on behalf of Tenant is authorized to do so, and that Tenant's organizational identification number assigned by the Delaware Secretary of State is 10128402. Tenant represents and warrants to Landlord that, as of the Lease Date, Tenant is not, and Tenant hereby covenants that, throughout the Term, Tenant shall not become, a Prohibited Entity. Further, Tenant covenants that it will not Transfer this Lease to any Prohibited Entity (and any such Transfer shall be void). Tenant shall promptly notify Landlord in writing if Tenant becomes aware that it has ceased to be in compliance with the foregoing representation, warranty or covenant, or if Tenant has received a notice that it is the subject of an investigation for a violation of any Prohibited Entity Law. Within ten days after written request from Landlord, Tenant shall provide all information relevant to the ultimate ownership and control of Tenant and its Affiliates to determine whether Tenant is in compliance with all Prohibited Entity Laws (provided that the obligation to provide such information shall not extend to publicly traded shares). If Tenant is or becomes a Prohibited Entity, such occurrence shall constitute an immediate and incurable Event of Default under this Lease without the necessity of notice or opportunity to cure, and Landlord shall have the right, in its sole discretion, to terminate this Lease upon written notice to Tenant, in addition to and without limitation of any other rights or remedies available to Landlord under this Lease or at law or in equity. Tenant shall indemnify, defend, and hold harmless Landlord, Landlord's Affiliates and Landlord's representatives and agents from and against any and all losses, liabilities, damages, claims, costs, and expenses (including reasonable attorneys' fees and court costs) arising out of or related to (a) any breach of the foregoing representation, warranty or covenant, or (b) Tenant's status as, or affiliation with, a Prohibited Entity. Tenant acknowledges and agrees that if this Lease or any provision hereof is declared invalid, illegal, or void under a Prohibited Entity Law (a "**<u>Termination Declaration</u>**"), then (1) Tenant shall remain liable for (A) all liabilities and obligations accruing prior to such Termination Declaration, (B) any breach, default, or failure to perform any obligation under this Lease occurring prior to such Termination Declaration, and (C) the continued performance of all obligations of Tenant that survive the termination or expiration of this Lease, and (2) Tenant shall pay to Landlord all costs of Landlord in securing this Lease, including all commissions, allowances, reasonable attorneys' fees, and if this Lease or any amendment hereto contains any abated Rent granted by Landlord as an inducement or concession to secure this Lease or amendment hereto, the full amount of all Rent so abated within five days following Landlord's written demand therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.23 **<u>Authority of Landlord; Prohibited Persons and Transactions</u>**. Landlord hereby represents and warrants to Tenant that Landlord is a duly formed and existing entity qualified to do business in the state in which the Premises are located, that Landlord has full right and authority to execute and deliver this Lease, and that each person signing on behalf of Landlord is authorized to do so. Landlord represents and warrants that Landlord is not, and covenants that Landlord will not become, a person or entity with whom U.S. persons or entities are restricted from doing business under regulations of OFAC (including those named on OFAC's Specially Designated Nationals and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action, and Landlord covenants that it will not transfer this Lease to any such persons or entities (and any such transfer shall be void).

Bear Den Road <br> 28 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.24 **<u>Hazardous Materials; Environmental Requirements</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.24.1 **<u>Prohibition Against Hazardous Materials</u>**. Except for Permitted Hazardous Materials properly stored and contained in compliance with all Environmental Requirements, Tenant shall not permit or cause any party to bring any Hazardous Materials upon the Premises or transport, transfer, store, use, generate or manufacture any Hazardous Materials on or from the Premises without Landlord's prior written consent. Tenant shall not permit or cause any party to Release any Hazardous Materials in or from the Premises, or introduce or disturb asbestos, asbestos-containing material, or PCBs into or from the Premises. Tenant, at its sole cost and expense, shall operate its business in the Premises in strict compliance with all Environmental Requirements and all requirements of this Lease. Tenant shall complete and certify to disclosure statements as requested by Landlord from time to time relating to Tenant's transportation, storage, use, generation, manufacture or Release of Hazardous Materials on the Premises, and Tenant shall promptly deliver to Landlord a copy of any notice of violation relating to the Premises of any Environmental Requirement. No Tenant Party may install any finishes on exterior walls that act as vapor barriers, such as vinyl wall coverings that might permit the growth of fungi, mold or mildew. Tenant shall use only refrigerants and HVAC equipment that minimize or eliminate the emission of compounds that contribute to ozone depletion and global warming.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.24.2 **<u>Removal of Hazardous Materials</u>**. Tenant, at its sole cost and expense, shall remove all Hazardous Materials stored or Released by a Tenant Party onto or from the Premises, in a manner and to a level satisfactory to Landlord in its sole, but commercially reasonable, discretion, but in no event to a level and in a manner less than that which complies with all Environmental Requirements and does not limit any future uses of the Premises or require the recording of any deed restriction or notice regarding the Premises. Tenant shall perform such work promptly in accordance with the foregoing requirements and at any time during the Term upon written request by Landlord or, in the absence of a specific request by Landlord, before Tenant's right to possession of the Premises terminates or expires. If Tenant fails to perform such work within the time period specified by Landlord or before Tenant's right to possession terminates or expires (whichever is earlier), Landlord may at its discretion, and without waiving any other remedy available under this Lease or at law or equity (including an action to compel Tenant to perform such work), perform such work at Tenant's cost. Tenant shall pay all costs incurred by Landlord in performing such work within 30 days after Landlord's request therefor. Such work performed by Landlord is on behalf of Tenant and Tenant shall remain the owner, generator, operator, transporter, and arranger of the Hazardous Materials for purposes of Environmental Requirements. Tenant agrees not to enter into any agreement with any person, including any governmental authority, regarding the removal of Hazardous Materials that have been Released onto or from the Premises without the prior written approval of the Landlord. Tenant shall not undertake any invasive investigation of the soil or groundwater at the Premises without Landlord's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.24.3 **<u>Tenant's Indemnity</u>**. Tenant shall indemnify, defend, and hold Landlord harmless from and against any and all losses (including diminution in value of the Premises and loss of rental income from the Premises), claims, demands, actions, suits, damages (including punitive damages), expenses (including remediation, removal, repair, corrective action, or cleanup expenses), and costs (including actual attorneys' fees, consultant fees or expert fees and including removal or management of any asbestos brought onto the Premises or disturbed in breach of the requirements of this Section 25.24, regardless of whether such removal or management is required by Law) which are brought or recoverable against, or suffered or incurred by Landlord as a result of any Release of Hazardous Materials or any breach of the requirements under this Section 25.24 by a Tenant Party regardless of whether Tenant had knowledge of such noncompliance. This indemnity provision is intended to allocate responsibility between Landlord and Tenant under Environmental Requirements and shall survive termination or expiration of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.24.4 **<u>Baseline and Exit Site Assessments</u>**. Prior to the date hereof, Landlord has caused a Phase I Environmental Site Assessment (the "**<u>Baseline Site Assessment</u>**") to be performed by Hart Hickman (dated May 1, 2026). On or before the 30<sup>th</sup> day following the later of (a) the expiration or earlier termination of the Term, or (b) Tenant's fully vacating the Premises, Tenant may request in writing, and if Tenant delivers such written request, Landlord shall, at Tenant's sole cost and expense, cause a second Phase I Environmental Site Assessment to be performed by Hart Hickman or another environmental consultant reasonably acceptable to Landlord (the "**<u>Environmental Consultant</u>**") with respect to the Premises, as well as any Phase II or follow-up studies recommended by the Environmental Consultant or to the extent reasonably required by Landlord, to identify any instances of noncompliance with the requirements of the Lease, or if recognized environmental conditions not identified in the Baseline Site Assessment have occurred during Tenant's occupancy thereof ("**<u>Exit Site Assessment</u>**"). Landlord shall cause the Environmental Consultant to name Tenant as a party that may rely on the Exit Site Assessment.

Bear Den Road <br> 29 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.24.5 **<u>Inspections and Tests</u>**. Landlord shall have access to, and a right to perform inspections and tests of, the Premises to determine Tenant's compliance with Environmental Requirements, its obligations under this Section 25.24, or the environmental condition of the Premises. Access to the Premises shall be granted to Landlord upon Landlord's prior notice to Tenant and at such times so as to minimize, so far as may be reasonable under the circumstances, any disturbance to Tenant's operations. Such inspections and tests shall be conducted at Landlord's expense, unless such inspections or tests reveal that Tenant has not complied with any Environmental Requirement or this Lease, in which case Tenant shall reimburse Landlord for the reasonable cost of such inspection and tests. Landlord's receipt of or satisfaction with any environmental assessment in no way waives or releases any rights that Landlord holds against Tenant. Tenant shall promptly notify Landlord of any communication or report that Tenant makes to any governmental authority regarding any possible violation of Environmental Requirements or Release or threat of Release of any Hazardous Materials onto or from the Premises. Tenant shall, within five business days of receipt thereof, provide Landlord with a copy of any documents or correspondence received from any governmental authority or other party relating to a possible violation of Environmental Requirements or claim or liability associated with the Release or threat of Release of any Hazardous Materials onto or from the Premises. Tenant shall maintain at the Premises copies of all permits pertaining to Hazardous Materials and shall, at Landlord's election, provide copies of such permits to Landlord or make such permits available at the Premises for inspection by Landlord or its agents or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.24.6 **<u>Tenant's Financial Assurance in the Event of a Breach</u>**. In addition to all other rights and remedies available to Landlord under this Lease or otherwise, Landlord may, in the event of a breach of the requirements of this Section 25.24 that is not cured within 30 days following notice of such breach by Landlord, require Tenant to provide financial assurance (such as insurance, escrow of funds or third party guarantee) in an amount and form satisfactory to Landlord. The requirements of this Section 25.24 are in addition to and not in lieu of any other provision in this Lease. Tenant's obligations under this Section 25.24 shall also apply to the areas where Tenant's Off-Premises Equipment is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.25 **<u>List of Schedules and Exhibits</u>**. All schedules, exhibits and attachments attached hereto are incorporated herein by this reference.

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| |
|:---|
| Schedule 1 – Definitions |
| Exhibit A – Premises Depiction |
| Exhibit B – Description of the Land |
| Exhibit C – Building Rules and Regulations |
| Exhibit D – Work Letter: Landlord Performs the Base Building Work |
| Exhibit D-1 – Delivery of Premises, Milestone Dates and Remedies |
| Exhibit E – Form of Confirmation of Commencement Date Letter |
| Exhibit F – Form of Tenant Estoppel Certificate |
| Exhibit G – Extension Options |
| Exhibit H – Contractor Insurance Requirements |
| Exhibit I – Form of Rentable Square Feet Calculation Notice |
| Exhibit J – Project Costs |
| Exhibit K – Form of Development Services Agreement |
| Exhibit L – Form of Memorandum of Lease |
| Exhibit M – Right of First Offer – Purchase of Premises |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.26 **<u>UBTI and REIT Qualification</u>**. All Rent payable by Tenant to Landlord shall qualify as "rents from real property" within the meaning of both Sections 512(b)(3) and 856(d) of the Internal Revenue Code of 1986, as amended (the "**<u>Code</u>**") and the U.S. Department of Treasury Regulations promulgated thereunder (the "**<u>Regulations</u>**"). In the event that Landlord, in its sole and absolute discretion, determines that there is any risk that all or part of any Rent shall not qualify as "rents from real property" for the purposes of Sections 512(b)(3) or 856(d) of the Code and the Regulations promulgated thereunder, Tenant shall (a) cooperate with Landlord by entering into such amendment or amendments as Landlord deems necessary to qualify all Rents as "rents from real property," and (b) permit an assignment of this Lease; provided, however, that any adjustments required pursuant to this Section 25.26 shall be made so as to produce the equivalent Rent (in economic terms) payable prior to such adjustment.

Bear Den Road <br> 30 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.27 **<u>Sustainability</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.27.1 Tenant shall comply with all Sustainability Standards, and, upon request, shall provide information required in order for Landlord to comply with any Sustainability Standards or obtain or maintain certifications under Sustainability Standards. Tenant shall reasonably cooperate, at no more than *de minimis* cost to Tenant, with Landlord's efforts to obtain or maintain any private certifications under any Sustainability Standard. Tenant shall not use or operate the Premises in any manner that will cause the Building, or any part thereof, not to conform with all Sustainability Standards. Tenant shall pay all costs, expenses, fines, penalties or damages that may be imposed on Landlord or Tenant by reason of Tenant's failure to comply with Sustainability Standards (or the portion of such fee, fine, or penalty attributable to Tenant or the Premises as reasonably determined by Landlord) within 30 days after Landlord's request therefor. All carbon tax credits and similar credits, offsets and deductions are the sole and exclusive property of Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.27.2 Tenant covenants, at its sole cost and expense, to comply with all Sustainability Standards regarding the collection, sorting, separation, and recycling of trash. Tenant shall dispose of in an environmentally sustainable manner any equipment, furnishings, or materials no longer needed by Tenant, and shall recycle or re-use the same in accordance with Sustainability Standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.27.3 All repairs, maintenance, and work (including alterations) performed by a Tenant Party in the Premises shall be performed in accordance with all Sustainability Standards. All construction and maintenance methods and procedures, material purchases, and disposal of waste by or at the direction of any Tenant Party shall be in compliance with all Sustainability Standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.27.4 If the Building is subject to fees, fines, or other penalties as a result of a violation of a greenhouse gas emissions limit pursuant to applicable Laws, Landlord may determine, in its reasonable discretion, the portion of such fee, fine, or penalty attributable to Tenant or the Premises and Tenant shall pay such portion to Landlord within 30 days after Landlord's request therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.28 **<u>Cross Default</u>**. A default or event of default (beyond any applicable notice, grace and cure periods) under any other written agreement between Landlord or Landlord's Affiliate and Tenant relating to the Premises shall constitute an Event of Default by Tenant under this Lease, and any Event of Default by Tenant under this Lease shall constitute a default or event of default under such other written agreement between Landlord or Landlord's Affiliate and Tenant relating to the Premises (without any obligation to give Tenant any notice or opportunity to cure period thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.29 **<u>Reserved Rights</u>**. This Lease does not grant any rights to light or air over or about the Premises or the land and improvements below the floor of the Premises. Tenant shall not have the right to install or operate any equipment producing radio frequencies, electrical or electromagnetic output or other signals, noise or emissions in or from the Premises without the prior written consent of Landlord, which may be withheld in Landlord's sole and absolute discretion. To the extent permitted by applicable Law, Landlord reserves the right to restrict and control the use of such equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.30 **<u>Security Service</u>**. Tenant acknowledges and agrees that, while Landlord may (but shall not be obligated to) patrol the Building, Landlord is not providing any access control, guard or security services with respect to the Premises or Tenant's Off-Premises Equipment and that Tenant shall be solely responsible for providing security for the Premises, Tenant's Off-Premises Equipment and Tenant Parties. Subject to compliance with Section 8 hereof, Tenant may, at Tenant's cost and expense, install security monitors at all of the Building's ingress/egress points. For all purposes under this Lease, such security devices shall be deemed to be Tenant's equipment. **TENANT AND EACH TENANT PARTY HEREBY WAIVES AND RELEASES FROM LIABILITY LANDLORD AND ITS AGENTS AND REPRESENTATIVES AND WAIVES AND RELEASES ALL LOSSES AND CLAIMS (WHETHER UNDER THEORIES OF STRICT LIABILITY, TORT OR OTHERWISE) THAT TENANT OR SUCH OTHER TENANT PARTY NOW OR HEREAFTER HAVE AGAINST LANDLORD AND ITS AGENTS AND REPRESENTATIVES FOR ANY LOSS ARISING OUT OF OR RELATED TO (1) LANDLORD'S FAILURE TO PROVIDE ANY ACCESS CONTROL, GUARD OR SECURITY SERVICE IN, AT OR FOR THE BUILDING, PREMISES, OR TENANT'S OFF-PREMISES EQUIPMENT, OR (2) TENANT'S SECURITY DEVICES. TENANT'S SOLE REMEDY AGAINST LANDLORD FOR ANY LOSS OR CLAIM RELATING TO ANY FAILURE TO PROVIDE ACCESS CONTROL, GUARD OR SECURITY SERVICES WITH RESPECT TO THE PREMISES, THE BUILDING OR TENANT'S OFF-PREMISES EQUIPMENT SHALL BE THE RIGHT TO ENFORCE SPECIFIC PERFORMANCE OF LANDLORD'S OBLIGATIONS (IF ANY) UNDER THIS LEASE.** Tenant, at its expense, shall be responsible for providing all door locks at the entry of the Premises and the Building and shall provide to Landlord, at Tenant's expense, contemporaneously with the installation of such devices, a master key, card keys, access codes or other means to allow Landlord immediate access to all areas of the Premises. Sections 8.1 and 21 of this Lease shall govern Tenant's installation, maintenance and Landlord's removal rights with respect to any such security devices or connections.

Bear Den Road <br> 31 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.31 **<u>No Construction Contract</u>**. This Lease, including all exhibits a part hereof, is not a construction contract or an agreement collateral to or affecting a construction contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.32 **<u>Time</u>**. Time is of the essence with respect to (a) Tenant's and Landlord's obligations under this Lease, and (b) Tenant's exercise of any expansion, renewal or extension rights granted to Tenant. The expiration of the Term, whether by lapse of time, termination or otherwise, shall not relieve either party of any obligations which accrued prior to or which may continue to accrue after the expiration or termination of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.33 **<u>Digital Rights</u>**. All Digital Rights arising from, in connection with or in any way otherwise related to the Premises and/or Building shall be deemed the sole and exclusive property of Landlord and shall not be used in any manner by Tenant without Landlord's express prior written consent, which may be withheld, in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. **<u>Other Provisions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1 **<u>Parking</u>**. So long as Tenant leases the entirety of the Building, Tenant will be entitled to the exclusive use of the parking areas, truck courts and driveways that are part of the Premises, except to the extent necessary for Landlord's performance of its obligations under this Lease. All motor vehicles (including all contents thereof) shall be parked in the parking area at the sole risk of Tenant and each other Tenant Party, it being expressly agreed and understood Landlord has no duty to insure any of said motor vehicles (including the contents thereof), and Landlord is not responsible for the protection and security of such vehicles. Landlord shall not be responsible for enforcing Tenant's parking rights against third parties. **NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS LEASE, LANDLORD SHALL HAVE NO LIABILITY WHATSOEVER FOR ANY LOSS OR CLAIM WHICH MIGHT OCCUR ON THE PARKING AREA OR AS A RESULT OF OR IN CONNECTION WITH THE PARKING SPACES. TENANT'S SOLE REMEDY AGAINST LANDLORD FOR ANY LOSS OR CLAIM WHICH MIGHT OCCUR ON THE PARKING AREA OR AS A RESULT OF OR IN CONNECTION WITH THE PARKING SPACES SHALL BE THE RIGHT TO ENFORCE SPECIFIC PERFORMANCE OF LANDLORD'S OBLIGATIONS (IF ANY) UNDER THIS LEASE.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2 **<u>Lease Contingencies</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2.1 **<u>Landlord's Acquisition of the Land</u>**. Notwithstanding anything in this Lease to the contrary, to the extent that the Land has not been acquired on or prior to the Lease Date, Landlord's obligations hereunder are conditioned upon its acquiring the Land on terms and conditions satisfactory to Landlord. The parties acknowledge that the purchase of the Land is currently anticipated to be consummated by June 3, 2026. Tenant acknowledges that Landlord's purchasing the Land and/or incurring costs above certain thresholds are subject to Landlord's obtaining its investment committee's approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2.2 **<u>Termination Rights</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Landlord's Termination Right</u>**. If (1) Landlord elects not to purchase the Land (including due to its investment committee's disapproval), or (2) this Lease has not been amended to commemorate Landlord's closing of financing with respect to the Premises by the date that is 90 days following the Lease Date for any reason (including Landlord's failure to reach terms with equity and/or debt providers that are satisfactory to Landlord in Landlord's sole discretion, and/or Tenant's failure to agree upon required modifications to this Lease required by such equity and/or debt providers), Landlord shall be permitted to terminate this Lease by delivering written notice of such termination to Tenant, in which case (A) this Lease shall terminate as of the date of such written notice, (B) Tenant shall, within 30 days following Landlord's written demand for all or any portion therefor (which may occur at multiple times with respect to different cost components), pay, reimburse and indemnify Landlord for all costs, fees and expenses incurred by Landlord in connection with the Preliminary Work, including all costs related to acquisition of the Land and Landlord's cost of capital relating thereto, (C) if the Land has previously been purchased by Landlord, then Landlord shall convey the Land to Tenant via special warranty deed to Tenant, (D) if the Land has not previously been purchased by Landlord, then Landlord shall assign, and Tenant shall assume, all obligations with respect to the purchase of the Land, including the reimbursement of any deposits (and the parties shall execute commercially reasonable assignment and assumption documentation to memorialize same), and (E) if elected by Landlord, Landlord and Tenant shall promptly execute the Development Services Agreement, whereupon Tenant shall be responsible for developing the Premises and fully funding same, and Landlord shall serve as the developer with respect to same pursuant to the terms of such Development Services Agreement. Tenant acknowledges that third parties providing any such debt and/or equity financing may require certain amendments to be made to this Lease as a condition of providing such financing. Tenant hereby waives and releases all claims against Landlord related to Landlord's failure or refusal to finalize the initial debt and equity financing for the transaction contemplated by this Lease.

Bear Den Road <br> 32 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Tenant's Termination Right for Landlord's Insolvency</u>**. If, prior to the Commencement Date, Landlord becomes Insolvent, Tenant shall be permitted to terminate this Lease by delivering written notice of such termination to Landlord, in which case (1) this Lease shall terminate as of the date of such written notice, (2) Tenant shall, within 30 days following Landlord's written demand for all or any portion therefor (which may occur at multiple times with respect to different cost components), pay, reimburse and indemnify Landlord for all costs, fees and expenses incurred by Landlord in connection with the Preliminary Work, including all costs related to acquisition of the Land and Landlord's cost of capital relating thereto, (3) Landlord shall convey the Land to Tenant via special warranty deed to Tenant, and (4) Landlord shall have no further responsibility for developing the Premises. As used in this Section 26.2.2(b), Landlord shall be considered to be "**<u>Insolvent</u>**" if there is a filing of a petition by or against Landlord (A) in any bankruptcy or other insolvency proceeding; (B) seeking any relief under any state or federal debtor relief law; (C) for the appointment of a liquidator or receiver for all or substantially all of Landlord's property or for Landlord's interest in the Land and this Lease; (D) for the reorganization or modification of Landlord's capital structure; or (E) in any assignment for the benefit of creditors proceeding; however, if such a petition is filed against Landlord, then such filing shall not constitute Insolvency unless Landlord fails to have the proceedings initiated by such petition dismissed within 90 days after the filing thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Survival</u>**. This Section 26.2.2 shall survive the termination of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3 **<u>Credits and Incentives</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3.1 **<u>General Provisions</u>**. At Tenant's sole cost and without any expense or penalty to Landlord (either in connection with Tenant's initial procurement of any such incentive or the release of the Premises therefrom), Tenant may seek from the federal, state, and local agencies and authorities (the "**<u>Authorities</u>**") economic development incentives, including federal, state or local grants, the creation of an enterprise zone, tax abatements, fee-in-lieu of ad valorem taxes, special source revenue credits, multi-county parks, sales and use tax exemptions or exclusions, tax increment financing, job training grants, utility-related incentives, and/or industrial revenue bonds in connection with Tenant's decision to conduct business on the Premises (to the extent obtained by Tenant, the "**<u>Incentives</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3.2 **<u>Cooperation</u>**. Provided Tenant is not in default under this Lease, at Tenant's request, Landlord will reasonably cooperate with Tenant as may be required for Tenant to seek, obtain, maintain, or modify any applications, approvals, transfers, agreements and assignments of Incentives ("**<u>Cooperation Efforts</u>**"). Cooperation Efforts may include execution of reasonably required documents in connection with the Incentives, submitting certain notices or applications for Incentives, making appearances as agreed upon with advanced notice, providing non-confidential information to Tenant regarding the Premises that is reasonably necessary in connection with the Incentives and taking other similar commercially reasonable actions as Tenant may reasonably request. All actual costs incurred by Landlord in connection with its Cooperation Efforts will be reimbursed by Tenant within 30 days of Landlord's delivery of an invoice therefor to Tenant. Landlord shall endeavor to notify Tenant in advance if Landlord anticipates that such costs will exceed $5,000. Only with respect to any of the Incentives for which Tenant has requested Landlord's direct cooperation and participation, Tenant agrees to give written notice to Landlord of the receipt of written notice from the applicable Authorities which involves the assertion of any adverse claim, or the commencement of any Action (as hereinafter defined) against Tenant and which relates to or in any way involves such Incentives and the Improvements in the Premises or in the Building (the "**<u>Incentives Claim</u>**"). Tenant shall control the contest or resolution of any such Incentives Claim; provided, however, that Tenant shall consult with Landlord before taking any action or making any final decisions with respect to such Incentives Claim and shall obtain the prior written consent of Landlord (but only if such action is reasonably anticipated to result in non-de minimis adverse effect on Landlord, and in such case, consent shall not be unreasonably withheld, conditioned or delayed) before entering into any settlement of a claim or ceasing to defend such claim; provided further, however, that Landlord shall be entitled to participate in the defense of such claim and to employ counsel of its choice for such purpose, the fees and expenses of which separate counsel shall be borne solely by Landlord, and Tenant agrees to reasonably consider Landlord's position with respect to any action or decision to be made with respect to such Incentives Claim. As used herein, "**<u>Action</u>**" means any action, litigation, suit, claim, appeal, plea, charge, complaint, demand, arbitration, mediation, hearing, proceeding (public or private), or governmental authority investigation, audit, inquiry, assessment, or similar event or occurrence, including demand, termination or directive letters or correspondence or notices regarding or threatening any of the above adverse actions. To the extent that this Section 26.3.2 conflicts with Section 4.2.2, Section 4.2.2 shall control.

Bear Den Road <br> 33 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3.3 **<u>Incentives for Tenant's Benefit</u>**. During the Term, all Incentives shall be solely for the benefit of Tenant and, to the extent any such Incentives are received by Landlord as a separate payment (rather than, for example, a reduced fee or invoice), will be passed through to Tenant by Landlord in a manner reasonably acceptable to Tenant, Landlord, and the Authorities so that, to the maximum extent possible, Tenant is placed in the same financial position as if it received such Incentives directly. Any utility incentives or rebates related solely to Tenant's occupancy of the Premises will be payable to Tenant, and, if received by Landlord as a separate payment (rather than, for example, a reduced fee or invoice), shall be applied against Operating Costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3.4 **<u>Modification or Termination</u>**. During the Term, neither Tenant nor Landlord will modify or terminate those Incentives (for which Tenant has expressly requested Landlord's direct cooperation and participation) without the other party's prior consent, and Landlord will follow Tenant's reasonable written instructions as to the implementation and use of the Incentives. Tenant shall reasonably cooperate with Landlord and the applicable Authorities as may be reasonably required, at Landlord's sole cost and expense, to assign or otherwise transfer Tenant's interest in any Incentives contract or agreement to Landlord as may be requested by Landlord not more than 90 days prior to the end of the Term. Tenant shall also reasonably cooperate with Landlord and the applicable Authorities as may be reasonably required, at Landlord's sole cost and expense, to assign or otherwise transfer Landlord's interest in any Incentives contract or agreement to an Affiliate of Landlord or purchaser of Landlord's interest in the Premises or in the Building as may be reasonably requested by Landlord. To the extent there is a Landlord transfer of its interest in this Lease pursuant to Section 25.1 of this Lease, then following the written request of Tenant, Landlord shall reasonably cooperate with Tenant, at Tenant's sole cost and expense, to assist in ensuring that such Incentives remain in place for the benefit of Tenant following such transfer, including with respect to obtaining any required approvals from any of the Authorities to reflect the assignment of the Incentives to the party assuming Landlord's obligations under this Lease as a result of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3.5 **<u>Indemnity</u>**. **TENANT WILL DEFEND, INDEMNIFY AND SAVE LANDLORD AND ITS PARTNERS, DIRECTORS, OFFICERS, AGENTS, EMPLOYEES AND CONTRACTORS, HARMLESS FROM AND AGAINST ANY AND ALL CLAIMS, OBLIGATIONS, DEMANDS, ACTIONS, PROCEEDINGS, JUDGMENTS, LOSSES, DAMAGES, LIABILITIES, FINES, PENALTIES AND EXPENSES (INCLUDING SUMS PAID ON SETTLEMENT OF CLAIMS, REASONABLE LEGAL COSTS, AND REASONABLE CONSULTANT AND EXPERT FEES AND EXPENSES) THAT ANY ONE OR MORE OF THEM MAY SUSTAIN IN CONNECTION WITH OR ARISING OUT OF THE INCENTIVES OR TENANT'S FAILURE TO COMPLY WITH CONDITIONS TO, OR REQUIREMENTS OR OBLIGATIONS OF, THE INCENTIVES OR TENANT'S CLAIMS FOR INCENTIVES BENEFITS, INCLUDING ANY AND ALL CLAW BACK PROVISIONS OR ASSESSMENTS OF TAX, PENALTIES AND/OR INTEREST RELATED TO THE INCENTIVES.**

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Bear Den Road <br> 34 Blacksburg, SC

LANDLORD AND TENANT EXPRESSLY DISCLAIM ANY IMPLIED WARRANTY THAT THE PREMISES ARE SUITABLE FOR TENANT'S INTENDED COMMERCIAL PURPOSE, AND EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS LEASE (1) TENANT'S OBLIGATION TO PAY RENT HEREUNDER IS NOT DEPENDENT UPON THE CONDITION OF THE PREMISES OR THE PERFORMANCE BY LANDLORD OF ITS OBLIGATIONS HEREUNDER, AND (2) TENANT SHALL CONTINUE TO PAY THE RENT, WITHOUT ABATEMENT, DEMAND, SETOFF OR DEDUCTION, NOTWITHSTANDING ANY BREACH BY LANDLORD OF ITS DUTIES OR OBLIGATIONS HEREUNDER, WHETHER EXPRESS OR IMPLIED.

This Lease is executed as of the date specified in Landlord's signature below (the "**<u>Lease Date</u>**").

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| **TENANT:** | **USA RARE EARTH, INC.**, a Delaware corporation |

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|:---|:---|
| By: | /s/ Barbara Humpton |
| Name: | Barbara Humpton |
| Title: | Chief Executive Officer |

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|:---|:---|
| **LANDLORD:** | **TC Liberty Development, LLC**, a Delaware limited liability company |

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| By: | /s/ Benjamin Schon |
| Name: | Benjamin Schon |
| Title: | Vice President |

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Executed on: June 1, 2026

Bear Den Road <br> 35 Blacksburg, SC

**<u>Schedule 1</u>**

**<u>DEFINITIONS</u>**

"**<u>Affiliate</u>**" means any person or entity which, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with the party in question.

"**<u>Building's Structure</u>**" means the Building's roof and roof membrane, elevator shafts, footings, foundations, structural portions of load-bearing walls, structural floors and subfloors, structural columns and beams, and curtain walls.

"**<u>Building's Systems</u>**" means the base Building's equipment, utilities and systems, including the base Building's life-safety and fire protection (including fire sprinkler), plumbing (including landscape sprinklers), electrical (including electrical to exterior areas and exterior lighting) and mechanical systems; utility lines and drains and sump pumps (for clarity, Building's Systems do not include equipment, utilities or systems constructed by any Tenant Party).

"**<u>Cannabis</u>**" means cannabis, cannabis derivatives, and any cannabis containing substances.

"**<u>Corporate Debt Rating</u>**" means either a general corporate debt rating or an unsecured corporate debt rating by either S&P or Moody's.

"**<u>Corporate Debt Rating Requirement</u>**" means a Corporate Debt Rating of BBB or better (as determined by S&P) and Baa2 or better (as determined by Moody's).

"**<u>Default Rate</u>**" means an annual rate equal to the lesser of the Prime Rate as published on the date on which any such payment was due plus seven percent, or the maximum lawful rate of interest. Interest payable at the Default Rate shall accrue monthly on a compounding basis.

"**<u>Design Issue</u>**" means an Improvement that would (1) be used for or associated with the use, storage or dispensing of Hazardous Materials or be located outside the Premises, (2) adversely affect (which determination shall be made by Landlord in its commercially reasonable discretion) the Building's Structure, the Building's Systems (including the Premises' restrooms or mechanical rooms or service areas) or Landlord's ability to meet the service obligations in this Lease, (3) increase Landlord's costs to perform its obligations under this Lease or (4) affect (which determination shall be made by Landlord in its sole and absolute discretion) (a) the exterior appearance of the Premises, (b) any central plant or generator system, (c) the quiet enjoyment of other tenants or occupants of any related complex, (d) the means of ingress or egress to any exterior areas or non-tenant areas of the Premises (e.g., mechanical, electrical, fire pump and telecommunications rooms), or (e) the provision of services to occupants of any related complex.

"**<u>Design-Build Agreement</u>**" means the construction contract or design-build agreement to be entered into by and between Landlord and Design-Builder with respect to the Premises.

"**<u>Design-Builder</u>**" means Clark/Frampton, a Joint Venture, or another general contractor/design-builder selected by Landlord.

"**<u>Developer Spread</u>**" ["XXX"].

"**<u>Development Services Agreement</u>**" means that certain Development Services Agreement between Landlord and Tenant, the form of which is attached as <u>Exhibit K</u>, which sets forth the terms and provisions governing Landlord's activities as developer with respect to the construction of the Building and other related improvements in the event Tenant acquires title to the Land pursuant to Section 26.2.2(a) hereof. Prior to execution of the Development Services Agreement, all exhibits and schedules thereto shall be populated and confirmed.

Bear Den Road <br> 36 Blacksburg, SC

"**<u>Development Services Fees</u>**" ["XXX"].

"**<u>Digital Rights</u>**" means the right to copy, recreate, advertise, market, distribute, display, digitize, render, morph, duplicate, scan, model, or otherwise use or depict the Premises and/or Building in any and all forms of digital media, now known or hereafter created.

"**<u>Discount Rate</u>**" shall equal the yield on U.S. Treasury securities having a maturity of five years as reported by *The Wall Street Journal* as of the date on which Landlord notifies Tenant in writing that Landlord has elected to exercise a particular remedy.

"**<u>Environmental Requirements</u>**" means all Laws regulating or relating to health, safety, or environmental conditions on, under, or about the Premises or the environment including the following: the Comprehensive Environmental Response, Compensation and Liability Act; the Resource Conservation and Recovery Act; the Clean Air Act; the Clean Water Act; the Toxic Substances Control Act and all state and local counterparts thereto, as each may be amended from time to time throughout the Term and any common or civil law obligations including nuisance or trespass, and any other requirements of Section 13 and <u>Exhibit C</u> of this Lease. For purposes of Environmental Requirements, to the extent authorized by Law, Tenant is and shall be deemed to be the responsible party, including the "owner" and "operator" of Tenant's "facility" and the "owner" of all Hazardous Materials brought on the Premises by a Tenant Party and the wastes, by-products, or residues generated, resulting, or produced therefrom.

"**<u>Excluded Operating Costs</u>**" means the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)  **<u>Corporate Overhead</u>** . General corporate overhead costs associated with the operation of the
business of the entity which constitutes Landlord (as distinguished from the costs of the operations of the ownership, management, operation,
maintenance, security, repair, replacement, renovation, restoration or operation of the Building, the Premises or any portion thereof),
including general administrative expenses, legal, risk management, corporate and partnership accounting and legal costs, and placement/recruiting
expenses for employees (whether they are assigned to the Building or not);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Leasing</u>** . Costs for marketing, solicitation, negotiation and execution of leases of space
in the Building, including real estate licenses and other industry certifications, tickets to special events, leasing commissions, finder's
fees and referral fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)  **<u>Executive/Unrelated Salaries</u>** . Wages, salaries, fees, fringe benefits and other forms of
compensation paid to any executive employee of Landlord above the grade of senior building manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)  **<u>Competitive Bidding/Arm's Length Transactions</u>** . Other than property management fees,
amounts paid by Landlord to a subsidiary or affiliate of Landlord, or to another party as a result of a non-competitive selection process,
for services to the Building, or for supplies or other materials, in all cases to the extent the cost of such services, supplies, or materials
exceed the fair market value of such services, supplies or materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)  **<u>Financing</u>** . Mortgage payments, debt costs or other financing charges (including interest,
amortization or other payments on loans to Landlord and depreciation), costs of defending lawsuits (other than lawsuits with respect to
the operation or management of the Building or the Premises), costs of selling, syndicating, financing, mortgaging or hypothecating Landlord's
interest in the Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)  **<u>Violations of Law</u>** . Costs incurred to take action to comply with Laws that were in effect
and as interpreted prior to the Lease Date to the extent such action would have been required prior to the Lease Date.

Bear Den Road <br> 37 Blacksburg, SC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)  **<u>Reimbursements</u>** . Costs for repairs to and replacements of any items to the extent costs are
covered by a warranty, proceeds of insurance or similar payment obligations of third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)  **<u>Taxes</u>** . (a) Taxes, (b) federal income taxes imposed on or measured by the income of Landlord
from the operation of the Premises, (c) inheritance taxes, (d) gift taxes, (e) franchise taxes, and (f) corporate or profit taxes that
may be assessed against Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)  **<u>Fines and Penalties</u>** . Fines and penalties imposed on Landlord and incurred due to (a) Landlord's
failure to pay bills when due, (b) Landlord's breach of this Lease, and (c) Landlord's violation of Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)  **<u>Contributions/Dues/Subscriptions</u>** . Costs, fees, dues, contributions and similar expenses
for political, charitable, industry association and similar organizations, as well as the cost of newspaper, magazine, trade and other
subscriptions, provided that this exclusion shall not apply to the Building's or the Premises' annual membership dues in the
local Building Owners and Managers Association (BOMA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)  **<u>Art</u>** . Costs to acquire sculptures, paintings, fountains or other objects of art above standard
commercial grade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)  **<u>Concessionaires</u>** . Compensation and benefits paid to or provided to clerks, attendants and
other persons in commercial concessions operated by or on behalf of Landlord for a profit; however, this exclusion shall not apply to
any such costs attributable to amenities provided by Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)  **<u>Legal Expenses</u>** . Legal expenses for services, other than those that benefit the Premises
tenants generally (e.g., negotiation of vendor contracts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)  **<u>Promotions</u>** . Promotional expenditures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)  **<u>Special Facilities</u>** . Costs for installing, operating and maintaining any observatory, broadcasting
facility or child-care facility, in each case to the extent operated by Landlord for a profit (however, this exclusion shall not apply
to any amenities provided by Landlord or made available to Tenant).

"**<u>GAAP</u>**" means generally accepted accounting principles consistently applied.

"**<u>Green Initiatives</u>**" mean Laws or programs (including public or private certifications) to promote natural resource efficiency, preservation or conservation; carbon reduction; slowing of global warming; reduction of heat islands; stormwater control; reduction of chemical use and emissions; indoor air quality; and sorting or recycling, and proper disposal of, trash.

"**<u>Hazardous Materials</u>**" means and includes any substance, material, waste, pollutant, or contaminant that is or could be regulated under any Environmental Requirement or that may adversely affect human health or the environment, including any solid or hazardous waste, hazardous or toxic substance, asbestos, and petroleum (including crude oil or any fraction thereof, natural gas and other hydrocarbons, synthetic gas, polychlorinated biphenyls [PCBs], per- and poly-fluorinated alkyl substances, and radioactive material).

"**<u>HVAC</u>**" means heated and refrigerated air conditioning, as appropriate.

"**<u>Improvements</u>**" means, collectively, all alterations, additions, betterments and improvements located in the Premises (including racking, shelving, and the installation of systems furniture or other equipment or personal property that affects or otherwise connects to the Building's Systems).

"**<u>including</u>**" means including, without limitation.

Bear Den Road <br> 38 Blacksburg, SC

"**<u>Landlord Insured Parties</u>**" means (1) Landlord, (2) Landlord's asset management company, as may be changed by Landlord from time-to-time, and their associated, affiliated, and subsidiary companies, owners, directors, officers, managing agents, and fiduciaries, as they exist, (3) TC MidAtlantic, its successors and assigns, (4) Trammell Crow Company and all subsidiaries and affiliates, (5) CBRE, Inc., and all subsidiaries and affiliates, (6) Landlord's developer, and (7) Landlord's Mortgagee (and Landlord shall have the right, from time to time, to require any of the foregoing to be specifically listed as an additional insured upon notice to Tenant), and any other party that Landlord may reasonably designate in writing from time to time.

"**<u>Landlord's Mortgagee</u>**" means any mortgagee under any Mortgage, beneficiary under any deed of trust, or lessor under any Primary Lease.

"**<u>Lease Constant Percentage</u>**" means the sum of .575% and the capitalization rate determined by Landlord as the rate upon which all capital sources (inclusive of debt and equity) would be willing to finance the transaction contemplated by this Lease. For example, if the capitalization rate is 9%, then the Lease Constant Percentage would be 9.575%.

"**<u>Lease Month</u>**" means each calendar month during the Term (and if the Commencement Date does not occur on the first day of a calendar month, the period from the Commencement Date to the first day of the next calendar month shall be included in the first Lease Month for purposes of determining the duration of the Term and the monthly Basic Rent rate applicable for such partial month).

"**<u>Minor Alterations</u>**" means Improvements totaling less than $500,000 in any single instance or series of related alterations performed within a six-month period (provided that Tenant shall not perform any Improvements in stages as a means to subvert this provision), in each case provided that (1) Tenant delivers to Landlord written notice thereof, a list of contractors and subcontractors to perform the work (and certificates of insurance for each such party) and any plans and specifications therefor prior to commencing any such Improvements (for informational purposes only so long as no consent is required by Landlord as required by this Lease), (2) the installation thereof does not require the issuance of any building permit or other governmental approval, or involve any core drilling or installation of equipment and systems used for or associated with the use, storage or dispensing of Hazardous Materials or the configuration or location of any exterior or interior walls of the Building, and (3) such Improvements do not contain a Design Issue.

"**<u>Moody's</u>**" means Moody's Investor Service.

"**<u>Mortgage</u>**" means a deed of trust, mortgage, or other security instrument.

"**<u>OFAC</u>**" means the Office of Foreign Assets Control of the Department of the Treasury.

"**<u>Operating Costs</u>**" means all costs, expenses, disbursements, and amounts of every kind and nature (subject to the limitations set forth below) that Landlord pays or accrues in connection with the ownership, management, operation, maintenance, security, repair, replacement, renovation, restoration or operation of the Building, the Premises, or any portion thereof, or performing Landlord's obligations under this Lease, in each case, determined in accordance with sound accounting principles consistently applied, including the following costs: (1) wages and salaries of all on-site employees at or below the grade of senior building manager engaged in the operation, maintenance or security of the Premises (together with Landlord's reasonable allocation of expenses of off-site employees at or below the grade of senior building manager who perform a portion of their services in connection with the operation, maintenance or security of the Premises including accounting personnel), including taxes, insurance and benefits relating thereto; (2) all supplies, materials and computer software licenses used in the operation, maintenance, repair, replacement, and security of the Premises; (3) insurance expenses, including the cost of any deductibles; (4) repairs, replacements, and general maintenance of the Premises; (5) costs includable as Operating Costs pursuant to Section 7.3; (6) service, maintenance and management contracts and fees and other costs for the operation, maintenance, repair, replacement or security of the Premises (including alarm service, window cleaning, janitorial, security, landscape maintenance, trash collection, sweeping and removal of trash in exterior areas of the Premises, mowing, snow removal and landscaping, and, if applicable, elevator maintenance); (7) utility service to exterior areas and other non-tenant areas of the Premises (e.g., canopy lighting, irrigation systems, mechanical, electrical, fire pump and telecommunications rooms); (8) replacement reserves for capital items; and (9) service, maintenance and management contracts and fees (payable to Landlord, Landlord's Affiliate or a third-party management company) for the operation, maintenance, management, repair, replacement, or security of the Premises, including alarm service, window cleaning, janitorial, security, landscape maintenance, trash collection, sweeping and removal of trash, mowing, snow removal and landscaping, and if applicable, elevator maintenance. Additionally, Landlord may elect to amortize items not required to be amortized under this Lease as well as defer one or more amortized costs to future expense years.

Bear Den Road <br> 39 Blacksburg, SC

"**<u>Permitted Hazardous Materials</u>**" means Hazardous Materials contained in products used by Tenant in de minimis quantities in accordance with all Laws for cleaning and office purposes.

"**<u>Preliminary Work</u>**" means all actions by Landlord related to this Lease prior to the termination of this Lease pursuant to Section 26.2.2, including actions related to the acquisition of the Land (including executing an agreement to purchase the Land, commencing due diligence activities with respect thereto, engaging designers [including architects and engineers] and entering into agreements for the design of the Premises, engaging and entering into agreements with electrical power providers, commissioning power studies, making financial commitments to power providers, and preparing plans, space plans and working drawings for the construction of Base Building Work) and performance of the Base Building Work. For avoidance of doubt, the Preliminary Work shall include all deposits made and costs incurred in connection the agreement to acquire the Land, together with a compounding 15% cost of capital related to all costs related to the acquisition of the Land.

"**<u>Primary Lease</u>**" means a ground lease, master lease, or primary lease.

"**<u>Prime Rate</u>**" means the "Prime Rate" as published on the date in question by The Wall Street Journal in its listing of "Money Rates".

"**<u>Prohibited Entity</u>**" means a person or entity (1) that is prohibited or restricted by Law from acquiring an interest in real property or from entering into this Lease, or (2) with whom U.S. persons or entities are restricted from doing business (including those named on OFAC's Specially Designated Nationals and Blocked Persons List).

"**<u>Prohibited Entity Law</u>**" means any applicable governmental action or Law that prohibits or restricts U.S. persons or entities from doing business with Prohibited Entities, including OFAC, any similar statute or executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), and any other similar applicable governmental action or Law.

"**<u>Prohibited Use</u>**" means any of the following uses: any use that may reasonably result in a release of Hazardous Materials, including auto salvage/dismantling; battery recycling, manufacturing or reclamation; chemical mixing, blending, repackaging and/or manufacturing (in material quantities); chemical recyclers (i.e. Safety Clean, Clean Harbors); storage of lithium ion batteries; storage of drug paraphernalia (other than medicinal); dry cleaning facilities; electroplating and metal finishing operations, use or manufacturing; lawn care; marijuana growth, processing, storage or manufacturing; pallet manufacturers; pool supply operations; printing facilities; uses with on-site fueling; computer/electronic recyclers; outdoor chemical storage; underground storage tanks; waste processing (recycling, sorting, storage); storage, use or manufacturing of guns, explosives, fireworks, ammunition, or other similar hazardous items; retail uses and service of alcohol to the public; storage of tires, spices, coffee and other uses that generate excessive odors; automobile/truck/forklift maintenance, repair or fueling (except that the basic service and/or preventative maintenance and/or re-fueling of forklifts used at the Premises in the ordinary course of Tenant's business shall be permitted subject to Tenant's full compliance with Laws, the terms of this Lease, the standards established by the National Fire Protection Association, and best practices for the detection, minimization, and mitigation of any release of Hazardous Materials which may occur as a result thereof, however such exception is not to be deemed as a consent to the use of any specific Hazardous Materials or an acknowledgment that any release of Hazardous Materials is permitted or otherwise acceptable to Landlord); ceramics and jewelry manufacturing or finishing; chemical (organic or inorganic) storage, use or manufacturing; drum recycling; electronic components manufacturing; hazardous waste treatment, storage, or disposal; leather production, tanning or finishing; machinery and tool manufacturing; medical equipment manufacturing and hospitals; metal shredding, recycling or reclamation; metal smelting and refining; mining; paint, pigment and coating operations; petroleum refining; plastic and synthetic materials manufacturing (other than the heating and extrusion of raw material plastic pellet feedstock into plastic formulations); solvent reclamation; tire and rubber manufacturing; above and/or underground storage tanks; fertilizer storage; residential use or occupancy; auctions of any type; tetrachloroethylene manufacturing; retail sales of any type; any use which is disreputable, creates extraordinary fire hazards, or results in an increased rate of insurance on the Premises or its contents, the use, growing, producing, processing, storing (short- or long-term), distributing, transporting, or selling of Cannabis or any uses related to the same, nor shall Tenant permit, allow or suffer, any Tenant Party to bring any Cannabis onto any portion of the Premises; any use or manner that would violate any exclusive use covenant or use restriction then in effect for the benefit of any tenant or occupant of the Premises or any related complex or violate any restrictive covenants or other covenants and restrictions then affecting the Premises or any related complex; and space heaters in any office areas of the Premises. Except as provided below, the following uses are expressly prohibited in the Premises: schools, governmental offices or agencies; personnel agencies; collection agencies; credit unions; data processing, telemarketing, reservation centers or other "call centers"; medical treatment and health care; radio, television or other communications broadcasting; and customer service offices of a public utility company. Notwithstanding the preceding sentence, the following ancillary uses are permitted in the Premises only so long as they do not, in the aggregate, occupy more than 10% of the rentable square feet in the Premises: (1) the following services provided by Tenant exclusively to its employees: schools, training and other educational services; credit unions; and similar employee services; and (2) the following services directly and exclusively supporting Tenant's business: telemarketing; reservations; data processing; debt collection; and similar support services.

Bear Den Road <br> 40 Blacksburg, SC

"**<u>Qualified Broker</u>**" means a licensed commercial real estate broker with at least ten years' experience in leasing comparable buildings in the city or submarket in which the Premises are located.

"**<u>reasonable wear and tear</u>**" means such reasonable, normal and customary wear and tear associated with reasonable, normal and customary use of the item in question that (1) does not include any damage, deterioration or other issues that would have been prevented or eliminated by the performance by Tenant of Tenant's maintenance, repair and replacement obligations under this Lease; (2) is solely cosmetic in nature; and (3) does not impair the use, operation or functionality of the item in question for its intended use. Nothing in this definition shall be interpreted to diminish Tenant's repair, maintenance and replacement obligations under this Lease or Landlord's right to enforce Tenant's maintenance, repair and replacement obligations under this Lease.

"**<u>related complex</u>**" means any multi-building complex of which the Building is a part.

"**<u>Release</u>**" means depositing, spilling, leaking, pumping, pouring, placing, emitting, emptying, discarding, discharging, injecting, escaping, leaching, dumping or disposing.

"**<u>S&P</u>**" means Standard & Poor's Corporation.

"**<u>Sustainability Standards</u>**" means any of the following as in effect from time to time: (1) the U.S. Environmental Protection Agency's Energy Star® rating system or Design to Earn Energy Star 71, the Green Building Initiative's Green Globes™ for Continual Improvement of Existing Buildings standards, the U.S. Green Building Council's Leadership in Energy and Environmental Design rating system, the Building Research Establishment Environmental Assessment Method rating system, the Institute of Real Estate Management Certified Sustainable Property standards, the Fitwel Viral Response Module standards, the WELL Health-Safety Rating for Facility Operations and Management rating system or any similar program or rating system; and (2) requirements, standards or programs pertaining to Green Initiatives that are required by Law or by any energy, water or sewer utility.

"**<u>Tangible Net Worth</u>**" means the excess of total assets over total liabilities, in each case as determined in accordance with GAAP, excluding, however, from the determination of total assets all assets which would be classified as intangible assets under GAAP including goodwill, licenses, patents, trademarks, trade names, copyrights, and franchises.

"**<u>Tangible Net Worth/Credit Threshold</u>**" means (1) the proposed Permitted Transferee or the other entity being determined has a Tangible Net Worth equal to or greater than $1,500,000,000 as evidenced by financial statements audited by a certified public accounting firm reasonably acceptable to Landlord (and any member of the "Big Four" accounting firms shall be deemed acceptable to Landlord) (if available; otherwise, as certified by the Chief Financial Officer of such proposed Permitted Transferee or the other entity being determined), and (2) if the proposed Permitted Transferee or the other entity being determined has been assigned a Corporate Debt Rating, then the Corporate Debt Rating of such proposed Permitted Transferee or the other entity being determined satisfies the Corporate Debt Rating Requirement.

Bear Den Road <br> 41 Blacksburg, SC

"**<u>Taxes</u>**" means taxes, assessments, charges, fees and payments whether federal, state, county or municipal, and whether they be by taxing districts or authorities presently taxing or by others, subsequently created or otherwise, and any other taxes, assessments, charges and fees (including energy efficiency and emissions assessments, levies, taxes, or fees, stadium or other sports complex assessments or taxes, non-governmental assessments and charges [including assessments and charges from any applicable property owner's association], any payments in lieu of taxes, and all payments under any restrictive covenant, declaration of covenants, any applicable Primary Lease, restrictions and easements or other private agreement that are not treated as part of Operating Costs) now or hereafter attributable to the Land or the Premises (or its operation), excluding only penalties and interest thereon, federal, state and local taxes on income, inheritance taxes, estate taxes, gift taxes, franchise taxes, or any mortgage, recording, stamp or transfer taxes payable in connection with the mortgaging, encumbering, transfer or sale of all or part of the Premises or of any beneficial interest in Landlord or any portion thereof or interest therein. However, if the present method of taxation changes so that in lieu of or in addition to the whole or any part of any Taxes, there is levied on Landlord a tax directly on the rents or revenues received therefrom or a franchise tax, gross receipts tax, margin tax, sales or use tax, assessment, or charge based, in whole or in part, upon such rents or revenues for the Premises, then all such taxes, assessments, or charges, or the part thereof so based, shall be deemed to be included within the term "Taxes" for purposes hereof. All carbon tax credits and similar credits, offsets and deductions are the sole and exclusive property of Landlord. Taxes shall include the costs of consultants retained in an effort to lower taxes and all costs incurred in disputing any taxes or in seeking to lower the tax valuation of the Premises.

"**<u>Telecommunications Services</u>**" means telecommunications systems, including voice, video, data, Internet, and any other services provided over wire, fiber optic, microwave, wireless, and any other transmission systems.

"**<u>Tenant Party</u>**" means any of the following persons: Tenant; any assignees claiming by, through or under Tenant; any subtenants, licensees or other parties claiming by, through or under Tenant; and any of their respective agents, vendors, service providers, architects and design professionals, contractors and subcontractors, officers, employees, licensees, guests and invitees.

"**<u>Tenant's Off-Premises Equipment</u>**" means any equipment, signage or other property of any Tenant Party that may be located on or about the Premises or any related complex (other than inside the Premises).

"**<u>Tenant-Triggered Modifications</u>**" means modifications to the Premises (whether structural or non-structural and whether inside or outside of the Building) that are required by Law or deemed reasonably necessary by Landlord for the operation, maintenance or safety of the Premises as a result of (1) Tenant's use or occupancy of the Premises; (2) Tenant's Off-Premises Equipment or (3) Improvements made by or on behalf of any Tenant Party, including any initial tenant improvement work.

"**<u>trash</u>**" means garbage, trash, rubbish and other refuse.

"**<u>UCC</u>**" means the Uniform Commercial Code of the state in which the Premises are located.

Bear Den Road <br> 42 Blacksburg, SC

**<u>Exhibit A</u>**

**<u>PREMISES DEPICTION</u>**

Bear Den Road <br> A-1 Blacksburg, SC

**<u>Exhibit B</u>**

**<u> </u>**

**<u>DESCRIPTION OF THE LAND</u>**

Bear Den Road <br> B-1 Blacksburg, SC

**<u>Exhibit C</u>**

**<u>BUILDING RULES AND REGULATIONS</u>**

Bear Den Road <br> C-1 Blacksburg, SC

**<u>Exhibit D</u>**

**<u>WORK LETTER</u><br> (Landlord Performs the Base Building Work)**

Bear Den Road <br> D-1 Blacksburg, SC

**<u>Exhibit D-1</u>**

**<u>DELIVERY OF PREMISES, milestone dates and remedies</u>**

Bear Den Road <br> D-1-1 Blacksburg, SC

**<u>Exhibit E</u>**

**<u>CONFIRMATION OF COMMENCEMENT DATE</u>**

Bear Den Road <br> E-1 Blacksburg, SC

**<u>Exhibit F</u>**

**<u>FORM OF TENANT ESTOPPEL CERTIFICATE</u>**

Bear Den Road <br> F-1 Blacksburg, SC

**<u>Exhibit G</u>**

**<u>EXTENSION OPTIONS</u>**

Bear Den Road <br> G-1 Blacksburg, SC

**<u>Exhibit H</u>**

**<u>CONTRACTOR INSURANCE REQUIREMENTS</u>**

Bear Den Road <br> H-1 Blacksburg, SC

**<u>Exhibit I</u>**

**<u>FORM OF RENTABLE SQUARE FEET CALCULATION NOTICE</u>**

Bear Den Road <br> I-1 Blacksburg, SC

**<u>Exhibit J</u>**

**<u>PROJECT COSTS</u>**

Bear Den Road <br> J-1 Blacksburg, SC

**<u>Exhibit K</u>**

**<u>FORM OF DEVELOPMENT SERVICES AGREEMENT</u>**

Bear Den Road <br> K-1 Blacksburg, SC

**<u>Exhibit L</u>**

**<u>FORM OF MEMORANDUM OF LEASE</u>**

Bear Den Road <br> L-1 Blacksburg, SC

**<u>Exhibit M</u>**

**<u>RIGHT OF FIRST OFFER – PURCHASE OF PREMISES</u>**

Bear Den Road <br> M-1 Blacksburg, SC

## Exhibit 10.2

**Exhibit 10.2**

**FEE-IN-LIEU OF *AD VALOREM* TAXES AND INCENTIVES AGREEMENT**

**BY AND AMONG**

**CHEROKEE COUNTY, SOUTH CAROLINA**

**AND**

**USA RARE EARTH, INC.**

**JUNE 1, 2026**

**TABLE OF CONTENTS**

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|  |  | **Page** |
| Article I | Article I | Article I |
| DEFINITIONS | DEFINITIONS | DEFINITIONS |
| **Section 1.1** | ***Terms***. | 3 |
| Article II | Article II | Article II |
| REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES |
| **Section 2.1** | ***Representations of the County***. | 5 |
| **Section 2.2** | ***Representations of the Company***. | 5 |
| **Section 2.3** | ***Representations of the Sponsor Affiliates***. | 6 |
| Article III | Article III | Article III |
| FILOT PAYMENTS | FILOT PAYMENTS | FILOT PAYMENTS |
| **Section 3.1** | ***Negotiated Payments***. | 6 |
| **Section 3.2** | ***FILOT Payments on Replacement Property***. | 8 |
| **Section 3.3** | ***Reductions in Payments of Taxes Upon Removal, Condemnation or Casualty***. | 8 |
| **Section 3.4** | ***Place and Allocation of FILOT Payments***. | 8 |
| **Section 3.5** | ***Removal of Property***. | 8 |
| **Section 3.6** | ***Damage or Destruction of Project***. | 8 |
| **Section 3.7** | ***Condemnation***. | 9 |
| **Section 3.8** | ***Maintenance of Existence***. | 9 |
| **Section 3.9** | ***Confidentiality/Limitation on Access to Project***. | 9 |
| **Section 3.10** | ***Addition of Sponsor Affiliates.*** | 9 |
| **Section 3.11** | ***Assignment***. | 10 |
| **Section 3.12** | ***Events of Default***. | 10 |
| **Section 3.13** | ***Remedies on Default***. | 10 |
| **Section 3.14** | ***Collection of FILOT Payments***. | 11 |
| **Section 3.15** | ***Remedies Not Exclusive***. | 11 |
| **Section 3.16** | ***Leased Equipment.*** | 11 |
| **Section 3.17** | ***Waiver of Recapitulation Requirements***. | 11 |
| **Section 3.18** | ***Fiscal Year; Property Tax Year.*** | 11 |
| **Section 3.19** | ***Reports; Filings***. | 11 |
| **Section 3.20** | ***Termination.*** | 11 |
| Article IV | Article IV | Article IV |
| MISCELLANEOUS | MISCELLANEOUS | MISCELLANEOUS |
| **Section 4.1** | ***Notices***. | 12 |
| **Section 4.2** | ***Binding Effect***. | 12 |
| **Section 4.3** | ***Counterparts; Electronic Signatures***. | 12 |
| **Section 4.4** | ***Administration Expenses*** | 12 |
| **Section 4.5** | ***Governing Law***. | 13 |
| **Section 4.6** | ***Headings***. | 13 |
| **Section 4.7** | ***Amendments***. | 13 |
| **Section 4.8** | ***Further Assurance***. | 13 |
| **Section 4.9** | ***Severability***. | 13 |
| **Section 4.10** | ***Limited Obligation***. | 13 |
| **Section 4.11** | ***Limitation of Liability***. | 13 |
| **Section 4.12** | ***Force Majeure.*** | 13 |
| **Section 4.13** | ***Venue.*** | 13 |

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EXHIBIT A: Legal Description of Property

EXHIBIT B: Form of Joinder Agreement

i

SUMMARY CONTENTS FEE AGREEMENT

<u>As permitted under Section 12-44-55(B) of the Act (as further defined below) , the Parties (as further defined below) have agreed to waive the requirements of Section 12-44-55 of the Act. The following is a summary of the key provisions of this Fee Agreement. This summary is inserted for convenience only and does not constitute a part of this Fee Agreement or a summary compliant with Section 12-44-55 of the Act.</u>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Company Name:** | &nbsp;&nbsp;**USA Rare Earth, Inc.** | &nbsp;&nbsp;**Project Name:** | &nbsp;&nbsp;**Project Liberty** |
| &nbsp;&nbsp;**Projected Investment:** | &nbsp;&nbsp;**$800000000** | &nbsp;&nbsp;**Projected Jobs:** | &nbsp;&nbsp;**325** |
| &nbsp;&nbsp;**Location (street):** | &nbsp;&nbsp;**Bear Den Road** | &nbsp;&nbsp; **Tax Map No.: See Legal Description in Exhibit A** | &nbsp;&nbsp; **Tax Map No.: See Legal Description in Exhibit A** |
| &nbsp;&nbsp;**1. FILOT** |  |  |  |
| &nbsp;&nbsp;Required Investment: | &nbsp;&nbsp;**$400000000** |  |  |
| &nbsp;&nbsp;Investment Period: | &nbsp;&nbsp;**8 years but if Company meets at least 75% of the Projected Investment by the end of 8 years then Investment Period automatically extends to 13 years** | &nbsp;&nbsp;Ordinance No./Date: | &nbsp;&nbsp;**2026-04** |
| &nbsp;&nbsp;Assessment Ratio: | &nbsp;&nbsp;**4%** | &nbsp;&nbsp;Term (years): | &nbsp;&nbsp;**40** |
| &nbsp;&nbsp;5-Year Average Millage: | &nbsp;&nbsp;**Initial millage rate of 360.5** |  |  |
| &nbsp;&nbsp;Clawback information: | &nbsp;&nbsp;**Statutory** | &nbsp;&nbsp;**Statutory** | &nbsp;&nbsp;**Statutory** |
| &nbsp;&nbsp;**2. MCIP** | &nbsp;&nbsp;**Joint County Industrial and Business Park (2026)** | &nbsp;&nbsp;**Joint County Industrial and Business Park (2026)** | &nbsp;&nbsp;**Joint County Industrial and Business Park (2026)** |
| &nbsp;&nbsp;**Partner County** | &nbsp;&nbsp;**Spartanburg County** | &nbsp;&nbsp;**Spartanburg County** | &nbsp;&nbsp;**Spartanburg County** |
| &nbsp;&nbsp;**3. Infrastructure Credit** | &nbsp;&nbsp; **N/A** | &nbsp;&nbsp; **N/A** | &nbsp;&nbsp; **N/A** |

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FEE-IN-LIEU OF *AD VALOREM* TAXES AND INCENTIVES AGREEMENT

THIS FEE-IN-LIEU OF *AD VALOREM* TAXES AND INCENTIVES AGREEMENT ("Fee Agreement") is made and entered into as of June 1, 2026, by and between Cherokee County, South Carolina ("County"), a body politic and corporate and a political subdivision of the State of South Carolina ("State"), acting by and through the Cherokee County Council ("County Council") as the governing body of the County, and USA Rare Earth, Inc. a company formerly known to the County as Project Liberty, a Delaware corporation , along with any affiliated or related entities, and assigns, as Sponsor (collectively, "Company") and any other entity that may join as a Sponsor Affiliate as the term is defined in this Fee Agreement (hereinafter, the County, the Company, and any Sponsor Affiliate(s) are referred to individually as a "Party" and, collectively, as the "Parties").

WITNESSETH:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The County, acting by and through its County Council, is authorized and empowered (i) under and pursuant to the provisions of Title 12, Chapter 44 of the Code of Laws of South Carolina, 1976 (the "Code"), as amended (the "Act") to enter into agreements with qualifying companies to encourage investment in projects constituting economic development property through which the economic development of the State will be promoted by inducing new and existing manufacturing and commercial enterprises to locate and remain in the State and thus utilize and employ manpower and other resources of the State and to covenant with such industry to accept certain fee payments in lieu of *ad valorem* taxes ("FILOT") with respect to such investment; and (ii) to make and execute contracts pursuant to Section 4-9-30 of the Code, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pursuant to Section 4-1-170, of the Code, as amended ("MCIP Act"), the County is authorized (i) to develop multi-county industrial or business parks in partnership with counties having contiguous borders with the County, (ii) to include within the boundaries of such parks the property of eligible companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Under the authority provided in the MCIP Act, the County has created or will create a multi-county park with Spartanburg County, South Carolina ("Spartanburg County") (the "Park") through that certain "Agreement for the Development of Joint County Industrial and Business Park (2026 Park)", as amended (the "Park Agreement"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company, as Sponsor, along with one or more existing, or to-be-formed or acquired subsidiaries, or affiliated or related entities and any Sponsor Affiliate(s) (as defined in this Fee Agreement) that the Sponsor may designate and have the County approve in accordance with the Act, contingent upon satisfaction of certain commitments made by and on behalf of the County, as set forth herein, and, to the extent allowed by law, plans to establish one or more facilities in the County through the acquisition, lease, construction and purchase of certain land, buildings, furnishings, fixtures, apparatuses, and equipment (the "Project"), which it expects will result in $800,000,000 in new capital investment in taxable real and taxable personal property in the County (collectively, "Investment") and the creation of no less than 325 new, full-time equivalent jobs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Pursuant to the Act, the County has determined that (i) the Project is anticipated to benefit the general public welfare of the County by providing services, employment, recreation, or other public benefits not otherwise adequately provided locally; (ii) the Project gives rise to no pecuniary liability of the County or incorporated municipality or a charge against its general credit or taxing power; and (iii) the purposes to be accomplished by the Project are proper governmental and public purposes and (iv) the benefits of the Project are greater than the costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to a resolution adopted March 2, 2026, the County Council identified the Project, as required under the Act, and pursuant to County Council Ordinance No. 2026-04 adopted June 1, 2026, the County Council authorized (i) the execution and delivery of this Fee Agreement with the Company, (ii) the approval of the Incentives, including the creation of the Park and ; the inclusion of the Project in the Park pursuant to the Park Agreement; and (iii) other matters related thereto.

NOW, THEREFORE, AND IN CONSIDERATION of the respective representations and agreements hereinafter contained, the parties hereto agree as follows, with the understanding that no obligation of the County described herein shall create a pecuniary liability or charge upon its general credit or taxing powers, but shall be payable solely out of the sources of payment described herein and shall not under any circumstances be deemed to constitute a general obligation to the County:

**Article I<br> DEFINITIONS**

**Section 1.1 *Terms***. The terms defined in this Article shall for all purposes of this Fee Agreement have the meaning herein specified, unless the context clearly requires otherwise.

"Act" has the meaning set forth in the recitals.

"Administration Expenses" has the meaning set forth in Section 4.4. of this Fee Agreement.

"Code" has the meaning set forth in the recitals.

"Commencement Date" means the last day of the first property tax year during which Economic Development Property (defined below) is placed in service except that this date must not be later than the last day of the property tax year that is three years from the year in which the County and the Sponsor entered into this Fee Agreement.

"Company" has the meaning set forth in the first paragraph of this Fee Agreement.

"County" means Cherokee County, South Carolina, a body politic and corporate and political subdivision of the State of South Carolina, its successors and assigns, acting by and through the Cherokee County Council as the governing body of the County.

"County Council" means the Cherokee County Council, the governing body of the County.

"Department" and "SCDOR" means the South Carolina Department of Revenue.

"Diminution in Value" in respect of any Phase of the Project means any reduction in the value, based on original fair market value as determined in Step 1 of Section 3.1 of this Fee Agreement, of the items which constitute a part of the Phase which may be caused by (i) the Company's removal of equipment pursuant to Section 3.5 of this Fee Agreement, (ii) a casualty to the Phase of the Project, or any part thereof, described in Section 3.6 of this Fee Agreement, or (iii) a condemnation to the Phase of the Project, or any part thereof, described in Section 3.7 of this Fee Agreement.

"Economic Development Property" means all items of real and tangible personal property comprising the Project which qualify as economic development property under the Act, become subject to this Fee Agreement, and which are identified by the Company and, as applicable, any Sponsor Affiliate(s) in connection with its annual filing of a SCDOR PT-300 or comparable forms with the Department (as such filing may be amended from time to time) for each year within the Investment Period, as that period may be extended by subsequent, formal action of County Council, or automatically as permitted under the Act or under this Fee Agreement. Title to all Economic Development Property shall at all times remain vested in the Company or, as applicable, in any of the Sponsor Affiliate(s), except as may be necessary to take advantage of the effect of Section 12-44-160 of the Act in the Company's or, as applicable, any Sponsor Affiliate's sole discretion.

"Enhanced Investment" means an investment at a project of at least $400,000,000 or $150,000,000 and 125 new, full time jobs within the Minimum Investment Period (as defined below), all of which is further set forth in Section 12-44-30(7) of the Act.

"Equipment" means all machinery, apparatus, equipment, fixtures, office facilities, furnishings, and other personal property together with any and all additions, accessions, replacements and substitutes thereto or therefor acquired by the Company or, as applicable, any Sponsor Affiliate, during the Investment Period as a part of the Project under this Fee Agreement. The Equipment and its constituent parts together with any and all improvements or other features constructed on, or personal property installed or placed on the Real Property by or for the Company, or, as applicable, any Sponsor Affiliate, including without limitation, machinery, fixtures, trade fixtures, and other personal property are personal property for purposes of applicable South Carolina law.

"Event of Default" means any Event of Default specified in Section 3.12 of this Fee Agreement.

"Excess Value" has the meaning set forth in Section 3.2(b) of this Fee Agreement.

"Fee Term" or "Term" means the period from the date of execution of this Fee Agreement until the last Phase Termination Date unless sooner terminated or extended pursuant to the terms of this Fee Agreement.

"FILOT" means fee in lieu of *ad valorem* tax(es).

"FILOT Payment(s)" means the payment(s) in lieu of *ad valorem* tax(es) which the Company or, as applicable, any Sponsor Affiliate, are obligated to pay to the County in accordance with the formula set forth in Section 3.1 of this Fee Agreement.

"Improvements" means improvements, together with any and all additions, accessions, replacements and substitutions thereto or therefor developed or acquired by or on behalf of the Company or, as applicable, the Sponsor Affiliate, during the Investment Period as part of the Project.

"Investment Period" means the period beginning with the first day that Economic Development Property is purchased or acquired for the Project and ending eight years after the Commencement Date. The Investment Period shall be the Minimum Investment Period (as defined below) unless otherwise automatically extended pursuant to the terms of this Fee Agreement or by a resolution of County Council in accordance with Section 12-44-30(13) of the Act. In the event that the Company achieves at least seventy-five percent of the Investment by the end of the Minimum Investment Period, the Investment Period shall be automatically extended by an additional five (5) years for a total Investment Period of thirteen (13) years.

"Minimum Investment Period" means the period beginning with the first day that Economic Development Property is purchased or acquired for the Project and ending eight years after the Commencement Date.

"Original Value" has the meaning set forth in Section 3.2(a) of this Fee Agreement.

"Phase" or "Phases" in respect to the Project means the Equipment, Improvements, Economic Development Property, and Real Property, if any, placed in service during each year of the Investment Period.

"Phase Termination Date" means with respect to each Phase of the Project the last day of the thirty-ninth (39<sup>th</sup>) year after each such Phase of the Project becomes subject to the terms of this Fee Agreement. Anything contained herein to the contrary notwithstanding, the last Phase Termination Date shall be no later than December 31 of the year of the expiration of the thirty-ninth (39<sup>th</sup>) full calendar year, after the end of the Investment Period.

"Project" is further defined herein to mean the Equipment, Improvements, and Real Property, together with the acquisition, construction, installation, design and engineering thereof.

"Real Property" means the real property upon which any part of the Project is to be constructed and expanded, as described in Exhibit A attached hereto and as supplemented from time to time, together with all and singular the rights, members, hereditaments and appurtenances belonging or in any way incident or appertaining thereto acquired or constructed by the Company or, as applicable, any Sponsor Affiliate; all Improvements now or hereafter situated thereon; and all fixtures now or hereafter attached thereto, but only to the extent such Improvements and fixtures are deemed to become part of the Project under the terms of this Fee Agreement.

"Removed Components" has the meaning set forth in Section 3.5 of this Fee Agreement.

"Replacement Property" means any property that is placed in service as a replacement for any item of Equipment or any Improvement that is scrapped or sold by the Company or, as applicable, any Sponsor Affiliate and treated as a Removed Component under Section 3.5 hereof, regardless of whether such property serves the same function as the property it is replacing and regardless of whether more than one piece of property replaces any item of Equipment or any Improvement.

"Replacement Value" has the meaning set forth in Section 3.2 of this Fee Agreement

"Sponsor" means the Company.

"Sponsor Affiliate" means an entity that joins with or is an affiliate of the Company, or that otherwise has a contractual relationship with the Company in respect of the Project, whose Investment with respect to the Project shall be considered part of the Investment and qualify for FILOT Payments pursuant to Section 3.1 hereof and Sections 12-44-30(20) and 12-44-130 of the Act, who is approved in accordance with Section 3.10 of this Fee Agreement, and who enters into a Joinder Agreement in a form substantially similar to that attached hereto as Exhibit B.

"Statutory Minimum Investment" shall mean an investment of at least $2,500,000 in real or personal property subject to *ad valorem* taxation (in the absence of this Fee Agreement) by the Company, or, if applicable, any Sponsor Affiliate, as defined under Section 12-44-30(14) of the Act.

Any reference to any agreement or document in this Article I or otherwise in this Fee Agreement is deemed to include any and all amendments, supplements, addenda, and modifications to such agreement or document.

**Article II<br> REPRESENTATIONS AND WARRANTIES**

**Section 2.1 *Representations of the County***. The County hereby represents and warrants to the Company and any Sponsor Affiliate as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The County is a body politic and corporate and a political subdivision of the State that acts through the County Council as its governing body and by the provisions of the Act is authorized and empowered to enter into the transactions contemplated by this Fee Agreement and to carry out its obligations hereunder. The County has duly authorized the execution and delivery of this Fee Agreement and any and all other agreements described herein or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Based solely on the information provided to the County by the Company, the Project constitutes a "project" within the meaning of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) By due corporate action, the County has agreed that, subject to compliance with applicable laws, each item of real and tangible personal property comprising the Project shall be considered Economic Development Property under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Although the parties are unaware of any Zoning applicable to the Project and the Project Site, the County agrees that it will assist the Company and any Sponsor Affiliates with modifying any Zoning, as necessary, to ensure the Project can be operated at the Project Site in the County.

**Section 2.2 *Representations of the Company***. The Company hereby represents and warrants to the County as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a corporate entity, authorized or to be authorized to transact business under the laws of the State of South Carolina, and has the power to enter into this Fee Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To its actual knowledge, the Company's execution and delivery of this Fee Agreement and its compliance with the provisions hereof do not result in a default, not waived or cured, under any agreement or instrument to which the Company is now a party or by which it is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company intends to operate the Project as a "project" within the meaning of the Act as in effect on the date hereof. The Company intends to operate the Project for such purposes as permitted under the Act, as the Company may deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The availability of the FILOT, with regard to the Economic Development Property authorized by the Act, along with other incentives provided by the County, have induced the Company to undertake the Project in the County.

**Section 2.3 *Representations of the Sponsor Affiliate(s)***. With respect to any Sponsor Affiliate who joins as a party to this Fee Agreement, each such Sponsor Affiliate hereby represents and warrants to the County as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sponsor Affiliate is organized as set forth in the Joinder Agreement, is authorized or will be authorized to transact business under the laws of the State of South Carolina, and has the power to enter into this Fee Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To its actual knowledge, the Sponsor Affiliate's execution and delivery of this Fee Agreement, or as applicable, the execution and delivery of a Joinder Agreement, and its compliance with the provisions hereof do not result in a default, not waived or cured, under any agreement or instrument to which the Sponsor Affiliate is now a party or by which it is bound.

**Article III<br> FILOT PAYMENTS**

**Section 3.1 *Negotiated Payments***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to Section 12-44-50 of the Act, the Company and, as applicable, any Sponsor Affiliate, are required to make FILOT Payments on all Economic Development Property comprising the Project and placed in service, with respect to each Phase of the Project, on or before each December 31 within the Investment Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of such annual FILOT Payments shall be determined by the following procedure:

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| | |
|:---|:---|
| Step 1: | Determine the fair market value of the Phase of the Project placed in service in any given year for such year and for the following thirty-nine (39) years (or, if greater, the maximum number of years for which the annual FILOT payments are available to the Company and any Sponsor Affiliate for each Phase of the Project under the Act), using the original income tax basis for State income tax purposes for any real property (provided, if real property is constructed for the Project or is purchased in an arms-length transaction, fair market value is deemed to equal the original income tax basis, otherwise, the Department will determine fair market value by appraisal) and the original income tax basis for State income tax purposes less depreciation for such year and each of the following thirty-nine (39) years (or, if greater, the maximum number of years for which the annual FILOT Payments are available to the Company and any Sponsor Affiliate for each Phase of the Project under the Act) for any personal property as determined in accordance with Title 12 of the Code, as amended and in effect on December 31 of the year in which each Phase becomes subject to the Fee Agreement, except that no extraordinary obsolescence shall be allowable but taking into account all applicable property tax exemptions that would be allowed to the Company, and, as applicable, any Sponsor Affiliate, under State law, if the property were taxable, except those exemptions specifically disallowed under Section 12-44-50(A)(2) of the Act, as amended, and in effect on December 31 of the year in which each Phase becomes subject to the Fee Agreement. |

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| | |
|:---|:---|
| Step 2: | Apply an assessment ratio of 4.0% to the fair market value as determined for each year in Step 1 to establish the taxable value of each Phase of the Project in the year it is placed in service and in each of the thirty-nine (39) years thereafter or such longer period of years that the annual FILOT Payment is permitted to be made by the Company or, as applicable, by any Sponsor Affiliate, under the Act. |

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| | |
|:---|:---|
| Step 3: | Multiply the taxable value determined in the preceding step by a millage rate, which is equal to 360.5 mills, which is that rate in effect on June 30, 2025, for all taxing entities for the Project (which millage rate shall be adjusted every fifth year in accordance with Section 12-44-50(A)(1)(b)(ii) of the Act, in step with the average cumulative actual millage rate applicable to the Project based upon the preceding five-year period), to determine the amount of the FILOT Payments that would be due each year of the Fee Term for a total of forty (40) years for each item of eligible Project property, or such longer period of years that the annual fee payment is permitted to be made by the Company and, as applicable, any Sponsor Affiliate, under the Act. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The County agrees to use its best efforts to ensure that the Project is incorporated and remains in the Park during the Fee Term. If, for any reason, the Park Agreement is modified, or otherwise terminated, then the County shall ensure that the Project shall be immediately placed into another multi-county industrial park arrangement established pursuant to the MCIP Act, to which the County is a party and that would enable the Company and, as applicable, any Sponsor Affiliate, to receive the benefits afforded by having the Project incorporated into a Park.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that the Act, the above-described FILOT Payments are declared invalid or unenforceable, in whole or in part, for any reason, the Parties express their intentions that such payments and this Fee Agreement be reformed so as to most closely effectuate the legal, valid, and enforceable intent thereof and so as to afford the Company and any Sponsor Affiliate, with the benefits to be derived hereunder, including the total value of tax benefits to the Company and any Sponsor Affiliate. If the Act is declared to be unconstitutional by a final court decision, then included in such contemplated reformation may be to retroactively convert the FILOT Payments to a "Big Fee Super Fee" under Title 4, Chapter 29 of the Code, or any successor or similar Code provisions that allows the same or comparable treatment of the Project as a "Big Fee Super Fee", with the effective date of such conversion being the same as the date of this Fee Agreement. If the Project is deemed to be subject to *ad valorem* taxation, subject to any reformation that may result from operation of this Section 3.1(d) that may impact *ad valorem* taxation, the *ad valorem* taxes to be paid to the County by the Company and, as applicable, any Sponsor Affiliate, shall become equal to the amount that would result from taxes levied on the Project by the County, municipality or municipalities, school district or school districts, and other political units as if the Project was and had not been Economic Development Property under the Act. In such event, any amount of *ad valorem* taxes determined to be due and owing to the County from the Company, and, as applicable, any Sponsor Affiliate, as the case may be, with respect to a year or years for which FILOT Payments have been previously remitted by the Company and, as applicable, any Sponsor Affiliate, to the County hereunder, shall be reduced by the total amount of FILOT payments made by the Company, and, as applicable, any Sponsor Affiliate, with respect to the Project pursuant to the terms hereof, and further reduced by any property tax abatements or exemptions otherwise provided by South Carolina law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that the Company, together with any Sponsor Affiliates, as applicable, fails to collectively achieve the Enhanced Investment requirements, as defined herein, by the end of the Minimum Investment Period, then the assessment ratio (as described in 3.1(b), Step 2 above) shall (i) automatically revert prospectively from 4.0% to 6.0%, beginning with the FILOT Payment(s) due for the first year following the property tax year to which the last year of the Minimum Investment Period applies; all in accordance with Section 12-44-100 of the Act. For the avoidance of doubt, and notwithstanding Section 3.15, so long as a Party individually invests the Statutory Minimum Investment within the Investment Period, then the County shall not be entitled to any additional repayment or recovery beyond what is expressly set forth in Section 3.1(e), including any repayment or recovery constituting the difference between a 10.5% assessment ratio applicable to manufacturing property as well as non-manufacturing personal property and the 6.0% assessment ratio applicable under this section of the Fee Agreement for the duration of the term of the Fee Agreement. Any repayment that the County is entitled to receive as a result of the failure by the Company and the Sponsor Affiliates to achieve the Enhanced Investment by the end of the Minimum Investment Period shall be due within 30 days of receipt of an amended bill from the County.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event the Company, together with any Sponsor Affiliate(s), fails to invests the Statutory Minimum Investment within the Minimum Investment Period, then this Agreement shall terminate and the Company and any Sponsor Affiliate(s) shall be obligated to pay the County an amount which is equal to the excess, if any, of (i) the total amount of *ad valorem* taxes as would result from taxes levied on the Project by the County, municipality or municipalities, school district or school districts, and other political units as if the items of property comprising the Economic Development Property were not Economic Development Property, but with appropriate reductions equivalent to all tax exemptions and abatements to which the Company and such Sponsor Affiliate(s) would be entitled in such a case, through and including the end of the Minimum Investment Period, over (ii) the total amount of FILOT Payments the Company and such Sponsor Affiliate(s) have made with respect to the Economic Development Property for the period through and including the end of the Minimum Investment Period. Any amounts determined to be owing pursuant to the foregoing sentence shall be payable by the Company or Sponsor Affiliate(s), as applicable, to the County on or before the 30<sup>th</sup> day following the filing of a SCDOR PT-300 or comparable forms with the Department (as such filing may be amended from time to time) for the period including the last day of the Minimum Investment Period. For the avoidance of doubt, the County agrees that Company and, as applicable, any Sponsor Affiliate(s) shall be severally liable for repayment or recovery attributable only to the Economic Development Property claimed on its respective SCDOR PT-300 or comparable forms with the Department (as such filing may be amended from time to time).

**Section 3.2 *FILOT Payments on Replacement Property***. If the Company and, as applicable, any Sponsor Affiliate elect to replace any Removed Components and to substitute such Removed Components with Replacement Property as a part of the Project, then, pursuant and subject to Section 12-44-60 of the Act, the Company, and, as applicable, any Sponsor Affiliate shall make statutory payments in lieu of *ad valorem taxes* with regard to such Replacement Property as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the extent that the income tax basis of the Replacement Property ("Replacement Value") is less than or equal to the original income tax basis of the Removed Components ("Original Value") the amount of the FILOT Payments to be made by the Company and, as applicable, the Sponsor Affiliate, with respect to such Replacement Property, shall be calculated in accordance with Section 3.1 hereof; provided, however, in making such calculations, the original cost to be used in Step 1 of Section 3.1 shall be equal to the lesser of (x) the Replacement Value or (y) the Original Value, and the number of annual payments to be made with respect to the Replacement Property shall be equal to forty (40) (or, if greater, the maximum number of years for which the annual FILOT payments are available to the Company and any Sponsor Affiliate for each Phase of the Project under the Act) minus the number of annual FILOT Payments that have been made with respect to the oldest Removed Components disposed of in the same property tax year as the Replacement Property is placed in service; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent that the Replacement Value exceeds the Original Value of the Removed Components ("Excess Value"), the FILOT Payments to be made by the Company and, as applicable, any Sponsor Affiliate, with respect to the Excess Value only, shall be equal to the *ad valorem* tax payment that would be due if the property were not Economic Development Property.

**Section 3.3 *Reductions in Payments of Taxes Upon Removal, Condemnation or Casualty***. In the event of a Diminution in Value of any Phase of the Project after the Investment Period and during the remainder of the Fee Term, the FILOT Payment with regard to that Phase of the Project shall be reduced in the same proportion as the amount of such Diminution in Value bears to the original fair market value of that Phase of the Project, as determined pursuant to Step 1 of Section 3.1 hereof.

**Section 3.4 *Place and Allocation of FILOT Payments***. The Company and, as applicable, any Sponsor Affiliate, shall make the above-described FILOT Payments directly to the County in accordance with applicable law as to payment, collection, and enforcement of FILOT Payments. FILOT Payments are to be allocated in accordance with the Act. The Company and, as applicable, any Sponsor Affiliate has no responsibility or obligation with regard to allocation of FILOT Payments.

**Section 3.5 *Removal of Property***. The Company and, as applicable, any Sponsor Affiliate, shall be entitled to remove the following types of components or Phases of the Project or portions thereof, including any item of Equipment or any Improvement, from the Project with the result that said components or Phases ("Removed Components") shall no longer be considered a part of the Project and shall no longer be subject to the terms of this Fee Agreement: (a) components or Phases of the Project or portions thereof which the Company, or, as applicable, any Sponsor Affiliate, in their respective sole discretion, determine to be inadequate, obsolete, uneconomic, worn-out, damaged, unsuitable, undesirable, or unnecessary; or (b) components or Phases of the Project or portions thereof that the Company, or, as applicable, any Sponsor Affiliate, in their respective sole discretion, elect to remove pursuant to Section 3.6(c) or Section 3.7(b)(iii) hereof.

**Section 3.6 *Damage or Destruction of Project***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Election to Terminate*. In the event the Project is damaged by fire, explosion, or any other casualty, the Company and, as applicable, any Sponsor Affiliate, shall be entitled to terminate this Fee Agreement as to that entity in accordance with Section 3.21.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Election to Rebuild*. In the event the Project is damaged by fire, explosion, or any other casualty, and if the Company or, as applicable, any Sponsor Affiliate, does not elect to terminate this Fee Agreement as to that entity, the Company or, as applicable, any Sponsor Affiliate may, in its sole discretion, commence to restore the Project with such reductions or enlargements in the scope of the Project, changes, alterations, and modifications (including the substitution and addition of other property) as may be desired by the Company or, as applicable, any Sponsor Affiliate. All such restorations and replacements shall be considered substitutions of the destroyed portions of the Project and shall be considered part of the Project for all purposes hereof, including, but not limited to, any amounts due by the Company or, as applicable, any Sponsor Affiliate, to the County under Section 3.1 hereof, to the extent allowed by the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Election to Remove*. In the event the Company and, as applicable, any Sponsor Affiliate, elects not to terminate this Fee Agreement pursuant to subsection (a) and elects not to rebuild pursuant to subsection (b), the damaged portions of the Project shall be treated as Removed Components.

**Section 3.7 *Condemnation***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Complete Taking*. If, at any time during the Fee Term, title to or temporary use of the entire Project should become vested in a public or quasi-public authority by virtue of the exercise of a taking by condemnation, inverse condemnation or the right of eminent domain, or by voluntary transfer under threat of such taking, or in the event that title to a portion of the Project shall be taken rendering continued operation of the Project commercially infeasible in the judgment of the Company and, as applicable, any Sponsor Affiliate, then the Company or any Sponsor Affiliate (with respect to its respective Project property only) shall have the option to terminate this Fee Agreement in accordance with Section 3.20.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Partial Taking*. In the event of a partial taking of the Project or transfer in lieu thereof, the Company or, as applicable, any Sponsor Affiliate, may elect (with respect to its respective interest in the Project property): (i) to terminate this Fee Agreement in accordance with Section 3.20; (ii) to repair and restore the Project, with such reductions or enlargements in the scope of the Project, changes, alterations and modifications (including the substitution and addition of other property) as may be desired by the Company or, as applicable, any Sponsor Affiliate; or (iii) to treat the portions of the Project so taken as Removed Components.

**Section 3.8 *Maintenance of Existence***. The Company and, as applicable, any Sponsor Affiliate agree that they will maintain their good standing under all applicable provisions of State law, subject to the qualification set forth in the next sentence. In the event of any merger, reorganization, sale of all or substantially all of the assets of the Company or any Sponsor Affiliate or any similar transaction, benefits granted to the Company and, as applicable, any Sponsor Affiliate, under this Fee Agreement shall, in the event of any such transaction, be transferred to the successor entity or an affiliate under the provisions of Section 3.11 hereof. Such transfers to a successor entity are specifically approved and authorized by the County without any further action by the County Council.

**Section 3.9 *Confidentiality/Limitation on Access to Project***. The County acknowledges and understands that the Company and, as applicable, any Sponsor Affiliate, utilize confidential and proprietary "state-of-the-art" information and data in their operations, and that a disclosure of any information, including, but not limited to, disclosures of financial or other information concerning the Company's operations and, as applicable, any Sponsor Affiliate' operations, could result in substantial harm to them and could thereby have a significant detrimental impact on their employees and also upon the County. Therefore, the County agrees that, except as required by law and pursuant to the County's police powers, neither the County nor any employee, agent or contractor of the County: (i) will request or be entitled to receive any such confidential or proprietary information; (ii) will request or be entitled to inspect the Project or any property associated therewith; or (iii) will knowingly and intentionally disclose or otherwise divulge any such confidential or proprietary information to any other person, firm, governmental body or agency, or any other entity unless specifically required to do so by State law provided that the County will exercise commercially reasonable efforts to provide the Company and, as applicable, any Sponsor Affiliate written notice before any such disclosure sufficient for the Company or any Sponsor Affiliate to seek a protective order or other remedy and disclose only such information as is required. Subject in all cases to compliance with applicable law, the County agrees to abide by the terms of respective non-disclosure agreements entered into by the County with the Company and the Sponsor Affiliate. Prior to disclosing any confidential or proprietary information, the Company and, as applicable, any Sponsor Affiliate, may require the execution of reasonable, individual confidentiality and non-disclosure agreements by any officers, employees or agents of the County or any supporting or cooperating governmental agencies who would gather, receive or review such information.

**Section 3.10 *Addition of Sponsor Affiliates.*** Upon request of and at the expense of the Company, the County Council may by adoption of a resolution approve any future Sponsor Affiliate that qualifies under the Act for the benefits offered under this Fee Agreement and who agrees to be bound by the provisions hereof to be further evidenced by such future Sponsor Affiliate entering into a Joinder Agreement in a form substantially similar to that attached to this Fee Agreement as Exhibit B, subject to any reasonable changes not materially adverse to the County. The County, in lieu of adopting a resolution, may approve any future Sponsor Affiliate by way of the County Administrator and Chair of the County Council jointly executing and returning the Joinder Agreement, in a form substantially similar to that attached hereto as Exhibit B to the Company and Sponsor Affiliate. The approval of any Sponsor Affiliates by the County shall not be unreasonably withheld and the methods for approval as set forth in this Section are specifically approved and authorized by the County without any further action by the County Council.

**Section 3.11 *Assignment***. The Sponsor or, as applicable, any Sponsor Affiliate (subject to any third party agreements that restrict the Sponsor or Sponsor Affiliate's assignment or transfer rights), may assign this Fee Agreement, in whole or in part, or all or substantially all of the Economic Development Property to which this Fee Agreement relates, in whole or in part, in accordance with Section 12-44-120(D), which expressly provides that a Sponsor may transfer this Fee Agreement, or substantially all of the Economic Development Property to which this Fee Agreement relates, to a Sponsor Affiliate without the requirement of County or County Council approval. At the written request of the Sponsor or any Sponsor Affiliate to the County, the County Administrator is specifically approved, authorized and instructed by County Council to provide consent on behalf of the County to such assignment in accordance with Section 120-44-120(D)(i), such consent or ratification not to be unreasonably withheld, conditioned or delayed; provided, however, that the County hereby expressly consents in advance to any such transfer or assignment of this Fee Agreement, in whole or in part, by the Sponsor or any Sponsor Affiliate, or all or substantially all of the Economic Development Property to which this Fee Agreement relates, in whole or in part, to any entity, now existing or to be formed in the future, that controls, is controlled by, or is under common control with, the Sponsor or Sponsor Affiliate. Further, the County hereby expressly consents in advance to any such transfer or assignment of this Fee Agreement, in whole or in part, by the Sponsor Affiliate, or all or substantially all of the Economic Development Property to which this Fee Agreement relates, in whole or in part, to a purchaser of Sponsor Affiliate's interest in all or a portion of the Economic Development Property subject to this Fee Agreement. The Sponsor, or any Sponsor Affiliate, agrees to notify the County and the Department of the identity of the proposed transferee within 60 days of the transfer. In case of a transfer, the transferee assumes the transferor's basis in the Economic Development Property for purposes of calculating the FILOT Payments.

**Section 3.12 *Events of Default***. The following are "Events of Default" under this Fee Agreement, and the term "Events of Default" means, whenever used with reference to this Fee Agreement, any one or more of the following occurrences:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Failure by the Company or, as applicable, any Sponsor Affiliate, to make, upon levy, the FILOT Payments described in Section 3.1 hereof of which default has not been cured within thirty (30) days of written notice of nonpayment from the County; provided, however, the invoice related to such FILOT Payment shall constitute sufficient notice under this Section 3.12; provided, however, that the Company or, as applicable, the Sponsor Affiliate, shall have all redemption rights for non-payment of taxes granted by applicable statutes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Failure of the Company or, as applicable, any Sponsor Affiliate, to make payment of any other amounts payable to the County under the Fee Agreement, of which default has not been cured within thirty (30) days of written notice of nonpayment from the County;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Failure by any Party to perform any of the other material terms, conditions, obligations or covenants of such Party hereunder, provided that the breaching Party is given written notice of its breach and fails to cure within thirty (30) days of the notice.

In the Event of Default by either the Sponsor or a Sponsor Affiliate party shall not be deemed to be an Event of Default under this Section 3.12 by any other non-breaching Party to this Fee Agreement. Each Event of Default shall run solely to the Party that has committed the Event of Default hereunder.

**Section 3.13 *Remedies on Default***. Whenever any Event of Default shall have occurred and shall be continuing, the non-breaching Party, after the notice (if any) and cure periods (if any) set forth in Section 3.12, shall have the option to take any one or more of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Terminate the Fee Agreement as to the Party in default only; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Take whatever action at law or in equity that may appear necessary or desirable to enforce, in any respect, this Fee Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No delay or omission to exercise the aforementioned remedies accruing upon any continuing default hereunder shall impair any such right or power or shall be construed to be a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to the failure to achieve any of the investment or job requirements hereunder, the exclusive remedy under this Fee Agreement for the County is further set forth in Sections 3.1(e) and 3.1(f).

**Section 3.14 *Collection of FILOT Payments.*** In addition to all other remedies herein provided, the nonpayment of FILOT Payments by the Company or, as applicable, any Sponsor Affiliate, as well as any payments required under Section 3.1 hereof, shall constitute a lien on the Project for tax purposes as provided in Section 12-44-90 of the Act. In this regard, and notwithstanding anything in this Fee Agreement to the contrary, the County may exercise any and all remedies by general law (including, for example, Title 12, Chapter 49, of the Code) relating to the collection of *ad valorem* taxes to collect any FILOT Payments due hereunder.

**Section 3.15 *Remedies Not Exclusive***. Except as expressly set forth in Section 3.13(d) of this Agreement, no remedy conferred upon or reserved to the County under this Fee Agreement is intended to be exclusive of any other available remedy or remedies, but each and every remedy shall be cumulative and shall be in addition to every other lawful remedy now or hereafter existing. No delay or omission to exercise any right or power accruing upon any continuing default hereunder shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. In order to entitle the County to exercise any remedy reserved to it, it shall not be necessary to give notice, other than such notice as may be herein expressly required and such notice required at law or equity that the Company cannot waive by law.

**Section 3.16 *Leased Equipment.*** To the extent that applicable law allows or is revised or construed to allow the benefits of the Act, in the form of FILOT Payments as described in Section 3.1 hereof, to be applicable to personal property to be installed at the Project and leased to but not purchased by the Company or, as applicable, any Sponsor Affiliate, from at least one third party, under any form of lease, then that personal property, at the Company's or Sponsor Affiliates' sole election, will become subject to FILOT Payments to the same extent as the Equipment under this Fee Agreement, upon proper application of the law and applicable procedures by the Company, and, as applicable, any Sponsor Affiliate, and so long as the value of such leased assets are reported by the Company or any Sponsor Affiliate, as applicable, on their respective SCDOR PT-300.

**Section 3.17 *Waiver of Recapitulation Requirements***. As permitted under Section 12-44-55 of the Act, the Company, any Sponsor Affiliate, as applicable, and County hereby waive application of any of the recapitulation requirements as set forth in Section 12-44-55, to the extent that, and so long as, the Company or any Sponsor Affiliate provides the County with copies of all filings which the Company or any Sponsor Affiliate is required to make pursuant to the Act.

**Section 3.18 *Fiscal Year; Property Tax Year.*** If the Company's and, as applicable, any Sponsor Affiliate's, fiscal year changes so as to cause a change in the Company's or Sponsor Affiliates' property tax year, then the timing of the requirements of this Fee Agreement are automatically revised accordingly to reflect such adjusted period.

**Section 3.19 *Reports; Filings***. Each year during the term of this Fee Agreement, the Company shall deliver to the Cherokee County Auditor a copy of their most recent annual property tax returns filed with the Department with respect to the applicable portions of the Project. The Company shall file a copy of this Fee Agreement, as well as a copy of the completed forms PT-443 of the Department, with the Cherokee County and Spartanburg County Auditor, the Cherokee County and Spartanburg County Assessor and the Department within thirty (30) days after the date of execution and delivery hereof. The Company shall also provide a copy of the executed Fee Agreement and PT-443 to the County Administrator and the County's Economic Development Director.

**Section 3.20 *Termination.*** Prior to the stated expiration of the Term of this Fee Agreement, the Company and, if applicable, any Sponsor Affiliate (subject to any third party agreements or Joinder Agreement with the Company that may restrict the Company or Sponsor Affiliate's termination right) may, at any time by written notice to the County signed by the Company, provide for the termination of this Fee Agreement, in whole but not in part, effective immediately upon giving such notice or upon such date as may be specified in the notice. Upon any such termination, the Parties to this Agreement will have no further obligations under this Agreement, provided that the Company's or, as applicable, any Sponsor Affiliate's obligation to make payments to the County of all payments that have become due and payable under this Fee Agreement will survive such termination, with the sole consequence to the Company or Sponsor Affiliate, as applicable, being that it shall no longer be entitled to the benefit of the FILOT Payments provided herein and the property constituting the Project shall thereafter be subject to *ad valorem* tax treatment required by law and, except as may be expressly provided herein, in no event shall the Company or Sponsor Affiliate be required to repay to the County the amount of any tax benefit previously received hereunder.

**Article IV<br> MISCELLANEOUS**

**Section 4.1 *Notices***. All notices for this Agreement will be given in writing, will refer to this Agreement and will be personally delivered or sent by receipted facsimile transmission or registered or certified mail (return receipt requested) to the address set forth below the parties' signatures at the end this Agreement. Any party may from time to time change its notice address by giving the other party notice of the change in accordance with this Section 4.1.:

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| | |
|:---|:---|
| AS TO THE COUNTY: | Cherokee County, South Carolina |
|  | ATTN: County Administrator |
|  | 110 Railroad Ave. |
|  | Gaffney, SC 29340 |
|  | Telephone: (864) 487-2560 |
|  | Facsimile: (864) 487-2594 |
|  | Email: marvin.bishop@cherokeecountysc.com |
| WITH A COPY TO: | Kozlarek Root Law LLC |
| (shall not constitute notice) | ATTN: Michael Kozlarek |
|  | Post Office Box 565 |
|  | Greenville, SC 29602-0565 |
|  | Telephone: (864) 527-5941 |
|  | Email: michael@kozlarekroot.com |
| AS TO THE COMPANY: | USA Rare Earth, Inc. |
|  | Attn: David Kronenfeld |
|  | 100 West Airport Road |
|  | Stillwater, OK 74075 |
|  | Telephone: (813) 867-6155 |
|  | Email: david.kronenfeld@usare.com |
| WITH A COPY TO: | Parker Poe Adams & Bernstein LLP |
| (shall not constitute notice) | ATTN: Sam Moses, Esquire |
|  | 1221 Main Street, Suite 1100 |
|  | Columbia, SC 29201 |
|  | Telephone: (803) 255-8000 |
|  | Facsimile: (803) 255-8017 |
|  | Email: sammoses@parkerpoe.com |

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**Section 4.2 *Binding Effect***. This Fee Agreement is binding, in accordance with its terms, upon and inure to the benefit of the Company, any Sponsor Affiliate and the County, and their respective successors and assigns, to the extent allowed by law. In the event of the dissolution of the County or the consolidation of any part of the County with any other political subdivision or the transfer of any rights of the County to any other such political subdivision, all of the covenants, stipulations, promises and agreements of this Fee Agreement shall bind and inure to the benefit of the successors of the County from time to time and any entity, officer, board, commission, agency or instrumentality to whom or to which any power or duty of the County has been transferred.

**Section 4.3 *Counterparts; Electronic Signatures***. This Agreement may be executed in any number of counterparts and each such executed counterpart shall be, and shall be deemed to be, an original, but all of which shall constitute, and shall be deemed to constitute, in the aggregate but one and the same instrument. This Agreement may be circulated for signature through electronic transmission, including, without limitation, facsimile and email, and all signatures so obtained and transmitted shall be deemed for all purposes under this Agreement to be original signatures and may conclusively be relied upon by any Party to this Agreement.

**Section 4.4 *Administration Expenses*.** The Company agrees to pay the reasonable and necessary fees and costs of its outside attorneys and other outside consultants incurred by the County with respect to this Agreement ("Administration Expenses"), provided, however, that no such Administration Expense shall be reimbursable to the County until the County has furnished to the Company a statement in writing indicating the amount of such Administration Expense and the reason it has been or will be incurred. The Company agrees to reimburse the Administration Expenses to the County when and as they shall become due, but in no event later than the date which is the earlier of any payment date expressly provided for in this Fee Agreement or the date which is thirty (30) days after receiving written notice from the County, accompanied by such supporting documentation as may be necessary to evidence the County's right to receive such payment, specifying the nature of such expense and requesting payment of same. Notwithstanding the previous, the Administration Expenses as it relates to the drafting and negotiation of this Fee Agreement and the ancillary documentation, specifically any resolutions, ordinances and other agreements related to this Project or this Fee Agreement shall not exceed $7,500 and may be provided for by fixed fee or other arrangement and invoiced with such general description as the attorney performing such work deems appropriate.

**Section 4.5 *Governing Law***. This Fee Agreement and all documents executed in connection herewith shall be construed in accordance with and governed by the laws of the State.

**Section 4.6 *Headings***. The headings of the articles and sections of this Fee Agreement are inserted for convenience only and shall not be deemed to constitute a part of this Fee Agreement.

**Section 4.7 *Amendments***. The provisions of this Fee Agreement may only be modified or amended in writing by an agreement or agreements lawfully entered into between the Parties.

**Section 4.8 *Further Assurance***. From time to time, and at the Company's and Sponsor Affiliates' expense, the County agrees to execute and deliver to the Company and Sponsor Affiliates such additional instruments as either may reasonably request to effectuate the purposes of this Fee Agreement.

**Section 4.9 *Severability***. If any provision of this Fee Agreement is declared illegal, invalid or unenforceable for any reason, the remaining provisions hereof shall be unimpaired, and such illegal, invalid or unenforceable provision shall be reformed so as to most closely effectuate the legal, valid and enforceable intent thereof and so as to afford the Company, and, as applicable, any Sponsor Affiliate, with the maximum benefits to be derived herefrom, it being the intention of the County to offer the Company and, as applicable, any Sponsor Affiliate, the strong inducement to locate the Project in the County.

**Section 4.10 *Limited Obligation***. NEITHER THE PROJECT NOR THE NEGOTIATION, EXECUTION, DELIVERY OR IMPLEMENTATION OF THIS FEE AGREEMENT SHALL GIVE RISE TO ANY PECUNIARY LIABILITY OF THE COUNTY OR ANY INCORPORATED MUNICIPALITY NOR TO ANY CHARGE AGAINST THEIR GENERAL CREDIT OR TAXING POWER.

**Section 4.11 *Limitation of Liability***. In no event will either Party be liable for any loss of data, loss of profits, cost of cover or other special, incidental, consequential, indirect, punitive, exemplary or reliance damages arising from or in relation to this agreement, however caused and regardless of theory of liability.

**Section 4.12 *Force Majeure.*** The Company and, as applicable, a Sponsor Affiliate shall not be responsible for any delays or non-performance caused in whole or in part, directly or indirectly, by any act of God; act of a public enemy; war; riot; sabotage; blockage; embargo; failure or inability to secure materials, supplies, or labor through ordinary sources; labor strike, lockout, or other labor or industrial disturbance (whether or not on the part of agents or employees of the Company or, as applicable, a Sponsor Affiliate); civil disturbance; terrorist act; power outage; fire; flood; windstorm; hurricane; earthquake; landslides; lightning; tornadoes; storms; washouts; droughts; or other casualty; insurrection; epidemic; pandemic; arrests; restraint of government and people; quarantine; explosions; insufficient or unavailable utilities; breakage or accident to machinery, transmission pipes, or canals; partial or entire failure of utilities; any change in law, order, regulation, or other action of any governing authority; and any other cause, similar or dissimilar, beyond the Company's, or, as applicable, the Sponsor Affiliate's, reasonable control.

**Section 4.13 *Venue.*** The Parties agree to personal jurisdiction and venue in the federal and state courts of South Carolina for any dispute arising out of this Fee Agreement. With respect to any proceeding or action arising out of or in any way related to this Fee Agreement (whether in contract, tort, equity or otherwise) the Parties knowingly, intentionally, and irrevocably waive their right to trial by jury.

[*signatures on following pages*]

IN WITNESS WHEREOF, the County, acting by and through the County Council, has caused this Fee Agreement to be executed in its name and on its behalf by the Chair of County Council and to be attested by the Clerk to County Council; and the Company has caused this Fee Agreement to be executed by its duly authorized officer(s), all as of the day and year first above written.

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| |
|:---|
| **CHEROKEE COUNTY, SOUTH CAROLINA** |
| /s/ Timothy F. Spencer |
| Timothy F. Spencer., Chairman |
| Cherokee County Council |

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| |
|:---|
| *(SEAL)* |
| ATTEST: |
| /s/ Doris L. Pearson |
| Doris Pearson, Master Clerk to Council |
| Cherokee County, South Carolina |
| Ordinance No. 2026-04 |

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IN WITNESS WHEREOF, the County, acting by and through the County Council, has caused this Fee Agreement to be executed in its name and on its behalf by the Chair of County Council and to be attested by the Clerk to County Council; and the Company has caused this Fee Agreement to be executed by its duly authorized officer(s), all as of the day and year first above written.

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| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **USA Rare Earth, Inc.** | **USA Rare Earth, Inc.** |
| /s/ William Robert Steele Jr. | /s/ William Robert Steele Jr. |
| By: | William Robert Steele Jr. |
| Its: | Chief Financial Officer |

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**<u>EXHIBIT A</u>**

**DESCRIPTION OF PROPERTY**

<u>LOT 8</u> 

METES AND BOUNDS DESCRIPTION

THAT CERTAIN 123.754 AC. TRACT OF LAND LOCATED IN THE TOWN OF BLACKSBURG, CHEROKEE COUNTY, SOUTH CAROLINA, AND BETTER DESCRIBED AS FOLLOWS:

COMMENCING AT A NATIONAL GEODETIC SURVEY MONUMENT, DESIGNATED "CODY", PID: DN5491, AND LOCATED WITH SC STATE PLANE COORDINATES N:1195640.86 AND E:1838554.00;

THENCE N 11°14'50" E A DISTANCE OF 4892.90' TO A 1/2" REBAR FOUND, WHICH IS THE POINT OF BEGINNING;

THENCE S 39°18'53" E A DISTANCE OF 144.02' TO A 1/2" REBAR FOUND;

THENCE N 37°12'43" E A DISTANCE OF 36.37' TO A CALCULATED POINT;

THENCE N 59°55'23" E A DISTANCE OF 22.57' TO A 5/8" REBAR FOUND;

THENCE S 22°44'02" W A DISTANCE OF 339.66' TO A CALCULATED POINT;

THENCE S 51°07'55" E A DISTANCE OF 96.25' TO A CALCULATED POINT;

THENCE S 09°00'14" E A DISTANCE OF 49.11' TO A CALCULATED POINT;

THENCE S 25°49'58" E A DISTANCE OF 206.34' TO A CALCULATED POINT;

THENCE S 54°41'20" E A DISTANCE OF 216.76' TO A CALCULATED POINT;

THENCE S 40°36'05" E A DISTANCE OF 190.25' TO A CALCULATED POINT;

THENCE S 46°32'53" E A DISTANCE OF 57.87' TO A CALCULATED POINT;

THENCE S 57°42'33" W A DISTANCE OF 27.16' TO A CALCULATED POINT;

THENCE S 05°29'32" W A DISTANCE OF 31.54' TO A CALCULATED POINT;

THENCE S 80°40'35" W A DISTANCE OF 81.99' TO A CALCULATED POINT;

THENCE S 17°02'16" E A DISTANCE OF 39.15' TO A CALCULATED POINT;

THENCE S 20°44'07" W A DISTANCE OF 90.38' TO A CALCULATED POINT;

THENCE S 16°23'22" E A DISTANCE OF 42.79' TO A CALCULATED POINT;

THENCE S 37°53'19" W A DISTANCE OF 27.59' TO A CALCULATED POINT;

THENCE S 02°16'32" E A DISTANCE OF 142.56' TO A CALCULATED POINT;

THENCE S 38°45'29" E A DISTANCE OF 85.89' TO A CALCULATED POINT;

THENCE S 02°57'39" W A DISTANCE OF 54.79' TO A CALCULATED POINT;

THENCE S 34°41'43" E A DISTANCE OF 74.58' TO A CALCULATED POINT;

THENCE S 10°10'32" W A DISTANCE OF 37.38' TO A CALCULATED POINT;

THENCE S 61°41'57" E A DISTANCE OF 25.92' TO A CALCULATED POINT;

THENCE S 22°04'30" W A DISTANCE OF 859.74' TO A CALCULATED POINT;

THENCE WITH A CURVE TURNING TO THE RIGHT WITH AN ARC LENGTH OF 1163.19', WITH A RADIUS OF 974.90', WITH A CHORD BEARING OF S 58°28'08" W, WITH A CHORD LENGTH OF 1095.41', TO A CALCULATED POINT;

THENCE S 89°59'31" W A DISTANCE OF 388.67' TO A CALCULATED POINT;

THENCE N 89°59'27" W A DISTANCE OF 3.42' TO A CALCULATED POINT;

THENCE N 15°56'46" E A DISTANCE OF 23.75' TO A CALCULATED POINT;

THENCE N 60°56'43" W A DISTANCE OF 23.71' TO A CALCULATED POINT;

THENCE N 81°07'10" W A DISTANCE OF 74.59' TO A CALCULATED POINT;

THENCE N 58°52'18" W A DISTANCE OF 117.99' TO A CALCULATED POINT;

THENCE N 58°49'16" W A DISTANCE OF 53.58' TO A CALCULATED POINT;

THENCE N 37°12'29" W A DISTANCE OF 40.94' TO A CALCULATED POINT;

THENCE N 12°47'04" W A DISTANCE OF 111.86' TO A CALCULATED POINT;

THENCE N 56°55'27" E A DISTANCE OF 90.54' TO A CALCULATED POINT;

THENCE N 51°14'12" W A DISTANCE OF 35.59' TO A CALCULATED POINT;

THENCE N 14°02'10" W A DISTANCE OF 31.12' TO A CALCULATED POINT;

THENCE N 31°04'00" E A DISTANCE OF 79.34' TO A CALCULATED POINT;

THENCE N 62°12'46" E A DISTANCE OF 96.36' TO A CALCULATED POINT;

THENCE N 86°41'42" W A DISTANCE OF 37.62' TO A CALCULATED POINT;

THENCE N 17°39'00" W A DISTANCE OF 27.88' TO A CALCULATED POINT;

THENCE N 22°16'36" E A DISTANCE OF 89.82' TO A CALCULATED POINT;

THENCE N 39°40'44" E A DISTANCE OF 34.04' TO A CALCULATED POINT;

THENCE N 39°40'44" E A DISTANCE OF 44.13' TO A CALCULATED POINT;

THENCE N 03°26'01" E A DISTANCE OF 47.25' TO A CALCULATED POINT;

THENCE N 58°51'40" W A DISTANCE OF 26.45' TO A CALCULATED POINT;

THENCE N 00°06'19" E A DISTANCE OF 88.74' TO A CALCULATED POINT;

THENCE N 73°33'57" E A DISTANCE OF 56.00' TO A CALCULATED POINT;

THENCE N 06°34'07" W A DISTANCE OF 79.03' TO A CALCULATED POINT;

THENCE N 07°41'02" E A DISTANCE OF 52.75' TO A CALCULATED POINT;

THENCE N 76°51'58" W A DISTANCE OF 29.06' TO A CALCULATED POINT;

THENCE N 00°00'00" W A DISTANCE OF 18.87' TO A CALCULATED POINT;

THENCE N 16°06'48" E A DISTANCE OF 88.37' TO A CALCULATED POINT;

THENCE N 43°10'21" W A DISTANCE OF 97.89' TO A CALCULATED POINT;

THENCE N 19°51'19" W A DISTANCE OF 46.22' TO A CALCULATED POINT;

THENCE N 70°18'29" W A DISTANCE OF 60.92' TO A CALCULATED POINT;

THENCE N 09°46'57" W A DISTANCE OF 17.77' TO A CALCULATED POINT;

THENCE N 20°28'49" E A DISTANCE OF 26.75' TO A CALCULATED POINT;

THENCE N 11°39'59" W A DISTANCE OF 76.14' TO A CALCULATED POINT;

THENCE N 34°11'30" W A DISTANCE OF 27.44' TO A CALCULATED POINT;

THENCE N 05°19'57" E A DISTANCE OF 27.93' TO A CALCULATED POINT;

THENCE N 85°22'08" E A DISTANCE OF 47.39' TO A CALCULATED POINT;

THENCE N 15°23'18" E A DISTANCE OF 34.13' TO A CALCULATED POINT;

THENCE N 31°27'25" E A DISTANCE OF 30.08' TO A CALCULATED POINT;

THENCE N 26°33'54" W A DISTANCE OF 20.25' TO A CALCULATED POINT;

THENCE N 00°55'55" E A DISTANCE OF 25.24' TO A CALCULATED POINT;

THENCE N 55°53'08" W A DISTANCE OF 28.94' TO A CALCULATED POINT;

THENCE S 48°21'59" W A DISTANCE OF 23.26' TO A CALCULATED POINT;

THENCE N 74°44'42" W A DISTANCE OF 8.81' TO A CALCULATED POINT;

THENCE N 00°00'00" W A DISTANCE OF 10.82' TO A CALCULATED POINT;

THENCE N 10°44'20" W A DISTANCE OF 22.81' TO A CALCULATED POINT;

THENCE N 19°12'10" E A DISTANCE OF 56.22' TO A CALCULATED POINT;

THENCE N 76°50'33" W A DISTANCE OF 49.19' TO A CALCULATED POINT;

THENCE N 04°17'22" W A DISTANCE OF 67.91' TO A CALCULATED POINT;

THENCE S 77°02'30" W A DISTANCE OF 57.13' TO A CALCULATED POINT;

THENCE N 04°17'21" E A DISTANCE OF 14.23' TO A CALCULATED POINT;

THENCE S 82°24'19" W A DISTANCE OF 24.30' TO A CALCULATED POINT;

THENCE N 04°52'01" W A DISTANCE OF 47.32' TO A CALCULATED POINT;

THENCE N 51°20'25" W A DISTANCE OF 19.74' TO A CALCULATED POINT;

THENCE N 84°33'35" W A DISTANCE OF 32.52' TO A CALCULATED POINT;

THENCE N 26°07'21" W A DISTANCE OF 59.52' TO A CALCULATED POINT;

THENCE N 00°42'58" W A DISTANCE OF 41.11' TO A CALCULATED POINT;

THENCE N 26°33'54" E A DISTANCE OF 19.53' TO A CALCULATED POINT;

THENCE N 47°40'32" W A DISTANCE OF 38.92' TO A CALCULATED POINT;

THENCE N 05°00'47" E A DISTANCE OF 29.40' TO A CALCULATED POINT;

THENCE N 45°00'00" W A DISTANCE OF 33.43' TO A CALCULATED POINT;

THENCE N 11°53'19" E A DISTANCE OF 29.93' TO A CALCULATED POINT;

THENCE N 39°38'39" W A DISTANCE OF 23.36' TO A CALCULATED POINT;

THENCE S 83°26'35" W A DISTANCE OF 45.00' TO A CALCULATED POINT;

THENCE S 65°25'58" W A DISTANCE OF 19.78' TO A CALCULATED POINT;

THENCE N 10°11'03" W A DISTANCE OF 43.59' TO A CALCULATED POINT;

THENCE N 38°32'37" W A DISTANCE OF 79.17' TO A CALCULATED POINT;

THENCE N 72°18'33" W A DISTANCE OF 31.28' TO A CALCULATED POINT;

THENCE N 77°11'45" W A DISTANCE OF 40.58' TO A CALCULATED POINT;

THENCE N 46°31'15" W A DISTANCE OF 41.07' TO A CALCULATED POINT;

THENCE S 50°31'39" W A DISTANCE OF 22.63' TO A CALCULATED POINT;

THENCE N 48°48'51" W A DISTANCE OF 10.92' TO A CALCULATED POINT;

THENCE N 79°03'51" W A DISTANCE OF 38.40' TO A CALCULATED POINT;

THENCE S 89°49'59" W A DISTANCE OF 36.10' TO A CALCULATED POINT;

THENCE N 71°26'46" W A DISTANCE OF 32.08' TO A CALCULATED POINT;

THENCE N 19°41'38" W A DISTANCE OF 47.57' TO A CALCULATED POINT;

THENCE N 01°49'06" W A DISTANCE OF 32.39' TO A CALCULATED POINT;

THENCE N 51°29'17" W A DISTANCE OF 46.63' TO A CALCULATED POINT;

THENCE N 81°56'12" W A DISTANCE OF 31.14' TO A CALCULATED POINT;

THENCE N 28°40'13" W A DISTANCE OF 79.74' TO A CALCULATED POINT;

THENCE N 42°54'59" E A DISTANCE OF 191.76' TO A CALCULATED POINT;

THENCE N 61°05'01" W A DISTANCE OF 316.41' TO A CALCULATED POINT;

THENCE N 39°12'44" W A DISTANCE OF 67.44' TO A CALCULATED POINT;

THENCE N 73°04'42" E A DISTANCE OF 490.15' TO A CALCULATED POINT;

THENCE N 73°22'59" E A DISTANCE OF 121.76' TO A CALCULATED POINT;

THENCE N 73°24'13" E A DISTANCE OF 946.27' TO A CALCULATED POINT;

THENCE N 73°51'04" E A DISTANCE OF 967.23' TO A CALCULATED POINT;

THENCE S 55°09'31" E A DISTANCE OF 52.10' TO A CALCULATED POINT;

THENCE S 16°17'20" E A DISTANCE OF 31.67' TO A CALCULATED POINT;

THENCE S 22°44'22" W A DISTANCE OF 146.02' TO A CALCULATED POINT;

THENCE N 67°13'17" W A DISTANCE OF 85.07' TO A 1/2" REBAR FOUND;

THENCE S 22°43'45" W A DISTANCE OF 215.42' TO A 1/2" REBAR FOUND;

WHICH IS THE POINT OF BEGINNING.

<u>LOT 9</u>

THAT CERTAIN 9.013 AC. TRACT OF LAND LOCATED IN THE TOWN OF BLACKSBURG, CHEROKEE COUNTY, SOUTH CAROLINA, AND BETTER DESCRIBED AS FOLLOWS:

COMMENCING AT A NATIONAL GEODETIC SURVEY MONUMENT, DESIGNATED "CODY", PID: DN5491, AND LOCATED WITH SC STATE PLANE COORDINATES N:1195640.86 AND E:1838554.00;

THENCE N 06°21'40" E A DISTANCE OF 1767.14' TO A CALCULATED POINT, WHICH IS THE POINT OF BEGINNING;

THENCE S 89°59'31" W A DISTANCE OF 387.18' TO A CALCULATED POINT;

THENCE N 89°59'27" W A DISTANCE OF 903.64' TO A CALCULATED POINT;

THENCE WITH A CURVE TURNING TO THE LEFT WITH AN ARC LENGTH OF 224.23', WITH A RADIUS OF 467.00', WITH A CHORD BEARING OF S 76°15'13" W, WITH A CHORD LENGTH OF 222.09', TO A CALCULATED POINT;

THENCE S 62°29'53" W A DISTANCE OF 918.86' TO A CALCULATED POINT;

THENCE N 27°47'49" W A DISTANCE OF 66.00' TO A CALCULATED POINT;

THENCE N 62°29'53" E A DISTANCE OF 919.20' TO A CALCULATED POINT;

THENCE WITH A CURVE TURNING TO THE RIGHT WITH AN ARC LENGTH OF 255.92', WITH A RADIUS OF 533.00', WITH A CHORD BEARING OF N 76°15'13" E, WITH A CHORD LENGTH OF 253.47', TO A CALCULATED POINT;

THENCE S 89°59'27" E A DISTANCE OF 900.22' TO A CALCULATED POINT;

THENCE S 89°59'27" E A DISTANCE OF 3.42' TO A CALCULATED POINT;

THENCE N 89°59'31" E A DISTANCE OF 388.67' TO A CALCULATED POINT;

THENCE WITH A CURVE TURNING TO THE LEFT WITH AN ARC LENGTH OF 1163.19', WITH A RADIUS OF 974.90', WITH A CHORD BEARING OF N 58°28'08" E, WITH A CHORD LENGTH OF 1095.41', TO A CALCULATED POINT;

THENCE N 22°04'30" E A DISTANCE OF 859.74' TO A CALCULATED POINT;

THENCE N 22°04'30" E A DISTANCE OF 676.46' TO A CALCULATED POINT;

THENCE WITH A CURVE TURNING TO THE RIGHT WITH AN ARC LENGTH OF 454.77', WITH A RADIUS OF 533.58', WITH A CHORD BEARING OF N 42°20'49" E, WITH A CHORD LENGTH OF 441.13', TO A CALCULATED POINT;

THENCE WITH A REVERSE CURVE TURNING TO THE LEFT WITH AN ARC LENGTH OF 302.16', WITH A RADIUS OF 549.11', WITH A CHORD BEARING OF N 52°04'36" E, WITH A CHORD LENGTH OF 298.36', TO A CALCULATED POINT;

THENCE S 70°53'33" E A DISTANCE OF 68.74' TO A CALCULATED POINT;

THENCE WITH A CURVE TURNING TO THE RIGHT WITH AN ARC LENGTH OF 358.16', WITH A RADIUS OF 615.11', WITH A CHORD BEARING OF S 51°05'56" W, WITH A CHORD LENGTH OF 353.12', TO A CALCULATED POINT;

THENCE WITH A REVERSE CURVE TURNING TO THE LEFT WITH AN ARC LENGTH OF 400.25', WITH A RADIUS OF 467.58', WITH A CHORD BEARING OF S 42°10'11" W, WITH A CHORD LENGTH OF 388.14', TO A CALCULATED POINT;

THENCE S 22°04'30" W A DISTANCE OF 1539.92' TO A CALCULATED POINT;

THENCE WITH A CURVE TURNING TO THE RIGHT WITH AN ARC LENGTH OF 833.30', WITH A RADIUS OF 1040.90', WITH A CHORD BEARING OF S 47°09'03" W, WITH A CHORD LENGTH OF 811.22', TO A CALCULATED POINT;

THENCE WITH A COMPOUND CURVE TURNING TO THE RIGHT WITH AN ARC LENGTH OF 408.38', WITH A RADIUS OF 1040.90', WITH A CHORD BEARING OF S 81°19'28" W, WITH A CHORD LENGTH OF 405.76', TO A CALCULATED POINT;

WHICH IS THE POINT OF BEGINNING.

![](ea029312701_ex10-2img1.jpg)

**<u>EXHIBIT B</u>**

**FORM OF JOINDER AGREEMENT**

Reference is hereby made to (i) that certain Fee Agreement effective June 1, 2026 (*"*Fee Agreement*"*), between Cherokee County, South Carolina (*"*County*"*) and USA Rare Earth, Inc. (*"*Company*"*).

**1. <u>Joinder to Fee Agreement</u>.**

The undersigned [Insert] (a) is a corporate entity, authorized or to be authorized to transact business under the laws of the State of South Carolina, and has the power to enter into this Fee Agreement as Sponsor Affiliate (as defined in the Agreement); (b) acknowledges and agrees that (i) in accordance the Fee Agreement, the undersigned has been designated as a Sponsor Affiliate by the Company for purposes of the Project and such designation has been consented to by the County in accordance with the Act (as defined in the Fee Agreement); (ii) the undersigned qualifies or will qualify as a Sponsor Affiliate under the Fee Agreement and Section 12-44-30(20) and Section 12-44-130 of the Act; and (iii) the undersigned shall have all of the rights and obligations of a Sponsor Affiliate as set forth in the Fee Agreement.

**2. <u>Capitalized Terms</u>**.

All capitalized terms used but not defined in this Joinder Agreement shall have the meanings set forth in the Fee Agreement.

**3. <u>Governing Law</u>**.

This Joinder Agreement shall be governed by and construed in accordance with the laws of the State of South Carolina, without regard to principles of choice of law.

**4. <u>Notice.</u>**

Notices under Section 4.1 of the Fee Agreement shall be sent to:

[ ]

IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement to be effective as of the date set forth below.

______________ _________________________________ <br> Date Name of Entity

---

| |
|:---|
| By: |
| Name: |
| Its: |
| Address: |

---

IN WITNESS WHEREOF, the Company consents to the addition of the above-named entity becoming a Sponsor Affiliate under the Fee Agreement effective as of the date set forth above.

---

| |
|:---|
| By: |
| Name: |
| Its: |
| Date: |
| Address: |

---

IN WITNESS WHEREOF, the County consents to the addition of the above-named entity becoming a Sponsor Affiliate under the Fee Agreement effective as of the date set forth above.

---

| | |
|:---|:---|
| By: |  |
| Name: |  |
| Its: | County Administrator |
| Date: |  |

---

---

| | |
|:---|:---|
| By: |  |
| Name: |  |
| Its: | Chair, County Council |
| Date: |  |

---

## Exhibit 99.1

**Exhibit 99.1**

**FOR IMMEDIATE RELEASE**

June 2, 2026

**USA Rare Earth Selects Cherokee County, South Carolina for New Rare Earth Metal and Magnet Manufacturing Operation**

*Blacksburg facility expected to create about 490 high-skill, high-wage manufacturing jobs and significantly expand the Company's global mine to magnet value chain*

 

*By choosing South Carolina, USA Rare Earth is expected to have access to a robust incentives package including grants, tax credits and exemptions, a highly skilled advanced manufacturing workforce, and confirmed energy delivery to the new facility*

 

*Facility is expected to contribute to USAR's planned domestic capacity of 10,000 metric tons per year of both magnets and heavy rare earth strip-cast, metal and alloy production, aligned with the Company's business plan and expected government financing*

 

**BLACKSBURG, S.C., June 02, 2026 (GLOBE NEWSWIRE) --** USA Rare Earth, Inc. (Nasdaq: USAR) ("USA Rare Earth" or the "Company"), a rare earth, critical minerals and advanced materials company, today announced the selection of Cherokee County, South Carolina, as the site of a new magnet manufacturing and refined metals operation. The project is expected to create about 490 high-skill, high-wage jobs in the Upstate, and will significantly expand domestic production capacity for sintered neodymium-iron-boron (NdFeB) permanent magnets and the refined rare earth metals from which they are made.

To be located in the Bailey Industrial Park in Blacksburg, the state-of-the-art facility will complement the Company's existing magnet manufacturing facility in Stillwater, Oklahoma, which commissioned its first commercial production line in March 2026. Together, the Stillwater and Blacksburg operations will form the magnet manufacturing centerpiece of USA Rare Earth's integrated, mine to magnet value chain, which spans the Round Top heavy rare earth mining and processing project in Sierra Blanca, Texas; a separation and processing facility in Wheat Ridge, Colorado; the planned acquisition of the Serra Verde mining and processing operation in Goiás, Brazil; the LCM metal and alloy facility in Cheshire, United Kingdom; and a planned metallization and alloy facility in Lacq, France.

Once online, the Blacksburg facility is targeting production capacity of 6,400 metric tons per annum (tpa) of NdFeB rare earth magnets and 5,000 tpa of strip-cast, metal and alloy. Combined with the planned expansion at the Company's Stillwater facility, USAR expects total domestic production capacity to reach 10,000 tpa of NdFeB rare earth magnets and 10,000 tpa of heavy rare earth strip-cast, metal and alloy, aligned with the Company's business plan and expected government financing. Engineering work and equipment procurement for the Blacksburg facility is underway, with site work expected to commence in the coming months and commissioning targeted to begin in 2028.

The Cherokee County selection followed a comprehensive multi-state evaluation in which the Company prioritized access to a robust incentives package across grants, tax credits and exemptions, reliable and affordable power, the availability of a skilled advanced manufacturing workforce, proximity to defense and aerospace customers, and the ability to achieve an accelerated timeline for operational delivery. The site benefits from existing transportation infrastructure along the Interstate 85 corridor, an established advanced manufacturing supply chain across the Upstate, and confirmed energy delivery from Duke Energy.

Magnets and refined metals produced in Blacksburg will support vital needs in the defense, aerospace, semiconductor, medical, AI, energy, and advanced manufacturing industries, which depend on a secure, traceable rare earth value chain across America, its allies and partners.

**QUOTES**

"Cherokee County is the next critical link in the rare earth and magnet value chain we're building across the United States, the United Kingdom, Europe and around the globe. South Carolina offered the workforce, the infrastructure and the partners we needed to move quickly. With this investment, we're bringing home the advanced manufacturing capabilities that America and its allies depend on, from the factory floor to the front lines."

**-USA Rare Earth CEO Barbara Humpton**

"South Carolina continues to attract investments that strengthen our economy and create meaningful opportunities for our people. USA Rare Earth's $1.2 billion investment and the creation of approximately 490 new jobs will have a significant impact on Cherokee County and reinforce our state's position as a leader in American manufacturing."

**-Gov. Henry McMaster**

"USA Rare Earth's approximately $1.2 billion investment in Cherokee County reflects the state's strong capabilities in advanced manufacturing and innovation technologies. The Company's new operation in the Upstate will contribute to South Carolina's position as a leader in critical sectors."

**-Secretary of Commerce Harry M. Lightsey III**

"Two hundred and fifty years ago, Cherokee County helped turn the tide of the Revolutionary War and today we are proud to once again stand on the front lines of American independence by welcoming USA Rare Earth to the Bailey Park. This project strengthens our nation's future by reducing our dependence on China for critical rare earth minerals while bringing jobs, investment and opportunity to Cherokee County."

**-Cherokee County Council Chairman Tim Spencer**

"Duke Energy is proud to help bring USA Rare Earth to Cherokee County and strengthen America's domestic rare earth supply chain. Through our close collaboration with state and local economic development partners, we worked to position this site with the upfront diligence, coordination and energy planning that companies need to move with confidence and speed. As we continue to prioritize reliable power at the lowest possible cost for our customers, we stand ready to welcome more industries like this to call South Carolina home."

**-Duke Energy South Carolina President Tim Pearson**

**About USA Rare Earth, Inc.**

USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States, the United Kingdom, France and Brazil. Through its ownership of Less Common Metals (LCM), one of the world's leading producers of rare earth metals and alloys, its magnet manufacturing capacity in Stillwater, Oklahoma, the Pela Ema mine in Brazil (subject to closing the Serra Verde Group transaction) and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western-aligned supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and industrial sectors. For more information, visit www.usare.com.

**Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those relating to the planned Cherokee County, South Carolina facility, expected capital investment, anticipated job creation, expected production capacity and timelines, expected utility and infrastructure support, anticipated end markets and customers, the expected scope of the Company's integrated value chain, and the Company's ability to support U.S. Department of Defense requirements, including the January 2027 restriction on Chinese-origin sintered NdFeB magnets in covered defense applications. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as "anticipate," "believe," "can," "could," "estimate," "expect," "growth," "intend," "may," "might," "plan," "potential," "project," "propose," "should," "target," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from the Company's expectations, including without limitation: risks associated with permitting, construction, workforce availability, supply chain conditions, customer demand, commodity prices, regulatory and policy developments, financing, and the integration of acquired operations; risks that the proposed transactions with the Serra Verde Group ("SVG"), Carester SAS and Texas Mineral Resources Corp. may not be consummated on their anticipated timelines or at all; the Company may not realize the anticipated benefits of its proposed and prior acquisitions, including expected synergies, financial performance, estimated EBITDA and, in the case of SVG, integration of operations, on the anticipated timeline or at all; the ability of the Company's Stillwater magnet manufacturing facility to commence commercial operations on the timing and with the production capacity anticipated or at all; the Company's limited operating history; the Company's ability to commercially extract minerals from the Round Top deposit on its anticipated timeline or at all; risks that the Company may experience delays, unforeseen expenses, increased capital costs, and other complications in operating its business; the Company's ability to raise necessary capital on acceptable terms or at all; potential dilution to existing stockholders and adverse effect on the Company's stock price if the Company issues additional common stock or equity-linked securities; the volatility of the Company's stock price; the Company's ability to enter into definitive agreements for the proposed U.S. Government financing, which is subject to conditions precedent and final government approvals, on the anticipated terms or at all and, if executed, to satisfy the milestones and other conditions of such financing, which could impose conditions to access such financing over a period of time; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow the Company to develop and commercially operate its Stillwater facility and other facilities; the Company's ability to meet individual customer specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of the Company's products, including without limitation as a result of dumping, predatory pricing and other tactics by the Company's competitors or state actors or the overall competitive environment; the Company's ability to achieve positive cash flow or profitability or the ability to access cash flow within the Company's corporate structure due to restrictions contained in the Company's financing agreements; the Company's ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of its neo magnets and other products into definitive orders; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People's Republic of China, the United States or other countries in which the Company operates or sell products or otherwise; war, terrorism, natural disasters or public health emergencies; the Company's ability to retain or recruit key personnel; environmental, health and safety regulations; and the Company's ability to comply with requirements for federal, state and local government incentives and financing.

Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's most recently filed Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and subsequent filings. Any forward-looking statements speak only as of the date of this press release (or such other date as is specified in such statements), and the Company undertakes no obligation to update any forward-looking statements as a result of new information or future developments except as required by law.

**Contacts**

Investor Relations

JB Lowe, USA Rare Earth, Inc.

ir@usare.com

Media

Collected Strategies

USARE-CS@collectedstrategies.com

**SOURCE: USA Rare Earth, Inc.**

**###**