Document:

Lease Agreement

 Exhibit 10.21 
 LEASE 
 THIS LEASE is made and executed as of the 17th day of April, 2006, by and between,
KRISLEE-TEXAS, LLC, a Michigan limited liability company (“Landlord”), and MANITEX, INC., a Texas corporation (“Tenant”), who agree as follows: 
 WHEREAS, Tenant is currently the owner of the Premises and is in possession of the Premises; 
 WHEREAS,
pursuant to a Purchase Agreement, executed simultaneously herewith, Tenant is selling the Premises to Landlord. 
 WHEREAS, Tenant wishes to
extend its occupancy at the Premises for a period of twelve (12) years. 
 SECTION 1 
 THE PREMISES 
 1.01 Landlord leases to Tenant
and Tenant leases from Landlord, for the term and subject to the provisions of this Lease the land and improvements (the “Premises”) legally described on attached Exhibit A. 
 SECTION 2 
 LEASE TERM 
 2.01 The term of this Lease (the “Term”) shall commence April
    , 2006 on the date hereof (the “Commencement Date”) and shall end on the last day of the one hundred forty-fourth (144th) full calendar month after the Commencement Date, or if one or more extension options is/are exercised by Tenant as provided herein, the date for expiration of the last such extension to be
exercised (the “Expiration Date”). 
 SECTION 3 
 RENT; ADDITIONAL RENT 
 3.01 During the Term specified in Section 2.01, Tenant agrees to pay to
Landlord minimum net rent in monthly installments, calculated as follows: 
 (a) During the first twelve (12) months following the
Commencement Date, the annual minimum net rent shall be $804,000 payable in twelve equal monthly installments. In addition, for the period from the Commencement Date through the last day of the partial calendar month at the beginning of the Term,
Tenant shall pay minimum net rent prorated on a daily basis based upon the number of days existing in such partial calendar month calculated in the foregoing manner. 
 (b) For each succeeding twelve (12) month period (or final partial year) during the Term, the minimum net rental shall be adjusted to an annualized amount equal to the annualized minimum net rental during the
preceding twelve (12) month period times multiplied by a fraction, the numerator of which shall be the CPI for the final month of the preceding twelve (12) month period, and the denominator of which shall be the CPI for the first month of
the preceding such twelve (12) month period. For purposes hereof, 

 
“CPI” shall mean and refer to the Consumer Price Index for All Urban Consumers, U.S. City Average, All Items, 1982-84 = 100, as issued by the
Bureau of Labor Statistics, United States Department of Labor. If at any time during the term hereof the United States Bureau of Labor Statistics shall discontinue the issuance of the CPI, then the parties agree to use any other standard, nationally
recognized cost of living index then issued and available, which is published by the United States Government, and if no governmental index is then published, then by any generally recognized privately published index of the cost of living.
Notwithstanding the foregoing, (i) the adjustment in minimum net rental for any such twelve (12) month period in the term shall not exceed two percent (2%) of the annualized minimum net rental for the previous twelve (12) month
period, and (ii) in no event shall the minimum net rent in any succeeding twelve (12) month period be less than that paid during the preceding twelve (12) month period. Additionally, if the adjustment in annualized minimum net rental
for any new twelve (12) month period has not been calculated prior to the due date of the monthly installment of minimum net rent for such month, the relevant monthly installment shall be paid based on the prior year’s annualized minimum
net rent until such time as the new minimum net rent has been established, and the shortfall, if any, shall be paid with the first monthly installment for which the revised minimum net rent has been established. 
 (c) Except as otherwise set forth hereinabove, each monthly installment of minimum net rent shall be paid in advance, on the first day of each calendar
month during the Term. 
 3.02 In addition to the minimum net rent specified in Section 3.01 above, Tenant agrees to pay as
“Additional Rent” for the Premises (i) all governmental taxes, assessments, fees, penalties and charges of every kind or nature (other than Landlord’s income taxes), whether general, special, ordinary or extraordinary, due and
payable at any time, or from time to time, during the Term and any extensions thereof, in connection with the ownership, leasing or operation of the Premises or of the personal property and equipment located therein or in connection therewith
(collectively, “:Taxes”) and (ii) all costs, expenses and charges of every nature, including, but not limited to capital expenditures, relating to, or incurred in connection with, the ownership or operation of the Premises and that
are attributable to the Term. All such Taxes shall be paid by Tenant before they become delinquent. Because Tenant or one of Tenant’s affiliates was the prior owner and in possession of the Premises prior to the Commencement Date, there will be
no proration of taxes for the first year of the Term. The Taxes for last year of the Term and any extension thereof will be prorated as follows: (i) Taxes which are due and payable in the last year of the Term shall be prorated between Landlord
and Tenant as of last date of the Term on the basis of the days remaining in that calendar year; (ii) Any tax bills due in the calendar year not yet received by the last date of the Term will be estimated based upon the previous years bill; and
(c) Landlord shall be responsible for its prorated amount of any payment not credited to Tenant at the end of the Term. If any special assessments levied against the Premises are payable in installments, Tenant shall be responsible only for
those installments that are attributable to the period during which Tenant has possession of the Premises. For purposes hereof, Taxes for any year shall be Taxes that are first due for payment in that year, rather than taxes that are assessed or
become a lien or accrue during such year. If at any time during the Term, the methods of taxation prevailing on the date hereof shall be altered, such additional or substitute tax, assessment, levy, charge or imposition shall be deemed to be
included within the term “Taxes” for the purposes hereof. Tenant shall have the right, at its sole cost, to contest or appeal any assessment for Taxes. All refunds or credits obtained as a result of any such contest or appeal shall belong
to and be remitted directly to Tenant. 
  

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 3.03 Landlord and Tenant acknowledge and agree that this is a net lease, and that it must yield, net, to
Landlord during the original Term, not less than the minimum net rent shown in Section 3.01. All costs, expenses and charges of every nature relating to the Premises which may be attributable to, or become due during, the Term will be paid by
Tenant, and Tenant will indemnify and hold harmless Landlord from and against such costs, expenses and charges. 
 SECTION 4 
 LATE CHARGES AND INTEREST 
 4.01 Any rent or
other sums, if any, payable by Tenant to Landlord under this Lease which are not paid within five (5) days after they are due, and any rent or other sums received and accepted by Landlord more than five (5) days after they are due, will be
subject to a late charge of two percent (2%) of the amount due in each instance, to cover Landlord’s additional administrative costs. Such late charges will be due and payable as additional rent on or before the due date of the next
installment of minimum net rent. 
 4.02 Any rent, late charges or other sums payable by Tenant to Landlord under this lease not paid within
thirty (30) days after the same are due will bear interest at a per annum rate equal to eight (8%) from the date such payments first became due. Such interest will be due and payable as Additional Rent on or before the due date of the next
installment of minimum net rent, and will accrue from the date that such rent, late charges or other sums are payable under the provisions of this Lease until actually paid by Tenant. 
 SECTION 5 
 SECURITY DEPOSIT 
 5.01 None required. 
 SECTION 6 

CONDITION OF PREMISES 
 Tenant agrees that
Tenant is familiar with the condition of the Premises, and Tenant hereby accepts the Premises on an “AS-IS,” “WHERE-IS” basis, with assumption of all faults. Tenant acknowledges that it has been in control of occupancy of the
Premises for at least ten (10) years and that neither Landlord nor any representative of Landlord has made any representation as to the condition of the Premises or the suitability of the Premises for Tenant’s intended use. Tenant
represents and warrants that Tenant has made its own inspection of the Premises and is not relying on any representation of Landlord with respect thereto. Landlord shall not be obligated to make any repairs, replacements or improvements of any kind
or nature to the Premises (whether structural or nonstructural and whether or not involving the roof of the Building, the Building’s HVAC (defined below) system, the Premises’ parking lot, or any other component of the Premises) in
connection with, or in consideration of, this Lease. 
  

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 SECTION 7 
 USE OF PREMISES; SIGNAGE 
 7.01 Tenant shall be entitled to use and occupy the Premises for any lawful
purpose in compliance with all applicable laws, ordinances. 
 7.02 Tenant shall have the right, with Landlord’s consent, which consent
shall not be unreasonably withheld, conditioned or delayed, and subject to compliance with the applicable zoning ordinance, to prominent exterior signage, all as reasonably determined by Tenant. 
 SECTION 8 
 MAINTENANCE AND REPAIR 

8.01 Throughout the term of this Lease, Tenant at its sole cost and expense, will take good care of the Premises, both inside and outside and keep the
same and all parts thereof, including without limitation, HVAC, plumbing and electrical systems, the roof, foundations and appurtenances thereto, and the drive and parking areas, together with any and all alterations, additions and improvements
therein or thereto, in substantially the same condition as on the Commencement Date, normal wear and tear and casualty loss excepted, suffering no waste or injury, and will perform all regular and special maintenance and promptly make all needed
repairs and replacements, interior and exterior, structural and non-structural, ordinary and extraordinary, foreseen and unforeseen, in and to the Premises, including vaults, sidewalks, water, sewer, electrical and gas connections, pipes and mains,
ventilation, heating and air-conditioning systems, sprinkler systems, and all other fixtures, machinery and equipment now or hereafter belonging to or connected with the Premises or used in its operation in order that the Premises remain in a first
class condition. All maintenance, repairs and replacements made by Tenant will be at least equal in quality and class to that historically performed by Tenant or its affiliates at the Premises. 
 8.02 Any maintenance, repairs, additions or alterations to the Premises or any of its systems (e.g., plumbing, electrical, mechanical), structural or
non-structural, which are required by any law, statute, ordinance, rule, regulation or governmental authority or insurance carrier, including, without limitation, OSHA and the American With Disabilities Act, will be promptly made by Tenant at its
sole expense. 
 SECTION 9 
 INSURANCE 
 9.01 Tenant shall, at its cost, obtain, pay for and maintain “All Risk” property insurance on a replacement
cost basis (which in no event shall be less than the initial principal balance of any first mortgage on the Premises obtained by Landlord), covering the building and all of the other improvements on the Premises, which insurance shall be written
without a co-insurance penalty. The total amount of the deductible required under each policy providing such coverage shall be no more than $25,000.00 per loss. Landlord shall be named as an additional insured, and Landlord’s mortgagee shall be
named pursuant to a standard mortgagee endorsement. The property insurance required to be maintained by Tenant shall also include coverage for acts of terrorism; provided that the cost of said terrorism coverage does not exceed ten percent
(10%) of the cost of the overall liability insurance premium without such terrorism coverage. 
 9.02 Tenant shall, at its cost, at all
times during the Lease Term obtain and pay for and maintain in full force and effect a commercial general liability insurance policy covering Tenant against claims arising out of liability for bodily injury and death, 

  

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and property damage occurring in and about the Premises, with limits of not less than $2,000,000.00 per occurrence and $5,000,000.00 annual general
aggregate. The total amount of a deductible or otherwise self-insured retention with respect to such coverage shall be not more than $50,000.00 per occurrence. Such insurance shall: (i) provide coverage on an occurrence basis or a claims made
basis; (ii) name Landlord and any mortgagee of Landlord as additional insureds; and (iii) include a severability of insured parties provisions and a cross-liability endorsement. Tenant may, at its option, provide the above insurance by
means of a so-called “blanket” policy; provided, however, that any such policy or policies of blanket insurance must, as to the Premises, otherwise comply as to endorsements and coverage with the other provisions of this Section 9.

 9.03 Tenant shall, at its cost, obtain, pay for and maintain workers’ compensation insurance as required in the state in which the
Premises are located. 
 9.04 Tenant shall, at is cost, obtain, pay for and maintain loss of rents insurance covering minimum net rent for a
period of one (1) year. 
 9.05 All insurance policies required under this Lease shall: (i) be issued by companies licensed to do
business in the State in which the Premises are located and acceptable to Landlord; (ii) not be subject to cancellation or material change or non-renewal without at least thirty (30) days’ prior written notice to Landlord; and
(iii) be deemed to be primary insurance in relation to any other insurance maintained by Landlord. A certificate of insurance evidencing such policy shall be delivered by Tenant to Landlord upon commencement of the Lease Term and thereafter at
least thirty (30) days prior to any expiration of such policy. 
 9.06 Landlord shall not be liable to Tenant [or to any insurance
company (by way of subrogation of otherwise) insuring Landlord] for any loss or damage to the Premises, the structure of the buildings located thereon, other tangible property located on the Premises, or any resulting loss of income, or losses under
workers’ compensation laws and benefits, despite the fact that such loss or damage might have been occasioned by the negligence or misconduct of such party, its agents or employees, provided and to the extent that any such loss or damage would
be covered by insurance that the party suffering the loss is required to maintain pursuant to the terms of this Lease. The failure of Tenant to insure its property shall not void this waiver. Tenant shall secure an appropriate clause in, or an
endorsement upon, each insurance policy obtained by it and covering or applicable to the Premises and the personal property, fixtures, and equipment located therein or thereon, pursuant to which the insurance company consents to such waiver of right
of recovery. The waiver of right of recovery set forth above in this Section 9.05 shall extend to Landlord, its agents and employees, and its mortgagee. 
 SECTION 10 
 CASUALTY LOSS 
 10.01 Subject to the provisions of Section 10.03 below, if the Premises are damaged by fire or other insured casualty, Tenant shall repair the damage and restore and rebuild the Premises with reasonable dispatch.
Landlord will (and if applicable, will cause its mortgagee to) promptly endorse any check for insurance proceeds in favor of Tenant in order to fund repairs and restoration and will not delay or condition such endorsement. 
  

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 10.02 If (a) the Premises is damaged by fire or other casualty thereby causing material interference
with Tenant’s use, enjoyment or occupancy of the Premises, or (b) the Premises are partially damaged by fire or other casualty casualty thereby causing material interference with Tenant’s use, enjoyment or occupancy of the Premises,
all rent shall be equitably abated to the extent of the portion of the Premises Tenant is unable to reasonably use, enjoy, or occupy until completion of the repair and restoration work and issuance of a certificate of occupancy. 
 10.03 If the Premises is totally destroyed by fire or other casualty, or if the Premises is so damaged by fire or other casualty that: (i) its
repair or restoration requires more than two hundred forty (240) days; or (ii) such repair or restoration requires the expenditure of more than seventy percent (70%) of the full insurable value of the Premises immediately prior to the
casualty; or (iii) the damage (x) is less than the amount stated in (ii) above but more than fifty percent (50%) of the full insurable value of the Premises and (y) occurs during the last two (2) years of Lease Term;
Tenant shall have the option to terminate this Lease (by so advising Landlord in writing) within thirty (30) days after such contractor or architect delivers written notice of its opinion to Landlord and Tenant. In such event, the termination
shall be effective as of the date upon which Landlord receives written notice from Tenant terminating this Lease pursuant to the preceding sentence. In addition, if repair and restoration of the Premises is not completed and a certificate of
occupancy issued within two hundred forty (240) days after occurrence of the casualty loss (subject to increase by up to 30 days due to force majeure events), Tenant shall have the right to terminate this Lease by so advising Landlord in
writing within ten (10) business days after expiration of such two hundred forty (240) day period (as extended by up to 30 days due to force majeure events), except that such termination election shall be void if the repair and restoration
work is substantially completed and a certificate of occupancy has been issued before Tenant’s delivery of its termination notice. 
 SECTION 11 
 COMPLIANCE WITH LAWS; HAZARDOUS MATERIALS 
 11.01 To the best of Tenant’s knowledge, neither the Tenant nor any affiliate of Tenant has used Hazardous Materials (hereinafter defined) on, from or affecting the Premises in any manner which violates in any
material respect federal, state or local laws, ordinances, rules, regulations or policies governing the use, storage, treatment, transportation, manufacture, refinement, handling, production or disposal of Hazardous Materials, including, without
limitation, the laws referred to below (collectively, “Environmental Laws”) or which causes an existing material environmental problem or contamination at our about the Premises, or which required or requires any permit or are subject to
special regulation (without in each such case having obtained the applicable permit or complied with such special regulation). 
 11.02 The
Tenant has never received any notice of any violations (and to the best of its knowledge is not aware of any existing violations) of Environmental Laws, the Premises are not in violation of any Environmental Laws and the Tenant is unaware of
(i) any actions commenced or threatened by any party for non-compliance of Environmental Laws which affects the Premises in any material way, or (ii) any environmental problems or contamination at or about the Premises. 
 11.03 The Tenant shall only use Hazardous Materials in the ordinary course of its business at the Premises and such use shall not in any manner violate
Environmental Laws governing said use nor require any permit, nor cause any environmental problems or 

  

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contamination at or about the Premises. The Tenant shall not cause or permit the Premises to be used to generate, manufacture, refine, transport, treat,
store, handle, dispose of, transfer, produce or process any hazardous waste, except in compliance with Environmental Laws. 
 11.04 The
Tenant shall conduct and complete all investigations, studies, sampling and testing, and all removal and other actions necessary to clean up and remove all Hazardous Materials on, under, from or affecting the Premises if the Tenant is required by
Environmental Laws or any agency or court order, determination or recommendation to undertake such acts or if Tenant shall become aware of the presence of Hazardous Materials on, under, from or affecting the Premises. 
 11.05 The Tenant shall indemnify, defend and hold harmless Landlord, its employees, attorneys, agents, advisors, trustees, officers, directors, members,
successors and assigns from any and against all claims, suits, demands, penalties, liabilities, settlements, damages, costs or expenses of whatever kind or nature, including attorneys’ fees, fees of environmental consultants and laboratory
fees, known or unknown, contingent or otherwise, arising out of or in any way related to (i) the presence, contamination, use, disposal, discharge, emission, release or threatened release by Tenant of any Hazardous Materials on, over, under,
from or affecting the Premises or the soil, water, vegetation, buildings, personal property, persons or animals thereon; (ii) any personal injury or property damage (real or personal) arising out of or related to such Hazardous Materials used
by Tenant on the Premises including, without limitation, the loss of use thereof; (iii) any lawsuit brought or threatened, settlement reached or governmental order or directive relating to such orders, regulations, requirements or demands of
governmental authorities, which are based upon Hazardous Materials used by Tenant on, under, from or about the Premises with respect to any acts, violations or matters indemnified against by the Tenant pursuant to this subparagraph. 
 11.06 The Tenant agrees that, upon expiration of the Term or any extensions thereof, or upon any earlier termination of this Lease, the Tenant shall
deliver the Premises to Landlord free of any and all Hazardous Materials to the extent required by and in compliance with all Environmental Laws. 
 11.07 For purposes of this Lease, “Hazardous Materials” include, without limitation, any flammable explosive or radioactive materials, mono- and polychlorinated biphenyls, petroleum products, natural gas, radon and natural gas
liquids, asbestos-containing materials, hazardous materials, hazardous wastes, pollutants, contaminants, hazardous or toxic substances or related materials defined in the Comprehensive Environmental Response, Compensation and Liability Act of 1980,
as amended (42 USC § 9601, et seq.), the Superfund Amendments and Reauthorization Act (Public Law 99-499, 100 Stat. 1613), the Hazardous Materials Transportation Act, as amended 949 USC § 1801, et seq.), the
Resource Conservation and Recovery Act, as amended (42 USC § 6901, et seq.), the National Environmental Policy Act (42 USC 4321), the Safe Drinking Water Act (42 USC § 300F, et seq.), the Federal Water Pollution
Control Act (33 USC § 1251, et seq.), the Clean Air Act (42 USC § 7401, et seq.), the Environmental Protection Agency regulations pertaining to asbestos (including 40 C.F.R. Part 61, 29 C.F.R.
§§ 1910.1001 and 1926..58), the Toxic Substances Control Act, as amended (15 USC § 2601, et seq.), the Michigan Environmental Code, as amended, and in the regulations, rules and policies adopted and promulgated
thereto, or in any other federal, state or local governmental law, ordinance, rule or regulation. 
  

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 11.08 The Tenant shall deliver to Landlord at such times as Landlord shall reasonably require (but in no
event more often than annually), evidence that all licenses, permits or certificates, if any, required under all applicable Environmental Laws with respect to the Premises have been obtained and evidence of compliance with “right to know
regulations” and other disclosure requirements under Environmental Laws. 
 SECTION 12 
 ALTERATIONS 
 12.01 Tenant may at any time and
from time to time, so long as Tenant is not in default under this Lease beyond applicable notice and cure periods, at its expense and without Landlord’s consent, make additions, alterations or improvements (including the construction of a
separate additional building) in and to the Premises in an amount not to exceed One Hundred Thousand Dollars ($100,000) on any one occasion in a lien free basis and with notice of such action to Landlord at least thirty (30) days prior to
commencing such activity (hereinafter collectively referred to as “Alterations”), provided that the fair market value of the Premises shall not be diminished thereby. Additions, alterations or improvements to the Premises, including
construction of a separate building, in amounts exceeding One Hundred Thousand Dollars ($100,000) on any one occasion shall require Landlord’s consent, which consent shall not be unreasonably withheld, conditioned or delayed. Landlord shall
have no right, except upon the request of or express prior written approval by Tenant (which approval may be witheld in Tenant’s sole discretion), to construct additions, alterations or improvements (including without limitation construction of
any additional buildings or improvements) upon the Premises. Upon expiration or earlier termination of the Term, Tenant shall not be required to remove or restore any Alterations, provided that Tenant shall be entitled to remove any Alterations if
Tenant restores the Premises to its condition prior to such Alterations. 
 12.02 Tenant shall cause any Alterations performed by it to be
performed in a good and workmanlike manner, using materials and equipment at least equal in quality and class to the existing components of the Building. Tenant shall obtain all necessary permits and certificates for final governmental approval of
the Alterations. Tenant shall be solely responsible for obtaining a certificate of occupancy for all Alterations, and shall observe and comply with all applicable provisions of the laws granting construction liens for persons providing goods or
services for the improvement of real estate. 
 12.03 Tenant shall defend, indemnify and hold harmless Landlord against, and at Tenant’s
expense, shall procure the satisfaction or discharge of record of any construction liens resulting from Alterations contracted for by Tenant within sixty (60) days after the filing thereof; or in lieu thereof, Tenant may procure (for
Landlord’s benefit) a bond or other protection against any such lien or encumbrance. If and in the event Landlord reasonably determines that any such lien if left undischarged would place Landlord’s interest in the Premises unreasonably at
risk, or cause a material default under Landlord’s mortgage of the Premises, then upon not less than ten (10) days notice to Tenant, Landlord may itself bond off such lien and invoice the cost of such bond to Tenant, payable as Additional
Rent with the next installment of minimum annual rent falling due. 
  

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 SECTION 13 
 QUIET ENJOYMENT 
 13.01 So long as Tenant is not in default under this Lease beyond applicable notice and
cure periods, Tenant shall have continuous and exclusive possession of the Premises, and shall have the quiet and peaceful use and enjoyment of the Premises. 
 SECTION 14 
 UTILITIES 
 14.01 Tenant, at its own expense, shall purchase and pay for all utility services to the Premises. 
 SECTION
15 
 ESTOPPEL CERTIFICATES; SUBORDINATION; MORTGAGE 
 15.01 Tenant shall at any time upon not less than ten (10) business days prior written notice from Landlord execute, acknowledge and deliver to Landlord a statement in writing (i) certifying that this Lease
is unmodified and in full force and effect (or, if modified, stating the nature of such modification and certifying that this Lease, as so modified, is in full force and effect), the amount of any security deposit, and the date to which the rent and
other charges are paid in advance, if any, and (ii) acknowledging that there are not, to Tenant’s knowledge, any uncured defaults on the part of Landlord hereunder, or specifying such defaults if any are claimed. 
 15.02 Provided that Tenant is provided with a reasonable and customary nondisturbance agreement duly executed by the holder of any mortgage and in form
and substance reasonably acceptable to Tenant, this Lease shall be subject and subordinate at all times to any mortgage or deed of trust that may now exist or hereafter be placed upon and encumber any or all of the Premises or Landlord’s
interest or estate in the Premises. Notwithstanding the foregoing, Landlord shall have the right to subordinate or cause to be subordinated any such mortgage lien to this Lease. Subject to delivery of a signed nondisturbance agreement as aforesaid,
Tenant shall execute and deliver, upon reasonable request by Landlord, a subordination agreement confirming the priority or subordination of this Lease with respect to any such mortgage. 
 SECTION 16 
 LANDLORD’S RIGHTS 
 16.01 Landlord shall have the right, subject to Tenant’s security procedures and requirements, advance written notice of which shall be given by
Tenant to Landlord, to enter and/or pass through the Premises during normal business hours upon reasonable prior notice (except that no notice shall be required in the event of emergency threatening imminent risk of injury or damage) to examine and
inspect the Premises and to show them to actual and prospective lenders, prospective purchasers or mortgagees of the Premises or providers of capital to Landlord and its affiliates. During the period of twelve (12) months prior to the
Expiration Date (or at any time, if Tenant has abandoned the Premises or is otherwise in default beyond applicable notice and cure periods under this Lease), Landlord may exhibit the Premises to prospective tenants. Notwithstanding the foregoing,
and without limitation, Tenant may require Landlord, as a condition to permitting access to the Premises, to execute a confidentiality agreement binding upon Landlord, its employees, consultants, agents and contractors and in form satisfactory to
Tenant. 
  

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 SECTION 17 
 INDEMNIFICATION 
 17.01 Tenant will protect, indemnify and hold harmless Landlord from and against any and
all claims, actions, damages (excluding loss of profits and consequential and speculative damages), liability and expenses (including court costs, reasonable fees of attorneys, investigators and experts) in connection with loss of life, personal
injury or damage to property at the Premises to the extent occasioned wholly or in part by any negligent act or omission of Tenant, its employees, agents, licensees and guests, whether prior to or during the Lease Term. In case any action or
proceeding is brought against Landlord by reason of the foregoing, Tenant, at its expense, shall resist and defend such action or proceeding, or cause the same to be resisted and defended by counsel (reasonably acceptable to Landlord) designated by
the insurers whose policy covers such occurrence or by counsel designated by Tenant and approved by Landlord. Tenant’s obligations pursuant to this Section 17.01 shall survive the expiration or termination of this Lease. 
 SECTION 18 
 CONDEMNATION 
 18.01 If the entire Premises are taken or condemned by governmental authority (or a conveyance in lieu thereof is made by Landlord), this Lease shall
terminate as of the date title is transferred. If a portion of the Premises that is material to Tenant’s operations is taken or condemned by governmental authority (or a conveyance in lieu of any such material portion is made by Landlord) and
Tenant is unable to make reasonable changes to allow continuance of operations on an economic basis comparable to that which existed prior to such taking or condemnation, then this Lease may, at Tenant’s sole option, be terminated effective
upon the date title to such material portion is transferred or such later date as Tenant may specify in its termination notice. If, in the event of a taking or condemnation, Tenant does not elect to terminate this Lease, an equitable reduction shall
be made to all rent thereafter required to be paid by Tenant hereunder. All sums which may be payable on account of any taking or condemnation shall belong to the Landlord, and Tenant shall not be entitled to any part thereof, provided, however,
that Tenant shall be entitled to retain any amount awarded for Tenant’s trade fixtures, leasehold improvements, moving expenses, loss of business, or for any other item specifically awarded to Tenant or otherwise which does not pertain to
property owned by Landlord or otherwise affect Landlord’s award. 
 SECTION 19 
 ASSIGNMENT OR SUBLETTING 
 19.01 Tenant agrees not to assign or in any manner mortgage,
encumber or transfer this Lease or any interest in this Lease without the previous written consent of Landlord, and not to sublet the Premises or any part of the premises or allow anyone to use or to come in with, through or under it without like
consent; provided, however, that such consent shall not be unreasonably withheld, conditioned or delayed. In no event may Tenant assign or otherwise transfer this Lease or any interest in this Lease at any time while in default hereunder. One such
consent will not be deemed a consent to any subsequent assignment, subletting, occupation, or 

  

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use by any other person. Any merger or sale of stock of a corporate tenant, or of partnership interests in a partnership tenant, or of membership interests
in a limited liability company, involving the transfer of fifty percent (50%) or more of the ownership interest of such tenant as of the date of this Lease shall be considered an assignment or subletting of this Lease or the Premises for
purposes of this Section 19. So long as Tenant is not in default under this Lease beyond applicable notice and cure periods, Tenant may, however, assign this Lease to a corporation with which it may merge or consolidate, to any parent,
affiliate or subsidiary of Tenant or subsidiary of Tenant’s parent, or to a purchaser of substantially all of Tenant’s assets if the assignee has assets and creditworthiness substantially equal to or greater than Tenant and if the assignee
executes an agreement required by Landlord assuming Tenant’s obligations and if Guarantor ratifies its obligations under the Guaranty after such assignment. In the absence of a written agreement to the contrary, there shall be no release of the
Tenant and/or Guarantor. The acceptance of rent from an assignee, subtenant or occupant will not constitute a release of Tenant from the further performance of the obligations of Tenant contained in this Lease. 
 19.02 If Tenant assigns all its rights and interests under this Lease, the assignee under such assignment shall expressly assume all the obligations of
Tenant hereunder in an instrument, approved by Landlord as to form and substance (which approval will not be unreasonably withheld or delayed), delivered to Landlord at the time of such assignment. No assignment or sublease made as permitted by this
Section 19.02 shall affect or reduce any of the obligations of Tenant hereunder, and all such obligations shall continue in full effect as obligations of a principal and not as obligations of a guarantor or surety, to the same extent as though
no assignment or subletting had been made, provided that performance by any such assignee or sublessee of any of the obligations of Tenant under this Lease shall be deemed to be performance by Tenant. No sublease or assignment made as permitted by
this Section 19.02 shall impose any obligations on Landlord or otherwise affect any of the rights of Landlord under this Lease. Neither this Lease nor the term hereby demised shall be mortgaged by Tenant, nor shall Tenant mortgage or pledge the
interest of Tenant in and to any sublease of the Premises or the rentals payable thereunder. Any mortgage, pledge, sublease or assignment made in violation of this Section 19.02 shall be void. Tenant shall, within ten days after the execution
and delivery of any such assignment or the sublease of all or substantially all of the Premises, deliver a conformed copy thereof to Landlord. Within ten days after the execution and delivery of any sublease of a portion of the Premises, Tenant
shall give notice to Landlord of the existence and term thereof, and of the name and address of the subtenant thereunder. 
 SECTION 20

 FIXTURES AND EQUIPMENT 
 20.01
Subject to Section 20.02 below, all fixtures, machinery, equipment, improvements and appurtenances attached to, or built into, the Premises at the commencement of, or during the Term, including overhead cranes installed as of the Commencement
Date (but not any replacements of such overhead cranes), excepting those placed there by or at the expense of Tenant, shall become and remain a part of the Premises; shall be deemed the property of Landlord, without compensation or credit to Tenant;
and shall not be removed by Tenant at the Expiration Date unless Landlord requests their removal. 
 20.02 All movable non-structural
partitions, business and trade fixtures, machinery and equipment, communications equipment and office equipment, that are installed in or affixed to the Premises by, or for the account of, Tenant without expense to Landlord and 

  

 11 

 
that can be removed without structural damage to the Premises, any overhead crane which is installed after the Commencement Date whether or not replacing an
existing crane and related infrastructure installed by Tenant, and all furniture, furnishings and other articles of movable personal property owned by Tenant and located in the Premises (collectively, the “Tenant’s Property”) shall be
and shall remain the property of Tenant and may be removed by Tenant at any time during the Term, provided Tenant repairs or pays the cost of repairing any damage to the Premises resulting from the removal thereof. At or before the Expiration Date,
or the date of any earlier termination, Tenant, at its expense, shall remove from the Premises all of Tenant’s Property (except such items thereof as Landlord shall have expressly permitted, in writing, to remain, which property shall become
the property of Landlord), and Tenant shall repair any damage to the Premises or the Premises resulting from removal of Tenant’s Property. Any other items of Tenant’s Property that shall remain in the Premises for more than thirty
(30) days after the Expiration Date, or more than thirty (30) days following an earlier termination date, may, at the option of Landlord, be deemed to have been abandoned, and in such case, such items may be retained by Landlord as its
property or be disposed of by Landlord. 
 SECTION 21 
 NOTICES 
 21.01 Any notice required to be given by either party pursuant to this Lease shall be in writing
and shall be deemed to have been properly given, rendered or made only if personally delivered, or if sent by Federal Express or other comparable commercial overnight delivery service, addressed to the other party at the addresses set forth below
(or to such other address as Landlord or Tenant may designate to each other from time to time by written notice), and shall be deemed to have been given, rendered or made on the day so delivered or on the first business day after having been
deposited with the courier service: 
  

			
	If to Landlord:	  	KrisLee-Texas, LLC
		  	33 Bloomfield Hills Parkway, Suite 240
		  	Bloomfield Hills, MI 48304
		  	Attn: Robert J. Skandalaris
		
	If to Tenant:	  	Manitex, Inc.
		  	3000 South Austin Avenue
		  	Georgetown, TX 78627
		  	Attn: David J. Langevin
		
	With copy to:	  	Veri-Tek International, Corp.
		  	50120 Pontiac Trail
		  	Wixom, MI 48393
		  	Attn:                         

  

 12 

 SECTION 22 
 DEFAULT; REMEDIES 
 22.01 Each of the following shall constitute a default by Tenant under this Lease:
(a) if Tenant fails to pay any installment of rent and such failure continues for more than seven (7) days after delivery to Tenant of written notice from Landlord that such rent installment was not paid when due under this Lease;
(b) if Tenant fails to timely comply with any or all of the other obligations specifically imposed on Tenant under this Lease and such failure continues for more than thirty (30) days after Landlord’s delivery to Tenant of written
notice of such default; provided, however, that if the default cannot, by its nature, be cured within such thirty (30) day period, Tenant shall not be deemed in default if and so long as it commences a cure of such default within the initial
thirty (30) day cure period, and thereafter diligently and continuously pursues such cure to completion; or (c) Tenant or any guarantor hereof shall file a petition in bankruptcy of insolvency or for reorganization or arrangement under the
bankruptcy laws of the United States or under any insolvency act of any state, or shall voluntarily take advantage or any such law or act by answer or otherwise, or shall be dissolved or shall make an assignment for the benefit of creditors.

 22.02 (a) Landlord, in addition to the remedies given in this Lease or under the law, may do any one or more of the following if Tenant
commits a default under Section 22.01: 
 (i) terminate this Lease, in which case Tenant shall then surrender the Premises to Landlord;
or 
 (ii) enter and take possession of the Premises in accordance with applicable law and remove Tenant, with or without having ended the
Lease. 
 (b) In the event of declaration of forfeiture pursuant to 22.02(a)(ii) above at or after the time of re-entry, Landlord may
re-lease the Premises or any portion(s) of the Premises for a term or terms and at a rent which may be less than or exceed the balance of the Term of and the rent reserved under this Lease. In such event Tenant will pay to Landlord as liquidated
damages for Tenant’s default any deficiency between the total rent reserved and the net amount, if any, of the rents collected on account of the lease or leases of the Premises which otherwise would have constituted the balance of the term of
this Lease. In computing such liquidated damages, there will be added to the deficiency any expenses which Landlord may incur in connection with re-leasing, such as legal expenses, reasonable attorneys’ fees, brokerage fees and expenses,
advertising and for keeping the Premises in good order or for preparing the Premises for re-leasing. Any such liquidated damages will be paid in monthly installments by Tenant on the date which minimum net rental is due and any suit brought to
collect the deficiency for any month will not prejudice Landlord’s right to collect the deficiency for any subsequent month by a similar proceeding. In lieu of the foregoing computation of liquidated damages, Landlord may elect, at its sole
option, to receive liquidated damages in one payment equal to any deficiency between the total rent reserved hereunder and the fair and reasonable rental of the premises, both discounted at ten percent (10%) per annum to present value at the
time of declaration of forfeiture. 
 (c) Landlord shall use its best efforts to mitigate its damages by making commercially reasonable
efforts to relet the Premises on reasonable terms. Landlord may relet for a shorter or longer period of time than the Term and make any necessary repairs 

  

 13 

 
or alterations. Landlord may relet on any commercially reasonable terms including a reasonable amount of free rent. If Landlord relets for a period of time
longer than the current Lease Term, then any special concessions given to the new tenant shall be allocated throughout the entire reletting Term to not unduly reduce the amount of consideration received by Landlord during the remaining period of
Tenant’s Term. 
 22.03 Landlord shall be in default of this Lease if it fails to perform any obligation of Landlord under this Lease
and such failure is not cured within forty-five (45) days after written notice thereof is given by Tenant to Landlord; however, if such failure cannot reasonably be cured within forty-five (45) days, Landlord shall not be in default of
this Lease if Landlord commences to cure the failure within such forty-five (45) day period, diligently continues to cure the default, and completes the cure within an additional 90 days. If Landlord does not act with diligence to cure the
default or such default remains uncured after the expiration of the Landlord’s cure period or if, in an emergency situation where Tenant will suffer material harm if it does not act immediately to cure the default and provides Landlord with
contemporaneous telephonic notice (followed by written notice to Landlord) of the nature of the emergency and the limited cure that Tenant plans to undertake (which cure shall be limited only to protect against material harm to Tenant), Tenant may
cure the default at Landlord’s expense (to the extent that the costs and expenses of the cure are reasonable). If pursuant to the foregoing Tenant pays any reasonable sum in order to cure Landlord’s default, such reasonable sum shall be
reimbursed, together with interest thereon at 10% per annum, by Landlord to Tenant upon forty-five (45) days’ written notice, which notice shall include all necessary supporting documentation, and Tenant shall not be entitled to
offset any such amounts against minimum net rent or any other amount due under this Lease. 
 SECTION 23 
 SURRENDER OF PREMISES; HOLDOVER 
 23.01 On the
last day of the Term, or upon any earlier termination of this Lease, (a) Tenant shall deliver the Premises to Landlord in the condition required to be maintained by Tenant under this Lease, subject to ordinary wear and tear, casualty loss, and
such conditions, damage or destruction as Landlord is required to repair or restore under this Lease, and (b) Tenant shall remove all of Tenant’s Property from the Premises. The obligations imposed under the preceding sentence shall
survive the termination or expiration of this Lease. If Tenant remains in possession of the Premises after the Expiration Date or after any earlier termination date of this Lease or of Tenant’s right to possession: (a) Tenant shall be
deemed a month to month tenant; (b) Tenant shall pay one hundred ten percent (110%) of the minimum net rent last prevailing hereunder; and (c) there shall be no renewal or extension of this Lease by operation of law. The provisions of
this Section 23.01 shall not constitute a waiver by Landlord of any re-entry rights of Landlord provided hereunder or by law. 
 SECTION
24 
 PERFORMANCE BY LANDLORD OF TENANT’S COVENANTS 
 24.01 If Tenant defaults beyond applicable notice and cure periods in the performance of any non-monetary covenant of Tenant under this Lease, Landlord may (but shall not be required to), and without waiving or
release Tenant from any of Tenant’s obligations, perform the covenant. All out of pocket costs reasonably incurred by Landlord in performing such covenant shall be deemed additional rent and shall be payable, together with interest thereon at
the prime rate published from time to time by the Wall Street Journal, to Landlord within forty-five (45) days after delivery by Landlord of an invoice to Tenant. 
  

 14 

 SECTION 25 
 NON-WAIVER; LEGAL COSTS; PARTIES BOUND 
 25.01 The failure of either party to insist, in any one or more
instances, upon the strict performance of any one or more of the obligations of this Lease, or to exercise any election herein contained, shall not be construed as a waiver or relinquishment for the future of the performance of such one or more
obligations of this Lease or of the right to exercise such election, but the Lease shall continue and remain in full force and effect with respect to any subsequent breach, act or omission. The receipt and acceptance by Landlord of any rent or other
payment with knowledge of breach by Tenant of any obligation of this Lease shall not be deemed a waiver of such breach. Any party in breach or default under this Lease (the “Defaulting Party”) shall reimburse the other party (the
“Nondefaulting Party”) upon demand for any reasonable costs or expenses that the Nondefaulting Party incurs in connection with the breach or default, regardless whether suit is commenced or judgment entered. Such costs shall include legal
fees and costs incurred for the negotiation of a settlement, enforcement of rights or otherwise. Furthermore, in the event of litigation, the court in such action shall award to the party in whose favor a judgment is entered, a reasonable sum as
attorneys’ fees and costs, which sum shall be paid by the losing party. Except as otherwise expressly provided for in this Lease, this Lease shall be binding upon, and inure to the benefit of, the successors and assignees of the parties hereto.
In the event of a sale or conveyance by Landlord of the Premises, the same shall operate to release Landlord from liability for any of Landlord’s obligations under this Lease to the extent such obligations have not accrued or are otherwise not
required to be observed or performed at or prior to the date of such sale or conveyance, except that the purchaser or grantee shall be deemed to have assumed liability for the performance and observance of all covenants and agreements of Landlord
under the Lease whether or not accrued at the time of the sale or conveyance. No obligation of Landlord or Tenant shall arise under this Lease until this Lease is signed by, and delivered to, both Landlord and Tenant. 
  

 15 

 SECTION 26 
 BROKERS 
 26.01 Landlord and Tenant each represent and warrant to the other that they have not contracted
with a broker, finder or similar person in connection with this Lease, and each party shall defend, indemnify and hold the other harmless from and against all liability, cost and expense, including reasonable attorneys’ fees, incurred as a
consequence of any claim asserted by a person alleging to have contracted or dealt with one of the parties hereto in connection with this Lease. 
 SECTION 27 
 TENANT’S EXTENSION OPTIONS 
 27.01 Tenant shall have two (2) options to extend the term of this Lease for additional
periods of five (5) years each, the first such extension period beginning on the first day of the one hundred forty-fifth (145th) full calendar month after the Commencement Date and ending on the last day of the two hundred forth (204th) full calendar month after the Commencement Date (such extension period hereinafter referred to as the “First Extension Term”) and the second such extension period beginning on the first day of the two hundred fifth
(205th) full calendar month after the Commencement Date and ending on the last day of the two hundred
sixty-forth (264th) full calendar month after the Commencement Date (the “Second Extension Term). The
First Extension Term and the Second Extension Term are from time to time referred to herein as the “Extension Terms”). Notwithstanding the foregoing, however, Tenant shall not be entitled to so extend the Term of the Lease if Tenant is in
default under this Lease at the time for exercise of any such extension beyond applicable notice and cure periods provided herein. The option to extend the Term granted to Tenant must be exercised, if at all, by written notice to Landlord given not
less than six (6) months prior to (i) as to the First Extension Term, the expiration date of the initial Term specified in Section 2.01, or as to Second Extension Term, the expiration date of the Term, as extended for the First
Extension Term. 
 27.02 Tenant’s possession of the Premises during the Extension Terms shall be under and subject to all the terms,
covenants and conditions set forth in the Lease, with the exception that the minimum net rental payable during any Extension Term shall be the then-market rate for similar industrial buildings within the market area for the Premises. In the event
the parties are unable in good faith to agree upon the market rent for any Extension Term, the issue shall be determined by three independent MAI appraisers with commercial/industrial rental real estate experience in the area where the Premises is
located, one selected by Landlord, one by Tenant, and the third by the other two so chosen. The parties shall each appoint their respective appraiser within ten (10) days after either party declares an impasse by written notice to the other,
and the third appraiser shall be selected within ten (10) days after the first two are chosen. The third appraiser shall, within ten (10) days of receipt of the two appraisers’ determinations, select the determination of
Landlord’s or Tenant’s appraiser which he or she believes reflects the market rent. The determination of the third appraiser shall be binding upon Landlord and Tenant, and judgment thereon may be entered in any court of competent
jurisdiction. The cost of the third appraiser shall be borne equally by Landlord and Tenant. 
  

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 SECTION 28 
 GUARANTY 
 28.01 As a material inducement for Landlord to execute this Lease, Tenant agrees that upon
request, any shareholder or an unlimited Guaranty of Tenant’s covenants and obligations, a copy of which Guaranty is attached hereto as Exhibit “B”. 
 SECTION 29 
 29.01 Intentionally Left Blank. 
 SECTION 30 
 BANKRUPTCY OR INSOLVENCY 
 30.01 Conditions to the Assumption and Assignment of this Lease under Chapter 7, 11 or 13 of the Bankruptcy Code: In the event that Tenant shall become a
Debtor under Chapter 7, 11 or 13 of the Bankruptcy Code, and the Trustee or Tenant shall elect to assume this Lease for the purpose of assigning the some or otherwise, such election and assignment may only be made if all of the terms and conditions
of Sections 29.02 and 29.04 hereof are satisfied. The Tenant acknowledges that Landlord has executed this Lease based on Tenant’s inducements as to its financial integrity, business experience and ability to continuously occupy and use the
Premises. Under these circumstances, Tenant agrees that should Tenant, as Debtor-In-Possession, or any Trustee appointed for Tenant, fail to elect to assume this Lease within sixty (60) days after the filing of the petition in bankruptcy, this
Lease shall be deemed to have been rejected, Tenant further knowingly and voluntarily waives any right to seek additional time to affirm or reject this Lease and acknowledges that there is no cause to seek such extension. If Tenant, as
Debtor-In-Possession, or the Trustee abandons the Premises, the same shall be deemed a rejection of this Lease. Landlord shall be entitled to at least thirty (30) days prior written notice from Tenant, as Debtor-In-Possession, or its Trustee of
any intention to abandon the Premises. Landlord shall thereupon be immediately entitled to possession of the Premises without further obligation to Tenant or the Trustee, and this Lease shall be cancelled, but Landlord’s right to be compensated
for damages in such proceeding shall survive. 
 30.02 Conditions to the Assumption of this Lease In Bankruptcy Proceedings: 
 (a) No election by the Trustee or Debtor-In-Possession to assume this Lease, whether under Chapter 7, 11 or 13, shall be effective unless each of the
following conditions which Landlord and Tenant acknowledge are commercially reasonable in the context of a bankruptcy proceeding of Tenant, have been satisfied, and Landlord has so acknowledged in writing: 
 (1) The Trustee or the Debtor-In-Possession has cured, or has provided Landlord adequate assurance (as defined below) that: 
 (i) Within ten (10) days from the date of such assumption the Trustee will cure all monetary defaults under this Lease; and 
 (ii) Within thirty (30) days from the date of such assumption the Trustee will cure all nonmonetary defaults under this Lease. 
  

 17 

 (2) The Trustee or the Debtor-In-Possession has compensated, or has provided to Landlord adequate
assurance that within ten (10) days from the date of assumption Landlord will be compensated for any pecuniary loss incurred by Landlord arising from the default of Tenant, the Trustee, or the Debtor-In-Possession as recited in Landlord’s
written statement of pecuniary loss sent to the Trustee or Debtor-In-Possession. 
 (3) The Trustee or the Debtor-In-Possession has provided
Landlord with adequate assurance of the future performance (as defined below) of each of Tenant’s, the Trustee’s or Debtor-In-Possession’s obligations under this Lease, provided, however, that: 
 (i) The Trustee or Debtor-in-Possession shall also deposit with Landlord, as security for the timely payment of minimum net rent and additional rent, an
amount equal to three (3) months minimum net rent and additional rent accruing under this Lease; and 
 (ii) If not otherwise required
by the terms of this Lease, the Trustee or Debtor-In-Possession shall also pay in advance on a rent day one-twelfth (1/12th) of Tenant’s annual obligations under this Lease for real estate taxes, insurance premiums and similar charges.

 (iii) The obligations imposed upon the Trustee or Debtor-In-Possession shall continue with respect to Tenant or any assignee of this
Lease after the completion-of bankruptcy proceedings. 
 (4) The assumption of this Lease will not breach any provision in any other lease,
mortgage, financing agreement or other agreement by which Landlord is bound relating to the Premises; or 
 (5) The Tenant as
Debtor-In-Possession or its Trustee shall provide the Landlord at least forty-five (45) days prior written notice of any proceeding concerning the assumption of this Lease. 
 (b) For purposes of this Section 30, Landlord and Tenant acknowledge that, in the context of a bankruptcy proceeding of Tenant, at a minimum,
“adequate assurance” shall mean: 
 (1) The Trustee or the Debtor-In-Possession has and will continue to have sufficient
unencumbered assets after the payment of all secured obligations and administrative expenses to assume Landlord that the Trustee or Debtor-In-Possession will have sufficient funds to fulfill the obligations of Tenant under this Lease. 
 (2) The Bankruptcy Court shall have entered an Order segregating sufficient cash payable to Landlord and/or the Trustee or Debtor-In-Possession shall
have granted a valid and perfected first lien and security interest and/or mortgage in property of Tenant, the Trustee or Debtor-In-Possession, acceptable as to value and kind to Landlord, to secure to Landlord the obligation of the Trustee or
Debtor-In-possession to cure the monetary and/or nonmonetary defaults under this Lease within the time periods set forth above. 
 30.03
Landlord’s Option to Terminate upon Subsequent Bankruptcy Proceedings of Tenant; in the event that this Lease is assumed by a Trustee appointed for Tenant or by Tenant as Debtor-In-Possession, under the provisions of Section 30.02 hereof,
and 

  

 18 

 
thereafter Tenant is liquidated or files a subsequent petition for reorganization or adjustment of debts under Chapter 11 or 13 of the Bankruptcy Code, then,
and in either of such events, Landlord may, at its option, terminate this Lease and all rights of Tenant hereunder, by giving Tenant written notice of its election to so terminate, within thirty (30) days after the occurrence of either of such
events. 
 30.04 Conditions to the Assignment of this Lease in Bankruptcy Proceedings: If the Trustee or Debtor-In-Possession has assumed
this Lease pursuant to the terms and provisions of Sections 30.01 and 30.02 hereof, for the purpose of assigning (or elects to assign) Tenant’s interest under this Lease or the estate created thereby, to any other person, such interest or
estate may be so assigned only if Landlord shall acknowledge in writing that the intended assignee has provided adequate assurance as defined in this Section 30.04 of future performance of all of the terms, covenants end conditions of this
Lease to be performed by Tenant. 
 For purposes of this Section 30.04, Landlord and Tenant acknowledge that, in the context of a
bankruptcy proceeding of Tenant, at a minimum, “adequate assurance of future performance” shall mean that each of the following conditions have been satisfied, and Landlord has so acknowledged in writing: 
 (a) The assignee has submitted a current financial statement audited by a Certified Public Accountant which shows a net worth and working capital in
amounts determined to be sufficient by Landlord to assure the future performance by such assignee of Tenant’s obligations under this Lease. 
 (b) The assignee, if requested by Landlord, shall have obtained guarantees in form and substance satisfactory to Landlord from one or more persons who satisfy Landlord’s standards of creditworthiness. 
 (c) The Landlord has obtained all consents or waivers from any third party required under any lease, mortgage, financing arrangement or other agreement
by which Landlord is bound to permit Landlord to consent to such assignment. 
 30.05 Use and Occupancy Charges: When, pursuant to the
Bankruptcy Code, the Trustee or Debtor-In-Possession shall be obligated to pay reasonable use and occupancy charges for the use of the Premises or any portion thereof, such charges shall not be less than the minimum net rent as defined in this
Lease, additional rent and all other monetary obligations of Tenant as set forth in this Lease. 
 30.06 Tenant’s Interest not
Transferable by Virtue of State Insolvency Law without Landlord’s Consent: Neither Tenant’s interest in this Lease, nor any lesser interest of Tenant herein, nor any estate of Tenant hereby created, stall pass to any trustee, receiver,
assignee for the benefit of creditors, or any other person or entity, or otherwise by operation of law under the laws of any state having jurisdiction of the person or property of Tenant (hereinafter referred to as the “state law”) unless
Landlord shall consent to such transfer in writing. No acceptance by Landlord of rent or any other payments from any such trustee, receiver, assignee, person or other entity shall be deemed to have waived, nor shall it waive the need to obtain
Landlord’s consent, or Landlord’s right to terminate this Lease for any transfer of Tenant’s Interest under this Lease without such consent. 
 30.07 Landlord’s Option to Terminate upon Insolvency of Tenant or Guarantor under State Law or upon Insolvency of Guarantor under Federal Bankruptcy Law: In the event the estate of Tenant created hereby shall be
taken in execution or by process 

  

 19 

 
of law, or if Tenant or Tenant’s guarantor (“Guarantor”) (if applicable), shall be adjudicated insolvent pursuant to the provisions of any
present or future insolvency law under state law, or if any proceedings are tiled by or against the Guarantor under the Bankruptcy Code, or any similar provisions of any future federal bankruptcy law, or if a custodian, receiver or trustee of the
property of Tenant or the Guarantor shall be appointed under state law by reason of Tenant’s or the Guarantor’s Insolvency or their inability to pay their debts as they become due or otherwise, or if any assignment shall be made of
Tenant’s or the Guarantor’s property for the benefit of creditors under state law; then and in such event Landlord may, at its option, terminate this Lease and all rights of Tenant hereunder by giving Tenant written notice of the election
to so terminate within thirty (30) days after the occurrence of such event. 
 SECTION 31 
 GENERAL 
 31.01 This Lease can be modified or
amended only by a written agreement signed by Landlord and Tenant. 
 31.02 Upon request of either Landlord or Tenant, the parties shall
execute a memorandum of this Lease in recordable form. 
 31.03 The laws of the State where the Premises are located will control in the
construction and enforcement of this Lease, without regard to conflicts of law principles. 
 31.04 Time is of the essence in all respects
under this Lease. If the time for performance hereunder falls on a Saturday, Sunday or a day that is recognized as a holiday in such State, then such time shall be deemed extended to the next day that is not a Saturday, Sunday or recognized holiday.

 31.05 All prior understandings and agreements between the parties are merged into this Lease, which alone fully and completely expresses
the agreements and understandings of the parties. 
 31.06 The illegality, invalidity or unenforceability of any term or provision of this
Lease shall not affect or render illegal, invalid or unenforceable any other term or provision, all of which shall remain in full force and effect. 
 31.07 This Lease may be executed in several counterparts, each of which shall be an original but all of which shall collectively comprise a single instrument. 
 IN WITNESS WHEREOF, the Landlord and Tenant have executed this Lease as of the date set forth on page 1. 
  

									
	LANDLORD:	 		 	TENANT:
			
	KRISLEE-TEXAS, LLC ,	 		 	MANITEX, INC.,
	a Michigan limited liability company	 		 	a Texas corporation
					
	By:	 	 /s/ Robert J. Skandalaris
	 		 	By:	 	 /s/ David J. Langevin

	Its:	 	  
	 		 	Its:	 	  

  

 20 

 EXHIBIT A 
 LEGAL DESCRIPTION OF PREMISES 
  
 [TO BE
ATTACHED] 

 EXHIBIT B 
 GUARANTY OF LEASE 
 THIS IS A GUARANTY OF THE LEASE dated April     ,
2006, by and between KRISLEE-TEXAS, LLC, a Michigan limited liability company (“Landlord”) and QUANTUM VALUE MANAGEMENT, LLC., (“QVM”) a Delaware limited liability company and MANITEX, LLC, a Delware limited liability company
(individually each a “Guarantor” and collectively “Guarantors”). 
 The undersigned, QUANTUM VALUE MANAGEMENT, LLC.,
(“QVM”) a Delaware limited liability company, whose address is 33 Bloomfield Hills Parkway, Suite 240, Bloomfield Hills, Michigan 48304, in consideration of the leasing of the leased premises described in the annexed Lease
(“Lease”) to the above named Tenant, do hereby covenant and agree as follows: 
  

	 	A.	The undersigned, jointly and severally does hereby irrevocably guarantee the full, faithful and timely payment and performance by Tenant of all of the payments, covenants and other
obligations of Tenant under or pursuant to the Lease. If Tenant shall default at any time in the payment of any minimum net rent, Additional Rent or any other sums, costs or charges whatsoever, or in the performance of any of the other covenants and
obligations of Tenant, under or pursuant to the Lease, the undersigned, at their cost and expense, shall, on demand of the Landlord, fully and promptly, and well and truly, pay all rent, sums, costs and charges to be paid by Tenant, and perform all
the other covenants and obligations to be performed by Tenant, under or pursuant to the Lease. In addition, the undersigned shall, on Landlord’s demand pay to Landlord any and all sums due to Landlord, including (without limitation) all
interest on past due obligations of Tenant, costs advanced by Landlord, and damages and all expenses (including attorneys’ fees and litigation costs) that may arise as a consequence of Tenant’s default. The undersigned hereby waive all
requirements of notice of the acceptance of this Guaranty and all requirements of notice of breach or non-performance by Tenant. Manitex, Inc., a Texas corporation, whose address is 3000 South Austin Avenue, Georgetown, TX 78627.

  

	 	B.	The obligations of the undersigned hereunder are independent of, and may exceed, the obligations of Tenant. A separate action or actions may, at Landlord’s option, be brought
and prosecuted against the undersigned, whether or not any action is first or subsequently brought against Tenant, or whether or not any action is first or subsequently brought against Tenant, or whether or not Tenant is joined in any such action,
and the undersigned may be joined in any action or proceeding commenced by Landlord against Tenant arising out of, in connection with or based upon the Lease. The undersigned waives any right to require Landlord to proceed against Tenant or pursue
any other remedy in Landlord’s power whatsoever, any right to complain of delay in the enforcement of Landlord’s rights under the Lease, and any demand by Landlord and/or prior action by Landlord or any nature whatsoever against Tenant, or
otherwise. Manitex is the sole shareholder of Manitex, Inc. 

  

 2 

	 	C.	This Guaranty shall remain and continue in full force and effect and shall not be discharged in whole or in part notwithstanding (whether prior or subsequent of the execution
hereof) any alteration, renewal, extension, modification, amendment or assignment of, or subletting, concession, franchising, licensing or permitting under the Lease. The undersigned hereby waive notice of any of the foregoing, and agree that the
liability of the undersigned hereunder shall be based upon the obligations of Tenant set forth in the Lease as the same may be altered, renewed, extended, modified, amended or assigned. For the purpose of this Guaranty and the obligations and
liabilities of the undersigned hereunder, “Tenant” shall be deemed to include any and all assignees, subtenants, permittees or others directly or indirectly operating or conducting a business in or from the Premises, as fully as if any of
the same were the named Tenant under the Lease. Quantum Value Management, LLC is the sole member of Manitex, LLC. 

  

	 	D.	The undersigned’s obligations hereunder shall remain fully binding although Landlord may have waived one or more defaults by Tenant, extended the time of performance by Tenant,
released, returned or misapplied other collateral at any time given as security for Tenant’s obligations (including other guaranties) and/or released Tenant from the performance of its obligations under the Lease. 

  

	 	E.	This Guaranty shall remain in full force and effect notwithstanding the institution by or against Tenant or bankruptcy, reorganization, readjustment, receivership or insolvency
proceedings of any nature, or the disaffirmance of the lease in any such proceedings or otherwise. 

  

	 	F.	This Guaranty shall be applicable to and binding upon the heirs, executors, administrators, representatives, successors and assigns of Landlord, Tenant and the undersigned. Landlord
may require any successor member of Guarantors to provide a Guaranty of Tenant’s obligations in the event of a change in control of Guarantor. Landlord may upon written notice to Guarantor assign this Guaranty in whole or in part in connection
with an assignment of its interest in the Lease. 

  

	 	G.	In the event that Landlord shall institute any suit against the undersigned for (i) violation of or to enforce any of the covenants or conditions of this Guaranty; or
(ii) to enforce any right of Landlord hereunder; (iii) should the undersigned institute any suit against Landlord arising out of or in connection with this Guaranty; (iv) should either party institute a suit against the other for a
declaration of rights hereunder; (v) should either party intervene in any suit in which the other is a party, or enforce or protect its interest or rights hereunder, the prevailing party in any such suit shall be entitled do the fees of its
attorney(s) in the reasonable amount thereof, to be determined by the court and taxed as a part of the costs therein. 

  

	 	H.	The execution of this Guaranty prior to execution of the Lease shall not invalidate this Guaranty or lessen the obligations of Guarantor(s) hereunder. 

  

	 	I.	Guarantors have full power and authority to provide this Guaranty and to carry out the transactions contemplated hereby. The undersigned is duly authorized to execute this Guaranty
on behalf of Guarantors. 

  

 3 

 IN WITNESS WHEREOF, the undersigned has executed this Guaranty this
            day of April, 2006. 
  

							
	WITNESSETH:	 		 	QUANTUM VALUE MANAGEMENT,
		 		 	LLC a Delaware limited liability company
				
	  
	 		 	By:	 	 /s/ David J. Langevin

	  
	 		 	Its:	 	  

		 		 		 	
	WITNESSETH:	 		 	MANITEX, LLC
		 		 	a Delaware limited liability company
				
	  
	 		 	By:	 	 /s/ David J. Langevin

	  
	 		 	Its:	 	  

  

			
	STATE OF MICHIGAN	 	)
		 	)SS
	COUNTY OF OAKLAND	 	)

 The foregoing Guaranty was acknowledged before me this
         day of April, 2006, by
                                        
         of Quantum Value Management, LLC. 
  

	
	  

	Notary Public
	                                      
                   County, Michigan
	Acting in Oakland County, Michigan
	My Commission Expires:
                                    

  

 4Lease Agreement

 Exhibit 10.22 
 DATED this 1st day of December, 2006 
 B E T W E E N: 
 ALDROVANDI EQUIPMENT LIMITED 
 - and-

 MANITEX LIFTKING, ULC 
  

 LEASE 
  

 Municipal Address of Property: 
 7135 Islington Avenue, Vaughan 
 and 191 Vinyl Court, Vaughan 

			
	 	  	THIS INDENTURE made this 1st day of December,
2006
		
		  	IN PURSUANCE OF THE SHORT FORM OF LEASES ACT.
		
	 BETWEEN:
  
	  	
		
		  	ALDROVANDI EQUIPMENT LIMITED
		
		  	incorporated under the laws of the Province of Ontario
		
		  	(hereinafter referred to as the “Lessor”)
		
		  	OF THE FIRST PART                    
		
		  	-and -
		
		  	MANITEX LIFTKING, ULC
		
		  	incorporated under the laws of the Province of Alberta
		
		  	(hereinafter referred to as the “Lessee”)
		
		  	OF THE SECOND PART                    

 Premises 
 1.
IN CONSIDERATION of the rents, covenants and agreements hereinafter reserved and contained on the part of the Lease to be paid, observed and performed, the Lessor hereby demises and leases unto the Lessee the premises outlined on the Plan attached
hereto as Schedule “A” (hereinafter referred to as the “demised premises”), and together with the right to use the common outside areas and facilities in common with other users of the building. The demises premises comprise as
hereinafter outlined (which building, adjacent lands and common areas are hereinafter referred to as the “building”, “buildings” or “Development”, and contain a rentable area of approximately 94,509 square feet.

 Term 
 2. TO HAVE AND TO HOLD the demised premises for and during the term of three (3) years to be computed from the 1st day of December, 2006 and fully to be complete and ended on the 30th day of November, 2009. 
 The Lessee acknowledges and agrees that it has inspected the demises premises, and agrees to accept same in an “as-is” condition, 
 Rent 
 3. YIELDING AND PAYING THEREFORE yearly and every year during the term hereby granted, unto the Lessor a base
rental rate calculated as follows: 
  

			
	7135 Islington Avenue	  	61,636 sq ft @ $4.45/sq ft
	191 Vinyl Court	  	22,873 sq ft @ 4.45/sq ft

  

 2 

										
	 YEARS
	  	ANNUAL	  	MONTHLY	  	PER SQ. FT.
	 1-3
	  	$	420,565.05	  	$	35,047.09	  	$	4.45

 AREA COVERED BY HIGH STEEL STRUCTURE AND WITH TWO OVERHEAD CRANES one with a capacity of 20 tons, one with a
capacity of 12 tons at 191 Vinyl Court—10,400 square fee at $3.15 per square foot. 
  

										
	 YEARS
	  	ANNUAL	  	MONTHLY	  	PER SQ. FT.
	 1-3
	  	$	32,760.00	  	$	2,730.00	  	$	3.15

 ACCORDINGLY, the total monthly rental payments commencing on December 1, 2006 shall be
$37,777.09. 
 Each monthly installment is to he paid in advance without deduction on the 1st day of each month in each year during the term
hereby demised as the Lessor’s office at 7135 Islington Avenue, Woodbridge, Ontario, L4L 1V9 or at such other place as the Lessor may hereafter from time to time direct, together with the additional rent hereinafter reserved. The Lessee
shall provide to the Lessor on the commencement date of the Lease and on each anniversary dated twelve (12) post-dated cheques for rental payments for the following year. in the event of a tenancy commencing or terminating on other than the
first of the month, the rent for pars month shall be prorated. 
 (b) NOT APPLICABLE as security for the due performance by the Lessee of all covenants and
obligations on its part herein contained, the Lessor hereby reserving unto itself at its sole discretion the right to apply such sums to any damages resulting from default by the Lessee of any of its covenants and obligations hereunder or towards
the payment or redaction of any claim of the Lessor against the Lessee or alternatively, at the option of the Lessor on account of rentals payable by the Lessee for the last month’s rent of the term. 
 Lessee’s Covenants 
 4. THE LESSEE COVENANTS AND AGREES with the
Lessor as follows: 
 (a) To pay rent. 
 Use 

(b) To use the premises only for the manufacturing and storage of fork lifts and related equipment and for no other purpose. 
 Additional Rentals 
 (c) This Lease shall he absolutely net to the
Lessor and that the Lessee shall pay for its own account, and without any variation, set-off or deductions, all costs, expenses, rates, taxes and charges in any way relating to the demised premises and the business of the Lessee as well as the
Lessee’s proportionate share of all taxes, insurance premiums, utilities and other rates, maintenance, accounting fees and other costs, expenses and charges relating to the operation of the building without duplication and other than the
payments of any interest or principal required to be paid by the Lessor under any mortgage related to the building, any income taxes of the 

  

 3 

 
Lessor, the cost of any repairs properly attributable to capital account other than as specifically set out herein to be the Lessee’s responsibility, or
amounts recovered by the Lessor from insurance proceeds or warranty claims relating to any cost which has been charged or is otherwise chargeable as additional rental. Without restricting the generality of the above, the Lessee shall pay to the
Lessor in each and every year during the term hereof, as additional rent: 
 Realty Taxes 
 (i) To pay the realty taxes, local improvement rates and other similar charges assessed and levied against the demised premises provided at the
Lessor’s option, the Lessee shall pay its proportionate share of the amount of all taxes, rates, duties and assessments whatsoever, including local improvement rates, or similar taxes, whether municipal, parliamentary or otherwise, now charged,
levied, rated or assessed, or hereafter to be charged, levied, rated or assessed against the buildings whether such taxes are levied at first instance against the Lessor or Lessee or any similar taxes now in existence or contemplated at any time
during the term hereof by any competent governmental or municipal body in addition to, or in lieu of, the taxes, rates, duties or assessment hereinbefore referred to. in the event that the Lessee wishes to appeal its realty or business tax
assessment, it shall also appeal the assessment or the Development, it shall give prior written notice to the Lessor, and take all steps to ensure that the assessment of the Development, Lessor or other Lessees are not increased as a result of its
appeal. The Lessee indemnifies the Lessor from any misallocation of assessment which may occur as a result of its appeal; 
 Leasehold Taxes

 (ii) if the taxes in respect of the building upon which the demised premises are situate shall be increased by reason of any
installations made in or upon, or any alteration made in or to the demised premises by the Lessee, the amount of such increase; 
 Separate School Taxes

 (iii) if the Lessee or any person, firm or corporation occupying the demised premises or any part thereof shall elect to have the
demised premises or any part thereof assessed for separate school taxes, the amount by which the separate school taxes exceed the amount which would be payable by the Lessor for school taxes, had such election not been made, provided that if the
Lessee so elects and the separate school taxes paid are less than public school taxes in any year of the term hereby granted, the amount of school tax payable by the Lessee shall be reduced accordingly; 
 Utilities, Taxes, etc, Affecting Common Areas 
 (iv)
its proportionate share of the cost of domestic water and other utilities supplied to the common areas, and of nil taxes, fines, duties and assessments whatsoever, including local improvement rate now charged, levied, rates or assessed, or hereafter
to be charged, levied, rated or assessed upon or in respect of the common areas, and including, but without limiting the generality of the foregoing, its proportionate share of all business taxes, if any, from time to time payable by the Lessor in
respect of the common areas and facilities, or any part thereof; provided if such taxes, rates, duties and assessments, including local improvement rates are assessed separately to pay in accordance with such separate assessment; 
  

 4 

 Lessor’s insurance 
 (v) its proportionate share of the total annual net costs and expenses of insuring the lands, buildings, improvements and equipment and other property in the Development and the common areas and futilities, owned by
the Lessor or for which the Lessor is legally liable, from time to time, in such manner and form, with such companies and such coverage and in such amounts as the Lessor, or the Mortgagee, from time to time, determines including without limitation,
insurance against: 
 (1) Any risks of physical loss or damage to all property owned by the Lessor relative to the Development; 

(2) Damage to air-conditioning and heating equipment and miscellaneous electrical apparatus on a broad form blanket repair and replacement basis;

 (3) Loss of insurable gross profit attributable to all perils insured against by the Lessor or commonly insured against by prudent
lessors, including loss of all rent receivable from tenants in the Development in accordance with the provisions of their leases including minimum rent, percentage rent and additional rent in such amount or amounts as the Lessor or the Mortgagee
from time to time requires; 
 (4) Third party liability claims including the exposure for personal injury, bodily injury, properly damage
occurrence, including all contractual obligations coverage and including actions of all authorized employees, subcontractors and agents while working on behalf of the Lessor; and 
 (5) Any other form of insurance the Lessor or its Mortgagee reasonably requires from time to time for insurable risks and in amounts against which a
prudent landlord would protect itself. 
 The Lessee shall not do or permit to be done any act of or thing whereby the
insurance coverages or any of them hereinbefore contemplated may be increased in premium or cancelled by the insurer, or the demised premises shall be rendered uninsurable, and if by reason of any act done or permitted or omission, as the case may
be, by the Lessee, the said insurance coverages or any of them shall be increased in premium, then the Lessee shall he liable to pay all of such increase in premium, with respect to the entire coverages and this notwithstanding that the Lessee
occupies only a portion of the building or buildings covered by such insurance coverages, and if the demised premises shall be rendered uninsurable or if the said insurance coverages or any of them shall be cancelled by reason of any act done or
permitted, or omission, as the case may be, by the Lessee, and shall not be susceptible of being replaced then the Lessor, after giving the Lessee at least seven (7) days within which to replace the insurable coverage or coverages shall, at its
absolute discretion have the right to determine that the term hereof has expired and in such event the Lessee shall deliver up possession of the demised premises as if the term of this Lease had expired; 
 Cleaning and Maintenance 
 (vi) its proportionate
share of the costs incurred by the Lessor in cleaning, repairing, replacing and maintaining the common areas and facilities as hereinbefore defined including but without limiting the generality of the foregoing, snow 

  

 5 

 
removal, gardening, supervision, policing, lawn sprinkler maintenance and replacement, sprinkler alarm monitoring, salting of driveways and walkways painting
the outside of the building and maintenance including repairs and maintenance and replacement of paving, including re-striping and signing where necessary, curbs, walkways, landscaping, and drainage as may from time to time become necessary and
other reasonable costs which may be incurred with respect to the said outside common areas and facilities and the cost of any security systems which the Lessor deems necessary for the operation of the Development. 
 The manner in which the said outside areas and facilities shall be maintained shall be at the sole discretion of the Lessor provided that
the said manner shall be reasonable and in keeping with the maintenance of an industrial premises of a similar size, location and nature having regard for the then age of the said building; 
 Personnel 
 (vii) its proportionate share of salaries
or all personnel including on-site supervisory personnel employed to carry out the maintenance and operation of the Development and the common areas and facilities, including contributions and premiums towards usual fringe benefits, unemployment and
Worker’s Compensation insurance, pension plan contributions and similar premiums and contributions; 
 Domestic Water 
 (viii) its share of water usage for the building in which the Unit is located which shall be apportioned by the Lessor in consultation with its consulting
engineer and acting reasonably, and provided that the Lessee or Lessor may, at its option and at the sole expense of the Lessee, install a separate water meter in which case the Lessee shall pay only such amount as is actually metered. The
installation cost of such separate meter shall be collectable from the Lessee as additional rent; 
 Heating, Ventilating and Air-Conditioning

 (ix) its share, as reasonably apportioned by the Lessor, of the cost of an annual preventative maintenance contract for all heating,
ventilating and air-conditioning equipment installed in the Development if the Lessor chooses to arrange for such contract; 
 (x) its share,
as reasonably apportioned by the Lessor, of the annual cost of repairs, including service charges and the cost of replacement parts, for all heating, ventilating and air-conditioning equipment installed in all buildings of the Development;

 (xi) its share, as reasonably apportioned by the Lessor, of the estimated cost of replacing all heating, ventilating and air-conditioning
equipment installed in all buildings in the Development amortized over the projected useful life of such equipment; 
 Provided that in the
alternative to the charges set out in (ix), (x), and (xi), the Lessor at its option may require that the Lessee be responsible for the maintenance, repair and replacement of all heating, ventilating and air-conditioning equipment within the demised
premises. 
  

 6 

 Capital Repairs 
 (xii) its proportionate share of the costs of maintenance, repairs or replacements to items of a capital or structural nature which by their nature require periodic maintenance, repair or replacement or the purpose of
which is to reduce the operating costs of the Development. The Lessor may in the alternative, at its discretion exercised reasonably, amortize the costs of these hems over the estimated life of the item repaired or replaced and the Lessee shall in
addition pay interest on the unamortized cost at the rate of two (2) percentage points over the prime lending rate of the Lessor’s Bank; and 
 Administrative 
 (xiii) an administrative fee of fifteen percent (15%) of the total of the additional rental as
specified in this Lease, excluding realty taxes; 
 Business Taxes 
 (d) To pay as and when the same become due, and to save the Lessor in all respects harmless with respect thereto, all business taxes from time to time levied against, or payable by the Lessee in respect of the
Lessee’s occupancy of the demised premises; 
 Proportionate Share Definition 
 (e) Whenever in this Lease, reference shall be made to the Lessee’s proportionate share of any taxes, costs, charges or expenses, the same shall be that proportion which the rentable area of the premises hereby
demised to the Lessee bears to the total rentable area (including the premises hereby demised) of the entire buildings presently situate on the lands forming the Development, including any future additions thereto, but excluding any service areas
for the general benefit of all Lessees of the Development; 
 Common Areas and Facilities 
 (f) Whenever in this Lease, reference shall be made to the common outside areas and facilities, the same shall mean all of the lands forming the Development not for the
time being covered by buildings and utility and/or refuse rooms (other than any service area for the general benefit of all Lessees of the Development) and shall include any improvements (apart from structures erected by the Lessee) thereon and
thereto, such as tool sheds, lighting standards and parking signs and marking areas designated by the Lessor for use by particular Lessees; 
 Additional
Rents 
 (g) The payments required to be made by the Lessee to the Lessor under the provisions or subparagraph (c) hereof shall be paid by the Lessee
in equal monthly instalments to be estimated by the Lessor on the dates that the rent is payable pursuant to the terms of this Lease, and to be adjusted upon the Lessor finally determining the actual amount of such payments. Any amounts owing by
this Lease shall be paid thirty (30) days after demand; 
 Utilities 
 (h) In each and every year during the term hereof to pay, satisfy and discharge directly or indirectly all charges in connection with electrical current, gas, rental charges for gas or electrically-operated hot water
heaters and other public or private utilities or services extraordinary as well as ordinary, supplied at any time to the demised premises; 
  

 7 

 Indemnity for Non-payment by Lessee 
 (i) To indemnify and keep indemnified the Lessor in respect of non-payment all losses, costs, charges, penalties and expenses occasioned by, or arising from the non-payment of any and every tax, rate, assessment,
charge, expense or fee, including any business or similar tax assessed against the Lessee of any subtenant or licensee or other persons occupying the demised premises or any part thereof, and provided that the same shall be a charge on the demised
premises or in any way the ultimate responsibility of the Lessor, unless the same shall have already been paid by the Lessee to the Lessor, and provided that the same shall not be of a kind personal to the Lessor, such as taxes on the income of the
Lessor, 
 Repairs and Maintenance 
 (j) At its own
expense, to properly carry out all repairs, maintenance, replacements, and painting of the demised premises and of all machinery and equipment situate therein or thereon (both inside and outside) and including any stairs or platforms leading thereto
and to repair and maintain the demised premises, including, without limiting the generality of the foregoing, subject to clauses 4(c)(ix), (x) and (xi) hereof, the air-conditioning and heating units, boilers and pressure vessels, if any,
sprinkler system and plate glass thereon. Provided, however, the Lessor shall have the option of carrying out such repairs, replacement and maintenance on behalf of the Lessee and collecting the cast thereof together with an administration fee as
additional rent; 
 Lessee’s insurance 
 (k) At its
own expense, to take out and maintain property damage, public liability, boiler and plate glass insurance as well as insurance against theft, in the names of the Lessor and the Lessee, and in form, amount and with insurance carriers satisfactory to
the Lessor and containing a waiver of subrogation against the Lessor. The Lessee shall renew each policy’s insurance not less than fourteen (14) days prior to the expiration of the term thereof, and forward to the Lessor certificates of
insurance evidencing the policies in effect; 
 Comply With By-laws, etc. 
 (l) To promptly comply with and conform to the requirements or all applicable statutes, laws, by-laws, regulations, ordinances and orders from time to time, or at any time in force during the term hereof and affecting
the condition, equipment, maintenance, use or occupation of the demised premises and with every applicable regulation, order and requirement of The Canadian Fire Underwriters Association, or any body having a similar function or of any liability or
fire insurance company by which the Lessor and Lessee or either of them may be insured at any time during the term hereof; 
 Notice to Lessor of Defect

 (m) in the event of the observance of any apparent structural defect or material damage to the demised premises by any cause, to give notice in writing
to the Lessor of such defect or damage forthwith upon the same becoming known to the Lessee; provided that if such defect or damage becomes known to the Lessee or reasonably should have been observed by the Lessee and the Lessee fails to give notice
hereof to the Lessor, the Lessee shall be liable for such of the costs incurred by the Lessor in repairing the said defect or damage as can be shown to be directly attributable to the actions of the Lessee and those for whom in law, the Lessee is
responsible (including failure to give such notice) after such detect or damage become known to the Lessee or reasonably should have been observed by the Lessee; 
  

 8 

 Entry View State of Repair 
 (n) To permit the lessor at all reasonable times and upon reasonable notice (and at all times in cases of emergency) to enter upon and view the state of repair and maintenance of the demised premises, and to inspect the heating and
air-conditioning units, the plumbing, boilers and pressure vessels thereon, and to comply with all reasonable requirements of the Lessor with respect to the care, maintenance and repair thereof; 
 Surrender 
 (o) Upon the expiration of the term hereby granted, the
Lessee will peaceably surrender, quit and deliver up the demised premises to the Lessor in a good state of repair and maintenance, reasonable wear and tear excepted, provided the Lessor may elect that any or all installations made or installed by or
on behalf or the Lessee be removed upon the expiration of the term and it shall be the Lessee’s obligation to restore the leased premises to the condition they were in previous to said alteration, installation, addition, partition, etc. Said
removal and restoration shall be at the sole expense of the Lessee; 
 Keep Clean 
 (p) At its own expense to keep entrance ways and all steps and platforms leading to the demised premises clear of all snow, ice and debris; 
 Nuisance 
 (q) That it will not carry on, or permit to be carried on, in or about the demised premises any business or
activity which shall be deemed upon reasonable grounds to be a nuisance, nor will it omit to do or permit to be omitted to be done anything in respect of the demised premises, the omission of which shall upon reasonable grounds, be deemed to be a
nuisance; 
 Inspection 
 (r) During the term hereby
granted the Lessor and as prospective purchasers, mortgagees or lessees may inspect the demised premises or any parts thereof at reasonable times and upon reasonable notice on producing an order to that effect signed by the Lessor, if any, and
provided that the Lessee may elect to cause its employees or agents to be present at the time of such inspection; 
 Heating 
 (s) Subject to clauses 4(c)(ix), (x) and (xi) hereof, to assume the sole responsibility for and the cost of the heating or air-conditioning of the demised
premises including replacement and repair to heating, air- conditioning and ventilating system when required; 
 Assignment or Sub-letting 

(t)(i) The Lessee will not transfer or assign the Lease or sub-let or part with the possession or all or part of the leased premises without prior written consent of
the Lessor, which consent shall not be unreasonably or arbitrarily withheld or delayed; provided however, such consent to any assignment or sub-letting shall not relieve the Lessee from its obligations for the payment for of rent and for the full
and faithful observance and performance of the covenants, terms and conditions herein contained. The Lessee shall 

  

 9 

 
have the right without the consent of the Lessor, to assign this Lease to a company incorporated or to be incorporated by the Lessee provided that the Lessee
holds voting control of the company but otherwise a change in voting control of the Lessee shall constitute a transfer. 
 It shall not be unreasonable for
the Lessor to require as a condition of granting consent, the giving of personal guarantees and/or the provision of additional security for the payment of rents. The Lessee shall pay to the Lessor any consideration received by it by way of increased
rental or by other payment attributable to the leased premises in excess of the fair market value of the Lessee’s fixtures; 
 (t)(ii) Provided further
and notwithstanding paragraph 4(t)(i), if the Lessee proposes to assign this Lease or sub-let the leased premises, the Lessee shall send to the Lessor, a notice setting forth the name and address of the proposed assignee or sub-tenant and all the
terms and conditions or the proposed assignment or sub-lease, and the Lessor within fifteen (15) days from the submission of such notice by the Lessee may elect to terminate this Lease by giving to the Lessee a notice of intention so m
terminate, fixing a date of termination not sooner than the date the sub-tenant or assignee proposes to occupy the leased premises and the Lessee shall deliver up vacant possession of the leased premises on such dale of termination and the Lease
shall terminate and come to an end (including any liability of the Lessee in regard thereto, and adjustments shall be made in rent, taxes and other charges payable by any party under this Lease). 
 (t)(iii) No assignment or sublease of the within Lease shall be valid unless, the Lessee shall deliver to the Lessor: 
  

	 	(1)	Duplicate original of such assignment or sublease duly executed by the Lessee; 

  

	 	(2)	Instrument duly executed by the assignee or subtenant., in a form satisfactory to the Lessor wherein such assignee shall assume the Lessee’s obligations for the payment of rent
and for the full and faithful observance and performance of the covenants, terms and conditions herein contained; and 

  

	 	(3)	Payment by the Lessee of the Lessor’s standard consent fee. 

 Not
to Alter Structure 
 (u) That will not place anything an the roof or in any way make any opening in the roof for stacks or other purposes, or in any way
alter the walls or structure of the demised premises without the written consent of the Lessor, which may be unreasonably or arbitrarily refused; 
 Refuse 
 (v) That it will not use any garbage or other containers unless approved by the Lessor or allow any ashes, refuse, garbage or other
loose materials to accumulate in or about the demised premises or stock or cause to be stored outside of the Unit any of its inventory or stock-in-trade or raw materials; 
 Plate Glass 
 (w) The Lessee shall pay the cost of replacement with as good quality and size of any glass broken on
the leased premises including outside windows and doors of the perimeter of the leased premises (including perimeter windows in the exterior walls) during the continuance of this Lease, unless the glass shall be broken by the Lessor, its servants,
employees or agents on its behalf; 
  

 10 

 Repairs to Common Systems 
 (x) The Lessee acknowledges that the lands and premises hereby demised form part or a larger building and that the whole of the building of which the demised premises form part will be served by common drainage, water systems, as well as
electrical systems and gas or other fuel systems and in the event that repairs are necessary to any of such systems in any portion of the entire building of which the demised premises form part, then the Lessee covenants to forthwith pay to the
Lessor its proportionate share of the total cost of such repairs forthwith upon receiving written demand therefor; and the Lessor’s servants or agents shall have reasonable access to the demised premises for the purpose of making the necessary
repairs herein contemplated without liability for any disturbance, or business interruption which may be caused in so doing, and for greater certainly it is expressly agreed that if any of such common systems that have been damaged or shall have
been inoperative by reason of the negligence of the Lessee, its servants or agents, then the entire cost of repairing the same shall be borne by the Lessee; 
 Damage to Party Walls 
 (y) The Lessee acknowledges that one (1) or more of the walls of the demised premises are party walls which may
be used as to the portion adjacent in the demised premises by the adjoining lessee, or by the Lessor, and the Lessee covenants and agrees that as to any repairs required to the said party walls which are the responsibility of the Lessee hereunder,
it will bear one-half (1/2) of the cost of such repairs, unless such repairs are necessitated wholly by reason of the negligence, acts or omissions of the Lessee or its servants or agents, in which event the Lessee shall be responsible for the
entire cost of such repairs, and in the event that repairs are made necessary by reason of the negligence of the adjoining lessees, then the cost of repairs shall not be borne by the Lessee, and the Lessee covenants that it will forthwith pay the
cost of such repairs to the said party walls for which it is responsible hereunder forthwith upon receiving written demand therefore; 
 Loading and
Unloading 
 (z) That all loading and unloading of merchandise, supplies, unloading materials, garbage, refuse and other chattels with the exception of
the Lessee’s general office supplies shall be made only through or by means of the shipping doors, so designated by the Lessor; and 
 Goods and
Services Tax 
 (aa) The Lessee shall pay when due any sales tax, Goods and Services tax, value-added tax, business transfer tax or similar rates, duties,
assessments or levies on the rent payable by the Lessee; whether payable, levied or assessed directly to the Lessee or to the Landlord on account of the rents payable by the Lessee. A failure to pay the Goods and Services Tax shall be a default of
the lease and shall be treated as if it were a failure to pay rent but the Goods and Services Tax shall not be deemed to be real for the purpose of calculating the amount of Goods and Services Tax exigible. 
 Fixtures 
 5. The Lessee shall have the right, subject to the other
provisions hereof to install a paint spray booth, bake oven and other equipment normally associated with auto repair. Provided that the Lessee, when not default hereunder, may remove its trade fixtures, provided that the Lessee shall not remove or
carry away from the demised premises or common outside areas, any plumbing, heating, ventilating or lighting equipment, wiring or electrical panels and services or other building services; provided the Lessee shall repair any damage occasioned by
the installation or the removal of its fixtures. 
  

 11 

 Seizure and Bankruptcy 
 6. PROVIDED that if the term hereby created or any of the goods and chattels of the Lessee shall at any time seized or taken in execution or in attachment by any creditor of the Lessee or if without the consent of the Lessor, the demised
premises shall become vacant or the demised premises shall not be used a period of fifteen (15) days or if a Writ of Execution shall issue against the goods or chattels of the Lessee, or if without the prior written consent of the Lessor the
Lessee shall execute any chattel mortgage or bill of sale of any of its goods or chattels other than in the ordinary course of its business, or any order made for the winding up of the Lessee or for the appointment of a receiver or receiver and
manager or a receiver or manager is appointed pursuant to a mortgage, debenture or other encumbrance affecting the goods, chattels or other personal property of the Lessee, or if the Lessee shall make any assignment for the benefit of creditors or
commit any other act of bankruptcy or make a proposal as defined in the Bankruptcy and Insolvency Act of Canada or any amendment thereto, or becoming a bankrupt or insolvent shall take the benefit of any statute which may be in force for bankrupt or
insolvent persons, or shall attempt to abandon the demised premises or to sell or dispose of its goods or chattels, then the current month’s rent, together with the rent for the three (3) months next ensuing, (and for the purpose hereof
rent shall include all monies designated to be paid as additional rent, including, but without limiting the generality at the foregoing, against billing on account of taxes, insurance premiums and maintenance of the common outside areas and
facilities), shall immediately became due and payable on presentation of invoices and the said term shall at the option of the Lessor forthwith become forfeited and determined, in which event the Lessor may re-enter and take possession of the
demised premises as though the Lessee, or any occupant or occupants of the demised premises was or were holding over after the expiration of the term without any right whatsoever, provided that no action by the Lessor in so doing shall be deemed to
relieve the Lessee of its obligations for the payment of rent and additional rent or any other monies payable hereunder. 
 Distress 
 7. PROVIDED that in case of removal by the Lessee of its goods and chattels from the premises, the Lessor may follow the same for thirty (30) days, in the same
manner as is provided for in the Landlord and Tenant Act; and notwithstanding anything contained in the Landlord and Tenant Act or any other statute or any other subsequent legislation, none of the goods or chattels of the Lessee at any time during
the continuance of the term hereby created on the demised premises shall be exempt from levy by distress for rent in arrears, and that upon any claim being made for an exemption by the Lessee on a distress made by the Lessor this Covenant may be
pleaded as an estoppel against the Lessee in any action brought to test the right to the levying upon any such goods, the Lessee waiving as it hereby does any exemptions from distress which might have accrued to the Lessee under the provisions of
the Landlord and Tenant Act. Provided further that in the event of default, the Lessor may re-enter the premises by use or force or change the locks in order to effect a distress or to secure the Lessee’s property and the Lessee shall be hereby
estopped from claiming an illegal distress by reason thereof. 
 Re-Entry 
 8. In the event that the Lessee shall be in default of any or its covenants hereunder including the covenant of the Lessee to pay rent or additional rent, whether legal demand has been made or not, the Lessor may at
its option either enter into and upon the demised premises or any part thereof in the name of the whole and have again, repossess and enjoy the same as of its former estate and the said Lease shall thereupon terminate or itself take steps and do to
or cause to be done such things as may be necessary to remedy and correct such defaults, or to re-let the same as agent of the Lessee and claim against the Lessee for damages suffered. Provided further that in the event that the Lessor shall be
entitled to, and shall elect to make a re-entry as hereinbefore provided for, any re-entry or other action so taken shall not be deemed to relieve the Lessee of the obligation to pay rent and other monies payable as rent 

  

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hereunder and such rent and other monies payable as rent in accordance with the provision hereof shall continue to accrue and be payable until such time as
the Lessor is able to re-let the premises, or otherwise deal with the same in such manner that it shall not sustain any loss should the Lessee thereafter fail to pay the rent and other monies payable as rent or otherwise under this Lease. Provided
further that in addition to all other rights hereby reserved to it, the Lessor shall have the right to re-enter the demised premises as the agent of the Lessee either by force or otherwise, without being liable for any prosecution therefor, and to
re-let the whole or any portion of the demised premises for any period equal to or greater or less than the remainder of the then current term of the Lessee and to receive the rent therefor, said rent to be any sum which it may deem reasonable, to
any lessee which it may deem suitable and satisfactory, and for any use and purpose which it may deem appropriate and in connection with any such lease, the Lessor may make such changes in the character of the improvements or the demised premises as
the Lessor may determine to be appropriate or helpful in effecting such Lease; but in no event shall the Lessor be under any obligation to re-let the demised premises in whole or in part for any purpose which the Lessor may regard as injurious to
the demised premises, or to any lessee which the Lessor, in the exercise of reasonable discretion, shall deem to be objectionable and to apply any rent derived from so re-letting the demised premises upon account of the rent due hereunder, and the
Lessee shall remain liable to the Lessor for the deficiency, if any, it being the intention hereof that nothing herein contained and no entry made by the Lessor hereunder shall in no way release the Lessee from the payment of the rent hereby
reserved during the term hereof beyond such sum as may be realized by the Lessor by such re-letting or by the proceeds of any distress made by the Lessor against the Lessee; and provided that the Lessor shall not in any event be required to pay to
the Lessee any surplus of any sums received by the Lessor on a re-letting of the demised premises in excess of the rent reserved hereunder. 
 Overholding

 9. PROVIDED that should the Lessee remain in possession of the demised premises after the termination of the original term hereby created, with the
Lessor’s consent in writing, without other special agreement, it shall be as a monthly Lessee on a monthly base rental equal to the annual payable during the last month of the term hereof, plus an increase of eight percent (8%) compounded
for each year of the most recently expired term of the Lease and such amount shall be payable on the first (1st) day of each and every month and subject in other respects to the terms of this Lease, including those provisions requiring the
payments or additional rent in monthly instalments. Provided if Lessee shall occupy the demised premises during any renewal term before the- rental rate for such renewal period has been determined pursuant to the terms of the Lease, the Lessee shall
pay rent at a rate estimated by the Lessor to be the rental payable during the lost month of the term hereof, plus an increase or eight percent (8%) compounded for each year of the most recently expired term or the Lease and such amount shall
be payable on the first (1st) day of each and every month and subject in other respects to the terms of this Lease, including those provisions requiring the payments of additional rent in monthly instalments. Such payments shall be adjusted
between the Lessor and the Lessee within fifteen (15) days of the date of the actual rate is determined. 
 Lessor’s Covenants 

10. THE LESSOR COVENANTS WITH THE LESSEE as follows: 
 Quiet Enjoyment

 (a) For quiet enjoyment; 
  

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 Alterations 
 (b) That
the Lessee shall have the right from time to time to make alterations and changes in the interior of the demised premises as it may find necessary for its purposes and at its own expense, provided that plans for such alterations or changes shall be
delivered to the Lessor and the consent of the Lessor in writing shall first be obtained, such consent not to be unreasonably or arbitrarily withheld; provided that upon the termination of this Lease, the Lessee, if requested by the Lessor, shall
restore the interior of the demised premises to its former condition immediately prior to the instalation of such alterations or changes, reasonable wear and tear excepted, not inconsistent with the maintenance of the building of which the demised
premises forms a part as a first class industrial premises having regard for the then age of the building, including the restoration of such standard futures as may have been installed by the Lessor, and if not so requested, any such changes or
alterations should become the property of the Lessor; and 
 Right to Let 
 (c) That the Lessor has in it good right, full power and absolute authority to let the demised premises with their appurtenances according to the true intent of this indenture, and that it will execute such further
assurances with respect thereto us may he reasonably requited. 
 Damage and Destruction 
 11. PROVIDED and it is hereby expressly agreed that if and whenever during the term hereby demised the building erected on the lands shall be destroyed or damaged then and in every such event: 
 (a) if the damage or destruction is such that the building of which the demised premises forms part of rendered wholly unfit for occupancy or it is impossible or unsafe
to use and occupy it and if to either event the damage, in the opinion of the Lessor, to be given in the Lessee within thirty (30) days or the happening of such damage or destruction, cannot be repaired with reasonable diligence within one
hundred and twenty (120) days from the date the Lessor has given its opinion, then the Lessor may within five (5) days next succeeding the giving of the Lessor’s opinion as aforesaid terminate this Lease by giving to the other Lessee
in writing of such termination, in which event this Lease and the term hereby demised shall cease and be at an end as to the date of such destruction or damages unit the rent and all other payments for which the Lessee is liable under the terms of
this Lease shall be apportioned and paid in full to the date of such destruction or damage; in the event that the Lessor does not so terminate this Lease, then the Lessor shall repair the said building with all reasonable speed and the rent hereby
reserved shall abate from the date or the happening or the damage until the damage shall be made good to the extent of enabling the Lessee to occupy the demised premises; 
 (b) if the damage be such that the building of which the demised premises forms part is wholly unfit for occupancy, or it is impossible or unsafe to use or occupy it, but if in either event the damage, in the opinion
of the Lessor, to be given to the Lessee within thirty (30) days from the happening of such damage, can be repaired with reasonable diligence within one hundred and twenty (120) days from the date the Lessor has given its opinion, then the
rent hereby reserved shall abate from the date of the happening of such damage until the damage shall be made good to the extent of enabling the Lessee to occupy the demised premises and the Lessor shall repair the damage with all reasonable speed;
and 
 (c) if in the opinion of the Lessor the damage can be made good as aforesaid within one hundred and twenty (120) days from the date the Lessor
has given its opinion, and the damage is such that the demised premises is capable of being partially used for the purposes 
  

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 for which it is hereby demised, then until such damage has been repaired the rent shall abate in the proportion that the
part of the said demised premises which is rendered unfit for occupancy bears to the whole of the said demised premises and the Lessor shall repair the damage with all reasonable speed. 
 Loss or Damage 
 12. The Lessor, its contractors, agents and employees shall not be liable for any death, injury, or
damage to properly, consequential damages, economic loss or any claim or demand whatsoever suffered by the Lessee, its employees, agents, licensees, or invitees occurring in or about the Premises or the Lands and building whether or not such loss or
damage resulted from the deliberate act, omission, or negligence of the Lessor, its contractor, agents or employees or other persons for whom it may be responsible. All property of the Lessee or others within the Premises shall be at the risk of the
Lessee only and the Lessor shall have no obligation with respect to security or protection of any such property. The Lessee will indemnify the Lessor and save it harmless from any and all losses or claims, actions, demands, liabilities and expenses
(including legal fees between a solicitor and its own client in connection with loss of life, personal injury and/or damage to the property arising out of any occurrence in or about the Premises or the Lands and Building occasioned or caused wholly
or in part by any act or omission of the Lessee or its invitees. 
 Right to Remedy Default 
 13. IN THE EVENT that the Lessee shall make default in the payment of any sum required to be paid by it or shall make default in the performance of any covenant or the
doing of anything required to be performed or done by it hereunder, then the Lessor shall have the right to pay any such sum so in default or to perform or do any such thing and such sums so paid or the casts for performing or doing such things, and
in every such case, shall be deemed to be additional rent payable under the provisions of this Lease and the Lessor shall be entitled to charge all such sums or monies to the Lessee plus 15% for administration and the Lessee shall pay them forthwith
on demand; and the Lessor, in addition to any other rights, shall have the same remedies and may take the same steps for the recovery of all such sums or monies as it might have and take for the recovery of rent in arrears under the terms of this
Lease. All arrears of rent and monies payable as rent or additional rent under the terms or this Lease which may be in arrears shall bear interest at the rate of twenty-four percent (24%) per annum from the time such arrears become due until
paid to the Lessor. As security for the payment for rent and additional rent, the Lessee hereby grants the Lessor a security interest over its business undertaking, inventory and receivables and the Lessor shall have all the rights of a secured
party under the Personal Property Security Act. The Lessee consents to the registration of a Financing Statement under the said Act. 
 Notice or Sale

 14. THE LESSOR shall have the right at any time during the term hereby demised to place upon the demised premises a notice of reasonable dimensions and
reasonably placed so as not to interfere with the business, stating that the demised premises are for sale, and at any time during the last six (6) months of the term that the demised premises are to let, and the Lessee shall not remove such
notice, or permit the same to be removed. 
 Improvement to Become Part of Premises 
 15. ANY BU1LDING, erection or improvement placed or erected in or upon the demised premises, or upon the lands which the demised premises are situate, apart from Lessee’s trade fixtures, shall become a part
thereof and shall not be removed, and shall, to the extent that the same are utilized by the Lessee, be subject to all of the provisions of this Lease. No building, erection or improvement shall be erected in or upon, or adjacent to the demised
premises, or upon the lands upon which the demised premises are situate, without the prior written consent of the Lessor. 
  

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 Further Assurances to Mortgagee 
 16. THE LESSEE covenants that it will, if and whenever reasonably required by the Lessor at the Lessee’s expense, consent to and become a party to any reasonable instrument relating to this Lease, including the
delivery or statement as to the status of this Lease, which may be required by or on behalf of any mortgagee or insurer or other person, firm or corporation which may have or acquires an interest in the demised premises and in addition the Lessee
shall execute such documents which may be necessary to cause this Lease to be subordinated to any incidental mortgage or charge against the land and building of which the demised premises form part. 
 Signs 
 17. THE LESSEE shall not erect or install any exterior signs
or interior window or door signs or advertising media or door lettering or placards without the previous written consent of the Lessor. Provided the Lessee shall be required to install lettering or a size, colour, style and material, approved by the
Lessor, on the standard sign panel, if any, installed by the Lessor. Such signage shall be affixed by the Lessor’s sign contractor, at the Lessee’s expense. This Lessee shall not use any advertising, media that the Lessor shall deem
objectionable to it or other lessees such as loud speakers, phonographs, broadcasts or telecasts in a manner to be heard or seen outside the demised premises. The Lessee shall not install any exterior lighting or plumbing fixtures, shades, awnings,
exterior decorations or painting on building or any fence, aerial or make any change to the building from or rear without the previous written consent of the Lessor. The Lessee shall indemnify and save harmless the Lessor from all claims, demands,
loss or damage to any person or property arising out of or in any way caused by the erection, maintenance or removal of any such sign, mast, aerial or their installations. The Lessee shall have the right subject to the Lessor’s standard sign
policy in install an identification sign at the front and rear of the Unit. 
 The Lessor shall have the right to install a roadside
directory containing the names of each of the lessees in the Development and the Lessee’s company name and municipal address on the main entrance screen of the demised premises and the Lessee covenants to pay to the Lessor upon receipt of a
statement setting forth in reasonable detail the cost of such sign or signs, including installation thereof, the amount requested. 
 Rules and
Regulations 
 18. (a) THE LESSEE acknowledges and agrees that the Lessor shall have the right to promulgate reasonable rules and regulations copies of
which shall be delivered to the Lessee to regulate the use of the common outside areas and facilities about the building of which the demised premises form part, provided that such restrictions shall not hinder the use of the demised premises by the
Lessee. The Lessee agrees that for the benefit and welfare, and for the benefit and welfare of lessees occupying other units in the building and using the said common outside areas and facilities, such reasonable rules and regulations shall form
part of this Lease and shall be binding upon the Lessee, provided that nothing herein contained shall require or be deemed to require the Lessor to promulgate any such rules or regulations or to regulate in any manner whatsoever the use of the
common outside areas and futilities. 
 Use of Common Areas and Facilities 
 (b) THE LESSEE, its employees, invitees and customers and persons connected with the Lessee (subject and except as in this Lease provided), as appurtenant to the demised premises during the term of this Lease and any
renewal period thereof shall have the right in 

  

 16 

 
common with others entitled thereto from time to time to use the driveways, walkways, lawns, if any, ramps and other common outside areas and facilities in
and about the Development hereof except parking areas as may from time to time to designated by the Lessor for the use of, or benefit of, such person or others or areas designated for the purpose of ingress to and egress from the demised premises or
other demised premises within the Development. The Lessee shall not unreasonably block or in any manner hinder the Lessor, other lessees or person claiming through or under them or any of them who may be authorized by the Lessor to utilize the
common outside areas and facilities from so doing. The Lessor may in its discretion from time to time permit other lessees to have the exclusive use of portions thereof. 
 (c) Subject as herein provided, the Lessor shall have the right to make such changes and improvements or authorizations as the Lessor may from time to time in its discretion determine in respect of the common outside
ways, areas and facilities, or any part thereof. 
 Maintenance of Common Areas 
 19. THE LESSOR and any persons authorized by the Lessor shall have the right to install, maintain and/or repair pipes, wires, ducts or other installations in, under or through the demised premises, or in, under or
through the common outside areas and facilities about the demised premises, for or in connection with the supply at any services in the demised premises or other premises in the building of which the demised premises form part, but nothing herein
contained shall oblige the Lessor to make such installation or do such maintenance or effect such repairs. The Lessor shall make all such repairs as quickly as possible and in such manner as to inconvenience the Lessee to the least possible extent,
but the Lessor shall not be liable for any losses or damages which may be incurred by the Lessee as a result thereof. 
 Waiver Not Cumulative

 20. THE FAILURE of the Lessor to insist upon a strict performance of any of the agreements, terms, covenants and conditions hereof shall not be deemed
to be a waiver of any rights or remedies that the Lessor may have and shall not be deemed to be a waiver of any subsequent breach or default in any of such agreements, terms, covenants and conditions. All rights and powers reserved to the Lessor
hereunder may be exercised either by the Lessor or its agents or representatives from time to time and all such rights and powers shall be cumulative and not alternative. 
 Notices 
 21. ANY NOTICE, request or demand herein provided or permitted to be given by the Lessee to the Lessor shall
be sufficiently given if mailed postage prepaid, registered or delivered to the Lessor addressed to it at its office and signed for by the Lessor’s representative, and any notice herein provided or permitted to be given by the Lessor to the
Lessee shall be sufficiently given if mailed in Metropolitan Toronto, Ontario, postage prepaid, registered or delivered to the Lessee addressed to it at the demised premises and signed for by the Lessee’s representative. Any such notice given
us aforesaid shall be conclusively deemed to have been given on the day on which such notice is delivered, or on the third (3rd) business day following the day upon which such notice is mailed, as the case may be. Either party may at any time
give notice in writing to the other of any change of address of the party giving such notice, and from and after the giving of such notice, the address therein specified shall be deemed to be the address of such party for the giving of notices
hereunder. The word “notice” in this paragraph shall be deemed to include any request, statement or other writing in this Lease provided or permitted to be given by the Lessor to the Lessee or by the Lessee to the Lessor. 
  

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 Binding on Heirs, etc. 
 22. THIS INDENTURE and everything herein contained shall enure to the benefit of and be binding upon the parties hereto and their respective successors and assigns subject to the consent of the Lessor being obtained as hereinbefore provided
to any assignment, sublease or parting with possession of the demised premises by the Lessee. 
 Marginal Notes 
 23. The marginal notes contained in this Lease ore for convenience and reference only and in no way define, limit or describe the scope or intent of this Lease not in any
way affect this Lease. 
 Underestimates 
 24. The Lessee
agrees that if the Lessor is required to apportion the cost of utilities, taxes or insurance between all or certain of the Lessees occupying the premises and, in his opinion, acting reasonably, the Lessee is responsible for an amount greater than
his proportionate share as hereinbefore defined, the Lessee agrees to pay such amount in the same manner as additional rent hereunder. 
 Change in
Definitions 
 25. The Lessee agrees that if the Lessor shall elect to sell one (1) or more of the buildings now or hereafter located on the lands
described the Development hereto, reference to the lands described in the Development shall be adjusted accordingly, provided the Lessee shall have reasonable ingress and egress and loading facilities for the purpose of carrying on the use
hereinbefore stated. 
 Liens 
 26. If any mechanics or
other liens or order for the payment of money shall be filed against the leased premises by reason or arising out of any labour or material furnished to the Lessee or to anyone claiming through the Lessee, the Lessee shall, within fifteen
(15) days after notice to the Lessee of the filing thereof, cause the same to be discharged by bonding, deposit, payment, court order or otherwise. The Lessee shall defend all suits to enforce such lien, or orders, whether against the Lessee or
the Lessor, at the Lessee’s sole expense. The Lessee hereby indemnifies the Lessor against an expense or damage as a result of such liens or orders. 
 No Registration 
 27. That the Lessee shall not register this Lease in this form in the appropriate Land Registry Office but should the
Lessee or Lessor request same then the parties hereto shall contemporaneously with the execution of this Lease execute a notice thereof solely for the purpose of supporting an application for registration of notice thereof, and such short form shall
be in a form approved by the Lessor. The cost of preparation and registering such notice, if requested by the Lessee, shall be borne by the Lessee. 
 Re-Zoning, etc. 
 28. The Lessee covenants that it will not oppose or cause to be opposed any application for additions to the buildings
within the Development, changes of use permitted by all or any part of the buildings within the Development or changes of zoning concerning the lands on which the Development is situate, or any lands of the Lessor within a radius of one
(1) mile of the building, which are instituted by the Lessor, provided the ability of the Lessee to use the demised premises for the purposes herein provided is not adversely affected thereby. Upon the request of the Lessor, the Lessee shall
execute a suitable acknowledgement that it does not oppose any such application. 
  

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 Currency 
 29. Any
payment required to be made by any provision of this Lease shall be made in lawful money of Canada. 
 Ontario Law 
 30. This Lease shall be deemed to have been made in and shall be construed in accordance with the laws of the Province of Ontario. 
 Joint and Several 
 31. If two (2) or more individuals,
corporations, partnerships, or other business associations (or any combination of two (2) more thereof) sign this Lease as the Lessee, the liability of each such individual, corporation, partnership or other business association to pay rent and
perform all other obligations hereunder shall be deemed to be joint and several. in like manner, the Lessee is a partnership or other business association, the members of which are, by virtue of statute or general law, subject to personal liability,
the liability or each such member shall be joint and several. 
 Planning Act 
 32. That this Lease is entered into subject to the express condition that it is to be effective to create any interest in land only if the provisions of section 50 of the Planning Act (as it may from time to time be
amended) are compiled with. The Lessor and Lessee agree, as a separate and distinct agreement, that if the consent of the appropriate Committee of Adjustment or Land Adjustment Committee (or other body having jurisdiction) is requisite to the
validity of this Lease, either party may apply for such consent, and if such consent has not been obtained prior to the commencement of the term, the Lessor may give notice that if such consent has not been obtained and the demise hereunder thereby
made effective within thirty (30) days from the giving of such notice all rights and obligations for the parties hereunder shall terminate at the expiration of the said period of thirty (30) days, and if such consent has not been so
obtained such rights and obligations shall terminate accordingly. Notwithstanding the foregoing, the Lessor may at its options upon notice in writing to the Lessee deem the term of the Lease including any rights of renewal to be for a period of
twenty-one (21) years less a day. 
 Parking 
 33.
The Lessee shall have the right to park or permit to be parked motor vehicles in such portions of the parking areas adjacent to the demised premises as the Lessor may designate or allocate to it, in the Lessor’s sole discretion; provided and
the Lessee covenants that it will not use or permit to be used the said portion of the parking area in such a manner as to restrict the flow or traffic across the parking area and that it will not erect or permit to be erected any barrier across or
adjacent to any part or such portion of the parking area. Provided further that the Lessee, its servants, agents and employees will not use or cause to be used by it or on its account any part of the said parking area other than those so designated
or allocated to it, nor will it interfere in any way whatsoever wild the use of the parking areas by the Lessor’s other lessees. Unless otherwise specifically provided herein, the Lessor does not guarantee to the Lessee the use of any specific
number of parking spaces in the said parking areas. Provided, however, The Lessor shall have the right to re-designate the parking spot or spots which have been given to the Lessee. The Lessee may not park vehicles under repair in parking areas.

  

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 Calculations of Area 
 34. (a) The rentable area of the demised premises, shall be the sum of the following two amounts: 
 (i) The area of the unit as
calculated measuring from the exterior surfaces of the exterior walls and of all walls adjoining common areas, and from the centre line of a party or demising wall separating two (2) or more rentable areas, all without deduction or exclusion
for any space occupied or used for columns, suits, or other interior construction or equipment or for any doorway areas or shipping areas, recessed from the lease line; and 
 (ii) The area calculated to be the product of the area as determined in accordance with subsection (a) of this paragraph, multiplied by the fraction,
the numerator of which is the area of all utility rooms and garbage rooms located in the Development and the denominator which is the leaseable area as set out in subparagraph (a) above, of all the units in the Development. 
 (b) The rentable area shall be adjusted in accordance with the above subsection, and the rental as set out in paragraph 3 of this Lease shall be re-calculated by
multiplying the monthly and yearly rental by a fraction, the numerator of which is the rentable area and the denominator of which is the rentable area specified in paragraph 1 of this Lease. 
 Refuse Collection 
 35. The Lessor at is option may require the Lessee
to either: 
 (i) Store all refuse within the demised premises; or 
 (ii) Use of a common refuse room to be serviced by a disposal contractor, in which event, the Lessee shall pay as an additional rental each mouth, its
proportionate estimated share of the cost of such private refuse pick up. In the event the Lessor acting reasonably, determines that the amount of garbage being generated by the Lessee is greater than its proportionate share, the Lessor shall have
the right to estimate and charge to the Lessee such larger cost as it reasonably attributes to the Lessee. 
 Process Standards and Regulations

 36. The Lessee covenants and agrees and warrants that its process shall meet all regulations and standards of the Ministry of Health, the Fire
Department, the Lessor’s insurer and any other municipal or governmental body having jurisdiction with respect to its process. 
 Noise and Odour

 37. The Lessee covenants and agrees that no noise, vibration, odours, water or fumes will emanate from the demised premises and disturb Lessees of
neighbouring premises. The Lessor shall be the sole arbiter and the determination of the Lessor shall be final as to whether any noise vibration, odours, water or fumes are emitting from the premises and disturbing neighbouring Lessees. Moreover, in
the event any such disturbance is caused by the Lessee and is not remedied within seven (7) days of written notice by the Lessor, in addition to all of the other remedies set forth herein, the Lessor shall have the right to terminate the Lease
without further notice and without further warning to the lessee. 
  

 20 

 Chemicals and Foreign Substances 
 38. The Lessee covenants and agrees not to allow any chemicals of foreign substances to flow into the sanitary or storm sewer drains. The Lessee shall indemnify the Lessor from any costs involved in compliance with
any statute, by-law, regulation, order or assessment, including legal and consultant’s fees, and including the payment of any fines, penalties or other costs resulting from any pollutant or contaminant or environmental damage for which the
Lessee is responsible in which the Lessee is responsible in whole or in part and this indemnity shall survive the termination of this Lease. 
 Environmental and Pollution 
 39. For the purposes hereof; 
 “Environmental Laws” shall mean any laws, by-laws, regulations, ordinances or statutes of any governmental authority having jurisdiction over the Demised Premises relating to protection of the environment or
health and safety. 
 “Noxious Substance” shall mean any substance defined as a contaminant pursuant to Environmental Laws. 
 The Lessee shall at all times comply with all Environmental Laws and not permit the release of any Noxious Substance and shall indemnify and save the Lessor harmless
from any breach thereof. In the event that as result of an act or omission of the Lessee, its employees, agents, contractors, invitees or other person for whom the Lessee is at law responsible, there is a breach of any Environmental Law or the
release of any Noxious Substance, the Lessor shall have the right to enter upon the demised premises and rectify such situation and the Lessee shall forthwith upon demand pay the cost of such rectification plus 15% for the Lessor’s
administration fee in addition to any other remedy of the Lessor. This provision shall survive the termination of this Lease. In the event that the said breach adversely effects the use of other premises within the Building or is of a continuing
nature, the Lessor shall in addition to any other rights it may have, have the right to terminate the Lease. 
 Interpretation 
 40. Unless the context otherwise required, the word “Lessor” whenever it is used herein shall be construed to include the meaning the Lessor, its successors
and/or assigns, and the word “Lessee” shall be construed to include and shall mean the Lessee, and the executors, administrators, successors and/or assigns of the Lessee; the word “Lessee” and the personal pronoun “it”
relating thereto and used therewith shall be read and construed as Lessor, and “his”, “her”, “its” or “their” respectively, as the number and gender of the party or parties referred to each require and the
number of the verb agreeing therewith, shall be construed and agree with the said word or pronoun so substituted. 
 Option to Extend 
 41. Provided when not in default and having consistently performed its obligations pursuant to the lease throughout the term of the Lease, the Lessee shall have the right
to extend this lease upon written notice to the Lessor, at least six months prior to the expiration of the within lease, for a further term of five (5) years, upon the same terms and conditions, save and except for rent, to be mutually agreed
upon. In the event the parties fail to agree on the renewal rent, within sixty (60) days prior to the expiration of the term herein, then same shall be submitted to arbitration, pursuant to the Arbitrations Act of Ontario. Each party to pay its
own cost for said Arbitration. 
  

 21 

 42. Included in the rental agreement are the cranes and locations of same, indicated by the ‘XXXXX’ marks on
Schedule “A” hereto. 
 All overhead cranes must be maintained and services by the Lessee at the end of the lease herein. Said
cranes must be returned in operating condition and in safe working order. 
 43. IT IS understood that this Lease includes a Shot Blaster. The maintenance of
said Shot Blaster by the Lessee must be performed regularly and the repairs, when needed, and all installation must be returned in working condition. 
 44.
This Lease shall terminate upon the occurrence of an Event of Default as such term is defined in the Asset Purchase Agreement dated as of October 19, 2006 among Veri-tek International Corp., Liftking Industries, Inc., Liftking Incorporated,
Louis Aldrovandi and Mark Aldrovandi. 
 IN WITNESS WHEREOF the parties hereto have caused their corporate seals to be affixed, duly attested by the hands of
their proper signing officers in that behalf. 
  

			
	ALDROVANDI EQUIPMENTS LIMITED
	(Lessor)
		
	Per:	 	 /s/

		 	Name:
	
	I have authority to bind the Corporation.
	
	MANITEX LIFTKING, ULC
	(Lessee)
		
	Per:	 	 /s/

		 	Name:
	
	I have authority to bind the Corporation.

  

 22 

 RULES AND REGULATIONS 
 1. The Lessee shall not perform any acts or carry on any practice which may injure the common outside areas and facilities or be a nuisance to any other lessee of the premise situated in the Development. 

2. The Lessee shall not burn any trash or garbage in or about the demised premises or anywhere within the confines or the Development. 
 3. The Lessee shall not keep or display any merchandise on or otherwise obstruct the sidewalks, malls, driveways or other common outside areas adjacent to the demised
premises nor block the aisles in the parking and shipping areas. 
 4. The Lessee shall not overload any floor of the demised premises. 
 5. The Lessee shall at all times keep the demised premises in a clean and sanitary condition in accordance with the laws and direction, rules and regulations of any
governmental or municipal agency having jurisdiction. 
 6. At the commencement and through the term of this Lease, the Lessee shall at the expense of the
Lessee, supply and install all light bulbs and tubes and maintain all necessary lighting fixtures. 
 7. The Lessee shall not grant any concessions, licenses
or permission to any third (3rd) parties to sell or take orders for merchandise or services in the demised premises without the prior written approval or the Lessor. 
 8. The Lessee shall, upon written notice from the Lessor within five (5) days furnish the Lessor with the current Provincial License Number of any vehicles owned or used by the employees or the Lessee. The Lessor
may from time to time designate an employee area that may be used by all Lessees and their employees and agents. 
 9. For the benefit and welfare or for or
any Lessees of the premises in the Development as it may exist from time to time, the Lessor shall have the right to issue further Rules and Regulations and such further Rules and Regulations shall thereupon be binding upon the Lessee. Provided that
any such Rule or Regulation is not detrimental to the Lessee. 
  

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 SCHEDULE “A” 
 7135 ISLINGTON AVENUE 
 

 
  

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 191 VINYL COURT 
 

 
  

 25

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