Document:

Exhibit 10.1

 

LEASE

 

BETWEEN

 

UNIVERSITY RESEARCH PARK LLC

 

AND

 

NETLIST, INC.

 

     

     

    

 

LEASE

 

THIS LEASE is made as of
April 28, 2021, by and between UNIVERSITY RESEARCH PARK LLC, a Delaware limited liability company, hereafter called “Landlord,”
and NETLIST, INC., a Delaware corporation, hereafter called “Tenant.”

 

ARTICLE 1. BASIC LEASE PROVISIONS

 

Each reference in this Lease
to the “Basic Lease Provisions” shall mean and refer to the following collective terms, the application of which shall
be governed by the provisions in the remaining Articles of this Lease.

 

		1.	Tenant’s Trade Name: N/A

 

		2.	Premises:

	Suite No.:	100 (The Premises are more particularly described in Section 2.1.)
	Building:	111 Academy, Irvine, CA 92617
	Project:	UCI Research Park (as shown on Exhibit Y to this Lease)

 

		3.	Permitted Use: General office, research and development, electronics lab, shipping/receiving and
product storage of Tenant’s products and equipment, and for no other use.

 

		4.	Estimated Commencement Date: 24 weeks following the date of this Lease

 

		5.	Lease Term: 60 months, plus such additional days as may be required to cause this Lease to expire
on the final day of the calendar month.

 

		6.	Basic Rent:

 

	Months of Term or Period	 	 	Monthly Rate Per Rentable 

Square Foot	 	 	Monthly Basic Rent	 
	1 to 12	 	 	$	1.73	 	 	$	25,619.57	 
	13 to 24	 	 	$	1.78	 	 	$	26,360.02	 
	25 to 36	 	 	$	2.66	 	 	$	39,391.94	 
	37 to 48	 	 	$	2.74	 	 	$	40,576.66	 
	49 to 60	 	 	$	2.82	 	 	$	41,761.38	 

 

		7.	Expense Recovery Period: Every twelve-month period during the Term (or portion thereof during the
first and last Lease years) ending June 30.

 

		8.	Floor Area of Premises: approximately 14,809 rentable square feet

 

Floor
Area of Building: approximately 62,700 rentable square feet

 

		9.	Security Deposit: $200,000.00

 

		10.	Broker(s): Irvine Management Company (“Landlord’s Broker”) is the agent
of Landlord exclusively and Real-Tech (“Tenant’s Broker”) is the agent of Tenant exclusively.

 

		11.	Parking: 54 parking spaces in accordance with the provisions set forth in Exhibit F to this Lease.

 

		12.	Address for Payments and Notices:

 

	
    LANDLORD

     

    Payment Registration Address:

     

    Email tenantportal@irvinecompany.com to request an account for the
    Tenant Payment Portal.

     

    Notice Address:

     

    THE IRVINE COMPANY LLC

    550 Newport Center Drive

    Newport Beach, CA 92660

    Attn: Senior Vice President, Property Operations

    Office Properties
	
    TENANT

     

     

    Before the Commencement Date:

     

    NETLIST, INC.

    175 Technology Drive, Suite 150

    Irvine, CA 92618

     

     

    After the Commencement Date:

     

    NETLIST, INC.

    111 Academy, Suite 100

    Irvine, CA 92617

 

    	 	1	 

     

    

 

LIST OF LEASE EXHIBITS (All
exhibits, riders and addenda attached to this Lease are hereby incorporated into and made a part of this Lease):

 

	Exhibit A	Description of Premises
	Exhibit B	Operating Expenses
	Exhibit C	Utilities and Services
	Exhibit D	Tenant’s Insurance
	Exhibit E	Rules and Regulations
	Exhibit F	Parking
	Exhibit G	Additional Provisions
	Exhibit X	Work Letter
	Exhibit Y	Project Description

 

    	 	2	 

     

    

 

ARTICLE 2. PREMISES

 

2.1.
LEASED PREMISES. Landlord leases to Tenant and Tenant leases from Landlord the Premises shown in Exhibit A (the
 “Premises”), containing approximately the floor area set forth in Item 8 of the Basic Lease Provisions (the “Floor
Area”). The Premises are located in the building identified in Item 2 of the Basic Lease Provisions (the “Building”),
which is a portion of the project described in Item 2 (the “Project”). Landlord and Tenant stipulate and agree
that the Floor Area of Premises set forth in Item 8 of the Basic Lease Provisions is correct.

 

2.2.
ACCEPTANCE OF PREMISES. Tenant acknowledges that neither Landlord nor any representative of Landlord has made any representation
or warranty with respect to the Premises, the Building or the Project or the suitability or fitness of either for any purpose, except
as set forth in this Lease. Tenant acknowledges that the flooring materials which may be installed within portions of the Premises located
on the ground floor of the Building may be limited by the moisture content of the Building slab and underlying soils. The taking of possession
or use of the Premises by Tenant for any purpose other than construction shall conclusively establish that the Premises and the Building
were in satisfactory condition and in conformity with the provisions of this Lease in all respects, except for those matters which Tenant
shall have brought to Landlord’s attention on a written punch list. The punch list shall be limited to any items required to be
accomplished by Landlord under the Work Letter (if any) attached as Exhibit X, and shall be delivered to Landlord within 30
days after the Commencement Date (as defined herein). If there is no Work Letter, or if no items are required of Landlord under the Work
Letter, by taking possession of the Premises Tenant accepts the improvements in their existing condition, and waives any right or claim
against Landlord arising out of the condition of the Premises. Nothing contained in this Section 2.2 shall affect the commencement
of the Term or the obligation of Tenant to pay rent. Landlord shall diligently complete all punch list items of which it is notified as
provided above.

 

ARTICLE 3. TERM

 

3.1.
GENERAL. The term of this Lease (“Term”) shall be for the period shown in Item 5 of the Basic Lease
Provisions. The Term shall commence (“Commencement Date”) on the earlier of (a) the date the Premises are deemed
 “ready for occupancy” (as hereinafter defined) and possession thereof is delivered to Tenant, or (b) the date Tenant
commences its regular business activities within the Premises. Promptly following request by Landlord, the parties shall memorialize on
a form provided by Landlord (the “Commencement Memorandum”) the actual Commencement Date and the expiration date (“Expiration
Date”) of this Lease; should Tenant fail to execute and return the Commencement Memorandum to Landlord within 5 business days
(or provide specific written objections thereto within that period), then Landlord’s determination of the Commencement and Expiration
Dates as set forth in the Commencement Memorandum shall be conclusive. The Premises shall be deemed “ready for occupancy”
when Landlord, to the extent applicable, (i) has substantially completed all the work required to be completed by Landlord pursuant
to the Work Letter (if any) attached to this Lease but for minor punch list matters, and (ii) has obtained the requisite governmental
approvals for Tenant’s occupancy in connection with such work.

 

3.2.
DELAY IN POSSESSION. If Landlord, for any reason whatsoever, cannot deliver possession of the Premises to Tenant on or before
the Estimated Commencement Date set forth in Item 4 of the Basic Lease Provisions, this Lease shall not be void or voidable nor shall
Landlord be liable to Tenant for any resulting loss or damage. However, Tenant shall not be liable for any rent until the Commencement
Date occurs as provided in Section 3.1 above, except that if Landlord’s failure to substantially complete all work required
of Landlord pursuant to Section 3.1(i) above is attributable to any action or inaction by Tenant (including without limitation
any Tenant Delay described in the Work Letter, if any, attached to this Lease), then the Premises shall be deemed ready for occupancy,
and Landlord shall be entitled to full performance by Tenant (including the payment of rent), as of the date Landlord would have been
able to substantially complete such work and deliver the Premises to Tenant but for Tenant’s delay(s).

 

ARTICLE 4. RENT AND OPERATING EXPENSES

 

4.1.
BASIC RENT. From and after the Commencement Date, Tenant shall pay to Landlord without deduction or offset a Basic Rent for
the Premises in the total amount shown (including subsequent adjustments, if any) in Item 6 of the Basic Lease Provisions (the “Basic
Rent”). If the Commencement Date is other than the first day of a calendar month, any rental adjustment shown in Item 6
shall be deemed to occur on the first day of the next calendar month following the specified monthly anniversary of the Commencement Date.
The Basic Rent shall be due and payable in advance commencing on the Commencement Date and continuing thereafter on the first day of each
successive calendar month of the Term, as prorated for any partial month. No demand, notice or invoice shall be required. An installment
in the amount of 1 full month’s Basic Rent at the initial rate specified in Item 6 of the Basic Lease Provisions, and 1 month’s
estimated Tenant’s Share of Operating Expenses shall be delivered to Landlord concurrently with Tenant’s execution of this
Lease and shall be applied against the Basic Rent first due hereunder; the next installment of Basic Rent shall be due on the first day
of the second calendar month of the Term, which installment shall, if applicable, be appropriately prorated to reflect the amount prepaid
for that calendar month.

 

4.2.
OPERATING EXPENSES. Tenant shall pay Tenant’s Share of Operating Expenses in accordance with Exhibit B of
this Lease.

 

    	 	3	 

     

    

 

4.3.
SECURITY DEPOSIT. Concurrently with Tenant’s delivery of this Lease, Tenant shall deposit with Landlord the sum, if any,
stated in Item 9 of the Basic Lease Provisions (the “Security Deposit”), to be held by Landlord as security for
the full and faithful performance of Tenant’s obligations under this Lease, to pay any rental sums, including without limitation
such additional rent as may be owing under any provision hereof, and to maintain the Premises as required by Sections 7.1 and 15.2
or any other provision of this Lease. Upon any breach of the foregoing obligations by Tenant, Landlord may apply all or part of the Security
Deposit as full or partial compensation. If any portion of the Security Deposit is so applied, Tenant shall within 5 days after written
demand by Landlord deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount. Landlord
shall not be required to keep the Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on the
Security Deposit. In no event may Tenant utilize all or any portion of the Security Deposit as a payment toward any Rent due under this
Lease. Any unapplied balance of the Security Deposit shall be returned to Tenant or, at Landlord’s option, to the last assignee
of Tenant’s interest in this Lease within 30 days following the termination of this Lease and Tenant’s vacation of the Premises.
Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code, or any similar or successor laws now or hereafter
in effect, in connection with Landlord’s application of the Security Deposit to prospective rent that would have been payable by
Tenant but for the early termination due to Tenant’s Default (as defined herein). Notwithstanding anything to the contrary contained
in the Lease, Landlord shall reduce the Security Deposit (a) to the amount of $100,000.00 and credit such amount against the Basic
Rent next due under the Lease at any time after the initial 18 months of the Term; provided that any such reduction shall be conditioned
upon (1) Tenant providing a written request for such reduction to Landlord not earlier than 30 days prior to the applicable reduction
date (“Security Deposit Reduction Notice”), (2) concurrently with Tenant’s delivery of the Security Deposit
Reduction Notice, Tenant shall provide a balance sheet for the Tenant named herein that demonstrates a positive operating cash flow for
the prior 12 months and a cash balance of at least $5,000,000.00, and (3) Tenant having not been in Default under this Lease and/or
late with the payment of Basic Rent for the Premises during the prior 12 month period preceding the date of Tenant’s Security Deposit
Reduction Notice, and (b) to the amount of $45,937.52 and credit such amount against the Basic Rent next due under the Lease at any
time after the initial 30 months of the Term; provided that any such reduction shall be conditioned upon (1) Tenant providing a Security
Deposit Reduction Notice, (2) concurrently with Tenant’s delivery of such Security Deposit Reduction Notice, Tenant shall provide
a balance sheet for the Tenant named herein that demonstrates a positive operating cash flow for the prior 12 months, and (3) Tenant
having not been in Default under this Lease and/or late with the payment of Basic Rent for the Premises during the prior 12 month period
preceding the date of Tenant’s Security Deposit Reduction Notice. Landlord is currently holding the sum of $11,099.00 as a security
deposit (“Existing Security Deposit”) previously deposited by Tenant with Landlord’s affiliate pursuant to the
existing prior lease between Landlord’s affiliate, Spectrum Office Properties II LLC, a Delaware limited liability company, as successor-in-interest
to The Irvine Company LLC, a Delaware limited liability company, and Tenant dated April 2, 2007, as amended by a First Amendment
to Lease dated May 10, 2011, by a Second Amendment to Lease dated July 26, 2013, by a Third Amendment to Lease dated August 31,
2016, by a Fourth Amendment to Lease dated April 25, 2017, by a Fifth Amendment to Lease dated June 25, 2018, by a Sixth Amendment
to Lease dated March 25, 2020, and by a Seventh Amendment to Lease dated January 21, 2021 (as amended, the “Existing
Lease”) for office space known as Suite 150 located at 175 Technology Drive, Irvine, California. Tenant hereby authorizes
Landlord to retain and apply to the Security Deposit due hereunder any remaining balance of the Existing Security Deposit.

 

ARTICLE 5. USES

 

5.1.
USE. Tenant shall use the Premises only for the purposes stated in Item 3 of the Basic Lease Provisions and for
no other use whatsoever. The uses prohibited under this Lease shall include, without limitation, use of the Premises or a portion thereof
for (i) offices of any agency or bureau of the United States or any state or political subdivision thereof; (ii) offices or
agencies of any foreign governmental or political subdivision thereof; or (iii) schools, temporary employment agencies or other training
facilities which are not ancillary to corporate, executive or professional office use. Tenant shall not do or permit anything to be done
in or about the Premises which will in any way interfere with the rights or quiet enjoyment of other occupants of the Building or the
Project, or use or allow the Premises to be used for any unlawful purpose, nor shall Tenant permit any nuisance or commit any waste in
the Premises or the Project. Tenant shall not perform any work or conduct any business whatsoever in the Project other than inside the
Premises. Tenant shall comply at its expense with all present and future laws, ordinances and requirements of all governmental authorities
that pertain to Tenant or its use of the Premises, and with all energy usage reporting requirements of Landlord. Pursuant to California
Civil Code § 1938, Landlord hereby states that the Premises have not undergone inspection by a Certified Access Specialist (CASp)
(defined in California Civil Code § 55.52(a)(3)). Pursuant to Section 1938 of the California Civil Code, Landlord hereby
provides the following notification to Tenant: “A Certified Access Specialist (CASp) can inspect the subject premises and determine
whether the subject premises comply with all of the applicable construction-related accessibility standards under state law. Although
state law does not require a CASp inspection of the subject premises, the commercial property owner or lessor may not prohibit the lessee
or tenant from obtaining a CASp inspection of the subject premises for the occupancy or potential occupancy of the lessee or tenant, if
requested by the lessee or tenant. The parties shall mutually agree on the arrangements for the time and manner of the CASp inspection,
the payment of the fee for the CASp inspection, and the cost of making any repairs necessary to correct violations of construction related
accessibility standards within the premises.”

 

5.2.
SIGNS. Tenant shall have the non-exclusive right to one (1) exterior “building top” sign on the Building for
Tenant’s name and graphics, in locations mutually agreed upon by Tenant and Landlord, subject to Landlord's right of prior approval
that such exterior signage is in compliance with the Signage Criteria (defined below). Except as provided in the foregoing, and except
for Landlord’s standard lobby directory signage and standard suite signage identifying Tenant’s name and/or logo, Tenant shall
have no right to maintain signs in any location in, on or about the Premises, the Building or the Project and shall not place or erect
any signs that are visible from the exterior of the Building. The size, design, graphics, material, style, color and other physical aspects
of any permitted sign shall be subject to Landlord's written determination, as reasonably determined by Landlord prior to installation,
that signage is in compliance with any covenants, conditions or restrictions encumbering the Premises and Landlord's signage program for
the Project, as in effect from time to time and approved by the City in which the Premises are located ("Signage Criteria").
Prior to placing or erecting any such signs, Tenant shall obtain and deliver to Landlord a copy of any applicable municipal or other governmental
permits and approvals, except to Landlord’s standard suite and lobby directory signage. Tenant shall be responsible for all costs
of any permitted sign, including, without limitation, the fabrication, installation, maintenance and removal thereof and the cost of any
permits therefor, except that Landlord shall pay for the initial installation costs only of the standard suite signage. If Tenant fails
to maintain its sign in good condition, or if Tenant fails to remove same upon termination of this Lease and repair and restore any damage
caused by the sign or its removal, Landlord may do so at Tenant's expense. Landlord shall have the right to temporarily remove any signs
in connection with any repairs or maintenance in or upon the Building. The term "sign" as used in this Section shall
include all signs, designs, monuments, displays, advertising materials, logos, banners, projected images, pennants, decals, pictures,
notices, lettering, numerals or graphics. Tenant’s exterior signage rights under this Section 5.2 belong solely to Netlist, Inc.,
a Delaware corporation, and any attempted assignment or transfer of such rights shall be void and of no force and effect. Should Tenant
fail to have the exterior signage installed on or before June 30, 2022, then Tenant’s right to install same thereafter shall
be deemed null and void.

 

    	 	4	 

     

    

 

5.3
HAZARDOUS MATERIALS.  Tenant shall not generate, handle, store or dispose of hazardous or toxic materials (as such materials
may be identified in any federal, state or local law or regulation) in the Premises or Project without the prior written consent of Landlord;
provided that the foregoing shall not be deemed to proscribe the use by Tenant of customary office supplies in normal quantities so long
as such use comports with all applicable laws. Tenant acknowledges that it has read, understands and, if applicable, shall comply with
the provisions of Exhibit H to this Lease, if that Exhibit is attached.

 

ARTICLE 6. LANDLORD SERVICES

 

6.1.
UTILITIES AND SERVICES. Landlord and Tenant shall be responsible to furnish those utilities and services to the Premises to
the extent provided in Exhibit C, subject to the conditions and payment obligations and standards set forth in this Lease.
Landlord shall not be liable for any failure to furnish any services or utilities when the failure is the result of any accident or other
cause beyond Landlord’s reasonable control, nor shall Landlord be liable for damages resulting from power surges or any breakdown
in telecommunications facilities or services. Landlord’s temporary inability to furnish any services or utilities shall not entitle
Tenant to any damages, relieve Tenant of the obligation to pay rent or constitute a constructive or other eviction of Tenant, except that
Landlord shall diligently attempt to restore the service or utility promptly. Tenant shall comply with all rules and regulations
which Landlord may reasonably establish for the provision of services and utilities, and shall cooperate with all reasonable conservation
practices established by Landlord. Landlord shall at all reasonable times have free access to all electrical and mechanical installations
of Landlord.

 

6.2.
OPERATION AND MAINTENANCE OF COMMON AREAS. During the Term, Landlord shall operate all Common Areas within the Building and
the Project. The term “Common Areas” shall mean all areas within the Building and other buildings in the Project which
are not held for exclusive use by persons entitled to occupy space, including without limitation parking areas and structures, driveways,
sidewalks, landscaped and planted areas, hallways and interior stairwells not located within the premises of any tenant, common electrical
rooms, entrances and lobbies, elevators, and restrooms not located within the premises of any tenant.

 

6.3.
COMMON AREAS. The occupancy by Tenant of the Premises shall include the use of the Common Areas in common with Landlord and
with all others for whose convenience and use the Common Areas may be provided by Landlord, subject, however, to compliance with Rules and
Regulations set forth in Exhibit E. Landlord shall at all times during the Term have exclusive control of the Common Areas,
and may restrain or permit any use or occupancy, except as otherwise provided in this Lease or in Landlord’s rules and regulations.
Tenant shall keep the Common Areas clear of any obstruction or unauthorized use related to Tenant’s operations. Landlord may temporarily
close any portion of the Common Areas for repairs, remodeling and/or alterations, to prevent a public dedication or the accrual of prescriptive
rights, or for any other reasonable purpose. Landlord’s temporary closure of any portion of the Common Areas for such purposes shall
not deprive Tenant of reasonable access to the Premises.

 

6.4.
CHANGES AND ADDITIONS BY LANDLORD. Landlord reserves the right to make alterations or additions to the Building or the Project
or to the attendant fixtures, equipment and Common Areas, and such change shall not entitle Tenant to
any abatement of rent or other claim against Landlord. No such change shall deprive Tenant of reasonable access to or use of the Premises.

 

ARTICLE 7. REPAIRS AND MAINTENANCE

 

7.1.
TENANT’S MAINTENANCE AND REPAIR. Subject to Articles 11 and 12, Tenant at its sole expense shall make all repairs
necessary to keep the Premises and all improvements and fixtures therein in good condition and repair. Notwithstanding Section 7.2
below, Tenant’s maintenance obligation shall include without limitation all appliances, interior glass, doors, door closures, hardware,
fixtures, electrical, plumbing, fire extinguisher equipment and other equipment installed in the Premises and all Alterations constructed
by Tenant pursuant to Section 7.3 below, together with any supplemental HVAC equipment servicing only the Premises. All repairs and
other work performed by Tenant or its contractors shall be subject to the terms of Sections 7.3 and 7.4 below. Alternatively, should
Landlord or its management agent agree to make a repair on behalf of Tenant and at Tenant’s request, Tenant shall promptly reimburse
Landlord as additional rent for all reasonable costs incurred (including the standard supervision fee) upon submission of an invoice.

 

7.2.
LANDLORD’S MAINTENANCE AND REPAIR. Subject to Articles 11 and 12, Landlord shall provide service, maintenance and
repair with respect to the heating, ventilating and air conditioning (“HVAC”) equipment of the Building (exclusive
of any supplemental HVAC equipment servicing only the Premises) and shall maintain in good repair the Common Areas, roof, foundations,
footings, the exterior surfaces of the exterior walls of the Building (including exterior glass), and the structural, electrical, mechanical
and plumbing systems of the Building (including elevators, if any, serving the Building), except to the extent provided in Section 7.1
above. Landlord need not make any other improvements or repairs except as specifically required under this Lease, and nothing contained
in this Section 7.2 shall limit Landlord’s right to reimbursement from Tenant for maintenance, repair costs and replacement
costs as provided elsewhere in this Lease. Notwithstanding any provision of the California Civil Code or any similar or successor laws
to the contrary, Tenant understands that it shall not make repairs at Landlord’s expense or by rental offset. Except as provided
in Section 11.1 and Article 12 below, there shall be no abatement of rent and no liability of Landlord by reason of any injury
to or interference with Tenant’s business arising from the making of any repairs, alterations or improvements to any portion of
the Building, including repairs to the Premises, nor shall any related activity by Landlord constitute an actual or constructive eviction;
provided, however, that in making repairs, alterations or improvements, Landlord shall interfere as little as reasonably practicable with
the conduct of Tenant’s business in the Premises. Tenant hereby waives any and all rights under and benefits of subsection 1
of Section 1932, and Sections 1941 and 1942 of the California Civil Code, or any similar or successor laws now or hereafter
in effect.

 

    	 	5	 

     

    

 

7.3.
ALTERATIONS. Tenant shall make no alterations, additions, decorations, or improvements (collectively referred to as “Alterations”)
to the Premises without the prior written consent of Landlord. Landlord’s consent shall not be unreasonably withheld as long as
the proposed Alterations do not affect the structural, electrical or mechanical components or systems of the Building, are not visible
from the exterior of the Premises, do not change the basic floor plan of the Premises, and utilize only Landlord’s building standard
materials (“Standard Improvements”). Landlord may impose, as a condition to its consent, any requirements that Landlord
in its discretion may deem reasonable or desirable. Without limiting the generality of the foregoing, Tenant shall use Landlord’s
designated mechanical and electrical contractors for all Alterations work affecting the mechanical or electrical systems of the Building.
Should Tenant perform any Alterations work that would necessitate any ancillary Building modification or other expenditure by Landlord,
then Tenant shall promptly fund the cost thereof to Landlord. Tenant shall obtain all required permits for the Alterations and shall perform
the work in compliance with all applicable laws, regulations and ordinances with contractors reasonably acceptable to Landlord, and except
for cosmetic Alterations not requiring a permit, Landlord shall be entitled to a supervision fee in the amount of 5% of the cost of the
Alterations. Any request for Landlord’s consent shall be made in writing and shall contain architectural plans describing the work
in detail reasonably satisfactory to Landlord. Landlord may elect to cause its architect to review Tenant’s architectural plans,
and the reasonable cost of that review shall be reimbursed by Tenant. Should the Alterations proposed by Tenant and consented to by Landlord
change the floor plan of the Premises, then Tenant shall, at its expense, furnish Landlord with as-built drawings and CAD disks compatible
with Landlord’s systems. Alterations shall be constructed in a good and workmanlike manner using materials of a quality reasonably
approved by Landlord. Unless Landlord otherwise agrees in writing, all Alterations affixed to the Premises, including without limitation
all Tenant Improvements constructed pursuant to the Work Letter (except as otherwise provided in the Work Letter), but excluding moveable
trade fixtures and furniture, shall become the property of Landlord. Such Alterations shall be surrendered with the Premises at the end
of the Term, except that Landlord may, by notice to Tenant given at least 30 days prior to the Expiration Date, require Tenant to remove
by the Expiration Date, or sooner termination date of this Lease, all or any Alterations (including without limitation all telephone and
data cabling) installed either by Tenant or by Landlord at Tenant’s request (collectively, the “Required Removables”),
and to replace any non-Standard Improvements with the applicable Standard Improvements. Tenant, at the time it requests approval for a
proposed Alteration, may request in writing that Landlord advise Tenant whether the Alteration or any portion thereof, is a Required Removable.
Within 10 days after receipt of Tenant’s request, Landlord shall advise Tenant in writing as to which portions of the subject Alterations
are Required Removables. In connection with its removal of Required Removables, Tenant shall repair any damage to the Premises arising
from that removal and shall restore the affected area to its pre-existing condition, reasonable wear and tear excepted.

 

7.4.
MECHANIC’S LIENS. Tenant shall keep the Premises free from any liens arising out of any work performed, materials furnished,
or obligations incurred by or for Tenant. Upon request by Landlord, Tenant shall promptly cause any such lien to be released by posting
a bond in accordance with California Civil Code Section 8424 or any successor statute. In the event that Tenant shall not, within
15 days following the imposition of any lien, cause the lien to be released of record by payment or posting of a proper bond, Landlord
shall have, in addition to all other available remedies, the right to cause the lien to be released by any means it deems proper, including
payment of or defense against the claim giving rise to the lien. All expenses so incurred by Landlord, including Landlord’s attorneys’
fees, shall be reimbursed by Tenant promptly following Landlord’s demand, together with interest from the date of payment by Landlord
at the maximum rate permitted by law until paid. Tenant shall give Landlord no less than 20 days’ prior notice in writing before
commencing construction of any kind on the Premises.

 

7.5.
ENTRY AND INSPECTION. Landlord shall at all reasonable times, upon at least 24 hours prior written or oral notice (except in
emergencies, when no notice shall be required), have the right to enter the Premises to inspect them, to supply services in accordance
with this Lease, to make repairs and renovations as reasonably deemed necessary by Landlord, and to submit the Premises to prospective
or actual purchasers or encumbrance holders (or, during the final twelve months of the Term or when an uncured Default exists, to prospective
tenants), all without being deemed to have caused an eviction of Tenant and without abatement of rent except as provided elsewhere in
this Lease, and Tenant shall be entitled to have an employee of Tenant accompany the person(s) entering the Premises, provided Tenant
makes such employee available at the time Landlord or such other party desires to enter the Premises. If reasonably necessary, Landlord
may temporarily close all or a portion of the Premises to perform repairs, alterations and additions. Except in emergencies or to provide
Building services, Landlord shall provide Tenant with reasonable prior verbal notice of entry and shall use reasonable efforts to minimize
any interference with Tenant’s use of the Premises.

 

ARTICLE 8. [INTENTIONALLY OMITTED]

 

ARTICLE 9. ASSIGNMENT AND SUBLETTING

 

9.1.
RIGHTS OF PARTIES.

 

(a)          Except
as otherwise specifically provided in this Article 9, Tenant may not, either voluntarily or by operation of law, assign, sublet,
encumber, or otherwise transfer all or any part of Tenant’s interest in this Lease, or permit the Premises to be occupied by anyone
other than Tenant (each, a “Transfer”), without Landlord’s prior written consent, which consent shall not unreasonably
be withheld or conditioned in accordance with the provisions of Section 9.1(b). For purposes of this Lease, references to any subletting,
sublease or variation thereof shall be deemed to apply not only to a sublease effected directly by Tenant, but also to a sub-subletting
or an assignment of subtenancy by a subtenant at any level. Except as otherwise specifically provided in this Article 9, no Transfer
(whether voluntary, involuntary or by operation of law) shall be valid or effective without Landlord’s prior written consent and,
at Landlord’s election, such a Transfer shall constitute a material default of this Lease.

 

    	 	6	 

     

    

 

(b)          Except
as otherwise specifically provided in this Article 9, if Tenant or any subtenant hereunder desires to transfer an interest in this
Lease, Tenant shall first notify Landlord in writing and shall request Landlord’s consent thereto. Tenant shall also submit to Landlord
in writing: (i) the name and address of the proposed transferee; (ii) the nature of any proposed subtenant’s or assignee’s
business to be carried on in the Premises; (iii) the terms and provisions of any proposed sublease or assignment (including without
limitation the rent and other economic provisions, term, improvement obligations and commencement date); (iv) evidence that the proposed
assignee or subtenant will comply with the requirements of Exhibit D to this Lease; and (v) any other information requested
by Landlord and reasonably related to the Transfer. Landlord shall not unreasonably withhold its consent, provided: (1) the use of
the Premises will be consistent with the provisions of this Lease and with Landlord’s commitment to other tenants of the Building
and Project; (2) any proposed subtenant or assignee demonstrates that it is financially responsible by submission to Landlord of
all reasonable information as Landlord may request concerning the proposed subtenant or assignee, including, but not limited to, a balance
sheet of the proposed subtenant or assignee as of a date within 90 days of the request for Landlord’s consent and statements of
income or profit and loss of the proposed subtenant or assignee for the two-year period preceding the request for Landlord’s consent;
(3) the proposed assignee or subtenant is neither an existing tenant or occupant of the Building or Project nor a prospective tenant
with whom Landlord or Landlord’s affiliate has been actively negotiating to become a tenant at the Building or Project; and (4) the
proposed transferee is not an SDN (as defined below) and will not impose additional burdens or security risks on Landlord. Tenant’s
exterior signage rights are personal to Tenant and may not be assigned or transferred to any assignee of this Lease or subtenant of the
Premises. Notwithstanding the foregoing, said exterior signage rights may be assigned in connection with a “Permitted Transfer,”
provided that Landlord shall have the right of prior approval that such signage continues to comply with the Signage Criteria and the
other requirements of Section 5.2 of this Lease, and provided further that any name and/or graphics on such signage do not materially
devalue the Project as determined by Landlord in its sole and absolute discretion. If Landlord consents to the proposed Transfer, then
the Transfer may be effected within 90 days after the date of the consent upon the terms described in the information furnished to Landlord;
provided that any material change in the terms shall be subject to Landlord’s consent as set forth in this Section 9.1(b).
Landlord shall approve or disapprove any requested Transfer within 30 days following receipt of Tenant’s written notice and the
information set forth above. Except in connection with a Permitted Transfer (as defined below), if Landlord approves the Transfer Tenant
shall pay a transfer fee of $1,000.00 to Landlord concurrently with Tenant’s execution of a Transfer consent prepared by Landlord.

 

(c)          Notwithstanding
the provisions of Subsection (b) above, and except in connection with a “Permitted Transfer” (as defined
below), in lieu of consenting to a proposed assignment or subletting, Landlord may elect to terminate this Lease in its entirety in the
event of an assignment, or terminate this Lease as to the portion of the Premises proposed to be subleased with a proportionate abatement
in the rent payable under this Lease, such termination to be effective on the date that the proposed sublease or assignment would have
commenced. Landlord may thereafter, at its option, assign or re-let any space so recaptured to any third party, including without limitation
the proposed transferee identified by Tenant.

 

(d)          Should
any Transfer occur, Tenant shall, except in connection with a Permitted Transfer, promptly pay or cause to be paid to Landlord, as additional
rent, 50% of any amounts paid by the assignee or subtenant, however described and whether funded during or after the Lease Term, to the
extent such amounts are in excess of the sum of (i) the scheduled Basic Rent payable by Tenant hereunder (or, in the event of a subletting
of only a portion of the Premises, the Basic Rent allocable to such portion as reasonably determined by Landlord) and (ii) the direct
out-of-pocket costs, as evidenced by third party invoices provided to Landlord, incurred by Tenant to effect the Transfer, which costs
shall be amortized over the remaining Term of this Lease or, if shorter, over the term of the sublease.

 

(e)          Notwithstanding
the foregoing, Tenant may assign this Lease to a successor to Tenant by merger, consolidation or the purchase of substantially all of
Tenant’s assets, or assign this Lease or sublet all or a portion of the Premises to an Affiliate (defined below), without the consent
of Landlord, provided that all of the following conditions are satisfied (a “Permitted Transfer”): (i) Tenant
is not then in Default hereunder; (ii) Tenant gives Landlord written notice prior to such Permitted Transfer; and (iii) if Tenant
ceases to exist as a going concern as a result of any merger or consolidation of Tenant or the sale of all or substantially all of the
assets of Tenant, the resulting successor entity has a tangible net worth not less than the tangible net worth of Tenant immediately before
the Permitted Transfer. Tenant’s notice to Landlord shall include reasonable information and documentation evidencing the Permitted
Transfer and showing that each of the above conditions has been satisfied. If requested by Landlord, Tenant’s successor shall sign
and deliver to Landlord a commercially reasonable form of assumption agreement. “Affiliate” shall mean an entity controlled
by, controlling or under common control with Tenant.

 

9.2.
EFFECT OF TRANSFER. No subletting or assignment, even with the consent of Landlord, shall relieve Tenant, or any successor-in-interest
to Tenant hereunder, of its obligation to pay rent and to perform all its other obligations under this Lease. Each assignee, other than
Landlord, shall be deemed to assume all obligations of Tenant under this Lease and shall be liable jointly and severally with Tenant for
the payment of all rent, and for the due performance of all of Tenant’s obligations, under this Lease. Such joint and several liability
shall not be discharged or impaired by any subsequent modification or extension of this Lease. Consent by Landlord to one or more transfers
shall not operate as a waiver or estoppel to the future enforcement by Landlord of its rights under this Lease.

 

9.3.
SUBLEASE REQUIREMENTS. Any sublease, license, concession or other occupancy agreement entered into by Tenant shall be subordinate
and subject to the provisions of this Lease, and if this Lease is terminated during the term of any such agreement, Landlord shall have
the right to: (i) treat such agreement as cancelled and repossess the subject space by any lawful means, or (ii) require that
such transferee attorn to and recognize Landlord as its landlord (or licensor, as applicable) under such agreement. Landlord shall not,
by reason of such attornment or the collection of sublease rentals, be deemed liable to the subtenant for the performance of any of Tenant’s
obligations under the sublease. If Tenant is in Default (hereinafter defined), Landlord is irrevocably authorized to direct any transferee
under any such agreement to make all payments under such agreement directly to Landlord (which Landlord shall apply towards Tenant’s
obligations under this Lease) until such Default is cured. No collection or acceptance of rent by Landlord from any transferee shall be
deemed a waiver of any provision of Article 9 of this Lease, an approval of any transferee, or a release of Tenant from any obligation
under this Lease, whenever accruing. In no event shall Landlord’s enforcement of any provision of this Lease against any transferee
be deemed a waiver of Landlord’s right to enforce any term of this Lease against Tenant or any other person.

 

    	 	7	 

     

    

 

ARTICLE 10. INSURANCE AND INDEMNITY

 

10.1.
TENANT’S INSURANCE. Tenant, at its sole cost and expense, shall provide and maintain in effect the insurance described
in Exhibit D. Evidence of that insurance must be delivered to Landlord prior to the Commencement Date.

 

10.2.
LANDLORD’S INSURANCE. Landlord shall provide the following types of insurance, with or without deductible and in amounts
and coverages as may be determined by Landlord in its discretion: property insurance, subject to standard exclusions (such as, but not
limited to, earthquake and flood exclusions), covering the Building or Project. In addition, Landlord may, at its election, obtain insurance
coverages for such other risks as Landlord or its Mortgagees may from time to time deem appropriate, including earthquake, terrorism and
commercial general liability coverage. Landlord shall not be required to carry insurance of any kind on any tenant improvements or Alterations
in the Premises installed by Tenant or its contractors or otherwise removable by Tenant (collectively, “Tenant Installations”),
or on any trade fixtures, furnishings, equipment, interior plate glass, signs or items of personal property in the Premises, and Landlord
shall not be obligated to repair or replace any of the foregoing items should damage occur. All proceeds of insurance maintained by Landlord
upon the Building and Project shall be the property of Landlord, whether or not Landlord is obligated to or elects to make any repairs.

 

10.3.
TENANT’S INDEMNITY. To the fullest extent permitted by law, but subject to Section 10.5 below, Tenant shall defend,
indemnify and hold harmless Landlord and Landlord’s agents, employees, lenders, and affiliates, from and against any and all negligence,
claims, liabilities, damages, costs or expenses arising either before or after the Commencement Date which arise from or are caused by
Tenant’s use or occupancy of the Premises, the Building or the Common Areas of the Project, or from the conduct of Tenant’s
business, or from any activity, work, or thing done, permitted or suffered by Tenant or Tenant’s agents, employees, subtenants,
vendors, contractors, invitees or licensees in or about the Premises, the Building or the Common Areas of the Project, or from any Default
in the performance of any obligation on Tenant’s part to be performed under this Lease, or from any act, omission or negligence
on the part of Tenant or Tenant’s agents, employees, subtenants, vendors, contractors, invitees or licensees. Landlord may, at its
option, require Tenant to assume Landlord’s defense in any action covered by this Section 10.3 through counsel reasonably satisfactory
to Landlord. Notwithstanding the foregoing, Tenant shall not be obligated to indemnify Landlord against any liability or expense to the
extent it is ultimately determined that the same was caused by the negligence or willful misconduct of Landlord, its agents, contractors
or employees.

 

10.4.
WAIVER OF CLAIMS. Landlord shall not be liable to Tenant, its employees, agents and invitees, and Tenant hereby waives all
claims against Landlord, its employees and agents for loss of or damage to any property, or any injury to any person, resulting from any
condition including, but not limited to, acts or omissions (criminal or otherwise) of third parties and/or other tenants of the Project,
or their agents, employees or invitees, fire, explosion, falling plaster, steam, gas, electricity, water or rain which may leak or flow
from or into any part of the Premises or from the breakage, leakage, obstruction or other defects of the pipes, sprinklers, wires, appliances,
plumbing, air conditioning, electrical works or other fixtures in the Building, whether the damage or injury results from conditions arising
in the Premises or in other portions of the Building, regardless of the negligence of Landlord, its agents or any and all affiliates of
Landlord in connection with the foregoing. It is understood that any such condition may require the temporary evacuation or closure of
all or a portion of the Building. Should Tenant elect to receive any service from a concessionaire, licensee or third party tenant of
Landlord, Tenant shall not seek recourse against Landlord for any breach or liability of that service provider. Notwithstanding anything
to the contrary contained in this Lease, in no event shall Landlord be liable for Tenant’s loss or interruption of business or income
(including without limitation, Tenant’s consequential damages, lost profits or opportunity costs), or for interference with light
or other similar intangible interests.

 

10.5.
WAIVER OF SUBROGATION. Landlord and Tenant waive all rights of recovery against the other on account of loss and damage to
the property of such waiving party to the extent that the waiving party is entitled to proceeds for such loss and damage under any property
insurance policies carried or otherwise required to be carried by this Lease; provided however, that the foregoing waiver shall not apply
to the extent of Tenant’s obligation to pay deductibles under any such policies and this Lease. By this waiver it is the intent
of the parties that neither Landlord nor Tenant shall be liable to any insurance company (by way of subrogation or otherwise) insuring
the other party for any loss or damage insured against under any property insurance policies, even though such loss or damage might be
occasioned by the negligence of such party, its agents, employees, contractors or invitees. The foregoing waiver by Tenant shall also
inure to the benefit of Landlord’s management agent for the Building.

 

ARTICLE 11. DAMAGE OR DESTRUCTION

 

11.1.
RESTORATION.

 

(a)          If
the Building of which the Premises are a part is damaged as the result of an event of casualty, then subject to the provisions below,
Landlord shall repair that damage as soon as reasonably possible unless Landlord reasonably determines that: (i) the Premises have
been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; (ii) any Mortgagee (defined
in Section 13.1) requires that the insurance proceeds be applied to the payment of the mortgage debt; or (iii) proceeds necessary
to pay the full cost of the repair are not available from Landlord’s insurance, including without limitation earthquake insurance.
Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in the “Casualty
Notice” (as defined below), and this Lease shall terminate as of the date of delivery of that notice.

 

    	 	8	 

     

    

 

(b)          As
soon as reasonably practicable following the casualty event but not later than 60 days thereafter, Landlord shall notify Tenant in writing
(“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated,
the Casualty Notice shall set forth the anticipated period for repairing the casualty damage. If the anticipated repair period exceeds
270 days and if the damage is so extensive as to reasonably prevent Tenant’s substantial use and enjoyment of the Premises, then
either party may elect to terminate this Lease by written notice to the other within 10 days following delivery of the Casualty Notice.

 

(c)          In
the event that neither Landlord nor Tenant terminates this Lease pursuant to Section 11.1(b), Landlord shall repair all material
damage to the Premises or the Building as soon as reasonably possible and this Lease shall continue in effect for the remainder of the
Term. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property
insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Tenant Installations; provided if the estimated
cost to repair such Tenant Installations exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier,
the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days
of demand, Tenant shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to
such Tenant Installations.

 

(d)          From
and after the 6th business day following the casualty event, the rental to be paid under this Lease shall be abated in the
same proportion that the Floor Area of the Premises that is rendered unusable by the damage from time to time bears to the total Floor
Area of the Premises.

 

(e)          Notwithstanding
the provisions of subsections (a), (b) and (c) of this Section 11.1, but subject to Section 10.5, the cost of
any repairs shall be borne by Tenant, and Tenant shall not be entitled to rental abatement or termination rights, if the damage is due
to the fault or neglect of Tenant or its employees, subtenants, contractors, invitees or representatives. In addition, the provisions
of this Section 11.1 shall not be deemed to require Landlord to repair any Tenant Installations, fixtures and other items that Tenant
is obligated to insure pursuant to Exhibit D or under any other provision of this Lease.

 

11.2.
LEASE GOVERNS. Tenant agrees that the provisions of this Lease, including without limitation Section 11.1, shall govern
any damage or destruction and shall accordingly supersede any contrary statute or rule of law.

 

ARTICLE 12. EMINENT DOMAIN

 

Either party may terminate
this Lease if any material part of the Premises is taken or condemned for any public or quasi-public use under Law, by eminent domain
or private purchase in lieu thereof (a “Taking”). Landlord shall also have the right to terminate this Lease if there
is a Taking of any portion of the Building or Project which would have a material adverse effect on Landlord’s ability to profitably
operate the remainder of the Building or Project. The termination shall be effective as of the effective date of any order granting possession
to, or vesting legal title in, the condemning authority. If this Lease is not terminated, Basic Rent and Tenant’s Share of Operating
Expenses shall be appropriately adjusted to account for any reduction in the square footage of the Building or Premises. All compensation
awarded for a Taking shall be the property of Landlord and the right to receive compensation or proceeds in connection with a Taking are
expressly waived by Tenant; provided, however, Tenant may file a separate claim for Tenant’s personal property and Tenant’s
reasonable relocation expenses, provided the filing of the claim does not diminish the amount of Landlord’s award. If only a part
of the Premises is subject to a Taking and this Lease is not terminated, Landlord, with reasonable diligence, will restore the remaining
portion of the Premises as nearly as practicable to the condition immediately prior to the Taking. Tenant agrees that the provisions of
this Lease shall govern any Taking and shall accordingly supersede any contrary statute or rule of law.

 

ARTICLE 13. SUBORDINATION; ESTOPPEL CERTIFICATE

 

13.1.
SUBORDINATION. Tenant accepts this Lease subject and subordinate to any mortgage(s), deed(s) of trust, ground lease(s) or
other lien(s) now or subsequently arising upon the Building or the Project, and to renewals, modifications, refinancings and extensions
thereof (collectively referred to as a “Mortgage”). The party having the benefit of a Mortgage shall be referred to
as a “Mortgagee”. This clause shall be self-operative, but upon request from a Mortgagee, Tenant shall execute a commercially
reasonable subordination and attornment agreement in favor of the Mortgagee, provided such agreement provides a non-disturbance covenant
benefitting Tenant. Alternatively, a Mortgagee shall have the right at any time to subordinate its Mortgage to this Lease. Upon request,
Tenant, without charge, shall attorn to any successor to Landlord’s interest in this Lease in the event of a foreclosure of any
Mortgage. Tenant agrees that any purchaser at a foreclosure sale or lender taking title under a deed in lieu of foreclosure shall not
be responsible for any act or omission of a prior landlord, shall not be subject to any offsets or defenses Tenant may have against a
prior landlord, and shall not be liable for the return of the Security Deposit not actually recovered by such purchaser nor bound by any
rent paid in advance of the calendar month in which the transfer of title occurred; provided that the foregoing shall not release the
applicable prior landlord from any liability for those obligations. Tenant acknowledges that Landlord’s Mortgagees and their successors-in-interest
are intended third party beneficiaries of this Section 13.1.

 

13.2.
ESTOPPEL CERTIFICATE. Tenant shall, within 15 days after receipt of a written request from Landlord, execute and deliver a
commercially reasonable estoppel certificate in favor of those parties as are reasonably requested by Landlord (including a Mortgagee
or a prospective purchaser of the Building or the Project).

 

ARTICLE 14. DEFAULTS AND REMEDIES

 

14.1.
TENANT’S DEFAULTS. In addition to any other event of default set forth in this Lease, the occurrence of any one or more
of the following events shall constitute a “Default” by Tenant:

 

(a)          The
failure by Tenant to make any payment of Rent required to be made by Tenant, as and when due, where the failure continues for a period
of 3 days after written notice from Landlord to Tenant. The term “Rent” as used in this Lease shall be deemed to mean
the Basic Rent and all other sums required to be paid by Tenant to Landlord pursuant to the terms of this Lease.

 

(b)          The
assignment, sublease, encumbrance or other Transfer of the Lease by Tenant, either voluntarily or by operation of law, whether by judgment,
execution, transfer by intestacy or testacy, or other means, without the prior written consent of Landlord unless otherwise authorized
in Article 9 of this Lease.

 

    	 	9	 

     

    

 

(c)          The
discovery by Landlord that any financial statement provided by Tenant, or by any affiliate, successor or guarantor of Tenant, was materially
false.

 

(d)         Except
where a specific time period is otherwise set forth for Tenant’s performance in this Lease (in which event the failure to perform
by Tenant within such time period shall be a Default), the failure or inability by Tenant to observe or perform any of the covenants or
provisions of this Lease to be observed or performed by Tenant, other than as specified in any other subsection of this Section 14.1,
where the failure continues for a period of 30 days after written notice from Landlord to Tenant. However, if the nature of the failure
is such that more than 30 days are reasonably required for its cure, then Tenant shall not be deemed to be in Default if Tenant commences
the cure within 30 days, and thereafter diligently pursues the cure to completion.

 

The notice periods provided
herein are in lieu of, and not in addition to, any notice periods provided by law, and Landlord shall not be required to give any additional
notice under California Code of Civil Procedure Section 1161, or any successor statute, in order to be entitled to commence an unlawful
detainer proceeding.

 

14.2.
LANDLORD’S REMEDIES. In addition to all other rights or remedies of Landlord set forth in this Lease, if a Default occurs,
Landlord shall have all rights available to Landlord under California law, without further notice or demand to Tenant, including, without
limitation, the right to terminate this Lease. In addition, Landlord has the remedy described in California Civil Code Section 1951.4
(Landlord may continue this Lease in effect after Tenant's breach and abandonment and recover Rent as it becomes due, if Tenant has the
right to sublet or assign, subject only to reasonable limitations). In any case in which Landlord re-enters and occupies the Premises,
by unlawful detainer proceedings or otherwise, Landlord, at its option, may repair, alter, subdivide or change the character of the Premises
as Landlord deems best, relet all or any part of the Premises and receive the rents therefor, and none of these actions shall constitute
a termination of this Lease, a release of Tenant from any liability, or result in the release of any Guarantor. Landlord shall not be
deemed to have terminated this Lease or the liability of Tenant to pay any Rent or other charges later becoming due by any re-entry of
the Premises pursuant to this Section 14.2, or by any action in unlawful detainer or otherwise to obtain possession of the Premises,
unless Landlord has first given Tenant notice that it is terminating this Lease. Any notice given by Landlord pursuant to Section 14.1
shall be in lieu of, and not in addition to, any notice required by Section 1161 of the California Code of Civil Procedure or superseding
statute. Any payment of Rent following Landlord’s delivery of notice to Tenant pursuant to Section 14.1 shall not constitute
acceptance of Rent. If Landlord elects to terminate this Lease pursuant to the provisions of this Section 14.2, damages shall include,
without limitation, the remedy and measure of damages specified pursuant to California Civil Code Section 1951.2, which shall include
the worth at the time of award of the amount by which the unpaid Rent for the balance of the Term after the time of award exceeds the
amount of Rent loss Tenant proves could have been reasonably avoided.

 

14.3.
LATE PAYMENTS. Any Rent due under this Lease that is not paid to Landlord within 5 days of the date when due shall bear interest
at the maximum rate permitted by law from the date due until fully paid. The payment of interest shall not cure any Default by Tenant
under this Lease. In addition, Tenant acknowledges that the late payment by Tenant to Landlord of rent will cause Landlord to incur costs
not contemplated by this Lease, the exact amount of which will be extremely difficult and impracticable to ascertain. Those costs may
include, but are not limited to, administrative, processing and accounting charges, and late charges which may be imposed on Landlord
by the terms of any ground lease, mortgage or trust deed covering the Premises. Accordingly, if any Rent due from Tenant shall not be
received by Landlord or Landlord’s designee within 5 days after the date due, then Tenant shall pay to Landlord, in addition to
the interest provided above, a late charge for each delinquent payment equal to the greater of (i) 5% of that delinquent payment
or (ii) $100.00. Acceptance of a late charge by Landlord shall not constitute a waiver of Tenant’s Default with respect to
the overdue amount, nor shall it prevent Landlord from exercising any of its other rights and remedies.

 

14.4.
RIGHT OF LANDLORD TO PERFORM. If Tenant is in Default of any of its obligations under the Lease, Landlord shall have the right
to perform such obligations. Tenant shall reimburse Landlord for the cost of such performance upon demand together with an administrative
charge equal to 10% of the cost of the work performed by Landlord.

 

14.5.
DEFAULT BY LANDLORD. Landlord shall not be deemed to be in default in the performance of any obligation under this Lease unless
and until it has failed to perform the obligation within 30 days after written notice by Tenant to Landlord specifying in reasonable detail
the nature and extent of the failure; provided, however, that if the nature of Landlord’s obligation is such that more than 30 days
are required for its performance, then Landlord shall not be deemed to be in default if it commences performance within the 30 day period
and thereafter diligently pursues the cure to completion. Tenant hereby waives any right to terminate or rescind this Lease as a result
of any default by Landlord hereunder or any breach by Landlord of any promise or inducement relating hereto, and Tenant agrees that its
remedies shall be limited to a suit for actual damages and/or injunction and shall in no event include any consequential damages, lost
profits or opportunity costs.

 

14.6.
EXPENSES AND LEGAL FEES. Should either Landlord or Tenant bring any action in connection with this Lease, the prevailing party
shall be entitled to recover as a part of the action its reasonable attorneys’ fees, and all other reasonable costs. The prevailing
party for the purpose of this paragraph shall be determined by the trier of the facts.

 

14.7.
JUDICIAL REFERENCE/WAIVER OF JURY TRIAL. Landlord and Tenant agree that any disputes arising in connection with this Lease
(including but not limited to a determination of any and all of the issues in such dispute, whether of fact or of law) shall be resolved
(and a decision shall be rendered) by way of a general reference as provided for in Part 2, Title 8, Chapter 6 (§§ 638
et. seq.) of the California Code of Civil Procedure, or any successor California statute governing resolution of disputes by a court appointed
referee. Nothing within this Section 14.7 shall apply to an unlawful detainer action. LANDLORD AND TENANT EACH ACKNOWLEDGES THAT
IT IS AWARE OF AND HAS HAD THE ADVICE OF COUNSEL OF ITS CHOICE WITH RESPECT TO ITS RIGHT TO TRIAL BY JURY, AND, TO THE EXTENT PERMITTED
BY LAW, EACH PARTY DOES HEREBY EXPRESSLY AND KNOWINGLY WAIVE AND RELEASE ALL SUCH RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LEASE.

 

    	 	10	 

     

    

 

14.8.
SATISFACTION OF JUDGMENT. The obligations of Landlord do not constitute the personal obligations of the individual partners,
trustees, directors, officers, members or shareholders of Landlord or its constituent partners or members. Should Tenant recover a money
judgment against Landlord, such judgment shall be satisfied only from the interest of Landlord in the Project and out of the rent or other
income from such property receivable by Landlord, and no action for any deficiency may be sought or obtained by Tenant.

 

ARTICLE 15. END OF TERM

 

15.1.
HOLDING OVER. If Tenant holds over for any period after the Expiration Date (or earlier termination of the Lease) without the
prior written consent of Landlord, such tenancy shall constitute a tenancy at sufferance only and a Default by Tenant; such holding over
with the prior written consent of Landlord shall constitute a month-to-month tenancy commencing on the 1st day following the
expiration of this Lease and terminating 30 days following delivery of written notice of termination by either Landlord or Tenant to the
other. In either of such events, possession shall be subject to all of the terms of this Lease, except that the monthly rental shall be
the greater of (a) 150% of the Basic Rent for the month immediately preceding the date of expiration, or (b) the then currently
scheduled Basic Rent for comparable space in the Project. The acceptance by Landlord of monthly hold-over rental in a lesser amount shall
not constitute a waiver of Landlord’s right to recover the full amount due unless otherwise agreed in writing by Landlord. If Tenant
fails to surrender the Premises upon the expiration of this Lease despite demand to do so by Landlord, Tenant shall indemnify and hold
Landlord harmless from all loss or liability, including without limitation, any claims made by any succeeding tenant relating to such
failure to surrender. The foregoing provisions of this Section 15.1 are in addition to and do not affect Landlord’s right of
re-entry or any other rights of Landlord under this Lease or at law.

 

15.2.
SURRENDER OF PREMISES; REMOVAL OF PROPERTY. Upon the Expiration Date or upon any earlier termination of this Lease, Tenant
shall quit and surrender possession of the Premises to Landlord in as good order, condition and repair as when received or as hereafter
may be improved by Landlord or Tenant, reasonable wear and tear and repairs which are Landlord’s obligation excepted, and shall
remove or fund to Landlord the cost of removing all wallpapering, voice and/or data transmission cabling installed by or for Tenant and
Required Removables, together with all personal property and debris, and shall perform all work required under Section 7.3 of this
Lease. If Tenant shall fail to comply with the provisions of this Section 15.2, and remove any personal property within 10 days following
the expiration or earlier termination of this Lease, such personal property shall be conclusively deemed to have been abandoned, then
Landlord may effect the removal and/or make any repairs, without notice and without incurring any liability to Tenant, and the cost to
Landlord shall be additional rent payable by Tenant upon demand. Tenant hereby waives all rights under and benefits of Section 1993.03
of the California Civil Code, or any similar or successor laws now or hereafter in effect and authorizes Landlord to dispose of any personal
property remaining at the Premises following the expiration or earlier termination of this Lease without further notice to Tenant.

 

ARTICLE 16. PAYMENTS AND NOTICES

 

All sums payable by Tenant
to Landlord shall be paid, without deduction or offset, in lawful money of the United States to Landlord at its address set forth in Item 12
of the Basic Lease Provisions, or at any other place as Landlord may designate in writing. Unless this Lease expressly provides otherwise,
as for example in the payment of rent pursuant to Section 4.1, all payments shall be due and payable within 5 days after demand.
All payments requiring proration shall be prorated on the basis of the number of days in the pertinent calendar month or year, as applicable.
Any notice, election, demand, consent, approval or other communication to be given or other document to be delivered by either party to
the other may be delivered to the other party, at the address set forth in Item 12 of the Basic Lease Provisions, by personal service,
or by any courier or “overnight” express mailing service. Either party may, by written notice to the other, served in the
manner provided in this Article, designate a different address. The refusal to accept delivery of a notice, or the inability to deliver
the notice (whether due to a change of address for which notice was not duly given or other good reason), shall be deemed delivery and
receipt of the notice as of the date of attempted delivery. If more than one person or entity is named as Tenant under this Lease, service
of any notice upon any one of them shall be deemed as service upon all of them.

 

ARTICLE 17. RULES AND REGULATIONS

 

Tenant agrees to comply with
the Rules and Regulations attached as Exhibit E, and any reasonable and nondiscriminatory amendments, modifications and/or
additions as may be adopted and published by written notice to tenants by Landlord for the safety, care, security, good order, or cleanliness
of the Premises, Building, Project and/or Common Areas. Landlord shall not be liable to Tenant for any violation of the Rules and
Regulations or the breach of any covenant or condition in any lease or any other act or conduct by any other tenant, and the same shall
not constitute a constructive eviction hereunder. One or more waivers by Landlord of any breach of the Rules and Regulations by Tenant
or by any other tenant(s) shall not be a waiver of any subsequent breach of that rule or any other. Tenant’s failure to
keep and observe the Rules and Regulations shall constitute a default under this Lease. In the case of any conflict between the Rules and
Regulations and this Lease, this Lease shall be controlling.

 

ARTICLE 18. BROKER’S COMMISSION

 

The parties recognize as
the broker(s) who negotiated this Lease the firm(s) whose name(s) is (are) stated in Item 10 of the Basic Lease Provisions,
and agree that Landlord shall be responsible for the payment of brokerage commissions to those broker(s) unless otherwise provided
in this Lease. It is understood that Landlord’s Broker represents only Landlord in this transaction and Tenant’s Broker (if
any) represents only Tenant. Each party warrants that it has had no dealings with any other real estate broker or agent in connection
with the negotiation of this Lease, and agrees to indemnify and hold the other party harmless from any cost, expense or liability (including
reasonable attorneys’ fees) for any compensation, commissions or charges claimed by any other real estate broker or agent employed
or claiming to represent or to have been employed by the indemnifying party in connection with the negotiation of this Lease. The foregoing
agreement shall survive the termination of this Lease.

 

    	 	11	 

     

    

 

ARTICLE 19. TRANSFER OF LANDLORD’S
INTEREST

 

In the event of any transfer
of Landlord’s interest in the Premises, the transferor shall be automatically relieved of all obligations on the part of Landlord
accruing under this Lease from and after the date of the transfer, provided that Tenant is duly notified of the transfer. Any funds held
by the transferor in which Tenant has an interest, including without limitation, the Security Deposit, shall be turned over, subject to
that interest, to the transferee. No Mortgagee to which this Lease is or may be subordinate shall be responsible in connection with the
Security Deposit unless the Mortgagee actually receives the Security Deposit. It is intended that the covenants and obligations contained
in this Lease on the part of Landlord shall, subject to the foregoing, be binding on Landlord, its successors and assigns, only during
and in respect to their respective successive periods of ownership.

 

ARTICLE 20. INTERPRETATION

 

20.1.
NUMBER. Whenever the context of this Lease requires, the words “Landlord” and “Tenant” shall include
the plural as well as the singular.

 

20.2.
HEADINGS. The captions and headings of the articles and sections of this Lease are for convenience only, are not a part of
this Lease and shall have no effect upon its construction or interpretation.

 

20.3.
JOINT AND SEVERAL LIABILITY. If more than one person or entity is named as Tenant, the obligations imposed upon each shall
be joint and several and the act of or notice from, or notice or refund to, or the signature of, any one or more of them shall be binding
on all of them with respect to the tenancy of this Lease, including, but not limited to, any renewal, extension, termination or modification
of this Lease.

 

20.4.
SUCCESSORS. Subject to Sections 13.1 and 22.3 and to Articles 9 and 19 of this Lease, all rights and liabilities
given to or imposed upon Landlord and Tenant shall extend to and bind their respective heirs, executors, administrators, successors and
assigns. Nothing contained in this Section 20.4 is intended, or shall be construed, to grant to any person other than Landlord and
Tenant and their successors and assigns any rights or remedies under this Lease.

 

20.5.
TIME OF ESSENCE. Time is of the essence with respect to the performance of every provision of this Lease in which time of performance
is a factor.

 

20.6.
CONTROLLING LAW/VENUE. This Lease shall be governed by and interpreted in accordance with the laws of the State of California.
Should any litigation be commenced between the parties in connection with this Lease, such action shall be prosecuted in the applicable
State Court of California in the county in which the Building is located.

 

20.7.
SEVERABILITY. If any term or provision of this Lease, the deletion of which would not adversely affect the receipt of any material
benefit by either party or the deletion of which is consented to by the party adversely affected, shall be held invalid or unenforceable
to any extent, the remainder of this Lease shall not be affected and each term and provision of this Lease shall be valid and enforceable
to the fullest extent permitted by law.

 

20.8.
WAIVER. One or more waivers by Landlord or Tenant of any breach of any term, covenant or condition contained in this Lease
shall not be a waiver of any subsequent breach of the same or any other term, covenant or condition. Consent to any act by one of the
parties shall not be deemed to render unnecessary the obtaining of that party’s consent to any subsequent act. No breach of this
Lease shall be deemed to have been waived unless the waiver is in a writing signed by the waiving party.

 

20.9.
INABILITY TO PERFORM. In the event that either party shall be delayed or hindered in or prevented from the performance of any
work or in performing any act required under this Lease by reason of any cause beyond the reasonable control of that party, then the performance
of the work or the doing of the act shall be excused for the period of the delay and the time for performance shall be extended for a
period equivalent to the period of the delay. The provisions of this Section 20.9 shall not operate to excuse Tenant from the prompt
payment of Rent.

 

20.10.
ENTIRE AGREEMENT. This Lease and its exhibits and other attachments cover in full each and every agreement of every kind between
the parties concerning the Premises, the Building, and the Project, and all preliminary negotiations, oral agreements, understandings
and/or practices, except those contained in this Lease, are superseded and of no further effect. Tenant waives its rights to rely on any
representations or promises made by Landlord or others which are not contained in this Lease. No verbal agreement or implied covenant
shall be held to modify the provisions of this Lease, any statute, law, or custom to the contrary notwithstanding.

 

20.11.
QUIET ENJOYMENT. Upon the observance and performance of all the covenants, terms and conditions on Tenant’s part to be
observed and performed, and subject to the other provisions of this Lease, Tenant shall have the right of quiet enjoyment and use of the
Premises for the Term without hindrance or interruption by Landlord or any other person claiming by or through Landlord.

 

20.12.
SURVIVAL. All covenants of Landlord or Tenant which reasonably would be intended to survive the expiration or sooner termination
of this Lease, including without limitation any warranty or indemnity hereunder, shall so survive and continue to be binding upon and
inure to the benefit of the respective parties and their successors and assigns.

 

    	 	12	 

     

    

 

ARTICLE 21. EXECUTION AND RECORDING

 

21.1.
COUNTERPARTS; DIGITAL SIGNATURES. This Lease may be executed in one or more counterparts, each of which shall constitute an
original and all of which shall be one and the same agreement. The parties agree to accept a digital image (including but not limited
to an image in the form of a PDF, JPEG, GIF file, or other e-signature) of this Lease, if applicable, reflecting the execution of one
or both of the parties, as a true and correct original.

 

21.2.
CORPORATE AND PARTNERSHIP AUTHORITY. If Tenant is a corporation, limited liability company or partnership, each individual
executing this Lease on behalf of the entity represents and warrants that such individual is duly authorized to execute and deliver this
Lease and that this Lease is binding upon the corporation, limited liability company or partnership in accordance with its terms. Tenant
shall, at Landlord’s request, deliver a certified copy of its organizational documents or an appropriate certificate authorizing
or evidencing the execution of this Lease.

 

21.3.
EXECUTION OF LEASE; NO OPTION OR OFFER. The submission of this Lease to Tenant shall be for examination purposes only, and
shall not constitute an offer to or option for Tenant to lease the Premises. Execution of this Lease by Tenant and its return to Landlord
shall not be binding upon Landlord, notwithstanding any time interval, until Landlord has in fact executed and delivered this Lease to
Tenant, it being intended that this Lease shall only become effective upon execution by Landlord and delivery of a fully executed counterpart
to Tenant.

 

21.4.
RECORDING. Tenant shall not record this Lease without the prior written consent of Landlord. Tenant, upon the request of Landlord,
shall execute and acknowledge a “short form” memorandum of this Lease for recording purposes.

 

21.5.
AMENDMENTS. No amendment or mutual termination of this Lease shall be effective unless in writing signed by authorized signatories
of Tenant and Landlord, or by their respective successors in interest. No actions, policies, oral or informal arrangements, business dealings
or other course of conduct by or between the parties shall be deemed to modify this Lease in any respect.

 

21.6.
BROKER DISCLOSURE. By the execution of this Lease, each of Landlord and Tenant hereby acknowledge and confirm (a) receipt
of a copy of a Disclosure Regarding Real Estate Agency Relationship conforming to the requirements of California Civil Code 2079.16,
and (b) the agency relationships specified in Item 10 of the Basic Lease Provisions, which acknowledgement and confirmation
is expressly made for the benefit of Tenant’s Broker identified in Item 10 of the Basic Lease Provisions. If there is no Tenant’s
Broker so identified in Item 10 of the Basic Lease Provisions, then such acknowledgement and confirmation is expressly made for the
benefit of Landlord’s Broker. By the execution of this Lease, Landlord and Tenant are executing the confirmation of the agency relationships
set forth in Item 10 of the Basic Lease Provisions.

 

ARTICLE 22.
MISCELLANEOUS

 

22.1.
NONDISCLOSURE OF LEASE TERMS. Tenant acknowledges that the content of this Lease and any related documents are confidential
information. Except to the extent disclosure is required by law, Tenant shall keep such confidential information strictly confidential
and shall not disclose such confidential information to any person or entity other than Tenant’s financial, legal and space-planning
consultants, provided, however, that Tenant may disclose the terms to prospective subtenants or assignees under this Lease or pursuant
to legal requirement.

 

22.2.
TENANT’S FINANCIAL STATEMENTS. The application, financial statements and tax returns, if any, submitted and certified
to by Tenant as an accurate representation of its financial condition have been prepared, certified and submitted to Landlord as an inducement
and consideration to Landlord to enter into this Lease. Tenant shall during the Term furnish Landlord with current annual financial statements
accurately reflecting Tenant’s financial condition upon written request from Landlord within 10 days following Landlord’s
request; provided, however, that so long as Tenant is a publicly traded corporation on a nationally recognized stock exchange, the foregoing
obligation to deliver the statements shall be waived.

 

22.3.
MORTGAGEE PROTECTION. No act or failure to act on the part of Landlord which would otherwise entitle Tenant to be relieved
of its obligations hereunder or to terminate this Lease shall result in such a release or termination unless (a) Tenant has given
notice by registered or certified mail to any Mortgagee of a Mortgage covering the Building whose address has been furnished to Tenant
and (b) such Mortgagee is afforded a reasonable opportunity to cure the default by Landlord (which shall in no event be less than
60 days), including, if necessary to effect the cure, time to obtain possession of the Building by power of sale or judicial foreclosure
provided that such foreclosure remedy is diligently pursued. Tenant shall comply with any written directions by any Mortgagee to pay Rent
due hereunder directly to such Mortgagee without determining whether a default exists under such Mortgagee’s Mortgage.

 

22.4.
SDN LIST. Tenant hereby represents and warrants that neither Tenant nor any officer, director, employee, partner, member or
other principal of Tenant (collectively, “Tenant Parties”) is listed as a Specially Designated National and Blocked
Person (“SDN”) on the list of such persons and entities issued by the U.S. Treasury Office of Foreign Assets Control
(OFAC). In the event Tenant or any Tenant Party is or becomes listed as an SDN, Tenant shall be deemed in breach of this Lease and Landlord
shall have the right to terminate this Lease immediately upon written notice to Tenant.

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Lease as of the day and year first above written.

 

	LANDLORD:	 	TENANT:
	 	 	 
	UNIVERSITY RESEARCH PARK LLC,	 	NETLIST, INC.,
	a Delaware limited liability company	 	a Delaware corporation
	 	 	 	 
	 	 	 	 
	By: 	/s/ Steven M. Case	 	By: 	/s/ C.K. Hong
	 	 	 
	 	Steven M. Case	 	Printed Name: C.K. Hong
	 	Executive Vice President, Leasing & Marketing Office
Properties	 	Title: President and CEO
	 	 	 
	 	 	 
	By: 	/s/ Holly McManus	 	By: 	/s/ Gail Sasaki
	 	 	 
	 	Holly McManus	 	Printed Name: Gail Sasaki
	 	Vice President, Operations Office Properties	 	Title: CFO

 

    	 	14Exhibit 10.2

 

LEASE TERMINATION AGREEMENT

 

		I.	PARTIES AND DATE.

 

THIS LEASE TERMINATION AGREEMENT
("Agreement") is made and entered into as of

April 28, 2021, by and between SPECTRUM OFFICE PROPERTIES II LLC, a Delaware limited liability company, hereafter called “Landlord,”
and NETLIST, INC., a Delaware corporation, hereafter called “Tenant.”

 

		II.	RECITALS.

 

On April 2, 2007, Landlord
(successor-in-interest to The Irvine Company LLC, a Delaware limited liability company) and Tenant entered into a lease for space in a
building located at 51 Discovery, Suite 150, Irvine, California (the “51 Discovery Premises”), which lease
was amended by a First Amendment to Lease dated May 10, 2011 (“First Amendment”), by a Second Amendment to Lease
dated July 26, 2013, wherein Tenant terminated its lease of the 51 Discovery Premises in exchange for leasing approximately 8,203
rentable square feet of space in a building located at 175 Technology, Suite 150, Irvine, California (the “175 Technology
Premises”), by a Third Amendment to Lease dated August 31, 2016 (“Third Amendment”), by a Fourth Amendment
to Lease dated April 25, 2017, by a Fifth Amendment to Lease dated June 25, 2018, by a Sixth Amendment to Lease dated March 25,
2020, and by a Seventh Amendment to Lease dated January 21, 2021. The foregoing lease, as so amended, is hereinafter referred to
as the “Lease”.

 

Landlord and Tenant desire
to terminate the Lease upon the terms and conditions contained in this Agreement.

 

		III.	TERMINATION.

 

For valuable consideration:

 

A.            Date.
Landlord and Tenant agree that the Lease shall terminate on the day immediately preceding the commencement date of a new lease between
Landlord’s affiliate, University Research Park LLC, a Delaware limited liability company, and Tenant for the premises located at
111 Academy, Suite 100, Irvine, California ("Termination Date"). Not later than the Termination Date, Tenant
shall cause the Premises to be vacated and surrendered in accordance with the requirements of Section 15.3 (Surrender of Premises;
Removal of Property) of the Lease.

 

B.            Security
Deposit. Tenant hereby authorizes Landlord to retain any remaining balance of the Security Deposit presently being held by Landlord
pursuant to Section 4.3 of the Lease, and apply such funds to the security deposit required by Landlord’s affiliate under the
New Lease.

 

C.            Effect
of Termination. The termination of the Lease pursuant to this Agreement shall not be deemed to relieve either party of any obligation
under the Lease that would otherwise survive its expiration or sooner termination.

 

		IV.	GENERAL.

 

A.            Counterparts;
Digital Signatures. If this Agreement is executed in counterparts, each is hereby declared to be an original; all, however, shall
constitute but one and the same amendment. In any action or proceeding, any photographic, photostatic, or other copy of this Agreement
may be introduced into evidence without foundation. The parties agree to accept a digital image (including but not limited to an image
in the form of a PDF, JPEG, GIF file, or other e-signature) of this Agreement, if applicable, reflecting the execution of one or both
of the parties, as a true and correct original.

 

B.            Defined
Terms. All words commencing with initial capital letters in this Agreement which are not defined in this Agreement shall have the
same meaning in this Agreement as in the Lease.

 

C.            Corporate
and Partnership Authority. If Tenant is a corporation, limited liability company or partnership, or is comprised of any of them, each
individual executing this Agreement on behalf of the entity represents and warrants that he or she is duly authorized to execute and deliver
this Agreement and that this Agreement is binding upon the corporation, limited liability company or partnership in accordance with its
terms.

 

D.            Disputes.
The provisions of Section 14.6 (Expenses and Legal Fees) and Section 14.7 (Waiver of Jury Trial/Judicial Reference) of the Lease
shall also apply to this Agreement.

 

E.            Attorneys'
Fees. The provisions of the Lease respecting payment of prevailing attorneys' fees shall also apply to this Agreement.

 

F.            Nondisclosure
of Agreement Terms. Landlord and Tenant acknowledge that the content of this Agreement, and any related documents are confidential
information. Except to the extent disclosure is required by law, Landlord and Tenant shall each keep such confidential information strictly
confidential and shall not disclose such confidential information to any person or entity other than to its respective financial, legal
and space-planning consultants, provided, however, that Tenant may disclose the terms pursuant to legal requirement.

 

    	 	1	 

     

    

 

		V.	EXECUTION.

 

Landlord and Tenant have executed this Agreement
as of the day and year first written above.

 

	LANDLORD:	 	TENANT:
	 	 	 
	SPECTRUM OFFICE PROPERTIES II LLC,	 	NETLIST, INC.,
	a Delaware limited liability company	 	a Delaware corporation
	 	 	 
	 	 	 
	By: 	/s/ Steven M. Case	 	By: 	/s/ C.K. Hong
	 	 	 	 
	 	Steven M. Case	 	Printed Name: C.K. Hong
	 	Executive Vice President, Leasing & Marketing Office
Properties	 	Title: President and CEO
	 	 	 
	 	 	 
	By: 	/s/ Holly McManus	 	By:	 /s/ Gail Sasaki
	 	 	 	 
	 	Holly McManus	 	Printed Name: Gail Sasaki
	 	Vice President, Operations Office Properties	 	Title: CFO

 

    	 	2

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