Document:

Exhibit 10.1

 

EXECUTION COPY

 

ZHONGCHAO
INC.

 

CLASS
A ORDINARY SHARES

 

SALES
AGREEMENT

 

December 17, 2021

 

US Tiger Securities, Inc.

437 Madison Avenue, 27th Floor,

New York, NY 10022

 

Ladies and Gentlemen:

 

Zhongchao Inc., a Cayman Islands
company (the “Company”), confirms its agreement (this “Agreement”) with US Tiger Securities,
Inc., as follows:

 

1. Issuance and Sale of
Shares. The Company agrees that, from time to time during the term of this Agreement as set forth below, on the terms and subject
to the conditions set forth herein, it may issue and sell to or through US Tiger Securities, Inc., acting as agent and/or principal (the
“Sales Agent”), the Company’s Class A ordinary shares, par value $0.0001 per share (the “Class
A Ordinary Shares”), subject to the limitations set forth in Section 3(b) hereof. The issuance and sale of Class
A Ordinary Shares to or through the Sales Agent will be effected pursuant to the Registration Statement (as defined below) filed by the
Company and declared effective under the Securities Act (as defined below) by the U.S. Securities and Exchange Commission (the “Commission”).

 

The term of this Agreement
shall commence on the date on which the Registration Statement (as defined below) is declared effective by the Commission and shall end
upon the termination or expiration of this Agreement in accordance with Section 11.

 

On the date of this Agreement,
the Company has filed, or will file, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations
thereunder (collectively, the “Securities Act”), with the Commission, a shelf registration statement on Form
F-3, including a base prospectus (the “Base Prospectus”), relating to certain securities, including the Class
A Ordinary Shares, to be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed
or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder
(collectively, the “Exchange Act”). The Company has prepared a prospectus specifically relating to the offering
of Class A Ordinary Shares pursuant to this Agreement included as part of such registration statement (the “ATM Prospectus”
and, together with the Base Prospectus, collectively, the “Initial Prospectus”). As soon as practicable following
the date that such registration statement is declared effective, the Company will furnish to the Sales Agent, for use by the Sales Agent,
copies of the ATM Prospectus included as part of such registration statement, relating to the Placement Shares (as defined below). Except
where the context otherwise requires, such registration statement, as amended when it becomes effective, including all documents filed
as part thereof or incorporated by reference therein, and including any information contained in any prospectus subsequently filed with
the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration statement pursuant to Rule
430B or 462(b) of the Securities Act, is herein called the “Registration Statement.” The Initial Prospectus,
including all documents incorporated therein by reference (to the extent such information has not been superseded or modified in accordance
with Rule 412 under the Securities Act (as qualified by Rule 430B(g) of the Securities Act), as may be supplemented from time to time
by any additional prospectus supplement, in the form in which such Base Prospectus and/or ATM Prospectus have most recently been filed
by the Company with the Commission pursuant to Rule 424(b) under the Securities Act, together with any “issuer free writing prospectus”
(“Issuer Free Writing Prospectus”), as defined in Rule 433 of the Securities Act (“Rule 433”),
relating to the Placement Shares that (i) is required to be filed with the Commission by the Company or (ii) is exempt from filing pursuant
to Rule 433(d)(5)(i), in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the
form retained in the Company’s records pursuant to Rule 433(g), is herein called the “Prospectus.” Any
reference herein to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and
include the documents incorporated by reference therein, and any reference herein to the terms “amend,” “amendment”
or “supplement” with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the filing
after the execution hereof of any document with the Commission deemed to be incorporated by reference therein. For purposes of this Agreement,
all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall be deemed to include any
copy filed with the Commission pursuant to either the Electronic Data Gathering Analysis and Retrieval System, or if applicable, the Interactive
Data Electronic Applications (collectively “EDGAR”). 

 

     

     

    

 

2. Placements. Each
time that the Company wishes to issue and sell the Class A Ordinary Shares through the Sales Agent, as agent, hereunder (each, a “Placement”),
it will notify the Sales Agent by email notice (or other method mutually agreed to in writing by the parties) (a “Placement
Notice”) containing the parameters in accordance with which it desires the Class A Ordinary Shares to be sold, which shall
at a minimum include the number of Class A Ordinary Shares to be issued (the “Placement Shares”), the time period
during which sales are requested to be made, any limitation on the number of Class A Ordinary Shares that may be sold in any one Trading
Day (as defined in Section 3) and any minimum price below which sales may not be made, a form of which containing such minimum
sales parameters necessary is attached hereto as Schedule 1. The Placement Notice shall originate from any of the individuals
from the Company set forth on Schedule 2 (with a copy to each of the other individuals from the Company listed on such schedule),
and shall be addressed to each of the individuals from the Sales Agent set forth on Schedule 2, as such Schedule 2
may be amended from time to time. The Placement Notice shall be effective upon receipt by the Sales Agent unless and until (i) in accordance
with the notice requirements set forth in Section 4, the Sales Agent declines to accept the terms contained therein for any reason,
in its sole discretion, (ii) the entire amount of the Placement Shares have been sold, (iii) in accordance with the notice requirements
set forth in Section 4, the Company suspends or terminates the Placement Notice, (iv) the Company issues a subsequent Placement
Notice with parameters superseding those on the earlier dated Placement Notice, or (v) the Agreement has been terminated under the provisions
of Section 11. The amount of any discount, commission or other compensation to be paid by the Company to the Sales Agent in connection
with the sale of the Placement Shares through the Sales Agent, as agent, shall be as set forth in Schedule 3. It is expressly
acknowledged and agreed that neither the Company nor the Sales Agent will have any obligation whatsoever with respect to a Placement or
any Placement Shares unless and until the Company delivers a Placement Notice to the Sales Agent and the Sales Agent does not decline
such Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein. In the event of
a conflict between the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control.

 

3. Sale of Placement Shares
by the Sales Agent.

 

(a) Subject to the terms and
conditions herein set forth, upon the Company’s issuance of a Placement Notice, and unless the sale of the Placement Shares described
therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, the Sales Agent, as agent
for the Company, will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable state
and federal laws, rules and regulations and the rules of The Nasdaq Capital Market (the “Exchange”), for the
period specified in the Placement Notice, to sell such Placement Shares up to the amount specified by the Company in, and otherwise in
accordance with the terms of such Placement Notice. If acting as agent hereunder, the Sales Agent will provide written confirmation to
the Company (including by email correspondence to each of the individuals of the Company set forth on Schedule 2, if receipt
of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) no later
than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement Shares
hereunder setting forth the number of Placement Shares sold on such day, the volume-weighted average price of the Placement Shares, the
compensation payable by the Company to the Sales Agent pursuant to Section 2 with respect to such sales, and the Net Proceeds (as
defined below) payable to the Company, with an itemization of the deductions made by the Sales Agent (as set forth in Section 5(a))
from the gross proceeds that it receives from such sales. Subject to the terms of the Placement Notice, the Sales Agent may sell Placement
Shares by any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 under the Securities
Act, including without limitation sales made directly on the Exchange, on any other existing trading market for the Class A Ordinary Shares
or to or through a market maker. Subject to the terms of a Placement Notice, the Sales Agent may also sell Placement Shares by any other
method permitted by law, including but not limited to in negotiated transactions with the Company’s prior written consent. The Company
acknowledges and agrees that (i) there can be no assurance that the Sales Agent will be successful in selling Placement Shares, (ii) the
Sales Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Placement Shares for
any reason other than a failure by the Sales Agent to use its commercially reasonable efforts consistent with its normal trading and sales
practices and applicable law and regulations to sell such Placement Shares as required under this Agreement and (iii) the Sales Agent
shall be under no obligation to purchase Placement Shares on a principal basis pursuant to this Agreement, except as otherwise agreed
by the Sales Agent and the Company in writing and expressly set forth in a Placement Notice. For the purposes hereof, “Trading
Day” means any day on which the Company’s Class A Ordinary Shares are purchased and sold on the principal market on
which the Class A Ordinary Shares are listed or quoted.

 

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(b) Under no circumstances shall
the Company cause or request the offer or sale of any Placement Shares if, after giving effect to the sale of such Placement Shares, the
aggregate number or gross sales proceeds of Placement Shares sold pursuant to this Agreement would exceed the lesser of: (i) the number
or dollar amount of Class A Ordinary Shares registered pursuant to the Registration Statement pursuant to which the offering hereunder
is being made, (ii) the number of authorized but unissued and unreserved Class A Ordinary Shares, (iii) the number or dollar amount of
Class A Ordinary Shares permitted to be offered and sold by the Company under Form F-3 (including General Instruction I.B.5. of Form F-3,
if and for so long as applicable), (iv) the number or dollar amount of Class A Ordinary Shares authorized from time to time to be issued
and sold under this Agreement by the Company’s board of directors, a duly authorized committee thereof or a duly authorized executive
committee, and notified to the Sales Agent in writing, or (v) the number or dollar amount of Class A Ordinary Shares for which the Company
has filed the ATM Prospectus or other prospectus supplement specifically relating to the offering of the Placement Shares pursuant to
this Agreement. Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares pursuant to this Agreement
at a price lower than the minimum price authorized from time to time by the Company’s board of directors, a duly authorized committee
thereof or a duly authorized executive committee, and notified to the Sales Agent in writing. Notwithstanding anything to the contrary
contained herein, the parties hereto acknowledge and agree that compliance with the limitations set forth in this Section 3(b) on
the number or dollar amount of Placement Shares that may be issued and sold under this Agreement from time to time shall be the sole responsibility
of the Company, and that the Sales Agent shall have no obligation in connection with such compliance.

 

(c) During the term of this
Agreement, neither the Sales Agent nor any of its affiliates or subsidiaries shall engage in (i) any short sale of any security of the
Company or (ii) any sale of any security of the Company that the Sales Agent does not own or any sale which is consummated by the delivery
of a security of the Company borrowed by, or for the account of, the Sales Agent. During the term of this Agreement and notwithstanding
anything to the contrary herein, the Sales Agent agrees that in no event will the Sales Agent or its affiliates engage in any market making,
bidding, stabilization or other trading activity with regard to the Class A Ordinary Shares or related derivative securities if such activity
would be prohibited under Regulation M or other anti-manipulation rules under the Exchange Act.

 

4. Suspension of Sales.

 

(a) The Company or the Sales
Agent may, upon notice to the other party in writing (including by email correspondence to each of the individuals of the other party
set forth on Schedule 2, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the
notice is sent, other than via auto-reply), suspend any sale of Placement Shares for a period of time (a “Suspension Period”);
provided, however, that such suspension shall not affect or impair either party’s obligations with respect to any
Placement Shares sold hereunder prior to the receipt and acknowledgement of such notice or Sales Notices issued hereunder prior to the
giving of such notice. Each of the parties agrees that no such notice under this Section 4 shall be effective against the other
unless it is made to one of the individuals named on Schedule 2 hereto, as such schedule may be amended from time to time.
During a Suspension Period, the Company shall not issue any Placement Notices and the Sales Agent shall not sell any Placement Shares
hereunder. The party that issued a suspension notice shall notify the other party in writing of the Trading Day on which the Suspension
Period shall expire not later than twenty-four (24) hours prior to such Trading Day.

 

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(b) Notwithstanding any other
provision of this Agreement, during any period in which the Company is in possession of material non-public information, the Company and
the Sales Agent agree that (i) no sale of Placement Shares will take place, (ii) the Company shall not request the sale of any Placement
Shares, and (iii) the Sales Agent shall not be obligated to sell or offer to sell any Placement Shares.

 

5. Settlement.

 

(a) Settlement of Placement
Shares. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement Shares will occur on the
second (2nd) Trading Day (or such earlier day as is industry practice for regular-way trading) following the respective Point
of Sale (as defined below) (each, a “Settlement Date”). The amount of proceeds to be delivered to the Company
on a Settlement Date against receipt of the Placement Shares sold (the “Net Proceeds”) will be equal to the
aggregate sales price received by the Sales Agent at which such Placement Shares were sold, after deduction for (i) the Sales Agent’s
discount, commission or other compensation for such sales payable by the Company pursuant to Section 2 hereof, (ii) any other amounts
due and payable by the Company to the Sales Agent hereunder pursuant to Section 7(g) (Expenses) hereof and (iii) any transaction
fees, trading expenses or execution fees imposed by any clearing organization or any governmental or self-regulatory organization and
any other fees incurred by the Sales Agent in respect of such sales.

 

(b) Delivery of Placement
Shares. On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the Placement
Shares being sold by crediting the Sales Agent’s or its designee’s account (provided the Sales Agent shall have given the
Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal
at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be
freely tradable, transferable, registered shares in good deliverable form. On each Settlement Date, the Sales Agent will deliver the related
Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement Date. The Company agrees that if
the Company, or its transfer agent (if applicable), defaults in its obligation to deliver duly authorized Placement Shares on a Settlement
Date, the Company agrees that, in addition to and in no way limiting the rights and obligations set forth in Section 9(a) hereto,
the Company will (i) hold the Sales Agent, its directors, officers, employees and agents of the Sales Agent, each broker dealer affiliate
of the Sales Agent, and each person, if any, who (A) controls the Sales Agent within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act or (B) is controlled by or is under common control with the Sales Agent (each, a “Sales Agent
Affiliate”), and the Sales Agent’s clearing organization, harmless against any loss, claim, damage, or expense (including
reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Company or its transfer agent
(if applicable) and (ii) pay to the Sales Agent any commission, discount, or other compensation to which it would otherwise have been
entitled absent such default.

 

6. Representations and
Warranties of the Company. The Company, on behalf of itself and its subsidiaries, represents and warrants to, and agrees with, the
Sales Agent that as of each Applicable Time (as defined in Section 22(a)):

 

(a) Compliance with Registration
Requirements. As of each Applicable Time other than the date of this Agreement, the Registration Statement and any Rule 462(b) Registration
Statement have been declared effective by the Commission under the Securities Act. As of each Applicable Time other than the date of this
Agreement, the Company has not received from the Commission any notice pursuant to Rule 401(g)(1) under the Securities Act objecting to
the use of the shelf registration statement form. At the time of the initial filing of the Registration Statement, the Company paid (or
will pay) the required Commission filing fees relating to the Placement Shares in accordance with Rules 456(a) and 457(o) under the Securities
Act. The Company has complied to the Commission’s satisfaction with all requests of the Commission for additional or supplemental
information related to the Registration Statement and the Prospectus. No stop order suspending the effectiveness of the Registration Statement
or any Rule 462(b) Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to
the best knowledge of the Company, are contemplated or threatened by the Commission. At the time of (i) the initial filing of the Registration
Statement with the Commission and (ii) any amendment thereto for the purposes of complying with Section 10(a)(3) of the Securities Act
(whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act
or form of prospectus), the Registration Statement conformed and will conform in all respects to the requirements of the Securities Act,
including compliance with General Instructions I.A and I.B.5. of Form F-3, if and for so long as applicable. The Registration Statement
and the offer and sale of the Placement Shares as contemplated hereby meet the requirements of Rule 415 under the Securities Act and comply
in all material respects with said rule. In the section entitled “Plan of Distribution” in the ATM Prospectus, the Company
has named US Tiger Securities, Inc. as an agent that the Company has engaged in connection with the transactions contemplated by this
Agreement. The Company was not and is not an “ineligible issuer” as defined in Rule 405 under the Securities Act.

 

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(b) No Misstatement or Omission.
The Prospectus, and any amendment or supplement thereto, on the date of such Prospectus or amendment or supplement, complied or will comply
in all material respects with the Securities Act. The Registration Statement and any post-effective amendment thereto, at the time it
became or becomes effective, did not and will not contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading. The Prospectus, as amended or supplemented, as of its
date, did not and, as of each Point of Sale and each Settlement Date, will not contain any untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading. The representations and warranties set forth in the two immediately preceding sentences do not apply to statements in
or omissions from the Registration Statement or any post-effective amendment thereto, or the Prospectus, or any amendments or supplements
thereto, made in reliance upon and in conformity with information relating to the Sales Agent furnished to the Company in writing by the
Sales Agent expressly for use therein. “Point of Sale” means, for a Placement, the time at which an acquiror
of Placement Shares entered into a contract, binding upon such acquiror, to acquire such Placement Shares.

  

(c) Offering Materials Furnished
to the Sales Agent. Copies of the Registration Statement, the Prospectus, and all amendments or supplements thereto and all documents
incorporated by reference therein that were filed with the Commission on or prior to the date of this Agreement, have been delivered,
or are publicly available through EDGAR, to the Sales Agent. Each Prospectus delivered to the Sales Agent for use in connection with the
sale of the Placement Shares pursuant to this Agreement will be identical to the version of such Prospectus filed with the Commission
via EDGAR, except to the extent permitted by Regulation S-T.

 

(d) Shelf Registration Statement.
The date of this Agreement is not more than three years subsequent to the initial effective time of the Registration Statement.

 

(e) Distribution of Offering
Material By the Company. The Company has not distributed and will not distribute, prior to the completion of the Sales Agent’s
distribution of the Placement Shares, any offering material in connection with the offering and sale of the Placement Shares other than
the Prospectus or the Registration Statement.

 

(f) The Sales Agreement.
This Agreement has been duly authorized, executed and delivered by the Company, and constitutes a valid, legal, and binding obligation
of the Company, enforceable against the Company in accordance with its terms, except as rights to indemnity hereunder may be limited by
federal or state securities laws and except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the rights of creditors generally, and subject to general principles of equity. The Company has full corporate
power and authority to enter into this Agreement and to authorize, issue and sell the Placement Shares as contemplated by this Agreement.
This Agreement conforms in all material respects to the descriptions thereof in the Registration Statement and the Prospectus.

 

(g) Authorization of the
Placement Shares. The Placement Shares, when issued and paid for as contemplated herein, will be validly issued, fully paid and nonassessable,
will be issued in compliance with all applicable securities laws, and will be free of preemptive, registration or similar rights, and
will conform to the description of the Class A Ordinary Shares contained in the Registration Statement and the Prospectus.

 

(h) No Applicable Registration
or Other Similar Rights. There are no persons with registration or other similar rights to have any equity or debt securities registered
for sale under the Registration Statement or included in the offering contemplated by this Agreement, except for such rights as have been
duly waived. No person has the right to act as an underwriter or as a financial advisor to the Company in connection with the offer and
sale of the Placement Shares hereunder, whether as a result of the filing or effectiveness of the Registration Statement or the sale of
the Placement Shares as contemplated hereby or otherwise.

 

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(i) No Material Adverse Change.
Except as otherwise disclosed in the Prospectus, subsequent to the respective dates as of which information is given in the Prospectus:
(i) there has been no material adverse change in the business, properties, prospects, operations, condition (financial or otherwise) or
results of operations of the Company and its subsidiaries, taken as a whole (any such change is called a “Material Adverse
Change”), or any development involving a prospective material adverse change, which, individually or in the aggregate, has
had or would reasonably be expected to result in a Material Adverse Change; (ii) the Company and its subsidiaries, considered as one entity,
have not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course of business nor entered
into any material transaction or agreement not in the ordinary course of business; (iii) there has been no dividend or distribution of
any kind declared, paid or made by the Company or, except for regular quarterly dividends publicly announced by the Company or dividends
paid to the Company or other subsidiaries, by any of its subsidiaries on any class of share capital or repurchase or redemption by the
Company or any of its subsidiaries of any class of share capital; (iv) no officer or director of the Company has resigned from any position
with the Company; and (v) there has not been any Material Adverse Change in the Company’s long-term debt.

 

(j) Independent Accountants.
To the knowledge of the Company, Marcum Bernstein & Pinchuk LLP, who issued audit reports for the Company’s financial statement
for the fiscal year ended December 31, 2020 and December 31, 2019, is an independent registered public accounting firm as required by
the Securities Act and the Public Company Accounting Oversight Board.

 

(k) Financial Statements.
The financial statements incorporated by reference in the Registration Statement and in the Prospectus, together with the related notes
and schedules, comply in all material respects with the applicable requirements of the Securities Act and the Exchange Act, and fairly
present the consolidated financial position of the Company and its subsidiaries as of and at the dates indicated and the results of their
operations and cash flows for the periods therein specified. Such financial statements and supporting schedules have been prepared in
conformity with U.S. generally accepted accounting principles (“GAAP”) applied on a consistent basis throughout
the periods involved. The selected financial data and the summary financial information included in the Registration Statement and the
Prospectus present fairly, in all material respects, the information shown therein and have been compiled on a basis consistent with that
of the audited financial statements included therein. Any pro forma financial statements and the related notes thereto included in the
Registration Statement and the Prospectus present fairly, in all material respects, the information shown therein, have been prepared
in accordance with the Commission's rules and guidelines with respect to pro forma financial statements and have been properly compiled
on the bases described therein, and the assumptions used in the preparation thereof are reasonable and the adjustments used therein are
appropriate to give effect to the transactions and circumstances referred to therein. Except as included in the Registration Statement
and the Prospectus, no other financial statements, pro forma financial information or schedules are required under the Securities Act
or the Exchange Act to be included in or incorporated by reference in the Registration Statement or the Prospectus.

 

(l) Forward-Looking Statements.
The Company had a reasonable basis for, and made in good faith, each “forward-looking statement” (within the meaning of Section
27A of the Securities Act or Section 21E of the Exchange Act) contained or incorporated by reference in the Registration Statement or
the Prospectus.

 

(m) Statistical and Marketing-Related
Data. All statistical or market-related data included or incorporated by reference in the Registration Statement or the Prospectus
are based on or derived from sources that the Company reasonably believes to be reliable and accurate, and, to the Company’s knowledge,
the Company has obtained the written consent to the use of such data from such sources to the extent required.

  

(n) XBRL. The interactive
data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement fairly presents the
information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable
thereto.

 

(o) Incorporation and Good
Standing of the Company and its Subsidiaries. The Company is a exempt company duly formed and validly existing under the laws of the
Cayman Islands and in good standing under such laws. The Company has requisite corporate power to carry on its business as described in
the Prospectus. The Company is duly qualified to transact business and is in good standing in all jurisdictions in which the conduct of
its business requires such qualification; except where the failure to be so qualified or to be in good standing would not result in a
Material Adverse Change. The Company does not own or control, directly or indirectly, any corporation, association or other entity other
than the subsidiaries listed in Exhibit 21.1 to the Company’s Annual Report on Form 20-F for the most recently ended fiscal year
and other than (i) those subsidiaries not required to be listed as an exhibit pursuant Form 20-F, and (ii) as disclosed in the Registration
Statement and the Prospectus. Each subsidiary is a corporation or limited liability company duly incorporated or formed and validly existing
under the laws of the jurisdiction of its incorporation or formation and is in good standing under such laws. Each of the subsidiaries
has requisite corporate power to carry on its business as described in the Prospectus. Each of the subsidiaries is duly qualified to transact
business and is in good standing in all jurisdictions in which the conduct of its business requires such qualification; except where the
failure to be so qualified or to be in good standing would not result in a Material Adverse Change. Except as disclosed in the Registration
Statement and the Prospectus, all of the issued shares of capital stock of each subsidiary of the Company have been duly and validly authorized
and issued or paid in installments in accordance with applicable procedures under the laws and regulations of the People’s Republic
of China (the “PRC”) or other applicable law, are fully paid and non-assessable and, except as disclosed in
the Registration Statement the Prospectus, are owned directly or indirectly by the Company, free and clear of all liens, encumbrances,
equities or claims except for the liens and encumbrances incurred in connection with loans and other financing facilities that have been
disclosed in the Registration Statement and the Prospectus, and were issued in compliance with the laws of the PRC or other applicable
securities laws and not in violation of any preemptive right, resale right, right of first refusal or similar right. The articles of association,
by-laws and other applicable constitutional documents of each subsidiary comply with the requirements of applicable law and are in full
force and effect.

 

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(p) Share Capital Matters.
The Company has an authorized capitalization as set forth in the Registration Statement and the Prospectus. The form of certificates for
the Class A Ordinary Shares conforms to the corporate law of the jurisdiction of the Company’s incorporation. All of the issued
and outstanding Class A Ordinary Shares of the Company issued prior to the transactions contemplated by this Agreement are duly authorized
and validly issued, fully paid and nonassessable, and have been issued in compliance with all applicable securities laws, and conform
to the description thereof in the Registration Statement and the Prospectus. None of the outstanding Class A Ordinary Shares of the Company
were issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities
of the Company. All of the issued Class A Ordinary Shares of each subsidiary of the Company have been duly and validly authorized and
issued, are fully paid and nonassessable and, except as set forth in the Registration Statement and the Prospectus, are owned directly
or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims. Except for the issuances of options or restricted
shares pursuant to the Company’s incentive plans or as otherwise set forth in the Registration Statement and the Prospectus, since
the respective dates as of which information is provided in the Registration Statement or the Prospectus, the Company has not entered
into or granted any convertible or exchangeable securities, options, warrants, agreements, contracts or other rights in existence to purchase
or acquire from the Company any shares of the share capital of the Company.

 

(q) Non-Contravention of
Existing Instruments; No Further Authorizations or Approvals Required. The Company’s execution, delivery and performance of
this Agreement and consummation of the transactions contemplated hereby or by the Registration Statement and the Prospectus (including
the issuance and sale of the Placement Shares and the use of the proceeds from the sale of the Placement Shares as described in the Prospectus
under the caption “Use of Proceeds”) will not (A) result in a breach or violation of any of the terms and provisions of, or
constitute a default under, any law, order, rule or regulation to which the Company or any subsidiary is subject, or by which any property
or asset of the Company or any subsidiary is bound or affected, (B) conflict with, result in any violation or breach of, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any right of termination,
amendment, acceleration or cancellation (with or without notice, lapse of time or both) (a “Default Acceleration Event”)
of, any agreement, lease, credit facility, debt, note, bond, mortgage, indenture or other instrument (“Contract”)
or obligation or other understanding to which the Company or any subsidiary is a party or by which any property or asset of the Company
or any subsidiary is bound or affected, except to the extent that such conflict, default, or Default Acceleration Event is not reasonably
likely to result in a Material Adverse Change, or (C) result in a breach or violation of any of the terms and provisions of, or constitute
a default under, the Company’s certificate of incorporation or bylaws. Except as set forth in the Registration Statement and the
Prospectus, neither the Company nor any of its subsidiaries is in violation, breach or default under its Certificate of Incorporation,
by-laws or other equivalent organizational or governing documents. Neither the Company nor any its subsidiaries nor, to its knowledge,
any other party is in violation, breach or default of any Contract that has resulted in or could reasonably be expected to result in a
Material Adverse Change. Each approval, consent, order, authorization, designation, declaration or filing by or with any regulatory, administrative
or other governmental body necessary in connection with the execution and delivery by the Company of this Agreement and the performance
of the Company of the transactions herein contemplated has been obtained or made and is in full force and effect, except (i) with respect
to any Applicable Time at which the Sales Agent would not be able to rely on Rule 5110(h)(1)(C) of the Financial Industry Regulatory Authority,
Inc. (“FINRA”), such additional steps as may be required by FINRA, (ii) filings with the Commission required
under the Securities Act or the Exchange Act, or filings with the Exchange pursuant to the rules and regulations of the Exchange, in each
case that are contemplated by this Agreement to be made after the date of this Agreement, and (iii) such additional steps as may be necessary
to qualify the Class A Ordinary Shares for sale by the Sales Agent under state securities or Blue Sky laws.

 

    7

     

    

 

(r) No Material Actions or
Proceedings. Except as set forth in the Registration Statement and the Prospectus, there is not pending or, to the knowledge of the
Company, threatened, any action, suit or proceeding to which the Company or any of its subsidiaries is a party or of which any property
or assets of the Company or any of its subsidiaries is the subject before or by any court or governmental agency, authority or body, or
any arbitrator or mediator.

 

(s) Labor Disputes. There
is (A) no unfair labor practice complaint pending against the Company, or any of its subsidiaries, nor to the Company’s knowledge,
threatened against it or any of its subsidiaries, before the National Labor Relations Board, any state or local labor relation board or
any foreign labor relations board, and no grievance or arbitration proceeding arising out of or under any collective bargaining agreement
is so pending against the Company or any of its subsidiaries, or, to the Company’s knowledge, threatened against it and (B) no labor
disturbance by the employees of the Company or any of its subsidiaries exists or, to the Company’s knowledge, is imminent, and the
Company is not aware of any existing or imminent labor disturbance by the employees of any of its or its subsidiaries, principal suppliers,
manufacturers, customers or contractors, that could reasonably be expected, singularly or in the aggregate, to have a Material Adverse
Change. The Company is not aware that any key employee or significant group of employees of the Company or any subsidiary plans to terminate
employment with the Company or any such subsidiary. Except as described in the Registration Statement and the Prospectus, the Company
has no material obligation to provide retirement, death or disability benefits to any of the present or past employees of the Company
or any subsidiary, or any other person.

 

(t) All Necessary Permits,
etc. Except as set forth in the Registration Statement and the Prospectus, the Company and each of its subsidiaries holds, and is
in compliance with, all franchises, grants, authorizations, licenses, permits, easements, consents, certificates and orders (“Permits”)
of any governmental or self-regulatory agency, authority or body required for the conduct of its business, and all such Permits are in
full force and effect.

 

(u) Tax Law Compliance.
Other than as disclosed in the Registration Statement Package and the Prospectus or matters that would not, individually or in the aggregate,
have or reasonably be expected to result in a Material Adverse, each of the Company and its subsidiaries has (a) filed all foreign, federal,
state and local tax returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has duly
obtained extensions of time for the filing thereof and (b) paid all taxes (as hereinafter defined) shown as due and payable on such returns
that were filed and has paid all taxes imposed on or assessed against the Company or such respective subsidiary. The provisions for taxes
payable, if any, shown on the financial statements included or incorporated by reference in the Registration Statement and the Prospectus
are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated
financial statements. Other than as disclosed in the Registration Statement and the Prospectus, no issues have been raised (and are currently
pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company or its subsidiaries,
and no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company
or its subsidiaries. There are no tax liens against the assets, properties or business of the Company or any of its subsidiaries. The
term “taxes” mean all federal, state, local, foreign, and other net income, gross income, gross receipts, sales,
use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance,
stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatever,
together with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The term “returns”
means all returns, declarations, reports, statements, and other documents required to be filed in respect to taxes.

 

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(v) PFIC Status. The
Company believes that it was not a "passive foreign investment company" (a "PFIC"), as defined in Section 1297 of
the United States Internal Revenue Code of 1986, as amended, for its most recently completed taxable year and, based on the current projections
regarding the composition of the Company's income and valuation of its assets and operations, the Company does not expect to become a
PFIC in the foreseeable future.

 

(w) Company Not an “Investment
Company”. The Company is not, and will not be, either after receipt of payment for the Placement Shares or after the application
of the proceeds therefrom as described under “Use of Proceeds” in the Registration Statement or the Prospectus, required to
register as an “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company
Act”).

 

(x) Off-Balance Sheet Arrangements.
There are no transactions, arrangements and other relationships between and/or among the Company, and/or, to the knowledge of the Company,
any of its affiliates and any unconsolidated entity, including, but not limited to, any structural finance, special purpose or limited
purpose entity (each, an "Off Balance Sheet Transaction") that could reasonably be expected to affect materially the Company's
liquidity or the availability of or requirements for its capital resources, including those Off Balance Sheet Transactions described in
the Commission's Statement about Management's Discussion and Analysis of Financial Conditions and Results of Operations (Release Nos.
33-8056; 34-45321; FR-61), required to be described in the Prospectus, which have not been described as required.

 

(y) Insurance. The Company
and each of its subsidiaries carries, or is covered by, insurance in such amounts and covering such risks as is adequate for the conduct
of its business and the value of its properties and as is customary for companies engaged in similar businesses in similar industries,
and all such insurance is in full force and effect. Neither the Company nor any of its subsidiaries has reason to believe that it will
not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar
institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not result in a Material
Adverse Change.

 

(z) No Price Stabilization
or Manipulation. Neither the Company nor any of its subsidiaries has taken, directly or indirectly (without giving any effect to the
activities of the Agent), any action designed to or that might cause or result in stabilization or manipulation of the price of the Class
A Ordinary Shares or of any “reference security” (as defined in Rule 100 of Regulation M under the Exchange Act (“Regulation
M”)) with respect to the Class A Ordinary Shares, whether to facilitate the sale or resale of the Placement Shares or otherwise,
and has taken no action which would directly or indirectly violate Regulation M.

 

(aa) Related Party Transactions.
There are no business relationships or related party transactions involving the Company, any of its subsidiaries, or any other person
required to be described in the Registration Statement and the Prospectus that have not been described as required pursuant to the Securities
Act.

 

(bb) Exchange Act Compliance.
The documents incorporated or deemed to be incorporated by reference in the Registration Statement, the Prospectus or any amendment or
supplement thereto, at the time they were or hereafter are filed with the Commission under the Exchange Act, complied and will comply
in all material respects with the requirements of the Exchange Act, and, when read together with the other information in the Prospectus,
at each Point of Sale and each Settlement Date, will not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading.

 

(cc) Conformity of Issuer
Free Writing Prospectus. Each Issuer Free Writing Prospectus conformed or will conform in all material respects to the requirements
of the Securities Act on the date of first use, and the Company has complied or will comply with any filing requirements applicable to
such Issuer Free Writing Prospectus pursuant to the Securities Act. Each Issuer Free Writing Prospectus, as of its issue date and at all
subsequent times through the completion of the public offer and sale of the Placement Shares, did not, does not and will not include any
information that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus,
including any document incorporated by reference therein that has not been superseded or modified. The Company has not made any offer
relating to the Placement Shares that would constitute an Issuer Free Writing Prospectus without the prior written consent of the Sales
Agent. If at any time following the issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as
a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information then contained in the Registration
Statement or as a result of which such Issuer Free Writing Prospectus, if republished immediately following such event or development,
would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading, (i) the Company has promptly notified
or will promptly notify the Sales Agent and (ii) the Company has promptly amended or will promptly amend or supplement such Issuer Free
Writing Prospectus to eliminate or correct such conflict, untrue statement or omission. The Company has retained in accordance with the
Securities Act all Issuer Free Writing Prospectuses that were not required to be filed pursuant to the Securities Act.

 

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(dd) Cybersecurity. (i)
(x) Except as disclosed in the Registration Statement and the Prospectus, or where the breach or compromise would not, individually or
in the aggregate, reasonably be expected have a Material Adverse Change, there has been no security breach or other compromise of or relating
to any of the Company's or its subsidiaries’ information technology and computer systems, networks, hardware, software, data, equipment
or technology (collectively, "IT Systems and Data") and (y) the Company and its subsidiaries have not been notified of, and
have no knowledge of any event or condition that would reasonably be expected to result in, any security breach or other compromise to
their IT Systems and Data except where such event or condition would not, individually or in the aggregate, reasonably be expected have
a Material Adverse Change; (ii) the Company and its subsidiaries have implemented appropriate controls, policies, procedures, and technological
safeguards to maintain and protect the integrity, continuous operation, redundancy and security of their IT Systems and Data reasonably
consistent with industry standards and practices, or as required by applicable regulatory standards; and (iii) the Company and its subsidiaries
are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator
or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems
and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as
would not, in the case of this clause (iii), individually or in the aggregate, have a Material Adverse Change.

 

(ee) Compliance with Environmental
Laws. The Company and its subsidiaries are in compliance with all foreign, federal, state and local rules, laws and regulations relating
to the use, treatment, storage and disposal of hazardous or toxic substances or waste and protection of health and safety or the environment
which are applicable to their businesses (“Environmental Laws”), except where the failure to comply has not
had and would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Change. There has been no storage,
generation, transportation, handling, treatment, disposal, discharge, emission, or other release of any kind of toxic or other wastes
or other hazardous substances by, due to, or caused by the Company or any of its subsidiaries (or, to the Company’s knowledge, any
other entity for whose acts or omissions the Company or any of its subsidiaries is or may otherwise be liable) upon any of the property
now or previously owned or leased by the Company or any of its subsidiaries, or upon any other property, in violation of any law, statute,
ordinance, rule, regulation, order, judgment, decree or permit or which would, under any law, statute, ordinance, rule (including rule
of common law), regulation, order, judgment, decree or permit, give rise to any liability, except for any violation or liability which
has not had and would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Change; and there has been
no disposal, discharge, emission or other release of any kind onto such property or into the environment surrounding such property of
any toxic or other wastes or other hazardous substances with respect to which the Company or any of its subsidiaries has knowledge. The
Company and its subsidiaries have reviewed the effect of Environmental Laws on their business and assets, in the course of which they
identified and evaluated associated costs and liabilities (including, without limitation, any capital or operating expenditures required
for clean-up, closure of properties or compliance with Environmental Laws or governmental permits issued thereunder, any related constraints
on operating activities and any potential liabilities to third parties). On the basis of such review, the Company has reasonably concluded
that such associated costs and liabilities would not have, singularly or in the aggregate, a Material Adverse Change.

 

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(ff) Intellectual Property.
Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Change,
the Company and each of its subsidiaries own or possess or have valid rights to use all patents, patent applications, trademarks, service
marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights
(“Intellectual Property Rights”) necessary for the conduct of the business of the Company and its subsidiaries
as currently carried on and as described in the Registration Statement and the Prospectus. To the knowledge of the Company, no action
or use by the Company or any of its subsidiaries necessary for the conduct of their business as currently carried on and as described
in the Registration Statement and the Prospectus will involve or give rise to any infringement of, or license or similar fees for, any
Intellectual Property Rights of others, except where such action, use, license or fee is not reasonably likely to result in a Material
Adverse Change. Neither the Company nor any of its subsidiaries have received any notice alleging any such infringement, fee or conflict
with asserted Intellectual Property Rights of others. Except as would not reasonably be expected to result, individually or in the aggregate,
in a Material Adverse Change (A) to the knowledge of the Company, there is no infringement, misappropriation or violation by third parties
of any of the Intellectual Property Rights owned by the Company or any of its subsidiaries; (B) there is no pending or, to the knowledge
of the Company, threatened action, suit, proceeding or claim by others challenging the rights of the Company or any of its subsidiaries
in or to any such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis for any such
claim, that would, individually or in the aggregate, together with any other claims in this Section 6(ff), reasonably be expected
to result in a Material Adverse Change; (C) the Intellectual Property Rights owned by the Company or any of its subsidiaries and, to the
knowledge of the Company, the Intellectual Property Rights licensed to the Company have not been adjudged by a court of competent jurisdiction
invalid or unenforceable, in whole or in part, and there is no pending or, to the Company’s knowledge, threatened action, suit,
proceeding or claim by others challenging the validity or scope of any such Intellectual Property Rights, and the Company is unaware of
any facts which would form a reasonable basis for any such claim that would, individually or in the aggregate, together with any other
claims in this Section 6(ff), reasonably be expected to result in a Material Adverse Change; (D) there is no pending or, to the
Company’s knowledge, threatened action, suit, proceeding or claim by others that the Company or any of its subsidiaries infringes,
misappropriates or otherwise violates any Intellectual Property Rights or other proprietary rights of others, neither the Company nor
any of its subsidiaries has received any written notice of such claim and the Company is unaware of any other facts which would form a
reasonable basis for any such claim that would, individually or in the aggregate, together with any other claims in this Section 6(ff),
reasonably be expected to result in a Material Adverse Change; and (E) except as disclosed in the Registration Statement and the Prospectus,
to the Company’s knowledge, no employee of the Company or any of its subsidiaries is in or has ever been in violation in any material
respect of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement,
non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis of such violation
relates to such employee’s employment with the Company or any of its subsidiaries, or actions undertaken by the employee while employed
with the Company or any of its subsidiaries and could reasonably be expected to result, individually or in the aggregate, in a Material
Adverse Change. To the Company’s knowledge, all material technical information developed by and belonging to the Company or any
of its subsidiaries which has not been patented has been kept confidential. Neither the Company nor any of its subsidiaries is a party
to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any other person or entity that
are required to be set forth in the Registration Statement and the Prospectus and are not described therein. The Registration Statement
and the Prospectus contain in all material respects the same description of the matters set forth in the preceding sentence. None of the
technology employed by the Company or its subsidiaries has been obtained or is being used by the Company or any of its subsidiaries in
violation of any contractual obligation binding on the Company or any such subsidiary or, to the Company’s knowledge, any of its
or its subsidiaries’ officers, directors or employees, or otherwise in violation of the rights of any persons.

  

(gg) Brokers. Neither
the Company nor any of its subsidiaries is a party to any contract, agreement or understanding with any person (other than as contemplated
by this Agreement) that would give rise to a valid claim against the Company or any of its subsidiaries or the Sales Agent for a brokerage
commission, finder’s fee or like payment in connection with the offering and sale of the Placement Shares by the Sales Agent under
this Agreement.

 

(hh) No Outstanding Loans
or Other Indebtedness. There are no outstanding loans, advances (except normal advances for business expenses in the ordinary course
of business) or guarantees or indebtedness by the Company or any of its subsidiaries to or for the benefit of any of the officers or directors
of the Company or executive officers of any of its subsidiaries to the extent such executive officers may be deemed executive officers
of the Company, or any of their respective family members, except as disclosed in the Registration Statement and the Prospectus. The Company
has not directly or indirectly extended or maintained credit, arranged for the extension of credit, or renewed an extension of credit,
in the form of a personal loan to or for any director or executive officer of the Company, except as disclosed in the Registration Statement
and the Prospectus.

 

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(ii) No Reliance. The
Company has not relied upon the Sales Agent or legal counsel for the Sales Agent for any legal, tax or accounting advice in connection
with the offering and sale of the Placement Shares.

 

(jj) Broker-Dealer Status.
Neither the Company nor any of its related entities (i) is required to register as a “broker” or “dealer” in accordance
with the provisions of the Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls or is a “person
associated with a member” or “associated person of a member” (within the meaning of Article I of the NASD Manual administered
by FINRA). To the Company’s knowledge, there are no affiliations or associations between any member of FINRA and any of the Company’s
officers, directors or 10% or greater security holders, except as set forth in the Registration Statement.

 

(kk) Public Float Calculation.
At the time the Registration Statement and any Rule 462(b) Registration Statement was or will be filed with the Commission, at the time
the Registration Statement and any Rule 462(b) Registration Statement was or will be declared effective by the Commission, and at the
time the Company’s most recent Annual Report on Form 20-F was filed with the Commission, the Company met or will meet the then applicable
requirements for the use of Form F-3 under the Securities Act. As of the close of trading on the Exchange on December 7, 2021, the aggregate
market value of the outstanding voting and non-voting common equity (as defined in Rule 405) of the Company held by persons other than
affiliates of the Company (pursuant to Rule 144 of the Securities Act, those that directly, or indirectly through one or more intermediaries,
control, or are controlled by, or are under common control with, the Company) (the “Non-Affiliate Shares”),
was approximately $31 million (calculated by multiplying (x) the price at which the Class A Ordinary Shares of the Company was last sold
on the Exchange on December 1, 2021 by (y) the number of Non-Affiliate Shares outstanding on December 3, 2021). The Company is not a shell
company (as defined in Rule 405) and has not been a shell company for at least twelve (12) calendar months previously and if it has been
a shell company at any time previously, has filed current Form 10 information (as defined in Instruction I.B.5. of Form F-3) with the
Commission at least twelve (12) calendar months previously reflecting its status as an entity that is not a shell company.

 

(ll) FINRA Matters. All
of the information provided to the Sales Agent or to counsel for the Sales Agent by the Company, its counsel, its officers and directors
and, to the Company’s knowledge, the holders of any securities (debt or equity) or options to acquire any securities of the Company
in connection with the offering of the Placement Shares is true, complete, correct and compliant with FINRA’s rules in all material
respects and any letters, filings or other supplemental information provided to FINRA pursuant to FINRA Rules or NASD Conduct Rules is
true, complete and correct in all material respects. Except as disclosed in the Registration Statement and the Prospectus, there is no
(i) officer or director of the Company, (ii) beneficial owner of 10% or more of any class of the Company’s securities or (iii) beneficial
owner of the Company’s unregistered equity securities that were acquired during the 180-day period immediately preceding the date
of this Agreement that is an affiliate or associated person of a FINRA member participating in the offer, issuance and sale of the Placement
Shares as contemplated by this Agreement and the Registration Statement and the Prospectus (as determined in accordance with the rules
and regulations of FINRA).

  

(mm) Compliance with Orders.
Neither the Company nor any of its subsidiaries is in violation of any material judgment, decree, or order of any court, arbitrator or
other governmental authority.

 

(nn) Compliance with Certain
Applicable Laws. The Company and each of its subsidiaries: (A) is and at all times has been in compliance with all statutes, rules,
or regulations applicable to the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling,
promotion, sale, offer for sale, storage, import, export or disposal of any product manufactured or distributed by the Company (“Applicable
Laws”), except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Change;
(B) has not received any warning letter, untitled letter or other correspondence or notice from any governmental authority alleging or
asserting noncompliance with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations, permits and supplements
or amendments thereto required by any such Applicable Laws (“Authorizations”); (C) possesses all material Authorizations
and such Authorizations are valid and in full force and effect and are not in material violation of any term of any such Authorizations;
(D) has not received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from
any governmental authority or third party alleging that any product operation or activity is in violation of any Applicable Laws or Authorizations
and has no knowledge that any such governmental authority or third party is considering any such claim, litigation, arbitration, action,
suit, investigation or proceeding; (E) has not received notice that any governmental authority has taken, is taking or intends to take
action to limit, suspend, modify or revoke any Authorizations and has no knowledge that any such governmental authority is considering
such action; and (F) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records,
claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents,
forms, notices, applications, records, claims, submissions and supplements or amendments were complete and correct on the date filed (or
were corrected or supplemented by a subsequent submission).

 

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(oo) Sarbanes–Oxley
Act. There is and has been no failure on the part of the Company or any of the Company’s directors or officers, in their capacities
as such, to comply in all material respects with any applicable provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations
promulgated in connection therewith (the “Sarbanes-Oxley Act”), including Section 402 related to loans and Sections
302 and 906 related to certifications.

 

(pp) Disclosure Controls
and Procedures. Except as set forth in the Registration Statement and the Prospectus, the Company and its subsidiaries maintain systems
of “internal control over financial reporting” (as defined under Rules 13a-15 and 15d-15 under the Exchange Act) that comply
with the requirements of the Exchange Act and have been designed by, or under the supervision of, their respective principal executive
and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, including, but not limited
to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s
general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general
or specific authorization; (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and
appropriate action is taken with respect to any differences; and (v) the interactive data in eXtensible Business Reporting Language included
or incorporated by references in the Registration Statement and the Prospectus fairly present the information called for in all material
respects and are prepared in accordance with the Commission’s rules and guidelines applicable thereto. Since the date of the latest
audited financial statements included or incorporated by reference in the Registration Statement and the Prospectus, there has been no
change in the Company’s internal control over financial reporting that that could materially affect internal controls.

 

(qq) Critical Accounting
Policies. The section entitled "Item 5. Operating and Financial Review and Prospects-Operating Results-Critical Accounting Policies"
in the Company's most recent Annual Report on Form 20-F accurately describes in all material respects (A) the accounting policies that
the Company believes are the most important in the portrayal of the Company's financial condition and results of operations and that require
management's most difficult, subjective or complex judgments (“Critical Accounting Policies”); (B) the judgments
and uncertainties affecting the application of the Critical Accounting Policies; and (C) the likelihood that materially different amounts
would be reported under different conditions or using different assumptions and an explanation thereof. The Company's audit committee
of the board of directors and senior management have reviewed and agreed with the selection, application and disclosure of the Critical
Accounting Policies and have consulted with the Company's independent accountants with regard to such disclosure.

 

(rr) Foreign Private Issuer.
The Company is a "foreign private issuer" as defined in Rule 405 under the Securities Act.

 

(ss) Intentionally Reserved.
(tt) Contracts and Agreements. The agreements and documents described in the Registration Statement and the Prospectus conform
in all material respects to the descriptions thereof contained therein and there are no agreements or other documents required by the
Securities Act to be described in the Registration Statement and the Prospectus or to be filed with the Commission as exhibits to the
Registration Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or described)
to which the Company or any of its subsidiaries is a party or by which it is or may be bound or affected and (i) that is referred to in
the Registration Statement and the Prospectus, or (ii) is material to the Company’s or its subsidiaries’ business, has been
duly authorized and validly executed by the Company, is in full force and effect in all material respects and is enforceable against the
Company or any of its subsidiaries and, to the Company’s knowledge, the other parties thereto, in accordance with its terms, except
(x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights
generally, (y) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities
laws, and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable
defenses and to the discretion of the court before which any proceeding therefor may be brought. Except as disclosed in the Registration
Statement and the Prospectus, none of such agreements or instruments has been assigned by the Company or its subsidiaries, and neither
the Company, its subsidiaries nor, to the Company’s knowledge, any other party is in default thereunder and, to the Company’s
knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a default thereunder.
To the best of the Company’s knowledge, performance by the Company or any of its subsidiaries of the material provisions of such
agreements or instruments will not result in a violation of any existing applicable law, rule, regulation, judgment, order or decree of
any governmental agency or court, domestic or foreign, having jurisdiction over the Company, its subsidiaries or any of their assets or
businesses (each, a “Governmental Entity”), including, without limitation, those relating to environmental laws
and regulations.

 

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(uu) Title to Properties.
Except as set forth in the Registration Statement and the Prospectus, the Company and each of its subsidiaries have good and marketable
title in fee simple to, or have valid rights to lease or otherwise use, all items of real or personal property which are material to the
business of the Company, in each case free and clear of all liens, encumbrances, security interests, claims and defects that do not, singly
or in the aggregate, materially affect the value of such property and do not interfere with the use made and proposed to be made of such
property by the Company or any of its subsidiaries; and all of the leases and subleases material to the business of the Company, and under
which the Company or any of its subsidiaries hold properties described in the Registration Statement and the Prospectus, are in full force
and effect, and neither the Company nor any of its subsidiaries has received any notice of any material claim of any sort that has been
asserted by anyone adverse to the rights of the Company or any of its subsidiaries under any of the leases or subleases mentioned above,
or affecting or questioning the rights of the Company or any of its subsidiaries to the continued possession of the leased or subleased
premises under any such lease or sublease, which would result in a Material Adverse Change.

 

(vv) No Unlawful Contributions
or Other Payments. No payments or inducements have been made or given, directly or indirectly, to any federal or local official or
candidate for, any federal or state office in the United States or foreign offices by the Company, any of its subsidiaries or any of their
officers or directors, or, to the knowledge of the Company, by any of its employees or agents or any other person in connection with any
opportunity, contract, permit, certificate, consent, order, approval, waiver or other authorization relating to the business of the Company
or any of its subsidiaries, except for such payments or inducements as were lawful under applicable laws, rules and regulations. Neither
the Company, any of its subsidiaries, nor, to the knowledge of the Company, any director, officer, agent, employee or other person associated
with or acting on behalf of the Company or any of its subsidiaries, (i) has used any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any government
official or employee from corporate funds; or (iii) made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful
payment in connection with the business of the Company.

 

(ww) Foreign Corrupt Practices
Act. None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee, affiliate
or other person acting on behalf of the Company or any of its subsidiaries, is aware of or has taken any action, directly or indirectly,
that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations
thereunder (collectively, the “FCPA”), including, without limitation, making use of the mails or any means or
instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of
any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official”
(as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office,
in contravention of the FCPA. The Company and its subsidiaries have conducted their respective businesses in compliance with the FCPA
and have instituted and maintains policies and procedures designed to ensure, and which are reasonably expected to continue to ensure,
continued compliance therewith.

 

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(xx) Money Laundering Laws.
The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping
and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of
all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with
respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

 

(yy) OFAC. None of the
Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee, affiliate or person acting
on behalf of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets
Control of the U.S. Treasury Department (“OFAC”); and the Company will not directly or indirectly use the proceeds
of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person
or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

 

(zz) Exchange Listing.
The Class A Ordinary Shares are registered pursuant to Section 12(b) of the Exchange Act and is currently listed on the Exchange under
the trading symbol “ZCMD”. Except as disclosed in the Registration Statement and the Prospectus, there is no action pending
by the Company or, to the Company’s knowledge, the Exchange to delist the Class A Ordinary Shares from the Exchange, nor has the
Company received any notification that the Exchange is contemplating terminating such listing. The Company has no intention to delist
the Class A Ordinary Shares from the Exchange or to deregister the Class A Ordinary Shares under the Exchange Act, in either case, at
any time during the period commencing on the date of this Agreement through and including the 90th calendar day after the termination
of this Agreement. The Placement Shares have been approved for listing on the Exchange. The issuance and sale of the Placement Shares
under this Agreement does not contravene the rules and regulations of the Exchange.

 

(aaa) Margin Rules. The
Company owns no “margin securities” as that term is defined in Regulation U of the Board of Governors of the Federal Reserve
System (the “Federal Reserve Board”), and none of the proceeds from the issuance, sale and delivery of the Placement
Shares as contemplated by this Agreement and as described in the Registration Statement and the Prospectus will be used, directly or indirectly,
for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally
incurred to purchase or carry any margin security or for any other purpose which might cause any of the Class A Ordinary Shares to be
considered a “purpose credit” within the meanings of Regulation T, U or X of the Federal Reserve Board.

 

(bbb) Underwriter Agreements.
The Company is not a party to any agreement with an agent or underwriter for any other “at-the-market” or continuous equity
transaction.

 

(ccc) Board of Directors.
The qualifications of the persons serving as board members of the Company and the overall composition of the Company’s Board of
Directors comply with the applicable requirements of the Exchange Act and the Sarbanes-Oxley Act and the listing rules of the Exchange
applicable to the Company. At least one member of the Audit Committee of the Board of Directors of the Company qualifies as an “audit
committee financial expert,” as such term is defined under Regulation S-K and the listing rules of the Exchange. In addition, at
least a majority of the persons serving on the Board of Directors of the Company qualify as “independent,” as defined under
the listing rules of the Exchange.

 

(ddd) No Integration.
Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers
or sales of any security or solicited any offers to buy any security, under circumstances that would cause the offer and sale of the Placement
Shares hereunder to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration
of any such securities under the Securities Act.

 

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(eee) No Material Defaults.
Neither the Company nor any of its subsidiaries has defaulted on any installment on indebtedness for borrowed money or on any rental on
one or more long-term leases, which defaults, individually or in the aggregate, could reasonably be expected to result in a Material Adverse
Change. The Company has not filed a report pursuant to Section 13(a) or 15(d) of the Exchange Act since the filing of its last Annual
Report on Form 20-F, indicating that it (i) has failed to pay any dividend or sinking fund installment on preferred shares or (ii) has
defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually
or in the aggregate, could reasonably be expected to result in a Material Adverse Change.

 

(fff) Intentionally Reserved.

 

(ggg) Books and Records.
The minute books of the Company and each of its subsidiaries have been made available to the Sales Agent and counsel for the Sales Agent,
and such books (i) contain a substantially complete summary of all meetings and material actions of the board of directors (including
each board committee) and shareholders of the Company (or analogous governing bodies and interest holders, as applicable) and each of
its subsidiaries since the time of its respective incorporation or organization through the date of the latest meeting and action, and
(ii) accurately in all material respects reflect all transactions referred to in such minutes.

 

(hhh) Continued Business.
No supplier, customer, distributor or sales agent of the Company or any subsidiary has notified the Company or any subsidiary that it
intends to discontinue or decrease the rate of business done with the Company or any subsidiary, except where such discontinuation or
decrease has not resulted in and could not reasonably be expected to result in a Material Adverse Change.

 

(iii) Regulations. The
disclosures in the Registration Statement and the Prospectus concerning the effects of federal, state, local and all foreign regulation
on the Company’s business in the past and as currently contemplated are correct in all material respects and no other such regulations
are required to be disclosed in the Registration Statement and the Prospectus which are not so disclosed.

 

(jjj) Confidentiality and
Non-Competitions. To the Company’s knowledge, no director, officer, key employee or consultant of the Company or any of its
subsidiaries is subject to any confidentiality, non-disclosure, non-competition agreement or non-solicitation agreement with any employer
or prior employer that could reasonably be expected to materially affect his or her ability to be and act in his or her respective capacity
for the Company or to result in a Material Adverse Change.

 

(kkk) Dividend Restrictions.
Except as described in the Registration Statement and the Prospectus, no subsidiary of the Company
is prohibited or restricted, directly or indirectly, from paying dividends to the Company, or from making any other distribution with
respect to such subsidiary’s equity securities or from repaying to the Company or any other subsidiary of the Company any amounts
that may from time to time become due under any loans or advances to such subsidiary from the Company or from transferring any property
or assets to the Company or to any other subsidiary.

 

(lll) No Relationships.
No relationship, direct or indirect, exists between or among the Company, on the one hand, and the directors, officers, shareholders,
customers or suppliers of the Company, on the other hand, that is required to be described in the Registration Statement and the Prospectus
which is not so described.

 

(mmm)
PRC Overseas Investment and Listing Regulations. The Company has taken, or is in the process of taking, all reasonable steps to
comply with, and to ensure compliance by each of its shareholders, option holders, directors, officers and employees that is, or is directly
or indirectly owned or controlled by, a PRC resident or citizen with any applicable rules and regulations of the relevant PRC government
agencies (including but not limited to the Ministry of Commerce, the National Development and Reform Commission, the China Securities
Regulatory Commission (the “CSRC”) and the State Administration of Foreign Exchange (the “SAFE”))
relating to overseas investment by PRC residents and citizens or the repatriation of the proceeds from overseas offering and listing by
offshore special purpose vehicles controlled directly or indirectly by PRC companies and individuals (the “PRC Overseas Investment
and Listing Regulations”), including, without limitation, requesting each shareholder, option holder, director, officer,
employee and participant that is, or is directly or indirectly owned or controlled by, a PRC resident or citizen to complete any registration
and other procedures required under applicable PRC Overseas Investment and Listing Regulations, as applicable.

 

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(nnn)
PRC Mergers and Acquisitions Rules. The Company is aware of and has been advised as to the content of the Rules on Mergers and
Acquisitions of Domestic Enterprises by Foreign Investors and any official clarifications, guidance, interpretations or implementation
rules in connection with or related thereto (the “PRC Mergers and Acquisitions Rules”) jointly promulgated by
the Ministry of Commerce, the State-owned Assets Supervision and Administration Commission of the State Council, the State Tax Administration,
the State Administration of Industry and Commerce, the CSRC and the SAFE on August 8, 2006, as amended thereafter, including the relevant
provisions thereof which purport to require offshore special purpose entities formed for listing purposes and controlled directly or indirectly
by PRC companies or individuals to obtain the approval of the CSRC prior to the listing and trading of their securities on an overseas
stock exchange. Except as disclosed in the Registration Statement and the Prospectus, the issuance and sale of the Class A Ordinary Shares,
the listing and trading of the Class A Ordinary Shares on the Exchange and the consummation of the transactions contemplated by this Agreement
are not and will not be, as of the date hereof or at any Settlement Date, adversely affected by the PRC Mergers and Acquisitions Rules
and do not require the prior approval of the CSRC.

 

Any certificate signed by an officer of the Company
and delivered to the Sales Agent or to counsel for the Sales Agent pursuant to or in connection with this Agreement shall be deemed to
be a representation and warranty by the Company to the Sales Agent as to the matters set forth therein.

 

The Company acknowledges that the Sales Agent
and, for purposes of the opinions to be delivered pursuant to Section 7 hereof, counsel to the Company and counsel to the Sales
Agent, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.

  

7. Covenants of the Company.
The Company covenants and agrees with the Sales Agent that:

 

(a) Registration Statement
Amendments. After the date of this Agreement and during any period in which a Prospectus relating to any Placement Shares is required
to be delivered by the Sales Agent under the Securities Act (including in circumstances where such requirement may be satisfied pursuant
to Rule 153 or Rule 172 under the Securities Act), (i) the Company will notify the Sales Agent promptly of the time when any subsequent
amendment to the Registration Statement, other than documents incorporated by reference, has been filed with the Commission and/or has
become effective or any subsequent supplement to the Prospectus has been filed and of any request by the Commission for any amendment
or supplement to the Registration Statement or Prospectus or for additional information; (ii) the Company will prepare and file with the
Commission, promptly upon the Sales Agent’s reasonable request, any amendments or supplements to the Registration Statement or Prospectus
that, in the Sales Agent’s reasonable opinion, may be necessary or advisable in connection with the distribution of the Placement
Shares by the Sales Agent (provided, however, that the failure of the Sales Agent to make such request shall not relieve
the Company of any obligation or liability hereunder, or affect the Sales Agent’s right to rely on the representations and warranties
made by the Company in this Agreement, and provided, further, that the only remedy the Sales Agent shall have with respect
to the failure to make such filing shall be to cease making sales under this Agreement until such amendment or supplement is filed); (iii)
the Company will not file any amendment or supplement to the Registration Statement or Prospectus, other than documents incorporated by
reference, relating to the Placement Shares or a security convertible into the Placement Shares unless a copy thereof has been submitted
to the Sales Agent within a reasonable period of time before the filing and the Sales Agent has not reasonably objected thereto (provided,
however, that the failure of the Sales Agent to make such objection shall not relieve the Company of any obligation or liability
hereunder, or affect the Sales Agent’s right to rely on the representations and warranties made by the Company in this Agreement,
and provided, further, that the only remedy the Sales Agent shall have with respect to the failure by the Company to obtain
such consent shall be to cease making sales under this Agreement); (iv) the Company will furnish to the Sales Agent at the time of filing
thereof a copy of any document that upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus,
except for those documents available via EDGAR; and (v) the Company will cause each amendment or supplement to the Prospectus, other than
documents incorporated by reference, to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of
the Securities Act (without reliance on Rule 424(b)(8) of the Securities Act) or, in the case of any documents incorporated by reference,
to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.

 

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(b) Notice of Commission
Stop Orders. The Company will advise the Sales Agent, promptly after it receives notice or obtains knowledge thereof, of the issuance
by the Commission of any stop order suspending the effectiveness of the Registration Statement or any notice objecting to, or other order
preventing or suspending the use of, the Prospectus, of the suspension of the qualification of the Placement Shares for offering or sale
in any jurisdiction, or of the initiation of any proceeding for any such purpose or any examination pursuant to Section 8(e) of the Securities
Act, or if the Company becomes the subject of a proceeding under Section 8A of the Securities Act in connection with the offering of the
Placement Shares; and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain
its withdrawal if such a stop order should be issued. Until such time as any stop order is lifted, the Sales Agent shall cease making
offers and sales under this Agreement.

 

(c) Delivery of Prospectus;
Subsequent Changes. During any period in which a Prospectus relating to the Placement Shares is required to be delivered by the Sales
Agent under the Securities Act with respect to a pending sale of the Placement Shares (including in circumstances where such requirement
may be satisfied pursuant to Rule 153 or Rule 172 under the Securities Act), the Company will comply with all requirements imposed upon
it by the Securities Act, as from time to time in force, and to file on or before their respective due dates all reports and any definitive
proxy or information statements required to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or
any other provision of or under the Exchange Act. If during such period any event occurs as a result of which the Prospectus as then amended
or supplemented would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement
the Registration Statement or Prospectus to comply with the Securities Act, the Company will promptly notify the Sales Agent to suspend
the offering of Placement Shares during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus
(at the expense of the Company) so as to correct such statement or omission or effect such compliance; provided, however,
that the Company may delay any such amendment or supplement if, in the reasonable judgment of the Company, it is in the best interests
of the Company to do so.

 

(d) Listing of Placement
Shares. During any period in which the Prospectus relating to the Placement Shares is required to be delivered by the Sales Agent
under the Securities Act with respect to a pending sale of the Placement Shares (including in circumstances where such requirement may
be satisfied pursuant to Rule 153 or Rule 172 under the Securities Act), the Company will use its commercially reasonable efforts to cause
the Placement Shares to be listed on the Exchange and to qualify the Placement Shares for sale under the securities laws of such jurisdictions
as the Sales Agent reasonably designates and to continue such qualifications in effect so long as required for the distribution of the
Placement Shares; provided, however, that the Company shall not be required in connection therewith to qualify as a foreign
corporation or dealer in securities or file a general consent to service of process in any jurisdiction.

 

(e) Delivery of Registration
Statement and Prospectus. The Company will furnish to the Sales Agent and its counsel (at the expense of the Company) copies of the
Registration Statement, the Prospectus (including all documents incorporated by reference therein) and all amendments and supplements
to the Registration Statement or Prospectus that are filed with the Commission during any period in which a Prospectus relating to the
Placement Shares is required to be delivered under the Securities Act (including all documents filed with the Commission during such period
that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and in such quantities as the
Sales Agent may from time to time reasonably request and, at the Sales Agent’s request, will also furnish copies of the Prospectus
to each exchange or market on which sales of the Placement Shares may be made; provided, however, that the Company shall
not be required to furnish any document (other than the Prospectus) to the Sales Agent to the extent such document is available on EDGAR.

 

(f) Earnings Statement.
The Company will make generally available to its security holders as soon as practicable, but in any event not later than four months
after the end of the Company’s current fiscal year, an earnings statement of the Company and its subsidiaries (which need not be
audited) covering a 12-month period that complies with Section 11(a) and Rule 158 of the Securities Act. The terms “earnings statement”
and “make generally available to its security holders” shall have the meanings set forth in Rule 158 under the Securities
Act.

 

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(g) Expenses. The Company,
whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated in accordance with the provisions
of Section 11 hereunder, will pay the following expenses all incident to the performance of its obligations hereunder, including,
but not limited to, expenses relating to (i) the preparation, printing and filing of the Registration Statement and each amendment and
supplement thereto, of each Prospectus and of each amendment and supplement thereto, (ii) the preparation, issuance and delivery of the
Placement Shares, including any shares or other transfer taxes and any stamp or other duties payable upon the sale, issuance or delivery
of the Placement Shares to the Sales Agent, (iii) the fees and disbursements of the counsel, accountants and other advisors to the Company
in connection with the transactions contemplated by this Agreement; (iv) the qualification of the Placement Shares under securities laws
in accordance with the provisions of Section 7(d) of this Agreement, including filing fees (provided, however, that
any fees or disbursements of counsel for the Sales Agent in connection therewith shall be paid by the Sales Agent except as set forth
in (ix) below), (v) the printing and delivery to the Sales Agent of copies of the Prospectus and any amendments or supplements thereto,
and of this Agreement, (vi) the fees and expenses incurred in connection with the listing or qualification of the Placement Shares for
trading on the Exchange, (vii) the fees and expenses of the transfer agent or registrar for the Ordinary Shares; (viii) filing fees and
expenses, if any, of the Commission and the FINRA Corporate Financing Department (provided, however, that any fees or disbursements
of counsel for the Sales Agent in connection therewith shall be paid by the Sales Agent except as set forth in (ix) below) and (ix) the
Company shall reimburse the Sales Agent for its out-of-pocket expenses (including but not limited to the reasonable and documented fees
and expenses of counsel to the Sales Agent) (A) in an amount not to exceed $50,000 plus counsel’s out-of-pocket expenses, if any,
prior to the execution of this Agreement and (B)(1) in reasonable amounts to be mutually agreed upon by the Company and the Sales Agent
from time to time after the date of this Agreement for each Representation Date with respect to which the Company is obligated to deliver
a certificate pursuant to Section 7(m) for which no waiver is applicable pursuant to Section 7(m), provided with respect
to this clause (B) the Sales Agent has reasonably incurred such fees and expenses of its counsel in connection with any “bring-down”
due diligence investigation of the Company in connection with such Representation Date and (2) the Company’s reimbursement obligation
shall not exceed $7,500 per “bring-down” due diligence investigation.

 

(h) Use of Proceeds.
The Company will use the Net Proceeds as described in the Prospectus in the section entitled “Use of Proceeds.”

 

(i) Notice of Other Sales.
The Company (I) shall provide the Sales Agent notice as promptly as reasonably possible before it offers to sell, contracts to sell, sells,
grants any option to sell or otherwise disposes of any Class A Ordinary Shares (other than Placement Shares offered pursuant to the provisions
of this Agreement) or securities convertible into or exchangeable for Class A Ordinary Shares, or warrants or any rights to purchase or
acquire Class A Ordinary Shares, during the period beginning on the fifth (5th) Trading Day immediately prior to the date on
which any Placement Notice is delivered to the Sales Agent hereunder and ending on the fifth (5th) Trading Day immediately
following the final Settlement Date with respect to Placement Shares sold pursuant to such Placement Notice (or, if the Placement Notice
has been terminated or suspended prior to the sale of all Placement Shares covered by a Placement Notice, the fifth (5th) Trading
Day immediately following the date of such suspension or termination), and (II) will not directly or indirectly in any other “at-the-market”
or continuous equity transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Class A Ordinary
Shares (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Class A
Ordinary Shares, warrants or any rights to purchase or acquire, Class A Ordinary Shares prior to the termination of this Agreement; provided,
however, that such notice requirements or restrictions, as the case may be, will not be required in connection with the Company’s
issuance or sale of (i) Class A Ordinary Shares, options to purchase Class A Ordinary Shares, other equity awards or Class A Ordinary
Shares issuable upon the exercise of options or other equity awards, pursuant to any employee or director share option or benefits plan,
share ownership plan or dividend reinvestment plan of the Company whether now in effect or hereafter implemented, (ii) Class A Ordinary
Shares issuable upon exchange, conversion or redemption of securities or the exercise of warrants, options or other rights in effect or
outstanding, and disclosed in filings by the Company available on EDGAR and (iii) Class A Ordinary Shares or securities convertible into
or exchangeable for Class A Ordinary Shares as consideration for mergers, acquisitions, sale or purchase of assets or other business combinations
or strategic alliances occurring after the date of this Agreement which are not issued for capital raising purposes. Notwithstanding the
foregoing, the Company shall provide the Sales Agent notice at least two (2) days prior to pursuing any private or public offerings of
equity and/or other securities (including debt securities) in one or more transactions.

 

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(j) Change of Circumstances.
The Company will, at any time during a fiscal quarter in which the Company intends to tender a Placement Notice or sell Placement Shares,
advise the Sales Agent promptly after it shall have received notice or obtained knowledge thereof, of any information or fact that would
alter or affect in any material respect any opinion, certificate, letter or other document provided to the Sales Agent pursuant to this
Agreement.

 

(k) Due Diligence Cooperation.
The Company will cooperate with any reasonable due diligence review conducted by the Sales Agent or its agents in connection with the
transactions contemplated hereby, including, without limitation, providing information and making available documents and senior corporate
officers, during regular business hours and at the Company’s principal offices, as the Sales Agent may reasonably request.

 

(l) Required Filings Relating
to Placement of Placement Shares. The Company shall set forth in each Annual Report on Form 20-F or Report on Form 6-K filed or furnished
by the Company with the Commission in respect of any period in which sales of Placement Shares were made by or through the Sales Agent
under this Agreement, with regard to the relevant period, the amount of Placement Shares sold to or through the Sales Agent, the Net Proceeds
to the Company and the compensation payable by the Company to the Sales Agent with respect to such sales of Placement Shares. To the extent
that the filing of a prospectus supplement with the Commission with respect to any sales of Placement Shares becomes required under Rule
424(b) under the Securities Act, the Company agrees that, on or before such dates as the Securities Act shall require, the Company will
(i) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) under the Securities Act, which prospectus
supplement will set forth, with regard to the relevant period, the amount of Placement Shares sold to or through the Sales Agent, the
Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent with respect to such Placement Shares, and
(ii) deliver such number of copies of each such prospectus supplement to each exchange or market on which such sales were effected as
may be required by the rules or regulations of such exchange or market. The Company shall afford the Sales Agent and its counsel with
a reasonable opportunity to review and comment upon, shall consult with the Sales Agent and its counsel on the form and substance of,
and shall give due consideration to all such comments from the Sales Agent or its counsel on, any such filing prior to the issuance, filing
or public disclosure thereof; provided, however, that the Company shall not be required to submit for review (A) any portion of any periodic
reports filed with the Commission under the Exchange Act other than the specific disclosure relating to any sales of Placement Shares
and (B) any disclosure contained in periodic reports filed with the Commission under the Exchange Act if it shall have previously provided
the same disclosure for review in connection with a previous filing.

 

(m) Representation Dates;
Certificate. On or prior to the date the first Placement Notice is given hereunder and each time the Company (i) files the Prospectus
relating to the Placement Shares or amends or supplements the Registration Statement or the Prospectus relating to the Placement Shares
(other than (A) a prospectus supplement filed in accordance with Section 7(l) of this Agreement or (B) a supplement or amendment
that relates to an offering of securities other than the Placement Shares) by means of a post-effective amendment, sticker, or supplement
but not by means of incorporation of document(s) by reference to the Registration Statement or the Prospectus relating to the Placement
Shares; (ii) files an annual report on Form 20-F under the Exchange Act (including any Form 20-F/A containing amended financial information
or a material amendment to the previously filed Form 20-F); (iii) files a Form 6-K under the Exchange Act containing financial information
that is incorporated by reference into the Registration Statement and the Prospectus; or (iv) files or furnishes a report on Form 6-K
containing amended financial information (other than an earnings release) under the Exchange Act (each date of filing of one or more of
the documents referred to in clauses (i) through (iv) shall be a “Representation Date”), the Company shall furnish
the Sales Agent within three (3) Trading Days after each Representation Date with a certificate, in the form attached hereto as Exhibit
7(m). The requirement to provide a certificate under this Section 7(m) shall be waived for any Representation Date occurring
at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers
a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation
Date; provided, however, that such waiver shall not apply for any Representation Date on which the Company files its annual
report on Form 20-F. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares following a Representation
Date when the Company relied on such waiver and did not provide the Sales Agent with a certificate under this Section 7(m), then
before the Company delivers the Placement Notice or the Sales Agent sells any Placement Shares, the Company shall provide the Sales Agent
with a certificate, in the form attached hereto as Exhibit 7(m), dated the date of the Placement Notice.

 

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(n) Legal Opinions. On
or prior to the date the first Placement Notice is given hereunder, the Company shall cause to be furnished to the Sales Agent (i) the
written opinion and negative assurance of Hunter Taubman Fischer and Li LLC, as counsel to the Company, or other counsel reasonably satisfactory
to the Sales Agent (“SEC Counsel”), (ii) the written opinion of Ogier, as Cayman Islands counsel to the Company,
or other counsel reasonably satisfactory to the Sales Agent (“Cayman Counsel”), and (iii) the written opinion
of Zong Heng Law Firm, as PRC counsel to the Company, or other counsel reasonably satisfactory to the Sales Agent (“PRC Counsel”),
in each case substantially in the forms previously agreed between the Company and the Sales Agent. Thereafter, within three (3) Trading
Days after each Representation Date with respect to which the Company is obligated to deliver a certificate pursuant to Section 7(m)
for which no waiver is applicable pursuant to Section 7(m), and not more than once per calendar quarter, the Company shall cause
to be furnished to the Sales Agent the written opinions and negative assurance of SEC Counsel and the written opinions of Cayman Counsel
substantially in the forms previously agreed between the Company and the Sales Agent, modified, as necessary, to relate to the Registration
Statement and the Prospectus as then amended or supplemented; provided, however, that if SEC Counsel has previously furnished
to the Sales Agent such written opinions and negative assurance of such counsel, and if Cayman Counsel has previously furnished to the
Sales Agent such written opinions of such counsel, in each case substantially in the forms previously agreed between the Company and the
Sales Agent, then SEC Counsel and Cayman Counsel may, in respect of any future Representation Date, furnish the Sales Agent with a letter
signed by such counsel (each, a “Reliance Letter”) in lieu of such opinions and negative assurance of such counsel
(as applicable) to the effect that the Sales Agent may rely on the prior opinions and negative assurance of such counsel (as applicable)
delivered pursuant to this Section 7(n) to the same extent as if it were dated the date of such Reliance Letter (except that statements
in such prior opinions and negative assurance (as applicable) shall be deemed to relate to the Registration Statement and the Prospectus
as amended or supplemented to the date of such Reliance Letter).

 

(o) Comfort Letter. On
or prior to the date the first Placement Notice is given hereunder and within three (3) Trading Days after each subsequent Representation
Date with respect to which the Company is obligated to deliver a certificate pursuant to Section 7(m) for which no waiver is applicable
pursuant to Section 7(m), other than a Representation Date under Section 7(m)(iii) or Section 7(m)(iv) unless
with respect to a Representation Date under Section 7(m)(iv) the Sales Agent reasonably requests delivery thereof, the Company
shall cause its independent accountants (or its prior independent accountants to the extent such independent accountants have audited
any of the financial statements in the Prospectus) to furnish the Sales Agent letters (the “Comfort Letters”),
dated the date that the Comfort Letter is delivered, in form and substance satisfactory to the Sales Agent, (i) confirming that they are
an independent registered public accounting firm within the meaning of the Securities Act, the Exchange Act and the rules and regulations
of the PCAOB and are in compliance with the applicable requirements relating to the qualification of accountants under Rule 2-01 of Regulation
S-X of the Commission, (ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information
and other matters ordinarily covered by accountants’ “comfort letters” to the Sales Agent in connection with registered
public offerings (the first such letter, the “Initial Comfort Letter”) and (iii) updating the Initial Comfort
Letter with any information that would have been included in the Initial Comfort Letter had it been given on such date and modified as
necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.

 

(p) CFO Certification.
On or prior to the date the first Placement Notice is given hereunder and within three (3) Trading Days after each subsequent Representation
Date with respect to which the Company is obligated to deliver a certificate pursuant to Section 7(m) for which no waiver is applicable
pursuant to Section 7(m), the Company shall furnish the Sales Agent with certificates, signed on behalf of the Company by
its Chief Financial Officer (each, a “CFO Certificate”), dated the date that the CFO Certificate is delivered,
in form and substance satisfactory to the Sales Agent and its counsel, certifying as to such financial and statistical information, forward-looking
statements and other matters as the Sales Agent may reasonably request.

 

(q) Market Activities.
The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or that constitutes or might reasonably
be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale
of the Class A Ordinary Shares or (ii) sell, bid for, or purchase Class A Ordinary Shares in violation of Regulation M, or pay anyone
any compensation for soliciting purchases of the Placement Shares other than the Sales Agent.

 

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(r) Insurance. The Company
and its subsidiaries shall maintain, or cause to be maintained, insurance in such amounts and covering such risks as is reasonable and
customary for the business in which it is engaged.

 

(s) Investment Company Act.
The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor its subsidiaries or, after giving
effect to the offering and sale of the Placement Shares and the application of proceeds therefrom as described in the Prospectus, will
be, an “investment company” within the meaning of such term under the Investment Company Act.

 

(t) Securities Act and Exchange
Act. The Company will use its best efforts to comply with all requirements imposed upon it by the Securities Act and the Exchange
Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Placement Shares as
contemplated by the provisions hereof and the Prospectus.

 

(u) No Offer to Sell.
Other than the Prospectus and an Issuer Free Writing Prospectus approved in advance by the Company and the Sales Agent in its capacity
as principal or agent hereunder, neither the Sales Agent nor the Company (including its agents and representatives, other than the Sales
Agent in its capacity as such) will make, use, prepare, authorize, approve or refer to any written communication (as defined in Rule 405
under the Securities Act), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer to
buy Placement Shares hereunder.

 

(v) Sarbanes-Oxley Act.
The Company and its subsidiaries will use their reasonable best efforts to comply with all effective applicable provisions of the Sarbanes-Oxley
Act.

 

(w) Transfer Agent. The
Company shall maintain, at its sole expense, a registrar and transfer agent for the Class A Ordinary Shares.

 

(x) Sales Agent’s Own
Account. The Company consents to the Sales Agent trading in the Class A Ordinary Shares for the Sales Agent’s own account
and for the account of its clients at the same time as sales of Class A Ordinary Shares occur pursuant to this Agreement.

  

8. Conditions to the Sales
Agent’s Obligations. The obligations of the Sales Agent hereunder with respect to a Placement will be subject to the continuing
accuracy and completeness of the representations and warranties made by the Company herein, to the due performance by the Company of its
obligations hereunder, to the completion by the Sales Agent of a due diligence review satisfactory to the Sales Agent in its reasonable
judgment, and to the continuing satisfaction (or waiver by the Sales Agent in its sole discretion) of the following additional conditions:

 

(a) Registration Statement
Effective. The Registration Statement shall be effective and shall be available for the sale of all Placement Shares contemplated
to be issued by any Placement Notice which have not yet been issued and sold pursuant to such Registration Statement.

 

(b) Securities Act Filings
Made. The Company shall have filed with the Commission the ATM Prospectus pursuant to Rule 424(b) under the Securities Act not later
than the Commission’s close of business on the second Business Day following the date of this Agreement. All other filings with
the Commission required by Rule 424(b) or Rule 433 under the Securities Act to have been filed prior to the issuance of any Placement
Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424(b) (without reliance on
Rule 424(b)(8) of the Securities Act) or Rule 433, as applicable.

 

(c) No Material Notices.
None of the following events shall have occurred and be continuing: (i) receipt by the Company or any of its subsidiaries of any request
for additional information from the Commission or any other federal or state governmental authority during the period of effectiveness
of the Registration Statement, the response to which would require any post-effective amendments or supplements to the Registration Statement
or the Prospectus; (ii) the issuance by the Commission or any other federal or state governmental authority of any stop order suspending
the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt by the Company of
any notification with respect to the suspension of the qualification or exemption from qualification of any of the Placement Shares for
sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; (iv) the occurrence of any event that makes
any material statement made in the Registration Statement or the Prospectus or any material document incorporated or deemed to be incorporated
therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, related
Prospectus or such documents so that, in the case of the Registration Statement, it will not contain any materially untrue statement of
a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading
and, that in the case of the Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading.

 

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(d) No Misstatement or Material
Omission. The Sales Agent shall not have advised the Company that the Registration Statement or Prospectus, or any amendment or supplement
thereto, contains an untrue statement of fact that in the Sales Agent’s reasonable opinion is material, or omits to state a fact
that in the Sales Agent’s reasonable opinion is material and is required to be stated therein or is necessary to make the statements
therein not misleading.

 

(e) Material Changes.
Except as contemplated in the Prospectus, or disclosed in the Company’s reports filed with the Commission, there shall not have
been any material adverse change in the authorized Class A Ordinary Shares of the Company or any Material Adverse Change or any development
that could reasonably be expected to result in a Material Adverse Change, or any downgrading in or withdrawal of the rating assigned to
any of the Company’s securities (other than asset backed securities) by any rating organization or a public announcement by any
rating organization that it has under surveillance or review its rating of any of the Company’s securities (other than asset backed
securities), the effect of which, in the case of any such action by a rating organization described above, in the reasonable judgment
of the Sales Agent (without relieving the Company of any obligation or liability it may otherwise have), is so material as to make it
impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the manner contemplated by this
Agreement and the Prospectus.

 

(f) Representation Certificate.
The Sales Agent shall have received the certificate required to be delivered pursuant to Section 7(m) on or before the date on
which delivery of such certificate is required pursuant to Section 7(m).

 

(g) Legal Opinion. The
Sales Agent shall have received the opinion and negative assurances of SEC Counsel and the opinion of Cayman Counsel, PRC Counsel, and
Winston & Strawn LLP required to be delivered pursuant Section 7(n) on or before the date on which such delivery of such opinions
and negative assurances is required pursuant to Section 7(n).

 

(h) Comfort Letter. The
Sales Agent shall have received the Comfort Letter required to be delivered pursuant Section 7(o) on or before the date on which
such delivery of such Comfort Letter is required pursuant to Section 7(o).

 

(i) CFO Certificate.
The Sales Agent shall have received the CFO Certificate required to be delivered pursuant to Section 7(p) on or before the date
on which delivery of such CFO Certificate is required pursuant to Section 7(p).

 

(j) Secretary’s Certificate.
On or prior to the date the first Placement Notice is given hereunder, the Sales Agent shall have received a certificate, signed on behalf
of the Company by its corporate Secretary, certifying as to (i) the memorandum and articles of association of the Company (as the same
may be amended or restated from time to time), (ii) the resolutions of the Board of Directors of the Company (or a committee thereof)
authorizing the execution, delivery and performance of this Agreement and the issuance of the Placement Shares and (iii) the incumbency
of the officers duly authorized to execute this Agreement and the other documents contemplated by this Agreement.

 

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(k) No Suspension. Trading
in the Class A Ordinary Shares shall not have been suspended on the Exchange and the Class A Ordinary Shares shall not have been delisted
from the Exchange.

 

(l) Other Materials.
On each date on which the Company is required to deliver a certificate pursuant to Section 7(m), the Company shall have furnished
to the Sales Agent such appropriate further opinions, certificates, letters and documents as the Sales Agent may have reasonably requested.
All such opinions, certificates, letters and other documents shall have been in compliance with the provisions hereof. The Company will
furnish the Sales Agent with such conformed copies of such opinions, certificates, letters and other documents as the Sales Agent shall
have reasonably requested.

 

(m) Approval for Listing.
The Placement Shares shall either have been (i) approved for listing on the Exchange, subject only to notice of issuance, or (ii) the
Company shall have filed an application for listing of the Placement Shares on the Exchange at, or prior to, the issuance of any Placement
Notice.

 

(n) No Termination Event.
There shall not have occurred any event that would permit the Sales Agent to terminate this Agreement pursuant to Section 11(a).

 

(o) FINRA. The Sales
Agent shall have received a letter from the Corporate Financing Department of FINRA confirming that such department has determined to
raise no objection with respect to the fairness or reasonableness of the terms and arrangements related to the sale of the Placement Shares
pursuant to this Agreement.

 

9. Indemnification and
Contribution.

 

(a) Company Indemnification.
The Company agrees to indemnify and hold harmless the Sales Agent, the directors, officers, employees and agents of the Sales Agent, each
Sales Agent Affiliate, and the directors, officers, employees and agents of each Sales Agent Affiliate, if any, from and against any and
all losses, claims, liabilities, expenses and damages (including, but not limited to, any and all reasonable investigative, legal and
other expenses incurred in connection with, and any and all amounts paid in settlement (in accordance with Section 9(c)) of, any
action, suit or proceeding between any of the indemnified parties and any indemnifying parties or between any indemnified party and any
third party, or otherwise, or any claim asserted), as and when incurred, to which the Sales Agent, or any such person, may become subject
under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar
as such losses, claims, liabilities, expenses or damages arise out of or are based, directly or indirectly, on (x) any untrue statement
or alleged untrue statement of a material fact contained in the Registration Statement or the Prospectus or any amendment or supplement
thereto or in any Issuer Free Writing Prospectus or in any application or other document executed by or on behalf of the Company or based
on written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify the Class A Ordinary Shares
under the securities laws thereof or filed with the Commission, (y) the omission or alleged omission to state in any such document a material
fact required to be stated in it or necessary to make the statements in it not misleading or (z) any breach or alleged breach by any of
the indemnifying parties of any of their respective representations, warranties and agreements contained in this Agreement; provided,
however, that this indemnity agreement shall not apply to the extent that a court of competent jurisdiction has made a finding, not
subject to appeal or modification, that such loss, claim, liability, expense or damage arises from the sale of the Placement Shares pursuant
to this Agreement and is caused directly by an untrue statement or omission made in reliance upon and in strict conformity with written
information relating to the Sales Agent and furnished to the Company by the Sales Agent expressly for inclusion in any document as described
in clause (x) of this Section 9(a). This indemnity agreement will be in addition to any liability that the Company might otherwise
have.

 

    24

     

    

 

(b) The Sales Agent Indemnification.
The Sales Agent agrees to indemnify and hold harmless the Company and its directors and each officer of the Company that signed the Registration
Statement, and each person, if any, who (i) controls the Company within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act or (ii) is controlled by or is under common control with the Company (each, a “Company Affiliate”)
from and against any and all losses, claims, liabilities, expenses and damages (including, but not limited to, any and all reasonable
investigative, legal and other expenses incurred in connection with, and any and all amounts paid in settlement (in accordance with Section
9(c)) of, any action, suit or proceeding between any of the indemnified parties and any indemnifying parties or between any indemnified
party and any third party, or otherwise, or any claim asserted), as and when incurred, to which any such Company Affiliate, may become
subject under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise,
insofar as a court of competent jurisdiction has made a finding, not subject to appeal or modification, that such losses, claims, liabilities,
expenses or damages arise out of or are based, directly or indirectly, on (x) any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement or the Prospectus or any amendment or supplement thereto, or (y) the omission or alleged
omission to state in any such document a material fact required to be stated in it or necessary to make the statements in it not misleading;
provided, however, that this indemnity agreement shall apply only to the extent that such loss, claim, liability, expense
or damage is caused directly by an untrue statement or omission made in reliance upon and in strict conformity with written information
relating to the Sales Agent and furnished to the Company by the Sales Agent expressly for inclusion in any document as described in clause
(x) of this Section 9(b).

 

(c) Procedure. Any party
that proposes to assert the right to be indemnified under this Section 9 will, promptly after receipt of notice of commencement
of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this Section
9, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission
so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have to any indemnified
party otherwise than under this Section 9 and (ii) any liability that it may have to any indemnified party under the foregoing
provision of this Section 9 unless, and only to the extent that, such omission results in the forfeiture of substantive rights
or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying party
of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written
notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly
with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the
indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying
party will not be liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable
costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have
the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense
of such indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying
party, (2) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it
or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict or potential
conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which
case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) the
indemnifying party has not in fact employed counsel to assume the defense of such action within a reasonable time after receiving notice
of the commencement of the action, in each of which cases the reasonable fees, disbursements and other charges of counsel will be at the
expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more
than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such fees,
disbursements and other charges will be reimbursed by the indemnifying party promptly as they are incurred. An indemnifying party will
not, in any event, be liable for any settlement of any action or claim effected without its written consent. No indemnifying party shall,
without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending
or threatened claim, action or proceeding relating to the matters contemplated by this Section 9 (whether or not any indemnified
party is a party thereto), unless such settlement, compromise or consent includes an unconditional release of each indemnified party from
all liability arising or that may arise out of such claim, action or proceeding.

 

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(d) Contribution. In
order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs
of this Section 9 is applicable in accordance with its terms but for any reason is held to be unavailable from the Company or the
Sales Agent, the Company and the Sales Agent will contribute to the total losses, claims, liabilities, expenses and damages (including
any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action,
suit or proceeding or any claim asserted, but after deducting any contribution received by the Company from persons other than the Sales
Agent, such as persons who control the Company within the meaning of the Securities Act, officers of the Company who signed the Registration
Statement and directors of the Company, who also may be liable for contribution) to which the Company and the Sales Agent may be subject
in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Sales Agent
on the other. The relative benefits received by the Company on the one hand and the Sales Agent on the other hand shall be deemed to be
in the same proportion as the total Net Proceeds from the sale of the Placement Shares (before deducting expenses) received by the Company
bear to the total compensation received by the Sales Agent from the sale of Placement Shares on behalf of the Company. If, but only if,
the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in
such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative
fault of the Company, on the one hand, and the Sales Agent, on the other, with respect to the statements or omission that resulted in
such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with
respect to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or
the Sales Agent, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such
statement or omission. The Company and the Sales Agent agree that it would not be just and equitable if contributions pursuant to this
Section 9(d) were to be determined by pro rata allocation or by any other method of allocation that does not take into account
the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability,
expense, or damage, or action in respect thereof, referred to above in this Section 9(d) shall be deemed to include, for the
purpose of this Section 9(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating
or defending any such action or claim to the extent consistent with Section 9(c) hereof. Notwithstanding the foregoing provisions
of this Section 9(d), the Sales Agent shall not be required to contribute any amount in excess of the commissions received by it
under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section
9(d), any person who controls a party to this Agreement within the meaning of the Securities Act will have the same rights to contribution
as that party (and any officers, directors, employees or agents of the Sales Agent and each broker dealer affiliate of the Sales Agent
will have the same rights to contribution as the Sales Agent), and each officer of the Company who signed the Registration Statement and
each director of the Company will have the same rights to contribution as the Company, subject in each case to the provisions hereof.
Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which
a claim for contribution may be made under this Section 9(d), will notify any such party or parties from whom contribution may
be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation
it or they may have under this Section 9(d) except to the extent that the failure to so notify such other party materially prejudiced
the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant to the
last sentence of Section 9(c) hereof, no party will be liable for contribution with respect to any action or claim settled without
its written consent if such consent is required pursuant to Section 9(c) hereof.

 

10. Representations and
Agreements to Survive Delivery. The indemnity and contribution agreements contained in Section 9 of this Agreement and all
representations and warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of their respective
dates, regardless of (i) any investigation made by or on behalf of the Sales Agent, any controlling person of the Sales Agent, or the
Company (or any of their respective officers, directors, members or controlling persons), (ii) delivery and acceptance of the Placement
Shares and payment therefor or (iii) any termination of this Agreement.

 

11. Termination.

 

(a) The Sales Agent shall have
the right by giving notice as hereinafter specified at any time to terminate this Agreement if (i) any Material Adverse Change, or any
development that could reasonably be expected to result in a Material Adverse Change has occurred that, in the reasonable judgment of
the Sales Agent, may materially impair the ability of the Sales Agent to sell the Placement Shares hereunder, (ii) the Company shall have
failed, refused or been unable to perform any agreement on its part to be performed hereunder; provided, however, in the
case of any failure of the Company to deliver (or cause another person to deliver) any certification, opinion, or letter required under
Sections 7(m), 7(n), 7(o), 7(p) or 7(q), the Sales Agent’s right to terminate shall not arise
unless such failure to deliver (or cause to be delivered) continues for more than thirty (30) days from the date such delivery was required,
(iii) any other condition of the Sales Agent’s obligations hereunder is not fulfilled, or (iv) any suspension or limitation of trading
in the Placement Shares or in securities generally on the Exchange shall have occurred (including automatic halt in trading pursuant to
market-decline triggers, other than those in which solely program trading is temporarily halted), or a major disruption of securities
settlements or clearing services in the United States shall have occurred, or minimum prices for trading have been fixed on the Exchange.
Any such termination shall be without liability of any party to any other party except that the provisions of Section 7(g) (Expenses),
Section 9 (Indemnification and Contribution), Section 10 (Representations and Agreements to Survive Delivery), Section
11(f), Section 16 (Applicable Law; Consent to Jurisdiction) and Section 17 (Waiver of Jury Trial) hereof shall remain
in full force and effect notwithstanding such termination. If the Sales Agent elects to terminate this Agreement as provided in this Section
11(a), the Sales Agent shall provide the required notice as specified in Section 12 (Notices).

 

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(b) The Company shall have the
right, by giving ten (10) days’ notice as hereinafter specified in Section 12, to terminate this Agreement in its sole discretion
at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that
the provisions of Section 7(g), Section 9, Section 10, Section 11(f), Section 16 and Section 17
hereof shall remain in full force and effect notwithstanding such termination.

 

(c) Intentionally Left Blank

 

(d) Unless earlier terminated
pursuant to this Section 11, this Agreement shall automatically terminate upon the earlier to occur of (i) issuance and sale of
all of the Placement Shares to or through the Sales Agent on the terms and subject to the conditions set forth herein and (ii) the expiration
of the Registration Statement on the third (3rd) anniversary of the initial effective date of the Registration Statement pursuant
to Rule 415(a)(5) under the Securities Act; provided that the provisions of Section 7(g), Section 9, Section 10,
Section 11(f), Section 16 and Section 17 hereof shall remain in full force and effect notwithstanding such termination.

 

(e) This Agreement shall remain
in full force and effect unless terminated pursuant to Sections 11(a), (b), (c) or (d) above or otherwise
by mutual agreement of the parties; provided, however, that any such termination by mutual agreement shall in all cases
be deemed to provide that Section 7(g), Section 9, Section 10, Section 11(f), Section 16 and Section
17 shall remain in full force and effect.

 

(f) Any termination of this
Agreement shall be effective on the date specified in such notice of termination; provided, however, that such termination
shall not be effective until the close of business on the date of receipt of such notice by the Sales Agent or the Company, as the case
may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such termination shall not become
effective until the close of business on such Settlement Date and such Placement Shares shall settle in accordance with the provisions
of this Agreement.

 

12. Notices. All notices
or other communications required or permitted to be given by any party to any other party pursuant to the terms of this Agreement shall
be in writing, unless otherwise specified, and if sent to the Sales Agent, shall be delivered to:

 

US Tiger Securities, Inc.

437 Madison Avenue, 27th Floor,

New York, NY 10022

Attention: Tony Tian, Managing Director

Email: tony.tian@ustigersecurities.com

 

with a copy (which shall not constitute notice)
to:

 

Winston & Strawn LLP

800 Capitol Street

Suite 2400

Houston, Texas 77002

Attn: Michael Blankenship

Email: mblankenship@winston.com

 

and if to the Company, shall be delivered to:

 

Zhongchao Inc.

Nanxi Creative Center, Suite 218

841 Yan’an Middle Road

Jing’An District, Shanghai, China 200040

Attention: Weiguang Yang

Email: yangweiguang@mdmooc.org

 

with a copy (which shall not constitute notice)
to:

 

Hunter Taubman Fischer & Li LLC

800 Third Avenue, Suite 2800

New York, NY 10022

Attention: Arila Zhou

Email: azhou@htflawyers.com

 

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Each party may change such
address for notices by sending to the other party to this Agreement written notice of a new address for such purpose. Each such notice
or other communication shall be deemed given (i) when delivered personally or by verifiable facsimile transmission (with an original to
follow) on or before 4:30 p.m., New York City time, on a Business Day or, if such day is not a Business Day, on the next succeeding Business
Day, (ii) on the next Business Day after timely delivery to a nationally-recognized overnight courier and (iii) on the Business Day actually
received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid). For purposes of this
Agreement, “Business Day” shall mean any day on which the Exchange and commercial banks in the City of New York
are open for business. 

 

An electronic communication
(“Electronic Notice”) shall be deemed written notice for purposes of this Section 12 if sent to the electronic
mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed received at the time the party sending
Electronic Notice receives confirmation of receipt by the receiving party (other than pursuant to auto-reply). Any party receiving Electronic
Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (“Nonelectronic Notice”)
which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic Notice.

 

13. Successors and Assigns.
This Agreement shall inure to the benefit of and be binding upon the Company and the Sales Agent and their respective successors and permitted
assigns and, as to Sections 5(b) and 9, the other indemnified parties specified therein. References to any of the parties
contained in this Agreement shall be deemed to include the successors and permitted assigns of such party. Nothing in this Agreement,
express or implied, is intended to confer upon any other person any rights, remedies, obligations or liabilities under or by reason of
this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under this Agreement
without the prior written consent of the other party; provided, however, that the Sales Agent may assign its rights and
obligations hereunder to an affiliate of the Sales Agent without obtaining the Company’s consent and notify the Company of such
assignment within.

 

14. Adjustments for Share
Splits. The parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted to take into
account any share split, share dividend or similar event effected with respect to the Class A Ordinary Shares.

 

15. Entire Agreement; Amendment;
Severability. This Agreement (including all schedules and exhibits attached hereto and Placement Notices issued pursuant hereto) and
any other writing entered into by the parties relating to this Agreement constitutes the entire agreement and supersedes all other prior
and contemporaneous agreements and undertakings, both written and oral, among the parties hereto. Neither this Agreement nor any term
hereof may be amended except pursuant to a written instrument executed by the Company and the Sales Agent. In the event that any one or
more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable as
written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent
that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal
or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and the remainder
of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement.

 

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16. Applicable Law; Consent
to Jurisdiction.

 

(a) This Agreement shall be
governed by, and construed in accordance with, the internal laws of the State of New York, without regard to the principles of conflicts
of laws. Each party hereby irrevocably submits to the non-exclusive jurisdiction of the state and federal courts sitting in the City of
New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection with any transaction contemplated hereby,
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject
to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such
suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being
served in any such suit, action or proceeding by mailing a copy thereof (certified or registered mail, return receipt requested) to such
party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
manner permitted by law.

 

(b) The Sales Agent and the
Company agree that any suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby
may be instituted in any federal or New York State court located in the City and County of New York (a “New York Court”),
and waive any objection which they may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submit to
the non-exclusive jurisdiction of such courts in any suit, action or proceeding. The Company hereby irrevocably designates and appoints
Puglisi & Associates (the “Process Agent”) as its authorized agent upon whom process may be served in any claim
brought against the Company, it being understood that the designation and appointment of the Process Agent as such authorized agent shall
become effective immediately without any further action on the part of the Company. The Company represents to the Sales Agent that it
has notified the Process Agent of such designation and appointment and that the Process Agent has accepted the same. The Company hereby
irrevocably authorizes and directs the Process Agent to accept such service. The Company further agrees that service of process upon the
Process Agent and written notice of said service to the Company, mailed by first-class mail and delivered to the Process Agent, shall
be deemed in every respect effective service of process upon the Company in any such claim. Nothing herein shall affect the right of the
Sales Agent, its partners, directors, officers and members, any person who controls the Sales Agent within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act, or any “affiliate” (within the meaning of Rule 405 under the Securities
Act) of the Sales Agent, or the successors and assigns of all of the foregoing persons, to serve process in any other manner permitted
by law. The provisions of this Section 16 shall survive any termination of this Agreement, in whole or in part.

 

17. Waiver of Jury Trial.
The Company and the Sales Agent each hereby irrevocably waives any right it may have to a trial by jury in respect of any claim based
upon or arising out of this Agreement or any transaction contemplated hereby.

 

18. Absence of Fiduciary
Relationship. The Company acknowledges and agrees that:

 

(a) the Sales Agent is acting
solely as agent in connection with the sale of the Placement Shares contemplated by this Agreement and the process leading to such transactions,
and no fiduciary or advisory relationship between the Company or any of its respective affiliates, shareholders (or other equity holders),
creditors or employees or any other party, on the one hand, and the Sales Agent, on the other hand, has been or will be created in respect
of any of the transactions contemplated by this Agreement, irrespective of whether the Sales Agent has advised or is advising the Company
on other matters, and the Sales Agent has no obligation to the Company with respect to the transactions contemplated by this Agreement,
except the obligations expressly set forth in this Agreement;

 

(b) the Company is capable of
evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement;

 

    29

     

    

 

(c) the Sales Agent has not
provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement, and the Company
has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;

 

(d) the Company has been advised
and is aware that the Sales Agent and its affiliates are engaged in a broad range of transactions which may involve interests that differ
from those of the Company and that the Sales Agent has no obligation to disclose such interests and transactions to the Company by virtue
of any fiduciary, advisory or agency relationship; and

 

(e) the Company waives, to the
fullest extent permitted by law, any claims it may have against the Sales Agent, for breach of fiduciary duty or alleged breach of fiduciary
duty and agrees that the Sales Agent shall have no liability (whether direct or indirect, in contract, tort or otherwise) to the Company
in respect of such a fiduciary claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including
shareholders, partners, employees or creditors of the Company.

 

19. Use of Information.
The Sales Agent may not provide any information gained in connection with this Agreement and the transactions contemplated by this Agreement,
including due diligence, to any third party other than its legal counsel advising it on this Agreement unless expressly approved by the
Company in writing.

 

20. Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile transmission.

 

21. Effect of Headings;
Knowledge of the Company. The section and Exhibit headings herein are for convenience only and shall not affect the construction hereof.
All references in this Agreement to the “knowledge of the Company” or the “Company’s knowledge” or similar
qualifiers shall mean the actual knowledge of the directors and officers of the Company, after due inquiry.

 

22. Definitions. As
used in this Agreement, the following term has the meaning set forth below:

 

(a) “Applicable Time”
means the date of this Agreement, each Representation Date, each date on which a Placement Notice is given, each Point of Sale, and each
Settlement Date.

 

[Remainder of Page Intentionally Blank]

 

    30

     

    

 

If the foregoing correctly sets forth the understanding
between the Company and the Sales Agent, please so indicate in the space provided below for that purpose, whereupon this letter shall
constitute a binding agreement between the Company and the Sales Agent.

 

	 	Very truly yours,
	 	 
	 	Zhongchao Inc.
	 	 	 
	 	By:	        
	 	Name:	Weiguang Yang
	 	Title:	CEO
	 	 	 
	 	ACCEPTED as of the date first-above written:
	 	 
	 	US Tiger Securities, Inc.
	 	 	 
	 	By:	 
	 	Name:	Tony Tian
	 	Title:	Managing Director

 

    31

     

    

 

SCHEDULE 1

 

Form of Placement Notice

 

	 	From:	Zhongchao Inc.
	 	 	 
	 	To:	US Tiger Securities, Inc. Attention: [●]
	 	 	 
	 	Subject:	Placement Notice
	 	 	 
	 	Date:	_______________, 202__

  

Ladies and Gentlemen:

 

Pursuant to the terms and
subject to the conditions contained in the Sales Agreement (the “Sales Agreement”) between Zhongchao Inc., a
Cayman Islands company (the “Company”), and US Tiger Securities, Inc. (the “Sales Agent”),
dated December 17, 2021, the Company hereby requests that the Sales Agent sell up to _______ of the Company’s Class A Ordinary Shares,
par value $0.0001 per share (the “Placement Shares”), at a minimum market price of $________ per share, during
the time period beginning [month, day, time] and ending [month, day, time] [and with no more than ___________ Placement Shares sold in
any one Trading Day].

 

[The Company may include such
other sale parameters as it deems appropriate.]

 

Capitalized terms used and
not defined herein shall have the respective meanings assigned to them in the Sales Agreement.

  

    32

     

    

 

SCHEDULE 2

 

Notice Parties

 

Zhongchao Inc.

 

Attention: Mr. Weiguang Yang

841 Yan An Middle Road, Jing An District

Nanxi Creative Center, Suite 218

Shanghai, China

 

With a copy to

Hunter Taubman Fischer & Li LLC

Attention: Arila Zhou, Esq.

800 Third Avenue, Suite 2800

New York, NY

10022 

 

US Tiger Securities, Inc.

 

Attention: Tony Tian

437 Madison Avenue, 27th Floor

New York, NY

10022

 

With a copy to

Winston & Strawn LLP

Attention: Mike Blankenship

800 Capitol St., Suite 2400

Houston, TX

77002

  

    33

     

    

 

SCHEDULE 3

 

Compensation

 

The Company shall pay to the Sales Agent in cash,
upon each sale of Placement Shares through the Sales Agent pursuant to this Agreement, an amount which is calculated according to the
tiered fee schedule below:

 

	Aggregate Sales Price Received by the Sales
    Agent of the Placement Shares Sold pursuant to the Sales Agreement (before expenses) (the “Gross Sales
    Price”)	 	Tiered Rate

 (%)	 
	Less than or equals to USD $2 million	 	 	3.0	%
	From USD $2 million to $5 million	 	 	2.5	%
	From USD $5 million to $10 million	 	 	2.0	%
	From USD $10 million to $15 million	 	 	1.5	%
	USD $15 million or more	 	 	1.0	%

 

Calculation example: if the
Gross Sales Price is USD $20 million, the corresponding compensation for the sales of the Shares payable to USTS will be $360,000, see
below:

 

	Gross Sales Price	 	Tiered Rate
 (%)	 	 	Calculation Example:
 Assuming the Gross
 Sales Price is USD $20 
 million, Compensation 
 Payable to USTS	 
	Less than or equals to USD $2 million	 	 	3.0	%	 	$	60,000	 
	From USD $2 million to $5 million	 	 	2.5	%	 	$	75,000	 
	From USD $5 million to $10 million	 	 	2.0	%	 	$	100,000	 
	From USD $10 million to $15 million	 	 	1.5	%	 	$	75,000	 
	From USD $15 million to $20 million	 	 	1.0	%	 	$	50,000	 
	-	 	 	-	 	 	 	Total: $360,000	 

  

    34

     

    

 

Exhibit 7(m); Exhibit 8(f)

 

OFFICER CERTIFICATE

 

The undersigned, the duly
qualified and appointed Chief Executive Officer of Zhongchao Inc., a Cayman Islands company (the “Company”),
does hereby certify in such capacity and on behalf of the Company, pursuant to Section 7(m) of the Sales Agreement, dated December
17, 2021 (the “Sales Agreement”), between the Company and US Tiger Securities, Inc., that:

 

(i) the representations and warranties of the Company in Section
6 of the Sales Agreement (A) to the extent such representations and warranties are subject to qualifications and exceptions contained
therein relating to materiality or Material Adverse Change, are true and correct on and as of the date hereof with the same force and
effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely as of a specific
date and which were true and correct as of such date, and (B) to the extent such representations and warranties are not subject to any
qualifications or exceptions, are true and correct in all material respects as of the date hereof as if made on and as of the date hereof
with the same force and effect as if expressly made on and as of the date hereof except for those representations and warranties that
speak solely as of a specific date and which were true and correct as of such date; and;

 

(ii) the Company has complied with all agreements and satisfied
all conditions on its part to be performed or satisfied pursuant to the Sales Agreement at or prior to the date hereof;

 

(iii) as of the date hereof, (i) the Registration Statement
does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in
order to make the statements therein not misleading, (ii) the Prospectus does not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading and (iii) no event has occurred as a result of which it is necessary to amend or supplement
the Registration Statement or the Prospectus in order to make the statements therein not untrue or misleading for clauses (i) and (ii)
above, respectively, to be true and correct;

 

(iv) there has been no Material Adverse Change since the date
as of which information is given in the Prospectus, as amended or supplemented;

 

(v) the Company will not be in possession of any material non-public
information at the time of delivery of any Placement Notice and/or as long as such Placement Notice is effective; and

 

(vi) the aggregate offering price of the Placement Shares that
may be issued and sold pursuant to the Sales Agreement and the maximum number or amount of Placement Shares that may be sold pursuant
to the Sales Agreement have been duly authorized by the Company’s board of directors or a duly authorized committee thereof.

 

Terms used herein and not defined herein have
the meanings ascribed to them in the Sales Agreement.

 

	Dated:	  ____, 2021	By:	 
	 	 	Name:	Weiguang Yang
	 	 	Title:	Chief Executive Officer

 

    35

     

    

 

Exhibit 8(j)

SECRETARY’S CERTIFICATE

 

This Certificate is furnished
pursuant to Section 8(j) of the Class A Ordinary Shares Sales Agreement, dated December 17, 2021 (the “Agreement”), by and
between Zhongchao Inc. (the “Company”) and US Tiger Securities, Inc. Capitalized terms used but not otherwise defined herein
shall have the meanings ascribed to such terms in the Agreement. The undersigned, Pei Xu, Chief Financial Officer and Secretary of the
Company, hereby certifies on behalf of the Company in his capacity as an officer of the Company that:

 

		1.	Attached hereto as Exhibit A is a true, correct
and complete copy of the memorandum and articles of association of the Company (as the same may be amended or restated from time to time);

 

		2.	Attached hereto as Exhibit B is a true, correct
and complete copy of the resolution of the Board of Directors of the Company, dated _______, 2021, authorizing the execution, delivery
and performance of the Agreement and the issuance of ordinary shares of the company pursuant to the Agreement. Such resolution has not
in any way been amended, modified, revoked or rescinded, has been in full force and effect, since its adoption to and including the date
hereof and is now in full force and effect; and

 

		3.	Attached hereto as Exhibit C is a true and correct
copy the Incumbency Certificate that attests to the officers duly elected or appointed to and currently occupying the offices of the
Company as set forth therein.

 

	Dated:	 	By:	 
	 	 	Name:	Pei Xu
	 	 	Title:	Chief Financial Officer and Secretary

 

    36

     

    

 

Exhibit 7(p); Exhibit 8(i)

 

CHIEF
FINANCIAL OFFICER’S CERTIFICATE

 

This Chief Financial Officer’s
Certificate (this “Certificate”) is delivered pursuant to Section 7(p) of the Class A Ordinary Shares Sales Agreement,
dated December 17, 2021 (the “Agreement”), by and between Zhongchao Inc. (the “Company”) and US Tiger Securities,
Inc. Capitalized terms used but not defined in this Certificate shall have the respective meanings ascribed to them in the Agreement.

 

Pei Xu, Chief Financial Officer
of the Company, hereby certifies on behalf of the Company, and not in his individual capacity, as follows:

 

		1.	I am the duly qualified and acting Chief Financial Officer of
the Company, and in such capacity I am (a) responsible for the Company’s financial and accounting matters, (b) familiar with the
Company’s operations, accounting records and internal controls, and (c) qualified to certify the information certified herein.
I have reviewed the information included in the Registration Statement and the Prospectus. As of the date of the Prospectus, the time
of the effectiveness of the Registration Statement, and the date hereof, to my knowledge, they did not contain any untrue statement of
a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under
which they were made, not misleading.

 

		2.	I have reviewed the accuracy and fairness of the presentation
of such information through review of the Company’s accounting records, book-keeping and recording system and through the Company’s
other standard procedures. Any information relating to unaudited interim financial information of the Company has been prepared on a
basis substantially consistent with that of the audited financial statements of the Company included in the Registration Statement and
has been extracted and derived from the accounting records of the Company which accounting records have been subject to the Company’s
internal controls and procedures that were used to prepare the audited financial statements of the Company.

 

		3.	I have reviewed the circled information contained in the attached
Exhibit A (the “Circled Information”), which is included or incorporated by reference into the Registration
Statement and the Prospectus. With respect to the Circled Information, I have made such review and inquiries as I have deemed necessary
to confirm the accuracy and completeness of such data. In the course of such reviews and inquiries, nothing has come to my attention
that has caused me to believe that the Circled Information is not accurately derived from the Company’s accounting books, the Company’s
records or from reliable third party sources, or that such Circled Information does not fairly and accurately state the information presented
therein in all material respects.

 

		4.	I acknowledge and agree that: (a) the Sales Agent is entitled
to rely on this certificate in conducting and documenting their due diligence investigation of the Company in connection with the offering
described in the Agreement; and (b) Hunter Taubman Fischer & Li LLC, the U.S. counsel to the Company, and Winston & Strawn LLP,
counsel to the Sales Agent are entitled to rely on this certificate in connection with the opinion letters and disclosure letters those
firms will deliver pursuant to the Agreement. This certificate may not be relied upon for any other purpose or by any other party.

 

Dated:         ,
2021

 

	 	By:	
	 	Name:	Pei Xu
	 	Title:	Chief Financial Officer

 

 

37Exhibit 10.2

 

PURCHASE
AND SALE AGREEMENT

 

THIS
PURCHASE AND SALE AGREEMENT (“Agreement”), made this 25th day of October, 2021 (the “Effective
Date”), by and between POLARITYTE, INC., a Delaware corporation (“Seller”), and BCG ACQUISITIONS LLC, a
Utah limited liability company and/or assigns (“Buyer”).

 

RECITALS:

 

WHEREAS,
Seller is the tenant under a lease and has a binding legal option to purchase the Property, as hereinafter defined, having an address
of 1960 South 4250 West, Salt Lake City, State of Utah, and has agreed to sell the Property to Buyer, and Buyer has agreed to purchase
the Property from Seller, upon and subject to the terms and conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the foregoing, the mutual agreements herein contained and other good and valuable consideration to each
of the parties hereto paid by the other, the receipt and sufficiency whereof are hereby acknowledged, it is hereby mutually covenanted
and agreed by Seller and Buyer as follows:

 

1.
AGREEMENT TO SELL AND PURCHASE.

 

Seller
hereby agrees to sell and convey to Buyer and Buyer hereby agrees to purchase from Seller, subject to the terms and conditions hereafter
set forth, that certain parcel of approximately 8.37 acres located in Salt Lake County, Utah, including the following (collectively the
“Property”):

 

(a)
The real property described on Exhibit “A” attached hereto and all improvements thereon (Tax Parcel 15-18-401-005) together
with all roadways, alleys, rights-of-ways, easements, servitudes and privileges and appurtenances of Seller pertaining thereto, including
any right, title and interest of Seller in and to any streets, roads and alleys adjoining said real property (the “Real Property”);

 

(b)
All equipment, fixtures, and all other tangible and intangible personal property, if any, owned by Seller and situated on and used in
connection with the operation of the Real Property (the “Personal Property”), excluding Seller’s personal property
and trade fixtures used in connection with the operation by Seller of its operating business upon the Property;

 

(c)
All of Seller’s right, title and interest in and to all assignable governmental permits, licenses, certificates and approvals that
are unique to the ownership and operation of the Real Property; and

 

(d)
All of Seller’s right, title and interest in and to all assignable warranties of contractors, manufacturers and suppliers affecting
the Real Property or Personal Property, if any, together with any service contracts which Buyer desires to assume at Closing, as and
to the extent identified by Buyer to Seller prior to expiration of the Due Diligence Period.

 

    	1

     

    

 

Seller
is the tenant under that certain Commercial Lease Agreement dated December 12, 2017 (the “Lease”), with Adcomp LLC
as landlord (“Adcomp”). Seller’s obligation to sell the Property to Buyer and Buyer’s obligation to purchase
the Property form Seller are subject to Seller’s prior purchase of the Property under the Seller’s purchase option set forth
in the Lease, which provides, among other things, that (a) Seller give Adcomp written notice of its election to purchase the Property
not less than nine (9) months prior to the December 12, 2022 (the “Purchase Notice”), (b) Seller and Adcomp negotiate
and enter into a purchase and sale agreement for the Property that provides for Seller’s purchase of the Property prior to the
expiration date of the Lease (the “Adcomp Purchase Agreement”), (c) Seller’s earnest money deposit, and (d)
other matters pertaining to title and completion of the sale of the Property by Adcomp to Seller.

 

2.
PURCHASE PRICE.

 

Subject
to the terms and conditions contained in this Agreement, Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, the
Property for an amount equal to Seventeen Million Five Hundred Thousand and No/100 Dollars ($17,500,000.00) (the “Purchase Price”).
The Purchase Price shall be payable according to the following schedule:

 

(a)
One Hundred Fifty Thousand and 00/100 Dollars ($150,000.00) (the “Initial Deposit”) shall be deposited by Buyer with
Cottonwood Title Insurance Agency, Inc., 1996 East 6400 South, Suite 120, Salt Lake City, UT 84121 (Attn: Cort Ashton) (“Escrow
Holder”) within five (5) Business Days after the full execution of this Agreement. Buyer may terminate this Agreement for any
reason prior to the expiration of the Due Diligence Period (as defined below), in which event Buyer shall receive a refund of the Initial
Deposit. If Buyer fails to terminate this Agreement prior to the expiration of the Due Diligence Period, then this Agreement shall continue
and the Initial Deposit shall be nonrefundable to Buyer except as set forth herein. Provided this Agreement remains in effect following
the expiration of the Due Diligence Period, Buyer shall, within three (3) business days after the expiration of the Due Diligence Period,
deposit an additional Fifty Thousand and 00/100 Dollars ($50,000.00) (the “Additional Deposit”). If Buyer defaults
on its obligation to deposit such Additional Deposit, Seller may terminate this Agreement and pursue its remedies under Section 13(b)
below. The Initial Deposit and the Additional Deposit, if any (collectively the “Deposit”), at Buyer’s election,
may be placed in an interest bearing account, and shall be maintained at a federally insured bank by Escrow Holder, and the term Deposit
shall include all interest earned thereon, if any. It is understood and agreed that, except as expressly provided herein, the Deposit
shall be deemed earned by Seller and non-refundable to Buyer in all events.

 

(b)
The Deposit shall be applicable to the Purchase Price at Closing. The Purchase Price, less the Deposit, together with any and all other
amounts due and payable by Buyer on the Closing Date as set forth herein, shall be due and payable to Seller in full on or before the
Closing Date.

 

    	2

     

    

 

3.
DELIVERY OF PROPERTY DOCUMENTS

 

Within
five (5) Business Days after the Effective Date of this Agreement, Seller shall deliver, or make available for inspection, all documents
pertaining to the development, ownership, or operation of the Property, to the extent such items presently exist and are in Seller’s
possession or control, including but not limited to, any leases, licenses or other agreements permitting any party to possess, occupy
or enter into all or any portion of the Property; any existing survey of the Property; existing title commitments and/or policies; soils
reports; feasibility studies; building plans and specifications and any remeasurement documentation; operating statements for the Property
for the past two fiscal years; any lease documents that will survive Closing; environmental reports, studies, assessments, and notices;
any service, vendor, or other similar third party contracts; any documentation regarding water, sanitary sewer, gas and other utilities
serving the Property; property tax notices; evidence of insurance and any claims within the past two (2) fiscal years; copies of the
most recent monthly operating statements of the Property, engineering studies; licenses, permits, and final certificates of occupancy
relating to any buildings located on the Land; and property tax notices for the last 3 years, together with the tax bill for the current
year (collectively the “Documents”). Seller agrees to promptly supplement the Documents to the extent additional Documents
become available and to notify Buyer of the same. Except as may be expressly provided for herein, Seller does not warrant the accuracy
of any of the documents or information provided under this Section 3 and Buyer shall have no right to rely on any Documents without the
written consent of the party preparing same. In the event this Agreement is terminated prior to the Closing, Buyer shall return all copies
of the Documents to Seller, and Buyer shall be obligated to keep the contents of the Documents confidential, as further described in
Section 30. This Section 3 shall survive the termination of this Agreement.

 

4.
DUE DILIGENCE.

 

(a)
Condition of Property. Throughout the term of this Agreement and subject to Seller’s rights under the Lease, Buyer shall
be permitted to (i) conduct any examinations, inspections, reviews, studies or tests of the Property as well as the books, records, documents
and other items with respect to the operation of the Property, at Buyer’s expense, which Buyer deems necessary in its sole and
absolute discretion; (ii) contact and/or communicate with any of the tenants or employees at the Property subject to this Section 4(a);
and (iii) contact and/or communicate with any governmental authority having jurisdiction over the Property upon prior notice to Seller
(singularly and collectively, the “Inspections”). In connection with the Inspections and subject to Seller’s
rights under the Lease, Seller shall permit Buyer and its designated representatives, accountants, agents, attorneys, employees, lenders,
contractors, appraisers, architects and engineers (collectively, “Permittees”), upon at least twenty-four (24) hours’
notice and between the hours of 8:00 a.m. to 6:00 p.m., access to and entry upon the Property to conduct the Inspections. A representative
of the Seller may accompany any or all of the Permittees, provided that such right shall not cause undue delay in Buyer’s Inspections
and shall not be a condition precedent to Buyer performing the Inspections and Seller agrees to make such representative available. Buyer
will not, and will cause the Permittees to not, unreasonably interfere with, or permit unreasonable interference with, the quiet enjoyment
of the Property. Buyer shall not cause or permit any damage or injury to be done to the Property and shall be fully responsible for the
cost of any damage which may occur in connection with the activities of Buyer or its Permittees. Prior to entry on the Property, Buyer
and Buyer’s Permittees shall provide certificates of insurance naming Seller and Adcomp on commercial general liability insurance
policies covering the activities on the Property in commercially reasonable amounts.

 

    	3

     

    

 

Buyer’s
obligation to purchase the Property pursuant to this Agreement is contingent upon Buyer being satisfied, in Buyer’s sole and absolute
discretion, with the results of the Inspections on or before the expiration of the Due Diligence Period (as defined in Section 4(d) below).
This Agreement, and all of Buyer’s obligations hereunder, shall terminate, and Buyer shall receive immediate return of its Deposit,
if Buyer delivers written notice to Seller at any time prior to expiration of the Due Diligence Period electing to not proceed under
this Agreement. Accordingly, for any or no reason, prior to expiration of the Due Diligence Period, Buyer shall have the right, by providing
notice to Seller, to terminate this Agreement, whereupon Buyer shall receive immediate return of its Deposit and neither Buyer nor Seller
shall have any further rights or obligations hereunder except as may be otherwise expressly set forth herein. Notwithstanding Buyer’s
rights to conduct Inspection throughout the term of this Agreement, Buyer shall not have a right to terminate this Agreement pursuant
to this Section 4(a) following expiration the Due Diligence Period.

 

Buyer
agrees to indemnify and hold Seller and its partners, employees, agents, successors and assigns harmless from and against all losses,
claims, damages, judgments, costs and expenses (including reasonable attorneys’ fees) which any of them may incur as a result of
the inspections, investigations and tests performed by Buyer or any violation of this Section 4(a) whether the same occurred before or
after execution of this Agreement. Buyer shall not allow any mechanic’s, laborer’s, materialmen’s or any other type
of lien of any type or nature whatsoever, to be placed against the Property or any part thereof as a result of Buyer’s acts prior
to Closing. If any liens are placed against the Property as a result of Buyer’s acts prior to Closing, Buyer shall cause the same
to be released and discharged of record within ten (10) days of the filing thereof, either by payment, deposit or bond. If Buyer fails
to remove the lien within such ten (10) days, Seller shall have the right, but no obligation, to pay the amount due on the lien and collect
from Buyer all cost incurred in removal of the lien, including attorneys’ fees. The provisions of this Section shall survive the
Closing and the delivery of the Deed or any expiration or termination of this Agreement. Notwithstanding the forgoing, Buyer’s
obligations under this Section 4(a) shall not apply to the mere discovery of a pre-existing condition at the Property so long as Buyer’s
actions do not aggravate such pre-existing liability.

 

(b)
Title. Within five (5) Business Days after the execution of this Agreement, Seller shall cause Escrow Agent to deliver to Buyer
an ALTA commitment for title insurance (the “Commitment”) for the Property, along with copies of all items identified
as exceptions in the Commitment, agreeing to issue to Buyer, at the Closing, a standard owner’s policy of title insurance on ALTA
Form B-2006 for the Property in the amount of the Purchase Price, insuring the good and clear fee title, both of record and in fact,
of Buyer to the Real Property, subject only to the Permitted Exceptions (singly and collectively, the “Title Policy”).
Buyer shall pay the additional cost of the premiums for any additional or different title insurance coverage requested by Buyer, including
extended coverage and any requested title endorsements that are not the responsibility of Seller pursuant to this Agreement. The cost
of any title insurance for the Lender shall be borne by Buyer.

 

(c)
Survey. Buyer at its sole cost, shall have the right to obtain a new or updated ALTA “as built” survey of the Real
Property (the “Survey”).

 

    	4

     

    

 

(d)
Due Diligence; Title Review. The “Due Diligence Period” means the period commencing on the Effective Date and
ending at 5:00 p.m. Mountain time on the date that is thirty (30) days following the Effective Date (provided that if such date is not
a Business Day, then by 5:00 p.m. Mountain time on the immediately following Business Day). Buyer shall, on or before the end of the
Due Diligence Period (as may have been extended pursuant to the prior sentence), notify Seller in writing specifying Buyer’s title
and survey objections (the “Title Objections”), if any, to the state of title as reflected in the Commitment and the
Survey (“Buyer’s Title Notice”). All matters contained in the Commitment and the Survey, which are not listed
as Title Objections in Buyer’s Title Notice, shall be deemed to be accepted by Buyer and considered to be Permitted Exceptions
with respect to the Real Property. With respect to all Title Objections, Seller agrees, at or prior to Closing, to remove all Mandatory
Cure Items (whether or not Buyer objects in Buyer’s Title Notice); it being acknowledged that none of the Mandatory Cure Items
shall be deemed Permitted Exceptions. Seller shall notify Buyer in writing within five (5) days after it receives Buyer’s Title
Notice, except with respect to the Mandatory Cure Items, either that (i) Seller shall remove any Title Objections prior to the Closing
at no cost to Buyer (in which case Seller agrees to remove such Title Objections), and Seller shall promptly provide Buyer with evidence
satisfactory to Buyer of Seller’s ability to so remove such Title Objections; or (ii) Seller elects not to cause such Title Objections
to be removed. If Seller fails to respond to Buyer’s Title Notice within such five (5) day period, then Seller shall be deemed
to have elected not to cause all of the Title Objections set forth in the Buyer’s Title Notice to be removed on or before the Closing
Date. In the event Seller selects option (ii) or is deemed to have elected option (ii) (other than with respect to a Mandatory Cure Item),
Buyer may, at its sole election: (A) terminate this Agreement at any time prior to expiration of the Due Diligence Period, or (B) subject
to Section 4(e) hereof, elect to proceed with the Closing subject to all such Title Objections. As used in this Agreement, “Permitted
Exceptions” means all title and survey matters approved or deemed approved by Buyer in accordance with this Section 4 and all
easements, restrictions, rights-of-way and other matters of record or that would be disclosed by a survey or physical inspection of the
property, zoning and other governmental regulations, and taxes and assessments for the year 2021 and thereafter; and “Mandatory
Cure Items” means (i) mortgages, mechanics’, or any other monetary liens or encumbrance arising during the period of
Seller’s ownership of the Property by or through Seller that can be satisfied and discharged with the payment of money and are
not caused by Buyer, (ii) any item Seller expressly agrees to cause the title company to omit from, or insure over in, the Title Policy,
and (iii) any items filed by Seller or caused by Seller after the effective date of the Commitment, except to the extent approved by
Buyer in writing or caused by Buyer.

 

(e)
Final Title Review. If any title or survey matter arises between the date of the Commitment and the Closing Date that was not
contained in the Commitment and was caused by Seller, then Buyer shall have three (3) days to notify Seller in writing if Buyer objects
to such new matters (“Supplemental Title Objections”). With respect to all Supplemental Title Objections, Seller agrees,
at or prior to Closing, to remove any Mandatory Cure Items and acknowledges the same will not be Permitted Exceptions. If Seller will
be unable or fails (except with respect to Mandatory Cure Items), as applicable, to remove such Supplemental Title Objections by the
Closing Date, it shall immediately notify Buyer in writing of such fact, but not later than five (5) Business Days prior to the Closing
Date. In such event, Buyer may, at its sole election: (A) terminate this Agreement, or (B) elect to proceed with the Closing subject
to such Supplemental Title Objections.

 

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(f)
Termination. If Buyer timely elects to terminate this Agreement under any of the foregoing provisions of this Section 4, then
the Deposit and all interest earned on the Deposit shall be promptly returned to Buyer, and this Agreement shall be null and void in
all respects, and thereafter neither party shall have any further rights, liabilities or obligations hereunder, except as to those provisions
herein that expressly survive termination. If Buyer fails to deliver the written notice of termination prior to expiration of the Due
Diligence Period, then except for a Seller default hereunder (or in an event described in Sections 16 and 17 below), the Deposit shall
be fully earned by Seller and nonrefundable to Buyer.

 

5.
BUYER’S CONDITIONS.

 

Notwithstanding
anything to the contrary contained in this Agreement, Buyer’s obligation to purchase the Property is subject to Buyer’s written
approval, or Buyer’s waiver in writing, of the following matters:

 

(a)
Representations and Warranties. Seller’s representations and warranties contained herein shall be true and correct in all
material respects as of the Effective Date and the Closing Date, except for representations and warranties made as of, or limited by,
a specific date, which will be true and correct in all material respects only as of the specified date or as limited by the specified
date.

 

(b)
No Change in Condition of Property. There shall be no material change in the condition of the Property that would have a material
impact on the value of the Property, between the Effective Date and the Closing Date.

 

(c)
Lease Agreement. Commencing on the Effective Date the parties will negotiate in good faith in an effort to come to an agreement
within forty-five (45) days following the Effective Date (the “Lease Completion Period”) on the terms of a lease of a portion
of the building located on the Real Property from Buyer (or its assigns) to Seller or its affiliates with terms consistent with those
set forth in the Letter of Intent between the parties dated August 20, 2021 (the “Lease Agreement”). As and when the parties
agree upon the Lease Agreement, it will be affixed hereto under Exhibit “E” by written consent of the parties and, at that
time, incorporated herein.

 

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(d)
Acquisition Condition. Seller shall have acquired fee simple title to the Property (the “Acquisition Condition”)
pursuant to the terms of the Adcomp Purchase Agreement. If Buyer has not terminated this Agreement during the Due Diligence Period pursuant
to Section 2(a), above, then within five (5) Business Days after the last to occur of expiration of the Due Diligence Period and the
Lease Completion Period Seller shall give the Purchase Notice to Adcomp under the Lease and use commercially reasonable efforts to negotiate
and execute the Adcomp Purchase Agreement and acquire the Property under the terms of the Adcomp Purchase Agreement. In connection therewith,
Seller shall use commercially reasonable efforts to obtain rights from Adcomp to enable Buyer access to the Property to conduct inspections
as contemplated in Section 4 hereof to the extent Seller does not possess such rights under its leasehold interest in the Property. Seller
shall provide copies to Buyer of all notices, correspondence and other documents relating to the exercise of the purchase right under
the Lease. If the Acquisition Condition is not satisfied by Seller on or before March 15, 2022 (the “Outside Closing Date”)
despite Seller using commercially reasonable and diligent efforts to satisfy the Acquisition Condition, Buyer (at its option) may terminate
this Agreement by giving a notice of termination to Seller after the Outside Closing Date and before the Acquisition Condition has been
satisfied. In such case, (i) Buyer will have no further obligation to purchase the Property from Seller, (ii) Seller will have no further
obligation to sell the Property to Buyer, and (iii) the parties will have no further obligation to one another, except as otherwise expressly
provided in this Agreement with respect to obligations that survive the termination of this Agreement. In such event, the Deposit shall
be released to the Buyer. For the sake of clarity, termination of this Agreement because the Acquisition Condition is not satisfied shall
not be deemed a default by Buyer.

 

(e)
Failure of Contingency. If any contingency under this Section 5 has not been satisfied within the time periods set forth above,
then this Agreement may be terminated by written notice from Buyer to Seller, which notice shall be given not later than five (5) days
following the expiration of the time period given for the applicable contingency, except for the notice under Section 5(d), which may
be given after the Outside Closing Date. Upon any termination under this Section 5, the Deposit, and any interest earned thereon, shall
be released to Buyer and neither party will have any further rights or obligations regarding this Agreement or the Property, except as
expressly provided in those Sections hereof which expressly survive termination of this Agreement. In the event Buyer does not timely
terminate this Agreement, the termination rights under this Section 5 shall be deemed waived and the parties shall proceed to Closing.
Buyer may terminate this Agreement for any reason or no reason prior to the expiration of the last to occur of expiration of the Due
Diligence Period and the Lease Completion Period.

 

6.
SELLER’S CONDITIONS

 

Notwithstanding
anything to the contrary contained in this Agreement, Seller’s obligation to sell the Property is subject to Seller’s written
approval, or Seller’s waiver in writing, of the following matters:

 

(a)
Purchase Option. Seller’s obligations under this Agreement are conditioned upon Seller acquiring the Property from Adcomp.

 

(b)
Representations and Warranties. Buyer’s representations and warranties contained herein shall be true and correct in all
material respects as of the Effective Date and the Closing Date, except for representations and warranties made as of, or limited by,
a specific date, which will be true and correct in all material respects only as of the specified date or as limited by the specified
date.

 

(c)
Deliveries. As of the Closing Date, Buyer shall have tendered all deliveries to be made at Closing.

 

    	7

     

    

 

(d)
Actions, Suits, etc. Buyer shall not be a party to or the subject of any pending or threatened actions, suits, arbitrations, claims,
attachments, proceedings, assignments for the benefit of creditors, insolvency, bankruptcy, reorganization or other proceedings, that
would materially and adversely affect Buyer’s ability to perform its obligations under this Agreement.

 

(e)
Lease Agreement. The Lease Agreement shall be agreed to by the parties and affixed hereto under Exhibit “E” within
the Lease Completion Period.

 

(f)
Failure of Contingency. If any contingency under this Section 6 has not been satisfied within the time periods set forth above,
then this Agreement may be terminated by written notice from Seller to Buyer, which notice shall be given not later than five (5) days
following the expiration of the time period given for the applicable contingency. Upon any termination under this Section 6, the Deposit,
and any interest earned thereon, shall be released to Buyer and neither party will have any further rights or obligations regarding this
Agreement or the Property, except as expressly provided in those Sections hereof which expressly survive termination of this Agreement.
In the event Seller does not timely terminate this Agreement, the termination rights under this Section 6 shall be deemed waived and
the parties shall proceed to Closing. Seller may terminate this Agreement for any reason or no reason prior to the last to occur of expiration
of the Due Diligence Period and the Lease Completion Period.

 

7.
CLOSING, DELIVERY OF DOCUMENTS

 

(a)
Closing. The consummation of the transaction contemplated by this Agreement by delivery of documents and payments of money shall
take place at a closing (the “Closing”) on or before the date which is the later of (i) thirty (30) days following
the expiration of the Due Diligence Period, or (ii) ten (10) days following the date the Acquisition Condition is satisfied (the “Closing
Date”). Notwithstanding the foregoing, in the event that Seller has a right to extend its closing of the purchase of the Property
from Adcomp under the Lease, then Buyer may elect, by delivering to Seller written notice not less than two (2) Business Days prior to
the Closing Date, to extend the Closing Date by up to fifteen (15) calendar days, by depositing a non-refundable extension deposit equal
to $50,000 (the “Extension Deposit”). The Extension Deposit shall be applicable to the Purchase Price paid by Buyer
at Closing.

 

(b)
Closing Costs. Seller shall pay the cost of the premium for a standard form of owner’s policy of title insurance. Seller
shall pay the costs of recording the deed. Seller shall also be responsible for any prepayment penalties, defeasance costs, or other
similar costs associated with the satisfaction and repayment of any existing mortgage loans relating to the Property. Buyer shall be
responsible for all costs associated with any mortgagee title policy (if any) and any additional premiums for any title insurance above
that of a standard owner’s title insurance policy and any title endorsements requested by Buyer. Buyer shall be responsible for
all costs associated with the Survey. Buyer and Seller shall each pay one-half (1/2) of the escrow fees of Escrow Holder. Except as otherwise
provided for herein, all other closing costs shall be borne by the respective parties in a manner customary for commercial real estate
closings in Salt Lake County, Utah. Each party shall pay for its own attorneys’ fees in connection with Closing.

 

    	8

     

    

 

(c)
Prorations. Seller and Buyer agree to adjust the following as of 11:59 p.m. of the day immediately preceding the Closing Date
(the “Adjustment Date”): (i) real estate taxes and installments of special assessments and assessments due and payable
in the year of closing shall be prorated on a calendar year basis, and any assessments, water/sewer charges, utility charges, other operating
expenses and personal property taxes payable by the owner of the Property (subject to Seller’s ongoing obligation under the Lease
Agreement to be responsible for a pro rata share of such amounts); (ii) rents (subject to the terms of (d) below) and other income from
the Property, and any other obligations, if any, assumed by Buyer shall be prorated as of the Adjustment Date on the basis of the time
period for which such expenses are billed.

 

(d)
Utilities. All utilities servicing the Property shall divided, managed, and prorated as provided for in the Lease Agreement.

 

(e)
Reconciliation. Except as otherwise provided in the Lease Agreement, all items described in this Section 7 that are capable of
being prorated as of the Closing Date shall be prorated as of the Closing Date. If any of the amounts to be prorated under this Section
7 cannot be calculated with complete precision at Closing because the amount or amounts of one or more items included in such calculation
are not then known, then such calculation shall be made on the basis of the reasonable estimates of Seller and Buyer, subject to prompt
adjustment (by additional payment or refund, as necessary) within sixty (60) days of the Closing Date. This provision shall survive Closing.

 

8.
SELLER’S OBLIGATIONS AT CLOSING

 

Subject
to the terms, conditions and provisions hereof, and contemporaneously with the performance by Buyer of its obligations set forth in Section
9 below, Seller shall do the following at Closing:

 

(a)
Execute, acknowledge and deliver to Escrow Holder a Special Warranty Deed in form attached as Exhibit “B” hereto (the “Deed”).
Such deed shall be duly executed and acknowledged by Seller and in a proper form for recording.

 

(b)
Execute, acknowledge and deliver to Buyer a Bill of Sale, (the “Bill of Sale”), in the form attached hereto as Exhibit
“C” hereto.

 

(c)
Execute, acknowledge and deliver to Buyer an assignment of Seller’s interests in the property (the “General Assignment”),
in form attached hereto as Exhibit “D” hereto.

 

(d)
Execute, acknowledge and deliver to Buyer a non-foreign affidavit, properly executed, containing such information as is required by Internal
Revenue Code Section 1445(b)(2) and its regulations.

 

(e)
Execute, acknowledge and deliver to Buyer an owner’s title affidavit in form and substance acceptable to Seller, Buyer and the
Escrow Holder to permit the deletion of the so-called “standard” exceptions from the Title Policy; provided, however, that
Seller shall not be required to provide any indemnities in connection with such owner’s affidavit nor shall Seller be required
to incur any cost or liability pursuant to such owner’s affidavit, nor for extended ALTA coverage or any endorsements requested
by Buyer.

 

    	9

     

    

 

(f)
Deliver other documents as the Escrow Holder may reasonably require to consummate this transaction.

 

(g)
Execute, acknowledge and deliver to Buyer an executed counterpart of the Lease Agreement.

 

9.
BUYER’S OBLIGATIONS AT AND FOLLOWING CLOSING

 

Subject
to the terms, conditions and provisions hereof, and contemporaneously with the performance by Seller of its obligations set forth in
Section 8 hereof, Buyer shall do the following at Closing:

 

(a)
Deliver to Seller the payment set forth in Section 2 hereof, as adjusted pursuant to Section 6 hereof.

 

(b)
Execute, acknowledge and deliver to Seller the Bill of Sale.

 

(c)
Execute, acknowledge and deliver to Seller the General Assignment.

 

(d)
Execute, acknowledge and deliver to Seller an executed counterpart of the Lease Agreement.

 

(e)
Deliver other documents as the Escrow Holder may reasonably require to consummate this transaction.

 

10.
CONDITION OF PROPERTY

 

Buyer
acknowledges and agrees that Buyer has (or by the Due Diligence Date will have had the opportunity to make) such independent factual,
physical and legal examinations and inquiries as Buyer deems necessary with respect to the Property, and is relying solely upon Buyer’s
own independent factual, physical and legal investigations, examinations and inquiries in determining that the Property is suitable and
adequate in all respects for any and all activities which Buyer may elect to conduct thereon. Seller is making no representation, warranty
or other agreement or promise with respect to the Property, except as set forth in Section 15 hereof and any documents delivered at Closing.
Without limiting the generality of the foregoing sentence, Buyer acknowledges that, except as expressly set forth in the Agreement and
any documents delivered at Closing, the Property is being sold “as is,” “where is” and “with all defects”.

 

    	10

     

    

 

11.
EXPENSES

 

Each
party hereto will pay the expenses incurred by it under or in connection with this Agreement, including counsel fees and expenses of
its representatives, whether or not the transaction contemplated by this Agreement is consummated, except as otherwise specifically provided
for herein. In any action arising out of this Agreement by Buyer or Seller, the non-prevailing party shall pay the prevailing party’s
reasonable attorneys’ fees, costs, and expenses in prosecuting or defending such action.

 

12.
BROKERAGE

 

Each
party represents and warrants to the other party that no third party broker or finder has been engaged or consulted by such party or
through such party’s actions is entitled to compensation as a consequence of this transaction except CBRE, Inc. representing Seller
only. Buyer shall pay all commissions owed to such broker, which the parties acknowledge is equal to an amount of one percent (1%) of
the Purchase Price. Each party shall indemnify, defend and hold the other party harmless against any and all claims of any other brokers,
finders or the like, claiming any right to commission or compensation by or through acts of such party or such party’s partners,
agents or affiliates in connection with this Agreement. These indemnity obligations include all damages, losses, costs, liabilities and
expenses, including reasonable attorneys’ fees and litigation costs, which may be incurred by the party being indemnified. The
provisions of this Section 12 will survive the expiration or earlier termination of this Agreement.

 

13.
REMEDIES AND LIMITATIONS THEREON

 

(a)
Anything to the contrary notwithstanding, if Seller defaults in its obligations under this Agreement, Buyer’s sole remedies shall
be:

 

(i)
to seek specific performance of Seller’s obligations under this Agreement; or

 

(ii)
to waive any default and close in accordance with this Agreement; or

 

(iii)
to terminate this Agreement by notice to Seller, and receive a return of the Deposit and reimbursement by Seller of Buyer’s actual
out-of-pocket costs (in an amount not to exceed $5,000), and in such case neither party shall have any further rights or liabilities
hereunder thereafter except those which expressly survive termination hereof. In the event of termination, and if requested by Seller,
Buyer shall execute a cancellation agreement to evidence such termination.

 

(b)
If Buyer shall default in its obligations hereunder, Seller, as its sole and exclusive remedy, shall be entitled to terminate this Agreement
and recover from Buyer the sum of the Deposit as liquidated damages (the “Liquidated Damages”). Seller and Buyer agree
that in the event of a default by Buyer, the actual measure of Seller’s damages will be difficult to calculate and the Liquidated
Damages are an appropriate measure thereof and not overburdensome or a penalty. Nothing herein shall limit any damages owing to Seller
under Buyer’s indemnification obligations set forth in Section 4(a).

 

    	11

     

    

 

(c)
In the event that either party hereto delivers written notice to the Escrow Holder that it disputes the right of the other party to receive
the Deposit, the Escrow Holder may hold the Deposit or interplead the Deposit into a court of competent jurisdiction in District Court
for Salt Lake County, Utah. All attorneys’ fees and costs and Escrow Holder’s costs and expenses incurred in connection with
such interpleader shall be assessed against the party that is not awarded the Deposit or if the Deposit is distributed in part to both
Seller and Buyer, then in the inverse proportion of such distribution.

 

14.
BUYER’S REPRESENTATIONS AND WARRANTIES

 

Buyer
hereby represents and warrants to Seller as of the Effective Date, and as again as of the Closing Date, as follows:

 

(a)
Buyer has been duly organized and is validly existing as a limited liability company in good standing and is qualified to do business
in the State of Utah. Buyer has the full right and authority and has obtained any and all consents required to enter into this Agreement
and to consummate or cause to be consummated the transactions contemplated hereby. This Agreement has been, and all of the documents
to be delivered by Buyer at the Closing will be, authorized and properly executed and constitute, or will constitute, as appropriate,
the valid and binding obligation of Buyer, enforceable in accordance with their terms.

 

(b)
Buyer has the financial capacity to consummate this Agreement.

 

(c)
There is no agreement to which Buyer is a party or to Buyer’s knowledge binding on Buyer which is in conflict with this Agreement.
There is no action or proceeding pending or, to Buyer’s knowledge, threatened against Buyer which challenges or impairs Buyer’s
ability to execute or perform its obligations under this Agreement.

 

(d)
Buyer’s representations, covenants and agreements contained in this Section shall survive the closing and the delivery of the Deed
or any expiration or termination of this Agreement.

 

15.
WARRANTIES AND COVENANTS

 

(a)
Warranties. Seller hereby represents and warrants to Buyer as of the Effective Date, and as again as of the Closing Date, as follows:

 

(i)
Due Authority. This Agreement and all documents, certificates and instruments executed or to be executed by Seller in connection
with the transfer of the Property to Buyer have been or shall be duly authorized, executed and delivered, and each constitutes or shall
constitute a legal, valid and binding agreement enforceable against Seller in accordance with its terms.

 

(ii)
Compliance with Laws. Seller has received no written notification from any governmental authority, nor does it have knowledge
of, any material violations or alleged violations of (i) any applicable zoning, building, subdivision, health, safety, or any other law,
ordinance, rule, order, regulation, or requirement with respect to the Property, or (ii) any covenant, condition, restriction, instrument
or agreement affecting or relating to the Property.

 

    	12

     

    

 

(iii)
Outstanding Obligations. To Seller’s knowledge, there are no outstanding obligations binding on Seller, financial or otherwise,
for the payment of leasing commissions, unsatisfied conditions to any certificates of occupancy or any building permits, tenant improvement
work, development obligations, payment obligations owed by Seller to any third-party other than the Permitted Exceptions or which have
been disclosed by Seller to Buyer in writing, or which will be paid or discharged by Seller prior to or on the Closing Date.

 

(iv)
Actions Pending. Except as disclosed herein to Buyer, Seller has received no written notification of any proceedings (judicial
or administrative), actions, or suits (including, without limitation, any condemnation, eminent domain, annexation, land use or similar
proceedings) existing, pending, involving, or, to Seller’s knowledge, threatened against the Property or Seller specifically with
respect to the Property.

 

(v)
Seller’s Consents. Seller represents that the transaction contemplated hereby has received such approvals as may be necessary
to authorize Seller to perform its obligations hereunder, and Seller represents that no further act, consent or approval by any other
person is required of Seller to convey the Property to Buyer pursuant to this Agreement.

 

(vi)
Environmental Laws. To Seller’s knowledge, except as may be disclosed in the Documents or Inspections, (i) the Real Property
is not in material violation of any Environmental Law. To Seller’s knowledge, except as may be disclosed in the Documents or Inspections,
(ii) there has been no discharge or release of Hazardous Substances from the Real Property by Seller in material violation of any Environmental
Law, (iii) there are no Hazardous Substances or conditions in or on the Real Property that may support a claim or cause of action by
or against Seller under any Environmental Law, and (iv) there are no above-ground or underground storage tanks on the Property. As used
herein, “Hazardous Substances” means (A) those substances included within the definitions of any one or more of the
terms “hazardous substances,” “toxic pollutants”, “hazardous materials”, “toxic substances”,
and “hazardous waste” in the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601
et seq. (as amended), the Hazardous Materials Transportation Act, as amended, 49 U.S.C. Sections 1801 et seq., the Resource Conservation
and Recovery Act of 1976 as amended, 42 U.S.C. Section 6901 et seq. and Section 311 of the Clean Water Act and the regulations and publications
issued under any such laws, and in any similar federal, state or local laws or in the regulations adopted and publications promulgated
pursuant to any of the foregoing laws or which otherwise are regulated by any governmental authority, agency, department, commission,
board or instrumentality of the United States of America, the State of Utah or any political subdivision thereof (each, an “Environmental
Law”), and (B) petroleum, radon gas, lead based paint, asbestos or asbestos containing material and polychlorinated biphenyls.

 

(vii)
Rights of Others to Purchase Property. Except as disclosed to Buyer, Seller has not entered into any other contracts for the sale
of the Property which remain in place, nor, to Seller’s knowledge, are there any rights of first refusal or options to purchase
the Property that might prevent the consummation of this Agreement.

 

    	13

     

    

 

(viii)
No Third-Party Agreements. Except as otherwise disclosed in writing by Seller to Buyer, there are no other contracts or agreements
affecting the Property to which Seller is a party or of which Seller has knowledge that are not terminable prior to Closing. Seller agrees
to terminate any and all such contracts or agreements and shall be responsible for the payment of all costs or fees, if any, payable
upon termination of such agreements. Without limiting the generality of the foregoing, to Seller’s knowledge, except as may be
disclosed in the Commitment, any survey or inspection of the Property, there are no leases, occupancy agreements, licenses, or other
similar rights of access or use to the Property that will exist with respect to the Property as of the Closing Date.

 

(ix)
Condemnation. Seller has received no notices of any condemnation actions or potential takings that affect all or any portion of
the Real Property.

 

(x)
Bankruptcy. Seller is not the subject of any petition in bankruptcy or for reorganization or for an arrangement under any bankruptcy
or insolvency law or for a custodian, receiver or trustee for any property owned by Seller.

 

(b)
General Covenants. Seller hereby agrees as follows:

 

(i)
Maintenance, Repair and Management. Seller will maintain, replace, repair, manage and operate the Property from and after the
Effective Date and until Closing in the same manner as Seller has, in the ordinary course of business in the past, maintained, repaired,
managed and operated the Property ordinary wear and tear and casualty and condemnation excepted.

 

(ii)
New Service Contracts. Seller will not enter into any new service contract which does not terminate prior to Closing, unless Buyer
consents thereto in writing, such approval not to be unreasonably withheld, conditioned or delayed. Buyer shall respond to Seller within
three (3) business days of receipt of a request for approval from Seller.

 

(iii)
Leases. Seller shall not enter into new leases or any other obligations or agreements affecting the Property that will survive
Closing without the prior written consent of Buyer, which consent may be withheld in Buyer’s sole discretion.

 

(iv)
Encumbrances. Prior to the Closing Date, Seller shall not further encumber the Property.

 

(v)
Compliance with Laws. Seller shall not knowingly take any action that would result in a failure to comply in all material respects
with all applicable statutes, ordinances, regulations, orders or other laws concerning the use of the Property.

 

(vi)
Actions Pending. Seller shall notify Buyer promptly at any lawsuits, condemnation proceedings, rezoning, or other governmental
order or action or any threat thereto, actually known to Seller which might affect the Property.

 

(c)
Survival of Representations and Covenants; Limitation on Remedies. Buyer’s and Seller’s representations, warranties
and covenants in this Section shall survive Closing and the delivery of the Deed or any expiration or termination of this Agreement,
for a period of six (6) months.

 

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16.
DAMAGE TO PROPERTY

 

In
the event of damage to or destruction of all or any part of the Property by fire or other casualty (“Casualty Damage”)
prior to the Closing Date, it is agreed as follows:

 

(a)
Seller shall promptly notify Buyer of such Casualty Damage and Closing shall be extended for a period of up to thirty (30) days following
the date of such Casualty Damage, during which time Seller shall use commercially reasonable efforts to determine the cost of repairing
such Casualty Damage and provide Buyer with (i) an independent estimate of the cost of repair of such Casualty Damage (the “Cost
Estimate”) made by a reputable general contractor in the area of the Property who regularly performs the type of repair work
required and is reasonably acceptable to Buyer, and (ii) evidence of the availability of insurance proceeds (“Insurance Information”)
which (combined with any deductible amount payable by Seller) will be sufficient to cover the cost of such Casualty Damage. If, for any
reason whatsoever, Seller does not deliver the Cost Estimate and the Insurance Information to Buyer within such thirty (30) day period,
and if Buyer does not waive such requirement, then, Buyer may terminate this Agreement by written notice to Seller, whereupon the Deposit
shall be returned to Buyer, except as to any obligation which is expressly stated in this Agreement to survive termination of this Agreement.

 

(b)
If Seller provides the Cost Estimate and the Insurance Information to Buyer within such thirty (30) day period, and the Cost Estimate
is not greater than ONE HUNDRED SEVENTY-FIVE THOUSAND DOLLARS ($175,000), Seller shall assign all of Seller’s rights to the available
insurance proceeds to Buyer at Closing and, unless otherwise paid by Seller, pay to Buyer at Closing any applicable deductible amount
in respect of such insurance (as well as any insurance proceeds theretofore received by Seller in respect of such Casualty Damage) and
Closing shall occur on the Closing Date without reduction in Purchase Price.

 

(c)
If Seller provides the Cost Estimate and the Insurance Information to Buyer within such thirty (30) day period, and the Cost Estimate
is equal to or greater than ONE HUNDRED SEVENTY-FIVE THOUSAND DOLLARS ($175,000), Buyer shall have the election, exercisable within thirty
(30) days following delivery of the Cost Estimate and the Insurance Information to Buyer, to terminate this Agreement by written notice
to Seller, whereupon the Deposit shall be returned to Buyer and, except as to any obligation which is expressly stated in this Agreement
to survive termination of this Agreement, neither Seller nor Buyer shall have any further obligation under this Agreement. If Buyer does
not elect to so terminate this Agreement, the purchase and sale of the Property shall be consummated as provided in this Agreement, in
which event Seller, at Closing, shall assign to Buyer Seller’s rights to the insurance proceeds payable in respect of the Casualty
Damage and pay to Buyer the amount of the applicable deductible in respect of such insurance, and deliver to Buyer any insurance proceeds
theretofore received by Seller in respect of such Casualty Damage.

 

    	15

     

    

 

17.
CONDEMNATION OF PROPERTY

 

In
the event of condemnation or sale in lieu of condemnation of all or a portion of the Property prior to the Closing, Buyer shall have
the option, to be exercised within ten days after receipt of notice of such condemnation or sale, of (i) terminating Buyer’s obligations
under this Agreement or (ii) electing to have this Agreement remain in full force and effect. In the event Buyer elects not to terminate
Buyer’s obligations under this Agreement, Seller shall assign to Buyer any and all claims for the proceeds of such condemnation
or sale to the extent the same are applicable to the Property, and Buyer shall take title to the Property with the assignment of such
proceeds and subject to such condemnation and without reduction of the Purchase Price. Should Buyer elect to terminate Buyer’s
obligations under this Agreement under the provisions of this Section 17, the Deposit shall be returned to Buyer and neither Seller nor
Buyer shall have any further obligation under this Agreement. Notwithstanding anything to the contrary herein, if any eminent domain
or condemnation proceeding is instituted (or notice of which shall be given) solely for the taking of any subsurface rights for utility
easements or for any right-of-way easement, and the surface may, after such taking, be used in substantially the same manner as though
such rights have not been taken, Buyer shall not be entitled to terminate this Agreement as to any part of the Property, but any award
resulting therefrom shall be assigned to Buyer at Closing and shall be the exclusive property of Buyer upon Closing.

 

18.
NOTICES

 

All
notices, demands, consents, approvals or other communications which are required or desired to be given by either party shall be deemed
to have been duly given by either party upon sending if telefaxed, emailed, delivered via overnight mail (i.e. Federal Express), or personally
delivered or upon receipt if mailed, by certified mail, postage prepaid, return receipt requested, addressed to the parties as follows:

 

If
to Buyer to:

 

BCG
Acquisitions LLC

C/O
BCG Holdings

650
South 500 West

Salt
Lake City, Utah 84101

Email:
bblaser@bcgholdingsllc.com

 

If
to Seller to:

 

PolarityTE,
Inc.

1960
S. 4250 West

Salt
Lake City, UT 84104

Attn:
Mark E. Lehman, Chief Legal Officer

Email:
marklehman@polarityte.com

 

If
to Escrow Agent:

 

Cottonwood
Title Insurance Agency, Inc.

1996
Easte 6400 South, Suite 120

Salt
Lake City, UT 84121

Email:
Cort@cottonwoodtitle.com

Attn:
Cort Ashton

 

    	16

     

    

 

19.
AMENDMENT

 

Neither
this Agreement nor any terms or provision hereof may be changed, waived, discharged or terminated orally, or in any manner other than
by an instrument in writing signed by the party against which the enforcement of the change, waiver, discharge termination is sought.

 

20.
BINDING EFFECT

 

This
Agreement shall be binding upon and inure to the benefit of the respective parties, and their respective successors and permitted assigns.

 

21.
NO ASSIGNMENT

 

Seller
shall not assign its rights in this Agreement or part thereof, to any other person or entity except with Buyer’s prior written
approval, which approval shall not be unreasonably withheld by Seller. Buyer shall not assign its rights in this Agreement or part thereof,
except to an entity that is controlled by the principals of Buyer, except with Seller’s prior written approval, which approval
shall not be unreasonably withheld by Seller.

 

22.
GOVERNING LAW

 

Irrespective
of the place of execution or performance of this Agreement, this Agreement shall be governed by and construed in accordance with the
laws of the State of Utah.

 

23.
CONSTRUCTION

 

This
Agreement shall be construed without regard to any assumption or other rule requiring construction against the part causing this Agreement
to be drafted. All terms and words used in this Agreement, regardless of the number or gender in which they are used, shall be deemed
to include any other number and any other gender as the context may require. The captions of this Agreement are for convenience only
and are not to be construed as defining or limiting in any way the scope or intent of any of the provisions hereof. The unenforceability
or invalidity of any one or more of the provisions of this Agreement shall not affect the validity or enforceability of any other provisions
hereof.

 

24.
COUNTERPARTS

 

This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original.

 

25.
RECORDATION; CONFIDENTIALITY

 

(a)
Neither this Agreement nor any memorandum thereof shall be recorded by either party.

 

    	17

     

    

 

(b)
Seller and Buyer agree that each of them, including any of their respective agents, representatives or employees, shall use commercially
reasonable efforts to keep the contents and terms of this Agreement, and any information relating to the transactions contemplated hereunder,
including the Documents and any information obtained by Buyer during the Due Diligence Period, in strict confidence, and will not disclose
such information to third parties without the other party’s’ prior written consent. Notwithstanding the foregoing, either
party may disclose such information to its respective affiliates, investors, lenders, employees, agents, attorneys or consultants, or
as required by law, on the condition that such persons maintain the confidentiality of such information. The provisions of this Section
25(b) shall survive Closing.

 

26.
SECTION 1031 EXCHANGE

 

Either
party hereto may elect to seek to structure its purchase or sale, as applicable, of the Property as a tax-deferred exchange pursuant
to Section 1031 of the Internal Revenue Code of 1986, as amended, and the treasury regulations promulgated thereunder (“1031
Exchange”), subject to the limitations set forth herein. Each party shall reasonably cooperate with the other, at no material
cost to such cooperating party, in connection with the same, including, but not limited to, executing and delivering a consent to an
assignment to a qualified exchange intermediary of rights (but not obligations) under this Agreement; provided that (i) neither party
shall be required to incur any additional liabilities or financial obligations as a consequence of such cooperation, (ii) neither party
shall be relieved of its obligations, representations or warranties under this Agreement, and (iii) any attempt to structure an acquisition
or sale of the Property as a 1031 Exchange shall not be a condition to, and shall not delay or extend, the Closing. Additionally, in
connection with any 1031 Exchange, neither party shall be required to acquire title to any other property. Any risk that such an exchange
or conveyance might not qualify as a tax-deferred transaction shall also be borne solely by the party seeking to effectuate the same,
and each party acknowledges that the other has not provided, and will not provide, any tax, accounting, legal or other advice regarding
the efficacy of any attempt to structure the transaction as a 1031 Exchange. The party electing to structure its purchase or sale as
a tax deferred exchange in accordance with this section, agrees to save, protect, defend, indemnify and hold the other harmless from
any and all losses, costs, claims, liabilities, penalties, and expenses, including, without limitation, reasonable attorneys’ fees,
fees of accountants and other experts, and costs of any judicial or administrative proceeding or alternative dispute resolution to which
the other may be exposed, due to an attempt to structure the transaction as a 1031 Exchange which is not in accordance with applicable
law and customary procedures customarily employed in the completion of such exchanges.

 

27.
SOLE AGREEMENT, PRIOR AGREEMENTS

 

This
Agreement supersedes all prior negotiations, discussions, understandings and agreements between the parties, and constitutes the sole
and entire agreement of the parties respecting the subject matter hereof, and in no event shall either party be charged with any covenant,
representation, warranty, guaranty, indemnity or other agreement except to the extent expressly stated in this Agreement.

 

    	18

     

    

 

28.
NON-WAIVER OF RIGHTS

 

No
failure or delay of either party in the exercise of any right given to such party hereunder shall constitute a waiver thereof unless
the time specified herein for exercise of such right has expired, nor shall any single or partial exercise of any right preclude other
or further exercise thereof or of any other right.

 

29.
DAYS

 

The
terms “days,” as used herein, shall mean actual days occurring, including Saturdays, Sundays and holidays. The term “Business
Day” shall mean days other than Saturdays, Sundays and holidays. If any item must be accomplished or delivered hereunder on
a day that is not a business day, it shall be deemed to have been timely accomplished or delivered if accomplished or delivered on the
next following business day.

 

30.
FURTHER ASSURANCES

 

Buyer
and Seller each agree to execute any and all other documents and to take any further actions reasonably necessary to consummate the transaction
contemplated hereby.

 

31.
WAIVER OF JURY TRIAL

 

TO
THE MAXIMUM EXTENT PERMITTED BY LAW, THE PARTIES HEREBY KNOWINGLY AND UNCONDITIONALLY WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY AND ALL
CLAIMS OR CAUSES OF ACTION, OR TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, ARISING FROM OR RELATING TO THIS AGREEMENT. THE PARTIES
ACKNOWLEDGE THAT A RIGHT TO A JURY IS A CONSTITUTIONAL RIGHT, THAT THEY HAVE HAD AN OPPORTUNITY TO CONSULT WITH INDEPENDENT COUNSEL,
AND THAT THIS JURY WAIVER HAS BEEN ENTERED INTO KNOWINGLY AND VOLUNTARILY BY ALL PARTIES TO THIS AGREEMENT. IN THE EVENT OF LITIGATION,
THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

32.
TIME OF THE ESSENCE

 

Time
is of the essence in the observance of the provisions of this Agreement.

 

[Signatures
on Next Page.]

 

    	19

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth above.

 

	 	SELLER:
	 	 	 
	 	POLARITYTE,
    INC., a Delaware corporation
	 	 	 
	 	By:
    	/s/
    Richard Hague
	 	Name:	Richard
    Hague
	 	Title:
    	Chief
    Executive Officer
	 	 	 
	 	BUYER:
	 	 	 
	 	BCG
    ACQUISITIONS, LLC, a Utah limited liability company
	 	 	 
	 	By:	/s/
    Brandon Blaser
	 	Name:	Brandon
    Blaser
	 	Title:	Manager

 

List
of Exhibits:

 

	Exhibit
    “A”	Legal
    Description
	Exhibit
    “B”	Form
    of Special Warranty Deed
	Exhibit
    “C”	Form
    of Bill of Sale
	Exhibit
    “D”	Form
    of Assignment Agreement
	Exhibit
    “E”	Form
    of Lease Agreement

 

    	20

     

    

 

JOINDER
BY ESCROW HOLDER

 

Cottonwood
Title Insurance Agency, Inc., referred to in this Agreement as the “Escrow Holder,” hereby acknowledges that it received
this Agreement executed by Seller and Buyer on the 25 day of October, 2021, and accepts the obligations of the Escrow Holder as set forth
herein. It further acknowledges that it received the Initial Deposit on the 28th day of October, 2021. The Escrow Holder hereby agrees
to hold and distribute the Deposit in accordance with the terms and provisions of this Agreement. It further acknowledges that it hereby
assumes all responsibilities for information reporting required under the Internal Revenue Code.

 

	 	COTTONWOOD
    TITLE INSURANCE AGENCY, INC.
	 	 	 
	 	By:	/s/
    Cortland G. Ashton
	 	Name:	Cortland
    G. Ashton
	 	Its:	V.P.
	 	Date:	October
    28, 2021

 

    	21

     

    

 

EXHIBIT
“A”

 

(Description
of Property)

 

The
property located in the southeast quarter of Section 18, Township 1 South, Range 1 West, Salt Lake Base and Meridian, at 1960 South 4250
West, Salt Lake City, Utah, Parcel No. 15-18-401-005.

 

    	A-1

    	 

    

 

EXHIBIT
“B”

 

(Form
of Special Warranty Deed)

 

AFTER
RECORDING RETURN TO:

 

	 	
		
	 	
	 	
	 	 

 

Parcel
No. ____________________

 

 

 

SPECIAL
WARRANTY DEED

 

_______________________,
a _______________ (“Grantor”), having an address of _________________________, in consideration of Ten Dollars ($10.00) and
other good and valuable consideration, hereby conveys and warrants against all claiming by, through or under Grantor, but only against
Grantor’s own actions and no other actions (or inactions) of any other party whatsoever, to (“Grantee”), having an
address at , the following described tract of land located in Salt Lake County, State of Utah:

 

See
Exhibit A, attached hereto and incorporated herein by reference.

 

TOGETHER
WITH all easements, improvements, fixtures, rights, tenements, hereditaments and appurtenances thereto belonging or in any wise appertaining
thereto; and together with all improvements located thereon.

 

SUBJECT
to all easements, restrictions, rights-of-way and other matters of record or that would be disclosed by a survey or physical inspection
of the property, zoning and other governmental regulations, and taxes and assessments for the year 2021 and thereafter.

 

[Signature
Page Follows]

 

    	B-1

    	 

    

 

IN
WITNESS WHEREOF, Grantor executed this Special Warranty Deed this ____ day of ________, 2021.

 

	 	GRANTOR:
	 	 
	 	___________________, a ________________
	 	 	 
	 	By:	                                                 
	 	Name:	 
	 	Title:	 

 

	STATE
  OF UTAH	)
		) ss.
	COUNTY OF ______________ 	)

 

The
foregoing instrument was acknowledged before me this ____ day of ___________, 2021, by _____________________, as _____________ of __________________.

 

	 	 
	 	Notary
  Public

 

    	B-2

    	 

    

 

EXHIBIT
“C”

 

(Form
of Bill of Sale)

 

BILL
OF SALE

 

This
Bill of Sale (“Bill of Sale “) is made this _____ day of ______, 2021, by and between _______________________ (“Assignor”),
and ____________________ (“Assignee”). Capitalized terms used herein without definition shall have the respective meanings
set forth in that certain Purchase Agreement between Assignor and Assignee dated ____________ __, 2021 (as amended, the “Agreement”).

 

RECITALS

 

Assignee,
in connection with Assignee’s purchase of the Property from Assignor, wishes to acquire Assignor’s interest in the Personalty
(as defined below), and Assignor wishes to transfer all of Assignor’s interest under the Personalty to Assignee.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants hereinafter contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.
Bill of Sale. Assignor hereby sells, transfers, assigns and conveys to Assignee all tangible personal property (“Personalty”)
set forth in the inventory on Exhibit A attached hereto and made a part hereof, and located on, and used in connection with the
management, maintenance or operation of that certain land and improvements located at 1960 South 4250 West, Salt Lake City, State of
Utah, as more particularly described in Exhibit B attached hereto and made a part hereof (“Real Property”), but excluding
trade fixtures and tangible personal property owned or leased by Assignor.

 

2.
As Is. The Personalty conveyed hereunder is conveyed by Assignor and accepted by Assignee AS IS, WHERE IS, AND WITHOUT ANY WARRANTIES
OF WHATSOEVER NATURE, EXPRESS OR IMPLIED, EXCEPT AS EXPRESSLY SET FORTH IN THE PURCHASE AGREEMENT, IT BEING THE INTENTION OF ASSIGNOR
AND ASSIGNEE EXPRESSLY TO NEGATE AND EXCLUDE ALL WARRANTIES, INCLUDING, WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY
AND FITNESS FOR ANY PARTICULAR PURPOSE, WARRANTIES CREATED BY ANY AFFIRMATION OF FACT OR PROMISE OR BY ANY DESCRIPTION OF THE PROPERTY
CONVEYED HEREUNDER, OR BY ANY SAMPLE OR MODEL THEREOF, AND ALL OTHER WARRANTIES WHATSOEVER CONTAINED IN OR CREATED BY THE UNIFORM COMMERCIAL
CODE.

 

    	C-1

    	 

    

 

3.
Miscellaneous

 

(a)
The covenants and conditions contained herein shall apply to, be binding upon, and shall inure to the benefit of each of the parties
hereto and their respective successors in interest and assigns.

 

(b)
In the event a suit, action, arbitration, or other proceeding of any nature whatsoever, including, without limitation, any proceeding
under the U.S. Bankruptcy Code, is instituted, or the services of an attorney are retained, to interpret or enforce any provision of
this Assignment or with respect to any dispute relating to this Assignment, the prevailing party shall be entitled to recover from the
losing party its reasonable attorneys’, paralegals’, accountants’, and other experts’ fees and all other fees,
costs, and expenses actually incurred and reasonably necessary in connection therewith. In the event of suit, action, arbitration, or
other proceeding, the amount thereof shall be determined by the judge or arbitrator, shall include fees and expenses incurred on any
appeal or review, and shall be in addition to all other amounts provided by law.

 

(c)
This Bill of Sale may be signed in counterparts. 

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Bill of Sale on the day and year first above written.

 

	 	ASSIGNOR:	 
	 	 	 
	 	 	                                	,
	 	a	 

 

	 	By:	                                
	 	 	 
	 	ASSIGNEE:

 

	 	 	 	,
	 	a	 

 

	 	By:	                                
	 	Its:	

 

    	C-2

    	 

    

 

EXHIBIT
“D”

 

(Form
of Assignment Agreement)

 

ASSIGNMENT
AGREEMENT

 

THIS
ASSIGNMENT AGREEMENT (“Assignment”) is made and entered into to be effective as of the date and year hereinafter written
by the ____________________________, a ___________________ (“Assignor”), and , a (“Assignee”).

 

RECITALS

 

A.
Assignor, as of the date hereof, has conveyed to Assignee the real property described in Exhibit A attached hereto and incorporated
herein by reference, and the improvements situated thereon (collectively, the “Property”); and,

 

B.
In connection with Assignor’s conveyance of the Property to Assignee, Assignor has agreed to assign to Assignee, and Assignee has
agreed to accept, certain rights that Assignor has by reason of Assignor’s ownership and operation of the property.

 

NOW,
THEREFORE, for and in consideration of the foregoing recital, and certain good and valuable consideration delivered by Assignee to Assignor,
the receipt and sufficiency of which are hereby acknowledged by Assignor, as follows:

 

1.
Assignment. Assignor hereby assigns and transfers to Assignee, Assignee’s successors and assigns, Assignor’s rights,
title and interest in and to the following (collectively, the “Personal Property”):

 

(a)
All assignable maintenance, service equipment, garbage disposal, security, pest control, laundry, vending, concession, landscaping, gardening,
cleaning, janitorial, burglar alarm and fire alarm agreements and contracts, and all other agreements and contracts relating or pertaining
in any way to ownership or operation of the Property, including, without limitation, the agreements and contracts described in Exhibit
B attached hereto (collectively, “Service Contracts”);

 

(b)
All assignable licenses and/or permits relating to the Property and pending applications with respect to licenses and/or permits relating
to the Property;

 

(c)
All assignable warranties and guarantees of contractors, manufacturers, suppliers, and/or installers relating to the Property;

 

    	D-1

    	 

    

 

2.
As Is. The Personal Property conveyed hereunder is conveyed by Assignor and accepted by Assignee AS IS, WHERE IS, AND WITHOUT
ANY WARRANTIES OF WHATSOEVER NATURE, EXPRESS OR IMPLIED, EXCEPT AS EXPRESSLY SET FORTH IN THE PURCHASE AGREEMENT, IT BEING THE INTENTION
OF ASSIGNOR AND ASSIGNEE EXPRESSLY TO NEGATE AND EXCLUDE ALL WARRANTIES, INCLUDING, WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY
AND FITNESS FOR ANY PARTICULAR PURPOSE, WARRANTIES CREATED BY ANY AFFIRMATION OF FACT OR PROMISE OR BY ANY DESCRIPTION OF THE PROPERTY
CONVEYED HEREUNDER, OR BY ANY SAMPLE OR MODEL THEREOF, AND ALL OTHER WARRANTIES WHATSOEVER CONTAINED IN OR CREATED BY THE UNIFORM COMMERCIAL
CODE.

 

3.
Acceptance. Assignee hereby accepts the assignment of the Personal Property and agrees to assume and discharge, in accordance
with the terms thereof.

 

4.
Further Assurances. Provided Assignor does not incur any cost or liability related to the same, Assignor shall from time to time,
upon request by Assignee, provide Assignee with such information and documentation, take such actions, and execute, acknowledge and deliver
such documents and instruments as Assignee may reasonably require to better evidence the transfers, assignments, confirmations and assurances
covered by this Assignment or intended so to be.

 

5.
Successors and Assigns. The agreements, covenants, warranties and representations herein set forth shall be binding upon, and
inure to the benefit of, Assignor and Assignee and their respective successors and assigns.

 

6.
Counterparts. This Assignment may be executed in any number of counterparts, each of which shall be deemed to be an original,
and all of such counterparts shall constitute one agreement. To facilitate execution of this Assignment, the parties may execute and
exchange PDF counterparts of the signature pages, which shall be deemed original signatures for all purposes.

 

EXECUTED
to be effective as of the _____ day of ______________, 2021.

 

	 	ASSIGNOR:	 
	 	 	 
	 	 	                       	,
	 	a	 

 

	 	By:	

 

	 	ASSIGNEE:	 
	 	 	 
	 	 	                           	,
	 	a	 

 

	 	By:	
	 	Its:	

 

    	D-2

    	 

    

 

EXHIBIT
“E”

 

(Form
of Lease Agreement)

 

[To
be attached following this page subsequent

to
the Effective Date by written consent of the parties.]

 

 

    	E-1

     

    

 

LEASE
AGREEMENT BETWEEN

 

________________,
LLC

a
_____________ limited liability company,

 

LANDLORD

 

AND

 

POLARITYTE
MD, INC.,

a
Nevada corporation

 

as
TENANT

 

DATED
___________________, 2021

 

1960
South 4250 West

Salt
Lake City, Utah

 

    	 

     

    

 

BASIC
LEASE INFORMATION

 

	Lease
    Date:	 	__________________,
    2021
	 	 	 
	Landlord:	 	______________________,
    LLC, a _______________ limited liability company
	 	 	 
	Tenant:	 	POLARITYTE
    MD, INC., a Nevada corporation. Landlord agrees and acknowledges that PolarityTE, Inc., a Delaware corporation and parent of the
    Tenant, and each its and their subsidiary companies (collectively, “Tenant Affiliates”) is a permitted licensee
    or occupant of the Premises, provided that the Tenant Affiliates shall be subject to all the terms and conditions of this Lease that
    apply to Tenant. 
	 	 	 
	Premises:	 	Suite
    ____, containing approximately 62,500 square feet1, subject to further adjustment by Tenant’s architect, in the
    building commonly known as 1960 South 4250 West, Salt Lake City, State of Utah (the “Building”). The Premises
    are outlined on the plan attached to the Lease as Exhibit A. The land on which the Building is located (the “Land”)
    is described on Exhibit B. The term “Project” shall collectively refer to the Building, the Land, and the
    driveways, parking facilities, loading dock areas, roadways, any rail tracks associated with the Building and similar improvements
    and easements associated with the foregoing or the operation thereof.
	 	 	 
	Landlord’s
    Work	 	The
    work to be performed by Landlord described in Exhibit D to demise the Building.
	 	 	 
	Term:

     
	 	One
    Hundred Twenty-Six (126) full calendar months, plus any partial month from the Commencement Date to the end of the month in which
    the Commencement Date falls, starting on the Commencement Date and ending at 5:00 p.m. local time on the last day of the 126th
    full calendar month following the Commencement Date, subject to adjustment and earlier termination as provided in the Lease.
	 	 	 
	Option
    to Extend:	 	One
    period of ten (10) years.
	 	 	 
	Commencement
    Date:	 	The
    date that Landlord Substantially Completes Landlord’s Work. 

 

 

1
Upon Tenant’s request made not less than 45 days prior to Lease Date the parties will negotiate an increase in the square
footage of the Premises and a corresponding decrease in the Basic Rent.

 

    	i

     

    

 

	Basic
    Rent:	 	Basic
                                            Rent shall be equal to $0.95 per rentable square foot comprising the Premises per Lease Month
                                            ($11.40 per rentable square foot per lease year). As used herein, the term “Lease
                                            Month” means each calendar month during the Term (and if the Commencement Date
                                            does not occur on the first day of a calendar month, the period from the Commencement Date
                                            to the first day of the next calendar month shall be included in the first Lease Month for
                                            purposes of determining the duration of the Term and the monthly Basic Rent rate applicable
                                            for such partial month). The Basic Rent shall be increased on each anniversary date of each
                                            lease year through the Term (including any Option Term) by three percent (3.0%) of the Basic
                                            Rent payable during the immediately preceding lease year (provided, however, that if Landlord
                                            reasonably determines that the fair market rental value of the Premises on the first year
                                            of the Option Term is greater than the Basic Rent determined pursuant to this sentence for
                                            such year, then the Basic Rent shall be equal to such fair market rental value).

     

    Subject
    to the terms of this Paragraph, Basic Rent in an amount equal to the sum of one-half (1/2) of the monthly Basic Rent due for the
    initial six (6) months of the initial lease year shall be abated (“Abated Rent”). Notwithstanding the foregoing,
    Tenant shall be credited with having paid all of the Abated Rent on the expiration of the Term only if Tenant has performed all of
    Tenant’s obligations hereunder, including the payment of all Rent (other than the Abated Rent) and all other monetary obligations
    and the surrender of the Leased Premises in the physical condition required by this Lease. If Tenant defaults and does not cure within
    any applicable grace period, the unamortized portion of the Abated Rent shall immediately become due and payable in full. In such
    case the unamortized portion of the Abated Rent shall be calculated on a straight-line basis, without interest, over the course of
    the initial Term. Tenant shall be responsible for all Additional Rent during such Abated Rent period.

     

	Additional
    Rent:	 	Tenant’s
    Proportionate Share of Operating Costs, Taxes and Insurance Costs.
	 	 	 
	Security
    Deposit:	 	[None].
	 	 	 
	Rent:	 	Basic
    Rent, Additional Rent, and all other sums that Tenant may owe to Landlord or otherwise be required to pay under the Lease.
	 	 	 
	Permitted
    Use:	 	General
    office and medical laboratory and manufacturing uses and for all other lawful, incidental, and related purposes of the type normally
    found in a general office, medical laboratory, and manufacturing setting, including, but not limited to, the uses described on Exhibit
    G.

 

    	ii

     

    

 

	Tenant’s
    Proportionate Share:	 	Tenant’s
    Proportionate Share is the percentage obtained by dividing (a) the number of square feet in the Premises by (b) the total square
    feet in the Building (which the parties agree excludes the area commonly referred to as the “North Building” consisting
    of approximately 24,216 square feet). Preliminarily, the estimated total square feet in the Building is 154,212 square feet, and
    Landlord and Tenant shall mutually agree on the number of rentable square feet in the Premises and in the Building prior to the Commencement
    Date. In the event that during the Term of the Lease the Landlord leases 50% or more of the rentable square footage in the North
    Building, then on that date the Building square footage for purposes of calculating Tenant’s Proportionate Share shall be increased
    by the rentable square footage of the North Building. 
	 	 	 
	Initial
    Liability Insurance Amount:	 	$3,000,000.
    
	 	 	 
	Tenant’s
    Address:	 	1960
                                            South 4250 West Suite ___

    Salt
    Lake City, UT 84104

    Attention:_________________

    Telephone:________________

    Email:___________________and Legal@PolarityTE.com

     

    with
    a copy to:

     

    Parsons
    Behle & Latimer

    201
    S. Main Street, Suite 1800

    Salt
    Lake City, UT 84111

    Attn:
    Jason Nichols

    Emails:
    JNichols@parsonsbehle.com

     
	 
	Landlord’s
    Address:	 	c/o
                                            BCG Holdings, LLC

    650
    South 500 West

    Salt
    Lake City, Utah 84101

    Email:__________________

     

    with
    a copy to:

     

    Parr
    Brown Gee & Loveless

    101
    S 200 E, Suite 700

    Salt
    Lake City, Utah 84111

    Attention:
    Nick Jones

    Email:
    njones@parrbrown.com

     
	 
	Interim
    Occupancy Period:	 	The
    period from the date of this Lease until the Commencement Date.	 

 

    	iii

     

    

 

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

 

	LANDLORD:	_________________,
    LLC, a _________ limited liability company
	 	 	 
	 	By:	                           
	 	Name:	 
	 	Title:	 

 

	TENANT:	POLARITYTE
    MD, INC., a Nevada corporation
	 	 	 
	 	By:	             
	 	Name:	 
	 	Title:	 

 

    	iv

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
    No.
	1.	Definitions
    and Basic Provisions	1
	 	 	 
	2.	Lease
    Grant; Term	1
	 	 	 
	3.	Tender
    of Possession; Early Occupancy Period	2
	 	 	 
	4.	Rent.	2
	 	 	 

	 	(a)	Payment	2
	 	(b)	Operating
    Costs.	3
	 	 	 	 

	5.	Delinquent
    Payment; Handling Charges	6
	 	 	 
	6.	Security
    Deposit	6
	 	 	 
	7.	Landlord’s
    Maintenance Obligations	6
	 	 	 
	8.	Improvements;
    Alterations; Tenant’s Maintenance and Repair Obligations.	8
	 	 	 

	 	(a)	Improvements;
    Alterations	8
	 	(b)	Repairs;
    Maintenance	8
	 	(c)	Performance
    of Work	9
	 	(d)	Mechanic’s
    Liens	9
	 	(e)	Janitorial
    Services	10
	 	 	 	 

	9.	Utilities	10
	 	 	 
	10.	Use	11
	 	 	 
	11.	Assignment
    and Subletting.	12
	 	 	 

	 	(a)	Transfers	12
	 	(b)	Consent
    Standards	12
	 	(c)	Request
    for Consent	12
	 	(d)	Conditions
    to Consent	12
	 	(e)	Attornment
    by Subtenants	13
	 	(f)	Cancellation	13
	 	(g)	Intentionally
    Deleted.	13
	 	(h)	Permitted
    Transfers	13
	 	 	 	 

	12.	Insurance;
    Waivers; Subrogation; Indemnity.	15
	 	 	 

	 	(a)	Tenant’s
    Insurance	15
	 	(b)	Landlord’s
    Insurance	16
	 	(c)	No
    Subrogation; Waiver of Property Claims	16
	 	(d)	Indemnity.	16
	 	(e)	Cost
    of Landlord’s Insurance	17

 

    	v

     

    

 

	13.	Subordination;
    Attornment; Notice to Landlord’s Mortgagee.	18
	 	 	 

	 	(a)	Subordination	18
	 	(b)	Attornment	18
	 	(c)	Notice
    to Landlord’s Mortgagee	18
	 	(d)	Landlord’s
    Mortgagee’s Protection Provisions	18
	 	 	 	 

	14.	Rules
    and Regulations	19
	 	 	 
	15.	Condemnation.	19
	 	 	 

	 	(a)	Total
    Taking	19
	 	(b)	Partial
    Taking - Tenant’s Rights	19
	 	(c)	Partial
    Taking - Landlord’s Rights	19
	 	(d)	Temporary
    Taking	20
	 	(e)	Award	20
	 	 	 	 

	16.	Fire
    or Other Casualty.	20
	 	 	 

	 	(a)	Repair
    Estimate	20
	 	(b)	Tenant’s
    Rights	20
	 	(c)	Landlord’s
    Rights	20
	 	(d)	Repair
    Obligation	21
	 	(e)	Abatement
    of Rent	21
	 	 	 	 

	17.	Personal
    Property Taxes	21
	 	 	 
	18.	Events
    of Default	21
	 	 	 

	 	(a)	Payment
    Default	21
	 	(b)	Intentionally
    Deleted;	22
	 	(c)	Estoppel.	22
	 	(d)	Insurance.	22
	 	(e)	Mechanic’s
    Liens.	22
	 	(f)	Other
    Defaults	22
	 	 	 	 

	19.	Remedies	22
	 	 	 

	 	(a)	Termination
    of Lease	22
	 	(b)	Termination
    of Possession	23
	 	(c)	Perform
    Acts on Behalf of Tenant	23
	 	 	 	 

	20.	Payment
    by Tenant; Non-Waiver; Cumulative Remedies.	24
	 	 	 

	 	(a)	Payment
    by Tenant	24
	 	(b)	No
    Waiver	24
	 	(c)	Cumulative
    Remedies	24

 

    	vi

     

    

 

	21.	Landlord’s
    Lien	24
	 	 	 
	22.	Surrender
    of Premises	24
	 	 	 
	23.	Holding
    Over	25
	 	 	 
	24.	Certain
    Rights Reserved by Landlord	25
	 	 	 

	 	(a)	Building
    Operations	25
	 	(b)	Security	26
	 	(c)	Prospective
    Purchasers and Lenders	26
	 	(d)	Prospective
    Tenants	26
	 	 	 	 

	25.	Substitution
    Space.	26
	 	 	 

	 	(a)	Landlord
    Transfer	26
	 	(b)	Default
    by Landlord	26
	 	(c)	Landlord’s
    Liability	27
	 	(d)	Force
    Majeure	27
	 	(e)	Brokerage	27
	 	(f)	Estoppel
    Certificates	27
	 	(g)	Notices	28
	 	(h)	Separability.	28
	 	(i)	Amendments;
    Binding Effect	28
	 	(j)	Quiet
    Enjoyment	28
	 	(k)	No
    Merger	28
	 	(l)	No
    Offer	28
	 	(m)	Entire
    Agreement	29
	 	(n)	Waiver
    of Jury Trial	29
	 	(o)	Governing
    Law	29
	 	(p)	Recording	29
	 	(q)	Water
    or Mold Notification	29
	 	(r)	Joint
    and Several Liability	29
	 	(s)	Financial
    Reports	29
	 	(t)	Landlord’s
    Fees	30
	 	(u)	Telecommunications	30
	 	(v)	Confidentiality	30
	 	(w)	Authority	31
	 	(x)	Security
    Service	31
	 	(y)	List
    of Exhibits	31
	 	(z)	Prohibited
    Persons and Transactions	31
	 	 	 	 

	26.	Environmental
    Requirements.	32
	 	 	 

	 	(a)	Prohibition
    against Hazardous Materials	32
	 	(b)	Environmental
    Requirements	32
	 	(c)	Removal
    of Hazardous Materials	32
	 	(d)	Tenant’s
    Indemnity	33
	 	(e)	Inspections
    and Tests	33
	 	(f)	Tenant’s
    Financial Assurance in the Event of a Breach	33
	 	 	 	 

	27.	Parking	34
	 	 	 
	28.	Counterparts.	34

 

    	vii

     

    

 

LIST
OF DEFINED TERMS

 

	 	Page
    No.
	Additional
    Rent	ii
	Affiliate	1
	Basic
    Lease Information	1
	Basic
    Rent	ii
	Building	i
	Building’s
    Structure	1
	Building’s
    Systems	1
	Casualty	20
	Commencement
    Date	i
	Damage
    Notice	20
	Default
    Rate	6
	Disabilities
    Acts	11
	Environmental
    Requirements	32
	Event
    of Default	21
	GAAP	14
	Hazardous
    Materials	32
	including	1
	Insurance
    Costs	17
	Land	i
	Landlord	1
	Landlord’s
    Mortgagee	18
	Law	1
	Laws	1
	Lease	1
	Lease
    Month	ii
	Loss	16
	Mortgage	18
	OFAC	12
	Operating
    Costs	3
	Operating
    Costs and Tax Statement	5
	Permitted
    Transfer	13
	Permitted
    Transferee	13
	Permitted
    Use	ii
	Premises	i
	Primary
    Lease	18
	Project	i
	Rent	ii
	Repair
    Period	20
	Security
    Deposit	ii
	Taking	19
	Tangible
    Net Worth	14
	Taxes	4
	Telecommunications
    Services	30
	Tenant	1
	Tenant
    Party	1
	Tenant’s
    Off-Premises Equipment	1
	Tenant’s
    Proportionate Share	iii
	Term	i
	Transfer	12

 

    	viii

     

    

 

LEASE

 

This
Lease Agreement (this “Lease”) is entered into as of __________________, 2021, between ______________________________,
LLC, a _________________ limited liability company (“Landlord”), and POLARITYTE MD, INC., a Nevada corporation
(“Tenant”).

 

1.
Definitions and Basic Provisions. The definitions and basic provisions set forth in the Basic Lease Information (the “Basic
Lease Information”) executed by Landlord and Tenant contemporaneously herewith are incorporated herein by reference for
all purposes. Additionally, the following terms shall have the following meanings when used in this Lease: “Affiliate”
means any person or entity which, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under
common control with the party in question; “Building’s Structure” means the Building’s exterior
walls, roof, elevator shafts, footings, foundations, structural portions of load-bearing walls, structural floors and subfloors, and
structural columns and beams; “Building’s Systems” means the Building’s HVAC, life-safety, plumbing,
electrical, and mechanical systems; “including” means including, without limitation; “Laws”
means all federal, state, and local laws, ordinances, rules and regulations, all court orders, governmental directives, and governmental
orders, and all interpretations of the foregoing, and all restrictive covenants affecting this Lease or the Project or Tenant’s
use of the Premises for the Permitted Uses, and “Law” means any of the foregoing; “Tenant’s
Off-Premises Equipment” means any of Tenant’s equipment or other property that may be located on or about the Project
(other than inside the Premises); and “Tenant Party” means any of the following persons: Tenant; any Tenant
Affiliates; any assignees claiming by, through, or under Tenant; any subtenants claiming by, through, or under Tenant; and any of their
respective agents, contractors, employees, licensees, guests and invitees.

 

2.
Lease Grant; Term. Subject to the terms of this Lease, Landlord leases to Tenant, and Tenant leases from Landlord, the
Premises. Additionally, subject to the terms of this Lease and Landlord’s rules and regulations therefor, Tenant and its employees
and invitees shall have a non-exclusive license to use, in common with others, any applicable driveways, loading dock areas, roadways,
rail tracks and other similar improvements designated by Landlord from time to time as common areas for the common use and enjoyment
of all tenants and occupants of the Project.

 

The
term of this Lease shall be for the Lease Term, beginning at 12:00 midnight on the Commencement Date and expiring at 11:59 p.m. on the
Expiration Date. Provided Tenant is open and operating in the Premises in accordance with the terms of this Lease and is not then in
default of any term, condition or covenant of the Lease beyond any applicable notice or cure period, Tenant shall have the option to
extend the Term of this Lease for one (1) additional period of ten (10) years as an Option Term (an “Option Term”)
only by giving Landlord written notice at least one hundred eighty (180) days prior to the expiration of the initial Term. Notwithstanding
any provision of this Lease, if Tenant fails to exercise the extension option by delivering such written notice, such extension option
shall forever lapse. All of the terms, covenants, conditions, provisions and agreements applicable to the initial Term shall be applicable
to the Option Term, if any, with the adjustment to Rent as identified in the Basic Lease Information above. All references in this Lease
to the “Term” or the “Lease Term” shall be deemed to mean the initial Term as extended by the Option Term, if
any.

 

    	LEASE AGREEMENT – Page 1

     

    

 

3.
Tender of Possession; Early Occupancy Period. Upon the Commencement Date, Tenant will accept the Premises in the manner
set forth below, subject to Substantial Completion of the Landlord’s Work and the performance of Punchlist Items (as defined below)
that remain to be performed by Landlord, if any. Upon the later of Tenant’s acceptance of the Premises and Landlord’s Substantial
Completion of the Landlord’s Work, Tenant shall execute and deliver to Landlord a letter substantially in the form of Exhibit E
hereto confirming (1) the Commencement Date and the expiration date of the initial Term, (2) that Tenant has accepted the Premises, and
(3) that Landlord has performed all of its obligations with respect to the Premises (except for Punchlist Items specified in such letter);
however, the failure of the parties to execute such letter shall not defer the Commencement Date or otherwise invalidate this Lease.
During the Interim Occupancy Period, Tenant has the right to occupy and use the Premises for the Permitted Use in accordance with all
of the terms of this Lease; provided, however, that Tenant shall have no obligation to pay Basic Rent to Landlord for the Interim Occupancy
Period (Tenant shall be responsible for payment of Additional Rent during the Interim Occupancy Period). Tenant agrees and acknowledges
that in the course of Landlord’s Work during the Interim Occupancy Period and, as applicable, following the Commencement Date,
there may be disruptions or disturbances in the use and quiet enjoyment of the Premises caused by Landlord’s Work, and such disruptions
or disturbances shall not be deemed a breach of the Lease by Landlord.

 

4.
Rent.

 

(a)
Payment. Except as set forth in Section 3 above, beginning on the Commencement Date, Tenant shall timely pay to Landlord
Rent, without notice, demand, deduction or set off (except as otherwise expressly provided herein), by wire transfer to a bank account
designated by Landlord in writing from time to time or as otherwise specified by Landlord and shall be accompanied by all applicable
state and local sales or use taxes. The obligations of Tenant to pay Basic Rent and other sums to Landlord and the obligations of Landlord
under this Lease are independent obligations. Basic Rent, adjusted as herein provided, shall be payable monthly in advance. The first
monthly installment of Basic Rent shall be payable on the Commencement Date, Basic Rent shall be payable on the first day of each month
beginning on the first day of the second full calendar month of the Term. The monthly Basic Rent for any partial month at the beginning
of the Term shall equal the product of 1/365 of the annual Basic Rent in effect during the partial month and the number of days in the
partial month, and shall be due on the Commencement Date. Payments of Basic Rent for any fractional calendar month at the end of the
Term shall be similarly prorated. Tenant shall pay Additional Rent at the same time and in the same manner as Basic Rent.

 

    	LEASE AGREEMENT – Page 2

     

    

 

(b)
Operating Costs.

 

(1)
Tenant shall pay to Landlord Tenant’s Proportionate Share of the annual Operating Costs (defined below). Landlord may make a good
faith estimate of Tenant’s Proportionate Share of Operating Costs to be due by Tenant for any calendar year or part thereof during
the Term. During each calendar year or partial calendar year of the Term, Tenant shall pay to Landlord, in advance concurrently with
each monthly installment of Basic Rent, an amount equal to the estimated Tenant’s Proportionate Share of Operating Costs for such
calendar year or part thereof divided by the number of months therein. From time to time, Landlord may estimate and re-estimate the amount
of Tenant’s Proportionate Share of Operating Costs to be due by Tenant and deliver a copy of the estimate or re-estimate to Tenant.
Thereafter, the monthly installments of Tenant’s Proportionate Share of Operating Costs payable by Tenant shall be appropriately
adjusted in accordance with the estimations so that, by the end of the calendar year in question, Tenant shall have paid all of Tenant’s
Proportionate Share of Operating Costs as estimated by Landlord. Any amounts paid based on such an estimate shall be subject to adjustment
as herein provided when actual Operating Costs are available for each calendar year.

 

(2)
The term “Operating Costs” means all expenses and disbursements (subject to the limitations set forth below)
that Landlord incurs in connection with the ownership, operation, and maintenance of the Project, determined in accordance with sound
accounting principles consistently applied, including the following costs: (A) wages and salaries of all on-site employees at or below
the grade of senior building manager engaged in the operation, maintenance or security of the Project (together with Landlord’s
reasonable allocation of expenses of off-site employees at or below the grade of senior building manager who perform a portion of their
services in connection with the operation, maintenance or security of the Project), including taxes, insurance and benefits relating
thereto; (B) all supplies and materials used in the operation, maintenance, repair, replacement, and security of the Project; (C) cost
of all utilities (including fuel, gas, electricity, water, sewer, and other services) for the common areas and other non-tenant areas
of the Project (e.g., mechanical, electrical and telecommunications rooms) as reasonably determined by Landlord; (D) repairs, replacements,
and general maintenance of the Project including paving and parking areas, roads, roof repairs (Landlord is responsible for replacement
of the roof as provided in Section 7), alleys and driveways, trash collection, sweeping and removal of trash for the common areas,
mowing and snow removal, landscaping and exterior painting, the cost of maintaining utility lines, fire sprinklers and fire protection
systems, exterior lighting, and mechanical and plumbing systems serving the Project and, to the extent the following items serve more
than one tenant in the Project, Generator (defined below), dock doors, drains and sump pumps; (E) fair market rental and other costs
with respect to the management office for the Project; (F) service, maintenance and management contracts with independent contractors
for the operation, maintenance, management, repair, replacement, and security of the Project (including alarm service, window cleaning,
and elevator maintenance); (G) costs of professional services rendered for the general benefit of the Project; (H) environmental insurance
or environmental management fees; (I) the cost of any insurance deductibles for insurance required to be maintained by Landlord; and
(J) costs for improvements made to the Project which, although capital in nature, are expected to reduce the normal operating costs (including
all utility costs) of the Project, as amortized using a commercially reasonable interest rate over the time period reasonably estimated
by Landlord to recover the costs thereof taking into consideration the anticipated cost savings, as determined by Landlord using its
good faith, commercially reasonable judgment, as well as capital improvements made in order to comply with any Law hereafter promulgated
by any governmental authority or any new interpretations of any Law hereafter rendered with respect to any existing Law, as amortized
using a commercially reasonable interest rate over the useful economic life of such improvements as determined by Landlord in its reasonable
discretion.

 

    	LEASE AGREEMENT – Page 3

     

    

 

Operating
Costs shall not include costs for (i) capital improvements made to the Project, other than capital improvements described in Section
4(b)(2)(A) and except for items which are generally considered maintenance and repair items, such as painting of common areas, replacement
of carpet in elevator lobbies (if any), and the like; (ii) repair, replacements and general maintenance paid by proceeds of insurance
or by Tenant or other third parties; (iii) interest, amortization or other payments on loans to Landlord or rentals payable under any
ground or underlying lease, if any; (iv) depreciation; (v) costs relating to the leasing of the Building, including brokers’ commissions,
accounting and legal fees (including attorneys’ fees for disputes with tenants); (vi) legal expenses for services, other than those
that benefit the Project tenants generally (e.g., tax disputes); (vii) Taxes; (viii) Insurance Costs; (ix) renovating or otherwise improving
space for occupants of the Project or vacant space in the Project; (x) payments to affiliates of Landlord but only to the extent that
they exceed market charges; (xi) Landlord’s general corporate overhead and administrative expenses; and (xii) fines, costs, late
charges, liquidated damages, penalties, tax penalties, or related interest charges imposed on Landlord or Landlord’s property manager,
provided the same are imposed on Landlord or Landlord’s property manager except to the extent that such is the fault of Tenant.

 

(3)
Tenant shall also pay Tenant’s Proportionate Share of the Taxes for each year and partial year falling within the Term. Tenant
shall pay Tenant’s Proportionate Share of Taxes in the same manner as provided above for Tenant’s Proportionate Share of
Operating Costs. “Taxes” means taxes, assessments, and governmental charges or fees whether federal, state,
county or municipal, and whether they be by taxing districts or authorities presently taxing or by others, subsequently created or otherwise,
and any other taxes and assessments (including non-governmental assessments for common charges under a restrictive covenant or other
private agreement that are not treated as part of Operating Costs) now or hereafter attributable to the Project (or its operation), excluding,
however, penalties and interest thereon and federal and state taxes on income (if the present method of taxation changes so that in lieu
of or in addition to the whole or any part of any Taxes, there is levied on Landlord a capital tax directly on the rents received therefrom
or a franchise tax, assessment, or charge based, in whole or in part, upon such rents for the Project, then all such taxes, assessments,
or charges, or the part thereof so based, shall be deemed to be included within the term “Taxes” for purposes
hereof). Taxes shall include the costs of consultants retained in an effort to lower taxes and all costs incurred in disputing any taxes
or in seeking to lower the tax valuation of the Project. For property tax purposes, Tenant waives all rights to protest or appeal the
appraised value of the Premises, as well as the Project, and all rights to receive notices of reappraisement.

 

    	LEASE AGREEMENT – Page 4

     

    

 

(4)
By April 1 of each calendar year, or as soon thereafter as practicable, Landlord shall furnish to Tenant a statement of Operating Costs
and Taxes for the previous year (the “Operating Costs and Tax Statement”). If Tenant’s estimated payments
of Operating Costs or Taxes under this Section for the year covered by the Operating Costs and Tax Statement exceed Tenant’s Proportionate
Share of such items as indicated in the Operating Costs and Tax Statement, then Landlord shall promptly credit or reimburse Tenant for
such excess; likewise, if Tenant’s estimated payments of Operating Costs or Taxes under this Section for such year are less than
Tenant’s Proportionate Share of such items as indicated in the Operating Costs and Tax Statement, then Tenant shall promptly pay
Landlord such deficiency. Upon request by Tenant, Landlord shall provide commercially reasonable backup for such charges and evidence
of payment of the underlying invoices summarized in the Operating Costs and Tax Statement. Tenant shall have the right to audit the Operating
Costs and Tax Statement by providing Landlord with written notice (the “Review Notice”) that Tenant intends to review
Landlord’s records of the Operating Costs and Taxes for the year to which the statement applies. Within thirty (30) days after
receipt of the Review Notice, Landlord shall make electronic copies of all pertinent records that are reasonably necessary for Tenant’s
review available for inspection. If Tenant provides Landlord with a Review Notice, Landlord and Tenant shall work together in good faith
to resolve any issues pertaining to the Operating Costs and Tax Statement. If, after negotiating in good faith, Landlord and Tenant are
unable to resolve any such issues, then upon fifteen (15) days’ prior written notice, Tenant or Tenant’s expense accounting
consultant shall have the right to audit Landlord’s books and records relating to the prior two (2) year’s Operating Costs
and Taxes at a mutually convenient time at Landlord’s local office, if one exists, or if none exists, at Landlord’s main
offices. If the audit discloses Tenant’s total payments of the Tenant’s Proportionate Share of Operating Costs and Taxes
for the year to which the Operating Costs and Tax Statement applies are more than Tenant’s Proportionate Share of Operating Costs
and Taxes for such year (and Landlord cannot demonstrate that the audit is inaccurate), then Landlord shall retain such excess and credit
it against Tenant’s next monthly Rent payments or if such overpayment occurs at the end of the Term, then Landlord shall refund
such amount to Tenant within thirty (30) days after the end of the Term. If such audit reveals that Landlord has overcharged Tenant for
Tenant’s Proportionate Share of Operating Costs and Taxes by more than five percent (5%) or more, Landlord shall reimburse Tenant
for the reasonable cost incurred by Tenant in completing such audit.

 

    	LEASE AGREEMENT – Page 5

     

    

 

5.
Delinquent Payment; Handling Charges. All past due payments required of Tenant hereunder shall bear interest from the date
due until paid at the lesser of eighteen percent per annum or the maximum lawful rate of interest (such lesser amount is referred to
herein as the “Default Rate”); additionally, Landlord, in addition to all other rights and remedies available
to it, may charge Tenant a fee equal to the greater of (a) $50.00 or (b) five percent of the delinquent payment to reimburse Landlord
for its cost and inconvenience incurred as a consequence of Tenant’s delinquency. In no event, however, shall the charges permitted
under this Section or elsewhere in this Lease, to the extent they are considered to be interest under applicable Law, exceed the
maximum lawful rate of interest. Notwithstanding the foregoing, the late fee referenced above shall not be charged with respect to the
first occurrence (but not any subsequent occurrence) during any 12-month period that Tenant fails to make payment when due, until five
business days after Landlord delivers written notice of such delinquency to Tenant.

 

6.
Security Deposit. Contemporaneously with the execution of this Lease, Tenant shall pay to Landlord the Security Deposit,
which shall be held by Landlord to secure Tenant’s performance of its obligations under this Lease. The Security Deposit is not
an advance payment of Rent or a measure or limit of Landlord’s damages upon an Event of Default (as defined herein). Landlord may,
from time to time following an Event of Default and without prejudice to any other remedy, use all or a part of the Security Deposit
to perform any obligation Tenant fails to perform hereunder. Following any such application of the Security Deposit, Tenant shall pay
to Landlord on demand the amount so applied in order to restore the Security Deposit to its original amount. Subject to the requirements
of, and conditions imposed by, Laws applicable to security deposits under commercial leases, Landlord shall, within the time required
by applicable Law, return to Tenant the portion of the Security Deposit remaining after deducting all damages, charges and other amounts
permitted by Law. Landlord and Tenant agree that such deductions shall include, without limitation, all damages and losses that Landlord
has suffered or that Landlord reasonably estimates that it will suffer as a result of any breach of this Lease by Tenant. The Security
Deposit may be commingled with other funds, and no interest shall be paid thereon. If Landlord transfers its interest in the Premises,
Landlord shall assign the Security Deposit to the transferee and, upon such transfer and the delivery to Tenant of an acknowledgement
of the transferee’s responsibility for the Security Deposit as provided by Law, Landlord thereafter shall have no further liability
for the return of the Security Deposit.

 

7.
Landlord’s Maintenance Obligations. This Lease is intended to be a net lease; accordingly, Landlord’s maintenance
obligations are limited to the replacement of the Building’s Structure; Landlord shall not be responsible for (1) any such work
until Tenant notifies Landlord of the need therefor in writing or (2) alterations to the Building’s Structure required by applicable
law because of Tenant’s use of the Premises (which alterations shall be Tenant’s responsibility). The Building’s Structure
does not include skylights, windows, glass or plate glass, doors or overhead doors, special fronts, or office entries, dock bumpers,
dock plates or levelers, loading areas and docks, and loading dock equipment, all of which shall be maintained by Tenant. Landlord’s
liability for any defects, repairs, replacement or maintenance for which Landlord is specifically responsible for under this Lease shall
be limited to the cost of performing the work. Additionally, Landlord shall maintain the parking areas,
and other common areas of the Building, including driveways, alleys, landscape and grounds surrounding the Premises and utility lines
in a good condition, consistent with the operation of a general office, manufacturing, and warehouse facility, including the exterior
of the Building (including painting), landscaping sprinkler systems, and any items normally associated with the foregoing. All costs
in performing the work described in the foregoing sentence shall be included in Operating Costs. Tenant shall promptly notify Landlord
in writing of any work required to be performed under this Section 7, and Landlord shall not be responsible for performing such work
until Tenant delivers to Landlord such notice. Additionally, in no event shall Landlord be responsible for alterations to the Building’s
Structure required by applicable Law because of Tenant’s use of the Premises (which alterations shall be made by Tenant at its
sole cost and expense). Notwithstanding anything to the contrary contained herein, Landlord shall, in its sole and absolute discretion,
determine the appropriate remedial action required of it to satisfy its maintenance obligations hereunder (e.g., Landlord shall, in its
sole discretion, determine whether, and to the extent, repairs or replacements are the appropriate remedial action).

 

    	LEASE AGREEMENT – Page 6

     

    

 

Landlord
acknowledges that the emergency generator that is currently located on the Project for providing electricity to the Building (the “Generator”)
is Tenant’s property and that Tenant may remove and dispose of the Generator as it sees fit at termination of this Lease, provided
Tenant shall, at its sole cost and expense, repair any damage to the Project caused by Tenant’s removal of the Generator. Landlord
shall provide to Tenant any keys or codes that will enable Tenant to have access to the fenced area where the Generator is located at
all times during the Term of this Lease. Tenant agrees that during the Term of this Lease the Generator may be used to service the entire
Building, and in consideration therefor the Landlord shall maintain the Generator in good working condition at all times (including keeping
it fueled at not less than 50% fuel capacity at all times). All such costs of maintaining the Generator shall be Operating Costs and
Tenant shall pay its Proportionate Share of such costs pursuant to Section 4(b), above. Tenant shall insure the Generator against loss
or destruction and, in the event of loss or destruction of the Generator, Tenant shall be solely responsible for providing a replacement
Generator, which shall be the property of Tenant that it may remove on termination of this Lease, subject to the repair obligation set
forth above, and Landlord shall provide all commercially reasonable assistance and cooperation that may be required for the installation
of the replacement Generator, including modification, alteration, or reconfiguration of any wall, conduit, or wiring of the Building
required to connect the replacement Generator to the automatic transfer switch for transferring the Building power source to the replacement
Generator (the “ATS”), all at Landlord’s sole cost as maintenance of the Building’s Structure and
not as an Operating Cost. Similarly, if the Generator ceases to operate due to any cause that is not covered by insurance, Tenant shall
be solely responsible for providing a replacement Generator, which shall be the property of Tenant that it may remove on termination
of this Lease, subject to the repair obligation set forth above, and Landlord shall provide all commercially reasonable assistance and
cooperation that may be required for the installation of the replacement Generator, including modification, alteration, or reconfiguration
of any wall, conduit, or wiring of the Building required to connect the replacement Generator to the ATS, all at Landlord’s sole
cost as maintenance of the Building’s Structure and not as an Operating Cost. The Landlord’s Work shall include the installation
of walls and access around the ATS so that the current location of the ATS becomes a common area accessible by Tenant at all times, and
the common area for the ATS shall not be moved or relocated by Landlord without Tenant’s prior written consent, which shall not
be unreasonably withheld.

 

    	LEASE AGREEMENT – Page 7

     

    

 

8.
Improvements; Alterations; Tenant’s Maintenance
and Repair Obligations.

 

(a)
Improvements; Alterations. Tenant improvements to the Premises shall be installed in accordance with the Work Letter attached
hereto and incorporated herein as Exhibit D, and in accordance with plans and specifications which have been previously submitted to
and approved in writing by Landlord, which approval shall be governed by the provisions set forth in this Section 8(a). No alterations
or physical additions in or to the Premises may be made without Landlord’s prior written consent, which shall not be unreasonably
withheld or delayed; however, Landlord may withhold its consent to any alteration or addition that would adversely affect (in the reasonable
discretion of Landlord) (1) the Building’s Structure or the Building’s Systems (including the Building’s restrooms
or mechanical rooms), (2) the exterior appearance of the Building, (3) the appearance of the Building’s common areas, or (4) the
provision of services to other Building occupants. The foregoing notwithstanding, no consent of Landlord is required for alterations
or modifications to, or the replacement of, any clean room located on the Premises or the Building’s Systems exclusively supporting
the operation of any such clean room that are reasonably required as determined by Tenant to use and operate clean rooms for the Permitted
Uses in compliance with any applicable Law including, but not by way of limitation, any law, rule, or regulation of the U.S. Food and
Drug Administration; provided, however, that with respect to any such alteration or modification to or replacement of any Building’s
Systems that do not exclusively support the operation of any such clean rooms, Landlord’s prior written consent shall be required,
which consent shall not be unreasonably withheld, conditioned or delayed. Tenant shall not paint or install lighting or decorations,
signs, window or door lettering, or advertising media of any type visible from the exterior of the Premises without the prior written
consent of Landlord, which shall not be unreasonably withheld or delayed. All alterations, additions, and improvements shall be constructed,
maintained, and used by Tenant, at its risk and expense, in accordance with all Laws; Landlord’s consent to or approval of any
alterations, additions or improvements (or the plans therefor) shall not constitute a representation or warranty by Landlord, nor Landlord’s
acceptance, that the same comply with sound architectural and/or engineering practices or with all applicable Laws, and Tenant shall
be solely responsible for ensuring all such compliance.

 

(b)
Repairs; Maintenance. Tenant shall maintain the Premises, including the loading areas and dock, and loading dock equipment
in connection with the Premises, in a clean, safe, and operable condition, and shall not permit or allow to remain any waste or damage
to any portion of the Premises. Additionally, Tenant, at its sole expense, shall repair, replace and maintain in good condition and in
accordance with all Laws and the equipment manufacturer’s suggested service programs, all portions of the Premises, Tenant’s
Off-Premises Equipment and all areas, improvements and systems exclusively serving the Premises including loading docks, sump pumps,
dock wells, dock equipment and loading areas, dock doors, dock seals, overhead doors, “levellors” and similar leveling equipment,
plumbing, water, fire sprinkler system, and sewer lines up to points of common connection, entries, doors, ceilings, windows, interior
walls, and the interior side of demising walls, and heating, ventilation and air conditioning systems (including any evaporative units),
and other building and mechanical systems serving the Premises. Such repair and replacements include capital expenditures and repairs
whose benefit may extend beyond the Term. To the extent not covered by Landlord’s insurance, Tenant shall repair or replace, subject
to Landlord’s direction and supervision, any damage to the Building caused by a Tenant Party. If Tenant fails to commence repairs
or replacements within thirty (30) days after the occurrence of such damage or thereafter fails to diligently prosecute such repair or
replacement work to completion, then Landlord may make the same at Tenant’s cost, provided that Landlord may commence such work
at Tenant’s cost after affording Tenant a reasonable opportunity to commence such work in the event of an emergency (imminent threat
to persons or property). If any such damage occurs outside of the Premises, then, to the extent not covered by Landlord’s insurance,
Landlord may elect to repair such damage at Tenant’s expense, rather than having Tenant repair such damage. The cost of all maintenance,
repair or replacement work performed by Landlord under Section 8 shall be paid by Tenant to Landlord within 30 days after Landlord has
invoiced Tenant therefor.

 

    	LEASE AGREEMENT – Page 8

     

    

 

(c)
Performance of Work. All work described in Section 8 shall be performed only by Landlord or by contractors and subcontractors
approved in writing by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed. Tenant shall cause all contractors
and subcontractors to procure and maintain insurance coverage naming Landlord, Landlord’s property management company and Landlord’s
asset management company as additional insureds against such risks, in such amounts, and with such companies as Landlord may reasonably
require. Tenant shall provide Landlord with the identities, mailing addresses and telephone numbers of all persons performing work or
supplying materials prior to beginning such construction and Landlord may post on and about the Premises notices of non-responsibility
pursuant to applicable Laws. All such work shall be performed in accordance with all Laws and in a good and workmanlike manner so as
not to damage the Building (including the Premises, the Building’s Structure and the Building’s Systems). All such work which
may affect the Building’s Structure or the Building’s Systems must be approved by the Building’s engineer of record,
at Tenant’s expense and, at Landlord’s election, must be performed by Landlord’s usual contractor for such work. All
work affecting the roof of the Building must be performed by Landlord’s roofing contractor, and no such work will be permitted
if it would void or reduce the warranty on the roof.

 

(d)
Mechanic’s Liens. All work performed, materials furnished, or obligations incurred by or at the request of a Tenant
Party shall be deemed authorized and ordered by Tenant only, and Tenant shall not permit any mechanic’s liens to be filed against
the Premises or the Project in connection therewith. Upon completion of any such work, Tenant shall deliver to Landlord final lien waivers
from all contractors, subcontractors and materialmen who performed such work. If such a lien is filed, then Tenant shall, within fifteen
(15) business days after Landlord has delivered notice of the filing thereof to Tenant (or such earlier time period as may be necessary
to prevent the forfeiture of the Premises, the Project or any interest of Landlord therein or the imposition of a civil or criminal fine
with respect thereto), either (1) pay the amount of the lien and cause the lien to be released of record, or (2) diligently contest such
lien and deliver to Landlord a bond or other security reasonably satisfactory to Landlord. If Tenant fails to timely take either such
action, then Landlord may pay the lien claim, and any amounts so paid, including expenses and interest, shall be paid by Tenant to Landlord
within fifteen (15) days after Landlord has invoiced Tenant therefor. Landlord and Tenant acknowledge and agree that their relationship
is and shall be solely that of “landlord-tenant” (thereby excluding a relationship of “owner-contractor,” “owner-agent”
or other similar relationships). Accordingly, all materialmen, contractors, artisans, mechanics, laborers and any other persons now or
hereafter contracting with Tenant, any contractor or subcontractor of Tenant or any other Tenant Party for the furnishing of any labor,
services, materials, supplies or equipment with respect to any portion of the Premises, at any time from the date hereof until the end
of the Term, are hereby charged with notice that they look exclusively to Tenant to obtain payment for same. Nothing herein shall be
deemed a consent by Landlord to any liens being placed upon the Premises, the Project or Landlord’s interest therein due to any
work performed by or for Tenant or deemed to give any contractor or subcontractor or materialman any right or interest in any funds held
by Landlord to reimburse Tenant for any portion of the cost of such work. Tenant shall defend, indemnify and hold harmless Landlord and
its agents and representatives from and against all claims, demands, causes of action, suits, judgments, damages and expenses (including
attorneys’ fees) in any way arising from or relating to the failure by any Tenant Party to pay for any work performed, materials
furnished, or obligations incurred by or at the request of a Tenant Party. This indemnity provision shall survive termination or expiration
of this Lease.

 

    	LEASE AGREEMENT – Page 9

     

    

 

(e)
Janitorial Services. Tenant, at its sole expense, shall provide its own janitorial services to the Premises and shall maintain
the Premises in a clean and safe condition. Tenant shall store all trash and garbage within the area and in receptacles designated from
time to time by Landlord and shall, at its sole expense, arrange for the regular pickup of such trash and garbage at times, and pursuant
to reasonable regulations, established by Landlord from time to time. If Tenant fails, after notice and a reasonable opportunity to cure,
to provide janitorial services to the Premises or trash removal services in compliance with the foregoing, Landlord, in addition to any
other rights and remedies available to it, may provide such services, and Tenant shall pay to Landlord the cost thereof, plus an administrative
fee equal to 15% of such cost, within thirty (30) days after Landlord delivers to Tenant an invoice therefor.

 

9.
Utilities. Tenant shall pay for all water, gas, electricity, heat, telephone, sewer, sprinkler charges and other utilities
and services used at the Premises, together with any taxes, penalties, surcharges, connection charges, maintenance charges, and the like
pertaining to Tenant’s use of the Premises. Landlord shall, as part of Landlord’s Work, separately meter the Premises for
each utility service or, in the event that it is not commercially reasonable to separately meter a utility service, Landlord shall submeter
the Premises for such utility service. Tenant, at its expense, shall obtain all utility services for the Premises, including making all
applications therefor, obtaining meters and other related equipment, and paying all deposits and connection charges. Landlord shall not
be liable for any interruption or failure of utility service to the Premises, and such interruption or failure of utility service shall
not be a constructive eviction of Tenant, constitute a breach of any implied warranty, or, except as provided in the next sentence, entitle
Tenant to any abatement of Tenant’s obligations hereunder. If, however, Tenant is prevented from using the Premises for more than
three (3) consecutive business days because of the unavailability of any such service and such unavailability was caused by Landlord
and restoration of such service is within the reasonable control of Landlord, then Tenant shall, as its exclusive remedy be entitled
to an abatement of Rent for each consecutive day (after such three consecutive business day period) that Tenant is so prevented from
using the Premises. Rent shall not abate by reason of the interruption, insufficiency, unavailability or discontinuance of such service
if such unavailability or discontinuance was not caused by Landlord and restoration of such service is not within the reasonable control
of Landlord.

 

    	LEASE AGREEMENT – Page 10

     

    

 

10.
Use. Tenant shall continuously occupy and use the Premises only for the Permitted Use and shall comply with all Laws relating
to this Lease and/or the use, condition, access to, and occupancy of the Premises and will not commit waste, overload the Building’s
Structure or the Building’s Systems or subject the Premises to use that would damage the Premises. Notwithstanding anything in
this Lease to the contrary, as between Landlord and Tenant, (a) Tenant shall bear the risk of complying with Title III of the Americans
With Disabilities Act of 1990, any state laws governing handicapped access or architectural barriers, and all rules, regulations, and
guidelines promulgated under such laws, as amended from time to time (the “Disabilities Acts”) in the Premises,
and (b) Landlord shall bear the risk of complying with the Disabilities Acts in the common areas of the Building, other than compliance
that is necessitated by the use of the Premises for other than the Permitted Use or as a result of any alterations or additions, including
any initial tenant improvement work, made by or on behalf of a Tenant Party (which risk and responsibility shall be borne by Tenant).
The Premises shall not be used for any use which is disreputable, creates extraordinary fire hazards, or results in an increased rate
of insurance on the Building or its contents, or for the storage of any Hazardous Materials (except as provided in Section 26
hereto), provided, however, that such matters arising in connection with Tenant’s Permitted Use of the Premises are expressly permitted
regardless of whether such matters are considered disreputable, create extraordinary fire hazards, or result in an increased rate of
insurance on the Building or its contents. Outside storage, including storage of trucks or other vehicles, is prohibited without Landlord’s
prior written consent (not to be unreasonably withheld, conditioned or delayed). If, because of a Tenant Party’s acts or because
Tenant vacates the Premises, the rate of insurance on the Building or its contents increases, then Tenant shall pay to Landlord the amount
of such increase on demand. Tenant shall conduct its business and control each other Tenant Party so as not to create any nuisance or
unreasonably interfere with other tenants or Landlord in its management of the Building, provided, however, that nuisances and interference
arising in connection with Tenant’s Permitted Use of the Premises are expressly permitted regardless of whether such nuisances
and interference interfere in any way with other tenants or persons having business with them. Notwithstanding the foregoing, in the
event of any nuisances or interference arising in connection with Tenant’s Permitted Use of the Premises, Tenant shall, upon Landlord’s
reasonable request, use commercially reasonable efforts to mitigate such nuisances or interference, provided that Tenant shall have no
obligation to effect any mitigation efforts that would disrupt or otherwise disturb Tenant’s operation of its business on the Premises
for the Permitted Use.

 

    	LEASE AGREEMENT – Page 11

     

    

 

11.
Assignment and Subletting.

 

(a)
Transfers. Except as provided in Section 11(h), Tenant shall not, without the prior written consent of Landlord, (1) assign,
transfer, or encumber this Lease or any estate or interest herein, whether directly or by operation of law, (2) permit any other entity
to become Tenant hereunder by merger, consolidation, or other reorganization, (3) if Tenant is an entity other than a corporation whose
stock is publicly traded, permit the transfer of an ownership interest in Tenant so as to result in a change in the current control of
Tenant, (4) sublet any portion of the Premises, (5) grant any license, concession, or other right of occupancy of any portion of the
Premises, or (6) permit the use of the Premises by any parties other than Tenant (any of the events listed in Section 11(h)(1) through
11(h)(3) being a “Transfer”).

 

(b)
Consent Standards. Landlord shall not unreasonably withhold its consent to any assignment or subletting of the Premises,
provided that the proposed transferee (1) is creditworthy (except with respect to a sublease), (2) will use the Premises for the Permitted
Use and will not use the Premises in any manner that would conflict with any exclusive use agreement or other similar agreement entered
into by Landlord with any other tenant of the Building effective as of the date hereof, and/or (3) is in compliance with the regulations
of the Office of Foreign Assets Control (“OFAC”) of the Department of the Treasury (including those named on OFAC’s
Specially Designated Nationals and Blocked Persons List) and any statute, executive order (including the September 24, 2001, Executive
Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism), or other governmental
action relating thereto; otherwise, Landlord may withhold its consent in its sole discretion. Additionally, Landlord may withhold its
consent in its sole discretion to any proposed Transfer if any Event of Default by Tenant then exists.

 

(c)
Request for Consent. If Tenant requests Landlord’s consent to a Transfer, then, at least 15 business days prior to
the effective date of the proposed Transfer, Tenant shall provide Landlord with a written description of all terms and conditions of
the proposed Transfer, copies of the proposed documentation, and the following information about the proposed transferee: name and address
of the proposed transferee and any entities and persons who own, control or direct the proposed transferee; reasonably satisfactory information
about its business and business history; its proposed use of the Premises; banking, financial, and other credit information; and general
references sufficient to enable Landlord to determine the proposed transferee’s creditworthiness and character. Concurrently with
Tenant’s notice of any request for consent to a Transfer, Tenant shall pay to Landlord a fee of $500 to defray Landlord’s
expenses in reviewing such request, and Tenant shall also reimburse Landlord immediately upon request for its reasonable attorneys’
fees incurred in connection with considering any request for consent to a Transfer.

 

(d)
Conditions to Consent. If Landlord consents to a proposed Transfer, then the proposed transferee shall deliver to Landlord
a written agreement whereby it expressly assumes Tenant’s obligations hereunder; however, any transferee of less than all of the
space in the Premises shall be liable only for obligations under this Lease that are properly allocable to the space subject to the Transfer
for the period of the Transfer. No Transfer shall release Tenant from its obligations under this Lease, but rather Tenant and its transferee
shall be jointly and severally liable therefor. Landlord’s consent to any Transfer shall not waive Landlord’s rights as to
any subsequent Transfers. If an Event of Default occurs while the Premises or any part thereof are subject to a Transfer, then Landlord,
in addition to its other remedies, may collect directly from such transferee all rents becoming due to Tenant and apply such rents against
Rent. Tenant authorizes its transferees to make payments of rent directly to Landlord upon receipt of notice from Landlord to do so following
the occurrence of an Event of Default hereunder. Tenant shall pay for the cost of any demising walls or other improvements necessitated
by a proposed subletting or assignment.

 

    	LEASE AGREEMENT – Page 12

     

    

 

(e)
Attornment by Subtenants. Each sublease by Tenant hereunder shall be subject and subordinate to this Lease and to the matters
to which this Lease is or shall be subordinate, and each subtenant by entering into a sublease is deemed to have agreed that in the event
of termination, re-entry or dispossession by Landlord under this Lease, Landlord may, at its option, take over all of the right, title
and interest of Tenant, as sublandlord, under such sublease, and such subtenant shall, at Landlord’s option, attorn to Landlord
pursuant to the then executory provisions of such sublease, except that Landlord shall not be (1) liable for any previous act or omission
of Tenant under such sublease, (2) subject to any counterclaim, offset or defense that such subtenant might have against Tenant, (3)
bound by any previous modification of such sublease not approved by Landlord in writing or by any rent or additional rent or advance
rent which such subtenant might have paid for more than the current month to Tenant, and all such rent shall remain due and owing, notwithstanding
such advance payment, (4) bound by any security or advance rental deposit made by such subtenant which is not delivered or paid over
to Landlord and with respect to which such subtenant shall look solely to Tenant for refund or reimbursement, or (5) obligated to perform
any work in the subleased space or to prepare it for occupancy, and in connection with such attornment, the subtenant shall execute and
deliver to Landlord any instruments Landlord may reasonably request to evidence and confirm such attornment. Each subtenant or licensee
of Tenant shall be deemed, automatically upon and as a condition of its occupying or using the Premises or any part thereof, to have
agreed to be bound by the terms and conditions set forth in this Section. The provisions of this Section 11(e) shall be self-operative,
and no further instrument shall be required to give effect to this provision.

 

(f)
Cancellation. Landlord may, within 30 days after submission of Tenant’s written request for Landlord’s consent
to an assignment, cancel this Lease as to the portion of the Premises proposed to be assigned as of the date the proposed Transfer is
to be effective. If Landlord cancels this Lease as to any portion of the Premises, then this Lease shall cease for such portion of the
Premises and Tenant shall pay to Landlord all Rent accrued through the cancellation date relating to the portion of the Premises covered
by the proposed Transfer. Thereafter, Landlord may lease such portion of the Premises to the prospective assignee (or to any other person)
without liability to Tenant.

 

(g)
Intentionally Deleted.

 

(h)
Permitted Transfers. Notwithstanding Section 11(a), Tenant may Transfer all or part of its interest in this Lease
or all or part of the Premises (a “Permitted Transfer”) to the following types of entities (a “Permitted
Transferee”) without the written consent of Landlord:

 

(1)
an Affiliate of Tenant;

 

    	LEASE AGREEMENT – Page 13

     

    

 

(2)
any corporation, limited partnership, limited liability partnership, limited liability company or other business entity in which or with
which Tenant, or its corporate successors or assigns, is merged or consolidated, in accordance with applicable statutory provisions governing
merger and consolidation of business entities, so long as (A) Tenant’s obligations hereunder are assumed by the entity surviving
such merger or created by such consolidation; and (B) the Tangible Net Worth of the surviving or created entity is not less than the
Tangible Net Worth of Tenant as of the date hereof; or

 

(3)
any corporation, limited partnership, limited liability partnership, limited liability company or other business entity acquiring all
or substantially all of Tenant’s assets if such entity’s Tangible Net Worth after such acquisition is not less than the Tangible
Net Worth of Tenant as of the date hereof.

 

Tenant
shall promptly notify Landlord of any such Permitted Transfer. Tenant shall remain liable for the performance of all of the obligations
of Tenant hereunder, or if Tenant no longer exists because of a merger, consolidation, or acquisition, the surviving or acquiring entity
shall expressly assume in writing the obligations of Tenant hereunder. Additionally, the Permitted Transferee shall comply with all of
the terms and conditions of this Lease, including the Permitted Use, and the use of the Premises by the Permitted Transferee may not
violate any other agreements affecting the Premises, the Building, Landlord or other tenants of the Building. No later than 30 days after
the effective date of any Permitted Transfer, Tenant agrees to furnish Landlord with (A) copies of the instrument effecting any of the
foregoing Transfers, (B) documentation establishing Tenant’s satisfaction of the requirements set forth above applicable to any
such Transfer, (C) evidence of insurance as required under this Lease with respect to the Permitted Transferee, and (D) evidence of compliance
with the regulations of OFAC and any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and
Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action relating thereto,
including the name and address of the Permitted Transferee and any entities and persons who own, control or direct the Permitted Transferee.
The occurrence of a Permitted Transfer shall not waive Landlord’s rights as to any subsequent Transfers. “Tangible
Net Worth” means the excess of total assets over total liabilities, in each case as determined in accordance with generally
accepted accounting principles consistently applied (“GAAP”), excluding, however, from the determination of
total assets all assets which would be classified as intangible assets under GAAP including goodwill, licenses, patents, trademarks,
trade names, copyrights, and franchises. Any subsequent Transfer by a Permitted Transferee shall be subject to the terms of this Section.

 

    	LEASE AGREEMENT – Page 14

     

    

 

12.
Insurance; Waivers; Subrogation; Indemnity.

 

(a)
Tenant’s Insurance. Effective as of the earlier of (1) the date Tenant enters or occupies the Premises, or (2) the
Commencement Date, and continuing throughout the Term, Tenant shall maintain the following insurance policies: (A) commercial general
liability insurance in amounts of $3,000,000 per occurrence or, following the expiration of the initial Term, such other amounts as Landlord
may from time to time reasonably require (and, if the use and occupancy of the Premises include any activity or matter that is or may
be excluded from coverage under a commercial general liability policy [e.g., the sale, service or consumption
of alcoholic beverages], Tenant shall obtain such endorsements to the commercial general liability policy or otherwise obtain
insurance to insure all liability arising from such activity or matter [including liquor liability,
if applicable] in such amounts as Landlord may reasonably require), insuring Tenant, Landlord, Landlord’s property management
company, Landlord’s asset management company and, if requested in writing by Landlord, Landlord’s Mortgagee against all liability
for injury to or death of a person or persons or damage to property arising from the use and occupancy of the Premises and (without implying
any consent by Landlord to the installation thereof) the installation, operation, maintenance, repair or removal of Tenant’s Off-Premises
Equipment, (B) insurance covering the full value of all alterations and improvements and betterments in the Premises, naming Landlord
and Landlord’s Mortgagee as additional loss payees as their interests may appear, (C) insurance covering the full value of all
furniture, trade fixtures and personal property (including property of Tenant or others) in the Premises or otherwise placed in the Project
by or on behalf of a Tenant Party (including Tenant’s Off-Premises Equipment), (D) contractual liability insurance sufficient to
cover Tenant’s indemnity obligations hereunder (but only if such contractual liability insurance is not already included in Tenant’s
commercial general liability insurance policy), (E) worker’s compensation insurance, and (F) business interruption insurance in
an amount reasonably acceptable to Landlord. The commercial general liability insurance to be maintained by Tenant may have a deductible
of no more than $5,000 per occurrence; the property insurance to be maintained by Tenant may have a deductible of no more than $10,000
per occurrence; and, all other insurance to be maintained by Tenant shall have no deductible. Tenant’s insurance shall provide
primary coverage to Landlord when any policy issued to Landlord provides duplicate or similar coverage, and in such circumstance Landlord’s
policy will be excess over Tenant’s policy. Tenant shall furnish to Landlord certificates of such insurance and such other evidence
satisfactory to Landlord of the maintenance of all insurance coverages required hereunder at least ten days prior to the earlier of the
Commencement Date or the date Tenant enters or occupies the Premises, and at least 15 days prior to each renewal of said insurance, and
Tenant shall obtain a written obligation on the part of each insurance company to notify Landlord at least 30 days before cancellation
or a material change of any such insurance policies. All such insurance policies shall be in form, and issued by companies with a Best’s
rating of A+:VII or better, reasonably satisfactory to Landlord. If Tenant fails to comply with the foregoing insurance requirements
or to deliver to Landlord the certificates or evidence of coverage required herein, Landlord, in addition to any other remedy available
pursuant to this Lease or otherwise, may, but shall not be obligated to, obtain such insurance and Tenant shall pay to Landlord on demand
the premium costs thereof, plus an administrative fee of 15% of such cost.

 

    	LEASE AGREEMENT – Page 15

     

    

 

(b)
Landlord’s Insurance. Throughout the Term of this Lease, Landlord shall maintain, as a minimum, the following insurance
policies: (1) property insurance for the Building’s replacement value (excluding property required to be insured by Tenant), less
a commercially-reasonable deductible if Landlord so chooses, and (2) commercial general liability insurance in an amount of not less
than $3,000,000. Landlord may, but is not obligated to, maintain such other insurance and additional coverages as it may deem necessary.
The cost of all insurance carried by Landlord with respect to the Project shall be included in Insurance Costs (defined below). The foregoing
insurance policies and any other insurance carried by Landlord shall be for the sole benefit of Landlord and under Landlord’s sole
control, and Tenant shall have no right or claim to any proceeds thereof or any other rights thereunder.

 

(c)
No Subrogation; Waiver of Property Claims. Landlord and Tenant each waives any claim it might have against the other for
any damage to or theft, destruction, loss, or loss of use of any property, to the extent the same is insured against under any insurance
policy of the types described in this Section 12 that covers the Project, the Premises, Landlord’s or Tenant’s fixtures,
personal property, leasehold improvements, or business, or is required to be insured against under the terms hereof, regardless of
whether the negligence of the other party caused such Loss (defined below). Additionally, Tenant waives any claim it may have against
Landlord for any Loss to the extent such Loss is caused by a terrorist act. Each party shall cause its insurance carrier to endorse all
applicable policies waiving the carrier’s rights of recovery under subrogation or otherwise against the other party. Notwithstanding
any provision in this Lease to the contrary, Landlord, its agents, employees and contractors shall not be liable to Tenant or to any
party claiming by, through or under Tenant for (and Tenant hereby releases Landlord and its servants, agents, contractors, employees
and invitees from any claim or responsibility for) any damage to or destruction, loss, or loss of use, or theft of any property of any
Tenant Party located in or about the Project, caused by casualty, theft, fire, third parties or any other matter or cause, regardless
of whether the negligence of any party caused such loss in whole or in part. Tenant acknowledges that Landlord shall not carry insurance
on, and shall not be responsible for damage to, any property of any Tenant Party located in or about the Project.

 

(d)
Indemnity.

 

(1)
Subject to Section 12(c), Tenant shall defend, indemnify, and hold harmless Landlord and its representatives and agents from and against
all claims, demands, liabilities, causes of action, suits, judgments, damages, and expenses (including reasonable attorneys’ fees)
arising from any injury to or death of any person or the damage to or theft, destruction, loss or loss of use of, any property or inconvenience
(a “Loss”) (1) occurring in or on the Project (other than within the
Premises) to the extent caused by the negligence or willful misconduct of any Tenant Party, (2) occurring in the Premises, or (3) arising
out of the installation, operation, maintenance, repair or removal of any property of any Tenant Party located in or about the Project,
including Tenant’s Off-Premises Equipment; provided, however, such indemnity shall not apply to the extent caused by the active
negligence or willful misconduct of Landlord or its agents.

 

    	LEASE AGREEMENT – Page 16

     

    

 

(2)
Subject to Section 12(c), Landlord shall defend, indemnify, and hold harmless Tenant and its representatives and agents from and against
all Losses occurring in or on the Project (other than within the Premises) to the extent caused
by the negligence or willful misconduct of Landlord or its agents; provided, however, such indemnity shall not apply to the extent caused
by the negligence or willful misconduct of Tenant and its agents.

 

(3)
The indemnities set forth in this Lease shall survive termination or expiration of this Lease and shall not terminate or be waived, diminished
or affected in any manner by any abatement or apportionment of Rent under any provision of this Lease. If any proceeding is filed for
which indemnity is required hereunder, the indemnifying party agrees, upon request therefor, to defend the indemnified party in such
proceeding at its sole cost utilizing counsel satisfactory to the indemnified party.

 

(e)
Cost of Landlord’s Insurance. Tenant shall pay Tenant’s Proportionate Share of the cost of the property and
liability insurance carried by Landlord from time to time with respect to the Building (including other improvements and Landlord’s
personal property used in connection therewith), which may include fire and extended coverage insurance (including extended and broad
form coverage risks, mudslide, land subsidence, volcanic eruption, flood, earthquake and rent loss insurance) and comprehensive general
public liability insurance and excess liability insurance, in such amounts and containing such terms as Landlord deems necessary or desirable
(collectively, “Insurance Costs”). During each month of the Term, Tenant shall make a monthly payment to Landlord
equal to 1/12th of Tenant’s Proportionate Share of Insurance Costs that will be due and payable for that particular year. Each
payment of Insurance Costs shall be due and payable at the same time as, and in the same manner as, provided above for Tenant’s
Proportionate Share of Operating Costs. The initial monthly payment of Insurance Costs is based upon Landlord’s good faith estimate
of Tenant’s Proportionate Share of the estimated Insurance Costs for the remainder of the first calendar year. The monthly payment
of Insurance Costs is subject to increase or decrease as determined by Landlord to reflect accurately Tenant’s Proportionate Share
of estimated Insurance Costs. If, following Landlord’s receipt of the bill for the insurance premiums for a calendar year, Landlord
determines that Tenant’s total payments of Insurance Costs are less than Tenant’s Proportionate Share of actual Insurance
Costs, Tenant shall pay to Landlord the difference upon demand; if Tenant’s total payments of Insurance Costs are more than Tenant’s
Proportionate Share of actual Insurance Costs, Landlord shall retain such excess and credit it to Tenant’s future payments of Insurance
Costs (unless such adjustment is at the end of the Term, in which event Landlord shall refund such excess to Tenant). Notwithstanding
anything contained herein to the contrary, at any time during the Term, Tenant shall have the right to audit or otherwise review Landlord’s
records with respect to the actual Insurance Costs for each year, in accordance with the terms of Section 4(b)(4).

 

    	LEASE AGREEMENT – Page 17

     

    

 

13.
Subordination; Attornment; Notice to Landlord’s
Mortgagee.

 

(a)
Subordination. This Lease shall be subordinate to any deed of trust, mortgage, or other security instrument (each, a “Mortgage”),
or any ground lease, master lease, or primary lease (each, a “Primary Lease”), that now or hereafter covers
all or any part of the Premises (the mortgagee under any such Mortgage, beneficiary under any such deed of trust, or the lessor under
any such Primary Lease is referred to herein as a “Landlord’s Mortgagee”) so
long as the holder of the Mortgage or Primary Lease agrees not to disturb Tenant’s use and enjoyment of the Premises provided that
Tenant is not in default of its obligations under this Lease beyond any applicable cure period. Any Landlord’s Mortgagee
may elect, at any time, unilaterally, to make this Lease superior to its Mortgage, Primary Lease, or other interest in the Premises by
so notifying Tenant in writing. Provided the requirements set forth above are satisfied, the provisions of this Section shall be self-operative
and no further instrument of subordination shall be required; however, in confirmation of such subordination, Tenant shall execute and
return to Landlord (or such other party designated by Landlord) within ten days after written request therefor such documentation, in
recordable form if required, as a Landlord’s Mortgagee may reasonably request to evidence the subordination of this Lease to such
Landlord’s Mortgagee’s Mortgage or Primary Lease (including a subordination, non-disturbance and attornment agreement) or,
if the Landlord’s Mortgagee so elects, the subordination of such Landlord’s Mortgagee’s Mortgage or Primary Lease to
this Lease. Landlord shall deliver to Tenant a subordination, non-disturbance, and attornment agreement(s) from its Landlord Mortgagee(s)
in a form reasonably acceptable to Tenant within five (5) business days following the date Landlord enters into a Mortgage.

 

(b)
Attornment. Tenant shall attorn to any party succeeding to Landlord’s interest in the Premises, whether by purchase,
foreclosure, deed in lieu of foreclosure, power of sale, termination of lease, or otherwise, upon such party’s request, and shall
execute such agreements confirming such attornment as such party may reasonably request.

 

(c)
Notice to Landlord’s Mortgagee. Tenant shall not seek to enforce any remedy it may have for any default on the part
of Landlord without first giving written notice by certified mail, return receipt requested, specifying the default in reasonable detail,
to any Landlord’s Mortgagee whose address has been given to Tenant, and affording such Landlord’s Mortgagee the same opportunity
to perform Landlord’s obligations hereunder.

 

(d)
Landlord’s Mortgagee’s Protection Provisions. If Landlord’s Mortgagee shall succeed to the interest of
Landlord under this Lease, Landlord’s Mortgagee shall not be: (1) liable for any act or omission of any prior lessor (including
Landlord); provided, however, that such shall not be deemed to permit the repetition or continuation of any such act or omission (or
the continuation of a condition from a past act or omission) not otherwise permitted under the Lease; (2) bound by any rent or additional
rent or advance rent which Tenant might have paid for more than the current month to any prior lessor (including Landlord), and all such
rent shall remain due and owing, notwithstanding such advance payment; (3) bound by any security or advance rental deposit made by Tenant
which is not delivered or paid over to Landlord’s Mortgagee and with respect to which Tenant shall look solely to Landlord for
refund or reimbursement; (4) bound by any termination, amendment or modification of this Lease made without Landlord’s Mortgagee’s
consent and written approval, except for those terminations, amendments and modifications permitted to be made by Landlord without Landlord’s
Mortgagee’s consent pursuant to the terms of the loan documents between Landlord and Landlord’s Mortgagee; (5) subject to
the defenses which Tenant might have against any prior lessor (including Landlord); and (6) subject to the offsets which Tenant might
have against any prior lessor (including Landlord) except for those offset rights which (A) are expressly provided in this Lease, (B)
relate to periods of time following the acquisition of the Building by Landlord’s Mortgagee, and (C) Tenant has provided written
notice to Landlord’s Mortgagee and provided Landlord’s Mortgagee a reasonable opportunity to cure the event giving rise to
such offset event. Landlord’s Mortgagee shall have no liability or responsibility under or pursuant to the terms of this Lease
or otherwise after it ceases to own an interest in the Project. Nothing in this Lease shall be construed to require Landlord’s
Mortgagee to see to the application of the proceeds of any loan, and Tenant’s agreements set forth herein shall not be impaired
on account of any modification of the documents evidencing and securing any loan.

 

    	LEASE AGREEMENT – Page 18

     

    

 

14.
Rules and Regulations. Tenant shall comply with the rules and regulations of the Project which are attached hereto as Exhibit
C. Landlord may, from time to time, change such rules and regulations for the safety, care, or cleanliness of the Project and related
facilities, provided that such changes are applicable to all tenants of the Project, will not unreasonably interfere with Tenant’s
use of the Premises and are enforced by Landlord in a non-discriminatory manner. Tenant shall be responsible for the compliance with
such rules and regulations by each Tenant Party, but such rules and regulations shall be uniformly applied.

 

15.
Condemnation.

 

(a)
Total Taking. If the entire Building or Premises are taken by right of eminent domain or conveyed in lieu thereof (a “Taking”),
this Lease shall terminate as of the date of the Taking.

 

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

 

(c)
Partial Taking - Landlord’s Rights. If any material portion, but less than all, of the Building becomes subject to
a Taking, or if Landlord is required to pay any of the proceeds arising from a Taking to a Landlord’s Mortgagee, then Landlord
may terminate this Lease by delivering written notice thereof to Tenant within 30 days after such Taking, and Basic Rent and Additional
Rent shall be apportioned as of the date of such Taking. If Landlord does not so terminate this Lease, then this Lease will continue,
but if any portion of the Premises has been taken, Rent shall abate as provided in the last sentence of Section 15(b).

 

    	LEASE AGREEMENT – Page 19

     

    

 

(d)
Temporary Taking. If all or any portion of the Premises becomes subject to a Taking for a limited period of time, this
Lease shall remain in full force and effect and Tenant shall continue to perform all of the terms, conditions and covenants of this Lease,
including the payment of Basic Rent and all other amounts required hereunder. If any such temporary Taking terminates prior to the expiration
of the Term, Tenant shall restore the Premises as nearly as possible to the condition prior to such temporary Taking, at Tenant’s
sole cost and expense. Landlord shall be entitled to receive the entire award for any such temporary Taking, except that Tenant shall
be entitled to receive the portion of such award which (1) compensates Tenant for its loss of use of the Premises within the Term and
(2) reimburses Tenant for the reasonable out-of-pocket costs actually incurred by Tenant to restore the Premises as required by this
Section.

 

(e)
Award. If any Taking occurs, then Landlord shall receive the entire award or other compensation for the Land, the Building,
and other improvements taken; however, Tenant may separately pursue a claim (to the extent it will not reduce Landlord’s award)
against the condemnor for the value of Tenant’s personal property which Tenant is entitled to remove under this Lease, moving costs,
loss of business, and other claims it may have.

 

16.
Fire or Other Casualty.

 

(a)
Repair Estimate. If the Premises or the Building are damaged by fire or other casualty (a “Casualty”),
Landlord shall, within 90 days after such Casualty, deliver to Tenant a good faith estimate (the “Damage Notice”)
of the time needed to repair the damage caused by such Casualty.

 

(b)
Tenant’s Rights. If a material portion of the Premises is damaged by Casualty such that Tenant is prevented from
conducting its business in the Premises in a manner reasonably comparable to that conducted immediately before such Casualty and Landlord
in good faith estimates that the damage caused thereby cannot be repaired within 270 days after the commencement of repairs (the “Repair
Period”), then Tenant may terminate this Lease by delivering written notice to Landlord of its election to terminate within
30 days after the Damage Notice has been delivered to Tenant.

 

(c)
Landlord’s Rights. If a Casualty damages the Premises or a material portion of the Building and (1) Landlord estimates
that the damage to the Premises cannot be repaired within the Repair Period, (2) the damage to the Premises exceeds 50% of the replacement
cost thereof (excluding foundations and footings), as reasonably estimated by Landlord, and such damage occurs during the last two years
of the Term, (3) regardless of the extent of damage to the Premises, the damage is not fully covered by Landlord’s insurance policies
or Landlord makes a good faith determination that restoring the Building would be uneconomical, or (4) Landlord is required to pay any
insurance proceeds arising out of the Casualty to a Landlord’s Mortgagee, then Landlord may terminate this Lease by giving written
notice of its election to terminate within 30 days after the Damage Notice has been delivered to Tenant.

 

    	LEASE AGREEMENT – Page 20

     

    

 

(d)
Repair Obligation. If neither party elects to terminate this Lease following a Casualty, then Landlord shall, within a
reasonable time after such Casualty, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises
to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair
or replace any alterations or betterments within the Premises (which shall be promptly and with due diligence repaired and restored by
Tenant at Tenant’s sole cost and expense) or any furniture, equipment, trade fixtures or personal property of Tenant or others
in the Premises or the Building, and Landlord’s obligation to repair or restore the Premises shall be limited to the extent of
the insurance proceeds actually received by Landlord for the Casualty in question. If this Lease is terminated under the provisions of
this Section, Landlord shall be entitled to the full proceeds of the insurance policies providing coverage for all alterations, improvements
and betterments in the Premises (and, if Tenant has failed to maintain insurance on such items as required by this Lease, Tenant shall
pay Landlord an amount equal to the proceeds Landlord would have received had Tenant maintained insurance on such items as required by
this Lease).

 

(e)
Abatement of Rent. If the Premises are damaged by Casualty, Rent for the portion of the Premises rendered untenantable
by the damage shall be abated on a reasonable basis from the date of damage until the completion of Landlord’s repairs (or until
the date of termination of this Lease by Landlord or Tenant as provided above, as the case may be), unless a Tenant Party caused such
damage, in which case, Tenant shall pay Rent in excess of the amount of any proceeds actually received by Landlord in connection with
any policy of rent loss insurance maintained by Landlord.

 

17.
Personal Property Taxes. Tenant shall be liable for all taxes levied or assessed against personal property, furniture,
or fixtures placed by Tenant in the Premises or in or on the Building or Project. If any taxes for which Tenant is liable are levied
or assessed against Landlord or Landlord’s property and Landlord elects to pay the same, or if the assessed value of Landlord’s
property is increased by inclusion of such personal property, furniture or fixtures and Landlord elects to pay the taxes based on such
increase, then Tenant shall pay to Landlord, within 30 days following written request therefor, the part of such taxes for which Tenant
is primarily liable hereunder; however, Landlord shall not pay such amount if Tenant notifies Landlord that it will contest the validity
or amount of such taxes before Landlord makes such payment, and thereafter diligently proceeds with such contest in accordance with Law
and if the non-payment thereof does not pose a threat of loss or seizure of the Project or interest of Landlord therein or impose any
fee or penalty against Landlord.

 

18.
Events of Default. Each of the following occurrences shall be an “Event of Default”:

 

(a)
Payment Default. Tenant’s failure to pay Rent within five business days after Landlord has delivered written notice
to Tenant that the same is due; however, an Event of Default shall occur hereunder without any obligation of Landlord to give any notice
if Tenant fails to pay Rent when due and, during the 12 month interval preceding such failure, Landlord has given Tenant written notice
of failure to pay Rent on two or more occasions;

 

    	LEASE AGREEMENT – Page 21

     

    

 

(b)
Intentionally Deleted;

 

(c)
Estoppel. Tenant
fails to provide any estoppel certificate after Landlord’s written request therefor pursuant to Section 26(f) and such failure
shall continue for five days after Landlord’s second written notice thereof to Tenant;

 

(d)
Insurance. Tenant
fails to procure, maintain and deliver to Landlord evidence of the insurance policies and coverages as required under Section 12(a) within
fifteen (15) days after Landlord has delivered written notice to Tenant, provided, notwithstanding the foregoing or anything to the contrary
in this Lease, the foregoing cure period shall not apply with respect to Landlord’s right to exercise its right of self-help as
set forth in Section 19 (c) below;

 

(e)
Mechanic’s Liens. Tenant
fails to pay and release of record, or diligently contest and bond around, any mechanic’s lien filed against the Premises or the
Project for any work performed, materials furnished, or obligation incurred by or at the request of Tenant, within the time and in the
manner required by Section 8(d);

 

(f)
Other Defaults. Tenant’s failure to perform, comply with, or observe any other agreement or obligation of Tenant under
this Lease and the continuance of such failure for a period of more than 30 days after Landlord has delivered to Tenant written notice
thereof (or if Tenant does not within said period commence and diligently proceed to cure such default); and

 

(g)
Insolvency The filing of a petition by or against Tenant (the term “Tenant” shall include, for the purpose
of this Section, any guarantor of Tenant’s obligations hereunder) (1) in any bankruptcy or other insolvency proceeding; (2) seeking
any relief under any state or federal debtor relief law; (3) for the appointment of a liquidator or receiver for all or substantially
all of Tenant’s property or for Tenant’s interest in this Lease; (4) for the reorganization or modification of Tenant’s
capital structure; or (5) in any assignment for the benefit of creditors proceeding; however, if such a petition is filed against Tenant,
then such filing shall not be an Event of Default unless Tenant fails to have the proceedings initiated by such petition dismissed within
90 days after the filing thereof.

 

19.
Remedies. Upon any Event of Default, Landlord may, in addition to all other rights and remedies afforded Landlord hereunder
or by law or equity, take any one or more of the following actions:

 

(a)
Termination of Lease. Terminate this Lease by giving Tenant written notice thereof, in which event Tenant shall pay to
Landlord the sum of (1) all Rent accrued hereunder through the date of termination, (2) all amounts due under Section 20(a), and
(3) an amount equal to (A) the total Rent that Tenant would have been required to pay for the remainder of the Term discounted to present
value at a per annum rate equal to the “Prime Rate” as published on the date this Lease is terminated by The Wall Street
Journal, Southwest Edition, in its listing of “Money Rates” minus one percent, minus (B) the then present fair rental
value of the Premises for such period, similarly discounted.

 

    	LEASE AGREEMENT – Page 22

     

    

 

(b)
Termination of Possession. Terminate Tenant’s right to possess the Premises without terminating this Lease by giving
written notice thereof to Tenant, in which event Tenant shall pay to Landlord (1) all Rent and other amounts accrued hereunder to the
date of termination of possession, (2) all amounts due from time to time under Section 20(a), and (3) all Rent and other net sums
required hereunder to be paid by Tenant during the remainder of the Term, diminished by any net sums thereafter received by Landlord
through reletting the Premises during such period, after deducting all reasonable costs incurred by Landlord in reletting the Premises.
If Landlord elects to proceed under this Section, Landlord may remove all of Tenant’s property from the Premises and store the
same in a public warehouse or elsewhere at the cost of, and for the account of, Tenant, without becoming liable for any loss or damage
which may be occasioned thereby. Landlord shall mitigate its damages and shall use reasonable efforts to relet the Premises on such terms
as Landlord in its sole discretion may determine (including a term different from the Term, rental concessions, and alterations to, and
improvement of, the Premises); however, Landlord shall not be obligated to relet the Premises before leasing other portions of the Building
and Landlord shall not be obligated to accept any prospective tenant proposed by Tenant unless such proposed tenant meets all of Landlord’s
leasing criteria. So long as Landlord has complied with its obligations hereunder, Landlord shall not be liable for, nor shall Tenant’s
obligations hereunder be diminished because of, Landlord’s failure to relet the Premises or to collect rent due for such reletting.
Tenant shall not be entitled to the excess of any consideration obtained by reletting over the Rent due hereunder. Reentry by Landlord
in the Premises shall not affect Tenant’s obligations hereunder for the unexpired Term; rather, Landlord may, from time to time,
bring an action against Tenant to collect amounts due by Tenant, without the necessity of Landlord’s waiting until the expiration
of the Term. Unless Landlord delivers written notice to Tenant expressly stating that it has elected to terminate this Lease, all actions
taken by Landlord to dispossess or exclude Tenant from the Premises shall be deemed to be taken under this Section. If Landlord elects
to proceed under this Section, it may at any time elect to terminate this Lease under Section 19(a).

 

(c)
Perform Acts on Behalf of Tenant. Perform any act Tenant is obligated to perform under the terms of this Lease (and enter
upon the Premises in connection therewith if necessary) in Tenant’s name and on Tenant’s behalf, without being liable for
any claim for damages therefor, and Tenant shall reimburse Landlord on demand for any reasonable expenses which Landlord may incur in
thus effecting compliance with Tenant’s obligations under this Lease (including, but not limited to, reasonable collection costs
and legal expenses), plus interest thereon at the Default Rate.

 

    	LEASE AGREEMENT – Page 23

     

    

 

20.
Payment by Tenant; Non-Waiver; Cumulative Remedies.

 

(a)
Payment by Tenant. Upon any Event of Default, Tenant shall pay to Landlord all costs incurred by Landlord (including court
costs and reasonable attorneys’ fees and expenses) in (1) obtaining possession of the Premises, (2) removing and storing Tenant’s
or any other occupant’s property, (3) repairing, restoring, altering, remodeling, or otherwise putting the Premises into condition
acceptable to a new tenant, (4) if Tenant is dispossessed of the Premises and this Lease is not terminated, reletting all or any part
of the Premises (including brokerage commissions, cost of tenant finish work, and other costs incidental to such reletting) applicable
to the balance of the then current Term, (5) performing Tenant’s obligations which Tenant failed to perform, and (6) enforcing,
or advising Landlord of, its rights, remedies, and recourses arising out of the default. To the full extent permitted by law, Landlord
and Tenant agree the federal and state courts of the state in which the Premises are located shall have exclusive jurisdiction over any
matter relating to or arising from this Lease and the parties’ rights and obligations under this Lease.

 

(b)
No Waiver. Landlord’s acceptance of Rent following an Event of Default shall not waive Landlord’s rights regarding
such Event of Default. No waiver by Landlord of any violation or breach of any of the terms contained herein shall waive Landlord’s
rights regarding any future violation of such term. Landlord’s acceptance of any partial payment of Rent shall not waive Landlord’s
rights with regard to the remaining portion of the Rent that is due, regardless of any endorsement or other statement on any instrument
delivered in payment of Rent or any writing delivered in connection therewith; accordingly, Landlord’s acceptance of a partial
payment of Rent shall not constitute an accord and satisfaction of the full amount of the Rent that is due.

 

(c)
Cumulative Remedies. Any and all remedies set forth in this Lease: (1) shall be in addition to any and all other remedies
Landlord may have at law or in equity, (2) shall be cumulative, and (3) may be pursued successively or concurrently as Landlord may elect.
The exercise of any remedy by Landlord shall not be deemed an election of remedies or preclude Landlord from exercising any other remedies
in the future.

 

21.
Landlord’s Lien. Landlord waives any statutory landlord’s lien, now or hereafter enacted, on Tenant’s
property situated in, or upon, or used in connection with the Premises or the Project.

 

22.
Surrender of Premises. No act by Landlord shall be deemed an acceptance of a surrender of the Premises, and no agreement
to accept a surrender of the Premises shall be valid unless it is in writing and signed by Landlord. At the expiration or termination
of this Lease, Tenant shall deliver to Landlord the Premises with all improvements located therein in good repair and condition, free
of Hazardous Materials placed on the Premises during the Term, broom-clean, reasonable wear and tear (and condemnation and Casualty damage
not caused by Tenant, as to which Sections 15 and 16 shall control) excepted, and shall deliver to Landlord all keys to
the Premises. Tenant may remove all unattached trade fixtures, furniture, and personal property placed in the Premises or elsewhere in
the Building by Tenant (but Tenant may not remove any such item which was paid for, in whole or in part, by Landlord or any wiring or
cabling unless Landlord requires such removal). Additionally, if Landlord requests such removal (but not otherwise), Tenant shall remove
such alterations, additions, improvements, trade fixtures, personal property, equipment, wiring, conduits, cabling, and furniture (including
Tenant’s Off-Premises Equipment) as Landlord may request, including, without limitation, if Landlord requests such removal and
restoration (but not otherwise); however, Tenant shall not be required to remove any addition or improvement to the Premises or the Project
if Landlord has specifically agreed in writing that the improvement or addition in question need not be removed. Tenant shall repair
all damage caused by such removal. All items not so removed shall, at Landlord’s option, be deemed to have been abandoned by Tenant
and may be appropriated, sold, stored, destroyed, or otherwise disposed of by Landlord without notice to Tenant and without any obligation
to account for such items. The provisions of this Section shall survive the end of the Term.

 

    	LEASE AGREEMENT – Page 24

     

    

 

23.
Holding Over. If Tenant fails to vacate the Premises at the end of the Term, then Tenant shall be a tenant at sufferance
and, in addition to all other damages and remedies to which Landlord may be entitled for such holding over, (a) Tenant shall pay, in
addition to the other Rent, Basic Rent equal to 150% of the Rent payable during the last month of the Term, and (b) Tenant shall otherwise
continue to be subject to all of Tenant’s obligations under this Lease. The provisions of this Section shall not be deemed to limit
or constitute a waiver of any other rights or remedies of Landlord provided herein or at law. If Tenant fails to surrender the Premises
upon the termination or expiration of this Lease, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect,
defend, indemnify and hold Landlord harmless from all loss, costs (including reasonable attorneys’ fees) and liability resulting
from such failure, including any claims made by any succeeding tenant founded upon such failure to surrender, and any lost profits to
Landlord resulting therefrom.

 

24.
Certain Rights Reserved by Landlord. Provided that the exercise of such rights does not unreasonably interfere with Tenant’s
occupancy of the Premises, Landlord shall have the following rights:

 

(a)
Building Operations. To decorate and to make inspections, repairs, alterations, additions, changes, or improvements, whether
structural or otherwise, in and about the Project, or any part thereof; to enter upon the Premises (after giving Tenant reasonable notice
thereof, which shall be written notice, except in cases of real or apparent emergency, in which case no notice shall be required) and,
during the continuance of any such work, to temporarily close doors, entryways, public space, and corridors in the Building; to interrupt
or temporarily suspend Building services and facilities; to change the name of the Building; and to change the arrangement and location
of entrances or passageways, doors, and doorways, corridors, elevators, stairs, restrooms, or other public parts of the Building. Landlord
may not enter Tenant’s secured areas except in the case of emergency or in the event of a Landlord inspection, in which case Landlord
shall provide Tenant with reasonable prior notice of the specific date and time of such Landlord inspection. As a condition to entry,
Landlord shall comply with all procedures established by Tenant to maintain the germ-free and sanitary condition of any secured areas
and Landlord’s representatives entering the Premises shall sign the confidentiality agreement that Tenant requires of visitors
to the Premises. In addition, Tenant shall have the right and option to cause a Tenant-authorized representative to be present during
any such entry by Landlord, its agents, employees and representatives.

 

    	LEASE AGREEMENT – Page 25

     

    

 

(b)
Security. To take such reasonable measures as Landlord deems advisable for the security of the Building and its occupants;
evacuating the Building for cause, suspected cause, or for drill purposes; temporarily denying access to the Building; and closing the
Building after normal business hours and on Sundays and holidays, subject, however, to Tenant’s right to enter when the Building
is closed after normal business hours to the extent reasonably related to Tenant’s Permitted Use of the Premises and its business
operations.

 

(c)
Prospective Purchasers and Lenders. To enter the Premises at reasonable hours after notice to show the Premises to prospective
purchasers or lenders; provided, that as a condition to entry Landlord and any prospective purchasers or lenders shall comply with all
procedures established by Tenant to maintain the germ-free and sanitary condition of any areas within the Premises designated by Tenant
to Landlord as secured areas (“Secured Areas”) and shall sign the confidentiality agreement that Tenant requires
of visitors to the Premises.

 

(d)
Prospective Tenants. At reasonable hours after notice during the last six months of the Term, to enter the Premises at
all reasonable hours after notice to show the Premises to prospective tenants; provided, that as a condition to entry Landlord and any
prospective tenant shall comply with all procedures established by Tenant to maintain the germ-free and sanitary condition of any Secured
Areas and shall sign the confidentiality agreement that Tenant requires of visitors to the Premises.

 

25.
Miscellaneous.

 

(a)
Landlord Transfer. Landlord may transfer any portion of the Project and any of its rights under this Lease. If Landlord
assigns its rights under this Lease, then Landlord shall thereby be released from any further obligations hereunder arising after the
date of transfer, provided that the assignee assumes in writing Landlord’s obligations hereunder arising from and after the transfer
date.

 

(b)
Default by Landlord. Landlord shall not be in default unless Landlord fails to perform obligations required of Landlord
within thirty (30) days after written notice by Tenant to Landlord (except in cases of emergency in which case Landlord’s obligations
hereunder shall be performed as soon as reasonably practicable) and to the holder of any mortgage or deed of trust covering the Premises
whose name and address shall have been previously furnished to Tenant in writing specifying what obligation Landlord has failed to perform;
provided, however, that if the nature of Landlord’s obligation is such that more than thirty (30) days is required for performance
then Landlord shall not be in default if Landlord commences performance within such thirty (30) day period and thereafter diligently
pursues the same to completion. In no event shall Tenant have the right to terminate this Lease as a result of Landlord’s default.
In addition to the above, if Landlord fails to cure such Landlord default within the Landlord cure period, or fails to commence to cure
within the Landlord cure period and thereafter diligently pursue the same to completion, as applicable, Tenant may, but shall have no
obligation to do so, perform the same for the account of Landlord. Landlord shall, within thirty (30) days of demand therefor, at Landlord’s
election, either (i) credit against Tenant’s obligation to pay Basic Rent the documented, out-of-pocket costs reasonably incurred
by Tenant in curing such Landlord default, or (ii) reimburse Tenant the documented, out-of-pocket costs reasonably incurred by Tenant
in curing such Landlord default together with interest thereon at the Default Rate from the date demanded by Tenant.

 

    	LEASE AGREEMENT – Page 26

     

    

 

(c)
Landlord’s Liability. The liability of Landlord (and its partners, shareholders or members) to Tenant (or any person
or entity claiming by, through or under Tenant) for any default by Landlord under the terms of this Lease or any matter relating to or
arising out of the occupancy or use of the Premises and/or other areas of the Building shall be limited to Tenant’s actual direct,
but not consequential, damages therefor and shall be recoverable only from the interest of Landlord in the Project and the rents and
profits therefrom, and Landlord (and its partners, shareholders or members) shall not be personally liable for any deficiency. The provisions
of this Section shall survive any expiration or termination of this Lease.

 

(d)
Force Majeure. Other than for a party’s obligations under this Lease that can be performed by the payment of money
(e.g., payment of Rent and maintenance of insurance), whenever a period of time is herein prescribed for action to be taken by either
party hereto, such party shall not be liable or responsible for, and there shall be excluded from the computation of any such period
of time, any delays due to strikes, riots, acts of God, shortages of labor or materials, war, terrorist acts or activities, governmental
laws, regulations, or restrictions, or any other causes of any kind whatsoever which are beyond the control of such party.

 

(e)
Brokerage. Neither Landlord nor Tenant has dealt with any broker or agent in connection with the negotiation or execution
of this Lease, other than CBRE, Attn: Barbara Johnson(representing Tenant), whose commissions shall be paid by Landlord pursuant to separate
written agreements. Tenant and Landlord shall each indemnify the other against all costs, expenses, attorneys’ fees, liens and
other liability for commissions or other compensation claimed by any broker or agent claiming the same by, through, or under the indemnifying
party.

 

(f)
Estoppel Certificates. From time to time, each party shall furnish to any party designated by the other party, within ten
days after a request therefor, a certificate signed by the party confirming and containing such factual certifications and representations
as to this Lease as the requesting party may reasonably request. Unless otherwise required by Landlord’s Mortgagee or a prospective
purchaser or mortgagee of the Project, the initial form of estoppel certificate to be signed by Tenant is attached hereto as Exhibit
F. If Tenant does not deliver to Landlord the certificate signed by Tenant within such required time period, Landlord, Landlord’s
Mortgagee and any prospective purchaser or mortgagee, may conclusively presume and rely upon the following facts: (1) this Lease is in
full force and effect; (2) the terms and provisions of this Lease have not been changed except as otherwise represented by Landlord;
(3) not more than one monthly installment of Basic Rent and other charges have been paid in advance; (4) there are no claims against
Landlord nor any defenses or rights of offset against collection of Rent or other charges; and (5) Landlord is not in default under this
Lease. In such event, Tenant shall be estopped from denying the truth of the presumed facts.

 

    	LEASE AGREEMENT – Page 27

     

    

 

(g)
Notices. All notices and other communications given pursuant to this Lease shall be in writing and shall be (1) mailed
by first class, United States Mail, postage prepaid, certified, with return receipt requested, and addressed to the parties hereto at
the address specified in the Basic Lease Information, (2) hand delivered to the intended addressee, (3) sent by a nationally recognized
overnight courier service, or (4) sent by email transmission during normal business hours. All notices shall be effective upon delivery
to the address of the addressee (even if such addressee refuses delivery thereof). If sent by email, notice shall be deemed delivered
upon transmission, and the party sending the notice also must send, unless such requirement is waived in a return email from the receiving
party, a confirmation copy of the notice by one of the other foregoing methods set forth above within three (3) business days after the
send date of the email, but the lack of delivery of such other notice does not negate the email notice. The parties hereto may change
their addresses by giving notice thereof to the other in conformity with this provision.

 

(h)
Separability. If
any clause or provision of this Lease is illegal, invalid, or unenforceable under present or future laws, then the remainder of this
Lease shall not be affected thereby and in lieu of such clause or provision, there shall be added as a part of this Lease a clause or
provision as similar in terms to such illegal, invalid, or unenforceable clause or provision as may be possible and be legal, valid,
and enforceable.

 

(i)
Amendments; Binding Effect. This Lease may not be amended except by instrument in writing signed by Landlord and Tenant.
No provision of this Lease shall be deemed to have been waived by Landlord or Tenant unless such waiver is in writing signed by Landlord
or Tenant, as applicable, and no custom or practice which may evolve between the parties in the administration of the terms hereof shall
waive or diminish the right of Landlord or Tenant to insist upon the performance by Tenant or Landlord in strict accordance with the
terms hereof. The terms and conditions contained in this Lease shall inure to the benefit of and be binding upon the parties hereto,
and upon their respective successors in interest and legal representatives, except as otherwise herein expressly provided. This Lease
is for the sole benefit of Landlord and Tenant, and, other than Landlord’s Mortgagee, no third party shall be deemed a third party
beneficiary hereof.

 

(j)
Quiet Enjoyment. Provided Tenant has performed all of its obligations hereunder, Tenant shall peaceably and quietly hold
and enjoy the Premises for the Term, without hindrance from Landlord or any party claiming by, through, or under Landlord, but not otherwise,
subject to the terms and conditions of this Lease.

 

(k)
No Merger. There shall be no merger of the leasehold estate hereby created with the fee estate in the Premises or any part
thereof if the same person acquires or holds, directly or indirectly, this Lease or any interest in this Lease and the fee estate in
the leasehold Premises or any interest in such fee estate.

 

(l)
No Offer. The submission of this Lease to Tenant shall not be construed as an offer, and Tenant shall not have any rights
under this Lease unless Landlord executes a copy of this Lease and delivers it to Tenant.

 

    	LEASE AGREEMENT – Page 28

     

    

 

(m)
Entire Agreement. This Lease constitutes the entire agreement between Landlord and Tenant regarding the subject matter
hereof and supersedes all oral statements and prior writings relating thereto. Except for those set forth in this Lease, no representations,
warranties, or agreements have been made by Landlord or Tenant to the other with respect to this Lease or the obligations of Landlord
or Tenant in connection therewith. The normal rule of construction that any ambiguities be resolved against the drafting party shall
not apply to the interpretation of this Lease or any exhibits or amendments hereto.

 

(n)
Waiver of Jury Trial. TO THE MAXIMUM EXTENT PERMITTED BY LAW, LANDLORD AND TENANT EACH WAIVE ANY RIGHT TO TRIAL BY JURY
IN ANY LITIGATION OR TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE ARISING OUT OF OR WITH RESPECT TO THIS LEASE OR ANY OTHER INSTRUMENT,
DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED HERETO.

 

(o)
Governing Law. This Lease shall be governed by and construed in accordance with the laws of the state in which the Premises
are located.

 

(p)
Recording. Tenant shall not record this Lease or any memorandum of this Lease without the prior written consent of Landlord,
which consent may be withheld or denied in the sole and absolute discretion of Landlord, and any recordation by Tenant shall be a material
breach of this Lease. Tenant grants to Landlord a power of attorney to execute and record a release releasing any such recorded instrument
of record that was recorded without the prior written consent of Landlord.

 

(q)
Water or Mold Notification. To the extent Tenant or its agents or employees discover any water leakage, water damage or
mold in or about the Premises or Project, Tenant shall promptly notify Landlord thereof in writing.

 

(r)
Joint and Several Liability. If Tenant is comprised of more than one party, each such party shall be jointly and severally
liable for Tenant’s obligations under this Lease. All unperformed obligations of Tenant hereunder not fully performed at the end
of the Term shall survive the end of the Term, including payment obligations with respect to Rent and all obligations concerning the
condition and repair of the Premises.

 

(s)
Financial Reports. Within 15 days after Landlord’s request, Tenant will furnish Tenant’s most recent audited
financial statements (including any notes to them) to Landlord, or, if no such audited statements have been prepared, such other financial
statements (and notes to them) as may have been prepared by an independent certified public accountant or, failing those, Tenant’s
internally prepared financial statements. If Tenant is a publicly traded corporation, Tenant may satisfy its obligations hereunder by
providing to Landlord Tenant’s most recent annual and quarterly reports. If Tenant is not a publicly traded corporation, Tenant
will discuss its financial statements with Landlord. Landlord will not disclose any aspect of Tenant’s financial statements that
Tenant designates to Landlord as confidential except (1) to Landlord’s Mortgagee or prospective mortgagees or purchasers of the
Building, but only after any such Landlord’s Mortgagee or prospective mortgagee executes a confidentiality agreement in form reasonably
requested by Tenant, (2) in litigation between Landlord and Tenant, and/or (3) if required by court order. Tenant shall not be required
to deliver the financial statements required under this Section 25(r) more than once in any 12-month period unless requested by Landlord’s
Mortgagee or a prospective buyer or lender of the Building or an Event of Default occurs and is continuing.

 

    	LEASE AGREEMENT – Page 29

     

    

 

(t)
Landlord’s Fees. Whenever Tenant requests Landlord to take any action not required of it hereunder or give any consent
required or permitted under this Lease, Tenant will reimburse Landlord for Landlord’s actual, reasonable, out-of-pocket costs payable
to third parties and incurred by Landlord in reviewing the proposed action or consent, including reasonable attorneys’, engineers’
or architects’ fees, within 30 days after Landlord’s delivery to Tenant of a statement of such costs, which amount shall
not exceed $2,500 per request without Tenant prior written approval. Tenant will be obligated to make such reimbursement without regard
to whether Landlord consents to any such proposed action.

 

(u)
Telecommunications. Tenant and its telecommunications companies, including local exchange telecommunications companies
and alternative access vendor services companies, shall have no right of access to and within the Building, for the installation and
operation of telecommunications systems, including voice, video, data, Internet, and any other services provided over wire, fiber optic,
microwave, wireless, and any other transmission systems (“Telecommunications Services”), for part or all of
Tenant’s telecommunications within the Building and from the Building to any other location without Landlord’s prior written
consent, which consent shall not be unreasonably withheld. Tenant’s current provider of Telecommunications Services is deemed approved
by Landlord. All providers of Telecommunications Services shall be required to comply with the rules and regulations of the Building,
applicable Laws and Landlord’s policies and practices for the Building. Tenant acknowledges that Landlord shall not be required
to provide or arrange for any Telecommunications Services and that Landlord shall have no liability to any Tenant Party in connection
with the installation, operation or maintenance of Telecommunications Services or any equipment or facilities relating thereto. Tenant,
at its cost and for its own account, shall be solely responsible for obtaining all Telecommunications Services.

 

(v)
Confidentiality. Each party acknowledges that the terms and conditions of this Lease are to remain confidential, and may
not be disclosed by the receiving party to anyone, by any manner or means, directly or indirectly, without the disclosing party’s
prior written consent; however, the receiving party may disclose the terms and conditions of this Lease if required by Law or court order
or to its attorneys, accountants, employees and existing or prospective financial partners provided the same are advised by the receiving
party of the confidential nature of such terms and conditions and agree to maintain the confidentiality thereof (in each case, prior
to disclosure). The receiving party shall be liable for any disclosures made in violation of this Section by the receiving party or by
any entity or individual to whom the terms of and conditions of this Lease were disclosed or made available by the receiving party. The
consent by the disclosing party to any disclosures shall not be deemed to be a waiver on the part of the disclosing party of any prohibition
against any future disclosure.

 

    	LEASE AGREEMENT – Page 30

     

    

 

(w)
Authority. Tenant (if a corporation, partnership or other business entity) hereby represents and warrants to Landlord that
Tenant is a duly formed and existing entity qualified to do business in the state in which the Premises are located, that Tenant has
full right and authority to execute and deliver this Lease, and that each person signing on behalf of Tenant is authorized to do so.
Landlord hereby represents and warrants to Tenant that Landlord is a duly formed and existing entity qualified to do business in the
state in which the Premises are located, that Landlord has full right and authority to execute and deliver this Lease, and that each
person signing on behalf of Landlord is authorized to do so.

 

(x)
Security Service. Tenant acknowledges and agrees that, while Landlord may (but shall not be obligated to) patrol the Building,
Landlord is not providing any security services with respect to the Premises or Tenant’s Off-Premises Equipment and that Landlord
shall not be liable to Tenant for, and Tenant waives any claim against Landlord with respect to, any loss by theft or any other damage
suffered or incurred by Tenant in connection with any unauthorized entry into the Premises or any area where Tenant’s Off-Premises
Equipment is located or any other breach of security with respect to the Premises or Tenant’s Off-Premises Equipment.

 

(y)
List of Exhibits. All exhibits and attachments attached hereto are incorporated herein by this reference.

 

Exhibit
A - Outline of Premises

Exhibit
B - Description of the Land

Exhibit
C - Building Rules and Regulations

Exhibit
D - Work Letter

Exhibit
E - Form of Confirmation of Commencement Date Letter

Exhibit
F - Form of Tenant Estoppel Certificate

Exhibit
G – Tenant’s Permitted Use

 

(z)
Prohibited Persons and Transactions. Each party represents and warrants to other party that the representing party is currently
in compliance with and shall at all times during the Term (including any extension thereof) remain in compliance with the regulations
of the OFAC of the Department of the Treasury (including those named on OFAC’s Specially Designated Nationals and Blocked Persons
List) and any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions
with Persons Who Commit, Threaten to Commit or Support Terrorism), or other governmental action relating thereto.

 

    	LEASE AGREEMENT – Page 31

     

    

 

26.
Environmental Requirements.

 

(a)
Prohibition against Hazardous Materials. Tenant shall not permit or cause any party to bring any Hazardous Materials upon
the Premises or in the Project or transport, store, use, generate, manufacture, dispose, or release any Hazardous Materials on or from
the Premises or the Project in violation of Environmental Requirements. Tenant, at its sole cost and expense, shall operate its business
in the Premises in strict compliance with all Environmental Requirements and all requirements of this Lease. Tenant shall complete and
certify to disclosure statements as requested by Landlord from time to time relating to Tenant’s transportation, storage, use,
generation, manufacture, or release of Hazardous Materials on the Premises or in the Project, and Tenant shall promptly deliver to Landlord
a copy of any notice of violation relating to the Premises or the Project of any Environmental Requirement.

 

(b)
Environmental Requirements. The term “Environmental Requirements” means all Laws regulating or
relating to health, safety, or environmental conditions on, under, or about the Premises or the Project or the environment including
the following: the Comprehensive Environmental Response, Compensation and Liability Act; the Resource Conservation and Recovery Act;
the Clean Air Act; the Clean Water Act; the Toxic Substances Control Act and all state and local counterparts thereto, and any common
or civil law obligations including nuisance or trespass, and any other requirements of Section 14 and Exhibit C of this Lease. The term
“Hazardous Materials” means and includes any substance, material, waste, pollutant, or contaminant that is
or could be regulated under any Environmental Requirement or that may adversely affect human health or the environment, including any
solid or hazardous waste, hazardous substance, asbestos, petroleum (including crude oil or any fraction thereof, natural gas, synthetic
gas, polychlorinated biphenyls (PCBs), and radioactive material). For purposes of Environmental Requirements, to the extent authorized
by law, Tenant is and shall be deemed to be the responsible party, including the “owner” and “operator” of Tenant’s
“facility” and the “owner” of all Hazardous Materials brought on the Premises or the Project by a Tenant Party
and the wastes, by-products, or residues generated, resulting, or produced therefrom.

 

(c)
Removal of Hazardous Materials. Tenant, at its sole cost and expense, shall remove all Hazardous Materials stored, disposed
of or otherwise released by a Tenant Party onto or from the Premises or the Project, in a manner and to a level that complies with all
Environmental Requirements and does not limit any future uses of the Premises or the Project or require the recording of any deed restriction
or notice regarding the Premises or the Project. Tenant shall perform such work at any time during the period of this Lease upon written
request by Landlord or, in the absence of a specific request by Landlord, before Tenant’s right to possession of the Premises terminates
or expires. If Tenant fails to perform such work within the time period reasonably specified by Landlord or before Tenant’s right
to possession terminates or expires (whichever is earlier), Landlord may at its discretion, and without waiving any other remedy available
under this Lease or at law or equity (including an action to compel Tenant to perform such work), perform such work at Tenant’s
cost. Tenant shall pay all costs incurred by Landlord in performing such work within thirty (30) days after Landlord’s request
therefor. Such work performed by Landlord is on behalf of Tenant and Tenant remains the owner, generator, operator, transporter, and/or
arranger of the Hazardous Materials for purposes of Environmental Requirements. Tenant agrees not to enter into any agreement with any
person, including any governmental authority, regarding the removal of Hazardous Materials that have been disposed of or otherwise released
onto or from the Premises or the Project without the written approval of the Landlord.

 

    	LEASE AGREEMENT – Page 32

     

    

 

(d)
Tenant’s Indemnity. Tenant shall indemnify, defend, and hold Landlord harmless from and against any and all losses
(including diminution in value of the Premises or the Project and loss of rental income from the Project), liabilities (INCLUDING ANY
STRICT LIABILITY), claims, demands, actions, suits, damages (including punitive damages), expenses (including remediation, removal, repair,
corrective action, or cleanup expenses), and costs (including actual attorneys’ fees, consultant fees or expert fees and including
removal or management of any asbestos brought into the Premises or the Project or disturbed in breach of the requirements of this Section,
regardless of whether such removal or management is required by Law) which are brought or recoverable against, or suffered or incurred
by Landlord as a result of any release of Hazardous Materials or any breach of the requirements under this Section 26 by a Tenant
Party regardless of whether Tenant had knowledge of such noncompliance. The obligations of Tenant under this Section shall survive any
expiration or termination of this Lease.

 

(e)
Inspections and Tests. Subject to Section 24(a) above, Landlord shall have access to, and a right to perform inspections
and tests of, the Premises to determine Tenant’s compliance with Environmental Requirements, its obligations under this Section
26, or the environmental condition of the Premises. Access shall be granted to Landlord upon Landlord’s prior notice to Tenant
and at such times so as to minimize, so far as may be reasonable under the circumstances, any disturbance to Tenant’s operations.
Such inspections and tests shall be conducted at Landlord’s expense, unless such inspections or tests reveal that Tenant has not
complied with any Environmental Requirement, in which case Tenant shall reimburse Landlord for the reasonable cost of such inspection
and tests. Landlord’s receipt of or satisfaction with any environmental assessment in no way waives any rights that Landlord holds
against Tenant. Tenant shall promptly notify Landlord of any communication or report that Tenant makes to any governmental authority
regarding any possible violation of Environmental Requirements or release or threat of release of any Hazardous Materials onto or from
the Premises or the Project. Tenant shall, within five days of receipt thereof, provide Landlord with a copy of any documents or correspondence
received from any governmental agency or other party relating to a possible violation of Environmental Requirements or claim or liability
associated with the release or threat of release of any Hazardous Materials onto or from the Premises or the Project.

 

(f)
Tenant’s Financial Assurance in the Event of a Breach. In addition to all other rights and remedies available to
Landlord under this Lease or otherwise, Landlord may, in the event of a breach of the requirements of this Section 26 that is not cured
within 30 days following written notice of such breach by Landlord, require Tenant to provide financial assurance (such as insurance,
escrow of funds or third party guarantee) in an amount and form satisfactory to Landlord. The requirements of this Section 27 are in
addition to and not in lieu of any other provision in this Lease. Tenant’s obligations under this Section 27 shall also apply to
the areas where Tenant’s Off-Premises Equipment is located.

 

    	LEASE AGREEMENT – Page 33

     

    

 

27.
Parking. Tenant shall have the right to designate up to ___ parking stalls immediately
adjacent its Premises in a location approved by Landlord as exclusive parking. Except as provided above, Tenant shall have the
non-exclusive right, in common with other tenants of the Building to use such parking spaces associated with the Building as are allocated
to Tenant by Landlord. Landlord shall use its reasonable discretion in allocating parking spaces to the tenants of the Building, taking
into consideration all factors Landlord deems relevant, including the density and type (e.g., office or industrial) of use conducted
by the tenants of the Building in their respective premises. Landlord reserves the right to initiate steps to control the parking utilization
through gates, access cards, hang-tags or other means as appropriate. Parking spaces will be available to Tenant without charge during
the Term. Landlord shall not be responsible for enforcing Tenant’s parking rights against third parties.

 

28.
Counterparts. This
Lease may be executed in one or more identical counterparts, and as so executed by all parties hereto shall constitute a single instrument
for purposes of the effectiveness of this Lease. The words “execution”, “signed”, “signature” and
words of like import in this Lease shall include images of manually executed signatures transmitted by facsimile or other electronic
format (including “pdf”, “tif” or “jpg”) or an electronic signature executed through DocuSign or
similar electronic format. The use of electronic signatures and electronic records (including any contract or other record created, generated,
sent, communicated, received or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually
executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, any state law based on the Uniform Electronic Transactions Act or the Uniform
Commercial Code.

 

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

 

[THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

    	LEASE AGREEMENT – Page 34

     

    

 

This
Lease is executed on the respective dates set forth below, but for reference purposes, this Lease shall be dated as of the date first
above written. If the execution date is left blank, this Lease shall be deemed executed as of the date first written above.

 

	LANDLORD:	___________________________, a

______________________________

	 	 	 
	 	By:	                                                      
	 	Name:	 
	 	Title:	 
	 	 	 
	TENANT:	POLARITYTE
    MD, INC., a Nevada corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	LEASE AGREEMENT – Page 35

     

    

 

EXHIBIT
A

 

OUTLINE
OF PREMISES

 

 

 

    	EXHIBIT A, Outline of Premises - Page A-1

     

    

 

EXHIBIT
B

 

DESCRIPTION
OF THE LAND

 

A
parcel of land being a part of Lot 6 of CENTENNIAL INDUSTRIAL PARK, PHASE IV SUBDIVISION, located in Section 18, Township 1 South, Range
1 West, Salt Lake Base and Meridian, the official plat thereof was recorded June 8, 1979 as Entry No. 3291285 in Book 79-6 at Page 216
in the office of the Salt Lake County Recorder. Said parcel of land being more particularly described as follows:

 

Beginning
at the Southwest corner of said Lot 6; and running thence North 00°07’23” West a distance of 1044.56 feet along the Westerly
boundary of said Lot 6; thence North 89°52’37” East a distance of 370.00 feet; thence South 00°07’23”
East a distance of 957.31 feet along the Easterly boundary of said Lot 6 to a point of curve; thence Southwesterly 41.89 feet on the
arc of a curve to the right with a radius of 30.00 feet, a central angle of 80°00’00” and a chord which bears South 39°52’37”
West a distance of 38.57 feet to a point of tangency; thence South 79°52’37” West a distance of 244.74 feet along the
Southerly boundary of said Lot 6 to a point of curve; thence Southwesterly 105.31 feet on the arc of a curve to the right with a radius
of 1820.00 feet, a central angle 3°18’56” and a chord which bears South 81°32’05” West a distance of
105.31 feet to the point of beginning.

 

    	EXHIBIT B, Description of the Land - Page B-1

     

    

 

EXHIBIT
C

 

BUILDING
RULES AND REGULATIONS

 

The
following rules and regulations shall apply to the Premises, the Building, the parking areas associated therewith, and the appurtenances
thereto:

 

1.
Sidewalks, doorways, vestibules, halls, stairways, loading dock areas and associated overhead doors, and other similar areas shall not
be obstructed by tenants or used by any tenant for purposes other than ingress and egress to and from their respective leased premises
and for going from one to another part of the Building.

 

2.
Plumbing (including outside drains and sump pumps), fixtures and appliances shall be used only for the purposes for which designed, and
no sweepings, rubbish, rags or other unsuitable material shall be thrown or deposited therein. Damage resulting to any such fixtures
or appliances from misuse by a tenant or its agents, employees or invitees, shall be paid by such tenant.

 

3.
No signs, advertisements or notices shall be painted or affixed on or to any windows or doors or other part of the Building visible from
the exterior of the Premises without the prior written consent of Landlord. All of Tenant’s signage located on the Project on the
date of the Lease are accepted and consented to by Landlord. Except as consented to in writing by Landlord or in accordance with Tenant’s
building standard improvements, no draperies, curtains, blinds, shades, screens or other devices shall be hung at or used in connection
with any window or exterior door or doors of the Premises. No awning shall be permitted on any part of the Premises. Tenant shall not
place anything against or near glass partitions or doors, or windows which might appear unsightly from outside the Premises.

 

4.
Tenant, at its expense, shall be responsible for providing all door locks in the Premises and shall provide to Landlord, at Tenant’s
expense, contemporaneously with the installation of such devices, a master key, card keys, access codes or other means to allow Landlord
immediate access to all areas within the Premises. Landlord may not enter Tenant’s Secured
Areas except in the case of emergency or in the event of a Landlord inspection, in which case Landlord shall provide Tenant with reasonable
prior notice of the specific date and time of such Landlord inspection. In addition, Tenant shall have the right and option to cause
a Tenant-authorized representative to be present during any such entry by Landlord, its agents, employees and representatives.
As a condition to entry, Landlord shall comply with all procedures established by Tenant to maintain the germ-free and sanitary condition
of any Secured Areas and Landlord’s representatives entering the Premises shall sign the confidentiality agreement that Tenant
requires of visitors to the Premises.

 

5.
Landlord may prescribe weight limitations and determine the locations for safes and other heavy equipment or items, which shall in all
cases be placed in the Building so as to distribute weight in a manner acceptable to Landlord which may include the use of such supporting
devices as Landlord may require. All damages to the Building caused by the installation or removal of any property of a tenant, or done
by a tenant’s property while in the Building, shall be repaired at the expense of such tenant.

 

    	EXHIBIT C, Building Rules and Regulations - Page C-1

     

    

 

6.
Corridor doors, when not in use, shall be kept closed. Nothing shall be swept or thrown into the corridors, halls, elevator shafts or
stairways. No birds or animals (other than seeing-eye dogs) shall be brought into or kept in, on or about any tenant’s leased premises,
provided, however, that Tenant may keep birds or animals on the Premises that are intended to be used by Tenant in connection with its
Permitted Use of the Premises. No portion of any tenant’s leased premises shall at any time be used or occupied as sleeping or
lodging quarters.

 

7.
Tenant shall not make or permit any vibration or improper, objectionable or unpleasant noises or odors in the Building or otherwise interfere
in any way with other tenants or persons having business with them, provided, however, that odors arising in connection with Tenant’s
Permitted Use of the Premises are expressly permitted regardless of whether such odors interfere in any way with other tenants or persons
having business with them. Tenant shall not introduce, disturb or release asbestos or PCB’s into or from the Premises.

 

8.
Tenant shall not keep in the Building any flammable or explosive fluid or substance in violation of applicable laws. Tenant shall not
install or operate any steam or gas engine or boiler, or other mechanical apparatus in the Premises without the prior written consent
of Landlord. The use of oil, gas or inflammable liquids for heating, lighting or any other purpose in violation of applicable laws is
expressly prohibited. Explosives or other articles deemed extra hazardous shall not be brought into the Building in violation of applicable
laws.

 

9.
Landlord will not be responsible for lost or stolen personal property, money or jewelry from tenant’s leased premises or public
or common areas regardless of whether such loss occurs when the area is locked against entry or not.

 

10.
Tenant shall not conduct any activity on or about the Premises or Building which will draw pickets, demonstrators, or the like. Nothing
herein shall be deemed to limit Tenant’s Permitted Use.

 

11.
All vehicles are to be currently licensed, in good operating condition, parked for business purposes having to do with Tenant’s
business operated in the Premises, parked within designated parking spaces, one vehicle to each space. No vehicle shall be parked as
a “billboard” vehicle in the parking lot. Any vehicle parked improperly may be towed away. Tenant, Tenant’s agents,
employees, vendors and customers who do not operate or park their vehicles as required shall subject the vehicle to being towed at the
expense of the owner or driver. Landlord may place a “boot” on the vehicle to immobilize it and may levy a charge of $50.00
to remove the “boot.” Tenant shall indemnify, hold and save harmless Landlord of any liability arising from the towing or
booting of any vehicles belonging to a Tenant Party.

 

12.
No tenant may enter into phone rooms, electrical rooms, mechanical rooms, or other service areas of the Building not located within the
Premises unless accompanied by Landlord or the Building manager.

 

13.
Tenant shall not permit storage outside the Premises or dumping of waste or refuse or permit any harmful materials to be placed in any
drainage system or sanitary system in or about the Premises.

 

14.
Tenant shall not install or operate on the Premises any machinery or mechanical devices of a nature not directly related to Tenant’s
ordinary use of the Premises.

 

15.
Tenant shall not park or operate any semi-trucks or semi-trailers in the parking areas associated with the Building.

 

16.
Tenant will not permit any Tenant Party to bring onto the Project any handgun, firearm or other weapons of any kind, illegal drugs or,
unless expressly permitted by Landlord in writing, alcoholic beverages.

 

17.
Tenant shall not permit its employees, invitees or guests to smoke in the Premises or the lobbies, passages, corridors, elevators, vending
rooms, rest rooms, stairways or any other area shared in common with other tenants in the Building, or permit its employees, invitees,
or guests to loiter at the Building entrances for the purposes of smoking. Landlord may, but shall not be required to, designate an area
for smoking outside the Building.

 

    	EXHIBIT C, Building Rules and Regulations - Page C-2

     

    

 

EXHIBIT
D

 

WORK
LETTER

 

LANDLORD
AND TENANT IMPROVEMENT WORK LETTER

 

THIS
LANDLORD AND TENANT IMPROVEMENT WORK LETTER (“Work Letter”) is hereby made and entered by and between ____________________,
LLC, a _______ limited liability company (“Landlord”), and POLARITYTE MD, INC., a Nevada corporation (“Tenant”),
pertaining to the Premises. Except where clearly inconsistent or inapplicable, the provisions of the Lease are incorporated into this
Work Letter, and capitalized terms used without being defined in this Work Letter shall have the meanings given them in the Lease.

 

The
purpose of this Work Letter is to set forth the respective responsibilities of Landlord and Tenant with respect to the design and construction
of all alterations, additions and improvements that Landlord and Tenant may deem necessary or appropriate to prepare the Premises for
occupancy by Tenant under the Lease. Such alterations, additions and improvements to the Building, excluding the Tenant Improvement Work,
that are required to demise the Building so that it conforms to the Space Plans (defined below) is referred to as the “Landlord’s
Work.” Alterations, additions and improvements to the Premises, including the demolition, relocation, or construction of clean
rooms and excluding the Landlord’s Work and any other Tenant personal property or other property of the Tenant not affixed to the
Premises, are referred to in this Work Letter as the “Tenant Improvements,” and the work of constructing the Tenant
Improvements is referred to as the “Tenant Improvement Work.”

 

Landlord
and Tenant agree as follows:

 

1.
Initial Work by Landlord. The Landlord’s Work includes the following:

 

(a)
Landlord, at its sole cost and expense, shall demise the Building including, but not limited to, the installation of walls, installation
of walls around and Tenant access to the ATS for the Generator that currently serves the Building to establish a common area around the
ATS accessible by Tenant, separation of Building mechanical and electrical systems, using new, commercial grade materials, and in accordance
with: (i) the “Scope of Work” to be mutually determined by Landlord and Tenant immediately following the execution
of the Lease, and (ii) the Approved Plans (as hereinafter defined), in a good, workmanlike and lien-free manner, and in accordance
with all applicable local, state, and federal health and building codes, regulations, laws and permits. The dates for performance of
Landlord’s Work shall be set forth on the “Landlord’s Work Schedule” mutually determined by Landlord and
Tenant immediately following the execution of the Lease.

 

(b)
On or before the date set forth in Landlord’s Work Schedule Landlord shall submit the proposed plans and specifications to Tenant
for Landlord’s Work for Tenant’s approval, which plans and specifications shall be prepared by an architect or civil engineer
duly licensed in the state of Utah, shall be based upon and shall incorporate Tenant’s Space Plan, and provide for Tenant’s
occupancy and use of the Premises while the Landlord’s Work is being performed. The proposed plans and specifications shall be
referred to as the “Approved Plans” upon Landlord’s receipt of Tenant’s approval of same.

 

    	EXHIBIT D, Work Letter - Page D-1

     

    

 

(c)
Landlord will submit all applications, plans and documents required for all necessary and appropriate permits and approvals for Landlord’s
Work on or before the date set forth in Landlord’s Work Schedule and shall diligently pursue receipt of all necessary and appropriate
governmental permits and approvals.

 

(d)
Landlord will commence Landlord’s Work on or before the date set forth in Landlord’s Work Schedule. Landlord agrees to deliver
weekly photographs evidencing progress of Landlord’s Work according to the established timeline in Landlord’s Work Schedule.

 

(e)
Landlord will construct Landlord’s Work in accordance with the Approved Plans and all applicable local, state, and federal health
and building codes, regulations, laws and permits and use commercially reasonable efforts to meet all milestone dates set forth on Landlord’s
Work Schedule.

 

(f)
Landlord shall give Tenant at least fifteen (15) days’ prior, written notice of the date on which Landlord will Substantially Complete
Landlord’s Work.

 

(g)
Tenant shall have the right, during the progress of Landlord’s Work, to inspect Landlord’s Work provided that such inspection
shall not interfere with Landlord’s Work. Landlord’s Work Schedule shall specify the time when Tenant may begin Tenant’s
Work. Acknowledging that Landlord and Tenant will be working in the Premises simultaneously, both parties shall coordinate schedules
and work crews to achieve a cooperative work environment.

 

(h)
Landlord warrants all of Landlord’s Work against latent and patent defects for one (1) year after the Commencement Date, notwithstanding
any maintenance obligations of Tenant in Section 8(b) of the Lease.

 

(i)
Tenant does not assume any liability, and shall not be responsible, for any acts or omissions of Landlord’s contractor, sub-contractor(s)
and associated contractor personnel (collectively, “Landlord’s GC”). Landlord agrees to, at its expense, defend,
indemnify and hold Tenant harmless from and against any and all claims, suits, actions, causes of action, proceedings, demands, damages,
losses, liabilities settlements, judgments, costs and expenses (including reasonable attorneys’ fees) of any kind or nature whatsoever,
arising out of or resulting from the negligence or willful misconduct of Landlord’s GC. This indemnification shall be one of first
defense and payment and not of surety or reimbursement, and shall survive the expiration or termination of this Agreement.

 

(j)
Notwithstanding anything to the contrary herein, the milestones and other deadlines for completion of Landlord’s Work set forth
in the Landlord’s Work Schedule or otherwise provided for herein shall be extended to the extent Landlord’s Work is delayed
by the actions or omissions of Tenant or any Tenant Party.

 

Landlord’s
Work shall be deemed complete when Substantially Completed. Landlords’ Work shall be deemed substantially completed (“Substantially
Completed” or “Substantial Completion”) when it is substantially completed except for any minor or insubstantial
detail of construction, the non-performance of which do not materially interfere with Tenant’s ability to complete the Tenant Improvements
(the “Punchlist Items”). Substantial Completion shall be deemed to have occurred notwithstanding a requirement to
complete Punchlist Items.

 

    	EXHIBIT D, Work Letter - Page D-2

     

    

 

2.
General.

 

2.1
Tenant is solely responsible for designing the Tenant Improvements and performing the Tenant Improvement Work (subject to Landlord’s
rights of review and approval set forth in this Work Letter).

 

2.2
Landlord’s sole interest in reviewing and approving the Construction Drawings (as hereinafter defined) is to protect the Building
and Landlord’s interests, and no such review or approval by Landlord shall be deemed to create any liability of any kind on the
part of Landlord, or constitute a representation on the part of Landlord or any person consulted by Landlord in connection with such
review and approval that the Space Plans or Final Working Drawings are correct or accurate, or are in compliance with any applicable
Laws.

 

2.3
Any default by Tenant under this Work Letter shall, after notice and a reasonable opportunity to cure as set forth in the Lease, constitute
a default under the Lease. If an Event of Default occurs under the Lease or a default occurs under this Work Letter at any time on or
before the Date of Substantial Completion, then in addition to all other rights and remedies granted to Landlord under the Lease, Landlord
shall have the right to withhold payment of all or any portion of the Construction Allowance and/or Landlord may cause Tenant’s
Contractor to cease construction of the Tenant Improvements and all other obligations of Landlord under this Work Letter shall be suspended
until such time as the default is cured. Tenant shall pay to Landlord, as Additional Rent, all amounts due under the terms of this Work
Letter within thirty (30) days following delivery of Landlord’s invoice therefor, which invoices shall be rendered monthly or at
such other intervals as Landlord shall determine.

 

2.4
If the Building and/or the Premises is damaged by fire or other casualty by Tenant prior to the Commencement Date, the Commencement Date
shall be deemed to have occurred as of the date of the casualty, and the rights and obligations of the parties shall be governed by Section
16 of the Lease.

 

2.5
The “Date of Substantial Completion” and “Substantial Completion” of Tenant’s Improvements shall
mean the date on which the Tenant Improvements are substantially complete, except for finishing details, decorative items, minor omissions,
mechanical adjustments, and similar items of the type customarily found in an architectural punchlist, and Tenant may legally occupy
the Premises.

 

3.
Design and Approval of the Tenant Improvements.

 

3.1
Selection of Tenant’s Architect; Construction Drawings.

 

(a)
Tenant shall retain an architect/space planner (“Tenant’s Architect”) to prepare the Construction Drawings.
Tenant’s Architect shall be subject to the written approval of Landlord, which approval will not be unreasonably withheld or delayed.
Tenant shall retain engineering consultants approved by Landlord (the “Engineers”), which approval shall not be unreasonably
withheld or delayed, to prepare all plans and engineering working drawings relating to the structural, mechanical, electrical, plumbing,
HVAC, life-safety and sprinkler work, if any, in the Premises in connection with the Tenant Improvements. The plans and drawings to be
prepared by Tenant’s Architect and the Engineers hereunder shall be known, collectively, as the “Construction Drawings.”

 

    	EXHIBIT D, Work Letter - Page D-3

     

    

 

(b)
All Construction Drawings shall be subject to Landlord’s approval, which approval shall not be unreasonably withheld or delayed.
If available, Landlord shall supply Tenant with a set of drawings of the Building which Tenant may use in connection with the preparation
of the Construction Drawings, but Tenant agrees that Landlord shall have no liability for the completeness or accuracy thereof, and Tenant’s
Architect shall be responsible for performing all necessary field measurements and confirming the completeness and accuracy of such drawings,
as well as the physical limitations of Building systems.

 

3.2
Space Plans. Prior to drafting any Construction Drawings, Tenant shall furnish Landlord with Tenant’s final space plans
for the Premises (“Space Plans”). The Space Plans shall show locations of all proposed improvements, including partitions,
cabinetry, equipment and fixtures, shall identify materials and finishes by location, and shall specify the location of any proposed
structural floor penetrations or reinforcements, the location and extent of floor loading in excess of Building capacity, if any, any
special HVAC requirements, the location and description of any special plumbing requirements, and any special electrical requirements.
In addition, the Space Plans shall show telephone and telecommunications facilities, and computer and electronic data facilities. Tenant
shall deliver initial drafts of the Space Plans for Landlord’s approval within ten (10) days following the date Landlord submits
its proposed plans and specifications for Landlord’s Work to Tenant pursuant to Section 1(b), above. Landlord shall approve or
disapprove the Space Plans by written notice given to Tenant within ten (10) business days after receipt of the Space Plans. Landlord
shall not unreasonably withhold its approval of the Space Plans, provided that, without limiting the generality of the foregoing, Landlord
shall be entitled to withhold its approval of the Space Plans if, in Landlord’s good faith judgment, the proposed improvements
depicted on the Space Plans: (a) do not comply with applicable Laws; (b) are not consistent with the quality and character of the Building;
(c) are likely to adversely affect Building systems, the structure of the Building or the safety of the Building and/or its occupants;
(d) might impair Landlord’s ability to furnish services to Tenant or other tenants in the Building; (e) would increase the cost
of operating the Building; (f) contain or use Hazardous Substances in violation of applicable law; (g) would adversely affect the appearance
of the Building or the marketability of the Premises to subsequent tenants; (h) might adversely affect another tenant’s premises
or such other tenant’s use and enjoyment of such premises; (i) are prohibited by any ground lease affecting the Building, any private
restrictions or any mortgage, trust deed or other instrument encumbering the Building; (j) are likely to be substantially delayed because
of availability or shortage of labor or materials necessary to perform such work or the difficulties or unusual nature of such work;
or (k) are not, at a minimum, in accordance with Landlord’s building standards. Landlord may withhold its approval of the Space
Plans if any one or more of the foregoing situations exist; provided, however, that the foregoing reasons shall not be the only reasons
for which Landlord may withhold its approval, whether such other reasons are similar or dissimilar to the foregoing. If Landlord disapproves
the Space Plans, Landlord shall return the Space Plans to Tenant with a statement of Landlord’s reasons for disapproval, or specifying
any required corrections and/or revisions. Landlord shall approve or disapprove of any revisions to the Space Plans by written notice
given to Tenant within five (5) business days after receipt of such revisions. This procedure shall be repeated until Landlord approves
the Space Plans.

 

    	EXHIBIT D, Work Letter - Page D-4

     

    

 

3.3
Final Working Drawings. Within thirty (30) days following Landlord’s approval of the Space Plans, Tenant shall cause Tenant’s
Architect and the Engineers to prepare and submit for Landlord’s approval complete and detailed construction plans and specifications,
including a fully coordinated set of architectural, structural, mechanical, electrical, plumbing, HVAC, life safety and sprinkler working
drawings for the Tenant Improvement Work, in a form which is sufficiently complete to permit subcontractors to bid on the work (the “Final
Working Drawings”). Tenant shall furnish Landlord with four (4) copies signed by Tenant of such Final Working Drawings. Landlord
shall approve or disapprove the Final Working Drawings by giving written notice to Tenant within ten (10) business days after receipt
thereof. Landlord shall not unreasonably withhold or delay its approval of the Final Working Drawings, provided that, without limiting
the generality of the foregoing, Landlord shall be entitled to withhold its consent to the Final Working Drawings for any of the reasons
specified in Section 3.2 above, or if in Landlord’s good faith judgment, the Final Working Drawings are inconsistent with, or do
not conform to, the Space Plans. If Landlord disapproves the Final Working Drawings, Landlord shall return the Final Working Drawings
to Tenant with a statement of Landlord’s reasons for disapproval and/or specifying any required corrections or revisions. Landlord
shall approve or disapprove of any such revisions to the Final Working Drawings within five (5) business days after receipt of such revisions.
This procedure shall be repeated until Landlord approves the Final Working Drawings (as so approved, the “Approved Working Drawings”).

 

4.
Construction of Tenant Improvements.

 

4.1
Contracts with Tenant’s Contractor and Subcontractors.

 

(a)
Tenant shall retain a licensed general contractor as the contractor for the construction of the Tenant Improvements (“Tenant’s
Contractor”). Tenant’s Contractor must be experienced in the performance of work comparable to the work of the Tenant
Improvements in buildings comparable to the Building, and shall be subject to Landlord’s prior approval, which approval shall not
be unreasonably withheld or delayed. Interior Construction Specialists is pre-approved as Tenant’s Contractor. Landlord reserves
the right to require that any work to be performed on the life-safety, electrical, plumbing, heating, ventilation, air-conditioning,
fire-protection, telecommunications or other Systems serving the Premises (whether such Systems are located within or outside the Premises)
be performed by subcontractors specified by Landlord, provided such reserved right of Landlord shall not apply to the extent that (i)
such specified contractors do not charge commercially reasonable rates or (ii) such specified contractors are not required to perform
such work in order to preserve any warranty then in effect with respect to such Systems.

 

    	EXHIBIT D, Work Letter - Page D-5

     

    

 

(b)
Tenant shall furnish Landlord with true and correct copies of all construction contracts between Tenant and Tenant’s Contractor
relating to the Tenant Improvement Work, provided that Landlord’s review of such contracts shall not relieve Tenant from its obligations
under this Work Letter, nor shall such review be deemed to constitute Landlord’s representation that such contracts comply with
the requirements of this Work Letter. All such contracts shall expressly provide that (i) the work to be performed thereunder shall be
subject to the terms and conditions of this Work Letter, and (ii) the Tenant Improvement Work (or in the case of a subcontractor, the
portion thereof performed by such subcontractor), including all equipment installed as part of the Tenant Improvement Work, shall be
warranted in writing to Tenant and Landlord to be free from any defects in workmanship and materials for a period of not less than one
(1) year from the Date of Substantial Completion; provided, however, no such warranty shall be required with respect to the demolition,
relocation, or construction of clean rooms. Tenant agrees to give to Landlord any assignment or other assurances which may be necessary
to permit Landlord to directly enforce such warranties (such warranties shall include, without additional charge, the repair of any portion
of the Building or common area which may be damaged as a result of the removal or replacement of the defective Tenant Improvements).

 

4.2
Permits. Tenant shall obtain all building permits and other permits, authorizations and approvals which may be required in connection
with, or to satisfy all Laws applicable to, the construction of the Tenant Improvements in accordance with the Approved Working Drawings
(the “Permits”); provided, that Tenant is not required to obtain Permits that would be duplicative of permits obtained
by Landlord for the Landlord’s Work. Tenant agrees that neither Landlord nor Landlord’s consultants shall be responsible
for obtaining any Permits or the certificate of occupancy for the Premises, and that obtaining the same shall be Tenant’s responsibility;
provided, however, that Landlord will cooperate with Tenant in executing permit applications and performing other ministerial acts reasonably
necessary to enable Tenant to obtain any such Permit or certificate of occupancy. Any amendments or revisions to the Approved Working
Drawings that may be necessary to obtain any such Permits, or which may be required by city officials or inspectors to comply with code
rulings or interpretations, shall be prepared by Tenant’s Architect, at Tenant’s expense (provided that to the extent funds
are available, such expense may be reimbursed from the Construction Allowance), and submitted to Landlord for Landlord’s review
and approval as a Change Order under Section 6 below, which approval shall not be unreasonably withheld, conditioned or delayed. If Landlord
disapproves of such amendments or revisions, Landlord shall return the same to Tenant with a statement of Landlord’s reasons for
disapproval, or specifying any required corrections. This procedure shall be repeated until Landlord approves the amendments or revisions
and all Permits have been obtained for the Approved Working Drawings, as so amended. Tenant acknowledges and agrees that Tenant, at Tenant’s
expense (subject to application of the Construction Allowance, to the extent available), is responsible for performing all accessibility
and other work required to be performed in connection with the Tenant Improvement Work, including, but not limited to, any “path
of travel” or other work outside the Premises; provided, however, that Landlord may elect upon written notice to Tenant, to perform
any such work in the common area or elsewhere outside the Premises, at Tenant’s expense.

 

    	EXHIBIT D, Work Letter - Page D-6

     

    

 

4.3
Commencement of Work. At least ten (10) days prior to the commencement of construction of the Tenant Improvements, or the delivery
of any construction materials for the Tenant Improvement Work to the Premises, whichever is earlier, Tenant shall submit to Landlord
a notice specifying the date Tenant will commence construction of the Tenant Improvements, the estimated Date of Substantial Completion,
and the construction schedule provided by Tenant’s Contractor. In addition, prior to the commencement of construction of the Tenant
Improvements, or the delivery of any construction materials for the Tenant Improvement Work to the Building, whichever is earlier, Tenant
shall submit to Landlord the following: (a) all Permits required to commence construction of the Tenant Improvements; (b) a copy of the
executed construction contract with Tenant’s Contractor, in the form previously approved by Landlord (not to be unreasonably withheld,
conditioned or delayed), together with a detailed breakdown, by trade, of the estimated final costs to be incurred, or which have theretofore
been incurred, in connection with the design and construction of the Tenant Improvements, which costs of construction form a basis for
the amount of the construction contract; and (c) true and correct copies of all policies of insurance, or original certificates thereof
executed by an authorized agent of the insurer or insurers, together with any endorsements referred to in Section 4.5 below, confirming
to Landlord’s reasonable satisfaction compliance with the insurance requirements of this Work Letter.

 

4.4
Performance of Work. All work performed by Tenant’s Contractor shall: (a) conform to the Approved Working Drawings; (b)
comply with all applicable Laws (including building codes), all applicable standards of the American Insurance Association and the National
Electrical Code, and all building material manufacturer’s specifications; (c) comply with all rules and regulations from time to
time reasonably adopted by Landlord to govern construction in or about the Building, including the Construction Rules and Regulations;
(d) shall be performed in a good and professional manner, consistent with industry standards applicable to similar buildings in the Salt
Lake City metropolitan area; and (e) be performed at such times and in such manner so as not to unreasonably interfere with the occupancy
of any other tenant of the Building, the performance of any other work within the Building, or with Landlord’s maintenance or operation
of the Building. At all reasonable times during construction of the Tenant Improvements, Landlord and Landlord’s employees and
agents shall have the right to enter the Premises to inspect the Tenant Improvement Work, and to require the correction of any faulty
work or any material deviation from the Approved Working Drawings. Tenant shall not close-up any Tenant Improvement Work affecting the
life safety, telecommunications, heating, ventilation and air conditioning, plumbing, electrical or other Systems in the Premises until
the same have been inspected and approved by Landlord’s agents, such inspection and approval not to be unreasonably delayed. No
inspection or approval by Landlord of any such work shall constitute an endorsement thereof or any representation as to the adequacy
thereof for any purpose or the conformance thereof with any applicable Laws, and Tenant shall be fully responsible and liable therefor.
Tenant shall reimburse Landlord for the cost of any repairs, corrections or restoration which must be made, in Landlord’s good
faith judgment, to the Premises or any other portion of the Building, if caused by the failure of Tenant’s Contractor or any other
of Tenant’s agents, contractors or subcontractors (collectively, “Tenant’s Agents”) to comply with the
Approved Working Drawings.

 

    	EXHIBIT D, Work Letter - Page D-7

     

    

 

4.5
Insurance. At all times during the construction of the Tenant Improvements (and in the case of Products and Completed Operations
Coverage, for 5 years following Date of Substantial Completion), in addition to the insurance required to be maintained by Tenant under
the Lease, Tenant shall require all of Tenant’s Agents to maintain (a) Commercial General Liability Insurance with limits of not
less than $2,000,000 for bodily injury and property damage, including personal injury and death, and Contractor’s Protective Liability,
and Products and Completed Operations Coverage in an amount not less than $1,000,000 per incident; (b) Automobile Liability Insurance
with a policy limit of not less than $1,000,000 each accident for bodily injury and property damage, providing coverage at least as broad
as the Insurance Services Office (ISO) Business Auto Coverage form covering Automobile Liability, code 1 “any auto”, and
insuring against all loss in connection with the ownership, maintenance and operation of automotive equipment that is owned, hired or
non-owned; (c) Worker’s Compensation with statutory limits and Employer’s Liability Insurance with limits of not less than
$500,000 per accident, $500,000 aggregate disease coverage and $100,000 disease coverage per employee. In addition, Tenant shall carry
“Builder’s Risk” insurance in an amount approved by Landlord covering the construction of the Tenant Improvements,
including such extended coverage endorsements as may be reasonably required by Landlord. Tenant’s liability insurance shall be
written on an “occurrence” basis and shall name Landlord, the Holder of any superior lease, superior mortgage and Landlord’s
designated agents as additional insureds (by endorsement reasonably acceptable to Landlord). The “Builder’s Risk” insurance
shall name Landlord and such other parties as Landlord may specify as the loss payee(s) with respect to all proceeds received therefrom.
All of the insurance required to be carried by Tenant hereunder shall provide that it is primary insurance, and not excess over or contributory
with any other valid, existing, and applicable insurance in force for or on behalf of Landlord, shall provide that Landlord shall receive
thirty (30) days’ written notice from the insurer prior to any cancellation or change of coverage, and shall be placed with companies
which are rated A-:XIII or better in Best’s Key Rating Guide and licensed to business in the State of Utah. Tenant’s compliance
with the provisions of this Section shall in no way limit Tenant’s liability under any of the other provisions of the Lease.

 

4.6
Liens. Tenant shall keep the Premises and the Building free from any liens arising out of work performed, materials furnished
or obligations incurred by Tenant. Should Tenant fail to remove any such lien, then Section 8(d) of Lease shall apply. Promptly following
completion of construction, Tenant shall provide Landlord a copy of a final unconditional lien release from Tenant’s Contractor
and each of Tenant’s Agents who performed work or supplied materials for the Tenant Improvements. Upon completion of construction,
Tenant shall promptly record a Notice of Completion in accordance with Utah law and provide a copy thereof to Landlord.

 

5.
Responsibility for Design and Construction Costs.

 

5.1
Construction Allowance. Landlord will contribute to the costs of performing the Tenant Improvement Work, as depicted on the Approved
Working Drawings, to the extent of the lesser of (a) Two Hundred Thousand Dollars ($200,000.00) or (b) the actual cost
for such work (the “Construction Allowance”). Tenant shall pay all costs in excess of the Construction Allowance for
the design and construction of the Tenant Improvements. Except as otherwise specified in this Work Letter, the Construction Allowance
may be applied only to the payment or reimbursement of: (i) architectural fees and costs, (ii) the cost of obtaining Permits and other
similar approvals; (iii) the cost of demolishing, relocating, or constructing Tenant’s clean rooms located on the Project as of
the date of the Lease or included in the Space Plan, and (iv) documented costs of labor and materials incorporated into the Tenant Improvements
(excluding all costs of furnishings, fixtures, equipment, signage and other personal property, including switches, servers, routers and
similar data and telecommunications cabling and equipment).

 

    	EXHIBIT D, Work Letter - Page D-8

     

    

 

5.2
Disbursement of Construction Allowance. Provided that (a) this Lease is then in full force and effect, (b) Tenant is not then
in default of any of its obligations under the Lease beyond any applicable notice or cure period, including, without limitation, Tenant’s
obligations under this Work Letter to perform Tenant Improvement Work in accordance with the Approved Working Drawings and all applicable
Laws, (c) Tenant has satisfactorily completed the Tenant Improvement Work and submitted to Landlord (if applicable and available) (i)
two (2) full sets of blue line “as-built” drawings, together with a CAD disk showing the Tenant Improvements (updated by
Tenant’s Architect as necessary to reflect all changes made to the Approved Working Drawings during the course of construction),
(ii) a written statement from Tenant’s Architect that the work described on any such invoices has been completed in accordance
with the Approved Working Drawings, (iii) properly executed statutory form unconditional mechanics’ lien releases from all of Tenant’s
Agents, (iv) copies of all Permits, licenses, certificates and other governmental authorizations and approvals necessary in connection
with, and indicating final approval of, the Tenant Improvement Work, (v) a statement of total design and construction fees and costs,
and (vi) any other documents reasonably required by Landlord’s lender, and (d) Tenant has commenced business operations at the
Premises, then Landlord shall pay the full amount of the Construction Allowance payable to Tenant hereunder within thirty (30) days following
the full satisfaction of Tenant’s obligations set forth in parts (a), (b), (c) and (d) of this sentence. Tenant shall use commercially
efforts to submit the documents described in clause (c) above to Landlord within thirty (30) days following completion of the Tenant
Improvement Work. If Tenant fails to submit the foregoing documentation to Landlord within twelve (12) months after completion of the
Tenant Improvement Work, Landlord shall have no further obligation to pay the Construction Allowance to Tenant, and Tenant shall be deemed
to have waived any rights to receive the same.

 

6.
Change Orders. Landlord will not unreasonably withhold its approval of (a) any request by Tenant, or by Tenant’s Contractor
with Tenant’s approval, to amend or change the Approved Working Drawings, or (b) any change or amendment to the Approved Working
Drawings that may be necessary to obtain any Permits, or which may be required by city officials or inspectors to comply with code rulings
or interpretations (any of the foregoing, a “Change Order”), provided such Change Order does not diminish the quality
of construction of the Tenant Improvements. Without limiting the generality of the foregoing, however, Tenant acknowledges that it shall
not be unreasonable for Landlord to withhold consent to any Change Order if any of the circumstances listed in clauses 3.2(a) through
3.2(k) of this Work Letter apply. No material changes or modifications to the Approved Working Drawings shall be made unless by written
Change Order signed by Landlord and Tenant. Tenant shall pay all costs attributable to Change Orders, including costs incurred by Landlord
in reviewing proposed Change Orders (provided that to the extent funds are available, such costs may be paid or reimbursed from the Construction
Allowance).

 

7.
Ownership of Tenant Improvements. The Tenant Improvements shall be deemed, effective upon installation, to be a part of the Premises
and the Building and shall be deemed to be the property of Landlord (subject to Tenant’s right to use the same during the Term
of the Lease), and shall be surrendered at the expiration or earlier termination of the Term, unless Landlord shall have conditioned
its approval of the Space Plans, Final Working Drawings or any Change Order on Tenant’s agreement to remove any items thereof,
in which event, prior to the expiration or termination of the Term, the specified items shall be removed at Tenant’s expense, any
damage caused by such removal shall be repaired, and the Premises shall be restored to their condition existing prior to the installation
of the items in question, normal wear and tear excepted. The removal, repair and restoration described above shall be performed by Tenant.

 

    	EXHIBIT D, Work Letter - Page D-9

     

    

 

EXHIBIT
E

 

CONFIRMATION
OF COMMENCEMENT DATE

 

______________,
20__

 

______________________________

______________________________

______________________________

 

	 	Re:	Lease
  Agreement (the “Lease”) dated _____________, 20__, between _____________________, LLC, a _______________
  limited liability company (“Landlord”), and POLARITYTE MD, INC., a Nevada corporation (“Tenant”).
  Capitalized terms used herein but not defined shall be given the meanings assigned to them in the Lease.

 

Ladies
and Gentlemen:

 

Landlord
and Tenant agree as follows:

 

1. Condition
of Premises. Tenant has accepted possession of the Premises pursuant to the Lease. Any improvements required by the terms of
the Lease to be made by Landlord have been completed to the full and complete satisfaction of Tenant in all respects, subject to
latent defects and except for the punchlist items described on Exhibit A hereto (the “Punchlist Items”), and except for
such latent defects and Punchlist Items, Landlord has fulfilled all of its duties under the Lease with respect to such initial
improvements. Furthermore, Tenant acknowledges that the Premises are suitable for the Permitted Use.

 

2.
Commencement Date. The Commencement Date
of the Lease is __________, 2021.

 

3.
Expiration Date. The Term is scheduled
to expire on the last day of the 64th full calendar month of the Term, which date is ______________, 20__.

 

4.
Contact Person. Tenant’s contact
person in the Premises is:

 

1960
South 4250 West

Salt
Lake City, Utah 84104

Attention:
____________________

Telephone:
____- ___-_____

Telecopy:
____- ___-_____

 

5.
Ratification. All
provisions, terms, conditions and agreements set forth in the Lease are reaffirmed, ratified, confirmed and approved in their entirety
and shall remain in full force and effect. Additionally, Tenant further confirms and ratifies that, as of the date hereof, (a)
the Lease is and remains in good standing and in full force and effect, and (b) to Tenant’s knowledge, Tenant has no claims, counterclaims,
set-offs or defenses against Landlord arising out of the Lease or in any way relating thereto or arising out of any other transaction
between Landlord and Tenant.

 

6.
Binding Effect; Governing Law. Except
as modified hereby, the Lease shall remain in full effect and this letter shall be binding upon Landlord and Tenant and their respective
successors and assigns. This letter shall be governed by the laws of the state in which the Premises are located.

 

    	EXHIBIT E, Confirmation of Commencement Date - Page E-1

     

    

 

Please
indicate your agreement to the above matters by signing this letter in the space indicated below and returning an executed original to
us.

 

	 	Sincerely,
	 	 	 
	 	________________________________,
    a 
	 	___________________________________
	 	 	 
	 	By:	                                                                  
	 	Name:	 
	 	Title:	 

 

	Agreed
    and accepted:	 
	 	 
	______________________________,	 
	a,
    _____________________________	 
	 	 	 
	By:	                                                                    	 
	Name:	 	 
	Title:	 	 

 

    	EXHIBIT E, Confirmation of Commencement Date - Page E-2

     

    

 

EXHIBIT
A to CONFIRMATION OF COMMENCEMENT DATE

 

PUNCHLIST
ITEMS

 

Please
insert any punchlist items that remain to be performed by Landlord. If no items are listed below by Tenant, none shall be deemed to exist.

 

    	EXHIBIT E, Confirmation of Commencement Date - Page E-3

     

    

 

EXHIBIT
F

 

FORM
OF TENANT ESTOPPEL CERTIFICATE

 

The
undersigned is the Tenant under the Lease (defined below) between __________, LLC, a __________ limited liability company (“Landlord”),
and the undersigned as Tenant, for the Premises in the industrial building located at 1960 South 4250 West Salt Lake City, Utah 84104,
and hereby certifies as follows:

 

1.
The Lease consists of the original Lease Agreement dated as of __________, 2021, between Tenant and Landlord’s predecessor-in-interest
and the following amendments or modifications thereto (if none, please state “none”): __________

 

The
documents listed above are herein collectively referred to as the “Lease” and represent the entire agreement between the
parties with respect to the Premises. All capitalized terms used herein but not defined shall be given the meaning assigned to them in
the Lease.

 

2.
The Lease is in full force and effect and has not been modified, supplemented or amended in any way except as provided in Section 1 above.

 

3.
The Term commenced on __________, 20__ and the Term expires, excluding any renewal options, on __________, 20__, and Tenant has no option
to purchase all or any part of the Premises or the Building or, except as expressly set forth in the Lease, any option to terminate or
cancel the Lease.

 

4.
Tenant currently occupies the Premises described in the Lease and Tenant has not transferred, assigned, or sublet any portion of the
Premises nor entered into any license or concession agreements with respect thereto except as follows (if none, please state “none”):
__________

 

5.
All monthly installments of Basic Rent, all Additional Rent and all monthly installments of estimated Additional Rent have been paid
when due through __________. The current monthly installment of Basic Rent is $__________.

 

6.
To Tenant’s Knowledge, all conditions of the Lease to be performed by Landlord necessary to the enforceability of the Lease have
been satisfied and Landlord is not in default thereunder. In addition, Tenant has not delivered any notice to Landlord regarding a default
by Landlord thereunder. For purposes of this Estoppel Certificate, the term “Tenant’s
Knowledge” shall mean Tenant’s actual knowledge without any independent investigation and without constructive or
imputed knowledge.

 

7.
As of the date hereof, to Tenant’s Knowledge, there are (a) no existing defenses or offsets or claims or any basis for a claim,
that the undersigned has against Landlord, and (b) no event has occurred and no condition exists, which, with the giving of notice or
the passage of time, or both, will constitute a default under the Lease.

 

8.
No rental has been paid more than 30 days in advance and no security deposit has been delivered to Landlord except as provided in the
Lease.

 

    	EXHIBIT F, Form of Tenant Estoppel Certificate - Page F-1

     

    

 

9.
If Tenant is a corporation, partnership or other business entity, Tenant is a duly formed and existing entity qualified to do business
in the state in which the Premises are located and each individual executing this Estoppel Certificate on behalf of Tenant has full right
and authority to execute and deliver this Estoppel Certificate and that each person signing on behalf of Tenant is authorized to do so.

 

10.
There are no actions pending against Tenant under any bankruptcy or similar laws of the United States or any state.

 

11.
Other than in compliance with all applicable laws and in connection with the permitted use of the Premises, the undersigned has not used
or stored any hazardous substances in the Premises.

 

12.
Tenant is not itself, and is not directly or indirectly owned, controlled or supported by, a “Specially Designated National”
or otherwise designated as a blocked person under any regulation of the Office of Foreign Assets Control, U.S. Department of Treasury
(see: www.ustreas.gov/offices/enforcement/OFAC).

 

13.
All tenant improvement work to be performed by Landlord under the Lease has been completed in accordance with the Lease and has been
accepted by the undersigned, subject to latent defects, and all reimbursements and allowances due to the undersigned under the Lease
in connection with any tenant improvement work have been paid in full. Notwithstanding the foregoing,
Tenant makes no representation or assertion that Landlord’s improvements or repairs were performed in compliance with all applicable
laws.

 

Tenant
acknowledges that this Estoppel Certificate may be delivered to Landlord, Landlord’s Mortgagee or to a prospective mortgagee or
prospective purchaser, and their respective successors and assigns, and acknowledges that Landlord, Landlord’s Mortgagee and/or
such prospective mortgagee or prospective purchaser will be relying upon the statements contained herein in disbursing loan advances
or making a new loan or acquiring the property of which the Premises are a part and that receipt by it of this certificate is a condition
of disbursing loan advances or making such loan or acquiring such property. Notwithstanding the foregoing, Landlord, Landlord’s
Mortgagee and/or such prospective mortgagee or prospective purchaser may not rely on any statements in this Estoppel Certificate known
by them to be untrue. In the event of any inconsistencies between this Estoppel Certificate and
the Lease, the terms of the Lease will control.

 

Executed
as of __________, 20__.

 

	TENANT:	_____________________________________,

                                                                                a
                                            _______________

	 	 
	 	By:	                                                                     
	 	Name:	 
	 	Title:	 

 

    	EXHIBIT F, Form of Tenant Estoppel Certificate - Page F-2

     

    

 

EXHIBIT
G

 

Tenant’s
Permitted Use

 

General
Corporate Office Uses:

 

	 	●	Business
  office space(s) throughout the Premises will be used for general daily corporate operations.
	 	 	 

	 	●	Receipt,
  storage, use, placement, integration and disposal of such items, materials, equipment related to conducting ordinary corporate operations.

 

Biomedical
Research and Development Laboratories and Clinical Laboratories Uses:

 

	 	●	Research
  and development of therapeutics, biologics, devices and cell tissue-based materials.
	 	 	 

	 	●	Receipt,
  storage, use, placement, integration and disposal of such items, materials, equipment related to conducting research on therapeutics,
  biologics, devices and cell/tissue-based materials, including the housing and testing of birds or animals.
	 	 	 

	 	●	Laboratory
  operations and processing on or off-site for medical testing and/or diagnostic efforts and precision fabrication of therapeutics, biologics,
  devices and cell tissue-based materials.

 

Biomedical
Materials Manufacturing Uses:

 

	 	●	Receive,
  recover, store, screen, test, package, process, label, and distribute products related to therapeutics, biologics, devices and cell/tissue-based
  materials.
	 	 	 

	 	●	Contract
  manufacturing services related lo therapeutics, biologics, devices and cell tissue-based materials.

 

Warehousing
and Distribution Center Uses:

 

	 	●	Storage
  of inventories related to manufacturing and distribution operations, including use of relevant storage systems and machinery to conduct
  such operations accordingly.
	 	 	 

	 	●	Maintain
  an inventory of materials, supplies, and goods related to the production of therapeutics, biologics, devices and cell/tissue-based
  materials as well as that research and development required to develop such materials and/or products.
	 	 	 

	 	●	Distribute
  such supplies and goods from inventory to external entities.

 

Preclinical
Research and Development Center and Associated Vivarium Vies:

 

	 	●	Receive,
  store, house, maintain, support, and conduct research and development related to appropriate animal species in compliance with applicable
  regulations and laws.
	 	 	 

	 	●	Receipt,
  storage, housing, use, placement, integration and disposal of such items, materials, birds or animals, or equipment related to conducting
  such forms of pre-clinical research and vivarium-related operations.

 

    	EXHIBIT G, Tenant’s Permitted Use - Page G-1

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