Document:

EXHIBIT
4.5

 

this
12% convertible DEBENTURE AND THE COMMON STOCK ISSUABLE UPON CONVERSION HEREOF haVE not been registered under the securities act
of 1933, as amended (the “SECURITIES act”), nor under any state securities law, and may not be pledged, sold, assigned,
hypothecated or otherwise transferred until (1) a Registration Statement with respect thereto is effective under the SECURITIES
act and any applicable state securities law or (2) the company receives an opinion of counsel, EITHER FROM COUNSEL TO the company
or counsel to the holder HEREOF WHO IS reasonably satisfactory to the company, that such 12% CONVERTIBLE DEBENTURE or COMMON STOCK
may be pledged, sold, assigned, hypothecated or transferred without an effective Registration Statement under the SECURITIES act
or applicable state securities laws.

 

INTEGRATED
ENVIRONMENTAL TECHNOLOGIES, LTD.

12%
Convertible Debenture

Due
November __, 2017

$_______

As
of November __, 2015

 

INTEGRATED
ENVIRONMENTAL TECHNOLOGIES, LTD., a corporation incorporated under the laws of the state of Nevada (the “Company”),
for value received, hereby promises to pay to ___________________, or his, hers or its registered assigns (the “Holder”),
with an address at _____________________, upon due presentation and surrender of this 12% Convertible Debenture (this “Debenture”
and collectively with the other 12% Convertible Debentures issued by the Company in the offering in which this Debenture was purchased,
the “Debentures”) on or after November __, 2017 (the “Maturity Date”), the principal amount of _________
Dollars ($_________) and accrued interest thereon as hereinafter provided.

 

This
Debenture was issued by the Company as of November __, 2015 (the “Issuance Date”).

 

ARTICLE
I

PAYMENT OF PRINCIPAL AND INTEREST; METHOD OF PAYMENT

 

1.1.
Payment of Principal and Interest. Payment of the principal and accrued interest on this Debenture shall be due on the Maturity
Date. Interest (computed on the basis of a 365-day year for the number of days elapsed) on the unpaid portion of said principal
amount from time to time outstanding shall be paid by the Company at the rate of twelve percent (12%) per annum. Principal and
interest shall be paid: (a) in the lawful currency of the United States of America by check or wire transfer; or (b) pursuant
to Section 2.1, Section 2.2 or Section 2.3, in shares of the Company’s common stock, par value $0.001 per share (“Common
Stock”). Interest shall accrue from the Issuance Date and shall be payable to the Holder in annual installments on each
November __ during the term of this Debenture (an “Interest Payment Date”), with the first Interest Payment Date hereunder
scheduled to be November __, 2016 and the last Interest Payment Date to be on the Maturity Date. Both principal hereof and interest
thereon are payable at the Holder’s address above or such other address as the Holder shall designate from time to time
by written notice to the Company, without any requirement for the presentation of this Debenture or making any notation thereon,
except that the Holder hereof agrees that payment of the final amount due shall be made only upon surrender of this Debenture
to the Company for cancellation.

 

Prior
to any sale or other disposition of this instrument, the Holder hereof agrees to endorse hereon the amount of principal paid hereon
and the last date to which interest has been paid hereon and to notify the Company of the name and address of the transferee in
accordance with the terms of Section 2.6 of this Debenture.

 

1.2.
Extension of Payment Date. If this Debenture or any installment hereof becomes due and payable on a Saturday, Sunday or other
day on which banks in the state of New Jersey are authorized to remain closed, the due date hereof shall be extended to the next
succeeding full Business Day. “Business Day” means any day that is not a Saturday, a Sunday or a day on which banks
are required or permitted to be closed in the state of New Jersey.

 

1.3.
All payments received by the Holder shall be applied first to the payment of all accrued interest payable hereunder.

 

    	 

    	 	 	 

    

 

ARTICLE
II

CONVERSION AND OTHER RIGHTS

 

2.1.
Conversion of Principal into Common Stock at Option of Holder. At any time from the Issuance Date until the Maturity Date, this
Debenture is convertible in whole or in part at the Holder’s option into shares of Common Stock, upon surrender of this
Debenture, at the office of the Company, accompanied by a written notice of conversion in the form of Attachment I hereto, or
otherwise in form reasonably satisfactory to the Company, duly executed by the registered Holder or his, her or its duly authorized
attorney. The aggregate principal amount of this Debenture shall be convertible into shares of Common Stock at a price per share
equal to $0.07 (“Conversion Price”), subject to the adjustments as provided for in Section 2.8(a). The number of shares
issued as payment shall be equal to the quotient of the aggregate outstanding principal on the date of conversion divided by the
Conversion Price. Interest shall accrue to and include the day prior to the date of conversion and shall be paid by check or in
shares of Common Stock, pursuant to Section 2.4, on the last day of the month in which conversion rights hereunder are exercised.

 

2.2.
Conversion of Principal into Common Stock at Option of Company. In the event that: (a) there shall be a Change of Control (as
hereinafter defined); or (b) the closing price of Common Stock on all domestic securities markets on which the Common Stock may
at the time be listed averaged over a period of twenty (20) consecutive trading days is equal to or greater than $0.30 per share,
at the option of the Company, the principal of this Debenture, in whole or in part, shall be converted into shares of Common Stock
at the Conversion Price, subject to the adjustments provided in Section 2.8(a). The number of shares issued as payment shall be
equal to the quotient of the aggregate outstanding principal on the date of conversion divided by the Conversion Price. Interest
shall accrue to and include the day prior to the date of conversion and shall be paid by check or in shares of Common Stock, pursuant
to Section 2.4, on the last day of the month in which conversion rights hereunder are exercised.

 

A
“Change of Control” means any consolidation, merger, sale of all or substantially all of the Company’s assets
to another Person (as hereinafter defined) and any transaction which is effected in such a way that the stockholders of the Company
immediately prior to such consolidation, merger, sale of all or substantially all of the Company’s assets or other transaction
own less than fifty percent (50%) of the Company’s voting power immediately after such consolidation, merger, sale of all
or substantially all of the Company’s assets or other transaction, by vote or value, on a fully diluted basis. A “Person”
means an individual, partnership, corporation, trust, unincorporated organization, joint venture, government or agency, political
subdivision thereof, or any other entity of any kind.

 

2.3.
Conversion of Principal into Common Stock Due to a Qualified Financing. Upon the closing of a Qualified Financing (as hereinafter
defined), the principal of this Debenture shall be converted into shares of Common Stock at a price per share equal to the lesser
of: (a) eighty percent (80%) of the per share price paid by the purchasers of Common Stock in the Qualified Financing; or (b)
the Conversion Price, subject to the adjustments provided in Section 2.8(a) (the “Qualified Financing Conversion Price”).
The number of shares issued as payment shall be equal to the quotient of the aggregate outstanding principal on the closing date
of the Qualified Financing divided by the Qualified Financing Conversion Price. Interest shall accrue to and include the day prior
to the date of conversion and shall be paid by check or in shares of Common Stock, pursuant to Section 2.4, on or before the last
day of the month in which conversion rights hereunder are exercised.

 

A
“Qualified Financing” shall occur if at any time following the Issuance Date through the Maturity Date the Company,
in any transaction or a series of transactions, completes one or more offerings of Common Stock resulting in aggregate gross proceeds
to the Company of at least five million dollars ($5,000,000).

 

2.4.
Payment of Interest in Shares of Common Stock at Option of Company. Interest due under this Debenture may be paid to the Holder,
at the option of the Company, in shares of Common Stock. If the Company elects to pay the interest due on a particular Interest
Payment Date in shares of Common Stock, the number of shares issued as payment of the accrued interest shall be equal to the quotient
of the aggregate accrued and unpaid interest divided by the closing price of Common Stock on all domestic securities markets on
which the Common Stock may at the time be listed averaged over a period of ten (10) consecutive trading days immediately preceding
the Interest Payment Date.

 

    	 	 2	 

     

    

 

2.5.
No Fractional Shares. Any fractional share resulting from any conversion of the principal or accrued and unpaid interest of this
Debenture shall be rounded up to one whole share.

 

2.6.
Transfer of Debenture; Conversion Procedure. This Debenture is not divisible. This Debenture and all rights hereunder may be sold,
transferred or otherwise assigned to any person in accordance with and subject to the provisions of the Securities Act of 1933,
as amended (the “Securities Act”), and the rules and regulations promulgated thereunder. Upon the transfer of this
Debenture through the use of the assignment form attached hereto as Attachment I, and in accordance with applicable law or regulation,
and the payment by the Holder of funds sufficient to pay any transfer tax, the Company shall issue and register this Debenture
in the name of the new Holder.

 

In
the event the Holder seeks to convert this Debenture in accordance with Section 2.1, the Company shall convert this Debenture
upon surrender thereof for conversion properly endorsed and accompanied by a completed and executed Conversion Notice attached
hereto as Attachment II and any documentation deemed necessary by the Company showing the availability of an exemption under applicable
state and federal securities laws. Subject to the terms of this Debenture, upon surrender of this Debenture, the Company shall
issue and deliver with all reasonable dispatch to or upon the written order of the Holder of this Debenture and in such name or
names as such Holder may designate, a certificate or certificates for the number of full shares of Common Stock due to such Holder
upon the conversion of this Debenture. The Person or Persons to whom such certificate or certificates are issued by the Company
shall be deemed to have become the holder of record of such shares of Common Stock as of the date of the surrender of this Debenture.
Upon conversion, the Holder will be required to execute and deliver any documentation deemed necessary by the Company showing
the availability of an exemption under applicable state and federal securities laws.

 

2.7.
Issuance of Shares of Common Stock.

 

(a)
Issuance Upon Conversion. The Company covenants that it will at all times reserve and keep available, free from preemptive rights,
out of its authorized Common Stock, solely for the purpose of issuance upon conversion of this Debenture, such number of shares
of Common Stock as shall equal the aggregate number of shares of Common Stock that would be issued under this Debenture if fully
converted. The Company also covenants that all of the shares of Common Stock that shall be issuable upon conversion of this Debenture
shall, at the time of delivery, be duly and validly issued, fully paid, non-assessable and free from all taxes, liens and charges
with respect to the issue thereof (other than those which the Company shall promptly pay or discharge).

 

(b)
Restrictive Legend. Each certificate evidencing shares of Common Stock issued to the Holder following the conversion of this Debenture,
if any, shall bear the following restrictive legend or a similar legend until such time as the transfer of such security is not
restricted under the federal securities laws:

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED
OF EXCEPT PURSUANT TO (I) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, (II) TO THE EXTENT APPLICABLE, RULE 144 UNDER THE
ACT (OR ANY SIMILAR RULE UNDER SUCH ACT RELATING TO THE DISPOSITION OF SECURITIES), OR (III) AN OPINION OF COUNSEL, IF SUCH OPINION
SHALL BE REASONABLY SATISFACTORY TO COUNSEL TO THE ISSUER, THAT AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT IS AVAILABLE.

 

    	 	 3	 

     

    

 

2.8.
Adjustment of Conversion Price and Number of Underlying Shares. The number of shares of Common Stock issuable upon the conversion
of this Debenture and the Conversion Price shall be subject to adjustment from time to time as follows:

 

(a)
Adjustment for Stock Splits and Combinations. If the Company at any time or from time to time after the date of this Debenture
effects a subdivision of the outstanding Common Stock or combines the outstanding shares of Common Stock, then, in each such case,
the Conversion Price in effect immediately prior to such event shall be adjusted so that each Holder of conversion rights under
this Debenture shall have the right to convert his, her or its interests into the number of shares of Common Stock which he, she
or it would have owned after the event had such shares of Common Stock been converted immediately prior to the occurrence of such
event. Any adjustment under this Section 2.8(a) shall become effective as of the date and time such subdivision or combination
becomes effective.

 

(b)
No Impairment. The Company will not, through any reorganization, recapitalization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms to be observed or performed hereunder by the Company.

 

(c)
Record Date. If the Company takes a record of the holders of Common Stock for the purpose of entitling them (i) to receive a dividend
or other distribution payable in Common Stock, or in any rights, options or warrants to subscribe for or to purchase Common Stock
(such rights or options or warrants being herein called “Options”) or in any stock or other securities convertible
into or exchangeable for Common Stock (such convertible or exchangeable stock or securities being herein called “Convertible
Securities”) or (ii) to subscribe for or purchase Common Stock, Options or Convertible Securities, then such record date
shall be deemed to be the date of the issue or sale of the shares of Common Stock deemed to have been issued or sold upon the
declaration of such dividend or the making of such other distribution or the date of the granting of such right of subscription
or purchase, as the case may be.

 

(d)
Actions to Maintain Conversion Price Above Par Value. Before taking any action which would cause an adjustment in the Maturity
Date Conversion Price such that, upon conversion of this Debenture, shares of Common Stock with par value, if any, would be deemed
to be issued below the then par value of the Common Stock, the Company will take any corporate action which may, in the opinion
of its counsel, be reasonable necessary in order that the Company may validly and legally issue fully paid and non-assessable
shares of Common Stock at the Maturity Date Conversion Price as so adjusted.

 

(e)
Certificate of Adjustment. In any case of an adjustment of the number of shares of Common Stock or other securities issuable upon
conversion of this Debenture, the Chief Financial Officer or the President of the Company shall compute such adjustment in accordance
with the provisions hereof and prepare and sign a certificate showing such adjustment, and shall mail such certificate, by first
class mail, postage prepaid, to the Holder of this Debenture at the Holder’s address as shown in the Company’s books.
The certificate shall set forth such adjustment, showing in detail the facts upon which such adjustment is based, including a
statement of the number of shares of Common Stock and the type and amount, if any, of other property which at the time would be
received upon conversion of this Debenture.

 

(f)
Closing of Books. The Company will at no time close its transfer books against the transfer of any shares of Common Stock issued
or issuable upon the conversion of this Debenture in any manner which interferes with the timely conversion of this Debenture
into shares of Common Stock.

 

    	 	 4	 

     

    

 

ARTICLE
III

COVENANTS

 

3.1.
Prior to the conversion or payment of the last outstanding Debenture, any of the following actions by the Company is subject to
the prior written consent of holders of more than fifty percent (50%) of the aggregate principal amount of the then outstanding
Debentures.

 

(a)
any material related party transaction entered into by the Company that is not approved by the Company’s board of directors
or a committee thereof;

 

(b)
the purchase, redemption, retirement or acquisition for value by the Company of any of the Company’s capital stock or other
securities now or hereafter outstanding, except for the acquisition of the Company’s capital stock or other securities in
connection with the settlement of any legal proceedings or pursuant to any outstanding agreement or instrument;

 

(c)
the return by the Company of any capital to its stockholders;

 

(d)
the distribution by the Company of any of its assets to its stockholders;

 

(e)
the payment or declaration by the Company of any dividend on any of its capital stock or other securities; or

 

(f)
the filing for bankruptcy, dissolution or liquidation or a general assignment for the benefit of creditors by the Company.

 

ARTICLE
IV

EVENTS OF DEFAULT

 

4.1.
If one or more of the following described events (each of which being an “Event of Default” hereunder) shall occur
and shall be continuing, holders of more than fifty percent (50%) of the aggregate principal amount of the then outstanding Debentures
may declare immediate payment of all of the Debentures (including the accrued and unpaid interest thereon).

 

(a)
failure to pay when due any principal of, or interest on, the Debentures;

 

(b)
failure of the Company to observe or perform any covenants or agreements of the Debentures or any other related documents, and
such failure continues for a period of thirty (30) calendar days after receipt of written notice by the Company from holders of
more than fifty percent (50%) of the aggregate principal amount of the outstanding Debentures of such failure;

 

(c)
any representation, warranty, certification or statement made by the Company to the purchasers of the Debentures shall prove to
have been incorrect in any material respect when made (or deemed made);

 

(d)
a judgment or order for the payment of money in excess of two hundred fifty thousand dollars ($250,000) shall be rendered against
the Company and such judgment or order shall continue unsatisfied and un-stayed for a period of ten (10) calendar days;

 

(e)
the Company shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect
to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment
of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, or shall
consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other
proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay
its debts as they become due, or shall take any corporate action to authorize any of the foregoing; or

 

(f)
an involuntary case or other proceeding shall be commenced against the Company seeking liquidation, reorganization or other relief
with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the
appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property,
and such involuntary case or other proceeding shall remain undismissed for a period of sixty (60) calendar days; or an order for
relief shall be entered against the Company under the federal bankruptcy laws as now or hereafter in effect.

 

    	 	 5	 

     

    

 

ARTICLE
V

MISCELLANEOUS

 

5.1.
Prepayment. The principal amount of this Debenture and any accrued and unpaid interest thereon may be prepaid, in whole or in
part, at any time without penalty or premium, at the discretion of the Company, subject to first offering the Holder the option
to convert this Debenture into Common Stock at the Maturity Date Conversion Price. The Company must provide written notice to
the Holder of its intention to prepay this Debenture and allow the Holder ten (10) calendar days after receipt of such notice
to convert.

 

5.2.
Rights Cumulative. The rights, powers and remedies given to the Holder under this Debenture shall be in addition to all rights,
powers and remedies given to him, her or it by virtue of any document or instrument executed in connection therewith, or any statute
or rule of law.

 

5.3.
No Waivers. Any forbearance, failure or delay by the Holder in exercising any right, power or remedy under this Debenture, any
documents or instruments executed in connection herewith or otherwise available to the Holder shall not be deemed to be a waiver
of such right, power or remedy, nor shall any single or partial exercise of any right, power or remedy preclude the further exercise
thereof.

 

5.4.
Amendments in Writing. No modification or waiver of any provision of this Debenture, or any documents or instruments executed
in connection herewith shall be effective unless it shall be in writing and signed by the Holder, and any such modification or
waiver shall apply only in the specific instance for which given.

 

5.5.
Governing Law. This Debenture, the rights and obligations of the parties hereto and any dispute arising out of or relating to
this Debenture, shall be adjudicated in, governed by, construed in and interpreted in accordance with the laws of the state of
New Jersey, without regard to its conflict of law principles. Each of the parties hereto consents to submit itself to the personal
jurisdiction of the state courts of the state of New Jersey in the event any dispute arises out of this Debenture and agrees that
it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court.

 

5.6.
Successors. The term “Holder” as used herein shall be deemed to include the Holder and its successors, endorsees and
assigns.

 

5.7.
Stamp or Transfer Tax. The Company will pay any documentary stamp or transfer taxes attributable to the initial issuance of the
Common Stock issuable upon the conversion of this Debenture; provided, however, that the Company shall not be required to pay
any tax or taxes which may be payable in respect of any transfer involved in the issuance or delivery of any certificates for
the Common Stock in a name other than that of the Holder in respect of which such Common Stock is issued, and in such case the
Company shall not be required to issue or deliver any certificate for the Common Stock until the person requesting the same has
paid to the Company the amount of such tax or has established to the Company’s satisfaction that such tax has been paid.

 

5.8.
Mutilated, Lost, Stolen or Destroyed Debenture. In case this Debenture shall be mutilated, lost, stolen or destroyed, the Company
shall issue and deliver in exchange and substitution for and upon cancellation of the mutilated Debenture, or in lieu of and substitution
for the Debenture, mutilated, lost, stolen or destroyed, a new Debenture of like tenor and representing an equivalent right or
interest, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and an indemnity,
if requested, also reasonably satisfactory to it.

 

    	 	 6	 

     

    

 

5.9.
No Rights as Stockholder. Prior to the conversion of the Debenture, the Holder shall not be entitled to any of the rights of a
stockholder of the Company, including, without limitation, the right to vote or to receive dividends or other distributions, but
shall be entitled to receive notice of:

 

(a)
any stockholder meeting;

 

(b)
a Change of Control event;

 

(c)
issuance of Common Stock or any other equity securities convertible or exchangeable into Common Stock; except for those issuances
made under options, warrants and other rights approved by the Company’s board of directors or a committee thereof;

 

(d)
a judgment or order for the payment of money rendered against the Company in excess of $50,000;

 

(e)
involuntary case or other proceeding commenced against the Company seeking liquidation, bankruptcy or dissolution; or

 

(f)
order for relief entered against the Company under the federal bankruptcy laws.

 

5.10.
Notices. Any notice required to be given pursuant to this Debenture shall be in writing and shall be deemed given upon delivery
if delivered personally or by a recognized commercial courier with receipt acknowledged, or upon the expiration of seventy-two
(72) hours after the same has been deposited in the United States mail, by certified or registered mail, return receipt requested,
postage prepaid, and addressed to the Holder at his, her or its address appearing on the books of the Company.

 

5.11.
No Registration or Registration Rights. Neither the Debenture nor the securities receivable upon the conversion of the Debenture
have been registered by the Company under the Securities Act or the securities law of any state or other jurisdiction, and the
Company shall be under no obligation to register such securities.

 

IN
WITNESS WHEREOF, Integrated Environmental Technologies, Ltd. has caused this Debenture to be duly executed and delivered as of
the date first above written.

 

	 	INTEGRATED
    ENVIRONMENTAL TECHNOLOGIES, LTD.
	 	 	 
	 	By:	
	 	Name:	Thomas
    S. Gifford
	 	Title: 	Executive Vice
    President and Chief Financial Officer

 

    	 	 7	 

     

    

 

ATTACHMENT
I

 

Assignment

 

For
value received, the undersigned hereby assigns to _____________, $___________ principal amount of 12% Convertible Debenture due
November __, 2017 evidenced hereby and hereby irrevocably appoints __________________ attorney to transfer the Debenture on the
books of the within named corporation with full power of substitution in the premises.

 

Dated:

 

In
the presence of:

 

		 	
	 	 	Print
    Name
	 	 	 
	 	 	
	 	 	Signature

 

    	 

    	 	 	 

    

 

ATTACHMENT
II

 

CONVERSION
NOTICE

 

TO:
INTEGRATED ENVIRONMENTAL TECHNOLOGIES, LTD.

 

The
undersigned holder of this Debenture hereby irrevocably exercises the option to convert $________ principal amount of such Debenture
(which may be less than the stated principal amount thereof) into shares of Common Stock of Integrated Environmental Technologies,
Ltd., in accordance with the terms of such Debenture, and directs that the shares of Common Stock issuable and deliverable upon
such conversion, be issued and delivered to the undersigned unless a different name has been indicated below. If shares of Common
Stock are to be issued in the name of a person other than the undersigned holder of such Debenture, the undersigned will pay all
transfer taxes payable with respect thereto.

 

	Address of Holder	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Print Name of Holder
	 	 	 
	 	 	 
	 	 	 
	 	 	Signature of Holder

 

Principal
amount of Debenture to be converted $________

If
shares are to be issued otherwise then to the holder:

 

	Address of Transferee	 	 
	 	 	 
	 	 	 
	 	 	
        Print Name of Transferee

         

	 	 	 
	 	 	Social Security or Employer Identification Number of Transferee

 

Issuance
Date of Debenture: November __, 2015EXHIBIT
10.9

 

COMMERCIAL
LEASE

 

This
lease (this “Lease”) is made between Wally Moon with an address at 1744 South Buckley, Pecos, Texas 79772, herein
called “Lessor”, and I.E.T., Inc., with an address at 4235 Commerce Street, Little River, South Carolina 29566, herein
called “Lessee”. Lessee hereby offers to lease from Lessor the premises situated in the City of Pecos, County
of Pecos, and State of Texas, described as:

 

Warehouse/Office
Space

1744
South Bickley

Pecos,
Texas 79722

(the
“Premises”)

 

Upon
the following TERMS and CONDITIONS:

 

1.
Terms and Rent. Lessor demises the above Premises (approximately 4,890 gross rentable square feet) for a term of thirty-six
(36) months, commencing on September 1, 2015, and terminating on the anniversary date thirty-six (36) months thereafter (the “Term”).

 

Monthly
rent is $4,000, due on or before the 10th of each month. All payments shall be made to Lessor, at the address specified above.

 

2.
Use. Lessee shall use and occupy the Premises for commercial purposes only.

 

3.
Care and Maintenance of Premises. Lessor represents and warrants to Lessee that the Premises are in good order and repair,
unless otherwise indicated herein. Lessee shall, at its own expense and at all times, maintain the Premises in good and safe condition,
and shall surrender the same, at termination hereof, in as good condition as received, normal wear and tear excepted. Lessee shall
be responsible for all maintenance and repairs required on the interior of the Premises. Lessor shall be responsible for the HVAC,
roof, exterior walls, and structural foundations. Lessor shall also maintain in good condition the common areas of the building
housing the Premises and the outside of the Premises, including, without limitations, the sidewalks, lawns and shrubbery.

 

4.
Alterations. Lessee shall not, without first obtaining the written consent of Lessor, make any material alterations, additions,
or improvements, in, to or about the Premises.

 

5.
Ordinances and Statutes. Lessee shall comply with all statutes, ordinances and requirements of all municipal, state and federal
authorities now enforce, or which may hereafter be in force, pertaining to the Premises, occasioned by or affecting the use thereof
by Lessee.

 

6.
Assignment and Subletting. Lessee shall not assign this Lease or sublet any portion of the Premises without prior written
consent of the Lessor, which shall not be unreasonably withheld. Any such assignment or subletting without consent shall be void
and, at the option of the Lessor, may terminate this Lease.

 

7.
Utilities &Taxes. Electric and gas for the Premises shall be paid by Lessee. Landlord shall be responsible for all property
taxes with respect to the Premises.

 

8.
Entry and Inspection. Lessee shall permit Lessor or Lessor’s agents to enter upon the Premises at reasonable notice,
for the purpose of inspecting the same, and will permit Lessor at any time within sixty (60) days prior to the expiration of this
Lease, to place upon the Premises any usual “To Let” or “For Lease” signs, and permit persons desiring
to lease the same to inspect the Premises thereafter.

 

9.
Possession. Lessor shall deliver possession of the Premises to Lessee at commencement of this Lease.

 

10.
Quiet Enjoyment. Lessor covenants that if, and so long as, Lessee pays the rent as required under this Lease, and performs
Lessee’s other covenants under this Lease, Lessor will do nothing to affect Lessee’s right to peaceably and quietly
have, hold and enjoy the Premises for the Term.

 

    	 

    	 	 	 

    

 

11.
Indemnification of Lessor. Lessor shall not be liable for any damage or injury to Lessee, or any other person, or to the property,
occurring on the demised Premises or any part thereof, unless due to Lessor, or Lessor’s agents, contractors, or employees
negligent acts or omissions for which Lessor shall be liable.

 

12.
Insurance. Lessee, at its own expense, shall maintain during the Term insurance on its own contents. In addition, during the
Term, Lessee shall maintain commercial liability insurance in the amount of not less than $1,000,000, which will cover bodily
injury and property damage and name the Lessor as an additional insured. Lessee shall provide Lessor with a Certificate of Insurance
showing Lessor as an additional insured. The Certificate of Insurance shall provide for a 30-day written notice to Lessor in the
event of cancellation or material change of coverage. To the maximum extent permitted by the insurance policies which may be owned
by Lessor or Lessee, Lessee and Lessor, for the benefit each other, waive any and all rights of subrogation, which might otherwise
exist.

 

13.
Eminent Domain. If the Premises or any part thereof or any estate therein, or any other part of the building materially affecting
Lessee’s use of the Premises, shall be taken by eminent domain, this Lease shall terminate on the date when title vests
pursuant to such taking. The rent and any additional rent, shall be apportioned as of the termination date, and any rent paid
for any period beyond that date shall be repaid to Lessee. Lessee shall not be entitled to any part of the award for such taking
or any payment in lieu thereof, but Lessee may file a claim for any taking of fixtures and improvements owned by Lessee, and for
moving expenses.

 

14.
Destruction of Premises. In the event of a partial destruction of the Premises during the Term, from any cause, Lessor shall
forthwith repair the same, provided that such repairs can be made within sixty (60) days under existing governmental laws and
regulations, but such partial destruction shall not terminate this Lease, except the Lessee shall be entitled to a proportionate
reduction of rent while such repairs are being made, based upon the extent to which the making of such repairs shall interfere
with the business of Lessee on the Premises. If such repairs cannot be made within sixty (60) days, Lessor, at its option, may
make the same within a reasonable time, this Lease continuing in effect with the rent proportionately abated as aforesaid; provided,
however, that if such repairs cannot be made within sixty (60) days, Lessee may, in its sole discretion, elect to terminate this
Lease. In the event that Lessor shall not elect to make such repairs which cannot be made within sixty (60) days, this Lease may
be terminated at the option of either party. In the event that the building in which the demised Premises may be situated is destroyed
to an extent of not less than one-third of the replacement cost thereof, Lessor may elect to terminate this Lease whether the
demised Premises be injured or not. Total destruction of the building in which the Premises may be situated shall terminate this
Lease.

 

15.
Lessor’s Remedies on Default. If Lessee defaults in the payment of rent, or any additional rent, or defaults in the
performance of any of the other covenants or conditions hereof, Lessor shall give Lessee written notice of such default and if
Lessee does not cure any such default within fifteen (15) days following receipt of said notice (or if such other default is of
such nature that it cannot be completely cured within such period, if Lessee does not commence such curing within such fifteen
(15) days and thereafter proceed with reasonable diligence and in good faith to cure such default), then Lessor may terminate
this Lease on not less than ten (10) days’ written notice to Lessee. On the date specified in such termination notice the
term of this Lease shall terminate, and Lessee shall then quit and surrender the Premises to Lessor, without extinguishing Lessee’s
liability. If this Lease shall have been so terminated by Lessor, Lessor may at any time thereafter resume possession of the Premises
by any lawful means and remove Lessee or other occupants and their property.

 

16.
Attorney’s Fees. In case suit should be brought for recovery of the Premises or for any sum due hereunder, or because
of any act which may arise out of the possession of the Premises, by either party, the prevailing party shall be entitled to all
costs incurred in connection with such action, including a reasonable attorney’s fee.

 

17.
Waiver. No failure by Lessor or Lessee to enforce any term hereof shall be deemed to be a waiver.

 

18.
Notices. Any notice by either party to the other shall be in writing and shall be deemed to have been duly given only if (a)
delivered personally or (b) sent by registered mail or certified mail return receipt requested in a postage paid envelope or (c)
sent by nationally recognized overnight delivery service. Notices shall be sent to the addresses provided on the signature page
hereof or to such other addresses as the Lessee or the Lessor, respectively, may designate in writing. Notice shall be deemed
to have been duly given, if delivered personally, on delivery thereof, if mailed, upon the seventh (7th) day after
the mailing thereof or if sent by overnight delivery service, the next business day.

 

    	 	 2	 

     

    

 

19.
Heirs, Assigns, Successors. This Lease is binding upon and inures to the benefit of the heirs, assigns and successors in interest
to the parties.

 

20.
Option to Renew. Provided that Lessee is not in default in the performance of this Lease, Lessee shall have the option to
renew the lease for two additional terms of three (3) years, commencing at the expiration of the initial Term and subsequent extended
terms. All of the terms and conditions of the Lease shall apply during the renewal term. The monthly rent payment shall equal
the last month’s rent, subject to 2% increase each additional term thereafter commencing on the anniversary date of the
commencement of this Lease. The option shall automatically take effect unless Lessee gives Lessor written notice of Lessee’s
decision not to extend the Term of this Lease at least thirty (30) days prior to the commencement date of the extension period.

 

21.
Subordination. This Lease is and shall be subordinate to all existing and future liens and encumbrances against the property
provided that Lessee’s right of possession shall not be disturbed so long as Lessee is not in default following applicable
notice and cure periods under this Lease.

 

22.
Entire Agreement. The foregoing constitutes the entire agreement between the parties and may be modified only by a writing
signed by both parties.

 

23.
Governing Law. This Lease will be governed by the laws of the State of Texas, without giving effect to its conflict of law
principles.

 

24.
Broker. Lessee and Lessor represent and warrant to the each other that no broker brought about this transaction, and each
agrees to indemnify and hold the other harmless from any and all claims of any broker(s) arising out of or in connection with
the negotiations of or entering into of this Lease by Lessee and Lessor.

 

25.
Severability. If any of the provisions of this Lease, or the application of such provisions, will be invalid or unenforceable,
the remainder of this Lease will not be affected, and this Lease will be valid and enforceable to the fullest extent permitted
by law.

 

26.
Counterparts. This Lease may be executed in multiple counterparts, each of which, when assembled to include an original signature
for each party contemplated to sign this Lease, will constitute a complete and fully executed original. All such fully executed
counterparts will collectively constitute a single agreement. The parties expressly agree that if the signature of Lessor and/or
Lessee on this Lease is not an original, but is a digital, mechanical or electronic reproduction (such as, but not limited to,
a photocopy, fax, e-mail, PDF, Adobe image, JPEG, telegram, telex or telecopy), then such digital, mechanical or electronic reproduction
shall be as enforceable, valid and binding as, and the legal equivalent to, an authentic and traditional ink-on-paper original
wet signature penned manually by its signatory.

 

    	 	 3	 

     

    

 

Signed
this 31st day of August, 2015

 

	 	LESSOR	LESSEE
	 	 	 
	 	Wally Moon	I.E.T., Inc.

 

	By:	/s/
    Wally Moon	 	By:	/s/
    Thomas S. Gifford
	Name:	 Wally Moon	 	Name:	Thomas S. Gifford
	 	 	 	Title:	Executive Vice President and Chief Financial Officer

 

	 	1744
    South Bickley	 
	 	Pecos, Texas 79722	4235 Commerce
    Street
	 	 	Little River,
    SC 29566
	 	o: (432) 447-0498	 
	 	f:  (432)
    447-0535	o: (732) 282-1055
	 	e:
    bestmoon@windstream.net	e:
    tgifford@ietltd.net

 

    	 	 4

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