Document:

Office
Lease Agreement 

 

Terra
Verde - Building One

  

 

 

between

 

DTR14,
L.L.C.,

an
Arizona limited liability company 

as “Landlord”

 

and

 

The
Joint Corp.,

a Delaware
corporation 

as “Tenant”

 

    	 

    	 

    

 

BASIC
LEASE INFORMATION

 

	Effective
    Date:	For
    identification purposes only, the Effective Date of this Lease is September 17,
    2013.
	 	 
	Landlord:	DTR14,
    L.L.C., an Arizona limited liability company
	 	 
	Tenant:	The
    Joint Corp., a Delaware corporation
	 	 
	Project:	The
    business park comprised of approximately twenty-one (21) acres located adjacent to North Perimeter Drive, south of Bell Road
    in Scottsdale, Arizona and commonly known as Terra Verde. The Project is generally depicted on Exhibit
    A-1 to this Lease.
	 	 
	Building:	The
    building located within the Project at 16767 North Perimeter Drive, Scottsdale, Arizona and generally depicted as Building
    One on Exhibit A-1 to
    this Lease.
	 	 
	Premises:	Approximately
    9,717
    square feet of Rentable Area located at Suite 240 in the Building and more specifically shown on Exhibit
    A-2.
	 	 
	Rentable Area
    of Building:	180,445 square
    feet of Rentable Area
	 	 
	Rentable Area
    of Premises	Approximately
    9,717
    square feet of Rentable Area; the final Rentable Area of the Premises will be calculated in accordance with Paragraph
    1(c)
    of the Lease. The Premises will have a load factor of thirteen percent (13.00%).
	 	 
	Annual Base Rent:	Months
    1-12                  $13.00 per square foot
    of Rentable Area
	 	Months
    13-24                $25.25 per square foot
    of Rentable Area 
	 	Months
    25-36                $25.75 per square foot
    of Rentable Area 
	 	Months
    37-48                $26.25 per square foot
    of Rentable Area 
	 	Months
    49-60                $26.75 per square foot
    of Rentable Area 
	 	Months
    61-66                $27.25
    per square foot of Rentable Area
	 	 
	 	The
    Annual Base Rent schedule set forth above does not include applicable rental tax, currently estimated at 2.15%. Within five
    (5) days of the Effective Date, Tenant shall pay, in advance, the Monthly Base Rent for the first month.

 

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	Term:	Base
    Term:	From
    the Commencement Date through and including 66 months following the Commencement Date plus the fractional calendar month,
    if any during which the Commencement Date occurs.
	 	 	 
	 	Renewal
    Terms:	N/A

 

	Scheduled

    Commencement Date:	February
    1, 2014 (subject to adjustment as provided in Paragraph
    2(a) of the Lease).
	 	 
	Expiration Date:	66
    months following the Commencement Date.
	 	 
	Security Deposit:	$75,000.00
	 	 
	Proportionate
    Share:	Estimated
    Building Proportionate Share:    5.39%
	 	Estimated
    Project Proportionate Share:       5.39%
	 	Final
    Proportionate Share calculations will be determined in accordance with Paragraph
    1(f) of the Lease based on the final Rentable Area of the Premises.
	 	 
	Expense Stop:	Tenant’s
    Proportionate Share of actual 2014 (“Base Year”) expenses.
	 	 
	Landlord’s
    Address

 for Payment of Rent:	DTR14,
    LLC

17207
    N. Perimeter Drive, Suite 200 
	 	Scottsdale,
    Arizona 85255 
	 	Attn:
    Accounting Department
	 	 
	Standard HVAC
    Hours:	Between
    7:00 a.m. and 6:00 p.m., Monday through Friday, and between 8:00 a.m. and 12:00 p.m. on Saturday, excluding legal holidays
    in the State of Arizona.

 

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	Landlord's
Address	DTR14,
    LLC
	For Notices:	17207
    N. Perimeter Drive, Suite 200
	 	Scottsdale,
    Arizona 85255
	 	Attn:
    Gary S. Elbogen, Esq.
	 	Fax:
    (480) 585-7803
	 	 
	 	With
    copy of any Default Notice to:
	 	 
	 	David
    E. Shein, Esq.
	 	Chester & Shein,
    p.c.
	 	8777
    North Scottsdale Road, Suite 191
	 	Scottsdale,
    Arizona 85258 
	 	Fax:
    (480) 922-3969
	 	 
	Tenant’s
Address	The
    Joint Corp.
	For Notices:	Before
    Lease Commencement:
	 	9383
    E. Bahia Drive, Ste. 100
	 	Scottsdale,
    AZ 85260
	 	 
	 	After
    Lease Commencement:
	 	16767
    North Perimeter Drive, Ste. 240
	 	Scottsdale,
    Arizona
	 	 
	 	Attn.:
Ron Record
	 	Phone: (480)
    245.5960
	 	Email:
    rrecord@thejoint.com
	 	 
	Property Manager:	Troon
    Management Company 
	 	17207
    N. Perimeter Drive, Suite 200 
	 	Scottsdale,
    Arizona 85255 
	 	Phn:
    (480) 563-5247 
	 	Fax:
    (480) 585-7803
	 	 
	Business Day:	Each
    day which is not a Saturday, Sunday or legal holiday in the State of Arizona
	 	 
	Additional Provision:	See
    Exhibit B
    – Tenant Improvement Rider

 

The Basic Lease Information set forth above is an integrated
component of the Lease. If there is any inconsistency or conflict between any Basic Lease Information and any term or provision
of the Lease, the Lease will control

 

LEASE EXHIBITS

 

	Exhibit A-1:	Project Site Plan

 

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	Exhibit
    A-2:	Depiction
    of Premises Location
	Exhibit
    B:	Tenant
    Improvement Rider
	Exhibit
    C:	Rules
    and Regulations
	Exhibit
    D:	Commencement
    Memorandum
	Exhibit
    E:	Depiction
    of Tenant Building Sign

 

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Office
Lease Agreement

 

THIS
Office LEASE Agreement ("Lease") is entered into
and shall be effective as of September 17 ,2013 ("Effective Date"), by and between: (i) DTR14, L.L.C.,
an Arizona limited liability company ("Landlord"); and (ii) The Joint
Corp., a Delaware corporation ("Tenant”).

 

Landlord
and Tenant (collectively, "Parties" and individually, a "Party"), agree as follows:

 

1.            Premises.

 

(a)          Lease.
On the terms and subject to the conditions set forth in this Lease, Landlord hereby leases the Premises to Tenant, and Tenant
hereby agrees to lease the Premises from Landlord.

 

(b)          Project
& Premises. The “Project” is the multi-building commercial office complex described in the Basic Lease
Information and conceptually depicted on Exhibit A-1 to
this Lease. The “Premises” are a portion of the three-story office building identified as the “Building”
in the Basic Lease Information and depicted as “Building One” on Exhibit A-1 to
this Lease. In addition to the Premises and as further set forth in this Lease, Tenant will also have certain rights and obligations
relating to the Parking Facilities and the Common Areas (both as defined below), The location of the Premises within the Building
is depicted on Exhibit A-2 to this Lease (“Premises Location”).
The Premises will include all Tenant Improvements (as defined in, and to be installed pursuant to, the Tenant Improvement Rider
attached to this Lease as Exhibit B).

 

(c)          Rentable
Area. Prior to the Commencement Date, Landlord shall calculate the number of square feet of rentable area (“Rentable
Area”) of the Premises ("Final Calculation"). The Final Calculation will include a load factor
of thirteen percent (13.00%) and will be determined in a manner which is generally consistent with the BOMA Standard Method for
Measuring Rentable Area in Office Buildings. ANSI Z 65.1-2010.

 

(d)          Common
Areas. During the Term, Tenant and its agents, employees and invitees shall have the nonexclusive right with others designated
by Landlord to use all of the common areas ("Common Areas") situated on or within the Project. Common Areas include,
but are not limited to, elevators, sidewalks, Parking Facilities, driveways, hallways, stairways, public bathrooms, common entrances,
lobby areas and other similar public areas and access ways which are not part of the Premises or leased to, or used exclusively
by, a specific tenant within the Project.

 

(e)          Project
Operations. Landlord shall cause the Building and Common Areas to be maintained in compliance with all applicable laws, ordinances,
regulations and restrictive covenants. The Common Areas of the Project and the exterior of the Building, including all related
landscaping, shall be maintained and operated by Landlord in a manner consistent with Class A low-rise office buildings in Scottsdale,
Arizona, free, in all material respects, from any disruptive or annoying activities or events. Landlord represents and warrants
to Tenant that as of the Commencement Date, the Building and the Premises comply, in all material respects, with applicable laws,
ordinances, rules, regulations and codes, which includes, but is not limited to, the Americans With Disabilities Act, as amended.

 

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(f)          Tenant's
Proportionate Share. Tenant’s proportionate share of those expenses that become payable to Landlord as Additional Rent
under this Lease is the “Proportionate Share”. Tenant's Proportionate Share of Operating Expenses (as defined
below) and Taxes (as defined below) that relate to the Project shall be a fraction, the numerator of which is the Rentable Area
of the Premises, and the denominator of which is the Rentable Area of all buildings within the Project (including the Building).
Tenant’s Proportionate Share of Operating Expenses and Taxes that relate to the Building shall be a fraction, the numerator
of which is the Rentable Area of the Premises, and the denominator of which is the Rentable Area of the Building. Tenant’s
Proportionate Share shall be adjusted from time to time during the Term, upon written notice to Tenant, as additional Rentable
Area is added to, or deleted from, the Project or the Building, as the case may be. The effective date of any adjustment shall
be: (i) with respect to additional Rentable Area added to the Project or Building, as the case may be, the date that a Certificate
of Occupancy is issued for the shell with respect to the Building or other buildings in the Project; or (ii) with respect to Rentable
Area deleted from the Project or Building, as the case may be, the effective date of the deletion.

 

2.            Term
& Possession.

 

(a)          Base
Term & Commencement. The initial term of this Lease ("Base Term") shall commence on the Commencement
Date and, unless sooner terminated, shall expire on the Expiration Date described in the Basic Lease Information ("Expiration
Date"). The Commencement Date of the Lease ("Commencement Date") shall be the date that the Tenant Improvement
Work is substantially completed on the Completion Date as provided in Section
4(d) of the Tenant Improvement Rider attached to this Lease as Exhibit B, unless
otherwise mutually agreed in writing by Landlord and Tenant. The Parties anticipate the Commencement Date will occur on February
1, 2014 ("Scheduled Commencement Date"). Within thirty (30) days following Commencement Date, the parties agree
to execute a certificate confirming the Commencement Date and Expiration Date substantially in the form attached to this Lease
as Exhibit D.

 

(b)          Intentionally
Omitted.

 

(c)          Delivery
of Premises. Subject to the early access provisions of Paragraph
2(d), below, Landlord will deliver possession of the Premises to Tenant by the Commencement
Date.

 

(d)          Tenant
Access. Tenant (and its suppliers, contractors and consultants) may enter the Premises (and other portions of the Project
as reasonably required) within thirty (30) days of the Commencement Date without the payment of any sum, but subject to the other
requirements and covenants, of this Lease. Such early entry shall be for the sole purpose of planning for and installing Tenant’s
cabling, furniture, trade fixtures, equipment, phones, inventories and supplies, and shall be subject to Landlord’s reasonable
safeguards including, but not limited to, reasonable restrictions on hours of access and safety and security procedures. Landlord
will cooperate in good faith and cause Landlord’s contractors and suppliers to cooperate in good faith with Tenant and Tenant’s
suppliers, contractors and consultants to facilitate Tenant’s ability to have its business operations fully functional in
the Premises on or immediately after the Commencement Date. Prior to the Commencement Date, Tenant shall cooperate in good faith
with Landlord to avoid interference with any activity of Landlord contemplated by this Lease.

 

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3.            Rent.

 

(a)          Annual
Base Rent. The Annual Base Rent for the Base Term shall be the amounts set forth in the Basic Lease Information. Annual Base
Rent shall be paid by Tenant in monthly installments equal to one-twelfth (1/12) of the Annual Base Rent for the applicable period
("Monthly Base Rent"), commencing on the Commencement Date and continuing thereafter for the balance of the Term.
Tenant shall pay each installment of Monthly Base Rent in advance, without notice or demand, on or before the first Business Day
of each and every calendar month to the party specified in the Basic Lease Information or to such other person or at such other
address as Landlord may designate by written notice to Tenant from time to time. If the Commencement Date occurs on a date other
than the first (1st) calendar day of a month, the first installment of Monthly Base Rent shall be prorated based upon a thirty
(30)-day calendar month.

 

(b)          Additional
Rent.

 

(i)          Definitions.

 

 

(A)         “Operating
Expenses” means, subject to the limitations set forth below, all reasonable and necessary actual costs incurred by Landlord
in managing, operating, maintaining and repairing the Building and all Common Areas as a Class A low-rise office complex with
related facilities and amenities in Scottsdale, Arizona, including, without limitation, all costs, expenditures, fees and charges
for:

 

(aa)         operation,
maintenance and repair including maintenance, repair and replacement of Common Areas, exterior light fixtures, common signage,
glass and landscaping and maintenance and repair of the roof covering or membrane;

 

(bb)         utilities
and services (including telecommunications facilities and equipment, recycling programs to the extent they reduce Operating Expenses,
and trash removal), and associated supplies and materials;

 

(cc)         compensation
(including employment taxes and fringe benefits) for persons who perform duties in connection with the operation, management,
maintenance and repair, such compensation to be appropriately allocated for persons who also perform duties unrelated to the Project;

 

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(dd)         accounting,
legal, engineering and other professional services incurred solely in connection with the operation of the Building and all Common
Areas and the calculation of Operating Expenses and Taxes;

 

(ee)         property
management fees not exceeding five percent (5%) of the gross rental revenue received by Landlord for the Building (whether denominated
as rent, additional rent, Common Area operating costs, taxes or otherwise);

 

(ff)         all
risk (including coverage for earthquake  and
flood if carried by Landlord), liability, rental income and other insurance relating
to the Building or Common Areas, maintained by Landlord or applicable owner’s
association, and expenditures for deductible amounts paid thereunder;

 

(gg)         non-capital
expenses for construction licenses, permits and inspections;

 

(hh)         complying
with the requirements of any law, statute, ordinance or governmental rule or regulation (collectively, “Laws”),
but only to the extent such Laws are enacted after the Commencement Date;

 

(ii)         amortization
of capital improvements required to comply with Laws enacted after the Commencement Date, or which reduce Operating Expenses or
improve the utility, efficiency or capacity of any Building system, with interest on the unamortized balance at the rate paid
by Landlord on funds borrowed to finance such capital improvements (or, if Landlord finances such improvements out of Landlord’s
funds without borrowing, the rate that Landlord would have paid to borrow such funds, as determined in good faith by Landlord),
over such useful life as is designated in manufacturer specifications or if none, as provided by generally accepted accounting
principles;

 

(jj)         contesting
in good faith for the benefit of the Building or Project or the office tenants the validity or applicability of any Laws enacted
after the Commencement Date that may negatively affect the Building or Project; and

 

(kk)         any
other actual cash cost, whether or not described in this Section 3(b)(i)(A), which,
in accordance with generally accepted accounting principles, is a non-capitalized expense of managing, operating, maintaining
and repairing the Building and all Common Areas, and which is not otherwise excluded pursuant to this Lease.

 

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(B)         Operating
Expenses shall not include any of the following:

 

(aa)         except
as provided by clause (ii) above, any capital expenditure and/or associated amortization and financing costs;

 

(bb)         any
costs of special services or benefits rendered to or for the benefit of fewer than all Building tenants;

 

(cc)         any
costs of improvements and alterations specifically for Tenant or any other tenant or tenants of the Building or the Project or
for the preparation or improvement of any other suite within the Property;

 

(dd)         any
costs of services or other benefits which are not available to Tenant but which are available to any other tenant or tenants or
other user or users of the Project;

 

(ee)         any
costs for which Landlord is reimbursed by insurance or any other tenants or occupants or users of any of the Project other than
through Project tenants’ payment of their pro-rata shares of Operating Expenses;

 

(ff)         any
leasing commissions, attorneys’ fees or any other expenses (including without limitation advertising and other promotional
expenses) incurred in connection with leasing or subleasing space in the Project or enforcing any such leases or subleases or
buying, selling or financing the Project;

 

(gg)         any
fines, penalties or other costs incurred due to Landlord’s or any other occupant’s violation of any Law;

 

(hh)         any
payments in respect to overhead or profit to subsidiaries or affiliates of Landlord (other than the property management fees described
in clause (ee) above);

 

(ii)         any
costs of decorating, redecorating, cleaning or other services not provided on a regular basis with respect to the Project and/or
to all tenants of the Building;

 

(jj)         any
costs relating to relocation of tenants within the Building or the Project;

 

(kk)         any
costs of correcting defects in the construction of the Building;

 

(ll)         any
costs of any repairs made by Landlord because of the total or partial destruction of the Building or the condemnation of a portion
of the Building except to the extent of any costs incurred pursuant to deductibles permitted to be maintained under the insurance
required by this Lease;

 

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(mm)         any
increase in insurance premium to the extent such increase is caused or attributable to the use, occupancy or act of Landlord or
any other Project tenants or occupants;

 

(nn)         any
costs of overtime or other expense in curing Landlord’s defaults or performing work expressly provided in this Lease to
be borne at Landlord's expense;

 

(oo)         any
costs incurred because Landlord or any other person or entity (except Tenant) violated the terms of any lease, sublease or other
agreement;

 

(pp)         any
costs incurred to (i) rectify any failure of the Building to comply with the Americans With Disabilities Act ("ADA”)
in effect on the Commencement Date; or (ii) test, survey, cleanup, contain, abate, remove or otherwise remedy hazardous wastes
or materials from the Project (the foregoing does not limit Tenant’s obligations under Section
6, below);

 

(qq)         any
Taxes or the costs associated with contesting any Taxes; or

 

(rr)         any
costs for repair or maintenance of telecommunication facilities that are or may be leased or licensed to third party providers
for income.

 

(C)         “Taxes”
means all real property taxes and general, special or district assessments or other governmental impositions, of whatever kind,
nature or origin, imposed on or by reason of the ownership or use of the Building and all Common Areas; any state, county or municipal
governmental property lease excise tax or the equivalent thereof; and the reasonable cost of contesting by appropriate proceedings
the amount or validity of any Taxes described above but only to the extent those Taxes are reduced or avoided and (on a pro-rata
basis) Tenant receives a reduction or refund of those Taxes contested and paid. ‘‘Taxes” shall exclude
any of the foregoing items charged directly to, and paid by, other Project tenants, occupants and users (including Tenant), interest
or penalties incurred by reason of late payment of taxes, franchise taxes or similar taxes on Landlord’s business, inheritance,
gift, transfer, net income and profit taxes, capital levies, special assessments levied against property other than real estate.

 

(ii)          Payment
of Additional Rent.

 

(A)         Tenant
shall pay Landlord as additional rent (“Additional Rent”) for each calendar year, or portion thereof:
(i) Tenant’s applicable Proportionate Share of Operating Expenses and Taxes that relate to the Project, generally; and (ii)
Tenant’s applicable Proportionate Share of Operating Expenses and Taxes that relate exclusively to the Building, but only
to the extent the total of item (i) and item (ii) exceed the Expense Stop (as set forth in the Basic Lease Information).

 

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(B)         Landlord
agrees that in calculating any Operating Expenses payable by Tenant under this Lease, that portion of Operating Expenses which
are controllable by Landlord (excluding, specifically, Taxes, Insurance, Utilities, and other items over which Landlord has no
control) will not increase more than five percent (5%) annually over the amount of such controllable Operating Expenses for the
previous calendar year. The Operating Expense payable by Tenant shall be subject to a 95% gross-up if actual occupancy of the
Building falls below 95%.

 

(C)         Commencing
on the Commencement Date, and thereafter with respect to each full or partial calendar year during the Term, Tenant shall pay
Landlord, together with each installment of the Monthly Base Rent, an amount equal to the estimated Additional Rent for the applicable
period. On or prior to the Commencement Date, and within thirty (30) days prior to the commencement of each calendar year during
the Term, Landlord shall provide Tenant with an estimate of the monthly Additional Rent for the applicable period which shall
be utilized for the purpose of calculating Tenant’s Additional Rent payment obligations under this Lease. Within ninety
(90) days following the end of each calendar year, Landlord shall provide Tenant with a written statement (“Statement”)
of Landlord’s actual Operating Expenses and Taxes for the prior calendar year (or applicable portion thereof). If Landlord’s
estimate of the Additional Rent of the applicable period was less than the actual Additional Rent as set forth in the Statement,
Tenant shall, within fifteen (15) Business Days following receipt of the Statement, pay the difference to Landlord. If Landlord’s
estimate of the Additional Rent for the applicable period was greater than the actual Additional Rent as set forth in the Statement,
Tenant shall receive a credit equal to the difference which shall be applied against the next monthly installment of Rent. Each
Statement shall be sufficient to enable Tenant to compare the Statement to the definitions of Operating Expenses and Taxes set
forth in this Lease. Each Statement shall provide detail reasonably sufficient for Tenant to differentiate between Operating Expenses
that are attributable to one hundred percent (100%) to the Premises and Operating Expenses that are subject to Tenant’s
Proportionate Share. Tenant shall have the right to examine and copy at Landlord’s office during Landlord’s normal
business hours after reasonable notice to Landlord any relevant back-up information or documentation: (i) requested in good faith
by Tenant within one hundred eighty (180) days after receipt by Tenant of each Statement; and (ii) which is reasonably
required to enable Tenant to understand each Statement. Absent fraud or manifest error by Landlord, each Statement will be final
if Tenant does not object within one hundred eighty (180) days after receipt. If the results of Tenant’s examination show
an overcharge to Tenant of more than five (5%) percent of the actual amount owed by Tenant, Landlord shall pay the actual and
reasonable cost of such audit up to $1,500 (provided the audit is conducted by an independent certified public accountant experienced
in auditing commercial office records (“Accountant”) selected by Tenant and reasonably approved by Landlord,
and further provided the Accountant is not compensated on a contingency fee basis) and Landlord shall refund to Tenant any overcharge
of such items as discovered by the audit within thirty (30) days of notification of such findings.

 

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(D)         All
Operating Expenses, Taxes and Additional Rent shall be computed on an accrual basis, provided that, no prepayment of any Operating
Expense or Tax before its due date shall, regardless of date of payment, be included prior to its due dale. Each Statement and
all estimates of Operating Expenses and Taxes and reconciliation statements shall be prepared by Landlord according to generally
accepted accounting principles, applied in a consistent manner.

 

(c)          Payment
of Rent. All amounts payable or reimbursable by Tenant under this Lease, including Annual Base Rent, Additional Rent, Parking
Fees (as defined below) late charges and interest (collectively, “Rent”), shall constitute and be payable and
recoverable as rent, in the manner provided in this Lease. All sums payable to Landlord on demand under the terms of this Lease
shall be payable within five (5) Business Days after receipt by Tenant of notice (with any related supporting computations or
documentation) from Landlord of the amounts due. Rent is payable in equal monthly installments (“Monthly Base Rent”),
in advance, on the first day of each calendar month without further statement or notice from Landlord. All other sums payable
to Landlord shall be payable, not more frequently than monthly, on the later of: (a) the due dates for such payments as set forth
in this Lease; or (b) five (5) Business Days after Tenant’s receipt of Landlord’s statement therefor. All Rent shall,
except as otherwise specifically provided in (or by way of recoupment of matured and liquidated obligations of Landlord under)
this Lease, be paid without offset, recoupment or deduction in lawful money of the United States of America to Landlord at Landlord’s
Address for Payment of Rent as set forth in the Basic Lease Information, or to such other person or at such other place as Landlord
may from time to time designate. All other Rent items will be billed no more frequently than monthly, and will be included in
one monthly statement.

 

(d)          Rental
Taxes. Tenant shall pay to Landlord with each installment of Monthly Base Rent, Operating Expenses, Parking Fees, Taxes, Additional
Rent, or other Rent, the amount of any gross receipts, transaction privilege, sales or similar tax, exclusive of any state or
federal franchise tax or personal or corporate income tax measured by the income of Landlord, payable by Landlord on account of
this Lease or Tenant’s payment of such items to, or on behalf of, Landlord.

 

(e)          Late
Charge & Interest. If any payment of Rent is not received by Landlord within five (5) Business Days after its due
date, Tenant shall pay to Landlord as a late charge (“Late Charge”) a sum equal to five percent (5%) of the
late payment. A late charge shall not be imposed more than once on any particular installment not paid when due, but imposition
of a late charge on any payment not made when due does not eliminate late charges imposed on other payments not made when due
or preclude imposition of a late charge on any other payments not made when due. To the extent the payment of any sums by either
Landlord or Tenant under this Lease require or permit the imposition of interest, the interest rate charged ("Interest
Rate") shall be fifteen (15%) per annum.

 

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4.          Security
Deposit. Concurrently with
the execution of this Lease, Tenant shall deposit with Landlord $75,000.00 (“Security Deposit”) for Tenant's
full and faithful performance of all the terms and conditions required under this Lease. Upon the expiration of the 36th
month of the Term, provided Tenant is not in default under this Lease, Landlord shall offset $25,000 (“Rent Offset”)
from the Security Deposit and apply the Rent Offset toward the next due monthly installment of Annual Base Rent, leaving a Security
Deposit balance of $50,000.00. At the Expiration Date, Landlord will return to Tenant any remaining portions of the Security Deposit,
without interest, provided that if Tenant fails to pay any Rent or perform any covenants when due after any applicable notice
and cure periods, Landlord may apply any portions of the Security Deposit toward curing such default, and Tenant shall replenish
the Security Deposit to $50,000.00 immediately upon invoice by Landlord. Tenant will not be entitled to any interest or other
yield upon the Security Deposit at any time, and Landlord is free to commingle, invest or otherwise use said deposit, subject
to Landlord’s obligation to return the Security Deposit.

 

5.          Tenant
Improvements & Alterations. The
Parties shall perform their respective obligations with respect to design and construction of any improvements to be constructed
and installed in the Premises ("Tenant Improvements”), as provided in the Tenant Improvement Rider attached
to the Lease as Exhibit B. Except for any Tenant Improvements to be constructed
by Landlord or Tenant as provided in this Lease, Tenant shall not make any alterations, improvements or similar structural or
non-structural changes to the Premises (“Alterations”), without Landlord’s prior consent, which consent
shall not be unreasonably withheld, conditioned or delayed; provided, however, that Tenant shall not be required to obtain Landlord’s
prior consent for interior non- structural changes with a total project cost under $10,000. Tenant shall provide Landlord with
at least five (5) business days prior notice prior to commencing any Alterations, which are not subject to Landlord’s prior
consent. Any Alterations shall be completed by Tenant at Tenant’s sole cost and expense: (i) with due diligence, in a good
and workmanlike manner, using good materials; (ii) in compliance with plans and specifications approved by Landlord, which approval
shall not be unreasonably withheld, conditioned or delayed; (iii) in compliance with any construction rules and regulations which
have then been promulgated uniformly and in good faith and communicated by Landlord to Tenant; (iv) in accordance with all applicable
Laws (including all work, whether structural or non-structural, inside or outside the Premises, required to comply fully with
all applicable Laws and necessitated by Tenant’s work); and (v) subject to the conditions set forth in the following
sentence which Landlord may in Landlord’s good faith discretion impose at the time of giving the consent. The conditions
permissibly imposed by Landlord shall be limited to requirements for Tenant to: (a) provide payment or performance bonds or additional
insurance (from Tenant or Tenant’s contractors or design professionals, if the cost of work undertaken as a single project
exceeds $50,000.00 and if Landlord would require such bonds or insurance if the contractors or professionals were retained by
Landlord); (b) use contractors or subcontractors approved by Landlord, which approval shall not be unreasonably withheld or delayed
(or withheld without a written explanation of the reason therefor) or delayed; and (c) remove all or part of the Alterations
(except Tenant Improvements or Alterations paid for in whole or in part by Landlord) within thirty (30) days after expiration
or termination of the Term, as designated by Landlord, or such Alterations will then become the property of Landlord. If any work
outside the Premises, or any work on or adjustment to any of the Building systems, is required in connection with or as a result
of Tenant’s Alterations, such work shall be performed at Tenant’s expense by contractors designated by Tenant but
approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed. No approval or consent by Landlord
shall be deemed or construed to be a representation or warranty by Landlord as to the adequacy, sufficiency, fitness or suitability
thereof or compliance thereof with applicable Laws or other requirements. In addition to any Alteration paid for in whole or in
part by Landlord, and subject to the following sentence, all Alterations which would be fixtures under Arizona law if Tenant owned
fee title to the Project shall upon installation become part of the Building and be the property of Landlord. Tenant may from
time to time replace any Alterations upon satisfaction of all applicable requirements of this Section 5, provided
that if any Alterations so replaced are the property of Landlord the replacement Alterations shall also be the property of Landlord.

 

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6.          Use
of Premises, Tenant shall
use and occupy the Premises for general office purposes related to operating Tenant’s corporate headquarters as a franchisor
of chiropractic clinics and for no other purpose without Landlord's prior consent. Tenant expressly covenants and agrees that
it shall not operate as a staffed (in person) bank or depository institution, with tellers, that loans money, accepts deposits,
pays interest, clears checks, acts as an intermediary in financial transactions, and/or provides other financial services to its
public customers (“Prohibited Use”). Tenant, at its expense, shall comply with the laws, rules and regulations
of any federal, state or municipal authority, or the Arizona Fire Underwriters Rating Bureau, or with any notice from any public
officer pursuant to law, or with any notice from any insurance company pertaining to Tenant's occupancy or use of the Premises.
Tenant shall immediately discontinue any use of the Premises which is declared by any governmental authority having jurisdiction
to be in violation of law or the certificate of occupancy for the Building or the Premises. Tenant will not use or permit the
Premises to be used for any purposes that interfere with the use and enjoyment of the Building by Landlord or the other tenants,
or which, in Landlord's reasonable discretion, impair the reputation of the Building.

 

Tenant
shall not do, or permit anything to be done in the Premises, or bring or keep anything therein, which will in any way increase
the rate of fire insurance on the Building, or violate, invalidate or conflict with fire insurance policies on the Building, fixtures
or on property kept therein; provided, however, that Tenant's normal conduct of its business shall not violate this paragraph.
Tenant shall not access, perform maintenance or otherwise enter or use any portion of the Premises below the finished floor or
above the ceiling grid without first obtaining, in each instance, Landlord’s prior written consent.

 

Tenant
and Tenant's employees and agents shall not, in violation of any applicable laws, handle, use, manufacture, store, release or
dispose of any oil, petroleum or chemical liquids or solids, liquid or gaseous products or any hazardous waste or hazardous substance
(collectively, "Hazardous Materials"), as those terms are used in the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended, or in any other federal, state or local law governing hazardous substances
(collectively, "Act"), as such laws may be amended from time to time at, upon, under or within the Premises or
the Building or the land on which it is built, or into the plumbing or sewer or water system servicing the Premises or the Building,
nor shall Tenant, its employees or agents cause or permit the discharge, spillage, uncontrolled loss, seepage or filtration of
any Hazardous Materials at, upon, under or within the Premises or the Building or the land or into the plumbing or sewer or water
system servicing the same. Tenant shall comply in all respects with the requirements of the Act and related regulations, and shall
notify Landlord immediately if Tenant discovers any Hazardous Materials at, upon, under or within the Premises or the Building
or the land. Notwithstanding the foregoing, normal quantities and use of those Hazardous Materials customarily used in the conduct
of general office activities, such as copier fluids and cleaning supplies, may be used and stored at the Premises without Landlord's
prior consent.

 

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Tenant shall indemnify
Landlord against all costs, expenses, liabilities, losses, damages, injunctions, suits, fines, penalties, claims, and demands,
including reasonable attorneys’ fees, arising out of any violation of or Default in the covenants of this Section 6. The
provisions of this Section 6 shall survive the expiration of the Term.

 

The Landlord hereby represents
and warrants that to the best of Landlord’s actual knowledge there are no Hazardous Materials on the Premises, Common Areas,
or Project. Landlord shall defend, indemnify and hold harmless Tenant from and against claims, costs, expenses, actions, losses,
damages and liabilities (including reasonable attorneys’ fees) directly arising out of the existence of Hazardous Substances
and/or Environmental Conditions on the Premises which: (i) Landlord introduces on the Premises, Common Areas or Project; or (ii)
Landlord had actual knowledge existing on the Premises, Common Areas or Project prior to the Commencement Date and Landlord did
not disclose to Tenant. This indemnification shall survive the termination of this Lease.

 

7.           Rules
& Regulations. The Parties shall be bound by and comply with: (i) the rules and regulations attached to this Lease as
Exhibit C to the extent those rules and regulations are not in conflict with any term or provision of this Lease; and (ii) any reasonable rules and regulations adopted by Landlord for all tenants of the Building after the Effective Date,
but only to the extent such rules and regulations are reasonably designed for the safety, care, order or cleanliness of the Common
Areas, do not unreasonably and materially interfere with Tenant’s conduct of its business or Tenant’s use and enjoyment of the
Premises, the Parking Facilities and the Common Areas, and do not require the payment of additional money by Tenant (collectively,
“Rules and Regulations”). Landlord shall not be responsible to Tenant or to any other person for any violation
of, or failure to observe, the Rules and Regulations by any other tenant or other person (except Landlord), provided that notwithstanding
any provision of the Rules and Regulations to the contrary, Landlord shall not unreasonably or selectively enforce the Rules and
Regulations against Tenant and shall otherwise uniformly enforce all Rules and Regulations among tenants of the Building.

 

8.           Subletting
& Assignment.

 

(a)           Consent.
Tenant will not transfer or assign this Lease, or sublet the Premises or any part thereof or transfer possession or occupancy of
the Premises to any person, firm or corporation without the prior written consent of Landlord which shall not be unreasonably withheld,
conditioned or delayed (collectively, “Permitted Transfer”). Tenant shall submit to Landlord such information
as reasonably requested by Landlord in connection with Tenant’s request for consent to a transfer, including financial statements
and tax returns in order to evaluate the solvency, financial responsibility and the business acumen and experience of the proposed
transferee. Any net profits derived from a sublease under any Permitted Transfer will be payable to Landlord as Additional Rent.
Tenant shall pay, as Additional Rent, all of Landlord’s costs and expenses (including reasonable attorney’s fees) incurred
in connection with any proposed transfer or assignment of this Lease, or sublet the Premises (collectively, “Proposed
Transfer”).

 

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(b)           Tenant Liability.
Unless expressly released by Landlord, in its sole and absolute discretion, if there is any assignment or Permitted Transfer of
this Lease or subletting of the Premises, Tenant shall remain liable to Landlord for payment of the Rent and any other amounts
due to Landlord under this Lease and all other covenants and conditions of Tenant contained in this Lease.

 

(c)           Sale
of Premises or Assignment by Landlord. The term “Landlord” as used in this Lease shall mean the owner of the Building
at the time in question. If there is a transfer (whether voluntary or involuntary) by such owner of its interest in the Building,
such owner shall thereupon be released and discharged from all covenants and obligations of the Lease thereafter accruing (but
not from liability for any uncured Default existing on the date of transfer) if: (i) the new owner expressly agrees in writing
to assume all of Landlord’s obligations under this Lease; and (ii) any Tenant funds that Landlord is holding are
delivered to the new owner.

 

(d)           Landlord’s
Recapture Right. Any assignment of this Lease or subtennancy shall be subject to Landlord’s Recapture Right (as defined
below). If Tenant elects to transfer or assign this Lease, or to sublease any portion of the Premises, Tenant shall first provide
Landlord with written notice (“Assignment Notice”) outlining the material terms of the proposed transaction
and designating the portion(s) of the Premises that will be affected (“Recapture Space”). Landlord shall have
ten (10) business days following receipt of any Assignment Notice to elect, in Landlord’s sole discretion, to exercise Landlord’s
recapture right “Recapture Right” with respect to the Recapture Space. If the Recapture Space is the entire
Premises, and Landlord elects to exercise its Recapture Right, the Lease shall terminate on the date that is thirty (30) days
following the date of the Assignment Notice (“Recapture Date”). If the Recapture Space is less than the entire
Premises, and Landlord elects to exercise its Recapture Rights,: (i) the Lease shall terminate with respect to the Recapture Space
only on the Recapture Date; (ii) Tenant shall reimburse Landlord, as Additional Rent, for the cost of installing a demising wall
between the Recapture Space and the remaining balance of the Premises; (iii) the Rent payable under this Lease shall be proportionately
reduced based on the square footage of the Recapture Space; and (iv) Landlord and Tenant will enter into an amendment to
the Lease properly evidencing the space reduction. If Landlord fails to exercise the Recapture Right within the required timeframe,
the Lease shall not terminate with respect to the Recapture Space and Tenant shall be free to proceed with the proposed transaction,
subject to the restrictions and requirements otherwise set forth in Paragraph 8(a), above. Landlord may lease the recaptured portion
of the Premises to the proposed assignee or subtenant without liability to Tenant. Upon any recapture (or partial recapture) as
provided under this Paragraph 8(d), Landlord and Tenant shall have no further obligations or liabilities to each other under this
Lease with respect to the Recapture Space, except with respect to obligations or liabilities which accrue or have accrued as of
the date of such termination or those obligations or liabilities which expressly survive the termination of this Lease.

 

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9.           Services
& Utilities.

 

(a)           Building
Standard Services & Utilities. Landlord shall, at Landlord’s expense and as a component of the Operating Expenses, furnish
for the Premises: (i) reasonable amounts of heat, ventilation and air-conditioning to maintain temperatures for comfortable use
and occupancy of the Premises during all Standard HVAC Hours specified in the Basic Lease Information (“Standard HVAC
Hours”): (ii) electricity at all times that provides electric current in reasonable amounts for all normal office and
administrative purposes; (iii) janitorial and trash removal services each Sunday through Thursday (except public holidays) after
6:30 p.m.; (iv) automatic passenger elevator service at all times on a non-exclusive basis through the elevator located in the
Building’s lobby; (v) hot and cold running water at all times sufficient for drinking, lavatory, toilet and ordinary cleaning
purposes to be drawn from approved fixtures in the Premises; (vi) building standard fluorescent lamp, lighting tube, bulb and
lamp ballast replacement; (vii) perimeter window washing, inside (once each year) and outside (at least twice each year); (viii)
extermination and pest control when and as reasonably required; (ix) maintenance of all Common Areas, including cleaning, HVAC,
illumination, signage, lawn care and landscaping maintenance; (x) Common Area toilet room supplies; (xi) maintenance, lighting,
cleaning and striping of the Parking Facilities; and (xii) with prior consent of Landlord, access to the Building’s
Demarcation point for telecommunication services provided to the Building by Qwest/Century Link or Cox Communications or equivalent
service provider as determined by Landlord, provided any additional connection fees shall be at Tenant’s sole cost. All
services described in the preceding sentence shall be at least consistent with those customarily furnished in Class A low-rise
office buildings in Scottsdale, Arizona. Any additional utilities or services that Landlord may agree to provide (including lamp
or tube replacement for other than building standard lighting fixtures) shall be at Tenant’s sole expense.

 

(b)           Additional
Services. Landlord shall furnish HVAC services at times other than Standard HVAC Hours, which Tenant may obtain by operating
thermostats or other controls for distinct zones in the Premises. Tenant shall pay for such services on an hourly basis at the
rate of $6.00 per hour per zone. Landlord may, at Landlord’s discretion, have the Premises separately metered for electricity,
in which case Tenant shall not be required to pay a separate fee for using HVAC services at times other than Standard HVAC Hours
and the total electrical expense for the Premises shall be deemed to be an Operating Expense for which Tenant is entirely responsible
pursuant to Paragraph 4(b)(ii)(A)(ii), above.

 

(c)           Interruption
of Service. In no event shall Landlord be liable to Tenant for any interruption or failure in the supply of any utilities (including,
without limitation, cable, phone and /or fiber) to the Premises. Landlord reserves the right to interrupt service of the heat,
plumbing, air conditioning, cooling, electric, and sewer and water systems, when reasonably necessary, by reason of accident, or
of repairs, alterations or improvements which in the good faith judgment of Landlord are desirable or necessary to be made, until
such repairs, alterations or improvements shall have been completed; and Landlord shall have no responsibility or liability for
failure to supply heat, plumbing, air conditioning, cooling, electric, and sewer and water service, or other service or act for
the benefit of Tenant, when prevented from so doing by Force Majeure or by orders or regulations of any federal, state, county,
or municipal authority (Landlord and Tenant shall each adhere to and abide by such orders and regulations without any reduction
in rent or in any of Tenant’s other obligations hereunder), and Tenant agrees that Tenant shall have no claim for damages nor shall
there be any abatement of Annual Base Rent if any of said systems or service shall be discontinued or shall fail to function for
any reason other than Landlord’s negligence or failure to perform its obligations under this Lease. Landlord shall use commercially
reasonable efforts to notify Tenant, in advance, of any planned interruptions and to minimize interference with Tenant’s
business.

 

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(d)           Excessive Electrical
& Water Usage. Tenant will not install or operate in the Premises any heavy duty electrical or plumbing equipment or machinery,
without obtaining the prior written consent of Landlord. If, in Landlord’s reasonable discretion, Tenant consumes any utilities
or services in excess of the normal consumption for general office use, Tenant agrees to pay Landlord for the cost of such excess
consumption of utilities or services upon receipt of a statement of such costs from Landlord at the same time as payment of the
Rent. Landlord may, at Landlord’s discretion, have the Premises separately metered for electricity, in which case Tenant
shall not be required to pay a separate fee for using HVAC services, and the total electrical expense for the Premises shall be
deemed to be an Operating Expense for which Tenant is entirely responsible pursuant to Section 3(b)(ii)(A)(ii), above.

 

10.         Maintenance
& Repairs.

 

(a)           Landlord
shall maintain or cause to be maintained in reasonably good order, condition and repair, all structural portions of the roof,
foundations, floors, and exterior walls of the Building, all Building systems and all public and Common Areas of the Project (including,
without limitation, the Parking Facilities, elevators and Common Area restrooms, building standard electrical, lighting, mechanical,
plumbing, heating, air conditioning systems, and building standard fluorescent light bulbs) in a manner comparable with other
Class A low- rise office buildings in Scottsdale, Arizona; provided, however, that: (i) Tenant shall pay the cost of repairs for
any physical damage to the Project or the Premises occasioned by the misuse or primary negligence of Tenant or Tenant’s employees,
agents or invitees, to the extent (if any) not covered by Landlord’s property insurance or the insurance Landlord is required
to carry pursuant to this Lease; and (ii) Tenant shall, at its sole cost and expense, be responsible for all maintenance
and repair (including janitorial costs) associated with any Non-Building Standard improvements, materials and/or finishes installed
in the Premises. The term “Non-Building Standard” shall mean any improvements, finishes or materials that differ in
any material respect from the standard improvements, finishes and/or materials used by Landlord in the Common Areas. Tenant shall
promptly report in writing to Landlord any defective condition actually known to Tenant which Landlord is required to repair.
All repairs, replacements and maintenance required of Landlord shall be made: (y) within a reasonable time (depending on the nature
of the repair, replacement or maintenance required) after receiving notice from Tenant or having actual knowledge, without duty
of inquiry, of the need for such repair, replacement or maintenance; and (z) in a manner that does not unreasonably interfere
with Tenant’s ability to conduct Tenant’s business in the Premises.

 

(b)           Tenant will keep
the Premises and the fixtures and equipment therein in reasonably good order and condition, normal wear and tear excepted. During
the Term, and subject to Landlord’s cleaning, repair and maintenance obligations, Tenant at Tenant’s expense, but under the good
faith direction of Landlord, shall repair and maintain the interior of the Premises, including the interior walls, floor coverings,
ceiling (ceiling tiles and grid), interior Tenant Improvements and any appliances (including dishwashers, refrigerators, hot water
heaters and garbage disposals) in the Premises, and keep the Premises in a clean, safe and orderly condition. Nothing contained
in this Paragraph 10(b) is intended to modify the requirements in Section 5, above, with respect to permitted alterations.

 

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(c)           Subject to the
requirements of this Lease, Landlord reserves the right at any time and from time to time, without the same constituting an actual
or constructive eviction and without incurring any liability to Tenant or otherwise affecting Tenant’s obligations under this Lease,
to make changes, alterations, additions, deletions, improvements, repairs, relocations or replacements in or to the Building and
the fixtures and equipment thereof, as well as in or to the street entrances, halls, passages, stairways and other Common Areas,
and to change the name by which the Building is commonly known and/or the Building’s address. Landlord reserves the right from
time to time to install, use, maintain, repair and replace Building signage, pipes, ducts, conduits, wires and appurtenant meters
and equipment for service to other parts of the Building, above the ceiling surfaces, below the floor surfaces, within the walls
and in the central core areas, and to relocate any Building signage, pipes, ducts, conduits, wires and appurtenant meters and equipment
included in the Premises which are located in the Premises or located elsewhere outside the Premises. Nothing contained in this
paragraph shall be- deemed to relieve Tenant of any duty, obligation or liability with respect to making any repair, replacement
or improvement or complying with any law, order or requirement of any government or other authority and nothing contained herein
shall be deemed or construed to impose upon Landlord any obligation, responsibility or liability whatsoever, for the care, supervision
or repair of the Building, or any part thereof, other than as expressly provided in this Lease. Said changes, alterations, additions,
deletions, improvements, repairs, relocations or replacements shall not materially damage or impair Tenant’s use or occupancy.

 

(d)           Except as otherwise
expressly provided in this Lease, any and all injury, breakage or damage of any type whatsoever to the Premises or to other portions
of the Building, arising from any act or omission of Tenant or its agents, employees, licensees, invitees or contractors, shall
be repaired by Landlord at the sole expense of Tenant (net of insurance proceeds received by Landlord). Tenant shall reimburse
Landlord for the costs of such repairs within ten (10) Business Days of receipt of written notice from Landlord of such costs.
This provision shall be construed as an additional remedy granted to Landlord and not in limitation of any other rights and remedies
which Landlord may have.

 

11.         Signs
& Advertisements.

 

(a)           Landlord
agrees to display, at Landlord’s expense, Tenant’s name on the Building directory in the size and style or lettering typically
used by Landlord. The number of individual names listed on the Building directory or directories shall be subject to such limitation
as shall be established from time to time by Landlord. Landlord will, at Landlord’s cost, install Building standard suite
entry signage at the entrance to the Premises.

 

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(b)           Except
as set forth in Section 11(c), below, no sign, advertisement or notice shall be inscribed, painted, affixed or displayed
on any part of the outside or the inside of the Building, or inside of the Premises where it may be visible from outside or from
the public areas of the Building, except with Landlord’s prior written consent and then only in such location, number, size, color
and style (i.e., Building standard lettering) as is authorized by Landlord. If any such sign, advertisement or notice is exhibited
without first obtaining Landlord’s written consent, Landlord shall have the right to remove same, and Tenant shall be liable for
any and all expenses incurred by Landlord in connection with said removal.

 

(c)           To
the extent permissible by law and subject to compliance with applicable covenants and conditions related to the Project, Tenant
shall have the right, at Tenant’s sole cost and expense, to install one (1) sign displaying its name on the exterior of
the northeast elevation of the Building facing the Loop 101 Freeway (“Tenant Building Sign”) in the location
designated by Landlord. The location, design, size and other specifications of the Tenant Building Sign shall be consistent with
Landlord’s comprehensive sign plan and standard guidelines, subject to the approval by the Landlord, the City of Scottsdale
and any applicable owner’s association. Landlord approves the location depiction and rendering of the Tenant Building Sign
as set forth on Exhibit E to this Lease, subject to: (i) compliance with Landlord’s comprehensive sign plan and standard
guidelines; and (ii) approval by the City of Scottsdale and any applicable owner’s association.

 

(d)           Landlord
shall have the right to prohibit any published advertisement of Tenant which in Landlord’s good faith opinion tends to impair
the image or reputation of the Building or its desirability as a Class A office building. Upon written notice from Landlord, Tenant
shall immediately refrain from and discontinue any such advertisement.

 

(e)           Tenant’s
signage rights set forth in this Section 11 are personal to Tenant and shall expire upon any Permitted Transfer.

 

12.         Excessive
Floor Load. Landlord shall have the right to prescribe the weight and method of installation and position of safes, filing
facilities or other heavy fixtures or equipment. Tenant will not, without Landlord’s prior written approval, install in the Premises
any fixtures, equipment or machinery that will place a load upon the floor exceeding the designed floor load capacity. Tenant shall
be liable for all damage (other than normal and reasonable wear and tear) done to the Building by installing or removing a safe
or any other article of Tenant’s office equipment, or due to its being in the Premises.

 

13.         Moving and
Deliveries. Except upon initial move-in, no freight, furniture or other bulky matter of any description shall be received into
the Building or carried in the elevators, without Landlord’s prior written approval, which approval shall not be unreasonably withheld.
Tenant shall promptly remove from the public areas within or adjacent to the Building any of Tenant’s property delivered or deposited
there, and shall be responsible for any damage to the Building or the Premises caused by its moving and deliveries.

 

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14.         Parking
Facilities.

 

(a)           Parking Ratios.
Subject to the specific terms, provisions and adjustments set forth in this Section 14, Landlord will maintain, for Tenant’s
use during the Term, parking for Tenant based on a total parking ratio not to exceed 5/1,000 square feet of Rentable Area (“Maximum
Parking Ratio”), which will be administered and paid for as follows:

 

(i)           Covered
Parking, Landlord will at all times during the Term maintain (A) fifteen (15) covered reserved parking spaces based on a ratio
of 1.5/1,000 square feet of Rentable Area (“Covered Reserved Parking Spaces”) for Tenant’s exclusive use, and
(B) twenty-nine (29) covered unreserved parking spaces based on a ratio of 3.0/1,000 square feet of Rentable Area (“Covered
Unreserved Parking Spaces”) for Tenant’s non-exclusive use. Commencing on the 13th month following the
Commencement Date, Tenant shall pay a monthly Parking Fee at the rate of $55.00 per space per month for each Covered Reserved Parking
Spaces and $40.00 per space per month for each Covered Unreserved Parking Spaces. All Parking Fees shall be payable, in advance
and without demand, together with each installment of Monthly Base Rent.

 

(ii)           Uncovered
Parking. Tenant shall be permitted, on a non-exclusive basis, to use up to five (5) uncovered, unreserved parking spaces
based on a ratio of 0.5/1,000 square feet of Rentable Area (“General Parking Spaces”) at no additional
charge to Tenant.

 

(b)           General.
The Covered Reserved Parking Spaces, Covered Unreserved Parking Spaces and General Parking Spaces shall be referred to collectively
in this Lease as the “Parking Facilities.” Tenant shall not use any Parking Facilities or other parking or storage
areas in the Project for the overnight storage of vehicles without Landlord’s prior written approval, which approval shall not
be unreasonably withheld. It is understood and agreed that Landlord assumes no responsibility, and shall not be held liable, for
any damage or loss to any automobiles parked in the Parking Facilities or to any personal property located therein, or for any
injury sustained by any person in or about the Parking Facilities. Landlord shall use commercially reasonable efforts to enforce
parking restrictions within the Parking Facilities; provided, however, Landlord shall not be liable for any parking violations
of other Tenants.

 

15.         Access.

 

(a)           Access to Building
& Common Areas. Tenant shall have access to the Building and the Common Areas twenty-four (24) hours per day, seven (7)
days per week, by means of a key or an electronic security access system. Tenant shall, upon termination of the Lease, return to
Landlord all keys and/or access cards to the Building. Landlord reserves the right to require a refundable deposit on Building
keys and security access cards, which deposit shall be returned to Tenant at the time such keys and cards are returned to Landlord.
Additional keys or security access cards required by Tenant for any reason will be provided upon Tenant’s payment of a fee as reasonably
determined by Landlord. If Tenant installs separate or replacement locks or access devises on or within the Premises, Tenant shall
promptly provide Landlord with all necessary keys, access cards and access codes in order to insure that Landlord has and maintains
access to the Premises as otherwise provided in this Lease.

 

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(b)           Landlord’s
Access to Premises. Landlord, its agents, employees and contractors shall have the right to enter the Premises at all reasonable
times, including emergencies determined by Landlord, (a) to make inspections or to make repairs to the Premises or other premises
as Landlord may deem necessary; (b) to perform nightly cleaning of the Premises; (c) to exhibit the Premises to prospective tenants
during the last six (6) months of the Term; and (d) for any purpose whatsoever relating to the safety, protection or preservation
of the Building. Landlord shall not be required to give Tenant notice for access to Premises to perform nightly cleaning and for
emergencies determined by Landlord. Landlord shall use reasonable efforts to minimize interference to Tenant’s business when making
repairs or otherwise accessing the Premises pursuant to the terms of this Lease, but Landlord shall not be required to perform
the repairs at any time other than during normal working hours. Landlord shall provide reasonable notice prior to entry (except
in the case of emergencies or (a) or (b) above).

 

(c)           Restricted
Access. No additional locks, other devices or systems, including without limitation alarm systems, which would restrict access
to the Premises shall be placed upon any doors without the prior written consent of Landlord.

 

16.         Liability.

 

(a)           Personal Property.
All personal property of Tenant (including but not limited to furniture, equipment, trade fixtures and merchandise) located in
the Premises or in the Building shall be at the sole risk of Tenant. Landlord, its agents and employees shall not be liable for
any damage thereto, unless such damage is directly attributable to the negligent or willful acts of Landlord, its agents or employees.
Landlord, its agents and employees shall not be liable for any accident or damage to property of Tenant resulting from the use
or operation of elevators or of the heating, cooling, electrical or plumbing apparatus, unless caused by and due to the negligent
or willful acts of Landlord, its agents or employees. Tenant hereby expressly releases Landlord, its agents and employees from
any liability incurred or claimed by reason of damage to Tenant’s property except for damage caused by the negligent or willful
misconduct of Landlord, its agents or employees. Landlord, its agents and employees shall not be liable in damages, nor shall this
Lease be affected, for conditions arising or resulting, and which affect the Building, due to construction on contiguous premises.

 

(b)           Criminal Acts
of Third Parties. Landlord, its agents and employees shall not be liable in any manner to Tenant, its agents, employees, licensees
or invitees for any injury or damage to Tenant, Tenant’s agents, employees, licensees or invitees or their property caused by the
criminal or intentional misconduct of third parties unless such injury or damage is the proximate result of Landlord’s breach of
any term or provision of this Lease.

 

(c)           Tenant
Indemnity. Subject to the terms and conditions otherwise set forth in this Lease, Tenant shall indemnify Landlord, Landlord’s
property manager, and their respective owners, members, employees and agents, and save them harmless from and against any and
all claims, actions, damages, liabilities and expense in connection with loss of life, personal injury and/or damage to property
arising from or out of any occurrence in, upon or at the Premises and/or the Common Areas, or the occupancy or use by Tenant of
the Premises and/or the Common Areas or any part thereof, or occasioned wholly or in part by any act or omission of Tenant, its
agents, employees, contractors, invitees or licensees unless proximately caused by and due to the negligent or willful acts of
Landlord, its agents or employees. If Landlord, the property manager, or their respective agents or employees shall, without fault
on its or their part, be made a party to any litigation commenced by or against Tenant, then Tenant shall protect and hold the
same harmless and shall pay all costs, expenses and reasonable attorneys’ fees incurred or paid in connection with such
litigation.

 

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(d)           Landlord Indemnity.
Subject to the terms and conditions otherwise set forth in this Lease, Landlord shall indemnify Tenant, and Tenant’s respective
shareholders, officers, directors, employees and agents and save them harmless from and against any and all claims, actions, damages,
liabilities and expenses in connection with loss of life, personal injury and/or damage to property arising from or out of the
occurrence in, upon or at the Premises and/or the Common Areas, or the occupancy or use by Landlord of the Premises and/or the
Common Areas or any part thereof, or occasioned wholly or in part by any act or omission of Landlord, its agents, employees, contractors,
invitees or licensees. If Tenant or its respective agents or employees shall, without fault on its or their part, be made a party
to any litigation commenced by or against Landlord, then Landlord shall protect and hold the same harmless and shall pay all costs,
expenses and reasonable attorneys’ fees incurred or paid in connection with such litigation.

 

17.         Insurance.

 

(a)           Liability Insurance.
Each Party shall maintain in full force throughout the Term commercial general liability insurance providing coverage on an occurrence
form basis with limits of not less than Two Million Dollars ($2,000,000.00) each occurrence for bodily injury and property damage
combined and Two Million Dollars ($2,000,000.00) annual general aggregate coverage. Each Party’s liability insurance policy
or policies shall: (i) include premises liability broad form property damage coverage and personal injury coverage; (ii) provide
that the insurance company has the duty to defend all insureds under the policy; (iii) provide that defense costs are paid in addition
to and do not deplete any of the policy limits; (iv) cover liabilities arising out of or incurred in connection with the Premises
or the Project, as applicable; and (v) extend coverage to cover liability for the actions of each Party’s employees, agents
and invitees. Each policy of liability insurance required by this Section 17 shall: (i) contain a cross liability endorsement
or separation of insureds clause; (ii) provide that any waiver of subrogation rights or release prior to a loss does not void coverage;
(iii) provide that it is primary to and not contributing with, any policy of insurance carried by the other Party covering the
same loss; (iv) provide that any failure to comply with the reporting provisions shall not affect coverage provided to the other
Party; and (v) name the non-procuring Party, and the Property Manager identified in the Basic Lease Information (“Property
Manager”), and such other parties in interest as the non-procuring Party may from time to time reasonably designate to
the procuring Party in writing, as additional insureds. Such additional insureds shall be provided at least the same extent of
coverage as is provided to the procuring Party under such policies.

 

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(b)           Property Insurance.
Each Party shall at all times maintain in effect with respect to its personal property at the Project (including, with respect
to Tenant, any Alterations and trade fixtures owned by Tenant), commercial property insurance providing coverage, on an “all
risk” or “special form” basis, in an amount equal to at least 90% of the full replacement cost of the covered
property. Either Party may carry such insurance under a blanket policy, provided that such policy provides coverage equivalent to
a separate policy. During the Term, the proceeds from any such policies of insurance relating to losses incurred with respect to
the Project shall be used for the repair or replacement of the property so insured. In each case, the non-procuring Party shall
be provided coverage under such insurance to the extent of its insurable interest (if any) and, if requested by the non-procuring
Party, both Landlord and Tenant shall sign all documents reasonably necessary or proper in connection with the settlement of any
claim or loss under such insurance. Landlord will have no obligation to carry insurance on any Alterations or on Tenant’s
trade fixtures or personal property, and Tenant will have no obligation to carry insurance on any of Landlord’s personal
property.

 

(c)           Building Insurance.
Landlord shall maintain in effect insurance on the Building and Parking Facilities and Tenant Improvements with responsible insurers,
on an “all risk” or “special form” basis, insuring the Building and Parking Facilities and Tenant Improvements
in the amount of the full replacement cost thereof, excluding land. The insurance shall include an extended coverage endorsement
of the kind required by an institutional lender to repair and restore the Building (including the Tenant Improvements) and the
Parking Facilities. Landlord may, but shall not be obligated to, carry insurance against additional perils and/or in greater amounts,
provided that any such additional insurance is of a type and amount carried by owner of comparable Class A office space in the
Scottsdale metropolitan area. Landlord’s liability coverage on the Common Areas will insure Tenant against liability for
the acts or omissions of Landlord and its employees, agents and representatives.

 

(d)           Requirements
for All Policies. Each policy of insurance required under this Section 17 shall: (i) be in a form, and written by an
insurer, reasonably acceptable to the non-procuring Party; (ii) be maintained at the procuring Party’s sole cost and expense;
and (iii) require at least thirty (30) days’ (or such lesser period as is reasonably available) written notice to
the non-procuring Party prior to any cancellation, nonrenewal or modification of insurance coverage. All insurance companies issuing
such policies shall be admitted carriers licensed to do business in Arizona. Each Party shall provide to the other, upon request,
evidence that the insurance required to be carried by it pursuant to this Section 17, including any endorsement effecting
additional insured status, is in full force and effect and that premiums therefor have been paid.

 

(e)           Updating
Coverage. The amounts of insurance required by this Section 17 shall be reviewed and revised, three years after
the Commencement Date and each three years thereafter, to maintain approximately the same level of coverage that exists on
the Commencement Date, considering the coverage then carried by prudent landlords and tenants for Class A low-rise office
buildings in Scottsdale, Arizona.

 

(f)           Proof of Insurance.
Prior to occupancy of the Premises by Tenant, and not less than thirty (30) days prior to expiration of any policy thereafter,
each Party shall furnish to the other Party reasonably acceptable proof of insurance reflecting that the insurance required by
this Section 17 is in force, accompanied by an endorsement showing the required additional insureds reasonably requested
by the other Party. Such proof may consist of a certificate or a certified copy of each insurance policy required to be in force
at any time pursuant to the requirements of this Lease.

 

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(g)           Notice of Fire
and Accident. Tenant shall give Landlord prompt notice in case of fire, theft, or accidents in the Premises, and in case of
fire, theft or accidents in the Building if involving Tenant, its agents, employees or invitees.

 

(h)           Waiver of Subrogation.
Neither Landlord nor Tenant shall be liable (by way of subrogation or otherwise) to the other party (or to any insurance company
insuring the other party) for any loss or damage to the Premises or to the property of either party covered by insurance to the
extent of such insurance and all casualty insurance and other insurance carried either by Landlord or Tenant covering losses arising
out of destruction or damage to the Premises or its contents or to other portions of the Building shall provide for a waiver of
subrogation against Landlord and Tenant respectively on the part of the insurance company, and Landlord and Tenant mutually waive
all right of recovery against each other, their agents, or employees for any loss, damage or injury of any nature whatsoever to
property or person for which either party is required by this Lease to carry insurance.

 

18.         Damage
by Casualty.

 

(a)           Fire or Casualty
Damage. If there is damage or destruction of the Premises by fire or any other casualty, this Lease shall not be terminated,
except as provided in Section 18(c), but the Premises shall be promptly and fully repaired and restored by Landlord to the
extent of available insurance proceeds.

 

(b)           Untenantability.
If the condition referred to in Section 18(a) is such
so as to make the entire Premises untenantable, then the Rent which Tenant is obligated to pay hereunder shall abate as of
the date of the occurrence until the Premises have been fully and completely restored by Landlord. If the Premises are
partially damaged or destroyed, then during the period until Landlord completes restoration of the damaged portion of the
Premises, Tenant shall be required to pay Rent covering only that part of the Premises that it is able to occupy, based on
the Rentable Area of the Premises that can be occupied compared to the total Rentable Area of the Premises. Any repair or
restoration to be performed by Landlord under this Section 18 shall be limited to those portions of the Premises which
were constructed by Landlord or are Landlord’s responsibility to maintain or repair. Tenant, at its own expense, shall repair
or replace its furniture, trade fixtures, equipment, personal property and other items belonging to Tenant, and any leasehold
improvements constructed by Tenant, which are damaged or destroyed by fire or other casualty. Except as hereinabove
set forth, no compensation, or claim, or diminution of Rent will be allowed or paid by Landlord, by reason of inconvenience,
annoyance, or injury to business, arising from the necessity of repairing the Premises or any portion of the Building of
which they are a part.

 

(c)           Right to Terminate.
If the Premises are substantially or totally destroyed by fire or other casualty so as to be substantially untenantable, and it
shall require more than one hundred eighty (180) days from the date of loss for Landlord to complete restoration of same, or at
the time of the casualty less than one (1) year remains of the Term, either party, upon written notice to the other, may terminate
this Lease, in which case the Rent shall be apportioned and paid to the date of said fire or other casualty. If the repair to the
Premises are not substantially complete so that Tenant can reoccupy the Premises for the conduct of its business within two hundred
forty (240) days from the date of loss, then Tenant may elect to terminate this Lease by giving Landlord fifteen (15) days prior
written notice, in which case the Rent shall be apportioned and paid to the dates of said fire or other casualty.

 

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19.          Condemnation,
If the whole or a substantial part of the Project or the Building shall be taken for any public or quasi-public purpose by
any lawful power or authority by exercise of the right of appropriation, condemnation or eminent domain, or sold to said authority
to prevent such taking (collectively, a “Taking”), Landlord shall have the right to terminate this Lease effective
as of the date possession is required to be surrendered to said authority, and Rent shall be apportioned as of that date. For purposes
of this Section 19, a substantial part of the Premises or the Building shall be considered to have been taken if, in Landlord’s
good faith opinion, the taking shall render the Building commercially impractical or undesirable for Landlord to permit this Lease
to continue or to continue operating the Building. Tenant shall not assert any claim against Landlord or the taking authority for
any compensation arising out of or related to such taking and Landlord shall be entitled to receive the entire amount of any award
without deduction for any estate or interest of Tenant but reserves the right to assert a claim on its own behalf against the condemning
authority, which claim shall have no bearing on Landlord’s award. If Landlord does not elect to terminate this Lease, the
Annual Base Rent and Additional Rent payable by Tenant pursuant to Section 3 shall be adjusted (based on the ratio that
the number of square feet of Rentable Area taken from the Premises bears to the number of rentable square feet in the Premises
immediately prior to such taking) as of the date possession is required to be surrendered to said authority. Nothing contained
in this Section shall be deemed to give Landlord any interest in any award made to Tenant for the taking of personal property,
fixtures or the leasehold interest belonging to Tenant, as long as such award is made in addition to and separately stated from
any award made to Landlord for the Premises and the Building or any loss of income associated with the condemnation. Landlord shall
have no obligation to contest any taking.

 

20.         Defaults
and Remedies.

 

(a)          Default.
Each of the following shall be deemed a default (“Default”) by Tenant and a breach of this Lease:

 

(i)            Subject
to Paragraph 20(i), below, a failure by Tenant to pay any Rent when due if such payment is not made within five (5) Business
Days after receipt of written notice from Landlord;

 

(ii)           An assignment
of this Lease or subletting of the Premises in violation of Section 8;

 

(iii)          A failure
by Tenant to cure or correct any violation, breach or failure in the observance or performance of any other term, covenant, agreement
or condition of this Lease on the part of Tenant to be observed or performed, within thirty (30) days after receipt by Tenant of
written notice describing, in reasonable detail, the nature of the Default or, if such failure cannot reasonably be cured within
such thirty (30) day period, Tenant fails within such thirty (30) day period to commence, and thereafter to diligently proceed
to completion with, all actions necessary to cure the Default as soon as reasonably possible;

 

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(iv)           Tenant’s
abandonment of or suspension of business in the Premises; or

 

(v)           Any
material and adverse misrepresentation by Tenant to Landlord in connection with the negotiation and/or execution of this Lease.

 

(b)          Remedies.
Upon the occurrence of a Default by Tenant, Landlord shall be entitled to remedy such default as follows:

 

(i)           Landlord
shall have the right, immediately or at any time thereafter, without further notice to Tenant, to enter the Premises, without terminating
this Lease or being guilty of trespass, and do any and all acts as Landlord may deem reasonably necessary, proper or convenient
to cure such Default, for the account and at the expense of Tenant, and Tenant agrees to pay to Landlord as Additional Rent all
damage and/or expense reasonably incurred by Landlord in so doing.

 

(ii)           Landlord
shall have the right to terminate this Lease and Tenant’s right to possession of the Premises and, with or without legal
process, take possession of the Premises and remove Tenant, any occupant and any property therefrom, using such force as may be
reasonably necessary, without being guilty of trespass and without relinquishing any right of Landlord against Tenant. No act or
thing done by Landlord shall be deemed to be an acceptance of a surrender of the Premises unless Landlord shall execute a written
agreement of surrender with Tenant. Tenant’s liability shall not be terminated by the execution of a new lease of the Premises
by Landlord. After such a dispossession or removal, (1) the Rent and other charges which are the obligation of Tenant shall be
paid up to the date Landlord’s re-entry, (2) Landlord may re-let the Premises or any part or parts thereof either in the name of
Landlord or otherwise, for a term or terms which may, at the option of Landlord, be less than or exceed the period which would
otherwise have constituted the balance of the term of this Lease, and (3) Tenant shall pay to Landlord any deficiency between the
sum of the Rent and other charges due hereunder plus the reasonable costs of relating the Premises (including broker’s and
attorneys’ fees, and the cost of alterations, repairs and replacements reasonably necessary to re-let the Premises) and the
amount of rents and other charges collected on account of the new lease or leases of the Premises for each month of the period
which would otherwise have constituted the balance of the term of this Lease (not including any renewal periods, the commencement
of which shall not have occurred prior to such dispossession or removal). Such deficiency shall be paid by Tenant in monthly installments
on the dates specified in this Lease for payment of Rent, and any suit brought to collect the amount of the deficiency for any
month shall not prejudice in any way the rights of Landlord to collect the deficiency for any subsequent month by a similar proceeding.
In the alternative, Landlord shall have the right to exercise all or any of the rights and remedies afforded Landlord under law
including, but not limited to, the right to terminate this Lease and recover Landlord’s damages incurred as a result thereof.
The damages Landlord may recover against Tenant include, but are not limited to, any Late Charge(s) otherwise due the worth at
the time of award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount
of such rental loss for the same period that the Tenant proves could be reasonably avoided, together with interest on all unpaid
sums at the Interest Rate. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future
laws if Tenant is being evicted or being dispossessed for any cause, or in the event of Landlord obtaining possession of the Premises
by reason of the default by Tenant of any of the covenants and conditions of this Lease.

 

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(c)           Right of Landlord
to Cure Tenant’s Default. If Tenant defaults in the making of any payment to any third party, or doing any act required to
be made or done by Tenant relating to the Premises, then Landlord may, but shall not be required to, make such payment or do such
act. The amount of any resulting expense or cost to Landlord, including reasonable attorneys’ fees, with interest thereon at the
Interest Rate, accruing from the date paid by Landlord, shall be paid by Tenant to Landlord and shall constitute Additional Rent
hereunder, due and payable by Tenant upon receipt of a written statement of costs from Landlord. The making of such payment or
the doing of such act by Landlord shall not operate to cure Tenant’s default, nor shall it prevent Landlord from the pursuit of
any remedy to which Landlord would otherwise be entitled.

 

(d)           Lien for Rent.
Upon any Default by Tenant, Landlord shall have a lien upon the property of Tenant in the Premises for the amount of any unpaid
Rent subject to any lien waiver(s) Landlord may have executed with lender(s) of Tenant. In such event, Tenant shall not remove
any of Tenant’s property from the Premises except with the prior written consent of Landlord, and Landlord shall have the right
and privilege, at its option, to take possession of all property of Tenant in the Premises, to store the same on the Premises,
or to remove it and store it in such place as may be selected by Landlord, at Tenant’s risk and expense. Notwithstanding any conflicting
provision of this Lease or any other provision of the Arizona Revised Statutes, Landlord shall never have any lien on or other
right of any nature in, on or with respect to any records, media, files, computers or other items containing any confidential or
privileged information relating to Tenant’s business or clients.

 

(e)           Attorneys’
Fees. Tenant agrees to pay all costs and reasonable expenses of collection (including reasonable attorneys’ fees) on
any part of any sums due Landlord that may be collected by an attorney, suit, distress or foreclosure; and further, if Tenant fails
to promptly and fully perform and comply with any material condition and covenant hereunder and the matter is turned over to Landlord’s
attorney, Tenant shall pay Landlord a reasonable attorneys’ fee plus costs, where necessary, whether suit is instituted or
not.

 

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(f)          Landlord’s
Remedies Cumulative. All rights and remedies of Landlord herein enumerated shall be cumulative, and none shall exclude any
other right or remedy allowed by law. For the purposes of any suit brought or based hereon, this Lease shall be construed to be
a divisible contract, to the end that successive actions may be maintained on this Lease as successive periodic sums mature hereunder.

 

(g)          Landlord
’s Default.

 

(i)           If Landlord
fails to perform or comply in any material manner with any provision of this Lease, Tenant may give Landlord notice of the default
and Landlord shall have: (i) five (5) Business Days to cure the default, if the default can be cured by the payment of money; and
(ii) thirty (30) days to cure the default, if the default cannot be cured by the payment of money, but if a non-monetary default
cannot reasonably be cured within such thirty (30)-day period, Landlord will have such additional time as may be reasonably necessary
to cure the default so long as Landlord promptly commences to cure the default within the 30-day period and diligently proceeds
to complete such cure.

 

(ii)           If any default
by Landlord continues beyond the applicable cure period set forth in Section 20(g)(i), above. Tenant may pursue its rights
and remedies under this Lease and Arizona Law, excepting only the right of offset or deduction of Rent, unless such remedy is expressly
conferred by this Lease. In addition, Tenant may cure a default on Landlord’s behalf, and the costs expended by Tenant in
good faith in doing so shall be paid by Landlord upon demand together with interest thereon at the Interest Rate. If Landlord fails
to pay any sum due Tenant after default and such failure continues for more than three (3) Business Days after additional notice
by Tenant to Landlord and Landlord’s lender, Tenant shall have, in addition to any other rights and remedies under this Lease
and Arizona law, the right to offset such amounts against all payments of Rent subsequently accruing until such amount with interest
at the Interest Rate is recovered in full, except that no more than fifty percent (50%) of any installment of Rent shall be offset.
Upon the giving of twenty-four (24) hours notice to Landlord, Tenant shall also have the right to self-help if Landlord fails to
provide heating, ventilation and air conditioning services to the Premises in the manner required by this Lease and in such event
any amounts expended by Tenant shall be payable by Landlord on demand together with interest thereon at the Interest Rate and Tenant
shall have, in addition to any other rights and remedies under this Lease and Arizona Law, the right to offset such amounts against
all payments of Rent subsequently accruing until such amount with interest is recovered in full, except that no more than fifty
(50%) of any installment of Rent shall be offset.

 

(h)           Non-Waiver.
Acceptance of partial payment of Rent or other partial performance, with or without the accepting Parties’ knowledge of a
Default or default by the other Party, or failure of either Party to take any action on account of a Default or default by the
other Party, or to enforce its rights under this Lease, other than the acceptance of full payment of a cure of the Default or default,
shall not be deemed a waiver of any Default or default.

 

(i)           Special Default
Notice Rule. Notwithstanding the provisions of Paragraph 20(a)(i), above, Landlord shall not be required to provide
Tenant with written notice of non-payment more than one (1) time in any twelve (12) month period during the Term.

 

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(i)
          Special
Default Notice Rule.
Notwithstanding the provisions of Paragraph 20(a)(i),
above, Landlord shall
not be required to provide Tenant with written notice of non-payment
more than one (1) time in any
twelve (12) month period during the Term. Accordingly, if Tenant fails to make any
Rent payment when due and Landlord provided Tenant written notice of non-payment of Rent anytime within the prior twelve (12)
month period, Landlord shall not be required to provide written notice of non-payment with respect to that payment and a Default
will exist if such payment is not made within five (5) Business Days following the applicable due date.

 

21.          Encumbrances
& Public Notice.

 

(a)          Subordination
& Attornment.  This Lease is made and shall be subject and subordinate to any existing or future encumbrance created by
Landlord and covering all or any portion of the Project; provided, however, that such subordination shall only be effective as
to any future encumbrance if the holder of the encumbrance agrees that this Lease shall survive the termination of the encumbrance
by lapse of time, foreclosure or otherwise and that all holders of the encumbrance will be bound by this Lease and by all of Tenant's
rights under the Lease and Tenant agrees to and shall attorn to the holders of such encumbrance(s). Provided the conditions of
the preceding sentence are satisfied, Tenant shall execute and deliver to Landlord, within fifteen (15) Business Days after written
request by Landlord and in a form reasonably requested by Landlord and consistent with this Section 21, any additional
documents evidencing the subordination of this Lease, the nondisturbance agreement of all holders of encumbrances and Tenant's
agreement to attorn (“SNDA”). If the interest of Landlord in the Project is transferred pursuant to, or in
lieu of proceedings for enforcement of, any encumbrance and provided that the new owner of the Project complies with the requirements
of this Section 21, Tenant shall immediately and automatically following notice of such transfer attorn to the new owner,
and this Lease shall continue in full force and effect as a direct lease between the transferee and Tenant on the terms, and subject
to the conditions, otherwise set forth in this Lease. Landlord shall use commercially reasonable efforts to receive from Landlord’s
current lender, a subordination, non-disturbance and attornment agreement, reasonably acceptable to Tenant, that provides (among
other things) that this Lease shall survive the termination of the encumbrance by lapse of time, foreclosure or otherwise and
that all holders of the encumbrance will be bound by this Lease and by all of Tenant's rights under the Lease and Tenant agrees
to attorn to the holders of such encumbrance.

 

(b)          New
Financing.   If any future mortgagee requires, as a good faith condition of any financing, that modifications to this Lease
be obtained, and provided that such modifications (i) are reasonable, (ii) do not adversely affect Tenant's use and enjoyment
of the Premises and the Common Areas or change the character of the Building from a Class A low-rise office building, (iii) do
not materially alter the Approved Plan for the Premises, and (iv) do not increase the Rent and other sums required to be paid
by Tenant, then Landlord may submit to Tenant a written amendment to this Lease incorporating mortgagee’s required modifications,
and, if Tenant does not execute and return to Landlord such written amendment within fifteen (15) Business Days after the same
has been submitted to Tenant, then Landlord shall thereafter have the right, at its sole option, to cancel this Lease. Such option
shall be exercisable by Landlord giving Tenant written notice of cancellation, immediately whereupon this Lease shall be cancelled
and terminate, and any money held by Landlord on Tenant’s behalf shall be returned to Tenant, and both Landlord and Tenant
shall thereupon be relieved from any and all further liability or obligation under this Lease.

 

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22.          Estoppel
Certificates.   Tenant agrees, at any time and from time to time, upon not less than ten (10) days prior written notice by Landlord,
to execute, acknowledge and deliver to Landlord a written estoppel certificate (i) certifying that this Lease is unmodified and
in full force and effect (or if there have been modifications, stating the nature of same), (ii) stating the Commencement Date
of the Lease Term, (iii) stating the amounts of Annual Base Rent and Additional Rent and the dates to which the Annual Base Rent
and Additional Rent have been paid by Tenant, (iv) stating the amount of any Security Deposit, if any, (v) stating whether or
not to the best knowledge of Tenant, Landlord is in default in the performance of any covenant, agreement or condition contained
in this Lease, and, if so, specifying each such default of which Tenant may have knowledge, (vi) stating that Tenant has no right
to setoff and no defense against payment of the Annual Base Rent or Additional Rent, (vii) stating the address to which notices
to Tenant should be sent, and (viii) certifying such other matters as may be reasonably requested by Landlord. Any such certificate
delivered pursuant hereto may be relied upon by an owner of the Building, any prospective purchaser of the Building, any mortgagee
or prospective mortgagee of the Building or of Landlord's interest therein, or any prospective assignee of any such mortgage.
Failure to deliver the aforesaid certificate within the ten (10) days shall be conclusive upon Tenant for the benefit of Landlord
and any successor to Landlord that this Lease is in full force and effect and has not been modified except as may be represented
by the party requesting the certificate. Further, if Tenant fails to deliver the certificate within the twenty (20) days, Tenant
permits Landlord the one-time right to execute and deliver the certificate to any third party.

 

23.          Surrender
and Inspection Upon the Expiration Date or other termination of the Term of this Lease, Tenant shall quit and surrender the
Premises to Landlord broom clean and in as good order and condition as when received, ordinary and reasonable wear and tear excepted,
and Tenant shall remove all of its property from the Premises and its Tenant Building Sign from the Building by the Expiration
Date or other termination of this Lease. Tenant shall restore the exterior of the Building affected by the Tenant Building Sign
to its condition prior to Tenant’s installation of the Tenant Building Sign. Tenant's obligation to observe or perform this
covenant shall survive the expiration or other termination of this Lease. If Tenant does not remove Tenant's furniture, equipment,
machinery, trade fixtures, floor coverings and all other items of personal property from the Premises prior to the Expiration
Date, then Tenant shall be conclusively presumed to have conveyed the same to Landlord without further payment or credit by Landlord
to Tenant, and Landlord may dispose of such personal property at Tenant’s cost.

 

24.          Tenant
Holdover. If Tenant continues to remain in the Premises after the expiration of the Lease Term without Landlord’s consent,
Tenant shall become a tenant of sufferance only, at a base monthly rent which is one hundred twenty-five percent (125%) of the
Base Monthly Rent applicable to the last month of the Term (for the first three (3) months of a holdover) and then one hundred
fifty percent (150%) of the Base Monthly Rent applicable to the last month of the Term (for each subsequent holdover month), and
otherwise subject to the terms, covenants and conditions herein specified. Tenant expressly agrees to hold Landlord harmless from
all loss and damages, direct and consequential, which Landlord may suffer in defense of claims by other parties against Landlord
arising out of the holding over by Tenant, including without limitation attorneys' fees which may be incurred by Landlord in defense
of such claims. Acceptance of rent by Landlord subsequent to the expiration of the Term shall not constitute consent to any holding
over.

 

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25.          Quiet
Enjoyment.   So long as Tenant shall observe and perform all the covenants and agreements binding on Tenant under this Lease,
Tenant shall at all times during the Term, peacefully and quietly have and enjoy possession of the Premises and nonexclusive use
of the Common Areas without any encumbrance or hindrance by, from or through Landlord, except as provided for elsewhere under
this Lease.

 

26.          Limitation
of Landlord's Liability.  It is understood and agreed that the liability of Landlord under this Lease shall be limited solely
to Landlord's assets and its interest in the Project of which the Premises form a part and the Common Areas; and that neither
Landlord's members nor its officers, employees and agents, shall be personally liable for any obligations of Landlord arising
out of or related to this Lease.

 

27.          Time
of the Essence.   Landlord and Tenant acknowledge that time is of the essence in the performance of any and all obligations,
terms, and provisions of this Lease.

 

28.          Waiver
of Trial by Jury.   Landlord and Tenant waive their right to trial by jury in any action, proceeding or counterclaim
brought by either of the parties hereto against the other (except for personal injury or property damage) on any matters whatsoever
arising out of or in any way connected with this Lease, the relationship of Landlord and Tenant, Tenant's use of or occupancy
of the Premises, and any emergency statutory or any other statutory remedy.

 

29.          Notices.
  All notices required or desired to be given by either Party to the other shall be given in person, or sent by Federal Express
or by certified or registered mail, postage prepaid, return receipt requested, addressed as specified in the Basic Lease Information.
Either Party may, by like written notice, designate a new address to which such notices shall be directed. Notice shall be deemed
to be effective when delivered in person or by Federal Express, or three (3) days after mailing.

 

30.         Brokers.
  Except as separately agreed, in writing, by Landlord to: (i) Marcor Commercial Real Estate Inc. (Francis Marotta) who is representing
Tenant in this transaction (“Tenant’s Broker”); and (ii) Cassidy Turley (Michael Beall and Christopher
Walker) who is representing Landlord in this transaction (“Landlord’s Broker”), Landlord and Tenant each
represents and warrants to the other that it has not employed any broker in connection with this Lease transaction. Landlord and
Tenant each shall indemnify and hold harmless the other from and against any claims for brokerage or other commission arising
by reason of a breach by the indemnifying party of the aforesaid representation and warranty.

 

31.         Force
Majeure.   Landlord’s obligations under this Lease, including Landlord’s obligations to deliver the Premises shall
be subject to force majeure delays (“Force Majeure Delays”). For the purpose of this Lease, the
term Force Majeure Delays shall include delays caused by strikes, fire, unusually severe and adverse weather conditions, acts
or delays of public agencies or governmental bodies, any moratorium on the issuance of governmental approvals or utility service
connections or other similar government actions, freight embargoes, unanticipated shortages of necessary labor or materials or
for other reasons beyond the reasonable control of Landlord. If the Commencement Date is postponed as a result of a Force Majeure
Delay, the Expiration Date shall also be postponed for the same period of time.

 

    	28

    	 

    

 

32.          Miscellaneous
Provisions.

 

(a)          Governing
Law. The laws of the State of Arizona (excluding conflict of laws principles) shall govern the validity, performance and enforcement
of this Lease.

 

(b)          Covenants.
The parties hereto agree that all the provisions of this Lease are to be construed as covenants and agreements as though the
words importing such covenants and agreements were used in each separate provision.

 

(c)          Successors.
All rights, remedies and liabilities herein given to or imposed upon either of the parties hereto, shall extend to, be binding
upon and inure to the benefit of their respective heirs, executors, administrators, successors and permitted assigns. This provision
shall not be deemed to grant Tenant any right to assign this Lease or to sublet the Premises.

 

(d)          No
Partnership. Nothing contained in this Lease shall be deemed or construed to create a partnership or joint venture of or between
Landlord and Tenant, or to create any other relationship between the parties other than that of Landlord and Tenant.

 

(e)          No
Representations by Landlord. Neither Landlord nor any agent of Landlord has made any representations or promises with respect
to the Premises or the Building except as herein expressly set forth, and no rights, privileges, easements or licenses are granted
to Tenant except as herein expressly set forth.

 

(f)          Captions.
All Section and paragraph captions herein are for the convenience of the parties only, and shall neither limit nor amplify
the provisions of this Lease.

 

(g)          Invalidity
of Particular Provisions. If any term or provision of this Lease or applications thereof to any person or circumstance shall,
to any extent, be invalid or unenforceable, the remaining terms and provisions of this Lease, or the application of such term
or provision to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected
thereby, and each term and provision of this Lease shall be valid and enforced to the fullest extent permitted by law.

 

(h)          Counterparts.
This Lease may be executed in several counterparts, but all such counterparts shall constitute one and the same legal document.

 

(i)          Entire
Agreement; Modification. This Lease and all Exhibits hereto contain all the agreements and conditions made between the parties
and may not be modified orally or in any other manner than by an agreement in writing, signed by the parties hereto.

 

    	29

    	 

    

 

(j)          Interpretation.
This Lease shall not be construed for or against Landlord or Tenant, but this Lease shall be interpreted in accordance with
the general tenor of the language in an effort to reach the intended result.

 

(k)        Authority.
Landlord and Tenant hereby covenant that each has full right, power and authority to enter into this Lease upon the terms and
conditions herein set forth. If Tenant signs as a corporation, each of the persons executing this Lease on behalf of Tenant does
hereby covenant and warrant that Tenant is a duly authorized and existing corporation, qualified to do business in the jurisdiction
in which the Premises is located, that the corporation has full right and authority to enter into this Lease, and that each and
both of the persons signing on behalf of the corporation were authorized to do so. If Tenant signs as a partnership, each of the
persons executing this Lease on behalf of Tenant does hereby covenant and warrant that Tenant is a duly formed and validly existing
partnership, that the partnership has full right and authority to enter into this Lease, and that each of the persons signing
on behalf of the partnership were authorized to do so.

 

(1)         Examination
of Lease. Submission of this Lease for examination or signature by Tenant shall not constitute an offer to lease or a reservation
of or option for Lease, and the same shall not be effective as a Lease or otherwise until execution and delivery by both Landlord
and Tenant.

 

(m)       Landlord Assignment.
Landlord may, at any time after the Effective Date, assign this Lease to any party without Tenant's consent; provided, however,
that: (i) Landlord shall provide Tenant with written notice of the assignment no less than thirty (30) days prior to its effective
date; (ii) any assignee shall (A) be (or become on the effective date of the assignment) fee owner of the Building, and (B) agree,
in writing, to become “Landlord” under this Lease and assume all of Landlord's obligations from and after the effective
date of assignment; and (iii) DTR14. L.L.C. shall remain liable for any matters that accrued prior to the effective date of assignment.

 

(n)          Tenant
Financial Statements. Tenant agrees to deliver to Landlord, from time to time but not more than once in any consecutive twelve
(12) month period, within fifteen (15) days after written request, the then most current annual financial statement(s) of Tenant
prepared in accordance with generally accepted accounting principles, consistently applied and accurately reflecting the then
existing financial condition of Tenant, together with such additional financial information as may be reasonably requested by
Landlord; provided, however: (i) if Landlord requests such financial statements in connection with any financing arrangement or
transfer of Landlord's interest in the Project or Building, the limitation set forth above with respect to one request per calendar
year shall not apply; and (ii) Landlord shall promptly reimburse Tenant for its actual and reasonable third party out of pocket
costs incurred in producing financial statements more frequently than once in any consecutive twelve month period.

 

    	30

    	 

    

 

(o)  Landlord
Lien Waiver. Landlord hereby acknowledges that Tenant may enter into a personal property lease agreement or financing for
its business or equipment to be physically located at the leased premises. Provided Tenant is in not in Default, Landlord shall
waive or subordinate its landlord’s lien in writing as reasonably requested by any bona fide third-party financing
company or lender with respect to any personal property financed by Tenant to be located the Premises (“Subordinated
Collateral”) by executing and delivering the lien waiver within fifteen (15) Business Days after written request by
Tenant. Notwithstanding the foregoing, Landlord’s expressly reserves all lien rights set forth in Paragraph 20(d),
above, with respect to any Subordinated Collateral which is released by any applicable financing company or lender.

 

(p)        Attorneys Fees.
    If any action or proceeding, whether judicial or non-judicial, is commenced with respect to any claim or controversy arising
from a breach of this Lease or seeking the interpretation or enforcement of this Lease, including any exhibits attached hereto,
in addition to any and all other relief, the prevailing party or parties in such action or proceeding shall receive and be entitled
to recover all costs and expenses, including reasonable attorneys’ fees and costs, incurred by it on account of or related
to such action or proceeding.

 

33.         Tenant
Improvement Allowance.    Provided no Default exists which has not been timely cured, Landlord shall
pay Tenant a tenant improvement allowance in the amount of $42.50 per square foot of Rentable Area of the Premises (“TI
Allowance”), all as more particularly set forth in Exhibit B to this Lease.

 

34.         Tenancy
Allowance.    Provided no Default exists, Landlord shall pay Tenant an amount equal to $13.00 per square
foot of Rentable Area of the Premises (“Tenancy Allowance”) in consideration of Tenant’s agreement to
enter into this Lease, occupy the Premises, comply with the terms and conditions set forth in this Lease and pay Rent during the
Term. Landlord shall pay the Tenancy Allowance directly to Tenant within twenty (20) Business Days following the Commencement
Date.

 

[Signatures appear on the following
page]

 

    	31

    	 

    

 

Dated as of the Effective Date, by:

 

	 	LANDLORD:
	 	 
	 	DTR14, L.L.C., an Arizona limited liability company 
	 	 
	 	By:	/s/ MC
	 	 	Its:	Authorized Agent

 

	 	TENANT:
	 	 
	 	The Joint
    CORP, a Delaware corporation
	 	 
	 	By:	/s/ Ron Record
	 	 	Its:	COO/CFO

 

    	32

    	 

    

 

EXHIBIT A-1

 

PROJECT SITE PLAN

 

 

    	A-1

    	 

    

 

EXHIBIT A-2

 

DEPICTION OF PREMISES LOCATION

 

 

    	A-2

    	 

    

 

EXHIBIT B

 

TENANT IMPROVEMENT RIDER

 

1.           General.
This Tenant Improvement Rider (“Rider”) sets forth the specific terms and conditions governing the respective
obligations of Landlord and Tenant with respect to the design and installation of, and payment for, the Tenant Improvements, and
the conduct of Tenant’s Work (as defined below). Capitalized terms not otherwise defined in this Rider will have the meanings
given them in the Lease.

 

2.           Tenant
Improvement Payment Obligations.

 

a.           Landlord
Obligations. In order to assist in underwriting the total cost of the Tenant Improvement Work (as defined below), Landlord
will provide a tenant improvement allowance (“TI Allowance”) equal to $42.50 per square foot of Rentable Area
of the Premises. The TI Allowance will be used for any costs incurred in connection with the Tenant Improvement Work including,
without limitation, all materials, labor, taxes, equipment, permit applications and fees, architectural work and project management
fees, which include a three percent (3%) management fee payable to Landlord or an affiliate of Landlord (“Management
Fee”) for services such as plan review, bidding, scheduling, general contractor coordination, and delivery of the Tenant
Improvement Work. Landlord’s financial responsibility for the Tenant Improvement Work shall be strictly limited to the TI
Allowance and, as set forth in Paragraph 2(b), below, Tenant shall be responsible for the payment of any costs associated
with the Tenant Improvement Work that exceed the TI Allowance.

 

b.           Tenant
Obligations. Tenant shall be obligated to pay all costs associated with the Tenant Improvement Work that exceed the TI Allowance.
All costs and expenses associated with the Tenant Improvement Work that exceed the TI Allowance (including, if applicable, all
costs and expenses associated with any Change Order Work (as defined below)), will be paid by Tenant in the same manner as Additional
Rent within ten (10) days after Landlord’s written demand (with any related supporting computations or documentation) from
Landlord of the amounts due (with supporting computations and documentation) of such amounts.

 

3.           Tenant
Improvement Work.

 

a.           Approved
Space Plan. Within five (5) days following the Effective Date, Landlord and Tenant will agree upon, and approve, a final design
and space plan for the Premises (“Approved Space Plan”) using Landlord’s designated interior architect,
Phoenix Design One, Inc. (“Architect”). Landlord and Tenant agree to meet, discuss and cooperate in good faith
to achieve the Approved Space Plan. The Approved Space Plan will set forth Tenant’s final design and space planning requirements
for the Premises in sufficient detail to permit Landlord to prepare the Final Tenant Improvement Plans (as defined below) and
bid the Tenant Improvement Work. The Approved Space Plan will be part of the Tenant Improvement Work and all third-party costs
associated with the preparation of the Approved Space Plan and approved by Tenant will be deducted from the TI Allowance.

 

    	B-1

    	 

    

 

b.           Final
Tenant Improvement Plans. Within twenty-five (25) days following approval of the Approved Space Plan, Landlord will prepare
or cause Architect to prepare plans and specifications for the Tenant Improvement Work (“Working Drawings”)
which are consistent with the Approved Space Plan and include Tenant’s final material selections (“Material Selections”).
So long as the Working Drawings are consistent with the Approved Space Plan and the Material Selections, Tenant will approve the
Working Drawings within five (5) Business Days after Tenant’s receipt of the Working Drawings (or, if not consistent, notify
Landlord of the inconsistency) from Landlord or Architect by providing a separate written approval. Tenant’s failure to
timely do so will be deemed an approval of the Working Drawings. If there are any inconsistencies of the Working Drawings from
the Approved Space Plan and Material Selections, then Landlord and Tenant agree to meet, discuss and cooperate in good faith to
address the inconsistencies within five (5) Business Days after Landlord’s receipt of Tenant’s comments. After approval
of the Working Drawings, Landlord will prepare, or cause Architect to prepare, final plans and specifications for the Tenant Improvement
Work (“Final Tenant Improvement Plans”) which are consistent with the Working Drawings and which will
be used by Landlord to bid the Tenant Improvement Work and obtain the permits necessary to enable the selected contractor to construct
the Tenant Improvement Work. So long as the Final Tenant Improvement Plans are consistent with the Working Drawings agreed upon
by Landlord and Tenant, Tenant will approve the Final Tenant Improvement Plans (or, if not consistent, notify Landlord of the
inconsistency) within five (5) Business Days after Tenant’s receipt of the Final Working Drawings from Landlord or Architect
by providing a separate written approval. Tenant’s failure to timely do so will be deemed an approval of the Final Tenant
Improvement Plans. Landlord and Tenant agree to meet, discuss and cooperate in good faith to address any inconsistency of the
Final Tenant Improvement Plans from the Working Drawings within five (5) Business Days after Landlord’s receipt of Tenant’s
comments. With prior written notice to Tenant, Landlord and/or Architect may make non-material changes to the Final Tenant Improvement
Plans as may be required by any municipal authority in order to obtain the building permit necessary to complete the Tenant Improvement
Work. If any municipal authority requires material changes to the Final Tenant Improvement Plans, Landlord and Tenant will cooperate
in good faith to finalize and approve the necessary changes within five (5) Business Days after notice from the municipal authority.
Tenant’s approval of any material changes to the Final Tenant Improvement Plans will be evidenced by a separate written
approval in a form reasonably designated by Landlord. The date that Landlord obtains the building permit required to commence
construction of the Final Tenant Improvement Plans will be known as the “Plan Approval Date.”

 

c.           Project
Bidding. Within five (5) days following preparation of the Final Tenant Improvement Plans, Landlord shall submit the Final
Tenant Improvement Plans for bid to at least two (2) general contractors, with one general contractor being selected by Landlord
and the other selected by Tenant. Both general contractors shall be licensed in Arizona and maintain appropriate insurance coverage.
Landlord shall select the successful bidder in Landlord’s commercially reasonable discretion considering the contractor’s
commitment to meet the Tenant’s required construction timeline, completeness of the bid, cost differentials for comparable
work and materials, and ability to perform in accordance with the complexity and scope of the Tenant Improvement Work, provided,
however, all bids shall be disclosed and reviewed with Tenant prior to Landlord's selection. The total cost associated with the
successful bid for the Tenant Improvement Work will be referred to as the “TI Cost.”

 

    	B-2

    	 

    

 

d.           Scope
of Tenant Improvement Work & Excluded Items. The “Tenant Improvement Work” will consist
of, and be limited to: (i) the Approved Space Plan, (ii) the Working Drawings; (iii) the Final Tenant Improvement Plans; and (iv)
the Tenant Improvements, constructed in accordance with the Final Tenant Improvement Plans, including any Change Order Work. The
Tenant Improvement Work does not include the design, acquisition and/or installation of computer, phone, telecommunications and/or
audio-visual cabling, wireless transmission facilities, trade fixtures, other office equipment, phone systems, trade fixtures,
inventories, supplies, modular furniture, cubicles, storage and filing cabinets and other related items that Tenant has or will
order for installation within the Premises (collectively, “FF&E”). The purchase and/or installation of
the FF&E (“Tenant’s Work”) shall be Tenant’s sole and exclusive responsibility; provided, however,
that Tenant may, at its election, utilize any unused portions of the TI Allowance to pay the costs associated with purchase and/or
installation of the FF&E. The cost associated with any third-party Tenant representative project manager and/or inspector
hired by Tenant for Tenant’s Work shall be the exclusive responsibility of Tenant and shall not be part of the Tenant Improvement
Work or the TI Cost. Notwithstanding the previous sentence, Tenant may submit a final invoice for such services to Landlord to
be paid from the TI Allowance if sufficient funds remain after the payment of the TI Cost otherwise contemplated under this Rider.

 

4.           Construction.

 

a.           Landlord's
Obligations - Shell Building. On the Effective Date, Landlord shall, at its own cost, tender the Premises “as-is”
and “where is” in its current shell condition (“Shell Condition”). All work required to improve
the Premises from Shell Condition to the condition specified in the Final Tenant Improvement Plans shall be Tenant Improvement
Work.

 

b.           Landlord's
Obligations - Tenant Improvement Work. Landlord (or an affiliate of Landlord) shall complete the Tenant Improvement Work,
subject to the Management Fee (as defined above). Subject only to Force Majeure Events (as defined below) and Tenant Delays (as
defined below), Landlord will cause the Tenant Improvement Work to be commenced and completed in conformance with the Final Tenant
Improvement Plans, using, as applicable, the Material Selections (or, with prior approval of Tenant, not to be unreasonably withheld,
commercially reasonable substitutes if any Material Selections are not available). Subject to the TI Allowance, Landlord will
pay for the Tenant Improvement Work.

 

c.           Tenant's
Obligations. Tenant will cooperate with Landlord and the Selected Contractor throughout the construction process and, except
as otherwise expressly provided in this Rider, provide requested consents and approvals within five (5) Business Days. Tenant
shall be financially responsible to coordinate and/or complete: (i) Tenant’s Work; and (ii) any costs associated
with the Tenant Improvement Work and any Change Order Work that exceeds the TI Allowance.

 

    	B-3

    	 

    

 

d.           Completion;
Punch List. Subject to extensions resulting from Tenant Delays and/or Force Majeure Events, Landlord will use its commercially
reasonable efforts to cause the Tenant Improvement Work to be substantially completed on or before the date that is one hundred
twenty (120) days after the Plan Approval Date (“Scheduled Completion Date"). The Tenant Improvement Work will
be deemed to be substantially completed and the “Completion Date” will occur at such time as: (y) Landlord
notifies Tenant that the Tenant Improvement Work has been substantially completed in accordance with the Final Tenant Improvement
Plans, subject only to the Punch List Items (as defined below), which will not materially impair Tenant’s intended use of
the Premises; and (z) the City of Scottsdale has issued a temporary Certificate of Occupancy, Certificate of Completion
or the reasonable equivalent, which will enable Tenant to occupy and conduct its intended use in the Premises. If Landlord obtains
a temporary Certificate of Occupancy as provided in the clause (z), above, Landlord shall nonetheless diligently pursue to completion
obtaining a permanent Certificate of Occupancy. Landlord shall give Tenant at least fifteen (15) days prior written notice of
the anticipated Scheduled Completion Date. Landlord and Tenant will schedule and conduct an inspection of the Tenant Improvement
Work no less than five (5) Business Days prior to Landlord’s substantial completion. After the inspection, Tenant and Landlord
shall mutually agree upon the items that Landlord is required to correct to Tenant’s reasonable satisfaction (“Punch
List Items”). The inspection shall be scheduled for a Business Day at a time mutually acceptable to Tenant and Landlord.
Landlord shall complete the Punch List Items within thirty (30) days following the inspection. If the Tenant Improvement Work
is not deemed to be substantially completed on or before the Scheduled Completion Date, Landlord agrees to use commercially reasonable
efforts to complete all remaining Tenant Improvement Work within 60 days and, during this 60-day grace period (“Grace
Period”), the Lease will remain in full force and effect, Landlord will not be deemed to be in breach or default of
the Lease, and Landlord will have no liability to Tenant as a result of any delay except that, subject to Tenant Delays and Force
Majeure Events, Tenant shall receive an abatement of Monthly Base Rent in an amount equal to one (1) day of Monthly Base Rent
for each one (1) day delay for completion beyond the Grace Period.

 

5.           Tenant
Delays. The Scheduled Completion Date will be extended on a day-for-day basis if the Tenant Improvement Work has not been
substantially completed by reason of any of the following (collectively, “Tenant Delays”):

 

(i)          the
failure of Tenant to confirm the Approved Space Plan within the required timeframe set forth in Paragraph 3(a), above;

 

(ii)         the
failure of Tenant to confirm the Working Drawings or changes to the Final Tenant Improvement Plans within the required time frames
set forth in Paragraph 3(b), above;

 

(iii)        the
failure of Tenant to confirm the Final Tenant Improvement Plans within the timeframe set forth in Paragraph 3(b), above;

 

(iv)        Tenant’s
requirements for special work or materials, finishes, or installations other than those described in the Final Tenant Improvement
Plans or Tenant's requirements for special construction staging or phasing;

 

    	B-4

    	 

    

 

(v)         the
performance of Tenant’s Work, or any Change Order Work approved by Tenant which delays the Scheduled Completion Date, or
the performance of any other work in the Premises by Tenant or Tenant’s Contractors (as defined below); or

 

(vi)        any
other act or omission of Tenant or any of Tenant’s Contractors which results in construction delays.

 

6.           Change
Orders. Following Tenant’s approval of the Working Drawings, Tenant may only request that Landlord make changes to the
Tenant Improvement Work pursuant to the terms, conditions and procedures set forth in this Section 6. Upon Tenant’s
request and Tenant’s submission of the necessary information and/or plans and specifications for any changes or additions
to the Tenant Improvement Work (“Change Order Work”), and Landlord’s reasonable approval of the Change
Order Work, Landlord will cause its contractors to perform the Change Order Work, at Tenant’s sole cost and expense, subject only
to the application of any unspent portion(s) of the TI Allowance. Prior to commencing any Change Order Work requested by Tenant,
Landlord will submit to Tenant a written statement of the additional cost or cost savings, if any, associated with the Change
Order Work and, if known, whether the Change Order Work would reasonably result in any delay in the Scheduled Completion Date,
Concurrently with this statement, Landlord also will submit To Tenant a proposed tenant change order (“Tenant Change
Order”) for the Change Order Work. Tenant will execute and deliver to Landlord the Tenant Change Order and, subject
only to the TI Allowance, will pay Landlord the entire remaining cost of the Tenant Change Order as Additional Rent pursuant to
Paragraph 2(b), above. If Tenant fails to execute and deliver the Tenant Change Order or pay the entire cost of the Change
Order Work which is in excess of the TI Allowance within the applicable period, Landlord will not perform any of the Change Order
Work.

 

7.           Force
Majeure Events. The Scheduled Completion Date will be extended for any period that Landlord is prevented from completing its
construction requirements due to: (i) governmental restrictions or orders of any governmental authorities beyond the reasonable
control of Landlord: (ii) strikes; (iii) labor disputes or lockouts; (iv) shortages of material or labor; (v) riots; (vi) acts
of God; (vii) enemy action; (viii) Tenant Delays; (ix) civil commotion, fire, casualty, inclement weather, and the like; or (x)
any other causes beyond the reasonable control of Landlord (collectively, “Force Majeure Events”).

 

8.           Commencement
Date. The “Commencement Date” shall be the date that the Tenant Improvement Work is substantially completed
as provided in Section 4(d) of this Tenant Improvement Rider.

 

    	B-5

    	 

    

 

EXHIBIT C

 

RULES AND REGULATIONS

 

The following rules
and regulations (‘'Rules and Regulations") govern Tenant’s use of the Premises and Project. Tenant will
also cause its employees, agents, contractors, customers, guests, invitees and, if permitted, subleasees to comply with these
Rules and Regulations,

 

1.          The
sidewalks, entries, passages, elevators, public corridors, vestibules, halls, stairways and other public areas of the Building
shall not be obstructed or used for any other purpose than ingress and egress,

 

2.          Tenant
shall not install or permit the installation of any projection, awnings, shades, mylar films, or sun filters on windows or to
the outside walls of the Building.

 

3.          All
window blinds provided by Landlord shall be left down at all times. No curtains, blinds, shades or screens visible from the exterior
of the Building may be attached to or used in connection with any window or door of the Building without the prior written consent
of Landlord. Tenant shall not place anything or allow anything to be placed near or against glass partitions, doors, walls or
windows which would be visible from the exterior of the Premises.

 

4.          The
doors from the corridors and other means of entry to the Premises shall be kept closed during business hours, except when being
used for ingress or egress. No Building or suite doors shall be propped open at any time. Tenant will keep its valuable items
locked up and doors locked after Business Hours and at other times the Premises are not in use to prevent theft.

 

5.          No
tenant shall make, or permit to be made, any excessive noises, cause disturbances or vibrations or other sound or other waves
or disturbances which may be heard outside of such Tenant's Premises or disturb or interfere with other tenants or occupants of
the Building or neighboring buildings or premises whether by the use of any musical instrument, radio, television set, or other
audio device, unmusical noise, whistling, singing, or in any other way. Nothing shall be thrown out, or off, of any doors, windows,
balconies or skylights or down any passageways.

 

6.          Floor
distribution boxes for electric and telephone wires shall remain accessible at all times.

 

7.          Bicycles,
skateboards, motor scooters or any other type of vehicle shall not be brought into the Building, lobby, elevators, or into the
Premises, or parked on the sidewalk or parking spaces, except as required by law other than appropriate vehicles necessary for
assisting the disabled. Such vehicles will be allowed only in areas designated by Landlord,

 

8.          No
animal (other than a seeing-eye dog) shall be permitted within the Premises or anywhere in the Building at any time.

 

    	C-1

    	 

    

 

 

9.            Tenant will not
conduct any activity within the Premises which will create excessive traffic anywhere in the Building.

 

10.          Tenant parking
shall be as set forth in the Lease. Tenant will not park or permit parking in any areas designated by Landlord for parking by visitors
of the Project or for the exclusive use of other tenants or occupants of the Project. Only passenger vehicles may be parked in
the parking areas. Parking is prohibited in areas not striped for parking, in aisles where “no parking” signs are posted,
on ramps, in cross-hatched areas, in loading areas, fire lanes or in such other areas as may be designated by Landlord. Any violation
of the parking rules set forth in this Paragraph shall subject the vehicle to removal at the vehicle owner’s expense. Nothing
in these Rules and Regulations shall modify Landlord’s obligations regarding the Parking Facilities as otherwise set forth
in the Lease.

 

11.          Parking stickers
or any other device or form of identification supplied by Landlord as a condition of use of the parking facilities must be displayed
as requested. Such devices are not transferable and any device in the possession of an unauthorized holder will be void. Each user
of the parking area may be required to sign a parking agreement, as a condition to parking, which agreement may provide for the
manner of payment of any parking charges and other matters not inconsistent with this Lease.

 

12.          No overnight or
extended term parking or storage of vehicles is permitted.

 

13.          All responsibility
for damage, loss or theft to vehicles and the contents thereof is assumed by the person parking their vehicle.

 

14.          Tenant shall not
make any room-to-room solicitation of business from other tenants in the Building and Tenant acknowledges that canvassing and peddling
of any kind in the Building are prohibited. Tenant shall not distribute any handbills or other advertising matter on automobiles
parked in the parking area. Canvassing, soliciting, and peddling in the Building are prohibited, and each tenant shall cooperate
in seeking their prevention.

 

15.          Immediately upon
the sounding of the Building fire alarm, Tenant, its agents, employees and invitees shall use marked exits and exit stairways to
evacuate the Building and will comply with all safety, fire protection and evacuation procedures and regulations established by
Landlord or any governmental agency.

 

16.          Smoking of any
tobacco product is prohibited in the Building and exterior areas located within 25 feet of the Building except as designated and
redesignated in writing from time to time by Landlord in its sole discretion, and Tenant will not smoke anywhere within the Project,
including, without limitation, the Premises and the sidewalks, entrances, passages, corridors, halls, elevators and stairways of
the Building, other than the smoking areas, if any, designated in writing by Landlord. All smoking materials must be disposed of
in ashtrays or other appropriate receptacles provided for that purpose.

 

17.          Eating and drinking
are prohibited in the public areas of the Building.

 

    	C-2

    	 

    

 

18.          No showcases or
other articles, including furniture, shall be put on the balcony, in front of or affixed to any part of the exterior of the Premises,
or placed in the halls, corridors, vestibules, balconies or other appurtenant or public parts of the Building.

 

19.          Any water and
wash closets, drinking fountains and other plumbing fixtures in any Premises or the Building shall not be used for any purposes
other than those for which they were constructed, and no sweepings, rubbish, rags, or other substances (including, without limitation,
coffee grounds) shall be thrown therein.

 

20.          No tenant shall
bring or keep, or permit to be brought or kept, any inflammable, combustible, or explosive fluid, material, chemical, or substance
in or about the space demised to such tenant.

 

21.          Except for the
hanging of artwork, bulletin boards or similar items on interior walls, no tenant shall make, paint, drill into, or in anyway deface,
any part of the interior or exterior of the Building or the space demised to such tenant. No boring, cutting, or stringing of wires
shall be permitted.

 

22.          No tenant shall
cause or permit any odors, obnoxious or harmful fumes, smoke or other discharges which may be offensive to the other occupants
of the Building or otherwise create any nuisance to emanate from the space demised to such tenant.

 

23.          Tenant shall promptly
report to Landlord any cracked or broken glass on the Premises.

 

24.          Landlord shall
have the right to prohibit any advertising by any tenant which, in Landlord's opinion, tends to impair the reputation of the Building
or its desirability as a building for offices, and upon notice from Landlord, such tenant shall refrain from or discontinue such
advertising. Tenant will not use the name of the Building or the Project in connection with or in promoting or advertising the
business of Tenant except as Tenant’s address.

 

25.          Each tenant, before
closing and leaving the space demised to such tenant at any time, shall see that all entrance doors are locked.

 

26.          No space demised
to any tenant shall be used, or permitted to be used, for lodging or sleeping. The Premises will not be used for cooking (other
than the heating of food from one or more microwave ovens) or for any immoral or illegal purpose.

 

27.          All equipment
and machinery belonging to any tenant which causes noise, vibration or electrical interference that may be transmitted to the structure
of the Building, to any space therein, or that may unreasonably interfere with the operation of any device, equipment, computer,
video, radio, television broadcasting or reception from or within the project to such degree to be objectionable to Landlord and
any tenant in the Building shall be installed and maintained by each such tenant, at such tenant's expense, on vibration eliminators
or other devices sufficient to eliminate such noise or vibration.

 

    	C-3

    	 

    

 

28.          Tenant will not
waste electricity, water or air conditioning and shall reasonably cooperate with any efforts of Landlord to conserve energy and
ensure the most effective operation of the Building’s heating, air conditioning, ventilation and utility systems. Tenant
will not use any method of heating or air conditioning (including, without limitation, fans or space heaters) other than those
approved in writing by Landlord.

 

29.          No utilities serving
the Premises will be overloaded.

 

30.          No additional
locks or similar devices will be attached to any door or window and no keys other than those provided by Landlord will be made
for any door or window.

 

31.          All
loading, unloading, receiving or delivery of goods, supplies, furniture or other items will be made only through entryways
provided for such purposes. Deliveries during normal office hours will be limited to normal office supplies and other small
items. No deliveries will be made which impede or interfere with other occupants of the Building. No equipment, materials,
furniture, packages, supplies, merchandise or other property will be received in the Building or carried in the passenger
elevators except between such hours and in such elevators as may be designated by Landlord.

 

32.          Tenant will not
use at the Project any hand truck except those equipped with rubber tires and side guards or such other material-handling equipment
as Landlord may approve.

 

33.          Tenant shall store
all its trash and garbage in proper receptacles within its Premises or in other facilities provided for such purpose by Landlord.
Tenant shall not place in any trash box or receptacle any material which cannot be disposed of in the ordinary and customary manner
of trash and garbage disposal. All garbage and refuse disposal shall be made in accordance with directions issued from time to
time by Landlord. Tenant will cooperate with any recycling program at the Project.

 

34.          Landlord will
have the right to specify the proper position of any safe, equipment or other heavy article, which shall only be used by Tenant
in a manner which will not interfere with or cause damage to the Premises or the Building. Tenant will not overload the floors
or structure of the Building.

 

35.          Persons may enter
the Building only in accordance with such regulations as Landlord may provide, and persons entering or departing from the Building
may be questioned as to their business in the Building. The right is reserved to require the use of an identification card or other
access devices or procedures an/or the registering of persons as to the hour of entry and departure, nature of visit, and other
information deemed necessary by Landlord for the protection of the Building.

 

36.          All janitorial
services for the Premises shall be provided exclusively through Landlord. Tenant shall not cause any unnecessary janitorial labor
by carelessness or indifference to the cleanliness of the Project.

 

    	C-4

    	 

    

 

37.          
Landlord reserves the right to exclude or expel from the project any person who, in Landlord’s judgment, is intoxicated
or under the influence of liquor or drugs or who is in violation of any of these Rules and Regulations.

 

    	C-5

    	 

    

 

EXHIBIT D

 

COMMENCEMENT MEMORANDUM

 

THIS COMMENCEMENT MEMORANDUM (“Memorandum”),
is entered into as of ____________, 20__, (“Memorandum Date”), by and between: (i) DTR14, L.L.C.,
an Arizona limited liability company (“Landlord”); and (ii) The
Joint Corp., a Delaware corporation (“Tenant”).

 

Background

 

A.           Landlord and Tenant entered into
that certain Office Lease Agreement (Terra Verde – Building One), dated as of September __, 2013 (“Lease”),
relating to Suite 240 (“Premises”) of the building located at 16767 North Perimeter Drive, Scottsdale, Arizona.

 

B.           Tenant is in possession of the Premises
and the term of the Lease has commenced.

 

C.           Landlord and Tenant agreed to enter
into an agreement setting forth certain information with respect to the Premises and the Lease.

 

D.           On the terms and subject to the conditions
set forth in this Memorandum, Landlord and Tenant desire to confirm certain information relating to the Lease.

 

Memorandum

 

1.          Definitions.
Capitalized terms not otherwise defined in this First Amendment shall have the meanings given them in the Existing Lease.

 

2.          Commencement
Date. The Commencement Date is _______ __, 20__.

 

3.          Expiration Date.
The Expiration Date is _______ __, 20__, unless earlier terminated.

 

4.          No Additional
Modifications. The Lease and this Memorandum constitute a single integrated agreement between Landlord and Tenant governing
Tenant's use and occupancy of the Premises and supersede and replace any and all agreements, whether written or oral. Except as
otherwise expressly set forth in this Memorandum, all terms and provisions set forth in the Lease shall remain in full force and
effect.

 

[Signatures
appear on the following page]

 

    	D-1

    	 

    

 

EXECUTED as of the Memorandum Date by:

 

	 	LANDLORD:
	 	 
	 	DTR14, LLC., an Arizona limited liability company
	 	 
	 	By: 	 
	 	Its:	 
	 	 
	 	 
	 	TENANT:
	 	 
	 	THE JOINT CORP., a Delaware corporation
	 	 
	 	By.	 
	 	Its:	 

 

    	D-2

    	 

    

 

EXHIBIT E 

 

DEPICTION OF TENANT
BUILDING SIGN

 

 

    	E-1

    	 

    

 

EXHIBIT E 

 

DEPICTION OF TENANT
BUILDING SIGN

 

 

    	E-2Exhibit 10.6

 

EMPLOYMENT AGREEMENT

 

THIS AGREEMENT (the
“Agreement”) dated as of December __, 2013 is made and entered into by and between The Joint Corp., a Delaware corporation
(the “Company”), and David M. Orwasher (the “Executive”).

 

WHEREAS, the Company
wishes to retain the services of Executive as a senior executive of the Company who is expected to make major contributions to
the short and long-term profitability, growth and financial strength of the Company; and

 

WHEREAS, Company and
Executive believe that it is in their respective best interests to enter into and deliver this Agreement; and

 

WHEREAS, the Executive
acknowledges that in the course of his employment by the Company, he will or may have access to and become informed of the Company’s
confidential information and will frequently come into contact with the Company’s regional developers, franchisees and management
such that the Executive will influence the business and relationships between the Company and its regional developers, franchisees
and management; and

 

WHEREAS, the Executive
has agreed to certain confidentiality, non-solicitation and non-competition agreements and acknowledges that the compensation and
other benefits payable to the Executive hereunder represent adequate compensation for such agreements; and

 

WHEREAS, the Company
recognizes that, as is the case for most companies, the possibility of a Change in Control (as defined below) exists; and

 

WHEREAS, the Company
desires to ensure both present and future continuity of management and desires to establish certain severance benefits for the
Executive, applicable in the event of the termination of the Executive’s employment for reasons other than Cause (as defined
below); and

 

WHEREAS, the Company
desires to ensure that its senior executives are not practically disabled from discharging their duties in respect of a proposed
or actual transaction involving a Change in Control and to provide certain benefits for the Executive, applicable in the event
of a Change in Control.

 

NOW, THEREFORE, the
Company and the Executive agree as follows:

 

		1.	Certain Defined Terms. In addition to terms
defined elsewhere herein, the following terms have the following meanings when used in this Agreement with initial capital letters:

 

		(a)	“Base Pay” means the Executive’s annual
base salary as provided in Section 5 of this Agreement, at a rate not less than the Executive’s annual fixed or base compensation
as in effect for Executive immediately prior to the occurrence of a Change in Control or such higher rate as may be determined
from time to time after a Change in Control by the Board or a committee thereof.

 

    	 

    	 

    

  

		(b)	“Board” means the Board of Directors of the
Company.

 

		(c)	“Cause” means

 

		(i)	intentional engagement by the Executive in misconduct
which is materially injurious to the Company, monetarily or otherwise;

		 	 

		(ii)	intentional act by the Executive of fraud, embezzlement
or theft in connection with his duties or in the course of his employment with the Company or any subsidiary;

		 	 

		(iii)	intentional damage by the Executive to property of the
Company or any subsidiary;

		 	 

		(iv)	material breach of Section 14 or Section 15
hereof;

		 	 

		(v)	intentional engagement by the Executive in any Competitive
Activity;

		 	 

		(vi)	intentional wrongful disclosure by the Executive of confidential
information of the Company or any Subsidiary; or

		 	 

		(vii)	the determination by unanimous vote of the Board then
in office (excluding the Executive if he is a Director) that the Executive has demonstrated an objective, material inability to
effectively discharge the duties given to the Executive under this Agreement such that same are directly and substantially injurious
to the company; provided, however, that this subsection (vii) shall be void and have no further effect upon the earlier of (A)
the Executive’s relocation to the Scottsdale Arizona area or (B) 9 months from the date hereof.

 

			For purposes of this Agreement, no act or failure to act on the Executive’s part shall
                                                                             be deemed “intentional” if it was due primarily to an error in judgment or negligence, but it shall be deemed
                                                                             “intentional” only if it was not in good faith and without reasonable belief that his act or failure to act was
                                                                             in the Company’s best interest. Notwithstanding the foregoing, the Executive shall not be deemed to have been
                                                                             terminated for “Cause” hereunder unless and until the Executive receives a copy of a resolution duly adopted by
                                                                             the affirmative vote of not less than two-thirds of the Board then in office (or the unanimous vote of the Board in the
                                                                             case of subsection (vii), and excluding the Executive if he is a Director) at a meeting of the Board called and held for such
                                                                             purpose, after reasonable notice to the Executive and an opportunity for the Executive, together with his counsel (if the
                                                                             Executive chooses to have counsel present at such meeting), to be heard before the Board, finding that, in the good faith
                                                                             opinion of the Board, the Executive was guilty of conduct constituting “Cause” as herein defined and specifying
                                                                             the particulars thereof. Nothing herein will limit the right of the Executive or his beneficiaries to contest the validity or
                                                                             propriety of any such determination.

 

    	2

    	 

    

  

		(d)	“Change in Control” means the occurrence
during the term of this Agreement of any of the following events:

 

		(i)	the acquisition by any individual, entity or group (within
the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) of 15% or more of the combined voting power of the then outstanding
Voting Stock; provided, however, that for purposes of this Section 1(d)(i), the following acquisitions shall not constitute a
Change in Control: (A) A Successful IPO as is defined hereinafter (B) a private financing that does not transfer more than 50%
of the voting power of the Company (C) any acquisition by the Company, (D) any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by the Company or any Subsidiary or (E) any acquisition by the Company pursuant to a Business Combination
(as defined below) that complies with clauses (I), (II) and (III) of subsection (iii) (B) of this Section 1(d);

 

		(ii)	when individuals who, as of the date hereof, constitute
the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board except that
any individual becoming a Director subsequent to the date hereof whose election, or nomination for election by the Company’s
stockholders, was approved by a vote of at least two-thirds of the Directors then comprising the Incumbent Board (either by a
specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without
objection to such nomination), and is not pursuant to a form of Business Combination as is hereinafter defined, shall be deemed
to have been a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of an actual or threatened election contest (within the meaning of Rule 14a-11 of the Exchange
Act) with respect to the election or removal of Directors or other actual or threatened solicitation of proxies or consents by
or on behalf of a Person other than the Board;

 

    	3

    	 

    

 

		(iii)	consummation of (A) a reorganization, merger or
consolidation (B) a sale or other disposition of all or substantially all of the assets of the Company (each, a “Business
Combination”), unless, in each case, immediately following such Business Combination, (I) all or substantially all of the
individuals and entities who were the beneficial owners of the common stock and all or substantially all of the individuals and
entities who were the beneficial owners of the Voting Stock of the Company immediately prior to such Business Combination beneficially
own, directly or indirectly, more than 50% of the then outstanding shares of common stock and the combined voting power of the
then outstanding voting securities entitled to vote generally in the election of Directors of the entity resulting from such Business
Combination (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially
all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions relative
to each other and the Executive as their ownership, immediately prior to such Business Combination, of the common stock and the
Voting Stock of the Company, (II) no Person (other than the Company, such entity resulting from such Business Combination or any
employee benefit plan (or related trust) sponsored or maintained by the Company, any Subsidiary or such entity resulting from
such Business Combination) beneficially owns, directly or indirectly, 15% or more of the then outstanding shares of common stock
of the entity resulting from such Business Combination or the combined voting power of the then outstanding voting securities
entitled to vote generally in the election of directors of such entity and (III) at least a majority of the members of the Board
of Directors of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution
of the initial agreement or of the action of the Board providing for such Business Combination; or

 

		(iv)	approval by the stockholders of the Company of a complete
liquidation or dissolution of the Company, except pursuant to a Business Combination that complies with clauses (I), (II) and
(III) of subsection (iii) (B) of this Section 1(d);

 

		(e)	“Competitive Activity” means the Executive’s
participation, without the written consent of the Board of the Company, directly or indirectly, as a shareholder, member, employee,
officer, consultant or director of a business enterprise engaged in a “Restricted Business” if such enterprise engages
in competition with the Company.

 

		(f)	“Disabled” means the Executive’s incapacity
due to physical or mental illness to substantially perform his duties on a full-time basis for six consecutive months unless the
Executive returns to the full-time performance of the Executive’s duties for a period of at least three consecutive months
no later than 30 days after the Company has given the Executive a notice of termination. If the Executive disagrees with a determination
to terminate him because the Company believes he is Disabled, the Company and the Executive, or in the event of the Executive’s
incapacity to designate a doctor, the Executive’s legal representative, together shall choose a qualified medical doctor
who shall determine whether the Executive is Disabled. If the Company and the Executive cannot agree on the choice of a qualified
medical doctor, then the Company and the Executive each shall choose a qualified medical doctor and the two doctors together shall
choose a third qualified medical doctor, who shall determine whether the Executive is Disabled. The determination of the chosen
qualified medical doctor as to whether the Executive is Disabled shall be binding upon the Company and the Executive unless such
determination is clearly made in bad faith.

 

    	4

    	 

    

  

		(g)	“Employee Benefits” means the perquisites,
benefits and service credit for benefits as provided under any and all employee retirement income and welfare benefit policies,
plans, programs or arrangements in which Executive is entitled to participate, including without limitation any stock option,
stock purchase, stock appreciation, savings, pension, supplemental executive retirement, or other retirement income or welfare
benefit, deferred compensation, incentive compensation, group or other life, health, medical/hospital or other insurance (whether
funded by actual insurance or self-insured by the Company), disability, salary continuation, expense reimbursement and other employee
benefit policies, plans, programs or arrangements that may now exist or any equivalent successor policies, plans, programs or
arrangements that may be adopted hereafter by the Company, and/or pursuant to the terms of this Agreement, providing perquisites,
benefits and service credit for benefits at least as great in the aggregate as are payable thereunder prior to a Change in Control.

 

		(h)	“Employment Provisions” means the provisions
contained in sections 3 – 8 of this Agreement.

		 	 

		(i)	“Exchange Act” means the Securities Exchange
Act of 1934, as amended from time to time.

		 	 

		(j)	“Incentive Pay” means an annual amount equal
to not less than the highest aggregate annual bonus, incentive or other payments of cash (or, if taken in lieu of cash, stock)
compensation, in addition to Base Pay, made or to be made in regard to services rendered in any calendar year during the term
of this agreement in the three calendar years immediately preceding the year in which a Change in Control occurs pursuant to any
bonus, incentive, profit-sharing, performance, discretionary pay or similar agreement, policy, plan, program or arrangement (whether
or not funded) of the Company, or any successor thereto providing benefits at least as great as the benefits payable thereunder
prior to a Change in Control.

		 	 

		(k)	“Involuntary Termination” means the occurrence
of any of the following: (i) the Company gives written notice to the Executive that the Company intends to terminate or adversely
modify the terms of the Employment Provisions contained in this agreement, (ii) the Company reduces the Executive’s
title or base salary, Incentive Pay and/or benefits from those set forth in Section 5 of this Agreement, or (iii) unless otherwise
agreed by the Executive, the Company relocates the Executive or his offices or the principal place where he is required to perform
his duties hereunder farther than 50 miles from Scottsdale, Arizona.

 

    	5

    	 

    

  

		(l)	“Restricted Business” means (i) any business
or division of a business which consists of providing chiropractic services, (ii) any business of a kind in whole or in part similar
to that heretofore or hereafter engaged in by the Company or any of its subsidiaries, and (iv) any other principal line of business
developed or acquired by the Company or its affiliates.

		 	 

		(m)	“Subsidiary” means an entity in which the
Company directly or indirectly beneficially owns 50% or more of the outstanding Voting Stock.

		 	 

		(n)	“Successful IPO” means an initial public
offering of the Company’s common stock in which the market capitalization of the Company immediately following the initial
public offering qualifies for listing on the NASDAQ national market exchange.

		 	 

		(o)	“Termination Date” means the date on which
the Executive’s employment is terminated (the effective date of which shall be the date of termination, or such other date
that may be specified by the Executive if the termination is pursuant to Section 10(b)).

		 	 

		(p)	“Voluntary Termination” means the occurrence
of any of the following: (i) the date two weeks after the Executive gives written notice to the Company that the Executive
intends to terminate the Employment Provisions or if later, the date specified in such written notice, (ii) the Executive
dies or (iii) the Executive becomes Disabled.

		 	 

		(q)	“Voting Stock” means securities entitled
to vote generally in the election of directors.

 

		2.	Term. The term of this Agreement commences
on the date this Agreement is mutually executed and, subject to any benefit or compensation continuation requirements under applicable
law and/or this Agreement, expires on the earliest of (i) an Involuntary Termination, (ii) a Voluntary Termination or (iii) three
years from the date hereof.

 

		3.	Employment. The Company hereby agrees to
employ the Executive, and the Executive hereby agrees to be employed by the Company, upon the terms and conditions herein set
forth.

 

		4.	Duties of the Executive. The Executive
shall serve as President and Chief Operating Officer of the Company. The Executive shall report directly to the Chief Executive
Officer or in the absence of a Chief Executive Officer, to the Company’s lead director. The Executive shall devote his full
time and best efforts to the Company’s business of providing chiropractic services through franchised and Company-owned
clinics, the sale of franchises and any other related duties and responsibilities that may from time to time be prescribed by
the Chief Executive Officer or lead director. So long as it does not interfere with the Executive’s employment hereunder,
the Executive may serve as an officer, director or otherwise participate in educational, welfare, social, religious and civic
organizations.

 

    	6

    	 

    

  

		5.	Compensation.

 

		(a)	The Company shall pay the Executive an initial base salary
of $310,000.00 per annum, payable at the times and in the manner consistent with the Company’s general policies regarding
compensation of senior executives. Such base salary includes any salary reduction contributions to (i) any Company-sponsored
plan that includes a cash-or-deferred arrangement and employee contribution under Section 401(k) of the Internal Revenue Code
of 1986, as amended (the “Code”), (ii) any other Company-sponsored plan of deferred compensation or (iii) any
Company-sponsored “cafeteria plan” under Section 125 of the Code.

		 	 

		(b)	The Executive shall be entitled to earn cash incentive
compensation under the Company’s executive incentive compensation plan or such other management incentive program or arrangement
as shall be approved by the Board, on the most favorable terms and conditions available to senior executive and management employees
and shall be eligible thereunder to receive an annual cash incentive bonus in an amount equal to up to 50% of Executive’s
base salary for such fiscal year based on the achievement of objectives agreed to by the Executive and the Board or a committee
of the Board. Such cash incentive compensation shall be payable for such fiscal year in two semi-annual installments following
the determination of the extent to which such objectives have been met.

		 	 

		(c)	Subject to shareholder approval to expand the Company’s
2013 Stock Plan (the “Plan”), the Company will, immediately following such approval (i) grant to Executive as Restricted
Stock (as defined in the Plan), 93,750 shares, and (ii) issue to Executive incentive stock options for 93,750 shares, together
representing five percent (5%) of the Company’s fully diluted Common Stock, par value $.001 per share (the “Common
Stock”) issued and outstanding as of the date of this Agreement. Such Restricted Stock and stock options so granted shall
vest as follows:

		 	 

		(i)	37,500 shares of Restricted Stock (“Grant A”)
and 37,500 stock options (“Grant A Option”), shall vest over a 48 month period in consecutive, equal monthly installments
beginning on the date of grant;

		 	 

		(ii)	56,250 shares of Restricted Stock (“Grant B”)
and 56,250 stock options (“Grant B Option”), will vest commencing upon the closing of a Successful IPO and over the
ensuing consecutive 36 month period as follows: 50% of the shares in equal monthly installments during the consecutive, successive
12 months commencing on the date of the IPO; 30% in consecutive equal monthly installments commencing on the first anniversary
of the IPO; and 20% of the shares in equal monthly installments during the 12 consecutive, successive months commencing on the
second anniversary of the date of the IPO such that the total amount of Grant B and Grant B Option vested over this 36 month period
shall equal 100%; and

 

    	7

    	 

    

 

		(iii)	The provisions of Subsections (i) and (ii) above notwithstanding,
in the event the Company participates in a Business Combination during the term of this Agreement, as the same may be extended,
in which the aggregate consideration received by the Company or its shareholders exceeds $30 million, then the number of shares
granted Executive pursuant to Grant A and Grant B and Grant A Option and Grant B Option will vest immediately prior to the consummation
of the Business Combination so that the total percentage of vested shares of Grant A, Grant A Option, Grant B and Grant B Option
combined, immediately prior to the Business Combination, will equal the same percentage as the amount of consideration received
by the Company or its shareholders in excess of $30,000,000 bears to $120,000,000.

 

			Example: Assume
                                         the Company enters into a Business Combination in which the shareholders receive $90,000,000
                                         in cash. The amount received by the shareholders in excess of $30,000,000 is $60,000,000.
                                         The percentage that $60,000,000 bears to $120,000,000 is 50%. Thus the Executive is entitled
                                         to full vesting of 50% of the combined Grant A, Grant A Option, Grant B and Grant B Option
                                         (including amounts already vested).

 

		(d)	The Executive will be eligible for annual grants of stock
options under the Plan in the discretion of the Board or the Plan Administrator. To the extent permitted by applicable law and
the terms and conditions of the Plan, the above-referenced stock options shall be “incentive stock options” as that
term is defined under Section 422 of the Code and any remaining stock options shall be non-qualified stock options.

		 	 

		(e)	Such options would become exercisable in equal, consecutive
monthly amounts over a three year period commencing on the date of grant, except that in the event of a Successful IPO, the options
would become exercisable in full. To the extent permitted by applicable law and the terms and conditions of the Plan, the above-referenced
stock options shall be “incentive stock options” as that term is defined under Section 422 of the Code and any remaining
stock options shall be non-qualified stock options.

 

		6.	Benefits. The Company shall make available
to the Executive, subject to the terms and conditions of the applicable plans, including without limitation the eligibility rules,
participation for the Executive and his eligible dependents in the Company-sponsored employee benefit plans or arrangements and
such other usual and customary benefits now or hereafter generally available to employees of the Company and such benefits and
perquisites as are made available to senior executives of the Company, including, without limitation, equity and cash incentive
programs and supplemental retirement, deferred compensation and welfare plans.

 

    	8

    	 

    

		 	 

		7.	Expenses. The Company shall pay or reimburse
the Executive, in accordance with the general policies of the Company, for reasonable and necessary expenses incurred by the Executive
in connection with his duties on behalf of the Company. In addition, for not more than 9 months from the date of the Executive’s
commencement of employment, the Company shall pay or reimburse the Executive an amount up to $8,000 per month for commuting and
local residence expenses.

		 	 

		8.	Place of Performance. In connection with
his employment by the Company, the Executive shall be based at the Company’s offices located in Scottsdale, Arizona. The
Executive may commute from his current residence in New York for up to 9 months from the date of this Agreement provided that
the Executive will be located in Scottsdale during normal business hours on average, not less than 4 days per week (unless traveling
for business purposes).

		 	 

		9.	Termination Payments, Vesting and Exercise of Stock
Grants and Options upon Involuntary Termination other than for Cause or Voluntary Termination due to Death or Disability.

 

		(a)	If an Involuntary Termination occurs other than for Cause
and subject to the Executive entering into a release and settlement agreement with the Company on reasonable and customary terms,
then

		 	 

		(i)	the Company shall pay the Executive, in accordance with
the Company’s regular payroll schedule but no less than on a bi-weekly basis, termination payments equal to the continuation
of the Executive’s base salary for a period of nine months thereafter (the “Payment Period”);

		 	 

		(ii)	all unvested stock grants and stock options shall immediately
vest; and

		 	 

		(iii)	the Executive shall have the right to exercise any and
all vested stock options at any time not later than 90 days after the date of the Involuntary Termination.

		 	 

		(b)	If a Voluntary Termination due to Executive’s death
during the term of this Agreement occurs, then notwithstanding anything to the contrary in the Executive’s stock option
agreement(s) or certificate(s) or in the stock option plan(s) under which Executive’s stock options were granted, (i) one-third
of the unvested portion of all stock grants and stock options granted to Executive shall become immediately exercisable as of
the date of Executive’s death, and (ii) all other unvested stock grants and stock options held by Executive shall be immediately
canceled. Executive’s estate shall have a period of one year following Executive’s death to exercise any vested and
the aforementioned unvested stock options.

 

    	9

    	 

    

		 	 

		(c)	If a Voluntary Termination due to Executive’s becoming
Disabled during the term of this Agreement occurs, then notwithstanding anything to the contrary in the Executive’s stock
option agreement(s) or certificate(s) or in the stock option plan(s) under which Executive’s stock options were granted,
(i) one-third of the unvested portion of all stock grants and stock options granted to Executive shall become immediately exercisable
as of the date of Disability, and (ii) all other unvested stock grants and stock options held by Executive shall be immediately
canceled. Executive shall have a period of one year following Executive’s Disability to exercise any vested stock options.

		 	 

		(d)	If the Executive dies while any amounts are payable to
him hereunder, all such amounts, unless otherwise provided herein, shall be paid to the Executive’s designated beneficiary,
or, if none, then to the Executive’s estate.

		 	 

		(e)	Notwithstanding the foregoing, if the Executive breaches
Sections 15 or 16 hereof, any right of the Executive to receive termination payments, to have the vesting of his stock grants
or stock options accelerated or to have the period during which he may exercise his options extended under this Section 9 shall
be forfeited, but without prejudice to any exercise of options that may have occurred prior to such forfeit, and the Executive
shall reimburse the Company in full for all termination payments made to the Executive under this Section 9 no later than
30 days after the Company gives notice of such breach to the Executive.

		 	 

		10.	Termination Payments, Vesting and Exercise of Stock
Grants and Options upon Termination for Cause or Voluntary Termination for Reasons Other Than Death or Permanent Disability.
If the Company terminates this Agreement for Cause or in the event of a Voluntary Termination for reasons other than the Executive’s
Death or Permanent Disability, the Company shall pay Executive the compensation and benefits otherwise payable to Executive under
Section 5 through the date of termination. Executive’s rights under any Restricted Stock grants or stock options with respect
to the vesting or exercise of such Restricted Stock grants or stock options shall be determined under the terms of the Restricted
Stock grant or Stock Option Agreement entered into between the Company and the Executive and this Agreement.

		 	 

		11.	Termination Following a Change in Control.

		 	 

		(a)	If at any time upon the occurrence of a Change in Control,
Company terminates the Executive’s employment, the Executive shall be entitled to the benefits provided by Sections 11 and 12
unless such termination is the result of the occurrence of one or more of the following events:

		 	 

		(i)	The Executive’s death;

		(ii)	The Executive’s permanent disability; or

		(iii)	Cause.

		 	 

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		(b)	If at any time following the occurrence of a Change in
Control the Executive shall be entitled to the benefits provided by Section 12 if one or more of the following events has
occurred (regardless of whether any other reason, other than Cause as hereinabove provided, for such termination exists or has
occurred, including without limitation other employment):

		 	 

		(i)	Failure to maintain the Executive in the office or the
position, or a substantially equivalent office or position, of or with the Company, which the Executive held immediately prior
to a Change in Control;

		 	 

		(ii)	a reduction in the aggregate of the Executive’s
Base Pay and Incentive Pay received from the Company and any Subsidiary from that earned immediately prior to the Change in Control
or the termination or denial of the Executive’s rights to Employee Benefits or a reduction in the scope or value thereof
from that earned immediately prior to the Change in Control, any of which is not remedied by the Company no later than 10 calendar
days after receipt by the Company of written notice from the Executive of such change, reduction or termination, as the case may
be;

		 	 

		(iii)	determination by the Executive (which determination will
be conclusive and binding upon the parties hereto if it was made in good faith and in all events will be presumed to have been
made in good faith unless otherwise shown by the Company by clear and convincing evidence) that a change in circumstances has
occurred following a Change in Control, including, without limitation, a change in the scope of the business or other activities
for which the Executive was responsible immediately prior to the Change in Control, which has rendered the Executive substantially
unable to carry out, has substantially hindered Executive’s performance of, or has caused Executive to suffer a material
reduction in, any of the authorities, powers, functions, responsibilities or duties attached to the position held by the Executive
immediately prior to the Change in Control, which situation is not remedied no later than 10 calendar days after receipt
by the Company of written notice from the Executive of such determination;

		 	 

		(iv)	The liquidation, dissolution, merger, consolidation or
reorganization of the Company or transfer of all or substantially all of its business and/or assets, unless the successor or successors
(by liquidation, merger, consolidation, reorganization, transfer or otherwise) to which all or substantially all of its business
and/or assets have been transferred (directly or by operation of law) assumed all duties and obligations of the Company under
this Agreement pursuant to Section 24(a) and Executive’s total compensation package remains unchanged from the Company and
any Subsidiary from that earned immediately prior to the Change in Control;

 

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		(v)	The Company relocates its principal executive offices,
or requires the Executive to have his principal location of work changed, to any location that is in excess of 50 miles from
the location thereof immediately prior to the Change in Control without his prior written consent; or

		 	 

		(vi)	Without limiting the generality or effect of the foregoing,
any material breach of this Agreement by the Company or any successor thereto which is not remedied by the Company within 10 calendar
days after receipt by the Company of written notice from the Executive of such breach.

 

A termination by the Company pursuant to
Section 11(a) or by the Executive pursuant to Section 11(b) will not affect any rights that the Executive may have pursuant
to any agreement, policy, plan, program or arrangement of the Company providing Employee Benefits, which rights shall be governed
by the terms thereof, except for any rights to severance compensation to which Executive may be entitled upon termination of employment
under Section 9.

 

		12.	Severance Compensation Following Change in Control.

		 	 

		(a)	If at any time the Company terminates the Executive’s
employment pursuant to Section 11(a) or the Executive terminates his employment pursuant to Section 11(b),

		 	 

		(i)	the Company shall pay the Executive, in accordance with
the Company’s regular payroll schedule, termination payments equal to the continuation of the Executive’s base
salary for a period of nine months thereafter (the “Payment Period”);

		 	 

		(ii)	all unvested stock grants and stock options under Grant
A and Grant A Option (if prior to a Successful IPO) and all unvested stock grants under Grant A, Grant A Option and Grant B and
Grant B Option if after a Successful IPO) and stock options shall immediately vest; and

		 	 

		(iii)	the Executive shall have the right to exercise any and
all vested stock options at any time not later than 90 days after the date of termination.

		 	 

		(b)	Without limiting the rights of the Executive at law or
in equity, if the Company fails to make any payment or provide any benefit required to be made or provided hereunder on a timely
basis, the Company shall pay interest on the amount or value thereof at an annualized rate of interest equal to the so-called
composite “prime rate” plus 600 basis points as quoted from time to time during the relevant period in the Midwest
Edition of The Wall Street Journal. Such interest shall be payable as it accrues on demand. Any change in such prime rate
shall be effective on and as of the date of such change.

		 	 

		(c)	Notwithstanding any provision of this Agreement to the
contrary, the parties’ respective rights and obligations under this Section 12 and under Sections 13 and 16 shall
survive any termination or expiration of this Agreement or the termination of the Executive’s employment following a Change
in Control for any reason whatsoever.

 

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13.         Limitation on Payments and Benefits.
Notwithstanding any provision of this Agreement to the contrary, if any amount or benefit to be paid or provided under this Agreement
would be an “Excess Parachute Payment,” within the meaning of Section 280G of the Internal Revenue Code of 1986,
as amended (the “Code”), or any successor provision thereto, but for the application of this sentence, then the payments
and benefits to be paid or provided under this Agreement shall be reduced to the minimum extent necessary (but in no event to less
than zero) so that no portion of any such payment or benefit, as so reduced, constitutes an Excess Parachute Payment except that
the foregoing reduction shall be made only if and to the extent that such reduction would result in an increase in the aggregate
payment and benefits to be provided, determined on an after-tax basis (taking into account the excise tax imposed pursuant to Section
4999 of the Code, or any successor provision thereto, any tax imposed by any comparable provision of state law, and any applicable
federal, state and local income taxes). The determination of whether any reduction in such payments or benefits to be provided
under this Agreement or otherwise that is required pursuant to the preceding sentence shall be made at the expense of the Company,
if requested by the Executive or the Company, by the Company’s independent accountants. The fact that the Executive’s
right to payments or benefits may be reduced by reason of the limitations contained in this Section 13 shall not of itself
limit or otherwise affect any other rights of the Executive other than pursuant to this Agreement. In the event that any payment
or benefit intended to be provided under this Agreement or otherwise is required to be reduced pursuant to this Section 13,
the Executive shall be entitled to designate the payments and/or benefits to be so reduced in order to give effect to this Section 13.
The Company shall provide the Executive with all information reasonably requested by the Executive to permit the Executive to make
such designation. In the event that the Executive fails to make such designation within 10 business days of the Termination Date,
the Company may effect such reduction in any manner it deems appropriate.

 

14.         No
Mitigation Obligation. The Company hereby acknowledges that it will be difficult and may be impossible for the Executive
to find reasonably comparable employment following the Termination Date and that the non-competition covenant contained in Section
15 will further limit the employment opportunities for the Executive. Accordingly, the Company acknowledges that the payment of
the severance compensation by the Company to the Executive in accordance with the terms of this Agreement is reasonable and that
the Executive will not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment
or otherwise, nor will any profits, income, earnings or other benefits from any source whatsoever create any mitigation, offset,
reduction or any other obligation on the part of the Executive hereunder or otherwise, except as expressly provided in the last
sentence of Section 12(a).

   

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		15.	Confidentiality Agreement.

 

		(a)	The Executive acknowledges that in the course of his
employment by the Company, he will or may have access to and become informed of confidential and secret information that is a
competitive asset of the Company (“Confidential Information”), including, without limitation, (i) the terms of
agreements between the Company and its employees, regional developers, franchisees and suppliers (ii) pricing strategy, (iii) sales
and marketing methods, (iv) product development ideas and strategies, (v) personnel and franchisee training and development
programs, (vi) financial results, (vii) strategic plans and demographic analyses, (viii) proprietary computer and
systems software and (ix) any non-public information concerning the Company, its employees, regional developers, franchisees,
suppliers and customers. Regardless of any actual or alleged breach by the Company of this Agreement, the Executive shall keep
all Confidential Information in strict confidence and shall not directly or indirectly make known, divulge, reveal, furnish, make
available or use any Confidential Information (except in the course of his regular authorized duties on behalf of the Company)
until and unless such Confidential Information becomes, through no fault of the Executive, generally known to the public or the
Executive is required by law to make disclosure (after giving the Company reasonable notice and an opportunity to contest such
requirement). The Executive’s obligations under this Section 15 are in addition to, and not in limitation or preemption
of, all other obligations of confidentiality which the Executive may have to the Company under general legal or equitable principles.

		 	 

		(b)	Except in the ordinary course of the Company’s
business, the Executive has not made and shall never make or cause to be made, any copies, pictures, duplicates, facsimiles or
other reproductions or recordings or any abstracts or summaries including or reflecting Confidential Information. All such documents
and other property furnished to the Executive by the Company or otherwise acquired or developed by the Company shall at all times
be the property of the Company. Upon a Voluntary Termination or Involuntary Termination, the Executive shall return to the Company
any such documents or other property of the Company which are in the possession, custody or control of the Executive.

16.          Covenant not to Compete; No Inducement; No Solicitation.
In consideration for the Executive’s employment hereunder and the Company’s providing the Executive with confidential
information and contacts with the Company’s customers and accounts,

		(a)	during the term of the Employment Provisions and (A) after
an Involuntary Termination for Cause, for a period of three years after such Involuntary Termination, (B) after an Involuntary
Termination other than for Cause, during the Payment Period or (C) after a Voluntary Termination, if prior to the date of the
Voluntary Termination the Company agrees to pay Executive all of the termination payments set forth in Section 9(a) hereof,
for a period of two years after such Voluntary Termination, the Executive shall not, without the prior written consent of the
Company (which consent may be withheld for any reason or no reason), directly or indirectly or by action in concert with others,
own, manage, operate, join, control, perform consulting services for, be employed by, participate in or be connected with any
business, enterprise or other entity (or the ownership, management, operation, or control of any such business, enterprise or
other entity) (a “Competing Enterprise”) engaged anywhere in the United States in the Restricted Business. Notwithstanding
the foregoing, Executive may make purely passive investments on behalf of himself, his immediate family or any trust in public
companies engaged in a Competing Enterprise so long as the aggregate interest represented by such investments does not exceed
1% of any class of the outstanding debt or equity securities of any Competing Enterprise.

 

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		(b)	during the term of the Employment Provisions and (A) after
an Involuntary Termination for Cause, for a period of three years after such Involuntary Termination, (B) after an Involuntary
Termination other than for Cause, during the Payment Period or (C) after a Voluntary Termination, if prior to the date of the
Voluntary Termination the Company agrees to pay Executive all of the termination payments set forth in Section 9(a) hereof,
for a period of three years after such Voluntary Termination, the Executive shall not, directly or indirectly, in any capacity,
on his own behalf or on behalf of any other firm, person or entity, induce or attempt to induce any regional developer, franchisee
or clinic manager of the Company to cease doing business in whole or in part with the Company, solicit the business of any such
person for any Restricted Business or otherwise create any ill will or negative publicity with respect to the Company.

		 	 

		(c)	during the term of the Employment Provisions and (A) after
an Involuntary Termination for Cause, for a period of three years after such Involuntary Termination, (B) after an Involuntary
Termination other than for Cause, during the Payment Period or (C) after a Voluntary Termination, if prior to the date of the
Voluntary Termination the Company agrees to pay Executive all of the termination payments set forth in Section 9(a) hereof,
for a period of three years after such Voluntary Termination, the Executive shall not, directly or indirectly, in any capacity,
on his own behalf or on behalf of any other firm, person or entity, undertake or assist in the solicitation of any Company employee
(including without limitation, employees of Company franchisees), to terminate his or her employment with the Company or with
a Company franchisee.

		 	 

		(d)	during a period ending one year following the Termination
Date, if the Executive has received or is receiving benefits under Section 12, the Executive shall not, without the prior
written consent of the Company, which consent shall not be unreasonably withheld, engage in any Competitive Activity.

 

17.         Employment
Rights. Nothing expressed or implied in this Agreement shall create any right or duty on the part of the Company or the
Executive to have the Executive remain in the employment of the Company prior to or following any Change in Control. Any termination
of employment of the Executive or the removal of the Executive from the office or position in the Company following the commencement
of any discussion with a third person that ultimately results in a Change in Control shall be deemed to be a termination or removal
of the Executive after a Change in Control for purposes of this Agreement.

 

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18.         Withholding
of Taxes. The Company may withhold from any amounts payable under this Agreement all federal, state, city or other taxes
as the Company is required to withhold pursuant to any law or government regulation or ruling.

 

19.         Specific
Enforcement. The Executive acknowledges and agrees that a violation of Sections 15 or 16 hereof that results in material
detriment to the Company would cause irreparable harm to the Company, and that the Company’s remedy at law for any such violation
would be inadequate. In recognition of the foregoing, the Company shall have the right, in addition to any other relief afforded
by law or this Agreement, including damages, but specifically excluding any consequential or punitive damages sustained by a breach
of this Agreement and any forfeitures under Section 9, and without any necessity or proof of actual damages, to enforce this
Agreement by specific remedies, including, among other things, temporary and permanent injunctions, it being the understanding
of the Company and the Executive that damages, the forfeitures described above and injunctions shall all be proper modes of relief
and shall not be considered alternative remedies.

 

20.         Arbitration.
Any dispute between the parties under this Agreement shall be resolved (except as provided below) through informal arbitration
by an arbitrator selected under the rules of the American Arbitration Association (located in Phoenix, Arizona) and the arbitration
shall be conducted in that location under the rules of said Association. Each party shall be entitled to present evidence and argument
to the arbitrator. The arbitrator shall have the right only to interpret and apply the provisions of this Agreement and may not
change any of its provisions. The arbitrator shall permit reasonable pre-hearing discovery of facts to the extent necessary to
establish a claim or a defense to a claim, subject to supervision by the arbitrator. The determination of the arbitrator shall
be conclusive and binding upon the parties and judgment upon the same may be entered in any court having jurisdiction thereof.
The arbitrator shall give written notice to the Company and the Executive stating its determination, and shall furnish to each
party a signed copy of such determination. The expenses of arbitration shall be borne equally by the Executive and the Company
or as the arbitrator shall otherwise equitably determine.

 

Notwithstanding the foregoing, the Company
nor the Executive shall not be required to seek or participate in arbitration regarding any breach of Sections 15 or 16, but
may pursue its remedies for such breach in any court of competent jurisdiction in the State of Arizona. Any arbitration or action
pursuant to this Section 20 shall be governed by and construed in accordance with the substantive laws of the State of Arizona,
without giving effect to the principles of conflict of laws of such State.

 

21.         Notices.
For all purposes of this Agreement, all communications, including without limitation notices, consents, requests or approvals,
required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given when hand delivered
or dispatched by electronic facsimile transmission (with receipt thereof confirmed), or five business days after having been mailed
by United States registered or certified mail, return receipt requested, postage prepaid, or three business days after having been
sent by a nationally recognized overnight courier service (such as Federal Express or UPS) addressed to the Company (to the attention
of the Secretary of the Company) at its principal executive office and to the Executive at his principal residence, or to such
other address as either party may have furnished to the other in writing and in accordance herewith, except that notices of changes
of address shall be effective only upon receipt.

 

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22.         Governing
Law. The validity, interpretation, construction and performance of this Agreement shall be governed by and construed in
accordance with the substantive laws of the State of Arizona, without giving effect to the principles of conflict of laws of such
State.

 

23.         Agreement.
This Agreement contains all of the covenants and agreements between the parties with respect to such subject matter. Each party
to this Agreement acknowledges that no representations, inducements, promises, or other agreements, orally or otherwise, have been
made by any party, or anyone acting on behalf of any party, pertaining to the subject matter hereof, that are not embodied herein,
and that no other agreement, statement or promise pertaining to the subject matter hereof that is not contained in this Agreement
shall be valid or binding on either party.

 

		24.	Successors and Binding Agreement.

		 	 

		(a)	The Company shall require any successor (whether direct
or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business or assets
of the Company, by agreement in form and substance satisfactory to the Executive, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had taken place.
This Agreement shall be binding upon and inure to the benefit of the Company and any successor to the Company, including without
limitation any persons acquiring directly or indirectly all or substantially all of the business or assets of the Company whether
by purchase, merger, consolidation, reorganization or otherwise (and such successor shall thereafter be deemed the “Company”
for the purposes of this Agreement), but will not otherwise be assignable, transferable or delegable by the Company.

		 	 

		(b)	This Agreement will inure to the benefit of and be enforceable
by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees and legatees.

		 	 

		(c)	This Agreement is personal in nature and neither the
Company nor the Executive shall, without the consent of the other, assign, transfer or delegate this Agreement or any rights or
obligations hereunder except as expressly provided in Sections 24(a) and 24(b). Without limiting the generality or effect of the
foregoing, the Executive’s right to receive payments hereunder will not be assignable, transferable or delegable, whether
by pledge, creation of a security interest, or otherwise other than by a transfer by the Executive’s will or by the laws
of descent and distribution and, in the event of any attempted assignment or transfer contrary to this Section 24(c), the Company
shall have no liability to pay any amount so attempted to be assigned, transferred or delegated.

 

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25.         Validity.
If any provision of this Agreement or the application of any provision hereof to any person or circumstances is held invalid, unenforceable
or otherwise illegal, the remainder of this Agreement and the application of such provision to any other person or circumstances
shall not be affected, and the provision so held to be invalid, unenforceable or otherwise illegal shall be reformed to the extent
(and only to the extent) necessary to make it enforceable, valid or legal.

 

26.         Miscellaneous.
No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to
in writing signed by the Executive and the Company. No waiver by either party hereto at any time of any breach by the other party
hereto or compliance with any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver
of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. Unless otherwise noted, references
to “Sections” are to sections of this Agreement. The captions used in this Agreement are designed for convenient reference
only and are not to be used for the purpose of interpreting any provision of this Agreement.

 

27.         Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together
shall constitute one and the same agreement.

 

28.         Effective
Date. Notwithstanding anything to the contrary herein, this Agreement shall not become effective unless and until the Board
approves this Agreement. Upon receipt of such approval, this Agreement shall become immediately effective.

 

IN WITNESS WHEREOF,
the Company and the Executive have executed this Agreement as of the date first above written1.

 

	 	 	The Joint Corp.
	 	 	 
	 	 	 
	 	 	By:	John Leonesio
	 	 	Its:	Chief Executive Officer
	 	 	 	 
	 	 	 
	 	 	David M. Orwasher
	 	 	 	 

 

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