Document:

EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (this "Agreement"), by and between Schmitt Industries, Inc., an Oregon corporation (the "Company"),
and Philip Bosco ("Executive"), is entered into and effective this 16th day of November, 2020 (the "Effective
Date").

 

RECITALS

 

A.                
The Company is engaged primarily in the business of designing, manufacturing and selling
high precision test and measurement products for a wide variety of manufacturing, industrial and commercial applications, as well
as producing, selling and distributing ice cream, and Executive has experience in such businesses.

 

B.                
The Company desires to employ and retain the unique experience, abilities, and services
of Executive as its Chief Financial Officer and Executive desires to be employed by the Company, subject to the terms and conditions
of this Agreement

 

C.                
The Company will have a protectable interest in connection with Executive's employment
with the Company. Executive will have access to trade secrets, as that term is defined in ORS 646.461, or will have access to
competitively sensitive confidential business or professional information that otherwise would not qualify as a trade secr t,
including product development plans, product launch plans, marketing strategy, or sales plans.

 

D.               
The Company informed Employee that it intends to enforce the noncompetition agreement
as a condition of Employee's employment with the Company.

 

E.                 
At least 72 hours before the first day of employment, the Company informed Executive
that it would require an arbitration agreement as a condition of employment.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the mutual promises, terms, covenants, and conditions set forth herein and the performance of each,
it is hereby agreed as follows:

 

1.
           EMPLOYMENT AND DUTIES.

 

(a)               
EMPLOYMENT. The Company hereby employs Executive, and Executive hereby agrees to act,
as Chief Financial Officer of the Company. As such, Executive shall have responsibilities, duties, and authority reasonably accorded
to, expected of, and consistent with Executive's position and Executive shall report directly to the Chief Executive Officer (the
"CEO"). Executive hereby accepts this employment upon the terms and conditions herein contained and, subject to Section
1(c) hereof, agrees to devote his best efforts and substantially
all of his business time and attention to promote and further the business of the Company.

 

(b)               
POLICIES. Executive shall faithfully adhere to, execute, and fulfill all lawful policies
established by the Company.

 

(c)               
OTHER ACTIVITIES. Executive shall not, during the period of his employment hereunder
(the "Term"), be engaged in any other business activity pursued for gain, profit, or other pecuniary advantage if such
activity interferes in any material respect with Executive's duties and responsibilities hereunder. The foregoing limitations
shall not be construed as prohibiting Executive from

 

     

    

    

 

(i) making
personal investments in such form or manner as will neither require him services in the operation or affairs of the companies
or enterprises in which such investments are made nor subject Executive to any conflict of interest with respect to his duties
to the Company, (ii) serving on any civic or charitable boards or committees, or (iii) serving, with the written approval of the
Board, as a director of one or more corporations, in each case so long as any such activities do not significantly interfere with
the performance of Executive's responsibilities under this Agreement. In addition, Executive shall comply with the restrictions
listed in Section 3 of this Agreement.

 

2.
           "COMPENSATION. For all services rendered by Executive,
the Company shall compensate Executive as follows:

 

(a)               
BASE SALARY. As of the Effective Date, the base salary payable to Executive shall be
Two Hundred Twenty-Five Thousand Dollars ($225,000) per year, payable on a regular basis in accordance with the Company's standard
payroll procedures, but not less than monthly.

 

(b)              
EQUITY INCENTIVE COMPENSATION. For services rendered, within five (5) business days after
the Commencement Date, the Company shall issue to Executive a total of 9,222 restricted stock units ("RSU's") for shares
of the Company's common stock, no par value (the "Common Stock"), in accordance with the Company's 2014 Equity Incentive
Plan (the "Plan") and pursuant to a customary agreement, relative thereto, which RSU's shall vest in three equal tranches
on each subsequent anniversary date of this agreement. In the event of any stock split, combination or similar event, the number
ofRSU's and shares of Common Stock referred to above shall be adjusted proportionately.

 

For
the purposes of this section, the occurrence of any of the following with Board and, if required by law, shareholder approval
shall constitute a "Qualifying Event": (x) the Company publicly discloses its intent to terminate its registration of
the Common Stock under Section 12(g) of the Securities and Exchange Act of 1934 (the "Exchange Act"); (y) the Company
shall have commenced a self-tender offer for not less than 33% of the Company's shares of Common Stock outstanding immediately
preceding such self-tender offer at an offer price at least equal to the 15-Day Average Price applicable on the date such offer
price is determined by the Company's Board of Directors; and (z) the Company shall have completed any other extraordinary transaction
in which more than 15% of the Company's current outstanding shares were issued as part of such transaction.

 

(c)               
BONUS COMPENSATION. Executive shall be eligible for each of the following bonuses from
the Company:

 

(i)                  
Payable upon achieving Performance Based objectives determined by the CEO and Compensation
Committee, an RSU bonus up to an amount equivalent to Sixty-Seven Thousand Five Hundred Dollars ($67,500);

 

(ii)                
Discretionary bonuses to Executive determined by the CEO and Compensation Committee and
approved by the Board.

 

(d)               
EXECUTIVE PERQUISITES, BENEFITS, AND OTHER COMPENSATION. Executive shall be entitled
to receive additional benefits and compensation from the Company in such form and to such extent as specified below:

 

(i)                  
REIMBURSEMENT FOR EXPENSES. The Company shall provide reimbursement to Executive for
business travel and other out-of-pocket expenses reasonably incurred by Executive in the performance of his services under this
Agreement. All reimbursable expenses shall be appropriately documented in reasonable detail by Executive upon submission of any
request for reimbursement and shall be in a format and manner consistent with the Company's expense reporting policy . Such expenses
shall be submitted to the Company's CEO for approval or to such other officer of the Company as the Board may from time to time
direct.

 

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(ii)               
PAID TIME OFF. Paid time off in accordance with the applicable policy of the Company
as in effect from time to time, but no less favorable to Executive than the policy of the Company in effect on the Effective Date.

 

(iii)             
OTHER EXECUTIVE PERQUISITES. The Company shall provide Executive with other executive
perquisites as may be made available to or deemed appropriate for Executive by the Board or a committee of the Board and participation
in all other Company-wide employee benefits (including group insurance, pension, retirement, and other plans and programs) as
are available to the Company's executive officers from time to time.

 

4.
           NON-COMPETITION AGREEMENT.

 

(a)               
NON-COMPETITION. Except with the written approval of the Board, which approval may be
requested by Executive, Executive shall not, during the period of his employment by or with the Company, and during the Non-compete
Period (as hereinafter defined) for any reason whatsoever, directly or indirectly, for herself or on behalf of or in conjunction
with any other person:

 

(i)                 
OTHER ACTIVITIES. Engage, as an officer, director, shareholder, owner, principal, partner,
lender, joint venturer, employee, independent contractor, consultant, advisor, or sales representative, in any Competitive Business
within the Restricted Territory;

 

(ii)               
SOLICITATION OF EMPLOYEES. Call upon any person who is, at that time, within the Restricted
Territory, an employee of the Company or any of its subsidiaries, in a managerial capacity for the purpose or with the intent
of enticing such employee away from or out of the employ of the Company or any of its subsidiaries;

 

(iii)             
SOLICITATION OF CUSTOMERS. Call upon any person or entity that is, at that time, or that
has been, within one (1) year prior to that time, a customer of the Company or any of its subsidiaries, within the Restricted
Territory for the purpose of soliciting or selling products or services in direct competition with the Company or any of its subsidiaries
within the Restricted Territory;

 

(iv)              
SOLICITATION OF ACQUISITION CANDIDATES. Call upon any prospective acquisition candidate
(that is, a business that the Company may have an interest in acquiring), on Executive's own behalf or on behalf of any person,
which candidate was, to Executive's knowledge after due inquiry, either called upon by the Company, or for which the Company made
an acquisition analysis, for the purpose of acquiring such candidate.

 

(b)              
CERTAIN DEFINITIONS. As used in this Agreement, the following terms shall have the meanings
ascribed to them:

 

(i)                 
COMPETITIVE BUSINESS shall mean any Person that is engaged in designing, manufacturing
and selling high precision test and measurement products for manufacturing, industrial and commercial applications or any other
business in which the Company is engaged;

 

(ii)               
PERSON shall mean any individual, corporation, limited liability company, partnership,
firm, or other business of whatever nature;

 

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(iii)             
RESTRICTED TERRITORY shall mean North America, Europe and China; and

 

(iv)             
SUBSIDIARY shall mean the Company's consolidated subsidiaries, including corporations,
partnerships, limited liability companies, and any other business organization in which the Company holds at least a fifty percent
(50%) equity interest.

 

(v)               
NON-COMPETE PERIOD shall mean the longer of (i) the one (1) year period immediately following
the termination of Executive's employment with the Company or (ii) the time during which Severance Payments (defined below) are
being made by the Company to Executive in accordance with this Agreement; provided, however, that if the Executive's employment
is terminated by the Company without Good Cause, Executive terminates his employment with Good Reason, or Executive terminates
his employment after a Change in Control pursuant to Section 4(b)(vi)(B), then the Non-compete Period shall be eliminated immediately
following the termination of his employment with the Company.

 

(c)               
ENFORCEMENT. Because of the difficulty of measuring economic losses to the Company as
a result of a breach of the foregoing covenants, and because of the immediate and irreparable damage that could be caused to the
Company for which it would have no other adequate remedy, Executive agrees that the foregoing covenants may be enforced by the
Company in the event of breach by him, by injunctions and restraining orders.

 

(d)               
REASONABLE RESTRAINT. It is
agreed by the parties that the foregoing covenants in this Section 3 impose a reasonable restraint on Executive in light of the
activities and business of the Company (including the Company's subsidiaries) on the date of the execution of this Agreement and
the current plans of the Company (including the Company's subsidiaries); but fr
is also the intent of the

 

Company
and Executive that such covenants be construed and enforced in accordance with the changing activities, business, and locations
of the Company (including the Company's subsidiaries) throughout the term of this covenant, whether before or after the date of
termination of the employment of Executive. For example, if, during the term of this Agreement, the Company (including the Company's
subsidiaries) engages in new and different activities, enters a new business, or establishes new locations for its current activities
or business in addition to or other than the activities or business enumerated above or the locations currently established therefor,
then Executive will be precluded from soliciting the customers or employees of such new activities or business or from such new
location and from directly competing with such new business within the Restricted Territory through the term of these covenants.

 

(e)               
OTHER ACTIVITIES. It is
further agreed by the parties that, in the event that Executive shall cease to be employed hereunder and enters into a business
or pursues other activities not in competition with the Company (including the Company's subsidiaries), or similar activities
or business in locations, the operation of which, under such circumstances, does not violate this Section 3, and in any event
such new business, activities, or location are not in violation of this Section 3 or of Executive's obligations under this Section
3, if any, Executive shall not be chargeable with a violation of this Section 3 if the Company (including the Company's subsidiaries)
shall thereafter enter the same, similar, or a competitive (i) business, (ii) course of activities, or (iii) location, as applicable.

 

(t)       SEPARATE
COVENANTS. The covenants in this Section 3 are severable and separate, and the unenforceability of any specific covenant shall
not affect the provisions of any other covenant. Moreover, in the event any court of competent jurisdiction shall determine that
the scope, time, or territorial restrictions set forth are unreasonable, then it is the intention of the parties that such restrictions
be enforced to the fullest extent that the court deems reasonable, and the Agreement shall thereby be reformed.

 

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(g)INDEPENDENT
AGREEMENT. All of the covenants in this Section 3 shall be construed as an agreement independent of any other provision in this
Agreement, and the existence of any claim or cause of action of Executive against the Company, whether predicated on this Agreement
or otherwise, shall not constitute a defense to the enforcement by the Company of such covenants; except as provided in Section
4(d) below. It is specifically agreed that the Non-compete Period following termination of
employment as defined in this Section 3, during which the agreements and covenants of Executive made in this Section 3 shall be
effective, shall be computed by excluding from such computation any time during which Executive is in violation of any provision
of this Section 3.

 

5.           
AT-WILL EMPLOYMENT. Executive's employment with the Company shall be at-will. The Executive may terminate his employment
at any time for any reason (subject to the notice requirements provided in this Agreement) and the Company may terminate Executive's
employment with the Company at any time and for any reason (subject to the severance provisions of this Agreement). This at-will
employment relationship cannot be changed except by written authorization by the Board.

 

6.           
TERMINATION; RIGHTS ON TERMINATION. Executive's employment under this Agreement may be terminated in any one of the followings
ways:

 

(a)               
BY THE COMPANY. Upon 30 days' notice, the Company may terminate Executive's employment
for without good cause upon the approval of a majority of the members of the Board, excluding Executive if Executive is a member
of the Board.

 

(b)              
TERMINATION BY THE COMPANY FOR GOOD CAUSE. The Company may terminate Executive's employment
upon ten (10) days prior written notice to Executive for "Good Cause," which shall mean any one or more of the following:
(A) Executive's willful and material breach of this Agreement which has not been cured by the Executive within thirty (30) days
following written notice of such breach from the Company; (8) Executive's
gross negligence in the performance or intentional nonperformance (continuing for thirty (30) days after receipt of written notice
of need to cure) of any of Executive's material duties and responsibilities hereunder; (C) Executive's willful dishonesty, fraud,
or misconduct with respect to the business or affairs of the Company, which materially and adversely affects the operations or
reputation of the Company; (D) Executive's conviction of a felony crime involving dishonesty or moral turpitude; or (E) a confirmed
positive illegal drug test result. In the event of a termination by the Company for Good Cause, Executive shall have no right
to any severance compensation.

 

(c)               
RESIGNATION BY EXECUTIVE. Executive may, without cause, terminate his own employment
under this Agreement, effective thirty (30) days after written notice is provided to the Company or such earlier time as any such
resignation may be accepted by the Company. If Executive resigns or otherwise terminates his employment, Executive shall receive
no severance compensation.

 

(e)       DEATH
OF EXECUTIVE. The employment of Executive shall terminate immediately upon Executive's death. In the event of such termination,
all options to purchase Common Stock of the Company held by Executive shall thereupon vest and shall be exercisable for the maximum
period of time, up to their full term, that will not cause Executive with respect to such options to be subject to any excise
tax under Section 409A of the Internal Revenue Code of 1986, as amended ("Section 409A") notwithstanding the termination
of employment. All restricted stock and/or restricted stock units (or comparable forms of equity compensation, if any) held by
the Executive which, as of the date of the death of Executive, are not then subject to any performance conditions for vesting,
shall be fully vested and shall not be subject to any risk of forfeiture or repurchase as of the date of Executive's death. The
payment described in this Section, if payable, will be paid within ten (10) days after the Executive's death.

 

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(t)DISABILITY
OF EXECUTIVE. The Company may terminate Executive's employment in the event the Executive is disabled. The Executive shall be
disabled if the Executive is unable to engage in any substantial gainful activity by reason of a medically determined physical
or mental impairment expected to last at least twelve consecutive months or result in death, or if the Executive is determined
to be disabled under a Company disability plan with a similar definition of disability. In the event of such termination, all
options to purchase Common Stock of the Company held by Executive shall thereupon vest and shall be exercisable for the maximum
period of time, up to their full term, that will not cause Executive with respect to such options to be subject to any excise
tax under Section 409A notwithstanding the termination of employment. All restricted stock and/or restricted stock units (or comparable
forms of equity compensation, if any) held by the Executive which, as of the date of the disability of Executive, are not then
subject to any performance conditions for vesting, shall be fully vested and shall not be subject to any risk of forfeiture or
repurchase as of the date of Executive's termination due to disability (as defined in this paragraph)

 

(h)              
TERMINATION BY THE COMPANY WITHOUT GOOD CAUSE OR BY EXECUTIVE WITH GOOD REASON. The Company may terminate Executive's employment
without Good Cause upon the approval of a majority of the members of the Board, excluding Executive if Executive is a member of
the Board. Executive may terminate his employment under this Agreement for Good Reason upon thirty (30) days prior notice to the
Company.

 

(i)                 
RESULT OF TERMINATION BY THE COMPANY WITHOUT GOOD CAUSE OR BY EXECUTIVE WITH GOOD REASON.
Should the Company terminate Executive's employment without Good Cause or should Executive terminate his employment with Good
Reason, the Company shall pay to Executive, on a monthly basis for six (6) months after such termination, on such dates as would
otherwise be paid by the Company, an amount equal to the average of the monthly base salary and bonus paid to Executive for the
two (2) prior full fiscal years. In addition, the Company will pay, on a monthly basis for six (6) months, the Company-paid portion
of insurance premiums for coverage under the health and welfare programs of the Company in effect on the date of termination.
The amounts payable under the two preceding sentences are the "Severance Payments" contemplated by this Agreement and
shall commence on the first payroll date following Executive's "separation from service" from the Company within the
meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), and shall be treated as a series
of separate payments under Treasury Regulations Section l.409A-2(b)(2)(iii). Further, if the Company terminates Executive's employment
without Good Cause or Executive terminates his employment with Good Reason, ( l) all options to purchase Common Stock of the Company
held by Executive shall vest thereupon and shall be exercisable for the maximum period of time, up to their full term, that will
not cause Executive with respect to such options to be subject to any excise tax under Section 409A notwithstanding the termination
of employment, (2) all restricted stock and/or restricted stock units (or comparable
forms of equity compensation, if any) held by Executive which, as of the effective date of the termination of Executive, are not
then subject to any performance conditions for vesting, shall be fully vested and shall not be subject to any risk of forfeiture
or repurchase as of the date of termination, and (3) Executive shall be entitled to receive all other unpaid benefits due and
owing through Executive's last day of employment. Further, any termination by the Company without Good Cause or by Executive for
Good Reason shall operate to eliminate the Non- compete Period set forth in Section 3.

 

(ii)               
DEFINITION OF GOOD REASON. Executive shall have "Good Reason" to terminate
employment upon the occurrence of any of the following events, without Executive's written approval: (1) Executive suffers a material
reduction in authority, responsibilities, or duties as provided herein; (2) Executive's annual base salary as set forth in this
Agreement is reduced in excess of fifteen percent (15%); (3) Executive is required to render his primary employment services from
a location more than 25 miles from the Company's headquarters at the time Executive began his employment with the Company; (4)
the Company takes steps to deny Executive a reasonable opportunity to maintain Executive's total compensation (i.e., base salary
plus bonus and any other annual cash incentive compensation) compared to the previous fiscal year (provided total compensation
may take into account performance of the Company and the past compensation practices of the Company) or (5) the Company breaches
a material provision of this Agreement. In order for an event to justify termination for Good Reason, the Executive must give
written notice to the Company of such event within 90 days of its first occurrence and the Company must have 30 days to cure,
if possible.

 

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		(i)	CHANGE IN CONTROL OF THE COMPANY.

 

(i)           
POSSIBILITY OF CHANGE IN CONTROL. Executive understands and acknowledges that the Company may
be merged or consolidated with or into another entity and that such entity shall automatically succeed to the rights and obligations
of the Company hereunder or that the Company may undergo another type of Change in Control. In the event such a merger or consolidation
or other Change in Control is initiated prior to the end of the Term, then the provisions of this Section 4(b)(vi) shall be applicable.

 

(ii)          
TERMINATION SUBSEQUENT TO A CHANGE IN CONTROL. Notwithstanding anything to the contrary herein,
in the event that the Company, at any time within one (1) year after a Change in Control, terminates Executive without Good Cause,
the Company shall pay to Executive a lump sum payment within thirty (30) days of the termination date. The lump sum payment shall
be equal to the sum of (x) the average annual base salary and bonus paid to Executive for the two (2) prior full fiscal years
preceding the date of termination, and (y) the Company-paid portion of insurance premiums for six (6) months of coverage under
the health and welfare programs of the Company in effect on the date of termination, in each case less all applicable taxes, payroll
deductions and withholdings required by law. In addition, any unvested stock options and restricted
stock shall immediately be fully vested. Notwithstanding the preceding sentence, if the independent accountants acting as auditors
for the Company on the date of the Change in Control determine that such single payment, together with other compensation received
by Executive, would constitute "excess parachute payments" within the meaning of Section 280G of the Internal Revenue
Code of 1986, as amended, and regulations thereunder, the single payment to Executive shall be reduced to the maximum amount which
may be paid without such payments in the aggregate constituting "excess parachute payments."

 

(A)             
EFFECTIVE DATE OF CHANGE IN CONTROL. For purposes of applying Section 4 hereof, the effective
date of the Change in Control will be the closing date of the transaction giving rise to the Change in Control.

 

(B)              
DEFINITION OF CHANGE IN CONTROL. A "Change in Control" shall mean the items
in (1)-(4) below and a transaction that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation
14A promulgated under the Securities Exchange Act of 1934 ("Exchange Act"), as amended, as in effect on the date of
this Agreement, or if Item 6(e) is no longer in effect, any regulations issued by the Securities and Exchange Commission pursuant
to the Exchange Act, which serve similar purposes; provided that to constitute a Change in Control the transaction must satisfy
the requirements of Treasury Regulation §l.409A-3(i)(5) relating to "change
in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of
a corporation":

 

(1)              
TENDER OFFER. A tender offer or exchange offer is made where the intent of such offer is to take over control of the Company,
and such offer is consummated for the equity securities of the Company representing more than fifty percent (50%) of the combined
voting power of the Company's then outstanding voting securities;

 

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(2)               
MERGER OR CONSOLIDATION. The shareholders of the Company
shall approve a merger or consolidation, of the Company, or consummation of any such transaction if shareholder approval is not
obtained, other than any such transaction that would result in at least fifty percent (50%) of the total voting power represented
by the voting securities of the surviving entity outstanding immediately after such transaction being beneficially owned by the
holders of outstanding voting securities of the Company immediately prior to the transaction, with the voting power of each such
continuing holder relative to other such continuing holders not substantially altered in the transaction; or

 

(3)               
LIQUIDATION OR SALE OF ASSETS. The shareholders of the Company shall approve a plan of complete liquidation of the Company
or an agreement for the sale or disposition by the Company of all or a substantial portion of the Company's assets to another
person or entity, which is not a wholly owned subsidiary of the Company.

 

(C)              
NOTIFICATION. Executive shall be notified in writing by the Company at any time that
the Company anticipates that a Change in Control may take place.

 

(D)             
SPECIFIED EMPLOYEE. Notwithstanding any provision of this Agreement to the contrary,
if Executive is a "specified employee" as defined in Section 409A of the Code, Executive shall not be entitled to any
payments or benefits the right to which provides for a "deferral of compensation" within the meaning of Section 409A,
and which payment or provision is triggered by Executive's termination of employment (whether such payments or benefits are provided
to Executive under this Agreement or under any other plan, program or arrangement of the Company), until the earlier of (i)
the date which is the first business day following the six-month anniversary of Executive's "separation from service"
(within the meaning of Section 409A of the Code) for any reason other than death or (ii) Executive's date of death, and such payments
or benefits that, if not for the six- month delay described herein, would be due and payable prior to such date shall be made
or provided to Executive on such date. The Company shall make the determination as to whether Executive is a "specified employee"
in good faith in accordance with its general procedures adopted in accordance with Section 409A of the Code and, at the time of
the Executive's "separation of service" will notify the Executive whether or not he is a "specified employee."

 

(i)       PAYMENTS
TO TERMINATION DATE. Upon termination of Executive's employment under this Agreement for any reason provided above, Executive
shall be entitled to receive all compensation earned and all benefits and reimbursements due through the effective date of termination.
Additional compensation subsequent to termination, if any, will be due and payable to Executive only to the extent and in the
manner expressly provided above. All other rights and obligations of the Company and Executive under this Agreement shall cease
as of the effective date of termination (other than those expressly required under applicable law (such as COBRA)), except that
the Company's obligations under Section 8 (relating to indemnification of Executive) and Executive's obligations under Section
3 (relating to non-competition), Section 5 (relating to return of Company property), Section 6 (relating to inventions), Section
7 (relating to trade secrets), and Section 9 (relating to prior agreements) shall survive such termination in accordance with
their terms.

 

(k)               
FAILURE TO PAY EXECUTIVE. If termination of Executive's employment arises out of the Company's failure to pay Executive
on a timely basis the amounts to which he is entitled under this Agreement or as a result of any other breach of this Agreement
by the Company, as determined by a court of competent jurisdiction or pursuant to the provisions of Section 14, the Company shall
pay all amounts and damages to which Executive may be entitled as a result of such breach, including interest thereon and all
reasonable legal fees and expenses and other costs incurred by Executive to enforce his rights hereunder. Further, none of the
provisions of Section 3 (relating to non-competition) shall apply in the event Executive's employment under this Agreement is
terminated as a result of a breach by the Company.

 

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(I)           
CONDITIONS PRECEDENT FOR PAYMENT OF SEVERANCE. In consideration for Company's obligations to
make any payments to Executive pursuant to Section 4, upon termination of Executive's employment with Company for any reason other
than Executive's death, Executive shall sign and not revoke a release in a form satisfactory to the Company (the "Release").
Company shall present the Release to Executive within ten (10) days of termination, and Executive shall have up to forty-five

 

(45)
days to consider whether to sign the Release; in the event Executive executes the Release, Executive shall have an additional
eight (8) calendar days in which to expressly revoke Executive's execution of the Release in writing. In the event that Executive
fails to execute the Release within the forty-five (45) days following termination, or in the event Executive formally revokes
the Executive's Release within eight

 

(8)
calendar days of his signing of the Release, then Executive shall not be entitled to any payments or benefits under Section 4
of this Agreement. The Company shall make any payments to Executive in accordance with the terms of Section 4 prior to Executive's
failure to execute the Release within forty- five (45) days or prior to him revocation; provided that if Executive does not sign
the Release or if Executive revokes the Release during any statutory revocation period, Executive shall immediately reimburse
Company for any and all such payments.

 

(m)       DELAY
IN SEVERANCE PAYMENTS. To the extent required under Section 409A, any severance payments due under this Section 4 shall be delayed
until the first date such payment may be made in compliance with Section 409A(a)(2)(B).

 

7.           
RETURN OF COMPANY PROPERTY. All records, designs, patents, business plans, financial statements, manuals, memoranda,
lists, and other property delivered to or compiled by Executive by or on behalf of the Company (or its subsidiaries) or its representatives,
vendors, or customers that pertain to the business of the Company (or its subsidiaries) shall be and remain the property of the
Company and be subject at all times to its discretion and control. Likewise, all correspondence, reports, records, charts, advertising
materials, and other similar data pertaining to the business, activities, or future plans of the Company (or its subsidiaries)
that is collected by Executive shall be delivered promptly to the Company without request by it upon termination of Executive's
employment.

 

8.          
 INVENTIONS. Executive shall disclose promptly to the Company any and all significant conceptions and ideas
for inventions, improvements, and valuable discoveries, whether patentable or not, which are conceived or made by Executive, solely
or jointly with another, during the period of employment or within one (1) year thereafter, and which are directly related to
the business or activities of the Company (or its subsidiaries) and which Executive conceives as a result of his employment by
the Company. Executive hereby assigns and agrees to assign all his interests therein to the Company or its nominee. Whenever requested
to do so by the Company, Executive shall execute any and all applications, assignments, and other instruments that the Company
shall deem necessary to apply for and obtain Letters Patent of the United States or any foreign country or to otherwise protect
the Company's interest therein.

 

9.           
TRADE SECRETS. Executive agrees that he will not, during or after the period of employment under this Agreement,
disclose the specific terms of the Company's relationships or agreements with its respective significant vendors or customers,
or any other significant and material trade secret of the Company, whether in existence or proposed, to any person, firm, partnership,
corporation, or business for any reason or purpose whatsoever.

 

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I
0.        INDEMNIFICATION. In the event Executive is made a party to any threatened,
pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (other than an action
by the Company against Executive), by reason of the fact that he is or was performing services under this Agreement, then the
Company shall indemnify Executive against all expenses (including attorneys' fees), judgments, fines, and amounts paid in settlement,
as actually and reasonably incurred by Executive in connection therewith to the maximum extent permitted by applicable law; provided,
however, the Executive must deliver a written undertaking to the Company that if it is subsequently determined by a court of law
in a final, non-appealable judgment, that the Executive was not entitled to indemnification under applicable law, then the Executive
will repay all amounts. The advancement of expenses shall be mandatory. In the event that both Executive and the Company are made
a party to the same third-party action, complaint, suit, or proceeding, the Company agrees to engage competent legal representation,
and Executive agrees to use the same representation, provided that if counsel selected by the Company shall have a conflict of
interest that prevents such counsel from representing Executive, Executive may engage separate counsel and the Company shall pay
all attorneys' fees of such separate counsel. Further, while Executive is expected at all times to use his best efforts to faithfully
discharge his duties under this Agreement, Executive cannot be held liable to the Company for errors or omissions made in good
faith if Executive has not exhibited gross, willful, and wanton negligence and misconduct or performed criminal and fraudulent
acts that materially damage the business of the Company.

 

Notwithstanding
this Section 9, the provision of any written indemnification agreement applicable to the directors or officers of the Company
to which Executive shall be a party shall apply rather than this Section 9 to the extent inconsistent with this Section 9.

 

l
l .        NO PRIOR AGREEMENTS. Executive hereby represents and warrants to
the Company that the execution of this Agreement by Executive and his employment by the Company and the performance of his duties
hereunder will not violate or be a breach of any agreement with a former employer, client, or any other person or entity. Further,
Executive agrees to indemnify the Company for any claim, including, but not limited to, attorneys' fees and expenses of investigation,
by any such third party that such third party may now have or may hereafter come to have against the Company based upon or arising
out of any non-competition, invention, or secrecy agreement between Executive and such third party that was in existence as of
the date of this Agreement.

 

12.        
ASSIGNMENT; BINDING EFFECT. Executive understands that he is being employed by the Company on the basis of his personal
qualifications, experience, and skills. Executive agrees, therefore, that he cannot assign all or any portion of his performance
under this Agreement. Subject to the preceding two (2) sentences and the express provisions of Section 12 below, this Agreement
shall be binding upon, inure to the benefit of and be enforceable by the parties hereto and their respective heirs, legal representatives,
successors, and assigns.

 

13.        
COMPLETE AGREEMENT. This Agreement is not a promise of future employment. Executive has no oral representations,
understandings, or agreements with the Company or any of its officers, directors, or representatives covering the same subject
matter as this Agreement. This written Agreement is the final, complete, and exclusive statement and expression of the agreement
between the Company and Executive and of all the terms of this Agreement, and it cannot be varied, contradicted, or supplemented
by evidence of any prior or contemporaneous oral or written agreements. This written Agreement may not be later modified except
by a further writing signed by a duly authorized officer of the Company and Executive, and no term of this Agreement may be waived
except by writing signed by the party waiving the benefit of such term. This Agreement hereby supersedes any other employment
agreements or understandings, written or oral, between the Company and Executive.

 

    10 

    

    

 

14.        
NOTICE. Whenever any notice is required hereunder, it shall be given in writing addressed as follows:

 

	 	To the Company:	Schmitt Industries, Inc.
	 	 	2765 NW Nicolai Street
	 	 	Portland, Oregon 97210
	 	 	Attention: CEO/Chairman
	 	 	 
	 	With a copy to:	Schwabe Williamson & Wyatt
	 	 	Attn: Jean Back
	 	 	1211 SW Fifth Avenue Suite 1900
	 	 	Portland OR, 97204
	 	 	 
	 	To Executive:	Philip Bosco
	 	 	11414 Ash Creek Drive
	 	 	Houston, TX 77043

 

Notice
shall be deemed given and effective when hand delivered or the first business day after being deposited with a reputable, nationally
recognized overnight delivery service or when actually received. Either party may change the address for notice by notifying the
other party of such change in accordance with this Section 13.

 

15.         
SEVERABILITY; HEADINGS. If any portion of this Agreement is held invalid or inoperative, the other portions of this
Agreement shall be deemed valid and operative and, so far as is reasonable and possible, effect shall be given to the intent manifested
by the portion held invalid or inoperative. The Section headings herein are for reference purposes only and are not intended in
any way to describe, interpret, define or limit the extent or intent of the Agreement or of any part hereof.

 

16.         
MEDIATION/ARBITRATION. All disputes arising out of this Agreement shall be resolved as set forth in this Section
15. If any party hereto desires to make any claim arising out
of the subject matter of this Agreement, including claims under state or federal law related to the terms and conditions, or termination
of employment ("Claimant"), then such party shall first deliver to the other party ("Respondent") written
notice ("Claim Notice") of Claimant's intent to make such claim explaining Claimant's reasons for such claim in sufficient
detail for Respondent to respond. Respondent shall have ten ( I 0) business days from the date the Claim Notice was given to Respondent
to object in writing to the claim ("Notice of Objection"), or otherwise cure any breach hereof alleged in the Claim
Notice. Any Notice of Objection shall specify with particularity the reasons for such objection. Following receipt of the Notice
of Objection, if any, Claimant and Respondent shall immediately seek to resolve by good faith negotiations the dispute alleged
in the Claim Notice, and may, at the request of either party, utilize the services of an independent mediator. If
Claimant and Respondent are unable to resolve the dispute in writing within ten ( l 0) business days from the date negotiations
began, then without the necessity of further agreement of Claimant or Respondent, the dispute set forth in the Claim Notice shall
be submitted to binding arbitration (except for claims arising out of Sections 3 or 7 hereof), initiated by either Claimant or
Respondent pursuant to this Section. Such arbitration shall be conducted before a panel of three (3) arbitrators in Portland,
Oregon, in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association
("AAA") then in effect, provided that the parties may agree to use arbitrators other than those provided by the AAA.
The arbitrators shall not have the authority to add to, detract from, or modify any provision hereof nor to award punitive damages
to any injured party. The arbitrators shall have the authority to order back-pay, severance compensation, vesting of options (or
cash compensation in lieu of vesting of options), vesting and the removal of restrictions on restricted stock and/or restricted
stock units (or comparable forms of equity compensation, if any) that, as of the effective date of the termination of Executive,
are not then subject to any performance conditions for vesting, reimbursement of costs, including those incurred to enforce this
Agreement, and interest thereon in the event the arbitrators determine that Executive was terminated without disability or without
Good Cause, as defined in Sections 4(b) and 4(c) hereof, respectively, or that the Company has otherwise materially breached this
Agreement. A decision by a majority of the arbitration panel shall be final and binding.
Judgment may be entered on the arbitrators' award in any court having jurisdiction. The direct expense of any mediation or arbitration
proceeding and, to the extent Executive prevails, all reasonable legal fees shall be borne by the Company.

 

    11 

    

    

 

17.        
ORS 36.620 ACKNOWLEDGEMENT. I acknowledge
that I have received and read or have had the opportunity to read this
Agreement. I understand that this Agreement requires that disputes that
involve the matters subject to this Agreement be submitted to mediation or arbitration pursuant to this Agreement rather than
to a judge and jury in court.

 

18.        
NO PARTICIPATION IN SEVERANCE PLANS. Except as contemplated by this Agreement, Executive acknowledges and
agrees that the compensation and other benefits set forth in this Agreement are and shall be in lieu of any compensation or other
benefits that may otherwise be payable to or on behalf of Executive pursuant to the terms of any severance pay arrangement of
the Company or any affiliate thereof, or any other similar arrangement of the Company or any affiliates thereof providing for
benefits upon involuntary termination of employment.

 

19.        
GOVERNING LAW. This Agreement shall in all respects be construed according to the laws of the State of Oregon, notwithstanding
the conflict of laws provisions of such state.

 

20.         COUNTERPARTS;
FACSIMILE. This Agreement may be executed by facsimile and in two (2) or more counterparts, each of which shall be
deemed an original and all of which together shall constitute but one and the same instrument.

 

21.
        SECTION 409A.

 

(a)               
This Agreement is intended to satisfy the requirements of Section 409A of the Code with
respect to amounts subject thereto, and shall be interpreted and construed consistent with such intent. Furthermore, if either
party notifies the other in writing that, based on the advice of legal counsel, one or more of the provisions of this Agreement
contravenes any regulations or Treasury guidance promulgated under Section 409A of the Code or causes any amounts to be subject
to interest or penalties under Section 409A of the Code, the parties shall promptly and reasonably consult with each other (and
with their legal counsel), and shall use their reasonable best efforts, to reform the provisions hereof to (a) maintain to the
maximum extent practicable the original intent of the applicable provisions without violating the provisions of Section 409A of
the Code or increasing the costs to the Company of providing the applicable benefit or payment and (b) to the extent practicable,
to avoid the imposition of any tax, interest or other penalties under Section 409A of the Code upon Executive or the Company.

 

(b)                
This Agreement is intended, to the maximum extent possible, to meet the short term deferral
exception and/or be a separation pay plan due to an involuntary separation from service under Treasury Regulation Sections l.409A-l(b)(4)
and l.409A-l(b)(9)(iii) and therefore exempt from Code Section 409A.

 

    12 

    

    

 

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

 

	 	SCHMITT INDUSTRIES, INC.
	 	 	 
	 	By:	/s/ Michael R. Zapata
	 	Name: 	Michael R. Zapata
	 	Title:	
Chief Executive Officer
	 	 	 
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	/s/ Philip Bosco
	 	Philip Bosco

 

13MULTI-TENANT
NET LEASE (BUSINESS PARK – OREGON)

 

	SECTION 1.	LEASE TERMS.	 
	 	 	 
	1.1	Date of Lease	________________, 2020	 
	 	 	 
	1.2	Tenant:	Humboldt Street Collective, LLC	(“Tenant”)
	 	 	 
	 	Trade Name:

                                                              Premises Address:
	
        Great Notion
        Brewing & Barrel House

        2451 NW 28th
Avenue

        Portland, Oregon 97210

         
	 
	 	Notice Address:	2444 NW 28th
                                         Avenue

                                                                 Portland, Oregon
                                         97210
	 
	 	 	 	 
	 	E-Mail Address:	 ________________	 
	 	 	 	 
	
        1.3       
	Landlord:

        Notice
        Address:

         
	
        Schmitt Industries,
        Inc.

        2765 NW Nicolai Street

        Portland, Oregon 97210

         
	
        (“Landlord”)

         

	 	E-Mail Address:	________________	 
	 	 	 	 
	
         
	Address
for Payment of Rent:
	2765 NW Nicolai
                                         Street

                                                                 Portland, Oregon
                                         97210
	 

 

1.4          
“Project:” That certain real property with two buildings located thereon, which buildings
contain the total of approximately 35,050* square feet of area, commonly known as Schmitt Industries, situated at
2451 NW 28th Avenue, Oregon, as such Project may be modified by Landlord from time to time.
The land on which the Project is located is legally described on Exhibit A,
attached hereto and incorporated herein by reference. The Project and all buildings and appurtenances therein are as substantially
shown on the Project Site Plan attached hereto as Exhibit B- 1 and incorporated herein by reference.

 

1.5           
“Building:” Building No. 2
located within the Project with a street address of 2451 NW 28th Avenue, which Building contains
approximately 8,356* rentable square feet and is shown on the Building Site Plan attached hereto as Exhibit B-2 and
incorporated herein by reference.

 

*Sizes may change
upon third party verification at which time Tenant and Landlord will amend the lease to reflect the actual sizes.

 

1.6          
“Premises:” Suite B in the Building containing approximately 8,356 square feet and
as shown on the Floor Plan attached hereto as Exhibit B-3, and incorporated herein by reference.

 

		1.7	“Tenant’s Proportionate Share (Building):” 23.84%. (See Section
5.6).

 

		1.8	“Tenant’s Proportionate Share (Project):” 23.84%. (See Section
5.6).

 

Tenant’s Proportionate Share (Building)
and Tenant’s Proportionate Share (Project) are sometimes collectively referred to herein as “Tenant’s Proportionate
Share.”

 

    
	 	
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1.9          
“Common Area:” All areas and facilities outside the Premises and within the Project that are,
from time to time, provided and designated by Landlord for the non-exclusive use of Landlord, Tenant and other tenants of the Project
and their respective employees, guests and invitees, and as generally shown on the Project Site Plan attached hereto as Exhibit
B-1.

 

		1.10	Number
of Parking Spaces for Tenant Use: See Exhibit B-2. (See Section 4.5).

 

		1.11	Permitted Use: (See Section 4).

Warehousing, Storage, Shipping and other such ancillary
and supporting uses

 

	 	1.12	“Term” of Lease:	“Initial Term:”	59 months
	 	 	 	“Lease Commencement Date:”	December 1, 2020
	 	 	 	“Expiration Date” of Lease:	October 31, 2025
	 	 	 	“Rent Commencement Date:”	December 1, 2020
	 	 	 	“Early Access.”	Upon mutually signed lease, receipt of Security Deposit and Insurance Certificate

 

		1.13	Initial Base Rent: $55,149.60 per Year (See Section 3.1).
	 	 	$4,595.80 per Month

 

*Tenant to receive a Base Rent credit of $9,191.60
in aggregate, to be applied to the first two months of the Lease or, if the first month of the Lease is less than a full calendar
month, on a prorated basis until applied in full.

 

Adjustment of Base Rent:

 

	 	Effective Date of Rent Increase	 	New Base Rent/Month
	 	November 15, 2021	 	$4,733.67
	 	November 15, 2022	 	$4,875.68
	 	November 15, 2023	 	$5,021.95
	 	November 15, 2024	 	$5,172.61

 

	 	1.14	Prepaid Rent: $4,595.80 (See Section 3.5).
	 	 	 
	 	1.15	Security Deposit: $5,172.61 (See Section 3.6).

 

	 	 	 
	1.16 	Broker(s):	
         

        Landlord’s Agent:         Mark Hush
(Newmark Knight Frank)          (See Section 26).

	 	 	Tenant’s Agent:            Aaron
    Watt.and Keegan Clay (Cushman & Wakefield)

 

	 	1.17	“Guarantors:” n/a

 

If
any Guarantor(s) is/are set forth above, concurrent with the execution of this Lease by Landlord and Tenant, Tenant shall arrange
for all Guarantor(s) to execute and deliver to Landlord a Guaranty of this Lease, in the form attached as Exhibit E.

 

    
	 	
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1.18       Exhibits:

 

The following Exhibits are attached hereto and incorporated
as a part of this Lease:

 

Exhibit “B-1” – Building Site Plan

Exhibit “B-2”
– Floor Plan of the Building with the Premises shown as single hatched thereon Exhibit “C” - Work Letter (if
applicable)

Exhibit “D” – Rules and Regulations
(if applicable)

 

THIS BUSINESS PARK LEASE is made and entered
into between Landlord and Tenant on the Date of Lease set forth in Section 1.1. The defined terms used in this Lease (“Lease
Terms”) shall have the meanings and definitions given them in Section 1. The Lease Terms, the Exhibits, the Addendum
or Addenda described in the Lease Terms, and this Lease agreement are and shall be construed as a single instrument and are hereinafter
referred to as the “Lease.”

 

Now, therefore, for valuable consideration, Landlord
and Tenant covenant and agree as follows:

 

SECTION 2. LEASE OF
PREMISES.

 

2.1               
Lease. Subject to the terms and conditions of this Lease, Landlord hereby leases to Tenant and Tenant hereby
leases from Landlord the Premises for the Term herein set forth.

 

2.2               
Delivery of Possession; Commencement; Expiration. Landlord shall deliver the Premises to Tenant in good condition
and repair with all improvements substantially completed in accordance with Exhibit C, attached hereto and incorporated
herein by reference. The existence of any “punch list” type items shall not postpone the Lease Commencement Date. If
Landlord fails to deliver possession of the Premises to Tenant on the Lease Commencement Date, the Term shall not commence and
Tenant shall owe no Rent until the later of: (a) the date Landlord tenders possession of the Premises to Tenant or (b) the Rent
Commencement Date. If Landlord fails to deliver possession of the Premises to Tenant within ninety (90) days of the Lease Commencement
Date, then Tenant, as its sole remedy, may terminate this Lease by delivering written notice to Landlord within ten (10) days of
the expiration of said ninety (90)-day period. If there is any delay in delivering possession of the Premises to Tenant, the Term
of this Lease shall be extended by the number of days of such delay. If possession of the Premises is delivered prior to the Lease
Commencement Date, Tenant shall have the right to occupy the Premises subject to all of the terms and provisions of this Lease
other than the payment of Rent, which obligation shall not commence until the Rent Commencement Date. By acceptance of possession
of the Premises hereunder, but subject to the completion of all improvements to be performed by Landlord in accordance with Exhibit
C hereto, Tenant acknowledges that Tenant accepts the Premises “AS-IS, WHERE IS” and as suitable for Tenant’s
intended use, in good and sanitary operating order, condition and repair, and without representation or warranty by Landlord as
to the condition, use or occupancy which may be made thereof and that the area of the Premises is as set forth in Section 1.6
above. The Expiration Date of this Lease shall be the date stated in Section 1.12 above.

 

SECTION 3. RENT PAYMENT.

 

3.1               
Rent. Tenant shall pay to Landlord all Rent for the Premises without demand, deduction or offset. The term
“Rent” as used in this Lease shall include Base Rent and Additional Rent (as hereinafter defined). Rent is
payable by Tenant in advance on the first day of each month commencing on the Rent Commencement Date. Rent for any partial
calendar month shall be prorated based on a thirty (30)-day month for the number of days during that partial month the Premises
are occupied by Tenant.

 

3.2               
Additional Rent. The term “Additional Rent” means amounts set forth under Section 5
and any other sums payable by Tenant to Landlord under this Lease.

 

3.3               
Lease Year. The term “Lease Year” shall mean each calendar year of the Term. In the event the
Lease Commencement Date or the Expiration Date occurs on any date other than the first day of the calendar year, the calculations,
costs and payments referred to herein shall be prorated for such calendar year. Late Charge; Interest.

 

    
	 	
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Rent not paid when due shall
bear interest until paid at the lesser of: (a) the rate of one and one-half percent (1 1⁄2 %) per month; or (b) the maximum
rate of interest then permitted by law. Landlord may, for each payment of Rent made more than ten (10) days late, impose a late
charge of the greater of (i) five percent (5%) of Rent then due or (ii) $50 for each late payment of Rent (the“Late Charge”).
Tenant agrees that late payment by Tenant to Landlord of any Rent or other sums due hereunder will cause Landlord to incur costs
not contemplated by this Lease, that the exact amount of such costs are extremely difficult and impracticable to
ascertain, and that the Late Charge is not a penalty but represents a fair and reasonable estimate of the costs that Landlord
will incur by reason of any such late payment. The imposition or collection or failure to impose or collect such a Late Charge
shall not be deemed a waiver by Landlord of any other remedies available for Tenant’s default of this Lease. Tenant shall
pay Landlord an additional charge of $75 for any checks returned due to insufficient funds.

 

3.4               
Disputes. If Tenant disputes any charge for Additional Rent or any Rent adjustment, Tenant shall give written
notice to Landlord not later than thirty (30) days after receipt of the notice from Landlord describing the charge or adjustment
in question. If Tenant fails to give such notice to Landlord, the charge or adjustment by
Landlord shall be conclusive and binding on Tenant. If Tenant delivers timely notice, the challenged charge or adjustment shall
be conclusively resolved by an independent certified public accountant selected by the parties. Each party shall pay one-half (1/2)
of the fee charged by the accountant selected to decide the matter, except that if the adjustment in favor of Tenant does not exceed
five percent (5%) of the challenged amounts, Tenant shall pay:(a) the entire cost of the accountant’s fee; and (b) all reasonable
out-of-pocket costs and expenses incurred by Landlord in responding to the challenge. In the alternative, if the adjustment in
favor of Tenant is equal to or exceeds five percent (5%) of the challenged amounts, Landlord shall pay: (i) the entire cost of
the accountant’s fee; and (ii) all reasonable out-of-pocket costs and expenses incurred by Tenant in challenging such charge
or adjustment. Nothing herein shall be deemed to alter any other obligations of Tenant as required by this Lease.

 

3.5               
Prepaid Rent. Concurrently with the mutual execution of this Lease, Tenant shall pay the Initial Base Rent
for the first full month of the Term for which Rent is payable.

 

3.6               
Security Deposit. Concurrently with the mutual execution of this Lease, Tenant shall deliver to Landlord the
Security Deposit. Following written notice to Tenant, Landlord may apply the Security Deposit to pay the cost of performing any
obligation which Tenant fails to perform within the time required by this Lease, but such application by Landlord shall not waive
Landlord’s other remedies nor be the exclusive remedy for any Tenant default. If Landlord applies the Security Deposit as
set forth herein, Tenant shall pay Landlord, on demand, all sums necessary to restore the Security Deposit to its original amount.
Tenant shall not have the right to apply the Security Deposit or any part thereof to any Rent or other sums due under this Lease.
If Tenant is not in default of this Lease at the expiration or termination hereof, Landlord shall return the unapplied portion
of the Security Deposit to Tenant, except for any amount necessary to return the Premises to the condition set forth in Section
19. Landlord’s obligations with respect to the Security Deposit are those of a debtor and not of a trustee, and Landlord
may commingle the Security Deposit with Landlord’s general funds. Landlord may immediately deposit the Security Deposit into
Landlord’s account, but such immediate deposit shall not bind Landlord to the terms of this Lease. Landlord shall not be
obligated to pay interest on the Security Deposit. If Landlord sells its interest in the Premises during the Term of this Lease,
Landlord shall be discharged from any further liability or responsibility with respect to the Security Deposit so long as Landlord
deposits with or credits to the buyer the unapplied portion of the Security Deposit.

 

SECTION 4. USE OF
PREMISES.

 

4.1               
Permitted Use. Tenant may use the Premises for Tenant’s Permitted Use and for no other purpose without
Landlord’s written consent, which will not be unreasonably withheld. Tenant shall not use the Premises in a manner that
obstructs, annoys or interferes with the rights of other occupants of the Building or Project. Tenant shall not cause any nuisance
nor permit any objectionable fumes, mold, electromagnetic waves, vibration, noise that is not reasonable for an industrial premises,
light, or radiation to be emitted from the Premises. Tenant shall not engage in any activities that will in any manner degrade
or damage the reputation of the Premises or increase Landlord’s insurance rates for any portion of the Premises.

 

    
	 	
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4.2               
Equipment. Tenant shall only install such equipment in the Premises as is customary for the Permitted Use
and shall not overload the floors or electrical circuits of the Premises or change the wiring or plumbing of the Premises. Tenant
shall obtain Landlord’s prior written consent to the location of and manner of installing any plumbing, wiring or electrical,
heating, heat-generating or communication equipment or unusually heavy articles. Any equipment, cables, wiring, conduit, additional
dedicated circuits and any additional air conditioning required because of any such equipment installed by Tenant shall be installed,
maintained and operated at Tenant’s sole expense and in accordance with Landlord’s reasonable requirements. Tenant
shall not install any equipment outside the Premises, including, without limitation, on the roof of the Building, without first
having obtained the prior written consent of Landlord.

 

4.3               
Compliance with Laws. Landlord warrants that, as of the Lease Commencement Date, the Premises complies with
all applicable laws, statutes, ordinances, rules and regulations of any public authority (the “Laws”). As of
the Lease Commencement Date, Tenant shall at its expense promptly comply and cause the Premises to comply with all Laws applicable
to Tenant’s particular use of the Premises (as opposed to those Laws generally applicable to commercial uses of real property
for which the Project is zoned).

 

4.4               
Rules and Regulations. Landlord may make, and Tenant shall comply, with all rules and regulations of the Building
and the Project (the “Rules”) as Landlord may revise and enforce the Rules from time to time in Landlord’s
sole discretion. The Rules are in addition to and shall not be construed to modify or amend this Lease in any way. The Rules as
of the date of this Lease are set forth in Exhibit D and are incorporated herein by reference.

 

4.5               
Parking. Landlord grants Tenant and Tenant’s customers, suppliers, employees and invitees, a non-exclusive
license to use the parking areas designated on the Project Site Plan, if any, for the parking of employee motor vehicles and company
fleet delivery vehicles during the Term of this Lease. At no time shall Tenant and its agents and visitors use more than the maximum
number of parking spaces shown in Section 1.10 above. Landlord reserves the right at any time to grant similar non-exclusive
rights to other tenants to use the parking areas, to promulgate rules and regulations relating to the use of such parking areas,
including reasonable restrictions on parking by tenants and employees, to make changes in the parking layout from time to time,
and to establish reasonable time limits on parking..

 

SECTION 5. OPERATING
EXPENSES AND TAXES

 

5.1                Operating
Expenses. For purposes of this Lease, the term “Operating Expenses” shall mean all expenses paid or
incurred by Landlord (or on Landlord’s behalf) as reasonably determined by Landlord as necessary or appropriate for the
operation, maintenance, repair, and management of the Project and the Common Areas thereon, including without limitation: (a)
salaries, wages and benefits of employees of Landlord engaged in the repair, operation and maintenance of the Project and
Common Areas thereon; (b) payroll taxes, workers’ compensation insurance, uniforms and related expenses for such
employees; (c) the cost of all gas, utilities, sewer charges and other services furnished to the Project (as opposed to those
furnished to any individual tenant of the Project); (d) the cost of maintaining and repairing the Project and Common Areas,
including, without limitation, the parking areas and roof; (e) the cost of all comprehensive general liability and
“special form” and “all risk” casualty insurance carried by Landlord, insuring the Common Areas and
the Project; (f) the cost for rental of all supplies and tools necessary for the maintenance and repair of the Project and
Common Areas; (g) the cost of capital improvements and remodelings of the Project, the cost of which shall be amortized (with
interest on the unamortized balance at a commercially reasonable rate, as determined by Landlord) over the useful life of the
improvements or remodelings and in accordance with generally accepted accounting principles as reasonably estimated by
Landlord; (h) alterations and improvements to the Project and Common Areas (as
opposed to those provided for the exclusive benefit of any individual tenant of the Project) made by reason of laws and
requirements of any public authority or the requirements of any insurance body, but excluding any such alteration or
improvement that is included in Landlord’s obligation to deliver the Premises, Building, Common Areas and Project in
compliance with law, as set forth in Section 4.3 above; (i) management fees paid to a third party, or if no managing
agent is employed by Landlord, Landlord shall be entitled to charge a reasonable
management fee which is not inexcess of five percent (5%) of the
total of Gross Rent; (j) reasonable legal, accounting and other professional fees incurred in connection with the operation,
maintenance and management of the Project, Common Areas and Building; (k) the cost of landscape and parking area maintenance,
repair; (l) janitorial and cleaning supplies and services; and (m) all other charges properly allocable to the operation,
repair, maintenance, management, and replacement of the Project, Common Areas and Building in accordance with generally
accepted accounting principles.

 

    
	 	
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5.2               
Taxes. The term “Taxes” shall include: (a) all real and personal property taxes, charges,
rates, duties and assessments (including local improvement district assessments) levied or imposed by any governmental authority
with respect to the Project or any portion thereof, and any improvements, fixtures and equipment located therein or thereon, and
with respect to all other property of Landlord, real or personal, located in or on the Project or any portion thereof, and used
in connection with the operation of the Project or any portion thereof; (b) any tax in lieu of or in addition to, or substitution
of a real property tax; and (c) any tax or excise levied or assessed by any governmental authority on the Rent payable under this
Lease or Rent accruing from the use of the Project or any portion thereof, provided that this shall not include federal or state,
corporate or personal income taxes. If Landlord receives a refund of Taxes, then Landlord shall credit such refund, net of any
professional fees and costs incurred by Landlord to obtain the same, against the Taxes for the Lease Year to which the refund is
applicable or the current Lease Year, at Landlord’s option. Notwithstanding the foregoing, Tenant shall pay before delinquency
all taxes, assessments, licenses, fees and charges assessed, imposed or levied on: (i) Tenant’s business operations; (ii)
all trade fixtures; (iii) leasehold improvements; (iv) merchandise; and (v) other personal property in or about the Premises.

 

5.3               
Written Statement of Estimate. Prior to the Lease Commencement Date, Landlord shall furnish Tenant with a
written statement setting forth Landlord’s estimate of the cost of Operating Expenses and Taxes and Tenant’s Proportionate
Share thereof for the first Lease Year. Thereafter, prior to the commencement of each Lease Year after the first Lease Year or
as soon thereafter as reasonably possible (but in no event later than 90 days after the commencement of the Lease Year), Landlord
shall furnish Tenant with a written statement setting forth the estimated cost of Operating Expenses and Taxes and Tenant’s
Proportionate Share thereof for the next Lease Year. Tenant shall pay to Landlord as Additional Rent commencing on the Lease Commencement
Date, and thereafter on the first day of each calendar month, an amount equal to one-twelfth (1/12th)
of the amount of Tenant’s Proportionate Share of the estimated cost of Operating Expenses and Taxes, as
shown in Landlord’s written statement for that Lease Year. In the event Landlord fails to deliver said written estimate,
Tenant shall continue to pay to Landlord an amount equal to one-twelfth (1/12th) of Tenant’s
Proportionate Share of the estimated cost of Operating Expenses and Taxes for the immediately preceding Lease Year until Landlord
does furnish the written estimate. Upon receipt of such written estimate, Tenant shall pay an amount equal to the difference between
Tenant’s Proportionate Share of the estimated cost of Operating Expenses and Taxes for the expired portion of the current
Lease Year and Tenant’s actual payments during such time, and any payments by Tenant in excess of Tenant’s Proportionate
Share of the estimated cost of Operating Expenses, Taxes and Insurance shall be credited to the next due payment of Rent from Tenant.
Landlord reserves the right, from time to time, to adjust the estimated cost of Operating Expenses and Taxes, and Tenant shall
commence payment of one- twelfth (1/12th) of such revised estimate on the first (1st)
day of the month following receipt of the revised estimate.

 

    
	 	
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5.4               
Final Written Statement. Within one hundred twenty (120) days after the close of each Lease Year during the
Term, Landlord shall deliver to Tenant a written statement (the “Operating Statement”) setting forth Tenant’s
Proportionate Share of the actual cost of Operating Expenses and Taxes for the Project for the preceding Lease Year for each such
item. In the event Tenant’s Proportionate Share of the actual cost of Operating Expenses and Taxes for the preceding Lease
Year is greater than the amount paid by Tenant for such Operating Expenses and Taxes, Tenant shall pay the amount due to Landlord
as Additional Rent within thirty (30) days after receipt by Tenant of such statement. In the event Tenant’s Proportionate
Share of the actual cost of Operating Expenses and Taxes for the preceding Lease Year is less than the amount paid by Tenant for
such Operating Expenses and Taxes, then Landlord shall, at Landlord’s election, either: (a) pay the amount of Tenant’s
overpayment to Tenant within thirty (30) days following the date of such statement; or (b) apply such overpayment to Tenant’s
next Rent payment, reimbursing only the excess over such next Rent payment, if any. If a Lease Year ends after the expiration or
termination of this Lease, any Additional Rent in respect thereof that is payable under this Section shall be paid by Tenant within
ten (10) days of its receipt of the Operating Statement for such Lease Year, and any Additional Rent paid by Tenant in excess of
the amount due under this Lease for the portion of the Lease Year after expiration or termination of this Lease shall be refunded
by Landlord to Tenant within ten (10) days of the expiration of that Lease Year. The late delivery of any written statement by
Landlord shall not constitute a waiver of Tenant’s obligation to pay Tenant’s Proportionate Share of Operating Expenses
and Taxes, but Landlord shall use reasonable efforts to deliver such written statements as soon as reasonably possible after the
commencement of each Lease Year.

 

5.5               
Tenant Examination. The Operating Statement shall contain sufficient detail to enable Tenant to verify the
calculation of Operating Expenses and Taxes for the Premises. In addition, Tenant, upon at least five (5) days advance written
notice to Landlord and during business hours, may examine any records used to support the figures shown on the Operating Statement,
provided however, that Tenant shall only be entitled to make such an examination once in each Lease Year for the immediately preceding
calendar year, which request must be delivered within ninety (90) days after the date Landlord’s annual Operating Statement
is delivered to Tenant (and if Tenant fails to object in writing to specific Operating Expenses and Taxes within such 90-day period,
Tenant shall be deemed to have approved the same and to have waived the right to object
to such calculations). Such Tenant examination shall not be conducted by anyone who is engaged on a contingent fee basis to represent
Tenant. If a Tenant examination discloses that Tenant has overpaid Tenant’s share of Operating Expenses, Landlord shall give
Tenant credit against the next payment(s) of Operating Expenses due in such amount, or if the Lease is at the end of the Term,
refund such amount to Tenant. Tenant shall pay all costs and expenses of the examination unless the examination discloses that
Landlord has overcharged Operating Expenses by more than five percent (5%), in which case Landlord shall pay the costs and expenses
of the examination. Tenant hereby agrees to: (a) keep the results of any such audit confidential, except that Tenant may disclose
such information to its accountants, legal advisors or as otherwise required by law; and (b) require Tenant’s auditor and
its employees and each of their respective attorneys and advisors likewise to keep the results of such audit confidential.

 

5.6                Tenant’s
Proportionate Share. The area of the Premises provided for in Section 1.6, above, is deemed accurate, and Tenant
shall not be authorized to cause any re-measurement of such area. With respect to Operating Expenses and Taxes that Landlord
allocates to the Building, Tenant’s Proportionate Share (Building) shall be the percentage set forth in Section
1.7, as adjusted by Landlord from time to time resulting from a re- measurement
of or changes in the physical size of the Building, whether such changes in size are due to an addition to or a sale or
conveyance of a portion of the Building or otherwise. With respect to Operating Expenses and Taxes which Landlord allocates
to the Project or any portion thereof, Tenant’s Proportionate Share (Project) shall be with respect to Operating
Expenses and Taxes that Landlord allocates to the Project or any portion thereof, the percentage set forth in Section
1.8 and as adjusted by Landlord from time to time resulting from a re-measurement of or changes in the physical size of
the Project, whether such changes in size are due to an addition to or a sale or conveyance of a portion of the Project or
otherwise.Notwithstanding the foregoing, Landlord may equitablyadjust Tenant’s Proportionate Share for all or part
of any item of expense or cost reimbursable by Tenant that relates to an operation, maintenance, repair, management or
service that benefits only the Premises or only a portion of the Building and/or the Project or that varies with the
occupancy with the Building and/or the Project.

 

    
	 	
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SECTION 6. MAINTENANCE
AND REPAIR.

 

6.1               
Landlord Repairs. Landlord shall repair, maintain and/or replace, where necessary, the Common Areas and the
structural components of the Building including, without limitation, the foundations, exterior walls, roof structure and membrane,
as well as the downspouts and gutters, and all systems serving the Premises and the Building such as mechanical, electrical, storm
sewer, plumbing, sanitary sewer and the HVAC system serving the Building (excluding therefrom the exterior and interior windows,
doors, plate glass and storefronts and, except for reasonable wear and tear, any damage thereto caused by any negligent or intentional
act or omission of Tenant or its employees, agents, invitees, licensees, contractors or subtenants, damage or destruction caused
by any casualty not required to be repaired under Section 11 and any condemnation or taking of the Building, the Project
or any portion of or interest therein governed by Section 12) and costs and expenses related thereto shall be deemed an
Operating Expense. Except in the event of an emergency, Tenant expressly waives the benefits of any statute now or later in effect
that would otherwise give Tenant the right to make repairs at Landlord’s expense and deduct that cost from Rent owing to
Landlord.

 

6.2                 
Tenant’s Repairs. Except as set forth in Section 6.1 above, Tenant shall:

 

(a)                
Maintain all portions of the Premises and fixturessituated within the Premises in good

 

order and repair;

 

(b)                
Maintain, repair and replace, if necessary, all special equipment, anddecorative treatments installed by or at Tenant’s
request and that serve the Premises;

 

(c)                
Make all necessary repairs and replacements to all portions of the Premises and pay Landlord upon demand for the
repairs or replacements to the Premises, Building and/or the Project to the extent that such repairs or replacements are required
as a result of the negligent or intentional acts or omissions or any breach of this Lease by Tenant, its employees, contractors,
agents, or invitees; and

 

(d)                

Not commit waste to the Premises, Building, Common Area or Project or any part thereof.

 

6.3               
Liability. Landlord shall not be liable for any failure to maintain and repair the Premises as required under
Section 6.1 unless Tenant delivers written notice of such failure to Landlord and Landlord fails to perform such maintenance
or repair in a commercially reasonable time and manner. Landlord may erect scaffolding and other apparatus necessary to make repairs
or alterations to the Premises. So long as Landlord uses commercially reasonable efforts to minimize interference with Tenant’s
business, Tenant shall have no claim against Landlord for any interruption or reduction of services or interference with Tenant’s
occupancy because of repairs or maintenance performed by Landlord to the Premises.

 

SECTION 7. ALTERATIONS.

 

Without
first having obtained Landlord’s prior written consent, which will not be unreasonably withheld, Tenant shall not make any
alterations, additions, or improvements to the Premises: (a) for which any governmental permit is required; or (b) that modify
any structural, mechanical, electrical, roofing, or plumbing component of the Building; or (c) that cost more than $10,000.
If Landlord consents in writing to any proposed alteration of the Premises, Tenant
shall:

 

(i) only contract with a
Landlord-approved contractor for the performance of such alterations, which approval will not be unreasonably withheld; (ii) comply
with all applicable Laws and obtain all necessary governmental permits and approvals and deliver copies thereof to Landlord; and
(iii) cause all alterations to be completed promptly in compliance with Landlord-approved plans and specifications with all due
diligence in a good and workmanlike manner.

 

    
	 	
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Except for removable machinery
and unattached movable trade fixtures, all improvements, alterations, wiring, cables or conduit installed by Tenant shall immediately
become part of the Premises, with title vested in Landlord. If stated in writing at the time Landlord approves the installation,
Landlord may require that Tenant remove any such improvements, alterations, wiring, cables or conduit installed by or for Tenant
and restore the Premises to good condition and repair upon expiration or earlier termination of this Lease. Landlord may post notices
of nonresponsibility in connection with any work being performed in the Premises by or at the request of Tenant. Tenant shall not
permit any liens to attach to the Building or Tenant’s interest in the Premises as a result of any work performed by or at
Tenant’s request.

 

SECTION 8. UTILITIES
AND SERVICES.

 

8.1               
General. Tenant shall comply with all Laws concerning the use or reduction of use of utilities in the Premises.
Tenant shall pay all charges for electricity, water, gas, telephone and other utility services furnished to the
Premises during the Term and for all inspections, governmental fees and other like charges associated therewith. Landlord
makes no representation or warranty whatsoever as to the types, quantities, availability or costs of any and all utility services
for the Building.

 

8.2               
Interruption of Service. Unless caused by the active negligence or willful misconduct of Landlord, interruption
of any service or utility shall not render Landlord liable to Tenant for damages, relieve Tenant from performance of Tenant’s
obligations under this Lease or be deemed an eviction or disturbance of Tenant’s use and possession of the Premises. Notwithstanding
the foregoing, Landlord shall use commercially reasonable efforts to cure any interruption of service or utility and if Landlord
fails to exercise such commercially reasonable efforts Tenant shall have those rights specified in Section 14.4 of this
Lease. Tenant shall install surge protection systems for power provided to the Premises, and Tenant releases Landlord from all
liability for any damage caused by any electrical surge.

 

SECTION 9. SIGNS AND
OTHER INSTALLATIONS.

 

Without
Landlord’s written consent and Landlord’s approval as to design, size, location, and color (which approval will not
be unreasonably withheld), no signs, awnings, banners, placards, or other like items shall be painted on or attached to the Premises
or the Building, or placed on any glass or woodwork of the Premises or positioned so as to be visible from outside the Premises,
including any window covering (e.g., shades, blinds, curtains, drapes, screens, or tinting materials). All signs installed by Tenant
shall comply with Landlord’s reasonable standards for signs and all applicable codes and all such installation shall be at
Tenant’s sole cost. All signs and sign hardware shall be removed by Tenant, at Tenant’s sole cost and expense, upon
termination of this Lease with the sign location restored to its former state unless Landlord elects to retain all or any portion
thereof. Tenant may not install any alarm boxes, foil protection tape or other security equipment on the Premises without Landlord’s
prior written consent, which consent shall not be unreasonably withheld. Any material violating this provision may be removed and
disposed of by Landlord without compensation to Tenant, and, upon demand, Tenant shall reimburse Landlord for the cost of such
removal. Notwithstanding the foregoing, Landlord, at Landlord’s cost, shall provide Tenant with Building-standard signage
located adjacent to the entry doorway of the Premises and on the Building directory.

 

SECTION 10. INSURANCE
AND INDEMNITY.

 

10.1             Tenant’s Insurance. Tenant shall, at Tenant’s expense, obtain and keep in force during the Term and any extensions
or renewals:

 

(a)                 Commercial
general liability insurance providing coverage written on an occurrence basis and applying to the use and occupancy of the
Premises with limits of not less than Two Million Dollars ($ 2,000,000) per occurrence and Two Million
Dollars ($2,000,000) in the aggregate. Unless otherwise approved by Landlord in writing:
(i) such liability insurance shall be written on a form that is no less broad than ISO form CG 00 01; (ii) Landlord, any
lender of Landlord, and Landlord’s managing agent, if any, shall be named as additional insureds with coverage no less
broad than that provided under ISO form CG 20 11 designating both the Premises and the Common Area as the covered premises.
Additionally, such policy shall insure the liability of Tenant under Section 10.3 of this Lease.

 

    
	 	
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(b)                
A “causes of loss-special form” or “all risk” property insurance policy with a sprinkler
damage endorsement covering Tenant’s personal property, inventory, alterations, fixtures, equipment, plate glass and leasehold
improvements located on or in the Premises, in an amount not less than one hundred percent (100%) of their actual replacement value,
providing coverage for risk of direct physical loss or damage including sprinkler leakage, vandalism and malicious mischief. Coverage
under such policy shall be no less broad than that provided under ISO form CP 10 30. Landlord shall have no claim to such proceeds.

 

(c)                
Workers’ compensation insurance and other forms of insurance as may from time to time be required by law or
may otherwise be necessary to protect Landlord and the Premises from claims of any person who may at any time work on the Premises,
whether as a servant, agent, or employee of Tenant or otherwise. Further, Tenant shall use commercially reasonable efforts to cause
Tenant’s agents, contractors, or subcontractors to keep and maintain the insurance contemplated in this Section 10.1(c).

 

All insurance and endorsements
contemplated under this Section 10.1 shall: (i) be issued by insurance companies licensed and admitted to issue policies
in the State of Oregon; (ii) unless otherwise approved by Landlord in writing, be issued by insurance companies having a financial
rating of “B+” or better under the A.M. Best financial rating scheme; (iii) contain a provision that the insurance
be primary and non-contributing with any other insurance available to Landlord; and (iv) not include any self-insured retention.
Within five (5) days of the Lease Commencement Date, Tenant shall deliver to Landlord a certificate evidencing such insurance
that shall require no less than thirty (30) days prior written notice to Landlord prior to any cancellation or material change.
No later than thirty (30) days prior to expiration of any policy, Tenant shall deliver a renewal certificate to Landlord for such
insurance policy. If Tenant fails to obtain and maintain insurance as required under this Section 10.1, Landlord may, but
shall not be obligated to, obtain such insurance for Landlord’s own benefit and not for or on behalf of Tenant, and in such
event, Tenant shall pay, as Additional Rent, upon demand, the premium for such insurance.

 

10.2            
Landlord’s Insurance. During the Term, Landlord shall maintain in full force and effect a policy or policies
of insurance covering the Building, which shall provide coverage against such risks as are commonly covered under a “causes
of loss-special form” or “all risk” property insurance policy (including, in Landlord’s sole discretion,
earthquake and/or flood coverage), together with loss of rents and secondary liability insurance and other insurance as Landlord
deems reasonably necessary. Such insurance shall contain such policy limits and deductibles, shall be obtained through such insurance
company or companies, and shall be in such form as Landlord deems appropriate, and shall provide coverage for one hundred percent
(100%) of the replacement value of the Building. All insurance proceeds payable under Landlord’s casualty insurance carried
hereunder shall be payable solely to Landlord, and Tenant shall have no interest therein. Within thirty (30) days of receipt of
a billing therefor, Tenant shall pay to Landlord, as Additional Rent, an amount equal to Tenant’s Proportionate Share (Building)
of all amounts paid by Landlord as set forth in this Section 10.2.

 

10.3.              Tenant’s
Indemnity. Tenant shall indemnify, defend, and hold harmless Landlord and its managing agents and employees from any
claim, liability, damage, or loss, or any cost or expense in connection therewith (including reasonable attorney fees),
arising out of: (a) any damage to any person or property occurring in, on or about the Premises, the Building, the Common
Areas, and the Project as the result of the negligence or willful misconduct of Tenant, its employees, contractors, agents or
invitees; and/or (b) Tenant’s material breach or violation of any term of this Lease. The provisions of this Section
10.3 shall survive the termination or expiration of this Lease.

 

    
	 	
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10.4             
Landlord’s Indemnity. Landlord shall indemnify, defend, and hold harmless Tenant from any claim, liability, damage,
or loss, or any cost or expense in connection therewith (including reasonable attorney fees), arising out of: (a) any damage to
any person or property occurring in, on or about the Premises, the Building, the Common Areas and the Project as the result of
the negligence or willful misconduct of Landlord, its employees, contractors, agents or invitees; and/or (b) Landlord’s material
breach or violation of any term of this Lease. The provisions of this Section 10.4 shall survive the termination or expiration
of this Lease.

 

SECTION 11. FIRE OR
CASUALTY.

 

11.1             
Major Damage.

 

(a)                
Landlord may elect to terminate this Lease by notice in writing to Tenant within thirty (30) days after damage to
the Building by fire or other casualty: (i) which causes any substantial portion of the Building to be unusable; (ii) the repair
of which will cost more than twenty-five percent (25%) of the replacement value of the Building; or (iii) which is not required
under this Lease to be covered by insurance.

 

(b)                
Tenant may elect to terminate this Lease by notice in writing to Landlord within thirty (30) days after damage to
the Premises by fire or other casualty, which causes any substantial portion of the Premises to be unusable.

 

(c)                
If neither Landlord nor Tenant terminates this Lease after any fire or other casualty referenced in Sections 11.1(a)
or (b), or if damage occurs to the Building which is not referenced in Sections 11.1(a) or (b), Landlord shall
promptly restore the Building to the condition existing immediately prior to such damage, and this Lease shall continue in full
force and effect. In the event of any damage to the Building by fire or other casualty, Tenant shall promptly repair and restore
all tenant improvements or alterations installed or paid for by Tenant or pay the cost of such restoration to Landlord if Landlord
performs such restoration. In the event the Building is damaged by any casualty, Rent shall be reduced in proportion to the unusable
portion of the Building from the date of damage until the date restoration work to the Building is substantially complete. Disputes
between Tenant and Landlord under this Section 11.1 shall be resolved by arbitration as provided in Section 21 below.

 

11.2            
Waiver of Subrogation. Landlord and Tenant each hereby releases and waives any and all rights to recover from or
proceed against the other party and its employees, agents and contractors, for loss or damage to any property of the releasing
party or any person claiming through the releasing party arising from any cause required to be insured against by the releasing
party under this Lease. Landlord and Tenant shall each cause their insurance policies to contain a waiver of subrogation provision
consistent with the foregoing.

 

SECTION 12. EMINENT
DOMAIN.

 

If
any portion of the Building or a substantial portion of the Premises shall be permanently taken under any right of eminent
domain, or any transfer in lieu thereof (the “Taking”) and such Taking renders the Premises in the
reasonable opinion of Tenant or Landlord unsuitable for Tenant’s use, then either party may terminate this Lease by giving
thirty (30) days prior written notice to the other party, and such termination shall be effective on the date possession of
the Building, Premises or portion of either is delivered to the condemning authority. Disputes between Tenant and Landlord
under this Section 12 shall be resolved by arbitration as provided in Section 21 below. If this Lease is not so
terminated, Landlord shall repair and restore the Premises as close as practicable to its condition prior to the Taking, and
this Lease shall continue, but, commencing with the date on which Tenant is deprived of the use of any portion of the
Premises or of any rights under this Lease, Base Rent shall be proportionately abated or reduced, based on the extent to
which Tenant’s use of the Premises is impaired. Any and all awards payable by the condemning authority in connection
with a Taking shall be the sole property of Landlord; provided, however, that nothing contained herein shall prevent Tenant
from prosecuting a separate claim against the condemning authority for Tenant’s damages arising out of the Taking, so
long as that award does not diminish the award that Landlord would otherwise be entitled to as a result of the Taking.

 

    
	 	
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SECTION 13. ASSIGNMENT
AND SUBLETTING.

 

Tenant
shall not assign or encumber its interest under this Lease or sublet all or any portion of the Premises without having first provided
thirty (30) days written notice to Landlord and thereafter obtained Landlord’s written consent. Tenant shall deliver written
notice of Tenant’s desire to assign or sublet all or any portion of the Premises and such notice shall include a recent signed
and certified financial statement (audited, if available) and a statement of the intended use for such proposed assignee or subtenant.
So long as any proposed subtenant or assignee is compatible with Landlord’s reasonable credit and use standards for the Premises,
Landlord’s consent shall not be unreasonably withheld. Notwithstanding the foregoing, Landlord’s consent shall not
be required if such assignment or subletting is in connection with an entity that is an affiliate or subsidiary of Tenant or with
a merger or change in control of Tenant. No assignment shall relieve Tenant of its obligation to pay rent or perform other obligations
required by this Lease during the Initial Term (and any renewal periods), and no consent to one assignment or subletting shall
be a consent to any further assignment or subletting. Tenant shall reimburse Landlord for any costs incurred in connection with
a proposed assignment or subletting, including reasonable attorney fees in an amount not to exceed $1,500. If Landlord consents
to a proposed assignment, and any consideration is paid to the assigning Tenant, the assigning Tenant shall promptly pay to Landlord
one-half (1/2) of any net consideration resulting from such transaction received by Tenant. If Landlord consents to a proposed
sublease, and the rent under such sublease arrangement (the “Sub-Rent”) is greater than the Rent under this
Lease, Tenant shall promptly pay to Landlord one-half of the difference between the Sub-Rent and the Rent.

 

SECTION 14. DEFAULT.

 

14.1             
Events of Default. Each of the following shall be an “Event of Default” by Tenant under this

 

Lease:

 

14.1.1       
Failure by Tenant to pay Rent or any other charge due under this Lease within ten (10) days after receipt of written notice
from Landlord that the same is then due, provided, however, that Landlord shall not be required to provide such written notice
more than two (2) times in any twelve (12) month period.

 

14.1.2       
Other than as set forth in Section 14.1.1 and Sections 14.1.3 through 14.1.6 below, failure by Tenant
to comply with any other obligation of this Lease, including, without limitation, Section 6.2, within ten (10) days following
written notice from Landlord specifying the failure (except in the case of emergency, in which event Landlord shall only be required
to give such notice as is reasonable under the circumstances); provided, however, that if the nature of Tenant’s default
requires more than ten (10) days to correct, Tenant shall not be deemed in default of this Lease so long as Tenant commences the
cure of such failure within such ten (10)-day period and thereafter, proceeds in good faith and with all diligence to complete
such cure as soon as possible but in no event later than ninety (90) days after the date of Landlord’s notice of default.
Subject to this Section 14.1.2, if Tenant fails to perform Tenant’s obligations under Section 6.2, Landlord
may enter upon the Premises, perform the obligations on Tenant’s behalf, and recover the cost of performance, together with
interest at the rate of twelve percent (12%) per year, as Additional Rent payable by Tenant with the next installment of
Rent, provided, that such rate shall not exceed the maximum rate then allowed by law.

 

14.1.3
        Tenant fails to occupy the Premises within twenty (20) days after notice from Landlord.

 

    
	 	
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14.1.4
        Assignment or subletting by Tenant in violation of Section 13.

 

14.1.5       
Tenant’s failure to execute and deliver to Landlord the documentsdescribed inSections
18 or 23 within ten (10) days of written notice from Landlord.

 

14.1.6       
Tenant’s insolvency, business failure or assignment for the benefit of its creditors. Tenant’s commencement
of proceedings under any provision of any bankruptcy or insolvency law or failure to obtain dismissal of any petition filed against
it under such laws within the time required to answer; or the appointment of a receiver for all or any portion of Tenant’s
properties or financial records.

 

14.2            
Remedies for Default. Upon the occurrence of an Event of Default described in Section 14.1, Landlord may exercise
the following remedies as well as any other remedies at law or in equity, by statute or as set forth in this Lease:

 

14.2.1       
Landlord may terminate this Lease, reserving all rights to damages resulting from Tenant’s breach. Whether or not
Landlord terminates this Lease, Landlord may retake possession of the Premises and any relet or use of the Premises by Landlord
shall not be deemed a surrender or waiver of Landlord’s right to damages. If Landlord retakes possession of the Premises,
Landlord’s mitigation efforts shall be deemed sufficient if Landlord follows commercially reasonable procedures and otherwise
complies with Law.

 

14.2.2       
Tenant shall be liable to Landlord for all damages caused by Tenant’s default, including, but not limited to, an amount
equal to all unpaid and future Rent, lease commissions incurred for this Lease, and the unamortized cost of all improvements to
the Premises installed or paid for by Landlord. Landlord may periodically sue Tenant to recover damages as they accrue, and no
action therefor shall bar a later action for damages accruing thereafter. Landlord may elect in any one action to recover both
accrued damages as well as damages attributable to the remaining Term of the Lease. Any damages attributable to the remaining Term
of the Lease shall be equal to the difference between the Rent under this Lease and fair market rental value of the Premises (including
Additional Rent) for the remainder of the Term, discounted at the prevailing interest rate on judgments to the date of the judgment.

 

14.3            
Landlord’s Right To Cure Default. Landlord may, but shall not be obligated to, make any payment or perform
any obligation under this Lease that Tenant has failed to perform, as and when required hereunder, following advance written notice
to Tenant. Tenant shall pay Landlord for all expenditures and costs incurred by Landlord in performing any obligation of Tenant,
upon demand, with interest thereon at the rate of one and one half percent per month (1 1⁄2%), but in no event
at a rate in excess of that allowed by Law. Landlord’s right to cure any Tenant default is for the sole protection of Landlord
and in no event shall Tenant be released from any obligation to perform Tenant’s obligations and covenants under this Lease.
The contents of this Section shall not be deemed a waiver by Landlord of any other right that Landlord may have arising from any
default of this Lease by Tenant, whether or not Landlord exercises its rights under this Section.

 

14.4             Landlord’s
Default. Landlord shall not be deemed to be in default of the performance of any obligation required to be performed by
Landlord hereunder unless and until Landlord fails to perform such obligation within twenty (20)   days
after written notice by Tenant to Landlord specifying the nature of Landlord’s alleged default; provided, however, that
if the nature of Landlord’s alleged default is such that more than twenty (20) days are required for its cure, then
Landlord shall not be deemed to be in default if Landlord shall commence such performance within such twenty (20)-day period
and thereafter proceeds in good faith and with diligence to complete such cure as soon as possible,
but in no event later than ninety (90) days after the date of Tenant’s notice of default. If Landlord fails to timely
cure any default under this Lease, Tenant shall have such rights and remedies provided at law and in equity.

 

    
	 	
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SECTION 15. NOTICES.

 

Unless
otherwise specified, any notice required or permitted in, or related to this Lease must be in writing and signed by the party giving
the notice. Any notice will be deemed delivered: (a) when personally delivered; (b) when delivered by electronic mail transmission
(in either case, with confirmation of delivery); (c) on the day following delivery of the notice by reputable overnight courier;
or (d) on the day following delivery of the notice by mailing by certified or registered U.S. mail, postage prepaid, return receipt
requested; and in any case shall be sent to the applicable party at its address as set forth in Section 1.2 for Tenant and
Section 1.3 for Landlord. Addresses for notices may be changed from time to time by written notice to all other parties
pursuant to this Section 15.

 

SECTION 16. LANDLORD ACCESS.

 

After
reasonable notice to Tenant, Landlord may enter upon the Premises with its passkey or other reasonable means to assess compliance
with this Lease, perform required or necessary maintenance, repairs, alterations or services to the Building or the Premises, show
the Premises to potential buyers of the Building and post appropriate notices and signs, and during the last three (3) months of
the Term, show the Premises to any potential tenant. Except in case of emergency, all entry to the Premises shall be at times and
in a manner so as to minimize interference with Tenant’s use of the Premises.

 

SECTION 17. CONVEYANCE BY
LANDLORD

 

If
the Premises is sold or otherwise conveyed by Landlord or any successor, so long as Tenant is not in default beyond any applicable
cure period, Landlord shall cause such successor to recognize Tenant’s rights hereunder, and Tenant shall attorn to the buyer
or transferee and recognize that party as the landlord under this Lease. If the buyer or transferee assumes all obligations of
Landlord under this Lease accruing thereafter, Landlord shall be deemed released of all further liability to Tenant under this
Lease.

 

SECTION 18. SUBORDINATION,
ATTORNMENT ANDNON-DISTURBANCE.

 

Without
the need for further documentation, this Lease shall be subject and subordinate to any existing deeds of trust, mortgages, ground
lease, master lease or land sale contracts and any amendment or modification thereof, now existing or hereafter recorded against
the Premises (collectively, the “Encumbrances”). Tenant shall execute all documents reasonably requested by
Landlord or the holder of an Encumbrance to confirm such subordination; provided, however, that this Lease shall only be subordinate
to any future Encumbrance, or modification thereof, if the holder of that Encumbrance executes a non-disturbance agreement reasonably
satisfactory to Tenant by which the holder of such Encumbrance recognizes Tenant’s rights under this Lease unless Tenant
is in default beyond any applicable cure period. If any Encumbrance is foreclosed, Tenant shall attorn to such buyer, and this
Lease shall continue in full force and effect.

 

SECTION 19. SURRENDER;
HOLDOVER.

 

19.1            
Surrender. Upon expiration or earlier termination of this Lease, Tenant shall surrender the Premises and the Building
swept and free of debris, with carpeted areas vacuumed and in good and serviceable condition, subject to ordinary wear and tear.
Tenant shall remove all of its personal property and, if requested by Landlord in accordance with Section 7 above, any conduits,
wiring, cables or alterations installed by Tenant, and in any case, shall repair all damage to
the Premises and the Building resulting from that removal. If Tenant fails to remove any such personal property or alterations,
those items shall be deemed abandoned, and Landlord may remove or dispose of such items without liability to Tenant or others,
and Tenant shall reimburse Landlord for the cost of such removal upon demand.

 

    
	 	
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19.2            
Holdover. If Tenant fails to surrender the Premises and remove all its personal property as set forth herein, Landlord
may either: (a) recognize Tenant as a tenant at sufferance which shall be terminable upon fifteen (15) days’ notice; (b)
recognize Tenant as a month-to-month tenant; or (c) evict Tenant from the Premises and recover all damages resulting from Tenant’s
wrongful holdover. For purposes of the preceding subjections (a) and (b), such tenancy shall be subject to all terms of this Lease,
except that Rent shall be one hundred fifty percent (150%) of the total Rent for the last month being charged and all options or
other rights regarding extension of the Term or expansion of the Premises shall automatically terminate.

 

SECTION 20. HAZARDOUS
MATERIALS.

 

20.1            
Generally. Neither Tenant nor Tenant’s agents or employees shall cause or permit any Hazardous Material, as
hereinafter defined, to be brought upon, stored, used, generated, released into the environment, or disposed of on, in, under,
or about the Premises or Building, except reasonable quantities of cleaning supplies and office supplies necessary to or required
as part of Tenant’s business that are generated, used, kept, stored, or disposed of in a manner that complies with all laws
regulating any such Hazardous Materials and with good business practices. Tenant covenants to remove from the Premises and the
Building, upon the expiration or sooner termination of this Lease and at Tenant’s sole cost and expense, any and all Hazardous
Materials brought upon, stored, used, generated, or released into the environment by Tenant, its agents, employees or invitees
during the Term of this Lease. To the fullest extent permitted by law, Tenant hereby agrees to indemnify, defend, protect, and
hold harmless Landlord, Landlord’s managing agent and their respective agents and employees, and their respective successors
and assigns, from any and all claims, judgments, damages, penalties, fines, costs, liabilities, and losses that arise during or
after the Term directly or indirectly from the use, storage, disposal, or release of Hazardous Materials by Tenant, its agents,
employees or invitees on, in, or about the Premises or the Building which occurs during the Term of this Lease. To the fullest
extent permitted by law, Landlord hereby agrees to indemnify, defend, protect and hold harmless Tenant, and its agents and employees
and its respective successors and assigns, from any and all claims, judgments, damages, penalties, fines, costs, liabilities and
losses that arise during or after the Term directly or indirectly from the use, storage, disposal, or release of Hazardous Materials
by Landlord, its agents, employees, contractors or predecessors on, in or about the Premises or the Building. Tenant shall promptly
notify Landlord of any release of Hazardous Materials in, on, or about the Premises or the Building that Tenant, or Tenant’s
agents or employees, becomes aware of during the Term of this Lease, whether caused by Tenant, Tenant’s agents or employees,
or any other persons or entities.

 

20.2            
Definition. As used herein, the term “Hazardous Material” means any hazardous or toxic substance,
material, or waste which is or becomes regulated by any local governmental authority, the state of Oregon or the United States
government. The term “Hazardous Material” includes, without limitation, any material or substance that is: (a) defined
as a “hazardous waste,” “extremely hazardous waste,” “restricted hazardous waste,” “hazardous
substance,” “hazardous material,” or “waste” under any federal, state or local law; (b) petroleum;
and (c) asbestos. The provisions of this Section 20, including, without limitation, the indemnification provisions set forth
herein, shall survive any termination of this Lease.

 

SECTION 21. DISPUTE
RESOLUTION

 

No
provision of, nor the exercise of any rights under, this Section 21 shall limit the right of Landlord to evict Tenant for
default under this Lease, exercise self-help remedies or obtain provisional or ancillary remedies such as
an injunction, receivership, attachment or garnishment. Subject to the preceding sentence, all claims, disputes and other matters
in question between the parties to this Lease arising out of or relating to this Lease or the breach thereof, shall be decided
by mandatory and binding arbitration in accordance with the rules of the Arbitration Service of Portland, Inc. (“ASP”)
currently in effect unless the parties mutually agree otherwise. The following procedures shall apply:

 

    
	 	
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21.1            
Demand for arbitration shall be filed in writing with the other party to this Lease and with the ASP. In no event shall
the demand for arbitration be made after the date when institution of legal or equitable proceedings based on such claim, dispute
or other matter in question would be barred by the applicable statute of limitations.

 

21.2            
The award rendered by the arbitrator or arbitrators shall be final, and judgment may be entered upon it in accordance with
applicable law in any court having jurisdiction thereof.

 

21.3            
All filing fees and ASP costs associated with the arbitration itself shall be paid for by the party who files the notice
of arbitration; provided, however, that all such expenses shall be recovered by the filing party in the event said party prevails.
Any issues regarding who is the prevailing party shall be determined by the arbitration panel. The prevailing party also shall
recover from the non-prevailing party all attorneys’ fees and costs, including fees and costs for legal assistants and expert
witnesses, and including all fees and costs incurred relative to any challenge or appeal of the arbitration award, or confirmation
by a court of law.

 

SECTION 22. ATTORNEY
FEES; WAIVER OF JURY TRIAL.

 

If
suit or action is instituted in connection with any controversy arising out of this Lease, including any bankruptcy proceeding,
the prevailing party shall be entitled to recover, in addition to costs, such sums as the court may adjudge reasonable as attorney
fees in preparation for trial, at trial and on all appeals or petition for review arising out of such suit or action. If Landlord
engages a collection agency to pursue any delinquent amounts owed by Tenant, Tenant shall pay all collection agency fees charged
to Landlord, in addition to all other amounts payable under this Lease. Disputes between the parties which are to be litigated
shall be tried before a judge without a jury and by initialing below, Landlord and Tenant hereby expressly waive any right to
require that any dispute under this Lease be heard before a jury.

 

	 	 	 	 	 
	 	Tenant Initials	 	Landlord Initials	 

 

SECTION 23. ESTOPPEL.

 

At
any time and from time to time upon not less than ten (10) days prior notice from either party, the other party will execute, acknowledge
and deliver to the requesting party a certificate certifying whether or not this Lease is in full force and effect and unmodified,
if there are any modifications, that the Lease is in full force and effect as modified; that Tenant is in possession of the Premises;
the dates to which Rent has been paid in advance and the amount of any Security Deposit or prepaid Rent; and such other matters
as may be reasonably requested. If either party fails to deliver a requested certificate within the specified time, such failure
shall conclusively establish that the party from whom the certificate was requested confirms that the Lease is in full force and
effect, without modification except as may be represented by the requesting party. The parties agree that any such certificate
may be relied upon by any existing or prospective holder of an Encumbrance or any prospective transferee of this Lease or the Premises.

 

SECTION 24. QUIET
ENJOYMENT.

 

Landlord
warrants that so long as Tenant complies with all terms of this Lease, that Tenant shall have quiet and peaceful possession of
the Premises free of disturbance by Landlord or others claiming by or through Landlord.

 

    
	 	
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SECTION 25. FORCE MAJEURE.

 

If
the performance by either party of any provision of this Lease is prevented or delayed by any strikes, lockouts, labor disputes,
acts of God, government actions, civil commotions, fire or other casualty, or other causes beyond the reasonable control of the
party from whom performance is required, such party shall be excused from such performance for the period of time equal to the
time of that prevention or delay. Notwithstanding the foregoing, neither party shall be relieved of their respective payment obligations
under this Lease for such prevention or delay of less than sixty (60) days.

 

SECTION 26. BROKERS.

 

Each
party represents that except for the broker(s) identified in the Lease Terms, neither party has had any dealings with any real
estate broker, finder or other person with respect to this Lease. Landlord shall pay a leasing commission to the party(s) identified
in Section 1.17 in accordance with a separate agreement by and between Landlord and the Landlord’s Agent. Landlord
and Tenant each agree to indemnify and hold the other party harmless from and against any and all costs, expenses or liability
for commissions or other compensation or charges claimed by or awarded to any broker or agent resulting from a breach of the representation
set forth above in this Section 26.

 

SECTION 27. GOVERNING
LAW.

 

This
Lease shall be construed and interpreted and the rights of the parties determined in accordance with the laws of the state of Oregon
(without reference to the choice-of-law provisions of Oregon law); provided further, that respect to matters of law concerning
the internal corporate affairs of any corporate entity which is a party to or the subject of this Lease, and as to those matters,
the law of jurisdiction under which such entity derives its powers shall govern.

 

SECTION 28. NONWAIVER.

 

No
delay by either party in promptly enforcing any right or remedy set forth in this Lease shall be deemed a waiver thereof, and that
right or remedy may be asserted at any time after the delaying party becomes entitled to the benefit of such right or remedy notwithstanding
such delay.

 

SECTION 29. CAPTIONS.

 

The
Section headings of this Lease are for descriptive purposes only and in no way define, limit or describe the scope, intent or meaning
of this Lease.

 

SECTION 30. CONSENT.

 

Except
where otherwise specifically provided in this Lease to the contrary, whenever a party’s consent or approval is required under
this Lease, such party shall not unreasonably withhold, condition or delay its consent or approval.

 

SECTION 31. LIMITATION
ON LIABILITY.

 

Notwithstanding
anything to the contrary in this Lease, except to the extent of the negligence or willful misconduct of Landlord and its agents
and employees, Tenant hereby releases Landlord, its agents and employees from: (a) damage to Tenant’s property; and (b) damage
arising out of the acts, including criminal acts, of third parties.

 

    
	 	
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SECTION 32. TIME OF
THE ESSENCE AND HOLIDAYS.

 

Time
is of the essence of each and every provision hereof. If the final date of any period of time set forth herein occurs on a Saturday,
Sunday or legal holiday, then in such event, the expiration of such period of time shall be postponed to the next day which is
not a Saturday, Sunday or legal holiday.

 

SECTION 33. COMPLETE
AGREEMENT; NO IMPLIED COVENANTS; SEVERABILITY; DRAFTING.

 

This
Lease and the attached Exhibits and schedules, if any, contain the entire agreement of Landlord and Tenant concerning the Premises,
Building, Project, and Common Areas, and all prior written and oral agreements and representations between the parties are void.
LANDLORD AND TENANT AGREE THAT THERE ARE NO IMPLIED COVENANTS OR OTHER AGREEMENTS BETWEEN THE PARTIES EXCEPT AS TO THE PARTIES’
RESPECTIVE IMPLIED COVENANTS OF GOOD FAITH AND FAIR DEALING AND AS OTHERWISE EXPRESSLY

 

SET FORTH IN THIS LEASE.
Neither Landlord nor Tenant is relying on any representations of the other party or such party’s agents, except those expressly
set forth herein. If any provision of this Lease is held to be invalid or unenforceable, the validity and enforceability of the
other provisions of this Lease shall not be affected. All provisions of this Lease have been negotiated at arm's length and this
Lease shall not be construed for or against any party by reason of the authorship or alleged authorship of any provision hereof.

 

SECTION 34. SUCCESSORS.

 

Subject
to Section 13, this Lease shall bind and inure to the benefit of the parties, their respective heirs, successors, and permitted
assigns.

 

IN WITNESS WHEREOF, the
duly authorized representatives of the parties have executed this Lease:

 

	LANDLORD: Schmitt Industries Inc
	 	 
	By:	 	 
	 	 
	Title:  	 	 
	 	 
	Date: 	 	 
	 	 
	TENANT: Humboldt Street Collective, LLC
	 	 
	By:  	 	 
	 	 
	Title:  	 	 
	 	 
	Date:  		 

 

	 

                            THIS
DOCUMENT AND ANY ATTACHMENTS HERETO HAVE BEEN PREPARED FOR SUBMISSION TO YOUR ATTORNEY FOR REVIEW AND APPROVAL PRIOR TO SIGNING.
NO REPRESENTATION OR RECOMMENDATION IS MADE BY COMMERCIAL ASSOCIATION OF BROKERS OR BY THE REAL ESTATE LICENSEES INVOLVED WITH
THIS DOCUMENT AND ANY ATTACHMENTS HERETO AS TO LEGAL SUFFICIENCY OR TAX CONSEQUENCES. THIS FORM SHOULD NOT BE MODIFIED WITHOUT
SHOWING SUCH MODIFICATIONS BY REDLINING, INSERTION MARKS, EXHIBITS OR ADDENDA.

                             

 

    
	 	
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EXHIBIT B-1

Building Site Plan

 

 

 

	 	 	 

19
of 19

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