Document:

EXHIBIT 10.7

 

LEASE AGREEMENT

 

This Lease Agreement (this “Lease”)
is made as of the first day of November, 2014, by and between Culy Hawkins (hereinafter the “Landlord”) and I.E.T.,
Inc. (hereinafter “Tenant”).

 

In consideration for the mutual promises
and covenants contain herein, and for the other good and valuable consideration, the parties hereto hereby agree as follows:

 

		1.	Premises. The Landlord leases to the Tenant, and the Tenant rents from the Landlord, all
of the premises located at 2609 1⁄2 West Main, Artesia, NM 88210 (hereinafter the “Premises”).
	 	 	 
		2.	Term. The term of this Lease shall be for 3 years commencing November 1, 2014 and ending
September 30, 2017 (hereinafter the “Term”).
	 	 	 
		3.	Monthly Rent Payment. The Tenant shall pay to the Landlord base rent of $3,300 per month,
which payment shall be made on or before the 10th day of the applicable month.
	 	 	 
		4.	Mortgages Affecting the Premises. This Lease shall be subject to all present or future mortgages
affecting the Premises.
	 	 	 
		5.	Use. Tenant shall use and occupy the Premises for commercial purposes.
	 	 	 
		6.	Alterations, Additions or Improvements. The Tenant shall not make any alterations, additions
or improvements to the Premises without the prior written consent of the Landlord.
	 	 	 
		7.	Landlord’s Responsibilities. The Landlord, at his own expense, shall be responsible
for the following: property taxes, any maintenance and repairs to the roof or building foundation and the common area surrounding
the Premises.
	 	 	 
		8.	Tenant’s Responsibilities. The Tenant, at its own expense, shall be responsible for
the following: all utilities, maintenance and repairs to the interior of the Premises except those previously stated to be covered
by the Landlord, and personal property taxes.
	 	 	 
		9.	Insurance. The Tenant, at its own expense, will at all times during the Term maintain commercial
liability insurance in the amount of not less than $1,000,000 and shall continue same in force and effect throughout the Term of
this Lease. The Landlord, at his expense, will at all times during the Term carry a policy of insurance which insures the building,
including the Premises, against loss or damage by fire or other casualty (namely, the perils against which insurance is afforded
by a standard fire insurance policy); provided, however, that the Landlord will not be responsible for, and will not be obligated
to insure against, any loss of or damage to any personal property or trade fixtures of the Tenant or any alterations which the
Tenant may make to the Premises or any loss suffered by the Tenant due to business interruption.
	 	 	 
		10.	Quiet Enjoyment. The Landlord covenants that if, and so long as, the Tenant pays the rent
as required under this Lease, and performs the Tenant’s other covenants under this Lease, the Landlord will do nothing to
affect the Tenant’s right to peaceably and quietly have, hold and enjoy the Premises for the Term.

 

    	 

    	 

    

 

		11.	Compliance with Laws. The Tenant shall comply with all rules, regulations, ordinances codes
and laws of all governmental authorities having jurisdiction over the Premises.
	 	 	 
		12.	Lease Termination. At the end of the Term of this Lease, the Tenant shall surrender and
deliver up the Premises in the same condition (subject to any additions, alterations or improvements, if any) as presently exists,
reasonable wear and tear excluded.
	 	 	 
		13.	Default by Tenant. Upon default by the Tenant of any term or condition of this Lease, the
Landlord shall have the right to undertake any or all remedies permitted by applicable law; provided, however, that the Landlord
has first notified the Tenant of such default and the Tenant has failed to cure same within fifteen (15) days.
	 	 	 
		14.	Binding Agreement. This Lease shall be binding upon, and to the benefit of, the parties,
their heirs, successors, and assigns.
	 	 	 
		15.	Notices. Any notice by either party to the other shall be in writing and shall be deemed
to have been duly given only if (a) delivered personally or (b) sent by registered mail or certified mail return receipt requested
in a postage paid envelope or (c) sent by nationally recognized overnight delivery service. Notices shall be sent to the addresses
provided on the signature page hereof or to such other addresses as the Tenant or the Landlord, respectively, may designate in
writing. Notice shall be deemed to have been duly given, if delivered personally, on delivery thereof, if mailed, upon the seventh
(7th) day after the mailing thereof or if sent by overnight delivery service, the next business day.
	 	 	 
		16.	Entire Agreement. This Agreement shall constitute the entire agreement between the parties
with respect to the subject matter hereof. No other arrangements or agreements, explicit or implied, are entered into or agreed
to by either of the parties.
	 	 	 
		17.	Governing Law. This Lease will be governed by the laws of the State of New Mexico, without
giving effect to its conflict of law principles.
	 	 	 
		18.	Broker. The Tenant and the Landlord represent and warrant to the each other that no broker
brought about this transaction, and each agrees to indemnify and hold the other harmless from any and all claims of any broker(s)
arising out of or in connection with the negotiations of or entering into of this Lease by the Tenant and the Landlord.
	 	 	 
		19.	Severability. If any of the provisions of this Lease, or the application of such provisions,
will be invalid or unenforceable, the remainder of this Lease will not be affected, and this Lease will be valid and enforceable
to the fullest extent permitted by law.

 

    	2

    	 

    

 

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

 

	Tenant’s mailing address:	Landlord’s mailing address:
	 	 
	I.E.T., Inc.	Culy Hawkins
	4235 Commerce Street	PO Box 1056
	Little River, SC  29566	Artesia, NM  88210-1056

 

Signed this 25th day of November 2014.

 

	 	 Tenant: I.E.T., Inc. 	 
	 	 	 
	By:	/s/ Thomas S.
    Gifford	 
	Name:	Thomas S. Gifford	 
	Title:	Executive Vice President,	 
	 	Chief Financial Officer and Secretary	 
	 	 	 
	 	Landlord:	 
	 	 	 
	 	/s/ Culy Hawkins	 
	 	Culy Hawkins	 

 

 

3Exhibit 10.8

 

COMMERCIAL
LEASE

of

Duchesne
Crossings, LLC

362
West Pierpont Ave.

Salt
Lake City, Utah 84101

 

This
lease (this “Lease”) is made between Duchesne Crossing, LLC, with an address at 362 West Pierpont Avenue, Salt Lake
City, Utah 84101, herein called Lessor, and I.E.T., Inc., with an address at 4235 Commerce Street, Little River, South Carolina
29566, herein called Lessee. Lessee hereby offers to lease from Lessor the premises situated in the City of Myton, County
of Duchesne, and State of Utah, described as:

 

Duchesne
Crossings

6141
South 3950 West

Space
#7

Myton,
Utah 84052

(the
“Premises”)

 

Upon the
following TERMS and CONDITIONS:

 

1.
Terms and Rent. Lessor demises the above Premises (3,250 gross rentable square feet) for a term of thirty-six (36) months,
commencing five (5) business days after an occupancy permit is obtained with respect to Lessee’s occupation of the Premises
from Duchesne County, and terminating on the anniversary date thirty-six (36) months thereafter (the “Term”). If commencement
begins in the middle of a month, Lessor will prorate the following month’s rent.

 

Monthly
rent is payable in equal installments, due on or before the 10th of each month, as follows: $3,350 for the first year, subject
to 2% increases for each year thereafter on the anniversary date of the commencement of this Lease.

 

First month’s
rent of $3,350 is due upon the full execution of this Lease.

 

A
10% late fee will be assessed to rent received after the 10th day of the month. All payments shall be made to Lessor,
at the address specified above.

 

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

 

3.
Care and Maintenance of Premises. Lessor represents and warrants to Lessee that the Premises are in good order and repair,
unless otherwise indicated herein. Lessee shall, at its own expense and at all times, maintain the Premises in good and safe condition,
and shall surrender the same, at termination hereof, in as good condition as received, normal wear and tear excepted. Lessee shall
be responsible for all maintenance and repairs required on the interior of the Premises, including, without limitation, the maintenance
of the HVAC, but shall not be responsible for the replacement thereof. Lessor shall be responsible for the roof, exterior walls,
and structural foundations. Lessor shall also maintain in good condition the common areas of the building housing the Premises
and the outside of the Premises, including, without limitations, the sidewalks, lawns and shrubbery.

 

    	 

    	 

    

 

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

 

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

 

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

 

7.
Utilities &Taxes. Power and Gas is separately metered for the Premises, and is to be put in Lessee name and paid by Lessee.
Landlord shall be responsible for all property taxes with respect to the Premises.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	2

    	 

    

 

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

 

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

 

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

 

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

 

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

 

    	3

    	 

    

 

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

 

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

 

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

 

22.
Radon Gas Disclosure. As required by law, Landlord makes the following disclosure: “Radon Gas” is a naturally
occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons
who are exposed to it over time. Additional information regarding radon testing may be obtained from your county public unit.

 

23.
Entire Agreement. The foregoing constitutes the entire agreement between the parties and may be modified only by a writing
signed by both parties.

 

24.
Contaminations. At the expiration of the Lease, Lessee, at its own expense, shall have all contaminations that it is responsible
for bringing onto the Premises removed from the Premises and restore the Premises to its “preleased” condition.

 

25.
Governing Law. This Lease will be governed by the laws of the State of Utah, without giving effect to its conflict of law
principles.

 

26.
Broker. Lessee and Lessor represent and warrant to the each other that no broker brought about this transaction, and each
agrees to indemnify and hold the other harmless from any and all claims of any broker(s) arising out of or in connection with
the negotiations of or entering into of this Lease by Lessee and Lessor.

 

27.
Severability. If any of the provisions of this Lease, or the application of such provisions, will be invalid or unenforceable,
the remainder of this Lease will not be affected, and this Lease will be valid and enforceable to the fullest extent permitted
by law.

 

28.
Counterparts. This Lease may be executed in multiple counterparts, each of which, when assembled to include an original signature
for each party contemplated to sign this Lease, will constitute a complete and fully executed original. All such fully executed
counterparts will collectively constitute a single agreement. The parties expressly agree that if the signature of Lessor and/or
Lessee on this Lease is not an original, but is a digital, mechanical or electronic reproduction (such as, but not limited to,
a photocopy, fax, e-mail, PDF, Adobe image, JPEG, telegram, telex or telecopy), then such digital, mechanical or electronic reproduction
shall be as enforceable, valid and binding as, and the legal equivalent to, an authentic and traditional ink-on-paper original
wet signature penned manually by its signatory.

 

    	4

    	 

    

 

Signed this
14th day of November, 2014

 

	LESSOR	 	LESSEE
	 	 	 
	Duchesne Crossings, LLC	 	I.E.T., Inc.
	 	 	 	 	 
	By:	/s/ Nathan Brockbank 	 	By:	/s/ Thomas S. Gifford
	Name:	Nathan Brockbank	 	Name:	Thomas S. Gifford
	Title:	Manager	 	Title:	Executive Vice President and Chief Financial Officer
	 	 	 	 	 
	 	362 West Pierpont Avenue	 	 	4235 Commerce Street
	 	Salt Lake City, Utah 84101  	 	 	Little River, SC 29566
	 	o: (801) 268-8070	 	 	o: (732) 282-1055
	 	c: (801) 706-5557	 	 	e: tgifford@ietltd.net
	 	f: (801) 268-8004	 	 	 

 

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00242-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00242-of-00352.parquet"}]]