Document:

Exhibit 10.10

      

      

      

    

    

    

    

    

    VZMT RECEIVABLES TRANSFER AGREEMENT

    

    

    among

    

    

    VERIZON MASTER TRUST,

      as Transferor

    

    

    CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

      as Servicer

    

    

    and

    

    

    VERIZON ABS LLC,

      as Depositor

    

    

    

    

    

    

    

    

    Dated as of November 8, 2021

    

    

    

    

    

    

    

    

    
      

      

    

    
      
        

    

    
    
      TABLE OF CONTENTS

      Page

        

      

    

    	
            ARTICLE I

          	
            USAGE AND DEFINITIONS

          	
            1

          
	
            Section 1.1.

          	
            Usage and Definitions

          	
            1

          
	
            ARTICLE II

          	
            TRANSFER OF VZMT TRANSFERRED PROPERTY

          	
            1

          
	
            Section 2.1.

          	
            Transfers and Absolute Assignments of VZMT Transferred Property

          	
            1

          
	
            Section 2.2.

          	
            Acquisition of Receivables

          	
            3

          
	
            Section 2.3.

          	
            Acknowledgement of Further Assignments

          	
            3

          
	
            Section 2.4.

          	
            Savings Clause

          	
            3

          
	 	 	 
	
            ARTICLE III

          	
            REPRESENTATIONS AND WARRANTIES

          	
            3

          
	
            Section 3.1.

          	
            VZMT Representations and Warranties

          	
            3

          
	
            Section 3.2.

          	
            VZMT Representations and Warranties About Pools of

          	 
	
            Section 3.3.

          	
            Representations and Warranties About Each Receivable

          	
            6

          
	
            Section 3.4.

          	
            Servicer Acquisition of Receivables for Breach of Representations

          	
            8

          
	
            Section 3.5.

          	
            Depositor’s Representations and Warranties

          	
            9

          
	
            Section 3.6.

          	
            Servicer’s Representations and Warranties

          	
            10

          
	 	 	 
	
            ARTICLE IV

          	
            VZMT’S AGREEMENTS

          	
            12

          
	
            Section 4.1.

          	
            Financing Statements

          	
            12

          
	
            Section 4.2.

          	
            No Transfer or Lien by VZMT

          	
            12

          
	
            Section 4.3.

          	
            Expenses

          	
            12

          
	
            Section 4.4.

          	
            VZMT Records

          	
            12

          
	
            Section 4.5.

          	
            Review of VZMT’s Records

          	
            13

          
	
            Section 4.6.

          	
            Review of Servicer’s Records

          	
            13

          
	
            Section 4.7.

          	
            Acquisition of Bankruptcy Surrendered Receivables

          	
            13

          
	 	 	 
	
            ARTICLE V

          	
            OTHER AGREEMENTS

          	
            14

          
	
            Section 5.1.

          	
            No Petition

          	
            14

          
	
            Section 5.2.

          	
            Limited Recourse

          	
            14

          
	
            Section 5.3.

          	
            Termination

          	
            14

          
	
            Section 5.4.

          	
            Merger, Consolidation, Succession or Assignment

          	
            14

          
	 	 	 
	
            ARTICLE VI

          	
            MISCELLANEOUS

          	
            14

          
	
            Section 6.1.

          	
            Amendments

          	
            14

          
	
            Section 6.2.

          	
            Benefit of Agreement; Third-Party Beneficiaries

          	
            16

          
	
            Section 6.3.

          	
            Notices

          	
            16

          
	
            Section 6.4.

          	
            GOVERNING LAW

          	
            16

          
	
            Section 6.5.

          	
            Submission to Jurisdiction

          	
            16

          
	
            Section 6.6.

          	
            WAIVER OF JURY TRIAL

          	
            17

          
	
            Section 6.7.

          	
            No Waiver; Remedies

          	
            17

          

    

    

    
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      TABLE OF CONTENTS

      (continued)

      Page

    

     

    

    	
            Section 6.8.

          	
            Severability

          	
            17

          
	
            Section 6.9.

          	
            Headings

          	
            17

          
	
            Section 6.10.

          	
            Counterparts

          	
            17

          
	
            Section 6.11.

          	
            Agreements of VZMT

          	
            17

          
	
            Section 6.12.

          	
            Electronic Signatures

          	
            17

          
	 	 	 
	
            SCHEDULE A

          	
            

            

          	
            SA-1

          
	
            EXHIBIT A

          	 	
            EA-1

          

    

    

    
      ii

      
        

    

    
    VZMT RECEIVABLES TRANSFER AGREEMENT, dated as of November 8, 2021 (this “Agreement”), among VERIZON MASTER TRUST, a Delaware statutory
      trust (“VZMT”), CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS, a Delaware general partnership (“Cellco”) and VERIZON ABS LLC, a Delaware limited liability company, as depositor (the “Depositor”).

    BACKGROUND

    In the normal course of its business, VZMT acquires from Verizon DPPA Master Trust and certain originators device payment plan agreements under
      contracts entered into by such originators or Verizon Wireless Services, LLC or another affiliate of such originators, as agent of each originator.

    In connection with a securitization transaction sponsored by Cellco in which Verizon Owner Trust 2020-A, as issuer (the “Issuer”), issued
      Notes secured by a pool of Receivables consisting of device payment plan agreements, VZMT has determined to transfer pools of Receivables and related property from time to time to the Depositor, who will subsequently transfer them to the Issuer.

    The parties agree as follows:

    ARTICLE I

      USAGE AND DEFINITIONS

    Section 1.1.                          Usage and Definitions.  Capitalized terms used but not defined in this Agreement are defined in Appendix A to the Transfer and Servicing Agreement, dated as of January 29, 2020, as amended, among the
        Issuer, the Depositor and Cellco, as servicer (in such capacity, the “Servicer”), as marketing agent (in such capacity, the “Marketing Agent”) and as custodian (in such capacity, the “Custodian”).  Appendix A also contains
        usage rules that apply to this Agreement.  Appendix A is incorporated by reference into this Agreement.

    ARTICLE II

      TRANSFER OF VZMT TRANSFERRED PROPERTY

    Section 2.1.                          Transfers and Absolute Assignments of VZMT Transferred Property.

    (a)            [Reserved].

    (b)            Transfers and Absolute Assignments of Additional Receivables.  Subject to the satisfaction of the conditions in Section 2.1(d), effective on each Acquisition Date, VZMT will transfer and absolutely assign to the
        Depositor, without recourse (other than the obligations of the Servicer with respect to such Receivables under this Agreement), all of VZMT’s right, title and interest, whether then owned or later acquired, in the related Additional Receivables
        acquired by it from time to time from various Originators and the other related VZMT Transferred Property.  The Administrator, with the assistance of VZMT, will select each pool of Additional Receivables to be transferred and assigned by VZMT and
        acquired by the Depositor (and subsequently the Issuer) on each Acquisition Date, which Receivables will be set forth in the electronic file

    
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    containing the Schedule of Receivables delivered on the date of the Transfer Notice for such Acquisition Date.

    (c)            No Assumption of Obligations.  These transfers and absolute assignments do not, and are not intended to, include any obligation of VZMT, the Servicer or any Originator to the Obligors or any other Person relating to the
        Receivables and the other VZMT Transferred Property, and the Depositor does not assume any of these obligations.

    (d)            Conditions for Transfers of Additional Receivables.  The transfers and absolute assignments of the Additional Receivables and the other related VZMT Transferred Property on each Acquisition Date will be subject to the
        satisfaction of the following conditions on or before such Acquisition Date:

    (i)            Transfer Notice.  At least two (2) Business Days before each Acquisition Date, the Administrator shall deliver to the Depositor, the Issuer and the Indenture Trustee a Transfer Notice for the
        Additional Receivables to be transferred and absolutely assigned on that Acquisition Date, which will specify the Additional Receivables Transfer Amount, and will have delivered with it an electronic file containing the Schedule of Receivables; and

    (ii)            VZMT’s Certifications.  VZMT, on such Acquisition Date, certifies that:

    	

          	(A)	
            as of such Acquisition Date, (1) VZMT is Solvent and will not become insolvent as a result of the absolute assignment of the related Additional Receivables on the Acquisition Date, (2) VZMT does not
              intend to incur or believe that it would incur debts that would be beyond VZMT’s ability to pay as the debts matured and (3) the absolute assignment of the related Additional Receivables is not made by VZMT with actual intent to hinder, delay
              or defraud any Person;

          

    	

          	(B)	
            VZMT’s representations and warranties in Sections 3.1 and 3.2 (solely with respect to the related Additional Receivables transferred on such Acquisition Date) will be true and correct as of the
              Acquisition Date; and

          

    	

          	(C)	
            VZMT has complied, or has caused the VZMT Administrator to comply, with the requirements of Section 9.7(a) of the VZMT Master Collateral Agency Agreement with respect to the release of Receivables
              from the lien of the VZMT Master Collateral Agency Agreement.

          

    (iii)            Servicer Certifications.  The Servicer, on such Acquisition Date, certifies that each of the Servicer’s representations and warranties in Sections 3.3, solely with respect to the related Additional
        Receivables, and 3.6 will be true and correct as of such Acquisition Date.

    The delivery by the Administrator, on behalf of VZMT, of the Transfer Notice will be considered a certification by VZMT and the Servicer that the
      conditions set forth in this Section 2.1(d) have been satisfied or will be satisfied on the Acquisition Date.

    
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    Section 2.2.                          Acquisition of Receivables.  In consideration for the Additional Receivables and the other related VZMT Transferred Property transferred by VZMT, the Depositor will (i) distribute to VZMT the
        Additional Receivables Cash Transfer Amount for such Additional Receivables on the related Acquisition Date, and (ii) make a distribution to, or at the written direction of, VZMT in an amount equal to the excess, if any, of the Additional
        Receivables Transfer Amount over the Additional Receivables Cash Transfer Amount for such Additional Receivables, in the form of an increase in the beneficial interest in the Issuer, as evidenced by the portion of the Class A Certificate allocated
        to VZMT, in proportion to the Additional Receivables transferred by VZMT on such Acquisition Date.  VZMT, on the one hand, and the Depositor, on the other hand, represents and warrants to the other that the aggregate amount set forth in clauses (i)
        and (ii) of the immediately preceding sentence distributed by the Depositor to VZMT on such Acquisition Date will equal the fair market value of the Additional Receivables and the other related VZMT Transferred Property transferred by VZMT to the
        Depositor on such Acquisition Date.

    Section 2.3.                          Acknowledgement of Further Assignments.  VZMT acknowledges that (a) under the Transfer and Servicing Agreement, the Depositor will transfer and assign all of its right, title and interest in the VZMT
        Transferred Property and related property and rights to the Issuer and (b) under the Indenture, the Issuer will assign and pledge the VZMT Transferred Property and related property and rights to the Indenture Trustee for the benefit of the Secured
        Parties.

    Section 2.4.                          Savings Clause.  VZMT and the Depositor intend that each assignment under this Agreement be an absolute assignment of the VZMT Transferred Property, conveying good title to the VZMT Transferred
        Property free and clear of any Lien, other than Permitted Liens, from VZMT to the Depositor.  VZMT and the Depositor intend that the VZMT Transferred Property transferred by VZMT not be a part of VZMT’s estate if there is a bankruptcy or insolvency
        of VZMT.  If, despite the intent of VZMT and the Depositor, a transfer of the VZMT Transferred Property transferred by VZMT under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute assignment, VZMT
        Grants to the Depositor a security interest in VZMT’s right, title and interest in the VZMT Transferred Property transferred by it to secure a loan in an amount equal to all amounts payable by VZMT under this Agreement, all amounts payable as
        principal of or interest on the Notes, all amounts payable as Servicing Fees under the Transfer and Servicing Agreement and all other amounts payable by the Issuer under the Transaction Documents.  In that case, this Agreement will be a security
        agreement under Law and the Depositor will have the rights and remedies of a secured party and creditor under the UCC.

    ARTICLE III

      REPRESENTATIONS AND WARRANTIES

    Section 3.1.                          VZMT Representations and Warranties.  VZMT makes the following representations and warranties on which the Depositor is relying in acquiring the VZMT Transferred Property transferred by VZMT.  The
        representations and warranties are made as of the date of this Agreement and each Acquisition Date and will survive the transfer and absolute assignment of the applicable VZMT Transferred Property by VZMT to the Depositor under this Agreement and
        by the Depositor to the Issuer under the Transfer and Servicing Agreement and the pledge of the VZMT Transferred Property by the Issuer to the Indenture Trustee under the Indenture:

    
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    (a)            Organization and Good Standing.  It is a statutory trust duly organized, validly existing and in good standing under the laws of the State of Delaware, and has full power and authority to own its properties and to conduct
        its business as such properties are currently owned and such business is presently conducted, and to execute, deliver and perform its obligations under this Agreement and each other Transaction Document to which it is a party.

    (b)            Due Qualification.  It is duly qualified to do business, is in good standing as a foreign entity (or is exempt from such requirements) and has obtained all necessary licenses and approvals in each jurisdiction in which
        the conduct of its business requires such qualification, licenses or approvals, except where the failure to so qualify or obtain licenses or approvals would not reasonably be expected to have a Material Adverse Effect.

    (c)            Authorization and No Contravention.  The execution, delivery and performance by it of this Agreement, the other Transaction Documents to which it is a party and the other documents to be delivered by it hereunder or
        thereunder: (i) are within its trust powers, (ii) have been duly authorized by it by all necessary action, (iii) do not contravene (A) its organizational documents, (B) any Law applicable to it, (C) any contractual restriction binding on or
        affecting it or its property or (D) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, except, in each case of (A), (B), (C) or (D), where such contravention would not reasonably be expected to have a
        Material Adverse Effect and (iv) do not result in or require the creation of any Adverse Claim upon or with respect to any of its properties. This Agreement and each of the other Transaction Documents to which it is a party have been duly executed
        and delivered by it.

    (d)            No Consent Required.  No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is required for the due execution, delivery and performance by it of this Agreement or any
        other Transaction Document to which it is a party, except for the filing of the UCC financing statements as required by this Agreement.

    (e)            Binding Obligation.  This Agreement and each other Transaction Document to which it is a party constitutes, when duly executed and delivered by each other party hereto and thereto, a legal, valid and binding obligation of
        it, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar Laws affecting creditors’ rights
        generally or by general principles of equity.

    (f)            Bulk Sales Act.  No transaction contemplated hereby requires compliance with any bulk sales act or similar Law.

    (g)            Compliance with Law.  It has complied in all material respects with all applicable Laws to which it may be subject, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to
        have a Material Adverse Effect.

    (h)            No Proceedings.  There are no actions, suits, investigations or other proceedings pending, or to its knowledge threatened, against or affecting it or any of its properties, that (i) if adversely determined (individually
        or in the aggregate), would reasonably be expected to have a

    
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    Material Adverse Effect or (ii) involve any Transaction Document or any transaction contemplated thereby and as to which there is a reasonable possibility of a
      materially adverse decision.

    (i)            Not an Investment Company.   It is not and is not controlled by, an “investment company” registered or required to be registered under the Investment Company Act.

    Section 3.2.                          VZMT Representations and Warranties About Pools of Receivables Transferred by VZMT.  VZMT makes the following representations and warranties about each pool of Receivables transferred by VZMT on which
        the Depositor is relying in acquiring the applicable Receivables and the other related VZMT Transferred Property.  The representations and warranties are made as of each Acquisition Date (for the related Additional Receivables) and will survive the
        transfer and assignment of the VZMT Transferred Property transferred by VZMT to the Depositor under this Agreement and by the Depositor to the Issuer under the Transfer and Servicing Agreement and the pledge of the VZMT Transferred Property by the
        Issuer to the Indenture Trustee under the Indenture, and may not be waived by the Depositor.

    (a)            Valid Assignment.  This Agreement evidences a valid absolute assignment of the VZMT Transferred Property transferred by VZMT to the Depositor, enforceable against creditors of, purchasers from and transferees and absolute
        assignees of VZMT.

    (b)            Good Title to VZMT Transferred Property.  Immediately prior to the transfer and absolute assignment by it under this Agreement of any VZMT Transferred Property, VZMT was the owner of, and had good title to, such VZMT
        Transferred Property, free and clear of any Lien, other than Permitted Liens.

    (c)            Security Interest in VZMT Transferred Property.

    (i)            The Depositor will have, immediately following completion of the transfer and absolute assignment pursuant to this Agreement, a valid and continuing ownership interest, which is a first priority perfected security interest (as
        such term is used in Article 9 of the applicable UCC) enforceable as such against creditors of and lenders to it, in the VZMT Transferred Property transferred by VZMT free and clear of any Lien, other than Permitted Liens.

    (ii)            Other than pursuant to this Agreement, VZMT has not pledged, assigned, transferred or granted a security interest in, or otherwise conveyed, any of the VZMT Transferred Property.  VZMT has not authorized the filing of and is not
        aware of any financing statements against it that include a description of collateral covering any VZMT Transferred Property transferred by it under this Agreement other than any financing statement filed in connection with this Agreement or any
        other Transaction Document.

    (iii)            VZMT will cause, as of the date of this Agreement, the delivery to the Administrator and the Depositor in proper form for filing, and has caused the filing of (or will cause the filing of within ten (10) days following the date
        of this Agreement or, solely to the extent any additional filing is necessary as determined by VZMT and the Administrator, the related Acquisition Date) all appropriate financing statements and financing statement amendments in the proper filing
        office in the appropriate jurisdictions

    
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    under the applicable Law in order to perfect and maintain perfected the conveyance of the VZMT Transferred Property transferred by VZMT.

    (d)            No Adverse Selection. None of the Administrator, VZMT or any of their respective Affiliates has selected any Receivables to be transferred and assigned to the Depositor on the applicable Acquisition Date through a process
        that is intended to be adverse to the Depositor or the Depositor’s assignees.

    (e)            Schedule of Receivables.  The Schedule of Receivables contains an accurate and complete list of unique asset identifying information for the Receivables transferred by VZMT.

    (f)            Underwriting Procedures.  The Receivables were originated in accordance with all applicable requirements of the Underwriting Procedures of the applicable Originator in all material respects.

    (g)            Accounts.  Each Receivable is (A) if the Receivable is not secured by the related Device, an “account” or “payment intangible,” or (B) if the Receivable is secured by the related Device, “chattel paper,” in each case,
        within the meaning of the applicable UCC.

    (h)            No Defenses.  There is no right of rescission, setoff, counterclaim or defense asserted or threatened against any of the Receivables, including by reason of the Marketing Agent’s failure to make, or to cause the related
        Originator to make, any Upgrade Payments related to an Upgrade Offer.

    Section 3.3.                          Representations and Warranties About Each Receivable.  With respect to the Receivables transferred by VZMT to the Depositor under this Agreement, the Servicer represents and warrants that each
        Receivable transferred and absolutely assigned by VZMT to the Depositor under this Agreement is an Eligible Receivable (the “Eligibility Representation”).  Such representation and warranty is made as of each Acquisition Date (for the related
        Additional Receivables) or other dates stated and will survive the transfer and absolute assignment of the Receivables transferred by VZMT to the Depositor under this Agreement and by the Depositor to the Issuer under the Transfer and Servicing
        Agreement and the pledge of such Receivables by the Issuer to the Indenture Trustee under the Indenture.  Any inaccuracy in the Eligibility Representation will be deemed not to constitute a breach of the Eligibility Representation if such
        inaccuracy does not affect the ability of the Issuer to receive and retain payment in full on such Receivable on the terms and conditions and within the timeframe set forth in the underlying device payment plan agreement.  A Receivable will be an
        Eligible Receivable if:

    (a)            as of the related Cutoff Date, the Obligor on the account for such Receivable had a billing address in the United States or in a territory of the United States;

    (b)            as of the related Cutoff Date, the remaining term of the Receivable is less than or equal to 24 months;

    (c)            the Receivable did not contain a contractual right to an upgrade of the Device related to such device payment plan agreement, at the time such Receivable was originated;

    
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    (d)            the origination date of the Receivable was at least fifteen (15) days prior to the related Cutoff Date;

    (e)            as of the related Cutoff Date, as indicated on the records of the Servicer or one of its Affiliates, the Obligor on the account for such Receivable maintains service with Verizon Wireless;

    (f)            under the Receivable, there is no prepayment penalty;

    (g)            as of the related Cutoff Date, as indicated on the records of the Servicer or one of its Affiliates, the Receivable is not associated with the account of a business customer or government customer;

    (h)            as of the related Cutoff Date, the Obligor on the account for such Receivable is not indicated to be subject to a current bankruptcy proceeding on the records of the Servicer or one of its Affiliates, acting as its agent;

    (i)            as of the related Cutoff Date, the Receivable is not a Receivable that is part of an account (A) on which any amount is thirty-one (31) days or more Delinquent by the Obligor or (B) that is in “suspend” or “disconnect” status
        (including as a result of the application of the Servicemembers Civil Relief Act, as amended) in accordance with the Servicing Procedures;

    (j)            the Receivable is denominated and payable only in U.S. dollars;

    (k)            the Obligor under such Receivable is required to make payments no less frequently than monthly under the related device payment plan agreement;

    (l)            as of the related Cutoff Date, the outstanding balance of the Receivable does not exceed $2,500;

    (m)            as of the related Cutoff Date, either (i) at least one (1) monthly payment made by the Obligor under the related device payment plan agreement has been received with respect to the related Receivable or (ii) the related Obligor
        has at least one (1) year of Customer Tenure with Verizon Wireless;

    (n)            the Receivable was originated in, and is subject to the Laws of, a jurisdiction which permits the transfer and assignment of the Receivable, and the terms of the Receivable do not contain a requirement that the related Obligor
        consent to the transfer or assignment of the rights to payment of the related Originator under such Receivable;

    (o)            at the time of origination, the Receivable complied in all material respects with any requirements of Law applicable thereto;

    (p)            the Receivable constitutes the legal and binding obligation of the related Obligor enforceable against such Obligor in accordance with its terms (except as such enforcement may be limited by applicable bankruptcy, insolvency,
        reorganization or similar Laws relating to and limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or in law)); and

    
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    (q)            as of the related Cutoff Date, neither the Servicer’s receivables systems nor the Receivable File indicates that the Receivable was satisfied or rescinded.

    Section 3.4.                          Servicer Acquisition of Receivables for Breach of Representations.

    (a)            Investigation of Breach.  If a Responsible Person of the Servicer receives written notice from the Depositor, the Administrator or the Indenture Trustee that the Eligibility Representation was breached when made, then, in
        each case, the Servicer (or if Cellco is no longer the Servicer, then Cellco in its individual capacity) will investigate the Receivable to confirm the breach and determine if the breach has a material adverse effect on the Issuer.  The Servicer
        (or if Cellco is no longer the Servicer, then Cellco in its individual capacity) will have the option to cure such breach.  For the avoidance of doubt, the Indenture Trustee shall have no obligation to give the notice set forth in the first
        sentence of this Section unless a Responsible Person of the Indenture Trustee has actual knowledge of such breach or has received written notice identifying the specific Receivable or Receivables for which the Eligibility Representation was
        breached.  None of the Depositor, the Owner Trustee, the Indenture Trustee (including in its capacity as Successor Servicer), the Parent Support Provider, the Marketing Agent or the Administrator will have an obligation to investigate whether a
        breach of the Eligibility Representation has occurred or whether any Receivable is required to be acquired under this Section 3.4.  In addition, with respect to 60-Day Delinquent Receivables subject to an Asset Representations Review, the Servicer
        will have the sole ability to determine if there was non-compliance with the Eligibility Representation made by it with respect to those 60-Day Delinquent Receivables that constitutes a breach, and whether to reacquire or acquire, as applicable,
        those Receivables from the Issuer.

    (b)            Acquisition of Receivables; Payment of Acquisition Amount.  If the Servicer chooses to cure a breach of the Eligibility Representation that has a material adverse effect on the Issuer, such breach must be cured by the
        Servicer by the end of the second month following the month the Responsible Person of the Servicer received written notice of the breach as set forth above.  If such breach (i) is not cured and (ii) had a material adverse effect on the Issuer, then
        the Servicer must acquire any such Receivable transferred by VZMT to the Depositor for which the Eligibility Representation was breached.  The Servicer will acquire the Receivables transferred by VZMT to the Depositor as described in the
        immediately preceding sentence by remitting the Acquisition Amount for the related Receivables on or before the Business Day before the Payment Date following the end of the second month referenced in the first sentence hereof (or, with
        satisfaction of the Rating Agency Condition, on such Payment Date).

    (c)            Transfer and Assignment of Acquired Receivable.  When the Servicer’s payment of the Acquisition Amount for the applicable Receivables becomes included in Available Funds for a Payment Date, the Issuer will be deemed to
        have transferred and absolutely assigned to the Servicer, effective as of the last day of the Collection Period before the related Collection Period, all of the Issuer’s right, title and interest in such Receivables and all security and documents
        relating to such Receivables.  The transfer and absolute assignment will not require any action by the Depositor, the Issuer or the Indenture Trustee and will be without recourse, representation or warranty by the Depositor or the Issuer, except
        that such Receivables are free of any Liens, other than Permitted Liens.  After the transfer and absolute assignment, the Servicer will mark its receivables systems to indicate that the receivables are no longer Receivables and may take any

    
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    action necessary or advisable to transfer and absolutely assign the Acquired Receivables, free from any Lien of the Depositor, the Issuer or the Indenture Trustee.

    (d)            Acquisition Sole Remedy.  The sole remedy against the Servicer for a breach of an Eligibility Representation is to require the Servicer to acquire the related Receivables under this Section 3.4.  The Depositor will
        enforce the Servicer’s acquisition obligation under this Section 3.4.  For the avoidance of doubt, nothing contained in this Section 3.4(d) shall limit any remedy of the Issuer against the Parent Support Provider contained in the Parent Support
        Agreement.

    (e)            Removal or Resignation of Cellco as Servicer.  Notwithstanding anything to the contrary in this Agreement or in any other Transaction Document, immediately upon the resignation or removal of Cellco as Servicer pursuant to
        Sections 7.1 or 7.2 of the Transfer and Servicing Agreement, Cellco, in its individual capacity, will be required to assume the obligation to acquire Receivables as set forth in this Section 3.4 without further action.

    (f)            Dispute Resolution.  The Servicer and VZMT agree to be bound by the dispute resolution provisions in Section 11.2 of the Transfer and Servicing Agreement as if they were part of this Agreement.

    Section 3.5.                          Depositor’s Representations and Warranties.  The Depositor represents and warrants to VZMT and the Servicer as of the date of this Agreement and each Acquisition Date:

    (a)            Organization and Good Standing. The Depositor is a validly existing limited liability company in good standing under the laws of the State of Delaware and has full power and authority to own its properties and conduct its
        business as presently owned or conducted, and to execute, deliver and perform its obligations under this Agreement and each other Transaction Document to which it is a party.

    (b)            Due Qualification. The Depositor is duly qualified to do business, is in good standing as a foreign limited liability company (or is exempt from such requirements) and has obtained all necessary licenses and approvals in
        each jurisdiction in which the conduct of its business requires such qualification, licenses or approvals, except where the failure to so qualify or obtain licenses or approvals would not reasonably be expected to have a Material Adverse Effect.

    (c)            Due Authorization. The execution, delivery, and performance of this Agreement and each other Transaction Document to which it is a party, have been duly authorized by the Depositor by all necessary limited liability
        company action on the part of the Depositor.

    (d)            No Proceedings. There are no actions, suits, investigations or other proceedings pending, or to its knowledge threatened, against the Depositor or any of its properties: (i) asserting the invalidity of this Agreement or
        any other Transaction Document to which it is a party; (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document to which it is a party; or (iii) seeking any determination
        or ruling that might have a Material Adverse Effect on the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement or any other Transaction Document to which it is a party.

    
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    (e)            All Consents. All authorizations, consents, orders or approvals of or registrations or declarations with any Governmental Authority required to be obtained, effected or given to it, if any, in connection with the
        execution and delivery of this Agreement and each other Transaction Document to which it is a party and the performance of the transactions contemplated by this Agreement or any other Transaction Document by the Depositor, in each case, have been
        duly obtained, effected or given and are in full force and effect, except for those which the failure to obtain would not reasonably be expected to have a Material Adverse Effect.

    (f)            Binding Obligation. This Agreement and each other Transaction Document to which it is a party constitutes, when duly executed and delivered by each other party hereto and thereto, a legal, valid and binding obligation of
        the Depositor, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar Laws affecting
        creditors’ rights generally or by general principles of equity.

    (g)            No Conflict. The execution and delivery of this Agreement or any other Transaction Document to which it is a party by the Depositor, and the performance by it of the transactions contemplated by the Transaction Documents
        and the fulfillment of the terms hereof and thereof applicable to the Depositor, (i) do not contravene (A) its limited liability company agreement, (B) any contractual restriction binding on or affecting it or its property or (C) any order, writ,
        judgment, award, injunction or decree binding on or affecting it or its property, except, in each case of (A), (B) or (C), where such contravention would not reasonably be expected to have a Material Adverse Effect and (ii) do not result in or
        require the creation of any Adverse Claim upon or with respect to any of its properties.

    (h)            No Violation. The execution and delivery of this Agreement by the Depositor, the performance by the Depositor of the transactions contemplated by this Agreement or any other Transaction Document to which it is a party and
        the fulfillment of the terms hereof and thereof applicable to the Depositor will not violate any Law applicable to the Depositor, except where such violation would not reasonably be expected to have a Material Adverse Effect.

    Section 3.6.                          Servicer’s Representations and Warranties.  The Servicer represents and warrants to the Depositor as of the date of this Agreement and each Acquisition Date:

    (a)            Organization and Good Standing. The Servicer is a validly existing partnership in good standing under the laws of the State of Delaware and has full power and authority to own its properties and conduct its servicing
        business as presently owned or conducted, and to execute, deliver and perform its obligations under this Agreement and each other Transaction Document to which it is a party.

    (b)            Due Qualification. The Servicer is duly qualified to do business, is in good standing as a foreign entity (or is exempt from such requirements) and has obtained all necessary licenses and approvals in each jurisdiction in
        which the servicing of the Receivables requires such qualification, licenses or approvals, except where the failure to so qualify or obtain licenses or approvals would not reasonably be expected to have a Material Adverse Effect.

    
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    (c)            Due Authorization. The execution, delivery, and performance of this Agreement and each other Transaction Document to which it is a party, have been duly authorized by the Servicer by all necessary partnership action on
        the part of the Servicer.

    (d)            No Proceedings. There are no actions, suits, investigations or other proceedings pending, or to its knowledge threatened, against the Servicer or any of its properties: (i) asserting the invalidity of this Agreement or
        any other Transaction Document to which it is a party; (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document to which it is a party; or (iii) seeking any determination
        or ruling that might have a Material Adverse Effect on the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or any other Transaction Document to which it is a party.

    (e)            All Consents. All authorizations, consents, orders or approvals of or registrations or declarations with any Governmental Authority required to be obtained, effected or given to it, if any, in connection with the
        execution and delivery of this Agreement and each other Transaction Document to which it is a party and the performance of the transactions contemplated by this Agreement or any other Transaction Document by the Servicer, in each case, have been
        duly obtained, effected or given and are in full force and effect, except for those which the failure to obtain would not reasonably be expected to have a Material Adverse Effect.

    (f)            Binding Obligation. This Agreement and each other Transaction Document to which it is a party constitutes, when duly executed and delivered by each other party hereto and thereto, a legal, valid and binding obligation of
        the Servicer, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar Laws affecting
        creditors’ rights generally and, if applicable, the rights of creditors from time to time in effect or by general principles of equity.

    (g)            No Conflict. The execution and delivery of this Agreement or any other Transaction Document to which it is a party by the Servicer, and the performance by it of the transactions contemplated by the Transaction Documents
        and the fulfillment of the terms hereof and thereof applicable to the Servicer, (i) do not contravene (A) the organizational documents of the Servicer, (B) any contractual restriction binding on or affecting it or its property, or (C) any order,
        writ, judgment, award, injunction or decree binding on or affecting it or its property, except, in each case of (A), (B) or (C), where such contravention would not reasonably be expected to have a Material Adverse Effect and (ii) do not result in
        or require the creation of any Adverse Claim upon or with respect to any of its properties.

    (h)            No Violation. The execution and delivery of this Agreement by the Servicer, the performance by the Servicer of the transactions contemplated by this Agreement or any other Transaction Document to which it is a party and
        the fulfillment of the terms hereof and thereof applicable to the Servicer will not violate any Law applicable to the Servicer, except where such violation would not reasonably be expected to have a Material Adverse Effect.

    
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    ARTICLE IV

      VZMT’S AGREEMENTS

    Section 4.1.                          Financing Statements.

    (a)            Filing of Financing Statements.  VZMT will file, or will cause to be filed, financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices necessary to perfect
        the Depositor’s interest in the VZMT Transferred Property transferred by VZMT.  VZMT will promptly deliver, or will cause to be delivered, to the Depositor file-stamped copies of, or filing receipts for, any financing statement, continuation
        statement and amendment to a previously filed financing statement.

    (b)            Depositor Authorized to File Financing Statements.  VZMT authorizes the Depositor to file financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices as the
        Depositor may determine are necessary or advisable to perfect the Depositor’s interest in the VZMT Transferred Property.  The financing and continuation statements may describe the VZMT Transferred Property as the Depositor may reasonably determine
        to perfect the Depositor’s interest in the VZMT Transferred Property.

    (c)            Relocation of VZMT.  VZMT will notify the Depositor at least ten (10) days before a relocation of its chief executive office or jurisdiction of organization if it could require the filing of a new financing statement or
        an amendment to a previously filed financing statement under Section 9-307 of the UCC.  If required, VZMT will promptly file, or will cause to be filed, new financing statements or amendments to all previously filed financing statements.  VZMT will
        maintain its chief executive office within the United States and will maintain its jurisdiction of organization in only one State.  VZMT will notify the Depositor of any change in its immediate ownership or any decision to appoint a new trustee of
        VZMT.

    (d)            Change of VZMT’s Name.  VZMT will notify the Depositor at least ten (10) days before any change in its name that could make a financing statement filed under this Section 4.1 seriously misleading under Section 9-506 of
        the UCC.  If required, VZMT will promptly file, or will cause to be filed, amendments to all previously filed financing statements.

    Section 4.2.                          No Transfer or Lien by VZMT.  Except for the transfer and absolute assignment under this Agreement, VZMT will not transfer or absolutely assign any VZMT Transferred Property transferred and absolutely
        assigned by it under this Agreement to another Person or Grant or allow a Lien, other than a Permitted Lien, on an interest in any such VZMT Transferred Property.  VZMT will defend the Depositor’s interest in the VZMT Transferred Property
        transferred and absolutely assigned by it to the Depositor against claims of third parties claiming through VZMT.

    Section 4.3.                          Expenses.  VZMT will pay all expenses to perform its obligations under this Agreement and the Depositor’s reasonable expenses to perfect the Depositor’s interest in the VZMT Transferred Property
        transferred by VZMT to the Depositor and to enforce VZMT’s obligations under this Agreement.

    Section 4.4.                          VZMT Records.  VZMT will mark its records to indicate that any Receivable absolutely assigned by it to the Depositor is owned by the Depositor or its assignee on

    
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    the related Acquisition Date and will not change the indication until the Receivable has been paid in full by the Obligor, acquired by the Servicer or the Marketing
      Agent or sold to a third party, as applicable, under a Transaction Document.

    Section 4.5.                          Review of VZMT’s Records.  VZMT will maintain records and documents relating to its performance under this Agreement according to its customary business practices.  Upon reasonable request not more
        than once during any calendar year, and with reasonable notice, VZMT will give the Depositor (or its representatives) access to the records and documents to conduct a review of VZMT.  Any access or review will be conducted at VZMT’s offices during
        its normal business hours at a time reasonably convenient to VZMT and in a manner that will minimize disruption to its business operations.  Any access or review will be subject to VZMT’s security, confidentiality and privacy policies and any
        legal, regulatory and data protection policies.

    Section 4.6.                          Review of Servicer’s Records.  Upon reasonable request not more than once during any calendar year, and with reasonable notice, the Servicer will give the Depositor (or its representative) access to
        the records and documents to conduct a review of the Servicer’s performance under this Agreement and the Eligibility Representations made by the Servicer about the Receivables absolutely assigned by VZMT to the Depositor.  Any access or review will
        be conducted at the Servicer’s offices during its normal business hours at a time reasonably convenient to the Servicer and in a manner that will minimize disruption to its business operations.  Any access or review will be subject to the
        Servicer’s security, confidentiality and privacy policies and any regulatory, legal or data protection policies.

    Section 4.7.                          Acquisition of Bankruptcy Surrendered Receivables.

    (a)            Acquisition
          of Bankruptcy Surrendered Receivables; Payment of Acquisition Amount.  If a Receivable becomes a Bankruptcy Surrendered Receivable, the Servicer (or if Cellco is no longer the Servicer, then Cellco in its individual capacity) must acquire any
        such Receivable from the Issuer, subject to the last sentence of this Section 4.7(a).  The Servicer will acquire any Bankruptcy Surrendered Receivables by remitting the Acquisition Amount for the related Bankruptcy Surrendered Receivables on or
        prior to the second Business Day before the Payment Date related to the Collection Period during which the Receivable became a Bankruptcy Surrendered Receivable.  The aggregate Principal Balance of all Bankruptcy Surrendered Receivables acquired by
        the Servicer, in the aggregate, shall not exceed five percent (5%) of the highest aggregate Principal Balance of all Receivables (calculated as of the relevant Cutoff Date for such Receivable) transferred by VZMT to the Depositor and by the
        Depositor to the Issuer and held by the Issuer as of the applicable date of determination, and the Servicer shall not be required to acquire any Bankruptcy Surrendered Receivables in excess of such limit.

    (b)            Transfer
          and Assignment of Acquired Receivables.  When a Servicer’s payment of the Acquisition Amount for VZMT’s Bankruptcy Surrendered Receivables becomes included in Available Funds for a Payment Date, the Issuer will be deemed to have transferred
        and absolutely assigned to the Servicer, effective as of the last day of the Collection Period before the related Collection Period, all of the Issuer’s right, title and interest in such Bankruptcy Surrendered Receivables and all security and
        documents relating to such Bankruptcy Surrendered Receivables.  The transfer and absolute assignment will not require any action by the Depositor, the Issuer or the Indenture Trustee and will be without recourse, representation or

    
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    warranty by the Depositor or the Issuer, except that such Bankruptcy Surrendered Receivables are free of any Liens, other than Permitted Liens.  After the transfer and absolute
      assignment, the Servicer will mark its receivables systems to indicate that the receivables are no longer Receivables and may take any action necessary or advisable to transfer and absolutely assign the Acquired Receivables, free from any Lien of the
      Depositor, the Issuer or the Indenture Trustee.

    (c)            Enforcement
          of Obligation.  The Depositor will enforce the Servicer’s (or if Cellco is no longer the Servicer, then Cellco’s, in its individual capacity) acquisition obligation under this Section 4.7.

    ARTICLE V

      OTHER AGREEMENTS

    Section 5.1.                          No Petition.  Each party hereto agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of (a) all securities issued by the
        Depositor or by a trust for which the Depositor was a depositor or (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Depositor, (ii) the Issuer or (iii) VZMT, respectively, any
        bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar Law.  This Section 5.1 will survive the termination of this Agreement.

    Section 5.2.                          Limited Recourse.  VZMT agrees that any claim that it may seek to enforce against the Depositor under this Agreement is limited to the VZMT Transferred Property transferred by VZMT only and is not a
        claim against the Depositor’s assets as a whole or against assets other than such VZMT Transferred Property.

    Section 5.3.                          Termination.  This Agreement will terminate when the Issuer is terminated under the Trust Agreement.

    Section 5.4.                          Merger, Consolidation, Succession or Assignment.  Any Person (a) into which VZMT is merged or consolidated, (b) resulting from a merger or consolidation to which VZMT is a party, (c) succeeding to VZMT’s business or (d)
        that is an Affiliate of VZMT to whom VZMT has assigned this Agreement, will be the successor to VZMT under this Agreement.  Within fifteen (15) Business Days after the merger, consolidation, succession or assignment, such Person will (i) execute an
        agreement to assume VZMT’s obligations under this Agreement and each Transaction Document to which it is a party (unless the assumption happens by operation of Law), (ii) deliver to the Issuer, the Owner Trustee and the Indenture Trustee an
        Officer’s Certificate and an Opinion of Counsel each stating that the merger, consolidation, succession or assignment and the assumption agreement comply with this Section 5.4 and (iii) notify the Rating Agencies of the merger, consolidation,
        succession or assignment.

    ARTICLE VI

      MISCELLANEOUS

    Section 6.1.                          Amendments.

    (a)            Amendments to Clarify and Correct Errors and Defects.  The parties may amend this Agreement to clarify an ambiguity, correct an error or correct or supplement any term of this

    
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    Agreement that may be defective or inconsistent with the other terms of this Agreement, in each case, without the consent of the Noteholders, the Certificateholders
      or any other Person.  The parties may amend any term or provision of this Agreement from time to time for the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus, without the consent of Noteholders, the
      Certificateholders or any other Person.

    (b)            Other Amendments.  Other than as set forth in Section 6.1(c), the parties may amend this Agreement to add any provisions to, or change in any manner or eliminate any provisions of, this Agreement or for the purpose of
        modifying in any manner the rights of the Noteholders under this Agreement, with the consent of the Certificateholders, if either (x) the Issuer or the Administrator delivers an Officer’s Certificate to the Indenture Trustee and the Owner Trustee
        stating that the amendment will not have a material adverse effect on the Noteholders or (y) the Rating Agency Condition is satisfied with respect to such amendment.

    (c)            Amendments Requiring Consent of Noteholders and Certificateholders.

    (i)            This Agreement may also be amended from time to time by the parties hereto, with prior written notice to the Rating Agencies and the Indenture Trustee and, (x) if the interests of the Noteholders are
        materially and adversely affected, with the consent of the Noteholders of the Notes evidencing at least a majority of the Note Balance of the Controlling Class of Notes and (y) if the interests of the Certificateholders are materially and adversely
        affected, with the consent of the Certificateholders evidencing a majority of the Percentage Interest, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in
        any manner the rights of the Noteholders or Certificateholders under this Agreement.

                (ii)            No amendment to this Agreement may, without the consent of all adversely affected Noteholders or Certificateholders, as applicable, (i) change the applicable Final Maturity Date on a
        Note or change the principal amount of or interest rate or Make-Whole Payment on a Note or (ii) modify the percentage of the Note Balance of the Notes or the Controlling Class required for any action.

    It shall not be necessary for the consent of the Certificateholders, the Noteholders or the Indenture Trustee pursuant to this Section to approve
      the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.  For the avoidance of doubt, any Noteholder consenting to any amendment shall be deemed to agree that such
      amendment does not have a material adverse effect on such Noteholder.  The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any other Transaction Document) and of evidencing the
      authorization of the execution thereof by the Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe.

    (d)            Indenture Trustee Consent.  The consent of the Indenture Trustee will be required for any amendment pursuant to Sections 6.1(b) or (c) that has a material adverse effect on the rights, obligations, immunities or
        indemnities of the Indenture Trustee.

    
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    (e)            Notice of Amendments.  Promptly after the execution of an amendment, the Depositor will deliver, or will cause the Administrator to deliver, a copy of the amendment to the Indenture Trustee and the Rating Agencies, and
        the Indenture Trustee will notify the Noteholders of the substance of the amendment.

    Section 6.2.                          Benefit of Agreement; Third-Party Beneficiaries.  This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns.  The Issuer and the Indenture
        Trustee, for the benefit of the Secured Parties, will be third-party beneficiaries of this Agreement and may enforce this Agreement against each of VZMT and the Servicer.  No other Person will have any right or obligation under this Agreement.

    Section 6.3.                          Notices.

    (a)            Notices to Parties.  All notices, requests, directions, consents, waivers or other communications to or from the parties must be in writing and will be considered received by the recipient:

    (i)            for personally delivered, express or certified mail or courier, when received;

    (ii)            for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

    (iii)            for an email, when receipt is confirmed by telephone or reply email from the recipient; and

    (iv)            for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting
        has been made.

    (b)            Notice Addresses.  A notice, request, direction, consent, waiver or other communication must be addressed to the recipient at its address stated in Schedule B to the Transfer and Servicing Agreement, which address the
        party may change at any time by notifying the other party.

    Section 6.4.                          GOVERNING LAW.  THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING
        SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).

    Section 6.5.                          Submission to Jurisdiction.  Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New
        York, New York for legal proceedings relating to this Agreement.  Each party irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and
        any claim that the proceeding was brought in an inconvenient forum.

    
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    Section 6.6.                          WAIVER OF JURY TRIAL.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN
        CONNECTION WITH, THIS AGREEMENT OR ANY MATTER ARISING THEREUNDER WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

    Section 6.7.                          No Waiver; Remedies.  No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver.  No single or partial exercise of a power, right or remedy will
        preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy.  The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under Law.

    Section 6.8.                          Severability.  If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or
        enforceability of the remaining Agreement.

    Section 6.9.                          Headings.  The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

    Section 6.10.                          Counterparts.  This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.

    Section 6.11.                          Agreements of VZMT.  All and each of the representations, warranties, undertakings and agreements herein made on the part of VZMT are made and intended not as personal representations, warranties,
        undertakings and agreements by or for the purpose or with the intention of binding Wilmington Trust, National Association in its individual capacity or in its capacity as VZMT Owner Trustee under the VZMT Trust Agreement, but are made and intended
        for the purpose of binding only VZMT (a Delaware statutory trust) and VZMT’s estate, right, title and interest in and to the assets of VZMT, and this Agreement is executed and delivered by the VZMT Owner Trustee solely on behalf of VZMT (a separate
        legal entity) in the exercise of the powers expressly conferred upon it as VZMT Owner Trustee under the VZMT Trust Agreement.  Notwithstanding anything in this Agreement to the contrary, no personal liability or responsibility is assumed hereunder
        by, or at any time shall be enforceable against Wilmington Trust, National Association, the VZMT Owner Trustee, or any successor in trust on account of any representation, warranty, undertaking or agreement hereunder of VZMT, either expressed or
        implied, all such personal liability, if any, being expressly waived by the other parties hereto.  Wilmington Trust, National Association, in its individual capacity or in its capacity as VZMT Owner Trustee, shall have no duty or responsibility
        hereunder or under any related document absent receipt of appropriate written instructions from the Administrator.

    Section 6.12.                          Electronic Signatures. Each party agrees that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or
        such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility.

    [Remainder of Page Left Blank]

    
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    IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed by its duly authorized officer as of the date and year first
      above written.

    

    

    

    

    VERIZON MASTER TRUST,

    as Transferor

    

    

    By:  Wilmington Trust, National Association, not in its individual capacity but solely as owner trustee of Verizon Master Trust

    

    

    

    

    By:  /s/ Clarice Wright                    

    Name:  Clarice Wright

    

    Title:     Vice President

    

    

    

    CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

    as Servicer

    

    

    

    

    	

          	By:  /s/ Kee Chan Sin                      	

          

    Name:  Kee Chan Sin

    

    Title:    Vice President and Assistant Treasurer

    

    

    

    

    

    VERIZON ABS LLC,

    as Depositor

    

    

    

    

    	

          	By: /s/ Kee Chan Sin                      	

          

    Name:   Kee Chan Sin

    Title:     Chief Financial Officer

    

    
      
        

    

    
    Schedule A

    

    

    

    

    Schedule of Receivables

      

      

      Delivered Electronically to Depositor at Closing

    

    

    
      SA-1

      
        

    

    
    

    

    

    

    Exhibit A

    

    

    

    

    Form of Transfer Notice

    U.S. Bank National Association,

    as Indenture Trustee and Note Paying Agent

    190 South LaSalle Street

    Chicago, Illinois 60603

    MK-IL-SL7C

    Attn: Global Structured Finance / VZOT 2020-A

    

    

    Verizon ABS LLC

    1 Verizon Way

    Basking Ridge, NJ 07920

    Attn: Treasurer

    

    

    Verizon Owner Trust 2020-A

    c/o Wilmington Trust, National Association

    Rodney Square North, 1100 North Market Street

    Wilmington, Delaware 19890-1600

    Attn:  Corporate Trust Administration

    

    

    Transfer Notice: Verizon Owner Trust 2020-A

    Ladies and Gentlemen:

    Under (i) Section 2.1(d) of the Originator Receivables Transfer Agreement, dated as of January 29, 2020 (the “Originator Transfer Agreement”),
      between the various Originators party thereto from time to time and Verizon ABS LLC, as Depositor, (ii) Section 2.1(d) of the Master Trust Receivables Transfer Agreement, dated as of January 29, 2020 (the “Master Trust Transfer Agreement”),
      among Verizon DPPA Master Trust (the “Master Trust”), Cellco Partnership d/b/a Verizon Wireless (“Cellco”), as Servicer, and Verizon ABS LLC, as Depositor and (iii) Section 2.1(d) of the VZMT Receivables Transfer Agreement, dated as of
      November 8, 2021 (the “VZMT Transfer Agreement” and, together with the Originator Transfer Agreement and the Master Trust Transfer Agreement, the “Transfer Agreements”), among Verizon Master Trust (“VZMT”), Cellco, as Servicer,
      and Verizon ABS LLC, as Depositor, we notify the Indenture Trustee, the Depositor and the Issuer that (x) under the Transfer Agreements, VZMT, the Master Trust and each of the Originators listed on Schedule I will transfer to the Depositor the
      Additional Receivables listed on the Schedule of Receivables delivered in an electronic file with this Transfer Notice for [(i)] an aggregate Additional Receivables Cash Transfer Amount for such Additional Receivables of $[] (the “Current
        Additional Receivables Cash Transfer Amount”) on [], 20[    ] (the “Acquisition Date”), which Current Additional Receivables Cash

    
      EA-1

      
        

    

    

    

    Transfer Amount will be allocated among VZMT, the Master Trust and the applicable Originators as set forth in the immediately following paragraph [and (ii) an
      increase in the value of the Class A Certificate [of $[____]] and (y) under the Transfer and Servicing Agreement, dated as of January 29, 2020, as amended, among Verizon Owner Trust 2020-A, as Issuer, Verizon ABS LLC, as Depositor, and Cellco, as
      Servicer, Marketing Agent and Custodian (the “Transfer and Servicing Agreement”), the Depositor will transfer to the Issuer the Additional Receivables listed on the Schedule of Receivables delivered in an electronic file with this Transfer
      Notice for the Additional Receivables Transfer Amount for such Additional Receivables in the form of [(i)] the Current Additional Receivables Cash Transfer Amount on the Acquisition Date [and (ii) an increase in the Class B Certificate Principal
      Balance of $[____]].  Capitalized terms used but not defined herein are defined in Appendix A to the Transfer and Servicing Agreement.

    The Indenture Trustee or Note Paying Agent is directed to withdraw from the Acquisition Account on the Acquisition Date the Current Additional
      Receivables Cash Transfer Amount set forth in the immediately preceding paragraph and deliver that amount to the Depositor who shall deliver $[______] to VZMT, $[_________] to the Master Trust and $[_______] to the applicable Originators.  The
      Issuer, the Depositor, VZMT, the Master Trust and each Originator listed on Schedule I hereto each represents and warrants to each of the others that the Additional Receivables Transfer Amount set forth in the immediately preceding paragraph is equal
      to the fair market value of the Additional Receivables and any of the other Originator Transferred Property transferred to the Depositor by such Originator, the other Master Trust Transferred Property transferred to the Depositor by the Master Trust,
      the other VZMT Transferred Property transferred to the Depositor by VZMT or the Depositor Transferred Property transferred to the Issuer by the Depositor, as applicable.

    [Remainder of Page Left Blank]

    
      EA-2

      
        

    

    

    

    Very truly yours,

      

      

      CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

          as Administrator

    

    

    

    

    

    

    By                                                                                                  

    Name:

    Title:

    
      EA-3

      
        

    

    
    Schedule I to Exhibit A

    

    

    

    

    List of Originators

     

    

     

      

      

      

      

      

    

    
      Schedule I to Exhibit A

    

    
      
        

    

    Schedule II to Exhibit A

    

    

    

    

    Schedule of Receivables

    Delivered electronically to the Depositor on the Acquisition Date

    

    

    

    

    

    

    

    

    

    

    
      
        Schedule II to Exhibit AExhibit 10.1

OFFICE LEASE 

 

 

THIS LEASE AGREEMENT made this 24th day
of September 2021 (the “Effective Date”), by and between Redmond East Office Park LLC, a Washington Limited Liability Company
(the "Lessor") and MicroVision, Inc., a Washington Corporation (the "Lessee").

 

		1.	Premises. Lessor does hereby lease to Lessee those certain
premises consisting of approximately 16,681 rentable square feet of space and depicted in the floor plan attached
hereto as Exhibit D (the “Premises”) on the first floor of the “A-2” Building located at 6801 185th
Avenue NE, suite 100, in Redmond, Washington and commonly referred to as the Northwest Tech Center-Building A-2 (the “Building”)
on the land legally described on Exhibit A, attached hereto. The Building hereafter sometimes may be referred to as the “Project”.
In addition, the Lessee has the right, in common with other lessees in the Project and subject to the Rules and Regulations, attached
hereto as Exhibit B, to use of the common areas including the loading and parking areas. 

 

		2.	Term. This Lease shall be for an initial term of one hundred
twenty-eight (128) months (the “Initial Term” and together with the Renewal Term, if properly exercised, the “Lease
Term”) commencing on November 1, 2021 (“Commencement Date”). Lessor shall deliver the Premises to Lessee as of the Effective
Date. The parties acknowledge and agree that from the period commencing on the Effective Date and ending on the Commencement Date, all
terms and conditions of this Lease shall be in effect, except that Lessee shall not be required to pay Base Rent or Additional Rent hereunder.

Lessee and Lessor
shall execute a Commencement Memorandum to memorialize the Commencement Date.

 

		3.	Base Rent. Lessee covenants and agrees to pay Lessor at PO Box 140, Redmond, WA, 98073 or
Property Management portal, or to such other party or at such other place as Lessor may hereafter designate, Base Rent in the amount schedule
below and Additional Rent, as provided in Section 10, in advance without offset or deduction, on or before the first (1st) day of each
month of the Initial Lease Term:

 

	 	Months:	 	Base Rent:	 	 
	 	 	 	 	 	 
	 	 	 	
    Months 01-12:

    Additional Rent
	 	$30.00/RSF/year plus 
	 	Months 13-24:	 	$30.90/RSF/year plus Additional Rent	 	 
	 	Months 25-36:	 	$31.83/RSF/year plus Additional Rent	 	 
	 	Months 37-48:	 	$32.78/RSF/year plus Additional Rent	 	 
	 	Months 49-60:	 	$33.76/RSF/year plus Additional Rent	 	 
	 	Months 61-72:	 	$34.78/RSF/year plus Additional Rent	 	 
	 	Months 73-84:	 	$35.82/RSF/year plus Additional Rent	 	 
	 	Months 85-96:	 	$36.90/RSF/year plus Additional Rent	 	 
	 	Months 97-108:	 	$38.00/RSF/year plus Additional Rent	 	 
	 	Months 109-120:	 	$39.14/RSF/year plus Additional Rent	 	 
	 	Months 121-128:	 	$40.32/RSF/year plus Additional Rent	 	 
	 	 	 	 	 	 

 

  

 

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		4.	Option to Renew.

 

		A.	Exercise of Option to Renew. Lessee shall have one (1) Option to Renew the Lease for a period of
One Hundred and Twenty (120) Months (the “Renewal Term”). Lessee must exercise its Option to Renew upon providing Lessor with
written notice thereof no sooner than Fifteen (15) Months and no later than Twelve (12) Months prior to expiration of the Initial Lease
Term. If exercised, the Lease terms during the Renewal Term shall be the same as the original Lease, however Base Rent shall be adjusted
to then current fair market rents for leases or renewals in comparable buildings in Redmond, WA (the “Fair Market Rent”).
The Option to Renew is personal to Lessee. The Option to Renew shall also pertain to the Expansion Premises (as defined below) if the
Option to Expand is exercised.

 

		B.	Fair Market Rent Determination. The Fair Market Rent shall be determined as follows:

 

i.      In the event Lessor
and Lessee are unable to agree upon a mutually acceptable Fair Market Rent by the date that is six (6) months prior to the expiration
of the Initial Lease Term (the “Fair Market Deadline”), Lessor shall, within fifteen (15) days following the Fair Market Deadline,
appoint an appraiser to complete an appraisal of the Fair Market Rent within thirty (30) days after the appointment of Lessor’s
appraiser and Lessor shall deliver a copy thereof to Lessee promptly upon receipt by Lessor (“Lessor Appraisal”).

 

ii.      If Lessee delivers
notice to Lessor of Lessee’s disapproval of the Lessor Appraisal within fifteen (15) business days after Lessee’s receipt
of the Lessor Appraisal, then Lessee shall have fifteen (15) days to select an appraiser to deliver an additional appraisal of the Fair
Market Rent (the “Lessee Appraisal”). The Lessee Appraisal shall be delivered within thirty (30) days after the appointment
of Lessee’s appraiser and Lessee shall deliver a copy thereof to Lessor promptly upon receipt by Lessee.

 

iii.      If Lessor delivers
notice to Lessee of Lessor’s disapproval of the Lessee Appraisal within fifteen (15) business days after Lessor’s receipt
of the Lessee Appraisal, then Lessor and Lessee shall each cause their respective appraisers to jointly select a third appraiser, who
shall be an independent appraiser of similar qualifications (the “Joint Appraiser”). If the two appraisers fail to select
a Joint Appraiser within thirty (30) days following the date that Lessee received Lessor’s notice of disapproval of the Lessee Appraisal,
either Lessor or Lessee may petition a court of competent jurisdiction to appoint a third appraiser. The Joint Appraiser shall, within
fifteen (15) days after appointment, select either the Lessor Appraisal or the Lessee Appraisal as the Final Appraisal.

 

iv.      Notwithstanding
anything to the contrary herein, the Fair Market Rent for the Renewal Term shall not be less than the Base Rent in place at the expiration
of the Initial Term and shall be either (i) the Fair Market Rent as expressed in either the Lessor Appraisal or the Lessee Appraisal,
or (ii) the Fair Market Rent reflected in the Final Appraisal, as selected by the Joint Appraiser.

 

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v.      All appraisers
appointed hereunder shall be, at the time of their appointment, members of good standing of the American Institute of Real Estate Appraisers.
The party whose appraisal the Joint Appraiser did not select shall be responsible for the cost of the Joint Appraiser’s services,
otherwise, the cost of the Lessor Appraisal shall be borne by Lessor and the cost of the Lessee Appraisal shall be borne by the Lessee.

 

		5.	Security Deposit.

 

		A.	Prepaid Rent Deposit. Lessee has deposited with Lessor on the date hereof Fifty-Two Thousand Six
Hundred Fourteen and 65/100 Dollars ($52,614.65) which is to be applied to the Base Rent and Additional Rent for the month in which the
Commencement Date occurs.

 

		B.	Security Deposit. Lessee has deposited with Lessor on the date hereof Five Hundred and Eighty Thousand
and No/100 Dollars ($580,000.00) of which $290,000.00 is cash and $290,000.00 is a Letter of Credit in a form from a financial institution,
acceptable to Lessor. Said sum shall be held by Lessor as security for the faithful performance by Lessee of all the terms, covenants
and conditions of this Lease to be kept and performed by Lessee during the entire Term hereof. If Lessee materially defaults with respect
to any provision of this Lease beyond any applicable notice and cure periods, including, but not limited to, the provisions relating to
the payment of Rent or other charges or sums due under this Lease, Lessor may (but shall not be required to) use, apply or retain all
or any part of the security deposit for the payment of any Rent or other charges or sums due under this Lease or any sum in default, or
for the payment of any amount which Lessor may spend or become obligated to spend by reason of Lessee's default, or to compensate Lessor
for any other loss, damage, cost or expense (including attorneys' fees) which Lessor may suffer or incur by reason of Lessee's default.
If any portion of said security deposit is so used or applied, Lessee shall, within fifteen (15) days after written demand therefore,
deposit a certified or cashier's check or wire transfer with Lessor in an amount sufficient to restore the security deposit to the amount
of the security deposit immediately prior to such default by Lessee and Lessee's failure to do so shall be a default under this Lease.
Lessor shall not be required to keep the security deposit separate from its general funds and Lessee shall not be entitled to interest
on such deposit. If Lessee shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit
or any balance thereof after deduction hereunder by Lessor shall be returned to Lessee (or, at Lessor's option, to the last assignee of
Lessee's interest hereunder) within thirty (30) days following expiration of the Lease Term; provided, that in the event this Lease shall
be terminated upon the default of the Lessee beyond any applicable notice and cure period(s), the security deposit shall be retained by
Lessor and all of Lessee's interest therein shall terminate and the security deposit will be applied against the damages suffered by Lessor
by reason of the Lessee's default. In the event of termination of Lessor's interest in this Lease, Lessor shall transfer said deposit
to Lessor's successor in interest. Notwithstanding the foregoing, provided Lessee has not been in material default of the Lease beyond
any applicable notice and cure periods, then, after Month 12 of the Lease, the Security Deposit shall be reduced to Four Hundred Thirty
Five Thousand and No/100 Dollars ($435,000.00) of which Two Hundred Seventeen Thousand Five Hundred and No/100 Dollars ($217,500.00) shall
be cash and the remaining Two Hundred Seventeen Thousand Five Hundred and No/100 Dollars ($217,500.00) shall be Letter of Credit. Provided
Lessee has not been in material default 

 

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of the Lease beyond any applicable notice and cure periods, then, after Month 26 of the Lease,
the Security Deposit shall be reduced further to Two Hundred Ninety Thousand and No/100 Dollars ($290,000.00) of which One Hundred Thousand
and No/100 Dollars ($100,00.00) shall be cash and One Hundred Ninety Thousand and No/100 Dollars ($190,000.00) shall be Letter of Credit,
which Security Deposit shall remain in place through the balance of the Lease Term.

 

		6.	Use. Lessee shall use and occupy the Premises for the purposes of general office, including
but not limited to, research and development and prototype manufacturing of products related to Lessee’s portfolio of intellectual
property and other products and for no other purposes, without prior written consent of Lessor, and shall comply with all governmental
laws, ordinances, regulations, orders and directives and insurance requirements applicable to Lessee's use of the Premises. Lessee shall
not occupy or use or permit any portion of the Premises to be occupied or used in such a manner or for any purpose, which would increase
the cost of insurance coverage upon the Premises, the building or the contents thereof.

 

		7.	Rules and Regulations. Lessee agrees to comply with any Rules and Regulations attached hereto
as Exhibit B, any recorded Covenants, Conditions and Restrictions affecting the Project (provided that a copy thereof has been provided
by Lessor to Lessee), as well as such other reasonable rules and regulations as may from time to time be adopted by Lessor for the management,
good order and safety of common areas, the building and its Lessee(s) (provided that Lessor shall provide Lessee with written notice of
any such other rules and regulations for the Project which are not attached to this Lease). Lessee shall be responsible for the compliance
with such rules and regulations by its employees, agents and invitees. Lessor's failure to enforce any of such rules and regulations against
Lessee or any other Lessee shall not be deemed to be a waiver of same.

 

		8.	Maintenance. Lessee agrees by taking possession that the Premises are in leasable and good
condition. Lessee shall, at its expense, and at all times keep, maintain, and repair the interior Premises, including but not limited
to storefronts, exterior doors and windows, and Lessee division walls in good condition, repair and order and in accordance with applicable
laws, ordinances, rules, regulations and requirements of government authorities and insurance rating bureaus. Lessee shall further keep
the Premises and adjoining common areas in a neat, clean, safe and sanitary condition replacing glass and panels in windows and doors
of the Premises. Lessor shall keep, maintain, repair and replace the Building and areas surrounding the Premises in a manner consistent
with other similar buildings within Redmond, Washington, including but not limited to the Building’s mechanical, electrical, sprinkler
and other utility systems (outside of the Premises) together with connections to utility distribution systems and protect water drains,
gas and other pipes to prevent freezing or clogging and repair all leaks and damage caused thereby; remove ice and snow from Building
entries and common areas immediately adjacent to the Premises. Lessor shall repair the roof, exterior walls (including doors and windows
that are not a part of the Premises), foundations and common areas and facilities (unless specifically damaged by Lessee), if any, and
the cost thereof shall be shared as provided in Section 9 hereof. Lessor will maintain a preventative maintenance contract providing for
the regular inspection, maintenance and repair of the heating and air conditioning systems with a licensed mechanical contractor the cost
of which will be paid by Lessee per Lessee’s pro-rata share of the Building as Additional Rent.

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		9.	Utilities and Fees. Lessee agrees to pay promptly when due all charges for light, heat,
water, sewer, garbage, fire protection and other utilities and services to the Premises, and all license fees and other governmental charges
levied on Lessee's property and the operation of Lessee's business on the Premises. Lessor shall not be liable for any injury or damages
suffered as a result of the interruption of utilities or services by fire, or other casualty, strike, riot, vandalism, the making of necessary
repairs or improvements, or other causes beyond Lessor's reasonable control, however Lessor shall use best efforts to assist with the
restoration of such utilities in the event of any outage or cessation of such services so that Lessee’s interruption of business
is kept to a minimum; and provided that to the extent Lessee is unable to reasonably utilize or occupy the Premises as a result of any
interruption, deprivation or reduction in utilities and services to the Premises, then Lessee shall be entitled to an abatement in Base
Rent and Additional Rent for the period beginning with the date which is three (3) business days after Lessee delivers notice to Lessor
of such interruption, deprivation or reduction (provided that, such interruption, deprivation or reduction is continuing as of such third
business day) and ending on the date such interruption, deprivation or reduction is no longer causing Lessee to be deprived of all
reasonable use of the Premises or any portion thereof. During such abatement period, Base Rent and Additional Rent shall abate in the
same ratio as the portion of the Premises rendered unusable as a result of such interruption, deprivation or reduction. Notwithstanding
the foregoing, such abatement of Base Rent and Additional Rent shall only be available to Tenant in the event the interruption, deprivation
or reduction in utilities and services is (i) solely the result of a default by Landlord under the Lease, and (ii) is not related to an
event outside of Landlord’s reasonable control. In no event will Landlord be responsible for a loss or injury to business, however,
occurring through or in connection with or incidental to any failure to furnish any such services.

 

		10.	Monthly Operating Expense Adjustments. Lessee shall pay as additional monthly rent (“Additional
Rent”) the Lessee’s Share (as defined below) of the following:

 

		A.	Real Estate taxes and assessments, if any.

 

		B.	Usual and necessary costs of operation, management, maintenance and repair as determined by standard accounting
practice, including without limitation, all utilities and services not metered or charged directly to Lessee, insurance (including, but
not limited to the insurance provided for under Paragraph 16 C below), painting, upkeep and repair of building exterior, parking, landscaping,
and all common areas and facilities and Permitted Capital Improvements. The items under this clause (B) shall not include: any of the
following: (i) ground rent; (ii) interest and amortization of funds borrowed by Lessor for items other than capital improvements; (iii)
leasing commissions and advertising and space planning expenses incurred in procuring tenants; (iv) salaries, wages, or other compensation
paid to officers or executives of Lessor in their capacities as officers and executives; (v) any cost or expense paid or incurred by Lessor
to bring the Premises into compliance with laws; (vi) costs of renovating or otherwise improving, decorating, painting or redecorating
space for tenants or other occupants of the Project; (vii) depreciation and amortization; (viii) interest and principal payments on loans;
(ix) real estate brokerage, free rent, lease takeover obligations, and other inducements, costs, disbursements and expenses incurred in
connection with leasing space in the Project and advertising and promotional expenses, legal fees, architectural and engineering (and
similar consultant) fees, permits, licenses and inspection cost and fees in connection, the cost of tenant improvements, build out allowances,
moving expenses and other concessions incurred in connection with leasing space in the Project; (x) costs of Lessor 

 

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			reimbursed by warranties,
service contracts, insurance proceeds or otherwise; (xi) the cost of alterations, repairs, replacements, additions or other items of a
capital nature except for capital items which are not Permitted Capital Improvements; (xii) costs, fines and penalties incurred because
Lessor intentionally, knowingly or negligently violated any governmental requirement or law; (xiii) costs incurred because the Lessor
or another tenant violated the terms of any lease; (xiv) general reserves; (xv) bad debt loss, rent loss or reserve for bad debt loss
or rent loss for the Project; (xvi) costs incurred to test, survey, cleanup, contain, abate, remove or otherwise remedy hazardous substances
or asbestos containing materials; (xvii) Lessor's general corporate overhead; and (xviii) any other costs and expenses that under generally
accepted accounting principles and practice consistently applied would not be considered normal management, operation, maintenance and
repair costs.  For purposes of this Lease, “Permitted Capital Improvements” are the cost of capital improvements or other
costs incurred in connection with the Project (A) which are intended to effect economies in the operation or maintenance of the Project,
or to reduce current or future operating costs, (B) to enhance the safety or security of the Project or its occupants provided such safety
and security measures are generally being implemented by other landlords of office buildings in Redmond, (C) which are incurred for replacements,
modifications or additions of nonstructural items located in the common areas required to keep the common areas in good order or condition;
provided, however, that any capital expenditure shall be amortized in accordance with sound real estate management and accounting practices
consistently applied by other landlords of office buildings in Redmond.

 

		C.	A Management fee equal to three percent (3%) of Lessee's monthly rent, including Base Rent and any Additional
Rent.

 

Lessor shall from time to time estimate
and provide written notice to Lessee of its monthly expense based upon existing or expected costs. Lessee shall pay such monthly estimated
amount on or before the first day of each month. Lessor, annually and no later than six (6) months after the end of any calendar year
shall compute Lessee's actual expenses. Any overpayment shall be applied as a credit to Lessee against future payments of Additional Rent.
Lessee shall pay any deficiency to Lessor within thirty (30) days after the date of Lessor's statement. Lessor's records showing expenditures
made for such expenses shall be available for Lessee's inspection at any reasonable time. For purposes of this Lease, “Lessee’s
Share” means 49.85%.

 

Lessor shall make the determination of
actual costs and estimated costs allocable to the Premises. Lessor or its agent shall keep records showing all expenditures made for
the items enumerated above, which records shall be available for inspection and review by Lessee. The Lessee shall have the right, at
reasonable times and upon reasonable prior notice to the Lessor to review the Lessor’s records relating to the actual costs and
estimated costs allocable to the Premises for a particular Lease Year, which review must be conducted within six (6) months after Lessee’s
receipt of the statement of actual costs allocable to the Premises for that particular Lease Year. If such review is not conducted within
such six (6) month period, then the matters set forth in the statement of actual costs allocable to the Premises for that particular
Lease Year shall be deemed conclusive. The Lessee shall pay the costs and expenses of such review unless such review reveals that the
Lessor has overstated the Operating Expenses for the Lease Year in question by an amount equal to five percent (5%) or more for that
particular Lease Year in which event the Lessor shall pay the actual costs incurred by Lessee in the performance of such review. For
purposes of this Lease, “Lease Year” means a period of twelve (12) full and consecutive calendar  

 

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months; provided, however, the initial
Lease Year shall begin on the Commencement Date and end on the last day of the month preceding the first anniversary of the Commencement
Date and if the Commencement Date does not occur on the first day of a calendar month, then the initial Lease Year shall end on the last
day of the month which contains the first anniversary thereof. Each succeeding Lease Year shall begin upon the termination of the preceding
Lease Year and shall be for a period of twelve (12) full and consecutive calendar months thereafter.

 

		11.	Lessor’s Reservations. Lessor reserves the right without liability to Lessee upon
no less than two (2) business days’ prior written notice to Lessee: (a) to inspect the Premises, and to show them to prospective
Lessees (during the last eighteen (18) months of the Lease), partners or lenders and if they are vacated, to prepare them for re-occupancy;
(b) to retain at all times and to use in appropriate instances keys to doors within and into the Premises; (c) to make repairs, alterations,
additions or improvements, whether structural or otherwise, in or about the building, and for such purposes to enter upon the Premises
and during the continuance of any work, to close common areas, all without affecting any of Lessee's obligations hereunder, so long as
the Premises are reasonably accessible and Lessor shall not unreasonably interfere with Lessee’s use or enjoyment of the Premises;
and (d) generally to perform any act relating to the safety, protection and preservation of the Premises or Building.

 

		12.	Tenant Improvements. As of the Commencement Date, Lessor shall deliver the Premises in as-is
condition. Lessor shall provide Lessee with a tenant improvement allowance in the maximum aggregate amount of Fifteen and No/100 Dollars
per rentable square foot ($15.00/RSF) (the “TI Allowance”) to be used to pay for all actual, out-of-pockets costs and expenses
incurred by Lessor in connection with the design, permitting and construction of the Improvements (as defined in Exhibit D). The disbursement
of the TI Allowance and construction of the Improvements are outlined in Exhibit D, “Work Letter”. Lessee shall carry the
contract with a general contractor, which general contractor shall be mutually selected by Lessor and Lessee. Lessor shall receive a supervisory/construction
management fee equal to three percent (3.0%) of the total actual, out-of-pocket hard costs for the construction of the Improvements, which
fee shall be funded from the TI Allowance. In the event the actual costs of the Improvements exceed the TI Allowance, Lessee shall be
responsible for such excess amounts. In the event the actual costs of the Improvements are less than the TI Allowance, Lessee shall have
up to twelve (12) months from Commencement Date to use the remaining unused balance of the TI Allowance on other “Eligible Expenses”
(as defined below). “Eligible Expenses” mean all hard construction costs which may be incurred by Lessee for alterations or
improvements to the Premises performed by or on behalf of Lessee.

 

		13.	Assignment
and Subletting. Lessee shall not either voluntarily or by operation of law assign, transfer, convey or encumber this Lease or
any interest under it, or sublet its right to occupy or use all or any portion of the Premises without Lessor's prior written consent
which consent shall not be unreasonably withheld, conditioned or delayed. Among the criteria to be used by Lessor in evaluating a request
for assignment or subletting will be (i) the proposed use of the Premises; (ii) the anticipated impact, if any, on parking; or (iii)
the financial capacity of the assignee/sublessee to perform the obligations under this Lease. Lessor reserves the right to recapture
the Premises or applicable portion thereof in lieu of giving its consent by notice given to Lessee within twenty (20) days after receipt
of Lessee's written request for assignment or subletting. Such recapture shall terminate this Lease as to the applicable space effective
on the prospective date of assignment or subletting, which shall be the last day of a calendar month and not earlier than sixty (60)
days after receipt of Lessee's request hereunder. In the event that Lessor shall not elect to

 

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			recapture and shall
thereafter give its consent, Lessee shall pay Lessor a reasonable fee, not to exceed One Thousand and No/100 Dollars ($1,000.00) to reimburse
Lessor for processing costs incurred in connection with such consent. Lessor's consent shall not release or discharge Lessee from future
liability under this Lease and shall not waive Lessor's right to consent to any future assignment or sublease. Any assignment or subletting
without Lessor's consent shall be void and shall, at Lessor's option, constitute a default under this Lease. A transfer by the present
majority shareholders of ownership or control of a majority of the voting stock of a corporate Lessee, or the change in form of entity
of the Lessee, shall be deemed an assignment. Notwithstanding anything herein to the contrary, Lessee may, without Lessor’s prior
consent assign its rights and obligations under this Lease or sublet all or a portion of the Premises to: (i) a subsidiary, parent, affiliate,
division or entity controlled by or under common control with Lessee, (ii) a successor entity to Lessee by merger, consolidation, non-bankruptcy
reorganization or governmental action, or (iii) a purchaser of substantially all of the assets or equity interests in Lessee, in which
case the provisions of this Section 13 shall not apply to such transfer, assignment or sublease; provided that any such transfer is for
a legitimate business purpose and is not undergone as a subterfuge to avoid the obligations of this Section 13.

The Lessee shall not assign its interest in or under this Lease
for security purposes, nor shall the Lessee grant any security interest, lien or encumbrance against its interest in this Lease or in
or to any property in or affixed to the Premises without the prior written consent of the Lessor, which consent shall be granted, withheld
or conditioned in Lessor’s sole discretion. In no event shall the Lessee grant, or allow to exist, any security interest in, or
lien or encumbrance against the fee title to the Premises, the Building in which the Premises is located or the real property on which
the building is located. 

 

		14.	Alterations. After obtaining the prior written consent of Lessor, which consent shall not
be unreasonably withheld, conditioned or delayed, Lessee may make alterations, additions and improvements in said Premises (so long as
such alterations, additions or improvements are not structural in nature and not visible from the exterior of the Premises) at its sole
cost and expense. Lessee agrees to save Lessor harmless from any damage, loss, or expense arising there from and to comply with all laws,
ordinances, rules and regulations. Upon termination of this Lease and unless otherwise agreed to by the parties, all alterations, additions
and improvements made in, to or on the Premises (including without limitation all electrical, lighting, plumbing, heating, air conditioning,
and communications equipment and systems, doors, windows, partitions, drapery, carpeting, shelving, counters, and physically attached
fixtures unless excluded by written agreement annexed hereto), shall remain upon and be surrendered as a part of the Premises; provided
however, upon Lessor's written request (which written request shall be made at the time Lessor consented to such alterations or improvements),
Lessee shall remove its communications cabling and those additions, alterations, or improvements as may be specified by Lessor upon the
expiration of the Lease Term, and repair and restore the Premises to is original condition (with all of Landlord’s Build and other
Lessor improvements completed) at Lessee's sole cost and expense prior to expiration of the Lease Term.

 

		15.	Liens. Lessee shall keep the Premises free from any liens arising out of any work performed,
materials furnished, equipment supplied, or obligations incurred by or on behalf of Lessee. No work performed, material furnished, equipment
supplied or obligations incurred by or on behalf of Lessee shall be deemed to be for the immediate use and benefit of Lessor so that no
mechanic's lien or other lien shall be allowed against Lessor's estate in the premises. Lessee shall provide, at Lessee's own cost, waivers
of lien signed by any party (including the Lessee) who performs work,

 

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			furnishes materials, or supplies equipment to
the Premises. Lessor may require, at Lessee's sole cost and expense, a lien release and completion bond in an amount equal to either
the actual contract price or one and one-half times the estimated cost of any improvements, additions or alterations in the Premises
which Lessee desires to make, to insure Lessor against any liability for lien and to insure completion of the work.

 

		16.	Signs. Lessor, at Lessor’s sole expense, shall provide directory and suite signage.
All signs or symbols placed by Lessee in the windows and doors of the Premises, or upon any exterior part of the building, shall be subject
to city of Redmond and Lessor's prior written approval. Prior to termination of this Lease, Lessee will remove all signs placed by it
upon the Premises, and will repair any damages caused by installation and removal. Obtaining approvals will be Lessee’s responsibility.
Notwithstanding the foregoing and subject to Lessor’s prior written approval, which shall not be unreasonably withheld, conditioned
or delayed and subject to compliance with all applicable City of Redmond codes, Lessee shall have the right, at Lessee’s expense,
to install an exterior sign on the Building’s façade in a mutually agreeable location which shall remain on the Premises
which shall be removed by Lessee, at Lessee’s expense, prior to the expiration of the Lease Term.

 

		17.	Insurance.

 

		A.	Lessee shall pay for and maintain, during the entire Lease Term, the following policies of insurance:

 

		(i)	Commercial general liability insurance, including products, completed operations coverage and auto liability
insurance covering Lessee's operations and the Premises with limits of not less than $2,000,000 per occurrence.

 

		(ii)	Special cause of loss "all risk" perils and sprinkler leakage property insurance upon all building
improvements and alterations on the Premises for which Lessee is responsible and upon Lessee's property in the amount of one hundred percent
(100%) full replacement cost. The policy shall include Lessor and Lessor’s mortgagee, if any, as additional insureds, as their interests
may appear, with a loss payable clause in favor of Lessor and Lessor’s mortgagee to the extent of their interest in the property.

 

		B.	Each policy provided by Lessee shall provide that it shall not be subject to cancellation or material
change without at least thirty (30) days prior written notice to the Lessor. Lessee shall furnish Lessor, prior to commencement of the
Term, with insurance certificates, including Lessor as additional insured.

 

		C.	Lessor shall maintain property insurance during the entire Lease Term in the amount of one hundred percent
(100%) full replacement value of the Building and Lessor’s improvements. Lessor’s coverage may include the perils of Special
cause of loss (“all risk”) and earthquake.

 

		18.	Indemnity Against Liability for Loss or Damage.

 

		A.	Lessee assumes all liability for and shall indemnify, hold harmless and defend Lessor from and against
all loss, damage or expense which the Lessor may sustain or incur, and 

 

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			against any and all claims, demands, suits and actions whatsoever,
including expense of investigation and litigation (“Claims”), on account of injury to or death of persons, including without
limitation employees of Lessor, employees of Lessee or its affiliated companies or on account of damage to or destruction of property,
including without limitation property owned by and property in the care, custody or control of Lessor during the Lease Term, due to or
arising in any manner from:

 

		(i)	The acts or negligence of Lessee or any contractor, subcontractor, or agent of Lessee or their respective
employees;

 

		(ii)	The condition, use or operation of the Premises and/or materials or substances used by Lessee or any of
its contractors, subcontractors or agents of Lessee or by their respective employees, regardless of whether or not furnished by Lessor
under this Lease or otherwise;

 

		(iii)	Any damage or injury to persons or property arising out of Lessee's breach or this Lease, including, but
not limited to, obligations of Lessee under Section 8, Maintenance.

 

		B.	Lessor shall have no liability to Lessee as a result of loss or damage to Lessee’s property or for
death or bodily injury caused by the acts or omissions of other Lessees in the project or by third parties (including criminal acts).

 

		C.	Lessee shall not be obligated to indemnify Lessor for the portion of any claim or liability caused by
or arising from the act, or negligence of Lessor. Lessor shall indemnify, defend and hold harmless Lessee from and against any and all
Claims, arising in whole or in part out of (a) any act, omission or negligence of Lessor, or (b) any breach or default under this Lease
by Lessor.

 

		D.	It is mutually understood and agreed that the assumption of liabilities and indemnification provided for
in this Section 18 shall survive any termination of this Lease.

 

		19.	Damage or Destruction. If any of the Premises, or a substantial part of the building in
which the Premises are located, shall be damaged or destroyed by fire or other insured casualty, and repair of the damage cannot be completed
within one hundred twenty (120) days, following receipt by Lessor of actual notice of such damage or destruction, Lessor shall have the
option either (a) to repair or rebuild within a reasonable time utilizing the insurance proceeds to effect such repair, or (b) not to
repair or rebuild, and to cancel this Lease on sixty (60) days’ prior written notice. If Lessor fails to give Lessee written notice
of its election within sixty (60) days from the date of damage, or if the restoration of the Premises cannot be completed within one hundred
twenty (120) days from date of notice, Lessee may cancel this Lease at its option on fifteen (15) days’ prior written notice. During
the period of untenantability, all rent shall abate in the same ratio as the portion of the Premises rendered untenantable bears to the
whole of the Premises; provided that if the damage is due to the fault or neglect of Lessee, there shall be no abatement of rent.

 

If the Premises or the building in which
the Premises are located shall be damaged or destroyed by fire or other insured casualty, and repair of the damage can be completed within
one hundred twenty (120) days, Lessor shall repair or rebuild within a reasonable time utilizing the insurance proceeds to effect such
repair. During the period of untenantability, all rent shall abate in the 

 

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same ratio as the portion of the Premises rendered untenantable
bears to the whole of the Premises; provided that if the damage is due to the fault or neglect of Lessee, there shall be no abatement
of rent.

 

If any part of the Premises or the Building
in which the Premises are located shall be damaged or destroyed by an uninsured casualty, Lessor shall have the option either (a) to repair
or rebuild within a reasonable time, or (b) not to repair or rebuild, and to cancel this Lease on thirty (30) days’ prior written
notice. In the event of cancellation by Lessor as a result of an uninsured casualty, Lessee shall have the right, in its sole and absolute
discretion, within five (5) days following Lessor’s notice of cancellation, to override such cancellation by agreeing to repair
the damage at Lessee’s sole cost and expense. In such event, the Lessee shall repair or rebuild within a reasonable time following
the damage or destruction.

 

		20.	Eminent Domain. If the whole of the Premises shall be taken by any public authority under
the power of eminent domain, or purchased by the condemnor in lieu thereof, then the term of this Lease shall cease as of the date possession
is taken by such public authority. If only part of the Premises shall be so taken, the Lease shall terminate only as to the portion taken,
and shall continue in full force and effect as to the remainder of said Premises, and the monthly rent shall be reduced proportionately;
provided, however, if the remainder of the Premises cannot be made tenantable for the purposes for which Lessee has been using the Premises
or if more than twenty-five percent (25%) of the rentable square footage of the Premises shall be so taken, then either party, by written
notice to the other, given at least thirty (30) days prior to the date that possession must be surrendered to the public authority, may
terminate this Lease effective as of such surrender of possession. If any part of the building other than the Premises shall be so taken
so as to render in Lessor's opinion the termination of this Lease beneficial to the remaining portion of the building, Lessor shall have
the right within sixty (60) days of said taking to terminate this Lease upon thirty (30) days written notice to Lessee. In the event of
any taking, whether whole or partial, Lessor shall be entitled to all awards, settlements, or compensation which may be given for the
land and buildings. Lessee shall have no claim against Lessor for the value of any unexpired term of this Lease. Lessee shall have the
right to seek an independent and separate award from the condemning authority so long as such award does not diminish the amount of the
award payable to Lessor.

 

		21.	Insolvency. If Lessee shall be declared insolvent or bankrupt, or if Lessee's leasehold
interest herein shall be levied upon or seized under writ of any court of law, or if a trustee, receiver or assignee be appointed for
the property of Lessee, whether under operation of State or Federal statutes, then, to the extent permitted by law, Lessor may, at its
option, immediately, without notice (notice being expressly waived), terminate this Lease and take possession of said Premises.

 

		22.	Default and Re-Entry. If Lessee fails to pay rent or other charges provided for herein within
three (3) days after receipt of written notice thereof or if Lessee fails to observe or perform any covenant or condition of this Lease,
other than the making of payments, where such failure shall continue for a period of thirty (30) days after written notice from Lessor
or such additional time as is reasonably needed to cure the default, provided that, Lessee shall diligently and continuously pursue the
cure, then Lessor may, at its option, without further notice or demand:

 

 

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		A.	Cure such breach for the account and at the expense of Lessee (including entry upon the Premises to make
repairs on behalf of the Lessee where Lessee has failed to make such repairs as required under this Lease) and such expense shall be deemed
additional rent due on the first of the following month; or

 

		B.	Re-enter the Premises, remove all persons therefrom, take possession of the Premises and remove all personal property therein at Lessee's risk and expense and (1) terminate this Lease, or (2) without terminating the Lease or in any way affecting the rights and remedies of Lessor or the obligations of Lessee, make an honest and reasonable effort to re-let the whole or any part of the Premises for Lessee’s account upon such terms and conditions as Lessor may deem advisable. In either event, any moneys received from Lessee and any deposit or other amounts held by Lessor may first be applied by Lessor to any damages suffered by Lessor as a result of such default, including without limitation, costs and expenses incurred on re-entry and re-letting, any unamortized Lessee improvements and commissions, cleaning, necessary repairs, restoration and alteration, and any commissions incurred on re-letting, and the balance of such amounts may be applied toward payment of other sums due to Lessor hereunder. In the event the Premises are re-let for Lessee's account, Lessee shall pay to Lessor monthly any deficiency; however, Lessor shall not be required to pay any excess to Lessee. Upon termination of this Lease or of Lessee’s right to possession, Lessor reserves and has the right to recover damages arising from the breach of the Lease from Lessee including, but not limited to: (1) The worth of the unpaid rent and other charges provided for herein that had been earned at the time of such termination; (2) The worth of the amount of the unpaid rent and other charges provided for herein that would have been earned for the balance of the term of this Lease after the date of such termination; and (3) Any other amount, including court, attorney and collection costs, necessary to compensate Lessor. “The Worth,” as used in Section (1) is to be calculated allowing interest at 18% per year (or, if applicable, at such lower rate as may represent the highest legal limit allowed in the State of Washington). “The worth” as used for Section (2) is to be computed by discounting the amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of termination. The above remedies of Lessor are cumulative and in addition to any other remedies now or hereafter allowed by law or elsewhere provided for in this Lease.

                                                                                

		C.	Lessor shall not be liable for damages by reason of the re-entry described
in paragraph B, above.

 

		23.	Removal of Property. Any property of Lessee removed by Lessor in accordance with Section
22 above may be stored, sold, or disposed of by Lessor without any additional notice to Lessee at the sole risk and expense of Lessee
and without any further responsibility of Lessor. Proceeds therefrom may be applied by Lessor upon any indebtedness due from Lessee to
Lessor. Lessee waives all claims for damages that may be caused by Lessor re-entering the Premises and removing or disposing of said property
as herein provided.

 

		24.	Costs and Attorneys’ Fees. In the event either party shall commence legal action to
enforce any provision of this Lease, the court shall award to the prevailing party all reasonable attorneys' fees and all costs incurred
in connection therewith, including fees and costs on appeal. Any action relating to this Lease shall be brought in the County in which
the Premises are located or, at Lessor's election, in King County, Washington.

 

 

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		25.	Subrogation Waiver. Lessor and Lessee each herewith and hereby release and relieve the other
and waive its entire right of recovery against the other for loss or damage arising out of or incident to the perils of fire, explosion
or any other perils described in the "all risk" insurance and the events covered under the property insurance coverages required
under this Lease, whether due to the negligence of either party, their agents, employees or otherwise. Each party shall obtain from its
respective insurer under each insurance policy that it maintains a waiver of all rights of subrogation, which the insurer may have against
the other party for claims that are released under this Section 25.

 

		26.	Holding Over. Unless otherwise agreed to by Lessor, if Lessee, with the express consent
of Lessor, shall hold over after the expiration of the Lease Term, Lessee shall remain bound by all the covenants and agreements herein,
except that (a) the tenancy shall be from month-to-month and (b) the monthly Base Rent to be paid by Lessee shall be determined by multiplying
the monthly Base Rent in effect immediately preceding such expiration times 150%. If Lessee holds possession of the Premises after the
expiration of the Lease Term without the express written consent of Lessor, Lessee shall remain bound by all the covenants and agreements
herein, except that (a) the tenancy shall be from month-to-month and (b) the monthly Base Rent to be paid by Lessee shall be twice the
monthly rent in effect immediately preceding such expiration. Any such tenancy may be terminated with twenty (20) days prior notice as
provided by Washington State law.

 

In the event of any unauthorized holding
over, Lessee shall also indemnify and hold Lessor harmless from and against all liability, losses, claims, causes of action, damages,
costs and expenses (including without limitation attorney fees) resulting from Lessee’s failure to surrender the Premises, including
without limitation claims made by succeeding lessees resulting from Lessee’s failure to surrender the Premises.

 

Lessee’s obligations under this Section
26 shall survive the expiration or termination of this Lease.

 

		27.	Subordination and Attornment; Mortgage Protection.

 

		A.	Subordination-Notice to Mortgagee. At the request of Lessor, Lessee shall promptly execute, acknowledge
and deliver, all instruments which may be required to subordinate this Lease to any existing or future mortgages, deeds of trust and/or
other security documents on or encumbering the Premises or on the leasehold interest held by Lessor, and to any extensions, renewals,
or replacements thereof, provided that Lessee shall have the right to request that any holder or beneficiary of any mortgage, deed of
trust, ground lease, vendor’s lien or similar instrument execute a non-disturbance agreement in favor of Lessee on the commercially
reasonable standard form utilized by such lender or ground lessor (subject to Lessee’s reasonable comments), and Lessor shall obtain
such executed non-disturbance agreement if so requested by Lessee as a condition to Lessee’s subordination to any such party.

 

		B.	Lessee’s Certificate. Either party shall, at any time and from time to time, within five
(5) business days after written notice from the other party execute, acknowledge and deliver to Lessor a statement in writing (a) certifying
that this Lease is unmodified and in full force and effect (or, if modified, stating the nature of such modification and 

 

 

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			certifying that this Lease as so modified
                                            is in full force and effect), and the date to which the rental and other charges are paid
                                            in advance, if any; and (b) acknowledging that there are not, to such party's knowledge,
                                            any uncured defaults on the part of the Lessor or Lessee hereunder, or specifying such defaults
                                            if any are claimed; and (c) setting forth the date of commencement of rents and expiration
                                            of the Lease Term hereof; and, (d) such other information as such party shall reasonably
                                            require. Any prospective purchaser, lender, assignee, sublease, or encumbrancer of all or
                                            any portion of the Premises of which the Premises are a part or any affiliate of either party
                                            may rely upon any such statement.

 

		C.	Mortgagee Protection Clause. Lessee agrees to use reasonable efforts to notify any mortgagee and/or
trust deed holders, by registered mail, with a copy of any notice of default served upon the Lessor, provided that prior to such notice
Lessee has been notified in writing (by way of Notice of Assignment of Rents and Lease, or otherwise) of the addresses of such mortgagees
and/or trust deed holders. Lessee further agrees that if Lessor shall have failed to cure such default, then the mortgagees and/or trust
deed holders have thirty (30) days within which to cure such default or if such default cannot be cured within that time, then such additional
times as may be necessary if within such thirty (30) days any mortgagee and/or trust deed holder has commenced and is diligently pursuing
the remedies necessary to cure such default (including but not limited to commencement of foreclosure proceedings if necessary to affect
such cure), in which event this Lease shall not be terminated if such remedies are being so diligently pursued.

 

		28.	Surrender of Possession. Lessee shall, prior to the termination of this Lease or of Lessee's
right to possession, remove from the Premises all personal property which Lessee is entitled to remove and those alterations, additions,
improvements (excepting the Landlord Build or any subsequent alterations or improvements that Lessor consented to without explicitly requiring
removal thereof) or signs which may be required by Lessor to be removed, including, at Lessor’s request, cabling, pursuant to Sections
12 and 14 above, and shall repair or pay for all damage to the Premises caused by such removal. All such property remaining and every
interest of Lessee in the same shall be conclusively presumed to have been conveyed by Lessee to Lessor under this Lease as a bill of
sale, without compensation, allowance, or credit to Lessee. Lessee shall upon termination of this Lease or of Lessee's right of possession,
deliver all keys to Lessor and peacefully quit and surrender the Premises without notice, neat and clean, and in as good condition as
when Lessee took possession, except for reasonable wear and tear as determined by Lessor and with all components and systems in good working
order and repair.

 

		29.	Late Payment and Interest. If any amount due from Lessee is not received in the office of
Lessor on or before the third (3rd) business day after the date upon which such amount is due and payable, a late charge of five percent
(5%) of said amount shall become immediately due and payable, which late charge Lessor and Lessee agree represents a fair and reasonable
estimate of the processing and accounting costs that Lessor will incur by reason of such late payment. All past due amounts owing to Lessor
under this Lease, including rent, shall be assessed interest at an annual percentage rate of twelve percent (12%) from the third (3rd)
business day after the date due until paid. Notwithstanding the foregoing, Lessor shall waive such late charge once per calendar year
provided that Lessee timely pays such amount owed within three (3) business days after receiving Lessor’s written notice.

 

 

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		30.	Notice. Any notice, communication or remittance required or permitted by this Lease by either
party to the other shall be deemed given, served or delivered, in writing, delivered personally or by courier or by telephonic facsimile
transmission with automatic confirmation, addressed to the Lessor at the address specified for the payment of rent under Paragraph 3 of
this Lease or to Lessee at the Premises or to such other address as either party may designate to the other in writing from time to time.

 

		31.	No Waiver of Covenants. Time is of the essence of this Lease. Any waiver by either party
of any breach hereof by the other shall not be considered a waiver of any future similar or other breach.

 

		32.	Entire Agreement. It is expressly understood and agreed by Lessor and Lessee that there
are no promises, agreements, conditions, understandings, inducements, warranties, or representations, oral or written, express or implied,
between them, other than as herein set forth and that this Lease shall not be modified in any manner except by an instrument in writing
executed by the parties.

 

		33.	Binding on Heirs, Successors and Assigns. The covenants and agreements of this Lease shall
be binding upon the heirs, executors, administrators, successors and assigns of both parties hereto, except as hereinabove provided.

 

		34.	Lessor’s Assignment. It is fully understood that Lessor shall have the full right
to assign this Lease, without any notice to Lessee, thereby relieving Lessor from all and any liabilities; provided however, that the
assignee assumes all Lessor’s responsibilities as set forth in this Lease.

 

35.       Environmental. See Rider One
attached and incorporated into this Lease by this reference.

 

36.       Brokers;
Agency Disclosure; Brokerage Relationships.

 

		A.	Payment of Brokers. Lessor shall pay the commissions due those real
estate brokers or agents named below. Lessee agrees to indemnify and hold Lessor harmless from all
liabilities and claims for brokerage commissions or finder's fees growing out of agreements which Lessee has made with brokers or finders,
other than the market standard commission which Lessor has agreed to pay to Lessor’s broker, Broderick Group, Inc. per separate
agreement.

 

		B.	Agency Disclosure. At the signing of this Lease, the Lessor’s agents, Paul Jerue, Tyler Slone
and Eric Meussner, of Broderick Group Inc., represented Lessor (the “Lessor’s Agents”). Lessee’s
Leasing Agents are Eric Lonergan and Brian Kelly of Savills Inc. (the “Lessee’s Agents”). Each party signing this document
confirms that the prior oral and/or written disclosure of agency was provided to him/her in this transaction. (As required by WAC 308-124D-040).

 

 

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		37.	Force Majeure. Lessor nor Lessee shall have liability to the other party on account of the
following acts of “force majeure,” which shall include (a) the inability to fulfill, or delay in fulfilling, any obligations
(excepting Lessee’s monetary obligations) under this Lease by reason of strike, lockout, other labor trouble, dispute or disturbance;
(b) governmental regulation, moratorium, action, inaction, preemption or priorities or other controls, including delays in receipt of
permits; (c) shortages of fuel, supplies or labor; (d) any failure or defect in the supply, quantity or character of electricity or water
furnished to the Premises by reason of any requirement, act or omission of the public utility or others furnishing the Building with electricity
or water; or (e) for any other reason, whether similar or dissimilar to the above, or for act of God, beyond Lessor’s or Lessee’s
reasonable control. If this Lease specifies a time period for performance of an obligation, that time period shall be extended by the
period of any delay in Lessor’s performance caused by any of the events of force majeure described herein.

 

		38.	Limitation of Liability. The recourse of Lessee to recover any claim against Lessor arising
under this Lease shall be limited to Lessor’s interest in the Building and to the rents, issues and profits from the Building. Lessee
waives any and all recourse for any such liability against Lessor’s members, partners, shareholders, trustees or beneficiaries,
or any property or assets of Lessor other than the Building.

 

		39.	Expansion Premises. Lessee shall have the right to lease the balance of the Building (“Option
to Expand”), which would comprise an additional 16,781 rentable square feet on the second floor (the “Expansion Premises”)
upon providing Lessor with written notice by September 30, 2023. If the Option to Expand is exercised, the terms for the Expansion Premises
shall be the same as the original Premises, with the Base Rent for Expansion Premises matching the then current Base Rent schedule of
original Premises with three percent (3.0%) annual Base Rent escalations. There shall be no free rent for the Expansion Premises and Lessor
shall provide Lessee with a tenant improvement allowance for the Expansion Premises equal to Fifteen Dollars per rentable square foot
($15.00/RSF) (the “EP Allowance”). If Lessee timely exercises the Option to Expand, Lessee shall commence leasing the Expansion
Premises on the date which is Ninety (90) days after the Expansion Premises are tendered to the Lessee (the “Expansion Premises
Commencement Date”), unless another timeline is mutually agreed by Lessor and Lessee and documented in a valid amendment to this
Lease.

 

		40.	Governing Law. This Lease shall
                                            be interpreted under the laws of the State of Washington without regard to principles of
                                            conflicts of law.

 

		41.	Counterparts.
                                            This Lease may be executed in one or more counterparts,
                                            all of which shall be considered one and the same agreement, and shall become a binding agreement
                                            when one or more counterparts have been signed and delivered to each of the parties.

 

		42.	Exhibits. The following exhibits or riders are made a part of this Lease and are incorporated
herein by reference:

 

Rider One - Environmental

Exhibit A – Legal
Description of Land and Building Site Plan

Exhibit B - Rules and
Regulations

Exhibit C – Floor
Plan of Premises

Exhibit D – Work Letter

 

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IN WITNESS WHEREOF, this Lease has been
executed by the parties as of the Effective Date.

 

	Lessor:	Lessee:
	 	 
	REdmond East Office PArk, llc	MICROVISION,
    INC.
	 	 
	
    /s/ PAT WILEY

    (SIGNATURE)
	
    /s/ SUMIT SHARMA

    (SIGNATURE)

	 	 
	
    By: Pat Wiley

    (PLEASE PRINT)
	
    By: Sumit Sharma

    (PLEASE PRINT)

	 	 
	Its:  Manager	Its:  CEO
	 	 
	Date:  September 24, 2021	Date:  September 23, 2021

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