Document:

Exhibit
4.2

 

 

 

SURGEPAYS,
INC.

 

and

 

VSTOCK
TRANSFER, LLC, as

Warrant
Agent

 

 

  

Warrant
Agency Agreement

 

Dated
as of November 4, 2021

 

    	 

    	 

    

 

WARRANT
AGENCY AGREEMENT

 

WARRANT
AGENCY AGREEMENT, dated as of November 4, 2021 (“Agreement”), between SurgePays, Inc., a corporation organized under
the laws of the State of Nevada (the “Company”), and VStock Transfer, LLC, a corporation organized under the laws
of California (the “Warrant Agent”).

 

W
I T N E S S E T H

 

WHEREAS,
pursuant to a registered offering by the Company of 4,600,000 Units (the “Offering”), with each Unit consisting of
one (1) share of the Company’s common stock, par value $0.001 per share (the “Common Stock”) and one (1) warrant
(the “Warrants”) to purchase one (1) share of Common Stock (the “Warrant Shares”), the Warrants
shall have an exercise price of $4.73 per share (or 110% of the price of each Unit sold in the Offering); and

 

WHEREAS,
the Company granted an over-allotment option to purchase up to 15% of the aggregate number of Units sold, including warrants to purchase
an additional 690,000 shares of Common Stock (the “Over-Allotment Option”) to the Underwriters; and

 

WHEREAS,
upon the terms and subject to the conditions hereinafter set forth and pursuant to an effective registration statement on Form S-1, as
amended (File No. 333-233726) (the “Registration Statement”), and the terms and conditions of the Warrant Certificate,
the Company wishes to issue the Warrants in book entry form entitling the respective holders of the Warrants (the “Holders,”
which term shall include a Holder’s transferees, successors and assigns and “Holder” shall include, if the Warrants
are held in “street name,” a Participant (as defined below) or a designee appointed by such Participant); and

 

WHEREAS,
the shares of Common Stock and Warrants to be issued in connection with the Offering shall be immediately separable and will be issued
separately, but will be purchased together in the Offering; and

 

WHEREAS,
the Company wishes the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with
the issuance, registration, transfer, exchange, exercise and replacement of the Warrants and, in the Warrant Agent’s capacity as
the Company’s transfer agent, the delivery of the Warrant Shares (as defined below).

 

NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

 

Section
1. Certain Definitions. For purposes of this Agreement, all capitalized terms not herein defined shall have the meanings hereby
indicated:

 

(a)
“Affiliate” has the meaning ascribed to it in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”).

 

(b)
“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United
States or any day on which the Nasdaq Stock Market is authorized or required by law or other governmental action to close.

 

(c)
“Close of Business” on any given date means 5:00 p.m., New York City time, on such date; provided, however,
that if such date is not a Business Day it means 5:00 p.m., New York City time, on the next succeeding Business Day.

 

(d)
“Person” means an individual, corporation, association, partnership, limited liability company, joint venture, trust,
unincorporated organization, government or political subdivision thereof or governmental agency or other entity.

 

    	2

    	 

    

 

(e)
“Warrant Certificate” means a certificate in substantially the form attached as Exhibit 1 hereto, representing
such number of Warrant Shares as is indicated therein, provided that any reference to the delivery of a Warrant Certificate in this Agreement
shall include delivery of a Definitive Certificate or a Global Warrant (each as defined below).

 

All
other capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Warrant Certificate.

 

Section
2. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with
the terms and conditions hereof, and the Warrant Agent hereby accepts such appointment.

 

Section
3. Global Warrants.

 

(a)
The Warrants shall be registered securities and shall be evidenced by a global warrant (the “Global Warrants”), in
the form of the Warrant Certificate, which shall be deposited with the Warrant Agent and registered in the name of Cede & Co., a
nominee of The Depository Trust Company (the “Depositary”), or as otherwise directed by the Depositary. Ownership
of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained
by (i) the Depositary or its nominee for each Global Warrant or (ii) institutions that have accounts with the Depositary (such institution,
with respect to a Warrant in its account, a “Participant”).

 

(b)
If the Depositary subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the
Warrant Agent regarding other arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no
longer necessary to have the Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary
to deliver to the Warrant Agent for cancellation each Global Warrant, and the Company shall instruct the Warrant Agent to deliver to
each Holder a Warrant Certificate.

 

(c)
A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant Certificate
Request Notice (as defined below). Upon written notice by a Holder to the Company and the Warrant Agent for the exchange of some or all
of such Holder’s Global Warrants for a separate certificate in the form attached hereto as Exhibit 1 (such separate certificate,
a “Definitive Certificate”) evidencing the same number of Warrants, which request shall be in the form attached hereto
as Exhibit 2 (a “Warrant Certificate Request Notice” and the date of delivery of such Warrant Certificate Request
Notice by the Holder, the “Warrant Certificate Request Notice Date” and the surrender by the Holder to the Warrant
Agent of a number of Global Warrants for the same number of Warrants evidenced by a Warrant Certificate, a “Warrant Exchange”),
the Company shall promptly effect the Warrant Exchange and shall promptly direct the Warrant Agent to issue and deliver to the Holder
a Definitive Certificate for such number of Warrants in the name set forth in the Warrant Certificate Request Notice. Such Definitive
Certificate shall be dated the original issue date of the Warrants, shall be manually executed by an authorized signatory of the Company,
shall be in the form attached hereto as Exhibit 1 and shall be reasonably acceptable in all respects to such Holder. In connection
with a Warrant Exchange, the Company agrees to have the Warrant Agent deliver the Definitive Certificate to the Holder within ten (10)
Business Days of the later of the delivery of the Warrant Certificate Request Notice and the surrender by the Holder to the Warrant Agent
of a number of Global Warrants for the same number of Warrants evidenced by a Warrant Certificate pursuant to the delivery instructions
in the Warrant Certificate Request Notice (“Warrant Certificate Delivery Date”). If the Company fails for any reason
to have the Warrant Agent deliver to the Holder the Definitive Certificate subject to the Warrant Certificate Request Notice by the Warrant
Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000
of Warrant Shares evidenced by such Definitive Certificate (based on the VWAP (as defined in the Warrants) of the Common Stock on the
Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after such Warrant Certificate Delivery Date until
such Definitive Certificate is delivered or, prior to delivery of such Warrant Certificate, the Holder rescinds such Warrant Exchange.
The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate Request Notice, the Holder shall be deemed
to be the holder of the Definitive Certificate and, notwithstanding anything to the contrary set forth herein, the Definitive Certificate
shall be deemed for all purposes to contain all of the terms and conditions of the Warrants evidenced by such Warrant Certificate and
the terms of this Agreement, other than Sections 3(c), 3(d) and 9 herein, shall not apply to the Warrants evidenced by the Definitive
Certificate. The Warrant Agent shall act as warrant agent with respect to any Definitive Certificate requested and issued pursuant to
this section. Notwithstanding anything to the contrary contained in this Agreement, in the event of inconsistency between any provision
in this Agreement and any provision in a Definitive Certificate, as it may from time to time be amended, the terms of such Definitive
Certificate shall control.

 

    	3

    	 

    

 

(d)
A Holder of a Definitive Certificate (pursuant to a Warrant Exchange or otherwise) has the right to elect at any time or from time to
time a Global Warrants Exchange (as defined below) pursuant to a Global Warrants Request Notice (as defined below). Upon written notice
by a Holder to the Company and the Warrant Agent for the exchange of some or all of such Holder’s Warrants evidenced by a Definitive
Certificate for a beneficial interest in Global Warrants held in book-entry form through the Depositary evidencing the same number of
Warrants, which request shall be in the form attached hereto as Exhibit 3 (a “Global Warrants Request Notice”
and the date of delivery of such Global Warrants Request Notice by the Holder, the “Global Warrants Request Notice Date”
and the surrender upon delivery by the Holder of the Warrants evidenced by Definitive Certificates for the same number of Warrants evidenced
by a beneficial interest in Global Warrants held in book-entry form through the Depositary, a “Global Warrants Exchange”),
the Company shall promptly effect the Global Warrants Exchange and shall promptly direct the Warrant Agent to issue and deliver to the
Holder Global Warrants for such number of Warrants in the Global Warrants Request Notice, which beneficial interest in such Global Warrants
shall be delivered by the Depositary’s Deposit or Withdrawal at Custodian system to the Holder pursuant to the instructions in
the Global Warrants Request Notice. In connection with a Global Warrants Exchange, the Company shall direct the Warrant Agent to deliver
the beneficial interest in such Global Warrants to the Holder within ten (10) Business Days of the later of the delivery of the Global
Warrants Request Notice and the Definitive Certificate for a beneficial interest in Global Warrants held in book-entry form through the
Depositary evidencing the same number of Warrants pursuant to the delivery instructions in the Global Warrant Request Notice (“Global
Warrants Delivery Date”). If the Company fails for any reason to have the Warrant Agent deliver to the Holder Global Warrants
subject to the Global Warrants Request Notice by the Global Warrants Delivery Date, the Company shall pay to the Holder, in cash, as
liquidated damages and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Global Warrants (based on the VWAP (as defined
in the Warrants) of the Common Stock on the Global Warrants Request Notice Date), $10 per Business Day for each Business Day after such
Global Warrants Delivery Date until such Global Warrants are delivered or, prior to delivery of such Global Warrants, the Holder rescinds
such Global Warrants Exchange. The Company covenants and agrees that, upon the date of delivery of the Global Warrants Request Notice,
the Holder shall be deemed to be the beneficial holder of such Global Warrants.

 

Section
4. Form of Warrant Certificates. The Warrant Certificate, together with the form of election to purchase Common Stock (“Notice
of Exercise”) and the form of assignment to be printed on the reverse thereof, shall be in the form of Exhibit 1 hereto.

 

Section
5. Registration of Definitive Certificates. The Warrant Agent will keep or cause to be kept at one of its offices, books for the
registration and transfer of any Definitive Certificates issued. Such Warrant Agent books shall show the names and addresses of the respective
Holders of the Definitive Certificates, the number of warrants evidenced on the face of each such Definitive Certificate and the date
of each such Definitive Certificate.

 

    	4

    	 

    

 

Section
6. Transfer, Split Up, Combination and Exchange of Warrant Certificates; Mutilated, Destroyed, Lost or Stolen Warrant Certificates.
With respect to the Definitive Certificates, subject to the provisions of the Warrant Certificate and the last sentence of this first
paragraph of Section 6 and subject to applicable law, rules or regulations, or any “stop transfer” instructions the Company
may give to the Warrant Agent, at any time after the closing date of the Offering, and at or prior to the Close of Business on the Termination
Date (as such term is defined in the Warrant Certificate), any Definitive Certificate may be transferred, split up, combined or exchanged
for another Definitive Certificate, entitling the Holder to purchase a like number of shares of Common Stock as the Definitive Certificate
surrendered then entitled such Holder to purchase. Any Holder desiring to transfer, split up, combine or exchange any Definitive Certificate
shall make such request in writing delivered to the Warrant Agent, and shall surrender the Definitive Certificate to be transferred,
split up, combined or exchanged at the principal office of the Warrant Agent. Any requested transfer of Warrants, whether in book-entry
form or certificate form, shall be accompanied by reasonable evidence of authority of the party making such request that may be required
by the Warrant Agent, including, but not limited to, a medallion guarantee. Thereupon the Warrant Agent shall, subject to the last sentence
of this first paragraph of Section 6, countersign and deliver to the Person entitled thereto a Definitive Certificate, as so requested.
The Company may require payment from the Holder of a sum sufficient to cover any tax or governmental charge that may be imposed in connection
with any transfer, split up, combination or exchange of a Definitive Certificate. The Company shall compensate the Warrant Agent per
the fee schedule mutually agreed upon by the parties hereto and provided separately on the date hereof.

 

Upon
receipt by the Warrant Agent of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of a Warrant Certificate,
which evidence shall include an affidavit of loss, or in the case of mutilated certificates, the certificate or portion thereof remaining,
and, in case of loss, theft or destruction, of indemnity in customary form and amount including the posting of a bond by the Holder if
requested by the Warrant Agent, and satisfaction of any other reasonable requirements established by Section 8-405 of the Uniform Commercial
Code as in effect in the State of Delaware, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental
thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Company will make and
deliver a new Warrant Certificate of like tenor to the Warrant Agent for delivery to the Holder in lieu of the Warrant Certificate so
lost, stolen, destroyed or mutilated.

 

Section
7. Exercise of Warrants; Exercise Price; Termination Date.

 

(a)
The Warrants shall be exercisable commencing on the Initial Exercise Date. The Warrants shall cease to be exercisable and shall terminate
and become void as set forth in the Warrant Certificate. Subject to the foregoing and to Section 7(b) below, the Holder of a Warrant
may exercise the Warrant in whole or in part upon surrender of the Warrant Certificate, if required, with the executed Notice of Exercise
and payment of the Exercise Price, which may be made, at the option of the Holder, by wire transfer or by certified or official bank
check in United States dollars, to the Warrant Agent at the principal office of the Warrant Agent or to the office of one of its agents
as may be designated by the Warrant Agent from time to time. In the case of the Holder of a Global Warrant, the Holder shall deliver
the executed Notice of Exercise and the payment of the Exercise Price as described herein. Notwithstanding any other provision in this
Agreement, a holder whose interest in a Global Warrant is a beneficial interest in a Global Warrant held in book-entry form through the
Depositary (or another established clearing corporation performing similar functions), shall effect exercises by delivering to the Depositary
(or such other clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect
exercise that are required by the Depositary (or such other clearing corporation, as applicable). The Company acknowledges that the bank
accounts maintained by the Warrant Agent in connection with the services provided under this Agreement will be in its name and that the
Warrant Agent may receive investment earnings in connection with the investment at Warrant Agent risk and for its benefit of funds held
in those accounts from time to time. Neither the Company nor the Holders will receive interest on any deposits or Exercise Price. No
ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of
any Notice of Exercise be required. The Company hereby acknowledges and agrees that, with respect to a holder whose interest in a Global
Warrant is a beneficial interest in a Global Warrant held in book-entry form through the Depositary (or another established clearing
corporation performing similar functions), upon delivery of irrevocable instructions to such holder’s Participant to exercise such
warrants, that solely for purposes of Regulation SHO that such holder shall be deemed to have exercised such warrants.

 

    	5

    	 

    

 

(b)
Upon receipt of a Notice of Exercise for a Cashless Exercise the Company will promptly calculate and transmit to the Warrant Agent the
number of Warrant Shares issuable in connection with such Cashless Exercise and deliver a copy of the Notice of Exercise to the Warrant
Agent, which shall issue such number of Warrant Shares in connection with such Cashless Exercise.

 

(c)
Upon the exercise of the Warrant Certificate pursuant to the terms of Section 2 of the Warrant Certificate, the Warrant Agent shall cause
the Warrant Shares underlying such Warrant Certificate or Global Warrant to be delivered to or upon the order of the Holder of such Warrant
Certificate or Global Warrant, registered in such name or names as may be designated by such Holder, no later than the Warrant Share
Delivery Date (as such term is defined in the Warrant Certificate). If the Company is then a participant in the DWAC system of the Depositary
and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant
Shares by Holder or (B) the Warrant is being exercised via Cashless Exercise, then the certificates for Warrant Shares shall be transmitted
by the Warrant Agent to the Holder by crediting the account of the Holder’s broker with the Depositary through its DWAC system.
For the avoidance of doubt, if the Company becomes obligated to pay any amounts to any Holders pursuant to Section 2(d)(i) or 2(d)(iv)
of the Warrant Certificate, such obligation shall be solely that of the Company and not that of the Warrant Agent. Notwithstanding anything
else to the contrary in this Agreement, except in the case of a Cashless Exercise, if any Holder fails to duly deliver payment to the
Warrant Agent of an amount equal to the aggregate Exercise Price of the Warrant Shares to be purchased upon exercise of such Holder’s
Warrant as set forth in Section 7(a) hereof by the Warrant Share Delivery Date, the Warrant Agent will not obligated to deliver such
Warrant Shares (via DWAC or otherwise) until following receipt of such payment, and the applicable Warrant Share Delivery Date shall
be deemed extended by one day for each day (or part thereof) until such payment is delivered to the Warrant Agent.

 

(d)
The Warrant Agent shall deposit all funds received by it in payment of the Exercise Price for all Warrants in the account of the Company
maintained with the Warrant Agent for such purpose (or to such other account as directed by the Company in writing) and shall advise
the Company via email at the end of each day on which notices of exercise are received or funds for the exercise of any Warrant are received
of the amount so deposited to its account.

 

Section
8. Cancellation and Destruction of Warrant Certificates. All Warrant Certificates surrendered for the purpose of exercise, transfer,
split up, combination or exchange shall, if surrendered to the Company or to any of its agents, will be delivered by the Company or its
agent to the Warrant Agent for cancellation, or, if surrendered to the Warrant Agent, shall be canceled by it, and no Warrant Certificate
shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to
the Warrant Agent for cancellation and retirement, and the Warrant Agent shall so cancel and retire, any other Warrant Certificate purchased
or acquired by the Company otherwise than upon the exercise thereof. The Warrant Agent shall deliver all canceled Warrant Certificates
to the Company, or shall, at the written request of the Company, destroy such canceled Warrant Certificates, and in such case shall deliver
a certificate of destruction thereof to the Company, subject to any applicable law, rule or regulation requiring the Warrant Agent to
retain such canceled certificates. notwithstanding anything to the contrary set forth herein, all cancelled Warrant Certificates shall
be handled in accordance with the Warrant Agent’s regular policies and procedures.

 

Section
9. Certain Representations; Reservation and Availability of Shares of Common Stock or Cash.

 

(a)
This Agreement has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery
hereof by the Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance
with its terms, and the Warrants have been duly authorized, executed and issued by the Company and, assuming due authentication thereof
by the Warrant Agent pursuant hereto and payment therefor by the Holders as provided in the Registration Statement, constitute valid
and legally binding obligations of the Company enforceable against the Company in accordance with their terms and entitled to the benefits
hereof; in each case except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar
laws relating to or affecting creditors’ rights generally or by general equitable principles (regardless of whether such enforceability
is considered in a proceeding in equity or at law).

 

    	6

    	 

    

 

(b)
As of the date hereof, the authorized capital stock of the Company consists of (i) five hundred million (500,000,000) shares of common
stock, par value $0.001 per share, of which approximately 3,276,790 shares of Common Stock are issued and outstanding as of November
1, 2021, and 4,600,000 shares of Common Stock are reserved for issuance upon exercise of the Warrants, and (ii) one hundred million (100,000,000)
shares of preferred stock, par value $0.001 per share, of which there are thirteen million (13,000,000) shares of preferred stock issued
and outstanding. Except as disclosed in the Registration Statement, there are no other outstanding obligations, warrants, options or
other rights to subscribe for or purchase from the Company any class of capital stock of the Company.

 

(c)
The Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued shares of Common
Stock or its authorized and issued shares of Common Stock held in its treasury, free from preemptive rights, the number of shares of
Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants.

 

(d)
Reserved.

 

(e)
The Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and charges
which may be payable in respect of the original issuance or delivery of the Warrant Certificates or certificates evidencing Common Stock
upon exercise of the Warrants. The Company shall not, however, be required to pay any tax or governmental charge which may be payable
in respect of any transfer involved in the transfer or delivery of Warrant Certificates or the issuance or delivery of certificates for
Common Stock in a name other than that of the Holder of the Warrant Certificate evidencing Warrants surrendered for exercise or to issue
or deliver any certificate for shares of Common Stock upon the exercise of any Warrants until any such tax or governmental charge shall
have been paid (any such tax or governmental charge being payable by the Holder of such Warrant Certificate at the time of surrender)
or until it has been established to the Company’s reasonable satisfaction that no such tax or governmental charge is due.

 

Section
10. Common Stock Record Date. Each Person in whose name any certificate for shares of Common Stock is issued (or to whose broker’s
account is credited shares of Common Stock through the DWAC system) upon the exercise of Warrants shall for all purposes be deemed to
have become the holder of record for the Common Stock represented thereby on, and such certificate shall be dated, the date on which
submission of the Notice of Exercise was made, provided that the Warrant Certificate evidencing such Warrant is duly surrendered (but
only if required herein) and payment of the Exercise Price (and any applicable transfer taxes) is received on or prior to the Warrant
Share Delivery Date; provided, however, that if the date of submission of the Notice of Exercise is a date upon which the
Common Stock transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such shares on,
and such certificate shall be dated, the next succeeding day on which the Common Stock transfer books of the Company are open.

 

Section
11. Adjustment of Exercise Price, Number of Shares of Common Stock or Number of the Company Warrants. The Exercise Price, the
number of shares covered by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time as provided
in Section 3 of the Warrant Certificate. In the event that at any time, as a result of an adjustment made pursuant to Section 3 of the
Warrant Certificate, the Holder of any Warrant thereafter exercised shall become entitled to receive any shares of capital stock of the
Company other than shares of Common Stock, thereafter the number of such other shares so receivable upon exercise of any Warrant shall
be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect
to the shares contained in Section 3 of the Warrant Certificate and the provisions of Sections 7, 11 and 12 of this Agreement with respect
to the shares of Common Stock shall apply on like terms to any such other shares. All Warrants originally issued by the Company subsequent
to any adjustment made to the Exercise Price pursuant to the Warrant Certificate shall evidence the right to purchase, at the adjusted
Exercise Price, the number of shares of Common Stock purchasable from time to time hereunder upon exercise of the Warrants, all subject
to further adjustment as provided herein.

 

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Section
12. Certification of Adjusted Exercise Price or Number of Shares of Common Stock. Whenever the Exercise Price or the number of
shares of Common Stock issuable upon the exercise of each Warrant is adjusted as provided in Section 11 or 13, the Company shall (a)
promptly prepare a certificate setting forth the Exercise Price of each Warrant as so adjusted, and a brief statement of the facts accounting
for such adjustment, (b) promptly file with the Warrant Agent and with each transfer agent for the Common Stock a copy of such certificate
and (c) instruct the Warrant Agent to send a brief summary thereof to each Holder of a Warrant Certificate.

 

Section
13. Fractional Shares of Common Stock.

 

(a)
The Company shall not issue fractions of Warrants or distribute Warrant Certificates which evidence fractional Warrants. Whenever any
fractional Warrant would otherwise be required to be issued or distributed, the actual issuance or distribution shall reflect a rounding
of such fraction to the nearest whole Warrant (rounded down).

 

(b)
The Company shall not issue fractions of shares of Common Stock upon exercise of Warrants or distribute stock certificates which evidence
fractional shares of Common Stock. Whenever any fraction of a share of Common Stock would otherwise be required to be issued or distributed,
the actual issuance or distribution in respect thereof shall be made in accordance with Section 2(d)(v) of the Warrant Certificate.

 

Section
14. Conditions of the Warrant Agent’s Obligations. The Warrant Agent accepts its obligations herein set forth upon the terms
and conditions hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the Holders
from time to time of the Warrant Certificates shall be subject:

 

	 	(a)	Compensation
    and Indemnification. The Company agrees promptly to pay the Warrant Agent the compensation detailed on Exhibit 4 hereto
    for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including
    reasonable counsel fees) incurred without gross negligence or willful misconduct finally adjudicated to have been directly caused
    by the Warrant Agent in connection with the services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify
    the Warrant Agent for, and to hold it harmless against, any loss, liability or expense incurred without gross negligence, or willful
    misconduct on the part of the Warrant Agent, finally adjudicated to have been directly caused by Warrant Agent hereunder, including
    the reasonable costs and expenses of defending against any claim of such liability. The Warrant Agent shall be under no obligation
    to institute or defend any action, suit, or legal proceeding in connection herewith or to take any other action likely to involve
    the Warrant Agent in expense, unless first indemnified to the Warrant Agent’s satisfaction. The indemnities provided by this
    paragraph shall survive the resignation or discharge of the Warrant Agent or the termination of this Agreement. Anything in this
    Agreement to the contrary notwithstanding, in no event shall the Warrant Agent be liable under or in connection with the Agreement
    for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited
    to lost profits, whether or not foreseeable, even if the Warrant Agent has been advised of the possibility thereof and regardless
    of the form of action in which such damages are sought, and the Warrant Agent’s aggregate liability to the Company, or any
    of the Company’s representatives or agents, under this Section 14(a) or under any other term or provision of this Agreement,
    whether in contract, tort, or otherwise, is expressly limited to, and shall not exceed in any circumstances, one (1) year’s
    fees received by the Warrant Agent as fees and charges under this Agreement, but not including reimbursable expenses previously reimbursed
    to the Warrant Agent by the Company hereunder.
	 	 	 
	 	(b)	Agent
    for the Company. In acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant Agent is
    acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the
    Holders of Warrant Certificates or beneficial owners of Warrants.

 

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	 	(c)	Counsel.
    The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the written advice
    of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it
    hereunder in good faith and in accordance with the advice of such counsel.
	 	 	 
	 	(d)	Documents.
    The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted by it in reliance
    upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably
    believed by it to be genuine and to have been presented or signed by the proper parties.
	 	 	 
	 	(e)	Certain
    Transactions. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest
    in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted
    by applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on,
    or as depositary, trustee or agent for, any committee or body of Holders of Warrant Securities or other obligations of the Company
    as freely as if it were not the Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed to prevent the Warrant
    Agent from acting as trustee under any indenture to which the Company is a party.
	 	 	 
	 	(f)	No
    Liability for Interest. Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for interest on any
    monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates.
	 	 	 
	 	(g)	No
    Liability for Invalidity. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or the Warrant
    Certificates (except as to the Warrant Agent’s countersignature thereon).
	 	 	 
	 	(h)	No
    Responsibility for Representations. The Warrant Agent shall not be responsible for any of the recitals or representations herein
    or in the Warrant Certificate (except as to the Warrant Agent’s countersignature thereon), all of which are made solely by
    the Company.
	 	 	 
	 	(i)	No
    Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are herein and in the Warrant Certificates
    specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against
    the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which may tend to involve it
    in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The
    Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates
    authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company
    of the proceeds of the Warrant Certificate. The Warrant Agent shall have no duty or responsibility in case of any default by the
    Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt
    of any written demand from a Holder of a Warrant Certificate with respect to such default, including, without limiting the generality
    of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law.

 

Section
15. Purchase or Consolidation or Change of Name of Warrant Agent. Any corporation into which the Warrant Agent or any successor
Warrant Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which
the Warrant Agent or any successor Warrant Agent shall be party, or any corporation succeeding to the corporate trust business of the
Warrant Agent or any successor Warrant Agent, shall be the successor to the Warrant Agent under this Agreement without the execution
or filing of any paper or any further act on the part of any of the parties hereto, provided that such corporation would be eligible
for appointment as a successor Warrant Agent under the provisions of Section 17. In case at the time such successor Warrant Agent shall
succeed to the agency created by this Agreement any of the Warrant Certificates shall have been countersigned but not delivered, any
such successor Warrant Agent may adopt the countersignature of the predecessor Warrant Agent and deliver such Warrant Certificates so
countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned, any successor Warrant Agent
may countersign such Warrant Certificates either in the name of the predecessor Warrant Agent or in the name of the successor Warrant
Agent; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement.

 

    	9

    	 

    

 

In
case at any time the name of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall have been countersigned
but not delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver such Warrant Certificates so countersigned;
and in case at that time any of the Warrant Certificates shall not have been countersigned, the Warrant Agent may countersign such Warrant
Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates shall have the full force
provided in the Warrant Certificates and in this Agreement.

 

Section
16. Duties of Warrant Agent. The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the following
terms and conditions, by all of which the Company, by its acceptance hereof, shall be bound:

 

(a)
The Warrant Agent may consult with legal counsel reasonably acceptable to the Company (who may be legal counsel for the Company), and
the opinion of such counsel shall be full and complete authorization and protection to the Warrant Agent as to any action taken or omitted
by it in good faith and in accordance with such opinion.

 

(b)
Whenever in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any fact or
matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence
in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed
by the Chief Executive Officer, Chief Financial Officer or Vice President of the Company; and such certificate shall be full authentication
to the Warrant Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such
certificate.

 

(c)
Subject to the limitation set forth in Section 14, the Warrant Agent shall be liable hereunder only for its own gross negligence or willful
misconduct, or for a breach by it of this Agreement.

 

(d)
The Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in
the Warrant Certificate (except its countersignature thereof) by the Company or be required to verify the same, but all such statements
and recitals are and shall be deemed to have been made by the Company only.

 

(e)
The Warrant Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof
(except the due execution hereof by the Warrant Agent) or in respect of the validity or execution of any Warrant Certificate (except
its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this
Agreement or in any Warrant Certificate; nor shall it be responsible for the adjustment of the Exercise Price or the making of any change
in the number of shares of Common Stock required under the provisions of Section 11 or 13 or responsible for the manner, method or amount
of any such change or the ascertaining of the existence of facts that would require any such adjustment or change (except with respect
to the exercise of Warrants evidenced by the Warrant Certificates after actual notice of any adjustment of the Exercise Price); nor shall
it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common
Stock to be issued pursuant to this Agreement or any Warrant Certificate or as to whether any shares of Common Stock will, when issued,
be duly authorized, validly issued, fully paid and nonassessable.

 

(f)
Each party hereto agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and
delivered all such further and other acts, instruments and assurances as may reasonably be required by the other party hereto for the
carrying out or performing by any party of the provisions of this Agreement.

 

    	10

    	 

    

 

(g)
The Warrant Agent is hereby authorized to accept instructions with respect to the performance of its duties hereunder from the Chief
Executive Officer, Chief Financial Officer or Vice President of the Company, and to apply to such officers for advice or instructions
in connection with its duties, and it shall not be liable and shall be indemnified and held harmless for any action taken or suffered
to be taken by it in good faith in accordance with instructions of any such officer, provided Warrant Agent carries out such instructions
without gross negligence or willful misconduct.

 

(h)
The Warrant Agent and any shareholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants
or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract
with or lend money to the Company or otherwise act as fully and freely as though it were not Warrant Agent under this Agreement. Nothing
herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity.

 

(i)
The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself
or by or through its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or
misconduct of any such attorney or agents or for any loss to the Company resulting from any such act, default, neglect or misconduct,
provided reasonable care was exercised in the selection and continued employment thereof.

 

Section
17. Change of Warrant Agent. The Warrant Agent may resign and be discharged from its duties under this Agreement upon 30 days’
notice in writing sent to the Company and to each transfer agent of the Common Stock, and to the Holders of the Warrant Certificates.
The Company may remove the Warrant Agent or any successor Warrant Agent upon 30 days’ notice in writing, sent to the Warrant Agent
or successor Warrant Agent, as the case may be, and to each transfer agent of the Common Stock, and to the Holders of the Warrant Certificates.
If the Warrant Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor
to the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after such removal or after it has
been notified in writing of such resignation or incapacity by the resigning or incapacitated Warrant Agent or by the Holder of a Warrant
Certificate (who shall, with such notice, submit his Warrant Certificate for inspection by the Company), then the Holder of any Warrant
Certificate may apply to any court of competent jurisdiction for the appointment of a new Warrant Agent, provided that, for purposes
of this Agreement, the Company shall be deemed to be the Warrant Agent until a new warrant agent is appointed. Any successor Warrant
Agent, whether appointed by the Company or by such a court, shall be a corporation organized and doing business under the laws of the
United States or of a state thereof, in good standing, which is authorized under such laws to exercise corporate trust powers and is
subject to supervision or examination by federal or state authority and which has at the time of its appointment as Warrant Agent a combined
capital and surplus of at least $50,000,000. After appointment, the successor Warrant Agent shall be vested with the same powers, rights,
duties and responsibilities as if it had been originally named as Warrant Agent without further act or deed; but the predecessor Warrant
Agent shall deliver and transfer to the successor Warrant Agent any property at the time held by it hereunder, and execute and deliver
any further assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment,
the Company shall file notice thereof in writing with the predecessor Warrant Agent and each transfer agent of the Common Stock, and
mail a notice thereof in writing to the Holders of the Warrant Certificates. However, failure to give any notice provided for in this
Section 17, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Warrant Agent or the
appointment of the successor Warrant Agent, as the case may be.

 

Section
18. Issuance of New Warrant Certificates. Notwithstanding any of the provisions of this Agreement or of the Warrants to the contrary,
the Company may, at its option, issue new Warrant Certificates evidencing Warrants in such form as may be approved by its Board of Directors
to reflect any adjustment or change in the Exercise Price per share and the number or kind or class of shares of stock or other securities
or property purchasable under the several Warrant Certificates made in accordance with the provisions of this Agreement.

 

    	11

    	 

    

 

Section
19. Notices. Notices or demands authorized by this Agreement to be given or made (i) by the Warrant Agent or by the Holder of
any Warrant Certificate to or on the Company, (ii) subject to the provisions of Section 17, by the Company or by the Holder of any Warrant
Certificate to or on the Warrant Agent or (iii) by the Company or the Warrant Agent to the Holder of any Warrant Certificate shall be
deemed given (a) on the date delivered, if delivered personally, (b) on the first Business Day following the deposit thereof with Federal
Express or another recognized overnight courier, if sent by Federal Express or another recognized overnight courier, (c) on the fourth
Business Day following the mailing thereof with postage prepaid, if mailed by registered or certified mail (return receipt requested),
and (d) the date of transmission, if such notice or communication is delivered via facsimile or email attachment at or prior to 5:30
p.m. (New York City time) on a Business Day and (e) the next Business Day after the date of transmission, if such notice or communication
is delivered via facsimile or email attachment on a day that is not a Business Day or later than 5:30 p.m. (New York City time) on any
Business Day, in each case to the parties at the following addresses (or at such other address for a party as shall be specified by like
notice):

 

	 	(a)	If
    to the Company, to:
	 	 	 
	 	 	SurgePays,
    Inc.
	 	 	3124
    Brother Blvd., Suite 410
	 	 	Bartlett,
    TN 38133
	 	 	Attention:
    Chief Executive Officer
	 	 	 
	 	(b)	If
    to the Warrant Agent, to:
	 	 	 
	 	 	VStock
    Transfer, LLC
	 	 	18
    Lafayette Place
	 	 	Woodmere,
    NY 11598
	 	 	Attention:
    Yoel Goldfeder

 

For
any notice delivered by email to be deemed given or made, such notice must be followed by notice sent by overnight courier service to
be delivered on the next business day following such email, unless the recipient of such email has acknowledged via return email receipt
of such email.

 

(c)
If to the Holder of any Warrant Certificate to the address of such Holder as shown on the registry books of the Company. Any notice required
to be delivered by the Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of the Company. Notwithstanding
any other provision of this Agreement, where this Agreement provides for notice of any event to a Holder of any Warrant, such notice
shall be sufficiently given if given to the Depositary (or its designee) pursuant to the procedures of the Depositary or its designee.

 

Section
20. Supplements and Amendments.

 

(a)
The Company and the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any Holders of Global
Warrants in order to add to the covenants and agreements of the Company for the benefit of the Holders of the Global Warrants or to surrender
any rights or power reserved to or conferred upon the Company in this Agreement, provided that such addition or surrender shall not adversely
affect the interests of the Holders of the Global Warrants or Warrant Certificates in any material respect.

 

(b)
In addition to the foregoing, with the consent of Holders of Warrants entitled, upon exercise thereof, to receive not less than a majority
of the shares of Common Stock issuable thereunder, the Company and the Warrant Agent may modify this Agreement for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Warrant Agreement or modifying in any manner
the rights of the Holders of the Global Warrants; provided, however, that no modification of the terms (including but not
limited to the adjustments described in Section 11) upon which the Warrants are exercisable or the rights of holders of Warrants to receive
liquidated damages or other payments in cash from the Company or reducing the percentage required for consent to modification of this
Agreement may be made without the consent of the Holder of each outstanding Warrant Certificate affected thereby; provided further,
however, that no amendment hereunder shall affect any terms of any Warrant Certificate issued in a Warrant Exchange. As a condition
precedent to the Warrant Agent’s execution of any amendment, the Company shall deliver to the Warrant Agent a certificate from
a duly authorized officer of the Company that states that the proposed amendment complies with the terms of this Section 20.

 

    	12

    	 

    

 

Section
21. Successors. All covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall
bind and inure to the benefit of their respective successors and assigns hereunder.

 

Section
22. Benefits of this Agreement. Nothing in this Agreement shall be construed to give any Person other than the Company, the Holders
of Warrant Certificates and the Warrant Agent any legal or equitable right, remedy or claim under this Agreement. This Agreement shall
be for the sole and exclusive benefit of the Company, the Warrant Agent and the Holders of the Warrant Certificates.

 

Section
23. Governing Law. This Agreement and each Warrant Certificate and Global Warrant issued hereunder shall be governed by, and construed
in accordance with, the laws of the State of New York, without giving effect to the conflicts of law principles thereof.

 

Section
24. Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

Section
25. Captions. The captions of the sections of this Agreement have been inserted for convenience only and shall not control or
affect the meaning or construction of any of the provisions hereof.

 

Section
26. Information. The Company agrees to promptly provide to the Holders of the Warrants any information it provides to the holders
of the Common Stock, except to the extent any such information is publicly available on the EDGAR system (or any successor thereof) of
the Securities and Exchange Commission.

 

[signature
page follows]

 

    	13

    	 

    

 

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

 

	 	SURGEPAYS,
    INC.
	 	 	 
	 	By:
    	             
	 	Name:	 
	 	Title:	 
	 	 	 
	 	VSTOCK
    TRANSFER, LLC
	 	 	 
	 	By:
    	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

  

Exhibit
1

 

Form
of Warrant Certificate

 

COMMON
STOCK PURCHASE WARRANT

 

SURGEPAYS,
INC.

 

	Warrant
    Shares: 5,290,000	 	Initial
    Exercise Date: November 4, 2021

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the
“Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set
forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York
City time) on November 4, 2024 (the “Termination Date”) but not thereafter, to subscribe for and purchase from SurgePays,
Inc., a company incorporated under the laws of the State of Nevada (the “Company”), up to 5,290,000 shares (as subject
to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under
this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant shall initially be issued and maintained
in the form of a security held in book-entry form and the Depository Trust Company or its nominee (“DTC”) shall initially
be the sole registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant
to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

 

Section
1. Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated
in this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock
is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average
price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not
then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the Pink Open Market (or
a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common
Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser
selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company,
the fees and expenses of which shall be paid by the Company.

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day
on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

    	1

    	 

    

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such
securities may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is
at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Registration
Statement” means the Company’s registration statement on Form S-1, as amended (File No. 333-233726).

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock
Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

 

“Transfer
Agent” means VStock Transfer, LLC, the current transfer agent of the Company, with a mailing address of 18 Lafayette Place,
Woodmere, NY 11598 and a facsimile number of 646-536-3179, and any successor transfer agent of the Company.

 

“Underwriting
Agreement” means the underwriting agreement, dated as of November 1, 2021 among the Company and Maxim Group LLC as representative
of the underwriters named therein, as amended, modified or supplemented from time to time in accordance with its terms.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average
price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not
then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the Pink Open Market (or
a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common
Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser
selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company,
the fees and expenses of which shall be paid by the Company.

 

    	2

    	 

    

 

“Warrant
Agency Agreement” means that certain warrant agency agreement, dated on or about the Initial Exercise Date, between the Company
and the Warrant Agent.

 

“Warrant
Agent” means the Transfer Agent and any successor warrant agent of the Company.

 

“Warrants”
means this Warrant and other Common Stock purchase warrants issued by the Company pursuant to the Registration Statement.

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time
or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile
copy (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within
the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in
Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares
specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless
exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise
shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case,
the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final
Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number
of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder
in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the
number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise
within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and
agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number
of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

Notwithstanding
the foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing this
Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall effect
exercises made pursuant to this Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the appropriate
instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation,
as applicable), subject to a Holder’s right to elect to receive a Definitive Warrant pursuant to the terms of the Warrant Agency
Agreement, in which case this sentence shall not apply.

 

b)
Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $4.73, subject to adjustment hereunder
(the “Exercise Price”).

 

    	3

    	 

    

 

c)
Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus
contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in
whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number
of Warrant Shares equal to the quotient obtained by dividing ((A-B)(X)) by (A), where:

 

 

	 	(A)
=	as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable
Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not
a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular
trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading
Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice
of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of
the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading
hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular
trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise
if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section
2(a) hereof after the close of “regular trading hours” on such Trading Day;
	 	 	 
	 	(B)
    = 	the
    Exercise Price of this Warrant, as adjusted hereunder; and
	 	 	 
	 	(X)
    = 	the
    number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
    exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not
to take any position contrary to this Section 2(c).

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).

 

    	4

    	 

    

 

d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by
the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository
Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale
of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a
certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares
to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date
that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day
after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement
Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”).
Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of
the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares,
provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier
of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice
of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant
Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant
Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading
Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after
such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain
a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein,
“Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s
primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of
a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in
all other respects be identical with this Warrant.

 

iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section
2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to
the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required
by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares
of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon
such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x)
the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds
(y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection
with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B)
at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise
was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock
that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the
Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares
of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately
preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating
the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing
herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares
of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

    	5

    	 

    

 

v.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole share.

 

vi.
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax
or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company,
and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided,
however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when
surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may
require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company
shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company
(or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

vii.
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

    	6

    	 

    

 

e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the
right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance
after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the
number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number
of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude
the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant
beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or
nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject
to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its
Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership
shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being
acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d)
of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to
other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable
shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status
as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on
the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed
with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by
the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of
a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then
outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion
or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date
as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation”
shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder,
upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that
the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after
giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section
2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day
after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable
to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

    	7

    	 

    

 

Section
3. Certain Adjustments.

 

a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares
of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse
stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the
Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which
the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event
and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of
shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant
shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for
the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the
effective date in the case of a subdivision, combination or re-classification.

 

b)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants,
issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had
held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise
hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for
the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the
Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation,
then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of
Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for
the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

c)
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or
other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital
or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend,
spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable
upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial
Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided,
however, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding
the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in
the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution
shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder
exceeding the Beneficial Ownership Limitation).

 

    	8

    	 

    

 

d)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or
more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly
or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of
its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer
(whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock,
(iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for
other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock
or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off
or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding
shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated
or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each
a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right
to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental
Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number
of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of
the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without
regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price
among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then
the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance
with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and
approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver
to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar
in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity
(or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard
to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the
exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant
to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise
price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental
Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor
Entity had been named as the Company herein.

 

    	9

    	 

    

 

e)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the
case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date
shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

f)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company
shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on
the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of
capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with
any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or
substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities,
cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs
of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile
number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable
record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common
Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on
which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the
date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock
for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange;
provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains,
material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice
with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period
commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly
set forth herein.

 

    	10

    	 

    

 

Section
4. Transfer of Warrant.

 

a)
Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written
assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient
to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall
execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not
so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required
to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall
surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the
Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for
the purchase of Warrant Shares without having a new Warrant issued.

 

b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division
or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided
or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of
this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c)
Warrant Register. The Warrant Agent (or, in the event a Holder elects to receive a Definitive Certificate (as defined in the Warrant
Agency Agreement), the Company) shall register this Warrant, upon records to be maintained by the Warrant Agent (or, in the event a Holder
elects to receive a Definitive Certificate, the Company) for that purpose (the “Warrant Register”), in the name of
the record Holder hereof from time to time. The Company and the Warrant Agent may deem and treat the registered Holder of this Warrant
as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent
actual notice to the contrary.

 

Section
5. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section
3.

 

    	11

    	 

    

 

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares,
and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (including the posting of a bond by
the Holder if requested by the Warrant Agent), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated,
the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such
Warrant or stock certificate.

 

c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business
Day.

 

d)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.
The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with
the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all
such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants
that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise
of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly
issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof
(other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale
of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the
foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise
immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof,
as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from
any public regulatory body or bodies having jurisdiction thereof.

 

    	12

    	 

    

 

e)
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts
of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders,
partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York.
Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York,
Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is
not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient
venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant,
the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’
fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and
the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material
damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including,
but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting
any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

h)
Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without
limitation, any Notice of Exercise, shall be in writing and delivered personally, or e-mail, or sent by a nationally recognized overnight
courier service, addressed to the Company, at 3124 Brother Blvd., Suite 410, Bartlett, TN 38133, Attention: Chief Executive Officer,
email address:, or such other facsimile number, email address or address as the Company may specify for such purposes
by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be
in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service addressed to
each Holder at the facsimile number, e-mail address or address of such Holder appearing on the books of the Company. Any notice or other
communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice
or communication is delivered via facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section prior
to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section on a day that is not
a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing,
if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required
to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the
Company or any subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form
8-K.

 

    	13

    	 

    

 

i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of
the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will
be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to
assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall
inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall
be enforceable by the Holder or holder of Warrant Shares.

 

l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on
the one hand, and the Holder or the beneficial owner of this Warrant, on the other hand.

 

m)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall
be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining
provisions of this Warrant.

 

n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed
a part of this Warrant.

 

o)
Warrant Agency Agreement. If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued
subject to the Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant
Agency Agreement, the provisions of this Warrant shall govern and be controlling.

 

[signature
page follows]

  

    	14

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above
indicated.

 

	 	SURGEPAYS, INC. 
	 	 	 
	 	By:	             
	 	Name:	 
	 	Title:	 

  

    	 

    	 

    

 

NOTICE
OF EXERCISE

 

To:
SURGEPAYS, INC.

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2)
Payment shall take the form of (check applicable box):

 

[  ] in lawful money of the United States; or

 

[  ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 2(c).

 

(3)
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: _______________________________________________________________________

Signature
of Authorized Signatory of Investing Entity: _________________________________________________

Name
of Authorized Signatory: ___________________________________________________________________

Title
of Authorized Signatory: ____________________________________________________________________

Date:
_______________________________________________________________________________________

 

    	 

    	 

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 
	 	(Please
    Print)
	 	 
	Address:	 
	 	(Please
    Print)
	 	 
	Phone
    Number: 	 
	 	 
	Email
    Address:	 

 

	Dated:
    _______________ __, ______

 

	Holder’s
    Signature:	 	 
	 	 	 
	Holder’s
    Address:	 	 

 

MEDALLION
GUARANTEE TO BE INSERTED BELOW

 

    	 

    	 

    

 

Exhibit
2

Form
of Warrant Certificate Request Notice

 

WARRANT
CERTIFICATE REQUEST NOTICE

 

To:
VSTOCK TRANSFER, LLC, as Warrant Agent for SURGEPAYS, INC. (the “Company”)

 

The
undersigned Holder of Common Stock Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the Company
hereby elects to receive a Warrant Certificate evidencing the Warrants held by the Holder as specified below:

 

	1.	Name
    of Holder of Warrants in form of Global Warrants: _____________________________
	 	 
	2.	Name
    of Holder in Warrant Certificate (if different from name of Holder of Warrants in form of Global Warrants): ________________________________
	 	 
	3.	Number
    of Warrants in name of Holder in form of Global Warrants: ___________________
	 	 
	4.	Number
    of Warrants for which Warrant Certificate shall be issued: __________________
	 	 
	5.	Number
    of Warrants in name of Holder in form of Global Warrants after issuance of Warrant Certificate, if any: ___________
	 	 
	6.	Warrant
    Certificate shall be delivered to the following address:

 

______________________________

 

______________________________

 

______________________________

 

______________________________

 

The
undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate,
the Holder is deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number
of Warrants evidenced by the Warrant Certificate.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ____________________________________________________

 

Signature
of Authorized Signatory of Investing Entity: ______________________________

 

Name
of Authorized Signatory: ________________________________________________

 

Title
of Authorized Signatory: _________________________________________________

 

Date:
_______________________________________________________________

 

    	 

    	 

    

 

Exhibit
3

Form
of Global Warrant Request Notice

 

GLOBAL
WARRANT REQUEST NOTICE

 

To:
VSTOCK TRANSFER, LLC, as Warrant Agent for SURGEPAYS, INC. (the “Company”)

 

The
undersigned Holder of Common Stock Purchase Warrants (“Warrants”) in the form of Warrants Certificates issued by the
Company hereby elects to receive a Global Warrant evidencing the Warrants held by the Holder as specified below:

 

	1.	Name
    of Holder of Warrants in form of Warrant Certificates: _____________________________
	 	 
	2.	Name
    of Holder in Global Warrant (if different from name of Holder of Warrants in form of Warrant Certificates): ________________________________
	 	 
	3.	Number
    of Warrants in name of Holder in form of Warrant Certificates: ___________________
	 	 
	4.	Number
    of Warrants for which Global Warrant shall be issued: __________________
	 	 
	5.	Number
    of Warrants in name of Holder in form of Warrant Certificates after issuance of Global Warrant, if any: ___________
	 	 
	6.	Global
    Warrant shall be delivered to the following address:

 

______________________________

 

______________________________

 

______________________________

 

______________________________

 

The
undersigned hereby acknowledges and agrees that, in connection with this Global Warrant Exchange and the issuance of the Global Warrant,
the Holder is deemed to have surrendered the number of Warrants in form of Warrant Certificates in the name of the Holder equal to the
number of Warrants evidenced by the Global Warrant.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ____________________________________________________

 

Signature
of Authorized Signatory of Investing Entity: ______________________________

 

Name
of Authorized Signatory: ________________________________________________

 

Title
of Authorized Signatory: _________________________________________________

 

Date:
_______________________________________________________________

 

    	 

    	 

    

 

Exhibit
4

 

Warrant
Agent Fee ScheduleEX-10.1

 Exhibit 10.1 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT 

BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY 

HARMFUL IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN 

REDACTED. 
 LEASE

 LANDLORD: 
 MLC
V SC - AUTOMATION, LLC, 
 a California limited liability company 

TENANT: 
 QUANTUMSCAPE
BATTERY, INC., 
 a Delaware corporation 
  

 SUMMARY OF BASIC LEASE INFORMATION AND DEFINITIONS 

This SUMMARY OF BASIC LEASE INFORMATION AND DEFINITIONS (“Summary”) is hereby incorporated into and made a part of the attached Office Lease,
which pertains to the Building described in Section 1.3 of this Summary below. All references in the Lease to the “Lease” shall include this Summary. All references in the Lease to any term defined in this
Summary shall have the meaning set forth in this Summary for such term. Any initially capitalized terms used in this Summary and any initially capitalized terms in the Lease, which are not otherwise defined in this Summary shall have the meaning
given to such terms in the Lease. If there is any inconsistency between the Summary and the Lease, the provisions of the Summary shall control. 
  

			
	 1.1  Landlord’s Address:
	  	MLC V SC - AUTOMATION, LLC
		  	c/o Peninsula Land & Capital
		  	2390 El Camino Real, Suite 210
		  	Palo Alto, CA 94306
		  	Attn: [***]
		  	Email: [***]
		
	 Tenant’s Address:
	  	
		
		  	QuantumScape Battery, Inc.
		  	1730 Technology Drive
		  	San Jose, CA 95110
		  	Attn: Director of Special Programs
		
		  	With a copy to:
		
		  	QuantumScape Battery, Inc.
		  	1730 Technology Drive
		  	San Jose, CA 95110
		  	Attn: Chief Legal Officer

 1.2 Site; Project. The “Site” consists of the real property and four
(4) buildings known as 1756, 1762, 1768 and 1750 Automation Parkway, San Jose, State of California, all as shown on the site plan attached hereto as Exhibit “A”. The “Project” consists of the
Site and all buildings, improvements and facilities, now or subsequently located on the Site from time to time, including, without limitation, the Building, as depicted on the site plan attached hereto as
Exhibit “A”. The Project consists of approximately 340,879 rentable square feet, allocated to the Buildings as follows: 1756 Automation Parkway – 80,640 rsf (the “1756 Building”); 1762
Automation Parkway – 61,100 rsf (the “1762 Building”); 1768 Automation Parkway – 118,498 rsf (the “1768 Building”) and the Building – 80,641 rsf. The 1756 Building, the 1762 Building and the 1768
Building are sometimes collectively referred to herein as the “Other Buildings”. Concurrently with the execution of this Lease, Tenant and an affiliate of Landlord will execute and deliver a lease with respect to the 1756 Building
and the 1762 Building (the “Other Lease”). 

  
 i 

 1.3 Building. A free standing, single story office building located on the Site,
containing approximately 80,641 rentable square feet, the address of which is 1750 Automation Parkway, San Jose, California. 
 1.4
Premises. Those certain premises, as generally depicted on Exhibit “B” attached hereto, consisting of the entire Building containing approximately 80,641 rentable square feet, the address
of which is 1750 Automation Parkway, San Jose, California. 
 1.5 Term. Approximately One Hundred
Thirty-Two (132) Months with One Hundred Twenty-Nine (129) Months from the Rent Commencement Date. 

1.6 Commencement Date / Expiration Date. The “Commencement Date” is November 1, 2021. The “Rent
Commencement Date” is January 1, 2022. The “Expiration Date” is September 30, 2032. 
 1.7 Extension
Option. One (1) option to extend the Term for Ten (10) years as further provided in Section 2.2. 

1.8 Monthly Basic Rent. Upon the Rent Commencement Date, Tenant will pay the Monthly Basic Rent for first full month of the Term,
and for each month after the month(s) covered by the Monthly Basic Rent paid upon execution of this Lease, such Monthly Basic Rent will be paid on the first day of each month thereafter during the Term of this Lease. Tenant shall pay to Landlord, in
advance and without offset, deduction or demand as “Monthly Basic Rent” on a per rentable square foot for the Premises the following monthly payments: 
  

									
	 Months*
	  	Monthly Basic Rent	 	 	Annual Basic Rent	 
	 01-12*
	  	$	173,378.15	** 	 	$	2,080,537.80	 
	 13-24
	  	$	178,579.49	 	 	$	2,142,953.93	 
	 25-36
	  	$	183,936.88	 	 	$	2,207,242.55	 
	 37-48
	  	$	189,454.99	 	 	$	2,273,459.83	 
	 49-60
	  	$	195,138.64	 	 	$	2,341,663.62	 
	 61-72
	  	$	200,992.79	 	 	$	2,411,913.53	 
	 73-84
	  	$	207,022.58	 	 	$	2,484,270.94	 
	 85-96
	  	$	213,233.26	 	 	$	2,558,799.07	 
	 97-108
	  	$	219,630.25	 	 	$	2,635,563.04	 
	 109-120
	  	$	226,219.16	 	 	$	2,714,629.93	 
	 121-129
	  	$	233,005.74	 	 	$	2,796,068.83	 

 *Months from the Rent Commencement Date 

**Subject to abated rent as set forth in Section 3.3 below. 

1.9 Tenant’s Percentage Share. The Tenant’s Percentage Share of the Building is 100%, and Tenant’s
Percentage Share of the Project is 23.657%. 
 1.10 Initial Estimate of Expenses. As of the Effective Date (as defined below),
the estimated monthly Expenses are $0.54 per rentable square foot of the Premises, subject to change pursuant to Section 4.7 below. 

1.11 Letter of Credit. $2,765,518.76 as provided in Section 5. 

  
 ii 

 1.12 Permitted Use. General office use, manufacturing, warehousing, research,
development and laboratory use and such other related uses that are permitted by Laws (as defined below), and for no other purpose. 
 1.13
Interest Rate. The lesser of: (a) the rate announced from time to time by Wells Fargo Bank or, if Wells Fargo Bank ceases to exist or ceases to publish such rate, then the rate announced from time to time by the largest (as measured
by deposits) chartered bank operating in California, as its “prime rate” or “reference rate”, plus three percent (3%); or (b) the maximum rate permitted by Law. 

1.14 Parking. Tenant to have non-exclusive use of the total parking within the Building
Common Area as herein defined at no charge throughout the Term and any extension terms. Tenant shall not park nor permit to be parked, any inoperative vehicle or equipment on any portion of the common parking area or other common areas of the
Premises. Tenant agrees to assume responsibility for compliance by its employees with the parking provision contained herein. 
 1.15
Prepaid Monthly Basic Rent. $216,924.29 for Monthly Basic Rent and estimated Expenses for the first full month. 
 1.16
Building Access by Tenant. Subject to factors beyond Landlord’s control and subject to the other provisions of this Lease, including, without limitation, Sections 4.2, 18 and 19, Tenant shall have access to
the Building and the right to use the total parking within the Building Common Area twenty-four (24) hours per day, seven (7) days per week year round. 

1.17 Brokers. Romy Zeid and Brett Taylor of Colliers are representing Tenant only. CBRE is representing the Landlord. 

1.18 Tenant Improvements. See Exhibit D. 

1.19 Lease Guaranty. QuantumScape Corporation, Tenant’s parent company, will execute the Lease Guaranty in the form attached hereto
as Exhibit F. 
  

  
 iii 

 LEASE 

This Lease (“Lease”), which includes the Summary attached hereto and incorporated herein by this reference, is made as of the 1st day of November 2021 (“Effective Date”), by and between MLC V SC - AUTOMATION, LLC, a California limited liability company (“Landlord”), and
QUANTUMSCAPE BATTERY, INC., a Delaware corporation (“Tenant”). 
 1. Premises. 

1.1 Premises. Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, the Premises described in
Section 1.4 of the Summary above. Such lease is upon, and subject to, the terms, covenants and conditions herein set forth. 

1.2 Landlord’s Reservation of Rights. Provided Tenant’s use of and access to the Premises is not interfered
with in an unreasonable manner and subject to Landlord’s compliance with the Required Conditions (defined below), Landlord reserves for itself the right from time to time to install, use, maintain, repair, replace and relocate pipes, ducts,
conduits, wires and appurtenant meters and equipment above the ceiling surfaces, below the floor surfaces and within the walls of the Building and the Premises, but only to the extent required to perform Landlord’s maintenance, repair and
replacement obligations under this Lease. 
 1.3 Measurement of Premises, Building and/or the Project. The Premises demised by
this Lease is located in the Building specified in Section 1.3 of the Summary above. The Premises has the address and contains the square footage specified in the Summary; provided, however, that any statement of
square footage set forth in this Lease, or that may have been used in calculating any of the economic terms hereof, is an approximation which Landlord and Tenant agree is reasonable and no economic terms based thereon shall be subject to revision
whether or not the actual square footage is more or less. 
 1.4 Decommissioning. The Building has been decommissioned and all prior
environmental permits closed. 
 2. Term. 

2.1 Commencement and Expiration. The Term of this Lease shall be for the period designated in Section 1.5 of
the Summary commencing on the Commencement Date and ending on the Expiration Date unless the Term is sooner terminated as provided in this Lease. 

2.2 Option to Extend Lease. 

(a) Extension Term. Tenant shall have the number of options, if any, to extend the Term of this Lease as set forth in
Section 1.7 of the Summary (each extension an “Extension Term”). Such option shall be exercised by giving notice of exercise of the option (“Option Notice”) to Landlord at least nine
(9) months before the expiration of the then current Term, provided that, (i) if an Event of Default exists on the date of giving the Option Notice, the Option 

  
 1 

 
Notice shall be totally ineffective and null and void, or (ii) if an Event of Default exists on the date the Extension Term shall commence, the Extension Term shall not commence, and,
(iii) in either case, this Lease shall expire at the end of the then current Term or Extension Term unless terminated sooner under the provisions hereof. If Tenant fails to duly exercise an option or if an exercise or a commencement of an
Extension Term fails due to the existence of an Event of Default or if the initial Term or any extended term is terminated any remaining options shall immediately become null and void. 

(b) Options are Non-Transferable. The option to extend the Term is granted by Landlord to
Tenant personally, and shall not be exercised or assigned, voluntarily or involuntarily, by or to anyone other than Tenant, a Permitted Transferee (as defined below) or any assignee of this Lease pursuant to an assignment consented to by Landlord.
Except as provided in the preceding sentence, any assignment of the option to extend the Term without Landlord’s prior written consent shall be void, and at Landlord’s election shall constitute an Event of Default under this Lease. 

(c) Terms and Conditions. Each Extension Term shall be on the same terms and conditions set forth in the Lease except that the
Monthly Basic Rent for the first Lease Year of the Extension Term shall be the greater of (i) the Fair Market Rent including the then market annual rental increase, or (ii) the Monthly Basic Rent payable by Tenant during the last month of
the immediate prior Term, along with each Lease Year thereafter the Monthly Basic Rent shall increase by three-percent (3%). 
 (d)
Determination of Fair Market Rent. 
 (i) Within thirty (30) days following the receipt of the Option Notice by Landlord,
Landlord shall notify Tenant of Landlord’s good faith determination of the Monthly Basic Rent for the Extension Term pursuant to Section 2.2(c). Tenant shall have a period of ten (10) business days to either
accept or reject to Landlord’s determination of the Monthly Basic Rent. If Tenant fails to either accept or reject Landlord’s determination of the Monthly Basic Rent, Tenant shall be deemed to have rejected Landlord’s determination of
the Monthly Basic Rent. If Tenant timely rejects Landlord’s determination of the Monthly Basic Rent, the parties shall negotiate in good faith for a period of thirty (30) days to determine the Monthly Basic Rent. 

(ii) If the parties are unable to agree upon the Monthly Basic Rent within such 30-day period, then
within ten (10) business days thereafter, each shall specify in writing to the other the name and address of a person to act as the appraiser on its behalf. Each such person shall be an MAI certified commercial real estate broker or appraiser
with at least ten (10) years of experience with the prevailing market rents for the area in which the Premises are located. If either party fails to timely appoint an appraiser, the determination of the timely appointed appraiser shall be final
and binding. The two appraisers shall have twenty-one (21) business days from the day of their respective appointments (the “Determination Period”) to make their respective determinations
and agree on the Fair Market Rent. If the two appraisers selected by the Landlord and Tenant cannot reach agreement on the Fair Market Rent, such appraisers shall within five (5) business days jointly appoint an impartial third appraiser with
qualifications similar to those of the first two appraisers, and the Fair Market Rent shall be established by the three appraisers in accordance with the following procedures: The appraiser selected by each party shall state in

  
 2 

 
writing his/her determination of the Fair Market Rent. The first two appraisers shall arrange for the simultaneous delivery of their determinations to the third appraiser no later than ten
(10) days after the expiration of the Determination Period. The role of the third appraiser shall be to select which of the two proposed determinations most closely approximates the third appraiser’s determination of the Fair Market Rent,
and shall have no more than seven (7) days in which to select the final determination. The determination chosen by the third appraiser shall constitute the decision of the appraisers and be final and binding on the parties. Each party shall pay
the cost of its own appraiser and shall share equally the cost of the third appraiser. If the two appraisers cannot agree on the selection of the third appraiser, then either party may apply to Presiding Judge of the Superior Court for the county in
which the Premises is located for the selection for the third appraiser. 
 (iii) In the event the Monthly Basic Rent for the Premises is
not conclusively determined pursuant to the procedure above prior to the commencement of the Extension Term, Tenant shall pay Monthly Basic Rent in the amount of the Monthly Basic Rent payable hereunder for the last month of the immediately prior
Term until the Monthly Basic Rent is conclusively determined. Once the Monthly Basic Rent is conclusively determined, Tenant shall, upon the payment of the next installment of Monthly Basic Rent, pay to Landlord any underpayment of Monthly Basic
Rent for such period. 
 (e) Fair Market Rent Definition. For purposes of this Lease, “Fair Market Rent” shall mean
the base amount of rental which would typically be paid by tenant in an arms-length transaction between unrelated parties for premises of a similar type, design and quality in in the north San Jose area, taking into consideration (i) market
leasing conditions existing at that time, (ii) Tenant’s obligations to pay additional rent under this Lease and (iii) that there will be no free rent, tenant improvement allowance, brokerage commissions or other concession during the
extension terms under this Lease. In determining Fair Market Rent, the appraisers shall appraise the Building as a part office, part high tech manufacturing building with the basic amenities and configuration including labs and clean rooms, as
exists on the Effective Date, but the appraisers shall not consider any unique improvements made by Tenant. 
 3. Rent. 

3.1 Base Rent. Tenant agrees to pay Landlord, as basic rent for the Premises, the Monthly Basic Rent in the amounts designated in
Section 1.8 of the Summary. The Monthly Basic Rent shall be paid by Tenant in monthly installments in advance on the first day of each and every calendar month during the Term, without demand, notice, deduction or offset
except that the first full month’s Monthly Basic Rent shall be paid upon Tenant’s execution and delivery of this Lease to Landlord. Monthly Basic Rent for any partial month shall be prorated in the proportion that the number of days this
Lease is in effect during such month bears to the actual number of days in such month. 
 3.2 Additional Rent. All amounts and
charges payable by Tenant under this Lease in addition to the Monthly Basic Rent described in Section 3.1 above (including, without limitation, payments for insurance, repairs, and Tenant’s Percentage Share of
Expenses) shall be considered “Additional Rent” for the purposes of this Lease, and the word “Rent” in this Lease shall include Monthly Basic Rent and such Additional Rent. The Monthly Basic Rent and Additional Rent
shall be paid to Landlord as provided in Section 7, without any prior demand therefore, except as otherwise expressly provided herein, and without any deduction or offset whatever, in lawful money of the United States of
America. 

  
 3 

 3.3 Conditional Abated Monthly Basic Rent. There will be no Rent due for the period
of time from the Commencement Date to the Rent Commencement Date. Tenant will be responsible for its utilities during that period. Provided that an Event of Default has not occurred. Tenant shall not be obligated to pay Monthly Basic Rent
attributable to the Premises (the “Rent Abatement”) during the first three (3) full calendar months after the Rent Commencement Date (the “Rent Abatement Period”) and any prepaid Monthly Basic Rent shall be
applicable after the expiration or earlier termination of the Rent Abatement Period. Tenant acknowledges and agrees that the foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for
agreeing to pay the Rent and perform the terms and conditions otherwise required under this Lease. If an Event of Default of Basic Rent shall occur during the first five (5) years of the Term that is not corrected within a second notice period
of ten (10) days written notice to Tenant after the notice given to make the default an Event of Default, then, in addition to any other remedies Landlord may have under this Lease, Tenant shall reimburse Landlord for any Rent Abatement
received after the Rent Commencement Date. In addition to the foregoing, Tenant is hereby granted credits against Monthly Basic Rent in the amounts of (i) $146,431.56 (the “Office Credit”) and (ii) $500,000.00 (the “AWN
Credit”) for a total credit of $646,431.56. The AWN Credit shall be applied against Monthly Basic Rent first due and payable following the Rent Abatement Period. The Office Credit shall be applied against Monthly Basic Rent payable after
Tenant has obtained its first permit for the performance of the Tenant Improvements and Tenant has commenced and performed Tenant Improvements for at least thirty (30) days. 

4. Common Areas; Operating Expenses; Real Property Taxes and Assessments; Insurance Costs and Utilities Costs. 

4.1 Definitions; Tenant’s Rights. During the Term of this Lease, Tenant shall have the nonexclusive right to
use, in common with other tenants in the Project, and subject to the Rules and Regulations referred to in Section 6.1 below, those portions of the Project exterior to the Building and the Other Buildings (the
“Project Common Areas”) designated by Landlord as common area that are provided for use in common by Landlord, Tenant and any other tenants of the Project (or by the subtenants, agents, employees, customers invitees, guests or
licensees of any such party), whether or not those areas are open to the general public. The Project Common Areas shall include, without limitation, any fixtures, systems, decor, facilities, roadways, driveways, and landscaping contained, maintained
or used in connection with those areas, and shall be deemed to include any city sidewalks adjacent to the Project, any pedestrian walkway system, park or other facilities located on the Site and open to the general public. The common areas of the
Building shall be referred to herein as the “Building Common Areas” and shall include, without limitation, the parking areas within the lot on which the Building sits, and roadways, sidewalks, walkways, parkways, driveways and
landscaped areas appurtenant to the Building and within the lot on which the Building sits.    The Building Common Areas and the Project Common Areas shall be referred to herein collectively as the “Common
Areas”. With Landlord’s consent, not to be unreasonably withheld, conditioned or delayed, Tenant shall have the right to install equipment (such as generators and equipment and materials storage) in portions of the Building Common
Areas 

  
 4 

 
immediately adjacent to the Building approved by Landlord; provided, that, such installations comply with Laws and any private restrictions affecting the Site. In addition, with Landlord’s
consent, not to be unreasonably withheld, conditioned or delayed, Tenant shall have the right to install electric vehicle charging stations in the parking areas and related conduits and connections, which charging stations may be programmed such
that they are available solely for use by Tenant and the Tenant Parties. 
 4.2 Landlord’s Reserved
Rights. Subject to the Required Conditions (defined below), Landlord reserves the right from time to time to use any of the Common Areas for the following: 

(a) Other than the Building, construct or alter Other Buildings or improvements on the Site; 

(b) make any changes, additions, improvements, repairs or replacements in or to the Project, the Site, the Common Areas and the fixtures and
equipment thereof, including, without limitation: (i) maintenance, replacement and relocation of pipes, ducts, conduits, wires and meters; and (ii) changes in the location, size, shape and number of driveways, entrances, stairways,
elevators, loading and unloading areas, ingress, egress, direction of traffic, landscaped areas and walkways and, subject to Section 6.2, parking spaces and parking areas; 

(c) close temporarily, for a reasonable period of time, any of the Common Areas while engaged in making repairs, improvements or alterations to
the Project, and/or Site; and 
 (d) perform such other acts and make such other changes with respect to the Project, Site, and Common Areas,
as Landlord may, in the exercise of good faith business judgment, deem to be appropriate. 
 In the exercise of any of its rights above, Landlord shall not
do so in a manner that would materially interfere with Tenant’s use of the Premises or the Building Common Areas or Tenant’s access rights hereunder, reduce Tenant’s parking rights, or materially increase Tenant’s obligations
under this Lease (the foregoing are sometimes referred to herein as the “Required Conditions”), without Tenant’s prior written consent. In addition, Landlord agrees that it will not agree to change the Private Restrictions
(defined below) or agree to a new Private Restriction affecting the Building that changes the Building Common Areas or is inconsistent with the Required Conditions. 

4.3 Payment of Expense. Tenant shall pay to Landlord during the Term hereof, in addition to the Monthly Basic Rent, Tenant’s
Percentage Share of the following: (i) the amount of all Operating Expenses (as defined below) incurred by Landlord during the Term; (ii) the amount of all Real Property Taxes (as defined below) incurred by Landlord during the Term;
(iii) the amount of all Insurance Costs (as defined below) incurred by Landlord during the Term; and (iv) the amount of all Utility Costs (as defined below) incurred by Landlord during the Term (collectively the
“Expenses”). 

  
 5 

 4.4 Definition of Operating Expenses. As used in this Lease, the term
“Operating Expenses” shall consist of all reasonable costs and expenses of operation, maintenance and repair of the Project and the Common Areas as determined by standard accounting practices. Operating Expenses include the
following costs by way of illustration but not limitation: (a) any and all assessments imposed with respect to the Project, Common Areas, and/or Site pursuant to any covenants, conditions and restrictions affecting the Site, Common Areas or
Project (“Private Restrictions”) as of the Effective Date, and any other Private Restrictions subsequently encumbering the Site that are approved by Tenant; (b) costs, levies or assessments arising after the date of this
Lease resulting from statutes or regulations promulgated by any government authority in connection with the use or occupancy of the Site, Project or the Premises or the parking facilities serving the Site, Project or the Premises, if any;
(c) the cost of window cleaning, window glass replacement and repair for the Site, Project, Premises and Common Areas; (d) security for the Site, Project, Premises and Common Areas; (e) costs incurred in the management of the Site,
Project, Premises and Common Areas, including, without limitation: (1) supplies; (2) wages, salaries, benefits, pension payments, fringe benefits, uniforms and dry-cleaning thereof (and payroll taxes,
insurance and similar governmental charges related thereto) of employees up to the level of manager used in the operation and maintenance of the Site, Project and Common Areas (pro-rated for the time such
employees provide services to the Project); (3) the rental of personal property used by Landlord’s personnel in the maintenance, repair and operation of the Project; (4) management office expenses including rent and operating costs to be
spread across the manager’s entire portfolio, prorata; (5) accounting fees, reasonable legal fees and real estate consultant’s fees directly and solely related to the operation of the Project, and (6) a management/administrative
fee of 3% of Rent for the initial term of the Lease then to the then market rate for management fees for any extended term; (f) supplies, materials, equipment and the cost of maintenance, depreciation and replacement of machinery, tools and
equipment owned by Landlord used in connection with the operation or maintenance of the Project; (g) customary and routine repair and maintenance of the roof membrane and structural portions and drainage of the Building (h) maintenance,
costs and upkeep of all parking drainage and Common Areas and other costs levied, assessed or imposed by, or at the direction of, or resulting from statutes or regulations, or interpretations thereof, promulgated by any governmental authority or
insurer in connection with the use or occupancy of the Project, and the cost of maintaining any public transit system, transportation management program, vanpool, or other public or semi-public transportation requirements imposed in connection with
Landlord’s ownership and operation of the Project; (i) any equipment, improvements, repairs or replacement that constitute a capital expenditure under customary real estate accounting practices of the Common Areas, (A) which is
required under any governmental law or regulation (or any judicial interpretation thereof) or any insurance requirement that was not applicable to, and enforced against, the Building, Project or Site as of the Effective Date, (B) that are
designed or reasonably anticipated to reduce the consumption of utility services to the Common Areas (but only to the extent of any anticipated savings in Operating Expenses during the amortization period for such capital improvement), (C) that are
designed or reasonably anticipated to improve the operating efficiency of any system within the Common Areas or which is reasonably intended to reduce Operating Expenses, or (D) which, Landlord’s reasonably determines, are replacements or
modifications of items to maintain the Project Common Areas in good order and condition (“Approved Capital Expenditures”); provided however, such costs shall be amortized on a straight-line basis over the useful life determined in
accordance with standard accounting principles used by the commercial real estate industry in Santa Clara County, CA, consistently applied, together with interest at seven percent (7%) per year on the unamortized balance of all costs of a capital
nature (including, without limitation, capital improvements, capital replacements, capital repairs, capital equipment and capital tools); (j) costs and expenses of 

  
 6 

 
gardening and landscaping; (k) maintenance of signs (other than signs of tenants of the Site); (l) personal property taxes levied on or attributable to personal property used in connection
with the Project, the Common Areas and/or the Site; and (m) costs and expenses of repairs, resurfacing, repairing, maintenance, painting, lighting, cleaning, refuse removal, security and similar items for the Project. Each of the categories of
Expenses shall be separately accounted for and in no event shall any item of expense be counted more than once either as an inclusion in or an exclusion from Expenses. Nothing in the definition of Operating Expenses shall imply any obligation on the
part of Landlord. 
 4.5 Definition of Real Property Taxes. “Real Property Taxes” means: all real property taxes
and general, special or district assessments or other governmental impositions, of whatever kind, nature or origin, imposed on or by reason of the ownership or use of the Site; governmental charges, fees or assessments for transit or traffic
mitigation (including area-wide traffic improvement assessments and transportation system management fees), housing, police, fire or other governmental service or purported benefits to the Site; taxes levied against the rents in use of or in
addition to taxes levied against the Site; personal property taxes assessed on the personal property of Landlord used in the operation of the Site; service payments in lieu of taxes and taxes and assessments of every kind and nature whatsoever
levied or assessed in addition to, in lieu of or in substitution for existing or additional real or personal property taxes on the Site or the personal property described above; any increases or decreases in the foregoing caused by changes in
assessed valuation, tax rate or other factors or circumstances; and the reasonable cost of contesting by appropriate proceedings the amount or validity of any taxes, assessments or charges described above (provided that Tenant receives its share
(based on the period of its tenancy) of any refund plus its share of any interest awarded by the taxing authority). 
 Notwithstanding the foregoing
provisions of this Section 4.5 to the contrary, Real Property Taxes shall not include (a) all excess profits taxes, franchise taxes, gift taxes, capital stock taxes, inheritance and succession taxes, transfer fees and
taxes, estate taxes, federal, state and local income taxes, and other taxes applied or measured by Landlord’s general or net income (as opposed to rents, receipts, or income attributable to operations at the Site); (b) interest or penalties
imposed as a result of Landlord’s failure to pay Real Property Taxes when due; or (c) any amounts (i) in excess of the amount which would be payable if such expense were paid in installments over the longest permitted term;
(ii) imposed on land and improvements other than the Project; or (iii) resulting from the improvement of any of the Project for the sole use of other occupants. 

4.6 Definition of Insurance Costs. As used in this Lease, “Insurance Costs” shall mean the cost of insurance
obtained by Landlord (including reasonable self-insured amounts and any deductibles (to be capped at $2.50 per square foot of the Building for Tenant’s share)) for the Project. 

4.7 Definition of Utilities Costs. As used in this Lease, “Utilities Costs” shall mean the utility for electrical
to the Common Area parking lots. All other utilities are metered to each Building in the Project and for water, the Building meter covers landscaping for the Building. 

  
 7 

 4.8 Estimate Statement. By the first day of April of each calendar year during
the Term of this Lease, Landlord shall endeavor to deliver to Tenant a statement (“Estimate Statement”) estimating the Expenses for the current calendar year payable by Tenant. Landlord shall have the right at any time in any
calendar year (but not more than twice per year) to deliver a revised Estimate Statement for such calendar year if Landlord determines that the Expenses are greater than those set forth in the original Estimate Statement (or previously delivered
revised Estimate Statement) for such calendar year. The Expenses shown on the Estimate Statement (or revised Estimate Statement, as applicable) shall be divided into twelve (12) equal monthly installments, and Tenant shall pay to Landlord,
concurrently with the regular monthly rent payment next due following the receipt of the Estimate Statement (or revised Estimate Statement, as applicable), an amount equal to one (1) monthly installment of such Expenses multiplied by the number
of months from January in the calendar year in which such statement is submitted to the month of such payment, both months inclusive (less any amounts previously paid by Tenant with respect to any previously delivered Estimate Statement or revised
Estimate Statement for such calendar year). Subsequent installments shall be paid concurrently with the regular monthly rent payments for the balance of the calendar year and shall continue until the next calendar year’s Estimate Statement (or
current calendar year’s revised Estimate Statement) is received. 
 4.9 Actual Statement. By the first day of April of each
succeeding calendar year during the Term of this Lease, Landlord shall endeavor to deliver to Tenant a statement (“Actual Statement”) of the actual Expenses for the immediately preceding calendar year. If the Actual Statement
reveals that the amount of estimated Expenses for the previous year were over-paid or under-paid, then within thirty (30) days after delivery of the Actual Statement, Tenant shall pay to Landlord the amount of any such under-payment, or,
Landlord shall credit Tenant against future Expenses the amount of such over-payment (or if the Term has expired and no further Expenses are due, refund such overpayment to Tenant), as the case may be. Such obligation to pay the under-payment or to
refund the overpayment will survive the expiration or earlier termination of this Lease. Prior to the expiration or sooner termination of the Term and Landlord’s acceptance of Tenant’s surrender of the Premises, Landlord will have the
right to estimate the actual Expenses for the then current calendar year to the end of the Term, and will have the right to collect from Tenant prior to Tenant’s surrender of the Premises, Tenant’s Percentage Share of any excess of such
actual Expenses over the estimated Expenses paid by Tenant in such calendar year.    Not more often than once each calendar year, Tenant, upon thirty (30) days advance written notice thereof to Landlord, at Tenant’s
sole cost and expense, may, (i) retain an independent Certified Public Accountant reasonably acceptable to Landlord and who does not perform the audit services on a contingent fee basis, or (ii) utilize an employee of Tenant, to review and
audit Landlord’s books and records with regard to the Expenses. If it is reasonably determined by such auditors that Tenant overpaid its share of any Expenses, Landlord shall refund to Tenant the amount of such overpayment within thirty
(30) days. If it is reasonably determined by such auditors that Tenant underpaid its share of any Expenses, Tenant shall pay to Landlord the amount of such deficiency within thirty (30) days. If it is reasonably determined by such auditors
that Tenant overpaid its share of any Expenses by more than five percent (5%), Landlord shall reimburse Tenant for the reasonable costs of Tenant’s audit. 

4.10 No Release. Any delay or failure by Landlord in delivering any Estimate Statement or Actual Statement pursuant to this
Section 4 shall not constitute a waiver of its right to receive Tenant’s payment of Expenses, nor shall it relieve Tenant of its obligations to pay Expenses pursuant to this Section 4, except
that Tenant shall not be obligated to make any payments based on such Estimate Statement or Actual Statement until thirty (30) days after receipt of such statement. 

  
 8 

 4.11 Exclusions from Expenses. Notwithstanding anything to the contrary
contained elsewhere in this Section 4, the following items shall be excluded from Expenses, as applicable: 
 (a)
Any charge for depreciation of the Building or Other Buildings in the Project or equipment and any interest or other financing charge or other debt service costs; 

(b) Any charge for Landlord’s income taxes, excess profit taxes, franchise taxes, or similar taxes on Landlord or Landlord’s business
but not taxes on rent that are a form of property taxes; 
 (c) All costs relating to activities for the marketing, solicitation, negotiation
and execution of leases of space in the Project (including the Building), including without limitation, costs of tenant improvements, concessions or allowances; 

(d) All costs for which Tenant or any other tenant in the Project is being charged other than pursuant to the operating expense clauses of
leases for the Project; 
 (e) The cost of any item for which Landlord is reimbursed by insurance, warranty or condemnation proceeds, or
otherwise compensated by parties (other than compensation by tenants of the Project pursuant to clauses similar to this Section); 
 (f) The
cost of alterations of space in the Project leased to other tenants; 
 (g) Ground rent or similar payments to a ground lessor; 

(h) Legal fees and related expenses incurred by Landlord (together with any damages awarded against Landlord) due to the negligence or willful
misconduct of Landlord; 
 (i) Salaries of management personnel to the extent that such persons provide services to properties other than the
Common Areas and the Project; and 
 (j) [Intentionally Omitted;] 

(k) costs in the nature of interest, penalties or fines as a result of Landlord failure to timely pay any amount due; 

(l) The cost of remediation and removal of Hazardous Materials (as defined below) or other costs incurred in connection with the presence of
any Hazardous Material, except to the extent caused by the release or emission of the Hazardous Material in question by Tenant; 
 (m) costs
incurred with respect to a sale or transfer of all or any portion or interest in the Project or any portion thereof, except Real Property Taxes; 

(n) contributions paid by or on behalf of Landlord or Landlord’s affiliates to civic organizations and charitable contributions; 

(o) costs occasioned by the act, omission or violation of any law by Landlord, any other occupant of the Project, or their respective agents,
employees or contractors; 

  
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 (p) costs occasioned by casualties or condemnation; 

(q) costs to correct any construction defect in the Project or to correct any violation of Law or Private Restriction applicable to the Project
on the Commencement Date; 
 (r) costs of any renovation, improvement, painting or redecorating of any portion of the Project not made
available for Tenant’s use; 
 (s) costs incurred in connection with negotiations or disputes with any other occupant of the Project and
costs arising from the violation by Landlord or any other occupant of the Project of the terms and conditions of any lease or other agreement; 

(t) insurance costs for coverage not customarily paid by tenants of similar projects in the vicinity of the Premises increases in insurance
costs caused by the activities of another occupant of the Project; 
 (u) interest, charges and fees incurred on debt; 

(v) expense reserves; and 
 (w)
costs of structural repairs or replacements; 
 (x) costs which could properly be capitalized under generally accepted accounting principles,
except for Approved Capital Expenditures and, in any event, as amortized over the useful life of the capital item in question as set forth above; 

(y) costs for services not provided to Tenant under this Lease or of a nature that are payable directly by Tenant under this Lease; and 

(z) any costs or expenses for the maintenance, repair or replacement of the Other Buildings (except as provided in the Other Lease). 

5. Security. Within ten (10) days after the execution of this Lease by both Tenant and Landlord, Tenant shall deposit with Landlord an
unconditional, irrevocable and renewable letter of credit (“Letter of Credit”) in favor of Landlord in a form approved by Landlord and issued by a bank approved by Landlord (such approval not to be unreasonably withheld, conditioned
or delayed). Such Letter of Credit shall be the amount set forth in Section 1.11 of the Summary, with possible changes as set forth in Section 5.2 below. Landlord hereby approves of Silicon Valley Bank as
the issuer of the Letter of Credit and approves the form of Silicon Valley Bank letter of credit attached hereto as Exhibit E. 

5.1 The Letter of Credit shall be held by Landlord in accordance with the terms, provisions and conditions of this Lease. Tenant shall pay all
expenses, points and/or fees incurred by Tenant in obtaining the Letter of Credit. Landlord shall be entitled to draw upon the Letter of Credit if the credit rating or financial condition of the issuer of the Letter of Credit falls below an S&P
“A” rating or the equivalent from another rating agency, or, in the case of Silicon Valley Bank, falls below its current rating of BBB+ (the “Credit Standard”). Following any such draw by Landlord on the Letter of Credit
solely because of the deterioration of the creditworthiness of 

  
 10 

 
the issuer of the Letter of Credit, Landlord will disburse such Letter of Credit proceeds to Tenant provided (i) Tenant delivers to Landlord a replacement Letter of Credit from a financial
institution meeting the Credit Standard in a form approved by Landlord, (ii) there exists no Event of Default with respect to any provision of this Lease, and (iii) Tenant pays all of Landlord’s reasonable out-of-pocket fees and expenses incurred in connection with such disbursement; provided, however, if any of the three (3) foregoing conditions are not satisfied, the
proceeds received from such draw shall constitute Landlord’s property (and not Tenant’s property or the property of the bankruptcy estate of Tenant) and Landlord shall then hold and retain such proceeds (and return them at the expiration
of the Term as required under this Section), except to the extent Landlord is permitted to use, apply or retain all or any part of the proceeds for the purposes set forth in clauses (1) through (5) of the next paragraph. The Letter of Credit
shall state that an authorized officer or other representative of Landlord may make demand on Landlord’s behalf for the full amount of the Letter of Credit, or any portion thereof, and that the issuing bank must immediately honor such demand,
without qualification or satisfaction of any conditions, except the proper identification of the party making such demand and that such party has certified that it is authorized under this Lease to draw on the Letter of Credit. In addition, the
Letter of Credit shall indicate that it is transferable in its entirety by Landlord as beneficiary and that upon receiving written notice of transfer, and upon presentation to the issuing bank of the original Letter of Credit, the issuer or
confirming bank will reissue the Letter of Credit naming such transferee as the beneficiary. Tenant shall be responsible for the payment to the issuing bank of any transfer costs imposed by the issuing bank in connection with any such transfer. If
(A) the term of the Letter of Credit held by Landlord will expire prior to the last day of the Term and the Letter of Credit is not extended, or a new Letter of Credit for an extended period of time is not substituted, in either case at least
thirty (30) days prior to the expiration of the Letter of Credit, or (B) if an Event of Default with respect to any provision of this Lease, or (C) there is a filing of a voluntary petition under Title 11 of the United States Code
(i.e., the Bankruptcy Code), or otherwise becomes a debtor in any case or proceeding under the Bankruptcy Code, as now existing or hereinafter amended, or any similar law or statute, Landlord may (but shall not be required to) draw upon all or any
portion of the stated amount of the Letter of Credit, and the proceeds received from such draw shall constitute Landlord’s property (and not Tenant’s property or the property of the bankruptcy estate of Tenant) and Landlord shall then use,
apply or retain all or any part of the proceeds (1) for the payment of any sum which is past due and owed per the terms of the Lease, (2) to reimburse Landlord for costs incurred by Landlord in connection with this Lease (including,
without limitation, any costs incurred by Landlord to improve the Premises and any brokerage commissions and attorneys’ fees), beyond applicable notice and grace periods, (3) for the payment of any other amount which Landlord may spend or
become obligated to spend by reason of an Event of Default, or past due and owed per the terms of the Lease, or (4) to compensate Landlord for any loss or damage which Landlord may suffer by reason of an Event of Default, or past due and owed
per the terms of the Lease. If any portion of the Letter of Credit proceeds are so used or applied, Tenant shall, within ten (10) days after demand therefor, post an additional Letter of Credit in an amount to cause the aggregate amount of the
unused proceeds and such new Letter of Credit to equal the original amount. Landlord shall not be required to keep any proceeds from the Letter of Credit separate from its general funds. Should Landlord sell its interest in the Premises during the
Term, Landlord shall deposit with the purchaser thereof the Letter of Credit or any proceeds of the Letter of Credit, and thereupon Landlord shall be discharged from any further liability with respect to the Letter of Credit and said proceeds and
Tenant shall look solely to such transferee for the return of the Letter 

  
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of Credit or any proceeds therefrom. The Letter of Credit or any remaining proceeds of the Letter of Credit held by Landlord after expiration of the Term, after any deductions described in this
Section 5.1 above, shall be returned to Tenant or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder, within sixty (60) days following the expiration of the Term and Tenant’s
surrender of the Premises, whichever is later. If Landlord draws upon the Letter of Credit solely due to Tenant’s failure to renew the Letter of Credit at least thirty (30) days before its expiration, such failure to renew shall not
constitute a default hereunder and Tenant shall be entitled to provide Landlord with a replacement Letter of Credit that satisfies the requirements hereunder as set forth above. 

The use, application or retention of the Letter of Credit, the proceeds or any portion thereof, shall not prevent Landlord from exercising any other rights or
remedies provided under this Lease, it being intended that Landlord shall not be required to proceed against the Letter of Credit, and such use, application or retention of the Letter of Credit shall not operate as a limitation on any recovery to
which Landlord may otherwise be entitled. No trust relationship is created herein between Landlord and Tenant with respect to the Letter of Credit. 

Landlord and Tenant acknowledge and agree that in no event or circumstance shall the Letter of Credit, any renewal thereof or substitute therefor or the
proceeds thereof be (i) deemed to be or treated as a “security deposit” within the meaning of California Civil Code Section 1950.7, (ii) subject to the terms of such
Section 1950.7, or (iii) intended to serve as a “security deposit” within the meaning of such Section 1950.7. The parties hereto (A) recite that the Letter of Credit is not
intended to serve as a security deposit and such Section 1950.7 and any and all other laws, rules and regulations applicable to security deposits in the commercial context (“Security Deposit Laws”) shall
have no applicability or relevancy thereto and (B) waive any and all rights, duties and obligations either party may now or, in the future, will have relating to or arising from the Security Deposit Laws. Notwithstanding the foregoing, to the
extent California Civil Code Section 1950.7 in any way: (a) is applicable to this Lease or the Letter of Credit (or any proceeds thereof); or (b) controls Landlord’s rights to draw on the Letter of Credit or
apply the proceeds of the Letter of Credit to any amounts due under the Lease or any damages Landlord may suffer following termination of this Lease, then Tenant fully and irrevocably waives the benefits and protections of
Section 1950.7 of the California Civil Code, it being agreed that Landlord may recover from the Letter of Credit (or its proceeds) all of Landlord’s damages under this Lease and California law including, but not
limited to, any damages accruing upon the termination of this Lease in accordance with this Lease and Section 1951.2 of the California Civil Code. 

(a) After either one of the following occur, the amount of the Letter of Credit shall be reduced as indicated; (A) after the fifth (5th)
year of the Lease and Tenant has not been in default of the Lease beyond any applicable notice and cure period, and Tenant has not been late in any Rent payment more than twice in the previous five (5) years of the Lease, and Tenant has a
market cap of at least Fifteen Billion Dollars ($15,000,000,000.00), then the amount of Letter of Credit shall be decreased immediately to Two Million Two Hundred Twelve Thousand Four Hundred Fifteen Dollars ($2,212,415.00) and decreased by Five
Hundred Fifty Three Thousand One Hundred Three Dollars and seventy-five cents ($553,103.75) at the end of each twelve (12) month period thereafter until the amount of the Letter of Credit is Five Hundred Fifty Three Thousand One Hundred Three
Dollars and seventy-five cents ($553,103.75) at which point the amount of the Letter of Credit remains the same for the remaining term of the Lease; or (B) in the 

  
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event Tenant is then not in default under the Lease beyond any applicable notice and cure periods and has three (3) consecutive years of profitability and has a market cap of at least
Fifteen Billion Dollars ($15,000,000,000.00), then the amount of the Letter of Credit shall be reduced to Five Hundred Fifty Three Thousand One Hundred Three Dollars and seventy-five cents ($553,103.75). For purposes of determining market cap, if
Tenant is a direct or indirect wholly owned subsidiary, then the market cap shall be deemed satisfied if a parent company of Tenant, including any entity (or its parent) that purchases Tenant or a parent of Tenant has a market cap of at least
Fifteen Billion Dollars ($15,000,000,000.00). 
 6. Use. 

6.1 General. Tenant shall use the Premises solely for the Permitted Use specified in Section 1.12 of the
Summary, and shall not use or permit the Premises to be used for any other use or purpose whatsoever. Tenant shall observe and comply with the “Rules and Regulations” attached hereto as
Exhibit “C”, and all non-discriminatory and reasonable modifications thereof and reasonable additions thereto from time to time put into effect and furnished
to Tenant by Landlord that complies with the Required Conditions. Landlord shall endeavor to enforce the Rules and Regulations on a non-discriminatory basis but shall have no liability to Tenant for the
violation or non-performance by any other tenant or occupant of the Project or the Building of any such Rules and Regulations. Tenant shall, at its sole cost and expense, observe and comply with all
requirements of any board of fire underwriters or similar body relating to the Premises that complies with the Required Conditions, and, subject to the terms and conditions of this Lease, all laws, statutes, codes, rules and regulations now or
hereafter in force (“Laws”) relating to or affecting the condition, use, occupancy, alteration or improvement of the Premises, including, without limitation, the provisions of Title III of the Americans with Disabilities Act of
1990, as amended (“ADA”) as it pertains to Tenant’s use, occupancy, improvement and alteration of the Premises, whether structural or nonstructural, including unforeseen and/or extraordinary alterations and/or improvements to
the Premises, regardless of the period of time remaining in the Term; provided, that, notwithstanding anything to the contrary herein, (i) Tenant shall not be required to comply with or cause the Premises to comply with any Laws, insurance
requirements or Private Restrictions requiring the construction of alterations unless such compliance is necessitated solely due to Tenant’s particular use of the Premises, any improvements or equipment constructed or installed by Tenant, and
(ii) in no event shall Tenant be required to perform alterations or improvements to the Common Areas to comply with Laws, Landlord insurance requirements or Private Restrictions. Tenant shall not use or allow the Premises to be used (a) in
violation of any recorded covenants, conditions and restrictions affecting the Site as of the Effective Date or of any Laws, or of any certificate of occupancy issued for the Premises or Building, or (b) for any unlawful purpose. Tenant shall
not do or permit any Tenant Parties to do anything which will obstruct or interfere with the rights of other tenants or occupants of the Project, or injure them. Tenant shall not cause or maintain (or permit any Tenant Parties to cause or maintain)
any nuisance in, on or about the Premises, the Building, the Project or the Site, nor commit or suffer to be committed any waste in, on or about the Premises by Tenant or any Tenant Parties. 

  
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 6.2 Parking. 

(a) Tenant’s Parking Privileges. Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, at no additional
rent to Tenant, the number of parking privileges specified in the Summary hereof for use by Tenant’s employees and visitors, inclusive of a prorata share of handicapped parking spaces, in the common parking areas for the Building within the
Project shown on Exhibit “A”. Subject to the Required Conditions, Landlord shall at all times have the right to establish and modify the nature and extent of the parking areas for the Building and Project. Landlord may assign any
unreserved and unassigned parking privileges, and/or make all or a portion of such privileges reserved except for a de minimis number of spaces immediately appurtenant to any Other Building. Consistent with the foregoing, Tenant shall have
the right to designate up to [ten (10)] parking spaces immediately appurtenant to the Building as reserved parking for Tenant’s visitors. 

(b) Parking Rules. The use of the parking areas shall be subject to the Rules and Regulations contained in Exhibit
“C” attached hereto and, subject to the Required Conditions, any other reasonable, rules and regulations adopted by Landlord and/or Landlord’s parking operators from time to time, including any system for controlled ingress and
egress. Tenant shall not use more parking privileges than its allotment and shall not use any parking spaces specifically assigned by Landlord to other tenants of the Project in accordance with this Lease. Tenant’s parking privileges shall be
used only for parking by vehicles no larger than normally sized passenger automobiles, SUVs or pick-up trucks. Tenant shall not permit or allow any vehicles that belong to or are controlled by Tenant or
Tenant’s employees, suppliers, shippers, customers or invitees to be loaded, unloaded, or parked, in areas other than those designated by Landlord for such activities. If Tenant permits or allows any Tenant Parties to do any of the prohibited
activities described herein, then Landlord shall have the right, without notice, in addition to such other rights and remedies that it may have, to remove or tow away the vehicle involved and charge the cost thereof to Tenant, which cost shall be
immediately payable by Tenant upon demand by Landlord. 
 6.3 Signs and Auctions. 

(a) Except as set forth in this Section 6.3, Tenant shall have no right to place any sign upon the Premises, the
Building, Site or Project. Tenant shall have no right to conduct any auction in, on or about the Premises, the Building or Site. 
 (b)
Subject to the terms of this Section 6.3, from and after the Commencement Date, Tenant shall have the right to have signage (“Tenant’s Signage”) installed on one panel of the monument
sign for the Project in a location selected by Landlord (the “Project Monument Sign”) and on the Building Monument Sign.    In addition, Tenant shall have the exclusive right to install Tenant’s
Signage (i) on the Building façade (installed at a location as approved by Landlord not to be unreasonably withheld) to the full extent permitted by Law, and (ii) within the interior of the Building.    Any
proposed Tenant’s Signage shall comply with all applicable Laws, including, without limitation, the approval of the City of San Jose, and, any Tenant’s Signage on the exterior of the Building or any exterior monument shall be subject to
Landlord’s prior written consent with respect to the location, size and design (such consent not to be unreasonably withheld, conditioned or delayed). Without limitation, Landlord may withhold consent to any exterior Building or Monument
Signage that, in Landlord’s reasonable judgment, is not harmonious with the design 

  
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standards of the Project. To obtain Landlord’s consent, Tenant shall submit design drawings to Landlord showing the type and sizes of all lettering; the colors, finishes and types of
materials used in Tenant’s Signage; and (if applicable and Landlord consents thereto) any arrangements for illumination. Tenant shall cause Tenant’s Signage to be removed at the expiration or earlier termination of this Lease. Tenant shall
pay for all costs in fabricating, installing or removing Tenant’s Signage and Tenant shall be responsible for maintaining and repairing Tenant’s Signage, at Tenant’s sole cost and expense. Tenant shall be responsible to fabricate,
install, maintain repair, and remove the Tenant’s Signage. 
 (c) The rights granted to the original Tenant hereunder are not assignable
separate and apart from the Lease, nor may any right granted herein be separated from the Lease in any manner, either by reservation or otherwise. 

6.4 Hazardous Materials.

(a) Tenant will: (i) obtain and maintain in full force and effect all Environmental Permits (as defined below) that may be required from
time to time under any Environmental Laws (as defined below) applicable to Tenant’s use, storage, emission and disposal of Hazardous Materials at the Premises; and (ii) be and remain in compliance in all material respects with all terms
and conditions of all such Environmental Permits and with all other limitations, restrictions, conditions, standards, prohibitions, requirements, obligations, schedules and timetables contained in all Environmental Laws applicable to Tenant use of
Hazardous Materials at the Premises. 
 (b) As used in this Lease, the term “Environmental Laws” means any past, present or
future federal, state, local or foreign statutory or common law, or any regulation, ordinance, code, plan, order, permit, grant, franchise, concession, restriction or agreement issued, entered, promulgated or approved there under, relating to
(a) the environment, human health or safety, including, without limitation, emissions, discharges, releases or threatened releases of Hazardous Materials (as defined below) into the environment (including, without limitation, air, surface
water, groundwater or land), or (b) the manufacture, generation, refining, processing, distribution, use, sale, treatment, receipt, storage, disposal, transport, arranging for transport, or handling of Hazardous Materials.
“Environmental Permits” means, collectively, any and all permits, consents, licenses, approvals and registrations of any nature at any time required pursuant to, or in order to comply with, any Environmental Law, with respect to
Tenant’s use of Hazardous Materials at the Premises. 
 (c) Tenant agrees not to cause or permit any Hazardous Materials to be brought
upon, stored, used, handled, generated, released or disposed of on, in, under or about the Premises, the Building, the Common Areas or any other portion of the Project by Tenant, its agents, employees, subtenants, assignees, licensees, contractors
or invitees (collectively, “Tenant Parties”), except in compliance with Environmental Law and any applicable Environmental Permits. At Landlord’s request, Tenant will provide Landlord with a list of the types and quantities of
any Hazardous Materials used by Tenant and any Tenant’s Parties on the Premises and copies of any Environmental Permits maintained by Tenant with respect to the Premises. Upon the expiration or earlier termination of this Lease, Tenant agrees
to promptly remove from the Premises, the Building and the Project, at its sole cost and expense, any and all Hazardous Materials, including any equipment or systems containing Hazardous Materials which are installed, brought upon, stored, used,
generated or released upon, in, under or about the Premises, the Building and/or the Project or any portion thereof by Tenant or any of Tenant’s Parties, to the extent required by and in accordance with Environmental Laws. 

  
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 (d) To the fullest extent permitted by law, Tenant agrees to promptly indemnify, protect,
defend and hold harmless Landlord and Landlord’s partners, officers, directors, employees, agents, successors and assigns (collectively, “Landlord Indemnified Parties”) from and against any and all claims, damages, judgments,
suits, causes of action, losses, liabilities, penalties, fines, expenses and costs (including, without limitation, clean-up, removal, remediation and restoration costs, sums paid in settlement of claims,
attorneys’ fees, consultant fees and expert fees and court costs) which arise or result from the presence of Hazardous Materials on, in, under or about the Premises, the Building or any other portion of the Project which are caused or permitted
by Tenant or any of Tenant’s Parties in violation of Environmental Laws. Tenant agrees to promptly notify Landlord of any release of Hazardous Materials in the Premises, the Building or any other portion of the Project which Tenant becomes
aware of during the Term of this Lease, whether caused by Tenant or any other persons or entities. In the event of any release of Hazardous Materials caused or permitted by Tenant or any of Tenant’s Parties in violation of Environmental Laws,
Landlord shall have the right, but not the obligation, to cause Tenant to immediately take all steps Landlord deems necessary or appropriate to remediate such release and prevent any similar future release to the satisfaction of Landlord and
Landlord’s mortgagee(s). Pursuant to Section 15, Landlord will have the right (after reasonable notice to Tenant of not less than five (5) business days), but not the obligation, to enter upon the Premises to
inspect, investigate, sample and/or monitor the Premises to determine if Tenant is in compliance with the terms of this Lease regarding Hazardous Materials. Tenant will, upon the request of Landlord or any mortgagee at any time during which Tenant
is in material default of the environmental provisions under this Lease, cause to be performed an environmental audit of the Premises at Tenant’s expense by an established environmental consulting firm reasonably acceptable to Tenant, Landlord
and the mortgagee. 
 (e) Subject to the limitations of liability set forth herein, and except to the extent caused by, contributed to or
exacerbated by the actions of Tenant or Tenant’s Agents, Landlord will indemnify, defend and hold harmless Tenant from all claims, demands, actions, liabilities, costs, expenses, attorneys’ fees, damages and obligations of any nature
arising from or as a result thereof incurred by Tenant as a result of any Hazardous Materials that are conclusively determined by an independent third party reasonably acceptable to Landlord and Tenant, to have been released or emitted within the
Premises or the Building Common Areas prior to the Effective Date (the “Existing Hazardous Materials”). Landlord’s indemnification pursuant to this Section 6.4(e) shall survive the expiration or
earlier termination of this Lease. Notwithstanding anything in the immediately preceding sentence or this Lease to the contrary, Landlord shall not be responsible for any increase in the cost of the Tenant Improvements (including the construction
thereof) resulting from the existence of any Existing Hazardous Materials at the Premises except for such costs not to exceed Five Million Dollars ($5,000,000). Any alleged costs or damages related solely to Tenant’s removal of the acid waste
neutralization system from the Building will not be the responsibility of Landlord, but any soils, groundwater or other contamination resulting from the presence or operation of such system prior to the Effective Date shall be considered Existing
Hazardous Materials for purpose of the foregoing indemnity. 

  
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 (f) As used in this Lease, the term “Hazardous Materials” shall mean and
include any hazardous or toxic materials, substances or wastes as now or hereafter designated under any Laws or ruling of any agency of the State, the United States Government or any local governmental authority, including, without limitation,
asbestos, petroleum, petroleum hydrocarbons and petroleum based products, urea formaldehyde foam insulation, polychlorinated biphenyls, and Freon and other chlorofluorocarbons. The provisions of this Section 6 will survive
the expiration or earlier termination of this Lease. To the actual knowledge of Landlord with no duty to investigate, (a) no Hazardous Material is present on the Project or the soil, surface water or groundwater thereof, (b) no underground
storage tanks are present on the Project, and (c) no action, proceeding or claim is pending or threatened regarding the Project concerning any Hazardous Material or pursuant to any Environmental Law. 

7. Payments and Notices. 
 7.1 All rent and
other sums payable by Tenant to Landlord hereunder shall be paid to Landlord at the first address designated in Section 1.1 of the Summary, or to such other persons and/or at such other places as Landlord may hereafter
designate in writing. Any notice required or permitted to be given hereunder must be in writing and may be given by personal delivery (including delivery by nationally recognized overnight courier or express mailing service), or by registered or
certified mail, postage prepaid, return receipt requested, addressed to Tenant or Landlord at their respective addresses designated in Section 1.1 of the Summary. Either party may, by written notice to the other, specify a
different address for notice purposes. Notice given in the foregoing manner shall be deemed given: (i) when actually received or refused by the party to whom sent if delivered by a carrier or personally served or (ii) if mailed, on the day
of actual delivery or refusal as shown by the certified mail return receipt (or the next business day, if such date was not a business day) or the expiration of three (3) business days after the day of mailing, whichever first occurs. 

8. Brokers. 
 Landlord and Tenant each represents and
warrants to the other that neither it nor its officers or agents nor anyone acting on its behalf has dealt with any real estate broker except the Broker(s) specified in the Summary in the negotiating or making of this Lease. Tenant and Landlord
shall each indemnify and hold the other harmless from any claim or claims, and costs and expenses, including attorneys’ fees, incurred by the indemnified party in conjunction with any such claim or claims that any other broker or brokers
represents the indemnifying party and is entitled to a commission in connection with this Lease. Landlord shall pay any commissions owed to the Brokers in connection with this Lease pursuant to a separate written agreement. The foregoing indemnity
shall survive the expiration or earlier termination of this Lease. 
 9. Surrender; Holding Over. 

9.1 Surrender of Premises. Upon the expiration or sooner termination of this Lease, Tenant shall surrender all keys for the
Premises to Landlord, and exclusive possession of the Premises to Landlord broom clean and in the condition delivered to Tenant or as otherwise may have been improved during the Term (without any obligation on the part of Tenant to remove such
improvements), normal wear and tear and casualty damage, condemnation, Hazardous Materials 

  
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(other than those released or emitted by Tenant), and repairs that Tenant is not responsible for under this Lease, excepted, with all of Tenant’s personal property (and those items, if any,
of Tenant Changes identified by Landlord pursuant to Section 12.2 below) removed therefrom and all damage caused by such removal repaired, as required pursuant to Sections 12.2 and 12.3 below.
Normal wear and tear shall not include any damage or deterioration that would have been prevented by proper maintenance by Tenant or Tenant otherwise performing all of its obligations under this Lease. 

9.2 Holdover. Tenant shall have no right to holdover. Any holding over after the expiration of the Term, without the express
written consent of Landlord, shall constitute an Event of Default. If Tenant does not surrender and vacate the Premises at expiration of this Lease, Tenant shall be a tenant at sufferance and the parties having agreed, without limiting
Landlord’s remedies provided in this Lease, that the daily rental rate shall be one hundred percent (100%) of the then fair market rental rate for the Building as reasonably determined by Landlord, plus Additional Rent, and due the first of
each month, and shall otherwise be on the terms and conditions herein specified. In connection with the foregoing, Landlord and Tenant agree that the reasonable rental value of the Premises following the expiration or earlier termination of this
Lease shall be the amounts set forth above per month. Landlord and Tenant acknowledge and agree that, under the circumstances existing as of the Effective Date, it is impracticable and/or extremely difficult to ascertain the reasonable rental value
of the Premises on the expiration or earlier termination of this Lease and that the reasonable rental value established herein is a reasonable estimate of the damage that Landlord would suffer as the result of the failure of Tenant to timely
surrender possession of the Premises. The parties acknowledge that the liquidated damages established herein is not intended as a forfeiture or penalty within the meaning of California Civil Code Sections 3275 or 3369, but is intended to
constitute liquidated damages to Landlord pursuant to California Civil Code Sections 1671, 1676, and 1677. Notwithstanding the foregoing, and in addition to all other rights and remedies on the part of Landlord if Tenant fails to surrender the
Premises upon the termination or expiration of this Lease, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall indemnify, protect, defend and hold Landlord harmless from and against any and all loss or liability
resulting from delay by Tenant in so surrendering the Premises including, without limitation, any loss or liability resulting from any claim against Landlord made by any succeeding tenant founded on or resulting from such delay and losses to
Landlord due to lost opportunities to lease any portion of the Premises to any such succeeding tenant, together with, in each case, reasonable attorneys’ fees and costs. The foregoing indemnity shall survive the expiration or earlier
termination of this Lease. 
 9.3 No Effect on Landlord’s Rights. The foregoing provisions of this
Section 9 are in addition to, and do not affect, Landlord’s right of re-entry or any other rights of Landlord hereunder or otherwise provided by law or equity. 

10. Taxes on Tenant’s Property. 
 Tenant
shall be liable for, and shall pay before delinquency, all taxes and assessments (real and personal) levied against: (a) any personal property or trade fixtures placed by Tenant in or about the Premises (including any increase in the assessed
value of the Premises based upon the value of any such personal property or trade fixtures); and (b) any Tenant Improvements or alterations in the Premises (whether installed and/or paid for by Landlord or Tenant) to the extent such items are

  
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assessed at a valuation higher than the valuation at which tenant improvements conforming to the Building’s standard tenant improvements are assessed. If any such taxes or assessments are
levied against Landlord or Landlord’s property, Landlord may, after written notice to Tenant (and under proper protest if requested by Tenant) pay such taxes and assessments, and Tenant shall reimburse Landlord therefore within thirty
(30) days after written demand by Landlord provided, however, Tenant, at its sole cost and expense, shall have the right to bring suit in any court of competent jurisdiction to recover the amount of any such taxes and assessments so paid under
protest. 
 11. Condition of Premises; Repairs. 

11.1 Condition of Premises. Tenant acknowledges that, except as expressly set forth in this Lease, neither Landlord nor any agent
of Landlord has made any representation or warranty with respect to the Premises, the Building, the Site or the Project or their condition, or with respect to the suitability thereof for the conduct of Tenant’s business. Except as otherwise set
forth in this Lease, Tenant accepts the Premises “as is”, Tenant having the opportunity to have made all investigations and tests it has deemed necessary or desirable in order to establish to its own complete satisfaction the condition of
the Premises. Tenant accepts the Premises in their condition existing as of the Commencement Date, subject to all applicable zoning, municipal, county and state laws, ordinances, and regulations governing and regulating the use of the Premises and
any covenants or restrictions of record. Notwithstanding anything set forth in this Section 11.1 to the contrary, Landlord shall deliver the Premises to Tenant in good order and repair, vacant and broom swept, and with all
Building Systems (as defined below) serving the Premises in good operating order and repair. Landlord warrants that the Building Systems serving the Premises shall be in good operating order and repair during the six (6) month period after the
earlier of Tenant commences its regular business operations in the Premises, or March 31, 2022, Landlord shall make such necessary repairs to the Building System at Landlord’s sole cost without the inclusion of such costs in Operating
Expenses, provided that Tenant has notified Landlord of the need to repair such Building System within six (6) months after the earlier of Tenant commences its regular business operations in the Premises, or March 31, 2022 Commencement
Date. As used herein, the term “Building Systems” shall mean the plumbing, sewer, drainage, electrical, fire protection, life safety security systems and equipment, existing heating, ventilation and
air-conditioning systems, and all other mechanical and electrical systems and equipment serving the Building as they exist as of the Commencement Date (excluding only existing clean rooms, existing labs and
any Building Systems that exclusively serve the existing clean rooms and existing labs) and any Tenant Changes (defined below). 
 11.2
Landlord’s Repair Obligations. Subject to Sections 4.4(i), 11.3, 18.1 and 18.2, Landlord shall repair and maintain (and if necessary, replace) (a) at Landlord’s sole cost and expense, the
structural portions of the Building which are the foundation, and the structural portion of the walls, but not the surface of such walls; and (b) as part of the Operating Expenses (subject to any exclusions as set forth in
Section 4.11), the surface of any exterior walls, and the Common Areas; provided, however, subject to Section 22, to the extent such maintenance, repairs or replacements are required as a result of
any misuse, neglect, fault or omission of Tenant or any of Tenant’s agents, employees, contractors, licensees or invitees, Tenant shall pay to Landlord, as Additional Rent, the costs of such maintenance, repairs and replacements. Without
limiting the foregoing, Tenant waives the right to make repairs at Landlord’s expense under any law, statute or ordinance now or hereafter in effect (including the provisions of California Civil Code Section 1942 and
any successive sections or statutes of a similar nature). 

  
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 11.3 Tenant’s Repair Obligations. Except for Landlord’s
obligations specifically set forth in Sections 11.2, 16.1, 18.1 and 19.2 hereof, Tenant shall at all times and at Tenant’s sole cost and expense, keep and maintain the interior portions of the Premises and operating systems except for the
warranty in Section 11.1 above, and the roof (including, without limitation roof structure and roof membrane) in as good order and condition, including, without limitation, interior plate glass and Tenant’s property,
and all fixtures, furniture and equipment, utility and building systems exclusively servicing the Premises, and if any, custom lighting, and any alterations, additions and other property located within the Premises in good condition, normal wear and
tear excepted. Except as otherwise expressly provided in this Lease, Landlord shall have no obligation to alter, remodel, improve, repair, renovate, redecorate or paint all or any part of the Premises. Subject to Landlord’s approval (not to be
unreasonably withheld, conditioned or delayed), Tenant shall have the right to select the vendor for performance of the regular HVAC maintenance for the Premises. Notwithstanding anything to the contrary herein, at Tenant’s sole option,
Landlord shall perform and construct at its sole cost and expense, and Tenant shall have no responsibility to perform or construct, any repair, maintenance or improvements, (a) necessitated by the acts or omissions of Landlord or
Landlord’s Agents and (b) for which Landlord has a right of reimbursement from others. 
 11.4 Capital Repairs.
Notwithstanding anything to the contrary contained herein, if Tenant (A) determines in its reasonable, good faith discretion that (1) a component of Tenant’s maintenance and repair obligations under
Section 11.3, excluding repair, maintenance or replacement of any of Tenant Changes, (a “Tenant Work Component”), is in such a condition that a repair or replacement is required and (2) such repair or
replacement of an individual Tenant Work Component constitutes a capital repair or capital improvement in accordance with standard accounting principles generally followed by the commercial real estate industry in Santa Clara County, CA,
consistently applied (a “Tenant Work Component Capital Repair”), and (B) desires to have Landlord perform such Tenant Work Component Capital Repair, then Tenant shall provide Landlord a reasonable prior written notice (a
“Capital Repair Notice”), which Capital Repair Notice shall include or otherwise be accompanied by the following: (I) a written report from a reputable third-party physical inspection firm (which firm Landlord must have
reasonably approved to prepare such report prior to commencing its work), detailing the reasons that such firm believes such Tenant Work Component Capital Repair is required, and (II) a request for Landlord to perform such Tenant Work Component
Capital Repair. Notwithstanding the foregoing, Landlord shall have no obligation to perform any Tenant Work Component Capital Repair that is primarily caused by Tenant’s failure to maintain the applicable Tenant Work Component in accordance
with Section 11.3. Upon receipt of a Capital Repair Notice, Landlord will perform the Tenant Work Component Capital Repair with reasonable promptness and the cost incurred by Landlord shall be amortized by Landlord over the
useful life of such Tenant Work Component Capital Repair as reasonably estimated by Landlord in accordance with standard accounting principles generally followed by the commercial real estate industry in Santa Clara County, CA, consistently applied,
and the total amortized cost for the remaining term of the Lease shall be payable in a lump sum within thirty (30) days of Tenant’s receipt of invoice from Landlord by Tenant. 

  
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 12. Alterations. 

12.1 Tenant Changes; Conditions. Tenant shall not, without Landlord’s prior written consent, make any alterations, additions,
or improvements to the Premises (collectively, “Tenant Changes”). Notwithstanding the foregoing, Tenant shall not be required to obtain Landlord’s consent to non-structural Tenant Changes
that cost not more than $1,000,000 per project (“Non-Consent Changes”). Any Tenant Changes shall be subject to and upon the following terms and conditions: 

(a) Notwithstanding any provision in this Section 12 to the contrary, Tenant is absolutely prohibited from making any
alterations, additions, or improvements which: (i) affect any area outside the Premises; (ii) adversely affect the Building’s structure, (iii) materially and adversely affect any equipment, services or Building Systems, or the
proper functioning thereof, (iv) affect the outside appearance of the Building or the Common Areas (except as otherwise provided in this Lease), or (v) weaken or impair the structural strength of the Building. 

(b) Before proceeding with any Tenant Changes (other than Non-Consent Changes) which are not otherwise
prohibited in Section 12.1(a) above, Tenant must first obtain Landlord’s written approval thereof (including approval of all plans, specifications and working drawings for such Tenant Changes), which approval shall not
be unreasonably withheld, conditioned or delayed and Tenant must notify Landlord with a minimum ten (10) business days’ prior to any Tenant Changes to the Premises in order for the Landlord to post a Notice of Non-responsibility on the Building and Premises. 
 (c) After Landlord has approved the Tenant Changes and
the plans, specifications and working drawings therefore, Tenant shall: (i) enter into an agreement for the performance of such Tenant Changes with such general contractor selected by Tenant and approved by Landlord, which approval shall not be
unreasonably withheld, conditioned or delayed; (ii) before proceeding with any Tenant Changes, provide Landlord with ten (10) days’ prior written notice thereof; and (iii) pay to Landlord, upon written demand, the costs of any
increased insurance premiums incurred by Landlord to include such Tenant Changes in the fire and extended coverage insurance obtained by Landlord, if any. However, Landlord shall be required to include the Tenant Changes under such insurance only to
the extent such insurance is actually obtained (or required to be obtained under this Lease) by Landlord and such Tenant Changes are insurable under such insurance; if such Tenant Changes are not or cannot be included in Landlord’s insurance,
Tenant shall insure the Tenant Changes under its casualty insurance pursuant to Section 20.1(a) below. In addition, before proceeding with any Tenant Changes, Tenant’s contractors shall obtain, on behalf of Tenant and
at Tenant’s sole cost and expense all necessary governmental permits and approvals for the commencement and completion of such Tenant Changes Landlord’s approval of any contractor(s) of Tenant shall not release Tenant or any such
contractor(s) from any liability for any conduct or acts of such contractor(s) or its subcontractor(s). Landlord will not unreasonably withhold, condition or delay its approval of any Tenant Changes, the plans and specifications therefor or
Tenant’s general contractor, and, Landlord shall not withhold approval of any Tenant Changes that are generally consistent with or represent a logical evolution of, the Tenant Improvements or the then-existing improvements in the Building or
the premises leased under the Other Lease. Tenant will remove within 30 days of recording, any mechanic liens recorded against the Property due to any Tenant Changes. 

  
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 (d) Tenant shall pay to Landlord, as Additional Rent, the reasonable out of pocket costs of
Landlord’s third party engineer for review of all plans, specifications and working drawings for the Tenant Changes which involve the Building structure, HVAC, electrical, plumbing, or security systems, within thirty (30) days after
Tenant’s receipt of invoices from Landlord. 
 (e) All Tenant Changes shall be performed: (i) substantially in accordance with the
approved plans, specifications and working drawings; (ii) lien-free and in a first-class workmanlike manner; (iii) in compliance with all laws, rules, regulations of all governmental agencies and authorities including, without limitation,
the provisions of the ADA; (iv) in such a manner so as not to unreasonably interfere with the occupancy of any other tenant in the Project nor impose any additional expense upon nor unreasonably delay Landlord in the maintenance and operation
of the Project; and (v) subject to such rules and regulations as Landlord may from time to time reasonably designate with respect to the Common Areas. 

(f) Throughout the performance of the Tenant Changes, Tenant shall obtain, or cause its contractors to obtain, workers compensation insurance
and general liability insurance in compliance with the provisions of Section 20 of this Lease, except that the limits of such insurance shall be in such amounts as is typically carried by such contractors taking into
account the scope of work performed. 
 (g) Landlord hereby approves of Tenant’s construction of those improvements set forth in
Exhibit “D” hereto as the Tenant Improvements, and of Tenant’s use of Technical Builders as a contractor. Tenant shall not be required to use union labor. Notwithstanding any of the foregoing, (i) Tenant shall not be
required to design or construct any Tenant Improvements in the Premises and (ii) Landlord shall approve or reasonably disapprove any consent or approval request with respect to the Tenant Improvements or any Tenant Change within ten
(10) business days after the request for consent. 
 12.2 Removal of Tenant Changes. 

(a) As a material inducement to Tenant’s entering into this Lease, Landlord agrees that all Tenant Changes (including Non-Consent Changes) and the Tenant Improvements in the Premises (whether installed or paid for by Landlord or Tenant), shall become the property of Landlord and shall remain upon and be surrendered with the
Premises at the end of the Term of this Lease, and Tenant shall not be required to remove such Tenant Changes or Tenant Improvements at the expiration or earlier termination of this Lease. At the expiration or earlier termination of the Lease,
Tenant will not remove any equipment or Tenant Changes that cause the Building systems to be inoperable upon Tenant’s surrender of the Premises; provided however, any such removal of a Tenant Change shall be deemed a Tenant Change and subject
to this Section 12. 
 12.3 Removal of Personal Property. Notwithstanding the foregoing, all articles
of personal property owned by Tenant or installed by Tenant at its expense in the Premises (including business and trade fixtures, furniture and moveable partitions) shall be, and remain, the property of Tenant, may be removed by Tenant at any time
and shall be removed by Tenant from the Premises, at Tenant’s sole cost and expense, on or before the expiration or sooner termination of this Lease. Tenant shall promptly repair any damage caused by any such removal. 

  
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 12.4 Tenant’s Failure to Remove. If Tenant fails to remove by
the expiration or sooner termination of this Lease all of its personal property, or if Tenant fails to comply with its obligations under Section 12.3, Landlord may, without liability to Tenant for loss thereof, at
Tenant’s sole cost and in addition to Landlord’s other rights and remedies under this Lease, at law or in equity: (a) remove and store such items in accordance with applicable law; and/or (b) upon ten (10) days’ prior
notice to Tenant and Tenant’s continued failure to remove or recover such personal property during such thirty (30) day period, sell all or any such items at private or public sale for such price as Landlord may obtain as permitted under
applicable law. Landlord shall apply the proceeds of any such sale to any amounts due to Landlord under this Lease from Tenant (including Landlord’s attorneys’ fees and other costs incurred in the, removal, storage and/or sale of such
items), with any remainder to be retained by Landlord. 
 13. Liens. Tenant shall not permit any mechanic’s, materialmen’s or other
liens to be filed against all or any part of the Project, the Site, the Building or the Premises, nor against Tenant’s leasehold interest in the Premises, by reason of or in connection with any repairs, alterations, improvements or other work
contracted for or undertaken by Tenant or any other act or omission of Tenant or Tenant’s agents, employees, contractors, licensees or invitees. Tenant shall, at Landlord’s request, following final completion of any such repairs,
alterations, or improvements provide Landlord with unconditional and final lien releases in the form required by applicable Law from all persons furnishing labor and/or materials with respect to the Premises with a cost in excess of $50,000.
Landlord shall have the right at all reasonable times to post on the Premises and record any notices of non-responsibility which it deems necessary for protection from such liens. If any such liens are filed,
Tenant shall, at its sole cost, cause such lien to be released of record or bonded to Landlord’s reasonable satisfaction within thirty (30) days from notice to Tenant of such filing. If Tenant fails to cause such lien to be so released or
bonded within thirty (30) days after such notice, Landlord may, without waiving its rights and remedies based on such breach, and without releasing Tenant from any of its obligations, cause such lien to be released by any means it shall deem
proper, including payment in satisfaction of the claim giving rise to such lien. Tenant shall pay to Landlord, within thirty (30) days after receipt of invoice from Landlord, any sum paid by Landlord to remove such liens, together with interest
at the Interest Rate from the date of such payment by Landlord. NOTICE IS HEREBY GIVEN THAT LANDLORD SHALL NOT BE LIABLE FOR ANY LABOR, SERVICES OR MATERIALS FURNISHED OR TO BE FURNISHED TO TENANT, OR TO ANYONE HOLDING THE PREMISES THROUGH OR UNDER
TENANT, AND THAT NO MECHANICS’ OR OTHER LIENS FOR ANY SUCH LABOR, SERVICES OR MATERIALS SHALL ATTACH TO OR AFFECT THE INTEREST OF LANDLORD IN THE PREMISES. 

14. Assignment and Subletting. 
 14.1
Restriction on Transfer. Except as otherwise expressly provided in this Article 14, Tenant shall not, without the prior written consent of Landlord, which consent, provided Tenant is not in default under any of
the terms or conditions of this Lease beyond the expiration of any applicable notice and cure period, Landlord will not unreasonably withhold, condition or delay, assign this Lease or any interest herein or sublet the Premises or any part

  
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thereof, or permit the use or occupancy of the Premises by any party other than Tenant (any such assignment, encumbrance, sublease, license or the like shall sometimes be referred to as a
“Transfer”). Any Transfer without Landlord’s consent shall constitute an Event of Default by Tenant under this Lease, and in addition to all of Landlord’s other remedies at law, in equity or under this Lease, such Transfer
shall be voidable at Landlord’s election. In addition, this Lease shall not, nor shall any interest of Tenant herein, be assignable by operation of law without the written consent of Landlord. 

14.2 Landlord’s Options. If at any time or from time to time during the Term, Tenant desires to effect a
Transfer, Tenant shall deliver to Landlord written notice (“Transfer Notice”) setting forth the terms and provisions of the proposed Transfer and the identity of the proposed assignee, sublessee or other transferee (sometimes
referred to hereinafter as a “Transferee”). Tenant shall also deliver to Landlord, with the Transfer Notice, a current financial statement and financial statements for the preceding two (2) years (if available) of the
Transferee which have been certified by Transferee, or, if available, certified by an independent accounting firm and such other information concerning the business background and financial condition of the proposed Transferee as Landlord may
reasonably request. Landlord shall within fifteen (15) days after Landlord’s receipt of the Transfer Notice, such financial statements and other information, either approve or disapprove such Transfer, which approval shall not be
unreasonably withheld or conditioned. 
 14.3 Additional Conditions; Excess Rent. If Landlord approves of the proposed Transfer
pursuant to Section 14.2(a) above, Tenant may enter into the proposed Transfer with such proposed Transferee subject to the following further conditions: 

(a) the Transfer shall be on materially the same terms set forth in the Transfer Notice delivered to Landlord (if the terms have materially
changed, Tenant must submit a revised Transfer Notice to Landlord and Landlord shall have another ten (10) days after receipt thereof to make the election in Sections 14.2 above); 

(b) no Transfer shall be valid and no Transferee shall take possession of the Premises until an executed counterpart of the assignment,
sublease or other instrument affecting the Transfer has been delivered to Landlord pursuant to which the Transferee shall expressly assume all of Tenant’s obligations under this Lease after the date such assignment is effective (in the event of
an assignment) or the Transferee shall confirm the sublease is subject and subordinate to this Lease (with respect to a sublease); 
 (c) no
Transferee shall have a further right to assign, encumber or sublet, except on the terms herein contained; and 
 (d) except in connection
with a Permitted Transfer, fifty percent (50%) of all rent or other economic consideration received by Tenant as a result of such Transfer which exceeds, in the aggregate, (i) the total Monthly Basic Rent and Expenses which Tenant is obligated
to pay Landlord under this Lease (prorated to reflect obligations allocable to any portion of the Premises subleased), plus (ii) any actual and reasonable brokerage commissions, actual and reasonable attorney fees, advertising costs not
included in the brokerage commissions and tenant improvement allowances or the cost of work to prepare the applicable portion of the Premises for 

  
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occupancy by the Transferee (or otherwise performed by Tenant and which reasonably benefits the Transfer) which is actually paid by Tenant in connection with such Transfer, shall be paid to
Landlord within ten (10) days after receipt thereof as Additional Rent under this Lease, without affecting or reducing any other obligations of Tenant hereunder. For purposes of calculating the “profit sharing” in this section, Base
Rent shall be deemed to have not been abated pursuant to Section 3.3 or any other provision of this Lease. 
 14.4
Reasonable Disapproval. Landlord and Tenant hereby acknowledge that Landlord’s disapproval of any proposed Transfer pursuant to Section 14.2(a) shall be deemed reasonably withheld if based upon any
reasonable factor, including, without limitation, any or all of the following factors: (a) the proposed Transferee is a governmental entity; and (b) the use of the Premises by the Transferee is not permitted by the use provisions in
Section 6.1 hereof; or (c) the Transferee does not have the financial capability to fulfill the obligations imposed by the Transfer. 

14.5 No Release. No Transfer shall release Tenant of Tenant’s obligations under this Lease or alter the primary liability of
Tenant to pay the rent and to perform all other obligations to be performed by Tenant hereunder. Landlord may require that, upon the occurrence and during the continuance of any Event of Default by Tenant under this Lease, any Transferee remit
directly to Landlord on a monthly basis, all monies due Tenant by said Transferee, and each sublease shall provide that if Landlord gives said subtenant written notice that Tenant is in default under this Lease beyond applicable notice and cure
periods, said subtenant will thereafter make all payments due under the sublease directly to or as directed by Landlord, which payments will be credited against any payments due under this Lease. Upon the execution of a sublease, Tenant irrevocably
and unconditionally assigns to Landlord all rents and other sums payable under such sublease of the Premises; provided, however, that Landlord hereby grants Tenant a license to collect all such rents and other sums so long as Tenant is not in
default under this Lease beyond any applicable notice and cure period. Tenant shall, within ten (10) days after the execution and delivery of any assignment or sublease, deliver a duplicate original or otherwise genuine copy thereof to
Landlord. However, the acceptance of rent by Landlord from any other person shall not be deemed to be a waiver by Landlord of any provision hereof. Consent by Landlord to one Transfer shall not be deemed consent to any subsequent Transfer. In the
event of default by any Transferee of Tenant or any successor of Tenant in the performance of any of the terms hereof, Landlord may proceed directly against Tenant without the necessity of exhausting remedies against such Transferee or successor.
Landlord may consent to subsequent assignments of the Lease or sublettings or amendments or modifications to the Lease with assignees of Tenant, without notifying Tenant, or any successor of Tenant, and without obtaining its or their consent thereto
and any such actions shall not relieve Tenant of liability under this Lease. 
 14.6 Administrative and Attorneys’
Fees. If Tenant effects a Transfer or requests the consent of Landlord to any Transfer, then Tenant shall, upon demand, pay Landlord a non-refundable administrative fee of One Thousand Dollars
($1,000.00), plus any reasonable out of pocket attorneys’ and paralegal fees and costs incurred by Landlord in connection with such Transfer or request for consent which exceeds One Thousand Dollars ($1,000.00). Acceptance of the $1,000.00
administrative fee and reimbursement of Landlord’s attorneys’ and paralegal fees shall in no event obligate Landlord to consent to any proposed Transfer. 

  
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 14.7 Material Inducement. Tenant understands, acknowledges and agrees that
(a) Landlord’s option to terminate this Lease upon any proposed assignment of this Lease or Sublease of all or substantially all of the Premises for substantially the remaining term as provided in Section 14.2(b)
above rather than approve the proposed Sublease, and (b) Landlord’s right to receive any excess consideration paid by a Transferee in connection with an approved Transfer as provided in Section 14.3(d) above, are
a material inducement for Landlord’s agreement to lease the Premises to Tenant upon the terms and conditions herein set forth. 
 14.8
Permitted Transfer. Notwithstanding the provisions of Section 14 to the contrary, Tenant may assign this Lease, without Landlord’s consent and without releasing Tenant of any liability under this Lease,
(a) to a parent or subsidiary of Tenant or the parent or subsidiary of any corporation that controls, is controlled by or is under common control with Tenant, or (b) to any corporation or other entity resulting from a merger,
reorganization or consolidation with Tenant, or to any person or entity that acquires all or substantially all the assets of Tenant’s business as a going concern or substantially all its stock, provided that: (i) Tenant shall not be in an
Event of Default in the performance of any of its obligations under this Lease at the time of the assignment; (ii) the net worth of the Transferee is substantially equal to or greater than the net worth (computed in accordance with generally
accepted accounting principles, consistently applied (but excluding goodwill as an asset)) on the date just prior to the assignment or date of the Lease; (iii) at least fifteen (15) days prior to the effective date of such assignment,
Tenant shall furnish Landlord with the name of the Transferee and a written certification from an officer of Tenant certifying (A) the manner in which the proposed Transferee is affiliated with Tenant, (B) that the type of business
conducted in the Premises and the density of personnel in the Premises will not materially change as a result of such assignment, and (C) the Transferee as the net worth required herein and proof satisfactory to Landlord of such net worth;
(iv) the Transferee assumes, in full, the obligations of Tenant under this Lease; and (v) the use of the Premises remains unchanged. An assignment of this Lease pursuant to this Section 14.8 shall be referred to
as a “Permitted Transfer” and an assignee pursuant to a Permitted Transfer shall be referred to as a “Permitted Transferee”. The provisions of Sections 14.2 and 14.3(d) shall not apply to a
Permitted Transfer 
 15. Entry by Landlord. Landlord and its employees and agents shall at all reasonable times have the right to enter the Premises
to inspect the same, to supply any service required to be provided by Landlord to Tenant under this Lease, to exhibit the Premises to prospective lenders or purchasers (or during the last year of the Term, to prospective tenants), to post notices of
non-responsibility, and/or to repair the Premises or to alter, improve or repair any other portion of the Building or Project, all without being deemed guilty of or liable for any breach of Landlord’s
covenant of quiet enjoyment or any eviction of Tenant, and without abatement of rent; provided Landlord complies with its obligations hereunder. In exercising such entry rights, Landlord shall not unreasonably interfere with the normal operation of
Tenant’s business or Tenant’s access to the Premises and shall comply with Tenant’s reasonable security and safety measures, and shall provide Tenant with reasonable advance notice of such entry of not less than one (1) business
day (except in emergency situations). For each of the foregoing purposes, Landlord shall at all times have and retain a key with which to unlock all of the doors in, upon and about the Premises, excluding Tenant’s vaults and safes and
designated secure or confidential areas, and Landlord shall have the means which Landlord may deem proper to open said doors in an emergency in order to obtain entry to the Premises. Any entry to the Premises obtained by Landlord by any of said
means 

  
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or otherwise shall not under any circumstances be construed or deemed to be a forcible or unlawful entry into, or a detainer of, the Premises, or an eviction of Tenant from the Premises or any
portion thereof, or grounds for any abatement or reduction of rent or termination of the Lease and Landlord shall not have any liability to Tenant for any damages or losses on account of any such entry by Landlord except, subject to the provisions
of Section 22.1, to the extent of Landlord’s negligence or willful misconduct. 
 16. Utilities and Services. 

16.1 Standard Utilities and Services. As long as this Lease remains in full force and effect, and subject to the terms and
conditions of this Lease, and the obligations of Tenant as set forth herein below, Landlord shall furnish or cause to be furnished to the Premises the following utilities and services (“Building Services”): 

(a) Access to the Premises by Tenant, twenty-four (24) hours per day, seven days per week. 

(b) Landlord may provide, but is not obligated to provide, security service or protection in the Project (but not for the interior of the
Building), in any manner deemed reasonable by Landlord, from the Commencement Date throughout the Term, so long as the foregoing does not interfere with Tenant’s security protocols and procedures. 

16.2 Utilities and Janitorial. Landlord shall have no obligation to provide any utilities or services to the Premises other than
the Building Services as provided above. Tenant shall be responsible to contract with and obtain directly from the utility provide, at its sole cost and expense, for any electricity, water and gas to the Premises which utilities are separately
metered to the Premises or in the case of water, the Building Common Areas as well. In no event shall Tenant’s use of electric current ever exceed the capacity of the feeders to the Building or the risers or wiring installation of the Building,
unless Tenant elects to increase that capacity. Landlord agrees to reasonably cooperate, at no cost to Landlord, with any Tenant election to increase the electrical service to the Building. Tenant shall obtain, at its sole cost and expense, its own
janitorial and trash removal services for the Premises. Sewer s covered in the Real Property Taxes to be paid by Tenant as part of Expenses. 

16.3 Utility Rationing. Tenant acknowledges that the Premises and/or the Building may become subject to the rationing of utility
services or restrictions on utility use as required by a public utility company, governmental agency or other similar entity having jurisdiction thereof. Tenant acknowledges and agrees that its tenancy and occupancy hereunder shall be subject to
such rationing or restrictions as may be imposed upon Landlord, Tenant, the Premises and/or the Building by such entities, and, except as otherwise provided herein, Tenant shall in no event be excused or relieved from any covenant or obligation to
be kept or performed by Tenant by reason of any such rationing or restrictions. Tenant agrees to comply with reasonable energy conservation programs implemented by reason of rationing, restrictions or Laws by any applicable governmental agency. 

  
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 16.4 Intentionally deleted. 

16.5 Failure to Provide Utilities. Tenant shall not be entitled to any abatement or reduction of Rent, no eviction of Tenant shall
result, and Tenant shall not be relieved from the performance of any other covenant or agreement in this Lease. Tenant hereby waives the provisions of California Civil Code Section 1932(1) or any other applicable existing or future law,
ordinance or governmental regulation permitting the termination of this Lease due to an interruption, failure or inability to provide any services. Notwithstanding anything to the contrary in this Lease, in the event that an interruption in
utility services that Landlord is required to provide, if any, (“Interruption”) is due to the active negligent acts or omissions (where there is a duty to act) of Landlord or its employees, agents, representatives, contractors,
licensees or invitees (“Agents”), such that it renders the whole or any material portion of the Premises untenantable for the purposes intended hereunder then after a period of five (5) consecutive business days after receipt
by Landlord of written notice of such untenantability from Tenant, the Monthly Basic Rent shall abate (as to the proportion that the square footage of the Premises untenantable for the purposes intended hereunder as a result of an Interruption bears
to the total square footage of the Premises) starting on the sixth (6th) business day until the date that such Interruption is remedied. In no event shall Tenant be entitled to abatement if the Interruption is caused in whole or in part by Tenant or
Tenant’s Agents. Tenant agrees that the rental abatement described in this Section shall be Tenant’s sole remedy in the event of an Interruption. Notwithstanding anything to the contrary, Tenant shall waive and release Landlord from and
against, all claims of rental abatement as provided above to the extent actually covered by Tenant’s business interruption insurance. Tenant shall have the exclusive right to select, and to change, the companies providing such services to the
Building or Premises (provided, however, any such service contract or agreement which extends beyond the Term must be cancellable upon (a) thirty (30) days’ notice without payment of a termination fee or (b) the sale of the Premises).

 17. Indemnification and Exculpation. 

17.1 Tenant’s Assumption of Risk and Waiver. Subject to the terms of Section 22 and
unless caused by the gross negligence or willful misconduct of Landlord, its agents, employees or contractors, or a violation of Landlord’s obligations or representations under this Lease, Landlord shall not be liable to Tenant or any Tenant
Parties for: (i) any damage to property of Tenant, or of others, located in, on or about the Premises, nor for (ii) the loss of or damage to any property of Tenant or of others by theft or otherwise, (iii) any injury or damage to
persons or property resulting from fire, explosion, falling plaster, steam, gas, electricity, water, rain or leaks from any part of the Premises or from the pipes, appliance of plumbing works or from the roof, street or subsurface or from any other
places or by dampness or by any other cause of whatsoever nature, or (iv) any such damage caused by occupants of adjacent property, or the public, or caused by operations in construction of any private, public or quasi-public work. Landlord
shall in no event be liable to Tenant for any consequential damages or for loss of revenue or income and Tenant waives any and all claims for any such damages. Notwithstanding anything to the contrary contained in this
Section 17.1, all property of Tenant, its agents, employees and invitees kept or stored on the Premises, whether leased or owned by any such parties, shall be so kept or stored at the sole risk of Tenant. 

  
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 17.2 Tenant’s Indemnification of Landlord. Except to the
extent caused by the gross negligence or willful misconduct of Landlord, its agents, employees or contractors or a violation of Landlord’s obligations or representations under this Lease, Tenant shall be liable for, and shall indemnify, defend,
protect and hold Landlord and Landlord Indemnified Parties harmless from and against, any and all claims, damages, judgments, suits, causes of action, losses, liabilities and expenses, including attorneys’ fees and court costs (collectively,
“Indemnified Claims”), arising or resulting from (a) any occurrence at the Premises, (b) any act or omission of Tenant or any of Tenant Parties; (c) the use of the Premises and Common Areas and conduct of
Tenant’s business by Tenant or any Tenant Parties, or any other activity, work or thing done, permitted or suffered by Tenant or any Tenant Parties, in or about the Premises, the Building or elsewhere in the Project; and/or (d) any default
by Tenant of any obligations on Tenant’s part to be performed under the terms of this Lease. The foregoing indemnification shall include, but not be limited to, any injury to, or death of, any person, or any loss of, or damage to, any property
on the Premises, or on adjoining sidewalks, streets or ways, or connected with the use, condition or occupancy thereof, arising therefrom whether or not Landlord or its mortgagee has or should have knowledge or notice of the defect or conditions
causing or contributing to such injury, death, loss or damage. In case any action or proceeding is brought against Landlord or any Landlord Indemnified Parties by reason of any such Indemnified Claims, Tenant, upon notice from Landlord, shall defend
the same at Tenant’s expense by counsel reasonably acceptable to Landlord. 
 17.3 Survival; No Release of Insurers. The
indemnification obligations under Section 17.2 shall survive the expiration or earlier termination of this Lease. Tenant’s covenants, agreements and indemnification in Sections 17.1 and 17.2
above are not intended to and shall not relieve any insurance carrier of its obligations under policies required to be carried by Tenant pursuant to the provisions of this Lease. 

18. Damage or Destruction. 
 18.1
Landlord’s Rights and Obligations. In the event the Premises or any part of the Building is damaged by fire or other casualty to an extent not exceeding twenty-five percent (25%) of the full replacement cost thereof,
and Landlord’s contractor estimates in a writing delivered to the parties that the damage thereto is such that the Building and/or Premises may be repaired, reconstructed or restored to substantially its condition immediately prior to such
damage within two hundred forty (240) days from the date of such casualty, and Landlord will receive insurance proceeds (other than deductibles under Landlord’s policies and uninsured amounts or claims adjustments that create a shortfall
of not more than five percent (5%) of the replacement value of the Building) sufficient to cover the costs of such repairs, reconstruction and restoration (including proceeds from Tenant and/or Tenant’s insurance which Tenant is required to
deliver to Landlord pursuant to Section 18.2 below and deductible as capped in Section 4.6, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and
restoration and this Lease shall continue in full force and effect. If, however, the Premises or any other part of the Building is damaged to an extent exceeding twenty-five percent (25%) of the full replacement cost thereof, or Landlord’s
contractor estimates that such work of repair, reconstruction and restoration will require longer than two hundred forty (240) days to complete, or Landlord will not receive insurance proceeds (and/or proceeds from Tenant, as applicable)
sufficient to cover the costs of such repairs, reconstruction and restoration (other than deductibles under Landlord’s policies and uninsured amounts or claims adjustments that create a shortfall of not more than five percent (5%) of the
replacement value of the Building), then Landlord may elect to either: 

  
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 (a) repair, reconstruct and restore the portion of the Building and Premises damaged by such
casualty (including the Tenant Improvements and, to the extent of insurance proceeds received from Tenant or required to be maintained by Landlord, Tenant Changes), in which case this Lease shall continue in full force and effect; or 

(b) terminate this Lease effective as of the date which is thirty (30) days after Tenant’s receipt of Landlord’s election to so
terminate. 
 Under any of the conditions of this Section 18.1, Landlord shall give written notice to Tenant of its intention to
repair or terminate within fifteen (15) days after Landlord’s receipt of the estimate from Landlord’s contractor. Notwithstanding anything to the contrary in this Article 18, Landlord shall not have the right to terminate this Lease
if the damage to the Building is due to a risk required that would typically covered by a Causes of Loss-Special Form policy of real property insurance. 

18.2 Tenant’s Costs and Insurance Proceeds. In the event of any damage or destruction of all or any part of the
Premises, Tenant shall promptly: (a) notify Landlord thereof; and (b) if Tenant elects to have Landlord repair damage to any Tenant Changes (including the Tenant Improvements) and this Lease is not terminated, deliver to Landlord
sufficient insurance proceeds received by Tenant with respect to the Tenant Changes in the Premises (excluding proceeds for Tenant’s furniture, trade fixtures, equipment and other personal property). If, for any reason (including Tenant’s
failure to obtain insurance for the full replacement cost of any Tenant Changes which Tenant is required to insure pursuant to Sections 12.1(c) and/or 20.1(a) hereof), Tenant fails to receive insurance proceeds covering the
full replacement cost of such Tenant Changes which are damaged, Tenant shall be deemed to have self-insured the replacement cost of such Tenant Changes. If this Lease terminates due to a casualty, all insurance proceeds with respect to alterations
and improvements paid for by Tenant shall be payable to Tenant. 
 18.3 Abatement of Rent. In the event that as a result of any
such damage, repair, reconstruction and/or restoration of the Premises or the Building, Tenant is unable to use the Premises or any portion thereof, as intended, then the Rent shall be equitably abated or reduced, as the case may be, during the
period that Tenant’s use of the Premises is diminished as prorated to the extent that Tenant’s use of the Premises is diminished. Except for abatement of Rent as provided hereinabove, Tenant shall not be entitled to any compensation or
damages for loss of, or interference with, Tenant’s business or use or access of all or any part of the Premises resulting from any such damage, repair, reconstruction or restoration. 

18.4 Inability to Complete. Provided Tenant is not in default hereunder and that the damage was not caused by an act or omission of
Tenant or a Tenant Party, in the event Landlord is obligated or elects to repair, reconstruct and/or restore the damaged portion of the Building or Premises pursuant to Section 18.1 above, but reasonably expects to complete
such repair, reconstruction and/or restoration to take more than two -hundred forty (240) days from the date of the casualty (or such repair actually takes longer than such period), Landlord shall provide Tenant with notice thereof, and then
Tenant may elect to terminate this Lease upon thirty (30) days prior written notice to Landlord, provided that such termination notice is delivered within ten (10) days of Landlord’s delivery of the notice of restoration timing to
Tenant or ten (10) days after the expiration of such 240 day period, as applicable. 

  
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 18.5 Damage Near End of Term. In addition to the termination rights in
Sections 18.1 and 18.4 above, both Landlord and Tenant shall have the right to terminate this Lease if any damage to the Building or Premises occurs during the last twelve (12) months of the Term of this Lease and
Landlord’s contractor estimates in a writing delivered to the parties that the repair, reconstruction or restoration of such damage cannot be completed by the scheduled Expiration Date of the Term, provided, that, Landlord’s election to
terminate this Lease pursuant to this Section 18.5 shall be deemed withdrawn and Landlord shall be required to perform such repairs, restoration or reconstruction, if, after receipt of Landlord’s notice to termination,
Tenant elects to exercise any option to extend the Term of the Lease under Section 2.2, above. 
 18.6 Waiver of
Termination Right. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction. Accordingly, the parties hereby waive the provisions of California Civil Code
Sections 1932(2) and 1933(4) (and any successor statutes thereof permitting the parties to terminate this Lease as a result of any damage or destruction). 

19. Eminent Domain. 
 19.1 Substantial
Taking. Subject to the provisions of Section 19.4 below, in case the whole of the Premises, or such part thereof as shall substantially interfere with Tenant’s use and occupancy of the Premises, shall be taken
for any public or quasi-public purpose by any lawful power or authority by exercise of the right of appropriation, condemnation or eminent domain, or sold to prevent such taking, either party shall have the right to terminate this Lease effective as
of the date possession is required to be surrendered to said authority by notice served upon the other within thirty (30) days of the actual physical taking. 

19.2 Partial Taking; Abatement of Rent. In the event of a taking of a portion of the Premises which does not substantially
interfere with the conduct of Tenant’s business, then, except as otherwise provided in the immediately following sentence, neither party shall have the right to terminate this Lease and Landlord shall thereafter proceed to make a functional
unit of the remaining portion of the Premises, and Monthly Basic Rent shall be abated with respect to the part of the Premises which Tenant shall be so deprived on account of such taking. Notwithstanding the immediately preceding sentence to the
contrary, if more than fifty percent (50%) of the Building (whether or not such taking substantially interferes with Tenant’s use of the Premises), Landlord may terminate this Lease upon thirty (30) days’ prior written notice to
Tenant. 
 19.3 Condemnation Award. Subject to the provisions of Section 19.4 below, in connection with
any taking of the Premises or Building, except with respect to that portion of any award allocable to Tenant Changes or other alterations or improvements paid by Tenant that are above the value of those Tenant Changes needed to have the Premises
valued as a part office and high tech manufacturing facility as described in Section 2.2 (e). Landlord shall be entitled to receive the entire amount of any award which may be made or given in such taking or condemnation,
without deduction or apportionment for any estate or interest of Tenant, it being expressly understood and agreed by Tenant that no portion of any such award shall be allowed or paid to Tenant for any
so-called bonus or excess value of this Lease, and such bonus or excess value shall be the sole property of Landlord. If any portion of the Premises is taken, Tenant shall also have the right to recover from
the condemning authority (but not from Landlord) any compensation as may be separately awarded or recoverable by Tenant for the taking of Tenant’s furniture, fixtures, equipment and other personal property within the Premises, for Tenant’s
relocation expenses, and other damage to Tenant’s business by reason of such taking. 

  
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 19.4 Temporary Taking. In the event of a taking of the Premises or any part
thereof for temporary use, (a) this Lease shall be and remain unaffected thereby and Rent shall not abate, and (b) Tenant shall be entitled to receive for itself such portion or portions of any award made for such use with respect to the
period of the taking which is within the Term. For purpose of this Section 19.4, a temporary taking shall be defined as a taking for a period of ninety (90) days or less. 

19.5 Waiver of Termination Right. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event
of a taking. Accordingly, the parties waive the provisions of the California Code of Civil Procedure Section 1265.130, and any successor or similar statutes permitting the parties to terminate this Lease as a result of a taking. 

20. Tenant’s Insurance. 

20.1 Types of Insurance. On or before the earlier of the Commencement Date or the date Tenant commences or causes to be commenced
any work of any type in or on the Premises pursuant to this Lease, and continuing during the entire Term, Tenant shall obtain and keep in full force and effect, the following insurance: 

(a) Special Form (formerly known as All Risk) insurance, including fire and extended coverage, sprinkler leakage (including earthquake
sprinkler leakage), vandalism, and malicious mischief upon property of every description and kind owned by Tenant and located in the Premises or Building, or for which Tenant is legally liable or which is installed by or on behalf of Tenant
including, without limitation, furniture, equipment and any other personal property, and any Tenant Changes, in an amount not less than the full replacement cost thereof. 

(b) Commercial general liability insurance coverage on an occurrence basis, including personal injury, bodily injury (including wrongful
death), broad form property damage, operations hazard, contractual liability (including Tenant’s indemnification obligations under this Lease, including Section 17 hereof), and liquor liability (if Tenant serves
alcohol on the Premises), with an initial combined single limit of liability of not less than Five Million Dollars ($5,000,000.00) per occurrence and Five Million Dollars ($5,000,000.00) in aggregate. This coverage may be obtained through a separate
policy or in combination with another excess liability or umbrella policy. 
 (c) Worker’s compensation and employer’s liability
insurance, in statutory amounts and limits, covering all persons employed in connection with any work done on or about the Premises for which claims for death or bodily injury could be asserted against Landlord, Tenant or the Premises. 

(d) Extra expense and business interruption insurance in such amounts as will reimburse Tenant for direct or indirect loss attributable to
prevention of access to the Premises, Tenant’s parking areas or to the Building as a result of such perils commonly insured against by reasonably prudent tenants for a period of at least twelve (12) months. 

  
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 20.2 Requirements. Each policy required to be obtained by Tenant hereunder
shall: (a) be issued by insurers which are authorized to do business in the state in which the Building is located and rated not less than financial class VII, and not less than policyholder rating A- in
the most recent version of Best’s Key Rating Guide; (b) name Tenant as named insured thereunder and, with respect to liability insurance only, shall name Landlord and, at Landlord’s request, such other persons or entities of which
Tenant has been informed in writing, as additional insureds there under, all as their respective interests may appear; (c) specifically provide that the insurance afforded by such policy for the benefit of Landlord and any other additional
insureds shall be primary, and any insurance carried by Landlord or any other additional insureds shall be excess and non-contributing; with respect to the coverage required under
Section 20.1(a), contain an endorsement or other provision that the insurer waives its right to subrogation as described in Section 22 below or that Tenant’s waiver in
Section 22.1 below does not invalidate such coverage; (d) to the extent commercially available without a material increase in costs, require the insurer to notify Landlord (and any other additional Insureds) in writing
not less than thirty (30) days prior to any material change, reduction in coverage, cancelation or other termination thereof ((provided, that, Tenant shall not be required to change or reject any insurance provide due to such insurer’s
refusal to agree to the foregoing, instead, if such provision is not commercially obtainable from Tenant’s insurer, then Tenant covenants to send written notice to Landlord of any such event within the aforesaid prescribed time frame); (e)
contain a cross liability or severability of interest endorsement; and (f) be in amounts sufficient at all times to satisfy any coinsurance requirements thereof. To the extent reasonably obtainable, each such policy shall also provide that any
loss otherwise payable there under shall be payable notwithstanding (i) any act or omission of Landlord or Tenant which might, absent such provision, result in a forfeiture of all or a part of such insurance payment, (ii) the occupation or
use of the Premises for purposes more hazardous than permitted by the provisions of such policy, (iii) any foreclosure or other action or proceeding taken by any mortgagee pursuant to any provision of the mortgage upon the happening of a
default thereunder, or (iv) any change in title or ownership of the Premises. Tenant agrees to deliver to Landlord, as soon as practicable after the placing of the required insurance, but in no event later than the date Tenant is required to
obtain such insurance as set forth in Section 20.1 above, certificates from the insurance company evidencing the existence of such insurance and Tenant’s compliance with the foregoing provisions of this
Section 20. Tenant shall cause replacement policies or certificates to be delivered to Landlord prior to the expiration of any such policy or policies. If any such initial or replacement policies or certificates are not
furnished within the time(s) specified herein, Landlord shall have the right, but not the obligation, to procure such policies and certificates at Tenant’s expense. 

20.3 Effect on Insurance. Tenant shall not do or permit to be done anything which will invalidate any insurance policy maintained
by Landlord or Tenant hereunder. If Tenant’s manner of use of or conduct of its business in or on the Premises results in any material increase in premiums for any insurance carried by Landlord with respect to the Building or the Project,
Tenant shall pay such increase as Additional Rent upon demand. If any insurance coverage carried by Landlord with respect to the Building or the Project shall be canceled or reduced (or cancelation or reduction thereof shall be threatened) by reason
of the manner of use of or conduct of its business on or in the Premises by Tenant or by anyone permitted by Tenant to be upon the Premises, and if Tenant fails to remedy such condition within ten (10) business days after notice thereof, Tenant
shall be deemed to be in default under this Lease, without the benefit of any additional notice or cure period specified in Section 23.1 below, and Landlord shall have all remedies provided in this Lease, at law or in
equity, including, without limitation, the right (but not the obligation) to enter upon the Premises and attempt to remedy such condition at Tenant’s cost. 

  
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 20.4 Landlord’s Insurance. Landlord shall obtain and keep in full force and
effect, Special Form (formerly known as All Risk) insurance, including fire and extended coverage, sprinkler leakage (including earthquake sprinkler leakage), vandalism, and malicious mischief upon the Building, excluding Tenant’s property
required to be insured by Tenant pursuant to Section 20.1(a) above, in an amount not less than the full replacement cost thereof. 

21. [Intentionally omitted.]  
 22. Waiver of Claims;
Waiver of Subrogation. 
 22.1 Mutual Waiver of Parties. Notwithstanding anything to the contrary in this Lease, Landlord and
Tenant hereby waive their rights against each other and their respective agents, contractors, employees, tenants, subtenants, successors, assignees with respect to any claims or damages or losses to any property which are caused by or result from
any risk is actually insured against, which is required to be insured against under this Lease, or which would normally be covered by all risk property insurance, without regard to the negligence or willful misconduct of the entity so released. The
foregoing waivers shall be in addition to, and not a limitation of, any other waivers or releases contained in this Lease. All of Landlord’s and Tenant’s repair covered or required to be covered by insurance, and indemnity obligations
under this Lease shall be subject to the waiver contained in this paragraph, including by Tenant, any repairs necessary where Tenant’s vacating the Premises leads to Landlord’s loss of coverage for vandalism. 

22.2 Waiver of Insurers. Each party shall cause each property insurance policy (other than the commercial general liability
insurance) obtained by it to provide that the insurer waives all rights of recovery by way of subrogation against either Landlord or Tenant, as the case may be (or agrees that the coverage under such policy shall not be invalidated by the waivers
set forth in Section 22.1 above), in connection with any claims, losses and damages covered by such policy or which would have been covered by such property insurance policy had such party obtained and maintained the
insurance policy it was required to obtain and maintain (whichever is greater). 
 23. Tenant’s Default and
Landlord’s Remedies. 
 23.1 Tenant’s Default. The occurrence of any one or more of the
following events shall constitute a default and breach under this Lease by Tenant (“Event of Default”): 
 (a) abandonment
of the Premises by Tenant. Abandonment is herein defined as set forth in Section 1951.35 of the California Civil Code. 

(b) the failure by Tenant to make any payment of Rent or any other payment required to be made by Tenant hereunder, when such failure continues
for five (5) days after written notice thereof from Landlord that such payment was not received when due; 

  
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 (c) the failure by Tenant to observe or perform any of the express or implied covenants or
provisions of this Lease to be observed or performed by Tenant, other than as otherwise specified in this Section 23.1, where such failure shall continue for a period of thirty (30) days after written notice thereof from
Landlord to Tenant; provided, however, that, if the nature of Tenant’s default is such that more than thirty (30) days are reasonably required for its cure, then Tenant shall not be deemed to be in default if Tenant shall commence such
cure within said thirty (30) day period and thereafter diligently prosecute such cure to completion; 
 (d) (i) the making by
Tenant of any general assignment for the benefit of creditors, (ii) the filing by or against Tenant of a petition to have Tenant adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless,
in the case of a petition filed against the Tenant, the same is dismissed within sixty (60) days), (iii) the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of
Tenant’s interest in this Lease where possession is not restored to Tenant within sixty (60) days, or (iv) the attachment, execution or other judicial seizure of substantially all of Tenant’s assets located at the Premises or of
Tenant’s interest in this Lease where such seizure is not discharged within sixty (60) days; 
 (e) intentionally deleted;

 (f) Tenant shall be liquidated or dissolved or shall begin proceedings towards its liquidation or dissolution; 

(g) intentioanlly deleted; 
 (h)
Any insurance required to be maintained by Tenant pursuant to this Lease shall be canceled or terminated or shall expire or be reduced or materially changed and not be replaced with insurance meeting the requirements in the Lease within ten
(10) days after written notice of such cancelation, termination or reduction; 
 (i) Any failure by Tenant to execute and deliver such
documents set forth in Sections 25 and 26 and such failure continues for three (3) business days after written notice thereof from Landlord; and 

(j) Any failure by Tenant to discharge any lien or encumbrance placed on the Building or any part thereof in violation of this Lease within
thirty (30) days after the date such lien or encumbrance is filed or recorded against the Building or any part thereof. 
 Any notice sent by Landlord
to Tenant pursuant to this Section 23 shall be in lieu of, and not in addition to, any notice required under California Code of Civil Procedure, Section 1161. 

23.2 Landlord’s Remedies; Termination. In the Event of Default, in addition to any other remedies available to
Landlord under this Lease, at law or in equity, Landlord shall have the immediate option to terminate this Lease and all rights of Tenant hereunder. In the event that Landlord shall elect to so terminate this Lease, then Landlord may recover from
Tenant: 
 (a) the worth at the time of award of any unpaid rent which had been earned at the time of such termination; plus 

  
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 (b) the worth at the time of the award of the amount by which the unpaid rent which would
have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus 

(c) the worth at the time of award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the
amount of such rental loss that Tenant proves could be reasonably avoided; plus 
 (d) any other amount necessary to compensate Landlord for
all the detriment proximately caused by Tenant’s failure to perform its obligations under this Lease or which, in the ordinary course of things, would be likely to result there from, including, but not limited to: reasonable attorneys’
fees; brokers’ commissions; the costs of refurbishment, alterations, renovation and repair of the Premises to the extent of damage beyond ordinary wear and tear; and removal (including the repair of any damage caused by such removal) and
storage (or disposal) of Tenant’s personal property, equipment, fixtures, Tenant Changes, Tenant Improvements and any other items which Tenant is required under this Lease to remove but does not remove. 

As used in Sections 23.2(a) and 23.2(b) above, the “worth at the time of award” is computed by allowing interest at the
Interest Rate set forth in Section 1.13 of the Summary. As used in Section 23.2(c) above, the “worth at the time of award” is computed by discounting such amount at the discount rate of
the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%). 
 23.3 Landlord’s Remedies; Re-Entry Rights. In the Event of Default by Tenant, in addition to any other remedies available to Landlord under this Lease, at law or in equity, Landlord shall also have the right, with or without
terminating this Lease, to re-enter the Premises and remove all persons and property from the Premises; such property may be removed, stored and/or disposed of pursuant to
Section 12.4 or any other procedures to the extent permitted by applicable law. No re-entry or taking possession of the Premises by Landlord pursuant to this
Section 23.3, and no acceptance of surrender of the Premises or other action on Landlord’s part, shall be construed as an election to terminate this Lease unless a written notice of such intention be given to Tenant or
unless the termination thereof be decreed by a court of competent jurisdiction. 
 23.4 Landlord’s Remedies;
Continuation of Lease. In the Event of Default, in addition to any other remedies available to Landlord under this Lease, at law or in equity, Landlord shall have the right to continue this Lease in full force and effect, whether or not
Tenant shall have abandoned the Premises. The foregoing remedy shall also be available to Landlord pursuant to California Civil Code Section 1951.4 (Landlord may continue this Lease in effect after an Event of Default and abandonment and
recover rent as it becomes due), and any successor statute thereof in the event Tenant has abandoned the Premises. In the event Landlord elects to continue this Lease in full force and effect pursuant to this Section 23.4,
then Landlord shall be entitled to enforce all of its rights and remedies under this Lease, including the right to recover rent as it becomes due. Landlord’s election not to terminate this Lease pursuant to this
Section 23.4 or pursuant to any other provision of this Lease, at law or in equity, shall not preclude Landlord from subsequently electing to terminate this Lease or pursuing any of its other remedies. 

  
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 23.5 Landlord’s Right to Perform. Except as specifically
provided otherwise in this Lease, all covenants and agreements by Tenant under this Lease shall be performed by Tenant at Tenant’s sole cost and expense and without any abatement or offset of Rent. Except for the payment of Rent hereunder, if
Tenant shall fail to perform any obligations to be performed by Tenant hereunder within the applicable cure period after Tenant’s receipt of written notice thereof from Landlord, Landlord may, without waiving or releasing Tenant from any of
Tenant’s obligations, make such payment or perform such other act on behalf of Tenant. All sums so paid by Landlord and all necessary incidental costs incurred by Landlord in performing such other acts shall be payable by Tenant to Landlord
within ten (10) days after demand therefore as Additional Rent. 
 23.6 Interest. If any monthly installment of Rent payable
by Tenant hereunder is not received by Landlord by the date when due, it shall bear interest at the Interest Rate set forth in Section 1.13 of the Summary from the date due until paid. All interest, and any late charges
imposed pursuant to Section 23.7 below, shall be considered Additional Rent due from Tenant to Landlord under the terms of this Lease. 

23.7 Late Charges. Tenant acknowledges that, in addition to interest costs, the late payments by Tenant to Landlord of any Monthly
Basic Rent or other sums due under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to fix. Such other costs include, without limitation,
processing, administrative and accounting charges and late charges that may be imposed on Landlord by the terms of any mortgage, deed of trust or related loan documents encumbering the Premises, the Building or the Project. Accordingly, if any
monthly installment of Monthly Basic Rent or Expenses or any other amount payable by Tenant hereunder is not received by Landlord by the due date thereof, Tenant shall pay to Landlord an additional sum of six percent (6%) of the overdue amount as a
late charge, provided, however, no such late charge shall be payable for the first such instance in any twelve (12) month period unless such failure to pay continues for more than three (3) business days after written notice thereof. The
parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of any late payment as hereinabove referred to by Tenant, and the payment of late charges and interest are distinct and
separate in that the payment of interest is to compensate Landlord for the use of Landlord’s money by Tenant, while the payment of late charges is to compensate Landlord for Landlord’s processing, administrative and other costs incurred by
Landlord as a result of Tenant’s delinquent payments. Acceptance of a late charge or interest shall not constitute a waiver of Tenant’s default with respect to the overdue amount or prevent Landlord from exercising any of the other rights
and remedies available to Landlord under this Lease or at law or in equity now or hereafter in effect. 
 23.8 Rights and Remedies
Cumulative. All rights, options and remedies of Landlord contained in this Section 23 and elsewhere in this Lease shall be construed and held to be cumulative, and no one of them shall be exclusive of the other,
and Landlord shall have the right to pursue any one or all of such remedies or any other remedy or relief which may be provided by law or in equity, whether or not stated in this Lease. Nothing in this Section 23 shall be
deemed to limit or otherwise affect Tenant’s indemnification of Landlord pursuant to any provision of this Lease. 

  
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 23.9 Costs Upon Default. Tenant shall pay to Landlord as Additional Rent all the
expenses incurred by Landlord in connection with any default by Tenant hereunder that is not cured within the applicable notice and cure period or the exercise of any remedy by reason of any default by Tenant hereunder that is not cured within the
applicable notice and cure period, including reasonable attorneys’ fees and expenses. 
 24. Landlord’s Default. Landlord
shall not be in default in the performance of any obligation required to be performed by Landlord under this Lease unless Landlord has failed to perform such obligation within thirty (30) days after the receipt of written notice from Tenant
specifying in detail Landlord’s failure to perform; provided however, that, if the nature of Landlord’s obligation is such that more than thirty (30) days are required for its performance, then Landlord shall not be deemed in default
if it commences such performance within such thirty (30) day period and thereafter diligently pursues the same to completion (such failure, a “Landlord Default”). Upon any such uncured default by Landlord, Tenant may exercise
any of its rights provided at law or in equity; provided, however: (a) Tenant shall have no right to offset or abate rent in the event of any default by Landlord under the Lease; (b) Tenant shall have no right to terminate this Lease;
(c) Tenant’s rights and remedies hereunder shall be limited to the extent (i) Tenant has expressly waived in this Lease any of such rights or remedies and/or (ii) this Lease otherwise expressly limits Tenant’s rights or
remedies, including the limitation on Landlord’s liability contained in Section 31 hereof; and (d) in no event shall Landlord be liable for consequential damages. 

25. Subordination. 
 25.1 This Lease, at
Landlord’s option, shall be subordinate to the lien of any ground lease, mortgage, deed of trust, or any other hypothecation or security now or hereafter placed upon the Building or Site and to any and all advances made on the security thereof
and to all renewals, modifications, consolidations, replacements and extensions thereof. Notwithstanding such subordination, Tenant’s interest under this Lease and right to quiet possession of the Premises shall not be disturbed if Tenant is
not in default beyond any applicable notice and cure period, unless this Lease is otherwise terminated pursuant to its terms. If any mortgagee, trustee or ground lessor shall elect to have this Lease and any options granted hereby prior to the lien
of its mortgage, deed of trust or ground lease, and shall give written notice thereof to Tenant, this Lease and such option(s) shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease or such options are dated prior
or subsequent to the date of said mortgage, deed of trust or ground lease or the date of recording thereof. 
 Not later than thirty (30) days after the
Effective Date, Landlord shall deliver from any lenders or ground lessors of the Premises a written agreement in form reasonably satisfactory to Tenant providing for recognition of Tenant’s interests under this Lease in the event of a
foreclosure of the lender’s security interest or termination of the ground lease. Further, notwithstanding the foregoing, the subordination of this Lease to a ground lease or instrument of security shall be conditioned upon Tenant’s
receipt from any such ground lessors or lenders of such a recognition agreement. 
 25.2 Tenant agrees to execute any commercially reasonable
documents required to effectuate an attornment, a subordination, or to make this Lease granted herein prior to the lien of any mortgage, deed of trust or ground lease, as the case may be within ten (10) business days after written demand. 

  
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 26. Estoppel Certificate. 

26.1 Tenant’s Obligations. Within ten (10) business days following Landlord’s written request, Tenant
shall execute and deliver to Landlord an estoppel certificate provided by Landlord certifying: (a) the Commencement Date of this Lease; (b) that this Lease is unmodified and in full force and effect (or, if modified, that this Lease is in
full force and effect as modified, and stating the date and nature of such modifications); (c) the date to which the Rent and other sums payable under this Lease have been paid; (d) that there are not, to Tenant’s current actual knowledge,
any defaults under this Lease by either Landlord or Tenant, except as specified in such certificate; and (e) such other factual matters as are reasonably requested by Landlord. Any such estoppel certificate delivered pursuant to this
Section 26.1 may be relied upon by any mortgagee, beneficiary, purchaser or prospective purchaser of any portion of the Site, as well as their assignees. 

26.2 Landlord’s Obligations. Within ten (10) business days following Tenant’s written request, Landlord shall execute and
deliver to Tenant an estoppel certificate provided by Tenant certifying: (a) the Commencement Date of this Lease; (b) that this Lease is unmodified and in full force and effect (or, if modified, that this Lease is in full force and effect
as modified, and stating the date and nature of such modifications); (c) the date to which the Rent and other sums payable under this Lease have been received by Landlord; (d) that there are not, to Landlord’s current actual knowledge, any
defaults under this Lease by either Landlord or Tenant, except as specified in such certificate; and (e) such other factual matters as are reasonably requested by Tenant. 

27. Intentionally deleted. 
 28. Modification and Cure
Rights of Landlord’s Mortgagees and Lessors. 
 28.1 Modifications. If, in connection with Landlord’s
obtaining or entering into any financing or ground lease for any portion of the Building or Site, the lender or ground lessor shall request modifications to this Lease, Tenant shall, within ten (10) days after request therefore, execute an
amendment to this Lease including such modifications, provided such modifications are reasonable, do not increase the obligations of Tenant hereunder, modify the Term or Rent payable hereunder, or adversely affect the leasehold estate created hereby
or Tenant’s rights hereunder. 
 28.2 Cure Rights. In the event of any default on the part of Landlord for which Tenant
gives Landlord written notice, Tenant will give notice by registered or certified mail to any beneficiary of a deed of trust or mortgagee covering the Premises or ground lessor of Landlord whose address shall have been furnished to Tenant, and shall
offer such beneficiary, mortgagee or ground lessor a reasonable opportunity to cure the default and the same period of time to cure such default as Landlord. 

  
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 29. Quiet Use and Enjoyment. Landlord covenants, in lieu of any implied covenant of quiet
possession or quiet enjoyment, that so long as Tenant is in compliance with the covenants and conditions set forth in this Lease, Tenant shall have the right to quiet use and enjoyment of the Premises without hindrance or interference from Landlord
or those claiming through Landlord, subject to the covenants and conditions set forth in this Lease and to the rights of any superior lessors, beneficiaries, and mortgagees. 

30. Transfer of Landlord’s Interest. The term “Landlord” as used in this Lease, so far as covenants or
obligations on the part of the Landlord are concerned, shall be limited to mean and include only the owner or owners, at the time in question, of the fee title to, or a lessee’s interest in a ground lease of, the Site. In the event of any
transfer or conveyance of any such title or interest (other than a transfer for security purposes only) and the written assumption of this Lease by such transferee, the transferor shall be automatically relieved of all covenants and obligations on
the part of Landlord contained in this Lease accruing after the date of such transfer or conveyance provided Landlord provides Tenant notice of any such transfer. Landlord and Landlord’s transferees and assignees shall have the absolute right
to transfer all or any portion of their respective title and interest in the Site, the Building, the Premises and/or this Lease without the consent of Tenant, and such transfer or subsequent transfer shall not be deemed a violation on
Landlord’s part of any of the terms and conditions of this Lease. 
 31. Limitation on Landlord’s
Liability. Notwithstanding anything contained in this Lease to the contrary, the obligations of Landlord under this Lease (including any actual or alleged breach or default by Landlord) do not constitute personal obligations of the
individual partners, directors, officers, members or shareholders of Landlord or Landlord’s members or partners, and Tenant shall not seek recourse against the individual partners, directors, officers, members or shareholders of Landlord or
against Landlord’s members or partners or any other persons or entities having any interest in Landlord, or any of their personal assets for satisfaction of any liability with respect to this Lease. In addition, in consideration of the benefits
accruing hereunder to Tenant and notwithstanding anything contained in this Lease to the contrary, Tenant hereby covenants and agrees for itself and all of its successors and assigns that the liability of Landlord for its obligations under this
Lease (including any liability as a result of any actual or alleged failure, breach or default hereunder by Landlord), shall be limited solely to, and Tenant’s and its successors’ and assigns’ sole and exclusive remedy shall be
against, Landlord’s interest in the Building and the Site (together with all sales, insurance, condemnation, rent and other proceeds therefrom), and no other assets of Landlord. Notwithstanding any contrary provision herein, neither Landlord
nor the individual partners, directors, officers, members or shareholders of Landlord nor Landlord’s members or partners or any other persons or entities having any interest in Landlord, shall be liable under any circumstances for injury or
damage to, or interference with Tenant’s business, including but not limited to, loss of profits, loss of rents or other revenues, loss of business opportunity, loss of goodwill or loss of use, in each case, however occurring. 

32. Miscellaneous. 
 32.1 Governing
Law. This Lease shall be construed and interpreted in accordance with the laws of the State of California. The parties acknowledge and agree that no rule of construction to the effect that any ambiguities are to be resolved against the
drafting party shall be employed in the interpretation of this Lease, including the Exhibits and any addenda attached hereto. All captions in this Lease are for reference only and shall not be used in the interpretation of this Lease. Whenever
required by the context of this Lease, the singular shall include the plural, the masculine shall include the feminine, and vice versa. 

  
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 32.2 Successors and Assigns. Subject to the provisions of
Section 30 above, and except as otherwise provided in this Lease, all of the covenants, conditions and provisions of this Lease shall be binding upon, and shall inure to the benefit of, the parties hereto and their
respective heirs, personal representatives and permitted successors and assigns; provided, however, no rights shall inure to the benefit of any Transferee of Tenant unless the Transfer to such Transferee is made in compliance with the provisions of
Section 14, and no options or other rights which are expressly made personal to the original Tenant hereunder or in any rider attached hereto shall be assignable to or exercisable by anyone other than the original Tenant
under this Lease. 
 32.3 No Merger. The voluntary or other surrender of this Lease by Tenant or a mutual termination thereof
shall not work as a merger and shall, at the option of Landlord, either (a) terminate all or any existing subleases, or (b) operate as an assignment to Landlord of Tenant’s interest under any or all such subleases. 

32.4 No Surrender. No act or conduct of Landlord, whether consisting of the acceptance of the keys to the Premises, or otherwise,
shall be deemed to be or constitute an acceptance of the surrender of the Premises by Tenant prior to the expiration of the Term, and such acceptance by Landlord of surrender by Tenant shall only flow from and must be evidenced by a written
acknowledgment of acceptance of surrender signed by Landlord. 
 32.5 Professional Fees. If either Landlord or Tenant should
bring suit against the other with respect to this Lease, including for unlawful detainer or any other relief against the other hereunder, then all reasonable costs and expenses incurred by the prevailing party therein (including, without limitation,
its reasonable appraisers’, accountants’, attorneys’ and other professional fees and court costs), shall be paid by the other party. 

32.6 Waiver. The waiver by either party of any breach by the other party of any term, covenant or condition herein contained shall
not be deemed to be a waiver of any subsequent breach of the same or any other term, covenant and condition herein contained, nor shall any custom or practice which may become established between the parties in the administration of the terms hereof
be deemed a waiver of, or in any way affect, the right of any party to insist upon the performance by the other in strict accordance with said terms. No waiver of any default of either party hereunder shall be implied from any acceptance by Landlord
or delivery by Tenant (as the case may be) of any rent or other payments due hereunder or any omission by the non-defaulting party to take any action on account of such default if such default persists or is
repeated, and no express waiver shall affect defaults other than as specified in said waiver. The subsequent acceptance of rent hereunder by Landlord shall not be deemed to be a waiver of any preceding breach by Tenant of any term, covenant or
condition of this Lease other than the failure of Tenant to pay the particular rent so accepted, regardless of Landlord’s knowledge of such preceding breach at the time of acceptance of such rent. 

  
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 32.7 Terms and Headings. The words “Landlord” and
“Tenant” as used herein shall include the plural as well as the singular. Words used in any gender include other genders. The Section headings of this Lease are not a part of this Lease and shall have no effect upon the construction
or interpretation of any part hereof. Any deletion of language from this Lease prior to its execution by Landlord and Tenant shall not be construed to raise any presumption, canon of construction or implication, including, without limitation, any
implication that the parties intended thereby to state the converse of the deleted language. 
 32.8 Time. Time is of the essence
with respect to performance of every provision of this Lease in which time or performance is a factor. All references in this Lease to “days” shall mean calendar days unless specifically modified herein to be “business” days.

 32.9 Prior Agreements. This Lease (and the Exhibits and Riders attached hereto) contain all of the covenants, provisions,
agreements, conditions, understandings, representation and warranty between Landlord and Tenant concerning the Premises and any other matter covered or mentioned in this Lease, and no prior agreement or understanding, oral or written, express or
implied, pertaining to the Premises or any such other matter shall be effective for any purpose. The parties acknowledge that all prior agreements, representations and negotiations are deemed superseded by the execution of this Lease to the extent
they are not expressly incorporated herein. 
 32.10 Amendments. No provision of this Lease may be amended or added to except by
an agreement in writing signed by the parties hereto or their respective successors in interest. 
 32.11 Separability. The
invalidity or unenforceability of any provision of this Lease (except for Tenant’s obligation to pay Monthly Basic Rent and Expenses) shall in no way affect, impair or invalidate any other provision hereof, and such other provisions shall
remain valid and in full force and effect to the fullest extent permitted by law. 
 32.12 Recording. Tenant shall not record
this Lease nor shall Tenant record a short form memorandum of this Lease. 
 32.13 Exhibits. All exhibits attached to this Lease
are hereby incorporated in this Lease as though set forth at length herein. 
 32.14 Accord and Satisfaction. No payment by
Tenant or receipt by Landlord of a lesser amount than the Rent payment herein stipulated shall be deemed to be other than on account of the Rent, nor shall any endorsement or statement on any check or any letter accompanying any check or payment as
Rent be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance of such Rent or pursue any other remedy provided in this Lease. Tenant agrees that each of the
foregoing covenants and agreements shall be applicable to any covenant or agreement either expressly contained in this Lease or imposed by any statute or at common law. 

32.15 Financial Statements. Except in the event Tenant or its parent company is a publicly traded company on a national exchange,
upon ten (10) business days prior written request from Landlord but not more than once in any 12-month period (unless requested as part of the sale of the Premises, to obtain financing, or any time Tenant
is in default), Tenant shall deliver to Landlord (a) Tenant’s most current audited or certified financial statement, and (b) audited or certified financial statements of Tenant for the three (3) years prior to the current
financial statement year. Such statements shall be prepared in accordance with generally acceptable 

  
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accounting principles and certified as true in all material respects by Tenant (if Tenant is an individual) or by an authorized officer, member/manager or general partner of Tenant (if Tenant is
a corporation, limited liability company or partnership, respectively). Landlord shall keep confidential any financial statements of Tenant disclosed by Tenant to Landlord pursuant to this Section 32.15 (other than
information which is a matter of public knowledge or may be obtained from sources readily available to the public), so long as Tenant clearly identifies such information in writing as “confidential” at the time of such disclosure. However,
such financial information may be disclosed (i) to the directors, officers, partners, members, legal counsel, real estate brokers, and accountants of Landlord, to the extent Landlord deems it necessary or appropriate in connection with this
Lease, (ii) to a potential purchaser of the Premises, Building and/or Project, (iii) to potential or existing sources of financing or to potential or existing holders of equity interests of such party (including any disclosures to lenders,
investors, underwriters, and other appropriate persons in connection with the offering of equity or debt interests), and (iv) to the extent required by Law, court order, or in any litigation in connection with this Lease. 

32.16 No Partnership. Landlord does not, in any way or for any purpose, become a partner of Tenant in the conduct of its business,
or otherwise, or joint venturer or a member of a joint enterprise with Tenant by reason of this Lease. 
 32.17 Force
Majeure. Except as otherwise set forth herein, in the event that either party hereto shall be delayed or hindered in or prevented from the performance of any act required hereunder by reason of strikes, lock-outs, labor troubles, inability
to procure materials, failure of power, governmental moratorium or other governmental action or inaction (including failure, refusal or delay in issuing permits, approvals and/or authorizations), injunction or court order, riots, insurrection, war,
acts of terror, fire, earthquake, pandemic or epidemic, flood or other natural disaster or other reason of a like nature not the fault of the party delaying in performing work or doing acts required under the terms of this Lease (but excluding
delays due to financial inability), then performance of such act shall be excused for the period of the delay and the period for the performance of any such act shall be extended for a period equivalent to the period of such delay. The provisions of
this Section shall not apply to nor operate to excuse Tenant from the payment of Rent or any other payments strictly in accordance with the terms of this Lease. 

32.18 Counterparts. This Lease may be executed in two or more counterparts, each of which shall be deemed an original and all of
which together shall constitute one and the same agreement. This Lease may be executed by a party’s signature via DocuSign or by electronic mail in pdf format (“pdf”), and execution of this Lease by DocuSign or copies of this
Lease executed and delivered by means of pdf signatures shall have the same force and effect as executed and delivered with original signatures. All parties hereto may rely upon DocuSign or pdf signatures as if such signatures were originals. Any
party executing and delivering this Lease by pdf shall promptly thereafter deliver a counterpart of this Lease containing said party’s original signature. All parties hereto agree that a DocuSign or pdf signature page may be introduced into
evidence in any proceeding arising out of or related to this Lease as if it were an original signature page. 
 32.19 Intentionally
deleted. 
 32.20 Intentionally deleted. 

  
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 32.21 Certified Access Specialist Disclosure. For purposes of
Section 1938 of the California Civil Code, Landlord hereby discloses to Tenant, and Tenant hereby acknowledges, that, to Landlord’s actual knowledge, the Premises have not undergone inspection by a CASp. California
Civil Code Section 1938 states: 
 “A Certified Access Specialist (CASp) can inspect the subject premises and determine whether the
subject premises comply with all of the applicable construction-related accessibility standards under state law. Although state law does not require a CASp inspection of the subject premises, the commercial property owner or lessor may not prohibit
the lessee or tenant from obtaining a CASp inspection of the subject premises for the occupancy or potential occupancy of the lessee or tenant, if requested by the lessee or tenant. The parties shall mutually agree on the arrangements for the time
and manner of the CASp inspection, the payment of the fee for the CASp inspection, and the cost of making any repairs necessary to correct violations of construction-related accessibility standards within the premises.” 

Notwithstanding anything to the contrary in this Lease, Landlord and Tenant hereby agree that, during the term of this Lease, as the same may
be extended, Tenant shall be responsible for the payment of the fee for any CASp inspection that Tenant desires, and (ii) making, at Tenant’s cost, any repairs necessary to correct violations of construction identified in such CASp
inspection provided that such repairs shall be in accordance with the terms of the Lease. Tenant hereby agrees that: any CASp inspecting the Premises shall be approved by Landlord, which approval shall not be unreasonably withheld, conditioned or
delayed; Tenant shall promptly deliver to Landlord any CASp report regarding the Premises obtained by Tenant. Tenant shall have no right to cancel or terminate the Lease due to violations of construction-related accessibility standards within the
Premises identified in a CASp report obtained during the Term of the Lease. 
 33. Lease Execution. 

33.1 Tenant’s Authority. If Tenant executes this Lease as a partnership, corporation or limited liability
company, then Tenant represents and warrants that: (a) Tenant is a duly organized and existing partnership, corporation or limited liability company, as the case may be, and is qualified to do business in the state in which the Building is
located; (b) such persons and/or entities executing this Lease are duly authorized to execute and deliver this Lease on Tenant’s behalf in accordance with the Tenant’s partnership agreement (if Tenant is a partnership), or a duly
adopted resolution of Tenant’s board of directors and the Tenant’s by-laws (if Tenant is a corporation) or with Tenant’s operating agreement (if Tenant is a limited liability company); and
(c) this Lease is binding upon Tenant in accordance with its terms. 
 33.2 Joint and Several Liability. If more than one
person or entity executes this Lease as Tenant: (a) each of them is and shall be jointly and severally liable for the covenants, conditions, provisions and agreements of this Lease to be kept, observed and performed by Tenant; and (b) the
act or signature of, or notice from or to, any one or more of them with respect to this Lease shall be binding upon each and all of the persons and entities executing this Lease as Tenant with the same force and effect as if each and all of them had
so acted or signed, or given or received such notice. 

  
 44 

 33.3 [Intentionally Omitted.] 

33.4 No Option. The submission of this Lease for examination or execution by Tenant does not constitute a reservation of or option
for the Premises and this Lease shall not become effective as a Lease until it has been executed by both Tenant and Landlord and delivered to Tenant fully executed. 

33.5 Roof Access. Tenant shall be permitted, subject to approval by all applicable governmental authorities, to install, maintain
and service equipment desired for Tenant’s operations (including but not limited to equipment such as chillers, boilers, and cooling towers, serving the clean room, dry room, and labs) on the roof of the Building (collectively, the
“Rooftop Equipment”), the size, weight and location of which shall be subject to Landlord’s prior written approval not to be unreasonably withheld, conditioned or delayed, and pursuant to plans to be approved in writing by
Landlord (which approval shall not be unreasonably withheld, conditioned or delayed), at Tenant’s sole cost and expense. Tenant shall be responsible for the operation, repair and maintenance of the Rooftop Equipment during the Term, at
Tenant’s sole cost and expense. 
 34. Intentionally deleted. 

35. Security. 
 35.1 Tenant acknowledges
and agrees that, while Landlord may in its sole and absolute discretion engage security personnel to patrol the Project, Landlord is not providing any security services with respect to the Premises and that Landlord shall not be liable to Tenant
for, and Tenant waives any claim against Landlord with respect to, any loss by theft or any other damage suffered or incurred by Tenant in connection with any unauthorized entry into the Premises or any other breach of security with respect to the
Premises or the Building. 
 36. No Setoff. This Lease shall be construed as though the covenants herein between Landlord and Tenant are
independent, and Tenant shall not be entitled, except as otherwise provided herein, to any setoff, offset, abatement or deduction of Rent if Landlord fails to perform its obligations hereunder. 

37. Right to Lease. Landlord reserves the absolute right to effect such other tenancies in the Project as Landlord in the exercise of its sole
business judgment shall determine to best promote the interest of the Project. Tenant does not rely on the fact, nor does Landlord represent, that any specific tenant or type or number of tenants shall, during the Term, occupy any space in the
Project. 
 38. Right of First Offer to Purchase. Landlord hereby grants to the Tenant a one-time right of
first offer with respect to the sale by Landlord of the Option Property, defined below (the “First Offer Space”). This grant does not apply to the sale of any other portion of the Project. Any transfer to a related entity or for
restructure purposes where the sale or restructure does not involve a transfer of the fee to a unrelated third party, or changes in the members of the Landlord shall not be a sale subject to this grant. 

38.1 Procedure for Offer. Provided that Tenant is not in Default of this Lease beyond applicable notice and cure periods, if during the
Term (i) Landlord intends or desires to sell the First Offer Space to an unrelated third party or the sale of all or substantially all of the membership interest in Landlord to an unrelated third party, or (ii) Landlord receives a purchase
proposal from a third party in which Landlord is interested, then Landlord shall offer to sell to Tenant (the “First Offer Notice”). The First Offer Notice shall describe the terms upon which Landlord is willing to sell the Building
to Tenant. 

  
 45 

 38.2 Procedure for Acceptance. If Tenant wishes to exercise Tenant’s right of
first offer with respect to the First Offer Space, then within seven (7) days after delivery of the First Offer Notice to Tenant, Tenant shall deliver notice to Landlord of Tenant’s election to exercise its right of first offer on the
terms contained in the First Offer Notice. If Tenant does not notify Landlord within the seven (7) day period set forth above, Tenant’s right of first offer with respect to the purchase of the Building shall terminate and Landlord shall be
free to sell the First Offer Space to a third party. 
 If Tenant elects to consummate the sale in accordance with this
Section 38, then, within twenty (20) days after Tenant has delivered Tenant’s notice stating that Tenant elects to consummate the sale, Landlord and Tenant shall execute a purchase and sale agreement mutually
acceptable to Landlord and Tenant which shall incorporate the terms and conditions of the First Offer Notice. If despite commercially reasonable, good-faith efforts, Landlord and Tenant fail to execute a purchase and sale agreement within such
twenty (20) day period, then Tenant shall be deemed to have declined to consummate the sale and, thereafter, Landlord shall be free to sell the First Offer Space to any other party(ies) without any further obligation to Tenant under this
Section 38, but otherwise subject to the terms and conditions of this Lease, including, without limitation, Section 39 below. 

39. Purchase Option. 
 39.1
Tenant’s Purchase Option. For and in consideration of the terms, covenants and conditions of this Lease (the sufficiency of which is hereby acknowledged), Landlord hereby grants to Tenant the option (the “Purchase Option”) to
purchase the Option Property (defined below) during the Purchase Option Term (defined below) subject to the terms and conditions of this Section 39. In the event that Tenant exercises the Purchase Option, then Tenant shall
have the exclusive right to purchase the Option Property pursuant to the terms and conditions of this Section 39 and Landlord shall sell to Tenant and Tenant shall purchase from Landlord the Option Property on the terms and
conditions of this Section 39. 
 39.2 Purchase Price. The purchase price of the Option Property is [***]
(the “Purchase Price”). 
 39.3 Purchase Option Term. The term of this Purchase Option shall commence on the
Effective Date and shall continue until the date which is twelve (12) months following the Effective Date (the “Purchase Option Term”). 

39.4 Exercise of Purchase Option. Tenant may elect to exercise its Purchase Option by giving Landlord written notice of such election
(an “Election Notice”) on or before the expiration of the Purchase Option Term, which notice shall specify the date for closing of the purchase and sale of the Option Property and the consummation of the other transactions
contemplated by this Section 39 (the “Close of Escrow”), which may not be more than 60 days after the Election Notice (the “Scheduled Closing Date”). Notwithstanding the foregoing, Tenant’s exercise of the
Purchase Option shall be conditioned upon the satisfaction the following: 

  
 46 

 39.4.1 1031 Exchange Rules. As of the date of Tenant’s Election Notice and the
date of Close of Escrow, there shall have been no change in the rules and regulations governing a so-called like kind exchange pursuant to Section 1031 of the Internal Revenue Code of
1986, as amended as of the Effective Date (a “1031 Exchange”), that would materially reduce the legal right of the Landlord to engage in a 1031 Exchange in a manner that would defer payment of federal capital gains taxes on all or
substantially all of the proceeds of the sale of the Option Property through a 1031 Exchange. 
 39.4.2 Concurrent Exercise.
Concurrently with Tenant’s delivery of its Election Notice as to the Option Property, Tenant must exercise its option to purchase the Other Buildings pursuant to the Other Lease. The Scheduled Closing Date will be the same as for the Other
Buildings. 
 39.5 Additional Terms of Purchase. If Tenant elects its Purchase Option hereunder, then the following additional terms
and conditions will apply to such purchase: 
 39.5.1 Transfer of Title. Landlord shall convey to Tenant at Close of Escrow, by a
grant deed (“Deed”), fee simple title to the Option Property, free and clear of any taxes, assessments, liens, encumbrances or other exceptions to title, other than such matters as may exist as of the Effective Date of this Lease
and taxes that are not yet delinquent (the “Permitted Exceptions”); provided, however, that Landlord shall remove, as of the close of escrow, all liens evidencing any deed of trust (and related documents) securing financing, all
mechanics liens and all judgement liens (except to the extent caused by Tenant) and no such liens shall be deemed to be Permitted Exceptions. Tenant’s obligation to purchase the Option Property shall be conditioned upon its obtaining at Close
of Escrow an ALTA extended coverage owner’s policy of title insurance, without survey exception, naming Tenant as the insured in the amount of the Purchase Price, showing fee title to the Option Property vested in Tenant, subject only to the
Permitted Exceptions (the “Title Policy”). If the Tenant is unable to obtain such a Title Policy, Tenant may elect to pursue any or all of the following courses: (a) to accept the policy that can be obtained and close the
purchase of the Option Property, (b) to delay the Scheduled Closing Date to allow Landlord to remove any exception which is not a Permitted Exception, in which case Landlord shall use commercially reasonable efforts to remove (or cause the
Title Company to insure over) such exception prior to the extended Scheduled Closing Date or (c) to rescind Tenant’s exercise of its Purchase Option. 

39.5.2 Escrow. The sale and purchase of the Option Property shall be consummated through an escrow established with Chicago Title (the
“Escrow Holder”). Close of Escrow shall occur on the Scheduled Closing Date. Prior to the scheduled closing date, Landlord and Tenant shall execute and deliver to Escrow Holder all escrow instructions, deeds, assignments, and other
documents as may be necessary close the purchase and sale. 
 39.5.3 Due Diligence. Tenant shall have access to inspect the Buildings
and Option Property during the Purchase Option Term and to perform any normal due diligence inspections. Landlord shall provide Tenant with such information and documentation regarding the Buildings as Tenant may reasonably request and as may be in
Landlord’s possession or reasonable control 

  
 47 

 39.5.4 Prorations and Closing Costs. Tenant shall pay all Rent and perform all other
obligations that accrue under this Lease prior to the Close of Escrow; provided that all Rent shall be prorated between Landlord and Tenant as of the Close of Escrow, with Tenant being refunded any prepayments of such sums and Landlord receiving any
unpaid amounts through the Close of Escrow. Any taxes, assessments, liens, encumbrances or other exceptions to title which are not Permitted Exceptions shall be paid by Landlord at the Close of Escrow. The cost of a current survey shall be paid by
Tenant. Landlord shall pay the cost of a CLTA standard form of title insurance policy issued to Tenant and all State and local transfer taxes. All other closing cost shall be paid by Landlord and Tenant in accordance with the custom of the county
where the Option Property is located. 
 39.5.5 Risk of Loss. Risk of loss of the Option Property shall remain with Landlord, subject
to the terms of this Lease, until Close of Escrow, notwithstanding possession of the Premises by Tenant under the terms of this Lease. 

39.5.6 Default. In the event the sale of the Option Property is not consummated because of a default on the part of Landlord, then
Tenant, at its sole discretion, may either (1) terminate its exercise of the Purchase Option, by delivery of notice of termination to Landlord, or (2) sue for specific performance and for any damages allowed in connection with such
proceedings. In the event the sale of the Option Property is not consummated because of a default on the part of Tenant, then such default shall not constitute a default under this Lease and Landlord’s sole remedy shall be to terminate
Tenant’s election of the Purchase Option, in which event Tenant shall have no further rights under this Section 39 (even if the Purchase Option Term has not expired). 

39.6 Further Assurances. Each party, whenever and as often as shall be requested by the other party or the Escrow Holder, shall perform
or cause to be performed, all reasonable acts, and execute, acknowledge and deliver, or cause to be executed acknowledged and delivered, all reasonable instruments and documents, as may be reasonably required to carry out the intent and purpose of
this Article. Upon Tenant’s request, Landlord and Tenant shall enter into a purchase and sale agreement in commercially reasonable form prepared by Tenant. 

39.7 Termination of Lease. At the Close of Escrow, this Lease will not merge into the deed. Rather, this Lease will terminate, except
for those provisions which by their terms survive the termination of this Lease, unless Tenant elects to continue this Lease, in its sole discretion. 

39.8 Binding on Successors; Assignment. The provisions of this Section 39 shall be binding upon Landlord, any
transferee of the Option Property and their successors, heirs, administrators and assigns. Tenant shall not have the right to assign this Purchase Option without Landlord’s prior written consent in its sole discretion; provided, however, that
Tenant may assign this Purchase Option without Landlord’s consent (i) in connection with a Permitted Transfer of the Lease or (ii) to a parent, affiliate or subsidiary of Tenant. In addition, if Tenant exercises its Purchase Option,
Tenant shall have the right to designate an entity to take title to the Option Property so long as such entity is a wholly owned direct or indirect subsidiary of Tenant, Tenant’s direct or indirect parent or any Permitted Transferee of this
Lease. Tenant shall have the right to record a Memorandum of Purchase Option against the Option Property in a form reasonably acceptable to Landlord and Landlord shall execute such Memorandum upon Tenant’s request. 

  
 48 

 39.10 Landlord’s Acceleration of Tenant’s Purchase Option. If, prior to the
expiration of the Purchase Option Term, Landlord enters into a binding agreement to Sell the Option Property for a purchase price equal to or greater than the Purchase Price, then Landlord shall deliver written notice to Tenant thereof and Tenant
shall have a period of ten (10) business days to exercise the Purchase Option by sending an Election Notice to Landlord. If Tenant does not, within such ten (10) business day period, exercise Tenant’s Purchase Option, then Landlord
may Sell the Option Property to such third party designated in such written notice to Tenant for a purchase price not less than the Purchase Price and Tenant shall have no further options to purchase the Option Property pursuant to this
Section 39 so long as Landlord conveys title to the Option Property within six (6) months after delivery to Tenant of such written notice. If Landlord has not conveyed title to the Option Property to such buyer within
six (6) months after Landlord’s delivery to Tenant of such written notice or its agreement to sell the Option Property to such buyer is terminated, then Tenant’s Purchase Option and rights under this
Section 39 shall be deemed to be reinstated and Purchase Option Term shall be extended for a period of six (6) months following such reinstatement. 

39.11 Definitions. As used in this Section 39, the following definitions shall have the meanings as follows:

 39.11.1. “Option Property” shall mean the following: 

A. The parcel which comprises the 1750 Building located in the City of San Jose, County of Santa Clara, assessor parcel number 244-13-022, as more particularly described in attached Exhibit A-1 (the “Land”); 

B. all of Landlord’s right, title and interest, if any, in and to all improvements and fixtures located on the Land, including, without
limitation, the Building, all landscaping, utilities equipment and infrastructure, drainage improvements, dikes, berms and dams, but excluding any such items owned by public or private utilities (collectively, the “Improvements”); 

C. all rights, privileges and easements appurtenant to the Land, including, without limitation, all minerals, oil, gas and other hydrocarbon
substances on and under the Land, as well as all development rights, air rights, and sun rights relating to the Land and any rights-of-way or other appurtenances used in
connection with the beneficial use and enjoyment of the Land and Improvements and all of Landlord’s right, title and interest, if any, in and to all roads and alleys adjoining or servicing the Land (collectively, the “Appurtenances”;
the Land, Improvements and Appurtenances are referred to herein collectively as the “Real Property”); and 
 D. all of
Landlord’s right, title and interest, if any, in and to any intangible personal property now or hereafter owned by Landlord and used in the ownership, use or operation of the Real Property, including, without limitation, all utility contracts
or other agreements or rights relating to the ownership, use and operation of the Real Property, all reports, warranties, indemnities, permits, plans, insurance proceeds and condemnation awards and all other rights, benefits or approvals issued or
available to Landlord by any federal, state or local municipal authorities relating to the development, use, maintenance, ownership or operation of the Real Property (collectively, the “Intangible Property”). 

  
 49 

 39.11.2 “Sell” shall mean to convey (a) all or substantially all of
the direct ownership interests in Landlord (in one or more related transactions) or (b) fee ownership of the Option Property or enter into a ground or other senior lease of the Option Property. 

40. Reasonable Expenditures. Any expenditure by a party permitted or required under this Lease, for which such party demands reimbursement from the
other party, shall be limited to the fair market value of the goods and services involved, shall be reasonably incurred, and shall be substantiated by documentary evidence available for inspection and review by the other party. 

  
 50 

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

									
	LANDLORD:	  		  	TENANT:
			
	 MLC V SC - AUTOMATION, LLC,

a California limited liability company
	  		  	 QUANTUMSCAPE BATTERY, INC.,

a Delaware corporation

					
	By:	 	 /s/ Roger Fields
	  		  	By:	  	 /s/ Kevin Hettrich

	Name: Roger Fields	  		  	Name:	  	Kevin Hettrich
	Its: Manager	  		  	Its:	  	CFO

  
 51 

 EXHIBIT A 

SITE PLAN 
 [See attached]

  
 A-1 

 

 

  
 5 

 EXHIBIT A-1 

OPTION PROPERTY 
 [See
attached] 

  
 A-1 

 EXHIBIT A-1 

OPTION PROPERTY 
 LEGAL
DESCRIPTION 
 Real property in the City of San Jose, County of Santa Clara, State of California, described as follows: 

PARCEL A: 
 PARCEL B AS SHOWN ON THAT CERTAIN MAP ENTITLED
“PARCEL MAP BEING A SUBDIVISION OF PARCEL 1 AS SHOWN ON THAT CERTAIN PARCEL MAP FILED FOR RECORD ON DECEMBER 23, 1997 IN BOOK 698 OF MAPS AT PAGES 1 AND 2, SANTA CLARA COUNTY RECORDS” FILED FOR RECORD ON DECEMBER 6, 2013 IN BOOK 867, PAGES
1-7, SANTA CLARA COUNTY RECORDS. 
 PARCEL B: 
 AN EASEMENT FOR
INGRESS AND EGRESS OVER THOSE PORTION OF PARCEL 2 DESIGNATED AND DELINEATED AS “C.O.E.-30’ RECIPROCAL-INGRESS, EGRESS-EASEMENT” ON THAT PARCEL MAP FILED FOR RECORD IN THE OFFICE OF THE RECORDER OF THE COUNTY OF SANTA CLARA, STATE OF
CALIFORNIA ON DECEMBER 23, 1997 IN BOOK 698 OF MAPS, PAGES 1 AND 2. 
 PARCEL C: 

AN EASEMENT FOR INGRESS AND EGRESS OVER THOSE PORTION OF PARCEL 3 DESIGNATED AND DELINEATED AS “C.O.E.-26’ RECIPROCAL-INGRESS, EGRESS-EASEMENT”
ON THAT PARCEL MAP FILED FOR RECORD IN THE OFFICE OF THE RECORDER OF THE COUNTY OF SANTA CLARA, STATE OF CALIFORNIA ON DECEMBER 23, 1997 IN BOOK 698 OF MAPS, PAGES 1 AND 2. 

PARCEL D: 
 EASEMENTS FOR PRIVATE SANITARY SEWERS
(“P.S.S.E”), PRIVATE STORM DRAINAGE (“P.S.D.E.”), PRIVATE WATER LINES (“P.W.L.E.”), PRIVATE RECYCLED WATER (“P.R.W.E.”), PRIVATE UTILITIES (“PR.U.E.”), INGRESS AND EGRESS (“I.E.E.”),
EMERGENCY ACCESS (“E.A.E.”), INGRESS AND EGRESS AND LIGHT AND AIR (“NO-BUILD EASEMENT”) OVER THAT PORTION OF PARCEL A, AS DESIGNATED ON THAT CERTAIN MAP ENTITLED “PARCEL MAP BEING A SUBDIVISION OF PARCEL 1 AS SHOWN ON THAT
CERTAIN PARCEL MAP FILED FOR RECORD ON DECEMBER 23, 1997 IN BOOK 698 OF MAPS AT PAGES 1 AND 2, SANTA CLARA COUNTY RECORDS” FILED FOR RECORD ON DECEMBER 6, 2013 IN BOOK 867, PAGES 1-7, SANTA CLARA COUNTY RECORDS. 

APN: 244-13-022 

  
 5 

 EXHIBIT B 

FLOOR PLAN OF THE PREMISES 

[***] 

  
 B-1 

 EXHIBIT C 

RULES AND REGULATIONS 
 1.
The Premises shall not be used for lodging. 
 2. Landlord will furnish Tenant free of charge, with two (2) keys to each door lock in
the Premises. Landlord may make a reasonable charge for any additional keys. 
 3. No curtains, draperies, blinds, shutters, shades, screens
or other coverings, hangings or decorations shall be attached to, hung or placed in, or used in connection with any window or the Building without the prior written consent of Landlord. In any event, with the prior written consent of Landlord, such
items shall be installed on the office side of Landlord’s standard window covering and shall in no way be visible from the exterior of the Building. 

4. Tenant shall see that the doors of the Premises are closed and locked and that all water faucets, water apparatus and utilities are shut off
before Tenant or Tenant’s employees leave the Premises, so as to prevent waste or damage, and for any default or carelessness in this regard Tenant shall make good all injuries sustained by other tenants or occupants of the Building or
Landlord. 
 5. The toilet rooms, toilets, urinals, wash bowls and other apparatus shall not be used for any purpose other than that for
which they were constructed, no foreign substance of any kind whatsoever shall be thrown therein and the expense of any breakage, stoppage or damage resulting from the violation of this rule shall be borne by the Tenant who, or whose agents,
contractors, employees, subtenants, licensees, invitees or visitors shall have caused it. 
 6. Except with the prior written consent of
Landlord, Tenant shall not sell, or permit the sale at retail, of newspapers, magazines, periodicals, tickets or any other goods or merchandise to the general public in or on the Premises, nor permit or allow its employees to operate a court
reporting services business in or from the Premises for the service or accommodation of other occupants of the building. 
 7. Tenant shall
not bring into or keep within the Building or within the Premises any animals (other than service animals) or birds. If the Premises become infested with vermin as a result of the use or any misuse or neglect of the Premises by Tenant, its agents,
contractors, employees, subtenants, licensees, invitees or visitors, Tenant shall at its sole cost and expense promptly cause the same to be exterminated from time to time to Landlord’s reasonable satisfaction, and Tenant shall employ such
licensed exterminator as shall be reasonably approved in writing in advance by Landlord. 
 8. Tenant shall store all its trash and garbage
within the Premises. No material shall be placed in the trash boxes or receptacles if such material is of such nature that it may not be disposed of in the ordinary and customary manner of removing and disposing of trash and garbage without being in
violation of any law or ordinance governing such disposal. All garbage and refuse disposal shall be made only through entryways provided for such purpose and at such times as Landlord shall reasonably designate. 

  
 C-1 

 9. Canvassing, peddling, soliciting, and distribution of handbills or any other written
materials in or about the Building are prohibited, and Tenant shall cooperate to prevent the same. 
 10. These Rules and Regulations are in
addition to and shall not be construed to in any way modify or amend, in whole or in part, the terms, covenants, agreements and conditions of the Lease. In the event of any conflict between these Rules and Regulations and the Lease, the Lease shall
control. 
 11. Subject to the terms and conditions of the Lease, Landlord reserves the right to make such other reasonable, non-discriminatory rules and regulations as in its judgment may from time to time be needed for the safety, care and cleanliness of the Common Areas. 

  
 C-2 

 EXHIBIT D 

LANDLORD/TENANT IMPROVEMENTS 

[***] 

  
 D-1 

 EXHIBIT E 

LETTER OF CREDIT 
 [See
Attached] 

  
 E-1 

 L/C DRAFT LANGUAGE 

IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER _____________ 

ISSUE DATE: ______________ 
 ISSUING BANK: 

SILICON VALLEY BANK 
 3003 TASMAN DRIVE 

2ND FLOOR, MAIL SORT HF210 
 SANTA CLARA, CALIFORNIA 95054 

BENEFICIARY: 
 MLC V SC – AUTOMATION, LLC 

C/O PENINSULA LAND & CAPITAL 
 2390 EL CAMINO REAL, SUITE
210 
 PALO ALTO, CA 94306 
 ATTN: [***] 

APPLICANT: 
 QUANTUMSCAPE BATTERY INC. 

1730 TECHNOLOGY DRIVE 
 SAN JOSE, CA 95110 

AMOUNT:                     US$2,765,518.76 (TWO MILLION
SEVEN HUNDRED SIXTY-FIVE THOUSAND FIVE HUNDRED EIGHTEEN AND 76/100 U.S. DOLLARS) 
 EXPIRATION DATE:
                    ONE YEAR FROM ISSUANCE 
 PLACE OF
EXPIRATION:
                                        ISSUING
BANK’S COUNTERS AT ITS ABOVE ADDRESS 
 DEAR SIR/MADAM: 

WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. SVBSF______ IN YOUR FAVOR AVAILABLE BY PAYMENT AGAINST YOUR PRESENTATION TO US OF THE
FOLLOWING DOCUMENT: 
 BENEFICIARY’S SIGNED AND DATED STATEMENT STATING AS FOLLOWS: 

“MONETARY OBLIGATIONS ARE OWED AND PAST DUE UNDER AND/OR AN EVENT OF DEFAULT HAS OCCURRED WITH RESPECT TO
NON-MONETARY OBLIGATIONS, ALL UNDER THAT CERTAIN LEASE AGREEMENT BETWEEN APPLICANT, AS TENANT, AND BENEFICIARY, AS LANDLORD, AS AMENDED, SUPPLEMENTED OR OTHERWISE MODIFIED TO DATE. THE UNDERSIGNED HEREBY
CERTIFIES THAT: (I) THE UNDERSIGNED IS AN AUTHORIZED REPRESENTATIVE OF LANDLORD; (II) LANDLORD IS THE BENEFICIARY OF LETTER OF CREDIT NO. SVBSF _______________ ISSUED BY SILICON VALLEY BANK; (III) LANDLORD HAS GIVEN WRITTEN NOTICE TO
TENANT TO PAY THE AMOUNTS OWED AND/OR THE NOTICE OF THE EVENT OF DEFAULT FOR NON-MONETARY OBLIGATIONS PURSUANT TO THE TERMS OF THE LEASE; (IV) SUCH PAYMENTS HAVE NOT BEEN MADE UP TO THIS DATE OF DRAWING
UNDER THE LETTER OF CREDIT; (V) LANDLORD IS AUTHORIZED TO DRAW DOWN ON THE LETTER OF CREDIT; AND (VI) LANDLORD WILL HOLD THE FUNDS DRAWN UNDER THE LETTER OF CREDIT AS SECURITY DEPOSIT FOR TENANT OR APPLY SAID FUNDS TO TENANT’S
OBLIGATION UNDER THE LEASE. THE AMOUNT HEREBY DRAWN UNDER THE LETTER OF CREDIT IS US$______________, WITH PAYMENT TO BE MADE TO THE FOLLOWING ACCOUNT: [INSERT WIRE INSTRUCTIONS (TO INCLUDE NAME AND ACCOUNT NUMBER OF THE BENEFICIARY)” 

  
 E-2 

 PARTIAL DRAWS AND MULTIPLE PRESENTATIONS ARE ALLOWED. 

THIS LETTER OF CREDIT SHALL BE AUTOMATICALLY EXTENDED FOR AN ADDITIONAL PERIOD OF ONE YEAR, WITHOUT AMENDMENT, FROM THE PRESENT OR EACH FUTURE EXPIRATION DATE
UNLESS AT LEAST 60 DAYS PRIOR TO THE THEN CURRENT EXPIRATION DATE WE SEND TO YOU A NOTICE BY REGISTERED OR CERTIFIED MAIL OR OVERNIGHT COURIER SERVICE AT THE ABOVE ADDRESS THAT THIS LETTER OF CREDIT WILL NOT BE EXTENDED BEYOND THE THEN CURRENT
EXPIRATION DATE. IN NO EVENT SHALL THIS LETTER OF CREDIT BE AUTOMATICALLY EXTENDED BEYOND NOVEMBER 30, 2032. IN THE EVENT WE SEND SUCH NOTICE OF NON-EXTENSION, YOU MAY DRAW HEREUNDER BY YOUR PRESENTATION
TO US OF YOUR SIGNED AND DATED STATEMENT STATING THAT YOU HAVE RECEIVED A NON-EXTENSION NOTICE FROM SILICON VALLEY BANK IN RESPECT OF LETTER OF CREDIT NO. SVBSF _____________, YOU ARE DRAWING ON SUCH LETTER OF
CREDIT FOR US$_____________, AND YOU HAVE NOT RECEIVED A REPLACEMENT LETTER OF CREDIT ACCEPTABLE TO YOU. 
 ALL DEMANDS FOR PAYMENT SHALL BE MADE BY
PRESENTATION OF THE REQUIRED DOCUMENTS ON A BUSINESS DAY AT OUR OFFICE (THE “BANK’S OFFICE”) AT: SILICON VALLEY BANK, 3003 TASMAN DRIVE, MAIL SORT HF 210, SANTA CLARA, CA 95054, ATTENTION: GLOBAL TRADE FINANCE. AS USED IN
THIS LETTER OF CREDIT, “BUSINESS DAY” SHALL MEAN ANY DAY OTHER THAN A SATURDAY, SUNDAY OR A DAY ON WHICH BANKING INSTITUTIONS IN THE STATE OF CALIFORNIA ARE AUTHORIZED OR REQUIRED BY LAW TO CLOSE. 

FACSIMILE PRESENTATIONS ARE ALSO PERMITTED. SHOULD BENEFICIARY WISH TO MAKE A PRESENTATION UNDER THIS LETTER OF CREDIT ENTIRELY BY FACSIMILE TRANSMISSION IT
NEED NOT TRANSMIT THE ORIGINAL OF THIS LETTER OF CREDIT AND AMENDMENTS, IF ANY. EACH FACSIMILE TRANSMISSION SHALL BE MADE AT: (408) 496-2418 OR (408) 969-6510; AND UNDER
CONTEMPORANEOUS TELEPHONE ADVICE TO: (408) 450-5001 OR (408) 654-7176, ATTENTION: GLOBAL TRADE FINANCE. ABSENCE OF THE AFORESAID TELEPHONE ADVICE SHALL NOT AFFECT OUR
OBLIGATION TO HONOR ANY DRAW REQUEST. 
 THIS LETTER OF CREDIT IS TRANSFERABLE IN WHOLE BUT NOT IN PART ONE OR MORE TIMES, BUT IN EACH INSTANCE ONLY TO A
SINGLE BENEFICIARY AS TRANSFEREE AND FOR THE THEN AVAILABLE AMOUNT, ASSUMING SUCH TRANSFER TO SUCH TRANSFEREE WOULD BE IN COMPLIANCE WITH THEN APPLICABLE LAW AND REGULATION, INCLUDING BUT NOT LIMITED TO THE REGULATIONS OF THE U.S. DEPARTMENT OF
TREASURY AND U.S. DEPARTMENT OF COMMERCE. AT THE TIME OF TRANSFER, THE ORIGINAL LETTER OF CREDIT AND ORIGINALS OR COPIES OF ALL AMENDMENTS, IF ANY, TO THIS LETTER OF CREDIT MUST BE SURRENDERED TO US AT OUR ADDRESS INDICATED IN THIS LETTER OF CREDIT
TOGETHER WITH OUR TRANSFER FORM ATTACHED HERETO AS EXHIBIT A DULY EXECUTED. APPLICANT SHALL PAY OUR TRANSFER FEE OF 1⁄4 OF 1% OF THE TRANSFER AMOUNT (MINIMUM
US$250.00 MAXIMUM OF US$2,000.00) UNDER THIS LETTER OF CREDIT. EACH TRANSFER SHALL BE EVIDENCED BY EITHER (1) OUR ENDORSEMENT ON THE REVERSE OF THE LETTER OF CREDIT AND WE SHALL FORWARD THE ORIGINAL OF THE LETTER OF CREDIT SO ENDORSED TO THE
TRANSFEREE OR (2) OUR ISSUING A REPLACEMENT LETTER OF CREDIT TO THE TRANSFEREE ON SUBSTANTIALLY THE SAME TERMS AND CONDITIONS AS THE TRANSFERRED LETTER OF CREDIT (IN WHICH EVENT THE TRANSFERRED LETTER OF CREDIT SHALL HAVE NO FURTHER EFFECT).

 IF ANY INSTRUCTIONS ACCOMPANYING A DRAWING UNDER THIS LETTER OF CREDIT REQUEST THAT PAYMENT IS TO BE MADE BY TRANSFER TO YOUR ACCOUNT WITH ANOTHER BANK,
WE WILL ONLY EFFECT SUCH PAYMENT BY FED WIRE TO A U.S. REGULATED BANK, AND WE AND/OR SUCH OTHER BANK MAY RELY ON AN ACCOUNT NUMBER SPECIFIED IN SUCH INSTRUCTIONS EVEN IF THE NUMBER IDENTIFIES A PERSON OR ENTITY DIFFERENT FROM THE INTENDED PAYEE.

  
 E-3 

 THIS LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES (ISP98), INTERNATIONAL CHAMBER OF
COMMERCE, PUBLICATION NO. 590. 
  

	
	SILICON VALLEY BANK
	
	  

	AUTHORIZED SIGNATURE

  
 E-4 

 EXHIBIT “A” 

FORM OF TRANSFER 
 DATE:
____________________ 
  

					
	TO: SILICON VALLEY BANK	 		 	
	 3003 TASMAN DRIVE
	 		 	RE: IRREVOCABLE STANDBY LETTER OF CREDIT
	 SANTA CLARA, CA 95054
	 		 	NO. _____________ ISSUED BY
	 ATTN: GLOBAL TRADE FINANCE
	 		 	SILICON VALLEY BANK, SANTA CLARA
	 STANDBY LETTERS OF CREDIT
	 		 	L/C AMOUNT: ___________________

 GENTLEMEN: 
 FOR VALUE RECEIVED,
THE UNDERSIGNED BENEFICIARY HEREBY IRREVOCABLY TRANSFERS TO: 
  
  

(NAME OF TRANSFEREE) 
  

 
 (ADDRESS) 

ALL RIGHTS OF THE UNDERSIGNED BENEFICIARY TO DRAW UNDER THE ABOVE LETTER OF CREDIT UP TO ITS AVAILABLE AMOUNT AS SHOWN ABOVE AS OF THE DATE OF THIS TRANSFER.

 BY THIS TRANSFER, ALL RIGHTS OF THE UNDERSIGNED BENEFICIARY IN SUCH LETTER OF CREDIT ARE TRANSFERRED TO THE TRANSFEREE. TRANSFEREE SHALL HAVE THE SOLE
RIGHTS AS BENEFICIARY THEREOF, INCLUDING SOLE RIGHTS RELATING TO ANY AMENDMENTS, WHETHER INCREASES OR EXTENSIONS OR OTHER AMENDMENTS, AND WHETHER NOW EXISTING OR HEREAFTER MADE. ALL AMENDMENTS ARE TO BE ADVISED DIRECTLY TO THE TRANSFEREE WITHOUT
NECESSITY OF ANY CONSENT OF OR NOTICE TO THE UNDERSIGNED BENEFICIARY. 
 THE ORIGINAL OF SUCH LETTER OF CREDIT IS RETURNED HEREWITH, AND WE ASK YOU TO
EITHER (1) ENDORSE THE TRANSFER ON THE REVERSE THEREOF, AND FORWARD IT DIRECTLY TO THE TRANSFEREE WITH YOUR CUSTOMARY NOTICE OF TRANSFER, OR (2) ISSUE A REPLACEMENT LETTER OF CREDIT TO THE TRANSFEREE ON SUBSTANTIALLY THE SAME TERMS AND
CONDITIONS AS THE TRANSFERRED LETTER OF CREDIT (IN WHICH EVENT THE TRANSFERRED LETTER OF CREDIT SHALL HAVE NO FURTHER EFFECT). 

 

	
	SINCERELY,
	  

	(BENEFICIARY’S NAME)
	  

	(SIGNATURE OF BENEFICIARY)
	  

	(NAME AND TITLE)

 

	
	SIGNATURE AUTHENTICATED
	
	The name(s), title(s), and signature(s) conform to that/those on file with us for the company and the signature(s) is/are authorized to execute this instrument.
	  

	(Name of Bank)
	  

	(Address of Bank)
	  

	(City, State, ZIP Code)
	  

	(Authorized Name and Title)
	  

	(Authorized Signature)
	  

	(Telephone number)

 
 

 EXHIBIT F 

FORM OF GUARANTY 
 [See
attached] 

  
 F-1 

 GUARANTY 

In consideration of, and as an inducement for the granting, execution and delivery of the foregoing Lease Agreement dated November 1,
2021 (“Lease”), by MLC V SC- AUTOMATION, LLC, a California limited liability company, the Landlord therein named (“Landlord”), to QUANTUMSCAPE BATTERY, INC., a Delaware corporation,
the Tenant therein named (“Tenant”), and other good and valuable consideration, QUANTUMSCAPE CORPORATION, a Delaware corporation (“Guarantor”), hereby guarantees to Landlord, its successors and assigns, the full and prompt
payment of rent, including, but not limited to, the Annual Basic Rent (as defined in the Lease) and additional rent and any and all other sums and charges payable by Tenant, its successors and assigns under said Lease, and full performance and
observance of all the covenants, terms, conditions and agreements therein provided to be performed and observed by Tenant, its successors and assigns under the Lease. In the event that Tenant fails in the payment of any amounts, payable by Tenant
under said Lease, or fails in the performance of any of the terms, covenants, provisions or conditions contained in said Lease, Guarantor will forthwith pay such amount to Landlord and any arrears thereof, and will forthwith faithfully perform and
fulfill all of such terms, covenants, conditions and provisions. 
 This Guaranty is an absolute and unconditional guaranty of payment and
of performance. It shall be enforceable against Guarantor, its successors and assigns, without the necessity for any suit or proceedings on Landlord’s part of any kind or nature whatsoever against Tenant, its successors and assigns, and without
the necessity of any notice of non-payment, non-performance or non-observance or any notice of acceptance of this Guaranty or any
other notice of demand to which Guarantor might otherwise be entitled, all of which Guarantor hereby expressly waives; and Guarantor hereby expressly agrees that the validity of this Guaranty and the obligations of Guarantor hereunder shall in no
way be terminated, affected or impaired by reason of the assertion or the failure to assert by Landlord against Tenant, or Tenant’s successors and assigns, of any of the right or remedies of Landlord pursuant to the provisions of the said
Lease. 
 The Guaranty shall be a continuing guaranty, and the liability of Guarantor hereunder shall in no way be affected, modified or
diminished by reason of any assignment (except in the event that Landlord has expressly consented in writing (in a document separate from the Lease) to an assignment or other transfer under which Tenant or an affiliate thereof retains no liability
or obligations under the Lease), modification or extension of the Lease or by reason of any modification or waiver of or change in any of the terms, covenants, conditions or provisions of said Lease, or by reason of any extension of time that may be
granted by Landlord to Tenant, its successors or assigns, or by reason of any dealings or transactions or matter or things occurring between Landlord and Tenant, its successors or assigns whether or not notice thereof is given to Guarantor. 

If any Letter of Credit (as defined in the Lease) as required by Landlord pursuant to and in accordance with the terms and conditions of the
Lease is issued for the account of Guarantor, on behalf of Tenant, Guarantor acknowledges and agrees that, notwithstanding anything to the contrary set forth in the Lease, herein or at law, Landlord shall have no obligation to provide notice to or
otherwise pursue any remedy against Guarantor prior to making a drawing under the Letter of Credit. If Landlord makes a drawing under such Letter of Credit and Guarantor advances any sums to Tenant or on Tenant’s behalf, such sums shall be
subordinate in all respects to the amounts then or thereafter due and owing to Landlord by Tenant. Any delivery of and/or drawing under such Letter of Credit shall in no way limit, reduce or satisfy Guarantor’s liabilities and/or obligations
under this Guaranty. 
 In any action brought to enforce any covenant, term or condition of this Guaranty, reasonable attorneys’ fees
shall be awarded to the prevailing party, measured by the extent that such party in fact prevails in the action as determined by the extent it in fact succeeds in each claim or defense asserted by it (“Prevailing Party Fees”). 

  
 F-2 

 From time to time, as may be reasonably necessary while this Guaranty remains in full force
and effect, Guarantor agrees to certify to any prospective mortgage lender of Landlord that this Guaranty remains in full force and effect. 

TO THE EXTENT PERMITTED BY APPLICABLE LAWS, EACH OF GUARANTOR AND LANDLORD HEREBY WAIVES TRIAL BY JURY IN ANY ACTION BROUGHT UNDER OR BY
VIRTUE OF THIS GUARANTY. 
 If any provision of this Guaranty is held to be invalid or unenforceable by a court of competent jurisdiction,
the other provisions of this Guaranty shall remain in full force and effect. 
 Guarantor represents and warrants to Landlord that
(a) Guarantor is duly formed, validly existing and in good standing under the laws of the state under which Guarantor is organized, and (b) the person(s) signing this Guaranty are duly authorized to execute and deliver this Guaranty on
behalf of Guarantor. 
 This Guaranty shall be binding upon Guarantor and Guarantor’s heirs, administrators, executors, successors and
assigns, as applicable, and shall inure to the benefit of Landlord, its successors and assigns, provided, however, Guarantor shall not be permitted to assign this Guaranty without the prior written consent of Landlord. Without limiting the
generality of the preceding sentence, Guarantor specifically agrees that this Guaranty may be (a) freely assigned by Landlord and (b) enforced by Landlord’s mortgagee. 

Guarantor agrees that this Guaranty shall be governed by and construed according to the laws of the state in which the Premises are located
and Guarantor is subject to the jurisdiction of the court of the county or relevant political subdivision in which the Premises are located or of the federal district court in which the Premises are located. 

Guarantor hereby waives, to the fullest extent permitted by law, all rights to require Landlord to (i) proceed against Tenant,
(ii) proceed against or exhaust any collateral held by Landlord to secure the payment of Tenant’s obligations under the Lease or (iii) pursue any other remedy it may now or hereafter have against Tenant, including any and all benefits
under California Civil Code Sections 2845, 2849 and 2850. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 F-3 

 IN WITNESS WHEREOF, Guarantor has caused this Guaranty to be duly executed as of the
day and year set forth below. 
  

							
	DATE: November 1, 2021	 		 	GUARANTOR:
			
		 		 	QUANTUMSCAPE CORPORATION,
		 		 	a Delaware corporation
				
		 		 	By:	 	 /s/ Kevin Hettrich

		 		 	Name:	 	Kevin Hettrich
		 		 	Title:	 	CFO

  
 F-4

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