Document:

Exhibit 10.2

 

CONSENT OF LANDLORD TO SUBLEASE

 

This Consent of Landlord to Sublease (this
"Consent") is made effective as of June 4, 2015 (the "Effective Date"), by and between BELL STATE BANK &
TRUST, a North Dakota state bank ("Tenant"), and TWIN CITIES POWER HOLDINGS', LLC, a Minnesota limited liability company
("Subtenant"), and IRET-GOLDEN JACK, L.L.C., a Delaware limited liability company ("Landlord").

 

A.Landlord and Tenant are parties to a
certain lease agreement dated October 31, 2013 (the "Master Lease"). Pursuant to the Master Lease, Tenant is leasing
Suite 475, comprised of approximately 8,003 rentable square feet (as more specifically identified in the Master Lease, the "Premises"),
in the building known as the "Golden Hills Office Center," and located at 701 Xenia Avenue South, Golden Valley, Minnesota
(the "Property").

 

B.Tenant desires to sublease all of Tenant's
interest in and to the Master Lease, relating to all of the approximately 8,003 rentable square feet of the Premises (the "Sublet
Space") to Subtenant, and Subtenant desires to sublease the Sublet Space from Tenant. The sublease between Tenant and Subtenant
is attached hereto as Exhibit 1 (the "Sublease").

 

C.Landlord desires to consent to the Sublease,
contingent upon the terms and conditions of this Consent being satisfied by Tenant and Subtenant.

 

NOW, THEREFORE, for and in consideration
of the Recitals set forth above, which are deemed a material and substantive part of this Consent, the parties agree as follows:

 

1.The Recitals set forth above are incorporated
herein and shall be deemed terms and provisions hereof.

 

2.Subject to the terms, conditions, and
agreements contained herein, Landlord hereby consents to the Subtenant's sublease of the Sublet Space from the Tenant.

 

3.Landlord shall not be bound by any of
the terms, covenants, conditions or provisions of the Sublease. This Consent is only Landlord's consent to the act of subletting
by Tenant to Subtenant. Nothing in this Consent shall be construed as a consent to, or approval or satisfaction by Landlord of,
any of the terms, covenants, conditions or provisions of the Sublease.

 

4.Landlord reserves all of its rights
under the Master Lease. The Sublease shall not enlarge or increase any of Landlord's obligations under the Master Lease. The Sublease
is at all times subject and subordinate to the Master Lease, and to all of the covenants, agreements, terms, provisions, and conditions
of the Master Lease and this Consent. In the event of any conflict between the provisions of (i) either the Master Lease or this
Consent and (ii) the Sublease, then the provisions of the Master Lease or this Consent shall prevail unaffected by the provisions
of the Sublease.

 

5.This Consent shall not be deemed to
release or relieve Tenant from any of its liabilities and obligations under the Master Lease for the full term thereof, regardless
of whether rental payments to Landlord are directly made by Subtenant or continue to be made by Tenant. If at any time there is
an uncured default by Tenant under the Master Lease, Landlord may require any rental or other payments being made under the Sublease
to be paid directly to Landlord as a credit against the rentals otherwise due from Tenant under the Master Lease.

 

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6.Subtenant shall not do or permit anything
to be done in connection with Subtenant's occupancy of the Sublet Space that would violate any of the covenants, agreements, terms,
provisions, and conditions of the Master Lease or this Consent. Any act or omission of Subtenant (or anyone claiming under or
through Subtenant) that violates any of the provisions of the Master Lease shall be deemed a violation of the Master Lease by
Tenant.

 

7.Subtenant shall not, without the prior
written consent of Landlord in each instance, which consent may be withheld or conditioned by Landlord in its sole discretion:
(i) assign the Sublease or this Consent, or further sublet the Sublet Space or any part thereof; or (ii) hereafter sublet, take
by assignment, or otherwise occupy any space in the Property other than the Sublet Space. Subtenant agrees that Tenant may assign
its interest in the Sublease to Landlord without the consent of Subtenant.

 

8.The Sublease is subject and subordinate
to the mortgage currently in place on the Property, and to any future mortgage placed on the Property by Landlord. Subtenant shall
execute and deliver an instrument, in recordable form, as reasonably required by Landlord or its mortgagee ("Lender"),
within 10 calendar days of Landlord's written request. Any such instrument shall contain any provisions reasonably required by
Lender, including without limitation provisions whereby Subtenant agrees that Lender shall not be: (i) liable for any act or omission
of Landlord or Tenant; (ii) liable for return of any security deposit, unless and only to the extent that Lender actually receives
such security deposit; (iii) subject to any offsets or defenses which the Subtenant might have against Landlord or Tenant (provided
the foregoing shall not relieve Lender from any obligation of the landlord under the Master Lease accruing or arising after
Lender's succeeding to the interest of Landlord under the Master Lease); (iv) bound by any rent or additional rent which the Subtenant
might have paid in advance for more than the current month; or (v) bound by any representation or warranty made by Landlord or
Tenant. Any such instrument shall provide for Lender's recognition of the Sublease and agreement not to disturb Subtenant so long
as Subtenant is not in default under the Sublease. Subtenant shall execute and deliver an estoppel certificate, in form reasonably
required by Landlord, within 10 calendar days of Landlord's written request, certifying (if such be the case or if not the case,
specifying with particularity any exception) to the following: (i) that the Sublease is in full force and effect (or if there
have been modifications that the Sublease as modified is in full force and effect and stating the modifications); (ii) the dates
to which the rent and other charges have been paid; (iii) that Tenant is not in default in any provision of the Sublease or, if
in default, the nature thereof specified in detail; (iv) the amount of monthly rental currently payable by Subtenant; (v) the
amount of any prepaid rent; (vi) the commencement and termination dates of the Sublease; and (vii) to such other matters as may
be reasonably requested by Landlord, Lender, or any prospective purchaser of the Property.

 

9.Upon the expiration or earlier termination
of the Master Lease, or the surrender of the Master Lease by Tenant to Landlord, the Sublease and the term and estate thereby
granted shall automatically expire and come to an end as of the effective date of such expiration, termination or surrender, and
Subtenant shall vacate the Sublet Space on or before such date. In case of the failure of Subtenant to so vacate, Landlord shall
be entitled to all of the rights and remedies which are available to a landlord against a tenant holding over after the expiration
of a term, in addition to any rights and remedies which are available to Landlord pursuant to the Master Lease.

 

10.Tenant and Subtenant jointly and severally
represent, warrant, and agree that: (i) Subtenant is financially responsible, of good reputation, and engaged in a business which
is in keeping with the first-class standards of the Property and its occupancy; (ii) no compensation or consideration of any kind
other than as set forth in the Sublease has been, or will be, paid by Subtenant to Tenant in connection with the Sublease; (iii)
the Sublet Space (subject to all of the covenants, agreements, terms, provisions, and conditions of the Lease) shall be used by
Subtenant in compliance with all applicable laws and regulations solely for general office purposes; and (iv) the Sublease shall
not be modified or amended in any way without the prior written consent of Landlord, which consent may be withheld or conditioned
in Landlord's sole but reasonable discretion.

 

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11.The consent of Landlord to this Sublease
shall in no way be construed to relieve Tenant from obtaining the express written consent of Landlord to any future subleasing
or assignment.

 

12.All notices required or desired to
be given to Subtenant hereunder or under the Master Lease shall be addressed to Subtenant at the respective address set forth
in the Sublease. All notices required or desired to be given to Landlord or Tenant hereunder shall be addressed to Landlord
and Tenant at the addresses set forth in the Master Lease.

 

13.Tenant and Subtenant agree that Landlord
is not responsible for the payment of any brokerage commissions, or finder's fees or similar charges of any nature in connection
with this transaction and they each jointly and severally agree to indemnify and hold Landlord harmless from and against any claims
liability, losses or expenses, including reasonable attorneys' fees, incurred by Landlord in connection with any claims for a
commission by any broker or agent in connection with this transaction.

 

14.This Consent shall be interpreted and
construed in accordance with the laws of the State of Minnesota. Each capitalized term, word, or phrase not defined in this Consent
shall have the meaning set forth for such term in the Master Lease. This Consent has been duly executed and delivered by each
respective party, and constitutes the valid and binding obligations of each party, enforceable in accordance with its terms. Each
party has all necessary authority, has taken all action necessary to enter into this Consent and to consummate the transaction
contemplated hereby, and to perform its obligations hereunder. This Consent shall be binding upon and inure to the benefit of
the parties hereto, and their legal and personal representatives, successors, and assigns.

 

15.This Consent may be executed in counterparts
and all counterparts shall collectively constitute a single agreement.

 

IN WITNESS WHEREOF, the parties hereto have
caused this Consent to be properly executed, as of the Effective Date.

 

 

[signatures to follow]

 

 

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Exhibit 1 

Sublease

 

[see attached]

 

    	 

    	 

    

 

 

OFFICE SUBLEASE

 

This agreement ("Sublease"), dated for reference purposes
as of the____day of June, 2015, is by and between Bell State Bank & Trust, a North Dakota state bank ("Sublandlord")
and Twin Cities Power Holdings, LLC, a Minnesota Limited Liability Corporation ("Subtenant").

 

WITNESSETH:

 

WHEREAS, IRET-GoldenJack, LLC, ("Owner")
and Sublandlord are parties to a written lease (the "Master Lease"), for certain space (the "Premises") in
the building known as Golden Hills Office Center, a copy of the Master Lease which is attached as Exhibit "A" to this
Sublease and made a part hereof; and

 

WHEREAS, Sublandlord desires to sublease to
Subtenant, and Subtenant desires to sublease from Sublandlord the Premises (the "Subleased Premises") more particularly
described in the attached Exhibit "B" to this Sublease and made a part hereof, on the terms and conditions stated
below in this Sublease,

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements hereinafter contained, Sublandlord and Subtenant hereby agree as follows:

 

	1.		Premises: Sublandlord subleases to Subtenant, and Subtenant subleases from Sublandlord,
the Subleased Premises, Suite 475, consisting of 8,003 Rentable Square Feet, for the term and according to covenants and conditions
contained herein. The effectiveness of this Sublease is conditioned upon Owner's approval of this Sublease in form and substance
reasonably acceptable to both Sublandlord and Subtenant.

 

	2.		Term: This Sublease shall be for a term of twenty-three (23) months commencing on
July 1, 2015, and terminating on May 31, 2017.

	A.		Subtenant shall have the right to extend the lease term from June 1, 2017 through
May 31, 2019 by giving written notice to Sublandlord before July 31, 2016.

	3.		Rent:

	A.		Gross Rent. The "Gross Rent" for the Subleased Premises shall be
calculated at $16.00 per rentable square foot in the Subleased Premises per year, and payable in monthly installments of $10,671.00
from August 1, 2015 through May 31, 2017. July 1, 2015 through July 31, 2015 shall be gross free to Tenant. If Subtenant extends
the lease term, $15,339.00 from June 1, 2017 through May 31, 2019 . This Gross Rent constitutes the entire rental obligation of
Subtenant to Sublandlord under this Sublease and Sublandlord acknowledges and agrees that Subtenant shall not be responsible for
any pass through charges attributable to the Subleased Premises that Sublandlord may be responsible for under the Master Lease.
Gross Rent will be paid by Subtenant in monthly installments, to arrive on or before the first day of each month. Gross Rent payments
will be made to:

Bell Mortgage

c/o Kristine Rodriguez

11100 Wayzata Blvd, Suite 200

Minnetonka, MN 55305

 

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	C.		Subtenant shall have early access to the Premises upon Execution of the Sublease and
Execution of the Owner's Consent, but in no event shall early access be less than two (2) weeks prior to Commencement Date.

	4.		Subtenant covenants and agrees to use the Subleased Premises in accordance with the
terms and conditions of the Master Lease, as reasonably applicable to the Subleased Premises, and further covenants not to do
any act, which will result in a violation of the terms of the Master Lease. Sublandlord acknowledges and agrees that Subtenant
shall not be required to continuously occupy the Subleased Premises or to continuously operate its business at the Subleased Premises,
provided that Subtenant otherwise complies with the requirements of this Sublease

	5.		The Subtenant shall not, without prior written consent of the Sublandlord and of the
Owner, assign this Sublease nor underlet or permit the Subleased Premises or any part thereof to be used by others for hire without
such prior written consent.

	6.		All of the nonmonetary terms, provisions, covenants, and conditions contained in the
Master Lease, as reasonably applicable to the Subleased Premises, are hereby made a part of this Sublease (except as herein otherwise
expressly provided), and such rights and obligations as are contained herein are, during the term of this Sublease, hereby imposed
upon the respective parties hereto, the Sublandlord herein being substituted for the Landlord in the Master Lease, and the Subtenant
herein being substituted for the Tenant in the Master Lease; provided however, that the Sublandlord shall not be liable to Subtenant
for any default by the Owner under the Master Lease; however, Sublandlord shall make all reasonable efforts to have Landlord's
consent to Sublease Agreement. Accordingly, Subtenant recognizes that Sublandlord is not in a position to render any of the services
or to perform any of the obligations required of Owner by the terms of this Sublease. Sublandlord agrees to timely perform all
of its covenants and obligations under the Master Lease to the extent not assumed by Subtenant under this Sublease, including,
without limitation, the payment of all rent and other charges, when and as due and payable by Sublandlord to Owner. The foregoing
notwithstanding, Sublandlord agrees to reasonably enforce its rights under the Master Lease throughout the Sublease Term. Furthermore,
to the extent that Subtenant has any issues with maintenance of or services provided to the Subleased Premises which are the responsibility
of the Owner under the Master Lease or otherwise wishes to provide notice to Owner, Sublandlord agrees to promptly forward any
such notice or request to Owner and to reasonably work with Subtenant, at no out of pocket cost to Sublandlord, to resovle the
issue presented in such notice or request.

	7.		Subtenant agrees to repair all damages done made by Subtenant, upon vacating the demised
premises, general wear and tear excepted; also the Subtenant agrees to hold insurance coverage both contents and public liability
for the use of the Subleased Premises. Sublandlord acknowledges and agrees that Subtenant's maintenance and repair obligations
with respect to the Subleased Premises shall be limited to noncapital maintenance and repair, except to the extent that any capital
repair or maintenance is required due to Subtenant's negligence or willful misconduct.

	8.		Subtenant agrees to sublease the Subleased Premises in its current "as is"
condition. Subtenant shall have the right to install tenant improvements to the Subleased Premises with Landlord's reasonable
consent. Such consent shall not be withheld, conditioned or delayed. Subtenant shall not be required to restore the Subleased
Premises upon expiration. Subtenant shall have the right to use all existing furniture in the Subleased Premises through the term
of the Sublease. A plan noting exact existing furniture shall be confirmed within ten (10) days of sublease execution. Subtenant
shall have the Right to negotiate for the price of the furniture at the end of the Sublease.

 

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	9.		Subtenant agrees to abide by all sign criteria established by Owner. Subtenant agrees
to pay for all costs associated with the building standard signage applicable to Subtenant.

	10.		Where a party's consent or approval is required, such consent or approval shall not
be unreasonably withheld, delayed or conditioned and there shall be no charge or fee in connection with such requested consent
or approval. This Sublease may be executed in counterparts, which taken together shall constitute one agreement binding on the
parties hereto. Electronically transmitted signatures shall be valid and binding to the same extent as the delivery of original
signatures.

	1		1 .Brokers: Tenant warrants that it has had no dealings with any Broker
or Agent in connection with the negotiation or execution of this Lease, other than Cresa Minneapolis("Subtenant's Broker").
Sublandlord warrants that it has not retained the services of any Broker or Agent in connection with the negotiation or execution
of this Lease other than Colliers International I Minneapolis-St. Paul ("Sublandlord's Broker"). Sublandlord shall pay
to Tenant's Broker and Landlord's Broker commissions in accordance with a separate written agreement between such parties. In
the event Subltenant extends the term as noted above, Sublandlord shall pay Subtenant's Broker additional $1.00 PSF per year,
pro rated over the number of months of paid rent for renewal term. Sublandlord and Tenant each shall indemnify and hold the other
harmless from and against any claim, loss, liability, damage, fee or charge, so far as any thereof arises by reason of services
alleged to have been rendered to, at the instance of, or agreed to by such parties.

	12.		That this agreement and the Exhibits attached hereto:

	A.		Contain the entire agreement of the parties hereto with respect to the subject matter;

	B.		May not be amended or modified except by an instrument in writing executed by each
of the parties hereto;

	C.		Shall inure to the benefit
of and be binding upon the successors and assigns of the parties hereto.

 

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EXHIBIT A

Copy of Master Lease

 

 

See attached.

 

 

 

    	 

    	 

    

 

EXHIBIT B

Diagram of the Subleased Premises

 

 

 

    	 

    	 

    

 

LEASE AGREEMENT

[Golden Hills Office Center, Golden Valley,
MN]

 

This Lease is made and
entered into as of the Effective Date, by and between IRET-GOLDEN JACK, L.L.C., a Delaware limited liability company, as Landlord,
and BELL STATE BANK & TRUST, a North Dakota State Bank, as Tenant.

 

DEFINITIONS

 

Except as otherwise specifically defined in
this Lease, the capitalized terms used in this Lease have the meanings ascribed to them in the Appendix to Lease that is
attached to this Lease.

 

BASIC TERMS

 

The following Basic Terms are governed by the
particular sections in this Lease pertaining to the following information:

	1	Premises:	Suite 475, consisting of approximately
8,003 rentable square feet, of the Building commonly known as the Golden Hills Office Center. The Building is located at 701 Xenia
Avenue South,Golden Valley, Minnesota. The Premises are depicted on attached Exhibit 1.

	 	 	 
	2.	Lease Term:	63 full calendar months (Section 1.2.1).
	 	 	 
	3.	Commencemant Date	March 1, 2014.
	 	 	 
	4	Base Rent:	 

	Months	Annualized	Monthly	Rate/rsf
	3/1/2014 through 5/31/2014	Abated (Section 2.5)	Abated	Abated
	6/1/2014 through 2/28/2015	$132,049.50	$11,004.13	$16.50
	3/1/2015 through 2/29/2016	$136,051.00	$11,337.58	$17.00
	3/1/2016 through 2/28/2017	$140,052.50	$11,671.04	$17.50
	3/1/2017 through 2/28/2018	$144,054.00	$12,004.50	$18.00
	3/1/2018 through 2/28/2019	$148,055.50	$12,337.96	$18.50
	3/1/2019 through 5/31/2019	$152,057.00	$12,671.42	$19.00

	5.	Tenant's Share of Expenses Percentage:	4.1954%
	 	 	 
	6.	Property Manager:	IRET Properties, a North Dakota Limited Partnership

10050 Crosstown Circle, Suite 105

Eden Prairie, MN 55344

Telephone: (952) 401-6600

	 	 	 
	7.	Rent Payment Address:	IRET-Golden Jack, L.L.C.

IRET Properties

Attn: PM Accounting (GL#1248; Golden Hills)

1400 315' Avenue SW, Suite 60 (overnight delivery)

PO Box 1988 (regular mail)

Minot, ND 58701

	 	 	 

 

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	8. 	Address of Landlord	 
	 	for Notices:	IRET-Golden Jack, L.L.C. 

c/o IRET Properties
	 	 	Attn: General Counsel
	 	 	1400 315` Avenue SW, Suite 60 (overnight delivery)
	 	 	PO Box 1988 (regular mail)
	 	 	Minot, ND 58701
	 	With a copy to:	Property Manager at the address described in Section 6 of the Basic
	 	 	Terms.
	9. 	Address of Tenant	 
	 	for Notices:	Bell State Bank & Trust
	 	 	Attn: Mr. Gary V. Kirt
	 	 	701 Xenia Avenue South, Suite 200
	 	 	Golden Valley, MN 55416
	10. 	Brokers:	Landlord's Broker: NorthMarq Real Estate Services LLC
	 	 	Tenant's Broker: Colliers International
	11. 	Security Deposit:	$17,000.0D (Section 17.4).
	12. 	Permitted Use:	Tenant shall use the Premises only for general office purposes, and not for any other purpose (Section 4.1).

ARTICLE 1

LEASE OF PREMISES AND LEASE TERM

 

1.1.Premises.
In consideration of the mutual covenants this Lease describes, and subject to the terms, covenants and conditions set
forth in this Lease, Landlord leases the Premises to Tenant and Tenant leases the Premises from Landlord. The rentable area of
the Premises is the rentable area specified in the Basic Terms. if Landlord determines in its sole but reasonable discretion that
the rentable area of the Premises differs from the rentable area specified in the Basic Terms, then Landlord and Tenant shall
amend this Lease accordingly; provided, however, that any such amendment will operate prospectively only. Landlord and Tenant
will not make any retroactive adjustments to Rent payments on account of any difference between the rentable area of the Premises
specified in the Basic Terms and the rentable area of the Premises as may be determined after the Effective Date.

 

1.2.Term, Possession,
Delivery, and Commencement.

 

1.2.1.
Commencement and Expiration of Term. The Term of this Lease is the period stated in Item 2 of the Basic Terms. The Term shall
commence on the Commencement Date and shall end on the last day of the last calendar month of the Term.

 

1.2.2.
Tender of Possession; Early Access. Subject only to Force Majeure and Tenant Delay, Landlord will complete the Tenant Improvements
and tender possession of the Premises to Tenant on the Commencement Date. Tenant will not occupy the Premises before the Commencement
Date without Landlord's prior written consent, which consent Landlord may grant, withhold or condition in its sole and absolute
discretion. Notwithstanding the foregoing, Landlord hereby allows Tenant access to the Premises beginning on February 17, 2014.
During this early access period, Tenant may only install its furniture, fixtures and equipment in the Premises, Tenant shall not
interfere with the construction of the Tenant Improvements, and Tenant shall comply with and observe all terms and conditions
of this Lease (other than Tenant's obligation to pay Rent). Tenant shall not have exclusive access to, or control of, the Premises
during the early access period. Landlord reserves to itself and its agents the right to access and control the Premises during
the early access period.

 

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1.2.3. Termination
Option. Tenant may elect to terminate this Lease (the "Early Termination Option") effective as of May 31, 2017 (the
'Early Termination Date"), by giving Landlord prior written notice ("Tenant's Early Termination Notice")
on or before August 31, 2016, provided that: (1) on or before the Early Termination Date, Tenant has paid Landlord all amounts
due and owing under the Lease; and (2) Tenant pays to Landlord concurrently with Tenant's Early Termination Notice a termination
fee equal to (a) $24,009.00 (2 months of Basic Rent), plus (b) 2 months of Tenant's Share of Expenses for the Premises
(based on Landlord's reasonable estimate of such Expenses), and plus (c) the unamortized portion of the Landlord's leasing
costs (including without limitation all leasing commission charges, the Abated Rent, and the Allowance), based on amortizing such
costs with interest thereon at the rate of 6% per annum, in equal installments of interest and principal over the last 36 months
of the initial Term. Tenant's right to exercise this Early Termination Option is conditioned on there being no uncured Event of
Default at the time of exercise of the Early Termination Option or on the Early Termination Date. If this Early Termination Option
is timely exercised, then Tenant will deliver possession of the Premises to Landlord on the Early Termination Date in accordance
with the terms of this Lease and all other terms will apply as if this Lease had expired according to its terms, including Tenant's
Share of Expenses attributable to periods prior to the Early Termination Date at such time as such obligation is determined. If
Tenant fails to timely give notice, then Tenant will be deemed to have waived its right to terminate pursuant to this Section.
This Early Termination Option is personal to Tenant (and not to any assignee or subtenant) and may not be assigned, it being agreed
such right is not appurtenant to the Premises or this Lease; upon a Transfer of the Lease by Tenant, this Section is null and
void.

 

1.3.Quiet Enjoyment.
Subject to the terms of this Lease, Landlord covenants that if Tenant timely (a) pays all Rent and other charges provided
for herein, (b) performs all of its obligations provided for herein, and (c) observes all of the other provisions hereof, then
Tenant shall at ail times during the Term peaceably and quietly have, hold and enjoy the Premises, without interruption or disturbance
by Landlord, or anyone claiming through or under Landlord.

 

ARTICLE 2

RENT

 

2.1.Basic Rent. Tenant will pay Basic Rent in monthly
installments to Landlord, in advance, without offset or deduction, commencing on the Commencement Date and continuing on the first
day of each and every calendar month after the Commencement Date during the Term. Tenant will make all Basic Rent payments to
Landlord at the address specified in the Basic Terms or at such other place or in such other manner as Landlord may from time
to time designate in writing. Tenant will make all Basic Rent payments without Landlord's previous demand, invoice or notice for
payment. Landlord and Tenant will prorate, on a per diem basis, Basic Rent for any partial month within the Term.

 

2.2.Additional Rent. Article 3 of this Lease
requires Tenant to pay certain Additional Rent pursuant to estimates Landlord delivers to Tenant. Tenant will make all
payments of estimated Additional Rent in accordance with Article 3 without deduction or offset and without Landlord's
previous demand, invoice or notice for payment. Tenant will pay all other Additional Rent described in this Lease that is not
estimated under Article 3 within 10 days after receiving Landlord's invoice for such Additional Rent. Tenant will make all
Additional Rent payments to the same location and, except as set forth in the preceding sentence, in the same manner as
Tenant's payments of Basic Rent.

 

2.3.Delinquent Rental Payments. If Tenant
does not pay any installment of Basic Rent or any Additional Rent within 5 Business Days after the date the payment is due,
then Tenant will pay Landlord an additional amount equal to the greater of (a) interest on the delinquent payment calculated
at the Maximum Rate from the date when the payment is due through the date the payment is made, or (b) a late payment charge
equal to 5% of the amount of the delinquent payment. Landlord's right to such compensation for any such delinquency is in
addition to all of Landlord's rights and remedies under this Lease, at law or in equity. Notwithstanding anything in this
Section to the contrary, Landlord agrees that it shall only impose the interest or the late payment charge on delinquent
amounts if Tenant fails to make timely payment of Rent on more than 1 occasion in any 12 month period.

 

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2.4.Independent Obligations.
Notwithstanding anything to the contrary in this Lease, Tenant's covenant and obligation to pay Rent is independent from any of
Landlord's covenants, obligations, warranties or representations in this Lease.

 

2.5.Abated Rent.
Notwithstanding anything to the contrary, Tenant may occupy the Premises and shall be entitled to the full abatement of Basic
Rent and Additional Rent attributable to Tenant's Share of Expenses (the "Abated Rent") for the period of March 1,
2014 through May 31, 2014. The parties agree that the value of the Abated Rent shall be $59,082.15. If no uncured Event of
Default by Tenant occurs prior to the expiration of the Term, then Tenant shall have no obligation to pay the Abated Rent.
The Abated Rent shall be amortized en a straight-line basis in equal monthly installments over the 36-month period commencing
on June 1, 2014. If at any time during said period an Event of Default occurs, and if said default is not cured as provided
in this Lease, then Tenant shall pay to Landlord, in addition to all other amounts owed hereunder, a sum equal to the portion
of the Abated Rent that has not been amortized as of the date the Event of Default occurs.

 

ARTICLE 3

PROPERTY TAXES AND OPERATING EXPENSES

 

3.1.Payment of Expenses. Tenant will pay, as Additional
Rent and in the manner this Article 3 describes, Tenant's Share of Expenses due and payable during any calendar year of the Term.
Landlord will prorate Tenant's Share of Expenses due and payable during the calendar year in which the Lease commences or terminates
as of the Commencement Date or termination date, as applicable, on a per diem basis based on the number of days of the Term within
such calendar year.

 

3.2.Estimation of Tenant's Share of Expenses. Landlord
will deliver to Tenant a written estimate of the following for each calendar year of the Term: (a) Property Taxes, (b) Operating
Expenses, (c) Tenant's Share of Expenses Percentage and (d) the annual and monthly Additional Rent attributable to Tenant's Share
of Expenses.

 

3.3.Payment of Estimated Tenant's Share of Expenses.
Tenant will pay the amount Landlord estimates as Tenant's Share of Expenses under Section 3.2 for each calendar year of the
Term in equal monthly installments, in advance, on the first day of each month during such calendar year. If Landlord has not
delivered the estimates to Tenant by the first day of January of the applicable calendar year, then Tenant will continue paying
Tenant's Share of Expenses based on Landlord's estimates for the previous calendar year. When Tenant receives Landlord's estimates
for the current calendar year, Tenant will pay the estimated amount (less amounts Tenant paid to Landlord in accordance with the
immediately preceding sentence) in equal monthly installments over the balance of such calendar year, with the number of installments
being equal to the number of full calendar months remaining in such calendar year.

 

3.4.Re-Estimation of Expenses. Landlord may re-estimate
Expenses from time to time during the Term. In such event, Landlord will re-estimate the monthly Additional Rent attributable
to Tenant's Share of Expenses to an amount sufficient for Tenant to pay the re-estimated monthly amount over the balance of the
calendar year. Landlord will notify Tenant of the re-estimate and Tenant will pay the re-estimated amount in the manner provided
in the last sentence of Section 3.3.

 

3.5.Confirmation of Tenant's Share
of Expenses. After the end of each calendar year within the Term, Landlord will determine the actual amount of Expenses and
Tenant's Share of Expenses for the expired calendar year and deliver to Tenant a written statement of such amounts. if Tenant
paid less than the actual amount of Tenant's Share of Expenses specified in the statement, Tenant will pay the difference to Landlord
as Additional Rent in the manner Section 2.2 describes. If Tenant paid more than the actual amount of Tenant's Share of Expenses
specified in the statement, then Landlord (at Landlord's option) will either (a) refund the excess amount to Tenant, or (b) credit
the excess amount against Tenant's next due monthly installment or installments of estimated Additional Rent. If Landlord is delayed
in delivering such statement to Tenant, such delay does not constitute Landlord's waiver of Landlord's rights under this Section
or release Tenant from any of its obligations hereunder. Tenant acknowledges that, for purposes of accounting for Expenses, Landlord
may close a "calendar" year on December 20th of that year; if Landlord actually does so, then Landlord's determination
of the actual amount of Expenses for the following calendar year will include any Expenses attributable to the period of December
215' through December 31'1 of the previous calendar year.

 

    	4

    	 

    

 

3.6.Tenant's Inspection and Audit Rights. If (i)
Tenant is not in default in the performance of any of its obligations under this Lease beyond any applicable cure period, and
if (ii) Tenant disputes Landlord's determination of the actual amount of Expenses or Tenant's Share of Expenses for any calendar
year, and if (iii) Tenant delivers to Landlord written notice of the dispute within 60 days after Landlord's delivery of the statement
of such amount under Section 3.5, then Tenant at Tenant's sole cost and expense, upon prior written notice and during regular
business hours at the location where Landlord or its Property Manager maintains the applicable records may cause a qualified financial
officer reasonably acceptable to Landlord to audit Landlord's records relating to the disputed amounts. Tenant's objection to
Landlord's determination of Expenses or Tenant's Share of Expenses shall be deemed withdrawn unless Tenant completes and delivers
the audit to Landlord within 90 days after the date Tenant delivers its dispute notice to Landlord under this Section. If the
audit shows that the amount Landlord charged Tenant for Tenant's Share of Expenses was greater than the amount this Article 3
obligates Tenant to pay, then, unless Landlord reasonably contests the audit, Landlord will refund the excess amount to Tenant
within 10 days after Landlord receives a copy of the audit report. If the audit shows that the amount Landlord charged Tenant
for Tenant's Share of Expenses was less than the amount this Article 3 obligates Tenant to pay, then Tenant will pay to Landlord
within 10 days as Additional Rent the difference between the amount Tenant paid and the amount determined in the audit. Pending
resolution of any audit under this Section, Tenant will continue to pay to Landlord the estimated amounts of Tenant's Share of
Expenses in accordance with Sections 3.3 and 3.4. Tenant must keep all information it obtains in any audit strictly confidential
and may only use such information for the limited purpose this section describes and for Tenant's own account.

 

3.7.Annual Amendment to Tenant's Share of Expenses Percentage.
Notwithstanding any contrary language in this Lease, Landlord may change Tenant's Share of Expenses Percentage each calendar
year to the percentage Landlord calculates by dividing the rentable area of the Premises by the rentable area of the Building
for such calendar year. Storage space shall not be included in Landlord's calculation of the rentable area of the Building. Landlord
will notify Tenant of such change, if any, at the time Landlord delivers its estimates to Tenant under Section 3.2.

 

3.8.Landlord's Right to Contest Property Taxes.
Landlord may in its sole discretion contest the amount or validity, in whole or in part, of any Property Taxes. Landlord may include
in its computation of Property Taxes the costs and expenses Landlord incurred in connection with any such contest (including but
not limited to reasonable attorney's fees). Tenant may not contest Property Taxes.

 

3.9.Adjustment for Variable Operating Expenses.
Notwithstanding any contrary language in this Article 3, if 95% or more of the rentable area of the Building is not occupied at
all times during any calendar year pursuant to leases under which the terms have commenced for such calendar year, then Landlord
may reasonably and equitably adjust its computation of Operating Expenses for that calendar year to obligate Tenant to pay all
components of Operating Expenses that vary based on occupancy in an amount equal to the amount Tenant would have paid for such
components of Operating Expenses had 95% of the rentable area of the Building been occupied at all times during such calendar
year pursuant to leases under which the terms have commenced for such calendar year. Landlord will equitably adjust Operating
Expenses to account for any Operating Expense any tenant of the Building pays directly to a service provider.

 

ARTICLE 4

USE

 

4.1.Permitted Use. Tenant shall use the
Premises only for the use specified in Item 12 of the Basic Terms (the "Permitted Use"), and not for any other
purpose. Tenant will not use the Property or knowingly permit the Property to be used in violation of any Laws or in any
manner that would (a) cause injury or damage to the Property or to the person or property of any other tenant on the
Property; (b) cause substantial diminution in the value or usefulness of all or any part of the Property (reasonable wear and
tear excepted); or (c) constitute waste or a public or private nuisance. Tenant will obtain and maintain, at Tenant's sole
cost and expense, all permits and approvals required under the Laws for Tenant's use of the Premises.

 

4.2.Acceptance
of Premises. Tenant acknowledges that neither Landlord nor any agent, contractor or employee of Landlord have made any representation
or warranty of any kind with respect to the Premises, the Building, or the Property, specifically including but not limited to
any representation or warranty of suitability or fitness of the Premises, Building, or the Property for any particular purpose.
Subject only to Section 17.1 below, Tenant accepts the Premises, the Building, and the Property in an "AS IS - WHERE IS"
condition.

 

    	5

    	 

    

 

4.3.Laws & Building Rules.
This Lease is subject and subordinate to all Laws. Tenant shall at all times comply with the rules and regulations for the Building
set forth in Exhibit 4.3 (the ''Building Rules"), and with any reasonable additions thereto and modifications thereof
adopted from time to time by Landlord of which Tenant has been given at least 10 days prior written notice, and each such rule
or regulation shall be deemed to be a covenant of this Lease to be performed and observed by Tenant. Landlord will enforce the
Building Rules against the occupants of the Building in a non-arbitrary and non-discriminatory manner. In the event of any conflict
between the Building Rules and this Lease, this Lease shall control.

 

4.4.Common Area. Landlord grants Tenant
the non-exclusive right, together with all other occupants of the Building and their agents, employees and invitees, to use
the Common Area during the Term, subject to all Laws. Landlord, at Landlord's sole and absolute discretion (but subject to
Section 9.3 below), may make changes to the Common Area. Landlord's rights regarding the Common Area include without
limitation the right to: (a) restrain unauthorized persons from using the Common Area; (b) place permanent or temporary
kiosks, displays, carts or stands in the Common Area and lease the same to others; (c) temporarily close any portion of the
Common Area (i) for repairs, improvements or Alterations, (ii) to discourage unauthorized use, (iii) to prevent dedication or
prescriptive rights, or (iv) for any other reason that Landlord reasonably deems necessary; (d) change the shape and size of
the Common Area; (e) add, eliminate or change the location of any improvements located in the Common Area; and (f) impose and
revise Building Rules concerning use of the Common Area (including without limitation the parking facilities).

 

4.5.Signs.

 

4.5.1. Directory Listing. Landlord
shall provide Tenant with one standard building directory listing in the interior lobby of the Building, identifying Tenant and
Tenant's suite number (the "Directory Listing"). Landlord shall be responsible for the cost of the initial Directory
Listing. Tenant shall reimburse Landlord as Additional Rent for all costs incurred by Landlord in making any changes or additions
to the Directory Listing that Tenant requests.

 

4.5.2. Entry Sign. Landlord shall
also provide Tenant with one suite entry sign at the main entrance to the Premises, in a style and location specified by Landlord
in its sole but reasonable discretion, identifying Tenant and Tenant's suite number (the 'Entry Sign"). Landlord shall be
responsible for the cost of the initial Entry Sign. Tenant shall reimburse Landlord as Additional Rent for all costs incurred
by Landlord in making any changes or additions to the Entry Sign that Tenant requests.

 

4.5.3. Except
for the signs specifically allowed in this Section 4.5, no other sign, advertisement, graphics of any nature, or notice shall
be inscribed, painted, affixed, or displayed on the windows or exterior walls of the Premises, or on any public area of the Building,
without Landlord's prior written consent (which consent Landlord may withhold or condition in its sole but reasonable discretion).
All permitted signs shall comply with the Laws, and shall be installed and maintained at Tenant's sole expense. Landlord may immediately
remove at Tenant's sole cost and expense any sign, advertisement, graphics, or notice that violates this Section 4.5. The rights
granted to Tenant pursuant to this Section 4.5 are personal to Tenant and no subtenants of Tenant shall have any rights under
this Section 4.5.

 

4.6.Tenant Devices and
Equipment. Tenant will not use any device or equipment in the Premises or otherwise on the Property that causes
substantial noise, odor or vibration, without Landlord's prior written consent (which consent Landlord may grant, withhold or
condition in its sole and absolute discretion). Tenant will not connect any device or equipment to the Building's electrical
or plumbing systems except through the electrical and water outlets in the Premises that were installed (or otherwise
approved in writing) by Landlord. No antenna, satellite dish, or other communications equipment shall be allowed without
Landlord's prior written consent (which consent Landlord may grant, withhold or condition in its sole and absolute
discretion). In the event Landlord consents to Tenant's installation of an antenna, satellite dish, or other
communications equipment on the Property (including without limitation on the roof of the Building), then Landlord and Tenant
shall execute a Communications Equipment License in form required by Landlord in its sole but reasonable discretion. Tenant
acknowledges that the installation of any such communications equipment shall be deemed an "Alteration" subject to
the terms and conditions of Article 8 of this Lease.

 

    	6

    	 

    

 

ARTICLE 5

HAZARDOUS MATERIALS

 

5.1.Compliance with Hazardous Materials Laws. Tenant
will not cause or allow any Hazardous Material to be brought upon, kept or used on the Property in quantities reportable under
any Hazardous Materials Law, or in a manner or for a purpose prohibited by or that could result in liability under any Hazardous
Materials Law. Tenant, at its sole cost and expense, will comply with all Hazardous Materials Laws and prudent industry practice
relating to the presence, treatment, storage, transportation, disposal, release or management of Hazardous Materials in, on, under
or about the Property required for Tenant's use of the Premises and will notify Landlord of any and all Hazardous Materials Tenant
brings upon, keeps or uses on the Property (other than small quantities of those Hazardous Materials customarily used in the course
of general office activities, such as copier fluids and cleaning supplies, provided that Tenant complies with all Hazardous Materials
Laws with respect thereto). On or before the expiration or earlier termination of this Lease, Tenant, at its sole cost and expense,
will completely remove from the Property (regardless whether any Hazardous Materials Law requires removal), in compliance with
all Hazardous Materials Laws, all Hazardous Materials Tenant causes or allows to be present in, on, under or about the Property.
Tenant will not take any remedial action in response to the presence of any Hazardous Materials in on, under or about the Property,
nor enter into any settlement agreement, consent decree or other compromise with respect to any Claims relating to or in any way
connected with Hazardous Materials in, on, under or about the Property, without first notifying Landlord of Tenant's intention
to do so and affording Landlord reasonable opportunity to investigate, appear, intervene and otherwise assert and protect Landlord's
interest in the Property.

 

5.2.Notice of Actions. Tenant will notify Landlord
of any of the following actions affecting Landlord, Tenant, or the Property that result from or in any way relate to Tenant's
use of the Property immediately after receiving notice of the same: (a) any enforcement, clean-up, removal or other governmental
or regulatory action instituted, completed or threatened under any Hazardous Materials Law; (b) any Claim made or threatened by
any person relating to damage, contribution, liability, cost recovery, compensation, loss or injury resulting from or claimed
to result from any Hazardous Material; and (c) any reports made by any person, including Tenant, to any environmental agency relating
to any Hazardous Material, including any complaints, notices, warnings or asserted violations. Tenant will also deliver to Landlord,
as promptly as possible and in any event within 5 Business Days after Tenant first receives or sends the same, copies of all Claims,
reports, complaints, notices, warnings or asserted violations relating in any way to the Premises or Tenant's use of the Premises.
Upon Landlord's written request, Tenant will promptly deliver to Landlord documentation reasonably acceptable to Landlord reflecting
the legal and proper disposal of all Hazardous Materials removed or to be removed from the Premises. All such documentation will
list Tenant or its agent as a responsible party and will not attribute responsibility for any such Hazardous Materials to Landlord
or Property Manager.

 

5.3.Disclosure and Warning Obligations. Tenant acknowledges
and agrees that all reporting and warning obligations required under Hazardous Materials Laws resulting from or in any way relating
to Tenant's use of the Premises or the Property are Tenant's sole responsibility, regardless of whether the Hazardous Materials
Laws permit or require Landlord to report or warn.

 

5.4.Landlord Indemnification. Landlord
shall release, indemnify, defend (with counsel reasonably acceptable to both Landlord and Tenant), protect, and hold harmless
Tenant from and against all damages (excluding consequential, punitive or similar type damages), costs, losses, expenses
(including, but not limited to, reasonable attorneys' fees and engineering fees) arising from or attributable to the
existence of any Hazardous Materials at the Property in reportable quantities in violation of applicable Hazardous Materials
Laws to the extent caused by Landlord; provided, however, in case any claim, action, suit or proceeding shall be brought
against Tenant and such matter is subject to Landlord's indemnification as provided above, Tenant shall promptly notify
Landlord of the same in time to avoid any prejudice to Landlord and Landlord shall have the right to assume and control the
defense thereof with counsel of its own selection, and Landlord shall have the right to control any remediation. The
obligations of Landlord under this section shall survive the expiration or earlier termination of this Lease.

 

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5.5.Tenant Indemnification. Tenant will release,
indemnify, defend (with counsel reasonably acceptable to both Landlord and Tenant), protect and hold harmless the Landlord Parties
from and against any and all Claims whatsoever arising or resulting, in whale or in part, directly or indirectly, from the presence,
treatment, storage, transportation, disposal, release or management of Hazardous Materials in, on, under, upon or from the Property
(including water tables and atmosphere) resulting from or in any way related to Tenant's use of the Premises or the Property.
Tenant's obligations under this section include, without limitation and whether foreseeable or unforeseeable: (a) the costs of
any required or necessary repair, clean-up, detoxification or decontamination of the Property; (b) the costs of implementing any
closure, remediation or other required action in connection therewith as stated above; (c) the value of any loss of use and any
diminution in value of the Property; and (d) consultants' fees, experts' fees and response costs. The obligations of Tenant under
this section shall survive the expiration or earlier termination of this Lease.

 

ARTICLE 6

SERVICES

 

6.1.Landlord's Obligations. Landlord will provide
the following services, the costs of which are Operating Expenses:

 

6.1.1. Janitorial Service. Landlord
will provide janitorial service in the Premises, in accordance with Landlord's schedule for the Building, including: (a) cleaning
and trash removal; (b) dusting and vacuuming; (c) maintaining towels, tissue and other restroom supplies; (d) periodic interior
and exterior window washing and cleaning; (e) periodic waxing of uncarpeted floors; and (f) such other work as is customarily performed
in connection with nightly janitorial services in buildings similar in construction, location, use and occupancy to the Building.

 

6.1.2. Electrical Energy; Lighting.
Landlord will provide electrical energy to the Premises for lighting and for operating office machines for general office use.
Said electrical energy will not be sufficient for lighting in excess of 2.2 watts per square foot installed or for any electrical
equipment that singularly consumes more than 1.0 kilowatts per hour at rated capacity or requires a voltage other than 120 volts
single phase. Tenant will not use any equipment requiring electrical energy in excess of the above standards without Landlord's
prior written consent, which consent Landlord will not unreasonably withhold but may condition on Tenant paying all costs of installing
the equipment and facilities necessary to furnish such excess energy, plus an amount equal to the average cost per unit of electricity
for the Building applied to the excess use (as reasonably determined either by an engineer selected by Landlord or by submeter
installed by Landlord at Tenant's sole cost). Landlord will replace all lighting bulbs, tubes, ballasts and starters within the
Premises; if such lighting costs are not included in Operating Expenses, then Tenant will pay such costs as Additional Rent.

 

6.1.3. Heating, Ventilation and Air
Conditioning. During regular business hours, Landlord will provide heating, ventilation and air conditioning to the Premises
sufficient to maintain, in Landlord's reasonable judgment, comfortable temperatures in the Premises. During other times, Landlord
will provide heat and air conditioning upon Tenant's reasonable advance notice; provided, however, that Tenant shall pay Landlord,
as Additional Rent, for such extended service on an hourly basis at the prevailing rates reasonably established by Landlord. Landlord
will provide air conditioning to the Premises based on standard lighting and general office use only.

 

6.1.4. Water. Landlord will provide
hot and cold water from standard building outlets for restroom and drinking purposes.

 

6.1.5. Elevator Service. Landlord
will provide elevator service to be used by Tenant in common with other tenants. Landlord may restrict Tenant's use of elevators
for freight purposes to hours Landlord reasonably determines. Landlord may limit the operation of elevators at times other than
regular business hours.

 

6.2.Tenant's Obligations. If any utility
serving the Premises is separately metered and separately charged, and if the applicable utility company directly charges
Tenant for such utility services, then Tenant is solely responsible for paying such charges directly to the applicable
utility companies prior to delinquency, and such charges are not Operating Expenses. Except as specifically provided in
Sections 6.1, Tenant will obtain and pay for all other utilities and services Tenant requires with respect to the Premises,
including but not limited to utility hook-up and connection charges. In the event a service is provided to the Premises and
to some but not all of the remainder of the Building, then Tenant shall pay its pro rata share of the cost of providing the
service (including Landlord's administrative and overhead costs) as Additional Rent; Tenant's pro rata share shall be
computed by dividing the rentable area of the Premises by the total rentable area of the portion of the Building to which the
service is provided.

 

    	8

    	 

    

 

6.3.Other Provisions Relating to Services. Landlord
is not required to provide any heat, air conditioning, electricity or other service in excess of that required by governmental
guidelines or other Laws. Landlord reserves the sole and exclusive right to select the provider of any utility or service to the
Property, and to determine whether the Premises or any other portion of the Property may or will be separately metered or separately
supplied, Landlord reserves the right, from time to time, to make reasonable and non-discriminatory modifications to the above
standards for utilities and services. No interruption in or temporary stoppage of any of the utilities or other services this
Article 6 describes is to be deemed an eviction or disturbance of Tenant's use and possession of the Premises, nor does any such
interruption or stoppage relieve Tenant from any obligation this Lease describes, render Landlord liable for damages, or entitle
Tenant to any abatement of Rent; provided, however, that if any such interruption or temporary stoppage is primarily caused by
a negligent act or omission of Landlord and continues for more than 5 consecutive Business Days, then Rent hereunder shall abate
until such interruption or temporary stoppage either ceases or is no longer primarily caused by a negligent act or omission of
Landlord.

 

ARTICLE 7

MAINTENANCE AND REPAIR

 

7.1.Landlord's Obligations. Except as otherwise
provided in this Lease, Landlord will repair and maintain the following in good order, condition and repair (including any necessary
replacements): (a) the roof, footings, foundation, and the structural integrity of exterior and interior load-bearing walls of
the Building; (b) the electrical, mechanical, plumbing, heating and air conditioning systems located in the Building and serving
the Common Area (or otherwise serving and used in common by multiple tenants of the Building); (c) the Common Area; and (d) the
portions of the electrical, mechanical, plumbing, heating and air conditioning systems and components that only serve the Premises.
The costs and expenses incurred by Landlord in complying with subsections (a), (b) and (c) of this Section 7.1 shall be included
in Operating Expenses. All of the costs and expenses incurred by Landlord in complying with subsection (d) of this Section 7.1
shall be reimbursed by Tenant to Landlord as Additional Rent.

 

7.2.Tenant's Obligations.

 

7.2.1. Maintenance of Premises.
Landlord is not required to repair or maintain the Premises or the Property (or to make any Alterations to the Premises or Property),
except as otherwise specifically provided in this Lease. Except as specifically set forth in Section 7.1, Tenant is solely responsible
for the repair, maintenance, replacement, operation, condition and management of the Premises. Except as specifically set forth
in Section 7.1, Tenant at its sole cost and expense will keep and maintain the Premises (including without limitation all non-structural
interior portions; lighting systems; interior surfaces of exterior walls; and interior moldings, partitions, glass, doors and
ceilings) in good order, condition and repair, reasonable wear and tear and damage from insured casualties excepted. Tenant's
repairs will be at least equal in quality and workmanship to the original work and Tenant will make the repairs in accordance
with all Laws. Tenant will keep the Premises in a neat and sanitary condition and will not commit any nuisance or waste in, on
or about the Premises or the Property. Notwithstanding anything to the contrary in this Lease, Tenant shall at its sole cost maintain
and repair any systems or equipment installed by Tenant; Landlord is not required to repair or maintain any systems or equipment
installed by Tenant. Tenant shall release, indemnify, protect and defend Landlord against (with counsel reasonably acceptable
to Landlord), and hold Landlord harmless from, any Claims or damages resulting from any penetrations or perforations of the roof
or exterior walls of the Building caused or allowed by Tenant.

 

7.2.2. Alterations Required by Laws.
If any governmental authority requires any Alteration to the Building or the Premises as a result of Tenant's particular use
of the Premises, or as a result of any Alteration to the Premises made by or on behalf of Tenant, or if Tenant's particular use
of the Premises subjects Landlord or the Property to any obligation under any Laws, then Tenant will pay the cost of all such
Alterations or the cost of compliance, as the case may be. If any such Alterations are Structural Alterations, then Landlord will
make the Structural Alterations; provided, however, that Landlord may require Tenant to deposit with Landlord an amount sufficient
to pay the cost of the Structural Alterations (including, without limitation, reasonable overhead and administrative costs). If
the Alterations are not Structural Alterations, Tenant will make the Alterations at Tenants sole cost and expense in accordance
with Article 8.

 

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ARTICLE 8

 

CHANGES AND ALTERATIONS

 

8.1.Landlord Approval. Tenant will not make any
Structural Alterations to the Premises or any Alterations to the Common Area. Tenant will not make any other Alterations without
Landlord's prior written consent, which consent Landlord shall not unreasonably withhold; provided, however, that Landlord may
condition its consent in its reasonable discretion. Along with any request for Landlord's consent, Tenant will deliver to Landlord
complete plans and specifications for the Alterations, and will identify any prospective contractors for the Alterations. If Landlord
approves the proposed Alterations, Tenant, before commencing the Alterations or delivering (or accepting delivery of) any materials
to be used in connection with the Alterations, will deliver to Landlord for Landlord's reasonable approval proof of insurance
required by Section 8.2, copies of all necessary permits and licenses, and such other information relating to the Alterations
as Landlord reasonably requests. Tenant will not commence the Alterations before Landlord, in Landlord's reasonable discretion,
approves the foregoing deliveries. Tenant will construct all approved Alterations or cause all approved Alterations to be constructed
(a) promptly by a licensed and properly bonded contractor, (b) in a good and workmanlike manner, (c) in compliance with all Laws,
(d) in accordance with all orders, rules and regulations of the Board of Fire Underwriters having jurisdiction over the Premises
and any other body exercising similar functions, and (e) in full compliance with all of Landlord's rules and regulations applicable
to third party contractors, subcontractors and suppliers performing work at the Property.

 

8.2.Tenant's Responsibility for Cost and Insurance.
Tenant will pay the cost and expense of all Alterations, and for any painting, restoring or repairing of the Premises or the
Property the Alterations occasion. Prior to commencing the Alterations, Tenant will deliver the following to Landlord in form
and amount reasonably satisfactory to Landlord: (a) payment, performance and demolition (if applicable) bonds; and (b) evidence
that Tenant and each of Tenant's contractors have in force liability insurance insuring against construction related risks, in
at least the form, amounts and coverages required of Tenant under Article 10. The insurance policies described in the preceding
sentence shall name Landlord and Property Manager (and, if requested by Landlord, Landlord's lender) as additional insureds.

 

8.3.Construction Obligations and Ownership.Landlord
may inspect construction of the Alterations. Immediately after completing the Alterations, Tenant will furnish Landlord with contractor
affidavits, full and final notarized lien waivers and receipted bills covering all labor and materials expended and used in connection
with the Alterations. Tenant will remove any Alterations Tenant constructs in violation of this Article 8 within 10 days after
Landlord's written request and in any event prior to the expiration or earlier termination of this Lease. All Alterations Tenant
makes or installs (including all telephone, computer and other wiring and cabling located within the walls of and outside the
Premises, but excluding Tenant's movable trade fixtures, furniture and equipment) become the property of Landlord upon installation
and, unless Landlord requires Tenant to remove the Alterations (which removal requirement may be exercised by Landlord at the
time Landlord consents to such Alterations, or at the termination of the Lease), Tenant will surrender the Alterations to Landlord
upon the expiration or earlier termination of this Lease at no cost to Landlord.

 

8.4.Liens. Tenant will keep the Property
free from any mechanics', materialmens', designers' or other liens arising out of any work performed, materials furnished or obligations
incurred by or for Tenant or any person or entity claiming by, through or under Tenant. Tenant will notify Landlord in writing
at least 30 days prior to commencing any Alterations in order to provide Landlord the opportunity to record and post notices of
non-responsibility or such other protective notices available to Landlord under the Laws. If any such liens are filed and Tenant,
within 15 days after such filing, does not release the same of record or provide Landlord with a bond or other surety satisfactory
to Landlord protecting Landlord and the Property against such liens, Landlord may, without waiving its rights and remedies based
upon such breach by Tenant and without releasing Tenant from any obligation under this Lease, cause such liens to be released
by any means Landlord reasonably deems proper, including, but not limited to, paying the claim giving rise to the lien or posting
security to cause the discharge of the lien. In such event, Tenant will reimburse Landlord, as Additional Rent, for all amounts
Landlord pays (including, without limitation, reasonable attorneys' fees and costs).

 

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8.5.Indemnification. To the fullest extent allowable
under the Laws, Tenant will release, indemnify, protect, defend (with counsel reasonably acceptable to Landlord) and hold harmless
the Landlord Parties and the Property from and against any Claims in any manner relating to or arising out of any Alterations
or any other work performed, materials furnished or obligations incurred by or for Tenant or any person or entity claiming by,
through or under Tenant.

 

ARTICLE 9

RIGHTS RESERVED BY LANDLORD

 

9.1.Landlord's Entry. Landlord and its authorized
representatives may at all reasonable times and upon reasonable notice to Tenant enter the Premises to: (a) inspect the Premises;
(b) exercise and perform Landlord's rights and obligations under this Lease; (c) post notices of non-responsibility or other protective
notices available under the Laws; (d) show the Premises to current or prospective mortgagees, or to prospective purchasers of
the Property; or (e) during the last 12 months of the Term, show the Premises to prospective tenants. Landlord, in the event of
any emergency, may enter the Premises at any time without notice to Tenant. If Landlord receives prior written notification from
Tenant that specified areas within the Premises contain confidential materials, then Landlord shall not enter such portions of
the Premises unless accompanied by a representative of Tenant except (i) in case of an emergency, or (ii) if Tenant authorizes
Landlord to enter such portions of the Premises without accompaniment of Tenant's representative. Landlord's entry into the Premises
is not to be construed as a forcible or unlawful entry into, or detainer of, the Premises or as an eviction of Tenant from all
or any part of the Premises. Subject to Section 9.3 below, Tenant will also permit Landlord (or its designees) to erect, install,
use, maintain, replace and repair pipes, cables, conduits, plumbing and vents, and telephone, electric and other wires or other
items, in, to and through the Premises if Landlord reasonably determines that such activities are necessary for properly operating
and maintaining the Building.

 

9.2.Control of Property. Landlord reserves all rights
respecting the Property and Premises not specifically granted to Tenant under this Lease, including, without limitation, the right
to: (a) change the name or street address of the Building; (b) designate and approve all types of signs, window coverings, internal
lighting and other aspects of the Premises and its contents that may be visible from the exterior of the Premises; (c) grant any
party the exclusive right to conduct any business or render any service in the Building, provided such exclusive right does not
prohibit Tenant from using the Premises for the Permitted Use; (d) close the Building after regular business hours, except that
Tenant and its employees and invitees may access the Premises after regular business hours in accordance with such rules and regulations
as Landlord may reasonably prescribe from time to time for security purposes; (e) install, operate and maintain security systems
that monitor persons entering or leaving the Building; (f) install and maintain pipes, ducts, conduits, wires and structural elements
in the Premises that serve other parts or other tenants of the Building; (g) change the regular business hours of the Property;
and (h) retain and receive master keys or pass keys to the Premises and all doors in the Premises. Notwithstanding the foregoing,
or the provision of any security-related services by Landlord, Landlord is not responsible for the security of persons 'or property
in the Premises or otherwise on the Property, and Landlord is not liable in any way whatsoever for any breach of security except
to the extent directly caused by the gross negligence or willful misconduct of Landlord or its agents.

 

9.3.Interference with Tenant's Business. With respect
to any provision of this Lease which entitles or requires Landlord to make improvements, alterations or repairs to the Premises,
the Building or the Common Area, Landlord agrees that such work shall not materially interfere with Tenant's use and enjoyment
of the Premises for the Permitted Use. Landlord shall endeavor, when reasonably possible, to perform any such work so as to minimize
disruption to Tenant's business.

 

ARTICLE 10

INSURANCE AND LIABILITY

 

10.1. Tenant's Insurance Obligations.
Tenant, at all times during the Term and during any early occupancy period, at Tenant's sole cost and expense, will maintain
the insurance this Section 10.1 describes.

 

 

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10.1.1. Liability Insurance. Tenant
shall maintain commercial general liability insurance (providing coverage at least as broad as the current ISO commercial general
liability form) with respect to the Premises and Tenants activities in the Premises and upon and about the Property, on an "occurrence"
basis, with minimum limits of $1,000,000 each occurrence and $3,000,000 general aggregate. Such insurance must include the following
specific coverage provisions or endorsements: (a) broad form contractual liability insurance insuring Tenant's obligations under
this Lease, (b) naming Landlord and Property Manager as additional insureds by an "Additional Insured - Managers or Lessors
of Premises" endorsement (or equivalent coverage or endorsement); (c) waiving the insurer's subrogation rights against all
Landlord Parties: (d) agreeing to deliver notice to Landlord in accordance with policy provisions if any such insurance is cancelled
prior to the expiration date thereof; and (e) to the extent allowed by Tenant's policy, expressly endorsing Landlord as a cancellation
notice recipient. Tenant shall provide Landlord with at least 3 Business Days prior written notice of cancellation or material
reduction of the insurance required by this Section 10.1.1. Tenant acknowledges and agrees that Tenant's liability insurance will
be provided on a primary and non-contributory basis. If Tenant provides such liability insurance under a blanket policy, the insurance
must be made specifically applicable to the Premises and this Lease on a "per location" basis.

 

10.1.2. Other Insurance. Tenant
shall maintain property insurance (providing coverage at least as broad as the current ISO Special Form) for (a) Tenant's furniture,
equipment, fixtures, and other personal property, (b) systems or equipment installed by Tenant during the Term, and (c) alterations,
improvements and changes to the Premises completed by Tenant at Tenant's expense. Tenant shall also maintain such other insurance
as may be required by any Laws (including without limitation any necessary worker's compensation insurance), or as may reasonably
be required by Landlord from time to time. If insurance obligations generally required of tenants in similar space in similar buildings
in the area in which the Property is located increase or otherwise change, then Landlord may likewise increase or otherwise change
Tenant's insurance obligations under this Lease.

 

10.1.3. Miscellaneous
Insurance Provisions. All of Tenant's insurance will be written by companies rated at least "Best A-VII" and otherwise
reasonably satisfactory to Landlord. Tenant will deliver evidence of insurance reasonably satisfactory to Landlord, (a) on or
before the Commencement Date (and prior to any earlier occupancy by Tenant), (b) not later than 10 Business Days prior to the
expiration of any current policy or certificate, and (c) at such other times as Landlord may reasonably request. If Landlord allows
Tenant to provide evidence of liability insurance by certificate, then Tenant will deliver an ACORD Form 25 certificate and will
attach or cause to be attached to the certificate copies of any endorsements this Section 10.1 requires. Tenant's insurance must
permit releases of liability and provide for waiver of subrogation as provided in Section 10.3. Tenant acknowledges and agrees
that Landlord's establishment of minimum insurance requirements is not a representation by Landlord that such limits are sufficient
and does not limit Tenant's liability under this Lease in any manner.

 

10.1.4. Tenant's Failure to Insure.
Notwithstanding any contrary language in this Lease and any notice and cure rights this Lease provides Tenant, if Tenant fails
to provide Landlord with evidence of insurance as required under this Section 10.1, and if such failure continues for more than
2 Business Days after Tenant's receipt of Landlord's written notice of such failure, then Landlord may assume that Tenant is not
maintaining the insurance Section 10.1 requires Tenant to maintain and Landlord may (but is not obligated to) without further demand
upon Tenant or notice to Tenant and without giving Tenant any cure right or waiving or releasing Tenant from any obligation contained
in this Lease, obtain such insurance for Landlord's benefit. In such event, Tenant will pay to Landlord, as Additional Rent, all
costs and expenses Landlord incurs in obtaining such insurance. Landlord's exercise of its rights under this section does not relieve
Tenant from any default under this Lease.

 

10.2. Landlord's Insurance Obligations.
Landlord will (except for the optional coverages and endorsements this Section 10.2 may describe) at all times during the Term
maintain the insurance this Section 10.2 describes. All premiums and other costs and expenses Landlord incurs in connection with
maintaining such insurance (including without limitation a reasonable administrative fee for maintaining and coordinating
Landlord's insurance program) are Operating Expenses.

 

10.2.1. Property Insurance. Property
insurance on the Building in an amount not less than the full insurable replacement cost of the Building insuring against
loss or damage by such risks as are covered by the current ISO Special Form policy. Landlord, at its option, may obtain such
additional coverages or endorsements as Landlord deems appropriate or necessary in its sole but reasonable discretion,
including without limitation insurance covering foundation, grading, excavation and debris removal costs; business income and
rents insurance; earthquake insurance; terrorism insurance; and flood insurance. Landlord may maintain such insurance in
whole or in part under blanket policies. Tenant acknowledges and agrees that Landlord shall have no obligation to replace,
rebuild, or restore, and that Landlord's property insurance will not cover, any of the following: (a) Tenant's furniture,
equipment, fixtures, and personal property; (b) systems or equipment installed by Tenant during the Term; or (c) alterations,
improvements and changes to the Premises completed by Tenant at Tenant's expense.

 

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10.2.2. Liability Insurance. Commercial
general liability insurance against claims for bodily injury and property damage occurring at the Property in such amounts as Landlord
deems appropriate or necessary in its sole but reasonable discretion. Such liability insurance will only protect Landlord (and,
at Landlord's sole option, Landlord's lender and some or all of the Landlord Parties). Such liability insurance will not protect
or insure Tenant, and does not replace or supplement the liability insurance this Lease obligates Tenant to carry.

 

10.2.3. Deductible. Tenant acknowledges
that Landlord's insurance may include deductible limits, that such deductible amounts reduce the insurance premiums chargeable
as Operating Expenses under the Lease, and that, notwithstanding the waiver set forth in Section 10.3, such deductible amounts
shall either (i) be considered Operating Expenses under the Lease, or, (ii) if any loss covered by Landlord's insurance resulted
from the negligence or willful misconduct of Tenant, be considered the sole responsibility of Tenant hereunder to the extent of
Tenant's fault.

 

10.3. Mutual Waiver
of Subrogation. Subject only to Section 10.2.3 above, each party hereby waives any and every right or cause of action for
any and all loss of, or damage to, any of its property (whether or not such loss or damage is caused by the negligence or willful
misconduct of the other party or anyone for whom said other party may be responsible), which loss or damage is actually covered
by an insurance policy maintained by such party, but only to the extent that such loss or damage is covered under any such
insurance policy.

 

10.4. Liability of Landlord and Tenant.

 

10.4.1. The Landlord Parties shall
not have any liability to Tenant for any Claims based on or arising out of any of the following: the repair or maintenance of any
portion of the Premises; interruption in the use of the Premises or any Common Area; any accident or damage resulting from any
use or operation by Landlord, Tenant or any other person or entity of the elevators or the heating, cooling, electrical, or plumbing
systems serving the Property; termination of this Lease by reason of damage to the Premises or the Building; fire, robbery, theft,
vandalism, or any other casualty; actions of any other tenant of the Building, or of any other third party; and leakage in any
part of the Premises or the Building from water, rain, ice or snow that may leak into, or flow from, any part of the Premises or
the Building, or from drains, pipes or plumbing fixtures in the Premises or the Building. Any property placed by Tenant in or about
the Premises or the Property shall be at the sole risk of Tenant, and Landlord shall not in any manner be responsible therefore.
Notwithstanding the foregoing, Landlord shall not be released from liability to Tenant for any injury to the extent caused by the
negligence or willful misconduct of Landlord. In no event, however, shall Landlord have any liability to Tenant on account of any
claims for the interruption of or loss to Tenant's business or for any indirect damages or consequential losses.

 

10.4.2. In addition to Tenant's
other indemnification obligations in this Lease (but subject to Landlord's insurance obligations in Section 10.2 above), Tenant
to the fullest extent allowable under the Laws shall release, indemnify, protect, defend (with counsel reasonably acceptable to
Landlord) and hold harmless the Landlord Parties from and against all Claims arising from: (a) any breach or default by Tenant
in the performance of any of Tenant's covenants or agreements in this Lease; (b) the negligence or willful misconduct of Tenant;
(c) any accident, injury, occurrence or damage in, about or to the Premises; and (d) to the extent caused in whole or in part by
Tenant, any accident, injury, occurrence or damage in, about or to the Property.

 

10.4.3. Subject to Tenant's insurance
obligations in Section 10.1 above, Landlord to the fullest extent allowable under the Laws shall release, indemnify, protect,
defend (with counsel reasonably acceptable to Tenant) and hold harmless the Tenant from and against all Claims arising from: (a)
any breach or default by Landlord in the performance of any of Landlord's covenants or agreements in this Lease; (b) the negligence
or willful misconduct of Landlord; or (c) the possession, use, occupation, management, repair, maintenance or control of the Common
Area, except to the extent resulting from the negligence or willful misconduct of Tenant. In no event, however, shall Landlord
have any liability to Tenant on account of any claims for the interruption of or loss to Tenant's business or for any indirect
damages or consequential losses.

 

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10.4.4. Notwithstanding
any provision to the contrary contained herein, Tenant shall look solely to the estate and property of Landlord in and to the
Property (including the rents, profits and proceeds from the Property) in the event of any claim against Landlord arising out
of or in connection with this Lease, the relationship of Landlord and Tenant, or Tenant's use of the Premises, and Tenant agrees
that the liability of Landlord arising out of or in connection with this Lease, the relationship of Landlord and Tenant, or Tenant's
use of the Premises, shall be limited to such estate and property of Landlord in and to the Property. No properties or assets
of Landlord other than the estate and property of Landlord in and to the Property and no property owned by any partner of Landlord
shall be subject to levy, execution or other enforcement procedures for the satisfaction of any judgment (or other judicial process)
or for the satisfaction of any other remedy of Tenant arising out of or in connection with this Lease, the relationship of Landlord
and Tenant or Tenant's use of the Premises.

 

ARTICLE 11

DAMAGE OR DESTRUCTION

 

11.1. Tenant's Notice of Casualty. If
the Premises or any part thereof shall be damaged by fire or any other casualty, Tenant shall give immediate written notice thereof
to Landlord.

 

11.2. Tenantable Within 180 Days. Except
as provided in Section 11.4, if a casualty renders the whole or any material part of the Premises untenantable, and if Landlord
determines in its sole but reasonable discretion that it can make the Premises tenantable within 180 days after the Casualty Date,
then Landlord will notify Tenant within 20 Business Days after the Casualty Date that Landlord will repair and restore the Building
and the Premises as required by Section 11.6. In the event that such restoration of the Premises is not substantially completed
within 180 days of the Casualty Date, and provided that such delay in substantial completion results from a cause other than Tenant
Delay or Force Majeure, then Tenant shall have the right to terminate this Lease by delivering 30 days' prior written notice to
Landlord. In the event the restoration of the Premises is substantially completed within such 30 day period, such right of termination
shall be deemed to be void and without effect.

 

11.3. Not Tenantable Within 180 Days.
if a casualty renders the whole or any material part of the Premises untenantable and Landlord reasonably determines in its
sole discretion that it cannot make the Premises tenantable within 180 days after the Casualty Date, then Landlord will so notify
Tenant within 20 Business Days after the Casualty Date and may, in such notice, terminate this Lease effective on the date of
Landlord's notice. If Landlord determines that it cannot make the Premises tenantable within such 180-day period, and if Landlord
does not elect to terminate this Lease as provided in this section, then Tenant may terminate this Lease by notifying Landlord
within 30 days after Tenant's receipt of Landlord's notice, which termination will be effective 30 days after Landlord's receipt
of Tenant's notice.

 

11.4. Building Substantially Damaged.
Notwithstanding Section 11.2, if the Building is damaged or destroyed by casualty (regardless whether the Premises is affected)
and either (a) fewer than 9 months remain in the Term after the Casualty Date, or (b) the damage reduces the value of the improvements
on the Property by more than 50% (as determined by Landlord in its sole but reasonable discretion), then, regardless of whether
Landlord determines in its reasonable discretion that it can make the Building tenantable within 180 days after the Casualty Date,
Landlord, at Landlord's option, by notifying Tenant within 20 Business Days after the Casualty Date, may terminate this Lease effective
on the date of Landlord's notice.

 

11.5.Insufficient Proceeds.
Notwithstanding any contrary language in this Article 11, if this Article 11 obligates Landlord to repair damage to the Premises
or Building caused by casualty, and if Landlord does not receive sufficient insurance proceeds (excluding any deficiency caused
by the amount of any policy deductible) to repair all of the damage, or if the lender under any Mortgage does not release to Landlord
sufficient insurance proceeds to repair all of the damage, then Landlord, at Landlord's option, by notifying Tenant within 45
days after the Casualty Date, may terminate this Lease effective on the date of Landlord's notice.

 

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11.6.Landlord's Repair Obligations.
If this Lease is not terminated under Sections 11.2 through 11.5 following a casualty, then Landlord shall repair and restore
the Premises (subject to the last sentence of Section 10.2.1) and the Building to as near their condition prior to the casualty
as is reasonably possible with all commercially reasonable diligence and speed (subject to delays caused by Tenant Delay or Force
Majeure). In such case, this Lease shall remain in full force and effect, but Basic Rent and Tenant's Share of Expenses for the
period during which the Premises are untenantable shall abate pro rata (based upon the rentable area of the untenantable portion
of the Premises as compared with the rentable area of the entire Premises). In no event is Landlord ❑bligated to repair
or restore (a) Tenant's furniture, equipment, fixtures, and personal property; (b) systems or equipment installed by Tenant during
the Term; or (c) alterations, improvements and changes to the Premises completed by Tenant at Tenant's expense. Landlord will,
if necessary, equitably adjust Tenant's Share of Expenses Percentage, subject to Section 3.7, to account for any reduction
in the rentable area of the Premises or Building resulting from a casualty.

 

11.7. Rent Apportionment Upon Termination.
If either party terminates this Lease under this Article 11, then Landlord will apportion Basic Rent and Tenant's Share of
Expenses on a per diem basis and Tenant will pay Basic Rent and Tenant's Share of Expenses to (a) the date of the casualty if
the event renders the Premises completely untenantable or (b) if the event does not render the Premises completely untenantable,
the effective date of such termination (provided that if a portion of the Premises is rendered untenantable, but the remaining
portion is tenantable, then Tenant's obligation to pay Basic Rent and Tenants Share of Expenses abates pro rata [based upon the
rentable area of the untenantable, portion of the Premises divided by the rentable area of the entire Premises] from the date
of the casualty and Tenant will pay the unabated portion of the Rent to the date of such termination).

 

11.8. Exclusive Casualty Remedy. The
provisions of this Article 11 are Tenant's sole and exclusive rights and remedies in the event of a casualty. To the extent permitted
by the Laws, Tenant waives the benefits of any Laws that provide Tenant any abatement or termination rights (by virtue of a casualty)
not specifically described in this Article 11.

 

ARTICLE 12

CONDEMNATION

 

12.1. Termination of Lease. If
a Condemning Authority desires to effect a Taking of all or any material part of the Property, then Landlord will promptly notify
Tenant. If Landlord and Tenant both reasonably conclude that the Taking will render the Premises unsuitable for the Permitted
Use, then Landlord and Tenant will document such determination, and this Lease will terminate as of the date the Condemning Authority
takes possession of the portion of the Property taken. Tenant will pay Rent to the date of termination. If a Condemning Authority
takes all or any material part of the Building, or if a Taking reduces the value of the Property by 50% or more (as reasonably
determined by Landlord in its sole discretion), regardless whether the Premises is affected, then Landlord, at Landlord's option,
by notifying Tenant prior to the date the Condemning Authority takes possession of the portion of the Property taken, may terminate
this Lease effective on the date the Condemning Authority takes possession of the portion of the Property taken.

 

12.2. Landlord's Repair Obligations.
If this Lease does not terminate with respect to the entire Premises under Section 12.1, and if the Taking includes a portion
of the Premises, then this Lease shall automatically terminate as to the portion of the Premises taken as of the date the Condemning
Authority takes possession of the portion taken and Landlord will, at its sole cost and expense, restore the remaining portion
of the Premises to a complete architectural unit with all commercially reasonable diligence and speed and will reduce the Basic
Rent for the period after the date the Condemning Authority takes possession of the portion of the Premises taken to a sum equal
to the product of the Basic Rent provided for in this Lease multiplied by a fraction, the numerator of which is the rentable area
of the Premises after the Taking and after Landlord restores the Premises to a complete architectural unit, and the denominator
of which is the rentable area of the Premises prior to the Taking. Landlord will also equitably adjust Tenant's Share of Expenses
Percentage for the same period, subject to Section 3.7, to account for the reduction in the rentable area of the Premises or the
Building resulting from the Taking. Tenant's obligation to pay Basic Rent and Tenant's Share of Expenses will abate on a proportionate
basis with respect to that portion of the Premises remaining after the Taking that Tenant is unable to use during Landlord's restoration
for the period of time that Tenant is unable to use such portion of the Premises.

 

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12.3.Tenant's Participation. Except
only as specifically set forth in the last sentence of this Section, Landlord is entitled to receive and keep all damages, awards
or payments resulting from or paid on account of a Taking. Tenant has no right to receive any award for its interest in this Lease
or for loss of leasehold (including without limitation any award for the unexpired portion of the Term), and Tenant hereby assigns
to Landlord any interest of Tenant in any such award. Tenant may only prove in any condemnation proceedings, and may only receive
from the Condemning Authority: (i) any separate award for damages to or condemnation of Tenant's movable trade fixtures and equipment,
and (ii) any separate award for relocation expenses.

 

12.4. Exclusive Taking Remedy. The
provisions of this Article 12 are Tenant's sole and exclusive rights and remedies in the event of a Taking. To the extent permitted
by the Laws, Tenant waives the benefits of any Laws that provide Tenant any abatement or termination rights or any right to receive
any payment or award (by virtue of a Taking) not specifically described in this Article 12.

 

ARTICLE 13

TRANSFERS

 

13.1. Restriction on Transfers.

 

13.1.1. General Prohibition. Except
as set forth in Section 13.1.2, Tenant will not cause or suffer a Transfer without first obtaining Landlord's written consent,
which consent Landlord may grant, withhold, or condition in its sole but reasonable discretion. If Landlord consents to the Transfer,
then Landlord may impose on Tenant or the transferee such reasonable conditions as Landlord deems appropriate in its sole but
reasonable discretion. Tenant's request for Landlord's consent to a Transfer must describe in detail the parties, terms and portion
of the Premises affected. Tenant will, in connection with requesting Landlord's consent, provide Landlord with a copy of any and
all documents and information regarding the proposed Transfer and the proposed transferee as Landlord reasonably requests. Landlord
will notify Tenant of Landlord's election to consent or withhold consent within 30 days after receiving Tenant's written request
for consent to the Transfer, Tenant acknowledges and agrees that no Transfer will release Tenant from any liability or obligation
under this Lease, and that Tenant shall remain liable to Landlord after such a Transfer as a principal and not as a surety or
guarantor, and that the collection or acceptance of rent from any such assignee, transferee, subtenant or occupant shall not constitute
a waiver or release of Tenant under any provision of the Lease. If Landlord consents to any Transfer, Tenant will pay to Landlord,
as Additional Rent, 50% of any amount Tenant receives on account of the Transfer in excess of the amounts this Lease, after deducting
the third-party costs that Tenant reasonably and actually incurs to facilitate the Transfer (including without limitation leasing
commissions and attorneys fees, but excluding improvement allowances and other inducement concessions). Any attempted Transfer
in violation of this Lease is null and void and constitutes a breach of this Lease. Tenant acknowledges and agrees that Landlord's
refusal to consent to a Transfer shall be deemed not to have been unreasonably withheld if (i) the proposed transferee is not
of a type and quality consistent with the first-class nature of the Building, (ii) the proposed transferee is a governmental agency
or any party by whom any suit or action could be defended on the ground of sovereign immunity, (iii) the proposed transferee is
already a tenant at the Property, or is a party with whom the Landlord is presently negotiating for the lease of space at the
Property, (iv) the presence of the proposed transferee in the Premises would cause Landlord to be in violation of any other lease,
or would trigger termination rights by any other tenant, (v) the proposed transferee does not have the financial capacity and
credit worthiness to undertake and perform Tenant's obligations under this Lease, or (vi) the space to be assigned or sublet is
not configured to allow appropriate means of ingress and egress. Tenant also acknowledges that one or more existing or future
mortgagees of a Mortgage affecting the Property may have the right to approve any Transfer and that, whenever that is the case,
Landlord shall have the absolute right to withhold its consent to a Transfer if any such mortgagee withholds its consent thereto.

 

13.1.2. Transfers to Affiliates. Provided
that Tenant is not in default in the performance of its obligations under this Lease, Tenant may cause a Transfer to an Affiliate
if: (a) Tenant notifies Landlord at least 30 days prior to such Transfer; (b) the transferee assumes and agrees in a writing reasonably
acceptable to Landlord to perform Tenant's obligations under this Lease and to observe all terms and conditions of this Lease;
and (c) Tenant delivers to Landlord, at the time of Tenant's notice, current financial statements of the proposed transferee.
Tenant acknowledges and agrees that a Transfer to an Affiliate under this Section 13.1.2 will not release Tenant from any liability
or obligation under this Lease, and that Tenant shall remain liable to Landlord after such a Transfer as a principal and not as
a surety or guarantor. Landlord's right described in Section 13.1.1 to share in any profit Tenant receives from a Transfer permitted
under this Section 13.1.2 does not apply to any Transfer this Section 13.1.2 permits.

 

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13.2. Costs. Tenant will pay to
Landlord, as Additional Rent, all costs and expenses Landlord actually incurs in connection with any Transfer, including without
limitation reasonable attorneys' fees and other third-party expenses, regardless whether Landlord consents to the Transfer.

 

ARTICLE 14

DEFAULTS; REMEDIES

 

14.1. Events of Default. The occurrence
of any of the following constitutes an "Event of Default" by Tenant under this Lease:

 

14.1.1. Failure to Pay Rent. Tenant
fails to pay as and when due (a) Basic Rent, (b) any installment of Tenants Share of Expenses, or (c) any other Additional Rent
amount, and such failure continues for 10 days after Landlord notifies Tenant of such failure.

 

14.1.2. Failure to Perform. Tenant
breaches or fails to perform any of Tenants non-monetary obligations under this Lease and the breach or failure continues for a
period of 30 days after Landlord notifies Tenant of such breach or failure; provided, however, that if Tenant cannot reasonably
cure its breach or failure within said 30 day period, then Tenant's breach or failure is not an Event of Default if Tenant promptly
commences to cure its breach or failure and thereafter diligently and in good faith pursues the cure and effects the cure within
a period of time that does not exceed 90 days after the date that Landlord notified Tenant of the breach or failure. Notwithstanding
any contrary language in this Section 14.1.2, Tenant is not entitled to any notice or cure period before an incurable breach of
this Lease (or failure) becomes an Event of Default.

 

14.1.3. Misrepresentation. The existence
of any material misrepresentation or omission in any financial statements, correspondence or other information provided to Landlord
by or on behalf of Tenant in connection with: (a) Tenant's negotiation or execution of this Lease; (b) Landlord's evaluation of
Tenant as a prospective tenant at the Property; (c) any proposed or attempted Transfer; or (d) any consent or approval requested
by Tenant under this Lease.

 

14.1.4. Other Defaults. (a) Tenant
makes a general assignment or general arrangement for the benefit of creditors; (b) a petition for adjudication of bankruptcy or
for reorganization or rearrangement is filed by Tenant; (c) a petition for adjudication of bankruptcy or for reorganization or
rearrangement is filed against Tenant and is not dismissed within 60 days; (d) a trustee or receiver is appointed to take possession
of substantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease and possession is not restored
to Tenant within 30 days; or (e) substantially all of Tenant's assets, substantially all of Tenant's assets located at the Premises
or Tenant's interest in this Lease is subjected to attachment, execution or other judicial seizure not discharged within 30 days.
If a court of competent jurisdiction determines that any act described in this section does not constitute an Event of Default,
and the court appoints a trustee to take possession of the Premises (or if Tenant remains a debtor in possession of the Premises)
and such trustee or Tenant transfers Tenant's interest hereunder, then Landlord is entitled to receive, as Additional Rent, the
amount by which the Rent (or any other consideration) paid in connection with the Transfer exceeds the Rent otherwise payable by
Tenant under this Lease.

 

14.1.5. Notice Requirements. The
notices required by this Section 14.1 are intended to satisfy any and all notice requirements imposed by the Laws and are not
in addition to any such requirements.

 

14.2. Remedies. Upon the occurrence
of any Event of Default, Landlord, at any time and from time to time, and without preventing Landlord from exercising any other
right or remedy, may exercise any one or more of the following remedies:

 

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14.2.1. Termination
of Tenant's Possession; Re-entry and Reletting Right. Terminate Tenant's right to possess the Premises by any lawful means
with or without terminating this Lease, in which event Tenant will immediately surrender possession of the Premises to Landlord.
Unless Landlord specifically states that it is terminating this Lease, Landlord's termination of Tenants right to possess the
Premises is not to be construed as an election by Landlord to terminate this Lease or Tenants obligations and liabilities under
this Lease. In such event, this Lease continues in full force and effect (except for Tenant's right to possess the Premises) and
Tenant continues to be obligated for and must pay all Rent as and when due under this Lease. If Landlord terminates Tenant's right
to possess the Premises, Landlord is not obligated to but may re-enter the Premises and remove all persons and property from the
Premises. Landlord may store any property Landlord removes from the Premises in a public warehouse or elsewhere at the cost and
for the account of Tenant. Upon such re-entry, Landlord is not obligated to but may relet all or any part of the Premises to a
third party or parties for Tenant's account. Tenant is immediately liable to Landlord for all Re-entry Costs and must pay Landlord
the same within 10 days after Landlord's notice to Tenant. Landlord may relet the Premises for a period shorter or longer than
the remaining Term. If Landlord relets all or any part of the Premises, Tenant will continue to pay Rent when due under this Lease
and Landlord will refund to Tenant the Net Rent Landlord actually receives from the reletting up to a maximum amount equal to
the Rent paid by Tenant that came due after Landlord's reletting. If the Net Rent Landlord actually receives from reletting exceeds
such Rent, Landlord will apply the excess sum to future Rent due under this Lease. Landlord may retain any surplus Net Rent remaining
at the expiration of the Term.

 

14.2.2.
Termination of Lease. Terminate this Lease effective on the date Landlord specifies in its termination notice to Tenant. Upon
termination, Tenant will immediately surrender possession of the Premises to Landlord. If Landlord terminates this Lease, Landlord
may recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason of Tenant's default,
including, without limitation: (a) all Rent due and payable under this Lease as of the effective date of the termination; (b)
any amount necessary to compensate Landlord for any detriment proximately caused to Landlord by Tenant's failure to perform its
obligations under this Lease or which in the ordinary course would likely result from Tenant's failure to perform, including but
not limited to any Re-entry Costs; (c) an amount equal to the difference between the present worth, as of the effective date of
the termination, of the Rent for the balance of the Term remaining after the effective date of the termination (assuming no termination)
and the present worth, as of the effective date of the termination, of a fair market Rent for the Premises for the same period
(as Landlord reasonably determines the fair market Rent); and (d) Tenant's Share of Expenses to the extent Landlord is not otherwise
reimbursed for such Expenses. For purposes of this section, Landlord will utilize the Discount Rate to compute present worth.
Nothing in this section shall limit or prejudice Landlord's right to
prove and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater
than the amounts set forth in this section.

 

14.2.3. Present Worth of Rent. Recover
from Tenant, and Tenant will pay to Landlord on demand, an amount equal to the then present worth, as of the effective date of
termination, of the aggregate of the Rent and any other charges payable by Tenant under this Lease for the unexpired portion of
the Term, less the fair and reasonable rental value of the Premises for the corresponding period. Landlord will utilize the Discount
Rate to compute present worth. The fair and reasonable rental value of the Premises shall be determined in good faith by Landlord
on the basis of the rents payable under leases entered into by Landlord for comparable space in the Building during the 18-month
period immediately preceding Landlord's election to proceed under this Section 14.2.3; or, if Landlord reasonably determines that
no such leases for comparable space have been entered into, then the fair and reasonable rental value shall be otherwise determined
by Landlord in good faith. If the Premises or any part thereof are relet by Landlord before any adjudication of Landlord's claims
for damages, then the amount of rent payable to Landlord for such reletting shall be deemed the fair and reasonable rental value
of the Premises (or the applicable part thereof) during the term of the reletting.

 

14.2.4. Self Help. Perform the
obligation on Tenant's behalf without waiving Landlord's rights under this Lease at law or in equity, and without releasing Tenant
from any obligation under this Lease. Tenant shall pay to Landlord, as Additional Rent, all sums that Landlord pays and all obligations
that Landlord incurs on Tenant's behalf under this section.

 

14.2.5. Other Remedies. Any other
right or remedy available to Landlord under this Lease, under the Laws, and/or in equity.

 

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14.3. Costs. Tenant
will reimburse and compensate Landlord on demand and as Additional Rent for any actual loss Landlord incurs in connection with,
resulting from or related to any breach or default of Tenant under this Lease, regardless whether the breach or default constitutes
an Event of Default, and regardless whether suit is commenced or judgment is entered. Such loss shall include ail reasonable legal
fees, costs and expenses (including paralegal fees and other professional fees and expenses) Landlord incurs in investigating,
negotiating, settling or enforcing any of Landlord's rights or remedies or otherwise protecting Landlord's interests under this
Lease. Tenant will also indemnify, defend (with counsel reasonably acceptable to Landlord), protect and hold harmless the Landlord
Parties from and against all Claims that Landlord or any of the other Landlord Parties incurs if Landlord or any of the other
Landlord Parties becomes or is made a party to any claim or action (a)instituted by Tenant {other than claims asserting that
Landlord has breached any of its obligations to Tenant under this Lease) or by or against any person holding any interest in the
Premises by, under or through Tenant, (b)for foreclosure of any lien for labor or material furnished to or for Tenant or such
other person, or (c) otherwise arising out of or resulting from any act or omission of Tenant or such other person. In addition
to the foregoing, Landlord is entitled to reimbursement of all of Landlord's fees, expenses and damages, including, but not limited
to, reasonable attorneys' fees and paralegal and other professional fees and expenses, Landlord incurs in connection with protecting
its interests in any bankruptcy or insolvency proceeding involving Tenant, including without limitation any proceeding under any
chapter of the Bankruptcy Code; by exercising and advocating rights under Section 365 of the Bankruptcy Code; by proposing a plan
of reorganization and objecting to competing plans; and by filing motions for relief from stay. Such fees and expenses are payable
on demand, or, in any event, upon assumption or rejection of this Lease in bankruptcy.

 

14.4. Waiver and
Release by Tenant. Tenant waives and releases all Claims Tenant may have resulting from Landlord's re-entry and taking possession
of the Premises by any lawful means and removing and storing Tenant's property as permitted under this Lease, regardless of whether
this Lease is terminated, and, to the fullest extent allowable under the Laws, Tenant will release, indemnify, defend (with counsel
reasonably acceptable to Landlord), protect and hold harmless the Landlord Parties from and against any and all Claims occasioned
thereby. No such re-entry is to be considered or construed as a forcible entry by Landlord.

 

14.5. Landlord's
Default. If Landlord defaults in the performance of any of its obligations under this Lease, Tenant will notify Landlord in
writing of the default and Landlord will have 30 days after receiving such notice to cure the default. If Landlord is not reasonably
able to cure the default within a 30 day period, Landlord will have an additional reasonable period of time to cure the default
as long as Landlord promptly commences the cure and thereafter diligently and in good faith pursues the cure to completion. If
Landlord has not commenced repair or maintenance required to be performed by Landlord hereunder within 45 days after written notice
thereof from Tenant, then Tenant shall have the right, but not the obligation, to make such repairs and Landlord shall reimburse
Tenant for the reasonable and actual cost thereof within 30 days after receipt of an invoice from Tenant. In the event of an emergency,
Tenant may (but shall not be obligated to) perform such repairs which would otherwise be Landlord's obligation hereunder which
may be reasonably necessary, after having given Landlord such notice, if any, as may be practicable under the circumstances. Notwithstanding
anything to the contrary set forth hereinabove, Tenant shall not be required to perform any repairs which would otherwise be Landlord's
obligation hereunder. In the event of a Landlord default beyond any such notice and cure period, Tenant shall be entitled to all
remedies provided by State law. In no event shall Landlord be liable to Tenant or any other person for consequential, special
or punitive damages (including without limitation lost profits). Any claim Tenant may have against Landlord for default in performance
of any of Landlord's obligations under this Lease is deemed waived unless Tenant notifies Landlord of the default within 180 days
after Tenant actually knew of the default. If Tenant recovers a final, non-appealable monetary judgment against Landlord for a
default by Landlord under this Lease, then Tenant may, in addition to any other remedies available to it, set off the amount of
that judgment against those installments of Basic Rent next coming due hereunder.

 

14.6. No Waiver. Except as specifically
set forth in this Lease, no failure by Landlord or Tenant to insist upon the other party's performance of any of the terms of
this Lease or to exercise any right or remedy upon a breach thereof, constitutes a waiver of any such breach or of any breach
or default by the other party in its performance of its obligations under this Lease. No acceptance by Landlord of full or partial
Rent from Tenant or any third party during the continuance of any breach or default by Tenant of Tenant's performance of its obligations
under this Lease constitutes Landlord's waiver of any such breach or default. Except as specifically set forth in this Lease,
none of the terms of this Lease to be kept, observed or performed by a party to this Lease, and no breach thereof, are waived,
altered or modified except by a written instrument executed by the other party.

 

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One or more waivers by a party to this
Lease are not to be construed as a waiver of a subsequent breach of the same covenant, term or condition. No statement on a payment
check from a party to this Lease or in a letter accompanying a payment check is binding on the other party. The party receiving
the check, with or without notice to the other party, may negotiate such check without being bound to the conditions of
any such statement.

 

ARTICLE 15

CREDITORS; ESTOPPEL CERTIFICATES

 

15.1.Subordination. This Lease,
all rights of Tenant in this Lease, and all interest or estate of Tenant in the Property, is subject and subordinate to the lien
of any Mortgage. Tenant, within 15 days of Landlord's request, will execute and deliver to Landlord any document reasonably required
to confirm the self-effectuating subordination of this Lease as provided in this Section to the lien of any Mortgage. If Tenant
does not timely deliver the properly signed document to Landlord, and if such failure continues for more than 2 Business Days
after Tenant's receipt of written notice from Landlord of such failure, then such failure shall constitute an Event of Default
under this Lease. Notwithstanding the subordination to any future Mortgage provided for in this section, as long as Tenant is
not in default in the payment of Rent or the performance and observance of any covenant, condition, provision, term or agreement
to be performed and observed by Tenant under this Lease beyond any applicable grace ❑r cure period this Lease provides
Tenant, the holder of the Mortgage shall not by virtue of such subordination under this section be entitled to disturb Tenant's
right of possession of the Premises under this Lease. Landlord acknowledges and agrees that the lien of any existing or future
Mortgage will not cover Tenant's moveable trade fixtures or personal property located in or on the Premises.

 

15.2. Attornment. If the holder
of any Mortgage at a foreclosure sale (or by deed in lieu of foreclosure) or any other transferee acquires Landlord's interest
in this Lease, the Premises or the Property, then Tenant will attorn to the transferee of or successor to Landlord's interest
in this Lease, the Premises or the Property (as the case may be) and recognize such transferee or successor as landlord under
this Lease, provided that any such purchaser at a foreclosure sale or transferee under a deed in lieu of foreclosure shall not
be (a) bound by any payment of Rent more than one month in advance, (b) liable for damages for any breach, act or omission of
any prior landlord, or (c) subject to any offsets or defenses which Tenant might have against any prior landlord. Tenant waives
the protection of any statute or rule of law that gives or purports to give Tenant any right to terminate this Lease or surrender
possession of the Premises upon the transfer of Landlord's interest.

 

15.3. Mortgagee Protection Clause.
Provided that Landlord or the holder of a Mortgage has previously notified Tenant of the notice address of the holder of the
Mortgage, Tenant shall give the holder of the Mortgage, by registered mail, a copy of any notice of default that Tenant serves
on Landlord. If Landlord fails to cure such default within the time provided for in this Lease, then Tenant will also provide
written notice of such failure to the holder of the Mortgage, and such holder will have an additional 30 days after receipt of
such notice within which to cure the default (but shall not be obligated to cure the default). if the default cannot be cured
within the additional 30 day period, then the holder will have such additional time as may be reasonably necessary to effect the
cure if, within the 30 day period, the holder has promptly commenced and is diligently pursuing in good faith the cure (including
without limitation commencing foreclosure proceedings if necessary to effect the cure).

 

15.4. Estoppel Certificates.

 

15.4.1. Contents. Upon Landlord's
written request, Tenant will execute, acknowledge and deliver to Landlord a written statement in form reasonably satisfactory
to Landlord certifying, to the extent true: (a) that this Lease is unmodified and in full force and effect (or, if there have
been any modifications, that the Lease is in full force and effect as modified, and stating the modifications); (b) that this
Lease has not been canceled or terminated; (c) the last date of payment of Rent and the time period covered by such payment; (d)
whether there are then existing any breaches or defaults by Landlord under this Lease known to Tenant and, if so, specifying the
same; (e) specifying any existing claims or defenses in favor of Tenant against the enforcement of this Lease; (f) that Tenant
has accepted the Premises and that Landlord has no outstanding construction or payment obligations with respect to preparation
of the Premises for Tenant's occupancy (or, if there are any such outstanding obligations, stating the same); (g) that Tenant
has no option to purchase the Premises or any part of the Property; and (h) such other factual statements as Landlord, or any
lender, prospective lender, investor or purchaser may reasonably request. Tenant will deliver the properly signed statement to
Landlord within 15 days after receipt of Landlord's request. Landlord may give any such statement by Tenant to any lender, prospective
lender, investor or purchaser of all or any part of the Property, and any such party may conclusively rely upon such statement
as true and correct.

 

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15.4.2. Failure
to Deliver. If Tenant does not timely deliver the properly signed statement referenced in Section 15.4.1 to Landlord, and
if such failure continues for more than 2 Business Days after Tenant's receipt of written notice from Landlord of such failure,
then such failure shall constitute an Event of Default under this Lease. Further, if Tenant fails to timely deliver the properly
signed statement within such 2-day period, then Landlord and any lender, prospective lender, or purchaser may conclusively presume
and rely, except as otherwise represented by Landlord, (i) that the terms and provisions of this Lease have not been changed;
(ii) that this Lease has not been canceled or terminated; (iii) that not more than one month's Rent has been paid in advance;
(iv) that Tenant has accepted the Premises and that Landlord has no outstanding construction or payment obligations with respect
to preparation of the Premises for Tenant's occupancy; (v) that Tenant has no option to purchase the Property or any part of the
Property; and (vi) that Landlord is not in default in the performance of any of its obligations under this Lease. In such event,
Tenant is estopped from denying the truth of such facts.

 

ARTICLE 16

SURRENDER; HOLDING OVER

 

16.1. Surrender of Premises. Tenant
will surrender the Premises to Landlord at the expiration or earlier termination of this Lease in good order, condition and repair
(reasonable wear and tear, permitted Alterations, and damage by casualty or condemnation excepted), and will surrender all keys
to the Premises to Landlord at the place then fixed for Tenant's payment of Basic Rent or as Landlord otherwise directs. Tenant
will also inform Landlord of all combinations on locks, safes and vaults, if any, in the Premises or on the Property. Tenant will
at such time remove all of its property from the Premises and, if Landlord required as a condition of its consent, all specified
Alterations carried out by Tenant in the Premises. Tenant will promptly repair any damage to the Premises caused by such removal.
If Tenant does not surrender the Premises in accordance with this section, Tenant will indemnify, defend (with counsel reasonably
acceptable to Landlord), protect and hold harmless Landlord from and against any Claim resulting from Tenant's delay in so surrendering
the Premises, including, without limitation, any Claim made by any succeeding occupant founded on such delay. All property of Tenant
not removed on or before the last day of the Term is deemed abandoned. If Tenant fails to remove all of Tenant's property from
the Premises upon termination of this Lease, then Tenant shall be deemed to have appointed Landlord as Tenant's agent to remove,
at Tenant's sole cost and expense, all of Tenant's property from the Premises upon termination of this Lease and to cause its transportation
and storage for Tenant's benefit, all at the sole cost and risk of Tenant, and Landlord will not be liable for damage, theft, misappropriation
or loss thereof or in any manner in respect thereto.

 

16.2. Holding Over. If Tenant possesses
the Premises after the Term expires (or after this Lease is otherwise terminated) without executing a new lease but with Landlord's
written consent, then Tenant is deemed to be occupying the Premises as a tenant from month-to-month, subject to all provisions,
conditions and obligations of this Lease applicable to a month-to-month tenancy, except that (a) Basic Rent for each month during
the hold-over period shall be equal to 125% of the Basic Rent for the month immediately preceding the commencement of the hold-over
period, and (b) either Landlord or Tenant may terminate the month-to-month tenancy at any time upon at least 30 days prior written
notice to the other party. If Tenant possesses the Premises after the Term expires (or is otherwise terminated) without executing
a new lease and without Landlord's written consent, then Tenant is deemed to be occupying the Premises without claim of
right (but subject to all terms and conditions of this Lease) and, in addition to Tenant's obligation to indemnify, defend (with
counsel reasonably acceptable to Landlord), protect and hold harmless Landlord from and against any Claim resulting from Tenant's
failure to surrender the Premises in accordance with Section 16.1, Tenant shall also pay to Landlord a charge for each day of
occupancy after expiration of the Term in an amount equal to 200% of the Rent for the last month of the expired Term (on a daily
basis). This Section 16.2 shall in no way constitute consent by Landlord to any holding over by Tenant upon the expiration or
earlier termination of this Lease, nor limit Landlord’s remedies in such event.

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ARTICLE 17

ADDITIONAL PROVISIONS

 

17.1. Tenant Improvements.

 

17.1.1. Tenant Improvements. Landlord
is providing the basic Premises in its current "AS IS" condition, without representation or warranty of any kind, and
Landlord shall have no obligation to make any modifications or alterations to the Premises except as specifically set forth in
this Section 17.1. Landlord shall coordinate improvements in the Premises (the "Tenant Improvements") pursuant to plans
and specifications that have been approved by both Landlord and Tenant (which approval shall not be unreasonably withheld, conditioned,
or delayed). Landlord will seek bids from at least 3 qualified general contractors to complete the Tenant Improvements. Landlord
will use commercially reasonable efforts to complete the Tenant Improvements on or before the Commencement Date, subject to Tenant
Delays and delays caused by Force Majeure. Prior to Tenant's occupancy, Landlord and Tenant will inspect the Tenant Improvements
and if necessary develop a punch list. Landlord will complete (or repair, as the case may be) the items described on the punch
list with commercially reasonable diligence and speed, subject to delays caused by Tenant Delays and Force Majeure. Any other
improvements made to the Premises by Tenant shall be at Tenant's sole expense, and shall be deemed an "Alteration" subject
to Article 8 of this Lease.

 

17.1.2. Tenant Improvement Allowance.
The costs of the Tenant Improvements shall be the sole responsibility of Tenant; provided, however, that Landlord shall provide
Tenant with an allowance of up to $160,060.00 (the "Allowance"), calculated at $20.00 per rentable square foot
of the Premises. Landlord shall use the Allowance to pay: (a) all costs and expenses directly incurred by Landlord, if any, in
the construction of the Tenant Improvements (including all applicable licenses and permits); and (b) all costs and expenses directly
incurred by Landlord for the preparation and review of all plans and specifications for the Tenant Improvements. if the cost of
the Tenant Improvements exceeds the Allowance, then Tenant shall immediately pay such excess cost to Landlord as Additional Rent.
If the Allowance exceeds the final total cost of the Tenant Improvements, then upon receipt of paid receipt invoices and any other
information or documentation reasonably requested by Landlord, Landlord shall reimburse Tenant up to $32,012.00 from the remaining
portion of the Allowance for Tenant's actual costs paid to unaffiliated third parties relating to: (i) wiring and cabling of telephone,
computer, and voice/data systems in the Premises; and (ii) moving Tenant's files, furniture, equipment, and other personal property
to the Premises. To the extent any portion of the Allowance has not been reimbursed to Tenant by August 1, 2014, then the remaining
portion of the Allowance as of said date shall be forfeited to Landlord, and Tenant shall be solely responsible for the costs
of any Tenant Improvements on and after said date.

 

17.2.Parking Facilities. Tenant
shall have the right of non-exclusive use, in common with others, of its proportionate share of the unrestricted automobile
parking areas located at the Property. Landlord retains the right, to be exercised in Landlord's sole and absolute discretion,
to designate the parking areas of the Property as either restricted or unrestricted parking areas. Neither Tenant, nor any of its
employees, agents, or visitors shall use the parking areas for overnight storage of vehicles. Tenant acknowledges and agrees that
Landlord will not be responsible for any loss, theft or damage to vehicles, or the contents thereof, parked or left in the parking
areas of the Property.

 

17.3. Security Deposit. Tenant has
deposited, and will keep on deposit with Landlord at all times during the Term, the Deposit as security for the payment and performance
of Tenant's obligations under this Lease. Tenant agrees that Landlord is not required to pay Tenant any interest on the Deposit.
If at any time Tenant is in default, then Landlord has the right to use the Deposit, or so much thereof as necessary, in payment
of Rent, in reimbursement of any expenses incurred by Landlord, and in payment of any damages incurred by Landlord by reason of
such default. In such event, Tenant shall on demand of Landlord forthwith remit to Landlord a sufficient amount in cash to restore
the ❑eposit to the original amount. If the entire Deposit has not been utilized, the remaining amount will be refunded to
Tenant or to whoever is the holder of the Tenant's interest in the Lease, without interest, within 60 days after full performance
of this Lease by Tenant. Landlord may commingle the Deposit with other funds of Landlord. Landlord shall deliver the Deposit to
any purchaser of Landlord's interest in the Premises. Tenant agrees that if a Mortgagee succeeds to Landlord's interest in the
Premises by reason of foreclosure or deed in lieu of foreclosure, Tenant has no claim against the Mortgagee for the Deposit or
any portion thereof unless such Mortgagee has actually received the same from Landlord. If claims of Landlord exceed the Deposit,
Tenant shall remain liable for the balance.

 

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17.4.Substitution. Landlord has the right at any
time, upon 120 days' prior notice to Tenant, to substitute other space within the Building for the Premises (the 'Substitute Premises"),
which Substitute Premises shall include tenant finish substantially comparable to that of the Premises. Tenant shall relocate
to the Substitute Premises on the date specified in Landlord's notice which date will be no sooner than 120 days after notice.
Landlord will pay all reasonable expenses incurred by Tenant to move its furniture, fixtures, and equipment to the Substitute
Premises. The suite number designation and Exhibit 1 shall be deemed revised to reflect the description of the Substitute
Premises. Except for such revisions, the provisions of this Lease are applicable to the Substitute Premises and references to
the Premises in the Lease shall mean the Substitute Premises following the Tenant's move.

 

ARTICLE 18

MISCELLANEOUS PROVISIONS

 

18.1.Notices. All Notices must be in writing and
must be sent by personal delivery, by nationally-recognized overnight express delivery service, or by U.S. registered or certified
mail (return receipt requested, postage prepaid), to the addresses specified in the Basic Terms or at such other place as either
party may designate to the other party by written notice given in accordance with this section. Such notices shall be deemed received
(a) as of the date of delivery, if delivered by hand by 4:00 p.m. Central on a Business Day (if hand delivered after said time,
any such notice shall be deemed received as of the first Business Day after delivery), (b) as of the next Business Day, if tendered
to an overnight express delivery service by the applicable deadline for overnight service, or (c) as of the delivery date shown
on the receipt if sent by registered or certified mail.

 

18.2. Transfer of Landlord's Interest.
If Landlord Transfers any interest in the Premises for any reason other than collateral security purposes, then the transferor
is automatically relieved of all obligations on the part of Landlord accruing under this Lease from and after the date of the Transfer,
provided that the transferor delivers to the transferee any funds the transferor holds in which Tenant has an interest, and provided
that the transferee agrees to assume all of the Landlord's obligations under this Lease that accrue on and after the date of the
Transfer. Landlord's covenants and obligations in this Lease bind each successive Landlord only during and with respect to its
respective period of ownership. However, notwithstanding any such Transfer, the transferor remains entitled to the benefits of
Tenant's indemnity and insurance obligations (and similar obligations) under this Lease with respect to matters arising or accruing
during the transferor's period of ownership.

 

18.3. Successors. The covenants
and agreements contained in this Lease bind and inure to the benefit of Landlord, its successors and assigns, bind Tenant and its
successors and assigns, and inure to the benefit of Tenant and its permitted successors and assigns.

 

18.4. Captions and Interpretation. The
captions of the articles and sections of this Lease are to assist the parties in reading this Lease and are not a part of the terms
or provisions of this Lease. Whenever required by the context of this Lease, the singular includes the plural and the plural includes
the singular.

 

18.5. Relationship of Parties. This
Lease does not create the relationship of principal and agent, or of partnership, joint venture, or of any association or relationship
between Landlord and Tenant other than that of landlord and tenant.

 

18.6. Entire Agreement; Amendment.
The Basic Terms and all appendixes, exhibits, addenda and schedules attached to this Lease are incorporated into this Lease
as though fully set forth in this Lease and together with this Lease contain the entire agreement between the parties with respect
to the improvement and leasing of the Premises. All preliminary and contemporaneous negotiations, including, without limitation,
any letters of intent or other proposals and any drafts and related correspondence, are merged into and superseded by this Lease.
No subsequent alteration, amendment, change or addition to this Lease (other than to the Building Rules) is binding on Landlord
or Tenant unless it is in writing and signed by the party to be charged with performance.

 

18.7. Severability. If any covenant,
condition, provision, term or agreement of this Lease is, to any extent, held invalid or unenforceable, the remaining portion thereof
and all other covenants, conditions, provisions, terms and agreements of this Lease, will not be affected by such holding, and
will remain valid and in force to the fullest extent permitted by law.

 

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18.8. Survival.
All of Tenant's obligations under this Lease (together with interest on payment obligations at the Maximum Rate) accruing
prior to expiration or other termination of this Lease survive the expiration or other termination of this Lease. Further, all
of Tenant's release, indemnification, defense and hold harmless obligations under this Lease survive the expiration or other termination
of this Lease, without limitation.

 

18.9. Attorneys'
Fees. If either Landlord or Tenant commences any litigation or judicial action to determine or enforce any of the provisions
of this Lease, the prevailing party in any such litigation or judicial action is entitled to recover all of its costs and expenses
(including, but not limited to, reasonable attorneys' fees, costs and expenditures) from the non-prevailing party.

 

18.10. Brokers.
Landlord and Tenant each represents and warrants to the other that it has not had any dealings with any realtors, brokers, finders
or agents in connection with this Lease (except as may be specifically set forth in the Basic Terms) and agrees to release, indemnify,
defend and hold the other harmless from and against any Claim based on the failure or alleged failure to pay any realtors, brokers,
finders or agents (other than any brokers specified in the Basic Terms) and from any cost, expense or liability for any compensation,
commission or charges claimed by any realtors, brokers, finders or agents (other than any brokers specified in the Basic Terms)
claiming by, through or on behalf of it with respect to this Lease or the negotiation of this Lease. Landlord will pay any brokers
named in the Basic Terms in accordance with the applicable listing agreement for the Property.

 

18.11. Governing
Law. This Lease is governed by, and must be interpreted under, the internal laws of the State. Any suit arising from or relating
to this Lease must be brought in the County; Landlord and Tenant each waive the right to bring suit elsewhere.

 

18.12. Time is of
the Essence. Time is of the essence with respect to the performance of every provision of this Lease in which time of performance
is a factor.

 

18.13. Authority.
Landlord and Tenant each represent and warrant that this Lease is a duly authorized obligation of said party. The individuals
signing this Lease on behalf of Landlord and Tenant represent and warrant that they are duly authorized to sign on behalf of and
to bind said party.

 

18.14. Force Majeure.
If Landlord is delayed or prevented from performing any act required in this Lease (excluding, however, the payment of money)
by reason of either Tenant Delay or Force Majeure, then Landlord's performance of such act is excused for the period of delay
caused by such Tenant Delay or Force Majeure, and the period of the performance of any such act will be extended for a period
equivalent to such period. If Tenant is delayed or prevented from performing any act required in this Lease (excluding, however,
the payment of money) by reason of Force Majeure, then Tenant's performance of such act is excused for the period of delay caused
by such Force Majeure, and the period of the performance of any such act will be extended for a period equivalent to such period.

 

18.15. No Recording.
Tenant will not record this Lease or a Memorandum of this Lease without Landlord's prior written consent, which consent Landlord
may grant or withhold in its sole and absolute discretion.

 

18.16. Patriot Act. Tenant represents
to Landlord, and Landlord represents to Tenant, that the representing party is not (and such party is not engaged in this transaction
on behalf of) a person or entity with which either party is prohibited from doing business pursuant to any law, regulation or
executive order pertaining to national security ("Anti-Terrorism Laws"); and such party has not violated and, to the
best of such party's knowledge it is not under investigation for, the violation of any Anti-Terrorism Laws pertaining to money
laundering. "Anti-Terrorism Laws," shall specifically include but not be limited to the Uniting and Strengthening America
by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. No. 107-56 (aka, the USA Patriot
Act); Executive Order 13224; the Bank Secrecy Act, 31 U.S.C. Section 5311 et. seq.; the Trading with the Enemy Act, 50 U.S.C.
App. Section 1 et. seq.; the International Emergency Economic Powers Act, 50 U.S.C. Section 1701 et. seq.; sanctions and regulations
promulgated pursuant thereto by the Office of Foreign Assets Control; and laws related to the prevention and detection of money
laundering in 18 U.S.C. Sections 1956 and 1957.

 

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18.17. Construction of Lease and Terms.
All provisions of this Lease, whether covenants or conditions, are deemed both covenants and conditions. The terms and provisions
of this Lease represent the results of negotiations between Landlord and Tenant, each of which are sophisticated parties and each
of which has been represented or been given the opportunity to be represented by counsel of its own choosing, and neither of which
has acted under any duress or compulsion, whether legal, economic or otherwise. Consequently, the terms and provisions of this
Lease must be interpreted and construed in accordance with their usual and customary meanings, and Landlord and Tenant each waive
the application of any rule of law that ambiguous or conflicting terms or provisions contained in this Lease are to be interpreted
or construed against the party who prepared the executed Lease or any earlier draft of the same. Landlord's submission of this
instrument to Tenant for examination or signature by Tenant does not constitute a reservation of or an option to lease and is
not effective as a lease or otherwise until Landlord and Tenant both execute and deliver this Lease. The parties agree that, regardless
of which party provided the initial form of this Lease, drafted or modified one or more provisions of this Lease, or compiled,
printed or copied this Lease, this Lease is to be construed solely as an offer from Tenant to lease the Premises, executed by
Tenant and provided to Landlord for acceptance on the terms set forth in this Lease, which acceptance and the existence of a binding
agreement between Tenant and Landlord may then be evidenced only by Landlord's execution of this Lease.

 

18.18. Nondisclosure of Lease Terms.
The terms and conditions of this Lease constitute proprietary information of Landlord that Tenant will keep confidential. Tenant's
disclosure of the terms and conditions of this Lease could adversely affect Landlord's ability to negotiate other leases and impair
Landlord's relationship with other tenants. Accordingly, Tenant, without Landlord's consent (which consent Landlord may grant or
withhold in its sole and absolute discretion), will not directly or indirectly disclose the terms and conditions of this Lease
to any other tenant or prospective tenant of the Building or to any other person or entity other than Tenant's employees and agents
who have a legitimate need to know such information (and who will also keep the same in confidence).

 

18.19. Financial Disclosure. At
the request of Landlord, from time to time during the Term, Tenant shall provide Landlord with any reasonable financial records,
including financial statements or federal tax returns of Tenant prepared in accordance with generally accepted accounting principles
for the prior two fiscal years of operation of Tenant. Landlord shall retain such financial disclosure in confidence but shall
be permitted to provide copies to its mortgagees for the purpose of financing the Building or to prospective purchasers of the
Building.

 

[signature page to follow]

 

    	25

    	 

    

 

Landlord and Tenant each caused this Lease
to be executed and delivered by its duly authorized representative to be effective as of the Effective Date.

 

 

    	26

    	 

    

 

APPENDIX TO LEASE

Definitions

 

"Additional Rent" means
any charge, fee or expense (other than Basic Rent), however denoted, that is payable by Tenant under this Lease.

 

"Affiliate" means any
person or entity that, directly or indirectly, controls, is controlled by or is under common control with Tenant. For purposes
of this definition, "control" means possessing the power to direct or cause the direction of the management and policies
of the entity by the ownership of a majority of the voting securities of the entity.

 

"Alteration" means any change, alteration,
addition or improvement to the Premises or Property.

 

"Bankruptcy Code" means
the United States Bankruptcy Code as the same now exists and as the same may be amended, including any and all rules and regulations
issued pursuant to or in connection with the United States Bankruptcy Code now in force or in effect after the Effective Date.

 

"Basic Rent" means the basic rent amounts specified
in the Basic Terms.

 

"Basic Terms" means the terms of this Lease
identified as the Basic Terms before Article 1 of the Lease.

 

"Building" means the building(s) now existing
on the Land, as identified in the Basic Terms.

 

"Business Days" means any day other than Saturday,
Sunday or a legal holiday in the State.

 

"Casualty Date" means
the first Business Day after a casualty that Landlord is permitted by civil authority to re-access the Property, and is actually
able to safely re-access the Property.

 

"City" means the City in which the Property
is located.

 

"Claims" means all claims,
actions, demands, liabilities, damages, costs, penalties, forfeitures, losses or expenses, including, without limitation, reasonable
attorneys' fees and the costs and expenses of enforcing any indemnification, defense or hold harmless obligation under the Lease.

 

"Commencement Date" means the Commencement
Date specified in the Basic Terms.

 

"Common Area" means the
parking area, driveways, lobby areas, and other areas of the Property Landlord may designate from time to time as common area
available to all tenants.

 

"Condemning Authority" means any governmental
entity with a statutory or other power of eminent domain.

 

"County" means the County in which the Property
is located.

 

"Deposit" means the Security Deposit specified
in the Basic Terms.

 

"Discount Rate" means
1% per annum plus the prevailing "Primary Credit" discount rate established by the Federal Reserve Bank for the district
in which the Property is located on advances made to member banks under the Federal Reserve Act.

 

"Effective Date" means the date Landlord executes
this Lease, as indicated on the signature page.

 

"Event of Default" means
the occurrence of any of the events specified in Section 14.1 of the Lease, or of any other events specifically identified in
the Lease as an "Event of Default."

 

"Expenses" means the
total amount of Property Taxes and Operating Expenses due and payable with respect to the Property during any calendar year of
the Term.

 

    	1

    	 

    

 

"Force Majeure" means
acts of God; strikes; lockouts; inability to procure materials (despite commercially reasonable pursuit of such materials); governmental
laws or regulations; casualty; orders or directives of any legislative, administrative, or judicial body or any governmental department;
inability to obtain any governmental licenses, permissions or authorities (despite commercially reasonable pursuit of such licenses,
permissions or authorities); and other similar or dissimilar causes beyond a party's reasonable control.

 

"Hazardous Materials"
means any of the following, in any amount: (a) any petroleum or petroleum product, asbestos in any form, urea formaldehyde and
polychlorinated biphenyls; (b) any radioactive substance; (c) any toxic, infectious, reactive, corrosive, ignitable or flammable
chemical or chemical compound; and (d) any chemicals, materials or substances, whether solid, liquid or gas, defined as or included
in the definitions of "hazardous substances," "hazardous wastes," "hazardous materials," "extremely
hazardous wastes," "restricted hazardous wastes," "toxic substances," "toxic pollutants," "solid
waste" or words of similar import in any federal, state or local statute, law, ordinance or regulation now existing or existing
on or after the Effective Date as the same may be interpreted by government offices and agencies.

 

"Hazardous Materials Laws"
means any federal, state or local statutes, laws, ordinances or regulations now existing or existing after the Effective Date
that control, classify, regulate, list or define Hazardous Materials.

 

"Land" means the parcel(s) of land on which
the Building is located,

 

"Landlord" means only the owner or owners of
the Property at the time in question.

 

"Landlord Parties" means
Landlord and Property Manager and their respective officers, directors, partners, shareholders, members and employees.

 

"Laws" means any law,
regulation, rule, order, statute or ordinance of any governmental or private entity in effect on or after the Effective Date and
applicable to the Property or the use or occupancy of the Property, including, without limitation, Hazardous Materials Laws, Building
Rules and Permitted Encumbrances.

 

"Lease" means this Lease Agreement, as the
same may be amended or modified after the Effective Date,

 

"Maximum Rate" means interest
at a rate equal to the lesser of (a) 18% per annum or (b) the maximum interest rate permitted by law.

 

"Mortgage" means any mortgage,
deed of trust, security interest or other security document of like nature that at any time may encumber all or any part of the
Property and any replacements, renewals, amendments, modifications, extensions or refinancings thereof, and each advance (including
future advances) made under any such instrument.

 

"Net Rent" means all
rental Landlord actually receives from any reletting of all or any part of the Premises, less any indebtedness from Tenant to
Landlord other than Rent (which indebtedness is paid first to Landlord) and less the Re-entry Costs (which costs are paid second
to Landlord).

 

"Notices" means all notices,
demands or requests that may be or are required to be given, demanded or requested by either party to the other as provided in
the Lease.

 

"Operating
Expenses" means all expenses Landlord incurs in connection with maintaining, repairing and operating the Property,
as reasonably determined by Landlord in accordance with generally accepted accounting principles consistently followed.
"Operating Expenses" shall include without limitation the following: utility charges (including without limitation
electricity, water, sewer, gas, fuel and steam); costs and expenses incurred in connection with exterior and Common Area
lighting; costs and expenses incurred in connection with exterior window washing; costs and expenses incurred in connection
with the provision of the utilities and services set forth in Section 6.1 (including without limitation the maintenance and
repair of the Building systems furnishing such utilities and services); costs and expenses incurred in connection with
Landlord's obligations under subsections (a), (b), and (c) of Section 7.1; Landlord's costs and expenses for insurance, as
specified in Section 10.2; property association fees or dues, and any other payments under any of the Permitted Encumbrances
(except the Mortgage) affecting the Property; wages payable to persons whose duties are connected with maintaining and
operating the Property (but only for the portion of such persons' time allocable to the Property), together with all payroll
taxes, unemployment insurance, vacation allowances and disability, pension, profit sharing, hospitalization, retirement and
other so-called "fringe benefits" paid in connection with such persons (allocated in a manner consistent with such
persons' wages); amounts paid to contractors or subcontractors for work or services performed in connection with maintaining,
repairing and operating the Property; costs and expenses incurred in connection with removing snow from the exterior Common
Area; costs and expenses incurred in connection with removing snow and ice from the structural components of the Building
(including, without limitation, the roof); all costs of uniforms, supplies and materials used in connection with maintaining,
repairing and operating the Property; all services, supplies, replacements or other expenses for maintaining, repairing and
operating the Property; costs of complying with Laws; reasonable management fees (not to exceed 5% of gross rents); the costs
and expenses (including rental) of maintaining a management office in the Building; costs and expenses incurred in
connection with public sidewalks adjacent to the Property, any pedestrian walkway system (either above or below ground) and
any other public facility to which Landlord or the Property is from time to time subject in connection with operating the
Property; and such other expenses as may ordinarily be incurred in connection with maintaining, repairing and operating a
property similar to the Property. Notwithstanding anything to the contrary in this Lease, if Landlord makes a capital
improvement to the Property that would be deemed a capital expense under generally accepted accounting principles, then
Landlord may only include in Operating Expenses reasonable charges for interest paid on the investment and reasonable charges
for depreciation of the investment, so as to amortize the investment over the reasonable useful life of the improvement on a
straight line basis. The term "Operating Expenses" does not include:

 

    	2

    	 

    

 

	i.		Interest, principal, points and fees, amortization or any other costs associated with
the Mortgage, and all costs and expenses associated with any such debt, irrespective of whether this Lease is subject or subordinate
thereto.

	ii.		Expenses or Allowances for depreciation or amortization (except as may be expressly
allowed by this Lease, including without limitation the amortization of capital improvements as noted above).

	iii.		Any bad debt loss, or any reserve for bad debt loss.

	iv.		Compensation paid to any employee of Landlord or Property Manager above the grade
of building superintendent or manager.

	v.		Landlord's general corporate overhead and administrative expenses, except to the extent
related (or reasonably allocated) to the Property, and except as otherwise expressly provided in this Lease.

	vi.		Expenses to prepare, renovate, or perform any other work in any space leased to an
existing or new tenant of the Building.

	vii.		Expenses to retain existing tenants or to lease space to new tenants, including without
limitation legal fees, leasing commissions, advertising, and promotional expenditures.

	viii.		Expenses to resolve disputes with existing tenants, or to negotiate lease terms with
prospective tenants.

	ix.		The costs of any services or supplies to the extent that such costs are reimbursed
to Landlord by tenants of the Building (other than by virtue of the pass through of Operating Expenses to tenants), or by other
third parties.

	x.		The costs of repair, restoration or other work occasioned by any insured casualty
(except for deductibles as provided in Section 10.2).

	xi.		The costs of any repair, restoration or other work occasioned by a condemnation proceeding,
if and to the extent Landlord has actually been reimbursed by condemnation proceeds.

 

    	3

    	 

    

 

	xii.		Rent payable by Landlord pursuant to any ground or air-rights lease affecting
the Property, irrespective of whether this Lease is subject or subordinate thereto.

	xiii.		Fees or sums paid to an affiliate of Landlord, to the extent that such fees exceed
the customary amount charged by independent contractors and suppliers for the services or supplies provided.

	xiv.		Expenses for any necessary replacement of any item to the extent that it is covered
under warranty.

	xv.		Interest or penalties assessed against Landlord due to the late payment of any Expenses.

	xvi.		Expenses for any item or service that Tenant pays directly to a third party, or separately
reimburses to Landlord.

	xvii.		Personal property taxes of Landlord for equipment or items to the extent not used
directly in the operation or maintenance of the Property.

	xviii.		Costs of sculptures, paintings and other objects of art.

	xix.		Charitable or political contributions by Landlord.

 

"Permitted Encumbrances" means
all Mortgages, liens, easements, declarations, encumbrances, covenants, conditions, reservations, restrictions, and other matters
now or after the Effective Date affecting title to the Property.

 

"Property" means, collectively,
the Land, Building (including the Premises), and all other improvements on the Land.

 

"Property Manager" means
the property manager specified in the Basic Terms, or any other agent Landlord may appoint from time to time to manage the Property.

 

"Property Taxes" means
any general real property tax, improvement tax, assessment, special assessment, reassessment, commercial rental tax, tax, in lieu
tax, levy, charge, penalty or similar imposition imposed by any authority having the direct or indirect power to tax, including
but not limited to, (a) any city, county, state or federal entity, (b) any school, agricultural, lighting, drainage or other improvement
or special assessment district, (c) any governmental agency, or (d) any private entity having the authority to assess the Property
under any of the Permitted Encumbrances. The term ''Property Taxes" includes all charges or burdens of every kind and nature
Landlord incurs in connection with using, occupying, owning, operating, leasing or possessing the Property, without particularizing
by any known name and whether any of the foregoing are general, special, ordinary, extraordinary, foreseen or unforeseen; any
tax or charge for fire protection, street lighting, streets, sidewalks, road maintenance, refuse, sewer, water or other services
provided to the Property and any personal property taxes on personal property used on the Property. The term "Property Taxes"
does not include Landlord state or federal income, franchise, estate or inheritance taxes. If Landlord is entitled to pay, and
elects to pay, any of the above listed assessments or charges in installments over a period of two or more calendar years, then
only such installments of the assessments or charges (including interest thereon) as are actually paid in a calendar year will
be included within the term "Property Taxes" for such calendar year. If any of Tenant's trade fixtures and other personal
property are taxed with the Property, then Tenant will pay the taxes attributable to Tenant's trade fixtures and other personal
property to Landlord as Additional Rent.

 

"Re-entry Costs" means
all costs and expenses Landlord incurs re-entering or reletting all or any part of the Premises, including, without limitation,
all costs and expenses Landlord incurs (a) maintaining or preserving the Premises after an Event of Default; (b) recovering possession
of the Premises, removing persons and property from the Premises (including, without limitation, court costs and reasonable attorney's
fees) and storing such property; (c) reletting, renovating or altering the Premises; and (d) real estate commissions, advertising
expenses and similar expenses paid or payable in connection with reletting all or any part of the Premises. "Re-entry Costs"
also includes the value of free rent and other concessions Landlord gives in connection with re-entering or reletting all or any
part of the Premises.

 

    	4

    	 

    

 

"Rent" means, collectively, Basic Rent and
Additional Rent.

 

"State" means the State in which the Property is located.

 

"Structural Alterations" means
any Alterations involving the structural, mechanical, electrical, plumbing, fire/life safety or heating, ventilating and air
conditioning systems of the Building.

 

"Taking" means the exercise
by a Condemning Authority of its power of eminent domain on all or any part of the Property, either by accepting a deed in lieu
of condemnation or by any other manner.

 

"Tenant" means the tenant
identified in the Lease and such tenant's permitted successors and assigns. In any provision relating to the conduct, acts or
omissions of "Tenant," the term "Tenant' means the tenant identified in the Lease and such tenant's agents, employees,
contractors, invitees, successors, assigns and others using the Premises or on the Property with Tenant's expressed or implied
permission.

 

"Tenant Delays" means any delays caused or
contributed to by Tenant.

 

"Tenant's Share of Expenses"
means the product obtained by multiplying the amount of Expenses for the period in question by the Tenant's Share of Expenses
Percentage.

 

"Tenant's Share of Expenses Percentage"
means the percentage specified in the Basic Terms, as such percentage may be adjusted in accordance with the terms and conditions
of this Lease.

 

"Term" means the initial
term of this Lease specified in the Basic Terms and, if applicable, any extension term then in effect.

 

"Transfer" means an assignment, mortgage, pledge, transfer, sublease or other encumbrance
or conveyance (voluntarily, by operation of law or otherwise) of this Lease or the Premises or any interest in this Lease or the
Premises. The term "Transfer" also includes any assignment, mortgage, pledge, transfer or other encumbering or disposal
(voluntarily, by operation of law or otherwise) of any ownership interest in Tenant that results or could result in a change of
control of Tenant.

 

    	5

    	 

    

EXHIBIT 1

Premises

 

[see attached]

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

EXHIBIT 4.3 

Building Rules

 

1.Wherever in these Building Rules
the word 'Tenant" occurs, it is understood and agreed that it shall also mean Tenant's assigns, employees, agents, invitees,
and visitors. Wherever the word "Landlord" occurs, it is understood and agreed that it shall also mean Landlord's assigns,
employees, and agents.

 

2.Tenant shall not bring into the
Property any inflammables (including without limitation gasoline, kerosene, naphtha and benzene), explosives, or any other article
of intrinsically dangerous nature.

 

3.Tenant shall not obstruct sidewalks,
entrances, passages, corridors, vestibules, halls, elevators, or stairways in and about the Property which are used in common
with other tenants and their servants, employees, customers, guests and invitees, and which are not a part of the Premises of
Tenant. Tenant shall not place objects against glass partitions or doors or windows which would be unsightly from the Building
corridors or from the exterior of the Building and will promptly remove any such objects upon notice from Landlord.

 

4.Tenant acknowledges and agrees that
the Building is "smoke free," and that no smoking of tobacco products shall be allowed within the Building.

 

5.The Premises shall not be used for
cooking (except for microwaves), lodging, sleeping, or for any immoral or illegal purpose.

 

6.No vehicles (including bicycles)
or animals (other than service animals) are allowed in the Building.

 

7.Canvassing, soliciting, and peddling
in the Building is prohibited.

 

8.Vending machines shall not be installed
without Landlord's prior written consent.

 

9.Tenant is solely responsible for
protecting the Premises and Tenant's property from theft and robbery. All entrance doors to the Premises shall be locked when
the Premises are not in use.

 

10.No locks or similar devices shall
be attached to any door or window, except as provided by Landlord or otherwise approved in writing by Landlord. Landlord's consent
to the installation of any additional locks or similar devices may be conditioned upon (among other things), Tenant providing
Landlord with keys to all such additional locks. Upon termination of this Lease or of the Tenant's possession, the Tenant shall
surrender all keys of the Premises and shall provide to Landlord all combination locks on safes, cabinets and vaults.

 

11.Tenant shall not waste electricity,
water, heat or air conditioning, and shall cooperate fully with Landlord to insure the most effective and efficient operation
of the Building's mechanical systems. No electric circuits for any purpose shall be brought into the Premises without Landlord's
prior written consent.

 

12.All loading, unloading, receiving
or delivery of goods, supplies or disposal of garbage or refuse shall be made only through entryways and freight elevators provided
for such purposes and indicated by Landlord. Tenant shall be responsible for any damage to the Building or the Property of its
employees or others and injuries sustained by any person whomsoever resulting from the use or moving of such articles in or out
of the leased premises, and shall make all repairs and improvements required by Landlord or governmental authorities in connection
with the use or moving of such articles. All heavy equipment and heavy articles shall be carried in or out of the Premises only
at such time and in such manner as shall be prescribed in writing by Landlord, and Landlord shall in all cases have the right
to specify the proper position of any such heavy equipment or articles, which shall only be used by Tenant in a manner which will
not interfere with or cause damage to the Premises or the Building in which they are located, or to the other tenants of the Building.

 

13.Tenant, its servants, employees,
customers, invitees and guests shall, when using the common parking facilities, if any, in and around the Building, observe and
obey all signs regarding fire lanes and no parkingzones, and when parking always park between the designated lines. Landlord reserves
the right to tow away, at the expense of the owner, any vehicle which is improperly parked or parked in a no parking zone. All
vehicles shall be parked at the sole risk of the owner, and Landlord assumes no responsibility for any damage to or loss of vehicles.
No vehicles shall be parked overnight.

 

    	1

    	 

    

 

14.At all times (a) persons may enter
the Property only in accordance with these Building Rules, (b) persons entering or departing from the Property may be questioned
as to their business in the Property, and the right is reserved to require the use of an identification card or other access device
and the registering of such persons as to the hour of entry and departure, nature of visit, and other information deemed necessary
for the protection of the Property, and (c) all entries into and departures from the Property will take place through such one
or more entrances as Landlord shall from time to time designate; provided, however, anything herein to the contrary notwithstanding,
Landlord shall not be liable for any lack of security in respect to the Property whatsoever. Landlord will normally not enforce
clauses (a), (b) and (c) above during regular business hours, but it reserves the right to do so or not to do so at any time at
its sole discretion. In case of emergency, Landlord reserves the right to prevent access to the Property during the continuance
of the same by closing the doors or otherwise, for the safety of the tenants or the protection of the Property and the property
therein. Landlord shall in no case be liable for damages for any error or other action taken in good faith with regard to the
admission to or exclusion from the Property of any person.

 

15.Tenant shall observe faithfully and comply
strictly with the foregoing rules and regulations and such other and further appropriate rules and regulations as Landlord may
from time to time adopt. Landlord reserves the right at any time and from time to time to rescind, alter or waive, in whole or
in part, any of these Building Rules when it is deemed necessary, desirable, or proper, in Landlord's judgment, for its best interest
or for the best interest of the tenants of the Property.Form of Medium-Term Notes, Series K, Notes Linked to 3 Month LIBOR

 Exhibit 4.1 

[Face of Note] 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative
of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
  

	 CUSIP NO. 94986RYB1 
	
PRINCIPAL AMOUNT: $                   
          

 REGISTERED NO.      

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes Linked to 3 Month LIBOR due July 20, 2020 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, the principal sum of
                                         
                                DOLLARS
($                    ) on July 20, 2020 (the “Stated Maturity Date”) and to pay interest thereon from July 20,
2015 or from the most recent Interest Payment Date to which interest has been paid or duly provided for quarterly on each January 20, April 20, July 20 and October 20, commencing October 20, 2015 and at Maturity (each, an
“Interest Payment Date”), at the rate per annum specified below until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will,
as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest next preceding such Interest Payment Date.
The Regular Record Date for an Interest Payment Date shall be one Business Day prior to such Interest Payment Date. If an Interest Payment Date is not a Business Day, interest on this Security shall be payable on the next day that is a Business Day,
with the same force and effect as if made on such Interest Payment Date, and without any interest or other payment with respect to the delay. “Business Day” shall mean a day, other than a Saturday or Sunday, (i) that is neither
a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York and (ii) that is also a London Banking Day (as defined below). 

Except as described below for the first Interest Period, on each Interest Payment Date, interest will be paid for the period
commencing on and including the immediately preceding 

 
Interest Payment Date and ending on and including the day immediately preceding that Interest Payment Date. This period is referred to as an “Interest Period.” The first Interest
Period will commence on and include July 20, 2015 and end on and include October 19, 2015. Interest on this Security will be computed on the basis of a 360-day year of twelve 30-day months. 
 The interest rate on this Security that will apply during the first four
Interest Periods (up to and including the Interest Period ending July 19, 2016) will be equal to 2.00% per annum. For all Interest Periods commencing on or after July 20, 2016, the interest rate on this Security will be determined by
the calculation agent for this Security (the “Calculation Agent”) and will be equal to 3 month LIBOR on the Determination Date for such Interest Period plus 0.42%, but in no event will such rate be more than the Maximum Interest
Rate. 
 The “Determination Date” for an Interest Period commencing on or after July 20, 2016 will be
two London Banking Days prior to the first day of such Interest Period. A “London Banking Day” is any day on which commercial banks and foreign exchange markets settle payments in London. 

“3 month LIBOR” means, for any Determination Date, the arithmetic mean of the offered rates for deposits in
U.S. dollars having a 3 month maturity, commencing on the second London Banking Day immediately following that Determination Date that appear on the Designated LIBOR Page as of 11:00 a.m., London time, on that Determination Date, if at
least two offered rates appear on the Designated LIBOR Page, provided that if the Designated LIBOR Page by its terms provides only for a single rate, that single rate will be used. The “Designated LIBOR Page” means the display on
Reuters, or any successor service, on page LIBOR01, or any other page as may replace that page on that service, for the purpose of displaying the London Interbank rates for U.S. dollars. 

If (i) fewer than two offered rates appear or (ii) no rate appears and the Designated LIBOR Page by its terms
provides only for a single rate, then the Calculation Agent will request the principal London offices of each of four major banks in the London Interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered
quotation for deposits in U.S. dollars for a 3 month period commencing on the second London Banking Day immediately following that Determination Date to prime banks in the London Interbank market at approximately 11:00 a.m., London time, on
that Determination Date and in a principal amount that is representative of a single transaction in U.S. dollars in that market at that time. If at least two quotations are provided, 3 month LIBOR determined on that Determination Date will be the
arithmetic mean of those quotations. 
 If fewer than two quotations are provided, 3 month LIBOR will be the arithmetic mean
of the rates quoted at approximately 11:00 a.m. in New York, New York on that Determination Date by three major banks in New York, New York selected by the Calculation Agent for loans in U.S. dollars to leading European banks, having a 3 month
maturity and in a principal amount that is representative of a single transaction in U.S. dollars in that market at that time. 

  
 2 

 If the banks so selected by the Calculation Agent are not quoting as set forth
above, 3 month LIBOR for that Determination Date will remain 3 Month LIBOR for the immediately preceding Interest Period or, if none, the interest rate will be 2.00% per annum. 

The “Maximum Interest Rate” applicable to an Interest Period commencing on or after July 20, 2016 is
4.00% per annum. 
 The Calculation Agent shall, upon the request of a Holder of this Security, provide the interest
rate then in effect and, if determined, the interest rate that will become effective for the next Interest Period. All calculations of the Calculation Agent, in the absence of manifest error, shall be conclusive for all purposes and binding on the
Company and the Holder hereof. The Calculation Agent shall notify the Paying Agent of each determination of the interest applicable to this Security promptly after the determination is made. Wells Fargo Securities, LLC will initially act as
Calculation Agent. The Company may appoint a successor Calculation Agent with the written consent of the Trustee. 
 Any
interest not punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at
the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date,
or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in the Indenture. 
 Payment of interest on this Security will be made in immediately available funds at the office
or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however,
that, at the option of the Company, payment of interest may be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may have been
designated by such Person. Payment of principal of and interest on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota.
Notwithstanding the foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, payments of principal and interest on this Security will be made to the Depositary by wire transfer of immediately available
funds. 
 This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder
hereof prior to July 20, 2020. This Security is not entitled to any sinking fund. 
  

 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 

  
 3 

 Unless the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose. 
 [The remainder of this page has been left intentionally blank] 

  
 4 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal. 
 DATED:
                                 

 

					
	WELLS FARGO & COMPANY
		
	By:		 
			 
			Its:		 

 [SEAL] 
  

					
	Attest:		 
			 
			Its:		 

  

			
	 TRUSTEE’S CERTIFICATE OF

AUTHENTICATION
 This is one of the Securities of the

series designated therein described
 in the within-mentioned Indenture.

	
	 CITIBANK, N.A.,

      as Trustee

		
	By:		 
			Authorized Signature
	
	OR
	
	 WELLS FARGO BANK, N.A.,

  as Authenticating Agent for the Trustee

		
	By:		 
			Authorized Signature

  
 5 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes Linked to 3 Month LIBOR due July 20, 2020 

This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and
Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities,
currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may
mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies. 

Article Sixteen of the Indenture shall not apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either
(a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated
securities issued to and registered in the names of, the beneficial owners or their nominees. 
 The Company agrees, to the
extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of this Security. 

Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of all series to be affected, acting together as a class. The Indenture also contains 

  
 6 

 
provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a
class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the
Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 Defeasance 

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the
Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein,
shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Authorized
Denominations 
 This Security is issuable only in registered form without coupons in denominations of $1,000 or any
amount in excess thereof which is an integral multiple of $1,000. 
 Registration of Transfer 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of
Minneapolis, Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange herefor, as provided in the
Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 

This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not
appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form
and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for
definitive Securities in registered form, bearing interest at the same rate, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee 

  
 7 

 
of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not
be considered the Holders hereof for any purpose under the Indenture. 
 Prior to due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 Obligation of the Company Absolute 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

No Personal Recourse 

No recourse shall be had for the payment of the principal of or the interest on this Security, or for any claim based hereon,
or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof,
expressly waived and released. 
 Defined Terms 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture
unless otherwise defined in this Security. 
 Governing Law 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to
principles of conflicts of laws. 

  
 8 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they
were written out in full according to applicable laws or regulations: 
  

					
	 TEN COM
		  -- 
		 as tenants in common

			
	 TEN ENT
		  -- 
		 as tenants by the entireties

			
	 JT TEN
		  -- 
		 as joint tenants with right

of survivorship and not
 as
tenants in common

  

									
	 UNIF GIFT MIN ACT
		  -- 
		 		 Custodian
		 
					(Cust)				(Minor)

  

	
	Under Uniform Gifts to Minors Act
	
	   

	(State)

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 

 

	
	 Please Insert Social Security or
 Other
Identifying Number of Assignee

	
	   

  
  

 
  
  

 
 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

  
 9 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and
appoint                                      attorney to
transfer the said Security on the books of the Company, with full power of substitution in the premises. 
 Dated:
                                         
        
  

	
	   

  

	
	   

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the
within instrument in every particular, without alteration or enlargement or any change whatever. 

  
 10

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