Document:

Exhibit 10.1

1

 

LEASE
AGREEMENT

 

BETWEEN

 

1350
SOUTH LOOP LLC, 

a
Delaware limited liability company

(“LANDLORD”)

 

AND

 

VIVANI
MEDICAL, INC.,

a California corporation

(“TENANT”)

 

     

     

    

 

TABLE
OF CONTENTS

 

	1. 
    Basic Lease Information	1
	2. 
    Lease Grant	3
	3. 
    Adjustment of Commencement Date; Possession	3
	4. 
    Rent	4
	5. 
    Compliance with Laws; Use	5
	6. 
    Security Deposit	6
	7. 
    Services to be Furnished by Landlord	7
	8. 
    Premises Improvements	7
	9. 
    Repairs and Alterations	7
	10. 
    Use of Electrical Services by Tenant	9
	11. 
    Entry by Landlord	9
	12. 
    Assignment and Subletting	10
	13. 
    Liens	11
	14. 
    Indemnity and Waiver of Claims	12
	15. 
    Insurance	12
	16. 
    Subrogation	13
	17. 
    Casualty Damage	13
	18. 
    Condemnation	14
	19. 
    Events of Default	14
	20. 
    Remedies	15
	21. 
    Limitation of Liability	16
	22. 
    No Waiver	17
	23. 
    Quiet Enjoyment	17
	24. 
    Relocation	17
	25. 
    Holding Over	17
	26. 
    Subordination to Mortgages; Estoppel Certificate	17
	27. 
    Attorneys’ Fees	18
	28. 
    Notice	18
	29. 
    Excepted Rights	18
	30. 
    Surrender of Premises	19
	31. 
    Miscellaneous	19
	32. 
    Waiver of Jury Trial	21
	33. 
    Hazardous Materials	23

 

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	34. 
    Building Signage	30
	35. 
    Options to Extend	30
	36. 
    Letter of Credit	32
	Letter
    of Credit	32
	37. 
    EV Charging Stations	35
	38.
    Roof Rights for Satellite Dish/Antenna	35
	39.
    Mechanical Equipment	37
	40. 
    Entire Agreement	39

 

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LEASE
AGREEMENT

 

THIS
LEASE AGREEMENT (the “Lease”) is made and entered into as of the 21st day of November, 2022, by and
between 1350 SOUTH LOOP LLC, a Delaware limited liability company (“Landlord”)
and VIVANI MEDICAL, INC., a California corporation (“Tenant”).

 

1.            Basic Lease Information.

 

A.            “Building” shall mean the building located at 1350 South Loop Road, Alameda, California 94502.

 

B.            “Premises” shall mean the approximately 43,645 square feet (as measured in accordance with the Standard Methods of
Measurement (ANSI/BOMA Z65.1-2017)) of space shown on Exhibit A to this Lease. The Premises comprise the entire Building.

 

C.            “Base Rent”:

 

	Period
	Annual
Rate 

        Per
Square Foot
	Annual

        Base
Rent
	Monthly

        Base
Rent 

	6/1/23
    – 5/31/24	$61.32
    	$2,676,311.40
    	$223,025.95
    
	6/1/24
    – 5/31/25	$63.16
    	$2,756,600.74
    	$229,716.73
    
	6/1/25
    – 5/31/26	$65.05
    	$2,839,298.76
    	$236,608.23
    
	6/1/26
    – 5/31/27	$67.01
    	$2,924,477.73
    	$243,706.48
    
	6/1/27
    – 5/31/28	$69.02
    	$3,012,212.06
    	$251,017.67
    
	6/1/28
    – 5/31/29	$71.09
    	$3,102,578.42
    	$258,548.20
    
	6/1/29
    – 5/31/30	$73.22
    	$3,195,655.77
    	$266,304.65
    
	6/1/30
    – 5/31/31	$75.42
    	$3,291,525.45
    	$274,293.79
    
	6/1/31
    – 5/31/32	$77.68
    	$3,390,271.21
    	$282,522.60
    
	6/1/32
    – 5/31/33	$80.01
    	$3,491,979.35
    	$290,998.28
    
	6/1/33
    – 9/30/33	$82.41
    	$3,596,784.45
    	$299,732.04

*Base
Rent is subject to abatement for the first 4 full calendar months of the initial Term pursuant to Section 4.C of the Lease.

 

D.            “Tenant’s Share”: 100% with respect to the Building.

 

E.             “Term”: A period of 124 months. The Term shall commence on June 1, 2023 (the “Commencement Date”) and,
unless terminated early in accordance with this Lease, end on September 30, 2033 (the “Termination Date”). At Landlord’s
request, Landlord and Tenant shall enter into a commencement letter agreement in the form attached hereto as Exhibit C.

 

F.             Tenant allowance(s): An initial allowance of $120.00 per rentable square foot, as described in Exhibit D attached hereto.

 

G.             “Security Deposit”: $1,338,155.70 (in cash pursuant to Article 6 or Letter of Credit pursuant to Article 36 of this
Lease).

 

H.             “Guarantor(s)”: None.

 

I.               “Broker(s)”: NEWMARK, representing Landlord and CBRE, Inc., representing Tenant.

 

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J.              “Permitted Use”: General office, and laboratory, research and development and manufacturing related to life sciences.

 

K.            “Notice Addresses”:

 

Tenant:

 

On
and after the Commencement Date, notices shall be sent to Tenant at the Premises. Prior to the Commencement Date, notices shall
be sent to Tenant at the following address:

 

Vivani
Medical, Inc.,

5858
Horton Street, Suite 280 

Emeryville,
CA 94608

  

Landlord:           

 

1350
South Loop LLC

c/o
Paceline Investors LLC 

242
California Street 

San
Francisco, CA 94111

 

Rent
(defined in Section 4.A) is 

payable to the order of Landlord 

pursuant to the following 

instructions:

 

Account
Name:

 

1350
SOUTH LOOP LLC

 

Domestic
Wire / ACH Instructions 

Wire
/ Credit Funds to:

 

First
Republic Bank

111
Pine Street

San
Francisco, CA 94111 

Account
Number: 80009714066 

ABA
/ Routing Number: 321 081 669

  

L.            “Business Day(s)” are Monday through Friday of each week, exclusive of New Year’s Day, Memorial Day, Independence
Day, Labor Day, Thanksgiving Day and Christmas Day (“Holidays”). Landlord may designate additional Holidays, provided
that the additional Holidays are commonly recognized by other office buildings in the area where the Building is located.

 

M.          “Tenant Improvements” means the work that Tenant may perform in the Premises pursuant to a separate work letter agreement
(the “Work Letter”) attached as Exhibit D.

 

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N.           “Law(s)” means all applicable statutes, codes, ordinances, orders, rules and regulations of any municipal or governmental
entity.

 

O.           “Normal Business Hours” for the Building are 8:00 a.m. to 6:00 p.m.
on Business Days.

 

P.            “Property” means the Building and the parcel(s) of land on which it is located.

 

Q.           “Project” means the project in which the Building is located.

 

R.           “Exterior Common Areas” mean those areas of the Project and/or the Property which are not located within the Building
or any other building and which are provided and maintained for the use and benefit of Landlord and tenants of the Building and/or
the Project generally and the employees, invitees and licensees of Landlord and such tenants, including, without limitation, any
parking garage, artificial lakes, walkways, plaza, roads, driveways, sidewalks, surface parking and landscapes, if any.

 

		2.	Lease
                                         Grant.

 

Landlord
leases the Premises to Tenant and Tenant leases the Premises from Landlord, together with the non-exclusive right to use Exterior
Common Areas. Tenant shall be permitted to use all of the parking spaces located at the Building in compliance with all Laws and
any parking rules and regulations applicable to the Building or Project. Such parking shall be provided at no additional monthly
charge to Tenant during the Term other than as part of Expenses.

 

3.            Possession.

 

A.           Subject to Landlord’s obligations under this Section 3.A, Section 9.B., and the Work Letter, and subject to Tenant’s
right to perform the Tenant Improvements, the Premises are accepted by Tenant in “as is” condition and configuration.
By taking possession of the Premises, Tenant agrees that the Premises are in good order and satisfactory condition, and that there
are no representations or warranties by Landlord regarding the condition of the Premises, the Building or the Project other than
as expressly set forth in this Lease. However, notwithstanding the foregoing, Landlord agrees that the roof and the base Building
electrical, heating, ventilation and air conditioning, fire/life safety, and plumbing systems located in the Premises shall be
in good working order as of the date Landlord delivers possession of the Premises to Tenant. Except to the extent caused by the
acts or omissions of Tenant or any Tenant Parties (defined below) or by any alterations or improvements performed by or on behalf
of Tenant, if such systems are not in good working order as of the date possession of the Premises is delivered to Tenant and
Tenant provides Landlord with notice of the same within 30 days following the date Landlord delivers possession of the Premises
to Tenant, Landlord shall be responsible for repairing or restoring the same. If Landlord is delayed delivering possession of
the Premises or any other space due to the holdover or unlawful possession of such space by any party, Landlord shall use reasonable
efforts to obtain possession of the space. The Commencement Date shall be postponed until the date Landlord delivers possession
of the Premises to Tenant free from occupancy by any party.

 

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B.            Subject to the terms of this Section 3.B. and provided that this Lease has been fully executed by all parties and Tenant has delivered
all prepaid rental, the Security Deposit or Letter of Credit, as applicable, and insurance certificates required hereunder, Landlord
grants Tenant the right to enter the Premises, at Tenant’s sole risk, 30 days prior to the Commencement Date, solely for
the purpose of installing telecommunications and data cabling, equipment, furnishings and other personalty and performing the
Tenant Improvements described in Exhibit D. Such possession prior to the Commencement Date shall be subject to all of the
terms and conditions of this Lease, except that Tenant shall not be required to pay Base Rent or Tenant’s Monthly Expense
and Tax Payment with respect to the period of time prior to the Commencement Date during which Tenant occupies the Premises solely
for such purposes, and the Commencement Date shall not be advanced by reason of such possession except as set forth below. Notwithstanding
the foregoing, if Tenant takes possession of the Premises before the Commencement Date for any purpose other than as expressly
provided in this Section, such possession shall be subject to the terms and conditions of this Lease and Tenant shall pay Base
Rent, Tenant’s Monthly Expense and Tax Payment, and any other charges payable hereunder to Landlord for each day of possession
before the Commencement Date. Said early possession shall not advance the Termination Date. Landlord may withdraw such permission
to enter the Premises prior to the Commencement Date at any time that Landlord reasonably determines that such entry by Tenant
is causing a dangerous situation for Landlord, Tenant or their respective contractors or employees.

 

4.            Rent.

 

A.           Payments. As consideration for this Lease, Tenant shall pay Landlord, without any notice, setoff or deduction, the total
amount of Base Rent and Additional Rent due for the Term. “Additional Rent” means all sums (exclusive of Base Rent)
that Tenant is required to pay Landlord under this Lease, including without limitation amounts in respect of Taxes and Expenses
(each as defined on Exhibit E). Additional Rent and Base Rent are collectively referred herein to as “Rent”.
Tenant shall pay and be liable for all rental, sales and use taxes (but excluding income taxes), if any, imposed upon or measured
by Rent under applicable Law. Base Rent and recurring monthly charges of Additional Rent shall be due and payable in advance on
the first day of each calendar month during the Term without notice or demand, provided that the installment of Base Rent for
the fifth full calendar month (subject to Abated Base Rent defined in Section 4.C. below) of the Term shall be payable within
ten (10) days of the mutual execution of this Lease by Landlord and Tenant. All other items of Rent shall be due and payable by
Tenant on or before 30 days after billing by Landlord, or such longer period as may be set forth herein. All payments of Rent
shall be by good and sufficient check or by other means (such as automatic debit or electronic transfer) acceptable to Landlord.
If Tenant fails to pay any item or installment of Rent when due, Tenant shall pay Landlord an administration fee equal to 5% of
the past due Rent; provided, however, that the foregoing late charge shall not apply to the first such late payment in any twelve-
(12) month period of the Term of this Lease or any extension thereto until following written notice to Tenant and the expiration
of five (5) days thereafter without cure. If the Term commences on a day other than the first day of a calendar month or terminates
on a day other than the last day of a calendar month, the monthly Base Rent and Tenant’s Share of Expenses (defined in Exhibit
E attached hereto) and Taxes (defined in Exhibit E attached hereto) for the month shall be prorated based on the number
of days in such calendar month. Landlord’s acceptance of less than the correct amount of Rent shall be considered a payment
on account of the earliest Rent due. No endorsement or statement on a check or letter accompanying a check or payment shall be
considered an accord and satisfaction, and either party may accept the check or payment without prejudice to that party’s
right to recover the balance or pursue other available remedies. Tenant’s covenant to pay Rent is independent of every other
covenant in this Lease.

 

B.            Payment of Tenant’s Share of Expenses and Taxes. Tenant shall pay Tenant’s Share of the total amount of Expenses
and Taxes for each calendar year during the Term in accordance with Exhibit E hereto.

 

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C.            Abated Base Rent. Notwithstanding anything in this Lease to the contrary, so long as Tenant is not in default under this
Lease, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises, as originally described in this Lease,
in the amount of $223,025.95 per month for the first 4 full calendar months following the Commencement Date (the “Abatement
Period”). The maximum total amount of Abated Base Rent abated with respect to the Premises in accordance with the foregoing
shall equal $892,103.80 (the “Abated Base Rent”). If Tenant defaults under this Lease at any time during the Abatement
Period and fails to cure such default within any applicable cure period under this Lease, then Tenant shall forfeit the benefit
of the Abatement, and shall pay to Landlord on the first calendar day of the month following Tenant’s default the portion,
if any, of the Abated Base Rent applicable to the period between the Commencement Date and the date of such payment. Thereafter
Tenant shall pay Base Rent to Landlord in accordance with Section 4.A as if the Abatement had never been granted.. Only Base Rent
shall be abated pursuant to this Section, as more particularly described herein, and Tenant’s Monthly Expense and Tax Payment
and all other Rent and other costs and charges specified in this Lease shall remain as due and payable pursuant to the provisions
of this Lease.

 

5.           Compliance with Laws; Use.

 

The
Premises shall be used only for the Permitted Use and for no other use whatsoever. Tenant shall not use or permit the use of the
Premises for any purpose which is illegal, dangerous to persons or property or which, in Landlord’s reasonable opinion,
interferes with the operation of the Building or the Project. Tenant shall comply with all Laws, including the Americans with
Disabilities Act, regarding the operation of Tenant’s business and the use, condition, configuration and occupancy of the
Premises. In addition, Tenant shall, at its sole cost and expense, promptly comply with any Laws that relate to the “Base
Building” (defined below), but only to the extent such obligations are triggered by Tenant’s use of the Premises,
other than for the Permitted Use, or Alterations or improvements in the Premises performed or requested by Tenant. “Base
Building” shall include the structural portions of the Building, the public restrooms and the Building mechanical, electrical
and plumbing systems and equipment located in the internal core of the Building on the floor or floors on which the Premises are
located. Tenant shall promptly provide Landlord with copies of any notices it receives regarding an alleged violation of Law related
to Tenant’s use of the Premises. Tenant, within 10 days after receipt, shall provide Landlord with copies of any notices
it receives regarding a violation or alleged violation of any Laws. Tenant shall comply with the rules and regulations of the
Building attached as Exhibit B and such other reasonable rules and regulations adopted by Landlord from time to time;
provided that Landlord provide Tenant with reasonable advance notice thereof and that any such change (i) shall not require Tenant
to pay additional Rent, and (ii) shall not materially adversely affect Tenants rights and obligations under this Lease. In the
event of a conflict between the rules and regulations and the remainder of the terms of this Lease, the remainder of the terms
of this Lease shall control. Tenant shall also cause its agents, contractors, subcontractors, employees, customers, and subtenants
(“Tenant Parties”) to comply with all rules and regulations. Landlord shall not discriminate against Tenant in Landlord’s
enforcement of the rules and regulations. Tenant shall not use the Premises or permit the Premises or any portion thereof to be
used for the growing, manufacturing, administration, or distribution (including without limitation, any retail sales) of any cannabis,
marijuana or cannabinoid product or compound, regardless of the legality or illegality of the same.

 

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Pursuant
to California Civil Code Section 1938, Landlord hereby notifies Tenant that as of the date of this Lease, the Premises has not
undergone inspection by a “Certified Access Specialist” (“CASp”) to determine whether the Premises meet
all applicable construction-related accessibility standards under California Civil Code Section 55.53. Landlord hereby discloses
pursuant to California Civil Code Section 1938 as follows: “A Certified Access Specialist (CASp) can inspect the subject
premises and determine whether the subject premises comply with all of the applicable construction-related accessibility standards
under state law. Although state law does not require a CASp inspection of the subject premises, the commercial property owner
or lessor may not prohibit the lessee or tenant from obtaining a CASp inspection of the subject premises for the occupancy or
potential occupancy of the lessee or tenant, if requested by the lessee or tenant. The parties shall mutually agree on the arrangements
for the time and manner of the CASp inspection, the payment of the fee for the CASp inspection, and the cost of making any repairs
necessary to correct violations of construction-related accessibility standards within the premises.” Landlord and Tenant
hereby acknowledge and agree that in the event that Tenant elects to perform a CASp inspection of the Premises hereunder (the
“Inspection”), such Inspection shall be (a) performed at Tenant’s sole cost and expense, (b) limited to the
Premises and (c) performed by a CASp who has been approved or designated by Landlord prior to the Inspection. Any Inspection must
be performed in a manner which minimizes the disruption of business activities of other tenants, if any, in the Building, and
at a time reasonably approved by Landlord. Landlord reserves the right to be present during the Inspection. Tenant agrees to:
(i) promptly provide to Landlord a copy of the report or certification prepared by the CASp inspector upon request (the “Report”),
(ii) keep the information contained in the Report confidential, except to the extent required by Laws, or to the extent disclosure
is needed in order to complete any necessary modifications or improvements required to comply with all applicable accessibility
standards under state or federal Laws, as well as any other repairs, upgrades, improvements, modifications or alterations required
by the Report or that may be otherwise required to comply with applicable Laws or accessibility requirements (the “Access
Improvements”). Tenant shall be solely responsible for the cost of Access Improvements to the Premises or the Building necessary
to correct any such violations of construction-related accessibility standards identified by such Tenant-requested Inspection
as required by Laws, which Access Improvements may, at Landlord’s option, be performed in whole or in part by Landlord at
Tenant’s expense, payable as Additional Rent within ten (10) days following Landlord’s demand.

 

6.            Security Deposit.

 

A.           Subject to Tenant’s right to provide a Letter of Credit in lieu of providing cash as a security deposit pursuant to Article
36, the Security Deposit, if any, shall be delivered to Landlord upon the execution of this Lease by Tenant and shall be held
by Landlord without liability for interest (unless required by Law) as security for the performance of Tenant’s obligations.
The Security Deposit is not an advance payment of Rent or a measure of Tenant’s liability for damages. Landlord may, from
time to time, without prejudice to any other remedy, use all or a portion of the Security Deposit to satisfy past due Rent or
to cure any uncured default by Tenant. If Landlord uses the Security Deposit, Tenant shall on demand restore the Security Deposit
to its then-applicable amount. Landlord shall return any unapplied portion of the Security Deposit to Tenant within 45 days after
the later to occur of: (1) the determination of Tenant’s Share of Expenses and Taxes for the final year of the Term;
(2) the date Tenant surrenders possession of the Premises to Landlord in accordance with this Lease; or (3) the Termination
Date. If Landlord transfers its interest in the Premises, Landlord may assign the Security Deposit to the transferee and, following
the assignment, Landlord shall have no further liability for the return of the Security Deposit. Landlord shall not be required
to keep the Security Deposit separate from its other accounts. Tenant hereby waives the provisions of Section 1950.7 of the
California Civil Code, or any similar or successor Laws now or hereinafter in effect.

 

B.            Subject to the remaining terms of this Article 6, and provided that, during the six (6) month period immediately preceding the
effective date of any reduction of the Security Deposit, Tenant has timely paid all Rent and all other sums and charges payable
under this Lease and no default has occurred beyond any applicable notice and cure periods under this Lease (the “Security
Reduction Conditions”), the amount of the Security Deposit shall be automatically reduced so that the new Security Deposit
amounts will be as follows: (i) $892,103.80 effective as of the third anniversary of the Commencement Date; and (ii) $446,051.90
effective as of the fifth anniversary of the Commencement Date. If Tenant is not entitled to reduce the Security Deposit as of
a particular reduction effective date due to Tenant’s failure to satisfy the Security Reduction Conditions during the six
(6) month period prior to that particular reduction effective date, then the subsequent reduction Tenant is entitled to hereunder
shall be reduced by the amount of the reduction Tenant would have been entitled to had Tenant satisfied the Security Reduction
Conditions during such six (6) month period. If Tenant is entitled to reduce the Security Deposit as provided herein, Landlord
shall refund or apply to the next outstanding Rent obligation of Tenant the applicable portion of the Security Deposit to Tenant
within 30 days after the date upon which Tenant is entitled to a reduction in the Security Deposit as provided above.

 

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7.           Services to be Furnished by Landlord.

 

A.           Tenant shall pay the entire costs of water, gas and electricity used by Tenant at the Premises. Tenant, at Tenant’s option,
shall either (a) pay the utility company directly for the costs of the applicable utility consumption for the Premises, or (b)
reimburse Landlord for the costs of the applicable utility consumption for the Premises. Tenant shall be responsible for providing
janitorial service for the Premises at its sole cost and expense, and Tenant hereby acknowledges that Landlord shall have no obligation
whatsoever to provide janitorial service to the Premises (but the foregoing shall not limit Landlord’s obligations with
respect to any portions of the Property or the Project other than the Premises). The janitorial services shall be performed by
Tenant’s employees or a bonded janitorial contractor, which contractor (if applicable) shall be reasonably approved by Landlord.

 

B.            Except as provided in this Section 7.B., Landlord’s failure to furnish, or any interruption or termination of, services
due to the application of Laws, the failure of any equipment, the performance of repairs, improvements or alterations, or the
occurrence of any event or cause beyond the reasonable control of Landlord (a “Service Failure”) shall not render
Landlord liable to Tenant, constitute a constructive eviction of Tenant, give rise to an abatement of Rent, nor relieve Tenant
from the obligation to fulfill any covenant or agreement. In no event shall Landlord be liable to Tenant for any loss or damage,
including the theft of Tenant’s Property (defined in Article 15), arising out of or in connection with the failure
of any security services, personnel or equipment. However, notwithstanding the foregoing, if the Premises, or a material portion
of the Premises, are made untenantable for a period in excess of 5 consecutive days solely as a result of a Service Failure due
to Landlord’s gross negligence or willful misconduct and such Service Failure is otherwise reasonably within the control
of Landlord to correct, then Tenant, as its sole remedy, shall be entitled to receive an abatement of the Rent payable hereunder
during the period beginning on the 6th consecutive day of the Service Failure and ending on the day the interrupted service has
been restored. If the entire Premises have not been rendered untenantable by the Service Failure, the amount of abatement shall
be equitably prorated.

 

8.            Premises Improvements.

 

All
improvements to the Premises (collectively, “Premises Improvements”) shall be owned by Landlord and shall remain upon
the Premises without compensation to Tenant. However, Landlord, by written notice to Tenant at the time Landlord approves (or
if Landlord’s approval was not necessary, within thirty (30) days of Landlord’s knowledge) of the installation of
any Premises Improvement or Alteration (defined below) , may require Tenant to remove, at Tenant’s expense any Premises
Improvements or Alterations that are performed by or for the benefit of Tenant (collectively referred to as “Required Removables”).
In the event Landlord desires that a Premises Improvement which is part of the initial Tenant Improvements constructed by Tenant
be a Required Removable, then Landlord shall designate such as a Required Removable at the time Landlord approves of Tenant’s
Space Plan (defined in the Work Letter). The Required Removables designated by Landlord shall be removed by Tenant before the
Termination Date. Tenant shall repair damage caused by the installation or removal of Required Removables. If Tenant fails to
remove any Required Removables or perform related repairs in a timely manner, Landlord, at Tenant’s expense, may remove
and dispose of the Required Removables and perform the required repairs. Tenant, within ten (10) days after receipt of an invoice,
shall reimburse Landlord for the reasonable costs incurred by Landlord.

 

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9.           Repairs and Alterations.

 

A.           Tenant’s Repair Obligations. Tenant shall, at its sole cost and expense, promptly perform all maintenance and repairs
to the Premises that are not Landlord’s express responsibility under this Lease, and shall keep the Premises in good condition
and repair, reasonable wear and tear excepted. Tenant’s repair obligations include, without limitation, repairs to: (1) floor
covering; (2) interior partitions; (3) doors; (4) the interior side of demising walls; (5) electronic, phone
and data cabling and related equipment (collectively, “Cable”) that is installed by or for the exclusive benefit of
Tenant and located in the Premises or other portions of the Building; (6) mechanical (including HVAC), electrical, plumbing
and supplemental air conditioning units, private showers and kitchens, including hot water heaters, plumbing, and similar facilities
serving Tenant exclusively; and (7) Alterations performed by contractors retained by Tenant, including related HVAC balancing.
All work shall be performed in accordance with the rules and procedures described in Section 9.C. below. If Tenant fails
to make any repairs to the Premises for more than 10 days after notice from Landlord (although notice shall not be required if
there is an emergency), Landlord may make the repairs, and Tenant shall pay the reasonable cost of the repairs to Landlord within
10 days after receipt of an invoice, together with an administrative charge in an amount equal to 5% of the cost of the repairs.

 

B.            Landlord’s Repair Obligations. Landlord shall keep and maintain in good repair and working order and make repairs
to and perform maintenance upon: (1) structural elements of the Building; (2) fire/life safety systems serving the Building,
including the Premises; (3) Exterior Common Areas; (4) the roof and foundation of the Building; and (5) exterior
windows of the Building. Landlord shall promptly make repairs (considering the nature and urgency of the repair) for which Landlord
is responsible. Tenant hereby waives any and all rights under and benefits of subsection 1 of Section 1932, and Sections 1941
and 1942 of the California Civil Code, or any similar or successor Laws now or hereinafter in effect.

 

C.            Alterations. Tenant shall not make alterations, additions or improvements to the Premises or install any Cable in the Premises
or other portions of the Building or the Project (collectively referred to as “Alterations”) other than Cosmetic Alterations
(defined below) without first obtaining the written consent of Landlord in each instance, which shall not be unreasonably withheld
or delayed. Prior to starting work, Tenant shall furnish Landlord with plans and specifications reasonably acceptable to Landlord;
names of contractors reasonably acceptable to Landlord (provided that Landlord may designate specific contractors with respect
to Building systems); copies of contracts; necessary permits and approvals; evidence of contractor’s and subcontractor’s
insurance in amounts reasonably required by Landlord; and any security for performance that is reasonably required by Landlord.
Changes to the plans and specifications must also be submitted to Landlord for its approval. Alterations shall be constructed
in a good and workmanlike manner using materials of a quality that is at least equal to the quality designated by Landlord as
the minimum standard for the Building. Landlord may designate reasonable rules, regulations and procedures for the performance
of work in the Building and the Project and, to the extent reasonably necessary to avoid disruption to the occupants of the Building
and the Project, shall have the right to reasonably designate the time when Alterations may be performed. Tenant shall reimburse
Landlord within 10 days after receipt of an invoice for reasonable sums paid by Landlord for third party examination of Tenant’s
plans for any Alterations and for Landlord’s oversight and coordination of any non-Cosmetic Alterations. Upon completion,
Tenant shall furnish “as-built” plans (except for Cosmetic Alterations), completion affidavits, full and final waivers
of lien in recordable form, and receipted bills covering all labor and materials. Tenant shall assure that the Alterations comply
with all insurance requirements and Laws. Landlord’s approval of an Alteration shall not be a representation by Landlord
that the Alteration complies with applicable Laws or will be adequate for Tenant’s use. Tenant’s written request for
consent for a proposed Alteration shall contain the following statement in large, bold and capped font “IF LANDLORD CONSENTS
TO THE SUBJECT ALTERATION, LANDLORD SHALL NOTIFY TENANT IN WRITING WHETHER OR NOT LANDLORD WILL REQUIRE SUCH ALTERATION TO BE
REMOVED AT THE EXPIRATION OR EARLIER TERMINATION OF THE LEASE.” So long as Tenant includes such statement in its request
for approval, at the time Landlord gives its consent for the applicable Alteration(s), if it so does, Tenant shall also be notified
whether or not the subject Alteration shall be deemed a Required Removable.

 

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D.            Cosmetic Alterations. A “Cosmetic Alteration” means any Alteration which (1) is of a cosmetic nature such
as painting, hanging pictures and installing carpeting; (2) is not visible from the exterior of the Premises or Building; (3)
will not affect the systems or structure of the Building or the Project; and (4) does not require work to be performed inside
the walls or above the ceiling of the Premises. The provisions of Section 9.C shall not apply to any Cosmetic Alterations, and
instead Cosmetic Alterations shall be performed in accordance with this Section 9.D. Tenant shall provide Landlord five (5) Business
Days’ notice prior to commencing any Cosmetic Alterations which will cost in aggregate in excess of $25,000.00. Upon completion,
Tenant shall, to the extent applicable to the particular Cosmetic Alteration, furnish to Landlord completion affidavits, full
and final waivers of lien in recordable form, and receipted bills covering all labor and materials. Tenant shall assure that all
Cosmetic Alterations comply with all Laws.

 

10.         Use of Electrical Services by Tenant.

 

A.           Electricity used by Tenant in the Premises shall, at Landlord’s option, be paid for by Tenant (1) by a reimbursement from
Tenant to Landlord of the cost of electricity used by Tenant paid or payable by Landlord to the applicable utility company, within
30 days after billing by Landlord; or (2) by separate charge billed by the applicable utility company and payable directly
by Tenant. Electrical service to the Premises may be furnished by one or more companies providing electrical generation, transmission
and distribution services, and the cost of electricity may consist of several different components or separate charges for such
services, such as generation, distribution and stranded cost charges. Landlord shall have the exclusive right to select any company
providing electrical service to the Premises, to aggregate the electrical service for the Property and Premises with other buildings,
to purchase electricity through a broker and/or buyers group and to change the providers and manner of purchasing electricity.

 

B.            Tenant’s use of electrical service shall not exceed 1,600 amps at 480 volts. If Tenant requests permission to consume excess
electrical service, Landlord may refuse to consent or may condition consent upon conditions that Landlord reasonably elects (including,
without limitation, the installation of utility service upgrades, meters, submeters, air handlers or cooling units), and the additional
usage (to the extent permitted by Law), installation and maintenance costs shall be paid by Tenant. Landlord shall have the right
to separately meter electrical usage for the Premises and to measure electrical usage by survey or other commonly accepted methods.

 

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11.         Entry by Landlord.

 

Landlord,
its agents, contractors and representatives may enter the Premises to inspect or (within the final three (3) months of the Term)
show the Premises, to clean and make repairs, alterations or additions to the Premises, and to conduct or facilitate repairs,
alterations or additions to any portion of the Building or the Project, including other tenants’ premises. Except in emergencies
or to provide janitorial and other Building services, Landlord shall provide Tenant with reasonable prior notice of entry into
the Premises, which may be given by email to Tina Di loia (tina.diioia@vivani.com) and which shall not be less than twenty-four
(24) hours (except in event of emergency). If reasonably necessary for the protection and safety of Tenant and its employees,
Landlord shall have the right to temporarily close all or a portion of the Premises to perform repairs, alterations and additions.
Entry by Landlord shall not constitute constructive eviction or entitle Tenant to an abatement or reduction of Rent. Notwithstanding
the foregoing, Tenant, at its own expense, may provide its own locks to an area within the Premises (“Secured Area”).
Tenant need not furnish Landlord with a key, but upon the Termination Date or earlier expiration or termination of Tenant’s
right to possession, Tenant shall surrender all such keys to Landlord. If Landlord must gain access to a Secured Area in a non-emergency
situation, Landlord shall contact Tenant, and Landlord and Tenant shall arrange a mutually agreed upon time for Landlord to have
such access. Landlord shall comply with all reasonable security measures pertaining to the Secured Area. If Landlord reasonably
determines that an emergency in the Building or the Premises, including, without limitation, a suspected fire or flood, requires
Landlord to gain access to the Secured Area, Tenant hereby authorizes Landlord to forcibly enter the Secured Area. In such event,
Landlord shall have no liability whatsoever to Tenant, and Tenant shall pay all reasonable expenses incurred by Landlord in repairing
or reconstructing any entrance, corridor, door or other portions of the Premises damaged as a result of a forcible entry by Landlord.
Landlord shall have no obligation to provide either janitorial service or cleaning in the Secured Area.

 

12.         Assignment and Subletting.

 

A.            Tenant shall not assign, sublease, transfer or encumber any interest in this Lease or allow any third party to use any portion
of the Premises (collectively or individually, a “Transfer”) without the prior written consent of Landlord, which
consent shall not be unreasonably withheld, conditioned or delayed if Landlord does not elect to exercise its termination rights
under Section 12.B below. Without limitation, it is agreed that Landlord’s consent shall not be considered unreasonably
withheld if: (1) the proposed transferee’s financial condition does not meet the commercially reasonable criteria Landlord
uses to select Building and Project tenants having similar leasehold obligations; (2) the proposed transferee’s business
is not suitable for the Building or the Project considering the business of the other tenants, or would result in a violation
of another tenant’s rights; (3) the proposed transferee is a governmental agency or occupant of the Building, the Property
or the Project or is negotiating with Landlord to lease space in the Building at such time; or (4) Tenant is in default after
the expiration of the notice and cure periods in this Lease. Tenant shall not be entitled to receive monetary damages based upon
a claim that Landlord unreasonably withheld its consent to a proposed Transfer and Tenant’s sole remedy shall be an action
to enforce any such provision through specific performance or declaratory judgment. Tenant hereby waives the provisions of Section 1995.310
of the California Civil Code, or any similar or successor Laws, now or hereinafter in effect, and all other remedies, including,
without limitation, any right at law or equity to terminate this Lease, on its own behalf and, to the extent permitted under all
applicable Laws, on behalf of the proposed transferee. Any attempted Transfer in violation of this Article shall, at Landlord’s
option, be void. Consent by Landlord to one or more Transfer(s) shall not operate as a waiver of Landlord’s rights to approve
any subsequent Transfers. In no event shall any Transfer or Permitted Transfer release or relieve Tenant from any obligation under
this Lease.

 

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B.            As part of its request for Landlord’s consent to a Transfer, Tenant shall provide Landlord with financial statements for
the proposed transferee, a complete copy of the proposed assignment, sublease and other contractual documents and such other information
as Landlord may reasonably request. Except in cases of Permitted Transfers (defined below), Landlord shall, by written notice
to Tenant within 30 days of its receipt of the required information and documentation, either: (1) consent to the Transfer
by the execution of a consent agreement in a form reasonably designated by Landlord or reasonably refuse to consent to the Transfer
in writing; or (2) exercise its right to terminate this Lease with respect to the portion of the Premises that Tenant is
proposing to assign or sublet. Any such termination shall be effective on the proposed effective date of the Transfer for which
Tenant requested consent. Upon any request for a Transfer, Tenant will pay to Landlord the sum of all of Landlord’s costs,
including reasonable attorney’s fees, incurred in investigating and considering any proposed or purported assignment or
pledge of this Lease or sublease of any of the Premises (the “Review Reimbursement”), regardless of whether Landlord
shall consent to, refuse consent, or determine that Landlord’s consent is not required for, such Transfer, which Review
Reimbursement shall not exceed $2,500.00 (the “Fee Cap”). Notwithstanding the foregoing, if Tenant or the transferee
request, and Landlord agrees to, material changes to Landlord’s standard form of consent or if there are material negotiations
related thereto or if this Lease needs to be amended as a result thereof, and if Landlord’s reasonable costs and expenses
(including reasonable attorney’s fees and costs attributable to time expended by in house counsel, accountants or other
personnel of Landlord) exceeds the Fee Cap, Tenant shall reimburse Landlord for such reasonable costs and expenses incurred in
connection with its review of the requested Transfer and the aforementioned Fee Cap shall be inapplicable.

 

C.            Tenant shall pay Landlord 50% of all rent and other consideration which Tenant receives as a result of a Transfer that is in excess
of the Rent payable to Landlord for the portion of the Premises and Term covered by the Transfer. Tenant shall pay Landlord for
Landlord’s share of any excess within 10 days after Tenant’s receipt of such excess consideration. Tenant may, prior
to any such payment, deduct from the excess the following reasonable and customary expenses directly incurred by Tenant attributable
to the Transfer (other than Landlord’s review fee), including without limitation: free rent or other economic concessions
provided by Tenant to the transferee, brokerage fees, legal fees and construction costs directly incurred by Tenant attributable
to the Transfer. If Tenant is in default (defined in Section 19.A. below), Landlord may require that all sublease payments
be made directly to Landlord.

 

D.            If Tenant is a corporation, limited liability company, partnership, or similar entity, and if the entity which owns or controls
a majority of the voting shares/rights at any time changes for any reason (including but not limited to a merger, consolidation
or reorganization), such change of ownership or control shall constitute a Transfer. The foregoing shall not apply so long as
Tenant is an entity whose outstanding stock is listed on a recognized security exchange, or if at least 80% of its voting stock
is owned by another entity, the voting stock of which is so listed.

 

E.             So long as Tenant is not entering into the Permitted Transfer for the purpose of avoiding or otherwise circumventing the remaining
terms of this Section 12, Tenant may assign its entire interest under this Lease, without the consent of Landlord, to (a) an affiliate,
subsidiary, or parent of Tenant, or a corporation, partnership or other legal entity wholly owned by Tenant (collectively, an
“Affiliated Party”), or (b) a successor to Tenant by purchase, merger, consolidation or reorganization, provided that
all of the following conditions are satisfied (each such transfer a “Permitted Transfer” and any such assignee or
sublessee of a Permitted Transfer, a “Permitted Transferee”): (i) Tenant is not in default under this Lease; (ii)
the Premises continues to be used for the Permitted Use; (iii) Tenant shall give Landlord written notice at least 30 days prior
to the effective date of the proposed Permitted Transfer; (iv) with respect to a proposed Permitted Transfer to an Affiliated
Party, Tenant continues to have a net worth equal to or greater than Tenant’s net worth at the date of this Lease; and (v) with
respect to a purchase, merger, consolidation or reorganization or any Permitted Transfer which results in Tenant ceasing to exist
as a separate legal entity, (A) Tenant’s successor shall own all or substantially all of the assets of Tenant, and (B) Tenant’s
successor shall have a net worth which is at least equal to Tenant’s net worth at the date of this Lease. Tenant’s notice
to Landlord shall include information and documentation showing that each of the above conditions has been satisfied. If requested
by Landlord, Tenant’s successor shall sign a commercially reasonable form of assumption agreement. As used herein, (1) “parent”
shall mean a company which owns a majority of Tenant’s voting equity; (2) “subsidiary” shall mean an entity
wholly owned by Tenant or at least fifty-one percent (51%) of whose voting equity is owned by Tenant; and (3) “affiliate”
shall mean an entity controlled, controlling or under common control with Tenant.

 

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13.         Liens.

 

Tenant
shall not permit mechanic’s or other liens to be placed upon the Premises, Building, Property, Project or Tenant’s
leasehold interest in connection with any work or service done or purportedly done by or for benefit of Tenant. If a lien is so
placed, Tenant shall, within 10 days the filing of the lien, fully discharge the lien by settling the claim which resulted in
the lien or by bonding or insuring over the lien in the manner prescribed by the applicable lien Law. If Tenant fails to discharge
the lien, then, in addition to any other right or remedy of Landlord, Landlord may bond or insure over the lien or otherwise discharge
the lien. Tenant shall reimburse Landlord for any amount paid by Landlord to bond or insure over the lien or discharge the lien,
including, without limitation, reasonable attorneys’ fees (if and to the extent permitted by Law) within 10 days after receipt
of an invoice from Landlord.

 

14.         Indemnity and Waiver of Claims.

 

A.           Except to the extent caused by the gross negligence or willful misconduct of Landlord or its agents or employees, Tenant shall
indemnify, defend and hold Landlord, its trustees, members, principals, beneficiaries, partners, officers, directors, employees,
Mortgagee(s) (defined in Article 26) and agents (“Landlord Parties”) harmless against and from all liabilities,
obligations, damages, penalties, claims, actions, costs, charges and expenses, including, without limitation, reasonable attorneys’
fees and other professional fees (if and to the extent permitted by Law), which may be imposed upon, incurred by or asserted against
Landlord or any of the Landlord Parties and arising out of or in connection with any damage or injury occurring in the Premises
or due to acts or omissions (including violations of Law) of Tenant, the Tenant Parties or any of Tenant’s transferees,
contractors or licensees.

 

B.            Landlord and the Landlord Parties shall not be liable for, and Tenant waives, all claims for loss or damage to Tenant’s
business or loss, theft or damage to Tenant’s Property or the property of any person claiming by, through or under Tenant
resulting from: (1) wind or weather; (2) the failure of any sprinkler, heating or air-conditioning equipment, any electric
wiring or any gas, water or steam pipes; (3) the backing up of any sewer pipe or downspout; (4) the bursting, leaking
or running of any tank, water closet, drain or other pipe; (5) water, snow or ice upon or coming through the roof, skylight,
stairs, doorways, windows, walks or any other place upon or near the Building or the Project; (6) any act or omission of
any party other than Landlord or Landlord Parties; and (7) any causes not reasonably within the control of Landlord, in each
case except to the extent Landlord’s negligence or willful misconduct was the proximate cause of such damage or loss.

 

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15.         Insurance.

 

Tenant
shall carry and maintain the following insurance (“Tenant’s Insurance”), at its sole cost and expense: (1) Commercial
General Liability Insurance applicable to the Premises and its appurtenances providing, on an occurrence basis, a minimum combined
single limit of $2,000,000.00 per occurrence with a $5,000,000.00 aggregate limit; (2) All Risk Property/Business Interruption
Insurance, including flood and earthquake, written at replacement cost value and with a replacement cost endorsement covering
all of Tenant’s trade fixtures, plate glass, equipment, furniture and other personal property within the Premises (“Tenant’s
Property”); (3) Workers’ Compensation Insurance as required by the state in which the Premises is located and
in amounts as may be required by applicable statute; (4) Employers Liability Coverage of at least $1,000,000.00 per occurrence;
(5) comprehensive automobile liability insurance with a combined single limit of not less than $2,000,000.00 per occurrence
and insuring Tenant against liability for claims arising out of the ownership, maintenance or use of any owned, hired or non-owned
automobiles; and (6) environmental/ pollution liability insurance with a combined single limit of not less than $1,000,000 per
occurrence and $2,000,000 for claims arising out of your operation at the Premises. Any company writing any of Tenant’s
Insurance shall have an A.M. Best rating of not less than A+XII. All Commercial General Liability Insurance policies shall name
Tenant as a named insured and Landlord (or any successor), and its members, managers, principals, beneficiaries, partners, officers,
directors, employees, and agents, and other designees of Landlord as the interest of such designees shall appear, as additional
insureds. All policies of Tenant’s Insurance shall contain endorsements that the insurer(s) shall give Landlord and its
designees at least 30 days’ advance written notice of any change, cancellation, termination or lapse of insurance, or if
such endorsements are not reasonably available, Tenant shall provide such notice to Landlord and its designees directly. Any deductible
amounts under any of the foregoing insurance policies shall not exceed Ten Thousand Dollars ($10,000.00). Tenant shall provide
Landlord with a certificate of insurance evidencing Tenant’s Insurance prior to the earlier to occur of the Commencement
Date or the date Tenant is provided with possession of the Premises for any reason, and upon renewals at least 15 days prior to
the expiration of the insurance coverage.

 

16.         Subrogation.

 

Notwithstanding
anything in this Lease to the contrary, Landlord and Tenant hereby waive and shall cause their respective insurance carriers to
waive any and all rights of recovery, claim, action or causes of action against the other and their respective trustees, principals,
beneficiaries, partners, officers, directors, agents, and employees, for any loss or damage that may occur to Landlord or Tenant
or any party claiming by, through or under Landlord or Tenant, as the case may be, with respect to Tenant’s Property, the
Premises, the Building, the Project, any additions or improvements to the Premises, the Building or the Project, or any contents
thereof, including all rights of recovery, claims, actions or causes of action arising out of the negligence of Landlord or any
Landlord Parties or the negligence of Tenant or any Tenant Parties, which loss or damage is (or would have been, had the insurance
required by this Lease been carried) covered by insurance.

 

17.          Casualty Damage.

 

A.           If all or any part of the Premises is damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing.
During any period of time that all or a material portion of the Premises is rendered untenantable as a result of a fire or other
casualty (whether such casualty directly damages the Premises or other parts of the Building), the Rent shall abate for the portion
of the Premises that is untenantable and not used by Tenant. Landlord shall have the right to terminate this Lease if: (1) Landlord
is not permitted by Law to rebuild the Building or the Project in substantially the same form as existed before the fire or casualty;
(2) the Premises have been materially damaged and there is less than one (1) year of the Term remaining on the date of the
casualty; (3) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (4) a
material uninsured loss to the Building or the Project occurs (provided that at the time of the casualty, Landlord maintained
commercially reasonable policies of insurance covering the Building). Landlord may exercise its right to terminate this Lease
by notifying Tenant in writing within 90 days after the date of the casualty. If Landlord does not terminate this Lease, Landlord
shall commence and proceed with reasonable diligence to repair and restore the Building and the Premises Improvements (excluding
any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to
spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant’s
Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration
of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and
agree that their respective rights for damage to or destruction of the Premises shall be those specifically provided in this Lease.

 

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B.            If all or any portion of the Premises shall be made untenantable by fire or other casualty, Landlord shall, with reasonable promptness,
cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount
of time required to substantially complete the repair and restoration of the Premises and make the Premises tenantable again,
using standard working methods (“Completion Estimate”). If the Completion Estimate indicates that the Premises cannot
be made tenantable within 270 days from the date the repair and restoration is started, then regardless of anything in Section 17.A
above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such
election within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this
Lease if the fire or casualty was caused by the gross negligence or intentional misconduct of Tenant, Tenant Parties or any of
Tenant’s transferees, contractors or licensees.

 

C.            The provisions of this Lease, including this Article 17, constitute an express agreement between Landlord and Tenant with
respect to any and all damage to, or destruction of, all or any part of the Premises, the Building, the Property or the Project,
and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any
rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar
or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or
any part of the Premises, the Building, the Property or the Project.

 

18.         Condemnation.

 

Either
party may terminate this Lease if the whole or any material part of the Premises shall be taken or condemned for any public or
quasi-public use under Law, by eminent domain or private purchase in lieu thereof (a “Taking”). Landlord shall also
have the right to terminate this Lease if there is a Taking of any portion of the Building, Property or Project which would leave
the remainder of the Building or the Project unsuitable for use as an office/lab building or an office/lab project in a manner
comparable to the use of the Building or the Project prior to the Taking. In order to exercise its right to terminate the Lease,
Landlord or Tenant, as the case may be, must provide written notice of termination to the other within 45 days after the terminating
party first receives notice of the Taking. Any such termination shall be effective as of the date the physical taking of the Premises
or the portion of the Building, Property or Project occurs. If this Lease is not terminated, the rentable square footage of the
Building, the rentable square footage of the Premises, the Building’s allocable percentage of the Project and Tenant’s
Share shall, if applicable, be appropriately adjusted. In addition, Rent for any portion of the Premises taken or condemned shall
be abated during the unexpired Term of this Lease effective when the physical taking of the portion of the Premises occurs. All
compensation awarded for a Taking, or sale proceeds, shall be the property of Landlord, any right to receive such compensation
or proceeds being expressly waived by Tenant. However, Tenant may file a separate claim at its sole cost and expense for Tenant’s
Property and Tenant’s reasonable relocation expenses, provided the filing of the claim does not diminish the award which would
otherwise be receivable by Landlord. Tenant hereby waives any and all rights it might otherwise have pursuant to Section 1265.130
of the California Code of Civil Procedure, or any similar or successor Laws.

 

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19.         Events of Default.

 

Tenant
shall be considered to be in default of this Lease upon the occurrence of any of the following events of default:

 

A.            Tenant shall fail to pay any installment of Rent or any other payment required herein within five (5) Business Days following
written notice that such payment is past due (“Monetary Default”); provided however that the first such failure in
any calendar year shall not constitute an event of default so long as Tenant corrects such failure within an additional five (5)
business days of such notice.

 

B.            Tenant’s failure (other than a Monetary Default) to comply with any term, provision or covenant of this Lease, if the failure
is not cured within 10 days after written notice to Tenant. However, if Tenant’s failure to comply cannot reasonably be
cured within 10 days, Tenant shall be allowed additional time (not to exceed 60 days) as is reasonably necessary to cure the failure
so long as: (1) Tenant commences to cure the failure within 10 days, and (2) Tenant diligently pursues a course of action
that will cure the failure and bring Tenant back into compliance with the Lease. However, if Tenant’s failure to comply
creates a hazardous condition, the failure must be cured immediately upon notice to Tenant. In addition, if Landlord provides
Tenant with notice of Tenant’s failure to comply with any particular term, provision or covenant of the Lease on 3 occasions
during any 12 month period, Tenant’s subsequent violation of such term, provision or covenant shall, at Landlord’s
option, be an incurable event of default by Tenant.

 

C.            Tenant becomes insolvent, makes a transfer in fraud of creditors or makes an assignment for the benefit of creditors, or admits
in writing its inability to pay its debts when due.

 

20.         Remedies.

 

A.           Upon the occurrence of any event or events of default under this Lease, Landlord shall have the option to pursue any one or more
of the following remedies without any notice (except as expressly prescribed herein) or demand whatsoever (and without limiting
the generality of the foregoing, Tenant hereby specifically waives notice and demand for payment of Rent or other obligations,
except for those notices specifically required pursuant to the terms of Article 19 or this Article 20):

 

1.            Terminate this Lease and Tenant’s right to possession of the Premises and recover from Tenant an award of damages equal to the
sum of the following:

 

(a)         The Worth at the Time of Award of the unpaid Rent which had been earned at the time of termination;

 

(b)         The Worth at the Time of Award of the amount by which the unpaid Rent which would have been earned after termination until the
time of award exceeds the amount of such Rent loss that Tenant affirmatively proves could have been reasonably avoided;

 

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(c)          The Worth at the Time of Award of the amount by which the unpaid Rent for the balance of the Term after the time of award exceeds
the amount of such Rent loss that Tenant affirmatively proves could be reasonably avoided; and

 

(d)          Any other amount necessary to compensate Landlord for all the detriment either proximately caused by Tenant’s failure to perform
Tenant’s obligations under this Lease or which in the ordinary course of things would be likely to result therefrom.

 

The
“Worth at the Time of Award” of the amounts referred to in parts (a) and (b) above, shall be computed by allowing interest
at the lesser of a per annum rate equal to: (i) the greatest per annum rate of interest permitted from time to time
under applicable law, or (ii) the Prime Rate plus 3%. For purposes hereof, the “Prime Rate” shall be the per
annum interest rate publicly announced as its prime or base rate by a federally insured bank selected by Landlord in the State
of California. The “Worth at the Time of Award” of the amount referred to in part (c), above, shall be computed by discounting
such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus 1%;

 

2.            Employ the remedy described in California Civil Code § 1951.4 (Landlord may continue this Lease in effect after Tenant’s
breach and abandonment and recover Rent as it becomes due, if Tenant has the right to sublet or assign, subject only to reasonable
limitations); or

 

3.            Notwithstanding Landlord’s exercise of the remedy described in California Civil Code § 1951.4 in respect of an event or events
of default, at such time thereafter as Landlord may elect in writing, to terminate this Lease and Tenant’s right to possession
of the Premises and recover an award of damages as provided above in Paragraph 20.A.1.

 

B.            The subsequent acceptance of Rent hereunder by Landlord shall not be deemed to be a waiver of any preceding breach by Tenant of
any term, covenant or condition of this Lease, other than the failure of Tenant to pay the particular Rent so accepted, regardless
of Landlord’s knowledge of such preceding breach at the time of acceptance of such Rent. No waiver by Landlord of any breach hereof
shall be effective unless such waiver is in writing and signed by Landlord.

 

C.            TENANT HEREBY WAIVES ANY AND ALL RIGHTS CONFERRED BY SECTION 3275 OF THE CIVIL CODE OF CALIFORNIA AND BY SECTIONS 1174
(c) AND 1179 OF THE CODE OF CIVIL PROCEDURE OF CALIFORNIA AND ANY AND ALL OTHER LAWS AND RULES OF LAW FROM TIME TO TIME IN EFFECT
DURING THE LEASE TERM PROVIDING THAT TENANT SHALL HAVE ANY RIGHT TO REDEEM, REINSTATE OR RESTORE THIS LEASE FOLLOWING ITS TERMINATION
BY REASON OF TENANT’S BREACH. TENANT ALSO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN
ANY LITIGATION ARISING OUT OF OR RELATING TO THIS LEASE.

 

D.            No right or remedy herein conferred upon or reserved to Landlord is intended to be exclusive of any other right or remedy, and
each and every right and remedy shall be cumulative and in addition to any other right or remedy given hereunder or now or hereafter
existing by agreement, applicable law or in equity. In addition to other remedies provided in this Lease, Landlord shall be entitled,
to the extent permitted by applicable law, to injunctive relief, or to a decree compelling performance of any of the covenants,
agreements, conditions or provisions of this Lease, or to any other remedy allowed to Landlord at law or in equity. Forbearance
by Landlord to enforce one or more of the remedies herein provided upon an event of default shall not be deemed or construed to
constitute a waiver of such default.

 

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E.            If Tenant is in default, then, to the extent permitted by Law, Landlord shall be entitled to receive interest on any unpaid item
of Rent at a rate equal to the lesser of (i) the maximum rate permitted by Law, or (ii) the Prime Rate plus 3% per annum, up to
a maximum rate of 10% per annum. For purposes hereof, the “Prime Rate” shall be the per annum interest rate publicly
announced as its prime or base rate by a federally insured bank selected by Landlord in the state in which the Building is located.

 

F.            This Article 20 shall be enforceable to the maximum extent such enforcement is not prohibited by applicable law, and the
unenforceability of any portion thereof shall not thereby render unenforceable any other portion.

 

21.          Limitation of Liability.

 

NOTWITHSTANDING
ANYTHING TO THE CONTRARY CONTAINED IN THIS LEASE, THE LIABILITY OF LANDLORD (AND OF ANY SUCCESSOR LANDLORD) TO TENANT SHALL BE
LIMITED TO THE INTEREST OF LANDLORD IN THE PROPERTY. TENANT SHALL LOOK SOLELY TO LANDLORD’S INTEREST IN THE PROPERTY FOR
THE RECOVERY OF ANY JUDGMENT OR AWARD AGAINST LANDLORD. NEITHER TENANT NOR LANDLORD NOR ANY PARTY AFFILIATED WITH EITHER TENANT
OR LANDLORD SHALL BE PERSONALLY LIABLE FOR ANY JUDGMENT OR DEFICIENCY. IN NO EVENT SHALL LANDLORD OR TENANT BE LIABLE TO THE OTHER
FOR ANY LOST PROFIT, DAMAGE TO OR LOSS OF BUSINESS OR ANY FORM OF SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGE. BEFORE FILING SUIT
FOR AN ALLEGED DEFAULT BY LANDLORD, TENANT SHALL GIVE LANDLORD AND THE MORTGAGEE(S) (DEFINED IN ARTICLE 26 BELOW) WHOM TENANT
HAS BEEN NOTIFIED HOLD MORTGAGES (DEFINED IN ARTICLE 26 BELOW) ON THE PROPERTY, BUILDING OR PREMISES, NOTICE AND REASONABLE TIME
TO CURE THE ALLEGED DEFAULT.

 

22.         No Waiver.

 

Either
party’s failure to declare a default immediately upon its occurrence, or delay in taking action for a default shall not
constitute a waiver of the default, nor shall it constitute an estoppel. Either party’s failure to enforce its rights for
a default shall not constitute a waiver of its rights regarding any subsequent default. Receipt by Landlord of Tenant’s
keys to the Premises shall not constitute an acceptance or surrender of the Premises.

 

23.         Quiet Enjoyment.

 

Tenant
shall, and may peacefully have, hold and enjoy the Premises, subject to the terms of this Lease, provided Tenant pays the Rent
and fully performs all of its covenants and agreements. This covenant and all other covenants of Landlord shall be binding upon
Landlord and its successors only during its or their respective periods of ownership of the Building, and shall not be a personal
covenant of Landlord or the Landlord Parties.

 

24.         Intentionally Omitted.

 

25.         Holding Over.

 

If
Tenant fails to surrender the Premises in accordance with the terms of this Lease at the expiration or earlier termination of
this Lease, occupancy of the Premises after the termination or expiration shall be that of a tenancy at sufferance. Tenant’s
occupancy of the Premises during the holdover shall be subject to all the terms and provisions of this Lease and Tenant shall
pay an amount (on a per month basis without reduction for partial months during the holdover) equal to 150% of the Base Rent and
Additional Rent due for the period immediately preceding the holdover. No holdover by Tenant or payment by Tenant after the expiration
or early termination of this Lease shall be construed to extend the Term or prevent Landlord from immediate recovery of possession
of the Premises by summary proceedings or otherwise. In addition to the payment of the amounts provided above, if Tenant fails
to vacate the Premises within thirty (30) days after Landlord notifies Tenant that Landlord has entered into a lease for the Premises
or has received a bona fide offer to lease the Premises, and that Landlord will be unable to deliver possession, or perform improvements,
due to Tenant’s holdover, then Tenant shall (a) be liable to Landlord for any payment or rent concession Landlord is required
to make to any tenant obtained by Landlord for all or part of the Premises in order to induce such tenant not to terminate its
lease by reason of Tenant’s holding over, and (b) indemnify Landlord against all claims for direct damages brought or made
against Landlord by such new tenant as a result of Tenant’s holding over.

 

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26.         Subordination to Mortgages; Estoppel Certificate.

 

A.            Tenant accepts this Lease subject and subordinate to any mortgage(s), deed(s) of trust, ground lease(s) or other lien(s) now or
subsequently arising upon the Premises, the Building, the Property or the Project, and to renewals, modifications, refinancings
and extensions thereof (collectively referred to as a “Mortgage”). The party having the benefit of a Mortgage shall
be referred to as a “Mortgagee”. This clause shall be self-operative, but upon request from a Mortgagee, Tenant shall
execute a commercially reasonable subordination agreement in favor of the Mortgagee. In lieu of having the Mortgage be superior
to this Lease, a Mortgagee shall have the right at any time to subordinate its Mortgage to this Lease. If requested by a Mortgagee
or a successor-in-interest to all or a part of Landlord’s interest in the Lease, Tenant shall, without charge, attorn to
the successor-in-interest, provided that such successor-in-interest agrees in writing not to disturb Tenant’s use or occupancy
of the Premises consistent with this Lease and to assume the obligations of Landlord hereunder. Notwithstanding the foregoing,
upon written request by Tenant, Landlord will use reasonable efforts to obtain a commercially reasonable non-disturbance, subordination
and attornment agreement from Landlord’s then current Mortgagee on such Mortgagee’s then current standard form of agreement.
“Reasonable efforts” of Landlord shall not require Landlord to incur any cost, expense or liability to obtain such
agreement, it being agreed that Tenant shall be responsible for any fee or review costs charged by the Mortgagee. Upon request
of Landlord, Tenant will execute the Mortgagee’s form of non-disturbance, subordination and attornment agreement and return
the same to Landlord for execution by the Mortgagee. Landlord’s failure to obtain a non-disturbance, subordination and attornment
agreement for Tenant shall have no effect on the rights, obligations and liabilities of Landlord and Tenant or be considered to
be a default by Landlord hereunder.

 

B.            Within 10 days following any written request which Landlord may make from time to time, Tenant shall execute and deliver to Landlord
or mortgagee or prospective mortgagee a sworn statement certifying: (a) the date of commencement of this Lease; (b) the fact that
this Lease is unmodified and in full force and effect (or, if there have been modifications to this Lease, that this Lease is
in full force and effect, as modified, and stating the date and nature of such modifications); (c) the date to which the rent
and other sums payable under this Lease have been paid; (d) the fact that there are no current defaults under this Lease by either
Landlord or Tenant except as specified in Tenant’s statement; and (e) such other matters as may be requested by Landlord.
Landlord and Tenant intend that any statement delivered pursuant to this Section may be relied upon by any mortgagee, beneficiary
or purchaser. Tenant irrevocably agrees that if Tenant fails to execute and deliver such certificate within such 10 day period
Landlord or Landlord’s beneficiary or agent may execute and deliver such certificate on Tenant’s behalf, and that
such certificate shall be fully binding on Tenant.

 

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27.         Attorneys’ Fees.

 

If
either party institutes a suit against the other for violation of or to enforce any covenant or condition of this Lease, or if
either party intervenes in any suit in which the other is a party to enforce or protect its interest or rights, the prevailing
party shall be entitled to all of its costs and expenses, including, without limitation, reasonable attorneys’ fees.

 

28.         Notice.

 

If
a demand, request, approval, consent or notice (collectively referred to as a “notice”) shall or may be given to either
party by the other, the notice shall be in writing and delivered by hand or sent by registered or certified mail with return receipt
requested, or sent by overnight or same day courier service at the party’s respective Notice Address(es) set forth in Article 1.
Each notice shall be deemed to have been received or given on the earlier to occur of actual delivery or the date on which delivery
is refused, or, if Tenant has vacated the Premises or the other Notice Address of Tenant without providing a new Notice Address,
3 days after notice is deposited in the U.S. mail or with a courier service in the manner described above. Either party may, at
any time, change its Notice Address (other than to a post office box address) by giving the other party written notice of the
new address in the manner described in this Article.

 

29.         Excepted Rights.

 

Except
as expressly provided in this Lease, this Lease does not grant any rights to light or air over or about the Building or the Project.
Landlord excepts and reserves exclusively to itself the use of: (1) roofs, (2) telephone, electrical and janitorial
closets, (3) equipment rooms, Building risers or similar areas that are used by Landlord for the provision of Building services,
(4) rights to the land and improvements below the floor of the Premises, (5) the improvements and air rights above the
Premises, (6) the improvements and air rights outside the demising walls of the Premises, and (7) the areas within the
Premises used for the installation of utility lines and other installations serving occupants of the Building or the Project.
Landlord has the right to change the Building’s or Project’s name or address. Landlord also has the right to make
such other changes to the Building, Property and Project as Landlord deems appropriate, provided the changes do not materially
affect Tenant’s ability to use the Premises for the Permitted Use. Landlord shall also have the right (but not the obligation)
to temporarily close the Building if Landlord reasonably determines that there is an imminent danger of significant damage to
the Building or of personal injury to Landlord’s employees or the occupants of the Building. The circumstances under which
Landlord may temporarily close the Building shall include, without limitation, electrical interruptions, hurricanes and civil
disturbances. A closure of the Building under such circumstances shall not constitute a constructive eviction nor entitle Tenant
to an abatement or reduction of Rent; provided, however, Tenant shall be entitled to an abatement of Rent in accordance with Section
7.B. if the Building is closed, other than as required by Law or by order of proper governmental authority, and Tenant is unable
to use the Premises as a result of such closure, for a period of at least 5 consecutive days.

 

30.         Surrender of Premises.

 

At
the expiration or earlier termination of this Lease or Tenant’s right of possession, Tenant shall remove Tenant’s
Property (defined in Article 15) from the Premises, and quit and surrender the Premises to Landlord, broom clean, and in
good order, condition and repair, ordinary wear and tear excepted. Tenant shall also be required to remove the Required Removables
in accordance with Article 8. If Tenant fails to remove any of Tenant’s Property as of the termination of this Lease
or of Tenant’s right to possession, Landlord, at Tenant’s sole cost and expense, shall be entitled (but not obligated)
to remove and store Tenant’s Property. Landlord shall not be responsible for the value, preservation or safekeeping of Tenant’s
Property. Tenant shall pay Landlord, upon demand, the expenses and storage charges incurred for Tenant’s Property. In addition,
if Tenant fails to remove Tenant’s Property from the Premises or storage, as the case may be, within 10 days after written
notice, Landlord may deem all or any part of Tenant’s Property to be abandoned, and title to Tenant’s Property shall
be deemed to be immediately vested in Landlord.

 

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31.         Miscellaneous.

 

A.           This Lease and the rights and obligations of the parties shall be interpreted, construed and enforced in accordance with the Laws
of the State of California and Landlord and Tenant hereby irrevocably consent to the jurisdiction and proper venue of such state.
If any term or provision of this Lease shall to any extent be invalid or unenforceable, the remainder of this Lease shall not
be affected, and each provision of this Lease shall be valid and enforced to the fullest extent permitted by Law. The headings
and titles to the Articles and Sections of this Lease are for convenience only and shall have no effect on the interpretation
of any part of the Lease.

 

B.            Tenant shall not record this Lease or any memorandum without Landlord’s prior written consent.

 

C.            Whenever a period of time is prescribed for the taking of an action by Landlord or Tenant, the period of time for the performance
of such action shall be extended by the number of days that the performance is actually delayed due to strikes, acts of God, shortages
of labor or materials, war, civil disturbances and other causes beyond the reasonable control of the performing party (“Force
Majeure”). However, events of Force Majeure shall not extend any period of time for the payment of Rent or other sums payable
by either party or any period of time for the written exercise of an option or right by either party.

 

D.            Landlord shall have the right to transfer and assign, in whole or in part, all of its rights and obligations under this Lease
and in the Building, Property and/or Project referred to herein, and upon such transfer Landlord shall be released from any further
obligations hereunder, and Tenant agrees to look solely to the successor in interest of Landlord for the performance of such obligations.

 

E.             Tenant represents that it has dealt directly with and only with the Broker as a broker in connection with this Lease. Tenant shall
indemnify and hold Landlord and the Landlord Parties harmless from all claims of any other brokers claiming to have represented
Tenant in connection with this Lease. Landlord agrees to indemnify and hold Tenant and the Tenant Parties harmless from all claims
of any brokers claiming to have represented Landlord in connection with this Lease.

 

F.             Tenant covenants, warrants and represents that: (1) each individual executing, attesting and/or delivering this Lease on
behalf of Tenant is authorized to do so on behalf of Tenant; (2) this Lease is binding upon Tenant; and (3) Tenant is
duly organized and legally existing in the state of its organization and is qualified to do business in the State of California.
If there is more than one Tenant, or if Tenant is comprised of more than one party or entity, the obligations imposed upon Tenant
shall be joint and several obligations of all the parties and entities. Notices, payments and agreements given or made by, with
or to any one person or entity shall be deemed to have been given or made by, with and to all of them. Tenant hereby represents
and warrants that neither Tenant, nor any persons or entities holding any legal or beneficial interest whatsoever in Tenant, are
(i) the target of any sanctions program that is established by Executive Order of the President or published by the Office of
Foreign Assets Control, U.S. Department of the Treasury (“OFAC”); (ii) designated by the President or OFAC pursuant
to the Trading with the Enemy Act, 50 U.S.C. App. § 5, the International Emergency Economic Powers Act, 50 U.S.C. §§
1701-06, the Patriot Act, Public Law 107-56, Executive Order 13224 (September 23, 2001) or any Executive Order of the President
issued pursuant to such statutes; or (iii) named on the following list that is published by OFAC: “List of Specially Designated
Nationals and Blocked Persons.” If the foregoing representation is untrue at any time during the Term, an Event of Default
will be deemed to have occurred, without the necessity of notice to Tenant.

 

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G.            Time is of the essence with respect to Tenant’s exercise of any expansion, renewal or extension rights granted to Tenant.
This Lease shall create only the relationship of landlord and tenant between the parties, and not a partnership, joint venture
or any other relationship. This Lease and the covenants and conditions in this Lease shall inure only to the benefit of and be
binding only upon Landlord and Tenant and their permitted successors and assigns.

 

H.            The expiration of the Term, whether by lapse of time or otherwise, shall not relieve either party of any obligations which accrued
prior to or which may continue to accrue after the expiration or early termination of this Lease. Without limiting the scope of
the prior sentence, it is agreed that Tenant’s obligations under Articles 4, 8, 9, 20, 25 and 30 shall survive the
expiration or early termination of this Lease.

 

I.              Landlord has delivered a copy of this Lease to Tenant for Tenant’s review only, and the delivery of it does not constitute
an offer to Tenant or an option. This Lease shall not be effective against any party hereto until an original copy of this Lease
has been signed by such party.

 

J.             All understandings and agreements previously made between the parties are superseded by this Lease, and neither party is relying
upon any warranty, statement or representation not contained in this Lease. This Lease may be modified only by a written agreement
signed by Landlord and Tenant.

 

K.            Tenant, within 15 days after request, shall provide Landlord with a current financial statement and such other information as
Landlord may reasonably request in order to create a “business profile” of Tenant and determine Tenant’s ability
to fulfill its obligations under this Lease. Landlord, however, shall not require Tenant to provide such information unless Landlord
is requested to produce the information in connection with a proposed financing or sale of the Building. Upon written request
by Tenant, Landlord shall enter into a commercially reasonable confidentiality agreement covering any confidential information
that is disclosed by Tenant.

 

L.            The rentable area of the Premises is deemed to be the square footage set forth in Section 1.B of this Lease as of the date hereof.
From time to time at Landlord’s option, Landlord may re-measure the rentable area of the Premises and the Building in accordance
with the then-current Standard Methods of Measurement ANSI/BOMA, which determination shall be conclusive and thereon Tenant’s
Share shall be adjusted accordingly. Notwithstanding the foregoing, in no event shall Base Rent or Tenant’s Share as provided
in this Lease be increased during the initial Term as a result of any remeasurement.

 

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32.         Waiver of Jury Trial. LANDLORD AND TENANT EACH ACKNOWLEDGES THAT IT IS AWARE OF AND HAS HAD
THE ADVICE OF COUNSEL OF ITS CHOICE WITH RESPECT TO ITS RIGHTS TO TRIAL BY JURY, AND, TO THE EXTENT ENFORCEABLE UNDER CALIFORNIA
LAW, EACH PARTY DOES HEREBY EXPRESSLY AND KNOWINGLY WAIVE AND RELEASE ALL SUCH RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM BROUGHT BY EITHER PARTY HERETO AGAINST THE OTHER (AND/OR AGAINST ITS MEMBERS, OFFICERS, DIRECTORS, EMPLOYEES,
AGENTS, OR SUBSIDIARY OR AFFILIATED ENTITIES) ON ANY MATTERS WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LEASE,
TENANT’S USE OR OCCUPANCY OF THE PREMISES AND/OR ANY CLAIM OF INJURY OR DAMAGE. FURTHERMORE, THIS WAIVER AND RELEASE OF ALL RIGHTS
TO A JURY TRIAL IS DEEMED TO BE INDEPENDENT OF EACH AND EVERY OTHER PROVISION, COVENANT, AND/OR CONDITION SET FORTH IN THIS LEASE.

 

IF
THE JURY WAIVER PROVISIONS OF THIS ARTICLE 32 ARE NOT ENFORCEABLE UNDER CALIFORNIA LAW, THEN THE FOLLOWING PROVISIONS OF
THIS ARTICLE 32 SHALL APPLY. IT IS THE DESIRE AND INTENTION OF THE PARTIES TO AGREE UPON A MECHANISM AND PROCEDURE UNDER
WHICH CONTROVERSIES AND DISPUTES ARISING OUT OF THIS LEASE OR RELATED TO THE PREMISES WILL BE RESOLVED IN A PROMPT AND EXPEDITIOUS
MANNER. ACCORDINGLY, EXCEPT WITH RESPECT TO ACTIONS FOR UNLAWFUL OR FORCIBLE DETAINER OR WITH RESPECT TO THE PREJUDGMENT REMEDY
OF ATTACHMENT, ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER PARTY HERETO AGAINST THE OTHER (AND/OR AGAINST ITS OFFICERS,
DIRECTORS, EMPLOYEES, AGENTS OR SUBSIDIARY OR AFFILIATED ENTITIES) ON ANY MATTERS WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED
WITH THIS LEASE, TENANT’S USE OR OCCUPANCY OF THE PREMISES AND/OR ANY CLAIM OF INJURY OR DAMAGE, SHALL BE HEARD AND RESOLVED BY
A REFEREE UNDER THE PROVISIONS OF THE CALIFORNIA CODE OF CIVIL PROCEDURE, SECTIONS 638 — 645.1, INCLUSIVE (AS SAME
MAY BE AMENDED, OR ANY SUCCESSOR STATUTE(S) THERETO) (THE “REFEREE SECTIONS”). ANY FEE TO INITIATE THE JUDICIAL REFERENCE
PROCEEDINGS SHALL BE PAID BY THE PARTY INITIATING SUCH PROCEDURE; PROVIDED HOWEVER, THAT THE COSTS AND FEES, INCLUDING ANY INITIATION
FEE, OF SUCH PROCEEDING SHALL ULTIMATELY BE BORNE IN ACCORDANCE WITH ARTICLE 27 ABOVE. THE VENUE OF THE PROCEEDINGS SHALL BE IN
THE COUNTY IN WHICH THE PREMISES ARE LOCATED. WITHIN TEN (10) DAYS OF RECEIPT BY ANY PARTY OF A WRITTEN REQUEST TO RESOLVE ANY
DISPUTE OR CONTROVERSY PURSUANT TO THIS ARTICLE 32, THE PARTIES SHALL AGREE UPON A SINGLE REFEREE WHO SHALL TRY ALL ISSUES,
WHETHER OF FACT OR LAW, AND REPORT A FINDING AND JUDGMENT ON SUCH ISSUES AS REQUIRED BY THE REFEREE SECTIONS. IF THE PARTIES ARE
UNABLE TO AGREE UPON A REFEREE WITHIN SUCH TEN (10) DAY PERIOD, THEN ANY PARTY MAY THEREAFTER FILE A LAWSUIT IN THE COUNTY IN
WHICH THE PREMISES ARE LOCATED FOR THE PURPOSE OF APPOINTMENT OF A REFEREE UNDER CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638
AND 640, AS SAME MAY BE AMENDED OF ANY SUCCESSOR STATUTE(S) THERETO. IF THE REFEREE IS APPOINTED BY THE COURT, THE REFEREE SHALL
BE A NEUTRAL AND IMPARTIAL RETIRED JUDGE WITH SUBSTANTIAL EXPERIENCE IN THE RELEVANT MATTERS TO BE DETERMINED, FROM JAMS/ENDISPUTE,
INC., THE AMERICAN ARBITRATION ASSOCIATION OR SIMILAR MEDIATION/ARBITRATION ENTITY. THE PROPOSED REFEREE MAY BE CHALLENGED BY
ANY PARTY FOR ANY OF THE GROUNDS LISTED IN SECTION 641 OF THE CALIFORNIA CODE OF CIVIL PROCEDURE, AS SAME MAY BE AMENDED
OR ANY SUCCESSOR STATUTE(S) THERETO. THE REFEREE SHALL HAVE THE POWER TO DECIDE ALL ISSUES OF FACT AND LAW AND REPORT HIS OR HER
DECISION ON SUCH ISSUES, AND TO ISSUE ALL RECOGNIZED REMEDIES AVAILABLE AT LAW OR IN EQUITY FOR ANY CAUSE OF ACTION THAT IS BEFORE
THE REFEREE, INCLUDING AN AWARD OF ATTORNEYS’ FEES AND COSTS IN ACCORDANCE WITH CALIFORNIA LAW. THE REFEREE SHALL NOT, HOWEVER,
HAVE THE POWER TO AWARD PUNITIVE DAMAGES, NOR ANY OTHER DAMAGES WHICH ARE NOT PERMITTED BY THE EXPRESS PROVISIONS OF THIS LEASE,
AND THE PARTIES HEREBY WAIVE ANY RIGHT TO RECOVER ANY SUCH DAMAGES. THE PARTIES SHALL BE ENTITLED TO CONDUCT ALL DISCOVERY AS
PROVIDED IN THE CALIFORNIA CODE OF CIVIL PROCEDURE, AND THE REFEREE SHALL OVERSEE DISCOVERY AND MAY ENFORCE ALL DISCOVERY ORDERS
IN THE SAME MANNER AS ANY TRIAL COURT JUDGE, WITH RIGHTS TO REGULATE DISCOVERY AND TO ISSUE AND ENFORCE SUBPOENAS, PROTECTIVE
ORDERS AND OTHER LIMITATIONS ON DISCOVERY AVAILABLE UNDER CALIFORNIA LAW. THE REFERENCE PROCEEDING SHALL BE CONDUCTED IN ACCORDANCE
WITH CALIFORNIA LAW (INCLUDING THE RULES OF EVIDENCE), AND IN ALL REGARDS, THE REFEREE SHALL FOLLOW CALIFORNIA LAW APPLICABLE
AT THE TIME OF THE REFERENCE PROCEEDING. IN ACCORDANCE WITH SECTION 644 OF THE CALIFORNIA CODE OF CIVIL PROCEDURE, THE DECISION
OF THE REFEREE UPON THE WHOLE ISSUE MUST STAND AS THE DECISION OF THE COURT, AND UPON THE FILING OF THE STATEMENT OF DECISION
WITH THE CLERK OF THE COURT, OR WITH THE JUDGE IF THERE IS NO CLERK, JUDGMENT MAY BE ENTERED THEREON IN THE SAME MANNER AS IF
THE ACTION HAD BEEN TRIED BY THE COURT. THE PARTIES SHALL PROMPTLY AND DILIGENTLY COOPERATE WITH ONE ANOTHER AND THE REFEREE,
AND SHALL PERFORM SUCH ACTS AS MAY BE NECESSARY TO OBTAIN A PROMPT AND EXPEDITIOUS RESOLUTION OF THE DISPUTE OR CONTROVERSY IN
ACCORDANCE WITH THE TERMS OF THIS ARTICLE 32. TO THE EXTENT THAT NO PENDING LAWSUIT HAS BEEN FILED TO OBTAIN THE APPOINTMENT
OF A REFEREE, ANY PARTY, AFTER THE ISSUANCE OF THE DECISION OF THE REFEREE, MAY APPLY TO THE COURT OF THE COUNTY IN WHICH THE
PREMISES ARE LOCATED FOR CONFIRMATION BY THE COURT OF THE DECISION OF THE REFEREE IN THE SAME MANNER AS A PETITION FOR CONFIRMATION
OF AN ARBITRATION AWARD PURSUANT TO CODE OF CIVIL PROCEDURE SECTION 1285 ET SEQ. (AS SAME MAY BE AMENDED OR ANY SUCCESSOR
STATUTE(S) THERETO).

 

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33.         Hazardous Materials.

 

Supplementing
the provisions of Article 5 above, Tenant shall not use the Premises or the Building in violation of any federal, state,
or local law, ordinance, or regulation relating to the environment, health, or safety.

 

A.           Definitions.  The following terms shall have the following meanings for purposes of this Lease:

 

1.            “Biohazardous Materials” means any and all substances and materials defined or referred to as a-medical waste,”
“biological waste,” “biohazardous waste,” “biohazardous material” or any other term of similar
import under any Hazardous Materials Laws, including (but not limited to) California Health & Safety Code Sections 25105 et
seq., and any regulations promulgated thereunder, as amended from time to time.

 

2.            “Environmental Condition” means the Release of any Hazardous Materials in, over, on, under, through, from or about
the Building (including, but not limited to, the Premises).

 

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3.            “Environmental Damages” means all claims, suits, judgments, damages, losses, penalties, fines, liabilities, encumbrances,
liens, costs and expenses of whatever kind or nature, contingent or otherwise, matured or unmatured, foreseeable or unforeseeable,
arising out of or in connection with any Environmental Condition, including, to the extent arising out of an Environmental Condition,
without limitation: (A) damages for personal injury, or for injury to Building or natural resources occurring on or off the Building
site, including without limitation (1) any claims brought by or on behalf of any person, (2) any loss of, lost use of, damage
to or diminution in value of any Building or natural resource, and (3) costs of any investigation, remediation, removal, abatement,
containment, closure, restoration or monitoring work required by any federal, state or local governmental agency or political
subdivision, or otherwise reasonably necessary to protect the public health or safety, whether on or off the Building site; (B)
reasonable fees incurred for the services of attorneys, consultants, contractors, experts and laboratories in connection with
the preparation of any feasibility studies, investigations or reports or the performance of any work described above: (C) any
liability to any third person or governmental agency to indemnify such person or agency for costs expended or liabilities incurred
in connection with any items described in clause (A) or (B) above; and (D) the amount of any penalties, damages or costs a party
is required to pay or incur in excess of that which the party otherwise would reasonably have expected to pay or incur absent
the existence of the applicable Environmental Condition.

 

4.            “Handling,” when used with reference to any substance or material, includes (but is not limited to) any receipt, storage,
use, generation, Release, transportation, treatment or disposal of such substance or material.

 

5.            “Hazardous Materials” means any and all chemical, explosive, biohazardous, radioactive or otherwise toxic or hazardous
materials or hazardous wastes, including without limitation any asbestos-containing materials, PCB’s. CFCs, petroleum and
derivatives thereof, Radioactive Materials, Biohazardous Materials (including sporulating biological organisms), Hazardous Wastes,
any other substances defined or listed as or meeting the characteristics of a hazardous substance, hazardous material, hazardous
waste, extremely hazardous waste, restricted hazardous waste, toxic substance, toxic waste, biohazardous material, biohazardous
waste, biological waste (including waste derived from sporulating biological organisms), medical waste, radiation, radioactive
substance, radioactive waste, or other similar term, as applicable, under any law, statute, ordinance, code, rule, regulation,
directive, order, condition or other written requirement enacted, promulgated or issued by any public officer or governmental
or quasi-governmental authority, whether now in force or hereafter in force at any time or from time to time to protect the environment
or human health, and/or any mixed materials, substances or wastes containing more than one of the foregoing categories of materials,
substances or wastes.

 

6.            “Hazardous Materials Laws” means, collectively, (A) the Comprehensive Environmental Response, Compensation and Liability
Act of 1980, 42 U.S.C. Sections 9601-9657, (B) the Hazardous Materials Transportation Act of 1975, 49 U.S.C. Sections 1801-1812,
(C) the Resource Conservation and Recovery Act of 1976, 42 U.S.C. Sections 6901-6987 (together with any amendments thereto, any
regulations thereunder and any amendments to any such regulations as in effect from time to time, “RCRA”), (D) the
California Carpenter-Presley-Tanner Hazardous Substance Account Act, California Health & Safety Code Sections 25300 et seq.,
(E) the Hazardous Materials Release Response Plans and Inventory Act, California Health & Safety Code Sections 25500 et seq.,
(F) the California Hazardous Waste Control Law, California Health & Safety Code Sections 25100 et seq. (together with any
amendments thereto, any regulations thereunder and any amendments to any such regulations as in effect from time to time, the
“CHWCL”), (G) California Health & Safety Code Sections 25015-25027.8, (H) any amendments to or successor statutes
to any of the foregoing, as adopted or enacted from time to time, (I) any regulations or amendments thereto promulgated pursuant
to any of the foregoing from time to time, (J) any statutes, laws, ordinances, codes, regulations or other Legal Requirements
relating to Biohazardous Materials, including (but not limited to) any regulations or requirements with respect to the shipping,
use, decontamination and disposal thereof, and (K) any other law or legal requirement now or at any time hereafter in effect regulating,
relating to or imposing liability or standards of conduct concerning any Hazardous Materials, including (but not limited to) any
requirements or conditions imposed pursuant to the terms of any orders, permits, licenses, registrations or operating plans issued
or approved by any governmental or quasi-governmental authority from time to time either on a Building-wide basis or in connection
with any Handling of Hazardous Materials in, on or about the Premises or the Building (a “Legal Requirement”).

 

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7.            “Hazardous Wastes” means (A) any waste listed as or meeting the identified characteristics of a “hazardous waste”
or terms of similar import under RCRA, (B) any waste meeting the identified characteristics of a “hazardous waste,”
“extremely hazardous waste” or “restricted hazardous waste” under the CHWCL, and/or (C) any “waste”
as defined in subdivision (d) of Section 13050 of the Water Code, and (D) any and all other substances and materials defined or
referred to as a “hazardous waste” or other term of similar import under any Hazardous Materials Laws.

 

8.            “Radioactive Materials” means (A) any and all substances and materials the Handling of which requires an approval,
consent, permit or license from the Nuclear Regulatory Commission, (B) any and all substances and materials the Handling of which
requires a Radioactive Material License or other similar approval, consent, permit or license from the State of California, and
(C) any and all other substances and materials defined or referred to as “radiation,” a “radioactive material”
or “radioactive waste,” or any other term of similar import under any Hazardous Materials Laws, including (but not
limited to) Title 26, California Code of Regulations Section 17-30100, and any statutes, regulations or other laws administered,
enforced or promulgated by the Nuclear Regulatory Commission.

 

9.            “Release” means any accidental or intentional spilling, leaking, pumping, pouring, emitting, discharging, injecting,
escaping, leaching, migrating, dumping or disposing into the air (including Exterior Common areas), land, surface water, groundwater
or the environment (including without limitation the abandonment or discarding of receptacles containing any Hazardous Materials).

 

10.          “Tenant’s Contamination” means any Hazardous Material Release on or about the Building or Premises by Tenant
or /or any agents, employees, contractors, vendors, suppliers, licensees, subtenants, and invitees of Tenant (a “Tenant
Party”).

 

11.          “Other Contamination” means any Hazardous Materials which exist in, on, under or in the vicinity of the Building,
brought upon the Building by Landlord or Landlord’s agents, employees, contractors, vendors, suppliers, licensees and invitees,
or which migrate onto or beneath the Building from wind, water or soil or other off-site sources during the term of the Lease
or after termination of the Lease. Tenant shall not be required to pay any costs with respect to the remediation or abatement
of Other Contamination.

 

B.            No Handling of Biohazardous Materials or Radioactive Materials.  Tenant and Tenant Parties shall not Handle Biohazardous
Materials or Radioactive Materials in the Building or the Premises; provided, however, that Tenant shall have the right to Handle
Biohazardous Waste designated “BSL-2” and sporulating BSL-1 biological material so long as it engages a biowaste pickup
service and does not dispose of such waste in the trash.

 

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C.            Handling of Hazardous Materials.  The parties acknowledge that Tenant wishes and intends to use all or a portion of
the Premises in accordance with the Permitted Use, that such use, as conducted or proposed to be conducted by Tenant, would customarily
include the Handling of Hazardous Materials,  and that Tenant shall therefore be permitted to engage in the Handling in the
Premises of necessary and reasonable quantities of Hazardous Materials customarily used in or incidental to the operation of a
facility for such Permitted Use and the other business operations of Tenant in the manner conducted or proposed to be conducted
by Tenant hereunder, provided that the Handling of such Hazardous Materials by all Tenant Parties shall at all times comply with
and be subject to all provisions of this Lease and all Legal Requirements, including all Hazardous Materials Laws.  Without
limiting the generality of the foregoing, Tenant shall comply at all times with all Hazardous Materials Laws applicable to any
aspect of Tenant’s use of the Premises and the Building and of Tenant’s operations and activities in, on and about
the Building and the Premises, and shall ensure at all times that Tenant’s Handling of Hazardous Materials on and about
the Building and the Premises does not violate (x) the terms of any governmental licenses or permits applicable to the Building
(including, but not limited to, the Building Discharge Permit as defined below) or Premises or to Tenant’s Handling of any
Hazardous Materials therein, or (y) any applicable requirements or restrictions relating to the occupancy classification of the
Building and the Premises.

 

D.            Disposition or Emission of Hazardous Materials.  Tenant shall not Release or dispose of any Hazardous Wastes or Hazardous
Materials (including, without limitation, exhausting any Hazardous Wastes or Hazardous Materials into the Building common exhaust
system) except to the extent authorized by permit at the Building or the Premises, but instead shall arrange for off-site disposal,
under Tenant’s own name and EPA waste generator number if applicable (or other similar identifying information issued or
prescribed by any other governmental authority with respect to Radioactive Materials, Biohazardous Materials or any other Hazardous
Materials) and at Tenant’s sole expense, in compliance with all applicable Hazardous Materials Laws, with Landlord’s
Rules and with all other applicable legal and regulatory requirements.

 

E.             Information Regarding Hazardous Materials.  Tenant shall provide the following information and/or documentation to
Landlord in writing prior to the Commencement Date, and thereafter shall update such information and/or documentation (y) upon
any material change in Tenant’s Hazardous Materials inventory or in Tenant’s business operations at the Premises involving
Hazardous Materials, and (z) at such other times as Landlord may reasonably request in writing from time to time, which updates
shall reflect any material changes in such information and/or documentation:

 

1.            An inventory of all Hazardous Materials that Tenant receives, uses, handles, generates, transports, stores, treats or disposes
of from time to time, or at the time of preparation of such inventory proposes or expects to use, handle, generate, transport,
store, treat or dispose of from time to time, in connection with its operations at the Premises.  Such inventory shall include,
but shall separately identify, any Hazardous Wastes, Biohazardous Materials and Radioactive Materials covered by the foregoing
description.  If such inventory includes any Biohazardous Materials, Tenant shall also disclose in writing to Landlord the
Biosafety Level designation associated with the use of such materials.

 

2.            Copies of all then existing permits, licenses, registrations and other similar documents issued by any governmental or quasi-governmental
authority that authorize any Handling of Hazardous Materials in, on or about the Premises or by any Tenant Party.

 

3.            All Material Safety Data Sheets (“MSDSs”), if any, required to be completed with respect to operations of Tenant at
the Premises from time to time in accordance with Title 26, California Code of Regulations Section 8-5194 or 42 U.S.C. Section
11021, or any amendments thereto, and any Hazardous Materials Inventory Sheets that detail the MSDSs.

 

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4.            All hazardous waste manifests (as defined in Title 26, California Code of Regulations Section 22-66481), if any, that Tenant is
required to complete from time to time in connection with its operations at the Premises.

 

5.            A copy of any Hazardous Materials Business Plan required from time to time with respect to Tenant’s operations at the Premises
pursuant to California Health & Safety Code Sections 25500 et seq., and any regulations promulgated thereunder, as amended
from time to time, or in connection with Tenant’s application for a business license from the City of Alameda.  If
applicable law does not require Tenant to prepare a Hazardous Materials Business Plan, Tenant shall furnish to Landlord at the
times and in the manner set forth above the information that would customarily be contained in a Hazardous Materials Business
Plan and Biosafety Standard Operating Procedures (SOPs), including (but not limited to) information regarding Tenant’s Hazardous
Materials inventories, information on Tenant’s procedures for Biological decontamination as well as Biological Disposal
of sporulating biowaste material.  The parties acknowledge that a Hazardous Materials Business Plan would ordinarily include
an emergency response plan, and that regardless of whether applicable law requires Tenant or other tenants in the Building to
prepare Hazardous Materials Business Plans, Landlord in its discretion may elect to prepare a coordinated emergency response plan
for the entire Building if Tenant is not the only tenant in the Building.

 

6.            Any Contingency Plans and Emergency Procedures required of Tenant from time to time, in connection with its operations at the
Premises, pursuant to applicable law, Title 26, California Code of Regulations Sections 22-67140 et seq., and any amendments thereto,
and any Training Programs and Records required under Title 26, California Code of Regulations Section 22-66493, and any amendments
thereto from time to time.  Landlord in its reasonable discretion may elect to prepare a Contingency Plan and Emergency Procedures
for the entire Building if Tenant is not the only tenant in the Building, in which event, if applicable Law does not require Tenant
to prepare a Contingency Plan and Emergency Procedures for its operations at the Premises, Tenant shall furnish to Landlord at
the times and in the manner set forth above the information that would customarily be contained in a Contingency Plan and Emergency
Procedures.

 

7.            Copies of any biennial or other periodic reports furnished or required to be furnished to the California Department of Health
Services from time to time, under applicable Law, pursuant to Title 26, California Code of Regulations Section 22-66493 and any
amendments thereto, relating to any Hazardous Materials.

 

8.            Copies of any industrial wastewater discharge permits issued to or held by Tenant from time to time in connection with its operations
at the Premises.

 

9.            Copies of any other lists, reports, studies, or inventories of Hazardous Materials or of any subcategories of materials included
in Hazardous Materials that Tenant is otherwise required to prepare and file from time to time with any governmental or quasi-governmental
authority in connection with Tenant’s operations at the Premises, including (but not limited to) reports filed by Tenant
with the federal Food & Drug Administration or any other regulatory authorities primarily in connection with the presence
(or lack thereof) of any “select agents” or other Biohazardous Materials (including sporulating biological materials)
on the Premises, together with proof of filing thereof.

 

10.          Any other information reasonably requested by Landlord in writing from time to time in connection with (A) Landlord’s monitoring
(in Landlord’s reasonable discretion) and enforcement of Tenant’s obligations under this Section and of compliance
with applicable Legal Requirements in connection with any Handling or Release of Hazardous Materials in the Premises or Building
by any Tenant Party, (B) any inspections or enforcement actions by any governmental authority pursuant to any Hazardous Materials
Laws or any other Legal Requirements relating to the presence or Handling of Hazardous Materials in the Premises or Building by
any Tenant Party, and/or (C) Landlord’s preparation (in Landlord’s discretion) and enforcement of any reasonable rules
and procedures relating to the presence or Handling by Tenant or any Tenant Party of Hazardous Materials in the Premises or Building,
including (but not limited to) any contingency plans or emergency response plans as described above. Except as otherwise required
by Law, Landlord shall keep confidential any information supplied to Landlord by Tenant pursuant to this entire subsection G,
provided, however, that the foregoing shall not apply to any information filed with any governmental authority or available to
the public at large. Landlord may provide such information to its lenders, consultants or investors provided such entities agree
to keep such information confidential.

 

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F.           Indemnification;
Notice of Release. Tenant shall be responsible for and shall indemnify, defend and hold Landlord, its members and managers
and its and their officers, directors, employees and agents, any entity having a security interest in the Premises, and its and
their employees and agents, harmless from and against all Environmental Damages to the extent arising out of or in connection with,
or otherwise relating to, (i) any Handling of Hazardous Materials by Tenant or any Tenant Party in, on or about the Building or
the Premises in violation of this Section, (ii) any breach of Tenant’s obligations under this Section or of any Hazardous
Materials Laws by Tenant or any Tenant Party, or (iii) the existence of any Tenant Contamination in, on or about the Building or
the Premises to the extent caused by Tenant or any Tenant Party, including without limitation any removal, cleanup or restoration
work and materials necessary to return the Building or any improvements of whatever nature located in the Building to the condition
existing prior to the Handling of Hazardous Materials in, on or about the Premises or the Building by Tenant or any Tenant Party.
In the event of any Tenant Contamination in, on or about the Premises or any other portion of the Building or Project, Tenant shall
promptly remedy the problem in accordance with all applicable Hazardous Materials Laws and Legal Requirements, shall give Landlord
oral notice of any such non-standard or non-customary Release promptly after Tenant becomes aware of such Release, followed by
written notice to Landlord within 5 Business Days after Tenant becomes aware of such Release, and shall furnish Landlord with concurrent
copies of any and all notices, reports and other written materials filed by any Tenant Party with any governmental authority in
connection with such Release. Notwithstanding anything to the contrary, Tenant’s obligation to indemnify, defend, save and
keep Landlord, and Landlord’s officers, principals, shareholders, property managers, partners, employees, successors and
assigns, harmless shall not extend to any liabilities, obligations, charges, losses, damages, penalties, claims, actions and expenses,
arising out of, or in connection with Other Contamination. Tenant shall not be liable for any cost or expense related to removal,
cleaning, abatement or remediation of Hazardous Materials existing in the Premises or elsewhere at the Project prior to the date
Landlord tenders possession of the Premises to Tenant, including, without limitation, Hazardous Materials in the ground water or
soil, except to the extent that any of the foregoing results directly or indirectly from any act or omission by Tenant or any Tenant
Party or any Hazardous Materials disturbed, distributed or exacerbated by Tenant or any Tenant Party.

 

G.           Governmental
Notices. Tenant shall promptly provide Landlord with copies of all notices received by Tenant relating to any actual or alleged
presence or Handling by any Tenant Party of Hazardous Materials in, on or about the Premises or any other portion of the Building,
including, without limitation, any notice of violation, notice of responsibility or demand for action from any federal, state or
local governmental authority or official in connection with any actual or alleged presence or Handling by any Tenant Party of Hazardous
Materials in or about the Premises or any other portion of the Building.

 

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H.           Inspection
by Landlord. In addition to, and not in limitation of, Landlord’s rights under this Lease, upon at least 24 hours’
written notice from Landlord, except in the case of emergencies, Tenant shall grant Landlord and its consultants, as well as any
governmental authorities having jurisdiction over the Premises or over any aspect of Tenant’s use thereof, reasonable access
to the Premises at reasonable times to inspect Tenant’s Handling of Hazardous Materials and Biohazardous Materials (including
sporulating biomaterial) in, on and about the Premises, and Landlord shall not thereby incur any liability to Tenant or be deemed
guilty of any disturbance of Tenant’s use or possession of the Premises by reason of such entry; provided, however that Landlord
shall use reasonable efforts to minimize interference with Tenant’s use of the Premises caused by such entry. Landlord shall
comply with any security or confidentiality precaution reasonably imposed by Tenant during any entry onto the Premises and shall
minimize to the extent reasonably possible any interference with Tenant’s use of the Premises caused by such entry. Notwithstanding
Landlord’s rights of inspection and review of documents, materials and physical conditions under this Section with respect
to Tenant’s Handling of Hazardous Materials, Landlord shall have no duty or obligation to perform any such inspection or
review or to monitor in any way any documents, materials, physical conditions or compliance with Legal Requirements in connection
with Tenant’s Handling of Hazardous Materials, and no third party shall be entitled to rely on Landlord to conduct any such
inspection, review or monitoring by reason of the provisions of this Section. Landlord agrees that it shall not enter and inspect
Tenant’s Handling of Hazardous Materials more than 2 times in any 12 month period, unless Tenant is in default beyond applicable
notice and cure periods or if Landlord has reasonable cause to believe there has been a Release. Except in the event Tenant is
found to be in breach of this Article 33, the cost of any such inspections shall be Landlord’s sole responsibility.

 

I.            Monitoring
by Landlord. Landlord reserves the right to monitor tenants Hazardous Material inventory, on an annual basis, to confirm adherence
to locals, state and federal laws, including the buildings Maximum Allowable Quantities’ (MAQs). Tenant shall share inventories
used for compliance with the California Environmental Reporting Service (CERS), as required by local, state and Federal law. Landlord
reserves the right to monitor tenants Biological Material inventory, including any and all BSL-2 material as well as any sporulating
BSL-1 material inventory, on an annual basis, to confirm adherence to locals, state and federal laws as well as adherence to Standard
Operating Procedures for the handling and disposal for all BSL-2 and sporulating BSL-1 material set forth in the Biosafety Standard
Operating Procedures (SOPs).

 

J.            Discovery
of Discharge. If Landlord, Tenant or any governmental or quasi-governmental authority discovers any Release from the Premises
during the Term by the Tenant or a Tenant Party in violation of this Section that, in Landlord’s reasonable determination,
jeopardizes the ability of the Building to meet applicable Legal Requirements or otherwise adversely affects the Building’s
or the Building’s compliance with applicable discharge or emission standards, or if Landlord discovers any other breach of
Tenant’s obligations under this Section, then upon receipt of written notice from Landlord or at such earlier time as Tenant
obtains actual knowledge of the applicable discharge, emission or breach, Tenant at its sole expense shall within a reasonable
time (x) in the case of a Release in violation of this Lease, cease the applicable discharge or emission and remediate any continuing
effects of the discharge or emission until such time, if any, as Tenant demonstrates to Landlord’s reasonable satisfaction
that the applicable discharge or emission is in compliance with all applicable Legal Requirements and any other applicable regulatory
commitments and obligations to the satisfaction of the appropriate governmental agency with jurisdiction over the release, and
(y) in the case of any other breach of Tenant’s obligations under this Section, take such corrective measures as Landlord
may reasonably request in writing in order to cure or eliminate the breach as promptly as practicable and to remediate any continuing
effects of the breach.

 

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K.           Post-Occupancy
Study. If Tenant or any Tenant Party Handles any Hazardous Materials or Biohazardous Material (including BSL-1 sporulating
biological material), in, on or about the Premises or the Building during the Term of this Lease, then prior to termination or
expiration of this Lease, Tenant at its sole cost and expense shall obtain and deliver to Landlord an environmental study performed
by a competent expert which evaluates the presence or absences of any Tenant Contamination in or about the Premises or the Building.
If such study environmental study reveals that any remedial actions are required under any Hazardous Materials Laws for which Tenant
is responsible under this Lease, Tenant shall, Tenant at its sole expense shall promptly commence and diligently pursue to completion
the required remedial actions.

 

L.            Emergency
Response Plans. If Landlord in its reasonable discretion adopts any emergency response plan and/or any Contingency Plan and
Emergency Procedures for the Building as contemplated above, Landlord shall provide copies of any such plans and procedures to
Tenant and, so long as such plans and procedures are reasonable and do not unreasonably interfere with Tenant’s Permitted
Use at or access to the Premises or materially increase the cost incurred by Tenant with respect to the Premises, Tenant shall
comply with all of the requirements of such plans and procedures to the extent applicable to Tenant and/or the Premises. If Landlord
elects to adopt or materially modify any such plans or procedures that apply to the Building during the Term of this Lease, Landlord
shall consult with Tenant in the course of preparing such plans, procedures or modifications in order to try to ensure that they
will accurately reflect and be consistent with Tenant’s operations in the Premises, but Landlord alone shall determine, in
its good faith reasonable discretion, the appropriate scope of such consultation and nothing in this paragraph shall be construed
to give Tenant any right of approval or disapproval over Landlord’s adoption or modification of any such plans or procedures
so long as such plans and procedures are reasonable and do not unreasonably interfere with Tenant’s Permitted Use at or access
to the Premises or materially increase the cost incurred by Tenant with respect to the Premises.

 

M.          Deemed
Holdover Occupancy. If Tenant Handles any Hazardous Materials in or about the Premises during the Term of this Lease and, at
the otherwise applicable termination or expiration of the Term of this Lease, Tenant has failed to remove from the Premises and
the Building all known Hazardous Materials Handled by a Tenant Party or has failed to complete any remediation or removal of Tenant’s
Contamination and/or to have fully remediated, in compliance with the requirements of this Lease and with all applicable Hazardous
Materials Laws and other Legal Requirements, the Tenant’s Handling and/or Release (if applicable) of any such Hazardous Materials
during the Term of this Lease, then for so long as such circumstances continue to exist, Tenant shall be deemed to be occupying
the Premises on a holdover basis without Landlord’s consent (notwithstanding such otherwise applicable termination or expiration
of the Term of this Lease) and shall be required to continue pay Rent and other charges in accordance with the holdover provisions
of this Lease until such time as all such circumstances have been fully resolved in accordance with the requirements of this Lease
and with all applicable Hazardous Materials Laws and other Legal Requirements. Notwithstanding anything to the contrary contained
herein, if Tenant delivers a post-occupancy study to Landlord as set forth in Section 33.K, and such study concludes that no Tenant
Contamination is present in the Building or the Premises as of the expiration or other termination of this Lease, then Tenant shall
have no further liability under this Section 33.M.

 

N.           Survival
of Obligations. Each party’s obligations under this Section shall survive the expiration or other termination of this
Lease and shall survive any conveyance by Landlord of its interest in the Premises. The provisions of this Section and any exercise
by either party of any of the rights and remedies contained herein shall be without prejudice to any other rights and remedies
that such party may have under this Lease or under applicable Law with respect to any Environmental Conditions and/or any Hazardous
Materials with respect to any breach of the other party’s obligations under this Section. Either party’s exercise or
failure to exercise, at any time or from time to time, any or all of the rights granted in this Section shall not in any way impose
any liability on such party or shift from the other party to such party any responsibility or obligation imposed upon the other
party under this Lease or under applicable law with respect to Hazardous Materials, Environmental Conditions and/or compliance
with Legal Requirements.

 

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34.          Building
Signage.

 

A.           Tenant
shall be entitled to tenant identification signage to be located on the exterior of the Building (the “Building Signage”).
The exact location of the Building Signage shall be subject to all applicable Laws and Landlord’s prior written approval,
not to be unreasonably withheld, conditioned or delayed. Such right to the Building Signage is subject to the following terms and
conditions: (a) Tenant shall submit plans and drawings for the Building Signage to Landlord and to any governmental body required
to review or approve the same, and shall obtain written approval from Landlord and each such jurisdiction prior to installation,
and shall fully comply with all applicable Laws; (b) Tenant shall, at Tenant’s sole cost and expense, design, construct and
install the Building Signage; (c) the size, color and design of the Building Signage shall be subject to Landlord’s prior
written approval, not to be unreasonably withheld, conditioned or delayed; and (d) Tenant shall maintain the Building Signage in
good condition and repair, and all costs of maintenance and repair shall be borne by Tenant. Maintenance shall include, without
limitation, cleaning. Notwithstanding the foregoing, Tenant shall not be liable for any fee in connection with Tenant’s right
to display the Building Signage in accordance with this Lease. Additionally, Tenant shall have the right without the prior consent
of Landlord to install and display signage within the Premises and the ground floor lobby on all floors of the Building.

 

B.           Upon
the expiration or earlier termination of this Lease or at such other time that Tenant’s signage rights are terminated pursuant
to the terms hereof, if Tenant fails to remove the Building Signage and repair the Building in accordance with the terms of this
Lease, Landlord shall cause the Building Signage to be removed from the Building and the Building to be repaired and restored to
the condition which existed prior to the installation of the Building Signage (including, if necessary, the replacement of any
precast concrete panels), all at the sole cost and expense of Tenant and otherwise in accordance with this Lease, without further
notice from Landlord. Notwithstanding anything to the contrary contained in this Lease, Tenant shall pay all costs and expenses
for such removal and restoration within 5 Business Days following delivery of an invoice therefor. The rights provided in this
Article 34 shall be non-transferable, except to a Permitted Transferee or unless otherwise agreed by Landlord in writing in its
sole discretion.

 

35.          Options
to Extend.

 

A.           Tenant,
provided this Lease is in full force and effect and Tenant is not in default under any of the other terms and conditions of this
Lease at the time of notification or commencement, shall have 2 options to renew (each, a “Extension Option”) this
Lease, each for a term of 5 years (each, a “Extension Term”), for the portion of the Premises being leased by Tenant
as of the date the applicable Extension Term is to commence, on the same terms and conditions set forth in this Lease, except as
modified by the terms, covenants and conditions as set forth below:

 

B.           If
Tenant elects to exercise the applicable Extension Option, then Tenant shall provide Landlord with written notice no earlier than
the date which is 12 months prior to the expiration of the then current Term but no later than the date which is 9 months prior
to the expiration of the then current Term. If Tenant fails to provide such notice, Tenant shall have no further or additional
right to extend or renew the Term.

 

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C.           The
Base Rent in effect at the expiration of the then current Term shall be adjusted to reflect the Prevailing Market (defined below)
rate as of the date the applicable Extension Term is to commence, taking into account the specific provisions of this Lease which
will remain constant. Landlord shall advise Tenant of its proposal for the new Base Rent for the Premises no later than 30 days
after receipt of Tenant’s written request therefor. Said request shall be made no earlier than 30 days prior to the first
date on which Tenant may exercise the applicable Extension Option under this Article 35. Said notification of the new Base Rent
may include a provision for its escalation to provide for a change in the prevailing market rental between the time of notification
and the commencement of the applicable Extension Term.

 

D.           If
Tenant and Landlord are unable to agree on a mutually acceptable Base Rent for the Extension Term not later than 60 days prior
to the expiration of the ten current Term, then Landlord and Tenant, within 5 days after such date, shall each simultaneously submit
to the other, in a sealed envelope, its good faith estimate of the Prevailing Market rate for the Premises during the Extension
Term (collectively referred to as the “Estimates”). If the higher of such Estimates is not more than 105% of the lower
of such Estimates, then the Prevailing Market rate shall be the average of the two Estimates. If the Prevailing Market rate is
not established by the exchange of Estimates, then, within 7 days after the exchange of Estimates, Landlord and Tenant shall each
select an appraiser to determine which of the two Estimates most closely reflects the Prevailing Market rate for the Premises during
the Extension Term. Each appraiser so selected shall be certified as an MAI appraiser or as an ASA appraiser and shall have had
at least 5 years’ experience within the previous 10 years as a real estate appraiser working in Alameda, California, with
working knowledge of current rental rates and practices. For purposes hereof, an “MAI” appraiser means an individual
who holds an MAI designation conferred by, and is an independent member of, the American Institute of Real Estate Appraisers (or
its successor organization, or in the event there is no successor organization, the organization and designation most similar),
and an “ASA” appraiser means an individual who holds the Senior Member designation conferred by, and is an independent
member of, the American Society of Appraisers (or its successor organization, or, in the event there is no successor organization,
the organization and designation most similar).

 

E.           Upon
selection, Landlord’s and Tenant’s appraisers shall work together in good faith to agree upon which of the two Estimates
most closely reflects the Prevailing Market rate for the Premises. The Estimates chosen by such appraisers shall be binding on
both Landlord and Tenant. If either Landlord or Tenant fails to appoint an appraiser within the 7 day period referred to above,
the appraiser appointed by the other party shall be the sole appraiser for the purposes hereof. If the two appraisers cannot agree
upon which of the two Estimates most closely reflects the Prevailing Market rate within 20 days after their appointment, then,
within 10 days after the expiration of such 20 day period, the two appraisers shall select a third appraiser meeting the aforementioned
criteria. Once the third appraiser (i.e., the arbitrator) has been selected as provided for above, then, as soon thereafter as
practicable but in any case within 14 days, the arbitrator shall make his or her determination of which of the two Estimates most
closely reflects the Prevailing Market rate and such Estimate shall be binding on both Landlord and Tenant as the Prevailing Market
rate for the Premises. If the arbitrator believes that expert advice would materially assist him or her, he or she may retain one
or more qualified persons to provide such expert advice. The parties shall share equally in the costs of the arbitrator and of
any experts retained by the arbitrator. Any fees of any appraiser, counsel or experts engaged directly by Landlord or Tenant, however,
shall be borne by the party retaining such appraiser, counsel or expert.

 

F.           If
the Prevailing Market rate has not been determined by the commencement date of the applicable Extension Term, Tenant shall pay
Base Rent upon the terms and conditions in effect during the last month of the then current Term until such time as the Prevailing
Market rate has been determined. Upon such determination, the Base Rent for the Premises shall be retroactively adjusted to the
commencement of such Extension Term for the Premises.

 

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G.           The
Extension Options are not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid options to
renew this Lease shall be “personal” to Tenant as set forth above and that in no event will any assignee or sublessee
have any rights to exercise the Extension Options.

 

H.           If
Tenant fails to validly exercise the first Extension Option, Tenant shall have no further right extend the Term of this Lease.
In addition, if both Extension Options are validly exercised or if Tenant fails to validly exercise the second Extension Option,
Tenant shall have no further right to extend the Term of this Lease.

 

J.            For
purposes of this Article 35, “Prevailing Market” shall mean the arms length fair market annual rental rate per rentable
square foot under renewal and expansion amendments entered into on or about the date on which the Prevailing Market is being determined
hereunder for space comparable to the Premises in the Building and buildings comparable to the Building in the Alameda, California
area as of the date the applicable Extension Term is to commence, taking into account the specific provisions of this Lease which
will remain constant, and may, if applicable, include parking charges. The determination of Prevailing Market shall take into account
any material economic differences between the terms of this Lease and any comparison lease or amendment, such as rent abatements,
construction costs and other concessions and the manner, if any, in which the landlord under any such lease is reimbursed for operating
expenses, insurance costs and taxes.

 

36.          Letter
of Credit. In lieu of providing cash as a security deposit pursuant to Article 6, at Tenant’s
option, with 10 Business Days of the mutual execution of this Lease, Tenant shall deliver to Landlord, as collateral for the full
performance by Tenant of all of its obligations under this Lease and for all losses and damages Landlord may suffer as a result
of Tenant’s failure to comply with one or more provisions of this Lease, including, but not limited to, any post lease termination
damages under Section 1951.2 of the California Civil Code, an Irrevocable Standby Letter of Credit (the “Letter of Credit”)
in the amount of $1,338,155.70. The following terms and conditions shall apply to the
Letter of Credit:

 

A.           The
Letter of Credit shall be in favor of Landlord, shall be issued by a bank acceptable to Landlord with a Standard & Poors rating
of “A” or better, shall comply with all of the terms and conditions of this Article.

 

B.           The
Letter of Credit or any replacement Letter of Credit shall be irrevocable for the term thereof and shall automatically renew on
a year to year basis until a period ending not earlier than two months subsequent to the Termination Date (the “LOC Expiration
Date”) without any action whatsoever on the part of Landlord; provided that the issuing bank shall have the right not to
renew the Letter of Credit by giving written notice to Landlord not less than 30 days prior to the expiration of the then current
term of the Letter of Credit that it does not intend to renew the Letter of Credit. Tenant understands that the election by the
issuing bank not to renew the Letter of Credit shall not, in any event, diminish the obligation of Tenant to deposit the Security
Deposit or maintain such an irrevocable Letter of Credit in favor of Landlord through the LOC Expiration Date.

 

C.           Landlord,
or its then authorized representative, upon Tenant’s failure to comply with one or more provisions of this Lease, or as otherwise
specifically agreed by Landlord and Tenant pursuant to this Lease or any amendment hereof, without prejudice to any other remedy
provided in this Lease or by Laws, shall have the right from time to time to make one or more draws on the Letter of Credit and
use all or part of the proceeds in accordance with Section 36.E below. In addition, if Tenant fails to furnish a renewal or replacement
letter of credit complying with all of the provisions of this Article 36 at least 30 days prior to the stated expiration date of
the Letter of Credit then held by Landlord, Landlord may draw upon such Letter of Credit and hold the proceeds thereof (and such
proceeds need not be segregated) in accordance with the terms of this Article 36.

 

    33 

     

    

 

D.           Tenant
acknowledges and agrees (and the Letter of Credit shall so state) that the Letter of Credit shall be honored by the issuing bank
without inquiry as to the truth of the statements set forth in such draw request and regardless of whether the Tenant disputes
the content of such statement. The proceeds of the Letter of Credit shall constitute Landlord’s sole and separate property
(and not Tenant’s property or the property of Tenant’s bankruptcy estate) and Landlord may immediately upon any draw
(and without notice to Tenant) apply or offset the proceeds of the Letter of Credit: (a) against any rent or other amounts payable
by Tenant under this Lease that is not paid when due; (b) against all losses and damages that Landlord has suffered or that Landlord
reasonably estimates that it may suffer as a result of Tenant’s failure to comply with one or more provisions of this Lease,
including any damages arising under Section 1951.2 of the California Civil Code following termination of this Lease; (c) against
any costs incurred by Landlord in connection with this Lease (including attorneys’ fees); and (d) against any other amount
that Landlord may spend or become obligated to spend by reason of Tenant’s default. Provided Tenant has performed all of
its obligations under this Lease, Landlord agrees to pay to Tenant within 60 days after the LOC Expiration Date the amount of any
proceeds of the Letter of Credit received by Landlord and not applied as allowed above; provided, that if prior to the LOC Expiration
Date a voluntary petition is filed by Tenant or any guarantor, or an involuntary petition is filed against Tenant or any guarantor
by any of Tenant’s or guarantor’s creditors, under the Federal Bankruptcy Code, then Landlord shall not be obligated
to make such payment in the amount of the unused Letter of Credit proceeds until either all preference issues relating to payments
under this Lease have been resolved in such bankruptcy or reorganization case or such bankruptcy or reorganization case has been
dismissed, in each case pursuant to a final court order not subject to appeal or any stay pending appeal.

 

E.           If,
as result of any application or use by Landlord of all or any part of the Letter of Credit, the amount of the Letter of Credit
shall be less than the amount required pursuant to this Article 36, Tenant shall, within 5 days thereafter, provide Landlord with
additional letter(s) of credit in an amount equal to the deficiency (or a replacement letter of credit in the total amount required
pursuant to this Article 36), and any such additional (or replacement) letter of credit shall comply with all of the provisions
of this Article 36, and if Tenant fails to comply with the foregoing, notwithstanding anything to the contrary contained in this
Lease, the same shall constitute an incurable event of default by Tenant. Tenant further covenants and warrants that it will neither
assign nor encumber the Letter of Credit or any part thereof and that neither Landlord nor its successors or assigns will be bound
by any such assignment, encumbrance, attempted assignment or attempted encumbrance.

 

F.           Landlord
may, at any time and without notice to Tenant and without first obtaining Tenant’s consent thereto, transfer all or any portion
of its interest in and to the Letter of Credit to another party, person or entity, including Landlord’s mortgagee and/or
to have the Letter of Credit reissued in the name of Landlord’s mortgagee. If Landlord transfers its interest in the Building
and transfers the Letter of Credit (or any proceeds thereof then held by Landlord) in whole or in part to the transferee, Landlord
shall, without any further agreement between the parties hereto, thereupon be released by Tenant from all liability therefor. The
provisions hereof shall apply to every transfer or assignment of all or any part of the Letter of Credit to a new landlord. In
connection with any such transfer of the Letter of Credit by Landlord, Tenant shall, at Tenant’s sole cost and expense, execute
and submit to the issuer of the Letter of Credit such applications, documents and instruments as may be necessary to effectuate
such transfer. Tenant shall be responsible for paying the issuer’s transfer and processing fees in connection with any transfer
of the Letter of Credit and, if Landlord advances any such fees (without having any obligation to do so), Tenant shall reimburse
Landlord for any such transfer or processing fees within 10 days after Landlord’s written request therefor.

 

    34 

     

    

 

G.           If
the Letter of Credit expires earlier than the LOC Expiration Date, or the issuing bank notifies Landlord that it shall not renew
the Letter of Credit, Landlord shall accept a renewal thereof or substitute Letter of Credit (such renewal or substitute Letter
of Credit to be in effect not later than 60 days prior to the expiration thereof), irrevocable and automatically renewable through
the LOC Expiration Date upon the same terms as the expiring Letter of Credit or upon such other terms as may be acceptable to Landlord.
However, if (a) the Letter of Credit is not timely renewed, or (b) a substitute Letter of Credit, complying with all of the terms
and conditions of this paragraph is not timely received, Landlord may present such Letter of Credit to the issuing bank, and the
entire sum so obtained shall be paid to Landlord, to be held by Landlord in accordance with Article 6 of this Lease. Notwithstanding
the foregoing, Landlord shall be entitled to receive from Tenant all attorneys’ fees and costs incurred in connection with
the review of any proposed substitute Letter of Credit pursuant to this Section.

 

H.           Landlord
and Tenant (a) acknowledge and agree that in no event or circumstance shall the Letter of Credit or any renewal thereof or substitute
therefor or any proceeds thereof be deemed to be or treated as a “security deposit” under any Law applicable to security
deposits in the commercial context including Section 1950.7 of the California Civil Code, as such section now exist or as may be
hereafter amended or succeeded (“Security Deposit Laws”), (b) acknowledge and agree that the Letter of Credit (including
any renewal thereof or substitute therefor or any proceeds thereof) is not intended to serve as a security deposit, and the Security
Deposit Laws shall have no applicability or relevancy thereto, and (c) waive any and all rights, duties and obligations either
party may now or, in the future, will have relating to or arising from the Security Deposit Laws. Tenant hereby waives the provisions
of Section 1950.7 of the California Civil Code and all other provisions of Laws, now or hereafter in effect, which (i) establish
the time frame by which Landlord must refund a security deposit under a lease, and/or (ii) provide that Landlord may claim from
the security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by
Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified above in this Section
36.H and/or those sums reasonably necessary to compensate Landlord for any loss or damage caused by Tenant’s breach of this
Lease or the acts or omission of Tenant or any other Tenant Entities, including any damages Landlord suffers following termination
of this Lease.

 

I.            Notwithstanding
anything to the contrary contained in this Lease, in the event that at any time the financial institution which issues said Letter
of Credit is declared insolvent by the FDIC or is closed for any reason, Tenant must immediately provide a substitute Letter of
Credit that satisfies the requirements of this Lease hereby from a financial institution acceptable to Landlord, in Landlord’s
sole discretion.

 

J.            Provided
that, during the six (6) month period immediately preceding the effective date of any reduction of the amount of the Letter of
Credit, Tenant has timely paid all Rent and all other sums and charges payable under this Lease and no default has occurred beyond
any applicable notice and cure periods under this Lease, Tenant may reduce the amount of Letter of Credit as follows: (i) $892,103.80
effective as of the third anniversary of the Commencement Date; and (ii) $446,051.90 effective as of the fifth anniversary of the
Commencement Date. If Tenant is not entitled to reduce the amount of the Letter of Credit as of a particular reduction effective
date due to Tenant’s failure to timely pay all Rent and other amounts payable pursuant to this Lease during the six (6) months
prior to that particular reduction effective date, then the subsequent reduction Tenant is entitled to hereunder shall be reduced
by the amount of the reduction Tenant would have been entitled to had Tenant timely paid all Rent and other amounts payable pursuant
to this Lease during the six (6) months prior to that particular earlier reduction effective date. Any reduction in the Letter
of Credit amount shall be accomplished by Tenant providing Landlord with a substitute Letter of Credit in the reduced amount, which
substitute Letter of Credit shall comply with the requirements of this Article 36.

 

    35 

     

    

 

37.          EV
Charging Stations.

 

Landlord
shall install, at Landlord’s sole cost and expense, 4 electric vehicle charging stations (the “Charging Stations”)
at the Project. In no event shall Landlord be liable to Tenant for any stoppages or shortages of electrical power furnished to
the Charging Stations because of any act, omission or requirement of the public utility serving the Building, or the act or omission
of any invitee or licensee or their respective agents, employees or contractors, or due to any other cause whatsoever, and Tenant
shall not be entitled to any rental abatement for any such stoppage or shortage of electrical power. Landlord shall not be liable
for any theft or damage to the Charging Stations or for any unauthorized use or monitoring of the Charging Stations, it being understood
that Tenant shall use the Charging Stations at its own risk, but Landlord shall be responsible for repairing any damage to the
Charging Stations (and the cost thereof shall be included in Expenses). Any Charging Stations installed by Landlord shall be owned
by Landlord, and the cost of maintaining, repairing and replacing the Charging Stations shall be included in Expenses. Landlord
reserves the right to relocate the Charging Stations or any part thereof at Landlord’s cost and expense.

 

38.          Roof
Rights for Satellite Dish/Antenna.

 

A.           Subject
to Landlord’s prior written approval, which shall not be unreasonably withheld, Tenant shall have the non-exclusive right
to lease space on the roof of the Building (the “Roof Space”) for the purpose of installing (in accordance with Article
9 of this Lease), operating and maintaining a dish/antenna or other communication device approved by the Landlord (the “Dish/Antenna”).

 

B.           Landlord
reserves the right to relocate the Roof Space as reasonably necessary during the Term. Landlord’s designation shall take
into account Tenant’s use of the Dish/Antenna. Notwithstanding the foregoing, Tenant’s right to install the Dish/Antenna
shall be subject to the approval of Landlord, which may take into account the advice of Landlord’s architect and/or engineer
with respect to the size of the Dish/Antenna, the plans and specifications of the Dish/Antenna, the manner in which the Dish/Antenna
is attached to the roof of the Building and the manner in which any cables are run to and from the Dish/Antenna. The precise specifications
and a general description of any replacement Dish/Antenna along with all documents Landlord reasonably requires to review the installation
of such replacement Dish/Antenna (the “Plans and Specifications”) shall be submitted to Landlord for Landlord’s
written approval no later than 20 days before Tenant commences to install such Dish/Antenna (or may be included in tenant’s
Space Plan for the initial Tenant Improvements). Tenant shall be solely responsible for obtaining and maintaining all necessary
governmental and regulatory approvals and for the cost of installing, operating, maintaining and removing the Dish/Antenna. If
Landlord determines that the Dish/Antenna equipment does not comply with the approved Plans and Specifications, that the Building
has been damaged during installation of the Dish/Antenna or that the installation was defective, Landlord shall notify Tenant of
any noncompliance or detected problems and Tenant immediately shall cure the defects. If the Tenant fails to promptly cure the
defects, Tenant shall pay to Landlord upon demand the cost, as reasonably determined by Landlord, of correcting any defects and
repairing any damage to the Building caused by such installation. If at any time Landlord, in its sole discretion, deems it necessary,
Tenant shall provide and install, at Tenant’s sole cost and expense, appropriate aesthetic screening, reasonably satisfactory
to Landlord, for the Dish/Antenna (the “Aesthetic Screening”). The installation of the Dish/Antenna and any Aesthetic
Screening shall constitute an Alteration and, other than as to the extent set forth in this Section 38.B, shall be conducted in
accordance with Article 9 of this Lease.

 

    36 

     

    

 

C.           Landlord
agrees that Tenant, upon reasonable prior written notice to Landlord, shall have access to the roof of the Building and the Roof
Space for the purpose of maintaining, repairing and removing the Dish/Antenna, the appurtenances and the Aesthetic Screening, if
any, all of which shall be performed by Tenant or Tenant’s authorized representative or contractors, which shall be approved
by Landlord, at Tenant’s sole cost and risk. It is agreed, however, that only authorized engineers, employees or properly
authorized contractors of Tenant, FCC (defined below) inspectors, or persons under their direct supervision will be permitted to
have access to the roof of the Building and the Roof Space. Tenant further agrees to exercise firm control over the people requiring
access to the roof of the Building and the Roof Space in order to keep to a minimum the number of people having access to the roof
of the Building and the Roof Space and the frequency of their visits. It is further understood and agreed that the installation,
maintenance, operation and removal of the Dish/Antenna, the appurtenances and the Aesthetic Screening, if any, is not permitted
to damage the Building or the roof thereof, or interfere with the use of the Building and roof by Landlord. Tenant agrees to be
responsible for any damage caused to the roof or any other part of the Building, which may be caused by Tenant or any Tenant Parties.

 

D.           Tenant
agrees to install and maintain only equipment of types and frequencies which will not cause unreasonable interference to Landlord
or any other tenant of the Building. In the event Tenant’s equipment causes such interference, Tenant will change the frequency
on which it transmits and/or receives and take any other steps necessary to eliminate the interference. If said interference cannot
be eliminated within a reasonable period of time, then Tenant agrees to remove the Dish/Antenna from the Roof Space. Tenant shall,
at its sole cost and expense, and at its sole risk, operate and maintain the Dish/Antenna in a good and workmanlike manner, and
in compliance with all Building, electric, communication, and safety codes, ordinances, standards, regulations and requirements,
now in effect or hereafter promulgated, of the Federal Government, including, without limitation, the Federal Communications Commission
(the “FCC”), the Federal Aviation Administration (“FAA”) or any successor agency of either the FCC or FAA
having jurisdiction over radio or telecommunications, and of the state, city and county in which the Building is located. Under
this Lease, the Landlord and its agents assume no responsibility for the licensing, operation and/or maintenance of Tenant’s
equipment. Tenant has the responsibility of carrying out the terms of its FCC license in all respects. The Dish/Antenna shall be
connected to Landlord’s power supply in strict compliance with all applicable Building, electrical, fire and safety codes.
Neither Landlord nor any of the Landlord Parties shall be liable to Tenant for any stoppages or shortages of electrical power furnished
to the Dish/Antenna or the Roof Space because of any act, omission or requirement of the public utility serving the Building, or
the act or omission of any other tenant, invitee or licensee or their respective agents, employees or contractors, or for any other
cause beyond the reasonable control of Landlord, and Tenant shall not be entitled to any rental abatement for any such stoppage
or shortage of electrical power. Neither Landlord nor any of the Landlord Parties shall have any responsibility or liability for
the conduct or safety of any of Tenant’s representatives, repair, maintenance and engineering personnel while in or on any
part of the Building or the Roof Space.

 

E.           In
accordance with Article 9, Landlord shall notify Tenant at the time it approves of the Dish/Antenna and the Aesthetic Screening
whether such installations are Required Removables. If Landlord does not designate such installations as Required Removables, Tenant
may at its option remove the Dish/Antenna and Aesthetic Screening at the expiration or termination of the Lease and retain the
same as Tenant’s personal property. Tenant shall repair any damage caused by such removal, including the patching of any
holes to match, as closely as possible, the color surrounding the area where the equipment and appurtenances were attached. Tenant
agrees to maintain all of the Tenant’s equipment placed on or about the roof or in any other part of the Building in proper
operating condition and maintain same in satisfactory condition as to appearance and safety in Landlord’s sole discretion.
Such maintenance and operation shall be performed in a manner to avoid any interference with any other tenants or Landlord. Tenant
agrees that at all times during the Term, it will keep the roof of the Building and the Roof Space free of all trash or waste materials
produced by Tenant or any Tenant Parties.

 

    37 

     

    

 

F.           In
light of the specialized nature of the Dish/Antenna, Tenant shall be permitted to utilize the services of its choice for operation,
removal and repair of the Dish/Antenna, the appurtenances and the Aesthetic Screening, if any, subject to the reasonable approval
of Landlord. Notwithstanding the foregoing, Tenant must provide Landlord with prior written notice of any such removal or repair
and coordinate such work with Landlord in order to avoid voiding or otherwise adversely affecting any warranties granted to Landlord
with respect to the roof. If necessary, Tenant, at its sole cost and expense, shall retain any contractor having a then existing
warranty in effect on the roof to perform such work (to the extent that it involves the roof), or, at Tenant’s option, to
perform such work in conjunction with Tenant’s contractor. In the event the Landlord contemplates roof repairs that could
affect Tenant’s Dish/Antenna, or which may result in an interruption of the Tenant’s telecommunication service, Landlord
shall formally notify Tenant at least 30 days in advance (except in cases of an emergency) prior to the commencement of such contemplated
work in order to allow Tenant to make other arrangements for such service.

 

G.           Tenant
shall not allow any provider of telecommunication, video, data or related services (“Communication Services”) to locate
any equipment on the roof of the Building or in the Roof Space for any purpose whatsoever, nor may Tenant use the Roof Space and/or
Dish/Antenna to provide Communication Services to an unaffiliated tenant, occupant or licensee of another building, or to facilitate
the provision of Communication Services on behalf of another Communication Services provider to an unaffiliated tenant, occupant
or licensee of the Building or any other building. Tenant acknowledges that Landlord may at some time establish a standard license
agreement (the “License Agreement”) with respect to the use of roof space by tenants of the Building. Tenant, upon
request of Landlord, shall enter into such License Agreement with Landlord provided that such agreement does not materially alter
the rights of Tenant hereunder with respect to the Roof Space. Tenant specifically acknowledges and agrees that the terms and conditions
of Article 14 of this Lease shall apply with full force and effect to the Roof Space and any other portions of the roof accessed
or utilized by Tenant, its representatives, agents, employees or contractors.

 

39.          Mechanical
Equipment.

 

A.           Subject
to Landlord’s prior written approval, which shall not be unreasonably withheld, Tenant shall have the non-exclusive right
to lease Roof Space for the purpose of installing mechanical equipment (together with all related appurtenances thereto, the “Equipment”)
for use in connection with Tenant’s Permitted Use of the Premises. The size of and the location of the Equipment on the Roof
Space shall be subject to the prior written approval of Landlord.

 

B.           If
at any time Landlord, in its sole discretion, deems it necessary, Tenant shall provide and install, at Tenant’s sole cost
and expense, appropriate Aesthetic Screening, reasonably satisfactory to Landlord, for the Equipment. The Equipment, its appurtenances
and Aesthetic Screening, if any, shall be installed in accordance with the terms of Article 9 of the Lease, including, without
limitation, the prior approval of the plans and specifications Landlord in accordance with Article 9 of the Lease, Landlord’s
approval of the manner in which the Equipment is lifted to (if applicable), and installed in the Roof Space, and the manner in
which the Equipment is connected to the Premises. The precise specifications and a general description of the Equipment along with
all documents Landlord reasonably requires to review the installation of the Equipment (the “Equipment Plans and Specifications”)
shall be submitted to Landlord for Landlord’s written approval no later than 30 days before Tenant commences to install the
Equipment. Tenant shall be solely responsible for obtaining all necessary governmental and regulatory approvals and for the cost
of installing, operating, maintaining and removing the Equipment. Tenant shall notify Landlord upon completion of the installation
of the Equipment. If Landlord determines that the Equipment does not comply with the approved Equipment Plans and Specifications,
that the Building has been damaged during installation of the Equipment or that the installation was defective, Landlord shall
notify Tenant of any noncompliance or detected problems and Tenant promptly shall cure the defects. If the Tenant fails to promptly
cure the defects, Tenant shall pay to Landlord upon demand the cost, as reasonably incurred by Landlord, of correcting any defects
and repairing any damage to the applicable Building caused by such installation.

 

    38 

     

    

 

C.           Landlord
agrees that in the event that Tenant installs the Equipment in the Roof Space in accordance with this Section, then Tenant, upon
reasonable prior written notice to Landlord and at a time approved by Landlord, shall have reasonable access to the Roof Space
for the purpose of installing, maintaining, repairing and removing the Equipment, the appurtenances and the Aesthetic Screening,
if any, all of which shall be performed by Tenant or Tenant’s authorized representative or contractors, which shall be approved
by Landlord, at Tenant’s sole cost and risk. It is agreed, however, that only authorized engineers, employees or properly
authorized contractors of Tenant, or persons under their direct supervision, will be permitted to have access to the roof of the
Building. Tenant further agrees to exercise firm control over the people requiring access to the roof of such Building in order
to keep to a minimum the number of people having access to the roof of the Building and the frequency of their visits.

 

D.           Tenant
shall be responsible for the cost of all electricity consumed in connection with the operation of the Equipment and, if not already
metered solely to Tenant, for the cost of installing a submeter to measure such electrical consumption. Tenant, at its sole cost
and expense, shall procure and maintain in full force and effect, a contract (the “Service Contract”) for the service,
maintenance, repair and replacement of the Equipment with a service and maintenance contracting firm reasonably acceptable to Landlord.
Tenant shall follow all reasonable recommendations of said contractor for the maintenance, repair and replacement of the Equipment.
The Service Contract shall provide that the contractor shall perform inspections of the Equipment at intervals of not less than
3 months and that having made such inspections, said contractor shall furnish a complete report of any defective conditions found
to be existing with respect to the Equipment, together with any recommendations for maintenance, repair and/or replacement thereof.
Said report shall be furnished to Tenant with a copy to Landlord.

 

E.           The
installation, maintenance, operation and removal of the Equipment, the appurtenances and the Aesthetic Screening, if any, is not
permitted to damage the Building or, if applicable, the roof thereof, or interfere with the use of the Building and roof by Landlord
or other occupants of the Project. Tenant agrees to be responsible for any damage caused to the roof or any other part of any Building
which may be caused by Tenant or any of its agents or representatives. Tenant agrees to maintain all of the Tenant’s equipment
placed on or about the roof or in any other part of any Building pursuant to this Section in proper operating condition and maintain
same in satisfactory condition as to appearance and safety in Landlord’s sole discretion. Such maintenance and operation
shall be performed in a manner to avoid any interference with Landlord. Tenant agrees that at all times during the Term, it will
keep roof of the Building free of all trash or waste materials produced by Tenant or any Tenant Party.

 

F.           In
accordance with Article 9, Landlord shall notify Tenant at the time it approves of the Equipment and the Aesthetic Screening whether
such installations are Required Removables. If Landlord does not designate such installations as Required Removables, Tenant may
at its option remove the Equipment and Aesthetic Screening at the expiration or termination of the Lease and retain the same as
Tenant’s personal property. Tenant, at Tenant’s expense, to remove the Equipment, appurtenances and/or Screening and
restore the affected area(s) to the condition they were in prior to installation of such items, ordinary wear and tear excepted,
including, without limitation, if the Equipment is installed on the roof of any Building, the patching of any holes in the roof
membrane to match, as closely as possible, the color surrounding the area where the Equipment, appurtenances and Aesthetic Screening
were attached. If Tenant fails to remove such items and/or perform such restoration work, Landlord shall be entitled to do so,
at Tenant’s cost.

 

    39 

     

    

 

G.           If
the Equipment is installed on the roof of the Building pursuant to this Section, Tenant must provide Landlord with prior written
notice of any installation, removal or repair on the roof of such Building and coordinate such work with Landlord in order to avoid
voiding or otherwise adversely affecting any warranties granted to Landlord with respect to the subject roof. If necessary, Tenant,
at its sole cost and expense, shall retain any contractor having a then existing warranty in effect on the subject roof to perform
such work (to the extent that it involves such roof), or, at Tenant’s option, to perform such work in conjunction with Tenant’s
contractor. If Landlord contemplates roof repairs that could affect Tenant’s Equipment, Landlord shall formally notify Tenant
at least thirty (30) days in advance (except in cases of an emergency) prior to the commencement of such contemplated work in order
to allow Tenant to make other arrangements for such service and to relocate such equipment to the extent reasonably necessary to
accommodate the required roof work.

 

H.           Tenant
specifically acknowledges and agrees that the terms and conditions of Article 14 of the Lease shall apply with full force and effect
to any other portions of any Building accessed or utilized by Tenant and the Tenant Parties.

 

40.          Entire
Agreement.

 

This Lease, including
the following exhibits and attachments which are hereby incorporated into and made a part of this Lease, constitute the entire
agreement between the parties and supersede all prior agreements and understandings related to the Premises, including all lease
proposals, letters of intent and other documents: Exhibit A (Outline and Location of Premises), Exhibit B (Building
Rules and Regulations), Exhibit C (Commencement Letter), Exhibit D (Work Letter), Exhibit E (Expenses and
Taxes), and Exhibit F (Landscaping Scope of Work).

 

[SIGNATURE PAGE FOLLOWS]

 

    40 

     

    

 

Landlord and Tenant
have executed this Lease as of the day and year first above written.

 

	 	LANDLORD:
	 	 	 	 	 	 
	 	1350
    SOUTH LOOP LLC, 

    a Delaware limited liability company
	 	 	 	 	 	 
	 	By:	TNREF IV HARBOR BAY 2, LLC,

    a Delaware limited liability company,

its Sole Member
	 	 	 	 	 	 
	 	 	By:	PACELINE HARBOR BAY LLC,

a Delaware limited liability company, 

its Managing Member
	 	 	 	 	 	 
	 	 	 	By:	PACELINE INVESTORS, LLC,

a California limited liability company,

its Manager
	 	 	 	 	 	 
	 	 	 	 	By:	 /s/ Jay Atkinson
	 	 	 	 	 	Jay Atkinson
	 	 	 	 	 	Manager

  

	 	TENANT:
	 	 	 	 
	 	VIVANI
MEDICAL, INC., 

a California corporation	 
	 	 	 	 
	 	By:	/s/ Adam Mendelsohn	 
	 	Name:	Adam Mendelsohn	 
	 	Title:	CEO	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    41 

     

    

 

EXHIBIT A

 

OUTLINE AND LOCATION OF PREMISES

 

This Exhibit is attached
to and made a part of the Lease by and between 1350 SOUTH LOOP LLC, a
Delaware limited liability company (“Landlord”) and VIVANI MEDICAL, INC., a California corporation (“Tenant”)
for space in the Building located at 1350 South Loop Road, Alameda, California.

 

 

 

     A-1

     

    

 

EXHIBIT B

 

BUILDING RULES AND REGULATIONS

 

This Exhibit is attached
to and made a part of the Lease by and between 1350 SOUTH LOOP LLC, a Delaware limited liability company (“Landlord”)
and VIVANI MEDICAL, INC., a California corporation (“Tenant”) for space in the Building located at 1350 South
Loop Road, Alameda, California

 

The following rules
and regulations shall apply, where applicable, to the Premises, the Building, the parking facility (if any), the Property, the
Project and the appurtenances. Capitalized terms have the same meaning as defined in the Lease.

 

		1.	Sidewalks, doorways, vestibules, halls, stairways and other similar areas shall not be obstructed
by Tenant or used by Tenant for any purpose other than ingress and egress to and from the Premises. No rubbish, litter, trash,
or material shall be placed, emptied, or thrown in those areas. At no time shall Tenant permit Tenant’s employees to loiter
in Exterior Common Areas or elsewhere about the Building, Property or Project.

 

		2.	Plumbing fixtures and appliances shall be used only for the purposes for which designed, and no
sweepings, rubbish, rags or other unsuitable material shall be thrown or placed in the fixtures or appliances. Damage resulting
to fixtures or appliances by Tenant, its agents, employees or invitees, shall be paid for by Tenant, and Landlord shall not be
responsible for the damage.

 

		3.	No signs, advertisements or notices shall be painted or affixed to windows, doors or other parts
of the Building or Project, except those of such color, size, style and in such places as are first approved in writing by Landlord
or are otherwise permitted pursuant to the Lease. All tenant identification and suite numbers at the entrance to the Premises shall
be installed by Landlord, at Tenant’s cost and expense, using the standard graphics for the Building. Except in connection
with the hanging of lightweight pictures and wall decorations, no nails, hooks or screws shall be inserted into any part of the
Premises, Building or Project except by the Building maintenance personnel.

 

		4.	Intentionally Omitted.

 

		5.	Subject to Tenant’s right to restrict access to certain portions of the Premises as set forth
in the Lease, Landlord shall have the right to retain at all times keys to all lockable doors within and into the Premises. A reasonable
number of keys to the locks on the entry doors in the Premises shall be furnished by Landlord to Tenant at Tenant’s cost.
All keys shall be returned to Landlord at the expiration or early termination of this Lease.

 

		6.	All contractors, contractor’s representatives and installation technicians performing work
in the Building or Project shall be subject to Landlord’s prior reasonable approval and shall be required to comply with
Landlord’s standard rules, regulations, policies and procedures, which may be revised from time to time.

 

		7.	Intentionally Omitted.

 

     B-1

     

    

 

		8.	Landlord shall have the right to approve the weight, size, or location of heavy equipment or articles
stored or installed in and about the Premises. Damage to the Building or the Project by the installation, maintenance, operation,
existence or removal of Tenant’s Property shall be repaired at Tenant’s sole expense.

 

		9.	Intentionally Omitted.

 

		10.	Tenant shall not: (1) make or permit any improper, objectionable or unpleasant noises or odors
that emanate from the Building and disturb other tenants or third parties; or (2) solicit business or distribute, or cause to be
distributed, in any portion of the Building or the Project, handbills, promotional materials or other advertising.

 

		11.	No animals, except those assisting handicapped persons, shall be brought into the Building or the
Project or kept in or about the Premises.

 

		12.	Intentionally Omitted.

 

		13.	Tenant shall not use or occupy the Premises in any manner or for any purpose which might injure
the reputation or impair the present or future value of the Premises, the Building or the Project. Tenant shall not use, or permit
any part of the Premises to be used, for lodging, sleeping or for any illegal purpose.

 

		14.	Intentionally Omitted.

 

		15.	Intentionally Omitted.

 

		16.	Tenant shall not operate or permit to be operated a coin or token operated vending machine or similar
device (including, without limitation, telephones, lockers, toilets, scales, amusement devices and machines for sale of beverages,
foods, candy, cigarettes and other goods), except for machines for the exclusive use of Tenant’s employees, and then only
if the operation does not violate the lease of any other tenant in the Building or the Project.

 

		17.	Intentionally Omitted.

 

		18.	Intentionally Omitted.

 

		19.	Landlord shall have the right to prohibit the use of the name of the Building or the Project or
any other publicity by Tenant that in Landlord’s sole opinion may impair the reputation of the Building or the Project or
their desirability. Upon written notice from Landlord, Tenant shall refrain from and discontinue such publicity immediately.

 

		20.	Tenant shall not canvass, solicit or peddle in or about the Building, the Property or the Project.

 

		21.	Neither Tenant nor its agents, employees, contractors, guests or invitees shall smoke or permit
smoking in the Exterior Common Areas, unless the Exterior Common Areas have been declared a designated smoking area by Landlord,
nor shall the above parties allow smoke from the Premises to emanate into the Exterior Common Areas or any other part of the Building
or the Project. Landlord shall have the right to designate the Building and/or the Project (including the Premises) as a non-smoking
building.

 

     B-2

     

    

 

		22.	Intentionally Omitted.

 

     B-3

     

    

 

EXHIBIT
C

 

COMMENCEMENT
LETTER

 

(EXAMPLE)

 

		Date	______________________

 

		Tenant	______________________

		Address	______________________

______________________

______________________

 

		Re:	Commencement
                                         Letter with respect to that certain Lease dated as of the _____ day of __________, 20__,
                                         by and between ______________________________, as Landlord, and ___________________________,
                                         as Tenant, for ________ rentable square feet on the ________ floor of the Building
                                         located at _________________________, California.

 

		Dear	__________________:

 

In
accordance with the terms and conditions of the above referenced Lease, Tenant accepts possession of the Premises and agrees:

 

1.       The
Commencement Date of the Lease is ________________________;

 

2.       The
Termination Date of the Lease is ____________________________.

 

Please
acknowledge your acceptance of possession and agreement to the terms set forth above by signing all 3 counterparts of this Commencement
Letter in the space provided and returning 2 fully executed counterparts to my attention.

 

	Sincerely,	 
	 	 
	 	 
	Authorized Signatory / Property Manager	 
	 	 
	Agreed and Accepted:	 

 

		Tenant:	______________________

 

		By:	______________________

		Name:	______________________

		Title:	______________________

		Date:	______________________

 

    C-1

     

    

 

EXHIBIT
D

 

WORK
LETTER

 

This
Exhibit is attached to and made a part of the Lease by and between 1350 SOUTH LOOP
LLC, a Delaware limited liability company (“Landlord”) and VIVANI MEDICAL, INC., a California corporation
(“Tenant”) for space in the Building located at 1350 South Loop Road, Alameda, California.

 

As
used in this Exhibit D (this “Work Letter”), the following terms shall have the following meanings: “Agreement”
means the lease of which this Work Letter is a part. “Tenant Improvements” means all improvements to be constructed
in the Premises pursuant to this Work Letter. “Tenant Improvement Work” means the construction of the Tenant Improvements,
together with any related work (including demolition) that is necessary to construct the Tenant Improvements.

 

		1	ALLOWANCE.

 

1.1       Allowance. Tenant
shall be entitled to a one-time tenant improvement allowance (the “Allowance”) in the amount of
$5,237,400.00 (i.e., a sum equal to $120.00 per rentable square foot of the Premises) to be applied toward the Allowance
Items (defined in Section 1.2 below). Tenant shall be responsible for all costs associated with the Tenant
Improvement Work, including the costs of the Allowance Items, to the extent such costs exceed the lesser of (a) the
Allowance, or (b) the aggregate amount that Landlord is required to disburse for such purpose pursuant to this Work
Letter.

 

1.2       Disbursement
of Allowance.

 

1.2.1       Allowance
Items. Except as otherwise provided in this Work Letter, the Allowance shall be disbursed by Landlord only for the following
items (the “Allowance Items”): (a) the fees of the Architect (defined in Section 2.1 below) and the
Engineers (defined in Section 2.1 below) and any fees reasonably incurred by Landlord for review of the Plans (defined
in Section 2.1 below) by Landlord’s third party consultants; (b) plan-check, permit and license fees relating
to performance of the Tenant Improvement Work; (c) the cost of performing the Tenant Improvement Work, including after hours
charges, testing and inspection costs, hoisting and trash removal costs, and contractors’ fees and general conditions; (d) the
cost of any change to the base, shell or core of the Premises or Building required by the Plans (including if such change is due
to the fact that such work is prepared on an unoccupied basis), including all direct architectural and/or engineering fees and
expenses incurred in connection therewith; (e) the cost of any change to the Plans or Tenant Improvement Work required by
Law; (f) the Coordination Fee (defined in Section 3.2.2 below); (g) sales and use taxes; and (h) all
other costs expended by Landlord in connection with the performance of the Tenant Improvement Work.

 

    D-1

     

    

 

1.2.2       Disbursement.
Subject to the provisions of this Work Letter, Landlord shall make monthly disbursements of the Allowance for Allowance Items
and shall authorize the release of monies for Tenant’s benefit as follows:

 

1.2.2.1       Monthly
Disbursements. On or before the 5th day of each calendar month during the performance of the Tenant Improvement Work
(or such other date as Landlord may designate), Tenant shall deliver to Landlord: (i) a request for payment of the Contractor
(defined in Section 3.1 below), approved by Tenant, in AIA G-702/G-703 format or another format reasonably requested
by Landlord, showing the schedule of values, by trade, of percentage of completion of the Tenant Improvement Work, detailing the
portion of the work completed and the portion not completed; (ii) copies of all third-party contracts (including change orders)
pursuant to which the Tenant Improvement Work has been performed, including paid invoices from all of Tenant’s Agents (defined
in Section 3.1.2 below) for labor rendered and materials delivered to the Premises (collectively, the “Construction
Contracts”); (iii) executed conditional mechanic’s lien releases from all of Tenant’s Agents (along with
unconditional mechanic’s lien releases with respect to payments made pursuant to Tenant’s prior submission hereunder)
which shall comply with any applicable requirements of law, as reasonably determined by Landlord; and (iv) all other information
reasonably requested by Landlord. Tenant’s request for payment shall be deemed Tenant’s acceptance and approval of
the work furnished and/or the materials supplied as set forth in Tenant’s payment request. Thereafter, Landlord shall deliver
a check to Tenant, made jointly payable to the Contractor and Tenant, in the amount of the lesser of (a) Landlord’s
Share (defined below) of the amount requested by Tenant pursuant to the preceding sentence, less a 10% retention (the aggregate
amount of such retentions to be known as the “Final Retention”), or (b) the amount of any remaining portion of
the Allowance (not including the Final Retention), provided that Landlord does not dispute any request for payment based on any
failure of the work to comply with the Approved Construction Drawings (defined in Section 2.3 below) or otherwise
to be of the required quality, or for any other reason. Landlord’s payment of such amounts shall not be deemed Landlord’s
approval or acceptance of the work furnished or materials supplied as described in Tenant’s payment request. As used in
this Section 1.2.2.1, “Landlord’s Share” means the lesser of (i) 100%, or (ii) the percentage
obtained by dividing the Allowance by the estimated sum of all Allowance Items, as determined based on the Construction Contracts.

 

1.2.2.2       Final
Retention. Subject to the provisions of this Work Letter, a check for the Final Retention, together with any other undisbursed
portion of the Allowance required to pay for the Allowance Items, shall be delivered by Landlord to Tenant following the latest
to occur of (a) the completion of the Tenant Improvement Work; (b) Tenant’s delivery to Landlord of (i) properly
executed mechanic’s lien releases in compliance with any applicable requirements of Law, as reasonably determined by Landlord,
(ii) a certificate from the Architect, in a form reasonably acceptable to Landlord, certifying that the Tenant Improvement
Work has been substantially completed, and (iii) evidence that all required governmental approvals required for Tenant to
legally occupy the Premises have been obtained; (c) Tenant’s performance of its obligations under clause (a) of
the third sentence of Section 3.3 below; or (d) Tenant’s compliance with Landlord’s standard “close-out”
requirements regarding city approvals, closeout tasks, the general contractor, financial close-out matters, and tenant vendors.

 

1.3       Disbursement
for Other Allowance Items. If any portion of the Allowance remains unused after all Allowance Items have been fully paid,
then, upon Tenant’s request, and subject to Section 1.4 below, Landlord shall disburse the Allowance, (i) not
to exceed $10.00 per rentable square foot of the Premises, to Tenant to pay for the costs of purchasing and installing
lab benches and equipment, and (ii) not to exceed $5.00 per rentable square foot of the Premises, to Tenant to pay for
the costs of purchasing and installing desks and office furniture in the Premises (the “Other Allowance Items”).
Tenant shall be responsible for all costs of the Other Allowance Items to the extent such costs exceed the aggregate amount that
Landlord is required to disburse for such purpose pursuant to this Work Letter.

 

1.4       Deadline
for Use of Allowance. If Tenant fails to use the entire Allowance by the date that is 180 days following the Commencement
Date, except in the event such failure is due to a delay in construction not caused or reasonably preventable by Tenant, the unused
amount shall revert to Landlord and Tenant shall have no further rights with respect thereto; provided, however, that $15.00 per
rentable square foot of the Allowance shall be available to Tenant until the last day of the 36th full calendar month
of the Term (and thereafter, any unused portion shall revert to Landlord).

 

    D-2

     

    

 

		2	PLANS.

 

2.1       Selection
of Architect/Plans. Tenant shall retain an architect/space planner (the “Architect”) and engineering consultants
(the “Engineers”), each of whom shall be subject to Landlord’s reasonable approval, to prepare all architectural
plans for the Premises and all engineering working drawings relating to the structural, mechanical, electrical, plumbing, HVAC,
life-safety, and sprinkler work in the Premises. The plans and drawings to be prepared by the Architect and the Engineers hereunder
shall be referred to herein collectively as the “Plans.” All Plans shall (a) comply with the drawing format and
specifications required by Landlord, (b) be consistent with Landlord’s requirements for avoiding aesthetic, engineering
or other conflicts with the design and function of the balance of the Building, and (c) otherwise be subject to Landlord’s
approval, which shall not be unreasonably withheld. Tenant shall cause the Architect to verify, in the field, the dimensions and
conditions as shown on the relevant portions of the base Building plans, and Landlord shall have no responsibility in connection
therewith. Landlord’s review of the Plans and approval of the Approved Construction Drawings shall be for its sole benefit
and shall not create or imply any obligation on the part of Landlord to review the same for Tenant’s benefit, whether with
respect to quality, design, compliance with law or any other matter. Accordingly, notwithstanding any review of the Plans by Landlord
or any of its space planners, architects, engineers or other consultants, and notwithstanding any advice or assistance that may
be rendered to Tenant by Landlord or any such consultant, Landlord shall not be liable for any error or omission in the Plans
or have any other liability relating thereto. Without limiting the foregoing, Tenant shall be responsible for ensuring (x) that
all elements of the design of the Plans comply with law and are otherwise suitable for Tenant’s use of the Premises, and
(y) that no Tenant Improvement impairs any system or structural component of the Building, and Landlord’s approval
of the Construction Drawings (defined in Section 2.3 below) shall not relieve Tenant from such responsibility.

 

2.2       Space
Plan. Tenant shall cause the Architect to prepare a space plan for the Tenant Improvement Work, including a layout and
designation of all offices, rooms and other partitioning, and equipment to be contained in the Premises, together with their intended
use (the “Space Plan”), and shall deliver four (4) copies of the Space Plan, signed by Tenant, to Landlord for
its approval. Landlord shall provide Tenant with notice approving or reasonably disapproving the Space Plan within 10 Business
Days after the later of Landlord’s receipt thereof or the mutual execution and delivery of this Agreement. If Landlord disapproves
the Space Plan, Landlord’s notice of disapproval shall describe with reasonable specificity the basis for such disapproval
and the changes that would be necessary to resolve Landlord’s objections. If Landlord disapproves the Space Plan, Tenant
shall cause the Space Plan to be modified and resubmitted to Landlord for its approval. Such procedure shall be repeated as necessary
until Landlord has approved the Space Plan. At Landlord’s option, before submitting the Construction Drawings, Tenant shall
supply Landlord with intermediate stages of the Plans.

 

2.3       Construction
Drawings. After Landlord approves the Space Plan, Tenant shall cause the Architect and the Engineers to complete the architectural,
engineering and final architectural working drawings for the Tenant Improvement Work in a form that is sufficient to enable subcontractors
to bid on the work and to obtain all applicable permits (collectively, the “Construction Drawings”), and shall deliver
four (4) copies of the Construction Drawings, signed by Tenant, to Landlord for its approval. Notwithstanding the foregoing,
at Tenant’s option, the Construction Drawings may be prepared in two phases (first the architectural drawings, then engineering
drawings consistent with the previously provided architectural drawings), provided that each phase shall be subject to Landlord’s
approval. Landlord shall provide Tenant with notice approving or reasonably disapproving the Construction Drawings (or the applicable
component thereof) within 15 Business Days after the later of Landlord’s receipt thereof or the mutual execution and
delivery of this Agreement. If Landlord disapproves the Construction Drawings (or any component thereof), Landlord’s notice
of disapproval shall describe with reasonable specificity the basis for such disapproval and the changes that would be necessary
to resolve Landlord’s objections. If Landlord disapproves the Construction Drawings (or any component thereof), Tenant shall
cause the Construction Drawings to be modified and resubmitted to Landlord for its approval. Such procedure shall be repeated
as necessary until Landlord has approved the Construction Drawings (or the applicable component thereof). Tenant shall not commence
the Tenant Improvement Work until after the Construction Drawings are approved by Landlord. No revision may be made to the approved
Construction Drawings (the “Approved Construction Drawings”) without Landlord’s prior consent, which shall not
be unreasonably withheld.

 

    D-3

     

    

 

2.4       Permits.
Tenant shall submit the Approved Construction Drawings to the appropriate municipal authorities and otherwise apply for and obtain
from such authorities all applicable building permits necessary to allow the Contractor to commence and complete the performance
of the Tenant Improvement Work (the “Permits”). Tenant shall coordinate with Landlord in order to allow Landlord,
at its option, to take part in all phases of the permitting process and shall supply Landlord, as soon as possible, with all plan
check numbers and dates of submittal. Notwithstanding any contrary provision of this Section 2.4, Tenant, and not
Landlord or its consultants, shall be responsible for obtaining any Permit or certificate of occupancy; provided, however, that
Landlord shall cooperate with Tenant in executing permit applications and performing other ministerial acts reasonably necessary
to enable Tenant to obtain any Permit or certificate of occupancy. Tenant shall not commence construction until all Permits are
obtained.

 

		3	CONSTRUCTION.

 

3.1       Selection
of Contractors.

 

3.1.1       The
Contractor. Tenant shall retain a general contractor (the “Contractor”) to perform the Tenant Improvement Work.
The Contractor shall be selected by Tenant, by notice to Landlord, from a list of general contractors provided by Landlord or,
at Landlord’s option, from a list of general contractors provided by Tenant and approved by Landlord. For purposes of this
Section 3.1.1, Landlord’s approval of a proposed general contractor shall not be considered unreasonably withheld
if such general contractor (a) does not have trade references reasonably acceptable to Landlord, (b) does not maintain
insurance as required under the terms of the Lease, (c) cannot be bonded for the work in an amount equal to 150% of the Final
Costs (defined in Section 3.2.1 below), (d) does not provide current financial statements reasonably acceptable
to Landlord, or (e) is not licensed as a contractor in the state/municipality in which the Premises is located. Tenant acknowledges
that the foregoing is not an exclusive list of the reasons why Landlord may reasonably disapprove a proposed general contractor.

 

3.1.2       Tenant’s
Agents. All subcontractors, laborers, materialmen and suppliers used by Tenant (such subcontractors, laborers, materialmen,
and suppliers, together with the Contractor, to be referred to herein collectively as “Tenant’s Agents”) must
be approved by Landlord. Such approval shall not be unreasonably withheld; provided, however, that Landlord may require Tenant
to retain certain subcontractors designated by Landlord.

 

3.2       Construction.

 

3.2.1       Construction
Contract; Final Costs. Tenant shall not enter into a construction contract with the Contractor (the “Contract”)
unless it complies with Section 3.2.3 below and has been reviewed and approved by Landlord, which approval shall not
be unreasonably withheld. Before commencing construction of the Tenant Improvement Work, Tenant shall deliver to Landlord a detailed
breakdown of the schedule of values, by trade, of the final costs that will be or have been incurred, as set forth more particularly
in Section 1.2.1 above, in connection with the performance of the Tenant Improvement Work and that form the basis
for the amount of the Contract (the “Final Costs”). If the Final Costs exceed the Allowance, then, concurrently with
its delivery to Landlord of the Final Costs, and before commencing performance of the Tenant Improvement Work, Tenant shall deliver
to Landlord cash in the amount of such excess (the “Over-Allowance Amount”). Any Over-Allowance Amount shall be disbursed
by Landlord before the Allowance and pursuant to the same procedure as the Allowance. If, after being delivered to Landlord, the
Final Costs increase, Tenant shall, at Landlord’s option, either (a) deliver any resulting Over-Allowance Amount (or
any resulting increase in the Over-Allowance Amount) to Landlord immediately upon Landlord’s request, or (b) pay any
such amount directly to the Contractor, but only after providing Landlord with, and obtaining Landlord’s approval of, the
documents described in clauses (i), (ii), (iii) and (iv) of Section 1.2.2.1 above.

 

    D-4

     

    

 

3.2.2       Landlord’s
General Conditions for Tenant Improvement Work. The Tenant Improvement Work shall be performed in a good and workmanlike manner
and in strict accordance with the Approved Construction Drawings. Tenant shall cause Tenant’s Agents to submit to Landlord
schedules of all work relating to the Tenant Improvement Work, whereupon Landlord, within 5 Business Days, shall inform Tenant’s
Agents of any necessary changes thereto, and Tenant shall cause Tenant’s Agents to adhere to such corrected schedule. Tenant
shall abide by all rules established by Landlord relating to the performance of the Tenant Improvement Work, including rules relating
to the use of freight, loading dock; any required shutdown of utilities (including life-safety systems); storage of materials;
and coordination of work with other tenants’ contractors. In consideration of Landlord’s coordination of the performance
of the Tenant Improvement Work, Tenant shall pay Landlord a fee (the “Coordination Fee”) in an amount equal to Landlord’s
out-of-pocket commercially reasonable management fees for the construction of the Tenant Improvement Work.

 

3.2.3       Warranty
of Contractor. Tenant shall cause the Contractor to agree to be responsible for (a) the repair, replacement and/or removal,
without additional charge, of any portion of the Tenant Improvement Work that is or becomes defective, in workmanship, materials
or otherwise, on or before the date occurring one (1) year after the later to occur of (i) completion of the Tenant
Improvement Work, or (ii) the Commencement Date; and (b) the repair of any damage to the Building and/or Exterior Common
Areas resulting from such repair, replacement and/or removal. Such agreement shall be expressly set forth in the Contract and,
by its terms, shall inure to the benefit of both Landlord and Tenant as their respective interests may appear, and shall be enforceable
by either Landlord or Tenant. Upon Landlord’s request, Tenant shall provide Landlord with any assignment or other assurance
that may be necessary to enable Landlord to enforce such agreement directly against the Contractor.

 

3.2.4       Insurance
Requirements. Tenant shall carry “Builder’s All Risk” insurance in an amount approved by Landlord covering
the Tenant Improvement Work, together with such other insurance as Landlord may reasonably require.

 

3.2.5       Compliance.
The Tenant Improvement Work shall comply in all respects with (i) all applicable Laws; (ii) all applicable standards
of the American Insurance Association (formerly, the National Board of Fire Underwriters) and the National Electrical Code; and
(iii) all applicable building material manufacturer’s specifications. Without limiting the foregoing, if, as a result
of Tenant’s performance of the Tenant Improvement Work, Landlord becomes required under law to perform any inspection or
give any notice relating to the Premises or the Tenant Improvement Work, or to ensure that the Tenant Improvement Work is performed
in any particular manner, Tenant shall comply with such requirement on Landlord’s behalf and promptly thereafter provide
Landlord with reasonable documentation of such compliance.

 

    D-5

     

    

 

3.2.6       Inspection
by Landlord. Notwithstanding any contrary provision of the Lease, Landlord, at any time and without notice to Tenant, may
enter the Premises to inspect the Tenant Improvement Work. Neither Landlord’s performance of such inspection nor its failure
to perform such inspection shall result in a waiver of any of Landlord’s rights hereunder or be deemed to imply Landlord’s
approval of the Tenant Improvement Work. If, by notice to Tenant, Landlord reasonably identifies any defect in the Tenant Improvement
Work, Tenant shall promptly cause the Contractor to correct such defect at no expense to Landlord. Notwithstanding any contrary
provision of this Agreement, if a defect in the Tenant Improvement Work so identified by Landlord might adversely affect any system
or structural component of the Building, the curtain wall or exterior appearance of the Building, or any other tenant’s
use of the Building, or might give rise to liability on the part of Landlord to any third party, then (a) Landlord, at Tenant’s
expense, may take such action (including suspension of the Tenant Improvement Work) as Landlord reasonably deems necessary to
correct such defect, and (b) until such defect is corrected, Landlord shall have no obligation to disburse any portion of
the Allowance.

 

3.2.7       Meetings.
Landlord shall have the right to attend any meetings between Tenant, Architect, and Contractor regarding the progress of the
preparation of the Plans, obtaining of Permits, and the performance of the Tenant Improvement Work. Upon Landlord’s request,
Tenant shall cause Tenant’s Agents to attend such meetings.

 

3.3       Tenant’s
Covenants. Within 10 days after completing the Tenant Improvement Work, Tenant shall cause a Notice of Completion
to be recorded in the office of the Recorder of the county in which the Building is located, in accordance with California Civil
Code § 3093 or any successor statute, and shall furnish a copy thereof to Landlord upon such recordation. If Tenant
fails to do so, Landlord may execute and file the same on behalf of Tenant as Tenant’s agent for such purpose, at Tenant’s
expense. Within 30 days after completing the Tenant Improvement Work, (a) Tenant shall cause the Architect and the Contractor
to (i) update the Approved Construction Drawings as necessary to reflect all changes made to the Approved Construction Drawings
during the course of construction, (ii) certify to the best of their knowledge that the updated drawings are true and correct,
which certification shall survive the expiration or termination of the Lease, and (iii) deliver to Landlord two (2)
CD ROMS of such updated drawings in accordance with Landlord’s CAD Format Requirements (defined below); and (b) Tenant
shall deliver to Landlord copies of all warranties, guaranties, and operating manuals and information relating to the improvements,
equipment, and systems in the Premises. For purposes hereof, “Landlord’s CAD Format Requirements” shall
mean (w) the version is no later than current Autodesk version of AutoCAD plus the most recent release version, (x) files
must be unlocked and fully accessible (no “cad-lock”, read-only, password protected or “signature” files),
(y) files must be in “.dwg” format, and (z) if the data was electronically in a non-Autodesk product, then
files must be converted into “‘dwg” files when given to Landlord.

 

4           
MISCELLANEOUS. Notwithstanding any contrary provision of this Agreement, if Tenant defaults under this Agreement before the
Tenant Improvement Work is completed, then (a) Landlord’s obligations under this Work Letter shall be excused, and
Landlord may cause the Contractor to cease performance of the Tenant Improvement Work, until such default is cured, and (b) Tenant
shall be responsible for any resulting delay in the completion of the Tenant Improvement Work. This Work Letter shall not apply
to any space other than the Premises.

 

5
LANDLORD WORK. Landlord shall, at Landlord’s sole cost and expense, cause the construction or installation of the following
items described below (collectively, the “Landlord Work”) prior to the Commencement Date. Tenant may not change or
alter the Landlord Work.

 

    D-6

     

    

 

(a)            Provide new slurry seal in the rear parking lot that is part of Landlord’s parcel;

 

(b)            Slurry seal and restripe the front parking lot and improve the landscaping and pour new sidewalks; and

 

(c)            Complete the outdoor landscape areas in accordance with Landlord’s landscaping scope of work, a copy of which is attached
hereto as Exhibit F.

 

.

    D-7

     

    

 

EXHIBIT
E

 

EXPENSES
AND TAXES

 

This
Exhibit is attached to and made a part of the Lease by and between 1350 SOUTH LOOP
LLC, a Delaware limited liability company (“Landlord”) and VIVANI MEDICAL, INC., a California corporation
(“Tenant”) for space in the Building located at 1350 South Loop Road, Alameda, California.

 

A.           Landlord shall provide Tenant with a good faith estimate of the total amount of Expenses and Taxes for each calendar year during
the Term. On or before the first day of each month, Tenant shall pay to Landlord a monthly installment equal to one-twelfth of
Tenant’s Share of Landlord’s estimate of the total amount of Expenses and Taxes, (each such monthly installment, a
“Tenant’s Monthly Expense and Tax Payment”). If Landlord determines that its good faith estimate was incorrect
by a material amount, Landlord may provide Tenant with a revised estimate. After its receipt of the revised estimate, Tenant’s
Monthly Expense and Tax Payment shall be based upon the revised estimate. If Landlord does not provide Tenant with an estimate
of the total amount of Expenses and Taxes by January 1 of a calendar year, Tenant shall continue to pay monthly installments based
on the previous year’s estimate until Landlord provides Tenant with the new estimate. Upon delivery of the new estimate,
an adjustment shall be made for any month for which Tenant paid monthly installments based on the previous year’s estimate.
Tenant shall pay Landlord the amount of any underpayment within 30 days after receipt of the new estimate. Any overpayment shall
be refunded to Tenant within 30 days or credited against the next due future installment(s) of Additional Rent, if any.

 

As
soon as is practical following the end of each calendar year but in no event later than June 30 of the following calendar year,
Landlord shall furnish Tenant with a statement of the actual amount of Expenses and Taxes for the prior calendar year and Tenant’s
Share of the actual amount of Expenses and Taxes for the prior calendar year. Landlord shall use reasonable efforts to furnish
the statement of actual Expenses and Taxes on or before June 1 of the calendar year immediately following the calendar year to
which the statement applies. If the aggregate amount of Tenant’s Monthly Expense and Tax Payments for the prior calendar
year is more than the actual amount of Expenses and Taxes for such prior calendar year, Landlord shall apply any overpayment by
Tenant against Additional Rent due or next becoming due, provided if the Term expires before the determination of the overpayment,
Landlord shall refund any overpayment to Tenant after first deducting the amount of unpaid Rent due, if any. If the aggregate
amount of Tenant’s Monthly Expense and Tax Payments for the prior calendar year is less than the actual amount of Expenses
and Taxes for such prior year, Tenant shall pay Landlord, within 30 days after its receipt of the statement of Expenses and Taxes,
any underpayment for the prior calendar year. However, if Landlord fails to furnish Tenant a statement of the actual Expenses
and Taxes for a given calendar year within 12 months after the end of said calendar year and such failure continues for an additional
30 days after Landlord’s receipt of a written request from Tenant that such statement of the actual Expenses and Taxes be
furnished, Landlord shall be deemed to have waived any rights to recover any underpayment of Expenses and Taxes from Tenant applicable
to said calendar year (except to the extent such underpayment is attributable to a default by Tenant in its obligation to make
estimated payments of Expenses and Taxes); provided that such 12 month time limit shall not apply to supplemental bills for Taxes.

 

    E-1

     

    

 

B.            Expenses Defined. “Expenses” means the sum of (i) all direct and indirect costs and expenses actually
paid by Landlord in each calendar year in connection with operating, maintaining, repairing, and managing the Building and the
Property (including any costs and expenses in connection with operating, maintaining, repairing and managing the Exterior Common
Areas located on the Property to the extent such costs and expenses are not deemed to be costs and expenses of the Project as
a whole), and (ii) the Building’s, the Property’s and the Landlord’s allocable percentage of (a) all
direct and indirect costs of operating, maintaining, repairing and managing the Project (including any costs and expenses in connection
with operating, maintaining, repairing and managing the Exterior Common Areas located on the Project to the extent such costs
and expenses are not specifically allocated to and payable by individual buildings within the Project), (b) all costs, fees
or other amounts payable to any association established for the benefit of the Project and/or other properties, and (c) all
fees payable to the company or association, if applicable, managing the parking areas within the Project, including, but not limited
to:

 

1.             Labor costs, including, wages, salaries, social security and employment taxes, medical and other types of insurance, uniforms,
training, and retirement and pension plans of Landlord’s personnel who work directly on managing or operating the Property,
but in the case of such personnel who do not devote substantially all their time to the Property, only to the extent such persons
devote time to the Property.

 

2.             Management fees (provided, however, such management fees shall not exceed 2.5% of the gross receipts of the Building), the cost
of equipping and maintaining a management office, accounting and bookkeeping services, legal fees not attributable to leasing
or collection activity, and other administrative costs. Landlord, by itself or through an affiliate, shall have the right to directly
perform or provide any services under this Lease (including management services), provided that the cost of any such services
shall not exceed the cost that would have been incurred had Landlord entered into an arms-length contract for such services with
an unaffiliated entity of comparable skill and experience.

 

3.             The cost of services, including amounts paid to service providers and the rental and purchase cost of parts, supplies, tools and
equipment.

 

4.             Premiums and deductibles paid by Landlord for insurance, including workers compensation, fire and extended coverage, earthquake,
general liability, rental loss, boiler and other insurance customarily carried from time to time by owners of comparable office
buildings.

 

5.             The amortized cost of capital improvements (as distinguished from replacement parts or components installed in the ordinary course
of business) made to the Building, Property or Project which are: (a) performed primarily (and reasonably expected) to reduce
operating expense costs or otherwise improve the operating efficiency of the Building, Property or Project; or (b) required
to comply with any Laws that are enacted, or first interpreted to apply to the Building, Property or Project, after the date of
this Lease. The cost of capital improvements shall be amortized by Landlord over the lesser of the Payback Period (defined below)
or the useful life of the improvements. The amortized cost of capital improvements may, at Landlord’s option, include actual
or imputed interest at the rate that Landlord would reasonably be required to pay to finance the cost of the capital improvement.
“Payback Period” means the reasonably estimated period of time that it takes for the cost savings resulting from a
capital improvement to equal the total cost of the capital improvement.

 

6.             Any fees, costs and expenses relating to operating, managing, owning, repairing and maintaining the parking facilities servicing
the Building, Property, or Project, and any fitness center(s), conference center(s), concierge services, or other amenities (if
any) serving the Project.

 

If
Landlord incurs Expenses for the Building, the Property or the Project together with one or more other buildings or properties,
whether pursuant to a reciprocal easement agreement, common area agreement or otherwise, the shared costs and expenses shall be
equitably prorated and apportioned between the Building, the Property and the Project and the other buildings or properties.

 

    E-2

     

    

 

Expenses
shall not include: the cost of capital improvements (except as set forth above); depreciation; interest (except as provided above
for the amortization of capital improvements); costs incurred by Landlord in performing the Landlord Work or otherwise bringing
the Premises into the condition required hereunder prior to the Commencement Date; principal payments of mortgage and other non-operating
debts of Landlord; the cost of repairs or other work to the extent Landlord is reimbursed by insurance or condemnation proceeds;
costs incurred in connection with the leasing, sale, financing or refinancing of the Building, the Property, or the Project; fines,
interest and penalties incurred due to the late payment of Taxes (defined in Section C below) or Expenses; organizational expenses
associated with the creation and operation of the entity which constitutes Landlord; any penalties or damages that Landlord pays
to any tenant under a lease; the cost of complying with any Laws in effect (and as interpreted and enforced) on the date of this
Lease, provided that if any portion of the Building that was in compliance with all applicable Laws on the date of this Lease
becomes out of compliance due to normal wear and tear, the cost of bringing such portion of the Building into compliance shall
be included in Expenses unless otherwise excluded pursuant to the terms hereof; or any expenses for which Landlord has received
actual reimbursement (other than through Expenses).

 

C.             Taxes Defined. “Taxes” shall mean: (1) all real estate taxes and other assessments on the Building and/or
Property, and the Building’s and Property’s share of such taxes relating to the Project, including, but not limited
to, assessments for special improvement districts and building improvement districts, taxes and assessments levied in substitution
or supplementation in whole or in part of any such taxes and assessments and the Building’s and Property’s share of
any real estate taxes and assessments under any reciprocal easement agreement, common area agreement or similar agreement as to
the Building, Property and/or Project; (2) all personal property taxes for property that is owned by Landlord and used in
connection with the operation, maintenance and repair of the Building, Property or the Project; and (3) all costs and fees
incurred in connection with seeking reductions in any tax liabilities described in (1) and (2), including, without limitation,
any costs incurred by Landlord for compliance, review and appeal of tax liabilities. Without limitation, Taxes shall not include
any income, capital levy, franchise, capital stock, gift, estate or inheritance tax. If an assessment is payable in installments,
Taxes for the year shall include the amount of the installment and any interest due and payable during that year. For all other
real estate taxes, Taxes for that year shall, at Landlord’s election, include either the amount accrued, assessed or otherwise
imposed for the year or the amount due and payable for that year, provided that Landlord’s election shall be applied consistently
throughout the Term. If a change in Taxes is obtained for any year of the Term, then Taxes for that year will be retroactively
adjusted and Landlord shall provide Tenant with a credit, if any, based on the adjustment.

 

    E-3

     

    

EXHIBIT
F

 

LANDLORD’S
LANDSCAPING SCOPE OF WORK

 

 

 

    F-1

     

    

 

 

    F-2Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the “Agreement”),
dated as of November 28, 2022, is by and among the Faraday Future Intelligent Electric Inc. (the “Company”), Faraday&Future
Inc. (“Faraday Future”), and Xuefeng Chen (the “Executive”).

 

WHEREAS, the Company, through its subsidiary
Faraday Future, wishes to employ the Executive, and the Executive wishes to be employed with the Company, upon the terms and conditions
hereinafter set forth.

 

WHEREAS, unless context indicates otherwise,
all references in this Agreement to the Company shall mean the Company, Faraday Future, and any other subsidiary or affiliate of the Company
that may employ the Executive from time to time.

 

NOW, THEREFORE, in consideration of the
premises and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto agree as follows:

 

1. Employment. Effective as of November
28, 2022 (the “Effective Date”), Faraday Future will employ the Executive and the Executive accepts such agreement,
upon the terms and conditions hereinafter set forth.

 

2. Term. The term of employment hereunder
commenced on the Effective Date and will end on November 26, 2025, unless otherwise terminated under this Agreement. The Agreement will
not automatically renew unless extended in writing by the Company, Faraday Future and the Executive.

 

3. Duties and Responsibilities.

 

(a) Title. The Executive will have the
office and title of Chief Executive Officer (“CEO”) of the Company. The Executive’s position with the Company
is a full-time position. The Executive will report to the Board of Directors of the Company (the “Board”).

 

(b) Duties.

 

(i) The Executive will serve the Company
faithfully and to the best of his ability and will devote his full business and professional time, energy, and diligence to the performance
of the duties of such office. The Executive will perform such service and duties in connection with the business and affairs of the Company
(1) as are customarily incident to such office, (2) as are necessitated by the needs of the Company and its subsidiaries, or (3) as may
reasonably be assigned or delegated to him by the Board. The Executive' s specific job responsibilities will be as defined by the Board
consistent with his office. Notwithstanding the foregoing, and except as specifically provided below and subject to approval of the stockholders
of the Company, the Executive may serve as an unpaid member of the Board.

 

(ii) The Executive shall perform his duties
and responsibilities as CEO within the framework of the vision, mission, and core values of the Company, and will be subject to the Company's
rules, regulations, policies and programs except as provided in this Agreement.

 

     

     

    

 

(iii) In such capacity, the Executive shall
exercise general supervisory responsibility and management authority over the Company and shall perform such other duties commensurate
with his position as may reasonably be assigned to him from time to time by the Board.

 

(c) Goals. The Executive will dedicate
his efforts to assist the Company in reaching its stated business targets and goals, including the strategic objectives established by
the Board. The Board will review the Executive’s performance every six months as part of the Company’s regular performance
review cycle.

 

(d) Outside Service. During the term of employment
hereunder, Executive shall devote his best efforts to the business and affairs of the Company and its subsidiaries and shall not engage
in any business activity that presents a conflict of interest with the business of the Company or otherwise interferes with his performance
of his job duties, provided that the Executive shall be entitled to serve on civic, charitable, educational, religious, public interest
or public service boards, and to manage the Executive’s personal and family investments, in each case, to the extent such activities
do not materially interfere with the performance of the Executive’s duties and responsibilities hereunder.  Executive shall
not become a director of any for-profit entity without first receiving the prior written approval of the Board.

 

4. Compensation.

 

(a) Base Salary. The Company will
pay the Executive a base salary of nine hundred thousand dollars ($900,000) gross per annum (the “Base Salary”), subject
to any potential annual increase as determined by the Board (or a committee thereof) in its sole discretion based on the Executive’s
performance.

 

(b) Signing and Retention Bonus. The
Company will provide the Executive a Signing and Retention Bonus in the gross amount of five hundred thousand dollars ($500,000) (the
“Signing and Retention Bonus”), which will be paid by the Company no later than thirty (30) days following the Effective
Date. The Signing and Retention Bonus is taxable, and all regular payroll taxes will be withheld. The Signing and Retention Bonus shall
not be fully earned until the Executive remains employed with the Company for a period of thirty-six (36) months from the Effective Date.

 

(c) Repayment of
the Signing and Retention Bonus.

 

(i) The Executive agrees that if he is
terminated by the Company for Cause (as Cause is defined below in paragraph 6(a)), the Executive shall repay the full Signing and Retention
Bonus paid to the Executive by the Company within fifteen (15) business days of the Executive’s termination from the Company.

 

(ii) The Executive further agrees that
if he resigns for any reason before the completion of thirty-six (36) months of employment from the Effective Date, the Executive shall
repay a pro-rata portion of the total Signing and Retention Bonus paid to the Executive by the Company. Any such calculation shall be
based on the total number of whole calendar months remaining between the Executive's termination date and date that is thirty-six (36)
months from the Effective Date. Payment shall be made within fifteen (15) business days after the Executive’s termination.

 

(iii) The Executive agrees that if he is
terminated without Cause before the completion of thirty-six (36) months of employment from the Effective Date, the Executive shall repay
a pro-rata portion of the total Signing and Retention Bonus paid to the Executive by the Company. Any such calculation shall be based
on the total number of whole calendar months remaining between the Executive's termination date and date that is thirty-six (36) months
from the Effective Date. Payment shall be made within fifteen (15) business days after the Executive’s termination.

 

    2

     

    

 

(d) Performance Bonus. The Executive
may be eligible to earn an annual bonus of up to six hundred thousand dollars ($600,000) for performance for the relevant year (the “Performance
Bonus”), with the actual annual bonus for any year being determined according to the terms of the Company’s bonus plan
in effect for the applicable year. Bonuses are discretionary and are based on the actual performance of the Executive and the Company
compared to the performance goals established by the Board. Performance Bonuses are not earned until they are approved in writing by the
Company and paid to senior executives of the Company. Any Performance Bonuses earned shall be paid subject to applicable employment taxes,
withholding and deductions and applicable laws. The Executive must remain continuously employed with Company in good standing through
the date that Performance Bonuses are paid to senior executive officers of Company in order to be eligible to earn and be paid such Performance
Bonus.

 

(e) 2021 Stock Incentive Plan.

 

(i)The Executive will be eligible to participate
in the Company’s 2021 Stock Incentive Plan (the “2011 Plan”). All employee equity awards under the 2021 Plan will be
subject to approval by the Board (or a committee thereof) and the terms of the 2021 Plan and the form of equity award agreement approved
by the Board (or a committee thereof).

 

(ii)The Executive will receive a number
of restricted stock units (“RSUs”), with each unit representing the right to receive one share of the Company’s
Class A Common Stock, having a total grant date fair value equal to $2,000,000. The RSUs shall be granted as follows:

 

		1.	$250,000 in value shall be granted as soon as practicable following
the Effective Date.

 

		2.	$300,000 in value shall be granted on the first anniversary
of the Effective Date.

 

		3.	$400,000 in value shall be granted on the second anniversary
of the Effective Date.

 

		4.	$450,000 in value shall be granted on the third anniversary
of the Effective Date; and

 

		5.	$600,000 in value shall be granted on the fourth anniversary
of the Effective Date.

 

Each RSUs grant shall vest in equal twenty-five percent (25%) increments
on each of the first four (4) anniversaries of the Effective Date following the applicable grant date, provided the Executive remain employed
with the Company on each such vesting date. The RSUs shall also be subject to the 2021 Plan and the form of equity award agreement approved
by the Board (or a committee thereof).

 

(iii).The Executive also will be eligible
to receive an additional number of performance-based restricted stock units (“PSUs”) having a total target grant date
fair value equal to $2,000,000 if the Company reaches certain milestones on certain dates as specified by the Board (each, a “Milestone”).
Such Milestones could include but not be limited to the start of production of the Company’s flagship vehicle – the FF91.
The PSUs shall be granted as follows:

 

		1.	$250,000 in value shall be granted after the Company achieves
the first Milestone;

 

		2.	$300,000 in value shall be granted after the Company achieves
the second Milestone;

 

		3.	$400,000 in value shall be granted after the Company achieves
the third Milestone;

 

		4.	$450,000 in value shall be granted after the Company achieves
the fourth Milestone; and

 

		5.	$600,000 in value shall be granted after the Company achieves
the fifth Milestone.

 

Should the Company reach any such Milestone, the
PSUs associated with such Milestone will be issued on the date(s) such Milestone is reached and shall vest in equal one-third increments
on each of the first three (3) annual Milestone anniversary dates following the applicable grant date, provided the Executive remains
employed with the Company on each such vesting date. The PSUs shall also be subject to the 2021 Plan and the form of equity award agreement
approved by the Board (or a committee thereof).

 

    3

     

    

 

(iv) The Executive will also receive an
option to purchase 2,000,000 shares of the Company’s Class A Common Stock (the “Standard Grant”). The Standard
Grant shall be granted to executive as soon as practicable on or following the Effective Date. Fifty percent (50%) of the Standard Grant
options shall vest in equal twenty-five percent (25%) increments on each of the first four (4) annual anniversaries of the Effective Date,
provided the Executive remains employed with the Company on each such vesting date. The remaining fifty percent (50%) of the Standard
Grant options shall commence vesting on the fourth annual anniversary of the Effective Date and shall vest in equal twenty-five percent
(25%) increments on each of the next four (4) annual anniversaries of the Effective Date following such date, provided the Executive remains
employed with the Company on each such vesting date. The Standard Grant shall also be subject to the 2021 Plan and the form of equity
award agreement approved by the Board (or a committee thereof).

 

(v) The Executive will also receive a
performance-based option to purchase 2,000,000 shares of the Company’s Class A Common Stock , which will not start to vest until
the Company reaches certain milestones on certain dates as specified by the Board (each, an “Option Milestone,” and
such grant, the “Milestone-Based Grant”). The portion of the Milestone-Based Grant subject to each Option Milestone
shall commence vesting on the date such Option Milestone is achieved and shall vest in equal twenty-five percent (25%) increments on each
of the subsequent four (4) annual anniversaries of such date. The Milestone-Based Grant shall also be subject to the 2021 Plan and the
form of equity award agreement approved by the Board (or a committee thereof).

 

5. Expenses;
Benefits.

 

(a) Expenses. The Company will pay or
reimburse the Executive for reasonable, necessary, and documented business or entertainment expenses incurred during his employment in
the performance of his services in accordance with the policies of the Company as from time to time in effect. The Executive, as a condition
precedent to obtaining payment or reimbursement, must provide all statements, bills or receipts evidencing the expenses, plus any other
information or materials that the Company may require in accordance with the policies of the Company as from time to time in effect.

 

(b) General Benefits. The Executive and,
to the extent eligible, his dependents, will be eligible to participate in and receive benefits under benefit plans provided by the Company
to its employees generally, subject, however, to the applicable eligibility and other provisions of the plans and programs in effect from
time to time.

 

(c) Paid Time Off. In addition to any
Company holidays, the Executive will be eligible for paid time off (“PTO”) for vacation or illness or for other reasons
as required by law (subject to the Executive’s continuing employment obligations and business needs), subject to the terms and conditions
of the Company’s PTO policies in effect from time to time.

 

(d) Car Allowance. During the term of
employment hereunder, the Company will provide a car for the executive to use, with such car allowance to be approved by the Board (or
a committee thereof).

 

(e) Housing Allowance. During the term
of employment hereunder, the Company will pay the Executive a monthly housing allowance, not to exceed eight thousand dollars ($8,000)
per month.

 

(f) Travel Policies and Allowance. The
Executive agrees to comply with the Company’s guidelines for reasonable business expenses, including but not limited to expenditures
for airfare, hotels, rental cars and meals on business trips. The Company agrees that when traveling for business purposes, the Executive
may travel in business class on flights of a minimum of 6 hours flying time to the destination. The Company also will reimburse the Executive
for the cost of roundtrip business airfare for up to four personal trips per year to China.

 

    4

     

    

  

(g) Visa Application and Processing.
The Executive shall be required to obtain a visa to work in the United States and the Company agrees to pay the visa application costs
and legal fees incurred for the Executive to apply for a U.S. O-1 visa. If the Executive is unable to obtain U.S. O-1 visa or other visa
that, in the Company’s sole discretion, is sufficient to allow the Executive to serve as Chief Executive Officer of the Company,
the Company may terminate the employment agreement by giving thirty (30) days’ advance written notice and the Company shall pay
the Executive the Accrued Obligations (as defined in Section 6(a)).

  

6. Termination. The Company may immediately
terminate the employment relationship by giving a written notice of termination to the Executive with the date of notice being the Date
of Termination. The Executive may terminate the employment relationship by giving thirty (30) days’ advance written notice of resignation
to the Company with the 30th day being the Date of Termination. The Executive’s employment may be terminated during the Term as
follows:

 

(a) Termination With Cause. Notwithstanding
anything to the contrary herein, the Company may immediately terminate the Executive’s employment with Cause (as defined below)
by giving a written notice to the Executive. In the event of termination with Cause under this Section 6(a), the Executive will be entitled
to payment of his then current Base Salary through the date of the Executive’s termination of employment with the Company (the “Date
of Termination”), and any accrued but unpaid vested benefits or paid time off (collectively, the “Accrued Obligations”).
For purposes of this Agreement, “Cause” shall mean, a termination of the Executive’s employment by the Company
as a result of the Executive’s: (1) intentional act of fraud, embezzlement, theft or any other material violation of law that occurs
during or in the course of such employee’s employment or engagement, as applicable, with the Company; (2) intentional or grossly
negligent damage to the Company’s interests or assets; (3) intentional or grossly negligent breach of the Company’s policies,
including, without limitation, disclosure of the Company’s confidential information contrary to Company policies or engagement in
any competitive activity which would constitute a breach of such employee’s duty of loyalty or any other duties such employee holds
to the Company; (4) the willful and continued failure to substantially perform such employee’s duties for the Company (other than
as a result of incapacity due to physical or mental illness); or (5) other willful or grossly negligent conduct by such employee that
is demonstrably and materially injurious to the Company, monetarily or otherwise. The determination of whether Cause (as defined above)
has occurred shall be made by the Board in its sole discretion.

 

(b) Termination Without Cause. The Executive’s
employment under this Agreement may be immediately terminated by the Company without Cause or advance notice. In the event that the Executive’s
employment is terminated by the Company without Cause, the Executive will be entitled to, as severance pay, payment of his then current
Base Salary for the remainder of the term of this Agreement, to be paid in a lump sum on the 60th day following the Date of Termination
(the “Severance Effective Date”). The Executive’s receipt of the severance pay described in this Section will
be conditioned on the Executive having executed and not rescinded on or before the Severance Effective Date, and his compliance with,
a reasonable and customary separation agreement and general release agreement provided by the Company that includes a full and final release
of claims in favor of the Company owned or potentially owned by him, and his continued compliance with Sections 7 and 8 of this Agreement.
For the avoidance of doubt, if the Company terminates the Executive’s employment in accordance with Section 5(g) for failure to
obtain a visa, the Executive shall not be entitled to any severance from the Company under this Section 6(b) or otherwise.

 

(c) Termination by the Executive Caused by
Death or Disability. Notwithstanding anything to the contrary herein, the Executive’s employment shall automatically terminate
upon his death or as a result of a termination by the Company due to Disability as defined below. For purposes of this Agreement, the
Executive shall be considered to have a “Disability” if, subject to compliance with applicable law, the Executive is
unable to perform for a period of 90 consecutive days the essential functions of his position by reason of physical or mental impairment,
with or without reasonable accommodation. Disability shall be established by a majority of three physicians, one selected by Executive
(or his spouse, child, parent or legal representative in the event of his inability to select a physician), one by the Board, and the
third by the two physicians selected by the Executive and the Board. In the event that the Executive’s employment is terminated
due to death or by the Company due to Disability, the Executive’s immediate family members will be entitled to payment of his then
current Base Salary for three months, to be paid in a lump sum on the 60th day following the last day of the Executive’s employment
with the Company.

 

    5

     

    

 

(d) No Other Payments or Benefits. Except
as expressly provided in this Section 6, upon and following the Executive’s Date of Termination, the Executive shall have no other
rights to any payments or benefits in connection with the Executive’s employment with the Company or the termination thereof, other
than those expressly required under applicable law.

 

(e) Section 280G. Notwithstanding anything
to the contrary in this Agreement or any other agreement with the Executive, Executive expressly agrees that if the payments and benefits
provided for in this Agreement or any other payments and benefits that Executive has the right to receive from the Company and its affiliates
(collectively, the “Payments”), would constitute a “parachute payment” (as defined in Section 280G(b)(2)
of the Internal Revenue Code of 1986, as amended (the “Code”)), then the Payments shall be either (i) reduced
(but not below zero) so that the present value of the Payments will be one dollar ($1.00) less than three times Executive’s “base
amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of the Payments received by Executive shall be
subject to the excise tax imposed by Section 4999 of the Code or (ii) paid in full, whichever produces the better net after-tax
position to Executive. The reduction of Payments, if any, shall be made by reducing first any Payments that are exempt from Section 409A
of the Code and then reducing any Payments subject to Section 409A of the Code in the reverse order in which such Payments would
be paid or provided (beginning with such payment or benefit that would be made last in time and continuing, to the extent necessary, through
to such payment or benefit that would be made first in time). The professional firm engaged by the Company for general tax purposes as
of the day prior to the date of the event that might reasonably be anticipated to result in Payments that would otherwise be subject to
the excise tax will perform the foregoing calculations. If the tax firm so engaged by the Company is serving as accountant or auditor
for the acquiring company, the Company will appoint a nationally recognized tax firm to make the determinations required by this Section 6(e).
The Company will bear all expenses with respect to the determinations by such firm required to be made by this Section 6(e).
The Company and Executive shall furnish such tax firm such information and documents as the tax firm may reasonably request in order to
make its required determination. The tax firm will provide its calculations, together with detailed supporting documentation, to the Company
and Executive as soon as practicable following its engagement. If a reduced Payment is made or provided and, through error or otherwise,
that Payment, when aggregated with other payments and benefits from the Company (or its affiliates) used in determining if a “parachute
payment” exists, exceeds one dollar ($1.00) less than three times Executive’s base amount, then Executive shall immediately
repay such excess to the Company.

 

(f) Resignation as Officer. Except as
otherwise agreed to between the Company and the Executive, effective as of the Date of Termination, the Executive shall be deemed to have
resigned from all offices and directorships, if any, then held with the Company or any of its subsidiaries or affiliates. At the Company’s
request, the Executive shall execute and deliver such documentation as the Company may prescribe in order to effectuate such resignation(s).

 

(g) Return of Property. Upon or promptly
following the Date of Termination, the Executive hereby agrees to return to the Company all Company files, Confidential Information (in
any form contained, including any copies thereof), access keys, desk keys, identity badges, computers, electronic devices, cell phones,
credit cards, and such other property of the Company or its subsidiaries or affiliates as may be in the Executive’s possession.

 

7. Restrictive
Covenants.

 

(a) Confidential Information. Other than
in the performance of his duties hereunder, the Executive covenants and agrees he shall keep secret and retain in strictest confidence,
and shall not furnish, make available or disclose to any third party or use for his own benefit or the benefit of any third party, any
Confidential Information. As used herein, “Confidential Information” shall mean any information relating to the business
or affairs of the Company and its subsidiaries and affiliates, including, but not limited to, their respective products, servicing methods,
development plans, costs, finances, marketing plans, equipment configurations, data, data bases, access or security codes or procedures,
business opportunities, acquisition candidates, names of and contact information for customers and vendors, research and development,
inventions, algorithms, know-how and ideas, purchasing information and other proprietary information used by the Company or any of its
subsidiaries or affiliates in connection with their respective businesses: provided, that Confidential Information shall not
include any information which is in the public domain or becomes generally known in the industry, in each case, other than as a result
of the Executive’s violation of this Section 7(a), or the disclosure of which by the Executive is required by law: provided, however,
that the Executive will provide the Company with prompt notice of any requirement or proceeding which would compel the Executive to disclose
the Confidential Information (including, without limitation, a judicial or administrative proceeding or by interrogatories, civil investigative
demand, subpoena or other legal process) so that the Company may seek an appropriate protective order or other appropriate remedy, and
the Executive will cooperate (at the Company’s sole expense) with the Company’s efforts in connection therewith. The Executive
acknowledges that the Confidential Information is vital, sensitive, confidential and proprietary to the Company and its subsidiaries and
affiliates. The Executive shall deliver to the Company as of the Date of Termination, and at any other time the Company may request, all
memoranda, notes, plans, records, reports, computer disks or other electronic media and all files and data stored thereon, printouts and
software and other documents and data (and copies thereof) embodying or relating to the Confidential Information or the business of the
Company, its subsidiaries or affiliates which he may then possess or have under his control. Notwithstanding the foregoing, nothing in
this Agreement or otherwise will prohibit or restrict Executive from responding to any inquiry, or otherwise communicating with, any federal,
state or local administrative or regulatory agency or authority or participating in an investigation conducted by any governmental agency
or authority. Executive cannot be held criminally or civilly liable under any federal or state trade secret law for the disclosure of
a trade secret that is made (1) in confidence to a federal, state, or local government official, either directly or indirectly, or
to an attorney, and (2) solely for the purpose of reporting or investigating a suspected violation of law; or that is made in a complaint
or other document filed in a lawsuit or other proceeding, if such filing is made under seal. As a result, the Company and Executive shall
have the right to disclose trade secrets in confidence to federal, state, and local government officials, or to an attorney, for the sole
purpose of reporting or investigating a suspected violation of law. Each of the Company and Executive also have the right to disclose
trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public
disclosure. Nothing in this Agreement is intended to conflict with that right or to create liability for disclosures of trade secrets
that are expressly allowed by the foregoing.

 

    6

     

    

 

(b) Non-Solicitation; Non-Interference.
During the period beginning on the date hereof and ending on the first anniversary of the Date of Termination (the “Non-Solicitation
Period”), the Executive shall not directly or indirectly through another individual or entity, other than in the performance
of his duties hereunder, (i) induce or attempt to induce any employee or independent contractor of the Company or any subsidiary or affiliate
thereof to leave the employ or service of the Company or such subsidiary or affiliate, or in any way interfere with the relationship between
the Company or any subsidiary or affiliate and any employee or independent contractor thereof, or (ii) use Confidential Information to
induce or attempt to induce any customer, supplier, licensee, licensor, franchisee or other business relation of the Company or any of
its subsidiaries or affiliates to cease doing business with the Company or such subsidiary or affiliate, or in any way intentionally interfere
with the relationship between any such customer, supplier, licensee or business relation and the Company or any of its subsidiaries or
affiliates (including, without limitation, making any negative public statements or communications about the Company or its subsidiaries
or affiliates in violation of Section 7(c)).

 

(c) Non-Disparagement. Except (i) in
the performance of his duties hereunder, or (ii) to the extent legally required due to a valid subpoena, during the Non-Solicitation Period,
the Executive shall not, directly or indirectly, make, publish or communicate to any person, individual or entity, or in any public forum,
any defamatory or disparaging remarks, comments or statements concerning, or otherwise say anything that is harmful to the reputation
of the Company, its subsidiaries or its affiliates, or any of their respective businesses, owners, employees, or contractors; provided that,
subject to compliance with any release executed by the Executive, nothing in this Section 7(c) shall prohibit the Executive from initiating
any legal proceeding, defending himself in any proceeding (including with respect to any proceeding relating to this Agreement), providing
testimony in any proceeding, and communicating with his attorneys and advisors to the extent necessary in connection with any such proceeding
or discussing or disclosing unlawful business activity such as discrimination or harassment or any other conduct you reasonably believe
to be unlawful.

 

(d) Blue-Pencil. If any court of competent
jurisdiction shall at any time deem the term of any particular restrictive covenant contained in this Section 7 too lengthy or the subject
matter too extensive, the other provisions of this Section 7 shall nevertheless stand, the term shall be deemed to be the longest period
permissible by law under the circumstances and geographic area covered shall be deemed to comprise the largest territory permissible by
law under the circumstances. The court in each case shall reduce the term or geographic area covered to permissible duration and size.

 

(e) Remedies. The Executive acknowledges
and agrees that the covenants set forth in this Section 7 (collectively, the “Restrictive Covenants”) are reasonable
and necessary for the protection of the Company’s and its subsidiaries’ and affiliates’ business interests, that irreparable
injury will result to the Company and its subsidiaries and affiliates if the Executive breaches any of the terms of the Restrictive Covenants,
and that in the event of the Executive’s actual or threatened breach of any of the Restrictive Covenants, the Company will have
no adequate remedy at law. The Executive accordingly agrees that in the event of any actual or threatened breach by such the Executive
of any of the Restrictive Covenants, the Company shall be entitled to immediate temporary injunctive and other equitable relief, without
(i) the necessity of posting bond or other security, (ii) the necessity of showing actual damages and (iii) the necessity of showing that
monetary damages are inadequate. Nothing contained herein shall be construed as prohibiting the Company from pursuing any other remedies
available to it for such breach or threatened breach, including the recovery of any damages. In the event of a breach or violation by
the Executive of a provision of this Section 7, the term of the provision as it applies to the Executive shall be tolled until such breach
or violation has been duly cured.

 

(f) Acknowledgements. The Executive acknowledges
that the provisions of this Section 7 are in further consideration of good and valuable consideration as set forth in this Agreement,
the receipt and sufficiency of which are hereby acknowledged. The Executive expressly agrees and acknowledges that the restrictions contained
in this Section 7 do not preclude him from earning a livelihood, nor do they unreasonably impose limitations on his ability to earn a
living. In addition, the Executive agrees and acknowledges that the potential harm to the Company and its subsidiaries and affiliates
of non-enforcement of this Section 7 outweighs any harm to the Executive of enforcement of this Section 7 by injunction or otherwise.
The Executive acknowledges that he has carefully read this Agreement and has given careful consideration to the restraints imposed upon
him by this Agreement, and is in full accord as to their necessity. The Executive expressly acknowledges and agrees that each and every
restraint imposed by this Agreement is reasonable with respect to the subject matter, time period and geographical area.

 

    7

     

    

 

(g) Understandings. The Executive acknowledges
and agrees that (i) the Company informed him as part of the offer of employment under the terms of this Agreement that the Restrictive
Covenants would be required as part of the terms and conditions of such employment; (ii) he has carefully considered the restrictions
contained in this Agreement and determined that they are reasonable, and has sought the advice of legal counsel if so inclined; (iii)
the restrictions in this Agreement will not unduly restrict the Executive in securing other suitable employment in the event of termination
from the Company; and (iv) he signed this Agreement as a condition to the commencement of his employment with the Company under this Agreement.

 

(h) Notification of Restrictive Covenants.
Before accepting employment or consulting work with any person or entity during his employment with the Company or any period thereafter
that the Executive is subject to the restrictions set forth in Sections 7(a), 7(b) and 7(c) above, the Executive will notify the prospective
employer or principal in writing of his obligations under such provisions and will simultaneously provide a copy of such written notice
to the Company. In addition , by signing below, the Executive authorizes the Company to notify third parties (including, but not limited
to, the Company’s customers, suppliers and competitors) of the terms of Sections 7 and 8 of this Agreement and the Executive’s
responsibilities hereunder.

 

(i) Survival and Scope. The parties agree
that this Section 7 will survive termination of the Executive’s employment with the Company and termination of this Agreement for
any reason. As used in this Section 7, the term “Company” will include the Company and all parents, subsidiaries and
affiliates of the Company.

 

(j) Acknowledgement. The Executive acknowledges
being informed of the following: Notwithstanding anything herein to the contrary, under the Defend Trade Secrets Act of 2016, an individual
may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i)
is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (B)
solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed
in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer
for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information
in the court proceeding if the individual files any document containing the trade secret under seal and does not disclose the trade secret
except pursuant to court order. Nothing in this Agreement is intended, or should be construed, to affect the immunities created by the
Defend Trade Secrets Act of 2016.

 

8. Assignment
of Intellectual Property.

 

(a) The Executive hereby irrevocably assigns to the
Company and its successors, assigns, and legal representatives:

 

(i) except as provided by any statutory
notice provided herewith, the entire right, title and interest to all Intellectual Property, where “Intellectual Property”
means all trade secrets, trade names, trademarks, service marks, trade dress, logos, discoveries, improvements, designs, processes, techniques,
equipment, trademarks, ideas, inventions or similar right or asset conceived or made or reduced to practice in whole or in part by the
Executive during the course of his employment by the Company or its predecessor (whether patentable or not and including, without limitation,
those that might be copyrightable);

 

(ii) the entire right, title and interest
to any United States or foreign patent that may issue or that has issued with respect to the Intellectual Property;

 

(iii) the entire right, title and interest
to any renewals, reissues, extensions, substitutions, continuations, continuations-in-part, or divisions that may be filed with respect
to the Intellectual Property, applications and patents;

 

    8

     

    

 

(iv) the right to apply for patent in foreign
countries in its own name and to claim any priority rights to which such foreign applications are entitled under international conventions,
treaties or otherwise; and

 

(v) the right to sue for past, present,
and future infringement of such Intellectual Property and patents.

 

(b) The Executive hereby acknowledges and agrees
that, to the extent any work performed by the Executive for the Company gives rise to the creation of any copyrightable material (“Work”),
all such Work, including all text, software, source code, scripts, designs, diagrams, documentation, writings, visual works, or other
materials will be deemed to be a work made for hire for the Company. To the extent that title to any Work may not, by operation of law,
vest in the Company or such Work may not be considered work made for hire for the Company, all rights, title and interest therein were
assigned and are hereby irrevocably assigned to the Company, including but not limited to the right to sue for past, present, and future
infringement of any Work. All such Work will belong exclusively to the Company, with the Company having the right to obtain and to hold
in its own name, copyrights, registrations or such other protection as may be appropriate to the subject matter; and any extensions and
renewals thereof. To the extent that title to any Work may not be assigned to the Company, the Executive hereby grants the Company a worldwide,
nonexclusive, perpetual, irrevocable, fully paid-up, royalty-free, unlimited, transferable, sublicensable license, without right of accounting,
in such Work.

 

(c) The Executive will execute and deliver without
further consideration such documents and perform such other lawful acts as the Company or its successors and assigns may deem necessary
to fully secure the Company’s rights, title or interest in all Works and Intellectual Property as set forth in this Agreement.

 

(d) This Agreement does not
apply to any Intellectual Property that the Executive developed entirely on his own time without using the Company or Faraday Future’s
equipment, supplies, facilities, or trade secret information except for those inventions that either:(1)Relate at the time of conception
or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development
of the employer; or (2)Result from any work performed by the employee for the employer.

 

(e) Survival and Scope. The parties agree
that this Section 8 will survive termination of the Executive’s employment with the Company and termination of this Agreement for
any reason. As used in this Section 8, the term “Company” will include the Company and all parents, subsidiaries and affiliates
of the Company.

 

9. Enforceability. It is intended that
the obligations of the Executive to perform pursuant to the terms of this Agreement are unconditional and do not depend on the performance
or nonperformance of any agreements, duties or obligations between the Company and the Executive not specifically contained in this Agreement.
The Company’s action in not enforcing a breach of any part of this Agreement will not prevent the Company from enforcing it as to
the same or any other breach of this Agreement.

 

10. Assignment. This Agreement may
not be assigned by the Company without prior consent of the Executive, except that the Company shall have the right to assign this Agreement
to any affiliate of the Company without the consent of the Executive, provided that such affiliate is controlling, controlled by or under
common control with the Company, or to any successor of the Company, including, without limitation, by asset assignment, stock sale, merger,
consolidation or other reorganization. This Agreement will inure to the benefit of, and may be enforced by, any and all successors and
permitted assigns of the Company. The Executive’s rights and obligations under this Agreement are personal to the Executive; he
may not assign or otherwise transfer his rights or obligations under this Agreement, and any purported assignment or transfer will be
void and ineffective.

 

    9

     

    

 

11. Modification. This Agreement
may not be orally cancelled, changed, modified or amended; and no cancellation, change, modification or amendment will be effective or
binding, unless in writing and signed by the parties to this Agreement.

 

12. 409A Compliance. It is intended
that any amounts payable under this Agreement will be exempt from or comply with the applicable requirements, if any, of Section 409A
of the Code, and the notices, regulations and other guidance of general applicability issued thereunder (collectively, “Code
Section 409A”), and the parties will interpret this Agreement in a manner that will preclude the imposition of additional taxes
and interest imposed under Code Section 409A. The parties agree that this Agreement may be amended by the Company (as determined by the
Company) to the extent necessary to comply with or avoid Code Section 409A; provided further that any such amendment
shall be structured to place the Executive in substantially the same economic position as if such amendment had not been made and there
were no adverse consequences under Code Section 409A. Further and if applicable, if any of the payments described in this Agreement are
payable on account of termination of the Executive’s employment and are subject to the requirements of Code Section 409A and the
Company determines that the Executive is a “specified employee” as defined in Code Section 409A as of the date of the Executive’s
termination of employment, any portion of such payments otherwise owing within six months of termination of the Executive’s employment
will not be paid until the earlier of the first day of the seventh month following the date of the Participant’s termination of
employment or the date of the Executive’s death, but only to the extent such delay is required for compliance with Code Section
409A. In all cases, for purposes of compliance with Code Section 409A, “termination of employment” will have the same meaning
as “separation from service” as defined in Code Section 409A. For purposes of Code Section 409A, each payment that may be
due hereunder (whether due in installments or otherwise), shall be deemed a separate payment. All reimbursements and in-kind benefits
provided under this Agreement shall be made or provided in accordance with the requirements of Code Section 409A to the extent that such
reimbursements or in-kind benefits are subject to Code Section 409A, including, where applicable, the requirements that (i) any reimbursement
is for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii)
the amount of expenses eligible for reimbursement (and the in-kind benefits to be provided) during a calendar year may not affect the
expenses eligible for reimbursement (and the in-kind benefits to be provided) in any other calendar year, (iii) the reimbursement of an
eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred and (iv)
the right to reimbursement (or in-kind benefits) is not subject to set off or liquidation or exchange for any other benefit.

 

13. Severability and Survival. If a
court finds any term of this Agreement to be invalid, unenforceable, or void, the parties agree that the court will modify such term to
make it enforceable to the maximum extent possible. If the term cannot be modified, the parties agree that the term will be severed and
all other terms of this Agreement will remain in effect. The parties’ respective rights and obligations hereunder will survive the
termination of the Executive’s employment to the extent necessary to the intended preservation of such rights and obligations.

 

14. Applicable Law; Venue. The Company’s
principal offices are located in Los Angeles, California. Therefore, all questions concerning the construction, interpretation and validity
of this Agreement, and all matters relating hereto, will be governed by and construed and enforced under the laws of the State of California,
without giving effect to any choice-of-law provision or rule that would cause the application of the laws of any jurisdiction other than
California. To the extent a dispute arising hereunder is to be resolved outside of arbitration, the proper venue shall be in the state
and federal courts in Los Angeles, California.

 

15. Representations by the Executive.
The Executive represents that he is not subject to any agreement, instrument, order, judgment or decree, or any other agreement, that
would prevent or limit him from entering into this Agreement or that would be breached upon performance of his duties under this Agreement,
including but not limited to any duties owed to any former employers not to compete. The Executive will defend and indemnify the Company
if this representation is not true. If the Executive possesses any information that he knows or should know is considered by any third
party, such as a former employer of the Executive’s, to be confidential, trade secret, or otherwise proprietary that the Executive
is not permitted to disclose to the Company, the Executive will not disclose such information to the Company or use such information to
benefit the Company in any way.

 

16. Executive Cooperation. During,
and for a period of twenty-four (24) months after the termination of, Executive’s employment with the Company or any of its subsidiaries
or affiliates, the Executive agrees to provide thorough and accurate information and testimony to or on behalf of the Company or any of
its subsidiaries or affiliates regarding any pending or future investigation, court case or action by or against the Company or any of
its subsidiaries or affiliates that is initiated or pursued by any person or entity or by any government agency as reasonably requested
by the Company (other than any such court case or action by, on behalf of, against or directly involving the Executive); provided, the
Executive agrees not to disclose to or discuss with anyone who is not, on behalf of the Company or any of its subsidiaries or affiliates,
directing or assisting in such investigation, court case or action, other than his attorney, if any, the fact of or the subject matter
of any such investigation, court case or action, except as required by law or as otherwise permitted under this Agreement. The Executive
will accommodate the Company or any of its subsidiaries or affiliates to promptly provide such information at Company or its subsidiaries’
or Affiliates’ sole expense (including covering or otherwise reimbursing the Executive’s reasonable out of pocket expenses).
The Executive will be reasonably compensated for any cooperation provided under this Section 16; provided, that the Executive
acknowledges that (a) to the extent the Executive is receiving severance pay pursuant to Section 6(b) of this Agreement and such cooperation
is provided during the twelve-month period following the Executive’s termination of employment, such severance pay shall be considered
reasonable compensation for such cooperation, and (b) in all situations other than those described in the foregoing clause (a), reasonable
compensation for such cooperation shall be based on the hourly equivalent of the Executive’s Base Salary in effect at the time of
the termination of his employment with the Company and its affiliates.

 

    10

     

    

 

17. Notices. All notices, consents,
requests, demands and other communications required or permitted hereunder: (a) will be in writing; (b) will be sent by messenger, certified
or registered U.S. mail, a reliable express delivery service or e-mail (with a copy sent by one of the foregoing means), charges prepaid
as applicable, to the appropriate address(es) set forth below; and (c) will be deemed to have been given on the date of receipt by the
addressee (or, if the date of receipt is not a business day, on the first business day after the date of receipt), as evidenced by (i)
a receipt executed by the addressee (or a responsible person in his office), the records of the Person delivering such communication or
a notice to the effect that such addressee refused to claim or accept such communication, if sent by messenger, U.S. mail or express delivery
service, or (ii) a receipt generated by the sender’s computer showing that such communication was sent to the appropriate e-mail
address on a specified date, if sent by e-mail. All such communications will be sent to the following addresses, or to such other addresses
or as any party may inform the others by giving five business days’ prior notice:

 

	 	  If to the Company:	 
	 	 	Faraday Future Intelligent Electric Inc.
	 	 	Faraday&Future Inc.
	 	 	18455 S. Figueroa Street
	 	 	Los Angeles, CA 90248
	 	 	Attn: General Counsel

 

	 	If to the Executive:	 
	 	 	 
	 	 	At the address set forth in the records of the Company.

 

18. Entire Agreement. This Agreement
represents the entire agreement between the Company and the Executive with respect to the employment of the Executive by the Company,
and all prior discussions, negotiations, agreements, plans and arrangements relating to the employment of the Executive by the Company
and all parents, subsidiaries and affiliates of the Company, including the Company, are nullified and superseded hereby.

 

19. Headings. The headings contained
in this Agreement are for reference purposes only and will not affect the meaning or interpretation of this Agreement.

 

20. Withholdings. The Company will
withhold from any amounts payable under this Agreement such federal, state or local taxes as may be required under any applicable law
or regulation.

 

21. Counterparts. This Agreement may
be executed by facsimile or PDF transmission and in counterparts, each of which will be deemed an original and all of which will constitute
one instrument.

 

22. No Strict Construction. The language
used in this Agreement will be deemed to be chosen by the Company and the Executive to express their mutual intent. No rule of law or
contract interpretation that provides that in the case of ambiguity or uncertainty a provision should be construed against the draftsman
will be applied against any party hereto.

 

 

23. Damages for Breach of Contract.
Either party that breaches this Agreement is liable for the other party’s damages.

 

24. Company Policies.  Executive
shall be subject to additional Company policies as they may exist from time-to-time, including policies with regard to stock ownership
by senior executives and policies regarding trading of securities. 

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement on the date first written above.

 

	 	COMPANY
	 	 
	 	Faraday Future Intelligent Electric Inc.
	 	 
	 	By:	/s/ Adam He
	 	Name:	Adam He
	 	Its:	Interim Chairman of the Board
	 	 
	 	FARADAY FUTURE
	 	 
	 	Faraday&Future Inc.
	 	 
	 	By:	/s/ Adam He
	 	Name:	Adam He
	 	Its:	Interim Chairman of the Board
	 	       
	 	EXECUTIVE
	 	 
	 	/s/ Xuefeng Chen
	 	Xuefeng Chen

 

 

11

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