Document:

Exhibit 4.4

 

 

Aspirity
Holdings LLC (f/k/a Twin Cities Power Holdings, LLC)

Renewable Unsecured Subordinated Notes

Subscription Agreement

 

To purchase Renewable Unsecured Subordinated
Notes, please complete both sides of this form and write a check made payable to Aspirity Holdings LLC for the total amount of
all Notes. Mail this form, your check, and any other documents requested below in the enclosed postage-prepaid business reply envelope.
If you use your own envelope, please mail your investment to Aspirity Holdings LLC, PO Box 4126, Hopkins MN 55343. If you have
any questions, please call 888-955-3385 or email InvestorServices@AspirityNotes.com.

 

	Initial Term	Note Purchase Amount (1, 3)	Interest Payment Schedule (please mark one for each Note) (3)
	Monthly (2)	Quarterly	Semi-Annually	Annually	At Redemption
	3 Months	 	 	 	na	na	 
	6 Months	 	 	 	 	na	 
	1 Year	 	 	 	 	 	 
	2 Years	 	 	 	 	 	 
	3 Years	 	 	 	 	 	 
	4 Years	 	 	 	 	 	 
	5 Years	 	 	 	 	 	 
	10 Years	 	 	 	 	 	 
	Total	    	 
	(1) Minimum principal amount of $1,000 per Note. (2) Monthly interest payment date, e.g., 1st, 15th, etc.	 
	(3) We will electronically deposit your principal and interest payments directly into the checking or savings account listed on your Direct Deposit Authorization.

	Form of Ownership (please mark one)
	 	Individual with optional beneficiary	 	Custodian for a minor
	 	Joint tenants with right of survivorship	 	Other, e.g., IRA, SEP, 401(k), 403(b), Keogh, trust, corporation, partnership, etc.
	If “Other”, please attach the appropriate documentation authorizing you to make this investment such as a trust resolution or corporation or partnership documents
	
        Note Purchaser(s)

        (mark one for each)
	
        Full name

        (prefix, first, middle, last, suffix)
	Social Security or  Tax identification number	
        Date of birth

        (not required for custodian)

	Individual or entity / 1st joint tenant / minor / authorized person	 	 	 
	Beneficiary / 2nd joint tenant / custodian / transfer on death	 	 	 
	 	
        Primary Address

        (original correspondence will be sent to
        this address)
	
        Secondary Address

        (copies of correspondence will be sent to
        this address)

	Addressee	 	 
	Address 1	 	 
	Address 2	 	 
	City, state, zip	 	 
	Daytime phone	 	 
	Email	 	 
	Password If you call about your investment, you will be asked to verify your identity by providing your mother’s maiden name as follows	 
	 	 	 	 	 	 	 	 	 	 

 

 

    	1

    	 

    

 

Aspirity Holdings LLC

Renewable Unsecured Subordinated Notes

Subscription Agreement

 

	
        Required Information & Suitability
        Standards

        The securities regulatory authorities
        of certain states have established minimum suitability standards for investors who reside there. Please see the notices below for
        details.

	What is your net worth excluding the value of your primary residence, furnishings, and personal automobiles and the debt secured by these items to the extent such does not exceed the asset’s value?	 
	What is your annual income?	 	What percent of your net worth is invested in assets (stocks, bonds, real estate, and the like) that are not publicly traded?	 
	Notice to California Investors - We have established suitability standards for California investors, which require such persons to have either a net worth not including home, furnishings, and personal automobiles of at least $70,000 and an annual gross income of at least $70,000, or a net worth not including home, furnishings, and personal automobiles of at least $250,000. These requirements represent minimum suitability standards for prospective Note holders but do not necessarily mean that the Notes are a suitable investment for a particular investor or that we will accept such person’s subscription agreement.
	Notice to Kansas Investors - We have established suitability standards for Kansas investors, which require such persons to have either a net worth not including home, furnishings, and personal automobiles of at least $70,000 and an annual gross income of at least $70,000, or a net worth not including home, furnishings, and personal automobiles of at least $250,000. Additionally, the Office of the Kansas Securities Commissioner has required that Kansas investors limit their aggregate investment in the Notes and other similar programs to not more than 10% of their liquid net worth. For this purpose, liquid net worth is defined as that portion of total net worth (total assets minus total liabilities) comprised of cash, cash equivalents, and readily marketable securities, as determined in conformity with Generally Acceptable Accounting Principles.
	Notice to Michigan Investors - We have established suitability standards for Michigan investors, which require such persons to have either a net worth not including home, furnishings, and personal automobiles of at least $70,000 and an annual gross income of at least $70,000, or a net worth not including home, furnishings, and personal automobiles of at least $250,000. Additionally, a Michigan investor's total investment in this offering and other similar offerings shall not exceed 10% of such person's liquid net worth. For this purpose, liquid net worth is determined exclusive of home, home furnishings, and automobiles. These requirements represent minimum suitability standards for prospective Noteholders but do not necessarily mean that the Notes are a suitable investment for a particular investor or that we will accept such person’s subscription agreement. 
	Notice to New Jersey Investors - New Jersey investors must have a minimum liquid net worth of at least $100,000 and a minimum annual gross income of not less than $85,000, or a minimum liquid net worth of at least $350,000. For these purposes, liquid net worth is defined as that portion of net worth (total assets exclusive of home, home furnishings, and automobiles minus total liabilities) that consists of cash, cash equivalents, and readily marketable securities. In addition, a New Jersey investor’s investment in us and our affiliates and other non-publicly traded direct investment programs, including real estate investment trusts, business development companies, oil and gas programs, equipment leasing programs, and commodity pools, but excluding unregistered federally and state exempt private offerings may not exceed 10% of their liquid net worth. 
	Notice to New Mexico Investors - We have established suitability standards for New Mexico investors, which require such persons to have either a net worth not including home, furnishings, and personal automobiles of at least $70,000 and an annual gross income of at least $70,000, or a net worth not including home, furnishings, and personal automobiles of at least $250,000. Additionally, a New Mexico investor's total investment in this offering and other similar offerings shall not exceed 10% of such person's liquid net worth. For this purpose, liquid net worth is determined exclusive of home, home furnishings, and automobiles. These requirements represent minimum suitability standards for prospective Noteholders but do not necessarily mean that the Notes are a suitable investment for a particular investor or that we will accept such person’s subscription agreement.
	Form W-9 Certification Under penalties of perjury, I hereby declare and certify that: (1) the social security number or tax identification number listed above is correct or I am waiting for a number to be issued to me; (2) I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and (3) I am a U.S. citizen or other U.S. person as defined in the IRS Instructions to Form W-9. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return.
	 	 
	
        Signature & date

        Individual / 1st joint tenant / custodian
        / authorized person
	
        Signature & date

        2nd joint tenant (if applicable)

	Certification Under penalties of perjury, I hereby declare and certify that: (1) I am a bona fide resident of the state listed in the primary mailing address above; (2) I have received and read the prospectus provided by Aspirity Holdings LLC (“Aspirity”) and understand the risks related to the Notes and to the Company; (3) neither Aspirity, its affiliates, nor agents have recommended this investment to me or given me investment, legal, or tax advice regarding the Notes or the Company's creditworthiness; (4) I have independently determined that this investment is suitable for me without relying on such advice from Aspirity, its affiliates, or agents; (5) I understand that the Notes are illiquid due to significant transfer restrictions and the lack of a secondary market; (6) I understand that the Notes are obligations of Asperity only, they are not bank certificates of deposit, and they are not guaranteed or insured by the FDIC or any other entity; (7) I understand that I risk the loss of my entire principal amount and all accrued but unpaid interest when purchasing Notes and have the financial ability to withstand these losses; and (8) I am purchasing the Notes to fulfill my investment objective of earning current taxable interest income. I understand that my purchase offer is subject to the terms contained in the prospectus and to state securities regulations, may be rejected in whole or in part, and will not become effective until accepted by Aspirity.
	 	 
	
        Signature & date

        Individual / 1st joint tenant / custodian
        / authorized person
	
        Signature & date

        2nd joint tenant (if applicable)

	 	 	 	 	 

 

 

    	2

    	 

    

 

Aspirity Holdings LLC

Direct Deposit Authorization

 

	Account Information (please check one)
	 	I currently receive or have received direct deposit payments for other Renewable Subordinated Notes purchased from Asperity Holdings LLC, formerly known as Twin Cities Power Holdings LLC. Please deposit all principal and interest payments for this new Note into the same account.
	 	Please deposit my principal and interest payments into the same checking account that I am using to make this investment. The correct account information is listed on the enclosed check that I am using to purchase this Note.
	 	Please deposit my payments into the account listed below. If this is a checking account, please attach a VOIDED check to the bottom of this form. If this is a savings account, please confirm the bank routing number and the account number with your financial institution.
	 
	Account owner name(s)
	 	Checking	 	Savings	 	Other	 
	Account number
	 	 	 	 	 	 	 	 	 	 
	Bank routing number (9 digits)	Bank name & branch location
	Some financial institutions such as brokerage firms, custodians, mutual savings banks, credit unions, money market funds, etc. also require “for further credit” information to correctly identify direct deposit accounts. If your financial institution requires this additional information, please list it below. If you are unsure if this additional information is required, please call your financial institution.
	For further credit to	 
	Authorization
	
        As the investor of record and authorized
        signatory of the account listed above, I hereby authorize Aspirity Holdings LLC, its affiliates, and agents, collectively referred
        to herein as "Aspirity", to deposit interest and principal payments owed to me by initiating credit entries in my account
        listed above. Further, I authorize my financial institution to accept and to credit any credit entries initiated by Aspirity to
        the listed account. In the event of an erroneous credit entry, I also authorize Asperity to debit the account for an amount not
        to exceed the original amount of the erroneous credit.

        This authorization is to remain in full
        force and effect until Aspirity and my financial institution have received written notice from me of its termination in such time
        and in such manner as to afford Aspirity and my financial institution reasonable opportunity to act on it. In the event the listed
        account is closed, I will promptly notify Aspirity of an alternate account into which payments may be made.

	 
	Authorized signature& date
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	
        ATTACH VOIDED CHECK HERE

        AND DELIVER TO:

        Aspirity Holdings LLC

        PO Box 4126

        Hopkins MN 55343

        OR SCAN & EMAIL TO:

        InvestorServices@AspirityNotes.com

 

 

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Aspirity Holdings LLC

Consent to Electronic Delivery

 

	
        Investor Consent (Both investors
        must sign for Notes purchased jointly)

        This form seeks your consent to the electronic
        delivery of materials in connection with the offering of Renewable Unsecured Subordinated Notes issued by Aspirity Holdings LLC
        (“Aspirity” or the “Company”), formerly known as Twin Cities Power Holdings LLC.

        By signing below,
        I hereby consent to receiving any and all information relating to the Notes via electronic means, either by accessing it on the
        Company’s web site at www.aspirity.com, the SEC’s web site at www.sec.gov, or through e-mail delivery.

        To the extent
        information required to be delivered to me is posted on the web sites of the Company or the SEC, I acknowledge that I may be notified
        of the update by e-mail at the address provided below. I also acknowledge that I may incur costs in accessing materials electronically
        such as internet access charges and expenses associated with printing documents. I understand that information delivered in PDF
        format may require me to install free software available at get.adobe.com/reader

        This consent will be effective until I
        deliver a written revocation to the Company or its agent which I may do at any time. I also acknowledge that it is my intention
        to notify Aspirity or its agent at the address or phone number below in the event of any change in the following information.

	 
	Name (Individual / 1st joint tenant / custodian / authorized person)
	 
	E-mail Address
	 
	Signature & date

	 
	Name (2nd joint tenant, if applicable)
	 
	E-mail Address
	 
	Signature & date

 

Aspirity Holdings LLC

PO Box 4126

Hopkins MN 55343

888-955-3385

InvestorServices@AspirityNotes.com

http://www.AspirityNotes.com

 

 

    	4Exhibit 10.1

 

LEASE AGREEMENT

[Golden Hills Office Center, Golden Valley,
MN]

 

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

 

DEFINITIONS

 

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

BASIC TERMS

 

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

 

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

        Minnesota. The Premises are depicted on attached Exhibit
        1.

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

 

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

 

	5.	Tenant's Share of Expenses Percentage:	4.1954%
		 	 
	6.	Property Manager:	IRET Properties, a North Dakota Limited Partnership
	 	 	10050 Crosstown Circle, Suite 105
	 	 	Eden Prairie, MN 55344
	 	 	Telephone: (952) 401-6600
	 	 	 
	7.	Rent Payment Address:	IRET-Golden Jack, L.L.C.
	 	 	IRET Properties
	 	 	Attn: PM Accounting (GL#1248; Golden Hills)
	 	 	1400 31st Avenue SW, Suite 60 (overnight
        delivery)
	 	 	PO Box 1988 (regular mail)
	 	 	Minot, ND 58701

 

    	1

    	 

    

 

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

c/o IRET Properties
	 	 	Attn: General Counsel
	 	 	1400 3151 Avenue SW, Suite 60 (overnight delivery)
	 	 	PO Box 1988 (regular mail)
	 	 	Minot, ND 58701
	 	 	 
	 	With a copy to:	Property Manager at the address described in Section 6 of the Basic Terms.
	 	 	
	9.	Address of Tenant for Notices:	Bell State Bank & Trust
	 	 	Attn: Mr. Gary V. Kirt
	 	 	701 Xenia Avenue South, Suite 200
	 	 	Golden Valley, MN 55416
	 	 	 
	10.	Brokers:	Landlord's Broker: NorthMarq Real Estate Services LLC
	 	 	Tenant's Broker: Colliers International
	 	 	 
	11.	Security Deposit:	$17,000.00 (Section 17.4).
	 	 	 
	12.	Permitted Use:	Tenant shall use the Premises only for general office purposes, and not for any other purpose (Section 4.1).

 

ARTICLE 1

LEASE OF PREMISES
AND LEASE TERM

 

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

 

1.2.          Term,
Possession, Delivery, and Commencement.

 

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

 

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

 

    	2

    	 

    

 

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

 

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

 

ARTICLE 2

RENT

 

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

 

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

 

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

 

    	3

    	 

    

 

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

 

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

 

ARTICLE 3

PROPERTY TAXES AND OPERATING EXPENSES

 

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

 

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

 

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

 

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

 

3.5.          Confirmation
of Tenant's Share of Expenses. After the end of each calendar year within the Term, Landlord will determine the actual amount
of Expenses and Tenant's Share of Expenses for the expired calendar year and deliver to Tenant a written statement of such amounts.
If Tenant paid less than the actual amount of Tenant's Share of Expenses specified in the statement, Tenant will pay the difference
to Landlord as Additional Rent in the manner Section 2.2 describes. If Tenant paid more than the actual amount of Tenant's Share
of Expenses specified in the statement, then Landlord (at Landlord's option) will either (a) refund the excess amount to Tenant,
or (b) credit the excess amount against Tenant's next due monthly installment or installments of estimated Additional Rent. If
Landlord is delayed in delivering such statement to Tenant, such delay does not constitute Landlord's waiver of Landlord's rights
under this Section or release Tenant from any of its obligations hereunder. Tenant acknowledges that, for purposes of accounting
for Expenses, Landlord may dose a "calendar" year on December 20th of that year; if Landlord actually does
so, then Landlord's determination of the actual amount of Expenses for the following calendar year will include any Expenses attributable
to the period of December 21st through December 315t of the previous calendar year.

 

    	4

    	 

    

 

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

 

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

 

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

 

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

 

ARTICLE 4

USE

 

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

 

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

 

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

 

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

 

4.5.          Signs.

 

4.6.1.
Directory Listing. Landlord shall provide Tenant with one standard building directory listing in the interior lobby of the
Building, identifying Tenant and Tenant's suite number (the "Directory Listing"). Landlord shall be responsible
for the cost of the initial Directory Listing. Tenant shall reimburse Landlord as Additional Rent for all costs incurred by Landlord
in making any changes or additions to the Directory Listing that Tenant requests.

 

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

 

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

 

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

 

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ARTICLE 5

HAZARDOUS MATERIALS

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 6

SERVICES

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 7

MAINTENANCE AND REPAIR

 

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

 

7.2.          Tenant's Obligations.

 

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

 

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

 

ARTICLE 8

CHANGES AND ALTERATIONS

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 9

RIGHTS RESERVED BY LANDLORD

 

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

 

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

 

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

 

ARTICLE 10

INSURANCE AND LIABILITY

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

10.4.          Liability of Landlord and Tenant.

 

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

 

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

 

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

 

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

 

ARTICLE 11

DAMAGE OR DESTRUCTION

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 12

CONDEMNATION

 

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

 

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

 

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

 

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

 

ARTICLE 13

TRANSFERS

 

13.1.          Restriction on Transfers.

 

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

 

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

 

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

 

ARTICLE 14

DEFAULTS; REMEDIES

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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14.3.          Costs. Tenant will reimburse and compensate Landlord on demand and as Additional Rent for any actual loss Landlord incurs
in connection with, resulting from or related to any breach or default of Tenant under this Lease, regardless whether the
breach or default constitutes an Event of Default, and regardless whether suit is commenced or judgment is entered. Such loss
shall include all reasonable legal fees, costs and expenses (including paralegal fees and other professional fees
and expenses) Landlord incurs in investigating, negotiating, settling or enforcing any of Landlord's rights or remedies
or otherwise protecting Landlord's interests under this Lease. Tenant will also indemnify, defend (with counsel
reasonably acceptable to Landlord), protect and hold harmless the Landlord Parties from and against all Claims that Landlord
or any of the other Landlord Parties incurs if Landlord or any of the other Landlord Parties becomes or is made a party to
any claim or action

 

(a) instituted by Tenant (other than claims asserting that Landlord has breached any of its obligations
to Tenant under this Lease) or by or against any person holding any interest in the Premises by, under or through
Tenant,

 

(b)
for foreclosure of any lien for labor or material furnished to or for Tenant or such other person, or (c) otherwise arising
out of or resulting from any act or omission of Tenant or such other person. In addition to the foregoing, Landlord is
entitled to reimbursement of all of Landlord's fees, expenses and damages, including, but not limited to, reasonable
attorneys' fees and paralegal and other professional fees and expenses, Landlord incurs in connection with protecting its
interests in any bankruptcy or insolvency proceeding involving Tenant, including without limitation any proceeding under any
chapter of the Bankruptcy Code; by exercising and advocating rights under Section 365 of the Bankruptcy Code; by proposing a
plan of reorganization and objecting to competing plans; and by filing motions for relief from stay. Such fees and expenses
are payable on demand, or, in any event, upon assumption or rejection of this Lease in bankruptcy.

 

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

 

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

 

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

 

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

 

ARTICLE 15

CREDITORS; ESTOPPEL CERTIFICATES

 

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

 

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

 

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

 

15.4.          Estoppel Certificates.

 

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

 

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

 

ARTICLE 16

SURRENDER; HOLDING OVER

 

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

 

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

 

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ARTICLE 17

ADDITIONAL PROVISIONS

 

17.1.       Tenant Improvements.

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 18

MISCELLANEOUS PROVISIONS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

[signature page to follow]

 

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

 

	LANDLORD:
	 	 
	IRET-GOLDEN JACK, L.L.C., a Delaware limited
liability company
	 	 
	By:	/s/ Thomas A. Wentz, Jr.
	Print Name:	Thomas A. Wentz, Jr.
	Print Title:	Vice President
	DATED:	10/31/13 (“Effective Date”)
	 	 
	By:	/s/ Charles A. Greenberg
	Print Name:	Charles A. Greenberg
	Print Title:	Vice President
	 	 
	 	 
	TENANT:	 
	 	 
	BELL STATE BANK & TRUST, a North Dakota State Bank
	 	 
	By:	/s/ Anthony A. Weick
	Print Name:	Anthony A. Weick
	Print Title:	EVP & Managing Director
	 	 

 

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APPENDIX TO LEASE

Definitions

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

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

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

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

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

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

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

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

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

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

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

		xi.	The costs of any repair, restoration or other work occasioned by a condemnation
proceeding, if and to the extent Landlord has actually been reimbursed by condemnation proceeds.
	 	xii.	Rent payable by Landlord pursuant to any ground or air-rights lease affecting the Property, irrespective of whether this
Lease is subject or subordinate thereto.

 

    	29

    	 

    

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

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

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

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

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

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

		xix.	Charitable or political contributions by Landlord.

 

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

 

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

 

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

 

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

 

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

 

    	30

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	31

    	 

    

 

EXHIBIT 1

Premises

 

 

 

 

 

 

[see attached]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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    	33

    	 

    

  

EXHIBIT 4.3

Building Rules

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	34

    	 

    

 

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

 

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

 

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

 

    	35

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