Document:

Exhibit 10.1

 

 

GENESIS MOREHOUSE AT 5510

 

LEASE

 

 

BP3-SD5 5510 MOREHOUSE DRIVE LLC,

a Delaware limited liability company

 

as Landlord,

 

and

 

QUANTUM-SI INCORPORATED,

a Delaware corporation

 

as Tenant

 

     

     

    

 

SUMMARY OF BASIC LEASE INFORMATION

 

This Summary of Basic Lease
Information (“Summary”) is hereby incorporated into and made a part of the attached Lease. Each reference in the Lease
to any term of this Summary shall have the meaning as set forth in this Summary for such term. In the event of a conflict between the
terms of this Summary and the Lease, the terms of the Lease shall prevail. Any capitalized terms used herein and not otherwise defined
herein shall have the meaning as set forth in the Lease.

 

	
    TERMS OF LEASE

    (References are to the Lease)
	DESCRIPTION
	 	 
	1.	Date:	June ___, 2021
	 	 
	2.	Landlord:	BP3-SD5 5510 Morehouse Drive LLC a Delaware limited liability company
	 	 
	3.	Address of Landlord (Section 24.19):	
    BP3-SD5 5510 Morehouse Drive LLC

    4380 La Jolla Village Drive, Suite 230

    San Diego, CA 92122

    Attention: W. Neil Fox, III, CEO

     

    with a copy to:

     

    Allen Matkins Leck Gamble Mallory & Natsis
    LLP

    600 West Broadway, 27th Floor

    San Diego, California 92101

    Attention: Martin L. Togni, Esq.

     

    For payment of Rent only:

     

    BP3-SD5 5510 Morehouse Drive LLC

    PO Box 25073

    Pasadena, CA 91185-5073

	 	 
	4.	Tenant:	Quantum-Si Incorporated 

a Delaware corporation
	 	 
	5.	Address of Tenant (Section 24.19)	
    530 Old Whitfield Street

    Guilford, CT 06437

    Attention: General Counsel

    (Prior to Lease Commencement Date)

     

    And

     

    5510 Morehouse

    San Diego, California 92121

    Attention: General Counsel

    (After Lease Commencement Date)

	 	 
	6.	Premises (Article 1):	 
	 	 
		6.1	Premises:	25,586 rentable square feet of space located on the fourth (4th) floor of the Building (as defined below), as depicted on Exhibit A attached hereto.

 

     

     

    

 

	TERMS OF LEASE

(References are to the Lease)	DESCRIPTION
	 	 
	 	6.2	Building:	The Premises are located in the building whose address is 5510 Morehouse Drive, San Diego, California (the “Building”).
	7.	 Term (Article 2):	 
	 	 	 	 
	 	7.1	Lease Term:	Seventy-six (76) months.
	 	 	 	 
	 	7.2	Lease Commencement Date:	September 1, 2021.
	 	 	 	 
	 	7.3	Lease Expiration Date:	December 31, 2027.
	 	 	 	 
	8.	 Base Rent (Article 3):	 

 

		 	 		 	 		 	 	Monthly Rental	 
	Lease	 	 	Annual	 	 	Monthly Installment	 	 	Rate per Rentable	 
	Year/Months	 	 	Base Rent	 	 	of Base Rent*	 	 	Square Foot**	 
	***09/01/21–08/31/22	 	 	$	1,406,206.56	 	 	$	117,183.88	 	 	$	4.58	 
	09/01/22 – 08/31/23	 	 	$	1,448,392.80	 	 	$	120,699.40	 	 	$	4.72	 
	09/01/23 – 08/31/24	 	 	$	1,491,844.56	 	 	$	124,320.38	 	 	$	4.86	 
	09/01/24 – 08/31/25	 	 	$	1,536,599.88	 	 	$	128,049.99	 	 	$	5.00	 
	09/01/25 – 08/31/26	 	 	$	1,582,697.88	 	 	$	131,891.49	 	 	$	5.15	 
	09/01/26 – 08/31/27	 	 	$	1,630,178.76	 	 	$	135,848.23	 	 	$	5.31	 
	09/01/27 – 12/31/27	 	 	$	1,679,084.16	 	 	$	139,923.68	 	 	$	5.47	 

 

	*The initial monthly installment of Base Rent amount was calculated by multiplying the initial monthly Base Rent per rentable square foot amount by the number of rentable square feet of space in the Premises, and the Annual Base Rent amount was calculated by multiplying the initial monthly installment of Base Rent amount by twelve (12). In all subsequent Base Rent payment periods during the Lease Term commencing on the first (1st) day of the full calendar month that is Lease Month 13, the calculation of each monthly installment of Base Rent amount reflects an annual increase of three percent (3.0%) and each Annual Base Rent amount was calculated by multiplying the corresponding monthly installment of Base Rent amount by twelve (12).
	 
	**The amounts identified in the column entitled “Monthly Rental Rate per Rentable Square Foot” are rounded amounts provided for information purposes only.
	 
	***Subject to abatement as provided in Article 3.
	 
	9.	Tenant’s Share of Operating Expenses, Tax Expenses and
Utilities Costs (Section 4.2.6):	 	23.74% (25,586 rentable square feet within the Premises/107,754 rentable square feet within the Building).
	 	 	 
	10.	Security Deposit (Article 20):	 	$117,183.88

 

     

     

    

 

	TERMS OF LEASE

    (References are to the Lease)	DESCRIPTION
	 	 
	11.	Brokers (Section 24.25):	Jones Lang LaSalle Brokerage, Inc. representing Landlord and Tenant.
	 	 
	12.	Parking (Article 23):	Total of seventy-seven (77) unreserved parking spaces (three (3) unreserved parking spaces for every 1,000 rentable square feet of the Premises).

 

     

     

    

 

	ARTICLE 1	PROJECT, BUILDING AND PREMISES	1
	 	 	 
	ARTICLE 2	LEASE TERM	3
	 	 	 
	ARTICLE 3	BASE RENT	4
	 	 	 
	ARTICLE 4	ADDITIONAL RENT	4
	 	 	 
	ARTICLE 5	USE OF PREMISES; HAZARDOUS MATERIALS; ODORS AND EXHAUST	11
	 	 	 
	ARTICLE 6	SERVICES AND UTILITIES	15
	 	 	 
	ARTICLE 7	REPAIRS	18
	 	 	 
	ARTICLE 8	ADDITIONS AND ALTERATIONS	19
	 	 	 
	ARTICLE 9	COVENANT AGAINST LIENS	20
	 	 	 
	ARTICLE 10	INDEMNIFICATION AND INSURANCE	21
	 	 	 
	ARTICLE 11	DAMAGE AND DESTRUCTION	23
	 	 	 
	ARTICLE 12	CONDEMNATION	25
	 	 	 
	ARTICLE 13	COVENANT OF QUIET ENJOYMENT	25
	 	 	 
	ARTICLE 14	ASSIGNMENT AND SUBLETTING	25
	 	 	 
	ARTICLE 15	SURRENDER; OWNERSHIP AND REMOVAL OF PERSONAL PROPERTY	28
	 	 	 
	ARTICLE 16	HOLDING OVER	29
	 	 	 
	ARTICLE 17	ESTOPPEL CERTIFICATES	30
	 	 	 
	ARTICLE 18	SUBORDINATION	30
	 	 	 
	ARTICLE 19	TENANT’S DEFAULTS; LANDLORD’S REMEDIES	30
	 	 	 
	ARTICLE 20	SECURITY DEPOSIT	33
	 	 	 
	ARTICLE 21	COMPLIANCE WITH LAW	34
	 	 	 
	ARTICLE 22	ENTRY BY LANDLORD	34
	 	 	 
	ARTICLE 23	PARKING	35
	 	 	 
	ARTICLE 24	MISCELLANEOUS PROVISIONS	35

 

EXHIBITS:

 

	Exhibit A	Outline of Floor Plan of Premises
	Exhibit A-1	Site Plan of Project
	Exhibit B	Tenant Work Letter
	Exhibit C	Confirmation of Lease Terms/Amendment to Lease
	Exhibit D	Rules and Regulations
	Exhibit E	Form of Subordination, Non-Disturbance and Attornment Agreement
	Exhibit F	Storage Area
	Rider 1	Extension Option Rider

	Abated Rent 4
	Accountant 10
	Additional Allowance Exhibit B
	Additional Rent 4
	Affected Areas 13
	Affiliate Assignee 28
	Allowance Exhibit B

 

    (i) 

     

    

 

Allowances Exhibit B

Alterations 18

Amortization Period Exhibit B

Amortization Rent Exhibit B

Approved Working Drawings Exhibit B

Bankruptcy Code 31

Base Rent 4

Base, Shell and Core Exhibit B

Brokers 38

Building 2

Calendar Year 5

CASp Reports 3

Confirmation/Amendment Exhibit C

Conservation Costs 5

Construction 39

Construction Drawings Exhibit B

Contractor Exhibit B

Corrective Action 13

Cost Pools 6

Declaration 11

Documents 12

Environmental Law 11

Environmental Permits 12

Estimate 9

Estimate Statement 9

Estimated Expenses 9

Excluded Changes 33

Exercise Date Rider 1

Exercise Notice Rider 1

Exit Survey 28

Expense Year 5

Extension Option Rider 1

Extension Rider Rider 1

Fair Market Rental Rate Rider 1

Final Space Plan 1

Force Majeure 37

Hazardous Materials 12

Hazardous Materials List 12

Holdover Notice 29

Holidays 16

HVAC 15

Interest Notice Rider 1

Interest Rate 10

Landlord 1

Landlord Parties 14

Lease 1

Lease Commencement Date 3

Lease Expiration Date 3

Lease Term 3

Lease Year 3

Notices 37

OFAC 38

Operating Expenses 5

Option Rent Rider 1

Option Rent Notice Rider 1

Option Term Rider 1

 

    (ii) 

     

    

 

Original Tenant 28

Other Buildings 9

Other Existing Buildings 1

Over-Allowance Amount Exhibit B

Parking Areas 1

Parking Operator 34

Permits Exhibit B

Premises 1

Premises Systems 18

Prohibited Alterations 18

Project 1

Proposition 13 7

Release 12

Rent 4

Rent Commencement Date Exhibit C

Revenue Code 25

Review Period 10

Security Deposit 33

Sensor Areas 39

Statement 8

Storage Area 14

Subject Space 25

Subleasing Costs 26

Summary 1

Systems and Equipment 7

Tax Expenses 7

Tenant 1

Tenant Delay(s) Exhibit B

Tenant Improvements 1

Tenant Work Letter Exhibit B

Tenant’s Parties 12

Tenant’s Share 8

Transfer Notice 25

Transfer Premium 26

Transferee 25

Transfers 25

Utilities Costs 8

Water Sensors 39

Wi-Fi Network 19

Working Drawings Exhibit B

 

    (iii) 

     

    

 

LEASE

 

This Lease, which includes
the preceding Summary and the exhibits attached hereto and incorporated herein by this reference (the Lease, the Summary and the exhibits
to be known sometimes collectively hereafter as the “Lease”), dated as of the date set forth in Section 1 of the
Summary, is made by and between BP3-SD5 5510 Morehouse Drive LLC, a Delaware limited liability company (“Landlord”),
and Quantum-Si Incorporated, a Delaware corporation (“Tenant”).

 

ARTICLE 1

 

PROJECT,
BUILDING AND PREMISES

 

1.1            Project,
Building and Premises.

 

1.1.1            Premises.
Upon and subject to the terms, covenants and conditions hereinafter set forth in this Lease, Landlord hereby leases to Tenant and Tenant
hereby leases from Landlord the premises described in Section 6.1 of the Summary (the “Premises”), which Premises
are located in the Building (as defined in Section 6.2 of the Summary) and located within the Project (as defined below). The floor
plan of the Premises is attached hereto as Exhibit A.

 

1.1.2            Building
and Project. The Building consists of four (4) floors with a total of 107,754 rentable square feet and is part of a multi-building
commercial project known as “Genesis Morehouse”, located in the City of San Diego. The term “Project” as
used in this Lease, shall mean, collectively: (i) the Building; (ii) the other existing buildings located at 5550 Morehouse
Drive, 5580 Morehouse Drive and 5590 Morehouse Drive within the site (collectively, the “Other Existing Buildings”);
(iii) any outside plaza areas, walkways, driveways, courtyards, private streets, transportation facilitation areas and other improvements
and facilities now or hereafter constructed servicing the Building and/or the Other Existing Buildings, which are designated from time
to time by Landlord (and/or any other owners of the Project) as common areas appurtenant to or servicing the Building, the Other Existing
Buildings and any such other improvements; (iv) any additional buildings, improvements, facilities and common areas which Landlord
(any other owners of the Project and/or any common area association formed by Landlord, Landlord’s predecessor-in-interest and/or
Landlord’s assignee for the Project) may add thereto from time to time within or as part of the Project; and (v) the land upon
which any of the foregoing are situated. The site plan depicting the current configuration of the Project is attached hereto as Exhibit A-1.
The Building, as well as each of the Other Existing Buildings contain parking areas (“Parking Areas”). Notwithstanding
the foregoing or anything contained in this Lease to the contrary, (1) other than Landlord’s ongoing repair and maintenance
obligations, Landlord has no obligation to expand or otherwise make any improvements within the Project, including, without limitation,
any of the outside plaza areas, walkways, driveways, courtyards, private streets, transportation facilitation areas and other improvements
and facilities which may be depicted on Exhibit A-1 attached hereto (as the same may be modified by Landlord (and/or
any other owners of the Project) from time to time without notice to Tenant), other than Landlord’s obligations (if any) specifically
set forth in this Lease or the Tenant Work Letter attached hereto as Exhibit B, and (2) Landlord (and/or any other
owners of the Project) shall have the right from time to time to include or exclude any improvements or facilities within the Project,
at such party’s sole election, as more particularly set forth in Section 1.1.3 below.

 

    -1- 

     

    

 

1.1.3            Tenant’s
and Landlord’s Rights. Tenant shall have the right to the nonexclusive use of the common corridors and hallways, stairwells,
elevators (if any), restrooms and other public or common areas located within the Building, and the non-exclusive use of those areas located
on the Project that are designated by Landlord (and/or any other owners of the Project) from time to time as common areas for the Building
or Project; provided, however, that (i) Tenant’s use thereof shall be subject to (A) the provisions of any covenants,
conditions and restrictions regarding the use thereof now or hereafter recorded against the Project, and (B) such reasonable, nondiscriminatory
rules and regulations as Landlord may make from time to time (which shall be provided in writing to Tenant), and (ii) Tenant
may not go on the roof of Building or the Other Existing Buildings without Landlord’s prior consent (which may be withheld in Landlord’s
sole and absolute discretion) and without otherwise being accompanied by a representative of Landlord. Landlord (and/or any other owners
of the Project) reserve the right from time to time to use any of the common areas of the Project, and the roof, risers and conduits of
the Building and the Other Existing Buildings for telecommunications and/or any other purposes, and to do any of the following, so long
as the same does not unreasonably interfere with Tenant’s use of or access to the Premises or Tenant’s parking rights and
does not materially increase the obligations or materially decrease the rights of Tenant under this Lease: (1) make any changes,
additions, improvements, repairs and/or replacements in or to the Project or any portion or elements thereof, including, without limitation,
(x) changes in the location, size, shape and number of driveways, entrances, loading and unloading areas, ingress, egress, direction
of traffic, landscaped areas, walkways, private streets, plazas, courtyards, transportation facilitation areas and common areas, and (y) expanding
or decreasing the size of the Project and any common areas and other elements thereof, including adding, deleting and/or excluding buildings
(including any of the Other Existing Buildings) thereon and therefrom; (2) close temporarily any of the common areas while engaged
in making repairs, improvements or alterations to the Project; (3) retain and/or form a common area association or associations under
covenants, conditions and restrictions to own, manage, operate, maintain, repair and/or replace all or any portion of the landscaping,
driveways, walkways, private streets, plazas, courtyards, transportation facilitation areas and/or other common areas located outside
of the Building and the Other Existing Buildings and, subject to Article 4 below, include the common area assessments, fees and taxes
charged by the association(s) and the cost of maintaining, managing, administering and operating the association(s), in Operating
Expenses or Tax Expenses (provided the same do not result in any material increase in Tenant’s costs under this Lease); and (4) perform
such other acts and make such other changes with respect to the Project as Landlord may, in the exercise of good faith business judgment,
deem to be appropriate.

 

1.2            Condition
of Premises. Except as expressly set forth in this Lease and in the Tenant Work Letter, Landlord shall not be obligated to provide
or pay for any improvement, remodeling or refurbishment work or services related to the improvement, remodeling or refurbishment of the
Premises, and Tenant shall accept the Premises in its “As Is” condition on the Lease Commencement Date (subject to Landlord’s
obligation to complete the Spec Improvements and Tenant Improvements in accordance with this Lease and the Work Letter); provided, however,
that the Base, Shell and Core of the Building (as defined in Section 1 of Exhibit B), which includes the Systems
and Equipment, the base building HVAC, plumbing, life safety and electrical systems of the Building as well as the parking lot, roof and
roof membrane, shall be in good working order on the Lease Commencement Date. Landlord agrees to use commercially reasonable efforts to
cure any latent defects in such systems pursuant to any existing warranties pertaining to the Base, Shell and Core before including such
costs in Operating Expenses. Tenant also acknowledges that, except as otherwise expressly set forth in this Lease, neither Landlord nor
any agent of Landlord has made any representation or warranty with respect to the Premises, the Building, or the Project or their condition,
or with respect to the suitability thereof for the conduct of Tenant’s business (including, but not limited to, any zoning/conditional
use permit requirements which shall be Tenant’s responsibility and Tenant’s failure to obtain any such zoning/use permits
(if any are required) shall not affect Tenant’s obligations under this Lease). For purposes of Section 1938(a) of the
California Civil Code, Landlord hereby discloses to Tenant, and Tenant hereby acknowledges, that the Premises have not undergone inspection
by a Certified Access Specialist (CASp). In addition, the following notice is hereby provided pursuant to Section 1938(e) of
the California Civil Code:

 

“A Certified Access Specialist (CASp)
can inspect the subject premises and determine whether the subject premises comply with all of the applicable construction-related accessibility
standards under state law. Although state law does not require a CASp inspection of the subject premises, the commercial property owner
or lessor may not prohibit the lessee or tenant from obtaining a CASp inspection of the subject premises for the occupancy or potential
occupancy of the lessee or tenant, if requested by the lessee or tenant. The parties shall mutually agree on the arrangements for the
time and manner of the CASp inspection, the payment of the fee for the CASp inspection, and the cost of making any repairs necessary to
correct violations of construction-related accessibility standards within the premises.”

 

    -2- 

     

    

 

In furtherance of and in connection
with such notice: (i) Tenant, having read such notice and understanding Tenant’s right to request and obtain a CASp inspection
and with advice of counsel, hereby elects not to obtain such CASp inspection and waives its rights to obtain a CASp inspection with respect
to the Premises, Building and/or Project to the extent permitted by applicable laws now or hereafter in effect; and (ii) if the waiver
set forth in clause (i) hereinabove is not enforceable pursuant to applicable laws, then Landlord and Tenant hereby agree as follows
(which constitute the mutual agreement of the parties as to the matters described in the last sentence of the foregoing notice): (A) Tenant
shall have the one-time right to request for and obtain a CASp inspection, which request must be made, if at all, in a written notice
delivered by Tenant to Landlord on or before that date which is ten (10) days after the date hereof (or at any time when required
in order for Tenant to comply with any applicable law enacted after the date of this Lease); (B) any CASp inspection timely requested
by Tenant shall be conducted (1) between the hours of 9:00 a.m. and 5:00 p.m. on any business day, (2) only after
ten (10) days’ prior written notice to Landlord of the date of such CASp inspection, (3) in a professional manner by a
CASp reasonably approved by Landlord and without any testing that would damage the Premises, Building or Project in any way, and (4) at
Tenant’s sole cost and expense, including, without limitation, Tenant’s payment of the fee for such CASp inspection, the fee
for any reports prepared by the CASp in connection with such CASp inspection (collectively, the “CASp Reports”) and
all other costs and expenses in connection therewith; (C) Tenant shall deliver a copy of any CASp Reports to Landlord within three
(3) business days after Tenant’s receipt thereof; and (D) if such CASp inspection identifies any improvements, alterations,
modifications and/or repairs necessary to correct violations of construction-related accessibility standards and which are required to
be performed under then-existing applicable laws, then Tenant will pay for such corrections within the Premises and Landlord will perform
corrections relating to those items of the Building and Project located outside the Premises that are Landlord’s obligation to repair
under the Lease (as amended hereby), and the cost of such improvements, alterations, modifications and/or repairs will be (i) paid
by Tenant within ten (10) business days after Tenant’s receipt of an invoice therefor from Landlord if Tenant voluntarily requested
the CASp inspection or (ii) will be included in Operating Expenses if such CASp inspection was required to comply with a law enacted
after the date of this Lease.

 

1.3            Rentable
Square Feet. The rentable square feet of the Premises is approximately as set forth in Section 6.1 of the Summary. Such square
footage figure shall be binding on Landlord and Tenant for the entire Lease Term absent a casualty or condemnation that affects the actual
size of the Premises or an actual change in the size of the Building or the Project. In any such event, the rentable square feet of the
Premises and the Building shall be calculated by Landlord using a commercially reasonable measurement method that is substantially consistent
with then industry custom and practice.

 

ARTICLE 2

 

LEASE
TERM

 

The terms and provisions of
this Lease shall be effective as of the date of this Lease except for the provisions of this Lease relating to the payment of Rent. The
term of this Lease (the “Lease Term”) shall be as set forth in Section 7.1 of the Summary and shall commence on
the date (the “Lease Commencement Date”) set forth in Section 7.2 of the Summary, and shall terminate on the date
(the “Lease Expiration Date”) set forth in Section 7.3 of the Summary, unless this Lease is sooner terminated
as hereinafter provided. Tenant’s early entry/early occupancy rights are set forth in Section 5.1 of Exhibit B.
For purposes of this Lease, the term “Lease Year” shall mean each consecutive twelve (12) month period during the Lease
Term, provided that the last Lease Year shall end on the Lease Expiration Date. Tenant acknowledges and agrees that Landlord’s improvement
work in the Premises will be performed during Tenant’s occupancy of the Premises after the Lease Commencement Date; however, Tenant
will have the right to occupy the Premises sixty (60) days prior to the Lease Commencement Date pursuant to (and subject to) Section 5.1
of Exhibit B. Landlord anticipates that the Premises will be Substantially Completed and that Substantial Completion
(as defined in Exhibit B) of the Premises will occur on or before January 7, 2022 (“Anticipated Substantial
Completion Date”). If the Premises is not Substantially Completed on or before the Anticipated Substantial Completion Date,
Landlord shall not be subject to any liability nor shall the validity of this Lease nor the obligations of Tenant hereunder be affected;
provided that if the Premises is not Substantially Completed on or before the thirtieth (30th) day following the Anticipated
Substantial Completion Date, subject to deferral for Tenant Delays (in accordance with Section 4.2 of the Tenant Work Letter) and
Force Majeure delays (as defined in Section 24.17 hereof), then Tenant shall receive one (1) Free Rent Day (as hereinafter defined)
for each day that elapses from and after the thirtieth (30th) day following the Anticipated Commencement Date until and including
the date on which Landlord delivers possession of the Premises to Tenant Ready for Occupancy. A “Free Rent Day” means
a day for which Tenant has no obligation to pay Base Rent after the Anticipated Commencement Date (as the same may be extended as provided
above). Tenant further acknowledges and agrees that Landlord’s performance of such work shall not constitute a constructive eviction
nor entitle Tenant to any abatement of Rent. Landlord and Tenant will cooperate with one another to allow the Landlord’s work in
the Premises to be completed as expeditiously as possible after the Lease Commencement Date. Following the Lease Commencement Date, Landlord
may deliver to Tenant an amendment to lease in the form attached hereto as Exhibit C, confirming, among other things,
the Lease Commencement Date and the Lease Expiration Date, and Tenant shall execute and return such amendment to Landlord within ten (10) business
days after Tenant’s receipt thereof.

 

    -3- 

     

    

 

 

ARTICLE 3

 

BASE
RENT

 

Tenant shall pay, without
notice or demand, to Landlord at the address set forth in Section 3 of the Summary, or at such other place as Landlord may from time
to time designate in writing, in currency or a check for currency which, at the time of payment, is legal tender for private or public
debts in the United States of America, base rent (“Base Rent”) as set forth in Section 8 of the Summary, payable
in equal monthly installments as set forth in Section 8 of the Summary in advance on or before the first day of each and every month
during the Lease Term, without any setoff or deduction whatsoever. Concurrently with Tenant’s execution of this Lease, Tenant shall
deliver to Landlord an amount equal to $143,982.66, which amount shall be comprised of the following: (i) the Base Rent payable by
Tenant for the Premises for the thirteenth (13th) full month of the Lease Term (i.e., $120,699.40); and (ii) the
Estimated Expenses (as defined below but excluding the management fee) payable by Tenant for the Premises for the first (1st)
full month of the Lease Term (i.e., $23,283.26). If any rental payment date (including the Lease Commencement Date) falls on a
day of the month other than the first day of such month or if any rental payment is for a period which is shorter than one month, then
the rental for any such fractional month shall be a proportionate amount of a full calendar month’s rental based on the proportion
that the number of days in such fractional month bears to the number of days in the calendar month during which such fractional month
occurs. All other payments or adjustments required to be made under the terms of this Lease that require proration on a time basis shall
be prorated on the same basis.

 

Notwithstanding anything to
the contrary contained herein and so long as Tenant is not then in default under this Lease (beyond the expiration of all applicable notice
and cure periods), Landlord hereby agrees to abate Tenant’s obligation to pay (i) one hundred percent (100%) of Tenant’s
Monthly Base Rent for the first (1st) full calendar month of the initial Lease Term (i.e., the month of September, 2021) and
(ii) twenty-five percent (25%) of Tenant’s Monthly Base Rent for the second (2nd), third (3rd), fourth
(4th), fifth (5th), sixth (6th), seventh (7th), eighth (8th), ninth (9th),
tenth (10th), eleventh (11th) and twelfth (12th) full calendar months of the initial Lease Term (i.e.,
the months of October, November and December, 2021, and January, February, March, April, May, June, July and August, 2022) (the
 “Abated Rent”). During such abatement period, Tenant shall still be responsible for the payment of all of its other
monetary obligations under this Lease. In the Event of Default by Tenant under the terms of this Lease that results in early termination
pursuant to the provisions of Article 19 of this Lease, then as a part of the recovery set forth in Article 19 of this Lease,
Landlord shall be entitled to the recovery of the unamortized balance of monthly Base Rent that was abated under the provisions of this
Article 3.

 

ARTICLE 4

 

ADDITIONAL
RENT

 

4.1           Additional
Rent. In addition to paying the Base Rent specified in Article 3 above, Tenant shall pay as additional rent the sum of the following:
(i) Tenant’s Share (as such term is defined below) of the annual Operating Expenses allocated to the Building (pursuant to
Section 4.3.4 below); plus (ii) Tenant’s Share of the annual Tax Expenses allocated to the Building (pursuant to Section 4.3.4
below); plus (iii) Tenant’s Share of the annual Utilities Costs allocated to the Building (pursuant to Section 4.3.4 below).
Such additional rent, together with any and all other amounts payable by Tenant to Landlord pursuant to the terms of this Lease (including,
without limitation, pursuant to Article 6), shall be hereinafter collectively referred to as the “Additional Rent.”
The Base Rent and Additional Rent are herein collectively referred to as the “Rent.” All amounts due under this Article 4
as Additional Rent shall be payable for the same periods and in the same manner, time and place as the Base Rent. Without limitation on
other obligations of Tenant which shall survive the expiration of the Lease Term, the obligations of Tenant to pay the Additional Rent
provided for in this Article 4 shall survive the expiration of the Lease Term.

 

4.2           Definitions.
As used in this Article 4, the following terms shall have the meanings hereinafter set forth:

 

    -4-

     

    

 

4.2.1       “Calendar
Year” shall mean each calendar year in which any portion of the Lease Term falls, through and including the calendar year in
which the Lease Term expires.

 

4.2.2       “Expense
Year” shall mean each Calendar Year.

 

4.2.3       “Operating
Expenses” shall mean all expenses, costs and amounts which Landlord shall pay during any Expense Year because of or in connection
with the ownership, management, maintenance, repair, restoration or operation of the Project, including, without limitation, any amounts
paid for: (i) the cost of operating, maintaining, repairing and renovating the utility systems, lab systems, central plant, mechanical
systems, sanitary and storm drainage systems, any elevator systems (if applicable) and all other “Systems and Equipment” (as
defined in Section 4.2.4 of this Lease), and the cost of supplies and equipment and maintenance and service contracts in connection
therewith; (ii) the cost of licenses, certificates, permits and inspections, and the reasonable cost of contesting the validity or
applicability of any governmental enactments which may affect Operating Expenses, and the costs incurred in connection with implementation
and operation (by Landlord or any common area association(s) formed for the Project) of any governmentally mandated transportation
system management program or similar governmentally mandated program; (iii) the cost of insurance carried by Landlord, in such amounts
as Landlord may reasonably determine or as may be required by any mortgagees of any mortgage or the lessor of any ground lease affecting
the Project; (iv) the cost of landscaping, relamping, supplies, tools, equipment and materials, and all fees, charges and other costs
(including reasonable consulting fees, legal fees and accounting fees) incurred in connection with the management, operation, repair and
maintenance of the Project; (v) any equipment rental agreements or management agreements (including the cost of any management fee
(not to exceed three percent (3%) of Tenant’s then annual Base Rent) but excluding the rental of any office space provided thereunder);
(vi) wages, salaries and other compensation and benefits of all persons engaged in the operation, management, maintenance or security
of the Project at or below the level of Property Manager, and employer’s Social Security taxes, unemployment taxes or insurance,
and any other taxes which may be levied on such wages, salaries, compensation and benefits; (vii) payments under any easement, license,
operating agreement, declaration, restrictive covenant, underlying or ground lease (excluding rent), or instrument pertaining to the sharing
of costs by the Project (including but not limited to, the REA described in Article 5 hereof); (viii) the cost of janitorial
service, trash removal (provided, however, Operating Expenses shall not include the cost of janitorial services and trash removal services
provided to the Premises or the premises of other tenants of the Building and/or the Project or the cost of replacing light bulbs, lamps,
starters and ballasts for lighting fixtures in the Premises and the premises of other tenants in the Building and/or the Project to the
extent such services are directly provided and paid for by Tenant pursuant to Section 6.6 below), alarm and security service, if
any, window cleaning, replacement of wall and floor coverings, ceiling tiles and fixtures in lobbies, corridors, restrooms and other common
or public areas or facilities, maintenance and replacement of curbs and walkways, repair to roofs and re-roofing; (ix) amortization
(including interest on the unamortized cost) of the cost of acquiring or the rental expense of personal property used in the maintenance,
operation and repair of the Project; (x) the cost of any capital improvements or other costs (I) which are intended as a labor-saving
device or to effect other economies in the operation or maintenance of the Project or which are otherwise permitted hereunder, (II) made
to the Project or any portion thereof after the Lease Commencement Date that are required under any governmental law or regulation, or
(III) which are Conservation Costs (as defined below) or (IV) to the extent consistent with Landlord’s repair and maintenance
obligations under this Lease; provided, however, that any Operating Expense described in (I), (II), (III) or (IV) above, which
is a capital expenditure shall be amortized (including reasonable interest on the unamortized cost) over the useful life of such capital
expenditure determined in accordance with GAAP; and (xi)     the costs and expenses of complying with, or
participating in, governmentally mandated conservation, recycling, sustainability, energy efficiency, waste reduction or other programs
or practices implemented or enacted from time to time at the Building and/or Project, including, without limitation, in connection with
any LEED (Leadership in Energy and Environmental Design) rating or compliance system or program, including that currently coordinated
through the U.S. Green Building Council or Energy Star rating and/or compliance system or program (collectively, “Conservation
Costs”); provided that the cost to install the initial capital improvements necessary to obtain a LEED certification or similar
conservation rating will not be included in Operating Expenses and only the ongoing repair, maintenance and replacement costs will be
Operating Expenses. If Landlord is not furnishing any particular work or service (the cost of which, if performed by Landlord, would be
included in Operating Expenses) to a tenant who has undertaken to perform such work or service in lieu of the performance thereof by Landlord,
Operating Expenses shall be deemed to be increased by an amount equal to the additional Operating Expenses which would reasonably have
been incurred during such period by Landlord if it had at its own expense furnished such work or service to such tenant. If any of (x) the
Building, (y) the Other Existing Buildings (but only during the period of time the same are included by Landlord within the Project)
and (z) any additional buildings are added to the Project pursuant to Section 1.1.3 above (but only during the period of time
after such additional buildings have been fully constructed and ready for occupancy and are included by Landlord within the Project) are
less than ninety-five percent (95%) occupied during all or a portion of any Expense Year, Landlord shall make an appropriate adjustment
to those components of Operating Expenses which vary based on occupancy for such year or applicable portion thereof, employing sound accounting
and management principles, to determine the amount of Operating Expenses that would have been paid had the Building, such Other Existing
Buildings and such additional buildings (if any) been ninety-five percent (95%) occupied; and the amount so determined shall be deemed
to have been the amount of Operating Expenses for such year, or applicable portion thereof.

 

    -5-

     

    

 

Subject to the provisions
of Section 4.3.4 below, Landlord shall have the right, from time to time, to equitably allocate some or all of the Operating Expenses
(and/or Tax Expenses and Utilities Costs) between the Building and the Other Existing Buildings and/or among different tenants of the
Project and/or among different buildings of the Project as and when such different buildings are constructed and added to (and/or excluded
from) the Project or otherwise (the “Cost Pools”). Such Cost Pools may also include an allocation of certain Operating
Expenses (and/or Tax Expenses and Utilities Costs) within or under covenants, conditions and restrictions affecting the Project. In addition,
Landlord shall have the right from time to time, in its reasonable discretion, to include or exclude existing or future buildings in the
Project for purposes of determining Operating Expenses, Tax Expenses and Utilities Costs and/or the provision of various services and
amenities thereto, including allocation of Operating Expenses, Tax Expenses and Utilities Costs in any such Cost Pools; provided that
such allocations do not result in an increase in Tenant’s monetary obligations hereunder.

 

Notwithstanding the foregoing,
Operating Expenses shall not, however, include: (A) costs of leasing commissions, attorneys’ fees and other costs and expenses
incurred in connection with negotiations or disputes with present or prospective tenants or other occupants of the Project; (B) costs
(including permit, license and inspection costs) incurred in renovating or otherwise improving, decorating or redecorating rentable space
for other tenants or vacant rentable space; (C) costs incurred due to the violation by Landlord of the terms and conditions of any
lease of space in the Project; (D) costs of overhead or profit increment paid to Landlord or to subsidiaries or affiliates of Landlord
for services in or in connection with the Project to the extent the same exceeds the costs of overhead and profit increment included in
the costs of such services which could be obtained from third parties on a competitive basis; (E) except as otherwise specifically
provided in this Section 4.2.3, costs of interest on debt or amortization on any mortgages, and rent payable under any ground lease
of the Project; (F) Utilities Costs; (G) Tax Expenses; (H) depreciation; (I) legal, auditing, consulting and professional
fees (other than those legal, auditing, consulting and professional fees necessarily incurred in connection with the normal and routine
maintenance and operation of the Premises, the Building and/or the Project) paid or incurred in connection with the negotiation or enforcement
of leases, financings, refinances, sales, acquisitions, obtaining of permits or approvals, zoning proceedings or actions, environmental
permits or actions, disputes with tenants, lawsuits, further development of the Project or any other extraordinary transactions, occurrences
or events; (J) the cost incurred in performing work or furnishing services for individual tenants which work or services are in excess
of the work and services required to be provided to Tenant under the Lease; (K) expenses for repair or replacement paid by proceeds
of insurance, condemnation awards, or covered by warranties or guarantees; (L) costs incurred which are subject to reimbursement
by tenants in the Building and/or the Project (including Tenant) or third parties (including insurance carriers); (M) cost of repairs,
replacements or other work occasioned by fire, windstorm, earthquake or other casualty, or the exercise by governmental authorities of
the right of eminent domain; (N) penalties and interest for late payment, including, without limitation, taxes, insurance, equipment
leases and other past due amounts; (O) contributions to operating expense reserves other than assessment reserves pertaining to any
association described in the CC&Rs; (P) contributions to charitable organizations; (Q) the cost of repair necessitated by
the negligence of Landlord, its agents, employees, or contractors; (R) the cost of acquiring, installing, moving, insuring or restoring
objects of art; (S) the initial cost of tools and equipment used in the operation of the Project; (T) all costs and expenses
associated with replacing the structural elements of the Building including the foundations, load bearing walls, columns, structural steel,
exterior walls, and roof structure (provided that the costs of maintaining and repairing such structural elements of the Building shall
be included in Operating Expenses as provided above); (U) capital expenditures except as expressly included in the definition of
Operating Expenses above; (V) costs incurred to comply with laws relating to the removal of Hazardous Materials (other than any Hazardous
Materials for which Tenant is responsible under Section 5.2 below); (W) costs for which Landlord has been compensated by a management
fee, to the extent that the inclusion of such costs in Operating Expenses would result in a double charge to Tenant; (X) any costs
incurred to redevelop or expand the Project.

 

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4.2.4        “Systems
and Equipment” shall mean any plant (including any central plant), machinery, transformers, duct work, cable, wires, and other
equipment, facilities, and systems designed to supply heat, ventilation, air conditioning and humidity or any other services or utilities,
or comprising or serving as any component or portion of the electrical, gas, steam, plumbing, sprinkler, communications, alarm, lab, security,
or fire/life safety systems or equipment, or any other mechanical, electrical, electronic, computer or other systems or equipment which
serve the Building and/or any other building in the Project in whole or in part.

 

4.2.5        “Tax
Expenses” shall mean all federal, state, county, or local governmental or municipal taxes, fees, assessments, charges or other
impositions, whether general, special, ordinary or extraordinary, (including, without limitation, real estate taxes, general and special
assessments, transit assessments, fees and taxes, leasehold taxes or taxes based upon the receipt of rent, including gross receipts or
sales taxes applicable to the receipt of rent, personal property taxes imposed upon the fixtures, machinery, equipment, apparatus, systems
and equipment, appurtenances, furniture and other personal property used in connection with the Project), which Landlord shall pay during
any Expense Year because of or in connection with the ownership, leasing and operation of the Project or Landlord’s interest therein.
For purposes of this Lease, Tax Expenses shall be calculated as if (i) the tenant improvements in the Building, the Other Existing
Buildings and any additional buildings added to the Project pursuant to Section 1.1.3 above (but only during the period of time that
such Other Existing Buildings and additional buildings are included by Landlord within the Project) were fully constructed, and (ii) the
Project, the Building, such Other Existing Buildings and such additional buildings (if any) and all tenant improvements therein were fully
assessed for real estate tax purposes.

 

4.2.5.1            Tax
Expenses shall include, without limitation:

 

(a)            Any
tax on Landlord’s rent, right to rent or other income from the Project or as against Landlord’s business of leasing any of
the Project;

 

(b)            Any
assessment, tax, fee, levy or charge in addition to, or in substitution, partially or totally, of any assessment, tax, fee, levy or charge
previously included within the definition of real property tax, it being acknowledged by Tenant and Landlord that Proposition 13 was adopted
by the voters of the State of California in the June 1978 election (“Proposition 13”) and that assessments, taxes,
fees, levies and charges may be imposed by governmental agencies for such services as fire protection, street, sidewalk and road maintenance,
refuse removal and for other governmental services formerly provided without charge to property owners or occupants. It is the intention
of Tenant and Landlord that all such new and increased assessments, taxes, fees, levies, and charges and all similar assessments, taxes,
fees, levies and charges be included within the definition of Tax Expenses for purposes of this Lease;

 

(c)            Any
assessment, tax, fee, levy, or charge in the nature of a real property tax or personal property tax allocable to or measured by the area
of the Premises or the rent payable hereunder, including, without limitation, any gross income tax upon or with respect to the possession,
leasing, operating, management, maintenance, alteration, repair, use or occupancy by Tenant of the Premises, or any portion thereof;

 

(d)            Any
assessment, tax, fee, levy or charge, upon this transaction or any document to which Tenant is a party, creating or transferring an interest
or an estate in the Premises; and

 

(e)            Any
reasonable expenses incurred by Landlord in attempting to protest, reduce or minimize Tax Expenses (Tax refunds shall be credited against
Tax Expenses and refunded to Tenant regardless of when received, based on the Expense Year to which the refund is applicable, provided
that in no event shall the amount to be refunded to Tenant for any such Expense Year exceed the total amount paid by Tenant as on account
of Tax Expenses under this Article 4 for such Expense Year. The foregoing sentence shall survive the expiration or earlier termination
of this Lease.)

 

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4.2.5.2            Notwithstanding
anything to the contrary contained in this Section 4.2.5, there shall be excluded from Tax Expenses (i) all excess profits taxes,
franchise taxes, gift taxes, capital stock taxes, inheritance and succession taxes, estate taxes, federal and state net income taxes,
and other taxes to the extent applicable to Landlord’s net income (as opposed to rents, receipts or income attributable to operations
at the Project), (ii) any items included as Operating Expenses or Utilities Costs, (iii) any items paid by Tenant under Section 4.4
below; (iv) any penalty, late charge or interest imposed as a result of Landlord’s failure to pay Tax Expenses when due; (v) child
care subsidies, fees and/or assessments, job training subsidies, fees and/or assessments, open space fees and/or assessments, housing
subsidies and/or housing fund fees or assessments, public art fees and/or assessments; and (vi) any taxes for any time prior to the
Lease Commencement Date or after the later to occur of (A) the expiration date of this Lease, or (B) the date Tenant vacates
the Premises pursuant to Articles 15 and/or 16 hereof.

 

4.2.6        “Tenant’s
Share” shall mean the percentage set forth in Section 9 of the Summary. Tenant’s Share was calculated by dividing
the number of rentable square feet of the Premises by the total rentable square feet in the Building (as set forth in Section 9 of
the Summary), and stating such amount as a percentage.

 

4.2.7        “Utilities
Costs” shall mean all actual charges for utilities for the Building and the Project (including utilities for the Other Existing
Buildings and additional buildings, if any, added to the Project during the period of time the same are included by Landlord within the
Project) which Landlord shall pay during any Expense Year, including, but not limited to, the costs of water, sewer, gas and electricity,
and the costs of HVAC and other utilities, including any lab utilities and central plant utilities (but excluding those charges for which
tenants directly reimburse Landlord or otherwise pay directly to the utility company) as well as related fees, assessments, measurement
meters and devices and surcharges. Utilities Costs shall be calculated assuming the Building (and, during the period of time when such
buildings are included by Landlord within the Project, the Other Existing Buildings and any additional buildings, if any, added to the
Project) are at least ninety-five percent (95%) occupied. If, during all or any part of any Expense Year, Landlord shall not provide any
utilities (the cost of which, if provided by Landlord, would be included in Utilities Costs) to a tenant (including Tenant) who has undertaken
to provide the same instead of Landlord, Utilities Costs shall be deemed to be increased by an amount equal to the additional Utilities
Costs which would reasonably have been incurred during such period by Landlord if Landlord had at its own expense provided such utilities
to such tenant. Utilities Costs shall include any costs of utilities which are allocated to the Project under any declaration, restrictive
covenant, or other instrument pertaining to the sharing of costs by the Project or any portion thereof, including any covenants, conditions
or restrictions now or hereafter recorded against or affecting the Project. For any utilities which Tenant pays directly (whether to Landlord
or to the applicable utility provider), Utilities Costs will not include such utility cost for any other tenant premises in the Project.

 

4.3            Calculation
and Payment of Additional Rent.

 

4.3.1        Payment
of Operating Expenses, Tax Expenses and Utilities Costs. For each Expense Year ending or commencing within the Lease Term, Tenant
shall pay to Landlord, as Additional Rent, the following, which payment shall be made in the manner set forth in Section 4.3.2 below:
(i) Tenant’s Share of Operating Expenses allocated to the Building pursuant to Section 4.3.4 below; plus (ii) Tenant’s
Share of Tax Expenses allocated to the Building pursuant to Section 4.3.4 below; plus (iii) Tenant’s Share of Utilities
Costs allocated to the Building pursuant to Section 4.3.4 below.

 

4.3.2        Statement
of Actual Operating Expenses, Tax Expenses and Utilities Costs and Payment by Tenant. Landlord shall endeavor to give to Tenant on
or before the first (1st) day of June following the end of each Expense Year, a statement (the “Statement”)
which shall state the Operating Expenses, Tax Expenses and Utilities Costs incurred or accrued for such preceding Expense Year that are
allocated to the Building pursuant to Section 4.3.4 below, and which shall indicate therein Tenant’s Share thereof. Within
thirty (30) days after Tenant’s receipt of the Statement for each Expense Year ending during the Lease Term, Tenant shall pay to
Landlord the full amount of the Tenant’s Share of Operating Expenses, Tax Expenses and Utilities Costs for such Expense Year, less
the amounts, if any, paid during such Expense Year as the Estimated Expenses as defined in and pursuant to Section 4.3.3 below. If
any Statement reflects that Tenant has overpaid Tenant’s Share of Operating Expenses and/or Tenant’s Share of Tax Expenses
and/or Tenant’s Share of Utilities Costs for such Expense Year, then Landlord shall, at Landlord’s option, either (i) remit
such overpayment to Tenant within thirty (30) days after such applicable Statement is delivered to Tenant, or (ii) credit such overpayment
toward the additional Rent next due and payable to Tenant under this Lease. The failure of Landlord to timely furnish the Statement for
any Expense Year shall not prejudice Landlord from enforcing its rights under this Article 4; provided that any Statement
must be delivered within eighteen (18) months after the end of the Calendar Year to which such Statement relates, and any items other
than supplemental Tax Expenses not billed to Tenant within such eighteen (18) month period will be waived and Tenant will have no obligation
to pay such amounts. Even though the Lease Term has expired and Tenant has vacated the Premises, if the Statement for the Expense Year
in which this Lease terminates reflects that Tenant has overpaid and/or underpaid Tenant’s Share of the Operating Expenses and/or
Tenant’s Share of Tax Expenses and/or Tenant’s Share of Utilities Costs for such Expense Year, then within thirty (30) days
after Landlord’s delivery of such Statement to Tenant, Landlord shall refund to Tenant any such overpayment, or Tenant shall pay
to Landlord any such underpayment, as the case may be. The provisions of this Section 4.3.2 shall survive the expiration or earlier
termination of the Lease Term.

 

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4.3.3        Statement
of Estimated Operating Expenses, Tax Expenses and Utilities Costs. Landlord shall endeavor to give Tenant a yearly expense estimate
statement (the “Estimate Statement”) which shall set forth Landlord’s reasonable estimate (the “Estimate”)
of the total amount of Tenant’s Share of the Operating Expenses, Tax Expenses and Utilities Costs allocated to the Building pursuant
to Section 4.3.4 below for the then-current Expense Year shall be, and which shall indicate therein Tenant’s Share thereof
(the “Estimated Expenses”). The failure of Landlord to timely furnish the Estimate Statement for any Expense Year shall
not preclude Landlord from enforcing its rights to collect any Estimated Expenses under this Article 4. Following Landlord’s
delivery of the Estimate Statement for the then-current Expense Year, Tenant shall pay, with its next installment of Base Rent due, a
fraction of the Estimated Expenses for the then-current Expense Year (reduced by any amounts paid pursuant to the last sentence of this
Section 4.3.3). Such fraction shall have as its numerator the number of months which have elapsed in such current Expense Year to
the month of such payment, both months inclusive, and shall have twelve (12) as its denominator. Until a new Estimate Statement is furnished,
Tenant shall pay monthly, with the monthly Base Rent installments, an amount equal to one-twelfth (1/12) of the total Estimated Expenses
set forth in the previous Estimate Statement delivered by Landlord to Tenant.

 

4.3.4        Allocation
of Operating Expenses, Tax Expenses and Utilities Costs to Building. The parties acknowledge that the Building is part of a multi-building
commercial project consisting of the Building, and the Other Existing Buildings and such other buildings as Landlord (and/or any other
owners of the Project) may elect to construct and include as part of the Project from time to time (the Other Existing Buildings and any
such other buildings are sometimes referred to herein, collectively, as the “Other Buildings”), and that certain of
the costs and expenses incurred in connection with the Project (i.e. the Operating Expenses, Tax Expenses and Utilities Costs)
shall be shared among the Building and/or such Other Buildings, while certain other costs and expenses which are solely attributable to
the Building and such Other Buildings, as applicable, shall be allocated directly to the Building and the Other Buildings, respectively.
Accordingly, as set forth in Sections 4.1 and 4.2 above, Operating Expenses, Tax Expenses and Utilities Costs are determined annually
for the Project as a whole, and a portion of the Operating Expenses, Tax Expenses and Utilities Costs, which portion shall be determined
by Landlord on an equitable basis, shall be allocated to the Building (as opposed to the tenants of the Other Buildings), and such portion
so allocated shall be the amount of Operating Expenses, Tax Expenses and Utilities Costs payable with respect to the Building upon which
Tenant’s Share shall be calculated. Such portion of the Operating Expenses, Tax Expenses and Utilities Costs allocated to the Building
shall include all Operating Expenses, Tax Expenses and Utilities Costs which are attributable solely to the Building, and an equitable
portion of the Operating Expenses, Tax Expenses and Utilities Costs attributable to the Project as a whole. As an example of such allocation
with respect to Tax Expenses and Utilities Costs, it is anticipated that Landlord (and/or any other owners of the Project) may receive
separate tax bills which separately assess the improvements component of Tax Expenses for each building in the Project and/or Landlord
may receive separate utilities bills from the utilities companies identifying the Utilities Costs for certain of the utilities costs directly
incurred by each such building (as measured by separate meters installed for each such building), and such separately assessed Tax Expenses
and separately metered Utilities Costs shall be calculated for and allocated separately to each such applicable building. In addition,
in the event Landlord (and/or any other owners of the Project) elect to subdivide certain common area portions of the Project such as
landscaping, private streets, driveways, walkways, courtyards, plazas, transportation facilitation areas and/or accessways into a separate
parcel or parcels of land (and/or separately convey all or any of such parcels to a common area association to own, operate and/or maintain
same), the Operating Expenses, Tax Expenses and Utilities Costs for such common area parcels of land may be aggregated and then reasonably
allocated by Landlord to the Building and such Other Buildings on an equitable basis as Landlord (and/or any applicable covenants, conditions
and restrictions for any such common area association; provided such allocation is equitable) shall provide from time to time. Notwithstanding
anything to the contrary contained in this Lease, to the extent that any item of Operating Expenses, Tax Expenses and Utilities
Costs can be allocated to an individual building within the Project, such cost will be so allocated, and in the event any item of Operating
Expenses, Tax Expenses and Utilities Costs are pooled and allocated by Landlord to individual buildings, the Building’s allocation
will be based on either the rentable area of the Building as compared to the rentable area of other buildings in the pool or based on
relative benefit received by the Building for such expense item. It is the intent of the parties that Tenant not be charged for any item
of Operating Expenses, Tax Expenses and Utilities Costs solely attributable or which solely benefits another building within the Project.

 

    -9-

     

    

 

4.4           Taxes
and Other Charges for Which Tenant Is Directly Responsible. Tenant shall reimburse Landlord upon demand for all taxes or assessments
required to be paid by Landlord (except to the extent included in Tax Expenses by Landlord), excluding state, local and federal personal
or corporate income taxes measured by the net income of Landlord from all sources and estate and inheritance taxes, whether or not now
customary or within the contemplation of the parties hereto, when:

 

4.4.1        said
taxes are measured by or reasonably attributable to the cost or value of Tenant’s equipment, furniture, fixtures and other personal
property located in the Premises, or by the cost or value of any leasehold improvements made in or to the Premises by or for Tenant, to
the extent the cost or value of such leasehold improvements exceeds the cost or value of a building standard build-out as determined by
Landlord regardless of whether title to such improvements shall be vested in Tenant or Landlord; or

 

4.4.2        said
taxes are assessed upon or with respect to the possession, leasing, operation, management, maintenance, alteration, repair, use or occupancy
by Tenant of the Premises or any portion of the Project.

 

4.5           Late
Charges. If any installment of Rent or any other sum due from Tenant shall not be received by Landlord or Landlord’s designee
within three (3) days after notice the same is due, then Tenant shall pay to Landlord a late charge equal to five percent (5%) of
the amount due plus any attorneys’ fees incurred by Landlord by reason of Tenant’s failure to pay Rent and/or other charges
when due hereunder; provided that the first late charge in any twelve (12) month period shall be waived. The late charge shall be deemed
Additional Rent and the right to require it shall be in addition to all of Landlord’s other rights and remedies hereunder, at law
and/or in equity and shall not be construed as liquidated damages or as limiting Landlord’s remedies in any manner. In addition
to the late charge described above, any Rent or other amounts owing hereunder which are not paid by the date that they are due shall thereafter
bear interest until paid at a rate (the “Interest Rate”) equal to the lesser of (i) the “Prime Rate”
or “Reference Rate” announced from time to time by the Bank of America (or such reasonable comparable national banking institution
as selected by Landlord in the event Bank of America ceases to exist or publish a Prime Rate or Reference Rate), plus four percent (4%),
or (ii) the highest rate permitted by applicable law.

 

4.6           Audit
Rights. Tenant shall have the right, at Tenant’s cost, after reasonable notice to Landlord, to have Tenant’s authorized
employees or agents inspect, at Landlord’s main corporate office in San Diego during normal business hours, Landlord’s books,
records and supporting documents concerning the Operating Expenses, Tax Expenses and Utilities Costs set forth in any Statement delivered
by Landlord to Tenant for a particular Expense Year pursuant to Section 4.3.2 above; provided, however, Tenant shall have no right
to conduct such inspection or object to or otherwise dispute the amount of the Operating Expenses, Tax Expenses and Utilities Costs set
forth in any such Statement, unless Tenant notifies Landlord of such inspection objection and dispute, completes such inspection within
six (6) months immediately following Landlord’s delivery of a Statement (the “Review Period”); provided,
further, that notwithstanding any such timely inspection, objection, dispute, and/or audit, and as a condition precedent to Tenant’s
exercise of its right of inspection, objection, dispute, and/or audit as set forth in this Section 4.6, Tenant shall not be permitted
to withhold payment of, and Tenant shall timely pay to Landlord, the full amounts as required by the provisions of this Article 4
in accordance with such Statement. However, such payment may be made under protest pending the outcome of any audit. In connection with
any such inspection by Tenant, Landlord and Tenant shall reasonably cooperate with each other so that such inspection can be performed
pursuant to a mutually acceptable schedule, in an expeditious manner and without undue interference with Landlord’s operation and
management of the Project. If after such inspection and/or request for documentation, Tenant disputes the amount of the Operating Expenses,
Tax Expenses and Utilities Costs set forth in the Statement, Tenant shall have the right, but not the obligation, to cause an independent
certified public accountant which is not paid on a contingency basis and which is mutually approved by Landlord and Tenant (the “Accountant”)
to complete an audit of Landlord’s books and records to determine the proper amount of the Operating Expenses, Tax Expenses and
Utilities Costs incurred and amounts payable by Tenant for the Expense Year which is the subject of such Statement. Such audit by the
Accountant shall be final and binding upon Landlord and Tenant. If Landlord and Tenant cannot mutually agree as to the identity of the
Accountant within thirty (30) days after Tenant notifies Landlord that Tenant desires an audit to be performed, then the Accountant shall
be one of the “Big 4” accounting firms selected by Landlord, which is not paid on a contingency basis and is not, and has
not been, otherwise employed or retained by Landlord. If such audit reveals that Landlord has over-charged Tenant, then within thirty
(30) days after the results of such audit are made available to Landlord, Landlord shall reimburse to Tenant the amount of such over-charge.
If the audit reveals that the Tenant was under-charged, then within thirty (30) days after the results of such audit are made available
to Tenant, Tenant shall reimburse to Landlord the amount of such under-charge. Tenant agrees to pay the cost of such audit unless it is
subsequently determined that Landlord’s original Statement which was the subject of such audit was in error to Tenant’s disadvantage
by five percent (5%) or more of the total Operating Expenses, Tax Expenses and Utilities Costs which was the subject of the audit (in
which case Landlord shall pay the cost of such audit). The payment by Tenant of any amounts pursuant to this Article 4 shall not
preclude Tenant from questioning the correctness of any Statement provided by Landlord at any time during the Review Period, but the failure
of Tenant to object thereto, conduct and complete its inspection shall be conclusively deemed Tenant’s approval of the Statement
in question and the amount of Operating Expenses, Tax Expenses and Utilities Costs shown thereon. So long as Tenant completes its review
and disputes the amount of the Operating Expenses, Tax Expenses and Utilities Costs set forth in the Statement prior to the expiration
of the Review Period, the completion of the audit by the Accountant need not be completed during the Review Period but must be completed
within three (3) months thereafter. In connection with any inspection and/or audit conducted by Tenant pursuant to this Section 4.6,
Tenant agrees to keep, and to cause all of Tenant’s employees and consultants and the Accountant to keep, all of Landlord’s
books and records and the audit, and all information pertaining thereto and the results thereof, strictly confidential, and in connection
therewith, Tenant shall cause such employees, consultants and the Accountant to execute such reasonable confidentiality agreements as
Landlord may require prior to conducting any such inspections and/or audits.

 

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ARTICLE 5

 

USE
OF PREMISES; HAZARDOUS MATERIALS; ODORS AND EXHAUST

 

5.1            Use.
Tenant shall use the Premises solely for purposes consistent with the character of the Project as a first-class office and biotechnology
project, and Tenant shall not use or permit the Premises to be used for any other purpose or purposes whatsoever. Tenant shall not use,
or permit any person or persons to use, the Premises or any part thereof for any use or purpose contrary to the provisions of Exhibit D,
attached hereto, or in violation of the laws of the United States of America, the state in which the Project is located, or the ordinances,
regulations or requirements of the local municipal or county governing body or other lawful authorities having jurisdiction over the Project.
Provided the same do not adversely affect Tenant’s ability to use the Premises for the uses permitted herein, Tenant shall comply
with the Rules and Regulations and all recorded covenants, conditions, and restrictions, and the provisions of all ground or underlying
leases, now or hereafter affecting the Project, including but not limited to, that certain Amendment in its Entirety and Restatement of
Covenants, Conditions and Restrictions for Lusk/Mira Mesa Industrial Park, dated as of April 21, 1981, and recorded on June 8,
1981 in the Office of the County Recorder for San Diego County, California as Document No. 81-178070 (the existing “Declaration”),
as the same may be amended, amended and restated, supplemented or otherwise modified from time to time; provided that any such
amendments, restatements, supplements or modifications do not decrease Tenant’s rights or increase Tenant’s obligations hereunder.

 

5.2            Hazardous
Materials.

 

5.2.1        Definitions:
As used in this Lease, the following terms have the following meanings:

 

(a)            “Environmental
Law” means any past, present or future federal, state or local statutory or common law, or any regulation, ordinance, code,
plan, order, permit, restriction or agreement issued, entered, promulgated or approved thereunder, relating to (a) the environment,
human health or safety, including, without limitation, emissions, discharges, releases or threatened releases of Hazardous Materials (as
defined below) into the environment (including, without limitation, air, surface water, groundwater or land), or (b) the manufacture,
generation, refining, processing, distribution, use, sale, treatment, receipt, storage, disposal, transport, arranging for transport,
or handling of Hazardous Materials.

 

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(b)            “Environmental
Permits” mean collectively, any and all permits, consents, licenses, approvals and registrations of any nature at any time required
pursuant to, or in order to comply with, any Environmental Law.

 

(c)            “Hazardous
Materials” shall mean and include any hazardous or toxic materials, substances or wastes as now or hereafter designated or regulated
under any Environmental Law, including, without limitation, asbestos, petroleum, petroleum hydrocarbons and petroleum based products,
urea formaldehyde foam insulation, polychlorinated biphenyls (“PCBs”), freon and other chlorofluorocarbons, “biohazardous
waste,” “medical waste,” “infectious agent”, “mixed waste” or other waste under California Health
and Safety Code §§ 117600 et, seq.

 

(d)            “Release”
shall mean with respect to any Hazardous Materials, any release, deposit, discharge, emission, leaking, pumping, leaching, spilling, seeping,
migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous Materials.

 

5.2.2        Tenant’s
Obligations – Environmental Permits. Tenant will (i) obtain and maintain in full force and effect all Environmental Permits
that may be required from time to time under any Environmental Laws applicable to Tenant or Tenant’s operations at the Premises
and (ii) be and remain in compliance with all terms and conditions of all such Environmental Permits and with all other limitations,
restrictions, conditions, standards, prohibitions, requirements, obligations, schedules and timetables contained in all Environmental
Laws applicable to Tenant or Tenant’s operations at the Premises.

 

5.2.3        Tenant’s
Obligations – Hazardous Materials. Except as expressly permitted herein, Tenant agrees not to cause or permit any Hazardous
Materials to be brought upon, stored, used, handled, generated, released or disposed of on, in, under or about the Premises, or any other
portion of the Property by Tenant, its agents, employees, subtenants, assignees, licensees or contractors (collectively, “Tenant’s
Parties”), without the prior written consent of Landlord, which consent Landlord may withhold in its reasonable discretion.
Landlord acknowledges that it is not the intent of this Section 5.2 to prohibit Tenant from operating its business for the uses permitted
hereunder. Tenant may operate its business according to the custom of Tenant’s industry so long as the use or presence of Hazardous
Materials is strictly and properly monitored in accordance with applicable Environmental Laws. As a material inducement to Landlord to
allow Tenant to use Hazardous Materials in connection with its business, Tenant agrees to deliver to Landlord prior to the Lease Commencement
Date a list identifying each type of Hazardous Material to be present at the Premises and setting forth any and all governmental approvals
or permits required in connection with the presence of such Hazardous Material at the Premises (the “Hazardous Materials List”).
Tenant shall deliver to Landlord an updated Hazardous Materials List upon request of Landlord (not more often than annually) and shall
also deliver an updated Hazardous Materials List before any new Hazardous Materials are brought to the Premises. Tenant shall deliver
to Landlord true and correct copies of the following documents (hereinafter referred to as the “Documents”) relating
to the handling, storage, disposal and emission of Hazardous Materials prior to the Lease Commencement Date or, if unavailable at that
time, concurrently with the receipt from or submission to any Governmental Authority: permits; approvals; reports and correspondence;
storage and management plans; notices of violations of applicable Environmental Laws; plans relating to the installation of any storage
tanks to be installed in, on, under or about the Premises (provided that installation of storage tanks shall only be permitted after Landlord
has given Tenant its written consent to do so, which consent Landlord may withhold in its sole and absolute discretion as to any underground
tank and in its reasonable discretion otherwise); and all closure plans or any other documents required by any and all governmental authorities
for any storage tanks installed in, on, under or about the Premises for the closure of any such storage tanks. For each type of Hazardous
Material listed, the Documents shall include (t) the chemical name, (u) the material state (e.g., solid, liquid, gas or cryogen),
(v) the concentration, (w) the storage amount and storage condition (e.g., in cabinets or not in cabinets), (x) the use
amount and use condition (e.g., open use or closed use), (y) the location (e.g., room number or other identification) and (z) if
known, the chemical abstract service number. Tenant shall not be required, however, to provide Landlord with any portion of the Documents
containing information of a proprietary nature. Upon the expiration or earlier termination of this Lease, Tenant agrees to promptly remove
from the Premises, the Building and the Project, at its sole cost and expense, any and all Hazardous Materials, including any equipment
or systems containing Hazardous Materials, in all cases which are installed, brought upon, stored, used, generated or released in or about
the Premises, the Building and/or the Project or any portion thereof by Tenant or any of Tenant’s Parties during the Term of this
Lease. Notwithstanding the provisions of Article 14, if (a) Tenant or any proposed transferee, assignee or sublessee of Tenant
has been required by any prior landlord, lender or governmental authority to take material remedial action in connection with Hazardous
Materials contaminating a property if the contamination resulted from such party’s action or omission or use of the property
in question or (b) Tenant or any proposed transferee, assignee or sublessee is subject to a material enforcement order issued by
any governmental authority in connection with the use, disposal or storage of Hazardous Materials, then it shall not be unreasonable for
Landlord to withhold its consent to any proposed transfer, assignment or subletting (with respect to any such matter involving a proposed
transferee, assignee or sublessee).

 

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5.2.4        Landlord’s
Right to Conduct Environmental Assessment. At any time during the Lease Term, Landlord shall have the right, at Landlord’s sole
cost and expense (unless a violation of this Article 5 is found to exist, in which case Tenant will reimburse Landlord for the reasonable
cost of such assessment), to conduct an environmental assessment of the Premises (as well as any other areas in, on or about the Project
that Landlord reasonably believes may have been affected adversely by Tenant’s use of the Premises (collectively, the “Affected
Areas”) in order to confirm that the Premises and the Affected Areas do not contain any Hazardous Materials in violation of
applicable Environmental Laws or under conditions constituting or likely to constitute a Release of Hazardous Materials. Such environmental
assessment shall be a so-called “Phase I” assessment or such other level of investigation which shall be the standard of diligence
in the purchase or lease of similar property at the time, together with, at Landlord’s sole cost and expense (unless a violation
of this Section 5.2 is found to exist which necessitates the preparation of further investigation or reports, in which case Tenant
will reimburse Landlord for the reasonable cost of such investigation or reports), any additional investigation and report which would
customarily follow any discovery contained in such initial Phase I assessment (including, but not limited to, any so-called “Phase
II” report). Such right to conduct such environmental assessment shall not be exercised more than once per calendar year unless
Tenant is in default under this Section 5.2.

 

5.2.5        Tenant’s
Obligations to perform Corrective Action. If there has been a Release or threatened Release with respect to Hazardous Materials for
which Tenant is responsible under this Section 5.2 emanating from the Premises that requires any investigation and/or active response
action, including without limitation active or passive remediation and monitoring or any combination of these activities (“Corrective
Action”), Tenant shall immediately undertake Corrective Action with respect to contamination if, and to the extent, required
by the governmental authority exercising jurisdiction over the matter. Any Corrective Action performed by Tenant will be performed with
Landlord’s prior written approval and in accordance with applicable Environmental Laws, at Tenant’s sole cost and expense
and by an environmental consulting firm reasonably acceptable to Landlord. Tenant may perform the Corrective Action before or after the
expiration or earlier termination of this Lease, to the extent permitted by governmental agencies with jurisdiction over the Premises,
the Building and the Project (provided, however, that any Corrective Action performed after the expiration or earlier termination of this
Lease shall be subject to such reasonable requirement as Landlord may impose, including an access fee to offset any reasonable cost to
Landlord in allowing such access). Tenant or its consultant may install, inspect, maintain, replace and operate remediation equipment
and conduct the Corrective Action as it considers necessary, subject to Landlord’s approval. Tenant and Landlord shall, in good
faith, cooperate with each other with respect to any Corrective Action after the expiration or earlier termination of this Lease so as
not to interfere unreasonably with the conduct of Landlord’s or any third party’s business on the Premises, the Building and
the Project. Landlord will provide reasonable access until Tenant delivers evidence reasonably satisfactory to Landlord that Tenant’s
Corrective Action activities on the Premises and the Affected Areas satisfy applicable Environmental Laws (which will be satisfied by
a closure letter from the applicable governmental authority). It shall be reasonable for Landlord to require Tenant to deliver a “no
further action” letter or substantially similar document from the applicable governmental agency (provided that Tenant will not
be required to provide such a letter if the applicable governmental agency refuses to do so for a reason other than Tenant’s failure
to properly take such Corrective Action). Tenant agrees to install, at Tenant’s sole cost and expense, screening around its remediation
equipment so as to protect the aesthetic appeal of the Premises, the Building and the Project. Tenant also agrees to use reasonable efforts
to locate its remediation and/or monitoring equipment, if any (subject to the requirements of Tenant’s consultant and governmental
agencies with jurisdiction over the Premises, the Building and the Project) in a location which will allow Landlord, to the extent reasonably
practicable, the ability to lease the Premises, the Building and the Project to a subsequent user. Notwithstanding anything above to the
contrary, if any clean-up or monitoring procedure is required by any applicable governmental authorities in, on, under or about the Premises
and the Affected Areas during the Lease Term as a consequence of any Hazardous Materials contamination by Tenant or a Tenant Party and
the procedure for clean-up is not completed (to the satisfaction of the governmental authorities) prior to the expiration or earlier termination
of this Lease and as a result Landlord is not reasonably able to re-let the Premises then, at Landlord’s election, (i) this
Lease shall be deemed renewed for a term commencing on the expiration or earlier termination of this Lease and ending on the date the
clean-up procedure is anticipated to be completed; or (ii) Tenant shall be deemed
to have impermissibly held over (and Article 16 of this Lease shall apply with full force and effect).

 

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5.2.6        Tenant’s
Duty to Notify Landlord Regarding Releases. Tenant agrees to promptly notify Landlord of any Release of Hazardous Materials in the
Premises, the Building or any other portion of the Project which Tenant becomes aware of during the Term of this Lease. In the event of
any release of Hazardous Materials caused by Tenant or any of Tenant’s Parties, Landlord shall have the right, but not the obligation,
to cause Tenant, at Tenant’s sole cost and expense, to immediately take all reasonable steps Landlord deems necessary or appropriate
to remediate such Release and prevent any similar future release to the reasonable satisfaction of Landlord and Landlord’s mortgagee(s).
Tenant will, upon the request of Landlord at any time during which Tenant is not in compliance with this Section 5.2 (and in any
event no earlier than sixty (60) days and no later than ten (10) days prior to the expiration of this Lease), cause to be performed
an environmental audit of the Premises at Tenant’s expense by an established environmental consulting firm reasonably acceptable
to Landlord. In the event the audit provides that Corrective Action is required then Tenant shall immediately perform the same at its
sole cost and expense.

 

5.2.7        Tenant’s
Environmental Indemnity. To the fullest extent permitted by law, Tenant agrees to promptly indemnify, protect, defend and hold harmless
Landlord and Landlord’s members, partners, subpartners, independent contractors, officers, directors, shareholders, employees, agents,
successors and assigns (collectively, “Landlord Parties”) from and against any and all claims (including personal injury
claims), damages, judgments, suits, causes of action, losses, liabilities, penalties, fines, expenses and costs (including, without limitation,
clean-up, removal, remediation and restoration costs, sums paid in settlement of claims, attorneys’ fees, consultant fees and expert
fees and court costs) which arise or result from the presence of Hazardous Materials on, in, under or about the Premises, or any Affected
Area and which are caused by Tenant or any of Tenant’s Parties during the Term of this Lease, including (i) the presence in,
on, under or about the Premises and the Affected Areas, of any Hazardous Materials caused by Tenant or any of Tenant’s Parties;
(ii) Tenant’s or any Tenant Party’s use, treatment, storage, transportation, holding, disposition, manufacturing, control,
management, abatement, removal, handling, transfer, generation or Release of Hazardous Materials in or from the Premises; (iii) any
non-compliance or violations of any Environmental Laws by Tenant during the Term; (iv) the payment of any environmental liens, or
the disposition, recording, or filing or threatened disposition, recording or filing of any environmental lien encumbering or otherwise
affecting the Premises and/or the Affected Areas; (v) diminution in the value of the Premises and/or the Project; (vi) damages
for the loss or restriction of use of the Premises and/or the Project, including prospective rent, lost profits and business opportunities;
(vii) sums paid in settlement of claims; (viii) reasonable attorneys’ fees, consulting fees and expert fees; (ix) the
cost of any investigation of site conditions; and (x) the cost of any repair, clean-up or remediation ordered by any governmental
or quasi-governmental agency or body (in all cases of (i)-(x), which arise or result from the presence of Hazardous Materials on, in,
under or about the Premises, or the Affected Areas and which are caused by Tenant or any of Tenant’s Parties during the Term of
this Lease). For purposes of the indemnity provisions in this Section 5.2, any acts or omissions of Tenant and/or Tenant’s
Parties shall be strictly attributable to Tenant. The provisions of this Section 5.2.7 will survive the expiration or earlier termination
of this Lease.

 

5.2.8        Landlord’s
Termination Option for Certain Environmental Problems. If Hazardous Materials are present at the Premises or Project (to the extent
Tenant’s use and occupancy is affected) that are required by Environmental Law to be remediated and Tenant is not responsible therefor
pursuant to Section 5.2, such Hazardous Material condition will be subject to the terms and conditions of Article 11 below.

 

5.2.9        Control
Areas. Tenant shall be allowed to utilize up to its pro rata share of the Hazardous Materials inventory within any control area or
zone, as designated by the applicable building code, for chemical use or storage. As used in the preceding sentence, Tenant’s pro
rata share of any control areas or zones shall be determined based on the rentable square footage that Tenant leases within the applicable
control area or zone. For purposes of example only, if a control area or zone contains 10,000 rentable square feet and 2,000 rentable
square feet of a tenant’s premises are located within such control area or zone (while such premises as a whole contains 5,000 rentable
square feet), the applicable tenant’s pro rata share of such control area would be 20%.

 

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5.2.10      Storage
Area. Tenant shall, during the Lease Term, have the right to use one (1) dedicated general storage area in the location depicted
on Exhibit F (the “Storage Area”). Tenant shall take such Storage Area in its “as-is”
condition and Landlord shall not be obligated to make any improvements or repairs to the same; such improvement/repair responsibility
shall be Tenant’s responsibility at Tenant’s sole cost and expense. The Storage Area shall be considered part of the
Premises under this Lease except that no Rent shall be payable by Tenant for such Storage Area.

 

5.2.11      Limitations
on Tenant’s Obligations. Notwithstanding anything to the contrary contained in this Lease, Tenant shall have no liability in
connection with any Hazardous Materials (i) in existence on the Premises, Building or Project prior to the Lease Commencement Date
or brought onto the Premises, Building or Project after the Lease Commencement Date by any third party other than a Tenant Party or (ii) which
may migrate into the Premises through air, water or soil, through no fault of Tenant or any Tenant Party. Landlord hereby represents and
warrants that it is not aware of any Hazardous Materials existing on or under the Project in violation of Environmental Laws, or which
are the subject of any remediation work as of the date of this Lease. As Tenant’s sole remedy for Landlord’s breach of the
foregoing representation and warranty, Landlord shall remediate such Hazardous Materials violation at Landlord’s sole cost and expense.

 

5.3           Odors
and Exhaust. Tenant acknowledges that Landlord would not enter into this Lease with Tenant unless Tenant assured Landlord that under
no circumstances will the Premises be damaged by any exhaust from Tenant’s operations. Landlord and Tenant therefore agree as follows:

 

5.3.1        Tenant
shall not cause or permit (or conduct any activities that would cause) any release of any odors or fumes of any kind from the Premises.

 

5.3.2        If
the Building has a ventilation system that, in Landlord’s judgment, is adequate, suitable, and appropriate to vent the Premises
in a manner that does not release odors affecting any indoor or outdoor part of the Premises, Tenant shall vent the Premises through such
system. If Landlord at any time determines that any existing ventilation system is inadequate, or if no ventilation system exists, Tenant
shall in compliance with applicable laws vent all fumes and odors from the Premises (and remove odors from Tenant’s exhaust stream)
as Landlord requires. The placement and configuration of all ventilation exhaust pipes, louvers and other equipment shall be subject to
Landlord’s reasonable approval. Tenant acknowledges Landlord’s legitimate desire to maintain the Premises (indoor and outdoor
areas) in an odor-free manner, and Landlord may require Tenant to abate and remove all odors in a manner that goes beyond the requirements
of applicable laws.

 

5.3.3        Tenant
shall, at Tenant’s sole cost and expense, provide odor eliminators and other devices (such as filters, air cleaners, scrubbers and
whatever other equipment may in Landlord’s reasonable judgment be necessary or appropriate from time to time) to remove, eliminate
and abate any odors, fumes or other substances in Tenant’s exhaust stream that emanate from the Premises. Any work Tenant performs
under this Section 5.3 shall constitute Alterations.

 

5.3.4        Tenant’s
responsibility to remove, eliminate and abate odors, fumes and exhaust shall continue throughout the Term.

 

5.3.5        If
Tenant fails to install satisfactory odor control equipment within ten (10) business days after Landlord’s demand made at any
time, then Landlord may, without limiting Landlord’s other rights and remedies, require Tenant to cease and suspend any operations
in the Premises that, in Landlord’s reasonable determination, cause odors, fumes or exhaust.

 

ARTICLE 6

 

SERVICES
AND UTILITIES

 

6.1           Standard
Tenant Services. Landlord shall provide the following services on all days during the Lease Term, unless otherwise stated below.

 

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6.1.1        Subject
to reasonable changes implemented by Landlord and to all governmental rules, regulations and guidelines applicable thereto, Landlord shall
provide heating and air conditioning (“HVAC”) to the office portions of the Premises sufficient for normal office use
in the Premises from Monday through Friday, during the period from 8:00 a.m. to 6:00 p.m., and Saturdays 9:00 a.m. to 1:00 p.m.,
except for the date of observation of New Year’s Day, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Thanksgiving
Day, Christmas Day and other locally or nationally recognized holidays as designated by Landlord (collectively, the “Holidays”).
Landlord shall provide HVAC to the lab portions of the Premises on a 24/7 basis.

 

6.1.2        Landlord
shall provide adequate electrical wiring and facilities for power for use of the Premises for the uses permitted hereunder. Landlord shall
designate the electricity utility provider from time to time.

 

6.1.3        Landlord
shall provide nonexclusive automatic passenger elevator service at all times.

 

6.1.4        Landlord
shall provide water in the Common Areas and Premises for lavatory, drinking, laboratory and landscaping purposes. Such cost shall be paid
by Tenant as Additional Rent.

 

6.1.5        Landlord
shall provide gas and sewer services and utilities to the Premises and the Project and trash pick-up from the Project.

 

6.2           Overstandard
Tenant Use. Tenant shall not overload the Systems and Equipment serving the Building. If Tenant desires to use HVAC for the office
portions of the Premises during hours other than those for which Landlord is obligated to supply such utilities pursuant to the terms
of Section 6.1 of this Lease, (i) Tenant shall give Landlord such prior notice, as Landlord shall from time to time establish
as appropriate, of Tenant’s desired use, (ii) Landlord shall supply such HVAC to Tenant at such reasonable hourly cost to Tenant
as Landlord shall from time to time establish, and (iii) Tenant shall pay such cost to Landlord within ten (10) business days
after billing, as additional rent. The hourly after-hours HVAC cost shall be equal to (A) the actual cost incurred by Landlord to
supply such after-hours HVAC on an hourly basis (but based on a one (1) hour minimum provision of such after-hours HVAC), (B) increased
wear and tear and depreciation of equipment to provide such after-hours HVAC, and (C) the pro rata maintenance costs related to such
after-hours HVAC. The current after hours cost is $65.00 per hour.

 

6.3           Utilities.
Tenant shall pay for all water (including the cost to service, repair and replace reverse osmosis, de-ionized and other treated water),
gas, heat, light, power, telephone, internet service, cable television, other telecommunications and other utilities supplied to the Premises,
together with any fees, surcharges and taxes thereon. If any such utility is not separately metered or submetered to Tenant, Tenant shall
pay Tenant’s Share of all charges of such utility jointly metered with other premises as Additional Rent or, in the alternative,
Landlord may, at its option, monitor the usage of such utilities by Tenant and if Tenant is using excessive amounts of such utility, charge
Tenant with the cost of purchasing, installing and monitoring such metering equipment, which cost shall be paid by Tenant as Additional
Rent. To the extent that Tenant uses more than Tenant’s Share of any utilities, then Tenant shall pay Landlord Tenant’s Share
of Utilities Costs to reflect such excess.

 

6.4           Interruption
of Use. Tenant agrees that Landlord shall not be liable for damages, by abatement of Rent or otherwise, for failure to furnish or
delay in furnishing any service (including, but not limited to, any central plant or other lab system, telephone and telecommunication
services), or for any diminution in the quality or quantity thereof, when such failure or delay or diminution is occasioned, in whole
or in part, by repairs, replacements, or improvements, by any strike, lockout or other labor trouble, by inability to secure electricity,
gas, water, or other fuel at the Building or Project after reasonable effort to do so, by any accident or casualty whatsoever, by act
or default of Tenant or other parties, or by any other cause beyond Landlord’s reasonable control; and such failures or delays or
diminution shall never be deemed to constitute an eviction or disturbance of Tenant’s use and possession of the Premises or relieve
Tenant from paying Rent or performing any of its obligations under this Lease. Furthermore, Landlord shall not be liable under any circumstances
for a loss of, or injury to, property (including scientific research and any intellectual property) or for injury to, or interference
with, Tenant’s business, including, without limitation, loss of profits, however occurring, through or in connection with or incidental
to a failure to furnish any of the services or utilities as set forth in this Article 6.

 

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6.5           Additional
Services. Landlord shall also have the exclusive right, but not the obligation, to provide any additional services which may be required
by Tenant, including, without limitation, locksmithing and additional repairs and maintenance, provided that Tenant shall pay to Landlord
within ten (10) business days after billing and as Additional Rent hereunder, the sum of all costs to Landlord of such additional
services plus a five percent (5%) administration fee.

 

6.6           Janitorial
Service. Landlord shall not be obligated to provide any janitorial services to the Premises or replace any light bulbs, lamps, starters
and ballasts for lighting fixtures within the Premises. Tenant shall be solely responsible, at Tenant’s sole cost and expense, for
(i) performing all janitorial services, trash removal and other cleaning of the Premises, and (ii) replacement of all light
bulbs, lamps, starters and ballasts for lighting fixtures within the Premises, all as appropriate to maintain the Premises in a first-class
manner consistent with the first-class nature of the Building and Project. Such services to be provided by Tenant shall be performed by
contractors reasonably approved by Landlord. Tenant shall deposit trash as reasonably required in the area designated by Landlord from
time to time. All trash containers must be covered and stored in a manner to prevent the emanation of odors into the Premises or the Project.
Landlord shall have the right to inspect the Premises upon reasonable notice to Tenant and to require Tenant to provide additional cleaning,
if necessary. In the event Tenant shall fail to provide any of the services described in this Section 6.6 to be performed by Tenant
within five (5) business days after notice from Landlord, which notice shall not be required in the event of an emergency, Landlord
shall have the right to provide such services and any charge or cost incurred by Landlord in connection therewith shall be deemed Additional
Rent due and payable by Tenant upon receipt by Tenant of a written statement of cost from Landlord.

 

6.7           Energy
Statements. For any utilities serving the Premises for which Tenant is billed directly by such utility provider, Tenant agrees to
furnish to Landlord (a) any invoices or statements for such utilities within thirty (30) days after Landlord’s request, (b) within
thirty (30) days after Landlord’s request, any other utility usage information reasonably requested by Landlord, and (c) within
thirty (30) days after each calendar year during the Term, an ENERGY STAR® Statement of Performance (or similar comprehensive utility
usage report if requested by Landlord) and any other information reasonably requested by Landlord for the immediately preceding year.
Tenant shall retain records of utility usage at the Premises, including invoices and statements from the utility provider, for at least
sixty (60) months, or such other period of time as may be requested by Landlord. Tenant acknowledges that any utility information for
the Premises may be shared with third parties, including Landlord’s consultants and governmental authorities.

 

6.8           Abatement
of Rent When Tenant is Prevented From Using Premises. In the event that Tenant is prevented from using, and does not use, the Premises
or any portion thereof, for five (5) consecutive business days (the “Eligibility Period”) as a result of (i) any
repair, maintenance or alteration performed by Landlord after the applicable Lease Commencement Date and required to be performed by Landlord
under this Lease or permitted pursuant to Section 5.2.9 above or Section 24.30 below, or (ii) any failure by Landlord to
provide to the Premises any of the facilities for essential utilities and services required to be provided in Section 6.1 above,
or (iii) any failure by Landlord to provide access to the Premises, or (iv) any remediation of Hazardous Materials by Landlord
pursuant to Section 5.2.9 above, then Tenant’s obligation to pay Base Rent and Tenant’s Share of Operating Expenses,
Tax Expenses and Utilities Costs shall be abated or reduced, as the case may be, from and after the first (1st) day following the Eligibility
Period and continuing until such time that Tenant continues to be so prevented from using, and does not use, the Premises or a portion
thereof, in the proportion that the rentable square feet of the portion of the Premises that Tenant is prevented from using, and does
not use, bears to the total rentable square feet of the Premises; provided, however, that Tenant shall only be entitled to such abatement
of rent if the matter described in clauses (i), (ii), (iii) or (iv) of this sentence is within Landlord’s reasonable control
and caused by Landlord’s negligence or willful misconduct or violation of this Lease. To the extent Tenant shall be entitled to
abatement of rent because of a damage or destruction pursuant to Article 11 or a taking pursuant to Article 12, then the Eligibility
Period shall not be applicable.

 

6.9           Access.
Subject to casualty or Force Majeure, Tenant shall have access to the Premises and parking area twenty-four (24) hours per day, seven
(7) days per week.

 

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ARTICLE 7

 

REPAIRS

 

7.1            Tenant’s
Repairs. Subject to Landlord’s repair obligations in Sections 7.2 and 11.1 below, Tenant shall, at Tenant’s own expense,
keep the Premises, including all improvements, fixtures and furnishings therein, in good order, repair and condition at all times during
the Lease Term, which repair obligations shall include, without limitation, the obligation to promptly and adequately repair all damage
to the Premises and replace or repair all damaged or broken fixtures and appurtenances, together with all portions of the HVAC, electrical,
mechanical plumbing, life safety and lab systems from the point that such systems solely serves the Premises and all portions of all fume
hoods and other exhaust systems (all such systems collectively being referred to as the “Premises Systems”), in good
working order and condition. Tenant’s obligations shall include restorations, replacements or renewals, including capital expenditures
for restorations, replacements or renewals which will have an expected life beyond the Term, when necessary to keep the Premises and all
improvements thereon or a part thereof and the Premises Systems in good working order, condition and repair and in compliance with all
applicable laws. Except as expressly set forth in this Lease, it is intended by the parties hereto that Landlord shall have no obligation,
in any manner whatsoever, to repair or maintain the Premises, the improvements located therein or the equipment therein, or the Premises
Systems, all of which obligations are intended to be the expense of Tenant (whether or not such repairs, maintenance or restoration shall
have an expected life extending beyond the Term). Tenant’s maintenance of the Premises Systems shall comply with the manufacturers’
recommended operating and maintenance procedures. Tenant shall enter into and pay for maintenance contracts (in forms satisfactory to
Landlord in its reasonable discretion, which may require, without limitation, that any third party contractor provide Landlord with evidence
of insurance as required by Landlord) for the Premises Systems in accordance with the manufacturers’ recommended operating and maintenance
procedures. Such maintenance contracts shall be with reputable contractors, satisfactory to Landlord in its reasonable discretion, who
shall have not less than ten (10) years of experience in maintaining such systems in biotechnical facilities. Upon Landlord’s
request, Tenant shall provide maintenance reports from any such contractors. Tenant shall be solely responsible for the cost of all non-structural
improvements or alterations to the Premises or the Premises Systems required by law. Notwithstanding the foregoing, at Landlord’s
option, or if Tenant fails to make such repairs after notice and a reasonable cure period, Landlord may, but need not, make such repairs
and replacements, and Tenant shall pay Landlord the cost thereof, including a percentage of the cost thereof (to be uniformly established
for the Building not to exceed 5%) sufficient to reimburse Landlord for all overhead, general conditions, fees and other costs or expenses
arising from Landlord’s involvement with such repairs and replacements forthwith upon being billed for same. In addition, Landlord
reserves the right, upon notice to Tenant, if Tenant is failing to properly maintain the Premises in accordance with this Lease, to procure
and maintain any or all of such service contracts, and if Landlord so elects, Tenant shall reimburse Landlord, upon demand, for the costs
thereof. Tenant shall, no later than January 31st of each calendar year during the Term, provide to Landlord a copy of
the budget for maintenance, repairs and replacements at the Premises for the preceding calendar year, as well as a detailed summary of
the amounts actually expended by Tenant during such period for maintenance, repairs and replacements at the Premises.

 

7.2            Landlord’s
Repairs. Anything contained in Section 7.1 above to the contrary notwithstanding, and subject to Articles 11 and 12 below, Landlord
shall repair and maintain the structural portions of the Building, the roof and roof membrane, the basic plumbing, HVAC and electrical
systems serving the Building and not exclusively serving the Premises, and all common areas, including all Parking Areas; provided, however,
to the extent such maintenance and repairs are caused by the negligence or willful misconduct of Tenant, its agents, servants, employees
or invitees, Tenant shall pay to Landlord as Additional Rent, the reasonable cost of such maintenance and repairs. Except as provided
in this Lease, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s
business arising from the making of any repairs, alterations or improvements in or to any portion of the Project, Building or the Premises
or in or to fixtures, appurtenances and equipment therein. Tenant hereby waives and releases its right to make repairs at Landlord’s
expense under Sections 1941 and 1942 of the California Civil Code; or under any similar law, statute, or ordinance now or hereafter in
effect.

 

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ARTICLE 8

 

ADDITIONS
AND ALTERATIONS

 

8.1            Landlord’s
Consent to Alterations. Tenant may not make any improvements, alterations, additions or changes to the Premises (collectively, the
 “Alterations”) without first procuring the prior written consent of Landlord to such Alterations, which consent shall
be requested by Tenant not less than thirty (30) days prior to the commencement thereof, and which consent shall not be unreasonably withheld
by Landlord; provided, however, Landlord may withhold its consent in its sole and absolute discretion with respect to any Alterations
which may adversely affect the structural components of the Building or the Systems and Equipment or which can be seen from outside the
Premises (“Prohibited Alterations”). Notwithstanding the foregoing to the contrary, prior consent shall not be required
with respect to any interior Alterations to the Premises which (i) are not Prohibited Alterations, (ii) cost less than Fifty
Thousand Dollars ($50,000.00) for any one (1) job and, other than minor electrical, cabling and lighting work (such as adding an
outlet or light switch), and (iii) do not require a building permit, so long as the other conditions of this Article 8 are satisfied
including, without limitation, conforming to Landlord’s rules, regulations and insurance requirements which govern contractors.
Tenant shall pay for all overhead, general conditions, fees and other costs and expenses of the Alterations, and shall pay to Landlord
a Landlord supervision fee of three percent (3%) of the cost of the Alterations. The construction of the initial improvements to the Premises
shall be governed by the terms of the Tenant Work Letter and not the terms of this Article 8.

 

8.2            Manner
of Construction. Landlord may impose, as a condition of its consent to all Alterations or repairs of the Premises, such requirements
as Landlord in its reasonable discretion may deem desirable, including, but not limited to, the requirement that Tenant utilize for such
purposes only contractors, materials, mechanics and materialmen reasonably approved by Landlord; provided, however, Landlord may impose
such requirements as Landlord may determine, in its sole and absolute discretion, with respect to any work affecting the structural components
of the Building or Systems and Equipment (including designating specific contractors to perform such work provided such contractors’
rates are competitive in the market). Tenant shall construct such Alterations and perform such repairs in compliance with any and all
applicable rules and regulations of any federal, state, county or municipal code or ordinance and pursuant to a valid building permit
(if required), issued by the city in which the Building is located, and in conformance with Landlord’s construction rules and
regulations. Landlord’s approval of the plans, specifications and working drawings for Tenant’s Alterations shall create no
responsibility or liability on the part of Landlord for their completeness, design sufficiency, or compliance with all laws, rules and
regulations of governmental agencies or authorities. All work with respect to any Alterations must be done in a good and workmanlike manner
and diligently prosecuted to completion to the end that the Premises shall at all times be a complete unit except during the period of
work. Tenant shall cause all Alterations to be performed in such manner as not to obstruct access by any person to the Building or Project
or the common areas, and as not to obstruct the business of Landlord or other tenants of the Project, or interfere with the labor force
working at the Project. If Tenant makes any Alterations, Tenant agrees to carry “Builder’s All Risk” insurance in an
amount approved by Landlord covering the construction of such Alterations, and such other insurance as Landlord may require, it being
understood and agreed that all of such Alterations shall be insured by Tenant pursuant to Article 10 below immediately upon completion
thereof. Landlord may, in its discretion, require Tenant to obtain a lien and completion bond or some alternate form of security satisfactory
to Landlord in an amount sufficient to ensure the lien-free completion of Alterations costing in excess of Three Hundred Thousand Dollars
($300,000.00) and naming Landlord as a co-obligee. Upon completion of any Alterations, Tenant shall (i) cause a Notice of Completion
to be recorded in the office of the Recorder of the county in which the Project is located in accordance with Section 3093 of the
Civil Code of the State of California or any successor statute, (ii) deliver to the management office of the Building a reproducible
copy of the “as built” drawings of the Alterations, and (iii) deliver to Landlord evidence of payment, contractors’
affidavits and full and final waivers of all liens for labor, services or materials.

 

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8.3            Landlord’s
Property. All Alterations, improvements, attached fixtures and/or equipment which may be installed or placed in or about the Premises
(including, but not limited to, all floor and wall coverings, built-in cabinet work and paneling, sinks and related plumbing fixtures,
laboratory benches, exterior venting fume hoods and walk-in freezers and refrigerators, ductwork, conduits, electrical panels and circuits),
shall be at the sole cost of Tenant, except for the Tenant Improvements. Upon the expiration or early termination of the Lease Term, at
Landlord’s election in its sole discretion, such Alterations, improvements, attached fixtures and/or equipment, or any of them,
shall become the property of Landlord; provided that Tenant will be entitled to remove any water purification system installed by Tenant,
dishwasher, ice machine or autoclave. Furthermore, Landlord may, by delivery of written notice at the time of Landlord’s consent
to the installation of such items, require that Tenant remove such Alterations, improvements, attached fixtures and/or equipment, or any
of them, upon the expiration or early termination of the Lease Term, and repair any damage to the Premises and Building caused by such
removal. If Tenant fails to complete such removal and/or to repair by the end of the Lease Term, Landlord may do so and may charge the
cost thereof to Tenant. Notwithstanding any other provision of this Article 8 to the contrary, in no event shall Tenant remove or
be required to remove any improvement from the Premises as to which Landlord contributed payment, including the Tenant Improvements. For
clarity, all of Tenant’s unattached equipment, fixtures, trade fixtures and other personal property within the Premises shall at
all times remain the property of Tenant and may be removed from the Premises by Tenant at any time during the Term.

 

8.4            Wi-Fi
Network. Without limiting the generality of the foregoing, if Tenant desires to install wireless intranet, Internet and communications
network (“Wi-Fi Network”) in the Premises for the use by Tenant and its employees, then the same shall be subject to
the provisions of this Section 8.4 (in addition to the other provisions of this Article 8). In the event Landlord consents to
Tenant’s installation of such Wi-Fi Network, Tenant shall, in accordance with Article 15 below, remove the Wi-Fi Network
from the Premises prior to the termination of the Lease. Tenant shall use the Wi-Fi Network so as not to cause any interference to other
tenants in the Building or to other tenants at the Project or with any other tenant’s communication equipment, and not to damage
the Building or Project or interfere with the normal operation of the Building or Project. Should any interference occur, Tenant shall
take all necessary steps as soon as reasonably possible and no later than three (3) business days following such occurrence to correct
such interference. If such interference continues after such three (3) day period, Tenant shall immediately cease operating such
Wi-Fi Network until such interference is corrected or remedied to Landlord’s satisfaction. Tenant acknowledges that Landlord has
granted and/or may grant telecommunication rights to other tenants and occupants of the Building and Project and to telecommunication
service providers and in no event shall Landlord be liable to Tenant for any interference of the same with such Wi-Fi Network; provided
that Landlord will use commercially reasonable efforts to cause any party creating interference to cease such interference and Landlord
will require that any third party installing equipment after the date of this Lease agree that it will not interference with existing
equipment. Landlord makes no representation that the Wi-Fi Network will be able to receive or transmit communication signals without interference
or disturbance. Tenant shall (i) be solely responsible for any damage caused as a result of the Wi-Fi Network, (ii) promptly
pay any tax, license or permit fees charged pursuant to any laws or regulations in connection with the installation, maintenance or use
of the Wi-Fi Network and comply with all precautions and safeguards recommended by all governmental authorities, (iii) pay for all
necessary repairs, replacements to or maintenance of the Wi-Fi Network, and (iv) be responsible for any modifications, additions
or repairs to the Building or Project, including without limitation, Building or Project systems or infrastructure, which are required
by reason of the installation, operation or removal of Tenant’s Wi-Fi Network. Should Landlord be required to retain professionals
to research any interference issues that may arise and confirm Tenant’s compliance with the terms of this Section 8.4, and
if a breach by Tenant of this Section is found, Tenant shall reimburse Landlord for the costs incurred by Landlord in connection
with Landlord’s retention of such professionals, the research of such interference issues and confirmation of Tenant’s compliance
with the terms of this Section 8.4 within twenty (20) days after the date Landlord submits to Tenant an invoice for such costs. This
reimbursement obligation is in addition to, and not in lieu of, any rights or remedies Landlord may have in the event of a breach or default
by Tenant under this Lease.

 

ARTICLE 9

 

COVENANT
AGAINST LIENS

 

Tenant has no authority or
power to cause or permit any lien or encumbrance of any kind whatsoever, whether created by act of Tenant, operation of law or otherwise,
to attach to or be placed upon the Project, Building or Premises, and any and all liens and encumbrances created by Tenant shall attach
to Tenant’s interest only. Landlord shall have the right at all times to post and keep posted on the Premises any notice which it
deems necessary for protection from such liens. Tenant shall not cause or permit any lien of mechanics or materialmen or others to be
placed against the Project, the Building or the Premises with respect to work or services performed for or materials furnished to Tenant
or the Premises, and, in case of any such lien attaching or notice of any lien, Tenant shall cause it to be immediately released and removed
of record (by bond or otherwise). If any such lien is not released and removed within ten (10) business days after notice of such
lien is delivered by Landlord to Tenant, then Landlord may, at its option, take all action necessary to release and remove such lien,
without any duty to investigate the validity thereof, and all sums, costs and expenses, including reasonable attorneys’ fees and
costs, incurred by Landlord in connection with such lien shall be deemed Additional Rent under this Lease and shall immediately be due
and payable by Tenant. In the event that Tenant leases or finances the acquisition of equipment, furnishings or other personal property
of a removable nature utilized by Tenant in the operation of Tenant’s business, Tenant warrants that any Uniform Commercial Code
financing statement shall, upon its face or by exhibit thereto, indicate that such financing statement is applicable only to removable
personal property of Tenant located within the Premises. In no event shall the address of the Premises be furnished on a financing statement
without qualifying language as to applicability of the lien only to removable personal property located in an identified suite leased
by Tenant. Should any holder of a financing statement record or place of record a financing statement that appears to constitute a lien
against any interest of Landlord or against equipment that may be located other than within an identified suite leased by Tenant, Tenant
shall, within ten (10) business days after filing such financing statement, cause Tenant’s lender to amend such financing statement
and any other documents of record to clarify that any liens imposed thereby are not applicable to any interest of Landlord in the Premises.

 

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ARTICLE 10

 

INDEMNIFICATION
AND INSURANCE

 

10.1         Indemnification
and Waiver. Tenant hereby assumes all risk of damage to property and injury to persons, in, on, or about the Premises from any cause
whatsoever and agrees that Landlord and the Landlord Parties shall not be liable for, and are hereby released from any responsibility
for, any damage to property or injury to persons or resulting from the loss of use thereof, which damage or injury is sustained by Tenant
or by other persons claiming through Tenant other than that arising from the negligence or willful misconduct of Landlord or its agents,
contractors, licensees or invitees or a violation of Landlord’s obligations under this Lease. Tenant shall indemnify, defend, protect,
and hold harmless the Landlord Parties from any and all loss, cost, damage, expense and liability (including without limitation court
costs and reasonable attorneys’ fees) (“Indemnified Claims”) incurred in connection with or arising from any
cause in, on or about the Premises (including, without limitation, Tenant’s installation, placement and removal of Alterations,
improvements, fixtures and/or equipment in, on or about the Premises), and any acts, omissions or negligence of Tenant or of any person
claiming by, through or under Tenant, or of the contractors, agents, servants, employees, licensees or invitees of Tenant or any such
person, in, on or about the Premises, the Building and Project; provided, however, that the terms of the foregoing indemnity shall not
apply to the negligence, violation of this Lease or willful misconduct of Landlord. The provisions of this Section 10.1 shall survive
the expiration or sooner termination of this Lease. Notwithstanding anything in this Lease to the contrary, Landlord shall not be liable
to Tenant for, and Tenant assumes all risk of, damage to personal property or scientific research or intellectual property, including
loss of records kept by Tenant within the Premises and damage or losses caused by fire, electrical malfunction, gas explosion or water
damage of any type (including broken water lines, malfunctioning fire sprinkler systems, malfunctioning lab systems including any malfunction
of the central plant systems, roof leaks or stoppages of lines). Tenant further waives any claim for injury to Tenant’s business
or loss of income relating to any such damage or destruction of personal property as described above. Landlord shall be liable for, and
shall indemnify, defend, protect and hold Tenant and Tenant’s partners, officers, directors, employees, agents, successors and assigns
(collectively, “Tenant Indemnified Parties”) harmless from and against any and all Indemnified Claims arising or resulting
from (a) any negligent or willful misconduct of Landlord or any of Landlord’s agents, employees, contractors or licensees in
or about the Premises, the Building or the Project (collectively, “Landlord Parties”); and/or (b) any default
by Landlord of any obligations on Landlord’s part to be performed under the terms of this Lease; provided, however, that Landlord’s
indemnity obligations shall not extend to loss of business, loss of profits or other consequential damages which may be suffered by Tenant.

 

10.2         Tenant’s
Compliance with Landlord’s Fire and Casualty Insurance. Tenant shall, at Tenant’s expense, comply as to the Premises with
all insurance company requirements pertaining to the use of the Premises. If Tenant’s conduct or use of the Premises causes any
increase in the premium for such insurance policies, then Tenant shall reimburse Landlord for any such increase. Tenant, at Tenant’s
expense, shall comply with all rules, orders, regulations or requirements of the American Insurance Association (formerly the National
Board of Fire Underwriters) and with any similar body.

 

10.3         Tenant’s
Insurance. Tenant shall maintain the following coverages in the following amounts.

 

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10.3.1      Commercial
General Liability Insurance covering the insured against claims of bodily injury, personal injury and property damage arising out of Tenant’s
operations, assumed liabilities or use of the Premises, including a Broad Form Commercial General Liability endorsement covering
the insuring provisions of this Lease and the performance by Tenant of the indemnity agreements set forth in Section 10.1 above,
(and liquor liability coverage if alcoholic beverages are served on the Premises) for limits of liability not less than:

 

	Bodily Injury and Property 

Damage Liability	 	$2,000,000 each occurrence 
$4,000,000 annual aggregate
	Personal Injury Liability	 	$2,000,000 each occurrence 
$4,000,000 annual aggregate

 

10.3.2      Physical
Damage Insurance covering (i) all furniture, trade fixtures, equipment, merchandise and all other items of Tenant’s property
on the Premises installed by, for, or at the expense of Tenant, (ii) the Tenant Improvements, including any Tenant Improvements which
Landlord permits to be installed above the ceiling of the Premises or below the floor of the Premises, and (iii) all other improvements,
alterations and additions to the Premises, including any improvements, alterations or additions installed at Tenant’s request above
the ceiling of the Premises or below the floor of the Premises. Such insurance shall be written on a “physical loss or damage”
basis under a “special form” policy, for the full replacement cost value new without deduction for depreciation of the covered
items and in amounts that meet any co-insurance clauses of the policies of insurance and shall include a vandalism and malicious mischief
endorsement, sprinkler leakage coverage and earthquake sprinkler leakage coverage.

 

10.3.3      Workers’
compensation insurance as required by law, to which Tenant shall attach a waiver of subrogation endorsement as requested by Landlord.

 

10.3.4      Loss-of-income,
business interruption and extra-expense insurance in such amounts as will reimburse Tenant for direct and indirect loss of earnings attributable
to all perils commonly insured against by prudent tenants or attributable to prevention of loss of access to the Premises or to the Building
as a result of such perils.

 

10.3.5      Tenant
shall carry commercial automobile liability insurance having a combined single limit of not less than One Million Dollars ($1,000,000.00)
per occurrence and insuring Tenant against liability for claims arising out of ownership, maintenance or use of any owned, hired or non-owned
automobiles.

 

10.3.6      Environmental
Liability insurance (in form and substance satisfactory to Landlord) with limits of coverage not less than Two Million Dollars ($2,000,000.00)
combined per occurrence and in the aggregate insuring against any and all liability with respect to the Premises and all areas appurtenant
thereto arising out of any death or injury to any person, damage or destruction of any property, other loss, cost or expense resulting
from any release, spill, leak or other contamination of the Premises, or any other property surrounding the Premises attributable to the
presence of Hazardous Materials. Upon Landlord’s request, Tenant shall also obtain (at Tenant’s sole cost and expense) environmental
impairment liability insurance and environmental remediation liability insurance (in form and substance (including limits) acceptable
to Landlord).

 

10.3.7      Form of
Policies. The minimum limits of policies of insurance required of Tenant under this Lease shall in no event limit the liability of
Tenant under this Lease. Such insurance shall: (i) include Landlord, and any other party it so specifies, as an additional insured;
(ii) specifically cover the liability assumed by Tenant under this Lease, including, but not limited to, Tenant’s obligations
under Section 10.1 above; (iii) be issued by an insurance company having a rating of not less than A–/VII in Best’s
Insurance Guide or which is otherwise acceptable to Landlord and licensed to do business in the state in which the Project is located;
(iv) be primary insurance as to all claims thereunder and provide that any insurance carried by Landlord is excess and is non-contributing
with any insurance requirement of Tenant; (v) provide that said insurance shall not be canceled or coverage changed unless thirty
(30) days’ prior written notice shall have been given to Landlord; (vi) contain a cross-liability endorsement or severability
of interest clause acceptable to Landlord; and (vii) with respect to the insurance required in Sections 10.3.1, 10.3.2 and 10.3.4
above, have commercially reasonable deductible amounts. Tenant shall deliver certificates of insurance to Landlord on or before the Lease
Commencement Date and before the expiration dates thereof. If Tenant shall fail to procure such insurance, or to deliver such policies
or certificate, within such time periods, Landlord may, at its option, in addition to all of its other rights and remedies under this
Lease, and without regard to any notice and cure periods set forth in Section 19.1, procure such policies for the account of Tenant,
and the cost thereof shall be paid to Landlord as Additional Rent within ten (10) days after delivery of bills therefor.

 

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10.4         Waiver
of Subrogation. Landlord and Tenant each hereby waive all rights of recovery against the other on account of loss and damage occasioned
to the property of such waiving party to the extent that the waiving party is entitled to proceeds for such loss and damage under any
property insurance policies carried or otherwise required to be carried by this Lease; provided, however, that the foregoing waiver shall
not apply to the extent of Tenant’s or Landlord’s obligation to pay deductibles under any such policies and this Lease. By
this waiver it is the intent of the parties that neither Landlord nor Tenant shall be liable to any insurance company (by way of subrogation
or otherwise) insuring the other party for any loss or damage insured against under any property insurance policies, even though such
loss or damage might be occasioned by the negligence of such party, its agents, employees, contractors or invitees. The foregoing waiver
by Tenant shall also inure to the benefit of Landlord’s management agent for the Building.

 

10.5         Additional
Insurance Obligations. Tenant shall carry and maintain during the entire Lease Term, at Tenant’s sole cost and expense, increased
amounts of the insurance required to be carried by Tenant pursuant to this Article 10, and, during the Option Term only (if applicable),
such other reasonable types of insurance coverage and in such reasonable amounts covering the Premises and Tenant’s operations therein,
as may be reasonably requested by Landlord.

 

10.6         Landlord’s
Insurance. During the Lease Term, Landlord, as part of Operating Expenses, shall maintain property insurance covering the Project
(excluding the property which Tenant is obligated to insure pursuant to the terms hereof) in the amount of the full replacement cost thereof.
Such policy shall provide protection against “all risk of physical loss”. Such insurance shall be in such amounts and with
such deductibles as Landlord reasonably deems appropriate but substantially consistent with the insurance maintained by other institutional
owners of projects comparable to the Project in the general vicinity of the Project. Landlord may, but shall not be obligated to, obtain
and carry any other form or forms of insurance as Landlord or Landlord’s mortgagees or deed of trust beneficiaries may determine
prudent. Notwithstanding any contribution by Tenant to the cost of insurance as provided in this Lease, Tenant acknowledges that it has
no right to receive any proceeds from any insurance policies maintained by Landlord and will not be named as an additional insured thereunder.

 

ARTICLE 11

 

DAMAGE
AND DESTRUCTION

 

11.1         Repair
of Damage to Premises by Landlord. Tenant shall promptly notify Landlord of any damage to the Premises resulting from fire or any
other casualty. If the Premises or any common areas of the Building or Project serving or providing access to the Premises shall be damaged
by fire or other casualty, Landlord shall notify Tenant of the estimated date of completion of the repair (“Estimated Repair
Completion Date”). Landlord shall promptly and diligently, subject to reasonable delays for insurance adjustment or other matters
beyond Landlord’s reasonable control, and subject to all other terms of this Article 11, restore the base, shell, and core
in the Premises and such common areas. Such restoration shall be to substantially the same condition of the base, shell, and core in the
Premises and common areas prior to the casualty, except for modifications required by zoning and building codes and other laws or by the
holder of a mortgage on the Project and/or the Building, or the lessor of a ground or underlying lease with respect to the Building, or
any other modifications to the common areas deemed desirable by Landlord, provided access to the Premises and any common restrooms serving
the Premises shall not be materially impaired and the Premises will be in substantially the same condition and usable for the same purposes
as prior to the casualty. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated
by Landlord) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.3.2(ii) of this
Lease, and Landlord shall repair any damage to the tenant improvements and alterations installed in the Premises and shall return such
tenant improvements and alterations to their original condition; provided that if the costs of such repair of such tenant improvements
and Alterations by Landlord exceeds the amount of insurance proceeds received by Landlord therefor from Tenant’s insurance carrier,
as assigned by Tenant, the excess costs of such repairs shall be paid by Tenant to Landlord prior to Landlord’s repair of the damage.
In connection with such repairs and replacements of any such tenant improvements and Alterations, Tenant shall, prior to Landlord’s
commencement of such improvement work, submit to Landlord, for Landlord’s review and approval, all plans, specifications and working
drawings relating thereto, and Landlord shall select the contractors to perform such improvement work. Landlord shall not be liable for
any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant’s business resulting in any way from such damage or
the repair thereof; provided however, that if such fire or other casualty shall have damaged the Premises or common areas necessary to
Tenant’s occupancy, Landlord shall allow Tenant a proportionate abatement of Base Rent and Tenant’s Share of Operating Expenses,
Tax Expenses and Utilities Costs during the time and to the extent the Premises are unfit for occupancy for the purposes permitted under
this Lease, and not occupied by Tenant as a result thereof.

 

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11.2         Landlord’s
Option to Repair. Notwithstanding Section 11.1 above to the contrary, Landlord may elect not to rebuild and/or restore the Premises,
the Building and/or any other portion of the Project and instead terminate this Lease by notifying Tenant in writing of such termination
within sixty (60) days after the date Landlord becomes aware of such damage, such notice to include a termination date giving Tenant ninety
(90) days to vacate the Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause,
whether or not the Premises are affected, and one or more of the following conditions is present: (i) repairs cannot reasonably be
substantially completed within one hundred eighty (180) days after the date of such damage (when such repairs are made without the payment
of overtime or other premiums); (ii) the holder of any mortgage on the Project and/or the Building or ground or underlying lessor
with respect to the Project and/or the Building shall require that the insurance proceeds or any portion thereof be used to retire the
mortgage debt, or shall terminate the ground or underlying lease, as the case may be; or (iii) the damage is not fully covered, except
for deductible amounts, by Landlord’s insurance policies. In addition, if the Premises or the Building is destroyed or damaged to
any substantial extent during the last year of the Lease Term, then notwithstanding anything contained in this Article 11, Landlord
shall have the option to terminate this Lease by giving written notice to Tenant of the exercise of such option within thirty (30) days
after such damage, in which event this Lease shall cease and terminate as of the date of such notice. Upon any such termination of this
Lease pursuant to this Section 11.2, Tenant shall pay the Base Rent and Additional Rent, properly apportioned up to such date of
termination, and both parties hereto shall thereafter be discharged of all further obligations under this Lease, except for those obligations
which expressly survive the expiration or earlier termination of the Lease Term.

 

11.3         Waiver
of Statutory Provisions. The provisions of this Lease, including this Article 11, constitute an express agreement between Landlord
and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, the Building or any other portion
of the Project, and any statute or regulation of the state in which the Project is located, including, without limitation, Sections 1932(2) and
1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of
an express agreement between the parties, and any other statute or regulation, now or hereafter in effect, shall have no application to
this Lease or any damage or destruction to all or any part of the Premises, the Building or any other portion of the Project.

 

11.4         Tenant’s
Termination Rights Following Damage. Tenant, at any time after the damage until such rebuilding is completed, may terminate this Lease
by delivering written notice to Landlord of such termination, in which event this Lease shall terminate as of the date of the giving of
such notice, in any of the following circumstances: (i) Landlord fails to restore the Premises (including reasonable means of access
thereto) within a period which is sixty (60) days longer than the Estimated Repair Completion Date stated in Landlord’s notice to
Tenant as the estimated rebuilding period (which sixty (60) day period shall be deemed extended due to Force Majeure delays and/or delays
caused by Tenant); (ii) the Estimated Completion Repair Date is more than two hundred ten (210) days following the damage; or (iii) material
damage to a material portion of the Premises occurs within the last year of the Term to the extent that in Tenant’s judgment it
cannot effectively operate its business in the Premises.

 

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ARTICLE 12

 

CONDEMNATION

 

12.1         Permanent
Taking. If the whole or any part of the Premises, Building or Project shall be taken by power of eminent domain or condemned by any
competent authority for any public or quasi-public use or purpose, or if any adjacent property or street shall be so taken or condemned,
or reconfigured or vacated by such authority in such manner as to require the use, reconstruction or remodeling of any part of the Premises,
Building or Project, or if Landlord shall grant a deed or other instrument in lieu of such taking by eminent domain or condemnation, Landlord
shall have the option to terminate this Lease upon ninety (90) days’ notice, provided such notice is given no later than one hundred
eighty (180) days after the date of such taking, condemnation, deed or other instrument. If more than twenty-five percent (25%) of the
rentable square feet of the Premises or parking area is taken, or if access to the Premises or parking areas are substantially impaired,
Tenant shall have the option to terminate this Lease upon ninety (90) days’ notice, provided such notice is given no later than
one hundred eighty (180) days after the date of such taking. Landlord shall be entitled to receive the entire award or payment in connection
therewith, except that Tenant shall have the right to file any separate claim available to Tenant for any taking of Tenant’s personal
property and fixtures belonging to Tenant and removable by Tenant upon expiration of the Lease Term pursuant to the terms of this Lease,
and for moving expenses, so long as such claim does not diminish the award available to Landlord, or its ground lessor or mortgagee with
respect to the Project, and such claim is payable separately to Tenant. All Rent shall be apportioned as of the date of such termination,
or the date of such taking, whichever shall first occur. If any part of the Premises shall be taken, and this Lease shall not be so terminated,
the Base Rent and Tenant’s Share of Operating Expenses, Tax Expenses and Utilities Costs shall be proportionately abated. Tenant
hereby waives any and all rights it might otherwise have pursuant to Section 1265.130 of The California Code of Civil Procedure.

 

12.2         Temporary
Taking. Notwithstanding anything to the contrary contained in this Article 12, in the event of a temporary taking of all or any
portion of the Premises for a period of one hundred and eighty (180) days or less, then this Lease shall not terminate but the Base Rent
and Tenant’s Share of Operating Expenses, Tax Expenses and Utilities Costs shall be abated for the period of such taking in proportion
to the ratio that the amount of rentable square feet of the Premises taken bears to the total rentable square feet of the Premises. Landlord
shall be entitled to receive the entire award made in connection with any such temporary taking.

 

ARTICLE 13

 

COVENANT
OF QUIET ENJOYMENT

 

Landlord covenants that Tenant,
on paying the Rent, charges for services and other payments herein reserved and on keeping, observing and performing all the other terms,
covenants, conditions, and agreements herein contained on the part of Tenant to be kept, observed and performed, shall, during the Lease
Term, peaceably and quietly have, hold and enjoy the Premises subject to the terms, covenants, conditions, and agreements hereof without
interference by any persons lawfully claiming by or through Landlord. The foregoing covenant is in lieu of any other covenant express
or implied.

 

ARTICLE 14

 

ASSIGNMENT
AND SUBLETTING

 

14.1         Transfers.
Tenant shall not, without the prior written consent of Landlord, assign, mortgage, pledge, hypothecate, encumber, or permit any lien to
attach to, or otherwise transfer, this Lease or any interest hereunder, permit any assignment or other such foregoing transfer of this
Lease or any interest hereunder by operation of law, sublet the Premises or any part thereof, or permit the use of the Premises by any
persons other than Tenant and its employees (all of the foregoing are hereinafter sometimes referred to collectively as “Transfers”
and any person to whom any Transfer is made or sought to be made is hereinafter sometimes referred to as a “Transferee”).
If Tenant shall desire Landlord’s consent to any Transfer, Tenant shall notify Landlord in writing, which notice (the “Transfer
Notice”) shall include (i) the proposed effective date of the Transfer, which shall not be less than thirty (30) days nor
more than one hundred eighty (180) days after the date of delivery of the Transfer Notice, (ii) a description of the portion of the
Premises to be transferred (the “Subject Space”), (iii) all of the terms of the proposed Transfer, the name and
address of the proposed Transferee, and a copy of all existing and/or proposed documentation pertaining to the proposed Transfer, (iv) current
financial statements of the proposed Transferee certified by an officer, partner or owner thereof, (v) a list of Hazardous Materials,
certified by the proposed Transferee to be true and correct, that the proposed Transferee intends to use or store in the Premises, and
(vi) such other information as Landlord may reasonably require. Any Transfer made without Landlord’s prior written consent
shall, at Landlord’s option, be null, void and of no effect, and shall, at Landlord’s option, constitute a default by Tenant
under this Lease. Whether or not Landlord shall grant consent, within thirty (30) days after written request by Landlord, Tenant shall
pay to Landlord Five Hundred Dollars ($500.00) to reimburse Landlord for its review and processing fees, and Tenant shall also reimburse
Landlord for any reasonable legal fees incurred by Landlord in connection with Tenant’s proposed Transfer.

 

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14.2         Landlord’s
Consent. Landlord shall not unreasonably withhold its consent to any proposed Transfer on the terms specified in the Transfer Notice.
In no event shall Landlord be deemed to be unreasonable for declining to consent to a Transfer to a transferee jeopardizing directly or
indirectly the status of Landlord or any of Landlord’s affiliates as a Real Estate Investment Trust under the Internal Revenue Code
of 1986 (as the same may be amended from time to time, the “Revenue Code”). Notwithstanding anything contained in this
Lease to the contrary, (w) no Transfer shall be consummated on any basis such that the rental or other amounts to be paid by the
occupant, assignee, manager or other transferee thereunder would be based, in whole or in part, on the income or profits derived by the
business activities of such occupant, assignee, manager or other transferee; (x) Tenant shall not furnish or render any services
to an occupant, assignee, manager or other transferee with respect to whom transfer consideration is required to be paid, or manage or
operate the Premises or any capital additions so transferred, with respect to which transfer consideration is being paid; (y) Tenant
shall not consummate a Transfer with any person in which Landlord owns an interest, directly or indirectly (by applying constructive ownership
rules set forth in Section 856(d)(5) of the Revenue Code); and (z) Tenant shall not consummate a Transfer with any
person or in any manner that could cause any portion of the amounts received by Landlord pursuant to this Lease or any sublease, license
or other arrangement for the right to use, occupy or possess any portion of the Premises to fail to qualify as “rents from
real property” within the meaning of Section 856(d) of the Revenue Code, or any similar or successor provision thereto
or which could cause any other income of Landlord to fail to qualify as income described in Section 856(c)(2) of the Revenue
Code. The parties hereby agree that it shall be reasonable under this Lease and under any applicable law for Landlord to withhold consent
to any proposed Transfer where one or more of the following apply, without limitation as to other reasonable grounds for withholding consent:

 

14.2.1       The
Transferee is of a character or reputation or engaged in a business which is not consistent with the quality of the Building or Project;

 

14.2.2      The
Transferee intends to use the Subject Space for purposes which are not permitted under this Lease;

 

14.2.3      The
Transferee is either a governmental agency or instrumentality thereof;

 

14.2.4      The
Transfer will result in more than a reasonable and safe number of occupants per floor within the Subject Space;

 

14.2.5      The
Transferee is not a party of reasonable financial worth and/or financial stability in light of the responsibilities involved under the
Lease on the date consent is requested;

 

14.2.6      The
proposed Transfer would cause Landlord to be in violation of another lease or agreement to which Landlord is a party, or would give an
occupant of the Project a right to cancel its lease;

 

14.2.7       The
terms of the proposed Transfer will allow the Transferee to exercise a right of renewal, right of expansion, right of first offer, or
other similar right held by Tenant; or

 

14.2.8       Either
the proposed Transferee, or any person or entity which directly or indirectly, controls, is controlled by, or is under common control
with, the proposed Transferee, (i) occupies space in the Project at the time of the request for consent, (ii) is negotiating
with Landlord to lease space in the Project at such time, or (iii) has negotiated with Landlord during the three (3)-month period
immediately preceding the Transfer Notice and Landlord has available space in the Project to accommodate the transferee’s space
requirement.

 

If Landlord consents to any
Transfer pursuant to the terms of this Section 14.2 (and does not exercise any recapture rights Landlord may have under Section 14.4
below), Tenant may within nine (9) months after Landlord’s consent, enter into such Transfer of the Premises or portion thereof,
upon substantially the same terms and conditions as are set forth in the Transfer Notice furnished by Tenant to Landlord pursuant to Section 14.1
above, provided that if there are any changes in the terms and conditions from those specified in the Transfer Notice such that Landlord
would initially have been entitled to refuse its consent to such Transfer under this Section 14.2, Tenant shall again submit the
Transfer to Landlord for its approval.

 

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14.3         Transfer
Premium. If Landlord consents to a Transfer, as a condition thereto which the parties hereby agree is reasonable, Tenant shall pay
to Landlord fifty percent (50%) of any Transfer Premium received by Tenant from such Transferee. “Transfer Premium”
shall mean all rent, additional rent or other consideration payable by such Transferee in excess of the Rent and Additional Rent payable
by Tenant under this Lease on a per rentable square foot basis if less than all of the Premises is transferred, after deducting the reasonable
expenses incurred by Tenant for (i) any changes, alterations and improvements to the Premises made in connection with the Transfer
(which shall be subject to the Landlord right of consent to the extent provided herein), (ii) any brokerage commissions in connection
with the Transfer, (iii) any concessions offered to the transferee, and (iv) attorneys fees and marketing costs (collectively,
the “Subleasing Costs”). Transfer Premium shall also include, but not be limited to, key money and bonus money paid
by Transferee to Tenant in connection with such Transfer, and any payment in excess of fair market value for services rendered by Tenant
to Transferee.

 

14.4         Landlord’s
Option as to Subject Space. Notwithstanding anything to the contrary contained in this Article 14, in the event of an assignment
of this Lease or a sublease of more than seventy-five percent (75%) of the Premises, Landlord shall have the option, by giving written
notice to Tenant within thirty (30) days after receipt of any Transfer Notice, to recapture the Subject Space. Such recapture notice shall
terminate this Lease with respect to the Subject Space as of the date stated in the Transfer Notice as the effective date of the proposed
Transfer until the last day of the term of the Transfer as set forth in the Transfer Notice. If this Lease is terminated with respect
to less than the entire Premises, the Rent reserved herein shall be prorated on the basis of the rentable square feet retained by Tenant
in proportion to the rentable square feet contained in the Premises, and this Lease as so amended shall continue thereafter in full force
and effect, and upon request of either party, the parties shall execute written confirmation of the same. If Landlord declines, or fails
to elect in a timely manner to recapture the Subject Space under this Section 14.4, then, provided Landlord has consented to the
proposed Transfer, Tenant shall be entitled to proceed to transfer the Subject Space to the proposed Transferee, subject to provisions
of the last paragraph of Section 14.2 above.

 

14.5         Effect
of Transfer. If Landlord consents to a Transfer: (i) the terms and conditions of this Lease shall in no way be deemed to have
been waived or modified; (ii) such consent shall not be deemed consent to any further Transfer by either Tenant or a Transferee;
(iii) Tenant shall deliver to Landlord, promptly after execution, an original executed copy of all documentation pertaining to the
Transfer in form reasonably acceptable to Landlord; and (iv) no Transfer relating to this Lease or agreement entered into with respect
thereto, whether with or without Landlord’s consent, shall relieve Tenant or any guarantor of the Lease from liability under this
Lease. Landlord or its authorized representatives shall have the right at all reasonable times to audit the books, records and papers
of Tenant relating to any Transfer Premium, and shall have the right to make copies thereof. If the Transfer Premium respecting any Transfer
shall be found understated, Tenant shall, within thirty (30) days after demand, pay the deficiency and Landlord’s reasonable costs
of such audit.

 

14.6         Additional
Transfers. For purposes of this Lease, the term “Transfer” shall also include: (i) if Tenant is a partnership or
limited liability company, the withdrawal or change, voluntary, involuntary or by operation of law, of more than fifty percent (50%) of
the partners or members, or transfer of more than fifty percent (50%) of the partnership or membership interests, within a twelve (12)-month
period, or the dissolution of the partnership without immediate reconstitution thereof; and (ii) if Tenant is a closely held corporation
(i.e., whose stock is not publicly held and not traded through an exchange or over the counter), (A) the dissolution, merger, consolidation
or other reorganization of Tenant, (B) the sale or other transfer of more than an aggregate of fifty percent (50%) of the voting
shares of Tenant (other than to immediate family members by reason of gift or death), within a twelve (12)-month period, or (C) the
sale, mortgage, hypothecation or pledge of more than an aggregate of fifty percent (50%) of the value of the unencumbered assets of Tenant
within a twelve (12)-month period. Notwithstanding anything to the contrary contained herein, transfers of interests on stock exchanges
and other over-the-counter exchanges shall not be deemed to be a Transfer.

 

14.7         Space
Users. Notwithstanding anything to the contrary contained in this Article 14, Tenant may permit persons who are working with
Tenant or companies with shared management with Tenant to occupy portions of the Premises (not to exceed 5,000 square feet) on a temporary
basis without triggering the requirements of this Article 14 and without Landlord’s prior approval so long as such third parties
are consistent with the character of the Project as a first class office and laboratory project and Tenant has notified Landlord of the
existence of such third parties in the Premises.

 

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14.8         Affiliated
Companies/Restructuring of Business Organization. The assignment or subletting by Tenant of all or any portion of this Lease or the
Premises to (i) a parent or subsidiary of Tenant, or (ii) any person or entity which controls, is controlled by or under common
control with Tenant, or (iii) any entity which purchases all or substantially all of the assets or stock of Tenant in one or a series
of transactions, (iv) any entity into which Tenant is merged or consolidated, or (v) in connection with any deemed Transfer
due to a transfer of shares or membership interests under Section 14.6 above where Tenant remains the tenant under this Lease (all
such persons or entities described in (i), (ii), (iii), (iv) and (v) being sometimes hereinafter referred to as “Affiliates”)
shall not be deemed a Transfer under this Article 14, provided that:

 

14.8.1      Any
such Affiliate was not formed as a subterfuge to avoid the obligations of this Article

 

14.8.2      Tenant
gives Landlord prior written notice of any such assignment or sublease to an Affiliate (or, in the event that confidentiality agreements
or applicable laws preclude such prior disclosure, promptly after the effective date thereof);

 

14.8.3      Any
such Affiliate (or Tenant, if Tenant is to remain the tenant under this Lease) has, following the effective date of any such assignment
or sublease, a tangible net worth, in the aggregate, computed in accordance with generally accepted accounting principles, which is sufficient
(in Landlord’s reasonable good faith opinion) to meet the obligations of Tenant under this Lease or the applicable Transfer document;

 

14.8.4      Any
such assignment or sublease, exclusive of such Transfer as may occur pursuant to Section 14.6, shall be subject to all of the terms
and provisions of this Lease, and such assignee or sublessee shall assume, in a written document reasonably satisfactory to Landlord and
delivered to Landlord upon or prior to the effective date of such assignment or sublease, all the obligations of Tenant under this Lease;
and

 

14.8.5      Tenant
shall remain fully liable for all obligations to be performed by Tenant under this Lease.

 

The Tenant executing this
Lease may be referred to herein as the “Original Tenant.” An Affiliate that is an assignee of Original Tenant’s
entire interest in this Lease may be referred to as an “Affiliate Assignee.”

 

Notwithstanding anything to
the contrary contained herein, transfers of interests on stock exchanges and other over-the-counter exchanges shall not be deemed to be
a Transfer.

 

ARTICLE 15

 

SURRENDER;
OWNERSHIP AND REMOVAL OF PERSONAL PROPERTY

 

15.1         Surrender
of Premises. No act or thing done by Landlord or any agent or employee of Landlord during the Lease Term shall be deemed to constitute
an acceptance by Landlord of a surrender of the Premises unless such intent is specifically acknowledged in a writing signed by Landlord.
The delivery of keys to the Premises to Landlord or any agent or employee of Landlord shall not constitute a surrender of the Premises
or effect a termination of this Lease, whether or not the keys are thereafter retained by Landlord, and notwithstanding such delivery
Tenant shall be entitled to the return of such keys at any reasonable time upon request until this Lease shall have been properly terminated.
The voluntary or other surrender of this Lease by Tenant, whether accepted by Landlord or not, or a mutual termination hereof, shall not
work a merger, and at the option of Landlord shall operate as an assignment to Landlord of all subleases or subtenancies affecting the
Premises.

 

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15.2           Removal
of Tenant Property by Tenant. Upon the expiration of the Lease Term, or upon any earlier termination of this Lease, Tenant shall,
subject to the provisions of this Article 15, quit and surrender possession of the Premises to Landlord in good order and condition
as improved by Landlord and/or Tenant, reasonable wear and tear and repairs which are specifically made the responsibility of Landlord
hereunder excepted. Tenant’s restoration obligations may also include satisfying Landlord’s commercially reasonable procedures
regarding the cleaning of any lab systems and sealing any connection points of any such lab systems to the Premises, all at Tenant’s
sole cost and expense. At least ten (10) days prior to Tenant’s surrender of possession of any part of the Premises, Tenant
shall provide Landlord with (a) a facility decommissioning and Hazardous Materials closure plan for the Premises (“Exit
Survey”) prepared by an independent third party reasonably acceptable to Landlord, and (b) written evidence of all required
governmental releases obtained by Tenant in accordance with applicable laws, including laws pertaining to the surrender of the Premises.
In addition, Tenant agrees to remain responsible after the surrender of the Premises for the remediation of any recognized environmental
conditions set forth in the Exit Survey and compliance with any recommendations set forth in the Exit Survey. Tenant shall, upon the expiration
or earlier termination of this Lease, furnish to Landlord evidence that Tenant has closed all governmental permits and licenses, if any,
issued in connection with Tenant’s or Tenant’s Parties’ activities at the Premises. If any such governmental permits
or licenses have been issued and Tenant fails to provide evidence of such closure on or before the expiration or earlier termination of
this Lease, and such failure prevents Landlord from legally being permitted to re-let the Premises, then until Tenant does so, the holdover
provisions of Article 16 of this Lease shall apply. Upon such expiration or termination, Tenant shall, without expense to Landlord,
remove or cause to be removed from the Premises all telephone, data, and other cablingand wiring (including any cabling and wiring associated
with the Wi-Fi Network, if any) installed or caused to be installed by Tenant (including any cabling and wiring, installed above the ceiling
of the Premises or below the floor of the Premises), all debris and rubbish, and such items of furniture, equipment, free-standing cabinet
work, and other articles of personal property owned by Tenant or installed or placed by Tenant at its expense in the Premises, and such
similar articles of any other persons claiming under Tenant, as Landlord may, in its sole discretion, require to be removed, and Tenant
shall repair at its own expense all damage to the Premises and Building resulting from such removal. Tenant’s obligations under
this Section 15.2 shall survive the expiration or earlier termination of this Lease.

 

ARTICLE 16

 

HOLDING
OVER

 

If Tenant holds over after
the expiration of the Lease Term hereof, with or without the express or implied consent of Landlord, such tenancy shall be from month-to-month
only, and shall not constitute a renewal hereof or an extension for any further term, and in such case Base Rent shall be payable at a
monthly rate equal to one hundred fifty percent (150%) of the Base Rent applicable during the last rental period of the Lease Term under
this Lease. Such month-to-month tenancy shall be subject to every other term, covenant and agreement contained herein. Landlord hereby
expressly reserves the right to require Tenant to surrender possession of the Premises to Landlord as provided in this Lease upon the
expiration or other termination of this Lease. The provisions of this Article 16 shall not be deemed to limit or constitute a waiver
of any other rights or remedies of Landlord provided herein or at law. If Tenant fails to surrender the Premises upon the termination
or expiration of this Lease, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify
and hold Landlord harmless from all loss, costs (including reasonable attorneys’ fees) and liability resulting from such failure,
including, without limiting the generality of the foregoing, any claims made by any succeeding tenant founded upon such failure to surrender,
and any lost profits to Landlord resulting therefrom. Notwithstanding the foregoing, Tenant shall be entitled to hold over in the Premises
for a maximum of three (3) months without liability for such holdover (including, without limitation, any indemnity obligation as
set forth above) if Tenant provides Landlord with three (3) months’ prior written notice (“Holdover Notice”)
of its exercise of such right. The Holdover Notice shall specify the period (up to three (3) months) for which Tenant elects to hold
over and this Lease shall be extended for such hold over period and during such hold over, Tenant shall pay in advance, monthly Base Rent
at a rate equal to one hundred fifty percent (150%) of the rate in effect for the last month of the Term of this Lease, in addition to,
and not in lieu of, all other payments required to be made by Tenant hereunder, including, but not limited to, any Additional Rent. In
the event Tenant fails to timely deliver the Holdover Notice to Landlord, or if Tenant holds over beyond the period specified in the Holdover
Notice, then during such unauthorized holding over, Tenant shall pay in advance, monthly Base Rent at a rate equal to one hundred fifty
percent (150%) of the rate in effect for the last month of the Term of this Lease, in addition to, and not in lieu of, all other payments
required to be made by Tenant hereunder including, but not limited to, any Additional Rent.

 

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ARTICLE 17

 

ESTOPPEL
CERTIFICATES

 

Within ten (10) business
days following a request in writing by Landlord, Tenant shall execute and deliver to Landlord a commercially reasonable estoppel certificate,
which, as submitted by Landlord, shall be in the form as may be reasonably required by any prospective mortgagee or purchaser of the Project
(or any portion thereof), indicating therein any exceptions thereto that may exist at that time, and shall also contain any other information
reasonably requested by Landlord or Landlord’s mortgagee or Landlord’s prospective mortgagees. Tenant shall execute and deliver
whatever other instruments may be reasonably required for such purposes; provided that such instruments do not decrease Tenant’s
rights or increase Tenant’s obligations hereunder. Failure of Tenant to timely execute and deliver such estoppel certificate or
other instruments shall constitute an acceptance of the Premises and an acknowledgment by Tenant that statements included in the estoppel
certificate are true and correct, without exception. Upon request from time to time, Tenant agrees to provide to Landlord, within ten
(10) days after Landlord’s delivery of written request therefor, current financial statements for Tenant, dated no earlier
than one (1) year prior to such written request, certified as accurate by Tenant or, if available, audited financial statements prepared
by an independent certified public accountant with copies of the auditor’s statement. If any guaranty is executed in connection
with this Lease, Tenant also agrees to deliver to Landlord, within ten (10) days after Landlord’s delivery of written request
therefor, current financial statements of the guarantor in a form consistent with the foregoing criteria. Tenant will not be required
to deliver financial statements if such statements are publicly available to Landlord.

 

ARTICLE 18

 

SUBORDINATION

 

This Lease is subject and
subordinate to any future ground leases of the Project and to the lien of any mortgages or trust deeds, now or hereafter in force against
the Project, if any, and to all renewals, extensions, modifications, consolidations and replacements thereof, and to all advances made
or hereafter to be made upon the security of such mortgages or trust deeds, unless the holders of such mortgages or trust deeds, or the
lessors under such ground lease, require in writing that this Lease be superior thereto; provided that a condition precedent to Tenant’s
obligation to subordinate to any future ground lessor or mortgagee shall be that such party provide Tenant with a commercially reasonable
non-disturbance agreement. Tenant covenants and agrees in the event any proceedings are brought for the foreclosure of any such mortgage,
or if any ground lease is terminated, to attorn, without any deductions or set-offs whatsoever (except as expressly permitted in this
Lease), to the purchaser upon any such foreclosure sale, or to the lessor of such ground lease, as the case may be, if so requested to
do so by such purchaser or lessor, and to recognize such purchaser or lessor as the lessor under this Lease. Tenant shall, within five
(5) business days of request by Landlord, execute such further instruments or assurances as Landlord may reasonably deem necessary
to evidence or confirm the subordination or superiority of this Lease to any such mortgages, trust deeds, or ground leases; provided that
such instruments do not decrease Tenant’s rights or increase Tenant’s obligations hereunder. Tenant waives the provisions
of any current or future statute, rule or law which may give or purport to give Tenant any right or election to terminate or otherwise
adversely affect this Lease and the obligations of the Tenant hereunder in the event of any foreclosure proceeding or sale. Within sixty
(60) days after the execution of this Lease, Landlord shall obtain a non-disturbance agreement from the holder of any pre-existing mortgage
encumbering the Building in the form attached hereto as Exhibit E and Tenant shall execute the same.

 

ARTICLE 19

 

TENANT’S
DEFAULTS; LANDLORD’S REMEDIES

 

19.1           Events
of Default by Tenant. All covenants and agreements to be kept or performed by Tenant under this Lease shall be performed by Tenant
at Tenant’s sole cost and expense and without any reduction of Rent. The occurrence of any of the following shall constitute a default
of this Lease by Tenant:

 

19.1.1            Any
failure by Tenant to pay any Rent, Additional Rent or any other charge required to be paid under this Lease, or any part thereof, within
five (5) business days after the same is due; or

 

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19.1.2            Any
failure by Tenant to observe or perform any other provision, covenant or condition of this Lease to be observed or performed by Tenant
(other than the payment of Rent or Additional Rent) where such failure continues for fifteen (15) days after written notice thereof from
Landlord to Tenant; provided however, that any such notice shall be in lieu of, and not in addition to, any notice required under California
Code of Civil Procedure Section 1161 or any similar or successor law; and provided further that if the nature of such default is
such that the same cannot reasonably be cured within a fifteen (15)-day period, Tenant shall not be deemed to be in default if it diligently
commences such cure within such period and thereafter diligently proceeds to rectify and cure said default as soon as possible; or

 

19.1.3            Abandonment
of the Premises by Tenant. Abandonment is herein defined to include, but is not limited to, any absence by Tenant from the Premises for
three (3) business days or longer while in default of any provision of this Lease.

 

19.1.4            Tenant
makes an assignment for the benefit of creditors.

 

19.1.5            A
receiver, trustee or custodian is appointed to or does take title, possession or control of all or substantially all of Tenant’s
assets.

 

19.1.6            Tenant
files a voluntary petition under the United States Bankruptcy Code or any successor statute (as the same may be amended from time to time,
(the “Bankruptcy Code”) or an order for relief is entered against Tenant pursuant to a voluntary or involuntary proceeding
commenced under any chapter of the Bankruptcy Code.

 

19.1.7            Any
involuntary petition is filed against Tenant under any chapter of the Bankruptcy Code and is not dismissed within one hundred twenty (120)
days.

 

19.1.8            Tenant
fails to deliver an estoppel certificate in accordance with Article 17 and such failure continues for five (5) days after written
notice.

 

19.1.9            Tenant’s
interest in this Lease is attached, executed upon or otherwise judicially seized and such action is not released within one hundred twenty
(120) days of the action.

 

19.2           Landlord’s
Remedies Upon Default. Upon the occurrence of any such default by Tenant, Landlord shall have, in addition to any other remedies available
to Landlord at law or in equity, the option to pursue any one or more of the following remedies, each and all of which shall be cumulative
and nonexclusive, without any notice or demand whatsoever.

 

19.2.1            Terminate
this Lease, in which event Tenant shall immediately surrender the Premises to Landlord, and if Tenant fails to do so, Landlord may, without
prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and take possession of the Premises and
expel or remove Tenant and any other person who may be occupying the Premises or any part thereof, without being liable for prosecution
or any claim for damages therefor; and Landlord may recover from Tenant the following:

 

(i)            the
worth at the time of award of any unpaid rent which has been earned at the time of such termination; plus

 

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

 

(iii)          the
worth at the time of award of the amount by which the unpaid rent for the balance of the Lease Term after the time of award exceeds the
amount of such rental loss that Tenant proves could have been reasonably avoided; plus

 

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(iv)          any
other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its obligations
under this Lease or which in the ordinary course of things would be likely to result therefrom, specifically including but not limited
to, brokerage commissions and advertising expenses incurred, expenses of remodeling the Premises or any portion thereof for a new tenant,
whether for the same or a different use, and any market concessions made to obtain a new tenant; plus

 

(v)           at
Landlord’s election, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by applicable
law.

 

The term “rent” as used in this Section 19.2
shall be deemed to be and to mean all sums of every nature required to be paid by Tenant pursuant to the terms of this Lease, whether
to Landlord or to others. As used in Sections 19.2.1(i) and (ii), above, the “worth at the time of award” shall be computed
by allowing interest at the Interest Rate set forth in Section 4.5 above. As used in Section 19.2.1(iii) above, the “worth
at the time of award” shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco
at the time of award plus one percent (1%).

 

19.2.2            Landlord
shall have the remedy described in California Civil Code Section 1951.4 (lessor may continue lease in effect after lessee’s
breach and abandonment and recover rent as it becomes due, if lessee has the right to sublet or assign, subject only to reasonable limitations).
Accordingly, if Landlord does not elect to terminate this Lease on account of any default by Tenant, Landlord may, from time to
time, without terminating this Lease, enforce all of its rights and remedies under this Lease, including the right to recover all rent
as it becomes due.

 

19.2.3            Landlord
may, but shall not be obligated to, make any such payment or perform or otherwise cure any such obligation, provision, covenant or condition
on Tenant’s part to be observed or performed (and may enter the Premises for such purposes). In the event of Tenant’s failure
to perform any of its obligations or covenants under this Lease, and such failure to perform poses a material risk of injury or harm to
persons or damage to or loss of property, then Landlord shall have the right to cure or otherwise perform such covenant or obligation
at any time after such failure to perform by Tenant, whether or not any such notice or cure period set forth in Section 19.1 above
has expired. Any such actions undertaken by Landlord pursuant to the foregoing provisions of this Section 19.2.3 shall not be deemed
a waiver of Landlord’s rights and remedies as a result of Tenant’s failure to perform and shall not release Tenant from any
of its obligations under this Lease.

 

19.3           Payment
by Tenant. Tenant shall pay to Landlord, within ten (10) days after delivery by Landlord to Tenant of statements therefor: (i) sums
equal to expenditures reasonably made and obligations incurred by Landlord in connection with Landlord’s performance or cure of
any of Tenant’s obligations pursuant to the provisions of Section 19.2.3 above; and (ii) sums equal to all expenditures
made and obligations incurred by Landlord in collecting or attempting to collect the Rent or in enforcing or attempting to enforce any
rights of Landlord under this Lease or pursuant to law, including, without limitation, all legal fees and other amounts so expended. Tenant’s
obligations under this Section 19.3 shall survive the expiration or sooner termination of the Lease Term.

 

19.4           Sublessees
of Tenant. Whether or not Landlord elects to terminate this Lease on account of any default by Tenant, as set forth in this Article 19,
Landlord shall have the right to terminate any and all subleases, licenses, concessions or other consensual arrangements for possession
entered into by Tenant and affecting the Premises or may, in Landlord’s sole discretion, succeed to Tenant’s interest in such
subleases, licenses, concessions or arrangements. If Landlord elects to succeed to Tenant’s interest in any such subleases, licenses,
concessions or arrangements, Tenant shall, as of the date of notice by Landlord of such election, have no further right to or interest
in the rent or other consideration receivable thereunder.

 

19.5           Waiver
of Default. No waiver by Landlord of any violation or breach by Tenant of any of the terms, provisions and covenants herein contained
shall be deemed or construed to constitute a waiver of any other or later violation or breach by Tenant of the same or any other of the
terms, provisions, and covenants herein contained. Forbearance by Landlord in enforcement of one or more of the remedies herein provided
upon a default by Tenant shall not be deemed or construed to constitute a waiver of such default. The acceptance of any Rent hereunder
by Landlord following the occurrence of any default, whether or not known to Landlord, shall not be deemed a waiver of any such default,
except only a default in the payment of the Rent so accepted.

 

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19.6           Efforts
to Relet. For the purposes of this Article 19, Tenant’s right to possession shall not be deemed to have been terminated
by efforts of Landlord to relet the Premises, by its acts of maintenance or preservation with respect to the Premises, or by appointment
of a receiver to protect Landlord’s interests hereunder. The foregoing enumeration is not exhaustive, but merely illustrative of
acts which may be performed by Landlord without terminating Tenant’s right to possession.

 

19.7           Bankruptcy.
In the event a debtor, trustee or debtor in possession under the Bankruptcy Code, or another person with similar rights, duties and powers
under any other Applicable Laws, proposes to cure any default under this Lease or to assume or assign this Lease and is obliged to provide
adequate assurance to Landlord that (a) a default shall be cured, (b) Landlord shall be compensated for its damages arising
from any breach of this Lease and (c) future performance of Tenant’s obligations under this Lease shall occur, then such adequate
assurances shall include any or all of the following, as designated by Landlord in its sole and absolute discretion:

 

(i)            Those
acts specified in the Bankruptcy Code or other applicable laws as included within the meaning of “adequate assurance,” even
if this Lease does not concern a shopping center or other facility described in such applicable laws;

 

(ii)           A
prompt cash payment to compensate Landlord for any monetary defaults or actual damages arising directly from a breach of this Lease;

 

(iii)          A
cash deposit in an amount at least equal to the then-current amount of the Security Deposit; or

 

(iv)         The
assumption or assignment of all of Tenant’s interest and obligations under this Lease.

 

ARTICLE 20

 

SECURITY
DEPOSIT

 

Concurrent with Tenant’s
execution of this Lease, Tenant shall deposit with Landlord a security deposit (the “Security Deposit”) in the amount
set forth in Section 10 of the Summary. The Security Deposit shall be held by Landlord as security for the faithful performance by
Tenant of all the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Lease Term. If Tenant defaults
with respect to any provisions of this Lease, including, but not limited to, the provisions relating to the payment of Rent, Landlord
may, but shall not be required to, use, apply or retain all or any part of the Security Deposit for the payment of any Rent or any other
sum in default, or for the payment of any amount that Landlord may spend or become obligated to spend by reason of Tenant’s default,
or to compensate Landlord for any other loss or damage that Landlord may suffer by reason of Tenant’s default. If any portion of
the Security Deposit is so used or applied, Tenant shall, within ten (10) business days after written demand therefor, deposit cash
with Landlord in an amount sufficient to restore the Security Deposit to its original amount, and Tenant’s failure to do so shall
be a default under this Lease. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the Security
Deposit, or any balance thereof, shall be returned to Tenant, or, at Landlord’s option, to the last assignee of Tenant’s interest
hereunder, within sixty (60) days following the expiration of the Lease Term. Tenant shall not be entitled to any interest on the Security
Deposit. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code, and all other provisions of law, now
or hereafter in force, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults
in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim
those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the act or
omission of Tenant or any officer, employee, agent or invitee of Tenant. In the event of bankruptcy or other debtor-creditor proceedings
against Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for all
periods prior to the filing of such proceedings.

 

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ARTICLE 21

 

COMPLIANCE
WITH LAW

 

Tenant shall not do anything
or suffer anything to be done in the Premises which will in any way conflict with any law, statute, ordinance or other governmental rule,
regulation or requirement now in force or which may hereafter be enacted or promulgated. As part of Operating Expenses (to the extent
not excluded as may be provided in this Lease), Landlord shall comply with applicable laws pertaining to the common areas of the Project.
At its sole cost and expense, Tenant shall promptly comply with all such governmental measures, other than the making of structural changes
or changes to the Building’s life safety system (collectively the “Excluded Changes”); provided, however, to
the extent such Excluded Changes are required due to or triggered by Tenant’s improvements or alterations to and/or manner of use
of the Premises (for other than typical office and lab uses), Landlord shall perform such work, at Tenant’s cost (which shall be
paid by Tenant to Landlord within ten (10) business days after Tenant’s receipt of invoice therefor from Landlord). In addition,
Tenant shall fully comply with all governmentally mandated present or future programs intended to manage parking, transportation or traffic
in and around the Project, and in connection therewith, Tenant shall take responsible action for the transportation planning and management
of all employees located at the Premises by working directly with Landlord, any governmental transportation management organization or
any other transportation-related committees or entities. The judgment of any court of competent jurisdiction or the admission of Tenant
in any judicial action, regardless of whether Landlord is a party thereto, that Tenant has violated any of said governmental measures,
shall be conclusive of that fact as between Landlord and Tenant.

 

ARTICLE 22

 

ENTRY
BY LANDLORD

 

Landlord reserves the right
at all reasonable times and upon reasonable prior written notice (not less than 24 hours) to Tenant to enter the Premises to: (i) inspect
them; (ii) show the Premises to prospective purchasers, mortgagees or tenants (during the last year only); (iii) to post notices
of nonresponsibility; or (iv) alter, improve or repair the Premises or the Building if necessary to comply with current building
codes or other applicable laws, or for structural alterations, repairs or improvements to the Building, or as Landlord may otherwise reasonably
deem necessary. Notwithstanding anything to the contrary contained in this Article 22, Landlord may enter the Premises at any time,
without notice to Tenant, in emergency situations and/or to perform janitorial or other regularly scheduled services required of Landlord
pursuant to this Lease. Any such entries shall be without the abatement of Rent and shall include the right to take such reasonable steps
as required to accomplish the stated purposes. Tenant hereby waives any claims for damages or for any injuries or inconvenience to or
interference with Tenant’s business, lost profits, any loss of occupancy or quiet enjoyment of the Premises, and any other loss
occasioned thereby. For each of the above purposes, Landlord shall at all times have a key with which to unlock all the doors in the Premises,
excluding Tenant’s vaults, safes and special security areas designated in advance by Tenant. In an emergency, Landlord shall have
the right to enter without notice and use any means that Landlord may deem proper to open the doors in and to the Premises. Any entry
into the Premises in the manner hereinbefore described shall not be deemed to be a forcible or unlawful entry into, or a detainer of,
the Premises, or an actual or constructive eviction of Tenant from any portion of the Premises. Notwithstanding anything to the contrary
set forth in this Lease, Tenant may designate certain areas of the Premises as “Secured Areas” should Tenant require such
areas for the purpose of securing certain valuable property or confidential information. Landlord shall at all times be accompanied by
a representative of Tenant before entering any Secured Area, and Landlord will otherwise follow Tenant’s commercially reasonable
safety and security procedures. Landlord may not enter such Secured Areas except in the case of emergency or in the event of a Landlord
inspection, in which case Landlord shall provide Tenant with one (1) business day prior written notice of the specific date and time
of such Landlord inspection. Notwithstanding the foregoing, Landlord will be permitted to enter into a Secured Area without a representative
of Tenant in the event of an emergency which poses an imminent risk of injury to persons or property where no representative of Tenant
is readily available, or in the event Tenant fails to provide a representative after Landlord has made such request on two (2) occasions
at least one (1) business day in advance.

 

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ARTICLE 23

 

PARKING

 

Throughout the Lease Term,
Tenant shall have the right to use, on a “first-come, first-serve” basis, in common with other tenants of the Building and
free of parking charges, the number of unreserved parking spaces set forth in Section 12 of the Summary, which unreserved parking
spaces are located in the Parking Areas servicing the Building as shall be designated by Landlord from time to time for unreserved parking
for the tenants of the Building. Tenant will, and will use commercially reasonable efforts to cause its employees and visitors to, comply
with (A) the Parking Rules and Regulations which are in effect on the date hereof, as set forth in the attached Exhibit D
and all modifications and additions thereto which are prescribed from time to time for the orderly operation and use of the Parking Areas
by Landlord, and/or Landlord’s Parking Operator (as defined below), and (B) all recorded covenants, conditions and restrictions
affecting the Building; provided that the foregoing will not reduce Tenant’s parking rights hereunder or decrease the number of
parking spaces available for Tenant’s use. Landlord (and/or any other owners of the Project) specifically reserve the right to change
the size, configuration, design, layout, location and all other aspects of the Parking Areas (including without limitation, implementing
paid visitor parking), and Tenant acknowledges and agrees that Landlord may, without incurring any liability to Tenant and without any
abatement of Rent under this Lease, from time to time, temporarily close-off or restrict access to the Parking Areas; provided that none
of the foregoing reduce Tenant’s parking rights hereunder or decrease the number of parking spaces available for Tenant’s
use. Landlord may delegate its responsibilities hereunder to a parking operator (the “Parking Operator”) in which case
the Parking Operator shall have all the rights of control attributed hereby to Landlord. Any parking tax or other charges imposed by governmental
authorities in connection with the use of such parking shall be paid directly by Tenant or the parking users, or, if directly imposed
against Landlord, Tenant shall reimburse Landlord for all such taxes and/or charges within ten (10) business days after Landlord’s
demand therefor. The parking rights provided to Tenant pursuant to this Article 23 are provided solely for use by Tenant’s
own personnel and visitors and such rights may not be transferred, assigned, subleased or otherwise alienated by Tenant without Landlord’s
prior approval, except in connection with an assignment of this Lease or sublease of the Premises made in accordance with Article 14
above. All visitor parking by Tenant’s visitors shall be subject to availability, as reasonably determined by Landlord (and/or the
Parking Operator, as the case may be), parking in such visitor parking areas as may be designated by Landlord (and/or the Parking Operator
from time to time. Landlord shall use good faith efforts to ensure that no other tenant or occupant of the Project is overburdening the
parking facilities of the Building.

 

ARTICLE 24

 

MISCELLANEOUS
PROVISIONS

 

24.1           Terms;
Captions. The necessary grammatical changes required to make the provisions hereof apply either to corporations or partnerships or
individuals, men or women, as the case may require, shall in all cases be assumed as though in each case fully expressed. The captions
of Articles and Sections are for convenience only and shall not be deemed to limit, construe, affect or alter the meaning of such Articles
and Sections.

 

24.2           Binding
Effect. Each of the provisions of this Lease shall extend to and shall, as the case may require, bind or inure to the benefit not
only of Landlord and of Tenant, but also of their respective successors or assigns, provided this clause shall not permit any assignment
by Tenant contrary to the provisions of Article 14 above.

 

24.3           No
Waiver. No waiver of any provision of this Lease shall be implied by any failure of a party to enforce any remedy on account of the
violation of such provision, even if such violation shall continue or be repeated subsequently, any waiver by a party of any provision
of this Lease may only be in writing, and no express waiver shall affect any provision other than the one specified in such waiver and
that one only for the time and in the manner specifically stated. No receipt of monies by Landlord from Tenant after the termination of
this Lease shall in any way alter the length of the Lease Term or of Tenant’s right of possession hereunder or after the giving
of any notice shall reinstate, continue or extend the Lease Term or affect any notice given Tenant prior to the receipt of such monies,
it being agreed that after the service of notice or the commencement of a suit or after final judgment for possession of the Premises,
Landlord may receive and collect any Rent due, and the payment of said Rent shall not waive or affect said notice, suit or judgment.

 

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24.4           Modification
of Lease. If any current or prospective mortgagee or ground lessor for the Project requires modifications to this Lease, which modifications
will not cause an increased cost or expense to Tenant or in any other way materially and adversely change the rights and obligations of
Tenant hereunder, then and in such event, Tenant agrees that this Lease may be so modified and agrees to execute whatever reasonable documents
are required therefor and deliver the same to Landlord within ten (10) business days following the request therefor. If Landlord
or any such current or prospective mortgagee or ground lessor require execution of a short form of Lease for recording, containing, among
other customary provisions, the names of the parties, a description of the Premises and the Lease Term, Tenant shall execute such short
form of Lease and to deliver the same to Landlord within ten (10) business days following the request therefor. Landlord will pay
all costs associated with any ancillary documents pursuant to this Section, including recording fees and taxes.

 

24.5           Transfer
of Landlord’s Interest. Landlord has the right to transfer all or any portion of its interest in the Project, the Building and/or
in this Lease, and upon any such transfer and the transferee’s assumption of Landlord’s obligations under this Lease, Landlord
shall automatically be released from all liability under this Lease arising from and after such transfer and Tenant shall look solely
to such transferee for the performance of Landlord’s obligations hereunder after the date of transfer. The liability of any transferee
of Landlord shall be limited to the interest of such transferee in the Project (including proceeds therefrom) and such transferee shall
be without personal liability under this Lease (other than its interest in the Project), and Tenant hereby expressly waives and releases
such personal liability on behalf of itself and all persons claiming by, through or under Tenant. Landlord may also assign its interest
in this Lease to a mortgage lender as additional security but such assignment shall not release Landlord from its obligations hereunder
and Tenant shall continue to look to Landlord for the performance of its obligations hereunder. Neither Landlord’s affiliates, nor
any of their respective partners, shareholders, directors, officers, employees, members or agents shall be personally liable for Landlord’s
obligations or any deficiency under this Lease, and service of process shall not be made against any shareholder, member, director, officer,
employee or agent of Landlord or any of Landlord’s affiliates (unless such parties are Landlord’s agent for service). No partner,
shareholder, director, officer, employee, member or agent of Landlord or any of its affiliates shall be sued or named as a party in any
suit or action, and service of process shall not be made against any partner or member of Landlord except as may be necessary to secure
jurisdiction of the partnership, joint venture or limited liability company, as applicable. No partner, shareholder, director, officer,
employee, member or agent of Landlord or any of its affiliates shall be required to answer or otherwise plead to any service of process,
and no judgment shall be taken or writ of execution levied against any partner, shareholder, director, officer, employee, member or agent
of Landlord or any of its affiliates.

 

24.6           Prohibition
Against Recording. Except as provided in Section 24.4 of this Lease, neither this Lease, nor any memorandum, affidavit or other
writing with respect thereto, shall be recorded by Tenant or by anyone acting through, under or on behalf of Tenant, and the recording
thereof in violation of this provision shall make this Lease null and void at Landlord’s election.

 

24.7           Landlord’s
Title; Air Rights. Landlord’s title is and always shall be paramount to the title of Tenant. Nothing herein contained shall
empower Tenant to do any act which can, shall or may encumber the title of Landlord. No rights to any view or to light or air over any
property, whether belonging to Landlord or any other person, are granted to Tenant by this Lease.

 

24.8           Tenant’s
Signs. Tenant shall be entitled, at its sole cost and expense, to one (1) identification sign on or near the entry doors of the
Premises and for multi-tenant floors (if any) on which the Premises are located, one (1) identification or directional sign, as designated
by Landlord, in the elevator lobby on the floor on which the Premises are located. Tenant may install signage within the Premises without
approval so long as such signage is not visible from outside the Premises. Such signs shall be installed by a signage contractor designated
by Landlord. The location, quality, design, style, lighting and size of such signs shall be consistent with the Landlord’s Building
standard signage program and shall be subject to Landlord’s prior written approval, in its reasonable discretion. Upon the expiration
or earlier termination of this Lease, Tenant shall be responsible, at its sole cost and expense, for the removal of such signage and the
repair of all damage to the Building caused by such removal. Except for such identification signs, Tenant may not install any signs on
the exterior or roof of the Building, the Other Existing Buildings or the common areas of the Building or the Project. Any signs, window
coverings, or blinds (even if the same are located behind the Landlord approved window coverings for the Building), or other items visible
from the exterior of the Premises or Building are subject to the prior approval of Landlord, in its sole and absolute discretion.

 

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24.9           Relationship
of Parties. Nothing contained in this Lease shall be deemed or construed by the parties hereto or by any third party to create the
relationship of principal and agent, partnership, joint venturer or any association between Landlord and Tenant, it being expressly understood
and agreed that neither the method of computation of Rent nor any act of the parties hereto shall be deemed to create any relationship
between Landlord and Tenant other than the relationship of landlord and tenant.

 

24.10         Application
of Payments. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s
designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion,
may elect.

 

24.11         Time
of Essence. Time is of the essence of this Lease and each of its provisions.

 

24.12         Partial
Invalidity. If any term, provision or condition contained in this Lease shall, to any extent, be invalid or unenforceable, the remainder
of this Lease, or the application of such term, provision or condition to persons or circumstances other than those with respect to which
it is invalid or unenforceable, shall not be affected thereby, and each and every other term, provision and condition of this Lease shall
be valid and enforceable to the fullest extent possible permitted by law.

 

24.13         No
Warranty. In executing and delivering this Lease, Tenant has not relied on any representation, including, but not limited to, any
representation whatsoever as to the amount of any item comprising Additional Rent or the amount of the Additional Rent in the aggregate
or any warranty or any statement of Landlord which is not set forth herein or in one or more of the Exhibits attached hereto.

 

24.14         Landlord
Exculpation. Notwithstanding anything in this Lease to the contrary, and notwithstanding any applicable law to the contrary, the liability
of Landlord and the Landlord Parties under this Lease (including any successor landlord) and any recourse by Tenant against Landlord or
the Landlord Parties shall be limited solely and exclusively to an amount which is equal to the ownership interest of Landlord in the
Project (including any proceeds thereof), and none of the Landlord Parties shall have any personal liability therefor, and Tenant hereby
expressly waives and releases such personal liability on behalf of itself and all persons claiming by, through or under Tenant.

 

24.15         Entire
Agreement. There are no oral agreements between the parties hereto affecting this Lease and this Lease supersedes and cancels any
and all previous negotiations, arrangements, brochures, agreements and understandings, if any, between the parties hereto or displayed
by Landlord to Tenant with respect to the subject matter thereof. This Lease and any side letter or separate agreement executed by Landlord
and Tenant in connection with this Lease and dated of even date herewith contain all of the terms, covenants, conditions, warranties and
agreements of the parties relating in any manner to the rental, use and occupancy of the Premises, shall be considered to be the only
agreement between the parties hereto and their representatives and agents, and none of the terms, covenants, conditions or provisions
of this Lease can be modified, deleted or added to except in writing signed by the parties hereto. All negotiations and oral agreements
acceptable to both parties have been merged into and are included herein.

 

24.16         Right
to Lease. Landlord reserves the absolute right to effect such other tenancies in the Building, the Other Existing Buildings and/or
in any other building and/or any other portion of the Project as Landlord in the exercise of its sole business judgment shall determine
to best promote the interests of the Project as a first class office and laboratory Project. Tenant does not rely on the fact, nor does
Landlord represent, that any specific tenant or type or number of tenants shall, during the Lease Term, occupy any space in the Building,
the Other Existing Buildings or Project.

 

24.17         Force
Majeure. Any prevention, delay or stoppage due to strikes, lockouts, labor disputes, acts of God, epidemics, pandemics, inability
to obtain services, labor, or materials or reasonable substitutes therefor, governmental actions, civil commotions, fire or other casualty,
and other causes beyond the reasonable control of the party obligated to perform, except with respect to the obligations imposed with
regard to Rent and other charges to be paid by Landlord or Tenant pursuant to this Lease and except with respect to Tenant’s obligations
under the Tenant Work Letter (collectively, the “Force Majeure”), notwithstanding anything to the contrary contained
in this Lease, shall excuse the performance of such party for a period equal to any such prevention, delay or stoppage and, therefore,
if this Lease specifies a time period for performance of an obligation of either party, that time period shall be extended by the period
of any delay in such party’s performance caused by a Force Majeure.

 

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24.18         Waiver
of Redemption by Tenant. Tenant hereby waives for Tenant and for all those claiming under Tenant all right now or hereafter existing
to redeem by order or judgment of any court or by any legal process or writ, Tenant’s right of occupancy of the Premises after any
termination of this Lease.

 

24.19         Notices.
All notices, demands, statements or communications (collectively, “Notices”) given or required to be given by either
party to the other hereunder shall be in writing, shall be (A) sent by United States certified or registered mail, postage prepaid,
return receipt requested, (B) delivered by a nationally recognized overnight courier, or (C) delivered personally (i) to
Tenant at the appropriate address set forth in Section 5 of the Summary, or to such other place as Tenant may from time to time designate
in a Notice to Landlord; or (ii) to Landlord at the addresses set forth in Section 3 of the Summary, or to such other firm or
to such other place as Landlord may from time to time designate in a Notice to Tenant. Any Notice will be deemed given on the day shown
on the delivery receipt (or two (2) days after it is mailed as provided in this Section 24.19 if no delivery receipt is received),
the date overnight courier delivery is made or upon the date personal delivery is made or rejected. If Tenant is notified of the identity
and address of Landlord’s mortgagee or ground lessor, Tenant shall give to such mortgagee or ground lessor written notice of any
default by Landlord under the terms of this Lease by registered or certified mail, and such mortgagee or ground lessor shall be given
a reasonable opportunity to cure such default prior to Tenant’s exercising any remedy available to Tenant.

 

24.20         Joint
and Several. If there is more than one person or entity executing this Lease as Tenant, the obligations imposed upon such persons
and entities under this Lease are and shall be joint and several.

 

24.21         Representations.
Tenant represents that (a) Tenant is duly incorporated or otherwise established or formed and validly existing under the laws of
its state of incorporation, establishment or formation, (b) Tenant has and is duly qualified to do business in the state in which
the Project is located, (c) Tenant has full corporate, partnership, trust, association or other appropriate power and authority to
enter into this Lease and to perform all Tenant’s obligations hereunder, (d) each person (and all of the persons if more than
one signs) signing this Lease on behalf of Tenant is duly and validly authorized to do so and (e) to Tenant’s knowledge, neither
(i) the execution, delivery or performance of this Lease nor (ii) the consummation of the transactions contemplated hereby will
violate or conflict with any provision of documents or instruments under which Tenant is constituted or to which Tenant is a party. In
addition, Tenant represents that none of (x) it, (y) its affiliates or partners nor (z) to the best of its knowledge, its
members, shareholders or other equity owners or any of their respective employees, officers, directors, representatives or agents is a
person or entity with whom U.S. persons or entities are restricted from doing business under regulations of the Office of Foreign Asset
Control (“OFAC”) of the Department of the Treasury (including those named on OFAC’s Specially Designated and
Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking Property
and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism) or other similar governmental action.

 

24.22         Jury
Trial; Attorneys’ Fees. IF EITHER PARTY COMMENCES LITIGATION AGAINST THE OTHER FOR THE SPECIFIC PERFORMANCE OF THIS LEASE, FOR
DAMAGES FOR THE BREACH HEREOF OR OTHERWISE FOR ENFORCEMENT OF ANY REMEDY HEREUNDER, THE PARTIES HERETO AGREE TO AND HEREBY DO WAIVE ANY
RIGHT TO A TRIAL BY JURY. In the event of any such commencement of litigation, the prevailing party shall be entitled to recover from
the other party such costs and reasonable attorneys’ fees as may have been incurred, including any and all costs incurred in enforcing,
perfecting and executing such judgment.

 

24.23         Governing
Law. This Lease shall be construed and enforced in accordance with the laws of the state in which the Project is located.

 

24.24         Submission
of Lease. Submission of this instrument for examination or signature by Tenant does not constitute a reservation of or an option for
lease, and it is not effective as a lease or otherwise until execution and delivery by both Landlord and Tenant.

 

24.25         Brokers.
Landlord and Tenant each hereby represents and warrants to the other party that it (i) has had no dealings with any real estate broker
or agent in connection with the negotiation of this Lease, excepting only the real estate brokers or agents specified in Section 11
of the Summary (collectively, the “Brokers”), and (ii) knows of no other real estate broker or agent who is entitled
to a commission in connection with this Lease. Each party agrees to indemnify and defend the other party against and hold the other party
harmless from any and all claims, demands, losses, liabilities, lawsuits, judgments, and costs and expenses (including without limitation
reasonable attorneys’ fees) with respect to any leasing commission or equivalent compensation alleged to be owing on account of
the indemnifying party’s dealings with any real estate broker or agent in connection with this Lease other than the Brokers. Landlord
will compensate Brokers for commissions due on account of this Lease pursuant to a separate agreement.

 

    -38-

     

    

 

24.26         Mutual
Consequential Damages Waiver. Notwithstanding anything contained in this Lease to the contrary but subject to Article 16 hereof,
neither party will be liable to the other for any business interruption, loss of profit or other punitive or consequential damages arising
out of this Lease or any Default hereunder.

 

24.27         Building
Name and Signage. Landlord shall have the right at any time to change the name(s) of the Building, the Other Existing Buildings
and Project and to install, affix and maintain any and all signs on the exterior and on the interior of the Building (outside of the Premises),
the Other Existing Buildings and any portion of the Project as Landlord may, in Landlord’s sole discretion, desire. Tenant shall
not use the names of the Building, the Other Existing Buildings or Project or use pictures or illustrations of the Building, the Other
Existing Buildings or Project in advertising or other publicity, without the prior written consent of Landlord, other than to identify
Tenant’s address or location.

 

24.28         Building
Directory. Landlord shall include Tenant’s name and location in the Building on one (1) line on the Building directory.
The initial cost of such directory signage shall be paid for by Landlord, but any subsequent charges thereto shall be at Tenant’s
cost.

 

24.29         Intentionally
Omitted.

 

24.30         Landlord’s
Construction. Except as specifically set forth in this Lease or in the Tenant Work Letter: (i) Landlord has no obligation to
alter, remodel, improve, renovate, repair or decorate the Premises, the Building, the Other Existing Buildings, the Project, or any part
thereof; and (ii) no representations or warranties respecting the condition of the Premises, the Building, the Other Existing Buildings
or the Project have been made by Landlord to Tenant. Tenant acknowledges that prior to and during the Lease Term, Landlord (and/or any
common area association) will be completing construction and/or demolition work pertaining to various portions of the Building, the Other
Existing Buildings, the Premises, and/or the Project, including without limitation, landscaping and tenant improvements for premises for
other tenants and, at Landlord’s sole election, such other buildings, improvements, landscaping and other facilities within or as
part of the Project as Landlord (and/or such common area association) shall from time to time desire (collectively, the “Construction”).
In connection with such Construction, Landlord may, among other things, erect scaffolding or other necessary structures in the Building
and/or the Other Existing Buildings, limit or eliminate access to portions of the Project, including portions of the common areas, or
perform work in the Building, the Other Existing Buildings and/or the Project, which work may create noise, dust or leave debris in the
Building, the Other Existing Buildings and/or the Project; provided that Landlord will at all times ensure that Tenant has access to the
Premises and parking areas and will take commercially reasonable measures to minimize any unreasonable interference with Tenant’s
occupancy. Tenant hereby agrees that such Construction and Landlord’s actions in connection with such Construction shall in no way
constitute a constructive eviction of Tenant nor entitle Tenant to any abatement of Rent; provided that Landlord will at all times ensure
that Tenant has access to the Premises and parking areas and will take commercially reasonable measures to minimize any unreasonable interference
with Tenant’s occupancy. Landlord reserves full control over the Project to the extent not inconsistent with Tenant’s enjoyment
the same as provided in this Lease. This reservation includes Landlord’s right to subdivide the Project and convert portions of
the Project to condominium units, change the size of the Project by selling all or a portion of the Project or adding real property and
any improvements thereon to the Project; grant easements and licenses to third parties and maintain or establish ownership of the Buildings
separate from the fee title to the Project; provided that no such actions increase Tenant’s obligations under this Lease or decrease
Tenant’s rights under this Lease.

 

24.31         Intentionally
Omitted.

 

24.32         Net
Lease. This Lease shall be deemed and construed to be an “absolute net lease” and, except as herein expressly provided,
Landlord shall receive all payments required to be made by Tenant free from all charges, assessments, impositions, expenses and deductions
of any and every kind or nature whatsoever. Landlord shall not be required to furnish any services or facilities or to make any repairs,
replacements or alterations of any kind in or on the Premises except as specifically provided herein.

 

    -39-

     

    

 

24.33         Water
Sensors. Tenant shall, at Tenant’s sole cost and expense, be responsible for installing web-enabled wireless water leak sensor
devices designed to alert the Tenant on a twenty-four (24) hour seven (7) day per week basis if a water leak is occurring in the
Premises (which water sensor device(s) located in the Premises shall be referred to herein as “Water Sensors”).
The Water Sensors shall be installed in any areas in the Premises where water is utilized (such as sinks, pipes, faucets, water heaters,
coffee machines, ice machines, water dispensers and water fountains) (the “Sensor Areas”). In connection with any Alterations
affecting or relating to any Sensor Areas, Landlord may require Water Sensors to be installed or updated in Landlord’s reasonable
discretion. The installation of any such Water Sensors will be subject to Article 8 of this Lease. Tenant shall, at Tenant’s
sole cost and expense, pursuant to Article 7 of this Lease keep any Water Sensors located in the Premises (whether installed by Tenant
or someone else) in good working order, repair and condition at all times during the Lease Term. Notwithstanding any provision to the
contrary contained herein, Landlord has neither an obligation to monitor, repair or otherwise maintain the Water Sensors, nor an obligation
to respond to any alerts it may receive from the Water Sensors or which may be generated from the Water Sensors. Upon the expiration of
the Lease Term, or immediately following any earlier termination of this Lease, Landlord reserves the right to require Tenant, at Tenant’s
sole cost and expense, to remove all Water Sensors installed by Tenant, and repair any damage caused by such removal; provided, however,
if the Landlord does not require the Tenant to remove the Water Sensors as contemplated by the foregoing, then Tenant shall leave
the Water Sensors in place together with all necessary user information such that the same may be used by a future occupant of the Premises
(e.g., the Water Sensors shall be unblocked and ready for use by a third-party). If Tenant is required to remove the Water Sensors
pursuant to the foregoing and Tenant fails to complete such removal and/or fails to repair any damage caused by the removal of any Water
Sensors, Landlord may do so and may charge the cost thereof to Tenant.

 

24.34         Tenant’s
Roof Rights. To the extent Tenant desires to utilize a portion of the roof of the Building for Tenant’s equipment then the same
shall be subject to all of the terms and conditions of Article 8 of this Lease.

 

[Remainder of Page Intentionally Left Blank;
Signatures on Next Page]

 

    -40-

     

    

 

IN WITNESS WHEREOF, Landlord
and Tenant have caused this Lease to executed the day and date first above written.

 

	 	“Landlord”:
	 	 
	 	BP3-SD5 5510 MOREHOUSE DRIVE LLC,

a Delaware limited liability company
	 	 
	 	 
	 	By:	/s/ Michael Gerrity
	 	Name:	Michael Gerrity
	 	Its:	President
	 	 
	 	”Tenant”:
	 	 
	 	QUANTUM-SI INCORPORATED,

a Delaware corporation
	 	 
	 	 
	 	By:	/s/ Michael McKenna
	 	Name:	Michael McKenna
	 	Its:	President
	 	 
	 	By:	/s/ Christian LaPointe
	 	Name:	Christian LaPointe
	 	Its:	GC and Secretary

 

*** If Tenant is a CORPORATION, the authorized
officers must sign on behalf the corporation and indicate the capacity in which they are signing. The Lease must be executed by the president
or vice president and the semen* or assistant secretary, unless the bylaws or a resolution of the board of directors shall otherwise provide,
in which event, the bylaws or a certified copy of the resolution, as the case may be, must be attached to this Lease.

 

    -41-

     

    

 

EXHIBIT A

 

OUTLINE OF FLOOR PLAN OF PREMISES

 

 

 

    EXHIBIT A
-1-

     

    

 

EXHIBIT A-1

 

SITE PLAN OF PROJECT

 

 

 

    EXHIBIT A-1
-1-

     

    

 

EXHIBIT B

 

TENANT WORK LETTER

 

This Tenant Work Letter (“Tenant
Work Letter”) sets forth the terms and conditions relating to the construction of improvements for the Premises. All references
in this Tenant Work Letter to the “Lease” shall mean the relevant portions of the Lease to which this Tenant Work Letter
is attached as Exhibit B.

 

SECTION 1

 

BASE, SHELL AND CORE

 

Landlord has previously constructed
the base, shell and core (i) of the Premises and (ii) of the floor(s) of the Building on which the Premises are located
(collectively, the “Base, Shell and Core”), and Tenant shall accept the Base, Shell and Core in its current “As-Is”
condition existing as of the date of the Lease and the Lease Commencement Date (subject to Landlord’s obligations pursuant to Section 1.2
of the Lease). Except for Landlord’s completion of the Spec Improvements (in substantial accordance with the spec plan attached
hereto as Schedule 2) and Tenant Improvements (described below) and payment of the Allowance set forth below, Landlord shall
not be obligated to make or pay for any alterations or improvements to the Premises, the Building or the Project; provided, however, that
Landlord, at Landlord’s sole cost, shall pay for any initial test fit space plan for the Premises but only to the extent prepared
by McFarlane Architects.

 

SECTION 2

 

CONSTRUCTION DRAWINGS FOR THE PREMISES

 

Prior to the execution of
the Lease, Landlord and Tenant have approved a detailed space plan for the construction of certain improvements in the Premises, which
space plan has been prepared by McFarlane Architects, dated May 10, 2021 (the “Final Space Plan”), which Final
Space Plan is attached hereto as Schedule 1. Based upon and in conformity with the Final Space Plan, Landlord shall cause
McFarlane Architects and Landlord’s designated engineers to prepare and deliver to Tenant, for Tenant’s approval, detailed
specifications and engineered working drawings for the tenant improvements shown on the Final Space Plan (the “Working Drawings”).
The Working Drawings shall incorporate modifications to the Final Space Plan as necessary to comply with the floor load and other structural
and system requirements of the Building. To the extent that the finishes and specifications are not completely set forth in the Final
Space Plan for any portion of the tenant improvements depicted thereon, the actual specifications and finish work shall be in accordance
with the specifications for the Building’s standard tenant improvement items, as reasonably determined by Landlord. Within five
(5) business days after Tenant’s receipt of the Working Drawings, Tenant shall approve or disapprove the same, which approval
shall not be unreasonably withheld; provided, however, that Tenant may only disapprove the Working Drawings to the extent such Working
Drawings are inconsistent with the Final Space Plan and only if Tenant delivers to Landlord, within such five (5) business day period,
specific changes proposed by Tenant which are consistent with the Final Space Plan and do not constitute changes which would result in
any of the circumstances described in items (i) through (iii) hereinbelow. If any such revisions are timely and properly proposed
by Tenant, Landlord shall cause McFarlane Architects and the engineers to revise the Working Drawings to incorporate such revisions and
submit the same for Tenant’s approval in accordance with the foregoing provisions, and the parties shall follow the foregoing procedures
for approving the Working Drawings until the same are finally approved by Landlord and Tenant. Upon Landlord’s and Tenant’s
approval of the Working Drawings, the same shall be known as the “Approved Working Drawings”. The tenant improvements
shown on the Approved Working Drawings shall be referred to herein as the “Tenant Improvements”. Once the Approved
Working Drawings have been approved by Landlord and Tenant, Tenant shall make no changes, change orders or modifications thereto without
the prior written consent of Landlord, which consent may be withheld in Landlord’s sole discretion if such change or modification
would: (i) increase the costs of the design, permitting or construction of the Tenant Improvements above the costs of the design,
permitting and construction of those tenant improvements depicted in the Final Space Plan (unless Tenant agrees to pay such increased
costs); (ii) be of a quality lower than the quality of the standard tenant improvement items for the Building; and/or (iii) require
any changes to the Base, Shell and Core or structural improvements or systems of the Building. The Final Space Plan, Working Drawings
and Approved Working Drawings shall be collectively referred to herein as, the “Construction Drawings”.

 

    EXHIBIT B
-1-

     

    

 

SECTION 3

 

CONSTRUCTION AND COSTS OF TENANT IMPROVEMENTS

 

Landlord previously planned
to construct certain speculative improvements in the Premises, which speculative improvements are depicted on the space plan attached
to this Work Letter as Schedule 2 (the “Spec Improvements”). Landlord will pay for and perform the Spec
Improvements in accordance with Schedule 2 at Landlord’s cost (which will not be charged against the Allowance). Landlord
will use commercially reasonable efforts to cause the construction of the Tenant Improvements to be in substantial accordance with the
work schedule attached hereto as Schedule 3. All budgets and estimates for the Tenant Improvements will break down costs
into those payable by Landlord as part of the Spec Improvements and those chargeable to Tenant due to changes or additions to the Spec
Improvements required by the Construction Drawings. Landlord shall cause a general contractor designated by Landlord (the “Contractor”)
to (i) obtain all applicable building permits for construction of the Tenant Improvements (collectively, the “Permits”),
and (ii) construct the Tenant Improvements as depicted on the Approved Working Drawings, in compliance with such Permits and all
applicable laws in effect at the time of construction, and in good workmanlike manner. Landlord shall pay for the costs of the design,
permitting and construction of the Tenant Improvements; provided that Landlord’s contribution to those elements of the Tenant Improvements
chargeable to Tenant shall be in an amount up to, but not exceeding, Thirty Dollars ($30.00) per rentable square foot of the Premises
(i.e., up to Seven Hundred Sixty-Seven Thousand Five Hundred Eighty Dollars ($767.580.00), based on 25,586 rentable square feet
of the Premises) (the “Allowance”). The cost of the design, permitting and construction of the Tenant Improvements
shall include Landlord’s construction supervision and management fee in an amount equal to the product of (i) four percent
(4%) and (ii) the amount equal to the sum of the Allowance and the Over-Allowance Amount (as such term is defined below). Tenant
shall pay for all costs of the design, permitting and construction of the Tenant Improvements (other than costs associated with the Spec
Improvements) in excess of the Allowance (“Over-Allowance Amount”), which payment shall be made to Landlord within
ten (10) business days after Tenant’s receipt of invoice therefor from Landlord and, in any event, prior to the date Landlord
causes the Contractor to commence construction. If after Tenant pays the Over-Allowance Amount Tenant requests any changes, change orders
or modifications to the Approved Working Drawings (which Landlord approves pursuant to Section 2 above) which increase the costs
of the design, permitting and construction of the Tenant Improvements, Tenant shall pay such increased cost to Landlord within five (5) business
days after Landlord’s request therefor, and, in any event, prior to the date Landlord causes the Contractor to commence construction
of the changes, change orders or modifications. In no event shall Landlord be obligated to pay for, nor shall the Tenant Improvement Allowance
be used to pay for, the costs of any of Tenant’s furniture, computer systems, telephone systems, equipment or other personal property
which may be depicted on the Construction Drawings; the costs of such items shall be paid for by Tenant from Tenant’s own funds.
Tenant shall not be entitled to receive in cash or as a credit against any rental or otherwise, any portion of the Allowance not used
to pay for the costs of the design, permitting and construction of the Tenant Improvements. Notwithstanding anything above to the contrary,
in the event there exists an Over-Allowance Amount, Tenant shall have the option, exercisable upon written notice to Landlord prior to
the date Tenant is obligated to pay such Over-Allowance Amount, to receive a one-time additional improvement allowance (the “Additional
Allowance”) in the amount not to exceed Five Dollars ($5.00) per rentable square foot of the Premises, (i.e., up to One Hundred
Twenty-Seven Thousand Nine Hundred Thirty Dollars ($127,930.00) based on 25,586 rentable square feet in the Premises). In the event Tenant
exercises such option and as consideration for Landlord providing such Additional Allowance to Tenant, the Base Rent payable by Tenant
throughout the entire seventy-six (76) month initial Lease Term (“Amortization Period”) shall be increased by an amount
sufficient to fully amortize such Additional Allowance throughout said seventy-six (76) month period based upon monthly payments of principal
and interest, with interest imputed on the outstanding principal balance at the rate of eight percent (8%) per annum (the “Amortization
Rent”) and such Amortization Rent shall be subject to the annual Base Rent increases of three percent (3%). By way of illustration,
if Tenant utilizes the entire Additional Allowance then the initial monthly Base Rent payable by Tenant under the Lease shall be increased
by $2,151.07 and the Base Rent schedule set forth in Section 8 of the Summary shall be revised to reflect such increased initial
Base Rent and such increased Base Rent shall be subject to the annual increases of three percent (3%) for all time periods under the Lease.
Such revised Base Rent schedule shall be memorialized in an amendment to the Lease to be executed by Landlord and Tenant. In the event
the Lease shall terminate for any reason, excluding as a result of a default by Landlord under the terms of the Lease or this Tenant Work
Letter, Tenant acknowledges and agrees that the unamortized balance of the Additional Allowance which has not been paid by Tenant to Landlord
as of the termination date pursuant to the foregoing provisions of this Section 3, shall become immediately due and payable as unpaid
rent which has been earned as of such termination date. In addition, in no event shall the Amortization Rent be abated for any reason
whatsoever. The Allowance and the Additional Allowance may collectively be referred to herein as the “Allowances”.
In no event shall Landlord be obligated to make disbursements for the cost of the Tenant Improvements pursuant to this Tenant Work Letter
in a total amount which exceeds the Allowances. The Additional Allowance may only be used for permanently affixed improvements to the
Premises; provided, however, that an amount not to exceed Seventy-Six Thousand Seven Hundred Fifty-Eight Dollars ($76,758.00) of the Allowances
in the aggregate may be utilized by Tenant for the purchase and installation of furniture, fixtures and equipment for the Premises. Any
unused amount of the Allowance existing as of the date that is twelve (12) months after the Lease Commencement Date shall be the sole
property of Landlord, and Landlord will have no obligation to disburse any Additional Allowance which has not been requested by Tenant
before such date.

 

    EXHIBIT B
-2-

     

    

 

SECTION 4

 

READY FOR OCCUPANCY;

SUBSTANTIAL COMPLETION OF THE TENANT IMPROVEMENTS

 

4.1            Ready
for Occupancy; Substantial Completion. For purposes of the Lease: (i) the Premises shall be “Substantially Completed”
upon Substantial Completion of the Premises; and (ii) “Substantial Completion of the Premises” shall occur upon
the completion of construction of the Tenant Improvements in the Premises pursuant to the Approved Working Drawings, with the exception
of any punch list items and any tenant fixtures, work-stations, built-in furniture, or equipment to be installed by Tenant or under the
supervision of the Contractor.

 

4.2            Delay
of the Substantial Completion of the Premises. As used in the Lease, “Tenant Delay(s)” shall mean any of the following
to the extent they cause an actual delay in Substantial Completion of the Premises:

 

4.2.1            Tenant’s
failure to timely approve the Working Drawings or any other matter requiring Tenant’s approval;

 

4.2.2            a breach by Tenant of
the terms of this Tenant Work Letter or the Lease;

 

4.2.3            Tenant’s
request for changes in any of the Construction Drawings;

 

4.2.4            Tenant’s
requirement for materials, components, finishes or improvements which are not available in a commercially reasonable time given the estimated
date of Substantial Completion of the Premises, as set forth in the Lease, or which are different from, or not included in, Landlord’s
standard tenant improvement items for the Building, where no reasonable substitutes exist or Tenant refuses to accept such reasonable
substitutes;

 

4.2.5 any changes in the Construction
Drawings and/or the Tenant Improvements required by applicable laws if such changes are directly attributable to Tenant’s use of
the Premises or Tenant’s specialized tenant improvement(s) (as determined by Landlord); or

 

4.2.6            any
other acts or omissions of Tenant, or its agents, or employees.

 

    EXHIBIT B
-3-

     

    

 

SECTION 5

 

MISCELLANEOUS

 

5.1            Tenant’s
Entry Into the Premises Prior to Lease Commencement Date. Subject to the terms hereof and provided that Tenant and its agents do not
interfere with the Contractor’s work in the Project, the Building and the Premises, at Landlord’s reasonable discretion, Landlord
shall allow Tenant access to the Premises at least sixty (60) days prior to the Lease Commencement Date for the purpose of Tenant installing
equipment and/or fixtures (including Tenant’s data and telephone equipment) in the Premises and, to the extent allowed under applicable
laws, the commencement of business therein. Prior to Tenant’s entry into and occupancy of the Premises as permitted by the terms
of this Section 5.1, Tenant shall submit a schedule to Landlord and the Contractor, for their approval, which schedule shall detail
the timing and purpose of Tenant’s entry. In connection with any such entry and occupancy, Tenant acknowledges and agrees that Tenant’s
employees, agents, contractors, consultants, workmen, mechanics, suppliers and invitees shall fully cooperate, work in harmony and not,
in any manner, interfere with Landlord or Landlord’s contractors (including the Contractor), agents or representatives in performing
work in the Project, the Building and the Premises, or interfere with the general operation of the Building and/or the Project. If at
any time any such person representing Tenant shall not be cooperative or shall otherwise cause or threaten to cause any such disharmony
or interference, including, without limitation, labor disharmony, and Tenant fails to immediately institute and maintain corrective actions
as directed by Landlord, then Landlord may revoke Tenant’s entry rights upon twenty-four (24) hours’ prior written notice
to Tenant. Tenant acknowledges and agrees that any such entry into and occupancy of the Premises or any portion thereof by Tenant or any
person or entity working for or on behalf of Tenant shall be deemed to be subject to all of the terms, covenants, conditions and provisions
of the Lease, excluding only the covenant to pay Rent (until the occurrence of the Lease Commencement Date) but Tenant shall be responsible
for the cost of all utilities during such occupancy of the Premises. Such requirements shall include, without limitation, that Tenant
and any other parties allowed access to the Premises shall provide Landlord with evidence of insurance as required by the Lease. Tenant
further acknowledges and agrees that Landlord shall not be liable for any injury, loss or damage which may occur to any of Tenant’s
work made in or about the Premises in connection with such entry or to any property placed therein prior to the Lease Commencement Date,
the same being at Tenant’s sole risk and liability. Tenant shall be liable for any uninsured damage to any portion of the Premises,
including the Tenant Improvement work, caused by Tenant or any of Tenant’s employees, agents, contractors, consultants, workmen,
mechanics, suppliers and invitees. If the performance of Tenant’s work in connection with such entry causes extra costs to be incurred
by Landlord, Tenant shall promptly reimburse Landlord for such extra costs.

 

5.2            Tenant’s
Representative. Tenant has designated Stephanie MacLeod as its sole representative with respect to the matters set forth in this Tenant
Work Letter, who shall have full authority and responsibility to act on behalf of the Tenant as required in this Tenant Work Letter.

 

5.3            Landlord’s
Representative. Landlord has designated Evan Gutenberg as its sole representative with respect to the matters set forth in this Tenant
Work Letter, who, until further notice to Tenant, shall have full authority and responsibility to act on behalf of the Landlord as required
in this Tenant Work Letter.

 

5.4            Time
of the Essence in This Tenant Work Letter. Unless otherwise indicated, all references herein to a “number of days” shall
mean and refer to calendar days. In all instances where Tenant is required to approve or deliver an item, if no written notice of approval
is given or the item is not delivered within the stated time period, at Landlord’s sole option, at the end of said period the item
shall automatically be deemed approved or delivered by Tenant and the next succeeding time period shall commence.

 

5.5            Tenant’s
Lease Default. Notwithstanding any provision to the contrary contained in the Lease, if an event of default by Tenant as described
in Section 19.1 of the Lease or any default by Tenant under this Tenant Work Letter has occurred at any time on or before the Substantial
Completion of the Premises (after all applicable notice and cure periods), then (i) in addition to all other rights and remedies
granted to Landlord pursuant to the Lease, at law or in equity, Landlord shall have the right to cause the Contractor to cease the construction
of the Premises (in which case, Tenant shall be responsible for any delay in the Substantial Completion of the Premises caused by such
work stoppage), and (ii) all other obligations of Landlord under the terms of this Tenant Work Letter shall be forgiven until such
time as such default is cured pursuant to the terms of the Lease (in which case, Tenant shall be responsible for any delay in Substantial
Completion of the Premises caused by such inaction by Landlord as a Tenant delay). In addition, if the Lease is terminated prior to the
Lease Commencement Date, for any reason due to a default by Tenant as described in Section 19.1 of the Lease or under this Tenant
Work Letter, in addition to any other remedies available to Landlord under the Lease, at law and/or in equity, Tenant shall pay to Landlord,
as Additional Rent under the Lease, within five (5) business days after Tenant’s receipt of a statement therefor, any and all
out of pocket costs incurred by Landlord (including any portion of the Allowance disbursed by Landlord) and not reimbursed or otherwise
paid by Tenant through the date of such termination in connection with the Tenant Improvements to the extent planned, installed and/or
constructed as of such date of termination, including, but not limited to, any costs related to the removal of all or any portion of the
Tenant Improvements and restoration costs related thereto.

 

5.6            Warranties
for Tenant Improvements. Landlord will obtain industry standard one (1) year warranties from the contractors performing the Tenant
Improvements and will assign such warranties to Tenant.

 

    EXHIBIT B
-4-

     

    

 

SCHEDULE 1

 

FINAL SPACE PLAN

 

[See attached]

 

    SCHEDULE 1
-1-

     

    

 

 

 

    SCHEDULE 1
-2-

     

    

 

SCHEDULE 2

 

LANDLORD'S SPEC PLAN

 

[See attached]

 

     

     

    

 

 

 

    SCHEDULE 2
-1-

     

    

 

SCHEDULE 3

 

TENANT IMPROVEMENT SCHEDULE

 

[See attached]

 

    SCHEDULE 3
-1-

     

    

 

 

 

    SCHEDULE 3
-2-

     

    

 

 

 

    SCHEDULE 3
-3-

     

    

 

 

 

 

 

    SCHEDULE 3
-4-

     

    

 

EXHIBIT C

 

CONFIRMATION OF LEASE TERMS/AMENDMENT TO
LEASE

 

This CONFIRMATION OF LEASE
TERMS/AMENDMENT TO LEASE (“Confirmation/Amendment”) is made and entered into effective as of __________, 20__, by and
between BP3-SD5 5510 MOREHOUSE DRIVE LLC, a Delaware limited liability company (“Landlord”) and QUANTUM-SI INCORPORATED,
a Delaware corporation (“Tenant”).

 

R
E C I T A L S :

 

A.            Landlord
and Tenant entered into that certain Lease dated as of ________________ (the “Lease”) pursuant to which Landlord leased
to Tenant and Tenant leased from Landlord certain “Premises”, as described in the Lease, in that certain building located
at __________________, _________________, California ______.

 

B.            Except
as otherwise set forth herein, all capitalized terms used in this Amendment shall have the same meaning as such terms have in the Lease.

 

C.            Landlord
and Tenant desire to amend the Lease to confirm the commencement and expiration dates of the term, as hereinafter provided.

 

NOW, THEREFORE, in consideration
of the foregoing Recitals and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

1.            Confirmation
of Dates. The parties hereby confirm that the term of the Lease commenced as of _____________________ for a term of ____________________
ending on _________________, 20__ (unless sooner terminated as provided in the Lease. Tenant shall commence to pay rent on __________,
20__ (“Rent Commencement Date”).

 

2.            No
Further Modification. Except as set forth in this Confirmation/Amendment, all of the terms and provisions of the Lease shall remain
unmodified and in full force and effect.

 

[Remainder of Page Intentionally Left Blank;
Signatures Follow]

 

    EXHIBIT C
-1-

     

    

 

IN WITNESS WHEREOF, this Confirmation/Amendment
has been executed as of the day and year first above written.

 

	 	“Landlord”:
	 	 
	 	BP3-SD5 5510 MOREHOUSE DRIVE LLC, a Delaware limited liability company
	 	 
	 	By	
	 	Name:	 
	 	Its:	 

 

	 	”Tenant”:
	 	 
	 	QUANTUM-SI INCORPORATED, a Delaware corporation
	 	 
	 	By:	
	 	Name:	 
	 	Its:	 

 

	 	By:	 
	 	Name:	 
	 	Its:	 

 

    EXHIBIT C
-2-

     

    

 

EXHIBIT D

 

RULES AND REGULATIONS

 

Tenant shall faithfully observe
and comply with the following Rules and Regulations and the Parking Rules and Regulations. Landlord shall not be responsible
to Tenant for the nonperformance of any of said Rules and Regulations and/or the Parking Rules and Regulations by or otherwise
with respect to the acts or omissions of any other tenants or occupants of the Building and/or the Project.

 

1.            Tenant
shall not place any lock(s) on any door, or install any security system (including, without limitation, card key systems, alarms
or security cameras), in the Premises without Landlord’s prior written consent, which consent shall not be unreasonably withheld,
and Landlord shall have the right to retain at all times and to use keys or other access codes or devices to all locks and/or security
systems within and to the Premises. A reasonable number of keys to the locks on the entry doors of the Premises shall be furnished by
Landlord to Tenant at Tenant’s cost, and Tenant shall not make any duplicate keys. All keys shall be returned to Landlord at the
expiration or earlier termination of the Lease. Further, if and to the extent Tenant re-keys, re-programs or otherwise changes any locks
in or for the Premises, all such locks and key systems must be consistent with the master lock and key system at the Building, all at
Tenant’s sole cost and expense.

 

2.            All
doors opening to public corridors shall be kept closed at all times except for normal ingress and egress to the Premises, unless electrical
hold backs have been installed. Sidewalks, doorways, passages, entrances, vestibules, halls, stairways and other Common Areas shall not
be obstructed by Tenant or used by Tenant for any purpose other than ingress and egress to and from the Premises, and Tenant, its employees
and agents shall not loiter in the entrances or corridors.

 

3.            Landlord
reserves the right to close and keep locked all entrance and exit doors of the Building during such hours as are customary for comparable
buildings in the vicinity of the Building. Tenant and its employees and agents shall ensure that the doors to the Building are securely
closed and locked when leaving the Premises if it is after the normal hours of business for the Building. Any tenant, its employees, agents
or any other persons entering or leaving the Building at any time when it is so locked, or any time when it is considered to be after
normal business hours for the Building, may be required to sign the Building register when so doing. After-hours access by Tenant’s
authorized employees may be provided by hard-key, card-key access or other reasonable procedures adopted by Landlord from time to time;
Tenant shall pay for the reasonable costs of all access cards provided to Tenant’s employees and all replacements thereof for lost,
stolen and/or damaged cards. Access to the Building and/or the Project may be refused unless the person seeking access has proper identification
or has a previously arranged pass for such access. Landlord and its agents shall in no case be liable for damages for any error with regard
to the admission to or exclusion from the Building and/or the Project of any person. In case of invasion, mob, riot, public excitement,
or other commotion, Landlord reserves the right to prevent access to the Building and/or the Project during the continuance of same by
any means it deems appropriate for the safety and protection of life and property.

 

4.            Landlord
shall have the right to prescribe the weight, size and position of all safes and other heavy property brought into the Building. Safes
and other heavy objects shall, if considered necessary by Landlord, stand on supports of such thickness as is necessary to properly distribute
the weight. Landlord will not be responsible for loss of or damage to any such safe or property in any case. All damage done to any part
of the Building, its contents, occupants and/or visitors by moving or maintaining any such safe or other property shall be the sole responsibility
of Tenant and any expense of said damage or injury shall be borne by Tenant.

 

5.            No
oversized furniture, freight, packages, supplies, equipment or merchandise will be brought into or removed from the Building or carried
up or down in the elevators, except upon prior notice to Landlord, and in such manner, in such specific elevator, and between such hours
as shall be designated by Landlord. Tenant shall provide Landlord with not less than 24 hours’ prior notice of the need to utilize
an elevator for any such purpose, so as to provide Landlord with a reasonable period to schedule such use and to install such padding
or take such other actions or prescribe such procedures as are appropriate to protect against damage to the elevators or other parts of
the Building. Tenant shall assume all risk for damage to articles moved and injury to any persons resulting from such activity described
herein. If equipment, property, or personnel of Landlord or of any other party is damaged or injured as a result of or in connection with
such activity described herein by Tenant, Tenant shall be solely liable for any resulting damage or loss.

 

    EXHIBIT D
-1-

     

    

 

6.            Landlord
shall have the right to control and operate the public portions of the Building and Project, the public facilities, the heating and air
conditioning, and any other facilities furnished for the common use of tenants, in such manner as is customary for comparable first class
office and lab buildings in the vicinity of the Building.

 

7.            No
signs, advertisements or notices shall be painted or affixed to windows, doors or other parts of the Building, except those of such color,
size, style and in such places as are first approved in writing by Landlord. Landlord shall have the right to remove any signs, advertisements,
and notices not approved in writing by Landlord without notice to and at the expense of Tenant. Landlord may provide and maintain in the
first floor (main lobby) of the Building an alphabetical directory board or other directory device listing tenants, and no other directory
shall be permitted unless previously consented to by Landlord in writing.

 

8.            The
requirements of Tenant will be attended to only upon application at the management office of the Project or at such office location designated
by Landlord. Employees of Landlord shall not perform any work or do anything outside their regular duties unless under special instruction
from Landlord.

 

9.            Tenant
shall not disturb (by use of any television, radio or musical instrument, making loud or disruptive noises, creating offensive odors or
otherwise), solicit, or canvass any occupant of the Building and/or the Project and shall cooperate with Landlord or Landlord’s
agents to prevent same.

 

10.            The
toilet rooms, urinals, wash bowls and other apparatus shall not be used for any purpose other than that for which they were constructed,
and no foreign substance of any kind whatsoever shall be thrown therein. The expense of any breakage, stoppage or damage resulting
from the violation of this rule shall be borne by the tenant who, or whose employees or invitees, shall have caused it.

 

11.            Tenant
shall not overload the floor of the Premises. Tenant shall not mark, drive nails or screws, or drill into the partitions, woodwork or
plaster or in any way deface the Premises or any part thereof without Landlord’s consent first had and obtained; provided, however,
Landlord’s prior consent shall not be required with respect to Tenant’s placement of pictures and other normal office wall
hangings on the interior walls of the Premises (but at the end of the Lease Term, Tenant shall repair any holes and other damage to the
Premises resulting therefrom).

 

12.            Except
for vending machines intended for the sole use of Tenant’s employees and invitees, no vending machine shall be installed, maintained
or operated upon the Premises without the written consent of Landlord. Tenant shall not install, operate or maintain in the Premises or
in any other area of the Building, electrical equipment that would overload the electrical system beyond its capacity for proper, efficient
and safe operation as determined reasonably by Landlord.

 

13.            Tenant
shall not use any method of heating or air conditioning other than that which may be supplied by Landlord, without the prior written consent
of Landlord, which shall not be unreasonably withheld, conditioned or delayed. Tenant shall not furnish cooling or heating to the Premises,
including, without limitation, the use of electronic or gas heating devices, portable coolers (such as “move n cools”) or
space heaters, without Landlord’s prior written consent, and any such approval will be for devices that meet federal, state and
local code.

 

14.            No
inflammable, explosive or dangerous fluids or substances shall be used or kept by Tenant in the Premises, Building and/or about the Project,
except for those substances as are typically found in similar premises used for general office and/or laboratory purposes and are being
used by Tenant in a safe manner and in accordance with all applicable Laws, rules and regulations. Tenant shall not, without Landlord’s
prior written consent, use, store, install, spill, remove, release or dispose of, within or about the Premises or any other portion of
the Project, any Hazardous Materials in violation of applicable Laws or any other applicable environmental Laws which may now or later
be in effect. Tenant shall comply with all Laws pertaining to and governing the use of Hazardous Materials by Tenant, and shall remain
solely liable for the costs of abatement and removal caused by any violation of applicable Law.

 

    EXHIBIT D
-2-

     

    

 

15.            Tenant
shall not use, keep or permit to be used or kept, any foul or noxious gas or substance in or on the Premises, or permit or allow the Premises
to be occupied or used in a manner offensive or objectionable to Landlord or other occupants of the Building and/or the Project by reason
of noise, odors, or vibrations, or interfere in any way with other tenants or those having business therewith.

 

16.            Tenant
shall not bring into or keep within the Project, the Building or the Premises any animals (except those assisting handicapped persons),
birds, fish tanks, bicycles or other vehicles.

 

17.            Tenant
shall not use, or permit any part of the Premises to be used, for lodging, sleeping or for any illegal purpose.

 

18.            No
cooking shall be done or permitted by Tenant on the Premises, nor shall the Premises be used for the storage of merchandise or for any
improper, objectionable or immoral purposes. Notwithstanding the foregoing, Underwriters’ laboratory-approved equipment and microwave
ovens may be used in the Premises for heating food and brewing coffee, tea, hot chocolate and similar beverages, provided that such use
is in accordance with all applicable federal, state and city laws, codes, ordinances, rules and regulations, and does not cause odors
which are objectionable to Landlord and other tenants. Whenever possible, Tenant shall utilize and purchase Energy Star products in their
suites. Tenant understands the importance of energy conservation and sustainability to both the Landlord and the Project, and will reasonably
assist in conserving energy in their suite with regards to practices and equipment.

 

19.            Landlord
will approve where and how telephone and telegraph wires and other cabling are to be introduced to the Premises. No boring or cutting
for wires shall be allowed without the consent of Landlord. The location of telephone, call boxes and other office equipment and/or systems
affixed to the Premises shall be subject to the reasonable approval of Landlord. Tenant shall not use more than its proportionate share
of telephone lines and other telecommunication facilities available to service the Building.

 

20.            Landlord
reserves the right to exclude or expel from the Building and/or the Project any person who, in the judgment of Landlord, is intoxicated
or under the influence of liquor or drugs, or who shall in any manner do any act in violation of any of these Rules and Regulations
or cause harm to Building occupants and/or property.

 

21.            All
contractors, contractor’s representatives and installation technicians performing work in the Building or at the Project shall be
subject to Landlord’s prior approval, which approval shall not be unreasonably withheld, and shall be required to comply with Landlord’s
standard rules, regulations, policies and procedures, which may be revised from time to time.

 

22.            Tenant
shall not employ any person other than the janitor of Landlord for the purpose of cleaning the Premises without prior written consent
of Landlord, and without Landlord’s consent, no person or persons shall be permitted to enter the Building for the purpose of cleaning
the same. Tenant shall not cause any unnecessary labor by reason of Tenant’s carelessness or indifference in the preservation of
good order and cleanliness.

 

23.            Tenant
shall only employ persons from a list of exclusive vendors selected by Landlord for the removal of hazardous waste materials from the
Building and the Project.

 

24.            Tenant
at all times shall maintain the entire Premises in a neat and clean, first class condition, free of debris. Tenant shall not place items,
including, without limitation, any boxes, files, trash receptacles or loose cabling or wiring, in or near any window to the Premises which
would be visible anywhere from the exterior of the Premises.

 

25.            Tenant
shall not waste electricity, water or air conditioning and agrees to cooperate fully with Landlord to ensure the most effective operation
of the Building’s heating and air conditioning system, including, without limitation, the use of window blinds to block solar heat
load, and shall refrain from attempting to adjust any controls. Tenant shall, at no material cost to Tenant, comply with and participate
in any program for metering or otherwise measuring the use of utilities and services, including, without limitation, programs requiring
the disclosure or reporting of the use of any utilities or services. Tenant shall also cooperate and comply with, participate in, and
assist in the implementation of (and take no action that is inconsistent with, or which would result in Landlord, the Building and/or
the Project failing to comply with the requirements of), all at no material cost to Tenant, any conservation, sustainability, recycling,
energy efficiency, and waste reduction programs, environmental protection efforts and/or other programs that are in place and/or implemented
from time to time at the Building and/or the Project, including, without limitation, any required reporting, disclosure, rating or compliance
system or program (including, but not limited to, any LEED [Leadership in Energy and Environmental Design] rating or compliance system,
including those currently coordinated through the U.S. Green Building Council).

 

    EXHIBIT D
-3-

     

    

 

26.            Tenant
shall store all its recyclables, trash and garbage within the interior of the Premises. No material shall be placed in the trash boxes
or receptacles if such material is of such nature that it may not be disposed of in the ordinary and customary manner of removing and
disposing of recyclables, trash and garbage in the city in which the Project is located without violation of any law or ordinance governing
such disposal. All trash, garbage and refuse disposal shall be made only through entry-ways and elevators provided for such purposes at
such times as Landlord shall designate.

 

27.            Tenant
shall comply with all safety, fire protection and evacuation procedures and regulations established by Landlord or any governmental agency.

 

28.            Tenant
shall assume any and all responsibility for protecting the Premises from theft, robbery and pilferage, which includes keeping doors locked
and other means of entry to the Premises closed, when the Premises are not occupied, or when the entry to the Premises is not manned by
Tenant on a regular basis.

 

29.            No
awnings or other projection shall be attached to the outside walls of the Building without the prior written consent of Landlord. No curtains,
blinds, shades or screens shall be attached to or hung in, or used in connection with, any window or door of the Premises visible from
the Building exterior without the prior written consent of Landlord. The sashes, sash doors, skylights, windows, and doors that reflect
or admit light and air into the halls, passageways or other public places in the Building shall not be covered or obstructed by Tenant,
nor shall any bottles, parcels or other articles be placed on the windowsills. All electrical ceiling fixtures hung in offices or spaces
along the perimeter of the Building must be fluorescent and/or of a quality, type, design and bulb color approved by Landlord.

 

30.            The
washing and/or detailing of or, the installation of windshields, radios, telephones in or general work on, automobiles shall not be allowed
on the Project, except under specific arrangement with Landlord.

 

31.            Food
vendors shall be allowed in the Building upon receipt of a written request from Tenant delivered to Landlord. The food vendor shall service
only the tenants that have a written request on file in the management office of the Project. Under no circumstance shall the food vendor
display their products in a public or Common Area including corridors and elevator lobbies. Any failure to comply with this rule shall
result in immediate permanent withdrawal of the vendor from the Building. Tenant shall obtain ice, drinking water, cleaning and janitorial
services only from vendors who have registered in the management office of the Project and who have been approved by Landlord for provision
of such services in the Premises.

 

32.            Tenant
must comply with requests by the Landlord concerning the informing of their employees of items of importance to the Landlord.

 

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

 

34.            Tenant
shall not knowingly take any action which would violate Landlord’s labor contracts or which would cause a work stoppage, picketing,
labor disruption or dispute, or interfere with Landlord’s or any other tenant’s or occupant’s business or with the rights
and privileges of any person lawfully in the Building (“Labor Disruption”). Tenant shall cease the action in violation
of the foregoing promptly after notice of the Labor Disruption.

 

    EXHIBIT D
-4-

     

    

 

35.            No
tents, shacks, temporary or permanent structures of any kind shall be allowed on the Project. No personal belongings may be left unattended
in any Common Areas.

 

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

 

37.            Landlord
shall have the right to designate and approve standard window coverings for the Premises and to establish rules to assure that the
Building presents a uniform exterior appearance. Tenant shall ensure, to the extent reasonably practicable, that window coverings are
closed on windows in the Premises while they are exposed to the direct rays of the sun.

 

38.            The
work of cleaning personnel shall not be hindered by Tenant after 5:30 P.M., and cleaning work may be done at any time when the offices
are vacant. Windows, doors and fixtures may be cleaned at any time. Tenant shall provide adequate waste and rubbish receptacles to prevent
unreasonable hardship to the cleaning service.

 

39.            Tenant
shall comply with all Building security procedures as Landlord may effectuate; provided Tenant’s rights under the Lease are not
adversely affected.

 

		40.	Tenant shall at all times cooperate with Landlord in preserving a first-class image for the Building.

 

PARKING RULES AND REGULATIONS

 

1.            Landlord
reserves the right to establish and reasonably change the hours for the Parking Areas, on a non-discriminatory basis, from time to time.
Tenant shall not store or permit its employees to store any automobiles in the Parking Areas without the prior written consent of Landlord
(and/or the Parking Operator, as the case may be). Except for emergency repairs, Tenant and its employees shall not perform any work on
any automobiles while located in the Parking Areas or on the Project. The Parking Areas may not be used by Tenant or its agents for overnight
parking of vehicles. If it is necessary for Tenant or its employees to leave an automobile in the Parking Areas overnight, Tenant shall
provide Landlord (or the Parking Operator as the case may be) with prior notice thereof designating the license plate number and model
of such automobile.

 

2.            Tenant
(including Tenant’s employees and agents) will use the parking spaces solely for the purpose of parking passenger model cars, small
vans and small trucks and will comply in all respects with any rules and regulations that may be promulgated by Landlord and/or the
Parking Operator from time to time with respect to the Parking Areas.

 

3.            Vehicles
must be parked entirely within the stall lines painted on the floor, and only small cars may be parked in areas reserved for small cars.

 

4.            All
directional signs and arrows must be observed.

 

5.            The
speed limit shall be 5 miles per hour.

 

6.            Parking
spaces reserved for handicapped persons must be used only by vehicles properly designated.

 

7.            Parking
is prohibited in all areas not expressly designated for parking, including without limitation:

 

(a)            areas
not striped for parking;

(b)            aisles;

(c)            where
 “no parking” signs are posted;

(d)            ramps;
and

(e)            loading
zones.

 

    EXHIBIT D
-5-

     

    

 

8.            Parking
stickers, key cards and any other devices or forms of identification or entry supplied by Landlord or the Parking Operator shall remain
the property of Landlord (or the Parking Operator as the case may be). Such device must be displayed as requested and may not be mutilated
in any manner. The serial number of any such parking identification device may not be obliterated. Any parking passes and/or devices supplied
by Landlord (or the Parking Operator, as the case may be) are not transferable and any pass or device in the possession of an unauthorized
holder will be void.

 

9.            Parking
managers or attendants are not authorized to make or allow any exceptions to these Parking Rules and Regulations.

 

10.            Every
parker is required to park and lock his/her own car.

 

11.            Loss
or theft of parking passes, identification, key cards or other such devices must be reported to Landlord (and/or to the Parking Operator
as the case may be) immediately. Any parking devices reported lost or stolen found on any authorized car will be confiscated and the illegal
holder will be subject to prosecution. Lost or stolen passes and devices found by Tenant or its employees must be reported to Landlord
(and to the Parking Operator, as the case may be) immediately.

 

12.            Washing,
waxing, cleaning or servicing of any vehicle by the customer and/or its agents is prohibited.

 

13.            Tenant
agrees to acquaint all persons to whom Tenant assigns a parking space with these Parking Rules and Regulations.

 

14.            Neither
Landlord nor the Parking Operator (as the case may be), from time to time will be liable for loss of or damage to any vehicle or any contents
of such vehicle or accessories to any such vehicle, or any property left in any of the Parking Areas, resulting from fire, theft, vandalism,
accident, conduct of other users of the Parking Areas and other persons, or any other casualty or cause outside of Landlord’s control.
Further, Tenant understands and agrees that: (i) Landlord will not be obligated to provide any traffic control, security protection
or Parking Operator for the Parking Areas; (ii) Tenant uses the Parking Areas at its own risk; and (iii) Landlord will not be
liable for personal injury or death, or theft, loss of or damage to property not caused by Landlord or its agents or employees or those
of the Parking Operator.

 

15.            Tenant
will ensure that any vehicle parked in any of the parking spaces will be kept in proper repair and will not leak excessive amounts of
oil or grease or any amount of gasoline. If any of the parking spaces are at any time used (i) for any purpose other than parking
as provided above or (ii) in any way or manner reasonably objectionable to Landlord.

 

16.            Tenant’s
right to use the Parking Areas will be in common with other tenants of the Building and with other parties permitted by Landlord to use
the Parking Areas. Landlord reserves the right to assign and reassign, from time to time, particular parking spaces for use by persons
selected by Landlord, provided that Tenant’s rights under the Lease are not reduced or otherwise adversely affected. Landlord will
not be liable to Tenant for any unavailability of Tenant’s designated spaces, if any, nor will any unavailability entitle Tenant
to any refund, deduction, or allowance. Notwithstanding the foregoing, Landlord will use good faith efforts to enforce parking allocations
in the event Tenant notifies Landlord the parking facility is overburdened. Tenant will not park in any numbered space or any space designated
as: RESERVED, HANDICAPPED, VISITORS ONLY, or LIMITED TIME PARKING (or similar designation).

 

17.            If
the Parking Area(s) is/are damaged or destroyed, or if the use of the Parking Area(s) is/are limited or prohibited by any governmental
authority, or the use or operation of the Parking Area(s) is/are limited or prevented by strikes or other labor difficulties or other
causes beyond Landlord’s reasonable control, Tenant’s inability to use the parking spaces will not subject Landlord (and/or
the Parking Operator, as the case may be) to any liability to Tenant

 

and will not relieve Tenant of any of its obligations
under the Lease and the Lease will remain in full force and effect. Notwithstanding the foregoing, Landlord will use good faith efforts
to provide Tenant with alternative parking within a reasonable distance of the Premises during any time that parking is unavailable or
restricted.

 

    EXHIBIT D
-6-

     

    

 

18.            Tenant
has no right to assign or sublicense any of its rights in the parking passes, except as part of a permitted assignment or sublease of
the Lease; however, Tenant may allocate the parking passes among its employees.

 

Tenant shall be responsible
for the observance of all of the Rules and Regulations and Parking Rules and Regulations in this Exhibit D
by Tenant’s employees, agents, clients, customers, invitees and guests. Landlord may waive any one or more of the Rules and
Regulations and/or Parking Rules and Regulations for the benefit of any particular tenant or tenants, but no such waiver by Landlord
shall be construed as a waiver of such Rules and Regulations and/or Parking Rules and Regulations in favor of any other tenant
or tenants, nor prevent Landlord from thereafter enforcing any such Rules or Regulations and/or Parking Rules and Regulations
against any or all tenants of the Building and/or the Project. Landlord reserves the right at any time to change or rescind any one or
more of these Rules and Regulations and/or the Parking Rules and Regulations, or to make such other and further reasonable Rules and
Regulations and/or Parking Rules and Regulations as in Landlord’s judgment may from time to time be necessary for the management,
safety, care and cleanliness of the Premises, Building and Project, and for the preservation of good order therein, as well as for the
convenience of other occupants and tenants therein; provided that Tenant’s parking is not reduced or otherwise adversely affected.
Tenant shall be deemed to have read these Rules and Regulations and Parking Rules and Regulations and to have agreed to abide
by them as a condition of its occupancy of the Premises.

 

COMMON AREA AMENITIES

 

1.            Tenant
understands that Landlord may provide certain common area amenities for Tenant’s nonexclusive use. Such amenities are for the use
of tenants during regular business hours and shall be reserved through the management office in advance. Tenant and Tenant’s agents,
employees and invitees shall adhere to all nondiscriminatory rules Landlord sets forth in respect to use of the amenities, which
may change from time to time.

 

2.            Tenant
understands and agrees that: (i) Tenant uses the amenities at its own risk; and (ii) Landlord will not be liable for personal
injury or death, or theft, loss of or damage to property.

 

3.            All
amenities offered shall remain at the locations designated by Landlord all times. Tenant must use the equipment only in the manner intended.
Landlord reserves the right to limit Tenant’s use of any equipment or amenities to ensure the equitable use of the equipment and
amenities by all tenants. Tenant shall not move or modify the equipment in any manner whatsoever. If Tenant has reason to believe that
any equipment is malfunctioning, Tenant shall notify Landlord immediately.

 

4.            Tenant
shall be responsible for the cost of repairs or replacements of any amenities that are not returned to management after use or are damaged
during the use of any such amenity by Tenant or Tenant’s agents, employees or invitees and Tenant shall reimburse Landlord for any
such cost within thirty (30) days after receipt of an invoice therefor.

 

5.            Tenant
shall conduct themselves in a quiet and well-mannered fashion when on or about the amenities and not cause any disturbances or interfere
with the use or enjoyment of the amenities by other tenants.

 

6.            Tenant
shall not bring any food or beverages into any amenity area.

 

7.            No
alcoholic beverages shall be permitted at the amenities at any time.

 

8.            Neither
Tenant nor its agents, employees or invitees shall smoke or permit smoking in the amenity areas at any time.

 

    EXHIBIT D
-7-

     

    

 

EXHIBIT E

 

FORM OF SUBORDINATION,

NON-DISTURBANCE AND ATTORNMENT AGREEMENT

 

[See attached]

 

     

     

    

 

	
    RECORDING REQUESTED BY:

     

     

    WHEN RECORDED MAIL TO:

     

    Willkie Farr & Gallagher LLP

    787 Seventh Avenue

    New York, New York 10019-6099

    Attention: Krystyna M. Blakeslee, Esq.

    Email: kblakeslee@willkie.com

     
	 

 

SPACE ABOVE THIS LINE FOR RECORDER’S USE

 

This SUBORDINATION, NON-DISTURBANCE,
AND ATTORNMENT AGREEMENT (the Agreement”) is dated as of     ______________, 2021,
and is by and among BP3-SD5 5510 MOREHOUSE DRIVE LLC, a Delaware limited liability company, having an office at Attention: W. Neil
Fox, III, 4380 La Jolla Village Drive, Suite 230, San Diego, California 92122 (“Landlord”), QUANTUM-SI
INCORPORATED, a Delaware corporation, having an office at _________________ (“Tenant”), and TRTX 2019-FL4
ISSUER, LTD., as the Participation Agent for the benefit of TPG RE Finance 12, Ltd., as the Participation A-1 Holder, and
TRTX 2021-FL4 Issuer, Ltd, as the Participation A-2 Holder, in accordance with their respective rights under the Participation Agreement
and Future Funding Indemnification Agreement, having an office at 888 Seventh Avenue, 35th Floor, New York, New York 10106
(together with its designees, affiliates, subsidiaries, successors and/or assigns, collectively “Agent”) (as
agent for the benefit of TRTX 2021-FL4 ISSUER, LTD., as Participation A-2 Holder for the benefit of TPG RE Finance 12, Ltd.,
as the Participation A-1 Holder, and TRTX 2021-FL4 Issuer, Ltd., as the Participation A-2 Holder, in accordance with their respective
rights under the Participation Agreement and Future Funding Indemnification Agreement, having an office at 888 Seventh Avenue, 35th
Floor, New York, New York 10106 (together with its successors and assigns and such other co-lenders under the Loan, “Lender”).

 

WHEREAS, Lender has made or
intends to make a loan to Landlord (the “Loan”), which Loan shall be evidenced by one or more promissory notes
(as the same may be amended, modified, restated, severed, consolidated, renewed, replaced, or supplemented from time to time, the “Promissory
Note”) and secured by, among other things, that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement
and Fixture Filing (as the same may be amended, restated, replaced, severed, split, supplemented or otherwise modified from time to time,
the “Mortgage”, recorded in the Official Records of the County of San Diego on August 28, 2019 as Document
No. 2019-0369561) encumbering the real property located at 5510 Morehouse Drive, San Diego, California 92121, and more particularly
described on Exhibit A annexed hereto and made a part hereof (the “Property”);

 

WHEREAS, by an unrecorded lease
agreement (the “Lease”) dated [__________. ____], between Landlord (or Landlord’s predecessor in title)
and Tenant, Landlord leased to Tenant a portion of the Property, as said portion is more particularly described in the Lease (such portion
of the Property hereinafter referred to as the “Premises”);

 

WHEREAS, Tenant acknowledges
that Lender will rely on this Agreement in making the Loan to Landlord; and

 

WHEREAS, Lender and Tenant desire
to evidence their understanding with respect to the Mortgage and the Lease as hereinafter provided.

 

    EXHIBIT E
-1-

     

    

 

NOW, THEREFORE, in
consideration of the mutual agreements hereinafter set forth, the parties hereto hereby agree as follows:

 

1.            Tenant
covenants, stipulates and agrees that the Lease and all of Tenant’s right, title and interest in and to the Property thereunder
(including but not limited to any option to purchase, right of first refusal to purchase or right of first offer to purchase the Property
or any portion thereof) is hereby, and shall at all times continue to be, subordinated and made secondary and inferior in each and every
respect to the Mortgage and the lien thereof, to all of the terms, conditions and provisions thereof and to any and all advances made
or to be made thereunder, so that at all times the Mortgage shall be and remain a lien on the Property prior to and superior to the Lease
for all purposes, subject to the provisions set forth herein. Subordination is to have the same force and effect as if the Mortgage and
such renewals, modifications, consolidations, replacements and extensions had been executed, acknowledged, delivered and recorded prior
to the Lease, any amendments or modifications thereof and any notice thereof.

 

2.            Agent
agrees that if Agent exercises any of its rights under the Mortgage, including entry or foreclosure of the Mortgage or exercise of a power
of sale under the Mortgage, Agent will not disturb Tenant’s right to use, occupy and possess the Premises under the terms of the
Lease so long as Tenant is not in default beyond any applicable grace period under any term, covenant or condition of the Lease.

 

3.            If,
at any time Agent or Lender (or any person, or such person’s successors or assigns, who acquires the interest of Landlord under
the Lease through foreclosure of the Mortgage or otherwise) shall succeed to the rights of Landlord under the Lease as a result of a default
or event of default under the Mortgage, Tenant shall attorn to and recognize such person so succeeding to the rights of Landlord under
the Lease (herein sometimes called “Successor Landlord”) as Tenant’s landlord under the Lease, said attornment
to be effective and self-operative without the execution of any further instruments and Successor Landlord shall assume and perform all
obligations of Landlord which accrue from and after the date upon which Successor Landlord obtains the right to possession or succeeds
to Landlord’s interest. Although said attornment shall be self-operative, Tenant agrees to execute and deliver to Agent or to any
Successor Landlord, such other instrument or instruments as Agent or such other person shall from time to time request in order to confirm
said attornment.

 

4.            Landlord
authorizes and directs Tenant to honor any written demand or notice from Agent instructing Tenant to pay rent or other sums to Agent rather
than Landlord (a “Payment Demand”), regardless of any other or contrary notice or instruction which Tenant may
receive from Landlord before or after Tenant’s receipt of such Payment Demand. Tenant may rely upon any notice, instruction, Payment
Demand, certificate, consent or other document from, and signed by, Agent and shall have no duty to Landlord to investigate the same or
the circumstances under which the same was given. Any payment made by Tenant to Agent or in response to a Payment Demand shall be deemed
proper payment by Tenant of such sum pursuant to the Lease.

 

5.            If
Agent or Lender shall become the owner of the Property or the Property shall be sold by reason of foreclosure or other proceedings brought
to enforce the Mortgage or if the Property shall be transferred by deed in lieu of foreclosure, Agent, Lender, or any Successor Landlord
shall not be:

 

(a)            liable
for any act or omission of any prior landlord (including Landlord) or bound by any obligation to make any payment to Tenant which was
required to be made prior to the time Agent succeeded to any prior landlord (including Landlord); or

 

(b)            obligated
to cure any defaults of any prior landlord (including Landlord) which occurred, or to make any payment to Tenant which was required to
be paid by any prior landlord (including Landlord), prior to the time that Agent, Lender, or any Successor Landlord succeeded to the interest
of such landlord under the Lease (but such party will remedy any ongoing defaults which continue after the date upon which Lender or Successor
Landlord succeeds to Landlord’s interest); or

 

(c)            obligated
to perform any construction obligations of any prior landlord (including Landlord) under the Lease or liable for any defects (latent,
patent or otherwise) in the design, workmanship, materials, construction or otherwise with respect to improvements and buildings constructed
on the Property;

 

(f)            subject
to any offsets, defenses or counterclaims which Tenant may be entitled to assert against any prior landlord (including Landlord) except
for offsets or defenses which arise from any act or omission of any prior landlord (including Landlord) that continues after the date
of Agent’s, Lender’s or Successor Landlord’s acquisition of the Property of which Agent, Lender or Successor Landlord
received written notice prior to transfer of the Property and Agent, Lender or Successor Landlord was given the opportunity to cure the
default in accordance with Section 6(a) of this Agreement and solely to the extent the applicable cure period has expired and
Agent, Lender or Successor Landlord did not cure such default in accordance with Section 6(a); or

 

    EXHIBIT E
-2-

     

    

 

 

(g)            bound
by any payment of rent or additional rent by Tenant to any prior landlord (including Landlord) for more than one month in advance; or

 

(h)            bound
by any amendment, modification, termination or surrender of the Lease made without the written consent of Agent except for amendments
or modifications regarding the renewal or extension of the Lease that may be expressly permitted pursuant to the terms of the Lease;
or

 

(i)             liable
or responsible for or with respect to the retention, application and/or return to Tenant of any security deposit paid to any prior landlord
(including Landlord), whether or not still held by such prior landlord, unless and until Agent or any Successor Landlord has actually
received said deposit for its own account as the landlord under the Lease as security for the performance of Tenant’s obligation
under the Lease (which deposit shall, nonetheless, be held subject to the provisions of the Lease).

 

6.              Tenant
hereby represents, warrants, covenants and agrees to and with Agent:

 

(a)             to
deliver to Agent, by certified mail, return receipt requested, a duplicate of each notice of default delivered by Tenant to Landlord
at the same time as such notice is given to Landlord and no such notice of default shall be deemed given by Tenant under the Lease unless
and until a copy of such notice shall have been so delivered to Agent. Agent or Lender shall have the right (but shall not be obligated)
to cure such default. Tenant shall accept performance by Agent or Lender of any term, covenant, condition or agreement to be performed
by Landlord under the Lease with the same force and effect as though performed by Landlord. Tenant further agrees to afford Agent or
Lender a period of thirty (30) days beyond any period afforded to Landlord for the curing of such default during which period Agent or
Lender may elect (but shall not be obligated) to seek to cure such default, or, if such default cannot be cured within that time, then
such additional time as may be necessary to cure such default (including but not limited to commencement of foreclosure proceedings)
during which period Agent or Lender may elect (but shall not be obligated) to seek to cure such default, prior to taking any action to
terminate the Lease (but not to exceed one hundred twenty (120) days in any case (or such greater number of days as may be reasonably
necessary to acquire possession of the Property if possession is necessary to effect such cure)). If the Lease shall terminate for any
reason, upon Agent’s written request given within thirty (30) days after such termination, Tenant, within fifteen (15) days after
such request, shall execute and deliver to Agent a new lease of the Premises for the remainder of the term of the Lease and upon all
of the same terms, covenants and conditions of the Lease;

 

(b)            that
Tenant is the sole owner of the leasehold estate created by the Lease; and

 

(c)             to
promptly certify in writing to Agent, in connection with any proposed assignment of the Mortgage, whether or not any default on the part
of Landlord then exists under the Lease to Tenant’s actual knowledge and to deliver to Agent any tenant estoppel certificates required
under the Lease.

 

7.              Tenant
acknowledges that the interest of Landlord under the Lease is assigned to Agent solely as security for the Promissory Note, and Agent
shall have no duty, liability or obligation under the Lease or any extension or renewal thereof, unless Agent shall specifically undertake
such liability in writing or Agent becomes and then only with respect to periods in which Agent becomes, the fee owner of the Property.

 

8.              This
Agreement shall be governed by and construed in accordance with the laws of the State in which the Premises is located (excluding the
choice of law rules thereof).

 

9.              This
Agreement and each and every covenant, agreement and other provisions hereof shall be binding upon and shall inure to the benefit of
the parties hereto and their respective successors and assigns (including, without limitation, any successor holder of the Promissory
Note) and may be amended, supplemented, waived or modified only by an instrument in writing executed by the party against which enforcement
of the termination, amendment, supplement, waiver or modification is sought.

 

    EXHIBIT E 
-4-

     

    

 

10.            All
notices to be given under this Agreement shall be in writing and shall be deemed served upon receipt by the addressee if served personally
or, if mailed, upon the first to occur of receipt or the refusal of delivery as shown on a return receipt, after deposit in the United
States Postal Service certified mail, postage prepaid, addressed to the address of Landlord, Tenant, or Agent appearing below. Such addresses
may be changed by notice given in the same manner. If any party consists of multiple individuals or entities, then notice to any one
of same shall be deemed notice to such party.

 

	 	If to Agent:	TRTX 2019-FL4 ISSUER,LTD.
	 	 	888 Seventh Avenue, 35th Floor
	 	 	New York, NY 10106
	 	 	Attention: Deborah J. Ginsberg
	 	 	Facsimile: (212) 405-8626
	 	 	 
	 	With a copy to:	TRTX 2019-FL4 ISSUER,LTD.
	 	 	888 Seventh Avenue, 35th Floor
	 	 	New York, NY 10106
	 	 	Attention: TRT Asset Management
	 	 	Facsimile: (212) 430-7531
	 	 	Email: dginsberg@tpg.com
	 	 	Email: trtam@situs.com
	 	 	 
	 	With a copy to:	Willkie Farr& Gallagher LLP
	 	 	787 Seventh Avenue
	 	 	New York, New York 10019-6099
	 	 	Attention: Krystyna M. Blakeslee,Esq.
	 	 	Email: kblakeslee@willkie.com
	 	 	 
	 	With a copy to:	Situs Asset Management
	 	 	150 East 52nd Street, Suite 4002
	 	 	New York, NY 10022
	 	 	Attention: Lawrence Ross
	 	 	Facsimile: (212) 294-1301
	 	 	Email: Lawrence.Ross@situs.com
	 	 	 
	 	With a copy to:	Situs Asset Management
	 	 	150 East 52nd Street, Suite 4002
	 	 	New York, NY 10022
	 	 	Attention: Dale Chick
	 	 	Facsimile: (212) 380-9352

 

	 	Tenant:	 	 	
	 	 	 	 	 
	 	 	 	 	 
	 	 	Attention:	 	 
	 	 	Facsimile:	 	 

 

	 	If to Tenant:	 	 	
	 	 	 	 	 
	 	 	 	 	 
	 	 	Attention:	 	 
	 	 	Facsimile:	 	 

 

 

    EXHIBIT E 
-5-

     

    

 

	 	With a copy to:	 	
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

	 	If to Landlord:	BP3-SD5 5510 Morehouse Drive LLC
	 	 	4380 La Jolla Village Drive, Suite 230
	 	 	San Diego, CA 92122
	 	 	Attention: W. Neil Fox,III
	 	 	Email: fox@p3re.com
	 	 	 
	 	with a copy to:	Greenberg Traurig, LLP
	 	 	1840 Century Park East, Ste. 1900
	 	 	Los Angeles, CA 90067-2121
	 	 	Attention: Garin T. Muranaka,Esq.
	 	 	Email: muranakag@gtlaw.com

 

11.            If
this Agreement conflicts with the Lease, then this Agreement shall govern as between the parties and any Successor Landlord, including
upon any attornment pursuant to this Agreement. This Agreement supersedes, and constitutes full compliance with, any provisions in the
Lease that provide for subordination of the Lease to, or for delivery of nondisturbance agreements by the holder of, the Mortgage.

 

12.            In
the event Agent or Lender shall acquire Landlord’s interest in the Premises, Tenant shall look only to the estate and interest,
if any, of Agent or Lender in the Property for the satisfaction of Tenant’s remedies for the collection of a judgment (or other
judicial process) requiring the payment of money in the event of any default by Agent or Lender as a Successor Landlord under the Lease
or under this Agreement, and no other property or assets of Agent or Lender shall be subject to levy, execution or other enforcement
procedure for the satisfaction of Tenant’s remedies under or with respect to the Lease, the relationship of the landlord and tenant
under the Lease or Tenant’s use or occupancy of the Premises or any claim arising under this Agreement.

 

13.            If
any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, such provision shall be
deemed modified to the extent necessary to be enforceable, or if such modification is not practicable, such provision shall be deemed
deleted from this Agreement, and the other provisions of this Agreement shall remain in full force and effect.

 

14.            This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall constitute
one and the same instrument.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    EXHIBIT E 
-6-

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement under seal to be effective as of the date set forth in the
first paragraph hereof.

 

	 	AGENT:
	 	 
	 	TRTX 2019-FL4 ISSUER, LTD., as the Participation Agent
    for the benefit of TPG RE Finance 12, Ltd., as the Participation A-1 Holder, and TRTX 2021-FL4 Issuer, Ltd, as the Participation
    A-2 Holder, in accordance with their respective rights under the Participation Agreement and Future Funding Indemnification Agreement
	 	 
	 	By: Situs Holdings, LLC, solely in its capacity as Special
Servicer under the Servicing Agreement
	 	 	 
	 	By:	      
	 	Name:	 
	 	Title:	 

 

ACKNOWLEDGMENT

 

	State of ________________	 	     )
	 	 	 
	County of _______________	 	     ) ss.:

 

On the ____ day of __________ in the year 2021
before me, the undersigned, personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be
the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity,
and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the
instrument.

 

________________________________

Signature and Office of individual

taking acknowledgment

 

    EXHIBIT E 
-7-

     

    

 

	 	LENDER:
	 	 
	 	TRTX 2021-FL4 ISSUER, LTD., as Participation A-2 Holder
    for the benefit of TPG RE Finance 12, Ltd., as the Participation A-1 Holder, and TRTX 2021-FL4 Issuer, Ltd., as the Participation
    A-2 Holder, in accordance with their respective rights under the Participation Agreement and Future Funding Indemnification Agreement
	 	 
	 	By: Situs Holdings, LLC, solely in its capacity as Special Servicer under the Servicing Agreement
	 	 
	 	By:	         
	 	Name:	 
	 	Title:	 

 

ACKNOWLEDGMENT

 

	State of ________________	 	     )
	 	 	 
	County of _______________	 	     ) ss.:

 

On the ____ day of __________ in the year 2021
before me, the undersigned, personally appeared , personally known to me or proved to me on the basis of satisfactory evidence to be
the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity,
and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the
instrument.

 

________________________________

Signature and Office of individual

taking acknowledgment

 

    EXHIBIT E 
-8-

     

    

 

	 	TENANT:
	 	 
	 	QUANTUM-SI INCORPORATED, a Delaware corporation
	 	 
	 	By:	          
	 		Name:
	 		Title:

 

ACKNOWLEDGMENT

 

A notary public or other
officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is
attached, and not the truthfulness, accuracy, or validity of that document.

 

	State of__________________ )	 	 
	 	 	 
	County of________________ )	 	 

 

On __________________ before me, ______________________________,
a Notary Public, personally appeared, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies),
and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted,
executed the instrument.

 

I certify under PENALTY OF PERJURY under the
laws of the State of California that the foregoing paragraph is true and correct.

 

WITNESS my hand and official seal.

 

______________________________________ (Seal)

Signature of Notary Public

 

    EXHIBIT E 
-9-

     

    

 

The undersigned Landlord
hereby consents to the foregoing Agreement and confirms the facts stated in the foregoing Agreement.

 

	 	LANDLORD:
	 	 
	 	BP3-SD5 5510 MOREHOUSE DRIVE LLC, a Delaware limited liability
    company
	 	 
	 	By:	 
	 		Name:  W. Neil Fox, III
	 		Title:  Chief Executive Officer

 

ACKNOWLEDGMENT

 

A notary public or other
officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is
attached, and not the truthfulness, accuracy, or validity of that document.

 

State of California)

County of San Diego)

 

On _______________ before me, __________________________,
a Notary Public, personally appeared _________________________________, who proved to me on the basis of satisfactory evidence to be
the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the
same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity
upon behalf of which the person(s) acted, executed the instrument.

 

I certify under PENALTY OF PERJURY under the
laws of the State of California that the foregoing paragraph is true and correct.

 

WITNESS my hand and official seal.

 

______________________________________ (Seal)

Signature of Notary Public

 

    EXHIBIT E 
-10-

     

    

 

Exhibit A

Legal Description of Property

 

Real property in the City of San Diego, County of San Diego, State
of California, described as follows:

 

[To Be Attached]

 

    EXHIBIT E 
-11-

     

    

 

EXHIBIT F

 

GENERAL STORAGE AREA

[See Attached]

 

    

     

    

 

 

 

    

     

    

 

RIDER 1

 

EXTENSION OPTION RIDER

 

This Extension Option Rider
(“Extension Rider”) is attached to and made a part of the Lease by and between Landlord and Tenant. The agreements
set forth in this Extension Rider shall have the same force and effect as if set forth in the Lease. To the extent the terms of this
Extension Rider are inconsistent with the terms of the Lease, the terms of this Extension Rider shall control.

 

1.            Extension
Option. Landlord hereby grants Tenant one (1) option (the “Extension Option”) to extend the Lease Term for
a period of sixty (60) months (the “Option Term”), which option shall be exercisable only by written Exercise Notice
(as defined below) delivered by Tenant to Landlord as provided below. Upon the proper exercise of the Extension Option, the Lease Term
shall be extended for the Option Term. Notwithstanding the foregoing, at Landlord’s option, in addition to any other remedies available
to Landlord under the Lease, at law or in equity, the Extension Option shall not be deemed properly exercised if as of the date of delivery
of the Exercise Notice (as defined below) by Tenant, Tenant has previously been in default under the Lease more than three times beyond
all applicable notice and cure periods. The Extension Option is personal to the Original Tenant and any Affiliate Assignee and may only
be exercised by the Original Tenant or such Affiliate Assignee (and not any other assignee, sublessee or other transferee of Tenant’s
interest in the Lease) if the Original Tenant or such Affiliate Assignee leases and occupies the entire Premises as of the date of Tenant’s
delivery of the Exercise Notice.

 

2.            Option
Rent. The annual Base Rent payable by Tenant during the Option Term (the “Option Rent”) shall be equal to the
Fair Market Rental Rate for comparable office/laboratory space in the Sorrento Mesa submarket of San Diego. As used herein, the “Fair
Market Rental Rate” shall mean the annual base rent at which tenants, as of the commencement of the Option Term, will be leasing
non-sublease space comparable in size, location (including views) and quality to the Premises for a comparable term as the Option Term,
which comparable space is located in the Building, the Other Existing Buildings in the Project and in other comparable first-class biotechnology
buildings in the Sorrento Mesa submarket, taking into consideration all free rent and other out-of-pocket concessions generally being
granted at such time for such comparable space for the Option Term (including, without limitation, any tenant improvement allowance provided
for such comparable space, with the amount of such tenant improvement allowance to be provided for the Premises during the Option Term
to be determined after taking into account the age, quality and layout of the tenant improvements in the Premises as of the commencement
of the Option Term with consideration given to the fact that the improvements existing in the Premises are specifically suitable to Tenant).
All other terms and conditions of the Lease shall apply throughout the Option Term; however, Tenant shall, in no event, have the option
to extend the Lease Term beyond the Option Term described in Section 1 above.

 

3.            Exercise
of Option. The Extension Option shall be exercised by Tenant, if at all, only in the following manner: (i) Tenant shall deliver
written notice (“Interest Notice”) to Landlord not more than fifteen (15) months nor less than twelve (12) months
prior to the expiration of the initial Lease Term stating that Tenant may be interested in exercising the Extension Option; (ii) Landlord,
after receipt of Tenant’s notice, shall deliver notice (the “Option Rent Notice”) to Tenant not less than ten
(10) months prior to the expiration of the initial Lease Term setting forth the Option Rent; and (iii) if Tenant wishes to
exercise the Extension Option, Tenant shall, on or before the date (the “Exercise Date”) which is nine (9) months
prior to the expiration of the initial Lease Term, exercise the Extension Option by delivering written notice (“Exercise Notice”)
thereof to Landlord. Tenant’s failure to deliver the Interest Notice or Exercise Notice on or before the applicable delivery dates
therefore specified hereinabove shall be deemed to constitute Tenant’s waiver of the Extension Option.

 

4.            Determination
of Option Rent. If Tenant timely and appropriately objects in its Exercise Notice to Landlord to the Fair Market Rental Rate for
the Option Term initially determined by Landlord, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market
Rental Rate. If Landlord and Tenant fail to reach agreement within thirty (30) days following Tenant’s delivery of such Exercise
Notice (the “Outside Agreement Date”), then each party shall submit to the other party a separate written determination of
the Fair Market Rental Rate within fifteen (15) business days after the Outside Agreement Date, and such determinations shall be submitted
to arbitration in accordance with the provisions of Sections 4.1 through 4.6 below; provided, however, Landlord shall not submit an amount
in excess of that set forth in the Option Rent Notice. The failure of Tenant or Landlord to submit a written determination of the Fair
Market Rental Rate within such fifteen (15) business day period shall conclusively be deemed to be such party’s approval of the
Fair Market Rental Rate submitted within such fifteen (15) business day period by the other party.

 

    

     

    

 

4.1            Landlord
and Tenant shall each appoint one (1) arbitrator who shall by profession be an independent real estate broker who shall have no
ongoing relationship with Tenant or Landlord and who shall have been active over the five (5) year period ending on the date of
such appointment in the leasing of first class biotechnology office buildings in the Market Area. The determination of the arbitrators
shall be limited solely to the issue of whether Landlord’s or Tenant’s submitted Fair Market Rental Rate is the closer to
the actual Fair Market Rental Rate as determined by the arbitrators, taking into account the requirements with respect thereto set forth
in Section 2 above. Each such arbitrator shall be appointed within fifteen (15) days after the Outside Agreement Date.

 

4.2            The
two (2) arbitrators so appointed shall, within fifteen (15) days of the date of the appointment of the last appointed arbitrator,
agree upon and appoint a third arbitrator who shall be qualified under the same criteria set forth hereinabove for qualification of the
initial two (2) arbitrators.

 

4.3            The
three (3) arbitrators shall, within thirty (30) days of the appointment of the third arbitrator, reach a decision as to which of
Landlord’s or Tenant’s submitted Fair Market Rental Rate is closer to the actual Fair Market Rental Rate and shall select
such closer determination as the Fair Market Rental Rate and notify Landlord and Tenant thereof.

 

4.4            The
decision of the majority of the three (3) arbitrators shall be binding upon Landlord and Tenant.

 

4.5            If
either Landlord or Tenant fails to appoint an arbitrator within the time period specified in Section 4.1 hereinabove, the arbitrator
appointed by one of them shall reach a decision, notify Landlord and Tenant thereof, and such arbitrator’s decision shall be binding
upon Landlord and Tenant.

 

4.6            If
the two (2) arbitrators fail to agree upon and appoint a third arbitrator, within the time period provided in Section 4.2 above,
then the parties shall mutually select the third arbitrator. If Landlord and Tenant are unable to agree upon the third arbitrator within
ten (10) days after the fifteen (15) day period described in Section 4.2 above, then either party may, upon at least five (5) days’
prior written notice to the other party, request the Presiding Judge of the San Diego County Superior Court, acting in his private and
nonjudicial capacity, to appoint the third arbitrator. Following the appointment of the third arbitrator, the panel of arbitrators shall
within thirty (30) days thereafter reach a decision as to whether Landlord’s or Tenant’s submitted Fair Market Rental Rate
shall be used and shall notify Landlord and Tenant thereof. Landlord and Tenant shall each pay the costs of its own arbitrator and fifty
percent (50%) of the cost of the third arbitrator.

 

    Rider 1
-2-EX-4.3

 Exhibit 4.3 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of June 23, 2021, by and among
Portman Ridge Finance Corporation, a Delaware corporation (the “Company”), and the several purchasers of the Notes identified on the signature pages hereto (each a “Purchaser” and collectively, the
“Purchasers”). 
 This Agreement is made pursuant to the Note Purchase Agreement, dated as of June 22, 2021
(the “Purchase Agreement”), among the Company and the Purchasers. In order to induce the Purchasers to purchase the Notes, the Company has agreed to provide the registration rights set forth in this Agreement. The parties
hereby agree as follows: 
 SECTION 1. Definitions. As used in this Agreement, the following capitalized terms shall have the
following meanings: 
 Additional Interest: As defined in Section 5 hereof. 

Advice: As defined in the last paragraph of Section 6 hereof. 

Agreement: As defined in the preamble hereto. 

Broker-Dealer: Any broker or dealer registered under the Exchange
Act. 
 Business Day: Any day other than a Saturday, Sunday or U.S. federal holiday or a day on which banking
institutions or trust companies located in New York, New York are authorized or obligated to be closed. 
 Commission:
The U.S. Securities and Exchange Commission. 
 Company: As defined in the preamble hereto. 

Consummate: A registered Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the
occurrence of (i) the filing with the Commission of the Exchange Offer Registration Statement relating to the Exchange Notes to be issued in the Exchange Offer and its becoming or being declared effective under the Securities Act, (ii) the
maintenance of the continuous effectiveness of such Registration Statement, and the keeping of the Exchange Offer open, for a period not less than the minimum period required pursuant to Section 3(b) hereof, and (iii) the delivery by the
Company to the Registrar under the Indenture of Exchange Notes in the same aggregate principal amount as the aggregate principal amount of Notes that were tendered by Holders thereof pursuant to the Exchange Offer. 

Controlling Person: As defined in Section 8(a) hereof.  

Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

Exchange Offer: The registration by the Company under the Securities Act of the Exchange Notes pursuant to a Registration
Statement pursuant to which the Company offers the Holders of all outstanding Registrable Notes the opportunity to exchange all such outstanding Registrable Notes held by such Holders for Exchange Notes in an aggregate principal amount equal to the
aggregate principal amount of the Registrable Notes tendered in such exchange offer by such Holders. 

 Exchange Offer Registration Statement: The Registration Statement
relating to the Exchange Offer, including the related Prospectus. 
 Exchange Notes: The 4.875% Notes due 2026 of the
same series under the Indenture as the Notes, to be issued to Holders in exchange for Registrable Notes pursuant to this Agreement. 

FINRA: Financial Industry Regulatory Authority, Inc. 

Holder: As defined in Section 2(b) hereof. 

Indemnified Holder: As defined in Section 8(a) hereof. 

Indenture: The Base Indenture, dated as of October 3, 2012, as supplemented by the Third Supplemental Indenture,
dated as of April 30, 2021, by and between the Company and the Trustee, pursuant to which the Notes are to be issued, as such Indenture may be amended or supplemented from time to time in accordance with the terms thereof. 

Initial Placement: The issuance and sale by the Company of the Notes to the Purchasers pursuant to the Purchase
Agreement. 
 Interest Payment Date: As defined in the Indenture and the Notes. 

Note or Notes: The 4.875% Notes due 2026 issued under the Indenture in connection with the transaction contemplated by the
Purchase Agreement. 
 Person: Any individual, corporation, limited liability company, partnership, joint venture,
association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

Prospectus: The prospectus included in a Registration Statement, as amended or supplemented by any prospectus supplement
and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 

Purchase Agreement: As defined in the preamble hereto. 

Purchaser(s): As defined in the preamble hereto. 

Registrable Notes: Each Note, until the earliest to occur of (a) the date on which such Note is exchanged in the
Exchange Offer for an Exchange Note entitled to be resold to the public by the Holder thereof without complying with the prospectus delivery requirements of the Securities Act, (b) the date on which such Note has been effectively registered
under the Securities Act and disposed of in accordance with a Shelf Registration Statement, (c) the date on which such Note is distributed by a Broker-Dealer pursuant to the “Plan of
Distribution” contemplated by the Exchange Offer Registration Statement (including delivery of the Prospectus contained therein), (d) the date on which such Note does not bear a restricted CUSIP number and can be sold pursuant to
Rule 144 under the Securities Act under circumstances in which any legend borne by such Note relating to restrictions on transferability thereof, under the Securities Act or otherwise, is removed by the Company or pursuant to the Indenture and
(e) the date on which such Note ceases to be outstanding. 

 Registration Default: As defined in Section 5 hereof. 

Registration Statement: Any registration statement of the Company relating to (a) an offering of Exchange Notes
pursuant to an Exchange Offer or (b) the registration for resale of Registrable Notes pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions of this Agreement, in each case, including the Prospectus included
therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 

Securities Act: The Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

Shelf Filing Deadline: As defined in Section 4(a)(x) hereof. 

Shelf Registration Statement: As defined in Section 4(a)(x) hereof. 

Suspension Period: As defined in the final paragraph of Section 4(a) hereof. 

Trustee: U.S. Bank National Association. 

Trust Indenture Act: The Trust Indenture Act of 1939, as amended, and the rules and regulations promulgated thereunder.

 Underwritten Registration or Underwritten Offering: A registration in which securities of the Company are sold to an
underwriter for reoffering to the public. 
 SECTION 2. Notes Subject to this Agreement. 

(a) Registrable Notes. The securities entitled to the benefits of this Agreement are the Registrable Notes. 

(b) Holders of Registrable Notes. A Person is deemed to be a holder of Registrable Notes (each, a “Holder”)
whenever such Person owns Registrable Notes. 
 SECTION 3. Registered Exchange Offer. 

(a) Unless the Exchange Offer shall not be permissible under applicable law or Commission policy, the Company shall (i) no later than
October 27, 2022 file the Exchange Offer Registration Statement with the Commission, (ii) use its commercially reasonable efforts to cause the Exchange Offer to be Consummated on the earliest practicable date after the Exchange Offer
Registration Statement has become or been declared effective, but in no event later than January 25, 2022 and (iii) in connection with the foregoing, (A) file all pre-effective amendments to
such Registration Statement as may be necessary in order to cause such Registration Statement to become or be declared effective, (B) if applicable, file a post-effective amendment to such Registration
Statement pursuant to Rule 430A under the Securities Act and (C) cause all necessary filings in connection with the registration and qualification of the Exchange Notes to be made under the state securities or blue sky laws of such
jurisdictions as are necessary to permit Consummation of the Exchange Offer. The Exchange Offer Registration Statement shall be on the appropriate form permitting registration of the Exchange Notes to be offered in exchange for the Registrable Notes
and to permit resales of Notes held by Broker-Dealers as contemplated by Section 3(c) hereof. The Company shall use its commercially reasonable efforts to cause all Exchange Notes to have the same CUSIP
number. 

 (b) The Company shall use its commercially reasonable efforts to cause the Exchange Offer
Registration Statement to be effective continuously and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to Consummate the Exchange Offer; provided,
however, that in no event shall such period be less than 20 Business Days after the commencement of the Exchange Offer. The Company shall cause the Exchange Offer to comply with all applicable federal and state securities laws. No securities
other than the Exchange Notes shall be included in the Exchange Offer Registration Statement. 
 (c) The Company shall indicate in a
“Plan of Distribution” section contained in the Prospectus forming a part of the Exchange Offer Registration Statement that any Broker-Dealer who holds Notes that are Registrable Notes and that were
acquired for its own account as a result of market-making activities or other trading activities (other than Registrable Notes acquired directly from the Company) may exchange such Notes pursuant to the
Exchange Offer; however, such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the
Securities Act in connection with any resales of the Exchange Notes received by such Broker-Dealer in the Exchange Offer, which prospectus delivery requirement may be satisfied by the delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer Registration Statement. Such “Plan of Distribution” section shall also contain all other information with respect to such resales by Broker-Dealers that the Commission may require in order to permit such resales pursuant thereto, but such “Plan of Distribution” shall not name any such
Broker-Dealer or disclose the amount of Notes held by any such Broker-Dealer except to the extent required by the Commission. 

The Company shall use its commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective,
supplemented and amended as required by the provisions of Section 6(c) hereof to the extent necessary to ensure that it is available for resales of Notes acquired by Broker-Dealers for their own accounts
as a result of market-making activities or other trading activities, and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the
Commission as announced from time to time, for a period ending on the earlier of (i) 180 days from the date on which the Exchange Offer Registration Statement becomes or is declared effective and (ii) the date on which a Broker-Dealer is no longer required to deliver a prospectus in connection with market-making or other trading activities. 

The Company shall provide sufficient copies of the latest version of such Prospectus to Broker-Dealers
promptly upon request at any time during such 180-day (or shorter as provided in the foregoing paragraph) period in order to facilitate such resales. 

SECTION 4. Shelf Registration. 

(a) Shelf Registration. If (i) the Company is not required to file an Exchange Offer Registration Statement or to consummate the
Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy, (ii) for any reason the Exchange Offer is not Consummated by January 25, 2022, or (iii) with respect to any Holder of Registrable Notes
(A) such Holder is prohibited by applicable law or Commission policy from participating in the Exchange Offer, (B) such Holder may not resell the Exchange Notes acquired by it in the Exchange Offer to the public without delivering a
prospectus and the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder or (C) such Holder is a Broker-Dealer and holds Notes
acquired directly from the Company or one of its affiliates, then, upon such Holder’s request, the Company shall: 

 (x) cause to be filed a shelf registration statement pursuant to Rule 415
under the Securities Act, which may be an amendment to the Exchange Offer Registration Statement (in either event, the “Shelf Registration Statement”), as soon as practicable, but in no event later than the earliest to occur
of (1) the 60th day after the date on which the Company determines that it is not required to file the Exchange Offer Registration Statement, (2) the 60th day after the date on which the Company receives notice from a Holder of Registrable
Notes as contemplated by clause (iii) above and (3) January 25, 2022 (the “Shelf Filing Deadline”), which Shelf Registration Statement shall provide for resales of all Registrable Notes the Holders of which
shall have provided the information required pursuant to Section 4(b) hereof; and 
 (y) use its commercially reasonable
efforts to cause such Shelf Registration Statement to become or be declared effective by the Commission at the earliest possible time, but in no event later that the 120th day after the Shelf Filing Deadline (or if such 120th day is not a Business
Day, the next succeeding Business Day). 
 The Company shall use its commercially reasonable efforts to keep such Shelf Registration Statement continuously
effective, supplemented and amended as required by the provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for resales of Registrable Notes entitled to the benefit of this Section 4(a), and to
ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for a period of at least one year following the effective date of such
Shelf Registration Statement (or shorter period that will terminate when all the Notes covered by such Shelf Registration Statement have been sold pursuant to such Shelf Registration Statement or are otherwise no longer Registrable Notes). 

Notwithstanding the foregoing, the Company may suspend the offering and sale under the Shelf Registration Statement (the
“Suspension Period”) for a period or periods if (i) the board of directors reasonably determines that the continued use of such Shelf Registration Statement would (A) require the Company to make a public disclosure
of material non-public information, which disclosure in the good faith judgment of the board of directors of the Company (1) would be required to be made in such Shelf Registration Statement so that such
Shelf Registration Statement would not be materially misleading and (2) would not be required to be made at such time but for the continued use of such Shelf Registration Statement or (B) would in the good faith and judgment of the board
of directors of the Company be expected to have a material adverse effect on the Company or its business or on the Company’s ability to effect a planned or proposed acquisition, disposition, financing, reorganization, recapitalization or
similar transaction and (ii) the Company notifies the underwriters, if any, and the Holders of Registrable Notes within five days after the board of directors makes the relevant determination set forth in clause (i); provided that the
period or periods of suspension under clause (i) above shall not exceed, in the aggregate, 60 days in any twelve-month period during which the Shelf Registration Statement is required to be effective.

 (b) Provision by Holders of Certain Information in Connection with the Shelf Registration Statement. No Holder of Registrable Notes
may include any of its Registrable Notes in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Company in writing, within 10 Business Days after receipt of a request therefor, such information
as the Company may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein or amendment or supplement thereto. Each Holder as to which any Shelf Registration Statement
is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously furnished to the Company by such Holder not materially misleading. 

 SECTION 5. Additional Interest. If (i) unless the Exchange Offer shall not
be permissible under applicable law or Commission policy, the Exchange Offer Registration Statement has not been Consummated on or prior to January 25, 2022, (ii) in the event the Company is required to file a Shelf Registration Statement
pursuant to Section 4(a) hereof, (A) the Shelf Registration Statement is not filed by the Shelf Filing Deadline or (B) the Shelf Registration Statement has not become or been declared effective by the Commission on or prior to the
120th day after the Shelf Filing Deadline (or if such 120th day is not a Business Day, the next succeeding Business Day) or (iii) any Registration Statement required by this Agreement is filed and declared effective but shall thereafter cease
to be effective or fail to be usable for its intended purpose without being immediately succeeded by a post-effective amendment to such Registration Statement that cures such failure and that is itself
immediately declared effective (each such event referred to in clauses (i) through (iii), a “Registration Default”) then, with respect to the first 90-day period immediately
following the occurrence of such Registration Default, the interest rate on the Registrable Notes will be increased by 0.25% per annum and will increase by an additional 0.25% per annum on the principal amount of Notes with respect to each
subsequent 90-day period, up to a maximum of additional interest of 0.50% per annum (“Additional Interest”). Any amounts of Additional Interest due pursuant to this Section 5 will
be paid in cash on the relevant Interest Payment Date to Holders of record on the relevant regular record dates. Following the cure of all Registration Defaults relating to any particular Registrable Notes, the interest rate borne by the relevant
Registrable Notes will be reduced to the original interest rate borne by such Registrable Notes; provided, however, that, if after any such reduction in interest rate, a different Registration Default occurs, the interest rate borne by
the relevant Registrable Notes shall again be increased pursuant to the foregoing provisions. 
 The Company shall promptly notify the
Trustee of any of its obligations under this Section 5 and all obligations of the Company set forth in the preceding paragraph that are outstanding with respect to any Registrable Note at the time such security ceases to be a Registrable Note
shall survive until such time as all such obligations with respect to such security shall have been satisfied in full. 
 Notwithstanding
the foregoing, (i) the amount of Additional Interest payable shall not increase because more than one Registration Default has occurred and is pending at any given time and (ii) a Holder of Registrable Notes that has not provided the
information required pursuant to Section 4(b) hereof within the time period set forth therein shall not be entitled to Additional Interest with respect to a Registration Default that pertains to the relevant Shelf Registration Statement. 

SECTION 6. Registration Procedures. 

(a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Company shall comply with all of the applicable
provisions of Section 6(c) hereof, shall use commercially reasonable efforts to effect such exchange to permit the sale of Registrable Notes being sold in accordance with the intended method or methods of distribution thereof, and shall comply
with all of the following provision: 
 (i) As a condition to its participation in the Exchange Offer pursuant to the terms
of this Agreement, each Holder of Registrable Notes shall furnish, upon the request of the Company, prior to the Consummation thereof, a written representation to the Company (which may be contained in the letter of transmittal contemplated by the
Exchange Offer Registration Statement) to the effect that (A) it is not an affiliate of the Company, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any Person to participate in, a
distribution of the Exchange Notes to be issued in the Exchange Offer, (C) it is acquiring the Exchange Notes in its ordinary course of business, (D) if it is a Broker-Dealer that holds Notes that
were acquired for its own account as a result of market-making activities or other trading activities (other than Notes acquired directly from the Company or any of its affiliates), it will

 
deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Notes received by it in the Exchange Offer, and (E) if it is a Broker-Dealer, that it did not purchase the Notes to be exchanged in the Exchange Offer from the Company or any of its affiliates. In addition, all such Holders of Registrable Notes shall otherwise cooperate in the
Company’s preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Exchange Offer to participate in a distribution of the
securities to be acquired in the Exchange Offer (1) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission enunciated in Morgan Stanley and Co., Inc. (available June 5,
1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action
letters (which may include any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration and prospectus delivery requirements of the Securities Act in
connection with a secondary resale transaction and that such a secondary resale transaction should be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of
Regulation S-K if the resales are of Exchange Notes obtained by such Holder in exchange for Notes acquired by such Holder directly from the Company. 

(b) Shelf Registration Statement. In connection with the Shelf Registration Statement, the Company shall comply with all the provisions
of Section 6(c) hereof and shall use commercially reasonable efforts to effect such registration to permit the sale of the Registrable Notes being sold in accordance with the intended method or methods of distribution thereof, and pursuant
thereto the Company will as expeditiously as is commercially reasonable prepare and file with the Commission a Shelf Registration Statement relating to the registration on any appropriate form under the Securities Act, which form shall be available
for the sale of the Registrable Notes in accordance with the intended method or methods of distribution thereof. 
 (c) General
Provisions. In connection with any Registration Statement and any Prospectus required by this Agreement to permit the sale or resale of Registrable Notes (including, without limitation, any Registration Statement and the related Prospectus
required to permit resales of Notes by Broker-Dealers), the Company shall: 
 (i) use
its commercially reasonable efforts to keep such Registration Statement continuously effective during the period required by this Agreement and provide all requisite financial statements; 

(ii) upon the occurrence of any event that would cause any such Registration Statement or the Prospectus contained therein
(A) to contain a material misstatement or omission or (B) not to be effective and usable for resale of Registrable Notes during the period required by this Agreement, the Company shall file promptly an appropriate amendment to such
Registration Statement, in the case of clause (A), correcting any such misstatement or omission, and, in the case of either clause (A) or (B), use its commercially reasonable efforts to cause such amendment to become or be declared effective
and such Registration Statement and the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter; 

(iii) prepare and file with the Commission such amendments and post-effective
amendments to the applicable Registration Statement as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as applicable, or such shorter period as will terminate when all
Registrable Notes covered by such Registration Statement have been sold; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rules 424 or 497 under

 
the Securities Act, and to comply fully with the applicable provisions of Rules 424, 430A and 497 under the Securities Act in a timely manner; and comply with the provisions of the Securities Act
with respect to the disposition of all securities covered by such Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement
or supplement to the Prospectus; 
 (iv) advise the underwriter(s), if any, and selling Holders promptly and, if requested by
such Persons, to confirm such advice in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration Statement or any post-effective amendment thereto, when the same has become or been declared effective, (B) of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the
Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement under the Securities Act or of the suspension by any state securities
commission of the qualification of the Registrable Notes for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, (D) of the existence of any fact or the happening of any event that makes
any statement of a material fact made in the Registration Statement, the Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue, or that requires the making of any additions to or changes in the
Registration Statement or the Prospectus in order to make the statements therein not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or any state securities commission
or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Registrable Notes under state securities or blue sky laws, the Company shall use its commercially reasonable efforts to obtain the
withdrawal or lifting of such order at the earliest possible time; 
 (v) furnish without charge to each selling Holder named
in any Registration Statement that has requested such copies, if any, and each of the underwriter(s), if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or supplements
to any such Registration Statement or Prospectus (other than any documents that will be incorporated by reference in such Registration Statement or Prospectus), which documents will be subject to the review and comment of such requesting Holders and
underwriter(s) in connection with such sale, if any, for a period of at least five Business Days, and the Company will not file any such Registration Statement or Prospectus or any amendment or supplement to any such Registration Statement or
Prospectus to the underwriter(s), if any, shall reasonably object in writing within five Business Days after the receipt thereof (such objection to be deemed timely made upon confirmation of facsimile transmission within such period). The objection
of the underwriter, if any, shall be deemed to be reasonable if such Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains a material misstatement or omission; 

(vi) make available at reasonable times for inspection by any Holder, the managing underwriter(s), if any, participating in any
disposition pursuant to such Registration Statement and any attorney or accountant retained by the Holder or any of the underwriter(s), in each case subject to confidentiality agreements in form and substance customarily entered into by the
underwriters, all financial and other records, pertinent corporate documents and properties of the Company and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such Holder, underwriter,
attorney or accountant in connection with such Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness and to participate in meetings with
investors to the extent reasonably requested by the managing underwriter(s), if any; 

 (vii) if requested by any selling Holders listed as selling securityholders
in any Registration Statement or the underwriter(s), if any, promptly incorporate in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such
information as such selling Holders and underwriter(s), if any, may reasonably request to have included therein, including, without limitation, information relating to the “Plan of Distribution” of the Registrable Notes, information with
respect to the principal amount of Registrable Notes being sold to such underwriter(s), the purchase price being paid therefor and any other terms of the offering of the Registrable Notes to be sold in such offering; and make all required filings of
such Prospectus supplement or post-effective amendment as soon as practicable after the Company is notified of the matters to be incorporated in such Prospectus supplement or
post-effective amendment; 
 (viii) furnish to each selling Holder and each of the
underwriter(s), if any, without charge, at least one copy of the Registration Statement, as first filed with the Commission, and of each amendment thereto, including financial statements and schedules, if requested, all documents incorporated by
reference therein and all exhibits (including exhibits incorporated therein by reference), unless, in each case, publicly available; 

(ix) deliver to each selling Holder and each of the underwriter(s), if any, without charge, as many copies of the Prospectus
(including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; the Company hereby consent to the use of the Prospectus and any amendment or supplement thereto by each of the selling Holders
and each of the underwriter(s), if any, in connection with the offering and the sale of the Registrable Notes covered by the Prospectus or any amendment or supplement thereto; 

(x) in connection with an underwritten offering pursuant to a Shelf Registration Statement, enter into such agreements
(including an underwriting agreement), and make such representations and warranties, and take all such other commercially reasonable actions in connection therewith in order to expedite or facilitate the disposition of the Registrable Notes. In
furtherance of the foregoing, the Company shall: 
 (A) furnish to each selling Holder and each underwriter in such substance
and scope as they may reasonably request and as are customarily made by issuers to underwriters in primary underwritten offerings, upon the date of the effectiveness of the Shelf Registration Statement: 

(1) a certificate, dated the effectiveness of the Shelf Registration Statement, signed by (y) the Chief Executive Officer
and (z) a principal financial or accounting officer of the Company, confirming customary matters; 
 (2) if requested
by a majority of selling Holders, an opinion, dated the date of effectiveness of the Shelf Registration Statement, of counsel for the Company, covering the matters customarily covered in opinions requested in underwritten offerings; 

(3) a customary comfort letter, dated the date of effectiveness of the Shelf Registration Statement, from the Company’s
independent accountants, in the customary form and covering matters of the type customarily requested to be covered in comfort letters by underwriters in connection with primary underwritten offerings; 

 (B) set forth in full or incorporate by reference in the underwriting
agreement, if any, the indemnification provisions and procedures of Section 8 hereof with respect to all parties to be indemnified pursuant to said Section; and 

(C) deliver such other documents and certificates as may be reasonably requested by such parties to evidence compliance with
Section 6(c)(xi)(A) hereof and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company pursuant to this Section 6(c)(xi), if any. 

If at any time the representations and warranties of the Company contemplated in Section 6(c)(xi)(A)(1) hereof cease to be
true and correct, the Company shall so advise the underwriter(s), if any, and each selling Holder promptly and, if requested by such Persons, shall confirm such advice in writing; 

(xi) prior to any public offering of Registrable Notes, cooperate with the selling Holders, the underwriter(s), if any, and
their respective counsel in connection with the registration and qualification of the Registrable Notes under the state securities or blue sky laws of such jurisdictions as the selling Holders or underwriter(s), if any, may request and do any and
all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Registrable Notes covered by the Shelf Registration Statement; provided, however, that the Company shall not be required to register or
qualify as a foreign corporation where it is not then so qualified or to take any action that would subject it to the service of process in suits or to taxation, other than as to matters and transactions relating to the Registration Statement, in
any jurisdiction where it is not then so subject; 
 (xii) in the case of a Shelf Registration Statement, shall issue, upon
the request of any Holder of Notes covered by the Shelf Registration Statement and only in connection with any valid sale of Notes by such Holder pursuant to such registration statement (and provided that such Holder delivers such certificates or
opinions reasonably requested by the Company in connection with such sale), Exchange Notes having an aggregate principal amount equal to the aggregate principal amount of Notes surrendered to the Company by such Holder in exchange therefor or being
sold by such Holder; such Exchange Notes to be registered in the name of such Holder or in the name of the purchaser(s) of such Exchange Notes, as the case may be; in return, the Notes held by such Holder shall be surrendered to the Company for
cancellation; 
 (xiii) in the case of a Shelf Registration Statement, and subject to the forms of the Indenture, cooperate
with the selling Holders and the underwriter(s), if any, to facilitate the timely preparation and delivery of certificates or book-entry receipts, as applicable, representing Registrable Notes to be sold and
not bearing any restrictive legends; and enable such Registrable Notes or such book-entry receipts, as applicable, to be in such denominations and registered in such names as the Holders or the underwriter(s),
if any, may request at least two Business Days prior to any sale of Registrable Notes made by such Holders or underwriter(s); 

(xiv) use its commercially reasonable efforts to cause the Registrable Notes covered by the Registration Statement to be
registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s), if any, to consummate the disposition of such Registrable Notes, subject to the proviso
contained in Section 6(c)(xi) hereof; 

 (xv) if any fact or event contemplated by Section 6(c)(iv)(D) hereof
shall exist or have occurred, prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required
document so that, as thereafter delivered to the purchasers of Registrable Notes, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein not
misleading; 
 (xvi) not later than the effective date of the Registration Statement covering such Exchange Notes, provide
that the CUSIP and ISIN numbers for all Exchange Notes shall be the same unrestricted CUSIP and ISIN numbers as borne by the Existing Notes and provide the Trustee under the Indenture with printed certificates for such Exchange Notes which are in a
form eligible for deposit with the Depository Trust Company and take all other action necessary to ensure that all such Exchange Notes are eligible for deposit with the Depository Trust Company; 

(xvii) cooperate and assist in any filings required to be made with the FINRA and in the performance of any due diligence
investigation by any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and regulations of the FINRA; 

(xviii) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the
Commission, and make generally available to its security holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 under the Securities Act (which need not be audited) for the twelve-month period (A) commencing at the end of any fiscal quarter in which Registrable Notes are sold to underwriters in a firm commitment or commercially reasonable efforts Underwritten Offering or
(B) if not sold to underwriters in such an offering, beginning with the first month of the Company’s first fiscal quarter commencing after the effective date of the Registration Statement; and 

(xix) cause the Indenture to continue to be qualified under the Trust Indenture Act as of, and not later than the effective
date of the first Registration Statement required by this Agreement, and, in connection therewith, cooperate with the Trustee and the Holders of Exchange Notes to effect such changes to the Indenture as may be required for such Indenture to remain
so qualified in accordance with the terms of the Trust Indenture Act; and to execute and use its commercially reasonable efforts to cause the Trustee to execute, all documents that may be required to effect such changes and all other forms and
documents required to be filed with the Commission to enable such Indenture to be so qualified in a timely manner. 
 Each Holder agrees by
acquisition of a Registrable Note that, upon receipt of any notice from the Company of the existence of any fact of the kind described in Section 6(c)(iv)(D) hereof or any Suspension Period, such Holder will forthwith discontinue disposition of
Registrable Notes pursuant to the applicable Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xv) hereof, or until it is advised in writing (the
“Advice”) by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus. If so directed by the Company,
each Holder will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Notes that was current at the time of receipt of
such notice. In the event the Company shall give any such notice, the time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by the number of days during the
period from and including the date of the giving of such notice pursuant to Section 6(c)(iv)(D) hereof or notice of any Suspension Period to and including the date when each selling Holder covered by such Registration Statement shall have
received the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xv) hereof or shall have received the Advice; provided, however, that no such extension shall be taken into account in determining whether
Additional Interest is due pursuant to Section 5 hereof or the amount of such Additional Interest, it being agreed that the Company’s option to suspend use of a Registration Statement pursuant to this paragraph shall be treated as a
Registration Default for purposes of Section 5 hereof. 

 SECTION 7. Registration Expenses. All expenses incident to the Company’s
performance of or compliance with this Agreement will be borne by the Company regardless of whether a Registration Statement becomes or is declared effective, including, without limitation: (i) all registration and filing fees and expenses
(including filings made by the Holder with the FINRA (and, if applicable, the fees and expenses of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations of the FINRA)); (ii) all fees and
expenses of compliance with federal securities and state securities or blue sky laws; (iii) all expenses of printing (including printing certificates for the Exchange Notes to be issued in the Exchange Offer and printing of Prospectuses),
messenger and delivery services and telephone; (iv) all fees and disbursements of counsel for the Company and Holder(s); (v) application and filing fees in connection with listing the Notes on a securities exchange or automated quotation system
pursuant to the requirements thereof; and (vi) all fees and disbursements of independent certified public accountants of the Company (including the expenses of any special audit and comfort letters required by or incident to such performance).

 The Company will, in any event, bear its internal expenses (including, without limitation, all salaries and expenses of its officers and
employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company. 

SECTION 8. Indemnification. 

(a) The Company agree to indemnify and hold harmless (i) each Holder and (ii) each Person, if any, who controls (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred to in this clause (ii) being hereinafter referred to as a “Controlling Person”) and (iii) the
respective officers, directors, partners, employees, representatives and agents of any Holder or any Controlling Person (any Person referred to in clause (i), (ii) or (iii) may hereinafter be referred to as an “Indemnified
Holder”), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including, without limitation, and as incurred, reimbursement of all reasonable costs of
investigating, preparing, pursuing, settling, compromising, paying or defending any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or threatened, including the reasonable and documented fees and
expenses of counsel to any Indemnified Holder), joint or several, directly or indirectly caused by, related to, based upon, arising out of or in connection with any untrue statement or alleged untrue statement of a material fact contained in any
Registration Statement or Prospectus (or any amendment or supplement thereto), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of any
Prospectus, in the light of the circumstances under which they were made), not misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused by an untrue statement or omission or alleged untrue statement or omission
that is made in reliance upon and in conformity with information relating to any of the Holders furnished in writing to the Company by or on behalf of any of the Holders expressly for use therein. This indemnity agreement shall be in addition to any
liability which the Company may otherwise have. 

 In case any action or proceeding (including any governmental or regulatory investigation or
proceeding) shall be brought or asserted against any of the Indemnified Holders with respect to which indemnity may be sought against the Company, such Indemnified Holder (or the Indemnified Holder controlled by such Controlling Person) shall
promptly notify the Company in writing; provided, however, that the failure to give such notice shall not relieve any of the Company of its obligations pursuant to this Agreement unless and to the extent the Company did not otherwise learn of
such action and such failure results in the forfeiture by the Company of substantial rights and defenses. Such Indemnified Holder shall have the right to employ its own counsel in any such action and the reasonable and documented fees and expenses
of such counsel shall be paid, as incurred, by the Company (regardless of whether it is ultimately determined that an Indemnified Holder is not entitled to indemnification hereunder). The Company shall not, in connection with any one such action or
proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable and documented fees and expenses of more than one
separate firm of attorneys (in addition to one local counsel for all indemnified parties taken as a whole in each jurisdiction reasonably required and, in the event of an actual conflict, one additional counsel in each relevant jurisdiction for the
affected indemnified parties similarly situated taken as a whole) at any time for such Indemnified Holders, which firm shall be designated by the Holders. The Company shall be liable for any settlement of any such action or proceeding effected with
the Company’s prior written consent, which consent shall not be unreasonably withheld or delayed, and the Company agree to indemnify and hold harmless any Indemnified Holder from and against any loss, claim, damage, liability or expense by
reason of any settlement of any action effected with the written consent of the Company. The Company shall not, without the prior written consent of each Indemnified Holder, settle or compromise or consent to the entry of judgment in or otherwise
seek to terminate any pending or threatened action, claim, litigation or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not any Indemnified Holder is a party thereto), unless such settlement,
compromise, consent or termination (i) includes a complete and unconditional release of each Indemnified Holder from all liability arising out of such action, claim, litigation or proceeding and (ii) does not include a statement as to or
an admission of fault, culpability or a failure to act, by or on behalf of any Indemnified Holder. 
 (b) Each Holder of Registrable Notes
agrees, severally and not jointly, to indemnify and hold harmless the Company and its directors and officers who sign a Registration Statement, and any Person controlling (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act) the Company and its officers, directors, partners, employees, representatives and agents, to the same extent as the foregoing indemnity from the Company to each of the Indemnified Holders, but only with respect
to claims and actions based on information relating to such Holder furnished in writing by or on behalf of such Holder expressly for use in any Registration Statement. In case any action or proceeding shall be brought against the Company or its
directors or officers or any such Controlling Person in respect of which indemnity may be sought against a Holder of Registrable Notes, such Holder shall have the rights and duties given to the Company, and the Company and its directors and officers
and such Controlling Person shall have the rights and duties given to each Holder by the preceding paragraph. This indemnity agreement shall be in addition to any liability which Holders may otherwise have. 

(c) If the indemnification provided for in this Section 8 is unavailable to an indemnified party under Section 8(a) or
(b) hereof (other than by reason of exceptions provided in those Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or expenses referred to therein, then each applicable indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities, judgments, actions or expenses in such proportion as is appropriate to reflect
the relative benefits received by the Company, on the one hand, and the Holders, on the other hand, from the Initial Placement (which in the case of the Company shall be deemed to be equal to the total gross proceeds to the Company from the Initial
Placement), the amount of Additional Interest which did not become payable as a result of the filing of the Registration Statement resulting in such losses, claims, damages, liabilities, judgments, actions or expenses, and such Registration
Statement, or if such allocation is not permitted by applicable 

 
law, the relative fault of the Company, on the one hand, and the Holders, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages,
liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of the Company, on the one hand, and of the Indemnified Holder, on the other hand, shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the Indemnified Holders, on the other hand, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to
above shall be deemed to include, subject to the limitations set forth in the second paragraph of Section 8(a) hereof, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any
action or claim. 
 The Company and each Holder of Registrable Notes agrees that it would not be just and equitable if contribution pursuant
to this Section 8(c) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in the
immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8, none of the Holders
(and its related Indemnified Holders) shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total discount received by such Holder with respect to the Notes exceeds the amount of any damages which such
Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 8(c) are several in proportion to the respective principal amount of Notes
held by each of the Holders hereunder and not joint. 
 SECTION 9. Rule 144A. The Company hereby agrees with each Holder, for so
long as any Registrable Notes remain outstanding, to make available to any Holder or beneficial owner of Registrable Notes in connection with any sale thereof and any prospective purchaser of such Registrable Notes from such Holder or beneficial
owner, the information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Registrable Notes pursuant to Rule 144A under the Securities Act, unless the Company is then subject to Section 13 or 15(d) of the
Exchange Act. 
 SECTION 10. Participation in Underwritten Registrations. No Holder may participate in any Underwritten
Registration hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and
(b) completes and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the terms of such underwriting
arrangements. 
 SECTION 11. Selection of Underwriters. If requested by the Holders of a majority in aggregate principal amount
of the Registrable Notes covered by the Shelf Registration Statement, the Holders of Registrable Notes covered by the Shelf Registration Statement who desire to do so may sell such Registrable Notes in an Underwritten Offering. In such Underwritten
Offering, the investment banker(s) and managing underwriter(s) that will administer such offering will be selected by the Holders of a majority in aggregate principal amount of the Registrable Notes included in such offering; provided, 

 
however, that such investment banker(s) and managing underwriter(s) must be reasonably satisfactory to the Company. 

SECTION 12. Miscellaneous. 

(a) Remedies. The Company hereby agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a
breach by it of the provisions of this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 

(b) No Inconsistent Agreements. The Company will not on or after the date of this Agreement enter into any agreement with respect to its
securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the
rights granted to the holders of the Company’s securities under any agreement in effect on the date hereof. 
 (c) Adjustments
Affecting the Notes. The Company will not take any action, or permit any change to occur, with respect to the Registrable Notes that would materially and adversely affect the ability of the Holders to Consummate any Exchange Offer. 

(d) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to or
departures from the provisions hereof may not be given unless the Company has (i) in the case of Section 5 hereof and this Section 13(d)(i), obtained the written consent of Holders of all outstanding Registrable Notes and (ii) in
the case of all other provisions hereof, obtained the written consent of Holders of a majority of the outstanding principal amount of Registrable Notes (excluding any Registrable Notes held by the Company or its Affiliates). Notwithstanding the
foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered pursuant to the Exchange Offer and that does not affect directly or indirectly the rights of
other Holders whose securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount of Registrable Notes being tendered or registered. 

(e) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered or certified, return receipt requested), facsimile, or air courier guaranteeing overnight delivery: 

(i) if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar
under the Indenture; 
 if to the Company: 

Portman Ridge Finance Corporation 

650 Madison Avenue, 23rd Floor 

New York, NY 10022 
 Attention:
Chief Executive Officers 
 With a copy to: 

Dechert LLP 
 1900 K Street, NW

 Washington, DC 20006 

Facsimile: (202) 261-3333 

Attention: Harry S. Pangas 

 All such notices and communications shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if sent by facsimile; and on the next Business Day, if timely delivered to an air courier
guaranteeing overnight delivery. 
 Copies of all such notices, demands or other communications shall be concurrently delivered by the
Person giving the same to the Trustee at the address specified in the Indenture. 
 (f) Successors and Assigns. This Agreement shall
inure to the benefit of and be binding upon the successors and assigns of each of the parties, including, without limitation, and without the need for an express assignment, subsequent Holders of Registrable Notes; provided, however, that
this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign acquired Registrable Notes from such Holder. 

(g) Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile or other method of electronic
transmission) and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(h) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. 
 (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF. 
 (j) Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein
shall not be affected or impaired thereby. 
 (k) Entire Agreement. This Agreement is intended by the parties as a final expression of
their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other
than those set forth or referred to herein with respect to the registration rights granted by the Company with respect to the Registrable Notes. This Agreement supersedes all prior agreements and understandings between the parties with respect to
such subject matter. 
 (l) Third Party Beneficiaries. Each Holder shall be a third party beneficiary to the agreements made hereunder
between the Company, on the one hand, and the Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights or the rights of other
Holders hereunder. 
 [Signature Pages Follow] 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	PORTMAN RIDGE FINANCE CORPORATION
		
	By:	 	 /s/ Ted Goldthorpe

		 	Name: Ted Goldthorpe
		 	Title: Chief Executive Officer

 [Signature Page to Registration Rights Agreement] 

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date
first above written: 
  

			
	EP DIF Delaware I LLC
	
	By: Eagle Point Credit Management LLC, its investment advisor
		
	By:	 	 /s/ Taylor Pine

		 	Name: Taylor Pine
		 	Title: Director
	
	Wilton Reassurance Company
	
	By: Eagle Point Credit Management LLC, its investment advisor
		
	By:	 	 /s/ Taylor Pine

		 	Name: Taylor Pine
		 	Title: Director
	
	BlueCross BlueShield of Tennessee Inc.
	
	By: Eagle Point Credit Management LLC, its investment advisor
		
	By:	 	 /s/ Taylor Pine

		 	Name: Taylor Pine
		 	Title: Director
	
	Clarendon National Insurance Company
	
	By: Eagle Point Credit Management LLC, its investment advisor
		
	By:	 	 /s/ Taylor Pine

		 	Name: Taylor Pine
		 	Title: Director

			
	PCT Partners LLC
	
	By: Eagle Point Credit Management LLC, its investment advisor
		
	By:	 	 /s/ Taylor Pine

		 	Name: Taylor Pine
		 	Title: Director
	
	Arch Mortgage Insurance Company
	
	By: Eagle Point Credit Management LLC, its investment advisor
		
	By:	 	 /s/ Taylor Pine

		 	Name: Taylor Pine
		 	Title: Director
	
	United Guaranty Residential Insurance Company
	
	By: Eagle Point Credit Management LLC, its investment advisor
		
	By:	 	 /s/ Taylor Pine

		 	Name: Taylor Pine
		 	Title: Director
	
	Wilcac Life Insurance Company
	
	By: Eagle Point Credit Management LLC, its investment advisor
		
	By:	 	 /s/ Taylor Pine

		 	Name: Taylor Pine
		 	Title: Director

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