Document:

Lease Agreement

 Exhibit 10.10 
  

					
	

	  	 FLAGLER
 REAL ESTATE SERVICES
	  	 10505 N.W.
  
 112Th
  
 Avenue Suite
  
 14
  
 Miami
  
 Florida
  
 33178
  
 305.805.3000
  
 305.805.3016 F

 December 4, 2007 
 Legal Department 
 Pricesmart, Inc. 
 9740 Scranton Road, 
 San Diego, CA 92121-1745

 RE: Lease Agreement between Flagler Development Company, LLC and PriceSmart,
Inc.– 10800 NW 100th Street, Suite 1-12, FL 33178 
 To Whom It May Concern: 
 Attached for your file is an executed agreement. 
 Please be reminded that your company must provide us with a certificate of insurance evidencing the insurance coverage (See Item No. 5 per
lease) before your company moves into the premises stated above. Please make sure that the certificate states FLAGLER DEVELOPMENT COMPANY, LLC “As Additional Insured”. 
 If you have any questions, please feel free to contact the undersigned. 
  

	
	 Sincerely,

	
	 /s/ Magda Mesa

	 Magda Mesa

	 Property Manager

 LEASE AGREEMENT 
 THIS LEASE AGREEMENT (“Lease”) is made as of the date upon
which the latter of the parties hereto executes the same as set forth on the execution page hereof (the “Effective Date”), by and between FLAGLER DEVELOPMENT COMPANY, LLC, a Florida limited liability company, an address of which is
10505 N.W. 112th Avenue, Suite 14, Miami, Florida 33178 (“Landlord”), and PRICESMART, INC., a Delaware corporation, an
address of which is 9740 Scranton Road, San Diego, California 92121-1745 Attention: Legal Department (“Tenant”). 
 WITNESSETH: 
 1. TERM. 
 1.1 PROPERTY AND PREMISES. 
 Landlord hereby leases to Tenant and Tenant hereby leases from Landlord Suites 1 and 12 (the “Premises”), which is deemed to contain 126,767 rentable square feet of space, in the building known as Building #26 located at
10800 NW 100th Street, Medley, Florida 33178 (the “Building”), which contains 200,709 rentable square feet. The Building is
included in a multiple-building business and industrial park known as Flagler Station (f/k/a Beacon Station) (“Park”). The Building and the location of the Premises are as shown on the Site Plan attached hereto as Exhibit A.
The legal description of the Building is set forth in Exhibit A-1 attached hereto (the “Building Land”). Within 30 days after the Effective Date of this Lease, Tenant shall have the right to request that Landlord’s
architect certify in writing the number of usable square feet in the Premises and in the Building, using the BOMA/SIOR Exterior Wall Methodology for Measuring Floor Area in Industrial Buildings. In the event that Tenant’s architect disagrees
with the numbers provided by Landlord’s architect, and in the event Landlord’s architect and Tenant’s architect cannot resolve their differences within ten (10) days thereafter, then in such event, the Premises and the Building
shall be re-measured by an independent architect mutually selected by Landlord’s architect and Tenant’s architect whose determination of the rentable square footage of the Premises and the Building shall be binding upon Landlord and
Tenant. If the rentable square feet in the Premises or in the Building changes after this Lease is executed by Landlord and Tenant, the Base Rent and any advance rent shall be adjusted by using the new number of rentable square feet in the Premises.
If the number of rentable square feet in the Premises or the number of rentable square feet in the Building is changed, Tenant’s Share (as hereinafter defined) shall also be appropriately adjusted. 
 Presently Tenant is occupying space pursuant to that certain Gran Park Lease
Agreement dated April 20, 2000 between Landlord, as landlord, and GTS Terminals, Inc., a New Jersey corporation (“GTS”), as tenant, for Suites 2 and 3 of Building #RB4 located at 10051 NW 99th Avenue (the “Original Premises”), as assigned by GTS to Tenant pursuant to that certain Assignment and Assumption of Lease dated as of August 1, 2001, (as amended the
“Original Lease”). Landlord and Tenant shall execute a Lease Termination Agreement in the form attached as Schedule 1 hereto to evidence the termination of the Original Lease, which termination shall be within sixty (60) days
of the Commencement Date (as hereinafter defined). 

 1.2 COMMON AREAS. 
 Tenant and its employees and customers will have the nonexclusive right during the Term of this Lease to use the parking areas, streets,
driveways, aisles, sidewalks, curbs, delivery passages, loading areas, lighting facilities, and all other areas situated on or in the Park which are designated by Landlord, from time to time, for use by all tenants of the Building or the Park
(collectively, the “Common Areas”), in common with Landlord, other tenants of the Park and other persons reasonably designated by Landlord, subject to the Rules and Regulations promulgated by Landlord from time to time in accordance
with Section 3.1 hereof. 
 1.3 LEASE TERM. 
 The term of this Lease (the “Term”) shall be 124 calendar months. The Term shall commence on the later of
(i) March 1, 2008 or (ii) 15 days after Landlord has obtained possession of the Premises from the present tenant as stated below provided that Landlord has completed any work to be performed by Landlord prior to the Tenant taking
possession of the Premises (the “Commencement Date”); provided, however, that Tenant shall have no right to possession of the Premises until the “Security Deposit” (as defined herein) has been delivered to Landlord (the
Security Deposit shall not be deemed delivered to Landlord if it is in the form of a check until that check has cleared the bank and the full amount of the funds have been credited to Landlord’s account). Prior to entering the Premises, Tenant
shall obtain all insurance it is required to obtain by the Lease and shall provide certificates of said insurance to Landlord. Landlord and Tenant shall execute a Memorandum of Lease Commencement substantially in accordance with Exhibit C
attached hereto establishing the Commencement Date as soon as it has been determined. Notwithstanding anything herein to the contrary, this Lease and Landlord’s obligations hereunder are contingent upon Landlord securing possession and
control of the Premises from the existing tenant. In the event the Commencement Date has not occurred by May 1, 2008 as extended by Force Majeure (as defined herein) or similar events, Tenant shall have the right to terminate this Lease upon
written notice to Landlord delivered within ten (10) days after said date. 
 1.4 RENEWAL TERM. 
 Tenant shall have two options to renew this Lease as set forth in the attached Rider Number 1. 
 1.5 RIGHT OF FIRST OFFER. 
 Provided that Tenant is not then in default beyond applicable grace and cure
periods as provided for under this Lease, if any space contiguous to the Premises becomes vacant and available for lease by Landlord during the Term
hereof, Landlord shall promptly advise Tenant of such fact in writing (“Landlord’s Space Notice”) and shall negotiate in good faith with 

  

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Tenant to lease such space to Tenant upon terms and conditions that Landlord is offering other comparable space in the Park (“Right of First
Offer”). In the event that Landlord and Tenant are not able, for any reason, to agree on the terms within 15 business days after Landlord’s Space Notice has been delivered to Tenant, Landlord shall be free to rent such space to
whomever Landlord wishes and on whatever terms it desires, and Tenant shall have no further rights under this Right of First Offer unless and until the space has been leased to a third party and subsequently vacated by the third party, in which
event Landlord shall promptly provide Landlord’s Space Notice again and the foregoing procedure shall be repeated until the end of the Lease Term. In the event that Landlord and Tenant do agree upon terms and conditions for such space, Landlord
and Tenant shall promptly execute an amendment to the Lease to incorporate such space. Landlord may show the subject space to and work with potential tenants at any time regarding the space, so long as Landlord has given Tenant the opportunity to
exercise its Right of First Offer as described in this Section. 
 2. RENT AND OTHER CHARGES. 
 2.1 BASE RENT. 
 Tenant agrees to pay monthly rent (“Base Rent”) on the first day of each month of the Term, together with any and all rental, sales or use taxes levied by any governmental body for the use or occupancy of the Premises and
any rent or other charges payable hereunder in accordance with the following schedule: 
  

				
	 Calendar Months
	  	Monthly Base Rent
	 1-12
	  	$	66,024.48
	 13-24
	  	$	68,005.21
	 25-36
	  	$	70,045.37
	 37-48
	  	$	72,146.73
	 49-60
	  	$	74,311.13
	 61-72
	  	$	76,540.47
	 73-84
	  	$	78,836.68
	 85-96
	  	$	81,201.78
	 97-108
	  	$	83,637.83
	 109-120
	  	$	86,146.97
	 122-124
	  	$	88,731.38

 If the Commencement Date should be a date other than the first day of a calendar
month, then the first installment of Base Rent shall be prorated by multiplying the regular monthly installment of Base Rent by a fraction, the numerator of which is the number of days from the Commencement Date through the final day of the month in
which the Commencement Date occurs and the denominator of which is the total number of days in the calendar month in which the Commencement Date occurs. In such event, Lease Month 1 would commence on the first day of the calendar month following the
month in which the Commencement Date occurs. 
  

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 Notwithstanding anything to the contrary contained in this Lease, Base Rent and Operating
Expenses for the first four (4) full calendar months of the Term shall be abated. The foregoing abatement shall not alter Tenant’s obligation to deliver all agreed Prepaid Rent and Operating Expenses to Landlord upon execution of this
Lease, and such Prepaid Rent shall be applied to the first full calendar month of the Term following the months for which Base Rent is abated. 
 Base Rent shall be paid without demand, set off or deduction (except as otherwise expressly provided for in this Lease) to Landlord at P.O. Box 861945, Orlando, Florida 328861945 or such other address as Landlord
directs in writing. 
 Tenant shall deliver to Landlord, simultaneous with Tenant’s execution and delivery to Landlord
of this Lease, the sum of $101,504.45, representing one month’s prepaid Base Rent and one month’s prepaid Operating Expenses plus sales tax (“Prepaid Rent”), which sum shall be applied to the first full calendar month of
the Term that Base Rent and Operating Expenses are due and payable. Base Rent owed for the initial partial calendar month of the Term, if any, will be invoiced by Landlord and paid by Tenant with Tenant’s second monthly rent installment payment
due hereunder. 
 2.2 LATE CHARGES. 
 If any Base Rent or other payment due under this Lease is not received by Landlord within 10 days after written notice from Landlord that such sum is past due, Tenant shall pay, in addition to
such payment a late charge equal to the greater of 5% of the payment which is past due or $250.00. If any payment due from Tenant shall remain overdue for more than 10 days after written notice from Landlord that such sum is past, interest shall
accrue daily on the past due amount from the date such amount was due until paid or judgment is entered at a rate equivalent to the lesser of 15% per annum and the highest rate permitted by law. Interest on the past due amount shall be in
addition to and not in lieu of the any late charge or any other remedy available to Landlord. Notwithstanding the foregoing, no late charge or interest shall be due and payable on the first 2 instances of late payment in any calendar year unless
such payment remains outstanding for more than 10 days after Tenant’s receipt of written notice of the past due amount. 
 2.3 ADDITIONAL RENT. 
 All charges payable by Tenant under the terms of this Lease other than Base Rent are
called “Additional Rent.” Unless this Lease provides otherwise, all Additional Rent shall be paid with the next monthly installment of Base Rent and shall include all applicable sales or use taxes. The term “Rent”
shall mean Base Rent and Additional Rent. 
  

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 2.4 OPERATING EXPENSES. 
 2.4.1 Definitions. For all purposes of this Lease, the following terms shall have the meanings ascribed to them herein. 

2.4.1.1 “Operating Expenses” shall mean any reasonable and customary expenses incurred whether by Landlord or by
others on behalf of Landlord, arising out of Landlord’s maintenance, operation, repair, replacement (if such replacement is generally regarded in the industry as increasing operating efficiency or is required under any Applicable Law that was
not in effect or not applicable to the Park on the Commencement Date) and administration of the Park, Building, Premises and Common Areas, including, without limitation: (i) all real estate, personal property and other ad valorem taxes, and any
other levies, charges, local improvement rates, and assessments whatsoever assessed or charged against the Park, Building, Premises and Common Areas, the personal property owned by Landlord and used in the operation of the Park, Building or Common
Areas therein contained, including any amounts assessed or charged in substitution for or in lieu of any such taxes, excluding only income or capital gains taxes imposed upon Landlord, and including all fees and costs associated with the appeal of
any assessment on taxes; (ii) insurance that Landlord is obligated or permitted to obtain under this Lease and any deductible amount applicable to any claim made by Landlord under such insurance; (iii) security, if any is provided by
Landlord; (iv) landscaping and pest control, (v) a reasonable management fee, which shall not exceed 3% of the gross rents of the Building unless higher fees become customary and are being charged in comparable business parks in Miami-Dade
County, Florida; (vi) electricity, water, sewer, gas, window washing, janitorial services, trash and debris and other maintenance and utility charges; (vii) wages and benefits, and all taxes thereon, payable to employees of Landlord and
Landlord’s property manager whose duties are directly connected with the operation and maintenance of the Premises, Building, Common Areas or Park; and (viii) dues and assessments under any the Declaration If the Park is a multi-building
project and any tax expense, insurance expense, or other Operating Expense is not assessed separately or charged specifically to the Building, but is charged against the Park as a whole, Landlord shall reasonably and equitably determine the portion
of such Operating Expenses chargeable to the Premises. The Landlord acknowledges and agrees that the Operating Expenses with respect to the Park are the fees paid to the Section 6 Property Owners Association, Inc. pursuant to the Declaration
(as defined in Section 3.8) which are allocated first to the Building based upon the acreage of Building Land over the total acreage of all the land in Section 6, Township 53 South, Range 40 East, Miami Dade County, Florida and then based
upon Tenant’s Share of the Operating Expenses related to the Building. 
 Operating Expenses shall, however, exclude:

 (i) Depreciation and amortization, except as expressly permitted elsewhere in this Lease; 
 (ii) Costs of space planning, tenant improvements, marketing expenses, attorneys’ fees, real estate broker commissions, costs,
disbursements and other expenses for leasing, renovating, or improving space for tenants or occupants in the Park or Building; 
  

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 (iii) Costs of a capital nature including without limitation, capital improvements,
replacement of major components of Building systems and capital repairs, capital equipment and capital tools, all as determined under GAAP, except that the annual amortization of these costs shall be included to the extent expressly permitted below:

 The annual amortization over the useful life (computed by taking into account a reasonable salvage value) on a straight
line basis, of (A) the cost of any nonstructural capital improvements, repairs, and replacements made to the Building by Landlord and that are required by any governmental entity or due to any changes in applicable building codes enacted after
the Commencement Date and (B) the cost of any structural or non-structural capital improvements, repairs, and replacements by Landlord that is reasonably intended to achieve a reduction in Operating Costs to the extent the annual amortized cost
of such capital improvement for a particular calendar year does not exceed the annual savings in Operating Costs for the same calendar year, as reasonably estimated by Landlord. For purposes of this sub-section (iii) only,
“structural” improvements, repairs, or replacements shall be limited to the structural components of the roof, the floors, load bearing walls, if any (excluding any glass), and columns and joists of the Building; 
 (iv) Costs incurred by Landlord for alterations, additions, or improvements that are considered capital improvements and/or capital
replacements (and not expense items) under GAAP to be capitalized and not expensed, except that the annual amortization of these costs shall be included to the extent expressly permitted in sub-section (iii) above; 
 (v) Costs incurred by Landlord in performing the Tenant Improvements (as defined in the Work Letter attached as Exhibit E
hereto (the “Work Letter”)) pursuant to Work Letter; 
 (vi) Costs (including permits, licenses, and
inspection fees) incurred in renovating, improving, decorating, painting, or redecorating vacant space or space for tenants; 
 (vii) Landlord’s cost of electricity or other goods or services sold or provided to Tenant or other occupants for which Landlord is entitled to be reimbursed by such tenants or other occupants as an additional charge or rental over and
above the rental and escalations payable under the lease with such tenants or other occupants; 
 (viii) Wages, salaries,
fees and fringe benefits paid to administrative or executive personnel above the level of Building Manager or paid to officers or partners of Landlord, except as otherwise expressly permitted in this Lease; 
 (ix) Legal fees arising out of disputes or negotiations with tenants of the Building or Park; 
  

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 (x) Fines, penalties or costs incurred due to Landlord’s violation of or failure to
timely comply with any governmental law, rule or authority unless Tenant is the cause therefore; 
 (xi) Cost of correcting
defects in or inadequacy of (latent or otherwise) the original design or construction of the Building or in the original Building systems or equipment or for structural replacements due to original defects; 
 (xii) Costs incurred in providing services which are separately invoiced and charged to Tenant and/or other tenants of the Building or
Park (other than as part of the Operating Costs reimbursements); 
 (xiii) Mark-ups on electricity in excess of
Landlord’s costs therefore or any charges for electricity and other utilities consumed by other tenants in quantities above building standard levels; 
 (xiv) Any rent or other cost or expense paid in connection with any ground lease or underlying leases; 
 (xv) Interest on debt or amortization payments on mortgages or deeds to secure debt, deeds of trust or any other debt and all costs and charges arising under any loans or indebtedness secured by the Building or the
land upon which the Building is located, as well as any costs, fees and other expenses incurred in connection with (A) any financing of any portion of such property or (B) any transfer of financing on any portion of such property or
(C) any transfer of Landlord’s interest, including, without limitation, brokerage fees or commissions, loan fees and points, title and escrow charges, attorneys’ fees and transfer taxes (provided, however, that if Landlord is
permitted by law to pay a governmental assessment against the Building over a period of time in excess of one (1) year or Landlord is permitted under a contract with a vendor to Landlord to pay an Operating Cost over a period of time in excess
of one (1) year, then the actual interest paid to such governmental authority or vendor may be included by Landlord in Operating Costs; provided further, however, that any late payment charges, late payment interest charges, liquidated damages
or penalty charges shall not be included in Operating Costs); 
 (xvi) Prepayments (including prepayments of taxes) when such
payments may be and are customarily paid in installments; provided, however, this provision shall not be deemed to prohibit Landlord from taking advantage of all discounts; 
 (xvii) Costs incurred to clean-up, contain, abate, remove or otherwise remedy hazardous waste materials, asbestos or substance compliance unless such costs resulted from Tenant’s actions;

 (xviii) Cost of repairs, restoration and/or other work needed because of fire, windstorm or other casualty or cause
insured by Landlord. However, Operating Costs shall include any deductible amount under any such insurance policy maintained by Landlord for the Building to the extent the deductible to be maintained pursuant to Section 5.2 for similar policies
maintained by landlords of comparable buildings for similar types of coverage (it being acknowledged that such deductible amounts may be included as an Operating Cost); 
  

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 (xix) Any costs incurred by Landlord and payable to subsidiaries or affiliates of
Landlord to the extent in excess of the market rate for the services or materials provided, but only to the extent of such excess; 
 (xx) Items and services that Landlord provides selectively to one or more tenants or occupants of the Building or park, other than Tenant and which Landlord is not obligated to provide Tenant; 
 (xxi) The cost or repairing or curing defects in other tenants’ tenant improvements; 
 (xxii) The cost of correcting any code violations in the Building which are violations of applicable codes as of the Commencement Date;

 (xxiii) The cost of installing, operating and maintaining any specialty improvement, such as a cafeteria or dining
facility or luncheon or recreational club or health club; 
 (xxiv) Costs and expenses, including, but not limited to
attorneys’ fees and expenses, resulting from the negligence or willful misconduct of Landlord or Landlord’s agents, servants or employees acting within the scope of their employment or agency relationship; 
 (xxv) Any costs or expenses incurred by Landlord as a result of the misuse or neglect of any portion of the Building or property by any
other tenant or their contractors, subcontractors, customers, employees, licensees, agents or invitees; and 
 (xxvi) Costs,
damages and/or settlement amounts paid or incurred because Landlord or another tenant violated the terms or conditions of any lease; 
 (xxvii) Landlord’s general overhead and general administrative expenses not attributable to the operation of the Building or Park; 
 (xxviii) Any compensation paid to clerks, attendants or other persons in commercial concessions operated by Landlord; 
 (xxix) Rentals and other related expenses incurred in leasing air conditioning systems, elevators or other equipment ordinarily considered to be of a capital nature, except equipment used in
providing janitorial services and which is not affixed to the Building; 
 (xxx) Advertising, marketing and promotional
expenditures; 
 (xxxi) Any subsidy or other payment made to any tenant or vendor in the Building to subsidize that
tenant’s or vendor’s expenses, gross revenues, profits or the like; 
  

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 (xxxii) Any bad debt loss, rent loss or reserves for bad debts or rent loss; 

(xxxiii) The cost of any item, service or repair to the extend that such cost is paid under any warranty, guaranty or insurance policy
maintained or held by Landlord; 
 (xxxiv) The cost of any work or service performed for or facilities furnished to any
tenant of the Building to a greater extent or in a manner more favorable to such tenant than that performed for or furnished to Tenant (but only to the extent of the excess cost over that payable by Tenant); and 
 (xxxv) Real estate taxes on any undeveloped land within the Park. 
 Notwithstanding anything to the contrary in this Section 2.4, Tenant’s obligation to pay Operating Expenses, other than taxes
and assessments, insurance, utilities, contracts that have obligations that increase based on increases in the Consumer Price Index (CPI), contracts which reflect price increases even after Landlord has accepted the lowest qualified bid from one of
at least two bidders, and other expenses that are outside Landlord’s immediate control, shall be capped at cumulative increases of five percent (5%) per year. 
 2.4.1.2 “Tenant’s Share” shall mean that certain portion of the Operating Expenses that Tenant is obligated to pay to Landlord, which shall be calculated by multiplying
annual Operating Expenses by a fraction, the numerator of which shall be the total rentable square footage of the Premises and the denominator of which shall be the total rentable square footage of the Building, which fraction as of the Commencement
Date shall be 63.16%, unless otherwise set forth in the Memorandum of Lease Commencement. Tenant’s Share shall be subject to change as and if the rentable square footage of either the Premises or the Building changes. 
 2.4.2 Payment of Operating Expenses. In addition to the payment of Base
Rent, Tenant shall pay Tenant’s Share to Landlord during the Term. Landlord shall provide a good faith estimate of the Operating Expenses for the current calendar year and an estimate of Tenant’s Share, if any (the “Estimate
Statement”). Tenant shall remit monthly one-twelfth ( 1/12th
) of Tenant’s Share (the “Estimated Payment”) as Additional Rent together with its payments of Base Rent; provided that, if applicable, Landlord may invoice Tenant retroactively
for the months of January through the month of issuance of the Estimate Statement. On or before March 31st of each calendar year, Landlord
shall send a statement to Tenant detailing all Operating Expenses for the prior year and setting forth the amount representing the Tenant’s Share, as reconciled for the actual Operating Expenses of the prior year (the “Operating Expense
Statement”). If the Operating Expense Statement indicates that the estimated Operating Expenses paid by Tenant during the preceding year exceeded Tenant’s Share, then Tenant shall be given a credit in the amount of the difference
between the Estimated Payments made in the preceding year and the Tenant’s Share against its next due installments of Operating Expenses. If the Operating Expense Statement indicates that Tenant’s Share exceeded the Estimated Payments,
then Tenant shall remit the difference to Landlord as Additional Rent. Landlord’s failure to provide a statement shall not prejudice Landlord’s right to collect a shortfall or Tenant’s right to receive a credit for over payments.

  

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 2.4.3 Tenant Specific Operating Expenses. If the nature of Tenant’s business
within the Premises is such that additional costs are incurred by Landlord for insurance, cleaning, utilities, sanitation, trash removal, pest control, disposal services or other Operating Expenses, Tenant agrees to pay as Additional Rent to
Landlord on demand the amount of such additional costs. 
 2.4.4. Utilities; Janitorial Services. 
 2.4.4.1 Utilities at the Premises. Landlord represents that as of the Commencement Date, provided there are no changes to the
Tenant Improvements, water, electricity, sewer, and telephone utilities in sufficient capacity for customary use shall be connected and immediately available to the Premises and all tap, connection, and/or impact fees shall have been paid in full by
Landlord. Tenant shall be solely responsible for and shall promptly pay all charges for gas, heat, light, electricity, security, power, telephone and any other utility or service directly metered or provided to the Premises. In the event the
Premises experiences an interruption of electrical, telephone, sewer or water which prevents Tenant from utilizing the Premises to conduct its business (an “Interruption”) which Interruption is caused by Landlord, its agents, employees or
contractors and is within the control of Landlord to cure (i.e. not as a result of the inability of Landlord to obtain the applicable utility service through no fault of Landlord) (a “Controllable Interruption.”) Landlord shall commence
and diligently pursue the curative action within a commercially reasonable amount of time after written notice from Tenant of a Controllable Interruption. If Landlord fails to correct the Controllable Interruption within 5 business days, then Tenant
shall have the right, after written notice to Landlord to expend commercially reasonable market sums to cure the Controllable Interruption and offset said amount against the next payments of Rent due hereunder. In addition, Tenant shall be entitled
to an abatement of Rent with respect to a Controllable Interruption as to that portion of the Premises rendered unusable as a result of such Controllable Interruption commencing with the eighth (8th) consecutive day of the Controllable
Interruption until such time as the services are restored. 
 2.4.4.2 Janitorial Services. Tenant shall be solely
responsible for and shall promptly pay for all window washing, janitorial service and trash and debris removal charges relating to the Premises. 
 2.4.5 Tenant’s Review of Operating Expenses. Tenant shall have the right to examine and review Landlord’s books and records pertaining to Operating Expenses (“Tenant’s Review”), at
Tenant’s expense, one time during each calendar year provided that (i) Tenant provides Landlord with written notice of its election to conduct Tenant’s Review no later than three (3) months following Tenant’s receipt of the
Operating Expense Statement and completes Tenant’s Review within sixty (60) days after giving such notice; (ii) there is no event of default under the Lease as of the date that Tenant delivers such notice or any default that occurs during
Tenant’s Review after the giving of notice and that is not cured or in the process of being cured 

  

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within any applicable cure periods, provided, however, that Tenant shall lose the right to perform Tenant’s Review if such default is not cured during
the applicable cure period; (iii) Tenant fully and promptly pays all Rent, including Tenant’s Share of Operating Expenses as billed by Landlord pending the outcome of Tenant’s Review; (iv) Tenant’s Review is conducted by a
qualified employee of Tenant or by an accounting firm engaged by Tenant on a non-contingency fee basis; (v) Tenant and the person(s) conducting Tenant’s Review agree that they will not divulge the contents of Landlord’s books and
records or the result of their examination to any other person, including any other tenant in the Park, other than Tenant’s attorneys, accountants, employees and consultants who have need of the information for purposes of administering this
Lease for Tenant or as otherwise required by law. Tenant shall not be entitled to challenge Landlord’s calculation of Operating Expenses in any year(s) prior to the year for which Tenant’s Review is being conducted, all such Operating
Expenses to be deemed final and binding on the parties once Tenant’s Review for that year has been conducted or Tenant’s right to conduct Tenant’s Review for such year has elapsed. Tenant’s Review shall be conducted at
Landlord’s office where the records are maintained during Landlord’s normal business hours. In the event that Tenant’s Review demonstrates that Landlord has overstated Operating Expenses, Landlord shall reimburse Tenant for any
overpayment of Tenant’s Share of such Operating Expenses within thirty (30) days of Landlord’s receipt of reasonably sufficient documentation of such overstatement from Tenant; provided, however, that Tenant’s Review must be
completed within the time frames set forth in (i) above or Landlord shall have no obligation to reimburse Tenant for any overstatement of Operating Expenses for that year then under review. 
 In the event that Tenant’s Review demonstrates that Landlord has overstated the Operating Expenses for the year reviewed by more
than five percent (5%), Landlord shall reimburse Tenant for its reasonable out-of-pocket expenses incurred in conducting Tenant’s Review, provided that the amount of such reimbursement shall not exceed the amount of the overstatement of
Operating Expenses, in addition to reimbursement of the overstated Operating Expense amount, within thirty (30) days of Landlord’s receipt of documentation reasonably acceptable to Landlord reflecting the cost of Tenant’s Review
Tenant’s Review. If Landlord has not overstated Operating Expenses or if any such overstatement is less than five percent (5%), then Tenant’s Review shall be conducted at Tenant’s sole cost and expense. 
 3. USE OF PROPERTY. 
 3.1 PERMITTED USES. 
 Tenant may use the Premises only for the following Permitted Use: warehouse purposes,
and related office use. Tenant shall observe the rules and regulations attached to and made a part of this Lease as Exhibit B. Landlord will have the right at all times to change and amend the rules and regulations in any reasonable
and non-discriminatory manner as it may deem advisable for the safety, care and operation or use of the Park or the Premises and Landlord shall provide Tenant with written notice including a copy of any such change to the rules and regulations.
Tenant shall not create a nuisance or use the Premises for any illegal or immoral purpose. 
  

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 3.2 COMPLIANCE WITH LAWS. 
 3.2.1 Landlord’s Compliance. During the Term of this Lease, Landlord shall be responsible for making any modifications to the
Building, Park and Common Areas, including the parking lot and entrances serving the Park and Building, required pursuant to any federal, state or local laws, common law, ordinances, building codes, and rules and regulations of governmental entities
having jurisdiction over the Park, including but not limited to the Board of Fire Underwriters and the Americans with Disabilities Act (the “ADA”) and all regulations and orders promulgated pursuant to the ADA (collectively,
“Applicable Laws”). Any modifications to the Park and the Building made by Landlord pursuant to the provisions of this paragraph shall initially be at Landlord’s expense, but the cost thereof may be included in Operating
Expenses pursuant to Section 2.4 if such cost is permitted to be treated as an Operating Expense under Section 2.4. 
 3.2.2 Tenant’s Compliance. Tenant shall comply with all Applicable Laws relating to its use or occupancy of the Premises, and shall promptly comply with all governmental orders and directives for the
correction, prevention, and abatement of any violation of Applicable Laws by Tenant in, upon, or connected with the Premises, all at Tenant’s sole expense. Tenant will procure at its own expense all permits and licenses required for the
transaction of its business in the Premises. During the Term, Tenant shall, at its sole cost and expense, make any modifications to the Premises that may be required as a result of Tenant’s specific use of or operations at the Premises pursuant
to any Applicable Laws. 
 3.3 HAZARDOUS MATERIAL. 
 Tenant has advised Landlord that Tenant’s business involves the transport and storage of items that are classified as Hazardous
Materials (as hereinafter defined). Throughout the Term, Tenant will prevent the presence, use, generation, release, discharge, storage, disposal, or transportation of any Hazardous Materials (as hereinafter defined) on, under, in, above, to, or
from the Premises except that (i) Hazardous Materials may be used in the Premises as necessary for the customary maintenance of the Premises, and (ii) the products and equipment (which may contain Hazardous Materials) listed on attached
Exhibit F, may be used and stored in the Premises in connection with Tenant’s Permitted Use, as such list may reasonably modified from time to time with written notice from Tenant to Landlord, provided that all of the same are
used, stored, transported and disposed of in strict compliance with (1) Applicable Laws, (2) the terms and conditions of the Declaration, and (3) the Best Management Practices prepared by the Miami-Dade County Department of
Environmental Resources Management, a copy of which is attached hereto as Exhibit G and incorporated herein. For purposes of this provision, the term “Hazardous Materials” will mean and refer to any wastes, materials,
or other substances of any kind or character that are or become regulated as hazardous or toxic waste or substances, or which require special handling or treatment, under any Applicable Laws. 
 If Tenant’s activities at the Premises or Tenant’s use of the Premises (a) results in a release of Hazardous Materials by
Tenant that is not in compliance with Applicable Laws or permits issued thereunder; (b) gives rise to any claim or requires a response under Applicable 

  

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Laws or permits issued thereunder; (c) causes a significant public health effect; or (d) creates a nuisance, or (e) causes the presence at the
Premises of Hazardous Materials in levels that violate Applicable Laws or permits issued thereunder, then Tenant shall, at its sole cost and expense: (i) provide verbal notice thereof to Landlord immediately after Tenant becomes aware of the
same as well as notice to Landlord in the manner required by this Lease, which notice shall identify the Hazardous Materials involved and the emergency procedures taken or to be taken; and (ii) promptly take all action in response to such
situation required by the governmental agency overseeing the same, provided that Tenant shall first obtain Landlord’s reasonable approval of the non-emergency remediation plan to be undertaken. 
 Tenant shall at all times indemnify and hold harmless Landlord against and from any and all claims, suits, actions, debts, damages,
costs, losses, obligations, judgments, charges and expenses (including reasonable attorneys’ fees) of any nature whatsoever suffered or incurred by Landlord to the extent they were caused by the following activities of Tenant on the Premises
during the Term (and any other period when Tenant is in possession of the Premises) and arise from events or conditions which came into existence after the Commencement Date: (i) any release, threatened release, or disposal of any Hazardous
Materials by Tenant at the Premises, or (ii) the violation of any Applicable Laws at the Premises by Tenant, pertaining to protection of the environment, public health and safety, air emissions, water discharges, hazardous or toxic substances,
solid or hazardous wastes or occupational health and safety. The foregoing obligations of Tenant shall survive the expiration or earlier termination of this Lease. 
 Landlord represents to Tenant that Landlord has not received written notice from any governmental agency regarding the existence of any Hazardous Materials on or about the Premises, the presence
of which violates any Applicable Laws. Landlord shall indemnify, defend, and hold Tenant, and its employees, officers and directors harmless from all claims, liabilities, losses, costs and expenses (including reasonable attorney fees) arising out of
the existence of any Hazardous Materials on or about the Premises on the Commencement Date. 
 3.4 SIGNS. 

Tenant shall not place any signs on the Premises, Building or Park except with the prior written consent of Landlord, including consent
as to location and design, which may be withheld in Landlord’s sole discretion, provided that Tenant may place prominent exterior signs on the exterior of and in front of the Building in the locations identified on Exhibit D
attached hereto, provided that any and all such signs shall be installed and shall be maintained by Tenant, at its sole cost and expense and shall be in compliance with Landlord’s sign criteria (a copy of which is attached hereto as
Exhibit D), the Rules and Regulations and all Applicable Laws. Tenant shall be responsible to Landlord for the installation, use, or maintenance of said signs and any damage caused thereby. Tenant agrees to remove all of its signs
prior to termination of the Lease and upon such removal to repair all damage incident to such removal. 
  

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 3.5 ACCESS. 
 3.5.1 Landlord’s Access. Landlord shall be entitled at all reasonable times and upon at least 48 hours advance notice (but no
notice is required in emergencies) to enter the Premises to examine them and to make such repairs, alterations, or improvements thereto as Landlord is required by this Lease to make. Tenant shall not unduly obstruct any pipes, conduits, or
mechanical or other electrical equipment so as to prevent reasonable access thereto. Landlord shall exercise its rights under this section, so as to in good faith reduce as far as possible, interference with Tenant’s use and enjoyment of the
Premises. Landlord and its agents have the right to enter the Premises at all reasonable times upon at least 48 hours advance notice to show them to prospective purchasers, lenders, or anyone having a prospective interest in the Building, and,
during the last six months of the Term or any renewal thereof, to show them to prospective tenants. During the last six months of the Term, Landlord may place customary “For Sale” or “For Lease” signs on the Premises, Building or
Park as Landlord deems necessary. Landlord will have the right at all times to enter the Premises in the event of a bona fide emergency affecting the Premises. Notwithstanding anything to the contrary contained herein, Tenant shall have the right to
have representative of Tenant accompany Landlord with respect to any entry to the Premises provided for herein, and Tenant shall have the right to prevent Landlord from gaining access to any secured areas of the Premises except in the event of a
bona fide emergency. 
 3.5.2 Tenant’s Access. Tenant shall have access to the Premises and to the Common Areas
required for access to the Premises twenty-four (24) hours per day, seven (7) days per week, 365 (or 366, as the case may be) days per year, subject to reasonable security measures and except in the event of an emergency, casualty, Force
Majeure or similar event which causes Landlord to limit access to tenants. 
 3.6 QUIET POSSESSION. 
 If Tenant pays all Rent and fully performs all of its obligations under this Lease, Tenant shall be entitled to peaceful and quiet
enjoyment of the Premises for the full Term without interruption or interference by Landlord or any person claiming by, through or under Landlord. 
 3.7 INTENTIONALLY OMITTED. 
 3.8 COVENANTS AND RESTRICTIONS. 
 Tenant hereby acknowledges and agrees that the Building, and Tenant’s occupancy thereof, is subject to that certain Declaration of
Covenants, Condition, Easements and Restrictions recorded in OR Book 17965, Page 2124, as amended by that certain Supplementary Declaration of Restrictive Covenants dated November 2, 1999 recorded in OR Book 18851, Page 3046, that certain
Amendment to Declaration of Covenants, Conditions, Easements and Restrictions dated September 12, 2000 recorded in OR Book 19286, Page 3535, that certain Second Amendment to Declaration of Covenants, Conditions, Easements and Restrictions dated

  

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June 20, 2003 recorded in OR Book 21379, Page 3906, and that certain Third Amendment to Declaration of Covenants, Conditions, Easements and Restrictions
dated September 16, 2004 recorded in OR Book 22703, Page 4693, all of the Public Records of Miami-Dade County, Florida, and as may be further amended pursuant to the terms thereof (the “Declaration”). Landlord agrees that
Landlord will not modify or amend the Declaration or record any other similar declaration that would adversely affect Tenant’s rights under this Lease in any material respect. 
 3.9 PARKING. 
 Tenant shall have a non-exclusive license to use 149 parking spaces (including handicap spaces) in the parking lot adjacent to the Building. Tenant agrees that it will use good faith efforts to prevent the use by Tenant’s employees and
visitors of parking spaces not designated for their use. All motor vehicles (including all contents thereof) shall be parked in such spaces at the sole risk of Tenant, its employees, agents, invitees and licensees, it being expressly agreed and
understood that Landlord has no duty to insure any of said motor vehicles (including the contents thereof), and that Landlord is not responsible for the protection and security of such vehicles, or the contents thereof. 
 4. TENANT ALTERATIONS AND IMPROVEMENTS. 
 4.1 TENANT IMPROVEMENTS. 
 Except as expressly provided in this Lease and the Work
Letter, Tenant acknowledges and agrees that Landlord has not undertaken to perform any modification, alteration or improvements to the Premises and Tenant further waives any defects (excluding latent defects) in the Premises and acknowledges and
accepts (1) the Premises in their “AS IS” condition, and as suitable for the purpose for which they are leased, and (2) the Park and every part and appurtenance thereof as being in good and satisfactory condition. If any
improvements, modifications or alterations, beyond those specified in the Work Letter are required for Tenant’s initial occupancy of the Premises, due solely to Tenant’s specific use of the Premises, by any governmental or municipal body
or agency or are required by any Applicable Law, Tenant will be solely responsible for the cost of the same. Except as otherwise expressly provided for herein, if, after the Commencement Date, any improvements, modifications or alterations are
required by any governmental or municipal body or agency or as a result of any change in any Applicable Law due to Tenant’s specific use of the Premises, Tenant will be responsible for the cost of the same. 
 4.2 TENANT ALTERATIONS. 
 Tenant will not make or allow to be made any alterations in or to the Premises without first obtaining the written consent of Landlord, which consent will not be unreasonably withheld, conditioned or delayed. For any
such alterations in excess of $100,000.00, Landlord may require Tenant to provide demolition and/or lien and completion bonds in form and amount reasonably satisfactory to Landlord. All Tenant alterations will be accomplished in a good and 

  

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workmanlike manner at Tenant’s sole expense, in conformity with all Applicable Laws by a licensed and bonded contractor approved in advance by Landlord,
such approval of contractor not to be unreasonably withheld or delayed. All contractors performing alterations in the Premises shall carry workers’ compensation insurance, commercial general liability insurance, automobile insurance and excess
liability insurance in amounts reasonably acceptable to Landlord and shall deliver a certificate of insurance evidencing such coverages to Landlord prior to commencing work in the Premises. Upon completion of any such work, Tenant shall provide
Landlord with “as built” plans, copies of all construction contracts, and proof of payment for all labor and materials. Any Tenant alterations to the Premises made by or installed by either party hereto will remain upon and be surrendered
with the Premises and become the property of Landlord upon the expiration or earlier termination of this Lease without credit to Tenant; provided, however, that Landlord may, at its option, by providing written notice to Tenant at the time Landlord
approves Tenant’s request for Landlord’s consent to its additions and/or alterations, require Tenant to remove any additions and/or repair any alterations (other than any work performed by Landlord prior to the Commencement Date and work
performed pursuant to the Work Letter that Landlord has approved in writing and stated that it does not have to be removed at the expiration of the Term) and to restore the Premises to the condition existing at the time Tenant took possession, with
all costs of removal, repair, restoration, or alterations to be borne by Tenant. This clause will not apply to moveable equipment, furniture or moveable trade fixtures owned by Tenant, which may be removed by Tenant at the end of the Term if Tenant
is not then in default and if such equipment and furniture are not then subject to any other rights, liens and interests of Landlord. Tenant will have no authority or power, express or implied, to create or cause any construction lien or
mechanics’ or materialmen’s lien or claim of any kind against the Premises, the Park or any portion thereof. Tenant will promptly cause any such liens or claims to be released by payment, bonding or otherwise within 30 days after request
by Landlord, and will indemnify Landlord against losses arising out of any such claim including, without limitation, legal fees and court costs. NOTICE IS HEREBY GIVEN THAT LANDLORD WILL NOT BE LIABLE FOR ANY LABOR, SERVICES OR MATERIAL FURNISHED OR
TO BE FURNISHED TO TENANT, OR TO ANYONE HOLDING THE PREMISES THROUGH OR UNDER TENANT, AND THAT NO MECHANICS’ OR OTHER LIENS FOR ANY SUCH LABOR, SERVICES OR MATERIALS WILL ATTACH TO OR AFFECT THE INTEREST OF LANDLORD IN THE PREMISES. TENANT WILL
DISCLOSE THE FOREGOING PROVISIONS TO ANY CONTRACTOR ENGAGED BY TENANT PROVIDING LABOR, SERVICES OR MATERIAL TO THE PREMISES. 
 Notwithstanding anything to the contrary contained herein, for work which (i) will cost in the aggregate less than $50,000 per project, and (ii) which does not affect the structure of the Building or any of the Building’s
electrical, plumbing, HVAC or mechanical systems (“Permitted Alterations”), Tenant shall not be required to obtain the prior written consent of Landlord, however, Landlord must receive no less than ten (10) business days written
notice, together with copies of the plans and specifications, prior to the commencement of said Permitted Alterations and Tenant must otherwise comply with the terms of this Section 4.2. 
  

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 5. INSURANCE AND INDEMNITY. 
 5.1 TENANT’S INSURANCE. 
 Tenant will throughout the Term (and any other period when Tenant is in possession of the Premises) carry and maintain, at its sole cost and expense, the following types of insurance, which shall provide coverage on
an occurrence basis, with respect to the Premises, in the amounts specified with deductible amounts reasonably satisfactory to Landlord and in the form hereinafter provided for: 
 (a) Commercial General Liability Insurance. Commercial general liability insurance covering claims arising from bodily injury and property damage with minimum limits of $1,000,000.00 per
occurrence and $2,000,000.00 general aggregate and insuring against legal liability of the insured with respect to the Premises or arising out of the maintenance, use or occupancy thereof. The commercial general liability insurance policy shall
include contractual liability coverage. 
 (b) Comprehensive Automobile Liability Insurance. In the event that Tenant
owns or leases vehicles for use in connection with the Premises, comprehensive automobile liability insurance with limits of not less than $1,000,000.00 per occurrence for bodily injury, $500,000.00 per person and $100,000.00 property damage or a
combined single limit of $1,000,000.00 covering vehicles owned or leased by Tenant. 
 (c) Umbrella Coverage. Tenant
shall also carry and maintain umbrella liability insurance with a limit of not less than $5,000,000.00 per occurrence. 
 (d)
Property Insurance. Extended or broad form coverage property insurance including plate glass coverage on a replacement cost basis, with coverage equal to not less than 90% of the full replacement value of all personal property, decorations,
trade fixtures, furnishings, equipment, alterations, leasehold improvements and betterments made by Tenant, and all other contents located or placed in the premises. In the event any casualty occurs, Tenant agrees to pay the difference between the
insurance coverage required to be maintained by this Section 5.1(d) and an insurance policy offering coverage of 100% of the full replacement value of the property described in this subparagraph. Tenant’s policy will also include
business interruption/extra expense coverage in amounts sufficient to insure 6 months of interrupted business operations at the Premises. Tenant shall be allowed to self-insure its obligations under this Section 5.1(d). If Tenant
self-insures such liabilities, Tenant shall be deemed to have waived any and all claims or potential claims against Landlord for liabilities that would typically be covered by property insurance, including but not limited to business interruption or
extra expense insurance coverage, and covenants not to sue Landlord for any such liabilities. 
 (e) Workers’
Compensation and Employees’ Liability Insurance. Workers’ Compensation Insurance covering all employees of Tenant, as required by the laws of the State of Florida and Employers’ Liability coverage subject to a limit of no less
than $100,000.00 each employee, $100,000.00 each accident, and $1,000,000.00 policy limit. 
  

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 (f) Policy Form. All policies referred to above shall: (i) be taken out with
insurers licensed to do business in Florida having an A.M. Best’s rating of A-, Class 9, or otherwise approved in advance by Landlord; (ii) name Landlord and Landlord’s property manager (if any) as additional insureds on the CGL and
automobile liability policies; (iii) be noncontributing with, and shall apply only as primary and not as excess to any other insurance available to Landlord or any mortgagee of Landlord; and (iv) contain an obligation of the insurers
and/or the agent/broker to notify Landlord by certified mail not less than 30 days prior to any material change, cancellation, or termination of any such policy. Certificates of insurance on Acord Form 25-S on or before the Commencement Date and
thereafter at times of renewal or changes in coverage or insurer shall be delivered to Landlord promptly upon request. If (a) Tenant fails to take out or to keep in force any insurance referred to in this Section 5.1, or should any
such insurance not be approved by either Landlord or any mortgagee, and (b) Tenant does not commence and continue to diligently cure such default within 48 hours after notice by Landlord to Tenant specifying the nature of such default, then
Landlord has the right, without assuming any obligation in connection therewith, to procure such insurance at the sole cost of Tenant, and all outlays by Landlord shall be paid by Tenant to Landlord without prejudice to any other rights or remedies
of Landlord under this Lease. Tenant shall not keep or use in the Premises any article that may be prohibited by any fire or casualty insurance policy in force from time to time covering the Premises or the Building. 
 5.2 LANDLORD’S INSURANCE. 
 During the Term, Landlord will carry and maintain the following types of insurance with respect to the Building and Park in such amount or percentage of replacement value as Landlord or its insurance advisor deems
reasonable in relation to the age, location, type of construction and physical conditions of the Building and Park and the availability of such insurance at reasonable rates: (i) broad form or extended coverage insurance on the Building
(excluding any property with respect to which Tenant and other tenants are obliged to insure pursuant to Section 5.1 or similar sections of their respective leases); (ii) public liability and property damage insurance with respect
to Landlord’s operations in the Building; and (iii) such other forms of insurance as Landlord or its mortgagee reasonably considers advisable. Such insurance shall be in such reasonable amounts and with such reasonable deductibles as would
be carried by a prudent owner of a similar building, having regard to size, age, and location. Landlord shall have the right to self insure any or all of its liabilities with respect to the Park. 
 5.3 RELEASE AND WAIVER OF SUBROGATION RIGHTS. 
 The parties hereto, for themselves and anyone claiming through or under them, hereby release and waive any and all rights of recovery, claim, action or cause of action, against each other, their
respective agents, directors, officers and employees, for any property loss or property damage that may occur to the Premises or the Building, and to all property, whether real, personal or mixed, located in the Premises or the Building, by reason
of any cause against which the releasing party is actually insured or, regardless of the releasing party’s actual insurance coverage, against which the releasing party is required to be insured pursuant to the 

  

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provisions of Sections 5.1 or 5.2. This mutual release and waiver shall apply regardless of the cause or origin of the loss or damage,
including negligence of the parties hereto, their respective agents and employees. Each party agrees to provide the other with reasonable evidence of its insurance carrier’s consent to such waiver of subrogation upon request. This
Section 5.3 supersedes any provision to the contrary which may be contained in this Lease. 
 5.4
INDEMNIFICATION OF THE PARTIES. 
 5.4.1 Tenant’s Indemnity. Tenant hereby agrees to indemnify, defend and
hold harmless Landlord from and against any and all liability for any loss, injury or damage, including, without limitation, all costs, expenses, court costs and reasonable attorneys’ fees, imposed on Landlord by any person whomsoever that
occurs (i) in the Premises, except for any such loss, injury or damage that is caused by or results from the negligence or willful misconduct of Landlord, its employees or agents; or (ii) anywhere in the Park outside of the Premises as a
result of the negligence or willful misconduct of Tenant, its employees, agents or contractors. 
 5.4.2 Landlord’s
Indemnity. Landlord hereby indemnifies Tenant from, and agrees to hold Tenant harmless against, any and all liability for any loss, injury or damage, including, without limitation, all costs, expenses, court costs and reasonable attorneys’
fees, imposed on Tenant by any person whomsoever, that occurs in the Building or anywhere on the Park and that is caused by or results from the negligence or willful misconduct of Landlord or its employees, agents or contractors. 
 The provisions of this Section 5.4 shall survive the expiration or earlier termination of this Lease. 
 6. DAMAGE, DESTRUCTION AND CONDEMNATION  
 6.1 DESTRUCTION OR DAMAGE TO PREMISES. 
 If the Premises are at any time damaged or
destroyed in whole or in part by fire, casualty or other causes, Landlord shall have 60 days from the date of such damage or destruction to determine and inform Tenant in writing whether Landlord will restore the Premises to substantially the
condition that existed immediately prior to the occurrence of the casualty. If Landlord elects to rebuild, Landlord shall complete such repairs within 180 days from the end of the 60-day period. If such repairs have not been completed within that
180-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention to terminate this Lease. Landlord shall then have 10 days
after Landlord’s receipt of notice of Tenant’s election to terminate to complete such repairs (as evidenced by a temporary certificate of occupancy or other appropriate certificate from the applicable governmental authority). If Landlord
does complete such repairs prior to the expiration of such 10-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense,
repair and restore any improvements to the Premises made by Tenant to the condition that existed immediately prior to the occurrence of the casualty. If, in 

  

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Landlord’s reasonable estimation, the Premises cannot be restored within 240 days of such damage or destruction, then Landlord shall notify Tenant in
writing of such fact, and either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than 30 nor more than 60 days after the date such notice is given. Until the restoration of the Premises
is complete, there shall be an abatement or reduction of Base Rent and Operating Expenses in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises,
unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event
there shall be no such abatement unless Landlord is being covered by Tenant’s or Landlord’s business interruption/extra expense coverage during the restoration. 
 Notwithstanding the foregoing provisions of this paragraph, if damage to more than 50% of the Premises or destruction of the Premises shall occur within the last year of the Term, as the same may
be extended as provided hereinafter either party may terminate this Lease by providing written notice of such intention to terminate within 30 days of the date of such damage or destruction. 
 6.2 CONDEMNATION. 
 6.2.1 TOTAL OR PARTIAL TAKING. 
 If the whole of the Premises, any of the loading
doors at the Premises or any material part of the parking area for the Premises or access to the Premises (provided that if 20% or more of the Premises or 40% or more of the parking area are taken, Tenant may deem that all of the Premises are
taken), or such portion thereof as will make the Premises unusable, in Tenant’s commercially reasonable judgment, for the purposes leased hereunder, shall be taken by any public authority under the power of eminent domain or sold to public
authority under threat or in lieu of such taking, the Term shall cease as of the day possession or title shall be taken by such public authority, whichever is earlier (“Taking Date”), whereupon the Rent and all other charges shall
be paid up to the Taking Date with a proportionate refund by Landlord of any Rent and all other charges paid for a period subsequent to the Taking Date. If less than the whole of the Premises, or less than such portion thereof as will make the
Premises unusable, in Tenant’s commercially reasonable judgment, as of the Taking Date, is taken, Base Rent and other charges payable to Landlord shall be reduced in proportion to the amount of the Premises taken. If this Lease is not
terminated, Landlord shall repair any damage to the Premises caused by the taking to the extent necessary to make the Premises reasonably tenantable within the limitations of the available compensation awarded for the taking (exclusive of any amount
awarded for land). 
 6.2.2 AWARD. 
 All compensation awarded or paid upon a total or partial taking of the Premises or Building including the value of the leasehold estate created hereby shall belong to and be the property of
Landlord without any participation by Tenant; Tenant shall have no claim to any such award based on Tenant’s leasehold interest. However, nothing contained herein shall 

  

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be construed to preclude Tenant, at its cost, from independently prosecuting any claim directly against the condemning authority in such condemnation
proceeding for damage to, or cost of removal of, stock, trade fixtures, furniture, and other personal property belonging to Tenant; Tenant’s moving or relocation expenses and the unamortized cost of any improvements made by Tenant, provided,
however, that no such claim shall diminish or otherwise adversely affect Landlord’s award or the award of any mortgagee. 
 7.
MAINTENANCE AND REPAIRS. 
 7.1 LANDLORD’S OBLIGATIONS. 
 Landlord shall keep the foundation, roof, slab, floor and structural portions of the improvements on the Premises and Building, Building
life safety systems, and the entrances, sidewalks, corridors, parking areas and other facilities from time to time comprising the Common Areas, in good order, condition and repair. The cost of maintaining and repairing such items shall be included
in Operating Expenses (excluding those capital expenses excluded from Operating Expenses pursuant to Section 2.4.1.1 above). In addition, but subject nevertheless to any applicable waiver of subrogation, Landlord may charge to Tenant as
Additional Rent the cost of any repairs of damage to the Building or Common Areas caused by Tenant’s acts or omissions. Landlord shall not be obligated to maintain or repair interior windows, interior doors, or the surfaces of interior
non-structural walls of the Premises. Landlord shall be obligated to commence any repairs under this Section 7.1 within a reasonable time after receipt of a notice from Tenant specifying the need for such repairs and thereafter Landlord shall
proceed diligently to complete such repairs. 
 Notwithstanding anything to the contrary contained in this Lease, in the
event Emergency Repairs (as hereafter defined), are required for any of the items that Landlord is required to maintain, repair or replace under this Lease, Tenant may perform the same giving only such notice as is practical under the circumstances,
and in the event such repairs were the responsibility of Landlord hereunder, Tenant may recover the commercially reasonable cost and expense from Landlord, not to exceed Ten Thousand and No/100 Dollars ($10,000.00) for any single Emergency Repair.
For purposes hereof, an “Emergency Repair” shall mean a repair to the Premises that is reasonably necessary to prevent imminent harm to any person or material damage to any portion of the Premises. 
 7.2 TENANT’S OBLIGATIONS. 
 7.2.1 Except as specifically provided to the contrary in Section 7.1 above, Tenant shall, at its expense, throughout the Term and all renewals and extensions thereof, maintain in good order, condition and
repair the Premises, including but not limited to heating and air conditioning equipment, walls, floors and ceilings, mechanical and electrical systems and equipment, electric light fixtures, bulbs, tubes and tube casings, doors, floor coverings,
dock doors, loading ramps, levelers, plumbing system and plumbing fixtures, Tenant’s signs and utility facilities not maintained by Landlord. Landlord shall use reasonable efforts to extend to Tenant the benefit from warranties on such items,
if any, that have been made by Landlord’s 

  

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contractors or vendors and to extend to Tenant, as and if available, any bulk buying power that Landlord may have with such contractors or vendors. If any
portion of the Premises or any system or equipment in the Premises which Tenant is obligated to repair cannot be fully repaired, Tenant shall promptly replace the same, regardless of whether the benefit of such replacement extends beyond the Term.
Landlord shall, at Tenant’s expense, maintain a preventive maintenance contract providing for the regular inspection (at least semi-annual) and maintenance of the heating and air conditioning system by a licensed heating and air conditioning
contractor approved by Landlord. The cost of such preventive maintenance contract shall be billed directly by Landlord to Tenant and shall be deemed Additional Rent. Landlord’s maintenance, at Tenant’s expense, of such preventive
maintenance contract shall in no way diminish Tenant’s obligation to maintain and repair the heating and air conditioning system. Landlord shall have the right, upon notice to Tenant, to undertake the responsibility for preventive maintenance
of any other system or component at Tenant’s expense. Tenant shall be responsible for janitorial services and trash removal from the Premises, at Tenant’s expense. Landlord and Tenant intend that, at all times during the Term, Tenant shall
maintain the Premises in the same condition as received. Notwithstanding anything contained in this Section 7.2.1 to the contrary, if it becomes necessary during the Term to replace the heating and air conditioning equipment or the
exhaust fans serving the Premises, Landlord shall pay the entire cost of the replacement and Tenant shall reimburse Landlord for Tenant’s share of such replacement cost, on a monthly basis, which share shall be calculated by amortizing the
replacement cost (with interest at the prevailing loan rate available to Landlord when the cost is incurred) over a period of one hundred twenty (120) months, with Tenant paying only for the number of months remaining in the Term at the time
the HVAC equipment is replaced. 
 7.2.2 All of Tenant’s obligations to maintain and repair shall be accomplished at
Tenant’s sole expense. If Tenant fails to maintain and repair the Premises as required by this Section 7.2.2, Landlord may, on 10 days’ prior notice (except that no notice shall be required in case of emergency), enter the
Premises and perform such maintenance or repair on behalf of Tenant. In such cases, Tenant shall reimburse Landlord promptly upon demand for all costs incurred in performing such maintenance or repair plus an administration fee equal to 5% of such
costs or expenses. 
 7.3 CONDITION UPON TERMINATION. 
 Upon the termination of the Lease, Tenant shall surrender the Premises to Landlord, broom clean and in the same condition and repair as
when received, ordinary wear and tear, casualty and condemnation excepted. However, Tenant shall not be obligated to repair any damage that Landlord is required to repair under Section 7.1. Tenant shall repair, at Tenant’s expense,
any damage to the Premises or Building caused by the removal of any of Tenant’s personal property, including but not limited to furniture, machinery and equipment. In no event, however, shall Tenant remove any of the following materials
or equipment without Landlord’s prior written consent: any power wiring or power panels; lighting or lighting fixtures; millwork and cabinetry; wall coverings; drapes, blinds or other window coverings; carpets or other floor coverings; heaters,
air conditioners (other than any portable units installed by Tenant), or any other base building heating or air conditioning equipment; fencing or security gates; plumbing fixtures, water fountains; or other similar building operating equipment and
decorations. 
  

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 8. DEFAULT AND REMEDIES: 
 8.1 DEFAULT BY TENANT. 
 The following will be events of default
by Tenant under this Lease: 
 (a) Failure to pay when due any installment of Rent or any other payment required pursuant to
this Lease within five (5) business days following written notice that the same is past due (provided however that in no event shall Landlord be obligated to provide written notice more than twice in any twelve (12) month period);

 (b) The filing of a petition for bankruptcy or insolvency under any applicable federal or state bankruptcy or insolvency
law; an adjudication of bankruptcy or insolvency or an admission that it cannot meet its financial obligations as they become due, or the appointment or a receiver or trustee for all or substantially all of the assets of Tenant”); 

(c) A transfer in fraud of creditors or an assignment for the benefit of creditors; 
 (d) Any act which results in a lien being filed against the Premises or the Park which is not cured within the applicable time period
provided for herein; 
 (e) The liquidation, termination or dissolution of Tenant; 
 (f) Failure to cure the breach of any provision of this Lease, other than the obligation to pay Rent, where such failure shall continue
for a period of 30 days after written notice thereof from Landlord to Tenant; provided, however, that if the nature of Tenant’s non-performance is such that more than 30 days are reasonably required for its cure, then Tenant shall not be deemed
to be in default if Tenant commences such cure within said 30 day period and thereafter diligently pursues such cure to completion then Tenant shall have an additional reasonable period of time to complete such cure; and 
 (g) Tenant’s breach of the same provision of this Lease, other than the obligation to pay Rent, more than twice in any 12-month
period. 
 8.2 REMEDIES. 
 Upon the occurrence of any event of default by Tenant, Landlord shall be entitled to exercise the following remedies in accordance with Florida law: 
 (a) Landlord may terminate this Lease and dispossess Tenant; 
  

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 (b) Landlord may, without terminating or canceling this Lease, declare all Rent to be
paid pursuant to this Lease for the remainder of the Term, to be immediately due and payable, and thereupon all Rent due hereunder through the end of the Term shall be accelerated and Landlord shall be entitled to recover the net present value
thereof using a discount rate equal to the interest rate of a governmental security having a maturity closest to the then current expiration of the Term (In the event of such acceleration, Landlord shall use commercially reasonable efforts to relet
the Premises and shall credit Tenant, up to the amount of accelerated Rent actually received by Landlord, for the amount of rent actually received from such reletting); 
 (c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any
difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; and 
 (d) Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance
with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action. 
 The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a
waiver. 
 8.3 COSTS. 
 Tenant shall pay to Landlord on demand all reasonable costs incurred by Landlord, including reasonable attorneys’ fees and costs (whether incurred in preparation for or at trial, on appeal, or in bankruptcy),
incurred by Landlord in enforcing any of the obligations of Tenant under this Lease. In addition, upon any default by Tenant, Tenant shall also be liable to Landlord for the expenses to which Landlord may be put in re-entering the Premises,
reletting the Premises and putting the Premises into the condition necessary for such reletting (including reasonable attorneys’ fees and disbursements, marshall’s fees, and brokerage fees, in so doing), and any other expenses reasonably
incurred by Landlord. 
 8.4 WAIVER. 
 No delay or omission by either party in exercising a right or remedy shall exhaust or impair the same or constitute a waiver of, or acquiescence to, a default. 
 8.5 DEFAULT BY LANDLORD. 
 In the event of any default by Landlord, Tenant will give Landlord written notice specifying such default with particularity, and Landlord shall have a period of 30 days following he date of such notice in which to
commence the appropriate cure of such default. Unless and until Landlord fails to commence and diligently pursue the appropriate cure of such default after 

  

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such notice or complete same within a reasonable period of time, Tenant shall not have any remedy or cause of action by reason thereof, except as expressly
provided herein. Notwithstanding any provision of this Lease, Landlord shall not at any time have any personal liability under this Lease and Tenant’s sole remedy with respect thereto shall be a suit for damages and not a termination of the
Lease. In the event of any breach or default by Landlord of any term or provision of this Lease, Tenant agrees to look solely to the equity or interest then-owned by Landlord in the Building and the Park (which includes Landlord’s interest in
any proceeds of sale, insurance proceeds, proceeds of condemnation and rents), and in no event shall any deficiency judgment be sought or obtained against Landlord. 
 9. PROTECTION OF LENDERS  
 9.1 SUBORDINATION AND ATTORNMENT. 
 Subject to Tenant entering into a Subordination, Non-Disturbance and Attornment Agreement (“SNDA”) as described below, this
Lease shall be subject and subordinated at all times to the terms of each and every ground or underlying lease which now exists or may hereafter be executed affecting the Premises under which Landlord shall claim, and to the liens of each and every
mortgage and deed of trust in any amount or amounts whatsoever now or hereafter existing encumbering the Premises, and to all modifications, renewals and replacements thereto. If Landlord’s interest in the Premises is acquired by any ground
lessor, mortgagee, or purchaser at a foreclosure sale or transfer in lieu thereof, Tenant shall attorn to the transferee of or successor to Landlord’s interest in the Premises and recognize such transferee or successor as Landlord under this
Lease in accordance with the applicable SNDA. Notwithstanding the foregoing, any mortgagee under any mortgage shall have the right at any time to subordinate any such mortgage to this Lease on such terms and subject to such conditions as the
mortgagee in its discretion may consider appropriate. 
 Landlord represents and warrants to Tenant that, as of the date of
this Lease, it is the fee simple title holder of the Building and no mortgages or ground leases encumber the same. 
 After
the date of this Lease, any subordination of this Lease to a mortgage or any ground lease shall be conditioned on Tenant obtaining a SNDA from each and every mortgagee and ground lessor, such SNDA to be in form and content reasonably acceptable to
Tenant and the applicable mortgagee and ground lessor. 
 9.2 ESTOPPEL CERTIFICATES. 
 Within 15 days of receipt of a written request from Landlord, any lender or prospective lender of the Building or Park, or at the request
of any purchaser or prospective purchaser of the Building or Park, Tenant shall deliver an estoppel certificate, attaching a true and complete copy of this Lease, including all amendments relative thereto, and certifying with particularly, among
other things, (i) a description of any renewal or expansion options, if any; (ii) the amount of rent currently and actually paid by Tenant under this Lease; (iii) that the Lease is in full force and effect as modified; (iv) Tenant is in
possession of the Premises; (v) stating 
  

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whether to the best of Tenant’s knowledge, either Landlord or Tenant is in default under the Lease and, if so, summarizing such default(s); and
(vi) stating whether Tenant or Landlord has any offsets or claims against the other party and, if so, specifying with particularity the nature and amount of such offset or claim. Landlord shall deliver a similar estoppel certificate within 15
days of receipt of a written request from Tenant, any lender or prospective lender of Tenant or any prospective assignee 
 9.3 TENANT’S FINANCIAL CONDITION. Within 10 days after written request from Landlord, which request shall only be made in connection with (i) the potential sale, financing or refinancing of the Park or any portion thereof,
(ii) a request by Tenant to assign this Lease or sublease and portion of the Premises, or (iii) a default hereunder by Tenant, Tenant shall deliver to Landlord such financial statements as are reasonably required by Landlord to verify the
net worth of Tenant, or any assignee, subtenant, or Guarantor of Tenant. Tenant represents and warrants to Landlord that each such financial statement is a true and accurate statement as of the date of such statement. All financial statements shall
be confidential and shall be used only for the purposes set forth herein. Landlord waives the foregoing requirement if Tenant is a public company. 
 10.
TELECOMMUNICATIONS. 
 Tenant acknowledges and agrees that all telephone and telecommunications services desired by
Tenant shall be ordered and utilized at the sole expense of Tenant. All installations of telecommunications equipment and wires shall be accomplished pursuant to plans and specifications approved in advance in writing by Landlord, such approval not
to be unreasonably withheld, delayed or conditioned. Except as may be otherwise provided for in this Lease, Landlord shall have no responsibility for the maintenance of Tenant’s telecommunications equipment, including wire; nor for any wiring
or other infrastructure to which Tenant’s telecommunications equipment may be connected. Tenant agrees that, to the extent any such service is interrupted, curtailed or discontinued from any cause whatsoever, unless such loss, or damage results
from any fault, default, negligence, act or omission of Landlord or its agents, servants, employees, or any other person for whom Landlord is in law responsible, Landlord shall have no obligation or liability with respect thereto and it shall be the
sole obligation of Tenant at its expense to obtain substitute service. 
 Landlord shall have the right, upon reasonable
prior notice to Tenant, to temporarily interrupt or turn off telecommunications facilities in the event of emergency or as necessary in connection with the operation of the Building or installation of telecommunications equipment for other tenants
of the Building. Landlord shall exercise its rights under this paragraph, to the extent possible in the circumstances, in such manner so as to minimize interference with Tenant’s use and enjoyment of the Premises. 
 Any and all telecommunications equipment installed in the Premises or elsewhere in the Building by or on behalf of Tenant, including
wiring or other facilities for telecommunications transmittal, shall be removed prior to the expiration or earlier termination of the Term, by Tenant at its sole cost. 
  

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 In the event that Tenant wishes at any time to utilize the services of a telephone or
telecommunications provider whose equipment is not then servicing the Building, no such provider shall be permitted to install its lines or other equipment within the Building without first securing the prior written approval of Landlord.
Landlord’s approval shall not be deemed any kind of warranty or representation by Landlord, including, without limitation, any warranty or representation as to the suitability, competence, or financial strength of the provider. Without
limitation of the foregoing standard, unless all of the following conditions are satisfied to Landlord’s satisfaction, it shall be reasonable for Landlord to refuse to give its approval: (i) Landlord shall incur no expense whatsoever with
respect to any aspect of the provider’s provision of its services, including without limitation, the costs of installation, materials and services; (ii) prior to commencement of any work in or about the Building by the provider, the
provider shall supply Landlord with such written indemnities, insurance, financial statements, and such other items as Landlord reasonably determines to be necessary to protect its financial interests and the interests of the Building relating to
the proposed activities of the provider; (iii) the provider agrees to abide by such rules and regulations, building and other codes, job site rules and such other requirements as are reasonably determined by Landlord to be necessary to protect
the interests of the Building, the tenants of the Building and Landlord, in the same or similar manner as Landlord has the right to protect itself and the Building with respect to alterations as described in Section 4.2 of this Lease;
(iv) Landlord reasonably determines that there is sufficient space in the Building for the placement of all of the provider’s equipment and materials; (v) the provider agrees to abide by Landlord’s requirements, if any, that
provider use existing Building conduits and pipes or use building contractors (or other contractors approved by Landlord); (vi) Landlord receives from the provider such compensation as is reasonably determined by Landlord to compensate it for
space used in the Building for the storage and maintenance of the provider’s equipment, for the fair market value of a provider’s access to the Building, and the costs which may reasonably be expected to be incurred by Landlord;
(vii) the provider agrees to deliver to Landlord detailed “as built” plans immediately after the installation of the provider’s equipment is complete; and (viii) all of the foregoing matters are documented in a written
license or other agreement between Landlord and the provider, the form and content of which is reasonably satisfactory to Landlord. 
 Notwithstanding any provision of the preceding paragraphs to the contrary, the refusal of Landlord to grant its approval to any prospective telecommunications provider shall not be deemed a default or breach by Landlord of its obligation
under this Lease unless and until Landlord is adjudicated to have acted recklessly or maliciously with respect to Tenant’s request for approval, and in that event, Tenant shall still have no right to terminate the Lease or claim an entitlement
to rent abatement, but may as Tenant’s sole and exclusive recourse seek a judicial order of specific performance compelling Landlord to grant its approval as to the perspective provider in question. The provisions of this paragraph may be
enforced solely by Tenant and Landlord, are not for the benefit of any other party, and specifically but without limitation, no telephone or telecommunications provider shall be deemed a third party beneficiary of this Lease. 
 Tenant shall not utilize any wireless communications equipment (other than usual and customary cellular telephones), including antennae
and satellite receiver dishes, within the Premises or the Building, without Landlord’s prior written consent such approval not to be unreasonably withheld, delayed or conditioned. 
  

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 In the event that telecommunications equipment, wiring and facilities installed by or at
the request of Tenant within the Premises, or elsewhere within the Building causes interference to equipment used by another party, Tenant shall assume all liability related to such interference, Tenant shall use reasonable efforts, and shall
cooperate with Landlord and other parties, to promptly eliminate such interference. In the event that Tenant is unable to do so, Tenant shall substitute alternative equipment which remedies the situation. If such interference persists, Tenant shall
discontinue the use of such equipment, and, at Landlord’s discretion, remove such equipment according to foregoing specifications. 
 11.
MISCELLANEOUS PROVISIONS. 
 11.1 LANDLORD’S LIABILITY; CERTAIN DUTlES. 
 As used in the Lease, the term “Landlord” means only the owner of the fee title to the Building or the leasehold estate under a
ground lease of the Building at the time in question. Each landlord is obligated to perform the obligations of Landlord under this Lease only during the time such landlord owns such interest or title. Any landlord who transfers its title or interest
is relieved of all liability with respect to the obligations of Landlord under this Lease to be performed on or after the date of transfer, provided that such transfer is not for the primary purpose of avoiding such obligations. However, each
landlord shall deliver to its transferee all funds previously paid by Tenant if such funds have not yet been applied under the terms of this Lease. 
 11.2 SECURITY DEPOSIT. 
 Upon Tenant’s execution of this Lease, Tenant shall
deposit with Landlord a cash security deposit in the amount of $73,926.00 (the “Security Deposit”). The Security Deposit represents security for the faithful performance and observance by Tenant of each and every term and covenant
of this Lease. Landlord may apply all or part of the Security Deposit to any unpaid Rent or other charges due from Tenant or to cure any other default of Tenant. The Security Deposit shall not constitute liquidated damages. If Landlord uses any part
of the Security Deposit, Tenant shall restore the Security Deposit to its full amount within 10 days after Landlord’s written request. No interest shall be paid to Tenant on the Security Deposit. Landlord shall not be required to keep the
Security Deposit separate from its other accounts, and no trust relationship is created with respect to the Security Deposit. Landlord shall not be obligated to return the Security Deposit to Tenant upon the expiration or earlier termination of the
Lease unless and until all of the following events occur: (i) the payment in full of all Rent due pursuant to the Lease; (ii) the repair of any and all damage to the Premises as required by Tenant pursuant to the terms of this Lease; and
(iii) the reconciliation of Operating Expenses for the months in which the Tenant was in occupancy for the year in which the Lease expires or terminates, which reconciliation shall be completed by Landlord and provided to Tenant within sixty
(60) days of the expiration or termination of this Lease. Tenant shall have the right to 

  

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conduct a Tenant’s Review of such reconciliation as provided in Section 2.4.5. Tenant and Landlord acknowledge and agree that the existing security
deposit held by Landlord with respect to the Original Lease will be credited against the Security Deposit required herein, subject to the adjustment of such security deposit, if required, pursuant to the terms of the Original Lease. 
 11.3 INTERPRETATION. 
 The captions of the Articles or Sections of this Lease are to assist the parties in reading this Lease and are not a part of the terms or provisions of this Lease. Whenever required by the context of this Lease, the
singular shall include the plural and the plural shall include the singular. The masculine, feminine and neuter genders shall each include the other. In any provision relating to the conduct, acts or omissions of Tenant the term “Tenant”
shall include Tenant’s agents, employees, contractors, invitees, successors or others using the Premises, Building or Park with Tenant’s expressed or implied permission. This Lease will not be construed more or less favorably with respect
to either party as a consequence of the Lease or various provisions hereof having been drafted by one of the parties hereto. 
 11.4 INCORPORATION OF PRIOR AGREEMENTS; MODIFICATIONS. 
 This Lease is the only agreement between the parties
pertaining to the lease of the Premises and no other agreements either oral or otherwise are effective unless embodied herein. All amendments to this Lease shall be in writing and signed by all parties. Any other attempted amendment shall be void.

 11.5 NOTICES. 
 Any notice or document (other than rent) required or permitted to be delivered by the terms of this Lease shall be in writing and delivered by hand delivery, certified mail (with postage prepaid and return receipt
requested) or guaranteed overnight delivery service. Notices to Tenant shall be delivered to the address specified in the introductory paragraph of this Lease, with copies to: the Premises and to Michael T. Lynott, Esq., Greenberg Traurig, P.A.,
1221 Brickell Avenue, Miami, Florida 33131. Notices to Landlord shall be delivered to the address specified in the introductory paragraph of this Lease, with a copy to Flagler Development Company, LLC, 10151 Deerwood Park Boulevard, Building 100,
Suite 330, Jacksonville, Florida 32256, Attention: Legal Department. All notices shall be effective upon delivery or attempted delivery. Either party may change its notice address upon notice to the other party, given in accordance herewith by an
authorized officer, partner, or principal. 
 11.6 RADON GAS NOTICE.  
 Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health
risks to persons who are exposed to it over time. Level of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county health
department. 
  

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 11.7 WAIVERS. 
 All waivers must be in writing and signed by the waiving party. Either party’s failure to enforce any provision of this Lease or
Landlord’s acceptance of Rent shall not be a waiver and shall not prevent Landlord or Tenant, as applicable, from enforcing that provision or any other provision of this Lease in the future. No statement on a payment check from Tenant or in a
letter accompanying a payment check shall be binding on Landlord. Landlord may, with or without notice to Tenant, negotiate such check without being bound to the conditions of such statement. 
 11.8 NO RECORDATION. 
 Neither party shall record this Lease or any memorandum of lease without the consent of the other party. 
 11.9 JOINT AND SEVERAL LIABILITY. 
 All parties signing this Lease as Tenant shall be
jointly and severally liable for all obligations of Tenant. 
 11.10 FORCE MAJEURE. 
 The performance by either party to this Lease of its obligations (except the payment of Rent or other sums of money) shall be excused by
delays attributable to events beyond that party’s reasonable control for a period of time that is sufficient for the party to perform its obligations after the cessation of the Force Majeure event acting in a diligent, commercially reasonable
manner. Events beyond a party’s reasonable control include, but are not limited to, acts of the other party, acts of God (including reasonable preparation therefore), war, civil commotion, labor disputes, strikes, fire, flood or other casualty,
failure of power, shortages of labor or material, government action, regulation or restriction (including extraordinary delay in the issuance of any permit, permit approval or building permit inspection) and unusually inclement weather conditions.
Events beyond a party’s control shall not include changes in economic or market conditions, or financial or internal problems of the non-performing party, or problems that can be satisfied by the payment of money. 
 11.11 EXECUTION OF LEASE. 
 Submission or preparation of this Lease by Landlord shall not constitute an offer
by Landlord or option for the Premises, and this Lease shall constitute an offer, acceptance or contract only as expressly specified by the terms of this Section 11.11. In the event that Tenant executes this Lease first, such action
shall constitute an offer to Landlord, which may be accepted by Landlord by executing this Lease within 10 business days after submission, and once
this Lease is so executed by Landlord, such offer may not be revoked by Tenant and this Lease shall become a binding contract. In the event that Landlord executes this Lease first, such action shall 
  

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constitute an offer to Tenant, which may be accepted by Tenant only by delivery to Landlord of a fully executed copy of this Lease within 10 business days
after submission. Notwithstanding that the Commencement Date may occur and the Term may commence after the date of execution of this Lease, upon delivery and acceptance of this Lease in accordance with the terms of this Lease, this Lease shall be
fully effective, and in full force and effect and valid and binding against the parties in accordance with, but on and subject to, the terms and conditions of this Lease. 
 11.12 AUTHORITY. 
 As a material inducement to Landlord to enter
into this Lease, Tenant, intending that Landlord rely thereon, represents and warrants to Landlord that: 
 (i) Tenant and the
party executing on behalf of Tenant are fully and properly authorized to execute and enter into this Lease on behalf of Tenant and to deliver this Lease to Landlord; 
 (ii) This Lease constitutes a valid and binding obligation of Tenant, enforceable against Tenant in accordance with the terms of this Lease; 
 (iii) Tenant is duly organized, validly existing and in good standing under the laws of the state of Tenant’s organization and has
full power and authority to enter into this Lease, to perform Tenant’s obligations under this Lease in accordance with the terms of this Lease, and to transact business in the state in which the Premises are located; and 
 (iv) The execution of this Lease by the individual or individuals executing this Lease on behalf of Tenant, and the performance by Tenant
of Tenant’s obligation under this Lease, have been duly authorized and approved by all necessary corporate or partnership action, as the case may be, and the execution, delivery and performance of this Lease by Tenant is not in conflict with
Tenant’s bylaws or articles of incorporation (if a corporation), agreement of partnership (if a partnership), and other charters, agreements, rules or regulations governing Tenant’s business as any of the foregoing may have been
supplemented or amended in any manner. 
 As a material inducement to Tenant to enter into this Lease, Landlord intending
that tenant rely thereon, represents and warrants to Tenant that: 
 (i) Landlord and the party executing on behalf of
Landlord are fully and properly authorized to execute and enter into this Lease on behalf of Landlord and to deliver this Lease to Tenant; 
 (ii) This Lease constitutes a valid and binding obligation of Landlord, enforceable against Landlord in accordance with the terms of this Lease; 
 (iii) Landlord is duly organized, validly existing and in good standing under the laws of the state of Landlord’s organization and has full power and authority to enter into this Lease, to
perform Landlord’s obligations under this Lease in accordance with the terms of this Lease, and to transact business in the state in which the Premises are located; and 
  

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 (iv) The execution of this Lease by the individual or individuals executing this Lease on
behalf of Landlord, and the performance by Landlord of Landlord’s obligation under this Lease, have been duly authorized and approved by all necessary corporate or partnership action, as the case may be, and the execution, delivery and
performance of this Lease by Landlord is not in conflict with Landlord’s bylaws or articles of incorporation (if a corporation), agreement of partnership (if a partnership), and other charters, agreements, rules or regulations governing
Landlord’s business as any of the foregoing may have been supplemented or amended in any manner. 
 11.13 FLORIDA
LAW. 
 This Lease shall be governed by the laws of the State of Florida. 
 11.14 COUNTERPART. 
 This Lease may be executed in multiple counterparts, each counterpart of which shall be deemed an original and any of which shall be deemed to be complete of itself and may be introduced into evidence or used for any
purpose without the production of the other counterpart or counterparts. 
 11.15 HOLDING OVER. 
 If Tenant remains in possession after the end of the Term without having executed and delivered a new lease or an agreement extending the
Term, there shall be no tacit renewal of this Lease or the Term, and Tenant shall be deemed to be occupying the Premises from month to month at a monthly Base Rent payable in advance on the first day of each month equal to 125% of the monthly amount
of Base Rent payable during the last month of the Term for the first thirty (30) days of such holdover, and thereafter the Base Rent payable shall be one hundred fifty percent (150%) of the Rent payable immediately preceding the
termination date of this Lease, and otherwise upon the same terms as set forth in this Lease, so far as they are applicable to a monthly tenancy. In addition to and not limiting any other rights or remedies which Landlord may have on account of
Tenant holding over without written consent of Landlord, Tenant shall pay to Landlord any and all direct and consequential damages incurred by Landlord on account of such unapproved holding over including claims by tenants entitled to future
possession. 
 11.16 TIME IS OF THE ESSENCE. 
 Time is of the essence of this Lease and all provisions contained herein. 
  

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 11.17 APPROVAL OF PLANS AND SPECIFICATIONS. 
 Neither review nor approval by or on behalf of Landlord of any Tenant’s plans for initial tenant work in the Premises nor any plans
and specifications for any Tenant alterations or any other work shall constitute a representation or warranty by Landlord, any of Landlord’s beneficiaries, the managing agent of the Building or Park or any of their respective agents, partners
or employees that such plans and specifications either (i) are complete or suitable for their intended purpose, or (ii) comply with Applicable Laws, or (iii) can be completed within any particular time frame or construction schedule,
it being expressly agreed by Tenant that neither Landlord, nor any of Landlord’s beneficiaries, nor the managing agent of the Building or Park nor any of their respective agents, partners or employees assume any responsibility or liability
whatsoever to Tenant or to any other person or entity for such completeness, suitability, compliance or completion. Landlord represents that any work performed by Landlord prior to the Commencement Date shall be in compliance with all Applicable
Laws. 
 11.18 RELATIONSHIP. 
 Landlord and Tenant disclaim any intention to create a joint venture, partnership or agency relationship. 
 11.19 BROKER’S FEE. 
 Tenant and Landlord each represent
and warrant to the other that neither has had any dealings or entered into any agreements with any person, entity, broker or finder other than the Transwestern Commercial Service Florida, LLC and Flagler Real Estate Services, Inc. (the
“Disclosed Brokers”), in connection with the negotiation of this Lease, and no other broker, person, or entity is entitled to any commission or finder’s fee in connection with the negotiation of this Lease, and Tenant and Landlord
each agree to indemnify, defend and hold the other harmless from and against any claims, damages, costs, expenses, attorneys’ fees or liability for compensation or charges which may be claimed by any such unnamed broker, finder or other similar
party by reason of any dealings, actions or agreements of the indemnifying party. Landlord shall pay the Disclosed Brokers pursuant to a separate agreement. 
 11.20 WAIVER OF TRIAL BY JURY. 
 LANDLORD AND TENANT EACH
HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER ON ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LEASE.

 11.21 RIDERS AND EXHIBITS. 
 All Riders, Addenda and Exhibits attached hereto and referenced herein shall be deemed to be a part hereof and are hereby incorporated. 
  

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 11.22 TENANT ASSIGNMENT. 
 Tenant will not assign this Lease, in whole or in part, or sublease the Premises, in whole or in part, without the prior written consent
of Landlord, which consent will not be unreasonably withheld, subject to Landlord’s right of recapture set forth below, and in no event will Tenant be released from any obligation or liability under this Lease following any such assignment or
sublease. Notwithstanding the foregoing to the contrary, Landlord may, in Landlord’s sole and absolute discretion, approve or disapprove any proposed assignment or sublease by Tenant to an existing occupant of any space in the Park or an
affiliate of any such occupant. Landlord will approve or deny any request for an assignment or sublease within 10 business days after Tenant’s written request. No sublessee of the Premises or any portion thereof, may further assign or sublease
its interest in the Premises or any portion thereof. Legal fees and expenses incurred by Landlord (not to exceed $2,000.00) in connection with the review by Landlord of Tenant’s requested assignment or sublease pursuant to this Section,
including fees and disbursements incurred in the preparation and/or review of any documentation, will be paid by Tenant within 30 days of invoice for payment thereof, as Additional Rent. If the rent due and payable by any assignee or sublessee under
any permitted assignment or sublease exceeds the Rent payable under this Lease for such space, Tenant will pay to Landlord 50% of all such excess rent and other excess consideration (less Tenant’s reasonable third party costs for effecting the
assignment or sublease) within 10 days following receipt thereof by Tenant. Notwithstanding anything to the contrary contained in this Lease, Tenant shall have the right, without Landlord’s consent, to assign this Lease or sublet all or any
portion of the Premises to: (a) a parent, subsidiary or affiliated entity of Tenant, or (b) any entity to which all or a substantial portion of the assets or stock of Tenant have been sold or transferred, or (c) any entity in
connection with a merger, sale of stock, consolidation or other corporate reorganization or transaction involving Tenant, or (d) as part of the sale, transfer or assignment of fifty percent (50%) or more of Tenant’s leases. Any
subletting or assignment permitted under the terms of the preceding sentence is hereinafter referred to as a “Permitted Transfer”. In addition, Tenant shall have the right to have subleased, licensed or concessioned departments operated as
part of Tenant’s primary business operations without the consent of Landlord ( a “Service Provider License”). Tenant shall promptly provide Landlord with written notice of any Permitted Transfer or Service Provider License. No
Permitted Transfer or Service Provider License shall release Tenant from Tenant’s obligations hereunder or alter the primary liability of Tenant to pay the Rent and other sums due Landlord hereunder and to perform all other obligations to be
performed by Tenant hereunder. 
 Within 15 days after Landlord’s receipt of Tenant’s request for Landlord’s
consent to a proposed assignment or sublease, excluding any assignment or sublease to an affiliate of Tenant or a Service Provider License, Landlord shall have the right to require Tenant to reconvey to Landlord that portion of the Premises which
Tenant is seeking to assign or sublet. Tenant shall reconvey that portion of the Premises in consideration of Landlord’s release of Tenant from all future Rent and other obligations, which would not otherwise survive termination of the Lease,
with respect to the portion of the Premises so reconveyed. Any such reconveyance shall be evidenced by an agreement reasonably acceptable to Landlord and Tenant in form and substance. 
  

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 Notwithstanding anything to the contrary contained herein, in the event that Landlord exercises such
reconveyance rights as are set forth above, Tenant, by written notice to Landlord within ten (10) days of Tenant’s receipt of Landlord’s notice to reconvey, may rescind its request to Landlord to approve such sublease or assignment in
which case Tenant shall not be required to reconvey such space and the Lease shall continue in full force and effect as if Tenant had not sought to sublease or assign such space. 
 11.23 LANDLORD ASSIGNMENT. 
 Landlord will have the right to sell, transfer or assign, in whole or in part, its rights and obligations under this Lease. Any such sale, transfer or assignment will operate to release Landlord from any and all
liability under this Lease arising after the date of such sale, assignment or transfer. 
 11.24 LANDLORD’S LIEN
WAIVER 
 Landlord will waive all rights which Landlord now or hereafter may have, under the laws of the State of Florida
to levy or distrain upon or to claim or assert any lien, right, claim or title to, any of the personal property of Tenant (except for judgment liens) which now or hereafter may be located on the Premises, in order to enforce any obligation of
Tenant, including, without limitation, the obligation to pay rent and any other monetary obligation arising hereunder. 
 IN
WITNESS WHEREOF, Tenant and Landlord have caused this Lease to be duly executed in duplicate as of the date first above written by their respective duly authorized officers, agents or attorneys in fact as the case may be. 
  

									
	 SIGNED, SEALED AND DELIVERED
 IN THE PRESENCE OF:
	 		 		 	
		 		 		 	 PRICESMART, INC., a Delaware corporation

				
	 /s/ Rodrigo Calvo
	 		 	 By:
	 	 /s/ Robert E. Price

	 Name:
	 	 Rodrigo Calvo
	 		 	 Print Name:
	 	 Robert E. Price

		 		 		 	 As Its
	 	 CEO

	  
	 		 	 Date:
	 	 11/10/07

	 Name:
	 	  
	 		 		 	 (Corporate Seal)

 (signatures continue on next page) 
  

 35 

									
		 		 	 FLAGLER DEVELOPMENT COMPANY LLC, a Florida limited liability company

					
		 		 		 	 By:
	 	 /s/ Keith A. Tickell

		 	 /s/ James A. Hoener
	 		 		 	 Keith A. Tickell

	 Name:
	 	 James A. Hoener
	 		 		 	 Vice President

					
		 	 /s/ Susan Blount
	 		 	 Date:
	 	 11-16-07

	 Name:
	 	 Susan Blount
	 		 		 	 (Corporate Seal)

 ** If the individual signing the Lease is other than the Chief Executive Officer, President 

 or Vice President of the Company, please attach Corporate Resolutions authorizing his/her 
 signature on behalf of the Company. Thank you. 
  

 36 

 EXHIBIT A 
 SITE PLAN 
  

 A - 1 

 EXHIBIT A 
 SITE PLAN 
 

 

 EXHIBIT A-1 
 LEGAL DESCRIPTION OF BUILDING 
 Lot 1, Block 11 of “Gran Park Third Addition”;
according to the Plat thereof, as recorded in Plat Book 149, Page 9 of Public Records of Miami-Dade County, FL 
  

 A-1 - 1 

 EXHIBIT B 
 RULES AND REGULATIONS 
 1. In the event of an emergency situation in the Park, such as an
injury to a person, damage to property, persons in the Park acting in a suspicious or threatening manner, bomb threat, water leak or fire, any tenant who is aware of such emergency shall notify the Property Manager immediately. 
 2. Upon the termination of a lease, the tenant shall surrender all keys to its Premises to the Property Manager. 
 3. Every move of furniture or equipment into or out of a building or from one suite to another suite within a building shall be coordinated with the
Property Manager at least 24 hours in advance. The Property Manager may designate the time during which the move may be conducted so as to minimize inconvenience to other tenants. 
 4. Window coverings, which must be of such shape, color, material, quality and design as may be reasonably prescribed by the Property Manager, may not be installed without the Property
Manager’s prior written consent which shall not be unreasonably withheld, conditioned or delayed. Landlord may withhold its consent if such coverings are visible from the exterior of the Premises. 
 5. No tenant shall obstruct the sidewalks, entrances, lobbies, elevators, elevator lobbies, halls, or stairways in or about any building in the Park, and
shall not use any such area for storage or for any purpose other than ingress and egress. No tenant shall utilize any mechanical or electrical room for storage purposes. 
 6. No tenant shall create or maintain a nuisance nor make or permit any noises or odors that are reasonably objectionable to another tenant to emanate from or about its Premises. 
 7. Each tenant shall observe and obey all parking and traffic regulations, which may include among other things speed limits, stop signs, yielding to
pedestrians at all times, no parking zones, tow away zones or parking decals, from time to time established by the Property Manager. No vehicle shall be parked in a manner that utilizes more than one parking space. 
 8. No tenant shall make any suite-to-suite canvass to solicit business from other tenants in the Park. Property Manager may prohibit any other
solicitation in the Park and require registration, satisfactory identification and credentials from all persons seeking access to any part of the Building or Park. No tenant shall conduct or cause to be conducted any auctions or sales in its
Premises or in the Park. 
 9. No tenant shall display any sign, letter, picture, notice, advertisement or the like, whether temporary or
permanent, in any common area, including lobbies and elevator lobbies, or in a manner that is visible from outside the Premises. 
  

 B - 1 

 10. No tenant may use the name of the Park or any building situated therein for any purpose other than
that of the business address of Tenant, and shall not use any picture or likeness of the Park or any building situated therein in any circulars, notices, advertisements or correspondence without Landlord’s prior written consent. 
 11. No tenant shall bring any animal (excepting only dogs trained to assist handicapped persons) into the Park. Bicycles, unicycles, motorcycles, mopeds,
Segways, skateboards, scooters and all other vehicles are prohibited in or about the buildings and sidewalks of the Park. 
 12. No tenant
shall waste electricity or water. Each tenant shall cooperate with the reasonable requests of Landlord’s property manager to utilize electricity and water in its Premises efficiently. Each tenant shall ensure that no electrical circuit within
its Premises is overloaded. No tenant shall adjust any common HVAC controls other than room thermostats installed for specific use. No tenant shall tie, wedge or otherwise fasten open any water faucet or outlet. No tenant shall prop open any common
corridor doors or exterior doors of any building. 
 13. Tenant shall not overload any floor and shall not install any heavy safes, business
machines, files or other heavy equipment without obtaining the approval of Landlord’s property manager. 
 14. No tenant shall deface or
damage any property of another tenant or property that is part of the Park, including but not limited to the buildings, fixtures and equipment. 
 15. Smoking is prohibited in each building, within twenty-five feet of any building entrance, and in the Park common areas, except for smoking areas designated by the Property Manager. 
 16. Each tenant shall use all improvements, equipment and fixtures within the buildings and common areas of the Park, including but not limited to
restrooms, elevators, stairways, hallways, lobby, sidewalks, parking lots and landscape areas, in the manner and for the purposes for which they are designed. Each tenant shall be responsible for any damage caused by its failure to do so.

 17. No machinery or apparatus other than computers, copiers, facsimile machines, paper shredders and other small office equipment, or
other than fork lift trucks, pallet jacks, racking, automated material handling equipment and other equipment or apparatus normally used in the warehousing business, shall be operated in the Tenant’s Premises or anywhere in the Park without
prior written approval of Landlord’s property manager (the “Property Manager”), which shall not be unreasonably withheld, conditioned or delayed. No explosives, articles deemed hazardous because of flammability, or other
materials of an intrinsically hazardous nature shall be brought into any building in the Park. 
 All references to Tenant in
these Rules and Regulations shall include the employees, agents, contractors, licensees or invitees of Tenant. 
  

 B - 2 

 EXHIBIT C 
 MEMORANDUM OF LEASE COMMENCEMENT 
 THIS MEMORANDUM is made and entered into as
of                     , 200    , by and between Flagler Development Company, LLC (“Landlord”) and
Pricesmart, Inc., a Delaware corporation (“Tenant”) with respect to that certain Lease between Landlord and Tenant dated as of
                    , 200     (the “Lease”). 
 Landlord and Tenant hereby confirm that the Commencement Date of the Lease is
                , and that the Term shall expire on                 ,
unless the Term is renewed or the Lease is terminated pursuant to the Terms of the Lease, and that these dates shall be conclusive for all purposes of the Lease. 
 IN WITNESS WHEREOF, Landlord and Tenant have executed this document as of the first date set forth in the first paragraph above. 
  

									
	 Pricesmart, Inc.
	 		 	 Flagler Development Company, LLC

		 		 		 		 	
	 By:
	 	  
	 		 	 By:
	 	  

									
	 Print Name:
	 	  
	 		 	 Print Name:
	 	  

	 As Its                  President
	 		 	 As Its                  President

  

									
	 Date:
	 	  
	 		 	 Date:
	 	  

  

 C - 1 

 EXHIBIT D 
 LANDLORD’S SIGN CRITERIA 
 Location of Sign: 
  

 D - 1 

 V. SIGNAGE STANDARDS 
 A. ALLOWABLE SIGNS 
  

	 	1.	 All User/Tenants will be allowed a primary User/Tenant I.D. sign on each building elevation facing a street consisting of the company name and corporate logo
only (Sign Type A), located in a designated sign area of the specific building where the User/Tenant is utilizing space. The User/Tenant’s sign may not exceed 3/5 of the allowable height of the sign band. (Example: 5’-O” H sign band
or 3’-0” sign and l’-0” space top and bottom). (See Exhibit A-1.) 

  

	 	 2.
	 All signage shall be surface mounted and shall be located on building entrance features such as towers or sign-walls,
or within a signage banded area located at the top of the building parapet, based upon I- 1/2”, height per 1” of height
of the principal building façade. The size of the allowed Tenant I.D. sign (Sign Type A) will be determined by the amount of space the Tenant leases as follows Building User/Tenant signage shall be a maximum length of 30’ for a single
acre user or a two bay Tenant. There will be a maximum allowable increment of 10’ of length of signage per acre of land or two bay lease areas to a maximum of 60’ of total length per user/tenant. 

  

	 	3.	 No sign shall exceed 3’-O” in overall height or (see Exhibit A) the exact location for any signs must be approved by the Committee prior to any
fabrication or installation of signs. A side setback of 3”-0” from Tenant side lease line with adjacent Tenant’ must be observed. 

  

	 	4.	 Methods of fabrication for Sign Type A are shown in Exhibit B. (It consists of four possible ways to manufacture illuminated or non-illuminaged signs as the
primary User/Tenant I.D. 

  

	 	 a.
	 Non-Illuminated aluminum or intra (PVC Board) 1” thick letter, pin mounted on spacers  1/2 off the face of the building. 

  

	 	b.	 Non-illuminated reverse channel type letters. 

  

	 	c.	 Illuminated channel letters. 

  

	 	d.	 Illuminated reverse channel letters. 

 All details shown in Exhibit B must be followed by the sign fabricator. No exceptions or substitutions will be allowed. 
  

	 	5.	 Each Tenant space shall have a postal I.D. number at the front entrance designed, fabricated ar.d installed by the owner. It shall not be removed or relocated.

  

	 	6.	 In addition to Sign Type A, each User/Tenant will be allowed one Sign Type B which consists of a 2’-0”Hx2”-0”W max.area on the front glass
next to the entry door. The sign may be applied to the glass by silk-screening printing or by computer generated vinyl die cut letters. The corporate logo, corporate name, business hours, etc. may appear in this sign. (Exhibit A2)

	 	7.	 In addition to the Sign type A & B., the Tenant will be allowed one Sign Type C located on one rear “main door” at the loading dock area. The sign
shall be located on the door in an area 1’-6” H x 1’-6” W max. centered on the door 5’-6” from top of sign to floor. This sign must be made from computer generated vinyl die cut letters. (Exhibit C-1).

  

	 	8.	 All signs must be permitted by the Tenants’ sign fabricator through the normal Miami-Dade County Sign code procedure prior to fabrication and installation,
and a cop of the sign permit must be given to the Developer before installation, along with a copy of sign manufacture’s permit shop drawings. 

  

	 	 9.
	 A Tenant may identify his loading dock doors with a 9” high,  1/2” thick aluminum cut out postal address numbers (Sign Type D), painted black (Exhibit D-1). No other signs allowed in this area except at main door.

 B. TEMPORARY MARKETING SIGNS 
  

	 	1.	 Signs used to identify a site or building for sale or lease must be of a format compatible to the Beacon Station at Gran Park Signage format.

  

	 	2	 No sign shall be taller than 8’ from grade. All signs shall be 4’wide by 6’ high framed with 4” x 4” support posts to meet all local and
building zoning codes. 

  

	 	3.	 The back of sign shall be totally enclosed with a finished sheet of plywood. Front face sides, top and back shall be painted the same colors. Colors to match
Beacon Station At Gran Park standard signs. 

 C. GENERAL NOTES 
  

	 	1.	 A user/tenant at Beacon Station at Gran Park shall be defined as any occupant of a building/facility, located within the Beacon Station at Gran Park, whether
Owner occupied or Tenant Leased. 

  

	 	2.	 All building/Tenant signage shall be designed in accordance with Miami Dade County regulations and the Park’s Development Guidelines.

  

	 	3.	 No fluorescent light box type signs allowed. 

  

	 	4.	 Owner must approve all signs (permanent and /or temporary) for User/Tenant space prior to fabrication and installation. Final location of any sign will be
determined solely with the Committee’s approval. 

  

	 	5.	 Tenant to supply Camera Ready Artwork for any logos to be used, including color specifications and designations using the PMS-Pantone Matching System. All colors
to be approved by the Developer and/or his design consultant prior to any fabrication. 

  

	 	6.	 Electricity for signs and hookup for electrical signs is at sole cost of Tenant. 

 

 

 

 

 

 

 

 

 

 

 EXHIBIT E 
 WORK LETTER 
 1. Allowance for Office Improvements. On the Commencement Date, Landlord
shall make available to Tenant up to $65,000.00 (the “Allowance”) to reimburse Tenant for the cost of certain improvements to be made by Tenant to the office portion of the Premises (the “Office Improvements”). The costs that are
eligible to be reimbursed to Tenant for the Office Improvements shall include (i) all architectural fees and costs, construction management fees and costs, engineering fees and costs and any other fees, costs and expenses of any kind incurred
or payable by the Tenant in connection with the performance of the Office Improvements; (ii) all fees and charges imposed by any governmental entity or authority in connection with the Office Improvements; (iii) sales and use taxes;
(iv) insurance fees associated with the construction of the Office Improvements; (v) testing and inspecting costs; and (vi) the costs and charges for materials and labor, contractor’s profit and contractor’s general overhead
incurred by Tenant in having the Office Improvements completed. All of the Office Improvements shall become the property of Landlord upon the expiration or earlier termination of the Lease and shall remain on the Premises at all times during the
term of this Lease, except for those certain Office Improvements which Landlord may, by providing written notice to Tenant at the time Landlord approves Tenant’s Plans (as hereinafter defined) or modifications thereto, require Tenant to remove
and restore the Premises to the condition existing at the time Tenant took possession, with all costs of removal, repair, restoration, or alterations to be borne by Tenant. In the event that Tenant does not use the entire Allowance, Tenant shall be
entitled to a credit against Rent coming due under the Lease for any part of the Allowance not used by Tenant. Tenant shall be permitted to commence work on the Office Improvements, subject to Landlord’s approval as required in Section 2
below, on the Commencement Date of the Lease. 
 2. Approval of Tenant’s Plans. Landlord acknowledges and agrees that in addition
to the Office Improvements, Tenant will be constructing certain other improvements to the warehouse portion of the Premises (the “Warehouse Improvements”, the Office Improvements and the Warehouse Improvements are sometimes hereinafter
referred to collectively as the “Tenant Improvements”). Prior to commencing any Tenant Improvements work at the Premises, Tenant shall provide Landlord with working plans for the Tenant Improvements (the “Plans”). The Plans shall
be subject to the reasonable approval of Landlord, which approval Landlord will not unreasonably withhold or delay. Landlord shall have five (5) business days from receipt of the Plans to review and approve the Plans or state any objections in
writing. The failure of the Landlord to respond within the five (5) business day period shall be deemed approval of the Plans. Any objections made by Landlord shall be reasonable in nature and stated in sufficient detail so as to allow the
necessary modifications by Tenant. If necessary, the Plans, as modified by the Tenant shall be re-submitted to Landlord within five (5) business days after Tenant’s receipt of the Plans with Landlord’s objections. Upon Landlord’s
receipt of the Plans as modified, Landlord shall have three (3) business days within which to return the Plans to Tenant with any new objections, which shall be reasonable in nature and stated in sufficient details so as to allow the necessary
modifications by the Tenant. The Plans, as modified by the Tenant, shall be re-submitted to Landlord within five (5) business days after Tenant’s receipt of the Plans with 

  

 E - 1 

 
Landlord’s latest objections. This process shall be repeated until the Plans have been finally approved by Landlord and Tenant; provided, however that
Landlord and Tenant agree to work together in a commercially reasonable manner so as to finally approve the Plans by no later than December 31, 2007. Any changes to the Plans shall be subject to the reasonable approval of Landlord, which
approval Landlord will not unreasonably withhold or delay. Landlord’s approval of the changes may be based upon whether the changes: (i) affect or are not consistent with the base structural components or systems of the Building,
(ii) are visible from outside the Premises, (iii) affect safety, (iv) have or could have the effect of increasing Operating Expenses, or (v) in Landlord’s reasonable judgment, are not consistent with quality and character of
the Park. Landlord and Tenant shall follow the same process as provided in this Section 2 for approval of any changes to the Plans until the change to the Plans has been finally approved by Landlord. 
 3. Performance of Tenant’s Work. Tenant shall cause the approved Tenant Improvements work to be done in a first-class workman-like manner in
conformity with all Applicable Laws. Landlord may require Tenant to provide demolition and/or lien and completion bonds in form and amount satisfactory to Landlord. Landlord must approve all contractors performing any part of the work, which
approval shall not be unreasonably withheld, delayed or conditioned. Workmen’s Compensation, public liability and property damage insurance, all in amounts and with companies and on forms reasonably satisfactory to Landlord, shall be provided
and at all times maintained by Tenant’s contractors engaged in the performance of Tenant’s work, and before proceeding with the work, certificates of such insurance shall be furnished to Landlord. Upon completion of any such work, Tenant
shall provide Landlord with “as built” plans, copies of all construction contracts, all operations manuals, test and balance reports, and any additional reasonably requested reports and documentation at the conclusion of the construction
of the Tenant’s Improvements. In addition, Tenant shall provide a copy of the certificate of occupancy or final inspections for the Premises issued by Miami-Dade County, Florida whichever is applicable for the Tenant Improvements. 

TENANT AND TENANT’S CONTRACTORS SHALL BE REQUIRED BY TENANT TO COMPLY WITH THE FLORIDA CONSTRUCTION LIEN LAW SET FORTH IN CHAPTER
713, FLORIDA STATUTES. 
 4. Payments to Tenant from Allowance. Tenant shall be solely responsible to make any and all payments
directly to Tenant’s general contractor and any subcontractors, materialmen, suppliers or laborers. Landlord agrees to reimburse Tenant from the amount available under the Allowance for the Office Improvements based upon applications for
payment submitted to Landlord by Tenant. Landlord shall make reimbursement payments to Tenant within 10 days following receipt of the application for payment. In support of each application for payment, Tenant shall submit to Landlord paid and
receipted invoices for the completed work together with releases of liens for all such work. Tenant shall also provide such other reasonable documentation as may be requested by Landlord to substantiate the costs for the work for which
Tenant requests reimbursement. In addition, Tenant shall provide a copy of the certificate of occupancy or final inspections whichever is applicable for the Office Improvements prior to final payment of the Allowance. Tenant shall indemnify and hold
Landlord harmless against any mechanic’s or other liens asserted against the Premises as a result of Tenant’s work. 
  

 E - 2 

 EXHIBIT E-1 
 FINAL PLANS 
 (to be attached upon approval of plans) 
  

 E -1 - 1 

 EXHIBIT F 
 HAZARDOUS MATERIALS LIST 
  

 F - 1 

					
	 Item Number
	  	 Item Description
	  	 
	 103649
	  	 Liquid-Plumr Prof Str 2pk/80z
	  	
			
	 115953
	  	 Tinactic Liquid Aerosol 2/5.3z
	  	
			
	 11904
	  	 Barbasol Shave Cream 3 pk
	  	
			
	 1206
	  	 Jet Pump 110 .5HP 800W
	  	
			
	 121421
	  	 Lysol AP Cleaner-Lemon 128 oz
	  	
			
	 121737
	  	 Lemon Pledge Wood Polish
	  	
			
	 12304
	  	 Forklift Deka Battery
	  	
			
	 126233
	  	 Battery Motorcyle 12A-A
	  	
			
	 126987
	  	 Battery Motorcycle 6N4ZA
	  	
			
	 13002
	  	 5K PRT SM Proc Unit P2/RA-2SM
	  	
			
	 132065
	  	 Lemon Pledge 1/15.6oz
	  	
			
	 140100
	  	 Chemical Filters
	  	
			
	 14867
	  	 Toilet Bowl Cleaner 3/3.5 oz
	  	
			
	 1507
	  	 Freon 507/25Ibs - Refrigerant
	  	
			
	 15079
	  	 Listerine CoolMint 58 oz
	  	
			
	 15309
	  	 Home Defense Pesticide 6 Liter
	  	
			
	 155010
	  	 Electric Motorcycle
	  	
			
	 156162
	  	 Wizard Spk/Citrs Air Frsh 2/8z
	  	
			
	 15738
	  	 Film 135/24-200 4pk Kodak
	  	
			
	 1575
	  	 Clorox Disinf. Wipes 3/40 ct
	  	
			
	 158728
	  	 Suave Deod Aero Pwdr 6oz
	  	
			
	 159900
	  	 Film Advantix 200 3/pk 25/exp
	  	
			
	 161571
	  	 Easy-Off Oven&Grill Clnr 24 oz
	  	
			
	 16204
	  	 Fire Extinguisher 3-A, 40-B:C
	  	
			
	 16415
	  	 Film 135/24-400 4pk Kodak
	  	
			
	 166071
	  	 Media Box 3Pc Set
	  	
			
	 16889
	  	 Film Advantix 400 3pk 25/Exp.
	  	
			
	 16933
	  	 Cold Cup Lid 16/20 oz 600 ct
	  	
			
	 17253
	  	 Triple Tgs Gel Shave Sntv 3/7z
	  	
			
	 173605
	  	 Toilet Bowl Cleaner 2/3.5 oz
	  	
			
	 17478
	  	 Kodak Film 135/24-100 4 pack
	  	
			
	 175575
	  	 Pine Sol Liquid Clnr Reg 175oz
	  	
			
	 175579
	  	 Pine Sol Liquid Cleaner 144 oz
	  	
			
	 17689
	  	 HTH Granular Chlorine 70Ib
	  	
			
	 17698
	  	 Utility Lighter 4Pk
	  	
			
	 178050
	  	 Lysol Disf. Spray-Linen 3/19oz
	  	
			
	 178485
	  	 Easy-Off HD Oven Clnr 16oz
	  	
			
	 182480
	  	 Pam Regular 2 Pk
	  	
			
	 189833
	  	 Lysol Disf. Spray-Linen 19oz.
	  	
			
	 192026
	  	 Tire Sealer/Inflator Airup 18o
	  	
			
	 193853
	  	 Liberty Lites 50 ct.
	  	
			
	 193942
	  	 HotShot Ant&Roach Ki112/17.5oz
	  	
			
	 193950
	  	 HotShot Flyng Insct Ki112/150Z
	  	
			
	 194540
	  	 Bic Mini-Lighters 2ct
	  	
			
	 194797
	  	 Repel Family Pocket Size 1.1 oz
	  	
			
	 194799
	  	 Repel Sportsmen Pocket Sz 1.1z
	  	
			
	 195558
	  	 Repel Sprtmen & Family Sz 6.5z
	  	
			
	 193801
	  	 Kingsford Charcoal Lghtr 61oz
	  	
			
	 196037
	  	 Niagra Spray Strch Lem 22oz
	  	
			
	 196039
	  	 Niagra Spray Strch Hvy 22oz
	  	
			
	 199321
	  	 Liberty Lites 50ct. (Lighters)
	  	

					
	 2028
	  	 900 ORD SM Proc Unit F1/C41 SM
	  	
			
	 206144
	  	 Freeze It Hair Spray 2/10.6oz
	  	
			
	 206243
	  	 Wooden Ktchen Matches 3/250 CT
	  	
			
	 209123
	  	 VC Super Hold Mousse 2/12 oz
	  	
			
	 210130
	  	 Barbie Aventura Gift Set
	  	
			
	 210131
	  	 Barbie Sirena Gift Set
	  	
			
	 21025
	  	 WD-40 11oz 2pk Spanish #52012
	  	
			
	 212143
	  	 Lysol Disf. Spray-Linen 19oz.
	  	
			
	 216956
	  	 Kaboom Shower/Tub/Tile Clnr32z
	  	
			
	 21857
	  	 10.0L Flex Developer LORR
	  	
			
	 22446
	  	 31Gal Roughneck Storage Tote
	  	
			
	 230965
	  	 AirWick Spk/Citr Air Frsh 2/8z
	  	
			
	 233986
	  	 Aim & Flame II
	  	
			
	 236441
	  	 Pam Cooking Spray 2/12oz.
	  	
			
	 24432
	  	 3” Chlorine Tabs 40lbs Pace
	  	
			
	 25501
	  	 Skintimate Shave Gel 3/9.5oz
	  	
			
	 255549
	  	 5.0L Flex RA Bleach Replenishr
	  	
			
	 25820
	  	 Niagara Starch 22 oz
	  	
			
	 25834
	  	 Niagara Spray Starch 4/22 oz
	  	
			
	 26231
	  	 Gas Grill 35kBTU sideburn/Tank
	  	
			
	 263119
	  	 Battery Backup 8 Outlet PureAV
	  	
			
	 263591
	  	 SS Dual Speed Floor Buffer
	  	
			
	 263592
	  	 SS Ultra Speed Floor Buffer
	  	
			
	 263593
	  	 Poulan LawnGarden Tractor
	  	
			
	 263594
	  	 16HP Lawn Garden Tractor
	  	
			
	 263595
	  	 15.5 HP Lawn Garden Tractor
	  	
			
	 263596
	  	 17.5HP Lawn Garden Tractor
	  	
			
	 263597
	  	 20HP Lawn Garden tractor
	  	
			
	 263633
	  	 18HP Lawn Garden Tractor
	  	
			
	 263752
	  	 Battery Backup System
	  	
			
	 263754
	  	 1000VA Battery Backup System
	  	
			
	 263955
	  	 Jump Starter Portable 2 way
	  	
			
	 263957
	  	 Jump Starter Rechargeable
	  	
			
	 266000
	  	 Battery 26-60 525 CCA
	  	
			
	 26602
	  	 Battery 58-60 CCA540
	  	
			
	 26605
	  	 Battery NS4OZL
	  	
			
	 266052
	  	 Battery 26R-60 525 CCA
	  	
			
	 26606
	  	 Battery 24-60 CCA=525
	  	
			
	 26609
	  	 Battery 42-60 CCA500
	  	
			
	 26620
	  	 Battery 34-60 CCA525
	  	
			
	 26742
	  	 Marine Battery NC-27 CCA730
	  	
			
	 26758
	  	 Battery 65-60 CCA850
	  	
			
	 26801
	  	 Marine Battery NG31
	  	
			
	 268549
	  	 UPS Backup 1000VA w/ AVR
	  	
			
	 268550
	  	 UPS Backup 1500VA w/ AVR
	  	
			
	 268551
	  	 UPS Backup 1200VA/670Watts
	  	
			
	 268552
	  	 UPS Backup w/ 2 Surge Protect
	  	
			
	 268553
	  	 UPS 1100VA w/4 Outlets
	  	
			
	 268554
	  	 UPS Backup 750VA w/4 Outlets
	  	
			
	 270156
	  	 CO2 Gas 75LB
	  	
			
	 2713
	  	 10K PRT SM Proc Unit P1/RA-2SM
	  	
			
	 273600
	  	 Dirt Bike Kawasaki Super Shock
	  	
			
		  		  	

					
	 273610
	  	 Power Wheel Firerock Jeep Wngl
	  	
			
	 276642
	  	 Battery 78-60 CCA=630
	  	
			
	 276973
	  	 My First Roadstar
	  	
			
	 28316
	  	 Battery 27-60 CCA=700
	  	
			
	 28318
	  	 Battery 27F-60 CCA=700
	  	
			
	 28321
	  	 Battery 35-60 CCA=525
	  	
			
	 29619
	  	 Marine Battery NG4D
	  	
			
	 29621
	  	 Marine Battery NG8D
	  	
			
	 300552
	  	 Battery 56-60 CCA535
	  	
			
	 303652
	  	 Battery Motorcycle 16CLB Exide
	  	
			
	 309654
	  	 Battery 51-60 CCA=525
	  	
			
	 309661
	  	 Battery 51 R-60 CCA=435
	  	
			
	 3101
	  	 Auto Fire Extinguisher 5B:C
	  	
			
	 31168
	  	 Lemon Pledge 3pk/7oz
	  	
			
	 32191
	  	 Axe Shower Gel 3/12oz
	  	
			
	 340340
	  	 UPS Back-up Newpoint 550VA
	  	
			
	 340341
	  	 UPS 50Hz 750VA Power Sentry
	  	
			
	 340789
	  	 Battery Backup PowerSource 400
	  	
			
	 341000
	  	 Freon R-134A/30 Lbs
	  	
			
	 344341
	  	 UPS Back-Up System Forza SL751
	  	
			
	 345340
	  	 UPS Tripplite 550VA AVR550U
	  	
			
	 350929
	  	 Emergency Road Kit
	  	
			
	 353353
	  	 Air 10oz Single EcoDuster
	  	
			
	 355340
	  	 UPS Tripp Lite 1000VA SMART100
	  	
			
	 378032
	  	 Battery 78DT-72 CCA 850
	  	
			
	 378049
	  	 Battery 75DT-60 CCA=630
	  	
			
	 378050
	  	 Battery 75DD-72
	  	
			
	 3796
	  	 Ultraclorox2 Bleach 119.7 oz
	  	
			
	 39175
	  	 Battery 70DT-60 CCA=525
	  	
			
	 39177
	  	 Battery 41-60 CCA675
	  	
			
	 391802
	  	 Battery 48-60 CCA=690
	  	
			
	 391819
	  	 Battery 49-60 CCA850
	  	
			
	 39396
	  	 Battery 24-60 CCA525
	  	
			
	 39807
	  	 Cloroxll Dry Bleach FRM 30.3z
	  	
			
	 407040
	  	 Battery 370AH-6 volts
	  	
			
	 40721
	  	 Easy-Off Oven&Grill Clnr 2/24z
	  	
			
	 4159
	  	 Battery Deep Cycle 6V
	  	
			
	 417850
	  	 5 Pc Emergency Kit
	  	
			
	 420360
	  	 Power Buffer 10” 12Volt BF-10
	  	
			
	 420809
	  	 Ultra Surf Powder-156 oz
	  	
			
	 428
	  	 Cartridge HP #45 Black 51645A
	  	
			
	 444025
	  	 Kiddie Fire Extinguisher 2pk
	  	
			
	 461001
	  	 Air Duster Compressed 2pk/10z
	  	
			
	 468017
	  	 Kiddie Fire Extinguisher
	  	
			
	 468018
	  	 Extinguisher 3A4OBC FA34D
	  	
			
	 4690
	  	 2.7 Flex C-41 SM Tank Bleach
	  	
			
	 49092
	  	 Lawn Tractor 12.5HP 38”
	  	
			
	 505505
	  	 Ultimate Detailing Kit
	  	
			
	 511301
	  	 Tiro Soalant 3 Pack
	  	
			
	 528301
	  	 Lawn Tractor 15.5 HP 8-Speed
	  	
			
	 561
	  	 Spray Gun Kit 15 pc
	  	
			
	 564188
	  	 Chlorine Tab “Plus” 40Ibs
	  	

					
	 5824
	  	 Eco Duster 2pk 10oz PerfectDat
	  	
			
	 584584
	  	 Battery 34XCD Orbital Extreme
	  	
			
	 5933
	  	 Propane Tank 16.4oz Disposable
	  	
			
	 60564
	  	 64oz Citronella Oil #60564
	  	
			
	 6119
	  	 Gas Can 5-Gal Plastic
	  	
			
	 618170
	  	 Wheel Weight Adhesive Remover
	  	
			
	 6188
	  	 150 ORD SM Proc Unit F2/C41SM
	  	
			
	 6337
	  	 2.0L C-41 SM Tank Developer
	  	
			
	 6369
	  	 Battery HC-31D Exide Truck
	  	
			
	 637
	  	 Spray N Wash 32zTrigger w/96z
	  	
			
	 6377
	  	 Lghtd 48”Animated Deer 200Lits
	  	
			
	 640341
	  	 UPS Back-Up Philips 550VA
	  	
			
	 651226
	  	 Stonclad UT A/B
	  	
			
	 651660
	  	 Stonclad UT Seal Steel Gray AB
	  	
			
	 661435
	  	 Fire Extinguisher 3-A,40-B:C
	  	
			
	 6625
	  	 Tilex Mildew Remover 2pk 32oz
	  	
			
	 69033
	  	 Liq. Paper Correction Pen 4PK
	  	
			
	 698112
	  	 Car Care Kit 9Pc, Turtle Wax
	  	
			
	 70158
	  	 Listerine Orig. Mouthwash 58oz
	  	
			
	 708750
	  	 Jump Starter w/Docking Station
	  	
			
	 71156
	  	 Kingsford Charcoal 2/20 lb
	  	
			
	 71177
	  	 Kingsford Lighter Fluid 64 oz
	  	
			
	 737120
	  	 64oz Citronella Oil
	  	
			
	 738090
	  	 Compressor 6hp 60GA
	  	
			
	 74059
	  	 Lemon Pledge 2pk/15.6oz
	  	
			
	 7465
	  	 Generator 5250 watts
	  	
			
	 74678
	  	 Lysol Toilet Bowl Clnr 3/32 oz
	  	
			
	 748748
	  	 Motorcycle Kawasaki Ninja
	  	
			
	 74972
	  	 Lysol Disin Spray-Linen 2/19z
	  	
			
	 762752
	  	 42” Lawn Tractor
	  	
			
	 762753
	  	 45” Lawn Tractor
	  	
			
	 762754
	  	 42” Lawn Tractor
	  	
			
	 768980
	  	 Easy Off HD Oven Cleaner 3/24z
	  	
			
	 784816
	  	 EasyOff BAM Grm/Lime Rmvr 3/24
	  	
			
	 79567
	  	 WD-40 11oz 2pk
	  	
			
	 800802
	  	 EVEREADY Battery 34DT FC1
	  	
			
	 801500
	  	 EVEREADY Battery 75DT FC2
	  	
			
	 802802
	  	 EVEREADY Battery 24G FC3
	  	
			
	 803803
	  	 EVEREADY Battery 26G FC4
	  	
			
	 804600
	  	 EVEREADY Battery 26R FC5
	  	
			
	 805805
	  	 EVEREADY Battery 27G FC14
	  	
			
	 806806
	  	 EVEREADY Battery 27MDC FC15
	  	
			
	 8077
	  	 Fire Extinguisher UL 1-A,10B:C
	  	
			
	 807700
	  	 EVEREADY Battery 31SG FC16
	  	
			
	 808808
	  	 EVEREADY Battery 34G FC6
	  	
			
	 809100
	  	 EVEREADY Battery 35G FC7
	  	
			
	 80989
	  	 WhiteBoard Accesories 14pk
	  	
			
	 810700
	  	 EVEREADY Battery 42G FC8
	  	
			
	 811811
	  	 EVEREADY Battery 58RG FC9
	  	
			
	 812100
	  	 EVEREADY Battery 65G FC 10
	  	
			
	 8138
	  	 Alkaline D Reclosable 8pk
	  	
			
	 813813
	  	 EVEREADY Battery GC2-G 6Volt
	  	

					
	 8148
	  	 Alkaline C Battery Size 8pk
	  	
			
	 814814
	  	 EVEREADY Battery 56G FC11
	  	
			
	 8152
	  	 Alkaline AA Pro Pack 24pk
	  	
			
	 815200
	  	 EVEREADY Battery 22FG FC12
	  	
			
	 816600
	  	 Jumpstart 18amp w/Air Compresr
	  	
			
	 816816
	  	 EVEREADY Battery 22NFG FC 13
	  	
			
	 817700
	  	 Jumpstar 18amp w/Tire Inflator
	  	
			
	 82418
	  	 Alkaline Batteries AAA 18pk
	  	
			
	 83129
	  	 Lysol Basin/Tub/Tile Cleaner
	  	
			
	 831600
	  	 Battery 27-60 700 CCA
	  	
			
	 832100
	  	 Battery 35-60 525 CCA
	  	
			
	 843072
	  	 Nail Polish Set 12pk
	  	
			
	 84575
	  	 2in1 Liquid Paper 6pk Sanford
	  	
			
	 872872
	  	 Fuel Injector Cleaner Pyroil
	  	
			
	 877471
	  	 Methanol Chafing Fuel 8oz/12pk
	  	
			
	 8820
	  	 Formula 409 1Gal&22oz.spray
	  	
			
	 891384
	  	 Battery 330 AH-6 volts
	  	
			
	 893429
	  	 Ultra LQD All F/C 100 oz
	  	
			
	 893818
	  	 Ultra LQD All Reg. 100 oz
	  	
			
	 89884
	  	 64oz Party Torch Fuel-Panacea
	  	
			
	 90500
	  	 Clarke FOCUS 33s Floor Scrubbe
	  	
			
	 921500
	  	 No Touch Wet N Protect
	  	
			
	 921700
	  	 No Touch High Shine
	  	
			
	 940340
	  	 Tripplite UPS Battery Back-Up
	  	
			
	 9481
	  	 Battery 9481 Com-4DP Exide Trk
	  	
			
	 9634
	  	 Battery COM-31 D CCA=600
	  	
			
	 9769
	  	 2.0L Flex RA-2 SM Tank Develop
	  	
			
	 97993
	  	 Industrial Fire Extinguisher
	  	
			
	 98244
	  	 Helium Balloon Tank
	  	
			
	 992200
	  	 Car Care Kit Meguiar’s
	  	

 EXHIBIT G 
 BEST MANAGEMENT PRACTICES 
  

 G - 1 

 

 
 UPDATED: 02/27/96 
 BEST
MANAGEMENT PRACTICES 
 Best management practices can be thought of as using “good housekeeping” practices.
Listed below are several procedures to operate your facility and minimize the risk of contamination to the environment. 
  

	 	1.	 Waste disposal 

  

	 	a.	 All hazardous waste must be disposed of via a permitted hazardous waste transporter and taken to a federally approved hazardous waste disposal facility. Receipts
of all waste disposals and hazardous waste manifests must be retained for and less than three (3) years, at the generator’s facility and be available for review. 

  

	 	b.	 In all situations where the waste is deemed to be hazardous, a permitted hazardous waste transporter must be used to transport the waste to a federally approved
hazardous waste treatment or disposal facility. The facility generating the hazardous waste is required to obtain an Environmental Protection Agency identification number unless classified as a conditionally exempt generator, by contacting:

 Bureau of Waste Planning and Regulation 
 Florida Dept. of Environmental Regulation 
 Two Towers Office Building Room 471 
 2600 Blair Stone Road 
 Tallahassee, Florida
32399 
 (904) 488-4805 
  

	 	c.	 if the waste solvents can be recycled by the facility generating the waste, the solvent stillbottoms/sludge from the reclaiming operation must be collected and
handled as a hazardous waste, unless proven otherwise 

  

	 	d.	 if the waste solvent is recycled by a permitted solvent recycler, receipts must be obtained from the recycler and copies kept at the facility.

 A list of DERM permitted waste haulers is available upon request 
  

	 	2.	 Storage 

  

	 	a.	 For facilities storing large amounts of chemicals and/or fuels: 

	 	1.	 All chemical and fuel storage must have secondary containment This containment area should be able to hold 110% of the volume of the largest single tank to be
stored in this area. 

  

	 	2.	 Chemical storage areas must be on an impervious surface with secondary containment or a bermed and covered area away from drainage structures (e.g. floor drains
or storm drains). 

  

	 	3.	 Rags used during mechanical repairs or cleaning processes which become contaminated with waste oil or hazardous materials such as solvents, ink, etc. are
considered hazardous wastes and may be handled by an approved rag service or an approved hazardous waste transporter. Used rags must not be disposed of in the trash/dumpster unless a hazardous waste profile Indicates otherwise and approval is
granted by this department 

  

	 	4.	 Receipts of all waste and/or wastewater disposal must be. Hazardous waste manifest must be kept for any hazardous waste disposal. Receipts/manifests must be kept
for a period of three(3) years on site. 

  

	 	5.	 In large storage areas, there must be aisle space between storage products. This will enable Inspection of the container for leaks and/or corrosion. Incompatible
chemicals or materials should be stored separately. 

  

	 	6.	 Absorbent material shall be kept on site to cleanup any accidental spill. Used absorbent pads must not be disposed of in the trash or dumpster unless a hazardous
waste profile indicates otherwise and approval is granted by this department. 

  

	 	7.	 Special attention should be paid to storm drain locations (also known as storm sewers). Storm drains are designed to help alleviate rainwater build up. These
drains are not connected to the sanitary sewer system, but rather assist in allowing the rainwater to drain into the ground and groundwater. Therefore, industrial discharges should not be allowed to drain into these storm drains. Areas near storm
drains must be kept free of oil, grease and other contaminates so that rainwater does not wash these materials into the storm drains 

  

	 	8.	 Facilities generating more than ten (10) spent fluorescent and/or high-intensity discharge lamps per month must have them recycled. These lamps cannot be
disposed off in the regular trash. Spent lamps must be stored in a safe location in order to prevent them from breaking. Contact the Pollution Prevention Program at 372-6784 for further information. 

 Pollution Prevention Suggestions 
 The reduction or elimination, at the source, of discharges or emissions to the environment. 

	 	1.	 Waste fluids should be segregated and kept separately. This prevents mixing incompatible substances and prevents contamination of a nonhazardous waste by a
hazardous waste. This also allows them each to be recycled or disposed of appropriately and reduce disposal costs. 

  

	 	2.	 Recycling of waste fluids is a preferred option. This can either be done on-site or shipped to an approved recycler off-site. Units for filtering, adding the
necessary additives and restoring coolant are available. (Installation of such units must be approved by DERM and the Fire Dept.) 

  

	 	3.	 For small to medium facilities, it may be more economical to have a parts washer contractor replenish the parts cleaner and remove the spent solution, than to
install a solvent recycling still. 

  

	 	4.	 Large facilities, on-site solvent recycling stills are usually very economical with payback periods of only 2-3 years. 

  

	 	5.	 Alternative cleaners are available (e.g. special water based cleaners) that replace traditional solvent. These can be used in a variety of system including dip
tanks, power washers with jet sprays, or ultrasonic immersion tanks. 

  

	 	6.	 Parts cleaning can be done in 3 stages 

  

	 	1.	 Preclean to remove heavier dirt (e.g. with a wire brush) 

  

	 	2.	 Sink #1 as an initial sink to do heavier cleaning. Recycled only after full use. 

  

	 	3.	 Sink #2 as a final sink for precision cleaning (used as make-up for sink #1). 

  

	 	7.	 Parts can be removed slowly from solvent sinks and allowed to sit a few minutes on “dip racks” which drain back to the sink. Rollaway covers that are
kept closed when not in use can be used on the sink. Sludges should be removed often and properly disposed, but the solution itself can be used many times. 

  

	 	8.	 Stop leaks quickly. Drip pans can be placed to catch leaks. Spot mopping with a bucket (and proper disposal of the water) can be performed. Floor cleaning
machines are available that will spray a cleaning solution, scrub with brushed, and vacuum up the solution (to be disposed of properly). Absorbent pads are available that allow the oil to be “squeezed out” into a waste oil drum. The pads
can be reused several times. 

  

	 	9.	 Scrap parts can be sold to metal recyclers. 

 Questions will be answered by the Industrial Facilities Section staff at (305)372-6600.

 Any questions concerning pollution prevention please call the Pollution Prevention Program at(305)372-6784 

 RIDER NUMBER 1 TO LEASE 
 dated Nov. 16, 2007 
 between Flagler Development Company, LLC, as Landlord, 
 and Pricesmart, Inc., as Tenant 
 OPTIONS TO
RENEW 
 Provided no default exists beyond any applicable grace and
cure periods as provided for in the Lease and Tenant or a Permitted Transferee (as hereinafter defined) is occupying the Premises at the time of such election, Tenant or a Permitted Transferee may renew this Lease for an additional period of five
(5) years (the “First Extension Term”) on the same terms provided in this Lease (except as set forth below), by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord at least nine
(9) months prior to the expiration date of this Lease. Upon Tenant’s or, a Permitted Transferee’s timely notice of the exercise of
the option to renew for the First Extension Term, the Lease shall be extended on the same terms provided in this Lease, except as follows: 
  

	 	(a)	 The Base Rent payable during such First Extension Term shall be the Fair Market Rental Rate (as hereinafter defined), for buildings comparable to the Project in
the West Miami-Dade submarket, at the commencement of such First Extension Term, for space of equivalent quality, size, utility and location, with the length of the First Extension Term, concessions, allowances, brokers’ fees and the credit
standing of Tenant or the Permitted Transferee to be taken into account; and 

  

	 	(b)	 Landlord shall lease to Tenant or the Permitted Transferee the Premises in their then current condition, and Landlord shall not provide to Tenant or the
Permitted Transferee any allowances (e.g., moving allowance, construction allowance, tenant improvements allowance and the like) or other tenant inducements. 

 For purposes of this Rider, the Fair Market Rental Rate (the “FMRR”) shall mean the rent, as of the date in question, which a landlord, willing but not obligated to lease, would accept
for the Premises, and which a tenant, willing but not obligated to rent, would pay therefor in an arms-length transaction. Landlord shall deliver written notice (the “Landlord Notice”) to Tenant or the Permitted Transferee, within
thirty (30) days after Landlord’s receipt of a timely Renewal Notice, which sets forth the FMRR as determined by Landlord to be payable during the applicable Extension Term after consideration of the factors set forth above. Tenant or the
Permitted Transferee shall have the right, within fifteen (15) days following the date of the Landlord Notice, to deliver written notice that it accepts Landlord’s determination of the FMRR, or that it disagrees with Landlord’s
determination of the FMRR. Thereafter, if the parties are unable to agree as to the FMRR by the date that is thirty (30) days following the Renewal Notice, the Renewal Option shall be deemed null and void. 
 For purposes of this Rider, the term “Permitted Transferee” shall mean any party to whom the Lease has been assigned pursuant
to the terms of Section 11.22 of the Lease. 
  

 Rider Number 1 - 1 

 Tenant’s or the Permitted Transferee’s right to extend the term of this Lease
for the First Extension Term shall terminate if (i) this Lease or Tenant’s or the Permitted Transferee’s right to possession of the Premises is terminated, (ii) Tenant or the Permitted Transferee, at any time during the Lease
Term, assigns any of its interest in this Lease or sublets any portion of the Premises (other than a Permitted Transfer by Tenant in accordance with the terms of Section 11.22 of the Lease), or (iii) Tenant or the Permitted Transferee
fails to timely exercise its option under this Rider for the First Extension Term, time being of the essence with respect to Tenant’s or the Permitted Transferee’s exercise thereof. 
 B. Provided no default exists beyond any applicable grace and cure periods as provided for in the Lease and Tenant or a Permitted
Transferee is occupying the entire Premises at the time of such election, Tenant or a Permitted Transferee may renew this Lease for a second additional period of five (5) years (the “Second Extension Term”) on the same terms provided
in this Lease (except as set forth below), by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord at least nine (9) months prior to the expiration of the First Extension Term. Upon Tenant’s or a
Permitted Transferee’s timely notice of the exercise of the option to renew for the Second Extension Term, the Lease shall be extended on the same terms provided in this Lease, except as follows: 
  

	 	(a)	 The Base Rent payable during such Second Extension Term shall be the New Fair Market Rental Rate (as hereinafter defined), for buildings comparable to the
Project in the West Miami-Dade submarket, at the commencement of such Second Extension Term, for space of equivalent quality, size, utility and location, with the length of the Second Extension Term, concessions, allowances, brokers’ fees and
the credit standing of Tenant or the Permitted Transferee to be taken into account; and 

  

	 	(b)	 Landlord shall lease to Tenant or the Permitted Transferee, the Premises in their then current condition, and Landlord shall not provide to Tenant or the
Permitted Transferee any allowances (e.g., moving allowance, construction allowance, tenant improvements allowance and the like) or other tenant inducements. 

 For purposes of this Rider, the New Fair Market Rental Rate (the “NFMRR”) shall mean the rent, as of the date in question, which a landlord, willing but not obligated to lease, would
accept for the Premises, and which a tenant, willing but not obligated to rent, would pay therefor in an arms-length transaction. Landlord shall deliver written notice (the “Second Landlord Notice”) to Tenant or the Permitted
Transferee, within thirty (30) days after Landlord’s receipt of a timely Renewal Notice, which sets forth the NFMRR as determined by Landlord to be payable during the applicable Extension Term after consideration of the factors set forth
above. Tenant or the Permitted Transferee shall have the right, within fifteen (15) days following the date of the Landlord Notice, to deliver written notice that it accepts Landlord’s determination of the NFMRR, or that it disagrees with
Landlord’s determination of the NFMRR. Thereafter, if the parties are unable to agree as to the NFMRR by the date that is thirty (30) days following the applicable Renewal Notice, the applicable Renewal Option shall be deemed null and
void. 
  

 Rider Number 1 - 2 

 Tenant’s or a Permitted Transferee’s right to extend the term of this Lease for
the Second Extension Term shall terminate if (i) this Lease or Tenant’s or the Permitted Transferee’s right to possession of the Premises is terminated, (ii) Tenant or the Permitted Transferee, at any time during the First
Extension Term, assigns any of its interest in this Lease or sublets any portion of the Premises (other than a Permitted Transfer by Tenant in accordance with the terms of Section 11.22 of the Lease), or (iii) Tenant or the Permitted
Transferee fails to timely exercise its option under this Rider for the Second Extension Term, time being of the essence with respect to Tenant’s or the Permitted Transferee’s exercise thereof. 
  

 Rider Number 1 - 3 

 Schedule 1 
 LEASE TERMINATION AGREEMENT 
 THIS LEASE TERMINATION AGREEMENT
(“Agreement”) is made by and between PRICESMART, INC., a Delaware corporation (“Tenant”), and FLAGLER DEVELOPMENT COMPANY, LLC, a Florida limited liability company (“Landlord”), as
of the date on which the later signature of Landlord and Tenant is affixed to this Agreement. 
 WITNESSETH: 
 WHEREAS, Landlord and Tenant are parties to that certain Gran Park Lease
Agreement dated April 20, 2000 between Landlord, as landlord, and GTS Terminals, Inc., a New Jersey corporation (“GTS”), as tenant, for Suites 2 and 3 of Building #RB4 (the “Building”) located at 10051 NW 99th Avenue (the “Premises”), as assigned by GTS to Tenant pursuant to that certain Assignment and Assumption of Lease dated as of August 1, 2001
(as assigned, the “Lease”); 
 WHEREAS, the Building is included in a multiple-building business and
industrial park known as Flagler Station (“Park”); 
 WHEREAS, pursuant to the Lease, the term of the
Lease is scheduled to expire on December 31, 2009 (the “Expiration Date”); and 
 WHEREAS,
Landlord has agreed to an early termination of the Lease in consideration of the execution by Tenant of another lease for other space in the Park 
 NOW, THEREFORE, in consideration of Tenant’s execution of the New Lease, as hereinafter defined, and the mutual representations, covenants, and agreements herein, Landlord and Tenant agree, represent and
warrant, as applicable, as follows: 
 1. Recitals; Capitalized Terms. The foregoing recitals are true and correct and
incorporated herein by reference. All capitalized terms used herein that are not specifically defined in this Agreement shall have the same meanings as set forth in the Lease. 
 2. New Lease; Termination Date. Tenant shall deliver to Landlord,
simultaneously with this Termination Agreement, a Lease Agreement in the form attached hereto as Exhibit A (the “New Lease”), as executed on behalf of Tenant, for 126,767 rentable square feet in the building known as Building
#26 located at 10800 NW 100th Street, Medley, Florida 33178 (the “New Premises”). The Lease shall terminate upon Tenant’s
surrender of the Premises pursuant to Section 3 hereof which shall be within sixty (60) days after the Commencement Date of the New Lease (the “Termination Date”). 
 3. Surrender of Premises; Removal of Tenant’s Personal Property and Fixtures. On the Termination Date, Tenant shall surrender
and yield up to Landlord the Premises, in good 

 
order, condition and state of repair, reasonable wear and tear excepted. On or before the Termination Date, Tenant shall remove from the Premises all
personal property owned by Tenant or leased by Tenant from third parties, and shall remove all fixtures and equipment installed by Tenant on the Premises. Tenant shall be obligated to repair in a good and workmanlike manner any damage to the
Premises resulting from the removal of such personal property and fixtures and equipment. Tenant shall complete such work at Tenant’s sole cost and expense, on or before the Termination Date, and shall promptly pay all bills relating to such
work; provided, however, that if such repairs are not made by Tenant in accordance with the terms hereof, on or before the Termination Date, Landlord will repair any such damage at Tenant’s sole cost and expense, and Tenant will promptly pay
all invoices relating to such work. Notwithstanding anything herein to the contrary, Tenant’s obligation to reimburse Landlord for any such repair costs will survive the termination of the Lease. 
 4. Release. Effective on the Termination Date, Tenant and Landlord hereby release and discharge each other, including their
respective subsidiaries, affiliates, officers, directors, agents and employees, as of the Termination Date from all obligations and liabilities, whether known or unknown, foreseen or unforeseen, under or in connection with the Lease or Tenant’s
use or occupancy of the Premises, except (i) those obligations which, by their nature, or by the terms of the Lease, would survive beyond the Expiration Date, (ii) Tenant’s obligation to pay to Landlord the Rent through and including
the Termination Date, and (iii) Landlord’s right to collect from Tenant as Additional Rent (or reimburse Tenant, as the case may be), through and including the Termination Date, the difference between the actual Operating Expenses and the
estimated Operating Expenses for the Premises, as reconciled by Landlord in accordance with the terms of Section 2.4.2 of the Lease. 
 5. Landlord’s Representations and Warranties. Landlord represents and warrants to Tenant that Landlord has the power and the lawful authority to execute and deliver this Agreement, and that no consent,
authorization, approval, or notice to any other party, including any mortgagee (other than as set forth in this Agreement), is necessary in connection with the execution and delivery of this Agreement by Landlord, or as a prerequisite to its
enforceability against Landlord. 
 6. Tenant’s Representations and Warranties. Tenant represents and warrants
that it is the sole tenant in possession of the Premises under the Lease and that it has neither assigned nor subleased its interest as tenant under the Lease. Tenant further represents and warrants to Landlord that Tenant has complied with all of
Tenant’s obligations under the Lease. 
 7. Survival of Representations and Warranties. The representations and
warranties set forth in paragraphs 5 and 6 hereof shall survive and continue beyond the date hereof. 
  

 2 

 8. Entire Agreement. This Agreement embodies the entire agreement of Landlord and
Tenant with respect to the subject matter of the termination of the Lease, and it supersedes any prior agreements, whether written or oral, relating to the termination of the Lease. This Agreement may be modified only by written instrument duly
executed by Landlord and Tenant. There are no agreements or understandings that are not set forth in this Agreement. 
 9.
Binding Effect. The terms and provisions of this Agreement shall inure to the benefit of, and will be binding upon, the successors and assigns of Landlord and Tenant. 
 10. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument.

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

  

									
	 Witnesses:
	 		 	FLAGLER DEVELOPMENT COMPANY
				
	  
	 		 		 	
	 Name:
	 	  
	 		 	 By:
	 	  

		 		 		 		 	 Keith A. Tickell

	  
	 		 		 	 As Its Vice President

	 Name:
	 	  
	 		 	 Date:                     ,
200    

				
		 		 		 	 PRICESMART, INC., a Delaware corporation

				
	 /s/ Rodrigo Calvo
	 		 	 By:
	 	 /s/ Robert E. Price

	 Name:
	 	 Rodrigo Calvo
	 		 	 Name:
	 	 Robert E. Price

		 		 	 Title:
	 	 CEO President

	  
	 		 		 	
	 Name:
	 	  
	 		 		 	
		 		 		 	 Date: 11/10/07, 2007

  

 3Promissory Note

 Exhibit 10.11 
 PROMISSORY NOTE 
  

			
	U.S.$ 4,500,000.00	 	Dated: November 15, 2007

 FOR VALUE RECEIVED, the undersigned, PSMT (Barbados) Inc., a corporation organized and existing
under the laws of Barbados, (the “Borrower”), HEREBY PROMISES TO PAY to the order of Citibank, N.A. (the “Bank”), acting through its international banking facility, the principal sum of U.S.$ 4,500,000.00 (United
States Dollars Four Million Five Hundred Thousand and 00/100) in twenty (20) consecutive semi-annual installments of U.S.$ 225,000.00 each. The first such installment shall be due on the last day of the initial Interest Period (as defined
below), with subsequent installments due on the last day of each subsequent Interest Period and the final such installment due on the Maturity Date; as used herein, “Maturity Date” shall mean (i) the date which occurs ten
(10) years after the date of this Note (as stated at the beginning hereof) or, (ii) if the date occurring ten years after the date of this Note is not a Business Day (as defined below), the immediately preceding Business Day. 

The Borrower promises to pay interest on the unpaid principal amount hereof from the date hereof until such principal amount is paid in full, payable
on the last day of each Interest Period, and the date this loan shall be paid in full, at an interest rate per annum equal at all times during each Interest Period to 1.50% per annum above the rate of interest per annum at which deposits in
United States Dollars are offered by the principal office of Citibank, N.A. in London, England, to prime banks in the London interbank market at 11:00 A.M. (London time) two Business Days before the first day of such Interest Period in an amount
substantially equal to the unpaid principal of this Note (as of the first day of such Interest Period) and for a period equal to such Interest Period; provided, that in the event that the Borrower fails to provide the Bank with at least three
full Business Days’ notice of its intent to make the borrowing evidenced by this Note, and in connection with such failure, the Bank incurs any penalties, fees, costs or charges in providing the funds for such borrowing, then the margin above
the interest rate charged by the Bank for the first Interest Period of such borrowing shall be increased by the amount of such penalties, fees, costs and charges. The period between the date hereof and the date of payment in full of the principal
amount hereof shall be divided into successive periods, each such period being an “Interest Period”. The initial Interest Period shall begin on the date hereof and each subsequent Interest Period shall begin on the day immediately
following the last day of the immediately preceding Interest Period. The duration of each Interest Period shall be six months, provided, however, that: (a) the twentieth and final Interest Period shall end on the Maturity Date;
(b) whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day, provided, however, that, if such
extension would cause the last day of such Interest Period to occur in the next following calendar month, the last day of such Interest Period shall occur on the immediately preceding Business Day; and (c) whenever the first day of any Interest
Period occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month that succeeds such initial calendar month by the number of months equal to the number of months in such Interest Period,
such Interest Period shall end on the last Business Day of such succeeding calendar month. “Business Day” means any day on which dealings are carried on in the London interbank market and banks are open for business in London and
are not required or authorized to close in New York City or in Barbados. During the continuance of an Event of Default (as defined below), the Borrower shall pay interest on the unpaid principal amount hereof, and on any interest, fees or other
amounts not paid when due, at a fluctuating interest rate per annum equal at all times to 2% per annum above the Base Rate (as defined below), payable on the dates specified for payment of interest above and upon demand; as used herein,
“Base Rate” means the rate of interest (not necessarily Citibank, N.A.’s best or lowest rate) stated from time to time by Citibank, N.A. in New York, New York, to be its base rate. 

 SECTION I. Payments and Computations; Payment of Structuring Fee. 
  

	(a)	 All payments made by the Borrower under this Note shall be made, without deduction, withholding, set off or counterclaim, no later than 11:00 A.M. (New York City
time) on the date when due in freely transferable lawful money of the United States of America to the Bank at its address at 399 Park Avenue, New York, NY 10043, U.S.A., for the account of the Bank’s Lending Office in same day funds. The
Bank’s “Lending Office” means the main office of the Bank in New York, New York, U.S.A., or any other office or affiliate of the Bank located in the United States hereafter selected and notified to the Borrower in writing from
time to time by the Bank. 

  

	(b)	 Computations of interest shall be made by the Bank on the basis of a year of 360 days for the actual number of days elapsed (including the first day but
excluding the last day) occurring in the period for which such interest is payable. 

  

	(c)	 Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and
such extension of time shall in such case be included in the computation of payment of interest; provided, however, that if such extension would cause such payment to be made in the next following calendar month, such payment shall be made on the
immediately preceding Business Day. 

  

	(d)	 On the date of disbursement of the proceeds of this Note, the Bank shall receive from the Borrower a structuring fee equal to 0.25% of the principal amount of
this Note. The Bank may, upon the Borrower’s request, deduct the full amount of such structuring fee from the proceeds of this Note before such proceeds are disbursed by the Bank to the Borrower (provided, however, that for all other purposes
under this Note, the amount of the proceeds hereof disbursed to the Borrower shall then equal the sum of the reduced amount actually disbursed to the Borrower and the amount of such structuring fee). 

 SECTION 2. Prepayments. 
  

	(a)	 The Borrower may, upon at least five (5) Business Days’ notice to the Bank stating the proposed date and principal amount of the prepayment, and if
such notice is given the Borrower shall, prepay this Note in whole or in part, together with accrued interest to the date of such prepayment on the amount prepaid, provided that (i) each partial prepayment shall be in a principal amount
not less than U.S.$ 225,000.00 and (ii) in the event of such prepayment other than on the last day of an Interest Period, the Borrower shall be obligated to reimburse the Bank in respect thereof pursuant to Section 15(c). Notwithstanding
the foregoing, if any such prepayment is for the prepayment in full of all obligations under this Note in connection with a termination of this Note and is being paid by the Borrower from the proceeds of another transaction, then such prepayment may
be conditioned upon the closing of such other transaction; provided that (i) if such prepayment is not made on the date set forth in the applicable notice, the Borrower shall be obligated to pay to the Bank any amounts required to be paid under
Section 15(c), and (ii) the Bank shall have no obligation to accept such prepayment later than five (5) Business Days after the date set forth in the applicable notice. 

  

	(b)	 If the Bank shall notify the Borrower that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or any
central bank or other governmental authority asserts that it is unlawful, for the Bank to continue to fund or maintain this Note, upon demand by the Bank the Borrower shall forthwith prepay in full this Note with accrued interest thereon and all
other amounts payable by the Borrower hereunder. If it is lawful for the Bank to maintain this Note through the last day of the Interest Period then applicable, such prepayment shall be due on such last day. 

 SECTION 3. Increased Costs. 
 If, due to either (i) the introduction of or any change (including, without limitation, any change by way of imposition or increase of reserve requirements) after the date hereof in or in the interpretation of
any law or regulation or (ii) the compliance by the Bank with any guideline or request from any central bank or other governmental authority (whether or not having the force of law) issued after the date hereof, there shall be any increase in
the cost to the Bank of funding or maintaining this Note, then the Borrower shall from time to time, upon demand by the Bank, pay to the Bank additional amounts sufficient to indemnify the Bank against such increased cost; provided that the Bank
shall not be entitled to compensation, and the Borrower shall not be required to pay any compensation, under this Section for any such amounts incurred or accruing more than 180 days prior to the date of the delivery to the Borrower of the
certificate referred to in the next sentence. A certificate as to the amount of such increased cost, submitted to the Borrower by the Bank, shall be conclusive and binding for all purposes, absent manifest error. 
 SECTION 4. Increased Capital. 
 If the Bank
determines that compliance with any change after the date hereof in any law or regulation or any guideline or interpretation thereof or request from any central bank or other governmental authority (whether or not having the force of law) affects or
would affect the amount of capital required or expected to be maintained by the Bank or any entity controlling the Bank and that the amount of such capital is increased by or based upon the existence of this Note, then, upon demand by the Bank, the
Borrower shall pay to the Bank, from time to time as specified by the Bank, additional amounts sufficient to compensate the Bank in the light of such circumstances, to the extent that the Bank reasonably determines such increase in capital to be
allocable to the existence of this Note; provided that the Bank shall not be entitled to compensation, and the Borrower shall not be required to pay any compensation, under this Section for any such amounts incurred or accruing more than 180 days
prior to the date of the delivery to the Borrower of the certificate referred to in the next sentence. A certificate as to such amounts, submitted to the Borrower by the Bank, shall be conclusive and binding for all purposes, absent manifest error.

 SECTION 5. Taxes. 
  

	(a)	 Any and all payments made by the Borrower hereunder or under any instrument delivered hereunder shall be made, in accordance with Section 1 or the
applicable provisions of such other instrument, free and clear of and without deduction for any and all present and future taxes (including, without limitation, value-added taxes and withholding taxes), levies, imposts, deductions, charges or
withholdings and all liabilities with respect thereto, excluding, in the case of the Bank, taxes imposed on its overall net income, and franchise taxes imposed on it in lieu of net income taxes, by the jurisdiction under the laws of which the Bank
is organized or any political subdivision thereof and taxes imposed on its overall net income, and franchise taxes imposed on it in lieu of net income taxes, by the jurisdiction of the Bank’s Lending Office or any political subdivision thereof
(all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities hereinafter referred to as “Taxes”). If the Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable
hereunder or under any other instrument to be delivered hereunder to the Bank, (i) the sum payable shall be increased as may be necessary so that, after making all required deductions (including deductions applicable to additional sums payable
under this Section 5), the Bank receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the
relevant taxation authority or other authority in the minimum amount and in accordance with applicable law. 

  

	(b)	 In addition, the Borrower shall pay any present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies that arise
from any payment made hereunder or under any other instrument to be delivered hereunder or from the execution, delivery or registration of, performing under, or otherwise with respect to, this Note or any other instrument to be delivered hereunder
(hereinafter referred to as “Other Taxes”). 

	(c)	 The Borrower shall indemnify the Bank for and hold it harmless against the full amount of Taxes and Other Taxes (including, without limitation, any taxes of any
kind imposed or asserted by any jurisdiction on amounts payable under this Section 5) imposed on or paid by the Bank or any Affiliate (as hereinafter defined) of the Bank in respect of any liability (including penalties, interest and expenses)
arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted. This indemnification shall be made within 30 days from the date the Bank makes written demand therefor.

  

	(d)	 Within 30 days after the date of any payment of Taxes, the Borrower shall furnish to the Bank, at its address referred to in Section 13, the original or a
certified copy of a receipt evidencing such payment. In the case of any payment hereunder or under any other documents to be delivered hereunder by or on behalf of the Borrower, if the Borrower determines that no Taxes are payable in respect
thereof, the Borrower shall, at the Bank’s request, furnish, or cause the payor to furnish, to the Bank, an opinion of counsel reasonably acceptable to the Bank stating that such payment is exempt from Taxes. 

  

	(e)	 The Bank shall upon written request (but only if the Bank is lawfully able to do so) use best efforts to provide the Borrower with two copies of any form,
document or other certification, appropriately completed, necessary for the Bank to be exempt from, or entitled to a reduced rate of, any Tax on payments pursuant hereto. To the extent that any such form, document or certification becomes obsolete,
the Bank shall upon written request provide either an updated or successor form, document or certification to the Borrower. 

 SECTION
6. Use of Proceeds; Security Agreement and Guaranty. 
  

	(a)	 The proceeds of this Note shall be available (and the Borrower agrees that it shall use such proceeds) solely to finance its acquisition of Regan Lodge Inc.

  

	 (b)
	 The obligations of the Borrower under this Note are secured by, and the Bank’s disbursement of the proceeds of
this Note to the Borrower is conditioned upon, (i) the execution by PriceSmart, Inc. (the “Guarantor”) of that certain Guaranty dated on or about the date hereof (the “Guaranty”), and (ii) the granting by the Borrower
and Regan Lodge Inc. to the Bank, pursuant to the terms of that certain Debenture and Deed Of Charge by way of Legal Mortgage made as of the date hereof between the Borrower and Regan Lodge Inc. (Company No. 19394) and Citicorp Merchant Bank
Limited, a licensed bank and trust company incorporated in the Republic of Trinidad & Tobago and registered as an external company under the laws of Barbados (the “Security Agreement”), a first-priority security interest in the
assets of the Borrower identified as collateral therein and a second-priority security interest in the assets of Regan Lodge Inc. identified as collateral therein subject only to the Debenture/Mortgage dated the 7th day of May, 2001 (recorded in the Registration Office of Barbados on the 5th day
of July, 2001 as Deed No. 4915) and made between Regan Lodge Inc. and Citicorp Merchant Bank Limited. 

 SECTION 7.
Representations and Warranties. 
 The Borrower represents and warrants as follows: 
  

	(a)	 The Borrower is a corporation duly organized and validly existing under the laws of Barbados and has all requisite corporate power and authority (including,
without limitation, all governmental licenses, permits and other approvals) to own, lease and operate its properties and to carry on its business as now conducted and as proposed to be conducted. 

  

	(b)	 The execution, delivery and performance by the Borrower of this Note are within the Borrower’s corporate powers, have been duly authorized by all necessary
corporate action, and do not (i) contravene the Borrower’s organizational documents or (ii) contravene in any material respect any law or contractual restriction binding on or affecting the Borrower. 

	(c)	 No authorization or approval or other action by, and no notice to or filing with, (i) any governmental authority or regulatory body or (ii) any other
third party with respect to any material contractual obligation, is required for the due execution, delivery and performance by the Borrower of this Note. 

  

	(d)	 This Note has been duly executed and delivered by the Borrower. This Note is the legal, valid and binding obligation of the Borrower enforceable against the
Borrower in accordance with its terms. 

  

	(e)	 The Consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as at August 31, 2006, and the related Consolidated statements of income
and cash flows of the Borrower and its Consolidated Subsidiaries for the fiscal year then ended, accompanied by an opinion of the Borrower’s auditors, or other approved independent public accountants, and the Consolidated balance sheet of the
Borrower and its Consolidated Subsidiaries as at July 31, 2007, and the related Consolidated statements of income and cash flows of the Borrower and its Consolidated Subsidiaries for the last eleven (11) months then ended, duly certified
by the chief financial officer of the Borrower, copies of which have been furnished to the Bank, fairly present the Consolidated financial condition of the Borrower and its Consolidated Subsidiaries as at such dates and the Consolidated results of
the operations of the Borrower and its Consolidated Subsidiaries for the periods ended on such dates, all in accordance with generally accepted accounting principles in Barbados, consistently applied. Since July 31, 2007, there has been no
Material Adverse Change. 

 There is no pending or threatened action, suit, investigation, litigation or
proceeding affecting the Borrower or any Subsidiary of the Borrower before any court, governmental agency or arbitrator that (i) could be reasonably likely to have a Material Adverse Effect or (ii) purports to affect the legality, validity
or enforceability of this Note or the consummation of the transactions contemplated hereby. 
  

	(g)	 The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued
by the Board of Governors of the U.S. Federal Reserve System), and no proceeds of the loan evidenced by this Note will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin
stock. 

  

	(h)	 Each of the Borrower and its Subsidiaries (if any) has filed, has caused to be filed or has been included in all material tax returns (national, departmental,
local, municipal and foreign) required to be filed and has paid all material taxes, assessments, fees and other charges (including interest and penalties) due with respect to the years covered by such returns. 

 Each of the Borrower and its Subsidiaries (if any) is in compliance with all applicable laws, ordinances, rules, regulations and
requirements of all governmental authorities (including, without limitation, all governmental licenses, certificates, permits, franchises and other governmental authorizations and approvals necessary to the ownership of its properties or to the
conduct of its business and laws with respect to social security and pension fund obligations), in each case except to the extent that failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 
 No income, stamp or other taxes (other than taxes on, or measured by, net income or net profits) or levies, imposts, deductions, charges,
compulsory loans or withholdings whatsoever are or will be, under applicable law in Barbados, imposed, assessed, levied or collected by the Government of Barbados or any political subdivision or taxing authority thereof or therein either (i) on
or by virtue of the execution or delivery of this Note or (ii) on any payment to be made by the Borrower pursuant to this Note. 
  

	(k)	 Neither the Borrower nor any Subsidiary of the Borrower, nor any of their respective properties, has any immunity from jurisdiction of any court or from set-off
or any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) under the laws of Barbados. 

	(1)	 The Borrower’s obligations under this Note constitute direct, unconditional, unsubordinated and unsecured obligations of the Borrower and do rank and will
rank pari passu in priority of payment and in all other respects with all other unsecured indebtedness of the Borrower. 

  

	(m)	 This Note is in proper legal form under the law of Barbados for the enforcement thereof against the Borrower under the law of Barbados; and to ensure the
legality, validity, enforceability or admissibility in evidence of this Note in Barbados, it is not necessary that this Note or any other document be filed or recorded with any court or other authority in Barbados or that any stamp or similar tax be
paid on or in respect of this Note. 

  

	(n)	 The Borrower, a nonbank entity located outside the United States of America, understands that it is the policy of the Board of Governors of the U.S. Federal
Reserve System that extensions of credit by international banking facilities (as defined in Section 204.8(a) of Regulation D of the Board of Governors of the U.S. Federal Reserve System as in effect from time to time (“Regulation
D”)) may be used only to finance the non-U.S. operations of a customer (or its foreign affiliates) located outside the United States of America as provided in Section 204.8(a)(3)(vi) of Regulation D. Therefore, the Borrower
acknowledges that the proceeds of its borrowing from the international banking facility of the Bank will be used solely to finance the Borrower’s operations outside the United States of America or that of the Borrower’s foreign affiliates.

  

	(o)	 Neither the Borrower nor any of its Subsidiaries is an “investment company”, or an “affiliated person” of, or “promoter” or
“principal underwriter” for, an “investment company”, as such terms are defined in the Investment Company Act of 1940, as amended. 

 No information, exhibit or report furnished by or on behalf of the Borrower to the Bank in connection with the negotiation of this Note or pursuant to the terms of this Note contained any untrue
statement of a material fact or omitted to state a material fact necessary to make the statements made therein not misleading. 
  

	(q)	 The Borrower is Solvent. 

 SECTION 8.
Affirmative Covenants. 
 So long as the loan evidenced by this Note shall remain unpaid, the Borrower shall: 
  

	(a)	 Compliance with Laws, Etc. Comply, and cause each of its Subsidiaries (if any) to comply, in all material respects, with all applicable laws, rules,
regulations and orders, in each case except to the extent that failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 

  

	(b)	 Visitation Rights. At any reasonable time and from time to time during regular business hours and upon reasonable notice, permit the Bank or any agents or
representatives thereof, to examine and make copies of and abstracts from the records and books of account of, and visit the properties of, the Borrower its Subsidiaries (if any), and to discuss the affairs, finances and accounts of the Borrower and
its Subsidiaries (if any) with any of their officers or directors and with their independent certified public accountants. 

  

	(c)	 Reporting Requirements. Furnish to the Bank: 

  

	 	(i)	 as soon as available and in any event within 60 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower and of Regan
Lodge Inc., respectively, 

	 	 
Consolidated and consolidating balance sheets of the Borrower and its Consolidated Subsidiaries and of Regan Lodge Inc. and its Consolidated Subsidiaries (if
any) as of the end of such fiscal quarter and Consolidated and consolidating statements of income and cash flows of the Borrower and its Consolidated Subsidiaries and of Regan Lodge Inc. and its Consolidated Subsidiaries (if any) for the period
commencing at the end of the previous fiscal year and ending with the end of such quarter, duly certified (subject to year-end audit adjustments) by the chief financial officer of the Borrower as having been prepared in accordance with generally
accepted accounting principles, and certificates of the chief financial officer of the Borrower as to compliance with the terms of this Note (except Section 10(a) of this Note) and setting forth in reasonable detail the calculations necessary
to demonstrate compliance with Section 10(b), provided that in the event of any change in generally accepted accounting principles used in the preparation of such financial statements, the Borrower shall also provide, if necessary for the
determination of compliance with Section 10(b), a statement of reconciliation conforming such financial statements to GAAP; upon Regan Lodge Inc.’s merger or consolidation with the Borrower, this Section 8(c) (i) shall no longer
apply to Regan Lodge Inc.; 

 as soon as available and in any event within 90 days after the end of each
fiscal year of the Borrower and each fiscal year of Regan Lodge Inc., respectively, a copy of the annual audit report for the fiscal year for the Borrower and its Consolidated Subsidiaries, containing Consolidated and consolidating balance sheets of
the Borrower and its Consolidated Subsidiaries as of the end of such fiscal year and Consolidated and consolidating statements of income and cash flows of the Borrower and its Consolidated Subsidiaries for such fiscal year, and a copy of the annual
audit report for the fiscal year for Regan Lodge Inc. and its Consolidated Subsidiaries (if any), containing Consolidated and consolidating balance sheets of Regan Lodge Inc. and its Consolidated Subsidiaries (if any) as of the end of such fiscal
year and Consolidated and consolidating statements of income and cash flows of Regan Lodge Inc. and its Consolidated Subsidiaries (if any) for such fiscal year, in each case accompanied by an opinion reasonably acceptable to the Bank by
Ernst & Young LLP or other independent public accountants reasonably acceptable to the Bank, provided that in the event of any change in generally accepted accounting principles used in the preparation of such financial statements, the
Borrower shall also provide, if necessary for the determination of compliance with Section 10, a statement of reconciliation conforming such financial statements to GAAP; upon Regan Lodge Inc.’s merger or consolidation with the Borrower,
this Section 8(c) (ii) shall no longer apply to Regan Lodge Inc.; 
  

	 	(iii)	 as soon as possible and in any event within ten Business Days after the occurrence of each Default continuing on the date of such statement, a statement of the
chief financial officer of the Borrower setting forth details of such Default and the action that the Borrower has taken and proposes to take with respect thereto; 

  

	 	(iv)	 promptly after the Borrower becoming aware of the commencement thereof, notice of all actions and proceedings before any court, governmental agency or arbitrator
affecting the Borrower or any Subsidiary of the Borrower of the type described in Section 7(1); and 

  

	 	(v)	 such other information respecting the Borrower or its Subsidiaries (if any) as the Bank may from time to time reasonably request. 

SECTION 9. Negative Covenants. 
 So long as
the loan evidenced by this Note shall remain unpaid, (i) the Borrower shall not merge or consolidate with or into any Person without first obtaining the express written consent of the Bank, except that (ii) the Bank’s consent shall
not be required in the event that Regan Lodge Inc. or any other Subsidiary of the Borrower at any time merges or consolidates with or into the Borrower, or in the event that any 

 
Subsidiary of the Borrower at any time merges or consolidates with or into any other Subsidiary of the Borrower; however, the Borrower shall furnish the Bank
at least 30 days’ advance notice, in writing, of any merger or consolidation referred to in clause (ii) of this Section 9. 
 SECTION 10.
Financial Covenants. 
 So long as the loan evidenced by this Note shall remain unpaid, the Borrower shall: 
  

	(a)	 Maintain a Debt Service Coverage Ratio of not less than 4.5 to 1.0 during the Borrower’s fiscal year ending August 31, 2008, 3.5 to 1.0 during its
fiscal year ending August 31, 2009, 3.0 to 1.0 during its fiscal year ending August 31, 2010, 2.5 to 1.0 during its fiscal year ending August 31, 2011, 2.0 to 1.0 during its fiscal year ending August 31, 2012, and 1.5 to 1.0
during its fiscal year ending August 31, 2013 and each subsequent fiscal year of the Borrower; as used herein, “Debt Service Coverage Ratio” means that certain ratio the numerator of which equals the sum of operating income
(including other operating cash income) plus depreciation expenses and the denominator of which equals the sum of gross interest expense plus current maturity of long term debt, in each case of the Borrower and its Consolidated Subsidiaries
determined in accordance with GAAP. 

  

	(b)	 Maintain a Leverage Ratio of not more than 1.0 to 1.0; as used herein, “Leverage Ratio” means that certain ratio the numerator of which equals
the balance sheet amount of total debt of the Borrower and its Consolidated Subsidiaries determined in accordance with GAAP and the denominator of which equals EBITDA (as defined below). 

  

	(c)	 For purposes of this Section 10, “EBITDA” shall mean the sum of (A) net income, (B) tax expenses, (C) interest expenses,
(D) depreciation expenses, (E) amortization expenses, (F) any non-cash items used to determine net income, and (G) losses (or minus gains) from the sale of assets (other than inventory in the ordinary course of business), less
interest income, in each case of the Borrower and its Consolidated Subsidiaries determined in accordance with GAAP. 

 SECTION 11.
Events of Default. 
 If any of the following events (“Events of Default”) shall occur and be continuing:

  

	(a)	 The Borrower shall fail to pay any principal of this Note when due; or the Borrower shall fail to pay any interest hereon or other amount payable hereunder
within five (5) Business Days of the date when due; or 

  

	(b)	 Any representation or warranty made by the Borrower (or any of its officers) under or in connection with this Note or by the Guarantor under or in connection
with the Guaranty shall prove to have been incorrect in any material respect when made; or 

  

	(c)	 The Borrower or the Guarantor shall fail to perform or observe any term, covenant or agreement contained in this Note or the Guaranty on its part to be performed
or observed, and such failure shall continue for thirty 30 days after written notice thereof from the Bank; or 

  

	(d)	 The Borrower, the Guarantor or any Subsidiary of the Borrower shall fail to pay any principal of or premium or interest on any Debt that is outstanding in a
principal or notional amount of at least U.S. $225,000.00 (or its equivalent in other currencies) in the aggregate (but excluding Debt outstanding hereunder) of the Borrower, such Subsidiary or the Guarantor (as the case may be), when the same
becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such
Debt; or any other event shall occur or condition shall exist under any agreement or instrument relating to any such Debt and shall continue after the applicable grace period, if any, specified in such agreement or 

	 	 
instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Debt; or any such Debt shall be
declared to be due and payable, or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Debt shall be required to
be made, in each case in full prior to the stated maturity thereof; or 

  

	(e)	 The Borrower, the Guarantor or any Subsidiary of the Borrower shall generally not pay its debts as such debts become due, or shall admit in writing its inability
to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Borrower, any such Subsidiary or the Guarantor seeking to adjudicate it bankrupt or insolvent, or
seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order
for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property; or the Borrower, any such Subsidiary or the Guarantor shall take any corporate action to authorize any of
the actions set forth above in this subsection (e); or 

  

	(f)	 Any judgment or order for the payment of money in excess of U.S.$500,000.00 (or its equivalent in other currencies) shall be rendered against the Borrower or any
Subsidiary of the Borrower, or any judgment or order for the payment of money (to the extent not covered by insurance) exceeds U.S.$4,500,000.00 (or its equivalent in other currencies) shall be rendered against the Guarantor, and (in any of the
foregoing instances) there shall be any period of 10 or more consecutive days during which such judgment or order is not satisfied, discharged, vacated or subject to a stay of enforcement by reason of a pending appeal or otherwise; or

  

	(g)	 Any non-monetary judgment or order shall be rendered against the Borrower or any Subsidiary of the Borrower that could be reasonably expected to have a Material
Adverse Effect, and there shall be any period of 10 or more consecutive days during which such judgment or order is not satisfied, discharged, vacated or subject to a stay of enforcement of such judgment or order, by reason of a pending appeal or
otherwise; or 

  

	(h)	 Unless agreed to in writing by the Bank, the obligations of the Borrower or the Guarantor under this Note and/or the Guaranty shall fail to rank at least
pari passu with all other unsecured Debt of the Borrower or the Guarantor, as the case may be; or 

  

	(i)	 Any provision of this Note or of the Guaranty shall cease to be valid and binding on or enforceable against the Borrower or the Guarantor, or the Borrower or the
Guarantor shall so assert or state in writing, or the obligations of the Borrower under this Note or of the Guarantor under the Guaranty shall in any way become illegal; or 

  

	(j)	 Either (i) any authority asserting or exercising governmental or police powers in Barbados shall take any action, including a general moratorium, canceling,
suspending or deferring the obligation of the Borrower or the Guarantor to pay any amount of principal or interest payable under this Note or preventing or hindering the fulfillment by the Borrower or the Guarantor of its obligations under this Note
or having any effect on the currency in which the Borrower or the Guarantor may pay its obligations under this Note or on the availability of foreign currencies in exchange for local currency (including any requirement for the approval to exchange
foreign currencies for local currency) or otherwise or (ii) the Borrower or the Guarantor, as the case may be, shall, voluntarily or involuntarily, participate or take any action to participate in any facility or exercise involving the
rescheduling of the Borrower’s or the Guarantor’s debts or the restructuring of the currency in which the Borrower or the Guarantor may pay its obligations; or 

  

	(k)	 Any authority asserting or exercising governmental or police powers in Barbados or any person acting or purporting to act under such authority shall have taken
any action to condemn, seize or appropriate, or to assume custody or control of, all or any portion of the property of the Borrower or the Guarantor; or 

	(1)	 The Guarantor shall cease to own directly or indirectly 100% of the outstanding Voting Stock of the Borrower; or 

  

	(m)	 A Material Adverse Change shall have occurred and be continuing; or 

  

	(n)	 The Guarantor shall fail to perform or observe any term, covenant or agreement in the Guaranty, and such failure shall continue for thirty (30) days after
written notice thereof from the Bank; or 

  

	(o)	 Any Event of Default as defined in Section 6.2 of the Security Agreement shall occur and be continuing; 

 then, and in any such event, the Bank may, by notice to the Borrower, declare this Note, all principal amounts evidenced thereby, all interest thereon
and all other amounts payable under this Note to be forthwith due and payable, whereupon this Note, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any
kind, all of which are hereby expressly waived by the Borrower; provided, however, that in the event of an actual or deemed entry of an order for relief with respect to the Borrower under clause (e) above, all such interest and all such amounts
shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower. 
 SECTION 12. Amendments, Etc. 
 No amendment or waiver of any provision of this Note, nor
consent to any departure by the Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Bank and, in the case of an amendment, the Borrower, and then any such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given. 
 SECTION 13. Notices Etc. 
 All notices and other communications provided for hereunder shall be in writing and mailed (by international courier), telecopied, telegraphed, telexed,
cabled or delivered, if to the Borrower, at its address at PriceSmart, Inc., 9740 Scranton Road, San Diego, California 92121-1745, USA. Attention: Mr. Atul Patel; and if to the Bank, at its address at 399 Park Avenue, New York, NY 10043,
U.S.A., Attention: Mr. Leslie Munroe; or, as to each party, at such other address as shall be designated by such party in a written notice to the other party. All such notices and communications shall, when mailed, telecopied, telegraphed,
telexed or cabled, be effective when deposited in the mails, telecopied, delivered to the telegraph company, confirmed by telex answerback or delivered to the cable company, respectively. 
 SECTION 14. No Waiver; Remedies. 
 No failure
on the part of the Bank to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any
other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 SECTION 15. Costs and Expenses. 

  

	(a)	 The Borrower agrees to pay on demand all losses, and reasonable costs and expenses, if any (including reasonable counsel fees and expenses), in connection with
the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiation, legal proceedings or otherwise) of this Note, including, without limitation, losses, costs and expenses sustained by the Bank
as a result of any default hereunder. 

  

	(b)	 The Borrower agrees to indemnify and hold harmless the Bank and each of its Affiliates and their officers, directors, employees, agents and advisors (each, an
“Indemnified Party”) from and 

	 	 
against any and all claims, damages, losses, liabilities and reasonable expenses (including, without limitation, reasonable fees and expenses of counsel)
incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of (including, without limitation, in connection with any investigation, litigation or proceeding or preparation
of a defense in connection therewith) this Note or the actual or proposed use of the proceeds thereof, except to the extent such claim, damage, loss, liability or expense is found in a final, non appealable judgment by a court of competent
jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct. In the case of an investigation, litigation or other proceeding to which the indemnity in this subsection (b) applies, such indemnity shall
be effective whether or not such investigation, litigation or proceeding is brought by the Borrower, its directors, equityholders or creditors or an Indemnified Party or any other person, whether or not any Indemnified Party is otherwise a party
thereto and whether or not the transactions contemplated hereby are consummated. The Borrower also agrees not to assert any claim for special, indirect, consequential or punitive damages against the Bank, any of its Affiliates, or any of their
respective directors, officers, employees, attorneys and agents, on any theory of liability arising out of or otherwise relating to this Note, any of the transactions contemplated herein or the actual or proposed use of the proceeds of this Note.

  

	(c)	 If the Borrower makes any payment of principal under this Note or pursuant to Sections 2, 3 or 4 or acceleration of the maturity of the Note pursuant to
Section 11 or for any other reason other than on the Maturity Date hereof or on the last day of an Interest Period, or if the Borrower fails to make a payment or prepayment of this Note for which a notice of prepayment has been given or that is
otherwise required to be made, the Borrower shall, upon demand, pay the Bank any resulting loss, cost or expense incurred by it, including (without limitation), any loss (including loss of anticipated profits), cost or expense incurred in obtaining,
liquidating or reemploying deposits or other funds acquired by the Bank to maintain this Note. 

  

	(d)	 Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and obligations of the Borrower contained in Sections 3, 4, 5,
15, 17, 22, 23 and 24 shall survive the payment in full of the principal, interest and all other amounts payable hereunder. 

 SECTION
16. Right of Set-off. 
  

	(a)	 Upon the occurrence and during the continuance of any Event of Default, the Bank and any of its Affiliates are hereby authorized at any time and from time to
time, without notice to the Borrower (any such notice being expressly waived by the Borrower), to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final), at any time
held and other indebtedness at any time owing by the Bank or any of its Affiliates to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Note, irrespective of
whether or not the Bank shall have made any demand under this Note and although such obligations may be unmatured. The Bank agrees to notify the Borrower promptly after any such set-off and application, provided that the failure to give such notice
shall not affect the validity of such set-off and application. The rights of the Bank and its Affiliates under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) that the Bank and its
Affiliates may have. 

  

	(b)	 The currency equivalent of the amount of any deposit or indebtedness that shall be set-off and applied against any and all obligations of the Borrower hereunder
or that may be charged against any or all of the Borrower’s accounts with the Bank or any of its Affiliates shall be that which, in accordance with normal banking procedures, will be necessary to purchase with such other currency, in New York,
New York, U.S.A., the amount of United States Dollars that the Borrower has so failed to pay when due. 

 SECTION 17. Judgments:, Other Currencies. 
  

	(a)	 If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in United States Dollars into another currency, the
Borrower and the Bank agree, to the fullest extent permitted by Jaw, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Bank could purchase United States Dollars with such other currency in New
York, New York, U.S.A. on the Business Day preceding that on which final, non-appealable judgment is given. 

  

	(b)	 The obligation of the Borrower in respect of any sum due from it to the Bank hereunder shall, notwithstanding any judgment in a currency other than United States
Dollars, be discharged only to the extent that on the Business Day following receipt by the Bank of any sum adjudged to be due hereunder in such other currency, the Bank may in accordance with normal banking procedures, purchase United States
Dollars with such other currency. If the amount of United States Dollars so purchased is less than the sum originally due to the Bank in United States Dollars, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to
indemnify the Bank against such loss, and if the United States Dollars so purchased exceed the sum originally due to the Bank in United States Dollars, the Bank agrees to remit to the Borrower such excess. 

 SECTION 18. Joint and Several Liability; Pronouns. 
 If this Note is signed by two or more persons or entities, each of such persons or entities shall be jointly and severally liable for the Borrower’s obligations under it, the release of one or more such persons or entities shall not
affect the obligations and liabilities of the others, the term “the Borrower” shall mean all such persons or entities and the term “the Borrower (or any of them)” shall mean any one or more of such persons or entities. If
appropriate, each pronoun shall be read as a masculine or feminine pronoun and each singular pronoun as a plural pronoun. 
 SECTION 19. Completion of
Instrument. 
 The Borrower hereby irrevocably authorizes the Bank, if this Note is delivered to the Bank undated, to complete the
appropriate blank at the head of this Note with a date that is earlier of the date this Note is delivered to the Bank and the date any obligation intended to be evidenced hereby is first created, or, if it is delivered with elements essential to its
being an instrument not completed, to make whatever appropriate insertions are necessary to make this Note an instrument. 
 SECTION 20. Certain
Waivers. 
 The Borrower hereby waives presentment for payment, demand, notice of dishonor and protest of this Note. 
 SECTION 21. Binding Effect; Assignments. 
 The
Borrower shall not assign or transfer any right or obligation under this Note without the prior written consent of the Bank. This Note shall be binding upon and inure to the benefit of the Borrower and the Bank and their respective successors and
assigns. The Bank may assign to any financial institution (including, without limitation, any financial institution affiliated with the Bank) all or any part of, or any interest in, the Bank’s rights and benefits hereunder and to the extent of
such assignment such assignee shall have the same rights and benefits against the Borrower as it would have had if it were the Bank hereunder. 
 SECTION
22. Governing Law. 
 This Note shall be governed by and construed in accordance with the laws of the State of New York, United
States of America. 

 SECTION 23. Consent to Jurisdiction; Waiver of Immunities. 
  

	(a)	 The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or federal
court of the United States of America sitting in New York, New York, U.S.A., and any appellate court from any thereof, over any action or proceeding arising out of or related to this Note or for recognition or enforcement of any judgment, and the
Borrower hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such federal court. The Borrower
hereby irrevocably appoints CT Corporation System (the “Process Agent”), with an office on the date hereof at 111 Eighth Avenue, New York, NY 10011, U.S.A., as its agent to receive on behalf of the Borrower and its property, service
of copies of the summons and complaint and any other process which may be served in any such action or proceeding. Such service may be made by mailing or delivering a copy of such process to the Borrower in care of the Process Agent at the Process
Agent’s above address, and the Borrower hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf. As an alternative method of service, the Borrower also irrevocably consents to the service of any and all
process in any such action or proceeding by the mailing of copies of such process to the Borrower at its address as set forth below. The Borrower agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by law. 

  

	(b)	 The Borrower irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have
to the laying of venue of any suit, action or proceeding arising out of or relating to this Note in any New York State or federal court. The Borrower hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court. 

  

	(c)	 Nothing in this Section 23 shall affect the right of the Bank to serve legal process in any other manner permitted by law or affect the right of the Bank to
bring any action or proceeding against the Borrower or its property in the courts of any other jurisdiction. 

  

	(d)	 To the extent that the Borrower has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service or
notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, the Borrower hereby irrevocably waives such immunity in respect of its obligations under this Note, and, without
limiting the generality of the foregoing, agrees that the waivers set forth in this subsection (d) shall have the fullest scope permitted under the Foreign Sovereign Immunities Act of 1976 of the United States, as amended, and are intended to
be irrevocable for purposes of such Act. 

 SECTION 24. Confidentiality. 
 The Bank agrees to hold all Confidential Information obtained pursuant to the provisions of this Note in accordance with its customary procedure for
handling such information of this nature and in accordance with safe and sound banking practices, provided, that nothing herein shall prevent the Bank from disclosing and/or transferring such Confidential Information (i) upon the order of any
court or administrative agency or otherwise to the extent required by statute, rule, regulation or judicial process, (ii) to bank examiners or upon the request or demand of any other regulatory agency or authority, (iii) which had been
publicly disclosed other than as a result of a disclosure by the Bank prohibited by this Note, (iv) in connection with any litigation with respect to this Note or the documents executed in connection herewith to which the Bank is a party, or in
connection with the exercise of any remedy hereunder or under this Note, (v) to the Bank’s legal counsel and independent auditors and accountants, (vi) to the Bank’s branches, subsidiaries, representative offices, affiliates and
agents and third parties selected by any of the foregoing entities, wherever situated, for confidential use (including in connection with the provision of any service and for data processing, statistical and risk analysis purposes), provided that
such branches, subsidiaries, offices, 

 
affiliates, agents and third parties are legally obligated to maintain the confidentiality of such Confidential Information, and (vii) subject to
provisions substantially similar to those contained in this Section 24, to any actual or proposed participant or assignee hereunder. 
 SECTION 25.
Patriot Act. 
 The Bank hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it is required to
obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow the Bank to identify the Borrower in accordance with the Patriot Act. The
Borrower shall, and shall cause each of its Subsidiaries (if any) to, provide such information and take such actions as are reasonably requested by the Bank in order to assist the Bank in maintaining compliance with the Patriot Act. 
 SECTION 26. Defined Terms. 
  

	(a)	 As used in this Note, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the
terms defined): 

 “Affiliate” means, as to any Person, any other Person that, directly or
indirectly, controls, is controlled by or is under common control with such Person or is a director or officer of such Person. For purposes of this definition, the term “control” (including the terms “controlling”,
“controlled by” and “under common control with”) of a Person means the possession, direct or indirect, of the power to vote 5% or more of the Voting Stock of such Person or to direct or cause the direction of the management and
policies of such Person, whether through the ownership of Voting Stock, by contract or otherwise. 
 “Bank”
has the meaning specified in the first paragraph of this Note. 
 “Borrower” has the meaning specified in the
first paragraph of this Note.  
 “Business Day” has the meaning specified in the second paragraph of
this Note. 
 “Capitalized Leases” means all leases that have been or should be, in accordance with GAAP,
recorded as capitalized leases. 
 “Citigroup” means Citigroup, Inc. and each subsidiary and affiliate
thereof (including, without limitation, Citibank, N.A. and each of its branches wherever located). 
 “Confidential
Information” means information that the Borrower furnishes to the Bank, but does not include any such information that is or becomes generally available to the public or that is or becomes available to the Bank from a source other than the
Borrower, unless, to the actual knowledge of the recipient of such information, such source breached an obligation of confidentiality in providing such information to such recipient. 
 “Consolidated” refers to the consolidation of accounts in accordance with GAAP. 
 “Debt” of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money,
(b) all obligations of such Person for the deferred purchase price of property or services (other than trade payables incurred and paid in the ordinary course of such Person’s business), (c) all obligations of such Person evidenced by
notes, bonds, debentures or other similar instruments, (d) all obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights
and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all obligations of such Person as lessee under leases that have been or should be, in accordance with
GAAP, recorded as capital leases, (f) all 

 
obligations, contingent or otherwise, of such Person in respect of acceptances, letters of credit or similar extensions of credit, (g) all obligations
of such Person in respect of Hedge Agreements, (h) all Debt of others referred to in clauses (a) through (g) above or clause (i) below and other payment obligations (collectively, “Guaranteed Debt”) guaranteed
directly or indirectly in any manner by such Person, or in effect guaranteed directly or indirectly by such Person through an agreement (1) to pay or purchase such Guaranteed Debt or to advance or supply funds for the payment or purchase of
such Guaranteed Debt, (2) to purchase, sell or lease (as lessee or lessor) property, or to purchase or sell services, primarily for the purpose of enabling the debtor to make payment of such Guaranteed Debt or to assure the holder of such
Guaranteed Debt against loss, (3) to supply funds to or in any other manner invest in the debtor (including any agreement to pay for property or services irrespective of whether such property is received or such services are rendered) or
(4) otherwise to assure a creditor against loss, and (i) all Debt referred to in clauses (a) through (h) above (including Guaranteed Debt) secured by (or for which the holder of such Debt has an existing right, contingent or
otherwise, to be secured by) any Lien on property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such Debt. 
 “Default” means any Event of Default or any event that would constitute an Event of Default but for the requirement that
notice be given or time elapse or both. 
 “Events of Default” has the meaning specified in Section 11.
 
 “GAAP” has the meaning specified in Section 26(b).  
 “Guarantor” has the meaning specified in Section 6(b).  
 “Guaranty” has the meaning specified in Section 6(b). 
 “Hedge Agreements” means interest rate swap, cap or collar agreements, interest rate future or option contracts, currency
swap agreements, currency future or option contracts and other similar agreements. 
 “Indemnified Party” has
the meaning specified in Section 15(b). 
 “Interest Period” has the meaning specified in the second
paragraph of this Note.  
 “Lending Office” has the meaning specified in Section 1(a).

 “Lien” means any lien, security interest or other charge or encumbrance of any kind, or any other type of
preferential arrangement, including, without limitation, the lien or retained security title of a conditional vendor and any easement, right of way or other encumbrance on title to real property. 
 “Material Adverse Change” means any material adverse change in the business, condition (financial or otherwise),
operations, performance, properties or prospects of the Borrower or of the Borrower and its Subsidiaries (if any) taken as a whole. 
 “Material Adverse Effect” means a material adverse effect on (a) the business, condition (financial or otherwise), operations, performance, properties or prospects of the Borrower or of the Borrower and its
Subsidiaries (if any) taken as a whole, (b) the rights and remedies of the Bank under this Note or (c) the ability of the Borrower to perform its obligations under this Note. 
 “Maturity Date” has the meaning specified in the first paragraph of this Note.  
 “Other Taxes” has the meaning specified in Section 5(b). 

 “Patriot Act” means the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56, signed into law October 26, 2001, as amended from time to time. 
 “Person” means an individual, partnership, corporation (including a business trust), joint stock company, trust, unincorporated association, joint venture, limited liability
company or other entity, or a government or any political subdivision or agency thereof. 
 “Process Agent”
has the meaning specified in Section 23(a).  
 “Security Agreement” has the meaning specified in
Section 6(b). 
 “Solvent” means, with respect to any Person on a particular date, that on such date
(a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not less than the
amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such
Person’s ability to pay such debts and liabilities as they mature, and (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would
constitute an unreasonably small capital. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be
expected to become an actual or matured liability. 
 “Subsidiary” of any Person means any corporation,
partnership, joint venture, limited liability company, trust or estate of which (or in which) more than 50% of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such
corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency), (b) the interest in the capital or profits of such
limited liability company, partnership or joint venture or (c) the beneficial interest in such trust or estate is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or
by one or more of such Person’s other Subsidiaries. 
 “Taxes” has the meaning specified in
Section 5(a). 
 “Voting Stock” means capital stock issued by a corporation, or equivalent interests in
any other Person, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right so to vote has been suspended by the
happening of such a contingency. 
  

	(b)	 All accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting principles in Barbados consistent with
those applied in the most recent balance sheet and statements of income and cash flows referred to in Section 7(e) (“GAAP”). 

 SECTION 27. Waiver of Jury Trial. 
 The Borrower and (by accepting this Note) the Bank hereby
irrevocably waive all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Note or the actions of the Bank in the negotiation, administration, performance
or enforcement hereof. 

 IN WITNESS WHEREOF, the Borrower has caused this Note to be executed by its officer thereunto duly
authorized, as of the date first above written. 
  

			
	 PSMT (BARBADOS) INC.

		
	 By:
	 	 /s/ AtulKumar Chandubhai Patel

	 Print Name:
	 	 AtulKumar Chandubhai Patel

	 Title:
	 	 Treasurer

 State of California 
 County of San Diego 
 On November 8, 2007, before me, Patricia A. Sweeney, Notary Public, 
 personally appeared Atulkumar Chandubhai Patel 
 x personally known to me - OR -  ̈ proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and
acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. 
  

					
	 WITNESS my hand and office seal.
	 		 	
			
		 		 	 /s/ Patricia A. Sweeney

	 

	 		 	SIGNATURE OF NOTARY

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