Document:

Exhibit 4.2

 

NORFOLK
SOUTHERN CORPORATION,

as Issuer

and

U.S. BANK
NATIONAL ASSOCIATION,

as
Trustee

 

 

 

SIXTH
SUPPLEMENTAL INDENTURE

Dated
as of May 12, 2021

to

INDENTURE

Dated
as of February 28, 2018

 

 

 

2.300%
Senior Notes due 2031

4.100%
Senior Notes due 2121

    	 

    	 

    

TABLE OF
CONTENTS

	ARTICLE I	 
	 	 
	Definitions	 
	 	 	 
	SECTION 1.01	Definitions	1
	 	 
	ARTICLE II	 
	 	 
	Establishment of the Notes	 
	 	 	 
	SECTION 2.01	Designation and Establishment	3
	SECTION 2.02	Form of the Notes	3
	SECTION 2.03	Principal Amount of the Notes	3
	SECTION 2.04	Interest Rate; Stated Maturity	4
	SECTION 2.05	No Sinking Fund	4
	SECTION 2.06	Global Notes and Denomination of the Notes	4
	SECTION 2.07	Optional Redemption	4
	SECTION 2.08	Change of Control Repurchase Event	4
	 	 
	ARTICLE III	 
	 	 
	Miscellaneous	 
	 	 	 
	SECTION 3.01	Application of Sixth Supplemental Indenture	6
	SECTION 3.02	Effective Date of Sixth Supplemental Indenture	6
	SECTION 3.03	Counterparts	6
	SECTION 3.04	Trustee Not Responsible for Recitals	6
	SECTION 3.05	Governing Law	7

    	 

    	 

    

SIXTH
SUPPLEMENTAL INDENTURE dated as of May 12, 2021 (this “Sixth  Supplemental Indenture”), by and between
Norfolk Southern Corporation, a Virginia corporation, as issuer (the “Company”), and U.S. Bank National Association,
as trustee (the “Trustee”).

WHEREAS,
the Company executed and delivered the indenture, dated as of February 28, 2018, to the Trustee (the “Base Indenture”,
as supplemented by this Sixth Supplemental Indenture, the “Indenture”), to provide for the issuance of the
Company’s unsubordinated and unsecured debt securities to be issued in one or more series;

WHEREAS,
pursuant to Section 9.01 of the Base Indenture, the Company desires to provide for the establishment of two new series of Securities
under the Base Indenture to be known as its (i) “2.300% Senior Notes due 2031” (the “2031 Notes”)
and (ii) “4.100% Senior Notes due 2121” (the “2121 Notes” and, together with the 2031 Notes, the
“Notes”), the form and substance and the terms, provisions and conditions thereof to be set forth as provided
in the Base Indenture and this Sixth Supplemental Indenture;

WHEREAS,
the execution and delivery of this Sixth Supplemental Indenture and the issuance of the Notes have been authorized by a Board
Resolution and the Board of Directors has authorized the proper officers of the Company to execute and deliver any and all appropriate
documents necessary or appropriate to effect such issuance;

WHEREAS,
the Company requests that the Trustee execute and deliver this Sixth Supplemental Indenture; and

WHEREAS,
all things necessary to make this Sixth Supplemental Indenture a valid agreement of the Company and the Trustee, in accordance
with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid
obligations of the Company, have been performed, and the execution and delivery of this Sixth Supplemental Indenture has been
duly authorized in all respects.

NOW THEREFORE,
in consideration of the premises and the purchase and acceptance of the Notes by the Holders thereof and other valuable consideration,
the receipt of which is hereby acknowledged by the Company, and for the purpose of setting forth, as provided in the Base Indenture,
the form, terms and conditions of the Notes, the Company covenants and agrees with the Trustee for the benefit of the Holders
of the Notes, as follows:

ARTICLE
I

Definitions

SECTION
1.01          Definitions.
Unless the context otherwise requires, capitalized terms used but not defined herein or in the recitals above have the respective
meanings set forth in the Base Indenture. The following additional terms are hereby established for purposes of this Sixth Supplemental
Indenture and shall have the meaning set forth in this Sixth Supplemental Indenture only for purposes of this Sixth Supplemental
Indenture.

    	1

    	 

    

“2031
Notes” has the meaning set forth in the recitals above.

“2121
Notes” has the meaning set forth in the recitals above.

“Below
Investment Grade Ratings Event” means, with respect to a series of Notes, on any day within the 60-day period (which
period shall be extended so long as the rating of such Notes is under publicly announced consideration for a possible downgrade
by any Rating Agency) after the earlier of (1) the occurrence of a Change of Control; or (2) public notice of the occurrence of
a Change of Control or the intention by the Company to effect a Change of Control, such Notes are rated below investment grade
by each and every Rating Agency. Notwithstanding the foregoing, a Below Investment Grade Ratings Event otherwise arising by virtue
of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus
shall not be deemed a Below Investment Grade Ratings Event for purposes of the definition of Change of Control Repurchase Event
hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce
or publicly confirm or inform the Trustee in writing at the Company’s request that the reduction was the result, in whole
or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control
(whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Ratings Event).

“Change
of Control” means the consummation of any transaction (including, without limitation, any merger or consolidation) the
result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange
Act), other than the Company or its subsidiaries, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the
Exchange Act), directly or indirectly, of more than 50% of the combined voting power of the Company’s Voting Stock or other
Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed measured by voting
power rather than number of shares.

“Change
of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Ratings Event
with respect to a series of Notes.

“DTC”
means The Depository Trust Company.

“Global
Note” means a Security evidencing all or a part of a series of Securities, issued to the Depositary for such series
in accordance with Section 2.12 of the Base Indenture.

“Initial
Issue Date” means May 12, 2021.

“Interest
Payment Date” means, with respect to the payment of interest on the Notes, May 15 and November 15 of each year.

“Investment
grade” means, with respect to Moody’s, a rating of Baa3 or better (or its equivalent under any successor rating
categories of Moody’s); with respect to S&P, a rating of BBB- or better (or its equivalent under any successor rating
categories of S&P); and, with respect to any additional Rating Agency or Rating Agencies selected by the Company, the equivalent
investment grade credit rating.

    	2

    	 

    

“Moody’s”
means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

“Notes”
has the meaning set forth in the recitals above.

“Rating
Agency” means (1) each of Moody’s and S&P; and (2) if either of Moody’s or S&P ceases to rate the
applicable Notes or fails to make a rating of the applicable Notes publicly available for reasons outside of the Company’s
control, a “nationally recognized statistical rating organization” as defined in Section 3(a)(62) of the Exchange
Act, selected by the Company (as certified by a Board Resolution) as a replacement agency for Moody’s or S&P, or both
of them, as the case may be.

“S&P”
means S&P Global Ratings, a division of S&P Global Inc., and its successors.

“Voting
Stock” of any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any
date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors
of such person.

The words
“herein,” “hereof,” and “hereunder” and other words of similar import refer to this Sixth
Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. The rules of construction set
forth in Section 1.04 of the Base Indenture shall apply to this Sixth Supplemental Indenture.

ARTICLE
II

Establishment of the Notes

SECTION
2.01          Designation
and Establishment. Pursuant to the terms hereof and Section 2.01 of the Base Indenture, the Company hereby establishes two
new series of Securities designated as the (i) “2.300% Senior Notes due 2031” and (ii) “4.100% Senior Notes
due 2121”, respectively. A series of Notes may be reopened, from time to time, for issuances of additional Securities of
such series. Any such additional Securities shall have the same ranking, interest rate, Stated Maturity and other terms as such
series of Notes (other than the issue date, issue price and payment of interest accruing prior to the issue date of such additional
Securities). Any such additional Securities, together with such series of Notes herein provided for, shall constitute a single
series of Securities under the Indenture. If any such additional Securities are not fungible with the Notes of the applicable
series issued on the Initial Issue Date for U.S. federal income tax purposes, such additional Securities will have a different
CUSIP number from such Notes issued on the Initial Issue Date.

SECTION
2.02          Forms
of the Notes. The 2031 Notes and the 2121 Notes shall be issued in substantially the forms set forth in Exhibits A-1
and A-2 hereto, respectively.

SECTION
2.03          Principal
Amounts of the Notes. The 2031 Notes shall be initially issued in an aggregate principal amount of $500,000,000. The 2121
Notes shall be initially issued in an aggregate principal amount of $600,000,000.

    	3

    	 

    

SECTION
2.04          Interest
Rates; Stated Maturities.

(a)            The 2031 Notes
issued pursuant to this Sixth Supplemental Indenture shall bear interest (computed on the basis of a 360-day year consisting of
twelve 30-day months) from May 12, 2021 at the rate of 2.300% per annum payable semiannually in arrears; interest payable on each
Interest Payment Date shall include interest accrued from May 12, 2021, or from the most recent date to which interest has been
paid or duly provided for; the Interest Payment Dates on which such interest shall be payable are May 15 and November 15, commencing
on November 15, 2021; and the record date for the interest payable on any Interest Payment Date is the close of business on the
May 1 or November 1, as the case may be, next preceding the relevant Interest Payment Date. The 2031 Notes shall have a Stated
Maturity of May 15, 2031.

(b)            The
2121 Notes issued pursuant to this Sixth Supplemental Indenture shall bear interest (computed on the basis of a 360-day year consisting
of twelve 30-day months) from May 12, 2021 at the rate of 4.100% per annum payable semiannually in arrears; interest payable on
each Interest Payment Date shall include interest accrued from May 12, 2021, or from the most recent date to which interest has
been paid or duly provided for; the Interest Payment Dates on which such interest shall be payable are May 15 and November 15,
commencing on November 15, 2021; and the record date for the interest payable on any Interest Payment Date is the close of business
on the May 1 or November 1, as the case may be, next preceding the relevant Interest Payment Date. The 2121 Notes shall have a
Stated Maturity of May 15, 2121.

SECTION
2.05          No
Sinking Fund. No sinking fund is provided for the Notes.

SECTION
2.06          Global
Notes and Denomination of the Notes. Upon the original issuance, each series of Notes shall be represented by one or more
Global Notes. The Company shall issue the Notes in minimum denominations of $2,000 and in integral multiples of $1,000 in excess
thereof and shall deposit the Global Notes with the Trustee as Custodian for DTC in New York, New York, and register the Global
Notes in the name of DTC or its nominee.

SECTION
2.07          Optional
Redemption. The 2031 Notes and the 2121 Notes are subject to redemption at the option of the Company as set forth in the forms
of Notes attached hereto as Exhibits A-1 and A-2, respectively. 

SECTION
2.08          Change
of Control Repurchase Event.

(a)            If a Change of
Control Repurchase Event occurs with respect to a series of Notes, unless the Company has exercised its right to redeem such Notes
pursuant to paragraph 5 of the applicable Notes, the Company will make an offer to each Holder of the applicable series of Notes
to repurchase all or any part (in integral multiples of $1,000) of that Holder’s Notes at a repurchase price (the “Repurchase
Price”) in cash equal to 101% of the aggregate principal amount of such Notes repurchased plus any accrued and unpaid
interest on the Notes of such series repurchased to, but not including, the Repurchase Date (defined below). Within 30 days following
a Change of Control Repurchase Event or, at the Company’s option, prior to a Change of Control, but after the public announcement
of such Change of Control, the Company will mail, or cause to be mailed, a notice to each Holder of the applicable series of Notes,
with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control
Repurchase Event and offering to repurchase the applicable series of Notes on the payment date specified in the notice (such offer
the “Repurchase Offer” and such date the “Repurchase Date”), which Repurchase Date will
be a Business Day that is no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice shall,
if mailed prior to the date of consummation of the Change of Control, state that the Repurchase Offer is conditioned on a Change
of Control Repurchase Event occurring on or prior to the Repurchase Date.

    	4

    	 

    

(b)           The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result
of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with
the Change of Control Repurchase Event provisions of the Notes, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of
the Notes by virtue of such conflict.

(c)            On
the Repurchase Date following a Change of Control Repurchase Event with respect to a series of Notes, the Company will, to the
extent lawful:

(1)              
accept for payment all Notes or portions of Notes properly tendered pursuant to the Repurchase Offer;

(2)              
deposit with the Trustee, or with such Paying Agent as the Trustee may designate, an amount equal to the aggregate Repurchase
Price for all Notes or portions of Notes properly tendered; and

(3)              
deliver, or cause to be delivered, to the Trustee the Notes properly accepted, together with an Officers’ Certificate
stating the aggregate principal amount of Notes being repurchased by the Company pursuant to the Repurchase Offer and that all
conditions precedent to the repurchase by the Company of Notes pursuant to the Repurchase Offer have been complied with.

(d)            The
Trustee will promptly mail, or cause the Paying Agent to promptly mail, to each Holder of Notes, or portions of Notes, properly
tendered the Repurchase Price for such Notes, or portions of such Notes, and the Trustee will promptly authenticate and mail (or
cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of any Notes
surrendered, as applicable; provided that each new note will be in a principal amount equal to $2,000 and integral multiples
of $1,000 in excess thereof.

(e)            The
Company will not be required to make a Repurchase Offer upon a Change of Control Repurchase Event if a third party makes such
an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and
such third party purchases all Notes or portions of Notes properly tendered and not withdrawn under its offer.

    	5

    	 

    

ARTICLE
III

Miscellaneous

SECTION
3.01          Application
of Sixth Supplemental Indenture. Except as expressly provided herein, each and every term and condition contained in this
Sixth Supplemental Indenture that modifies, amends or supplements the terms and conditions of the Base Indenture shall apply only
to the Notes established hereby, and not to any other series of Securities established under the Base Indenture. Except as specifically
amended and supplemented by, or to the extent inconsistent with, this Sixth Supplemental Indenture, the Base Indenture shall remain
in full force and effect and is hereby ratified and confirmed.

SECTION
3.02          Effective
Date of Sixth Supplemental Indenture. This Sixth Supplemental Indenture shall be effective upon the execution and delivery
hereof by each of the parties hereto.

SECTION
3.03          Counterparts.
This Sixth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to
be an original, but all such counterparts shall together constitute but one and the same instrument. The words “execution,”
“signed,” “signature,” and words of like import in this Sixth Supplemental Indenture or in any other certificate,
agreement or document related to this Sixth Supplemental Indenture or the Notes shall include images of manually executed signatures
transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”)
and electronic signatures provided by DocuSign, AdobeSign or such other digital signature provider as specified in writing to
the Trustee by an authorized representative of the Company. For the avoidance of doubt, any written communication to the Trustee
hereunder may be signed manually and transmitted by facsimile or other electronic format (including, without limitation, “pdf”,
“tif” or “jpg”) or signed by way of an electronic signature provided by DocuSign, AdobeSign or such other
digital signature provider as specified in writing to the Trustee by an authorized representative of the Company. The use of electronic
signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated,
received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed
signature or use of a paper-based recordkeeping system to the fullest extent permitted by applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other
applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial
Code. The Company agrees to assume all risks arising out of the use of digital signatures and electronic methods to submit communications
to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception
and misuse by third parties.

SECTION
3.04          Trustee
Not Responsible for Recitals. The recitals herein contained are made by the Company and not by the Trustee, and the Trustee
assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of
this Sixth Supplemental Indenture.

SECTION
3.05          Governing
Law. This Sixth Supplemental Indenture and the Notes shall be construed in accordance with and governed by the laws of the
State of New York.

[Signature
Pages Follow]

    	6

    	 

    

IN
WITNESS WHEREOF, the parties have caused this Sixth Supplemental Indenture to be duly executed as of the date first written above.

 

	 	NORFOLK SOUTHERN CORPORATION
	 	 	 
	 	By:  	/s/ Christopher R. Neikirk
	 	 	Name:   Christopher R. Neikirk
	 	 	Title:      Vice President & Treasurer
	 	 	 

    	 

    	 

    

	 	U.S. BANK NATIONAL ASSOCIATION,
    as Trustee
	 	 	 
	 	By:  	/s/ Christopher J. Grell  
	 	 	Name:   Christopher J. Grell
	 	 	Title:      Vice President
	 	 	 

    	 

    	 

    

EXHIBIT A-1

 

[FORM OF
FACE OF 2031 NOTE]

[For Global Notes, include
the following legend:

THIS NOTE
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY
NAMED BELOW OR A NOMINEE OF THE DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN
THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER
THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO
THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

[Add the following if the
Depositary is DTC: UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]]

    	 

    	 

    

[FORM OF
FACE OF 2031 NOTE]

	No.____________	 	[Include for Global Notes:
    Up to] $___________

2.300% Senior
Note due 2031

CUSIP No. 655844
CK2

NORFOLK
SOUTHERN CORPORATION, a Virginia corporation, promises to pay to [include “Cede & Co.” for a Global
Note], or registered assigns, the principal sum of $____________ [include for a Global Note: adjusted as set forth
on the Schedule of Increases or Decreases in Global Note annexed hereto] on May 15, 2031.

Interest
Payment Dates: May 15 and November 15, commencing on November 15, 2021.

Record Dates:
May 1 and November 1.

    	 

    	 

    

Additional
provisions of this Note are set forth on the other side of this Note.

IN WITNESS
WHEREOF, the parties have caused this instrument to be duly executed.

 

	 	NORFOLK SOUTHERN CORPORATION
	 	 	 
	 	By	   
	 	 	Name:	 
	 	 	Title:	        

 

	TRUSTEE’S CERTIFICATE
    OF AUTHENTICATION	 
	 	 	 
	Dated:	 	 
	 	      	 
	U.S. BANK NATIONAL ASSOCIATION,	 
	 	as Trustee, certifies that this is one
    of

    the Notes referred to in the Indenture.	 
	 	 	 
	By:	 	 
	 	           Authorized Signatory	 

    	 

    	 

    

[FORM OF
REVERSE SIDE OF 2031 NOTE]

2.300% Senior Note due 2031

		1.	Interest
                                         

NORFOLK
SOUTHERN CORPORATION, a Virginia corporation (such corporation, and its successors and assigns under the Indenture hereinafter
referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Note
at the rate per annum shown above. The Company will pay interest semiannually in arrears on May 15 and November 15 of each year,
commencing November 15, 2021. Interest on the Notes will accrue from the most recent date to which interest has been paid or,
if no interest has been paid, from May 12, 2021. Interest shall be computed on the basis of a 360-day year of twelve 30-day months.
The Company shall pay interest on overdue principal at the rate per annum borne by the Notes, and it shall pay interest on overdue
installments of interest at the rate per annum borne by the Notes to the extent lawful.

		2.	Method
                                         of Payment

The Company
will pay interest on the Notes (except defaulted interest) to the Persons who are Holders at the close of business on the May
1 or November 1, as the case may be, next preceding the Interest Payment Date even if Notes are canceled after the record date
and on or before the Interest Payment Date. Holders must surrender Notes to a Paying Agent to collect principal payments. The
Company will pay principal and interest in money of the United States of America that at the time of payment is legal tender for
payment of public and private debts. Payments in respect of the Notes represented by a Global Note (including principal, premium,
if any, and interest) will be made by wire transfer of immediately available funds to the accounts specified by the Depository.
The Company will make all payments in respect of a definitive Note (including principal, premium, if any, and interest) by mailing
a check to the registered address of each Holder thereof; provided, however, that payments on the Notes may also
be made, in the case of a Holder of at least $1,000,000 aggregate principal amount of Notes, by wire transfer to a U.S. dollar
account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written
notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding
the relevant due date for payment (or such other date as the Trustee may accept in its discretion).

		3.	Paying
                                         Agent and Registrar

Initially,
U.S. Bank National Association, a national banking association (the “Trustee”), will act as Paying Agent and
Registrar. The Company may appoint and change any Paying Agent or Registrar without notice. The Company or any of its domestically
incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar.

    	 

    	 

    

		4.	Indenture

The Company
issued the Notes under an Indenture, dated as of February 28, 2018, as supplemented by the Sixth Supplemental Indenture, dated
as of May 12, 2021 (together, the “Indenture”), between the Company and the Trustee. The terms of the Notes
include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15
U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). The Notes
are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of those terms. Terms defined
in the Indenture and not defined in this Note have the meanings ascribed thereto in the Indenture.

The Notes
are unsubordinated, unsecured obligations of the Company. This Note is one of the series of Securities referred to in the Indenture,
designated as the Company’s “2.300% Senior Notes due 2031” (the “Notes”) and initially issued
in an aggregate principal amount of $500,000,000. The Notes include such $500,000,000 aggregate principal amount of Notes and
an unlimited aggregate principal amount of additional Notes that may be issued under the Indenture. Such Notes and such additional
Notes will be treated as a single series and class of Securities under the Indenture. The Indenture imposes certain limitations
on the ability of the Company and its Restricted Subsidiaries to create or incur Liens, the Restricted Subsidiaries to create
or incur Funded Debt and the Company to consolidate or merge with or into any other Person or sell, transfer, assign, lease, convey
or otherwise dispose of all or substantially all of its assets to any Person.

		5.	Optional
                                         Redemption

The Notes
will be redeemable as a whole at any time or in part from time to time, at the option of the Company as set forth in this paragraph
5. If the Notes are redeemed prior to the date that is three months prior to the Stated Maturity of the Notes, the Redemption
Price of the Notes to be redeemed will be equal to the greater of (i) 100% of the principal amount of such Notes or (ii) the sum
of the present values of the remaining scheduled payments of principal and interest thereon to and including the date that is
three months prior to the Stated Maturity of the Notes (exclusive of interest accrued to, but not including, the Redemption Date)
discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Yield plus 12.5 basis points, plus in each case accrued and unpaid interest on the principal amount being redeemed to, but not
including, the Redemption Date.

If the Notes
are redeemed on or after the date that is three months prior to the Stated Maturity, the Redemption Price for the Notes to be
redeemed will equal 100% of the principal amount of such Notes, plus accrued and unpaid interest to, but not including, the Redemption
Date.

“Treasury
Yield” means, with respect to any Redemption Date, (1) the yield, under the heading which represents the average for
the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or
any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before
or after the date that is three months prior to the Stated Maturity of the Notes, yields for the two published maturities most
closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Yield will be interpolated or extrapolated
from such yields on a straight line basis, rounding to the nearest month), or (2) if such release (or any successor release) is
not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the
semi-annual equivalent yield-to-maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price of such Redemption Date. The
Treasury Yield will be calculated on the third Business Day preceding the Redemption Date.

    	 

    	 

    

“Comparable
Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a
maturity most comparable to the date that is three months prior to the Stated Maturity of the Notes, that would be utilized, at
the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities
of a maturity comparable to the remaining term of the Notes.

“Independent
Investment Banker” means one of the Reference Treasury Dealers appointed by the Company.

“Comparable
Treasury Price” means (A) the average of five Reference Treasury Dealer Quotations for such Redemption Date, after excluding
the highest and lowest Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains fewer than five
such Reference Treasury Dealer Quotations, the average of all such quotations.

“Reference
Treasury Dealer” means each of (i) BofA Securities, Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC
and (ii) two other primary U.S. Government securities dealers in New York, New York (“Primary Treasury Dealers”) appointed
by the Company and their respective successors; provided, however, that if any of the foregoing ceases to be a Primary Treasury
Dealer or otherwise fails to provide a Reference Treasury Dealer Quotation, the Company will substitute therefor another Primary
Treasury Dealer.

“Reference
Treasury Dealer Quotation” means a quotation for a Comparable Treasury Issue provided by a Reference Treasury Dealer.

		6.	Sinking
                                         Fund

The Notes
are not subject to any sinking fund.

		7.	Notice
                                         of Redemption 

Notice of
redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the Redemption Date to each Holder
of Notes to be redeemed at his or her registered address. Notes in denominations larger than $2,000 may be redeemed in part but
only in whole multiples of $1,000. If the Company deposits with the Paying Agent money sufficient to pay the Redemption Price
of and accrued interest on all Notes (or portions thereof) to be redeemed on the Redemption Date by 10:00 a.m. New York City time
on the Redemption Date and certain other conditions are satisfied, on and after such Redemption Date interest ceases to accrue
on such Notes (or such portions thereof) called for redemption.

    	 

    	 

    

		8.	Denominations;
                                         Transfer; Exchange

The Notes
are in registered form without coupons in minimum denominations of $2,000 and whole multiples of $1,000 in excess thereof. A Holder
may transfer or exchange Notes in accordance with the Indenture. Upon any transfer or exchange, the Company may require a Holder
to cover any transfer tax or similar governmental charge payable in connection therewith. The Registrar need not register the
transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of
the Note not to be redeemed) or to issue, register the transfer of or exchange any Notes for a period of 15 Business Days prior
to the mailing of a notice of redemption of Notes to be redeemed.

		9.	Persons
                                         Deemed Owners

The Holder
of this Note may be treated as the owner of it for all purposes.

		10.	Unclaimed
                                         Money

If money
for the payment of principal, premium, if any, or interest remains unclaimed for two years after such amount has become due and
payable, the Trustee or Paying Agent shall pay the money back to the Company at its written request unless an applicable abandoned
property law designates another Person to receive such money. After any such payment, Holders entitled to the money must look
only to the Company, and not to the Trustee or Paying Agent, for payment.

		11.	Discharge;
                                         Defeasance

Subject
to certain conditions, the Company at any time may terminate certain or all of its Obligations under the Notes and the Indenture
if the Company deposits with the Trustee money, U.S. Government Obligations or a combination thereof sufficient to pay and discharge
each installment of principal of, premium, if any, and interest on the Notes on the dates such installments of interest or principal
and premium are due. The Company may also satisfy and discharge the Indenture by delivering to the Trustee for cancellation all
Notes that have theretofore been authenticated and delivered, subject to certain conditions.

		12.	Amendment,
                                         Waiver

The Indenture
contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in principal
amount of the Outstanding Notes affected, to amend or supplement the Indenture; provided, however, that no such amendment or supplement
shall without the consent of each Holder of Notes (i) reduce the amount of Notes whose Holders must consent to an amendment, supplement
or waiver; (ii) reduce the rate of interest on any Notes; (iii) reduce the principal amount of or the premium, if any, on any
Notes or change the Stated Maturity of any Notes; (iv) change the place, manner, timing or Currency of payment of principal of,
premium, if any, or interest on any Notes; or (v) make any change in the amendment and waiver provisions. The Indenture also contains
provisions permitting the Holders of not less than a majority in principal amount of the Outstanding Notes affected thereby, on
behalf of all of the Holders of Notes, to waive compliance by the Company with any provision of the Indenture or the Notes, provided
that such waiver shall not affect the above provisions (i) – (v).

    	 

    	 

    

		13.	Defaults
                                         and Remedies

If an Event
of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then
Outstanding, by a notice in writing to the Company (and to the Trustee if given by Holders), may declare the unpaid principal
of (premium, if any) and accrued interest on, if any, Notes to be immediately due and payable. Certain events of bankruptcy or
insolvency are Events of Default.

Holders
of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the
Indenture or the Notes unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of
a majority in aggregate principal amount of the Notes may direct the Trustee in its exercise of any trust or power under the Indenture.
The Holders of a majority in aggregate principal amount of the Notes then Outstanding, by written notice to the Company and the
Trustee, may rescind and annul any declaration of acceleration and its consequences if the Company has paid or deposited with
the Trustee a sufficient sum under the Indenture and all existing Events of Default, except nonpayment of principal, premium,
if any, or interest on the Notes that has become due solely by such declaration of acceleration, have been cured or waived.

		14.	Trustee
                                         Dealings with the Company

Subject
to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become
the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates
and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee.

		15.	No
                                         Recourse Against Others

A director,
officer, employee or stockholder of the Company or the Trustee, as such, shall not have any liability for any Obligations of the
Company under the Notes or for any Obligations of the Company or the Trustee under the Indenture or for any claim based on, in
respect of or by reason of such Obligations or their creation. By accepting a Note, each Holder waives and releases all such liability.
The waiver and release are part of the consideration for the issue of the Notes.

		16.	Successors

Subject
to certain exceptions set forth in the Indenture, when a successor assumes all the Obligations of its predecessor under the Notes
and the Indenture in accordance with the terms of the Indenture, the predecessor will be released from those Obligations.

    	 

    	 

    

		17.	Authentication
                                         

This Note
shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of
authentication on the other side of this Note.

		18.	Abbreviations
                                         

Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A
(=Uniform Gift to Minors Act).

		19.	Governing
                                         Law

THIS NOTE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED THEREBY AND HEREBY.

		20.	CUSIP
                                         Numbers

Pursuant
to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers
to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders.
No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption
and reliance may be placed only on the other identification numbers placed thereon.

The Company
will furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture which has in it the text
of this Note.

    	 

    	 

    

FORM OF
ASSIGNMENT

For value
received _________________ hereby sell(s), assign(s) and transfer(s) unto ________________(Please insert social security or other
identifying number of assignee) the within Note, and hereby irrevocably constitutes and appoints ______________________ as attorney
to transfer the said Note on the books of the Company, with full power of substitution in the premises.

	Dated:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Signature(s)
	 	 	Signature(s) must be guaranteed by an
    Eligible     Guarantor Institution with membership in an approved signature guarantee program pursuant to Rule 17Ad-15 under
    the Securities Exchange Act of 1934.
	 	 	 

    	 

    	 

    

[TO BE ATTACHED
TO GLOBAL NOTES]

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

The initial
principal amount of this Global Note is $____________. The following increases or decreases in this Global Note have been made:

	Date
        of Exchange
	 	Amount
        of decrease

        in Principal Amount

        of this Global Note
	 	Amount
        of increase

        in Principal Amount

        of this Global Note
	 	Principal
        amount of

        this Global Note

        following such

        decrease or increase
	 	Signature
        of

        authorized signatory

        of Trustee or Notes

        Custodian

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

    	 

    	 

    

EXHIBIT A-2

[FORM OF
FACE OF 2121 NOTE]

[For Global Notes, include
the following legend:

THIS NOTE
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY
NAMED BELOW OR A NOMINEE OF THE DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN
THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER
THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO
THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

[Add the following if the
Depositary is DTC: UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]]

    	 

    	 

    

[FORM OF
FACE OF 2121 NOTE]

	No.____________	 	[Include for Global Notes:
    Up to] $___________

 

4.100% Senior
Note due 2121

CUSIP No. 655844
CJ5

NORFOLK
SOUTHERN CORPORATION, a Virginia corporation, promises to pay to [include “Cede & Co.” for a Global
Note], or registered assigns, the principal sum of $____________ [include for a Global Note: adjusted as set forth
on the Schedule of Increases or Decreases in Global Note annexed hereto] on May 15, 2121.

Interest
Payment Dates: May 15 and November 15, commencing on November 15, 2021.

Record Dates:
May 1 and November 1.

    	 

    	 

    

Additional
provisions of this Note are set forth on the other side of this Note.

IN WITNESS
WHEREOF, the parties have caused this instrument to be duly executed.

	 	NORFOLK SOUTHERN CORPORATION
	 	 	 
	 	By	   
	 	 	Name:	 
	 	 	Title:	        

 

 

	TRUSTEE’S CERTIFICATE
    OF AUTHENTICATION	 
	 	 	 
	Dated:	 	 
	 	      	 
	U.S. BANK NATIONAL ASSOCIATION,	 
	 	as Trustee, certifies that this is one
    of

    the Notes referred to in the Indenture.	 
	 	 	 
	By:	 	 
	 	           Authorized
    Signatory	 

    	 

    	 

    

[FORM OF
REVERSE SIDE OF 2121 NOTE]

4.100% Senior Note due 2121

		1.	Interest
                                         

NORFOLK
SOUTHERN CORPORATION, a Virginia corporation (such corporation, and its successors and assigns under the Indenture hereinafter
referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Note
at the rate per annum shown above. The Company will pay interest semiannually in arrears on May 15 and November 15 of each year,
commencing November 15, 2021. Interest on the Notes will accrue from the most recent date to which interest has been paid or,
if no interest has been paid, from May 12, 2021. Interest shall be computed on the basis of a 360-day year of twelve 30-day months.
The Company shall pay interest on overdue principal at the rate per annum borne by the Notes, and it shall pay interest on overdue
installments of interest at the rate per annum borne by the Notes to the extent lawful.

		2.	Method
                                         of Payment

The Company
will pay interest on the Notes (except defaulted interest) to the Persons who are Holders at the close of business on the May
1 or November 1, as the case may be, next preceding the Interest Payment Date even if Notes are canceled after the record date
and on or before the Interest Payment Date. Holders must surrender Notes to a Paying Agent to collect principal payments. The
Company will pay principal and interest in money of the United States of America that at the time of payment is legal tender for
payment of public and private debts. Payments in respect of the Notes represented by a Global Note (including principal, premium,
if any, and interest) will be made by wire transfer of immediately available funds to the accounts specified by the Depository.
The Company will make all payments in respect of a definitive Note (including principal, premium, if any, and interest) by mailing
a check to the registered address of each Holder thereof; provided, however, that payments on the Notes may also
be made, in the case of a Holder of at least $1,000,000 aggregate principal amount of Notes, by wire transfer to a U.S. dollar
account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written
notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding
the relevant due date for payment (or such other date as the Trustee may accept in its discretion).

		3.	Paying
                                         Agent and Registrar

Initially,
U.S. Bank National Association, a national banking association (the “Trustee”), will act as Paying Agent and
Registrar. The Company may appoint and change any Paying Agent or Registrar without notice. The Company or any of its domestically
incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar.

    	 

    	 

    

		4.	Indenture

The Company
issued the Notes under an Indenture, dated as of February 28, 2018, as supplemented by the Sixth Supplemental Indenture, dated
as of May 12, 2021 (together, the “Indenture”), between the Company and the Trustee. The terms of the Notes
include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15
U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). The Notes
are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of those terms. Terms defined
in the Indenture and not defined in this Note have the meanings ascribed thereto in the Indenture.

The Notes
are unsubordinated, unsecured obligations of the Company. This Note is one of the series of Securities referred to in the Indenture,
designated as the Company’s “4.100% Senior Notes due 2121” (the “Notes”) and initially issued
in an aggregate principal amount of $600,000,000. The Notes include such $600,000,000 aggregate principal amount of Notes and
an unlimited aggregate principal amount of additional Notes that may be issued under the Indenture. Such Notes and such additional
Notes will be treated as a single series and class of Securities under the Indenture. The Indenture imposes certain limitations
on the ability of the Company and its Restricted Subsidiaries to create or incur Liens, the Restricted Subsidiaries to create
or incur Funded Debt and the Company to consolidate or merge with or into any other Person or sell, transfer, assign, lease, convey
or otherwise dispose of all or substantially all of its assets to any Person.

		5.	Optional
                                         Redemption

The Notes
will be redeemable as a whole at any time or in part from time to time, at the option of the Company as set forth in this paragraph
5. If the Notes are redeemed prior to the date that is six months prior to the Stated Maturity of the Notes, the Redemption Price
of the Notes to be redeemed will be equal to the greater of (i) 100% of the principal amount of such Notes or (ii) the sum of
the present values of the remaining scheduled payments of principal and interest thereon to and including the date that is six
months prior to the Stated Maturity of the Notes (exclusive of interest accrued to, but not including, the Redemption Date) discounted
to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield
plus 30 basis points, plus in each case accrued and unpaid interest on the principal amount being redeemed to, but not including,
the Redemption Date.

If the Notes
are redeemed on or after the date that is six months prior to the Stated Maturity, the Redemption Price for the Notes to be redeemed
will equal 100% of the principal amount of such Notes, plus accrued and unpaid interest to, but not including, the Redemption
Date.

“Treasury
Yield” means, with respect to any Redemption Date, (1) the yield, under the heading which represents the average for
the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or
any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before
or after the date that is six months prior to the Stated Maturity of the Notes, yields for the two published maturities most closely
corresponding to the Comparable Treasury Issue will be determined and the Treasury Yield will be interpolated or extrapolated
from such yields on a straight line basis, rounding to the nearest month), or (2) if such release (or any successor release) is
not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the
semi-annual equivalent yield-to-maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price of such Redemption Date. The
Treasury Yield will be calculated on the third Business Day preceding the Redemption Date.

    	 

    	 

    

“Comparable
Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a
maturity most comparable to the date that is six months prior to the Stated Maturity of the Notes, that would be utilized, at
the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities
of a maturity comparable to the remaining term of the Notes.

“Independent
Investment Banker” means one of the Reference Treasury Dealers appointed by the Company.

“Comparable
Treasury Price” means (A) the average of five Reference Treasury Dealer Quotations for such Redemption Date, after excluding
the highest and lowest Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains fewer than five
such Reference Treasury Dealer Quotations, the average of all such quotations.

“Reference
Treasury Dealer” means each of (i) BofA Securities, Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC
and (ii) two other primary U.S. Government securities dealers in New York, New York (“Primary Treasury Dealers”) appointed
by the Company and their respective successors; provided, however, that if any of the foregoing ceases to be a Primary Treasury
Dealer or otherwise fails to provide a Reference Treasury Dealer Quotation, the Company will substitute therefor another Primary
Treasury Dealer.

“Reference
Treasury Dealer Quotation” means a quotation for a Comparable Treasury Issue provided by a Reference Treasury Dealer.

		6.	Sinking
                                         Fund

The Notes
are not subject to any sinking fund.

		7.	Notice
                                         of Redemption 

Notice of
redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the Redemption Date to each Holder
of Notes to be redeemed at his or her registered address. Notes in denominations larger than $2,000 may be redeemed in part but
only in whole multiples of $1,000. If the Company deposits with the Paying Agent money sufficient to pay the Redemption Price
of and accrued interest on all Notes (or portions thereof) to be redeemed on the Redemption Date by 10:00 a.m. New York City time
on the Redemption Date and certain other conditions are satisfied, on and after such Redemption Date interest ceases to accrue
on such Notes (or such portions thereof) called for redemption.

    	 

    	 

    

		8.	Denominations;
                                         Transfer; Exchange

The Notes
are in registered form without coupons in minimum denominations of $2,000 and whole multiples of $1,000 in excess thereof. A Holder
may transfer or exchange Notes in accordance with the Indenture. Upon any transfer or exchange, the Company may require a Holder
to cover any transfer tax or similar governmental charge payable in connection therewith. The Registrar need not register the
transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of
the Note not to be redeemed) or to issue, register the transfer of or exchange any Notes for a period of 15 Business Days prior
to the mailing of a notice of redemption of Notes to be redeemed.

		9.	Persons
                                         Deemed Owners

The Holder
of this Note may be treated as the owner of it for all purposes.

		10.	Unclaimed
                                         Money

If money
for the payment of principal, premium, if any, or interest remains unclaimed for two years after such amount has become due and
payable, the Trustee or Paying Agent shall pay the money back to the Company at its written request unless an applicable abandoned
property law designates another Person to receive such money. After any such payment, Holders entitled to the money must look
only to the Company, and not to the Trustee or Paying Agent, for payment.

		11.	Discharge;
                                         Defeasance

Subject
to certain conditions, the Company at any time may terminate certain or all of its Obligations under the Notes and the Indenture
if the Company deposits with the Trustee money, U.S. Government Obligations or a combination thereof sufficient to pay and discharge
each installment of principal of, premium, if any, and interest on the Notes on the dates such installments of interest or principal
and premium are due. The Company may also satisfy and discharge the Indenture by delivering to the Trustee for cancellation all
Notes that have theretofore been authenticated and delivered, subject to certain conditions.

		12.	Amendment,
                                         Waiver

The Indenture
contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in principal
amount of the Outstanding Notes affected, to amend or supplement the Indenture; provided, however, that no such amendment or supplement
shall without the consent of each Holder of Notes (i) reduce the amount of Notes whose Holders must consent to an amendment, supplement
or waiver; (ii) reduce the rate of interest on any Notes; (iii) reduce the principal amount of or the premium, if any, on any
Notes or change the Stated Maturity of any Notes; (iv) change the place, manner, timing or Currency of payment of principal of,
premium, if any, or interest on any Notes; or (v) make any change in the amendment and waiver provisions. The Indenture also contains
provisions permitting the Holders of not less than a majority in principal amount of the Outstanding Notes affected thereby, on
behalf of all of the Holders of Notes, to waive compliance by the Company with any provision of the Indenture or the Notes, provided
that such waiver shall not affect the above provisions (i) – (v).

    	 

    	 

    

		13.	Defaults
                                         and Remedies

If an Event
of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then
Outstanding, by a notice in writing to the Company (and to the Trustee if given by Holders), may declare the unpaid principal
of (premium, if any) and accrued interest on, if any, Notes to be immediately due and payable. Certain events of bankruptcy or
insolvency are Events of Default.

Holders
of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the
Indenture or the Notes unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of
a majority in aggregate principal amount of the Notes may direct the Trustee in its exercise of any trust or power under the Indenture.
The Holders of a majority in aggregate principal amount of the Notes then Outstanding, by written notice to the Company and the
Trustee, may rescind and annul any declaration of acceleration and its consequences if the Company has paid or deposited with
the Trustee a sufficient sum under the Indenture and all existing Events of Default, except nonpayment of principal, premium,
if any, or interest on the Notes that has become due solely by such declaration of acceleration, have been cured or waived.

		14.	Trustee
                                         Dealings with the Company

Subject
to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become
the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates
and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee.

		15.	No
                                         Recourse Against Others

A director,
officer, employee or stockholder of the Company or the Trustee, as such, shall not have any liability for any Obligations of the
Company under the Notes or for any Obligations of the Company or the Trustee under the Indenture or for any claim based on, in
respect of or by reason of such Obligations or their creation. By accepting a Note, each Holder waives and releases all such liability.
The waiver and release are part of the consideration for the issue of the Notes.

		16.	Successors

Subject
to certain exceptions set forth in the Indenture, when a successor assumes all the Obligations of its predecessor under the Notes
and the Indenture in accordance with the terms of the Indenture, the predecessor will be released from those Obligations.

    	 

    	 

    

		17.	Authentication
                                         

This Note
shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of
authentication on the other side of this Note.

		18.	Abbreviations
                                         

Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A
(=Uniform Gift to Minors Act).

		19.	Governing
                                         Law

THIS NOTE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED THEREBY AND HEREBY.

		20.	CUSIP
                                         Numbers

Pursuant
to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers
to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders.
No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption
and reliance may be placed only on the other identification numbers placed thereon.

The Company
will furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture which has in it the text
of this Note.

    	 

    	 

    

FORM OF
ASSIGNMENT

For value
received _________________ hereby sell(s), assign(s) and transfer(s) unto ________________(Please insert social security or other
identifying number of assignee) the within Note, and hereby irrevocably constitutes and appoints ______________________ as attorney
to transfer the said Note on the books of the Company, with full power of substitution in the premises.

	Dated:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Signature(s)
	 	 	Signature(s) must be guaranteed by an
    Eligible     Guarantor Institution with membership in an approved signature guarantee program pursuant to Rule 17Ad-15 under
    the Securities Exchange Act of 1934.
	 	 	 

    	 

    	 

    

[TO BE ATTACHED
TO GLOBAL NOTES]

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

The initial
principal amount of this Global Note is $____________. The following increases or decreases in this Global Note have been made:

	Date
                                         of Exchange
	 	Amount
                                         of decrease

                                         in Principal Amount

                                         of this Global Note
	 	Amount
                                         of increase

                                         in Principal Amount

                                         of this Global Note
	 	Principal
                                         amount of

                                         this Global Note

                                         following such

                                         decrease or increase
	 	Signature
                                         of

                                         authorized signatory

                                         of Trustee or Notes

                                         CustodianExhibit 10.2

 

LEASE AGREEMENT

 

THIS LEASE AGREEMENT (“Lease”) dated as of April
1, 2021, between SFA 50 Millstone Road, LLC, a New Jersey limited liability company, with offices at 312 Route 38 West, Suite 100, Moorestown,
NJ 08057 (“Landlord”), and Greenland Technologies Corporation, with its principal office at Sunking Plaza Gaojiao Road, Building
No.12, 11th floor, Hangzhou 311122 China (“Tenant”).

 

In consideration of the rents, covenants, and agreements hereinafter
set forth, the sufficiency of which is hereby acknowledged and agreed, Landlord and Tenant covenant, warrant, and agree as follows:

 

1. Definitions.
For purposes of this Lease, the following terms shall have the following meanings:

 

“Alterations” shall have the meaning set
forth in Section 8(a) hereof.

 

“Additional
Rent” shall mean all amounts payable by Tenant under this Lease, other than the payment of Fixed Rent, including those items
set forth in Section 4 and Section 151 hereof.

 

“Broker” shall mean N/A.

 

“Base Year” shall be 2021 calendar year.

 

“Building” shall mean the
building known as Building 400 having the street address of 50 Millstone Road, East Windsor, New Jersey.

 

“Building Systems” shall
mean the HVAC Systems and the other mechanical, electrical, plumbing and life safety systems of the Building.

 

“Common Areas” shall mean
the roadways, parking areas and landscaped areas on the Property, and the entrances, lobby, access ways, hallways, lavatories and other
areas located within the Building or otherwise on the Property that are intended for the common use of all tenants of the Building and
their invitees.

 

“Default Rate” shall have the meaning set
forth in Section 4(i) hereof.

 

“Extension
Conditions” shall mean, as a condition to Tenant exercising each Extension Option: (a) Tenant gives Landlord written notice
no less than four (4) months prior to the commencement of the First Extension Term or Second Extension Term, as applicable, that Tenant
is exercising the Extension Option; (b) at the date the applicable Extension Option is exercised, and at the commencement of the First
Extension Term or the Second Extension Term, as applicable, no Event of Default has occurred and is continuing; and (c) Tenant has not
been more than ten (10) business days late in the payment of any or all Rent more than a total of two(2) times for all periods prior
to the commencement of the applicable Extension Term.

 

     

     

    

 

“Extension Option” shall have the meaning
set forth in Section 3(b) hereof.

 

“First Extension Term” shall have the meaning
set forth in Section 3(b) hereof.

 

“Fixed Rent” shall mean the payments specified
in Section 4.

 

“Hazardous Materials” shall
mean any chemical, compound, material, substance, or other matter that: (a) is defined as a hazardous substance, hazardous material or
waste, or toxic substance under any Hazardous Materials Law; (b) is regulated, controlled, or governed by any Hazardous Materials Law
or other laws; (c) is petroleum or a petroleum product; or (d) is asbestos, formaldehyde, radioactive material, drug, bacteria, virus,
or other injurious or potentially injurious material (by itself or in combination with other materials).

 

“Hazardous Materials Laws”
shall mean and include any and all present and future federal, state, or local laws, ordinances, rules, decrees, orders, regulations,
or court decisions relating to hazardous substances, hazardous materials, hazardous waste, toxic substances, environmental conditions
on, under, or about the Premises, the Building, or the Property, or soil and ground water conditions, including, but not limited to, the
Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA), the Resource Conservation and Recovery Act (RCRA),
the Hazardous Materials Transportation Act, the Clean Air Act, the Clean Water Act, the New Jersey Spill Compensation and Control Act,
the New Jersey Industrial Site Recovery Act, the New Jersey Site Remediation Reform Act, the New Jersey Brownfield and Contaminated Site
Remediation Act, the New Jersey Environmental Rights Act, the New Jersey Air Pollution Control Act, the New Jersey Water Pollution Control
Act, and any other law or legal requirement concerning hazardous or toxic substances, and any amendments to the foregoing.

 

“HVAC Systems” shall mean
the heating, air conditioning, and ventilating systems of the Building.

 

“Landlord’s Address for Notices”
shall mean 312 Route 38 West, Suite 100, Moorestown, NJ 08057.

 

“Lease
Commencement Date” shall mean the date the Premises is delivered to Tenant in broom clean condition (May 3rd,
2021).

 

“Lease
Expiration Date” shall mean the last day of the month in which the Twelfth (12th)
Month anniversary of the Lease Commencement Date occurs, as same may be extended pursuant to Section 3
hereof, or such earlier date on which the Term shall sooner end under any of the terms, covenants, or conditions of this Lease or by law.

 

“Permitted Use” shall mean General Office.

 

“Premises”
shall mean approximately One Thousand Four Hundred and Forty (1,440) square feet of rentable area designated as Suite 130 located on the
First (1st) floor of the Building, as more particularly
shown on Exhibit “A” attached hereto.

 

    2

     

    

 

“Property” shall mean the
Building together with the parking lot and all appurtenances thereto on which the Building is located, together with all other improvements
which may hereafter be constructed on such parcel of land.

 

“Rent” shall mean Fixed Rent and Additional
Rent, collectively.

 

“Security Deposit” shall
mean a security deposit in the amount of Two Thousand Eight Hundred and Twenty ($2,820).

 

“Second Extension Term” shall have the meaning
set forth in Section 31 hereof.

 

“Tenant
Owned Property” shall have the meaning set forth in Section 8(c) hereof.

 

“Tenant Parties” shall have the meaning set
forth in Section 6(b) hereof.

 

“Tenant’s Address for Notices”
shall mean Greenland Technologies Corporation 50 Millstone Road, Building 400, Suite 130, East Windsor, NJ 08512.

 

“Tenant’s Share” shall
be 0.49%, which is the number, expressed as a percentage, that is derived by dividing the rentable square feet of the Premises
(1,440) by the rentable square feet of the Building (291,550), which Tenant’s Share may increase or decrease as the Building or Premises
size increases or decreases.

 

“Term” shall mean a term
of one (1) year commencing on the Lease Commencement Date and ending on the Lease Expiration Date.

 

2.
Premises.

 

(a) Landlord
hereby leases to Tenant, and Tenant hereby rents from Landlord, the Premises for the Term.

 

(b) Tenant
shall have the non-exclusive right to use the Common Areas of the Building. Except as may be otherwise provided expressly in this Lease,
Tenant shall not have the right to use the roof, electrical closets, janitorial closets, mechanical rooms, telephone rooms, or any other
non-common or non-public area of the Building and the Property.

 

3.
Term.

 

(a) The
Term shall commence on the Lease Commencement Date and shall expire on the Lease Expiration Date.

 

(b) Tenant
is granted the option (“Extension Option”) to extend the initial Term of this Lease for an additional term of one (1)
year (“First Extension Term”) with a $.25 increase upon all the terms and conditions of this Lease and provided all of
the Extension Conditions are met.

 

    3

     

    

 

(c) Tenant
is granted an additional Extension Option to extend the Term of this Lease for an additional term of one (1) year (“Second Extension
Term”) with a $.25 increase upon all the terms and conditions of this Lease and provided all of the Extension Conditions are
met.

 

4.
Fixed Rent.

 

(a) Tenant
covenants and agrees to pay Fixed Rent in advance on the first (1st) day of each calendar month during the Term and without notice, demand,
abatement, deduction, counterclaim, setoff, defense or otherwise, in lawful money of the United States, to Landlord at Landlord’s Address
for Notices throughout the Term of this Lease in accordance with the rent schedule on Exhibit “B” which is attached hereto
and incorporated herein by reference.

 

Tenant shall pay Landlord, as Additional Rent, an amount equal
to Tenant’s Share of expenses in excess of the amount of Expenses for the Base Year, as follows:

 

(a) Tenant
covenants and agrees to pay, as Additional Rent in equal monthly installments payable on the first day of each calendar month throughout
the term of this Lease, the sum of $1.75 per rentable square foot per annum (i.e. $2,520 per annum) (the “Electricity
Amount”), to compensate Landlord for the electrical wiring and other installations necessary for, and for its obtaining and
redistribution of, electric current as an additional service. If the cost to Landlord of electricity shall have been, or shall be, increased
subsequent to the date of this Lease, by change in Landlord’s electric rates, charges, fuel adjustment, or service classifications,
or by taxes or charges of any kind imposed thereon, or for any other such reason, then the Electricity Amount shall be increased in the
same percentage, but no higher than $2.50 per rentable square foot per annum during the Term of the Lease.

 

(b) Within
one hundred twenty (120) days after the end of each calendar year, Landlord shall endeavor to provide a statement (“Operating
Statement”) to Tenant showing, in reasonable detail: (i) the amount Expenses for such calendar year, (ii) any payments of Estimated
Additional Rent by Tenant during such calendar year, and (iii) any revision of the amount of Estimated Additional Rent for the then current
calendar year. The failure of Landlord to timely submit an Operating Statement for any year shall not be a waiver of Landlord’s
right to collect any Rent described under this Lease. If Landlord does not send an Operating Statement within three hundred sixty-five
(365) days following the end of a calendar year, then Tenant shall not be liable for any underpayments for the prior calendar year (other
than, with respect to Taxes, to the extent that the amount of Taxes is changed by a municipal taxing authority for any prior year, but
in no event later than three hundred sixty-five (365) days following the expiration of the Term).

 

(c) If
an Operating Statement shows that Tenant’s actual Estimated Additional Rent payments were less than Tenant’s actual obligations
for Tenant’s Share of Expenses for the applicable year, then Tenant shall pay the shortfall within thirty (30) days after Tenant’s
receipt of the Operating Statement.

 

(d) If an
Operating Statement shows an increase in the amount of Estimated Additional Rent for the current calendar year, Tenant shall: (i) pay
the difference between the new and former estimates for the period from the date of the last adjustment of Estimated Additional Rent
through the month in which the Operating Statement is dated, which payment shall be made within thirty (30) days after Tenant’s
receipt of the Operating Statement, and (ii) thereafter pay the new Estimated Additional Rent amount until any subsequent adjustment
thereof.

 

    4

     

    

 

(e) If
an Operating Statement shows that Tenant’s payments of Estimated Additional Rent exceeded Tenant’s actual obligations for
Expenses, Landlord shall credit the excess against payment of Estimated Additional Rent next due. If the Term shall have expired and no
further Rent shall be due or if the credit exceeds the amount of Estimated Additional Rent due for the remainder of the Term, Landlord
shall provide a refund or a credit against unpaid Base Rent of such excess at the time Landlord sends the Operating Statement.

 

(f) Landlord
reserves the right to reasonably change or update the Estimated Additional Rent (based on Landlord’s reasonable analysis that the
Estimated Additional Rent has changed), from time to time, the manner and timing of the computation of Additional Rent, provided that
the timing of Tenant’s payments of Additional Rent shall not materially change. In lieu of providing one Operating Statement covering
all items of Expenses, Landlord may provide separate statements, at the same or different times.

 

(g) Concurrently
with Tenant’s execution of this Lease, Tenant shall pay to Landlord an amount equal to one (1) monthly installment of Fixed Rent payable
under this Lease for the first full calendar month of the Lease Term.

 

(h) If
the Lease Commencement Date is a day other than the first day of a month, then the Fixed Rent from the Lease Commencement Date until the
first day of the following month shall be pro-rated on a per diem basis at the rate of one-thirtieth (1/30th) of the monthly installment
of Fixed Rent payable.

 

(i) In addition
to the Fixed Rent to be paid as herein provided, Tenant shall pay, as Additional Rent, the cost of any late charges and interest charges
as set forth in subsection (i) below, any insufficient fund charges for bounced checks, any court costs and attorney’s fees for
enforcing Tenant’s obligations under this Lease, and other costs and expenses as specified in Section 151. Tenant’s obligations
to make the payments required by this Section 4(d) as Additional Rent shall survive any termination of this Lease by lapse of time or
otherwise.

 

(j) Any Rent
payable by Tenant to Landlord under this Lease that is not paid within ten (10) business days after the same is due will be automatically
subject to a late payment charge of ten percent (10%) of the delinquent amount, in each instance, to cover Landlord’s additional
administrative costs. In addition to the late charge set forth above, Tenant shall also be required to pay interest on all such unpaid
sums, at a per annum rate equal to the maximum rate permitted by applicable law (“Default Rate”) on all such outstanding
charges of Rent, with said interest charges, as applicable, to be payable on the first (1st) day of each month throughout the Term of
this Lease, without further notice or demand therefor by Landlord. Such late charges and interest will be due and payable as set forth
herein and will accrue from the date that such Rent (including late charges and interest) sums are payable under the provisions of this
Lease until actually paid by Tenant. The right of Landlord to charge a late charge and interest with respect to past due installments
of Rent is in addition to Landlord’s rights and remedies upon an Event of Default.

 

    5

     

    

 

5. Preparation
for Occupancy. Prior to the Lease Commencement Date, Landlord, at its sole cost and expense, shall prepare the Premises for Tenant’s
occupancy in accordance with the work letter attached hereto and incorporated herein as Exhibit “C”.

 

6.
Use of Premises; Compliance with Laws; Hazardous Materials.

 

(a)
The Premises shall be used only for the Permitted Use and for no other purpose.

 

(b) Tenant,
and Tenant’s contractors, agents, servants, employees, attorneys, invitees and licensees (collectively “Tenant Parties”),
shall comply with the Lease. Landlord may at any time or times hereafter adopt new rules and regulations or modify or eliminate existing
rules and regulations.

 

(c) Tenant,
at Tenant’s sole cost and expense, shall comply with and shall cause all of Tenant Parties to comply with all applicable laws, statutes,
ordinances, rules, orders, codes, directives, requirements, and regulations of federal, state, county, or municipal governmental and quasi-governmental
authorities, including, without limitation, the Americans with Disabilities Act of 1990, as amended by the Americans with Disabilities
Act Amendments Act of 2008 (and the regulations promulgated thereunder) applicable to the use or occupancy of the Premises. The foregoing
obligation of Tenant shall not however permit Tenant to make, without Landlord’s prior written approval, any Alterations to the Premises
which otherwise would require Landlord’s approval under this Lease, and Tenant shall comply with all of the requirements of this Lease
in making any such Alterations.

 

(d) Tenant
shall not cause or permit any Hazardous Materials to be generated, used, released, stored, or disposed of in or about the Premises, the
Building, or the Property; provided, however, Tenant may use and store reasonable quantities of cleaning and office supplies and other
similar materials as may be reasonably necessary for Tenant to conduct normal business operations in the Premises. Tenant shall indemnify
and hold Landlord, its employees, and agents, harmless from and against any damage, injury, loss, liability, charge, demand, or claim
based on or arising out of the presence or removal of, or failure to remove, Hazardous Materials generated, used, released, stored, or
disposed of by Tenant or any Tenant Party in or about the Premises, the Building, or the Property, whether before or after the Lease Commencement
Date.

 

(e) Tenant
agrees to comply with all Hazardous Materials Laws, including but not limited to the Industrial Site Recovery Act (N.J.S.A. 13:1k-6 et
seq.), as same may be amended (ISRA). Tenant shall not conduct any operations that shall be deemed an “industrial establishment”
as defined in ISRA. Tenant also agrees to execute such documents Landlord reasonably deems necessary and to make such applications as
Landlord reasonably requires to assure compliance with ISRA. Tenant shall bear all costs and expenses incurred by Landlord associated
with any required ISRA compliance resulting from Tenant’s use of the Premises, the Property, or the Building including but not
limited to state agency fees, engineering fees, clean-up costs, filing fees, and suretyship expenses. As used in this Lease, ISRA compliance
shall include a negative declaration or a de mimimis quantity exemption by the appropriate governmental authority. The foregoing undertaking
shall survive the termination or sooner expiration of the Lease and surrender of the Premises and shall also survive sale, lease, or
assignment of the Premises, the Property, or the Building by Landlord. Tenant shall immediately provide Landlord with copies of all correspondence,
reports, notices, orders, findings, declarations, and other materials pertinent to Tenant’s compliance and the New Jersey Department
of Environmental Protection’s requirements under ISRA as they are issued or received by Tenant.

 

    6

     

    

 

7. Building
and Equipment; Maintenance and Repairs. At its expense, Landlord shall keep the Premises, Building, Building Systems, and the Property
in good repair and condition. Landlord shall supply the following services and utilities:

 

(a) Elevator
service to the Premises during normal business hours, except on holidays during which the Building is closed.

 

(b) Heat,
ventilating, and air conditioning during normal business hours, except on holidays during which the Building is closed.

 

(c) Cleaning
and janitorial services, including removal of rubbish and furnishing washroom supplies.

 

(d)
Hot and cold, running, potable water reasonably adequate for Tenant’s purposes.

 

(e) Electricity
for lighting and operating computers, facsimile machines, scanners, and other business equipment.

 

(f)
Providing, installing, and replacing all necessary light bulbs and tubes.

 

(g)
Illuminating and maintaining the parking area, walks, and driveways.

 

(h)
Removing ice, snow and litter from walks, driveways, and parking areas.

 

(i) Access
to the Premises and the parking area from during normal business hours, except on holidays during which the Building is closed.

 

8.
Alterations.

 

(a) Tenant
shall not make or allow to be made any alterations, additions, or improvements in or to the Premises (collectively, “Alterations”)
without first obtaining Landlord’s written consent, which consent shall be granted or denied in Landlord’s sole discretion.

 

    7

     

    

 

(b) Tenant
agrees that all such work shall be done at Tenant’s sole cost and expense and in a good and workmanlike manner, that the structural integrity
of the Building shall not be impaired, and that no liens shall attach to all or any part of the Premises, the Building, or the Property
by reason thereof. Tenant shall obtain, at its sole expense, all permits required for such work.

 

(c) Unless
otherwise elected by Landlord as hereinafter provided, all Alterations made by Tenant shall become the property of Landlord and shall
be surrendered to Landlord on or before the Lease Expiration Date except as otherwise set forth in this Lease. Notwithstanding the foregoing,
movable equipment, trade fixtures, personal property, furniture, or any other items that can be removed without material harm to the Premises
will remain Tenant’s property (collectively, “Tenant Owned Property”) and shall not become the property of Landlord but
shall be removed by Tenant, at Tenant’s sole cost and expense, not later than the Lease Expiration Date. Tenant shall repair at its sole
cost and expense all damage caused to the Premises or the Building by the removal of any Alterations that Tenant is required to remove
or Tenant Owned Property. Landlord may remove any Tenant Owned Property or Alterations that Tenant is required but fails to remove at
the Lease Expiration Date and Tenant shall pay to Landlord the reasonable cost of removal. Tenant’s obligations under this Section 8 shall
survive the expiration or earlier termination of this Lease.

 

9.
Insurance.

 

(a) Tenant
shall procure at its cost and expense, and keep in effect during the Term, insurance coverage for all risks of physical loss or damage
insuring the full replacement value of Alterations and all items of Tenant-Owned Property. Landlord shall not be liable for any damage
or damages of any nature whatsoever to persons or property caused by explosion, fire, vandalism, theft or breakage, by falling plaster,
by sprinkler, drainage, or plumbing systems, by air conditioning equipment, by the interruption of any public utility or service, by steam,
gas, electricity, water, rain, or other substances leaking, issuing, or flowing into any part of the Premises, by natural occurrence,
acts of the public enemy, riot, strike, insurrection, war, court order, requisition, or order of governmental body or authority, or by
anything done or omitted to be done by any tenant, occupant, or person in the Building, it being agreed that Tenant shall be responsible
for obtaining appropriate insurance to protect its interests.

 

(b) Tenant
shall procure at its cost and expense, and maintain throughout the Term, comprehensive commercial general liability insurance applicable
to the Premises with a minimum combined single limit of liability of One Million Dollars ($1,000,000.00), statutory worker’s compensation
insurance, and employer’s liability insurance covering all of Tenant’s employees. Such liability insurance shall include,
without limitation, products and completed operations liability insurance, fire and legal liability insurance, and such other coverage
as Landlord may reasonably require from time to time. During the Lease Term at Landlord’s request, Tenant shall increase such insurance
coverage to a level that is commercially reasonably required by Landlord.

 

    8

     

    

 

(c) Tenant’s
insurance shall be issued by companies authorized to do business in the State of New Jersey. Tenant shall have the right to provide insurance
coverage pursuant to blanket policies obtained by Tenant if the blanket policies expressly afford the coverage required by this Section
9. All insurance policies required to be carried by Tenant under this Lease (except for worker’s compensation insurance) shall: (i) name
Landlord, and any other reasonable number of parties designated by Landlord as additional insureds; (ii) as to liability coverage, be
written on an “occurrence” basis; (iii) provide that Landlord shall receive fifteen (15) days’ notice from the insurer before
any cancellation or change in coverage; and (iv) contain a provision that no act or omission of Tenant shall affect or limit the obligation
of the insurer to pay the amount of any loss sustained. Each such policy shall contain a provision that such policy and the coverage evidenced
thereby shall be primary and non-contributing with respect to any policies carried by Landlord. Tenant shall deliver reasonably satisfactory
evidence of such insurance to Landlord on or before the date Tenant first enters or occupies the Premises, and thereafter at least thirty
(30) days before the expiration dates of expiring policies. Notwithstanding the foregoing, if any such insurance expires without having
been renewed by Tenant, Landlord shall have the option, in addition to Landlord’s other remedies, to procure such insurance for the account
of Tenant, immediately and without notice to Tenant, and the cost thereof shall be paid to Landlord. The limits of the insurance required
under this Lease shall not limit Tenant’s liability.

 

(d) Landlord,
at its cost and expense, has purchased and maintained or will purchase and maintain: (i) a standard policy of “all risk”
insurance with customary exclusions covering the Building in the full replacement cost of the Building, together with rent loss
insurance and windstorm coverage (on a full replacement cost basis); and (ii) broad form commercial general liability insurance
with a minimum combined single limit of liability of at least One Million Dollars ($1,000,000.00) written by companies authorized to
do business in the State of New Jersey.

 

10.
Indemnification.

 

(a) Tenant
shall indemnify, defend, and hold Landlord harmless from and against any and all claims, losses, costs, liabilities, damages, and expenses
including, without limitation, penalties, fines, and reasonable attorneys’ fees, to the extent incurred in connection with or arising
from the use or occupancy or manner of use or occupancy of the Premises or any injury or damage caused by Tenant, Tenant Parties, or any
person occupying the Premises through Tenant.

 

(b) Landlord
shall indemnify, defend, and hold Tenant harmless from and against any and all claims, losses, costs, liabilities, damages, and expenses
including, without limitation, penalties, fines, and reasonable attorneys’ fees, to the extent incurred in connection with or arising
from: (i) any injury or damage caused by any grossly negligent or willful acts of Landlord; or (ii) a default by Landlord under this Lease.

 

(c)
The terms of this Section 10 shall survive the expiration or termination of this Lease.

 

    9

     

    

 

11.
Damage and Destruction.

 

(a) If
the Premises or any of the Common Areas are destroyed or damaged by fire or other casualty so that Tenant is unable to occupy the Premises
for its Permitted Use and, in Landlord’s judgment reasonably exercised within thirty (30) days after the destruction or damage, repairs
cannot be made within ninety (90) days after the date of the damage or destruction, Landlord may terminate this Lease effective as of
the date of the damage or destruction by giving Tenant written notice within thirty (30) days of the date of the damage or destruction.

 

(b) If
Landlord does not terminate this Lease as provided in Section 11(a) above, Landlord shall promptly rebuild, repair, and restore the Premises
and the Building to their former condition, provided, however, that if Landlord has not completed such restoration within one hundred
eighty (180) days after the date of the damage or destruction, Tenant may, at its option, terminate this Lease upon written notice to
Landlord.

 

(c) If
the damage or destruction renders all or part of the Premises uninhabitable or unusable, Fixed Rent shall proportionately abate commencing
on the date of the damage or destruction and ending on the date the Premises are delivered to Tenant with Landlord’s restoration obligation
substantially complete. The extent of the abatement shall be based upon the portion of the Premises rendered uninhabitable or unusable,
inaccessible, or unfit for the Permitted Use.

 

(d) Notwithstanding
anything to the contrary in this Lease, Landlord and Tenant mutually waive their respective rights of recovery against each other and
each other’s officers, directors, constituent partners, agents, and employees, and Tenant waives such rights against each lessor under
any ground or underlying lease and each lender under any mortgage or deed of trust or other lien encumbering the Property or any portion
thereof or interest therein, to the extent any loss is or would be covered by fire, extended coverage, or other property insurance policies
required to be carried under this Lease or otherwise carried by the waiving party, and the rights of the insurance carriers of such policy
or policies are to be subrogated to the rights of the insured under the applicable policy. Each party shall cause its insurance policy
to be endorsed to evidence compliance with such waiver.

 

12.
Condemnation.

 

(a) If all
of the Premises is condemned or taken in any permanent manner before or during the Term for any public or quasi-public use, or any permanent
transfer of the Premises is made in avoidance of an exercise of the power of eminent domain (each of which events shall be referred to
as a “taking”), this Lease shall automatically terminate as of the date of the vesting of title due to such taking.
If a part of the Premises is so taken, this Lease shall automatically terminate as to the portion of the Premises so taken as of the
date of the vesting of title as a result of such taking. If such portion of the Property is taken as to render the balance of the Premises
unusable by Tenant for the Permitted Use, as reasonably determined by either Landlord or Tenant, this Lease may be terminated by Landlord
or Tenant, as of the date of the vesting of title as a result of such taking, by written notice to the other party given within fifteen
(15) days following notice to Landlord of the date on which said vesting will occur. If this Lease is not terminated as a result of any
taking, Landlord shall restore the Building to an architecturally whole unit; provided, however, that Landlord shall not be obligated
to expend on such restoration more than the amount of condemnation proceeds actually received by Landlord.

 

    10

     

    

 

(b) Landlord
shall be entitled to the entire award for any taking, including, without limitation, any award made for the value of the leasehold estate
created by this Lease. No award for any partial or entire taking shall be apportioned, and Tenant hereby assigns to Landlord any award
that may be made in any taking, together with any and all rights of Tenant now or hereafter arising in or to such award or any part thereof;
provided, however, that nothing contained herein shall be deemed to give Landlord any interest in or to require Tenant to assign to Landlord
any separate award made to Tenant for its relocation expenses, the taking of personal property and fixtures belonging to Tenant, the unamortized
value of improvements made or paid for by Tenant, or the interruption of or damage to Tenant’s business.

 

(c) In
the event of a partial taking that does not result in a termination of this Lease as to the entire Premises, Fixed Rent shall be equitably
adjusted in relation to the portions of the Premises and Building taken or rendered unusable by such taking.

 

(d) If
all or any portion of the Premises is taken for a limited period of time before or during the Term, this Lease shall remain in full force
and effect; provided, however, that Fixed Rent shall abate during such limited period in proportion to the portion of the Premises taken
by such taking. Landlord shall be entitled to receive the entire award made in connection with any such temporary taking; provided, however,
that nothing contained herein shall be deemed to give Landlord any interest in or to require Tenant to assign to Landlord any separate
award made to Tenant for its relocation expenses, the taking of personal property and fixtures belonging to Tenant, the unamortized value
of improvements made or paid for by Tenant, or the interruption of or damage to Tenant’s business. Any temporary taking of all or a portion
of the Premises which continues for six (6) months shall be deemed a permanent taking of the Premises or such portion.

 

13.
Assignment and Subletting.

 

(a) Neither
Tenant nor any sublessee or assignee of Tenant, directly or indirectly, voluntarily or by operation of law, shall sell, assign, encumber,
mortgage, pledge, or otherwise transfer or hypothecate all or any part of the Premises or Tenant’s leasehold estate hereunder (each
such act is referred to as an “Assignment”), or sublet the Premises or any portion thereof or permit the Premises
to be occupied by anyone other than Tenant (each such act is referred to as a “Sublease”), without Landlord’s
prior written consent in each instance, which consent may be withheld or granted in Landlord’s sole discretion. Any Assignment
or Sublease that is not in compliance with this Section 13 shall be void. The acceptance of rental payments by Landlord from a proposed
assignee, sublessee, or occupant of the Premises shall not constitute consent to such Assignment or Sublease by Landlord.

 

    11

     

    

 

(b) Any
request by Tenant for Landlord’s consent to a specific Assignment or Sublease shall include: (i) the name of the proposed assignee, sublessee,
or occupant; (ii) the nature of the proposed assignee’s, sublessee’s, or occupant’s business to be carried on in the Premises; (iii) a
copy of the proposed Assignment or Sublease; and (iv) such financial information (in the event of an Assignment) and such other information
as Landlord may reasonably request concerning the proposed assignee, sublessee, or occupant or its business. Landlord shall respond in
writing, stating the reasons for any disapproval, within fifteen (15) days after receipt of all information reasonably necessary to evaluate
the proposed Assignment or Sublease.

 

(c) No
consent by Landlord to any Assignment or Sublease by Tenant, and no specification in this Lease of a right of Tenant to make any Assignment
or Sublease, shall relieve Tenant of any obligation to be performed by Tenant under this Lease, whether arising before or after: (i) the
Assignment or Sublease; or (ii) any extension of the Term (pursuant to exercise of an option granted in this Lease). The consent by Landlord
to any Assignment or Sublease shall not relieve Tenant or any successor of Tenant from the obligation to obtain Landlord’s express written
consent to any other Assignment or Sublease. No Assignment or Sublease shall be valid or effective unless the assignee or sublessee or
Tenant shall deliver to Landlord a fully executed counterpart of the Assignment or Sublease and an instrument that contains a covenant
of assumption by the assignee or agreement of the sublessee, reasonably satisfactory in substance and form to Landlord.

 

(d) Tenant
shall pay to Landlord the reasonable amount of Landlord’s cost of processing every proposed Assignment or Sublease, including without
limitation reasonable legal review fees and expenses, together with the reasonable amount of all direct and indirect expenses incurred
by Landlord arising from any assignee, occupant, or sublessee taking occupancy (including, without limitation, security service, janitorial
and cleaning service, and rubbish removal service).

 

(e) Notwithstanding
the foregoing, provided that: (i) no Event of Default has occurred and is continuing; and (ii) no such transaction is undertaken
with the intent of circumventing Tenant’s liability under this Lease, Tenant may assign this Lease to any affiliate or
subsidiary of Tenant or in connection with a merger or other consolidation of Tenant and may sublease all or some portion of the
Premises to an affiliate or subsidiary of Tenant without Landlord’s consent provided: (w) Tenant shall remain liable
hereunder; (x) Tenant provides reasonable prior written notice to Landlord of such Assignment or Sublease; (y) after such
transaction is effected, the tangible net worth (excluding goodwill) of the new tenant under this Lease is equal to or greater than
the tangible net worth of Tenant as of the date of this Lease; and (z) Landlord shall have received an executed copy of all
documentation effecting such transfer on or before its effective date.

 

    12

     

    
 

14.
Tenant’s Default. Each of the following events shall be an “Event of Default”  hereunder:

 

(a) Tenant’s failure
to pay when due any installment of Rent.

 

(b) Tenant’s
failure to perform, obey, or observe the rules and regulations and any covenant, condition, agreement, or other obligation of Tenant
and such failure continues for a period of three (3) days after Landlord gives Tenant written notice thereof.

 

(c) The Premises
become vacant and abandoned (other than in connection with a casualty under Section 11 or a condemnation under Section 12).

 

(d) Tenant’s
disorderly conduct that destroys the peace and quiet of the Landlord or the other tenants or occupants at the Premises or in the neighborhood
and such conduct continues for a period of three (3) days after Landlord gives Tenant written notice thereof.

 

(e) Tenant’s willful acts causing destruction,
damage, or injury to the Premises.

 

(f) At Landlord’s option, the occurrence
of any of the following:

 

(i) the appointment
of a receiver to take possession of all or substantially all of the assets of Tenant or the Premises;

 

(ii) an assignment
by Tenant for the benefit of creditors;

 

(iii) the
filing of any voluntary petition in bankruptcy by Tenant, or the filing of any involuntary petition by Tenant’s creditors, which involuntary
petition remains undischarged for a period of thirty (30) days;

 

(iv) the
attachment, execution or other judicial seizure of all or substantially all of Tenant’s assets or the Premises, if such attachment or
other seizure remains undismissed or undischarged for a period of thirty (30) days after the levy thereof;

 

(v) the admission
of Tenant in writing of its inability to pay its debts as they become due;

 

(vi) the
filing by Tenant of any answer admitting or failing timely to contest a material allegation of a petition filed against Tenant in any
proceeding seeking reorganization, arrangement, composition, readjustment, liquidation, or dissolution of Tenant or similar relief;

 

(vii) if
within thirty (30) days after the commencement of any proceeding against Tenant seeking any reorganization, arrangement, composition,
readjustment, liquidation, dissolution, or similar relief under any present or future statute, law, or regulation, such proceeding shall
not have been dismissed; or

 

(viii) the
occurrence of any of the foregoing with respect to any guarantor of Tenant’s obligations under this Lease.

 

    13

     

    

 

15. Landlord’s
Remedies. Upon the occurrence of an Event of Default by Tenant that is not cured by Tenant within the applicable grace periods specified
in Section 14 above, Landlord shall have all of the following rights and remedies in addition to all other rights and remedies available
to Landlord at law or in equity:

 

(a) The right
to terminate the Lease and Tenant’s right to possession of the Premises. If Landlord elects to terminate this Lease, everything contained
in this Lease on the part of Landlord to be done and performed shall cease without prejudice, however, to the right of Landlord to recover
from Tenant: (i) all Rent and other sums accrued up to the time of termination or recovery of possession by Landlord, whichever is later;
(ii) all broker commissions; (iii) the cost of all improvements to the Premises incurred by Landlord in connection with the Lease; (iv)
all Rent remaining to be paid under this Lease; and (v) any other amount necessary to compensate Landlord for all the damages caused
by Tenant’s failure to perform its obligations under this Lease which amounts shall be considered Additional Rent (in addition to those
costs set out in Section 4(h), Additional Rent shall include, without limitation, reasonable attorneys’ and accountants’ fees, costs
of alterations of the Premises, interest costs, and brokers’ fees and any other costs and expenses incurred upon any reletting of the
Premises). Landlord shall have all the rights and remedies for the collection of Additional Rent as are available to Landlord for the
collection of the Fixed Rent pursuant to the terms of this Lease and as permitted by law.

 

(b) The right
to accelerate and declare immediately due and payable the balance of all Rent and other charges that become due throughout the Term hereof,
and Landlord may in its own name, but as agent for Tenant, assign, sublet or relet the Premises for any period equal to or greater or
less than the remainder of the Term hereof for any sum which Landlord may deem reasonable to any lessee Landlord may select, and for
any use or purpose which Landlord may designate. With or without terminating this Lease, Landlord may re-enter and take possession of
the Premises and the provisions of this Section 15 shall operate as a notice to quit, any other notice to quit or of Landlord’s intention
to re-enter the Premises being hereunder expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under
and by virtue of the laws of the State of New Jersey or by such other proceedings, including re-entry and possession, as may be applicable.

 

(c) The right
to continue the Lease in effect after Tenant’s breach and recover Rent as it becomes due. Acts of maintenance or preservation, efforts
to relet the Premises, or the appointment of a receiver upon Landlord’s initiative to protect its interest under this Lease shall not
of themselves constitute a termination of Tenant’s right to possession.

 

(d) The right
and power to enter the Premises and remove therefrom all persons and property, to store such property in a public warehouse or elsewhere
at the cost of and for the account of Tenant, and to sell such property and apply the proceeds therefrom pursuant to applicable law.

 

(e) The right
to have a receiver appointed for Tenant, upon application by Landlord, to take possession of the Premises, to apply any rental collected
from the Premises, and to exercise all other rights and remedies granted to Landlord pursuant to this Section.

 

    14

     

    

 

(f) The right
to specific performance of any or all of Tenant’s obligations under this Lease and to damages for delay in or failure of such performance.

 

(g) Whether
or not this Lease is terminated at the option of Landlord by reason of Tenant’s Event of Default, Landlord shall take all reasonable
steps to mitigate damages. If the full rental provided herein plus the costs, expenses and damages hereafter described shall not be realized
by Landlord, Tenant shall be liable for all damages sustained by Landlord, including, without limitation, deficiency in Fixed Rent and
Additional Rent, reasonable attorneys’ fees, brokerage fees, and the expense of placing the Premises in first-class rentable condition.
Landlord shall in no way be responsible or liable for any failure to relet the Premises or any part thereof, or any failure to collect
any Rent due and/or accrued from such reletting, to the end and intent that Landlord may elect to hold Tenant liable for the Fixed Rent,
Additional Rent, and any and all other items of cost and expense which Tenant shall have been obligated to pay throughout the remainder
of the Term. Any damages or loss of Rent sustained by Landlord may be immediately recovered by Landlord, at Landlord’s option, at the
time of the reletting, or in separate actions, from time to time, as said damages shall have been made more easily ascertainable by successive
relettings, or, at Landlord’s option, may be deferred until the expiration of the Term, in which event Tenant hereby agrees that the
cause of action shall not be deemed to have accrued until the date of expiration of the Term. The provisions contained in this Section
15(g) shall be in addition to, and shall not prevent the enforcement of, any claim Landlord may have against Tenant for anticipatory
breach of this Lease.

 

(h) All rights
and remedies available to Landlord hereunder or at law or in equity are expressly declared to be cumulative. The exercise by Landlord
of any such right or remedy shall not prevent the concurrent or subsequent exercise of any such right or remedy. No delay in the enforcement
or exercise of any such right or remedy shall constitute a waiver of any default by Tenant hereunder or of any of Landlord’s rights or
remedies in connection therewith. Landlord shall not be deemed to have waived any default by Tenant hereunder unless such waiver is set
forth in a written instrument signed by Landlord. If Landlord waives in writing any default by Tenant, such waiver shall not be construed
as a waiver of any covenant, condition or agreement set forth in this Lease except as to the specific circumstances described in such
written waiver. The rights hereunder granted to Landlord shall also be the rights of Tenant in the same manner as hereinabove provided
for Landlord.

 

16. Subordination;
Estoppel Certificates.

 

(a) This
Lease shall be subject and subordinate at all times to: (i) all ground leases or underlying leases that may now exist or hereafter be
executed affecting the Property or any portion thereof; (ii) the lien of any mortgage or other security instrument that may now exist
or hereafter be executed in any amount for which the Property or any portion thereof, any ground leases or underlying leases, or Landlord’s
interest or estate therein is specified as security; and (iii) all modifications, renewals, supplements, consolidations, and replacements
thereof. The provisions of this Section shall be self-operative and no further instrument shall be required to effect the provisions
of this Section.

 

    15

     

    

 

(b) If any
ground lease or underlying lease terminates for any reason or any mortgage, deed of trust, or other security instrument is foreclosed
or a conveyance in lieu of foreclosure is made for any reason, Tenant, notwithstanding any subordination, shall attorn to and become
the tenant of the successor in interest to Landlord at the option of such successor in interest. If any mortgage, deed of trust, or other
security agreement is foreclosed, or Landlord’s interest under this Lease is conveyed or transferred in lieu of foreclosure, neither
the mortgagee, beneficiary, nor any person or entity acquiring title to the Property as a result of foreclosure or trustee’s sale, nor
any successor or assign of either of the foregoing, shall be: (i) liable for any default by Landlord; (ii) bound by or liable for any
payment of Rent which may have been made more than five (5) days before the due date of such installment; (iii) subject to any defense
or offset which Tenant may have to the payment of Rent or other performance under this Lease arising from any default by Landlord; or
(iv) bound by any amendment or modification to this Lease made without the consent of such mortgagee if the consent of such mortgagee
or beneficiary thereto is required.

 

(c) Within
three (3) business days following a request by Landlord, Tenant agrees to execute any documents reasonably required to effectuate the
foregoing subordination or such other reasonable and customary subordination, non-disturbance, and attornment agreement submitted by
Landlord to Tenant, which documents may contain such other terms as any mortgagee or prospective mortgagee may reasonably require, or
to make this Lease prior to the lien of any mortgage, deed of trust, or underlying lease, as the case may be.

 

(d) Tenant
agrees to simultaneously give to any party holding a mortgage, deed of trust, or other security agreement encumbering the Property, by
registered or certified mail, a copy of any notice of default served upon Landlord, provided Tenant has been notified in writing of the
names and addresses of such mortgagee(s) and such parties shall have the same cure rights as Landlord has under this Lease.

 

(e) Tenant,
at any time and from time to time, within seven (7) days after written request from the Landlord, shall execute, acknowledge and deliver
to the other party, addressed to the other party and any prospective purchaser, ground or underlying lessor, or mortgagee or beneficiary
of any part of the Property, an estoppel certificate in form and substance reasonably designated by the other party. It is intended that
any such certificate may be relied upon by the party receiving same and any prospective purchaser, investor, ground or underlying lessor,
or mortgagee or deed of trust beneficiary of all or any part of the Property.

 

17.
End of Term; Holding Over.

 

(a) No later
than the Lease Expiration Date, Tenant shall remove its Tenant-Owned Property (except as otherwise provided herein) and will peaceably
yield up the Premises in broom clean condition. Notwithstanding the foregoing, Tenant shall not be responsible: (i) to repair the effects
of normal wear and tear; (ii) for damage which is Landlord’s responsibility to repair; (iii) for damage by fire, the elements, or casualty
(not caused by Tenant or any Tenant Party); and (iv) for damage which is the result of the misconduct or gross negligence of Landlord,
its contractors, agents, employees, or invitees.

 

    16

     

    

 

(b) If Tenant
shall hold over after the Lease Expiration Date, Tenant shall pay Two Hundred percent (200%) of the Rent payable during the final full
month of the Term (exclusive of abatements, if any) and Tenant’s occupancy shall otherwise be on the terms and conditions herein specified
so far as applicable (but expressly excluding all renewal or extension rights). No holding over by Tenant after the Term shall operate
to extend the Term. Any holding over with Landlord’s written consent shall be construed as a tenancy at sufferance or from month to month,
at Landlord’s option. Any holding over without Landlord’s written consent shall entitle Landlord to re-enter the Premises as provided
in Section 15, and to enforce all other rights and remedies provided by law or this Lease.

 

18.
Security Deposit.

 

(a) Simultaneously
with Tenant’s execution of this Lease, Tenant shall deposit with Landlord the Security Deposit as security for the performance by Tenant
of all of Tenant’s obligations, covenants, conditions, and agreements under this Lease. Landlord shall not be required to maintain the
Security Deposit in a separate account. If an Event of Default occurs under this Lease by Tenant, Landlord shall have the right, but
not the obligation, to use, apply, or retain all or any portion of the Security Deposit for the payment of: (i) Fixed Rent, Additional
Rent, or any other sum as to which Tenant is in default; or (ii) the amount Landlord spends or may become obligated to spend, or to compensate
Landlord for any losses incurred by reason of Tenant’s default. If any portion of the Security Deposit is so used or applied, then within
five (5) days after Landlord gives Tenant written notice, Tenant shall deposit with Landlord cash in an amount sufficient to restore
the Security Deposit to the original amount. Tenant’s failure to do so shall constitute an Event of Default under this Lease.

 

(b) If Landlord
transfers the Security Deposit to any purchaser or other transferee of Landlord’s interest in the Property, then Tenant shall look only
to such purchaser or transferee for the return of the Security Deposit and Landlord shall be released from all liability to Tenant for
the return of the Security Deposit.

 

19. Signs.
Tenant may place its standard signs within the Premises. Landlord shall place Tenant’s name on the Building directory and shall install
Tenant’s standard sign on the entrance doors to the Premises.

 

20. Parking.
Landlord shall provide and maintain unreserved, self-park parking, illuminated spaces on the paved parking area adjacent to the Building
for the exclusive use of Tenant’s employees and its invitees.

 

    17

     

    

  

21. Notices.
All notices or other communications required hereunder shall be in writing and shall be deemed duly given: (a) when delivered in
person (with receipt therefor); (b) on the next business day after deposit with a recognized overnight delivery service; or (c) on the
third (3rd) business day after being sent by certified or registered mail, return receipt requested, postage prepaid, to addresses of
Landlord and Tenant set forth in Section 1. Either party may change its address for the giving of notices by notice given in accordance
with this Section 21. A party’s refusal to accept delivery of any notice or communication sent by the other party shall not render such
notice ineffective. Notwithstanding the foregoing, all bills, statements, invoices, consents, requests, or other communications from
Landlord to Tenant with respect to Rent may be sent to Tenant by regular United States mail.

 

22. Miscellaneous
Provisions.

 

(a) Landlord
and Tenant each represent and warrant to the other that neither of them has employed or dealt with any broker, agent, or finder, other
than Broker, in connection with this Lease. Tenant and Landlord shall each indemnify and hold harmless the other from and against any
claim or claims for any broker’s fee or commission asserted by any broker, agent, or finder employed by Tenant, other than Broker. The
provisions of this Section 22(a) shall survive the expiration or other termination of this Lease.

 

(b) Landlord,
its agents, employees, and independent contractors shall have the right to enter the Premises upon not less than twenty-four (24) hours’
notice to (Except in an emergency): (i) inspect the Premises; (ii) supply any service or repair to be provided or performed by Landlord
to Tenant; (iii) show the Premises to prospective purchasers, mortgagees, beneficiaries, or tenants; (iv) post notices of non-responsibility;
(v) determine whether Tenant is complying with its obligations under this Lease; and (vi) alter, improve, or repair the Premises or any
other portion of the Building. Notwithstanding the foregoing, Landlord shall not be required to provide prior notice to Tenant in the
event of an emergency. Except to the extent caused by Landlord’s gross negligence or willful misconduct, Tenant waives any claim for
damages for any injury or inconvenience to or interference with Tenant’s business, any loss of occupancy or quiet enjoyment of the Premises,
any right to abatement of Rent, or any other loss occasioned by Landlord’s exercise of any of its rights under this Section 22(b). To
the extent reasonably practicable, any entry shall occur during normal business hours.

 

(c) The terms,
covenants, and conditions contained in this Lease shall bind and inure to the benefit of Landlord and Tenant and, except as otherwise
expressly provided herein, their respective personal representatives and successors and assigns; provided, however, that upon the sale,
assignment, or transfer by Landlord (or by any subsequent Landlord) of its interest in the Building or Property as owner or lessee, including,
without limitation, any transfer upon or in lieu of foreclosure or by operation of law, Landlord (or subsequent Landlord) shall be relieved
from all subsequent obligations or liabilities under this Lease, and all obligations subsequent to such sale, assignment, or transfer
(but not any obligations or liabilities that have accrued prior to the date of such sale, assignment, or transfer) shall be binding upon
the grantee, assignee, or other transferee of such interest. Any such grantee, assignee, or transferee, by accepting such interest, shall
be deemed to have assumed such subsequent obligations and liabilities.

 

    18

     

    

 

(d) If any provision of this Lease
or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Lease,
or the application of such provision to persons or circumstances other than those as to which it is invalid or unenforceable, shall not
be affected thereby, and each provision of this Lease shall remain in effect and shall be enforceable to the full extent permitted by
law.

 

(e) The terms of this Lease (including,
without limitation, the Exhibits and Schedules to this Lease) are intended by the parties as a final expression of their agreement with
respect to such terms as are included in this Lease and may not be contradicted by evidence of any prior or contemporaneous agreement,
arrangement, understanding, or negotiation (whether oral or written). The parties further intend that this Lease constitutes the complete
and exclusive statement of its terms, and no extrinsic evidence whatsoever may be introduced in any judicial proceeding involving this
Lease. Neither Landlord nor Landlord’s agents have made any representations or warranties with respect to the Premises, the Building,
the Property, or this Lease except as expressly set forth herein. The language in all parts of this Lease shall in all cases be construed
as a whole and in accordance with its fair meaning and not construed for or against any party by reason of such party having drafted
such language.

 

(f) Upon Tenant paying the Rent
and performing all of Tenant’s obligations under this Lease, Tenant may peacefully and quietly enjoy the Premises during the Term as
against all persons or entities claiming by, through, or under Landlord, subject, however, to the provisions of this Lease and to the
priority of any mortgages or deeds of trust or ground or underlying leases referred to in Section 16.

 

(g) All of Tenant’s and Landlord’s
covenants and obligations contained in this Lease which by their nature might not be fully performed or capable of performance before
the expiration or earlier termination of this Lease shall survive such expiration or earlier termination. No provision of this Lease
providing for termination in certain events shall be construed as a limitation or restriction of Landlord’s or Tenant’s rights and remedies
at law or in equity available upon a breach by the other party of this Lease.

 

(h) The Laws of the State of New
Jersey shall govern the validity, performance, and enforcement of this Lease. Tenant consents to personal jurisdiction and venue in the
state and judicial district in which the Building is located. The courts of the state where the Building is located will have exclusive
jurisdiction and Tenant hereby agrees to such exclusive jurisdiction.

 

(i) This Lease may only be amended,
modified, or supplemented by an agreement in writing duly executed by both Landlord and Tenant.

 

(j) This Lease shall not be recorded
in whole or in memorandum form by either party hereto without the prior written consent of the other. At the request of either party,
and subject to the reasonable consent of the non-requesting party, Landlord and Tenant may execute a memorandum of lease and record it
in the public land records.

 

    19

     

    

 

(k) Landlord to allow tenant to
use the existing workstations that are currently in the Premises. The furniture shall remain Landlord’s property through the lease
term.

 

(l) Tenant to have access to both
the fitness center and auditorium. Tenant must coordinate usage with SFA on-site management.

 

(m) LANDLORD AND TENANT KNOWINGLY,
INTENTIONALLY, AND VOLUNTARILY WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING BROUGHT BY EITHER PARTY AGAINST THE OTHER IN ANY MATTER
ARISING OUT OF THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, TENANT’S USE OR OCCUPANCY OF THE PREMISES, OR ANY CLAIM OF INJURY
OR DAMAGE.

 

(n) DELIVERY
OF THE LEASE TO EITHER PARTY SHALL NOT BIND ANY PARTY IN ANY MANNER, AND NO LEASE OR OBLIGATIONS OF LANDLORD OR TENANT SHALL ARISE UNTIL
THIS INSTRUMENT IS SIGNED BY BOTH LANDLORD AND TENANT AND DELIVERY IS MADE TO EACH PARTY. 

 

[SIGNATURE PAGE FOLLOWS]

 

    20

     

    

 

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

 

	 	LANDLORD
	 	 
	 	SFA 50 Millstone Road, LLC
	 	 
	 	By: 	/s/ Jeff Schneider
	 	Name:	Jeff Schneider
	 	Title:	Managing Principal
	 	 
	 	TENANT
	 	Greenland Technologies Corporation
	 	 
	 	By: 	/s/ Raymond Wang
	 	Name:	Raymond Wang
	 	Title:	CEO

 

    21

     

    

 

EXHIBIT “A”

 

FLOOR PLAN

 

 

     

     

    

 

EXHIBIT “B”

 

RENT SCHEDULE

 

	 	 	Rate (per	 	 	 	 	 	 	 
	 	 	rentable	 	 	 	 	 	 	 
	 	 	square	 	 	Annual 	 	 	Monthly 	 
	Period	 	foot)	 	 	Base Rent	 	 	Base Rent	 
	Months 1-12	 	$	23.50	 	 	$	33,840	 	 	$	2,820	 

 

TENANT TO PAY TENANT ELECTRIC AT A RATE OF $1.75 PSF PER
ANNUM ($210 PER MONTH) AS ADDITIONAL RENT.

 

     

     

    

 

EXHIBIT “C”

 

LANDLORD’S WORK

 

1. Landlord (subject to
the terms and provisions of Section 2 below) shall perform improvements to the Premises in accordance with Exhibit A, using Building
standard methods, materials and finishes (collectively the “Landlord’s Work”). Landlord’s Work shall not
include (a) wiring the Premises for telephone or data lines, (b) Tenant’s internal security or entry access system, and (c)
any furniture, office equipment or appliances, even if depicted on any of the plans.

 

2.
Landlord and Tenant agree that Landlord’s obligation to pay for the cost of Landlord’s Work (inclusive of the cost of
preparing plans, obtaining permits, any work required by a governmental agency, and other related costs) shall be limited to Section
6 below (the “Maximum Budget Amount”). If Landlord’s Work exceeds the Maximum Budget Amount, Tenant shall pay to
Landlord such excess costs, plus any applicable state sales or use tax thereon, within ten (10) days of demand therefor. If Tenant
requests any other upgrades to Landlord’s Work, subject to Landlord’s approval, such upgrades shall be at Tenant’s
sole cost and expense, including, without limitation, any expenditure incurred by Landlord as a result of governmental requirements
due to or arising from said construction work, and Tenant shall pay to Landlord such excess costs, plus any applicable state sales
or use tax thereon, within ten (10) days of demand therefor.

 

3. “Substantial
Completion” means Landlord’s Work in the Premises is substantially completed (as reasonably determined by Landlord).
Substantial Completion shall have occurred even though minor details of construction, decoration, and mechanical adjustments remain
to be completed by Landlord, which Landlord agrees to complete within thirty (30) days thereafter.

 

4. “Tenant Delay Days” means each day of
delay in the performance of Landlord’s Work that occurs (a) because Tenant fails to timely furnish any information or deliver
or approve any required documents such as the plans (whether preliminary, interim revisions or final), pricing estimates,
construction bids, and the like, (b) because of any change by Tenant to the plans, (c) because Tenant fails to attend any meeting
with Landlord, the architect, any design professional, or any contractor, or their respective employees or representatives, as may
be required or scheduled hereunder or otherwise necessary in connection with the preparation or completion of any construction
documents, such as the plans, or in connection with the performance of Landlord’s Work, (d) because of any specification by
Tenant of materials or installations in addition to or other than Landlord’s standard finish-out materials, or (e) because
Tenant otherwise delays completion of Landlord Work.

 

5. This Exhibit shall not
be deemed applicable to any additional space added to the Premises at any time or from time to time, whether by any options under
this Lease or otherwise, or to any portion of the original Premises or any additions to the Premises in the event of a renewal or
extension of the term of this Lease, whether by any options under this Lease or otherwise, unless expressly so provided in this
Lease or any amendment or supplement to this Lease.

 

     

     

    

 

6. See
Below:

 

SFA to Provide:

 

		1.	Building standard materials and finishes.

 

		a.	Paint the reception area with Sherwin Williams, “Direct
Green” paint color, selected by Tenant.

 

		b.	Paint remainder of space building standard white.

 

Tenant Responsibility:

 

		1.	Any non-building standard upgrades.

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