Document:

Exhibit 10.1

	
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INITIALS INITIALS
 © 2019 AIR CRE. All Rights Reserved. Last Edited: 7/22/2021 12:33 PM
STN­27.30, Revised 10­22­2020 Page 1 of 16
STANDARD INDUSTRIAL/COMMERCIAL SINGLE­TENANT LEASE ­ NET
(DO NOT USE THIS FORM FOR MULTI­TENANT BUILDINGS)
1. Basic Provisions ("Basic Provisions").
1.1 Pares. This Lease ("Lease"), dated for reference purposes only July 22, 2021 , is made by and between Thornmint 13, LLC,
, a California limited liability company ("Lessor") and BioArkive, Inc., a California
corporation ("Lessee"), (collecvely the "Pares," or individually a "Party").
1.2 Premises: That certain real property, including all improvements therein or to be provided by Lessor under the terms of this Lease, commonly known as
(street address, city, state, zip): 10864 Thormint Road, CA 92127 ("Premises"). The Premises are located in the County of San
Diego , and are generally described as (describe briefly the nature of the property and , if applicable, the "Project," if the property is located within a Project):
An approximately 38,613 rentable square foot (“RSF”) building (the “Premises”), located
at 10864 Thornmint Road,San Diego, CA 92127 . (See also Paragraph 2)
1.3 Term: 10 years and 7 months ("Original Term") commencing October 1, 2021 ("Commencement Date") and
ending April 30, 2032 ("Expiraon Date"). (See also Paragraph 3)
1.4 Early Possession: If the Premises are available Lessee may have non­exclusive possession of the Premises commencing full execution of
a Lease, providing of prepaid rent and security deposit, providingliability insurance
naming the Landlord as additional insured, to perform tenant improvements and prepare the
building for occupancy. Occupancy and conducting of business shall be upon substantial
completion of tenant improvements ("Early Possession Date"). (See also Paragraphs 3.2 and 3.3)
1.5 Base Rent: $55,990.00 per month ("Base Rent"), payable on the first day of each month commencing October 1,
2021 . (See also Paragraph 4)
Ifthis boxis checked, there are provisions in this Lease fortheBase Rentto beadjusted. SeeParagraph 54 .
1.6 Base Rent and Other Monies Paid Upon Execuon:
(a) Base Rent: $55,990.00 for the period October 1-31, 2021 .
(b) Security Deposit: $75,246.00 ("Security Deposit"). (See also Paragraph 5)
(c) Associaon Fees:fortheperiod.
(d) Other: $11,703 for October 1-31, 2021 (NNN Operating Expenses) .
(e) Total Due Upon Execuon of this Lease: .
1.7 Agreed Use: The Property shall be used for General office, Laboratory, Incubator and
Biobanking space. . (See also Paragraph 6)
1.8 Insuring Party. Lessor is the "Insuring Party" unless otherwise stated herein. (See also Paragraph 8)
1.9 Real Estate Brokers. (See also Paragraph 15 and 25)
(a) Representaon: Each Party acknowledges receiving a Disclosure Regarding Real Estate Agency Relaonship, confirms and consents to the following
agency relaonships in this Lease with the following real estate brokers ("Broker(s)") and/or their agents ("Agent(s)"):
Lessor's Brokerage Firm Colliers International CA, Inc., Colliers International License No.
01908588 Is the broker of (check one): the Lessor; or both the Lessee and Lessor (dual agent).
Lessor's Agent David Harper License No. 00880644 is (check one): the Lessor's Agent (salesperson or broker associate); or
both the Lessee's Agent and the Lessor's Agent (dual agent).
Lessee's Brokerage Firm Horizon Resources, Inc. LicenseNo. Isthebrokerof(checkone): theLessee;or both
the Lessee and Lessor (dual agent).
Lessee's Agent Nehal Wadhwa License No. . is (check one): the Lessee's Agent (salesperson or broker associate); or both
the Lessee's Agent and the Lessor's Agent (dual agent).
(b) Payment to Brokers. Upon execuon and delivery of this Lease by both Pares, Lessor shall pay to the Brokers the brokerage fee agreed to in a
separate wrien agreement (or if there is no such agreement, the sum of or % of the total Base Rent) for the brokerage services rendered
by the Brokers.
1.10 Guarantor. The obligaons of the Lessee under this Lease are to be guaranteed by N/A ("Guarantor"). (See also Paragraph 37)
1.11 Aachments. Aached hereto are the following, all of which constute a part of this Lease:
an Addendum consisng of Paragraphs 51 through 66 ;
a plot plan depicng the Premises;Exhibit A
a current set of the Rules and Regulaons;
aWorkLe er;
other (specify): .
DocuSign Envelope ID: AB7F1110-C8E1-470A-BB05-5F47A0DAEF7A DocuSign Envelope ID: 3ECC8561-D258-4806-BD9B-6357FBA2391C

	
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INITIALS INITIALS
 © 2019 AIR CRE. All Rights Reserved. Last Edited: 7/22/2021 12:33 PM
STN­27.30, Revised 10­22­2020 Page 2 of 16
2. Premises.
2.1 Leng. Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, the Premises, for the term, at the rental, and upon all of the terms,
covenants and condions set forth in this Lease. While the approximate square footage of the Premises may have been used in the markeng of the Premises for
purposes of comparison, the Base Rent stated herein is NOT ed to square footage and is not subject to adjustment should the actual size be determined to be
different. NOTE: Lessee is advised to verify the actual size prior to execung this Lease.
2.2 Condion. Lessor shall deliver the Premises to Lessee broom clean and free of debris on the Commencement Date or the Early Possession Date, whichever
 first occurs ("Start Date"), and, so long as the required service contracts described in Paragraph 7.1(b) below are obtained by Lessee and in effect within thirty days
following the Start Date, warrants that the exisng electrical, plumbing, fire sprinkler, lighng, heang, venlang and air condioning systems ("HVAC"), loading
doors, sump pumps, if any, and all other such elements in the Premises, other than those constructed by Lessee, shall be in good operang condion on said date,
that the structural elements of the roof, bearing walls and foundaon of any buildings on the Premises (the "Building") shall be free of material defects, and that the
Premises do not contain hazardous levels of any mold or fungi defined as toxic under applicable state or federal law. If a non­compliance with said warranty exists as
of the Start Date, or if one of such systems or elements should malfuncon or fail within the appropriate warranty period, Lessor shall, as Lessor's sole obligaon with
respect to such maer, except as otherwise provided in this Lease, promptly aer receipt of wrien noce from Lessee seng forth with specificity the nature and
extent of such non­compliance, malfuncon or failure, recfy same at Lessor's expense. The warranty periods shall be as follows: (i) 6 months as to the HVAC systems,
and (ii) 30 days as to the remaining systems and other elements of the Building. If Lessee does not give Lessor the required noce within the appropriate warranty
period, correcon of any such non­compliance, malfuncon or failure shall be the obligaon of Lessee at Lessee's sole cost and expense. Lessor also warrants, that
unless otherwise specified in wring, Lessor is unaware of (i) any recorded Noces of Default affecng the Premise; (ii) any delinquent amounts due under any loan
secured by the Premises; and (iii) any bankruptcy proceeding affecng the Premises.
2.3 Compliance. Lessor warrants that to the best of its knowledge the improvements on the Premises comply with the building codes, applicable laws,
covenants or restricons of record, regulaons, and ordinances ("Applicable Requirements") that were in effect at the me that each improvement, or poron
thereof, was constructed. Said warranty does not apply to the use to which Lessee will put the Premises, modificaons which may be required by the Americans with
Disabilies Act or any similar laws as a result of Lessee's use (see Paragraph 50), or to any Alteraons or Ulity Installaons (as defined in Paragraph 7.3(a)) made or to
be made by Lessee. NOTE: Lessee is responsible for determining whether or not the Applicable Requirements, and especially the zoning, are appropriate for
Lessee's intended use, and acknowledges that past uses of the Premises may no longer be allowed. If the Premises do not comply with said warranty, Lessor shall,
except as otherwise provided, promptly aer receipt of wrien noce from Lessee seng forth with specificity the nature and extent of such non­compliance, recfy
the same at Lessor's expense. If Lessee does not give Lessor wrien noce of a non­compliance with this warranty within 6 months following the Start Date,
correcon of that non­compliance shall be the obligaon of Lessee at Lessee's sole cost and expense. If the Applicable Requirements are hereaer changed so as to
require during the term of this Lease the construcon of an addion to or an alteraon of the Premises and/or Building, the remediaon of any Hazardous Substance,
or the reinforcement or other physical modificaon of the Unit, Premises and/or Building ("Capital Expenditure"), Lessor and Lessee shall allocate the cost of such
work as follows:
(a) Subject to Paragraph 2.3(c) below, if such Capital Expenditures are required as a result of the specific and unique use of the Premises by Lessee as
compared with uses by tenants in general, Lessee shall be fully responsible for the cost thereof, provided, however, that if such Capital Expenditure is required during
the last 2 years of this Lease and the cost thereof exceeds 6 months' Base Rent, Lessee may instead terminate this Lease unless Lessor nofies Lessee, in wring,
within 10 days aer receipt of Lessee's terminaon noce that Lessor has elected to pay the difference between the actual cost thereof and an amount equal to 6
months' Base Rent. If Lessee elects terminaon, Lessee shall immediately cease the use of the Premises which requires such Capital Expenditure and deliver to Lessor
wrien noce specifying a terminaon date at least 90 days thereaer. Such terminaon date shall, however, in no event be earlier than the last day that Lessee
could legally ulize the Premises without commencing such Capital Expenditure.
(b) If such Capital Expenditure is not the result of the specific and unique use of the Premises by Lessee (such as, governmentally mandated seismic
modificaons), then Lessor shall pay for such Capital Expenditure and Lessee shall only be obligated to pay, each month during the remainder of the term of this Lease
or any extension thereof, on the date that on which the Base Rent is due, an amount equal to 1/144th of the poron of such costs reasonably aributable to the
Premises. Lessee shall pay Interest on the balance but may prepay its obligaon at any me. If, however, such Capital Expenditure is required during the last 2 years
of this Lease or if Lessor reasonably determines that it is not economically feasible to pay its share thereof, Lessor shall have the opon to terminate this Lease upon
90 days prior wrien noce to Lessee unless Lessee nofies Lessor, in wring, within 10 days aer receipt of Lessor's terminaon noce that Lessee will pay for such
Capital Expenditure. If Lessor does not electto terminate, and failsto tender its share of anysuch Capital Expenditure, Lessee mayadvance such funds and deduct
same, with Interest, from Rent unl Lessor's share of such costs have been fully paid. If Lessee is unable to finance Lessor's share, or if the balance of the Rent due
and payable for the remainder of this Lease is not sufficient to fully reimburse Lessee on an offset basis, Lessee shall have the right to terminate this Lease upon 30
days wrien noce to Lessor.
(c) Notwithstanding the above, the provisions concerning Capital Expenditures are intended to apply only to non­voluntary, unexpected, and new
Applicable Requirements. If the Capital Expenditures are instead triggered by Lessee as a result of an actual or proposed change in use, change in intensity of use, or
modificaon to the Premises then, and in that event, Lessee shall either: (i) immediately cease such changed use or intensity of use and/or take such other steps as
may be necessary to eliminate the requirement for such Capital Expenditure, or (ii) complete such Capital Expenditure at its own expense. Lessee shallnot,however,
have any right to terminate this Lease.
2.4 Acknowledgements. Lessee acknowledges that: (a) it has been given an opportunity to inspect and measure the Premises, (b) it has been advised by
Lessor and/or Brokers to sasfy itself with respect to the size and condion of the Premises (including but not limited to the electrical, HVAC and fire sprinkler
systems, security, environmental aspects, and compliance with Applicable Requirements and the Americans with Disabilies Act), and their suitability for Lessee's
intended use, (c) Lessee has made such invesgaon as it deems necessary with reference to such maers and assumes all responsibility therefor as the same relate
to its occupancy of the Premises, (d) it is not relying on any representaon asto thesizeof thePremises madebyBrokers orLessor, (e)the square footage of the
Premises was not material to Lessee's decision to lease the Premises and pay the Rent stated herein, and (f) neither Lessor, Lessor's agents, nor Brokers have made
any oral or wrien representaons or warranes with respect to said maers other than as set forth in this Lease. In addion, Lessor acknowledges that: (i) Brokers
have made no representaons, promises or warranes concerning Lessee's ability to honor the Lease or suitability to occupy the Premises, and (ii) it is Lessor's sole
responsibility to invesgate the financial capability and/or suitability of all proposed tenants.
2.5 Lessee as Prior Owner/Occupant.Thewarran es made by Lessor in Paragraph 2 shall be of no force or effect if immediately prior to the Start Date Lessee
was the owner or occupant of the Premises. In such event, Lessee shall be responsible for any necessary correcve work.
3. Term.
3.1 Term. The Commencement Date, ExpiraonDateand OriginalTerm ofthisLease areas specified in Paragraph 1.3.
3.2 Early Possession. Any provision herein granng Lessee Early Possession of the Premises is subject to and condioned upon the Premises being available for
such possession prior to the Commencement Date. Any grant of Early Possession only conveys a non­exclusive right to occupy the Premises. If Lessee totally or
DocuSign Envelope ID: AB7F1110-C8E1-470A-BB05-5F47A0DAEF7A DocuSign Envelope ID: 3ECC8561-D258-4806-BD9B-6357FBA2391C

	
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INITIALS INITIALS
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parally occupies the Premises prior to the Commencement Date, the obligaon to pay Base Rent shall be abated for the period of such Early Possession. All other
terms of this Lease (including but not limited to the obligaons to pay Real Property Taxes and insurance premiums and to maintain the Premises) shall be in effect
during such period. Any such Early Possession shall not affect the Expiraon Date.
3.3 Delay In Possession. Lessor agrees to use commercially reasonable efforts to deliver exclusive possession of the Premises to Lessee by the
Commencement Date. If, despite said efforts, Lessor is unable to deliver possession by such date, Lessor shall not be subject to any liability therefor, nor shall such
failure affect the validity of this Lease or change the Expiraon Date. Lessee shall not, however, be obligated to pay Rent or perform its other obligaons unl Lessor
delivers possession of the Premises and any period of rent abatement that Lessee would otherwise haveenjoye d shall run from the date of delivery of possession and
connue for a period equal to what Lessee would otherwise have enjoyed under the terms hereof, but minus any days of delay caused by the acts or omissions of
Lessee. If possession is not delivered within 60 days aer the Commencement Date, as the same may be extended under the terms of any Work Leer executed by
Pares,Lesseemay,atitsop on, by noce in wring within 10 days aer the end of such 60 day period, cancel this Lease, in which event the Pares shall be
discharged from all obligaons hereunder. If such wrien noce is not received by Lessor within said 10 day period, Lessee's right to cancel shall terminate. If
possession of the Premises is not delivered within 120 days aer the Commencement Date, this Lease shall terminate unless other agreements are reached between
Lessor and Lessee, in wring.
3.4 Lessee Compliance. Lessor shall not be required to tender possession of the Premises to Lessee unl Lessee complies with its obligaon to provide
evidence of insurance (Paragraph 8.5). Pending delivery of such evidence, Lessee shall be required to perform all of its obligaons under this Lease from and aer the
Start Date, including the payment of Rent, notwithstanding Lessor's elecon to withhold possession pending receipt of such evidence of insurance. Further, if Lessee
is required to perform any other condions prior to or concurrent with the Start Date, the Start Date shall occur but Lessor may elect to withhold possession unlsuc h
condions are sasfied.
4. Rent.
4.1 Rent Defined. All monetary obligaons of Lessee to Lessor under the terms of this Lease (except for the Security Deposit) are deemed to be rent ("Rent").
4.2 Payment. Lessee shall cause payment of Rent to be received by Lessor in lawful money of the United States, without offset or deducon (except as
specifically permied in this Lease), on or before the day on which it is due. All monetary amounts shall be rounded to the nearest whole dollar. In the event that any
invoice prepared by Lessor is inaccurate such inaccuracy shall not constute a waiver and Lessee shall be obligated to pay the amount set forth in this Lease. Rent for
any period during the term hereof which is for less than one full calendar month shall be prorated based upon the actual number of days of said month. Payment of
Rent shall be made to Lessor at its address stated herein or to such other persons or place as Lessor may from me to me designate in wring. Acceptance of a
payment which is less than the amount then due shall not be a waiver of Lessor's rights to the balance of such Rent, regardless of Lessor's endorsement of any check
so stang. In the event that any check, dra, or other instrument of payment given by Lessee to Lessor is dishonored for any reason, Lessee agrees to pay to Lessor
the sum of $25 in addion to any Late Charge and Lessor, at its opon, may require all future Rent be paid by cashier's check. Payments will be applied first to accrued
late charges and aorney's fees, second to accrued interest, then to Base Rent, Insurance and Real Property Taxes, and any remaining amount to any other
outstanding charges or costs.
4.3 Associaon Fees.Inaddi on to the Base Rent, Lessee shall pay to Lessor each month an amount equal to any owner's associaon or condominium fees
levied or assessed against the Premises. Said monies shall be paid at the same me and in the same manner as the Base Rent.
5. Security Deposit. Lessee shall deposit with Lessor upon execuon hereof the Security Deposit as security for Lessee's faithful performance of its obligaons
under this Lease. If Lessee fails to pay Rent, or otherwise Defaults under this Lease, Lessor may use, apply or retain all or any poron of said Security Deposit for the
payment of any amount already due Lessor, for Rents which will be due in the future, and/ or to reimburse or compensate Lessor for any liability, expense,losso r
damage which Lessor may suffer or incur by reason thereof. If Lessor uses or applies all or any poron of the Security Deposit, Lessee shall within 10 days aer
wrien request therefor deposit monies with Lessor sufficient to restore said Security Deposit to the full amount required by this Lease. If the Base Rent increases
during the term of this Lease, Lessee shall, upon wrien request from Lessor, deposit addional monies with Lessor so that the total amount of the Security Deposit
shall at all mes bear the same proporon to the increased Base Rent as the inial Security Deposit bore to the inial Base Rent. Should the Agreed Use be amended
to accommodate a material change in the business of Lessee or to accommodateasublesseeo r assignee, Lessor shall have the right to increase the Security Deposit
to the extent necessary, in Lessor's reasonable judgment, to account for any increased wear and tear that the Premises may suffer as a result thereof. If a change in
control of Lessee occurs during this Lease and following such change the financial condion of Lessee is, in Lessor's reasonable judgment, significantly reduced, Lessee
shall deposit such addional monies with Lessor as shall be sufficient to cause the Security Deposit to be at a commercially reasonable level based on such change in
 financial condion. Lessor shall not be required to keep the Security Deposit separate from its general accounts. Within 90 days aer the expiraon or terminaon of
this Lease, Lessor shall return that poron of the Security Deposit not used or applied by Lessor. Lessor shall upon wrien request provide Lessee with an accounng
showing how that poron of the Security Deposit that was not returned was applied. No part of the Security Deposit shall be considered to be held in trust, to bear
interest or to be prepayment for any monies to be paid by Lessee under this Lease. THE SECURITY DEPOSIT SHALL NOT BE USED BY LESSEE IN LIEU OF PAYMENT OF
THE LAST MONTH'S RENT.
6. Use.
6.1 Use. Lessee shall use and occupy the Premises only for the Agreed Use, or any other legal use which is reasonably comparable thereto, and for no other
purpose. Lessee shall not use or permit the use of the Premises in a manner that is unlawful, creates damage, waste or a nuisance, or that disturbs occupants of or
causes damage to neighboring premises or properes. Other than guide, signal and seeing eye dogs, Lessee shall not keep or allow in the Premises any pets, animals,
birds, fish, or reples. Lessor shall not unreasonably withhold or delay its consent to any wrien request for a modificaon of the Agreed Use, so long as the same will
not impair the structural integrity of the improvements on the Premises or the mechanical or electrical systems therein, and/or is not significantly more burdensome
to the Premises. If Lessor elects to withhold consent, Lessor shall within 7 days aer such request give wrien noficaon of same, which noce shall include an
explanaon of Lessor's objecons to the change in the Agreed Use.
6.2 Hazardous Substances.
(a) Reportable Uses Require Consent.Theterm" Hazardous Substance" as used in this Lease shall mean any product, substance, or waste whose
presence, use, manufacture, disposal, transportaon,orrelease,eitherbyitselforincombina on with other materials expected to be on the Premises, is either: (i)
potenally injurious to the public health, safety or welfare, the environment or the Premises, (ii) regulated or monitored by any governmental authority, or (iii) a basis
for potenal liability of Lessor to any governmental agency or third party under any applicable statute or common law theory. Hazardous Substances shall include, but
not be limited to, hydrocarbons, petroleum, gasoline, and/or crude oil or any products, by­products or fracons thereof. Lessee shall not engage in any acvity in or
on the Premises which constutes a Reportable Use of Hazardous Substances without the express prior wrien consent of Lessor and mely compliance (at Lessee's
expense) with all Applicable Requirements. "Reportable Use" shall mean (i) the installaon or use of any above or below ground storage tank, (ii) the generaon,
possession, storage, use, transportaon, ordisposal of aHazardous Substance that requires apermit from, or withrespect to which a report, noce, registraon or
business plan is required to be filed with, any governmental authority, and/or (iii) the presence at the Premises of a Hazardous Substance with respect to which any
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Applicable Requirements requires that ano ce be given to persons entering or occupying the Premises or neighboring properes. Notwithstanding the foregoing,
Lessee may use any ordinary and customary materials reasonably required to be used in the normal course of the Agreed Use, ordinary office supplies (copier toner,
liquid paper, glue, etc.) and common household cleaning materials, so long as such use is in compliance with all Applicable Requirements, is not aReportableUse , and
does not expose the Premises or neighboring property to any meaningful risk of contaminaon or damage or expose Lessor to any liability therefor. In addion,
Lessor may condion its consent to any Reportable Use upon receiving such addional assurances as Lessor reasonably deems necessary to protect itself, the public,
the Premises and/or the environment against damage, contaminaon, injury and/or liability, including, but not limited to, the installaon (and removal on or before
Lease expiraon or terminaon) of protecve modificaons (such as concrete encasements) and/or increasing the Security Deposit.
(b) Duty to Inform Lessor. If Lessee knows, or has reasonable cause to believe, that a Hazardous Substance has come to be located in, on, under or
about the Premises, other than as previously consented to by Lessor, Lessee shall immediately give wrien noce of such fact to Lessor, and provide Lessor with a
copy of any report, noce, claim or other documentaon which it has concerning the presence of such Hazardous Substance.
(c) Lessee Remediaon. Lessee shall not cause or permit any Hazardous Substance to be spilled or released in, on, under, or about the Premises
(including through the plumbing or sanitary sewer system) and shall promptly, at Lessee's expense, comply with all Applicable Requirements and take all invesgatory
and/or remedial acon reasonably recommended, whether or not formally ordered or required, for the cleanup of any contaminaon of, and for the maintenance,
security and/or monitoring of the Premises or neighboring properes, that was caused or materially contributed to by Lessee, or pertaining to or involving any
Hazardous Substance brought onto the Premises during the term of this Lease, by or for Lessee, or any third party.
(d) Lessee Indemnificaon. Lessee shall indemnify, defend and hold Lessor, its agents, employees, lenders and ground lessor, if any, harmless from and
against any and all loss of rents and/or damages, liabilies, judgments, claims, expenses, penales, and aorneys' and consultants' fees arising out of or involving any
Hazardous Substance brought onto the Premises by or for Lessee, or any third party (provided, however, that Lessee shall have no liability under this Lease with
respect to underground migraon of any Hazardous Substance under the Premises from adjacent properes not caused or contributed to by Lessee). Lessee's
obligaons shall include, but not be limited to, the effects of any contaminaon or injury to person, property or the environment created or suffered by Lessee, and
the cost of invesgaon, removal, remediaon, restoraon and/or abatement, and shall survive the expiraon or terminaon of this Lease. No terminaon,
cancellaon or release agreement entered into by Lessor and Lessee shall release Lessee from its obligaons under this Lease with respect to Hazardous
Substances, unless specifically so agreed by Lessor in wring at the me of such agreement.
(e) Lessor Indemnificaon. Except as otherwise provided in paragraph 8.7, Lessor and its successors and assigns shall indemnify, defend, reimburse and
hold Lessee, its employees and lenders, harmless from and against any and all environmental damages, including the cost of remediaon, which result from
Hazardous Substances which existed on the Premises prior to Lessee's occupancy or which are caused by the gross negligence or willful misconduct of Lessor, its
agents or employees. Lessor's obligaons, as and when required by the Applicable Requirements, shall include, but not be limited to, the cost of invesgaon,
removal, remediaon, restoraon and/or abatement, and shall survive the expiraon or terminaon of this Lease.
(f) Invesgaons and Remediaons. Lessor shall retain the responsibility and pay for any invesgaons or remediaon measures required by
governmental enes having jurisdicon with respect to the existence of Hazardous Substances on the Premises prior to Lessee's occupancy, unless such remediaon
measure is required as a result of Lessee's use (including "Alteraons", as defined in paragraph 7.3(a) below) of the Premises, in which event Lessee shall be
responsible for such payment. Lessee shall cooperate fully in any such acvies at the request of Lessor, including allowing Lessor and Lessor's agents to have
reasonable access to the Premises at reasonable mes in order to carry out Lessor's invesgave and remedial responsibilies.
(g) Lessor Terminaon Opon.IfaHazardou s Substance Condion (see Paragraph 9.1(e)) occurs during the term of this Lease, unless Lessee is legally
responsible therefor (in which case Lessee shall make the invesgaon and remediaon thereof required by the Applicable Requirements and this Lease shall connue
in full force and effect, but subject to Lessor's rights under Paragraph 6.2(d) and Paragraph 13), Lessor may, at Lessor's opon, either (i) invesgate and remediate such
Hazardous Substance Condion, if required, as soon as reasonably possible at Lessor's expense, in which event this Lease shall connue in full force and effect, or (ii) if
the esmated cost to remediate such condion exceeds 12 mes the then monthly Base Rent or $100,000, whichever is greater, give wrien noce to Lessee, within
30 days aer receipt by Lessor of knowledge of the occurrence of such Hazardous Substance Condion, of Lessor's desire to terminate this Lease as of the date 60
days following the date of such noce. In the event Lessor elects to give a terminaon noce, Lessee may, within 10 days thereaer, give wrien noce to Lessor of
Lessee's commitment to pay the amount by which the cost of the remediaon of such Hazardous Substance Condion exceeds an amount equal to 12 mes the then
monthly Base Rent or $100,000, whichever is greater. Lessee shall provide Lessor with said funds or sasfactory assurance thereof within 30 days following such
commitment. In such event, this Lease shall connue in full force and effect, and Lessor shall proceed to make such remediaon as soon as reasonably possible aer
the required funds are available. If Lessee does not give such noce and provide the required funds or assurance thereof within the me provided, this Lease shall
terminate as of the date specified in Lessor's noce of terminaon.
6.3 Lessee's Compliance with Applicable Requirements.Excep t as otherwise provided in this Lease, Lessee shall, at Lessee's sole expense, fully, diligently and
in a mely manner, materially comply with all Applicable Requirements, the requirements of any applicable fire insurance underwriter or rang bureau, and the
recommendaons of Lessor's engineers and/or consultants which relate in any manner to the Premises, without regard to whether said Applicable Requirements are
now in effect or become effecve aer the Start Date. Lessee shall, within 10 days aer receipt of Lessor's wrien request, provide Lessor with copies of all permits
and other documents, and other informaon evidencing Lessee's compliance with any Applicable Requirements specified by Lessor, and shall immediately upon
receipt, nofy Lessor in wring (with copies of any documents involved) of any threatened or actual claim, noce, citaon, warning, complaint or report pertaining to
or involving the failure of Lessee or the Premises to comply with any Applicable Requirements. Likewise, Lessee shall immediately give wrien noce to Lessor of: (i)
any water damage to the Premises and any suspected seepage, pooling, dampness or other condion conducive to the producon of mold; or (ii) any musness or
other odors that might indicate the presence of mold in the Premises. In addion, Lessee shall provide copies of all relevant material safety data sheets (MSDS)t o
Lessor within 10 days of the receipt of a wrien request therefor. In addion, Lessee shall provide Lessor with copies of its business license, cerficate of occupancy
and/or any similar document within 10 days of the receipt of a wrien request therefor.
6.4 Inspecon; Compliance.LessorandLessor's" Lender"(asde fined in Paragraph 30) and consultants authorized by Lessor shall have the right to enter into
Premises at any me in the case of an emergency, and otherwise at reasonable mes aer reasonable noce, for the purpose of inspecng and/or tesng the
condion of the Premises and/or for verifying compliance by Lessee with this Lease. The cost of any such inspecons shall be paid by Lessor, unless a violaon of
Applicable Requirements, or a Hazardous Substance Condion (see paragraph 9.1(e)) is found to exist or be imminent, or the inspecon is requested or ordered by a
governmental authority. In such case, Lessee shall upon request reimburse Lessor for the cost of such inspecon, so long as such inspecon is reasonably related to
the violaon or contaminaon. In addion, Lessee shall provide copies of all relevant material safety data sheets (MSDS)t o Lessor within 10 days of the receipt of a
wrien request therefor. Lessee acknowledges that any failure on its part to allow such inspecons or tesng will expose Lessor to risks and potenally cause Lessor
to incur costs not contemplated by this Lease, the extent of which will be extremely difficult to ascertain. Accordingly, should the Lessee fail to allow such inspecons
and/or tesng in a mely fashion the Base Rent shall be automacally increased, without any requirement for noce to Lessee, by an amount equal to 10% of the
then exisng Base Rent or $100, whichever is greater for the remainder to the Lease. The Pares agree that such increase in Base Rent represents fair and reasonable
compensaon for the addional risk/costs that Lessor will incur by reason of Lessee's failure to allow such inspecon and/or tesng. Such increase in Base Rent shall
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in no event constute a waiver of Lessee's Default or Breach with respect to such failure nor prevent the exercise of any of the other rights and remedies granted
hereunder.
7. Maintenance; Repairs; Ulity Installaons; Trade Fixtures and Alteraons. See Addendum
7.1 Lessee's Obligaons.
(a) In General. Subject to the provisions of Paragraph 2.2 (Condion), 2.3 (Compliance), 6.3 (Lessee's Compliance with Applicable Requirements), 7.2
(Lessor's Obligaons), 9(Damageo r Destrucon), and 14 (Condemnaon), Lessee shall, at Lessee's sole expense, keep the Premises, Ulity Installaons (intended for
Lessee's exclusive use, no maer where located), and Alteraons in good order, condion and repair (whether or not the poron of the Premises requiring repairs, or
the means of repairing the same, are reasonably or readily accessible to Lessee, and whether or notthenee d for such repairs occurs as aresul t of Lessee's use, any
prior use, the elements or the age of such poron of the Premises), including, but not limited to, all equipment or facilies, such as plumbing, HVAC equipment,
electrical, lighng facilies, boilers, pressure vessels, fire protecon system, fixtures, walls (interior and exterior), foundaons, ceilings, roofs, roof drainage systems,
 floors, windows, doors, plate glass, skylights, landscaping, driveways, parking lots, fences, retaining walls, signs, sidewalks and parkways located in, on, or adjacent to
the Premises. Lessee, in keeping the Premises in good order, condion and repair, shall exercise and perform good maintenance pracces, specifically including the
procurement and maintenance of the service contracts required by Paragraph 7.1(b) below. Lessee's obligaons shall include restoraons, replacements or renewals
when necessary to keep the Premises and all improvements thereon or a part thereof in good order, condion and state of repair. Lessee shall, during the term of this
Lease, keep the exterior appearance of the Building in a first­class condion (including, e.g. graffi removal) consistent with the exterior appearance of other similar
facilies of comparable age and size in the vicinity, including, when necessary, the exterior repainng of the Building.
(b) Service Contracts. Lessee shall, at Lessee's sole expense, procure and maintain contracts, with copies to Lessor, in customary form and substance for,
and with contractors specializing and experienced in the maintenance of the following equipment and improvements, if any, if and when installed on thePremises: (i)
HVAC equipment, (ii) boiler, and pressure vessels, (iii) fire exnguishing systems, including fire alarm and/or smoke detecon, (iv) landscaping and irrigaon systems,
(v) roof covering and drains, and (vi) clarifiers. However, Lessor reserves the right, upon noce to Lessee, to procure and maintain any or all of such service contracts,
and Lessee shall reimburse Lessor, upon demand, for the cost thereof.
(c) Failure to Perform. If Lessee fails to perform Lessee's obligaons under this Paragraph 7.1, Lessor may enter upon the Premises aer 10 days' prior
wrien noce to Lessee (except in the case of an emergency, in which case no noce shall be required), perform such obligaons on Lessee's behalf, and put the
Premises in good order, condion and repair, and Lessee shall promptly pay to Lessor a sum equal to 115% of the cost thereof.
(d) Replacement. Subject to Lessee's indemnificaon of Lessor as set forth in Paragraph 8.7 below, and without relieving Lessee of liability resulng from
Lessee's failure to exercise and perform good maintenance pracces, if an item described in Paragraph 7.1(b) cannot be repaired other than at a cost which is in excess
of 50% of the cost of replacing such item, then such item shall be replaced by Lessor, and the cost thereof shall be prorated between the Pares and Lessee shall only
be obligated to pay, each month during the remainder of the term of this Lease or any extension thereof, on the date on which Base Rent is due, an amount equal to
the product of mulplying the cost of such replacement by a fracon, the numerator of which is one, and the denominator of which is 144 (i.e. 1/144th of the cost per
month). Lessee shall pay Interest on the unamorzed balance but may prepay its obligaon at any me.
7.2 Lessor's Obligaons. Subject to the provisions of Paragraphs 2.2 (Condion), 2.3 (Compliance), 9 (Damage or Destrucon) and 14 (Condemnaon), it is
intended by the Pares hereto that Lessor have no obligaon, in any manner whatsoever, to repair and maintain the Premises, or the equipment therein, all of which
obligaons are intended to be that of the Lessee. It is the intenon of the Pares that the terms of this Lease govern the respecve obligaons of the Pares as to
maintenance and repair of the Premises.
7.3 Ulity Installaons; Trade Fixtures; Alteraons.
(a) Definions.Theterm" Ulity Installaons"referstoallfloor and window coverings, air and/or vacuum lines, power panels, electrical distribuon,
security and fire protecon systems, communicaon cabling, lighng fixtures, HVAC equipment, plumbing, and fencing in or on the Premises. The term "Trade
Fixtures" shall mean Lessee's machinery and equipment that can be removed without doing material damage to the Premises. The term "Alteraons" shall mean any
modificaon of the improvements, other than Ulity Installaons or Trade Fixtures, whether by addion or deleon. "Lessee Owned Alteraons and/or Ulity
Installaons"arede fined as Alteraons and/or Ulity Installaons made by Lessee that are not yet owned by Lessor pursuant to Paragraph 7.4(a).
(b) Consent. Lessee shall not make any Alteraons or Ulity Installaons to the Premises without Lessor's prior wrien consent. Lessee may, however,
make non­structural Alteraons or Ulity Installaons to the interior of the Premises (excluding the roof) without such consent but upon noce to Lessor, as long as
they are not visible from the outside, do not involve puncturing, relocang or removing the roof or any exisng walls, will not affect the electrical, plumbing, HVAC,
and/or life safety systems, do not trigger the requirement for addional modificaons and/or improvements to the Premises resulng from Applicable Requirements,
such as compliance with Title 24, and the cumulave cost thereof during this Lease as extended does not exceed a sum equal to 3month' s Base Rent in the aggregate
or a sum equal to one month's Base Rent in any one year. Notwithstanding the foregoing, Lessee shall not make or permit any roof penetraons and/or install
anything on the roof without the prior wrien approval of Lessor. Lessor may, as a precondion to granng such approval, require Lessee to ulize a contractor
chosen and/or approved by Lessor. Any Alteraons or Ulity Installaons that Lessee shall desire to make and which require the consent of the Lessor shall be
presented to Lessor in wrien form with detailed plans. Consent shall be deemed condioned upon Lessee's: (i) acquiring all applicable governmental permits, (ii)
furnishing Lessor with copies of both the permits and the plans and specificaons prior to commencement of the work, and (iii) compliance with all condions of said
permits and other Applicable Requirements in a prompt and expedious manner. Any Alteraons or Ulity Installaons shall be performed in a workmanlike manner
with good and sufficient materials. Lessee shall promptly upon compleon furnish Lessor with as­built plans and specificaons. For work which costs an amount in
excess of one month's Base Rent, Lessor may condion its consent upon Lessee providing a lien and compleon bond in an amount equal to 150% of the esmated
cost of such Alteraon or Ulity Installaon and/or upon Lessee's posng an addional Security Deposit with Lessor.
(c) Liens; Bonds. Lessee shall pay, when due, all claims for labor or materials furnished or alleged to have been furnished to or for Lessee at or for use on
the Premises, which claims are or may be secured by any mechanic's or materialmen's lien against the Premises or any interest therein. Lessee shall give Lessor not
less than 10 days noce prior to the commencement of any work in, on or about the Premises, and Lessor shall have the right to post noces of non­responsibility. If
Lessee shall contest the validity of any such lien, claim or demand, then Lessee shall, at its sole expense defend and protect itself, Lessor and the Premises against the
same and shall pay and sasfy any such adverse judgment that may be rendered thereon before the enforcement thereof. If Lessor shall require, Lessee shall furnish
a surety bond in an amount equal to 150% of the amount of such contested lien, claim or demand, indemnifying Lessor against liability for the same. If Lessor elects
to parcipate in any such acon, Lessee shall pay Lessor's aorneys' fees and costs.
7.4 Ownership; Removal; Surrender; and Restoraon.
(a) Ownership. Subject to Lessor's right to require removal or elect ownership as hereinaer provided, all Alteraons and Ulity Installaons made by
Lessee shall be the property of Lessee, but considered a part of the Premises. Lessor may, at any me, elect in wring to be the owner of all or any specified part of
the Lessee Owned Alteraons and Ulity Installaons. Unless otherwise instructed per paragraph 7.4(b) hereof, all Lessee Owned Alteraons and Ulity Installaons
shall, at the expiraon or terminaon of this Lease, become the property of Lessor and be surrendered by Lessee with the Premises.
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(b) Removal. By delivery to Lessee of wrien noce from Lessor not earlier than 90 and not later than 30 days prior to the end of the term of this Lease,
Lessor may require that any or all Lessee Owned Alteraons or Ulity Installaons be removed by the expiraon or terminaon of this Lease. Lessor may require the
removal at any me of all or any part of any Lessee Owned Alteraons or Ulity Installaons made without the required consent.
(c) Surrender; Restoraon. Lessee shall surrender the Premises by the Expiraon Date or any earlier terminaon date, with all of the improvements,
parts and surfaces thereof broom clean and free of debris, and in good operang order, condion and state of repair, ordinary wear and tear excepted. "Ordinary
wear and tear" shall not include any damage or deterioraon that would have been prevented by good maintenance pracce. Notwithstanding the foregoing and the
provisions of Paragraph 7.1(a), if the Lessee occupies the Premises for 12 months or less, then Lessee shall surrender the Premises in the same condion as delivered
to Lessee on the Start Date with NO allowance for ordinary wear and tear. Lessee shall repair any damage occasioned by the installaon, maintenance or removal of
Trade Fixtures, Lessee owned Alteraons and/or Ulity Installaons, furnishings, and equipment as well as the removal of any storage tank installed by or for Lessee.
Lessee shall also completely remove from the Premises any and all Hazardous Substances brought onto the Premises by or for Lessee, or any third party (except
Hazardous Substances which were deposited via underground migraon from areas outside of the Premises) to the level specified in Applicable Requirements. Trade
Fixtures shall remain the property of Lessee and shall be removed by Lessee. Any personal property of Lessee not removed on or before the Expiraon Date or any
earlier terminaon date shall be deemed to have been abandoned by Lessee and may be disposed of or retained by Lessor as Lessor may desire. The failure by Lessee
to mely vacate the Premises pursuant to this Paragraph 7.4(c) without the express wrien consent of Lessor shall constute a holdover under the provisions of
Paragraph 26 below.
8. Insurance; Indemnity.
8.1 Payment For Insurance. Lessee shall pay for all insurance required under Paragraph 8 except to the extent of the cost aributable to liability insurance
carried by Lessor under Paragraph 8.2(b) in excess of $2,000,000 per occurrence. Premiums for policy periods commencing prior to or extending beyond the Lease
term shall be prorated to correspond to the Lease term. Payment shall be made by Lessee to Lessor within 10 days following receipt of an invoice.
8.2 Liability Insurance.
(a) Carried by Lessee. Lessee shall obtain and keep in force a Commercial General Liability policy of insurance protecng Lessee and Lessor as an
addional insured against claims for bodily injury, personal injury and property damage based upon or arising out of the ownership, use, occupancy or maintenance of
the Premises and all areas appurtenant thereto. Such insurance shall be on an occurrence basis providing single limit coverage in an amount not less than $1,000,000
per occurrence with an annual aggregate of not less than $2,000,000. Lessee shall add Lessor as an addional insured by means of an endorsement at least as broad
as the Insurance Service Organizaon's "Addional Insured­Managers or Lessors of Premises" Endorsement. The policy shall not contain any intra­insured exclusions
as between insured persons or organizaons, but shall include coverage for liability assumed under this Lease as an "insured contract" for the performance of Lessee's
indemnity obligaons under this Lease. The limits of said insurance shall not, however, limit the liability of Lessee nor relieve Lessee of any obligaon hereunder.
Lessee shall provide an endorsement on its liability policy(ies) which provides that its insurance shall be primary to and not contributory with any similar insurance
carried by Lessor, whose insurance shall be considered excess insurance only.
(b) Carried by Lessor. Lessor shall maintain liability insurance as described in Paragraph 8.2(a), in addion to, and not in lieu of, the insurance required to
be maintained by Lessee. Lessee shall not be named as an addional insured therein.
8.3 Property Insurance ­ Building, Improvements and Rental Value.
(a) Building and Improvements. The Insuring Party shall obtain and keep in force a policy or policies in the name of Lessor, with loss payable to Lessor,
any ground­lessor, and to any Lender insuring loss or damage to thePremises. Theamoun t of such insurance shall be equal to the full insurable replacement cost of
the Premises, as the same shall exist from me to me, or the amount required by any Lender, but in no event more than the commercially reasonable and available
insurable value thereof. Lessee Owned Alteraons and Ulity Installaons, Trade Fixtures, and Lessee's personal property shall be insured by Lessee not by Lessor. If
the coverage is available and commercially appropriate, such policy or policies shall insure against all risks of direct physical loss or damage (except the perils of flood
and/or earthquake unless required by a Lender), including coverage for debris removal and the enforcement of any Applicable Requirements requiring the upgrading,
demolion, reconstrucon or replacement of any poron of the Premises as the result of a covered loss. Said policy or policies shall also contain an agreed valuaon
provision in lieu of any coinsurance clause, waiver of subrogaon, and inflaon guard protecon causing an increase in the annual property insurance coverage
amount by a factor of not less than the adjusted U.S. Department of Labor Consumer Price Index for All Urban Consumers for the city nearest to where the Premises
are located. If such insurance coverage has adeduc ble clause, the deducble amount shall not exceed $5,000 per occurrence, and Lessee shall be liable for such
deducble amount in the event of an Insured Loss.
(b) Rental Value. The Insuring Party shall obtain and keep in force a policy or policies in the name of Lessor with loss payable to Lessor and any Lender,
insuring the loss of the full Rent for one year with an extended period of indemnity for an addional 180 days ("Rental Value insurance"). Said insurance shall contain
an agreed valuaon provision in lieu of any coinsurance clause, and the amount of coverage shall be adjusted annually to reflect the projected Rent otherwise payable
by Lessee, for the next 12 month period. Lessee shall be liable for any deducble amount in the event of such loss.
(c) Adjacent Premises. If the Premises are part of a larger building, or of a group of buildings owned by Lessor which are adjacent to the Premises, the
Lessee shall pay for any increase in the premiums for the property insurance of such building or buildings if said increase is caused by Lessee's acts, omissions, use or
occupancy of the Premises.
8.4 Lessee's Property; Business Interrupon Insurance; Worker's Compensaon Insurance.
(a) Property Damage. Lessee shall obtain and maintain insurance coverage on all of Lessee's personal property, Trade Fixtures, and Lessee Owned
Alteraons and Ulity Installaons. Such insurance shall be full replacement cost coverage with a deducble of not to exceed $1,000 per occurrence. The proceeds
from any such insurance shall be used by Lessee for the replacement of personal property, Trade Fixtures and Lessee Owned Alteraons and Ulity Installaons.
(b) Business Interrupon. Lessee shall obtain and maintain loss of income and extra expense insurance in amounts as will reimburse Lessee for direct or
indirect loss of earnings aributable to all perils commonly insured against by prudent lessees in the business of Lessee or aributable to prevenon of access to the
Premises as a result of such perils.
(c) Worker's Compensaon Insurance. Lessee shall obtain and maintain Worker's Compensaon Insurance in such amount as may be required by
Applicable Requirements. Such policy shall include a 'Waiver of Subrogaon' endorsement. Lessee shall provide Lessor with a copy of such endorsement along with
the cerficate of insurance or copy of the policy required by paragraph 8.5.
(d) No Representaon of Adequate Coverage. Lessor makes no representaon that the limits or forms of coverage of insurance specified herein are
adequate to cover Lessee's property, business operaons or obligaons under this Lease.
8.5 Insurance Policies. Insurance required herein shall be by companies maintaining during the policy term a "General Policyholders Rang" of at least A­,VII,
as set forth in the most current issue of "Best's Insurance Guide", or such other rang as may be required by a Lender. Lessee shall not do or permit to be done
anything which invalidates the required insurance policies. Lessee shall, prior to the Start Date, deliver to Lessor cerfied copies of policies of such insurance or
cerficates with copies of the required endorsements evidencing the existence and amounts of the required insurance. No such policy shall be cancelable or subject
to modificaon except aer 30 days prior wrien noce to Lessor. Lessee shall, at least 10 days prior to the expiraon of such policies, furnish Lessor with evidence of
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renewals or "insurance binders" evidencing renewal thereof, or Lessor may increase his liability insurance coverage and charge the cost thereof to Lessee, which
amount shall be payable by Lessee to Lessor upon demand. Such policies shall be for a term of at least one year, or the length of the remaining term of this Lease,
whichever is less. If either Party shall fail to procure and maintain the insurance required to be carried by it, the other Party may, but shall not be required to, procure
and maintain the same.
8.6 Waiver of Subrogaon. Without affecng anyother rights or remedies, Lessee and Lessor each hereby release and relieve the other, and waive their enre
right to recover damages against the other, for loss of or damage to its property arising out of or incident to the perils required to be insured against herein. The
effect of such releases and waivers is not limited by the amount of insurance carried or required, or by any deducbles applicable hereto. The Pares agree to have
their respecve property damage insurance carriers waive any right to subrogaon that such companies may have against Lessor or Lessee, as the case may be, so
long as the insurance is not invalidated thereby.
8.7 Indemnity. Except for Lessor's gross negligence or willful misconduct, Lessee shall indemnify, protect, defend and hold harmless the Premises, Lessor and
its agents, Lessor's master or ground lessor, partners and Lenders, from and against any and all claims, loss of rents and/or damages, liens, judgments, penales,
aorneys' and consultants' fees, expenses and/or liabilies arising out of, involving, or in connecon with, a Breach of the Lease by Lessee and/or the use and/or
occupancy of the Premises and/or Project by Lessee and/or by Lessee's employees, contractors or invitees. If any acon or proceeding is brought against Lessor by
reason of any of the foregoing maers, Lessee shall upon noce defend the same at Lessee's expense by counsel reasonably sasfactory to Lessor and Lessor shall
cooperate with Lessee in such defense. Lessor need not have first paid any such claim in order to be defended or indemnified.
8.8 Exempon of Lessor and its Agents from Liability. Notwithstanding the negligence or breach of this Lease by Lessor or its agents, neither Lessor nor its
agents shall be liable under any circumstances for: (i) injury or damage to the person or goods, wares, merchandise or other property of Lessee, Lessee's employees,
contractors, invitees, customers, or any other person in or about the Premises, whether such damage or injury is caused by or results from fire, steam, electricity, gas,
water or rain, indoor air quality, the presence of mold or from the breakage, leakage, obstrucon or other defects of pipes, fire sprinklers, wires, appliances, plumbing,
HVAC or lighng fixtures, or from any other cause, whether the said injury or damage results from condions arising upon the Premises or upon other porons of the
building of which the Premises are a part, or from other sources or places, (ii) any damages arising from any act or neglect of any other tenant of Lessor orfromthe
failure of Lessor or its agents to enforce the provisions of any other lease in the Project, or (iii) injury to Lessee's business or for any loss of income or profittherefrom.
Instead, it is intended that Lessee's sole recourse in the event of such damages or injury be to file a claim on the insurance policy(ies) that Lessee is required to
maintain pursuant to the provisions of paragraph 8.
8.9 Failure to Provide Insurance. Lessee acknowledges that any failure on its part to obtain or maintain the insurance required herein will expose Lessor to
risks and potenally cause Lessor to incur costs not contemplated by this Lease, the extent of which will be extremely difficult to ascertain. Accordingly, for any month
or poron thereof that Lessee does not maintain the required insurance and/or does not provide Lessor with the required binders or cerficates evidencing the
existence of the required insurance, the Base Rent shall be automacally increased, without any requirement for noce to Lessee, by an amount equal to 10% of the
then exisng Base Rent or $100, whichever is greater. The pares agree that such increase in Base Rent represents fair and reasonable compensaon for the
addional risk/costs that Lessor will incur by reason of Lessee's failure to maintain the required insurance. Such increase in Base Rent shall in no event constute a
waiver of Lessee's Default or Breach with respect to the failure to maintain suchinsurance,preventtheexerciseofanyoftheotherrightsandremedie sgranted
hereunder, nor relieve Lessee of its obligaon to maintain the insurance specified in this Lease.
9. Damage or Destrucon.
9.1 Definions.
(a) "Premises Paral Damage" shall mean damage or destrucon to the improvements on the Premises, other than Lessee Owned Alteraons and Ulity
Installaons, which can reasonably be repaired in 6month s or less from the date of the damage or destrucon. Lessor shall nofy Lessee in wring within 30 days
from the date of the damage or destrucon as to whether or not the damage is Paral or Total.
(b) "Premises Total Destrucon"shallmea n damage or destrucon to the Premises, other than Lessee Owned Alteraons and Ulity Installaons and
Trade Fixtures, which cannot reasonably be repaired in 6 months or less from the date of the damage or destrucon. Lessor shall nofy Lessee in wring within 30
days from the date of the damage or destrucon as to whether or not the damage is Paral or Total.
(c) "Insured Loss" shall mean damage or destrucon to improvements on the Premises, other than Lessee Owned Alteraons and Ulity Installaons and
Trade Fixtures, which was caused by an event required to be covered by the insurance described in Paragraph 8.3(a), irrespecve of any deducble amounts or
coverage limits involved.
(d) "Replacement Cost" shall mean the cost to repair or rebuild the improvements owned by Lessor at the me of the occurrence to their condion
exisng immediately prior thereto, including demolion, debris removal and upgrading required by the operaon of Applicable Requirements, and without deducon
for depreciaon.
(e) "Hazardous Substance Condion" shall mean the occurrence or discovery of a condion involving the presence of, or a contaminaon by, a
Hazardous Substance, in, on, or under the Premises which requires restoraon.
9.2 Paral Damage ­ Insured Loss. If a Premises Paral Damage that is an Insured Loss occurs, then Lessor shall, at Lessor's expense, repair such damage (but
not Lessee's Trade Fixtures or Lessee Owned Alteraons and Ulity Installaons) as soon as reasonably possible and this Lease shall connue in full force and effect;
provided, however, that Lessee shall, at Lessor's elecon, make the repair of any damage or destrucon the total cost to repair of which is $10,000 or less, and, in such
event, Lessor shall make any applicable insurance proceeds available to Lessee on a reasonable basis for that purpose. Notwithstanding the foregoing, if the required
insurance was not in force or the insurance proceeds are not sufficient to effect such repair, the Insuring Party shall promptly contribute the shortage in proceeds
(except as to the deducble which is Lessee's responsibility) as and when required to complete said repairs. In the event, however, such shortage was due to the fact
that, by reason of the unique nature of the improvements, full replacement cost insurance coverage was not commercially reasonable and available, Lessor shall have
no obligaon to pay for the shortage in insurance proceeds or to fully restore the unique aspects of the Premises unless Lessee provides Lessor with the funds to cover
same, or adequate assurance thereof, within 10 days following receipt of wrien noce of such shortage and request therefor. If Lessor receives said funds or
adequate assurance thereof within said 10 day period, the party responsible for making the repairs shall complete them as soon as reasonably possible and this Lease
shall remain in full force and effect. If such funds or assurance are not received, Lessor may nevertheless elect by wrien noce to Lessee within 10 days thereaer
to: (i) make such restoraon and repair as is commercially reasonable with Lessor paying any shortage in proceeds, in which case this Lease shall remain in full force
and effect, or (ii) have this Lease terminate 30 days thereaer. Lessee shall not be entled to reimbursement of any funds contributed by Lessee to repair any such
damage or destrucon. Premises Paral Damage due to flood or earthquake shall be subject to Paragraph 9.3, notwithstanding that there may be some insurance
coverage, but the net proceeds of any such insurance shall be made available for the repairs if made by either Party.
9.3 Paral Damage ­ Uninsured Loss.IfaPremisesPar al Damage that is not an Insured Loss occurs, unless caused by a negligent or willful act of Lessee (in
which event Lessee shall make the repairs at Lessee's expense), Lessor may either: (i) repair such damage as soon as reasonably possible at Lessor's expense, in which
event this Lease shall connue in full force and effect, or (ii) terminate this Lease by giving wrien noce to Lessee within 30 days aer receipt by Lessor of knowledge
of the occurrence of such damage. Such terminaon shall be effecve 60 days following the date of such noce. In the event Lessor elects to terminate this Lease,
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Lessee shall have the right within 10 days aer receipt of the terminaon noce to give wrien noce to Lessor of Lessee's commitment to pay for the repair of such
damage without reimbursement from Lessor. Lessee shall provide Lessor with said funds or sasfactory assurance thereof within 30 days aer making such
commitment. In such event this Lease shall connue in full force and effect, and Lessor shall proceed to make such repairs as soon as reasonably possible aer the
required funds are available. If Lessee does not make the required commitment, this Lease shall terminate as of the date specified in the terminaon noce.
9.4 Total Destrucon.Notwithstandin g any other provision hereof, if a Premises Total Destrucon occurs, this Lease shall terminate 60 days following such
Destrucon. If the damage or destrucon was caused by the gross negligence or willful misconduct of Lessee, Lessor shall have the right to recover Lessor's damages
from Lessee, except as provided in Paragraph 8.6.
9.5 Damage Near End of Term.Ifatany me during the last 6 months of this Lease there is damage for which the cost to repair exceeds one month's Base
Rent, whether or not an Insured Loss, Lessor may terminate this Lease effecve 60 days following the date of occurrence of such damage by giving awri en
terminaon noce to Lessee within 30 days aer the date of occurrence of such damage. Notwithstanding the foregoing, if Lessee at that me has an exercisable
opon to extend this Lease or to purchase the Premises, then Lessee may preserve this Lease by, (a) exercising such opon and (b) providing Lessor with any shortage
in insurance proceeds (or adequate assurance thereof) needed to make the repairs on or before the earlier of (i) the date which is 10 days aer Lessee's receipt of
Lessor's wrien noce purporng to terminate this Lease, or (ii) the day prior to the date upon which such opon expires. If Lessee duly exercises such opon during
such period and provides Lessor with funds (or adequate assurance thereof) to cover any shortage in insurance proceeds, Lessor shall, at Lessor's commercially
reasonable expense, repair such damage as soon as reasonably possible and this Lease shall connue in full force and effect. If Lessee fails to exercise such opon and
provide such funds or assurance during such period, then this Lease shall terminate on the date specified in the terminaon noce and Lessee's opon shall be
exnguished.
9.6 Abatement of Rent; Lessee's Remedies.
(a) Abatement.IntheeventofPremisesPar al Damage or Premises Total Destrucon or a Hazardous Substance Condion for which Lessee is not
responsible under this Lease, the Rent payable by Lessee for the period required for the repair, remediaon or restoraon of such damage shall be abated in
proporon to the degree to which Lessee's use of the Premises is impaired, but not to exceed the proceeds received from the Rental Value insurance. All other
obligaons of Lessee hereunder shall be performed by Lessee, and Lessor shall have no liability for any such damage, destrucon, remediaon, repair or restoraon
except as provided herein.
(b) Remedies. If Lessor is obligated to repair or restore the Premises and does not commence, in a substanal and meaningful way, such repair or
restoraon within 90 days aer such obligaon shall accrue, Lessee may, at any me prior to the commencement of such repair or restoraon, give wrien noce to
Lessor and to any Lenders of which Lessee has actual noce, of Lessee's elecon to terminate this Lease on a date not less than 60 days following the giving of such
noce. If Lessee gives such noce and such repair or restoraon is not commenced within 30 days thereaer, this Lease shall terminate as of the date specified in said
noce. If the repair or restoraon is commenced within such 30 days, this Lease shall connue in full force and effect. "Commence" shall mean either the
uncondional authorizaon of the preparaon of the required plans, or the beginning of the actual work on the Premises, whichever first occurs.
9.7 Terminaon; Advance Payments. Upon terminaon of this Lease pursuant to Paragraph 6.2(g) or Paragraph 9, an equitable adjustment shall be made
concerning advance Base Rent and any other advance payments made by Lessee to Lessor. Lessor shall, in addion, return to Lessee so much of Lessee's Security
Deposit as has not been, or is not then required to be, used by Lessor.
10. Real Property Taxes.
10.1 Definion.A s used herein, the term "Real Property Taxes" shall include any form of assessment; real estate, general, special, ordinary or extraordinary, or
rental levy or tax (other than inheritance, personal income or estate taxes); improvement bond; and/or license fee imposed upon or levied against any legal or
equitable interest of Lessor in the Premises or the Project, Lessor's right to other income therefrom, and/or Lessor's business of leasing, by any authority having the
direct or indirect power to tax and where the funds are generated with reference to the Building address. Real Property Taxes shall also include any tax,fee,levy,
assessment or charge, or any increase therein: (i) imposed by reason of events occurring during the term of this Lease, including but not limited to, achangei n the
ownership of the Premises, and (ii) levied or assessed on machinery or equipment provided by Lessor to Lessee pursuant to this Lease.
10.2 Payment of Taxes.Inaddi on to Base Rent, Lessee shall pay to Lessor an amount equal to the Real Property Tax installment due at least 20 days prior to
the applicable delinquency date. If any such installment shall cover any period of me prior to or aer the expiraon or terminaon of this Lease, Lessee's share of
such installment shall be prorated. In the event Lessee incurs alatechargeo n any Rent payment, Lessor may esmate the current Real Property Taxes, and require
that such taxes be paid in advance to Lessor by Lessee monthly in advance with the payment of the Base Rent. Such monthly payments shall be an amount equal to
the amount of the esmated installment of taxes divided by the number of months remaining before the month in which said installment becomes delinquent. When
the actual amount of the applicable tax bill is known, the amount of such equal monthly advance payments shall be adjusted as required to provide the funds needed
to pay the applicable taxes. If the amount collected by Lessor is insufficient to pay such Real Property Taxes when due, Lessee shall pay Lessor, upon demand, such
addional sum as is necessary. Advance payments may be intermingled with other moneys of Lessor and shall not bear interest. In the event of a Breach by Lessee in
the performance of its obligaons under this Lease, then any such advance payments may be treated by Lessor as an addional Security Deposit.
10.3 Joint Assessment. If the Premises are not separately assessed, Lessee's liability shall be an equitable proporon of the Real Property Taxes for all of the
land and improvements included within the tax parcel assessed, such proporon to be conclusively determined by Lessor from the respecve valuaons assigned in
the assessor's work sheets or such other informaon as may be reasonably available.
10.4 Personal Property Taxes. Lessee shall pay, prior to delinquency, all taxes assessed against and levied upon Lessee Owned Alteraons, Ulity Installaons,
Trade Fixtures, furnishings, equipment and all personal property of Lessee. When possible, Lessee shall cause its Lessee Owned Alteraons and Ulity Installaons,
Trade Fixtures, furnishings, equipment and all other personal property to be assessed and billed separately from the real property of Lessor. If any of Lessee's said
property shall be assessed with Lessor's real property, Lessee shall pay Lessor the taxes aributable to Lessee's property within 10 days aer receipt of a wrien
statement seng forth the taxes applicable to Lessee's property.
11. Ulies and Services.
11.1 Lessee shall pay for all water, gas, heat, light, power, telephone, trash disposal and other ulies and services supplied to the Premises, together with any
taxes thereon. If any such services are not separately metered or billed to Lessee, Lessee shall pay a reasonable proporon, to be determined by Lessor, of all charges
jointly metered or billed. There shall be no abatement of rent and Lessor shall not be liable in anyrespec t whatsoever for the inadequacy, stoppage, interrupon or
disconnuance of any ulity or service due to riot, strike, labor dispute, breakdown, accident, repair or other cause beyond Lessor's reasonable control or in
cooperaon with governmental request or direcons.
11.2 Within fieen days of Lessor's wrien request, Lessee agrees to deliver to Lessor such informaon, documents and/or authorizaon as Lessor needs in
order for Lessor to comply with new or exisng Applicable Requirements relang to commercial building energy usage, rangs, and/or the reporng thereof.
12. Assignment and Subleng.
12.1 Lessor's Consent Required.
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(a) Lessee shall not voluntarily or by operaon of law assign, transfer, mortgage or encumber (collecvely, "assign or assignment") or sublet all or any
part of Lessee's interest in this Lease or in the Premises without Lessor's prior wrien consent.
(b) Unless Lessee is a corporaon and its stock is publicly traded on a naonal stock exchange, a change in the control of Lessee shall constute an
assignment requiring consent. The transfer, on a cumulave basis, of 25% or more of the vong control of Lessee shall constute a change in control for this purpose.
(c) The involvement of Lessee or its assets in any transacon, or series of transacons (by way of merger, sale, acquision, financing, transfer, leveraged
buy­out or otherwise), whether or not a formal assignment or hypothecaon of this Lease or Lessee's assets occurs, which results or will result in a reducon of the
Net Worth of Lessee by an amount greater than 25% of such Net Worth as it was represented at the me of the execuon of this Lease or at the me of the most
recent assignment to which Lessor has consented, or as it exists immediately prior to said transacon or transacons constung such reducon, whichever was or is
greater, shall be considered an assignment of this Lease to which Lessor may withhold its consent. "Net Worth of Lessee" shall mean the net worth of Lessee
(excluding any guarantors) established under generally accepted accounng principles.
(d) An assignment or subleng without consent shall, at Lessor's opon, be a Default curable aer noce per Paragraph 13.1(d), or a noncurable Breach
without the necessity of any noce and grace period. If Lessor elects to treat such unapproved assignment or subleng as a noncurable Breach, Lessor may either: (i)
terminate this Lease, or (ii) upon 30 days wrien noce, increase the monthly Base Rent to 110% of the Base Rent then in effect. Further, in the event of such Breach
and rental adjustment, (i) the purchase price of any opon to purchase the Premises held by Lessee shall be subject to similar adjustment to 110% of the price
previously in effect, and (ii) all fixed and non­fixed rental adjustments scheduled during the remainder of the Lease term shall be increased to 110% of the scheduled
adjusted rent.
(e) Lessee's remedy for any breach of Paragraph 12.1 by Lessor shall be limited to compensatory damages and/or injuncve relief.
(f) Lessor may reasonably withhold consent to a proposed assignment or subleng if Lessee is in Default at the me consent is requested.
(g) Notwithstanding the foregoing, allowing a de minimis poron of the Premises, ie. 20 square feet or less, to be used by a third party vendor in
connecon with the installaon of a vending machine or payphone shall not constute a subleng.
12.2 Terms and CondiƟons Applicable to Assignment and Subleƫng.
(a) Regardless of Lessor's consent, no assignment or subleng shall : (i) be effecve without the express wrien assumpon by such assignee or
sublessee of the obligaons of Lessee under this Lease, (ii) release Lessee of any obligaons hereunder, or (iii) alter the primary liability of Lessee for the payment of
Rent or for the performance of any other obligaons to be performed by Lessee.
(b) Lessor may accept Rent or performance of Lessee's obligaons from any person other than Lessee pending approval or disapproval of an assignment.
Neither a delay in the approval or disapproval of such assignment nor the acceptance of Rent or performance shall constuteawaiverorestoppelofLessor'srightto
exercise its remedies for Lessee's Default or Breach.
(c) Lessor's consent to any assignment or subleng shall not constute a consent to any subsequent assignment or subleng.
(d) In the event of any Default or Breach by Lessee, Lessor may proceed directly against Lessee, any Guarantors or anyone else responsible for the
performance of Lessee's obligaons under this Lease, including any assignee or sublessee, without first exhausng Lessor's remedies against any other person or
enty responsible therefor to Lessor, or any security held by Lessor.
(e) Each request for consent to an assignment or subleng shall be in wring, accompanied by informaon relevant to Lessor's determinaon as to the
 financial and operaonal responsibility and appropriateness of the proposed assignee or sublessee, including but not limited to the intended use and/or required
modificaon of the Premises, if any, together with afeeof$50 0 as consideraon for Lessor's considering and processing said request. Lessee agrees to provide Lessor
with such other or addional informaon and/or documentaon as may be reasonably requested. (See also Paragraph 36)
(f) Any assignee of, or sublessee under, this Lease shall, by reason of accepng such assignment, entering into such sublease, or entering into possession
of the Premises or any poron thereof, be deemed to have assumed and agreed to conform and comply with each and every term, covenant, condion and obligaon
herein to be observed or performed by Lessee during the term of said assignment or sublease, other than such obligaons as are contrary to or inconsistent with
provisions of an assignment or sublease to which Lessor has specifically consented to in wring.
(g) Lessor's consent to any assignment or subleng shall not transfer to the assignee or sublessee any Opon granted to the original Lessee by this Lease
unless such transfer is specifically consented to by Lessor in wring. (See Paragraph 39.2)
12.3 AddiƟonal Terms and CondiƟons Applicable to Subleƫng. The following terms and condions shall apply to any subleng by Lessee of all or any part of
the Premises and shall be deemed included in all subleases under this Lease whether or not expressly incorporated therein:
(a) Lessee hereby assigns and transfers to Lessor all of Lessee's interest in all Rent payable on any sublease, and Lessor may collect such Rent and apply
same toward Lessee's obligaons under this Lease; provided, however, that unl a Breach shall occur in the performance of Lessee's obligaons, Lessee may collect
said Rent. In the event that the amount collected by Lessor exceeds Lessee's then outstanding obligaons any such excess shall be refunded to Lessee. Lessor shall
not, by reason of the foregoing or any assignment of such sublease, nor by reason of the collecon of Rent, be deemed liable to the sublessee for any failure of Lessee
to perform and comply with any of Lessee's obligaons to such sublessee. Lessee hereby irrevocably authorizes and directs any such sublessee, upon receipt of a
wrien noce from Lessor stang that a Breach exists in the performance of Lessee's obligaons under this Lease, to pay to Lessor all Rent due and to become due
under the sublease. Sublessee shall rely upon any such noce from Lessor and shall pay all Rents to Lessor without any obligaon or right to inquire as to whether
such Breach exists, notwithstanding any claim from Lessee to the contrary.
(b) In the event of a Breach by Lessee, Lessor may, at its opon, require sublessee to aorn to Lessor, in which event Lessor shall undertake the
obligaons of the sublessor under such sublease from the meoftheexerciseofsaidop on to the expiraon of such sublease; provided, however, Lessor shall not be
liable for any prepaid rents or security deposit paid by such sublessee to such sublessor or for any prior Defaults or Breaches of such sublessor.
(c) Any maer requiring the consent of the sublessor under a sublease shall also require the consent of Lessor.
(d) No sublessee shall further assign or sublet all or any part of the Premises without Lessor's prior wrien consent.
(e) Lessor shall deliver a copy of any noce of Default or Breach by Lessee to the sublessee, who shall have the right to cure the Default of Lessee within
the grace period, if any, specified in such noce. The sublessee shall have a right of reimbursement and offset from and against Lessee for any such Defaults cured by
the sublessee.
13. Default; Breach; Remedies.
13.1 Default; Breach.A" Default"isde fined as a failure by the Lessee to comply with or perform any of the terms, covenants, condions or Rules and
Regulaons under this Lease. A "Breach"i s defined as the occurrence of one or more of the following Defaults, and the failure of Lessee to cure such Default within
any applicable grace period:
(a) The abandonment of the Premises; the vacang of the Premises prior to the expiraon or terminaon of this Lease without providing a commercially
reasonable level of security, or where the coverage of the property insurance described in Paragraph 8.3 is jeopardized as a result thereof, or without providing
reasonable assurances to minimize potenal vandalism; or failure to deliver to Lessor exclusive possession of the enre Premises in accordance herewith prior to the
expiraon or terminaon of this Lease.
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(b) The failure of Lessee to make any payment of Rent or any Security Deposit required to be made by Lessee hereunder, whether to Lessor or to a third
party, when due, to provide reasonable evidence of insurance or surety bond, or to fulfill any obligaon under this Lease which endangers or threatens life or
property, where such failure connues for aperio d of 3 business days following wrien noce to Lessee. THE ACCEPTANCE BY LESSOR OF A PARTIAL PAYMENT OF
RENT OR SECURITY DEPOSIT SHALL NOT CONSTITUTE A WAIVER OF ANY OF LESSOR'S RIGHTS, INCLUDING LESSOR'S RIGHT TO RECOVER POSSESSION OF THE
PREMISES.
(c) The failure of Lessee to allow Lessor and/or its agents access to the Premises or the commission of waste, act or acts constung public or private
nuisance, and/or an illegal acvity on the Premises by Lessee, where such acons connue for aperio d of 3 business days following wrien noce to Lessee. In the
event that Lessee commits waste, a nuisance or an illegal acvity a second me then, the Lessor may elect to treat such conduct as a non­curable Breach rather than a
Default.
(d) The failure by Lessee to provide (i) reasonable wrien evidence of compliance with Applicable Requirements, (ii) the service contracts, (iii) the
rescission of an unauthorized assignment or subleng, (iv) an Estoppel Cerficate or financial statements, (v) a requested subordinaon, (vi) evidence concerning any
guaranty and/or Guarantor, (vii) any document requested under Paragraph 42, (viii) material safety data sheets (MSDS), or (ix) any other documentaon or
informaon which Lessor may reasonably require of Lessee under the terms of this Lease, where any such failure connues for aperio d of 10 days following wrien
noce to Lessee.
(e) A Default by Lessee as to the terms, covenants, condions or provisions of this Lease, or of the rules adopted under Paragraph 40 hereof, other than
those described in subparagraphs 13.1(a), (b), (c) or (d), above, where such Default connues for a period of 30 days aer wrien noce; provided, however, that if
the nature of Lessee's Default is such that more than 30 days are reasonably required for its cure, then it shall not be deemed to be a Breach if Lessee commences
such cure within said 30 day period and thereaer diligently prosecutes such cure to compleon.
(f) The occurrence of any of the following events: (i) the making of any general arrangement or assignment for the benefit of creditors; (ii) becoming a
"debtor"asde fined in 11 U.S.C. § 101 or any successor statute thereto (unless, in the case of a peon filed against Lessee, the same is dismissed within 60 days); (iii)
the appointment of a trustee or receiver to take possession of substanally all of Lessee's assets located at the Premises or of Lessee's interest in this Lease, where
possession is not restored to Lessee within 30 days; or (iv) the aachment, execuon or other judicial seizure of substanally all of Lessee's assets located at the
Premises or of Lessee's interest in this Lease, where such seizure is not discharged within 30 days; provided, however, in the event that any provision of this
subparagraph is contrary to any applicable law, such provision shall be of no force or effect, and not affect the validity of the remaining provisions.
(g) The discovery that any financial statement of Lessee or of any Guarantor given to Lessor was materially false.
(h) If the performance of Lessee's obligaons under this Lease is guaranteed: (i) the death of a Guarantor, (ii) the terminaon of a Guarantor's liability
with respect to this Lease other than in accordance with the terms of such guaranty, (iii) a Guarantor's becoming insolvent or the subject of a bankruptcy filing, (iv) a
Guarantor's refusal to honor the guaranty, or (v) a Guarantor's breach of its guaranty obligaon on an ancipatory basis, and Lessee's failure, within 60 days following
wrien noce of any such event, to provide wrien alternave assurance or security, which, when coupled with the then exisng resources of Lessee, equals or
exceeds the combined financial resources of Lessee and the Guarantors that existed at the me of execuon of this Lease.
13.2 Remedies. If Lessee fails to perform any of its affirmave dues or obligaons, within 10 days aer wrien noce(orincaseofanemergency,without
noce), Lessor may, at its opon, perform such duty or obligaon on Lessee's behalf, including but not limited to the obtaining of reasonably required bonds,
insurance policies, or governmental licenses, permits or approvals. Lessee shall pay to Lessor an amount equal to 115% of the costs and expenses incurred by Lessor
in such performance upon receipt of an invoice therefor. In the event of a Breach, Lessor may, with or without further noce or demand, and without liming Lessor
in the exercise of any right or remedy which Lessor may have by reason of such Breach:
(a) Terminate Lessee's right to possession of the Premises by any lawful means, in which case this Lease shall terminate and Lessee shall immediately
surrender possession to Lessor. In such event Lessor shall be entled to recover from Lessee: (i) the unpaid Rent which had been earned at the me of terminaon;
(ii) the worth at the me of award of the amount by which the unpaid rent which would have been earned aer terminaon unltheme of award exceeds the
amount of such rental loss that the Lessee proves could have been reasonably avoided; (iii) the worth at the me of award of the amount by which the unpaid rent for
the balance of the term aer the me of award exceeds the amount of such rental loss that the Lessee proves could be reasonably avoided; and (iv) any other amount
necessary to compensate Lessor for all the detriment proximately caused by the Lessee's failure to perform its obligaons under this Lease or which in the ordinary
course of things would be likely to result therefrom, including but not limited to the cost of recovering possession of the Premises, expenses of releng, including
necessary renovaon and alteraon of the Premises, reasonable aorneys' fees, and that poron of any leasing commission paid by Lessor in connecon with this
Lease applicable to the unexpired term of this Lease. The worth at the me of award of the amount referred to in provision (iii) of the immediately preceding
sentence shall be computed by discounng such amount at the discount rate of the Federal Reserve Bank of the District within which the Premises are located at the
me of award plus one percent. Efforts by Lessor to migate damages caused by Lessee's Breach of this Lease shall not waive Lessor's right to recover any damages to
which Lessor is otherwise entled. If terminaon of this Lease is obtained through the provisional remedy of unlawful detainer, Lessor shall have the right to recover
in such proceeding any unpaid Rent and damages as are recoverable therein, or Lessor may reserve therigh t to recover all or any part thereof in aseparatesuit.Ifa
noce and grace period required under Paragraph 13.1 was not previously given, a noce to pay rent or quit, or to perform or quit given to Lessee under the unlawful
detainer statute shall also constute the noce required by Paragraph 13.1. In such case, the applicable grace period required by Paragraph 13.1 and the unlawful
detainer statute shall run concurrently, and the failure of Lessee to cure the Default within the greater of the two such grace periods shall constute both an unlawful
detainer and a Breach of this Lease entling Lessor to the remedies provided for in this Lease and/or by said statute.
(b) Connue the Lease and Lessee's right to possession and recover the Rent as it becomes due, in which event Lessee may sublet or assign, subject only
to reasonable limitaons. Acts of maintenance, efforts to relet, and/or the appointment of a receiver to protect the Lessor's interests, shall not constute a
terminaon of the Lessee's right to possession.
(c) Pursue any other remedy now or hereaer available under the laws or judicial decisions of the state wherein the Premises are located. The expiraon
or terminaon of this Lease and/or the terminaon of Lessee's right to possession shall not relieve Lessee from liability under any indemnity provisions of this Lease
as to maers occurring or accruing during the term hereof or by reason of Lessee's occupancy of the Premises.
13.3 Inducement Recapture. Any agreement for free or abated rent or other charges, the cost of tenant improvements for Lessee paid for or performed by
Lessor, or for the giving or paying by Lessor to or for Lessee of any cash or other bonus, inducement or consideraon for Lessee's entering into this Lease, all of which
concessions are hereinaer referred to as "Inducement Provisions," shall be deemed condioned upon Lessee's full and faithful performance of all of the terms,
covenants and condions of this Lease. Upon Breach of this Lease by Lessee, any such Inducement Provision shall automacally be deemed deleted from this Lease
andof nofurther forceoreffect, and any rent, other charge, bonus, inducement or consideraon theretofore abated, given or paid by Lessor under such an
Inducement Provision shall be immediately due and payable by Lessee to Lessor, notwithstanding any subsequent cure of said Breach by Lessee. The acceptance by
Lessorof rentor thecureof theBreach whichiniated the operaon of this paragraph shall not be deemed a waiver by Lessor of the provisions of this paragraph
unless specifically so stated in wring by Lessor at the me of such acceptance.
13.4 Late Charges. Lessee hereby acknowledges that late payment by Lessee of Rent will cause Lessor to incur costs not contemplated by this Lease, the exact
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amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounng charges, and late charges which may be
imposed upon Lessor by any Lender. Accordingly, if any Rent shall not be received by Lessor within 5 days aer such amount shall be due, then, without any
requirement for noce to Lessee, Lessee shall immediately pay to Lessor aone ­me late charge equal to 10% of each such overdue amount or $100, whichever is
greater. The Pares hereby agree that such late charge represents a fair and reasonable esmate of the costs Lessor will incur by reason of such late payment.
Acceptance of such late charge by Lessor shall in no event constute a waiver of Lessee's Default or Breach with respect to such overdue amount, nor prevent the
exercise of any of the other rights and remedies granted hereunder. In the event that a late charge is payable hereunder, whether or not collected, for 3 consecuve
installments of Base Rent, then notwithstanding any provision of this Lease to the contrary, Base Rent shall, at Lessor's opon, become due and payable quarterly in
advance.
13.5 Interest. Any monetary payment due Lessor hereunder, other than late charges, not received by Lessor, when due shall bear interest from the 31st day
aer it was due. The interest ("Interest") charged shall be computed at the rate of 10% per annum but shall not exceed the maximum rate allowed by law. Interest is
payable in addion to the potenal late charge provided for in Paragraph 13.4.
13.6 Breach by Lessor.
(a) NoƟce of Breach. Lessor shall not be deemed in breach of this Lease unless Lessor fails within a reasonable me to perform an obligaon required to
be performed by Lessor. For purposes of this Paragraph, a reasonable me shall in no event be less than 30 days aer receipt by Lessor, and any Lender whose name
and address shall have been furnished to Lessee in wring for such purpose, of wrien noce specifying wherein such obligaon of Lessor has not been performed;
provided, however, that if the nature of Lessor's obligaon is such that more than 30 days are reasonably required for its performance, then Lessor shall not be in
breach if performance is commenced within such 30 day period and thereaer diligently pursued to compleon.
(b) Performance by Lessee on Behalf of Lessor. In the event that neither Lessor nor Lender cures said breach within 30 days aer receipt of said noce,
or if having commenced said cure they do not diligently pursue it to compleon, then Lessee may elect to cure said breach at Lessee's expense and offset from Rent
the actual and reasonable cost to perform such cure, provided however, that such offset shall not exceed an amount equal to the greater of one month's Base Rent or
the Security Deposit, reserving Lessee's right to seek reimbursement from Lessor for any such expense in excess of such offset. Lessee shall document the cost of said
cure and supply said documentaon to Lessor.
14. CondemnaƟon. If the Premises or any poron thereof are taken under the power of eminent domain or sold under the threat of the exercise of said power
(collecvely "CondemnaƟon"), this Lease shall terminate as to the part taken as of the date the condemning authority takes tle or possession, whichever first occurs.
If more than 10% of the Building, or more than 25% of that poron of the Premises not occupied by any building, is taken by Condemnaon, Lessee may, at Lessee's
opon, to be exercised in wring within 10 days aer Lessor shall have given Lessee wrien noce of such taking (or in the absence of such noce, within 10 days
aer the condemning authority shall have taken possession) terminate this Lease as of the date the condemning authority takes such possession. If Lessee does not
terminate this Lease in accordance with the foregoing, this Lease shall remain in full force and effect as to the poron of the Premises remaining, except that the Base
Rent shall be reduced in proporon to the reducon in ulity of the Premises caused by such Condemnaon. Condemnaon awards and/or payments shall be the
property of Lessor, whether such award shall be made as compensaon for diminuon in value of the leasehold, the value of the part taken, or for severance
damages; provided, however, that Lessee shall be entled to any compensaon paid by the condemnor for Lessee's relocaon expenses, loss of business goodwill
and/or Trade Fixtures, without regard to whether or not this Lease is terminated pursuant to the provisions of this Paragraph. All Alteraons and Ulity Installaons
made to the Premises by Lessee, for purposes of Condemnaon only, shall be considered the property of the Lessee and Lessee shall be entled to any and all
compensaon which is payable therefor. In the event that this Lease is not terminated by reason of the Condemnaon, Lessor shall repair any damage to the
Premises caused by such Condemnaon.
15. Brokerage Fees.
15.1 AddiƟonal Commission.Inaddi on to the payments owed pursuant to Paragraph 1.9 above, Lessor agrees that: (a) if Lessee exercises any Opon, (b) if
Lessee or anyone affiliated with Lessee acquires any rights to the Premises or other premises owned by Lessor and located within the same Project, if any, within
which the Premises is located, (c) if Lessee remains in possession of the Premises, with the consent of Lessor, aer the expiraon of this Lease, or (d) if Base Rent is
increased, whether by agreement or operaon of an escalaon clause herein, then, Lessorshall payBrokers afeein accordance with the fee schedule ofthe Brokers in
effect at the me the Lease was executed. The provisions of this paragraph are intended to supersede the provisions of any earlier agreement to the contrary.
15.2 AssumpƟon of ObligaƟons. Any buyer or transferee of Lessor's interest in this Lease shall be deemed to have assumed Lessor's obligaon hereunder.
Brokers shall be third party beneficiaries of the provisions of Paragraphs 1.9, 15, 22 and 31. If Lessor fails to pay to Brokers any amounts due as and for brokerage fees
pertaining to this Lease when due, then such amounts shall accrue Interest. In addion, if Lessorfail s to pay any amounts to Lessee's Broker when due, Lessee's
Broker may send wrien noce to Lessor and Lessee of such failure and if Lessor fails to pay such amounts within 10 days aer said noce, Lessee shall pay said
monies to its Broker and offset such amounts against Rent. In addion, Lessee's Broker shall be deemed to be a third party beneficiary of any commission agreement
entered into by and/or between Lessor and Lessor's Broker for the limited purpose of collecng any brokerage fee owed.
15.3 RepresentaƟons and IndemniƟes of Broker RelaƟonships. Lessee and Lessor each represent and warrant to the other that it has had no dealings with any
person, firm, broker, agent or finder (other than the Brokers and Agents, if any) in connecon with this Lease, and that no one other than said named Brokers and
Agents is entled to any commission or finder's fee in connecon herewith. Lessee and Lessor do each hereby agree to indemnify, protect, defend and hold the other
harmless from and against liability for compensaon or charges which may be claimed by any such unnamed broker, finder or other similar party by reason of any
dealings or acons of the indemnifying Party, including any costs, expenses, aorneys' fees reasonably incurred with respect thereto.
16. Estoppel CerƟficates.
(a) Each Party (as "Responding Party") shall within 10 days aer wrien noce from the other Party (the "RequesƟng Party") execute, acknowledge and
deliver to the Requesng Party a statement in wring in form similar to the then most current "Estoppel CerƟficate" form published by AIR CRE, plus such addional
informaon, confirmaon and/or statements as may be reasonably requested by the Requesng Party.
(b) If the Responding Party shall fail to execute or deliver the Estoppel Cerficate within such 10 day period, the Requesng Party may execute an
Estoppel Cerficate stang that: (i) the Lease is in full force and effect without modificaon except as may be represented by the Requesng Party, (ii) there are no
uncured defaults in the Requesng Party's performance, and (iii) if Lessor is the Requesng Party, not more than one month's rent has been paid in advance.
Prospecve purchasers and encumbrancers may rely upon the Requesng Party's Estoppel Cerficate, and the Responding Party shall be estopped from denying the
truth of the facts contained in said Cerficate. In addion, Lessee acknowledges that any failure on its part to provide such an Estoppel Cerficate will expose Lessor
to risks and potenally cause Lessor to incur costs not contemplated by this Lease, the extent of which will be extremely difficult to ascertain. Accordingly, should the
Lessee fail to execute and/or deliver a requested Estoppel Cerficate in a mely fashion the monthly Base Rent shall be automacally increased, without any
requirement for noce to Lessee, by an amount equal to 10% of the then exisng Base Rent or $100, whichever is greater for remainder of the Lease. The Pares
agree that such increase in Base Rent represents fair and reasonable compensaon for the addional risk/costs that Lessor will incur by reason of Lessee's failure to
provide the Estoppel Cerficate. Such increase in Base Rent shall in no event constute a waiver of Lessee's Default or Breach with respect to the failure to provide
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the Estoppel Cerficate nor prevent the exercise of any of the other rights and remedies granted hereunder.
(c) If Lessor desires to finance, refinance, or sell the Premises, or any part thereof, Lessee and all Guarantors shall within 10 days aer wrien noce
from Lessor deliver to any potenal lender or purchaser designated by Lessor such financial statements as may be reasonably required by such lender or purchaser,
including but not limited to Lessee's financial statements for the past 3 years. All such financial statements shall be received by Lessor and such lender or purchaser in
confidence and shall be used only for the purposes herein set forth.
17. DefiniƟon of Lessor. The term "Lessor"asusedhereinshallmeantheownerorownersattheme in queson of the fee tle to the Premises, or, if this is a
sublease, of the Lessee's interest in the prior lease. In the event of a transfer of Lessor's tle or interest in the Premises or this Lease, Lessor shall deliver to the
transferee or assignee (in cash or by credit) any unused Security Deposit held by Lessor. Upon such transfer or assignment and delivery of the Security Deposit, as
aforesaid, the prior Lessor shall be relieved of all liability with respect to the obligaons and/or covenants under this Lease thereaer to be performed by the Lessor.
Subject to the foregoing, the obligaons and/or covenants in this Lease to be performed by the Lessor shall be binding only upon the Lessor as hereinabove defined.
18. Severability. The invalidity of any provision of this Lease, as determined by a court of competent jurisdicon, shall in no way affect the validity of any other
provision hereof.
19. Days. Unless otherwise specifically indicated to the contrary, the word "days"a s used in this Lease shall mean and refer to calendar days.
20. LimitaƟon on Liability. The obligaons of Lessor under this Lease shall not constute personal obligaons of Lessor, or its partners, members, directors, officers
or shareholders, and Lessee shall look to the Premises, and to no other assets of Lessor, for the sasfacon of any liability of Lessor with respect to this Lease, and
shall not seek recourse against Lessor's partners, members, directors, officers or shareholders, or any of their personal assets for such sasfacon.
21. Time of Essence. Time is of the essence with respect to the performance of all obligaons to be performed or observed by the Pares under this Lease.
22. No Prior or Other Agreements; Broker Disclaimer. This Lease contains all agreements between the Pares with respect to any maer menoned herein, and no
other prior or contemporaneous agreement or understanding shall be effecve. Lessor and Lessee each represents and warrants to the Brokers that it has made, and
is relying solely upon, its own invesgaon as to the nature, quality, character and financial responsibility of the other Party to this Lease and as to the use, nature,
quality and character of the Premises. Brokers have no responsibility with respect thereto or with respect to any default or breach hereof by either Party.
23. NoƟces.
23.1 NoƟce Requirements.Allno ces required or permied by this Lease or applicable law shall be in wring and may be delivered in person (by hand or by
courier) or may be sent by regular, cerfied or registered mail or U.S. Postal Service Express Mail, with postage prepaid, or by facsimile transmission, or by email, and
shall be deemed sufficiently given if served in a manner specified in this Paragraph 23. The addresses noted adjacent to a Party's signature on this Lease shall be that
Party'saddressfordeliveryormailingofno ces. Either Party may by wrien noce to the other specify a different address for noce, except that upon Lessee's
taking possession of the Premises, the Premises shall constute Lessee's address for noce. A copy of all noces to Lessor shall be concurrently transmied to such
party or pares at such addresses as Lessor may from me to me hereaer designate in wring.
23.2 Date of NoƟce.Anyno ce sent by registered or cerfied mail, return receipt requested, shall be deemed given on the date of delivery shown on the
receipt card, or if no delivery date is shown, the postmark thereon. If sent by regular mail the noce shall be deemed given 72 hours aer the same is addressed as
required herein and mailed with postage prepaid. Noces delivered by United States Express Mail or overnight courier that guarantees next day delivery shall be
deemed given 24 hours aer delivery of the same to the Postal Service or courier. Noces delivered by hand, or transmied by facsimile transmission or by email
shall be deemed delivered upon actual receipt. If noce is received on a Saturday, Sunday or legal holiday, it shall be deemed received on the next business day.
23.3 OpƟons. Notwithstanding the foregoing, in order to exercise any Opons (see paragraph 39), the Noce must be sent by Cerfied Mail (return receipt
requested), Express Mail (signature required), courier (signature required) or some other methodology that provides a receipt establishing the date the noce was
received by the Lessor.
24. Waivers.
(a) No waiver by Lessor of the Default or Breach of any term, covenant or condion hereof by Lessee, shall be deemed a waiver of any other term,
covenant or condion hereof, or of any subsequent Default or Breach by Lessee of the same or of any other term, covenant or condion hereof. Lessor's consent to,
or approval of, any act shall not be deemed to render unnecessary the obtaining of Lessor's consent to, or approval of, any subsequent or similar act by Lessee, or be
construed as the basis of an estoppel to enforce the provision or provisions of this Lease requiring such consent.
(b) The acceptance of Rent by Lessor shall not be a waiver of any Default or Breach by Lessee. Any payment by Lessee may be accepted by Lessor on
account of monies or damages due Lessor, notwithstanding any qualifying statements or condions made by Lessee in connecon therewith, which such statements
and/or condions shall be of no force or effect whatsoever unless specifically agreed to in wring by Lessor at or before the me of deposit of such payment.
(c) THE PARTIES AGREE THAT THE TERMS OF THIS LEASE SHALL GOVERN WITH REGARD TO ALL MATTERS RELATED THERETO AND HEREBY WAIVE THE
PROVISIONS OF ANY PRESENT OR FUTURE STATUTE TO THE EXTENT THAT SUCH STATUTE IS INCONSISTENT WITH THIS LEASE.
25. Disclosures Regarding The Nature of a Real Estate Agency RelaƟonship.
(a) When entering into a discussion with arealestateagen t regarding arealestatetransac on, aLesso r or Lessee should from the outset understand
what type of agency relaonship or representaon it has with the agent or agents in the transacon. Lessor and Lessee acknowledge being advised by the Brokers in
this transacon, as follows:
(i) Lessor's Agent. A Lessor's agent under a lisng agreement with the Lessor acts as the agent for the Lessor only. A Lessor's agent or subagent
has the following affirmave obligaons: To the Lessor:A fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Lessor. To the Lessee and
the Lessor: (a) Diligent exercise of reasonable skills and care in performance of the agent's dues. (b) A duty of honest and fair dealing and good faith. (c) A duty to
disclose all facts known to the agent materially affecng the value or desirability of the property that are not known to, or within the diligent aenon and
observaon of, the Pares. An agent is not obligated to reveal to either Party any confidenal informaon obtained from the other Party which does not involve the
affirmave dues set forth above.
(ii) Lessee's Agent. An agent can agree to act as agent for the Lessee only. In these situaons, the agent is not the Lessor's agent, even if by
agreement the agent may receive compensaon for services rendered, either in full or in part from the Lessor. An agent acng only for a Lessee has the following
affirmave obligaons. To the Lessee:A fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Lessee. To the Lessee and the Lessor:(a)
Diligent exercise of reasonable skills and care in performance of the agent's dues. (b) A duty of honest and fair dealing and good faith. (c) A duty to disclose all facts
known to the agent materially affecng the value or desirability of the property that are not known to, or within the diligent aenon and observaon of, the Pares.
An agent is not obligated to reveal to either Party any confidenal informaon obtained from the other Party which does not involve the affirmave dues set forth
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above.
(iii) Agent RepresenƟng Both Lessor and Lessee. A real estate agent, either acng directly or through one or more associate licensees, can legally be
the agent of both the Lessor and the Lessee in atransac on, but only with the knowledge and consent of both the Lessor and the Lessee. In a dual agency situaon,
the agent has the following affirmave obligaons to both the Lessor and the Lessee: (a) A fiduciary duty of utmost care, integrity, honesty and loyalty in the dealings
with either Lessor or the Lessee. (b) Other dues to the Lessor and the Lessee as stated above in subparagraphs (i) or (ii). In represenng both Lessor and Lessee, the
agent may not, without the express permission of the respecve Party, disclose to the other Party confidenal informaon, including, but not limited to, facts relang
to either Lessee's or Lessor's financial posion, movaons, bargaining posion, or other personal informaon that may impact rent, including Lessor's willingness to
accept a rent less than the lisng rentor Lessee'swillingness to pay rent greater than the rentoffered. The above dues of the agent in a real estate transacon do
not relieve a Lessor or Lessee from the responsibility to protect their own interests. Lessor and Lessee should carefully read all agreements to assure that they
adequately express their understanding of the transacon. A real estate agent is a person qualified to advise about real estate. If legal or tax advice is desired, consult
a competent professional. Both Lessor and Lessee should strongly consider obtaining tax advice from a competent professional because the federal and state tax
consequences of a transacon can be complex and subject to change.
(b) Brokers have no responsibility with respect to any default or breach hereof by either Party. The Pares agree that no lawsuit or other legal
proceeding involving any breach of duty, error or omission relang to this Lease may be brought against Broker more than one year aer the Start Date and that the
liability (including court costs and aorneys' fees), of any Broker with respect to any such lawsuit and/or legal proceeding shall not exceed the fee received by such
Broker pursuant to this Lease; provided, however, that the foregoing limitaon on each Broker's liability shall not be applicable to any gross negligence or willful
misconduct of such Broker.
(c) Lessor and Lessee agree to idenfy to Brokers as "Confidenal" any communicaon or informaon givenBrokers thatisconsidered by such Party to
be confidenal.
26. No Right To Holdover. Lessee has no right to retain possession of the Premises or any part thereof beyond the expiraon or terminaon of this Lease. At or
prior to the expiraon or terminaon of this Lease Lessee shall deliver exclusive possession of the Premises to Lessor. For purposes of this provision and Paragraph
13.1(a), exclusive possession shall mean that Lessee shall have vacated the Premises, removed all of its personal property therefrom and that the Premises have been
returned in the condion specified in this Lease. In the event that Lessee does not deliver exclusive possession to Lessor as specified above, then Lessor's damages
during any holdover period shall be computed at the amount of the Rent (as defined in Paragraph 4.1) due during the last full month before the expiraon or
terminaon of this Lease (disregarding any temporary abatement of Rent that may have been in effect), but with Base Rent being 150% of the Base Rent payable
during such last full month. Nothing contained herein shall be construed as consent by Lessor to any holding over by Lessee.
27. Cumulave Remedies. No remedy or elecon hereunder shall be deemed exclusive but shall, wherever possible, be cumulave with all other remedies at law or
in equity.
28. Covenants and Condions; Construcon of Agreement. All provisions of this Lease to be observed or performed by Lessee are both covenants and condions.
In construing this Lease, all headings and tles are for the convenience of the Pares only and shall not be considered a part of this Lease. Whenever required by the
context, the singular shall include the plural and vice versa. This Lease shall not be construed as if prepared by one of the Pares, but rather according to its fair
meaning as a whole, as if both Pares had prepared it.
29. Binding Effect; Choice of Law. This Lease shall be binding upon the Pares, their personal representaves, successors and assigns and be governed by the laws
of the State in which the Premises are located. Any ligaon between the Pares hereto concerningthi s Lease shall be iniated in the county in which the Premises
are located. Signatures to this Lease accomplished by means of electronic signature or similar technology shall be legal and binding.
30. Subordinaon; Aornment; Non­Disturbance.
30.1 Subordinaon.ThisLeaseandanyOp on granted hereby shall be subject and subordinate to any ground lease, mortgage, deed of trust, or other
hypothecaon or security device (collecvely, "Security Device"), now or hereaer placed upon the Premises, to any and all advances made on the security thereof,
and to all renewals, modificaons, and extensions thereof. Lessee agrees that the holders of any such Security Devices (in this Lease together referred to as "Lender")
shall have no liability or obligaon to perform any of the obligaons of Lessor under this Lease. Any Lender may elect to have this Lease and/or any Opon granted
hereby superior to the lien of its Security Device by giving wrien noce thereof to Lessee, whereupon this Lease and such Opons shall be deemed prior to such
Security Device, notwithstanding the relave dates of the documentaon or recordaon thereof.
30.2 Aornment. In the event that Lessor transfers tle to the Premises, or the Premises are acquired by another upon the foreclosure or terminaon of a
Security Device to which this Lease is subordinated (i) Lessee shall, subject to the non­disturbance provisions of Paragraph 30.3, aorn to such new owner, and upon
request, enter intoa new lease,containing allof the terms and provisions of this Lease, with such new owner for the remainder of the term hereof, or, at the elecon
of the new owner, this Lease will automacally become a new lease between Lessee and such new owner, and (ii) Lessor shall thereaer be relieved of any further
obligaons hereunder and such new owner shall assume all of Lessor's obligaons, except that such new owner shall not: (a) be liable for any act or omission of any
prior lessor or with respect to events occurring prior to acquision of ownership; (b) be subject to any offsets or defenses which Lessee might have against any prior
lessor, (c) be bound by prepayment of more than one month's rent, or (d) be liable for the return of any security deposit paid to any prior lessor which was not paid or
credited to such new owner.
30.3 Non­Disturbance. With respect to Security Devices entered into by Lessor aer the execuon of this Lease, Lessee's subordinaon of this Lease shall be
subject to receiving acommerciallyreasonableno n­disturbance agreement (a "Non­Disturbance Agreement") from the Lender which Non­Disturbance Agreement
provides that Lessee's possession of the Premises, and this Lease, including any opons to extend the term hereof, will not be disturbed so long as Lessee is not in
Breach hereof and aorns to the record owner of the Premises. Further, within 60 days aer the execuon of this Lease, Lessor shall, if requested by Lessee, use its
commercially reasonable efforts to obtain a Non­Disturbance Agreement from the holder of any pre­exisng Security Device which is secured by the Premises. In the
event that Lessor is unable to provide the Non­Disturbance Agreement within said 60 days, then Lessee may, at Lessee's opon, directly contact Lender and aempt
to negoate for the execuon and delivery of a Non­Disturbance Agreement.
30.4 Self­Execung.Theagreement s contained in this Paragraph 30 shall be effecve without the execuon of any further documents; provided, however, that,
upon wrien request from Lessor or a Lender in connecon with a sale, financing or refinancing of the Premises, Lessee and Lessor shall execute such further wrings
as may be reasonably required to separately document any subordinaon, aornment and/or Non­Disturbance Agreement provided for herein.
31. Aorneys' Fees. If any Party or Broker brings an acon or proceeding involving the Premises whether founded in tort, contract or equity, or to declare rights
hereunder, the Prevailing Party (as hereaer defined) in any such proceeding, acon, or appeal thereon, shall be entled to reasonable aorneys' fees. Such fees may
be awarded in the same suit or recovered in a separate suit, whether or not such acon or proceeding is pursued to decision or judgment. The term, "Prevailing
Party" shall include, without limitaon, aPartyo r Broker who substanally obtains or defeats the relief sought, as the case may be, whether by compromise,
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selement, judgment, or the abandonment by the other Party or Broker of its claim or defense. Thea orneys' fees award shall not be computed in accordance with
any court fee schedule, but shall be such as to fully reimburse all aorneys' fees reasonably incurred. In addion, Lessor shall be entled to aorneys' fees, costs and
expenses incurred in the preparaon and service of noces of Default and consultaons in connecon therewith, whether or not a legal acon is subsequently
commenced in connecon with such Default or resulng Breach ($200 is a reasonable minimum per occurrence for such services and consultaon).
32. Lessor's Access; Showing Premises; Repairs. Lessor and Lessor's agents shall have the right to enter the Premises at any me, in the case of an emergency, and
otherwise at reasonable mes aer reasonable prior noce for the purpose of showing the same to prospecve purchasers, lenders, or tenants, and making such
alteraons, repairs, improvements or addions to the Premises as Lessor may deem necessary or desirable and the erecng, using and maintaining of ulies,
services, pipes and conduits through the Premises and/or other premises as long as there is no material adverse effect on Lessee's use of the Premises. All such
acvies shall be without abatement of rent or liability to Lessee.
33. Aucons. Lessee shall not conduct, nor permit to be conducted, any aucon upon the Premises without Lessor's prior wrien consent. Lessor shall not be
obligated to exercise any standard of reasonableness in determining whether to permit an aucon.
34. Signs. Lessor may place on the Premises ordinary "For Sale" signs at any me and ordinary "For Lease" signs during the last 6 months of the term hereof. Except
for ordinary "for sublease" signs, Lessee shall not place any sign upon the Premises without Lessor's prior wrien consent. All signs must comply with all Applicable
Requirements.
35. Terminaon; Merger. Unless specifically stated otherwise in wring by Lessor, the voluntary or other surrender of this Lease by Lessee, the mutual terminaon
or cancellaon hereof, or a terminaon hereof by Lessor for Breach by Lessee, shall automacally terminate any sublease or lesser estate in the Premises; provided,
however, that Lessor may elect to connue any one or all exisng subtenancies. Lessor's failure within 10 days following any such event to elect to the contrary by
wrien noce to the holder of any such lesser interest, shall constute Lessor's elecon to have such event constute the terminaon of such interest.
36. Consents. All requests for consent shall be in wring. Except as otherwise provided herein, wherever in this Lease the consent of a Party is required to an act by
or for the other Party, such consent shall not be unreasonably withheld or delayed. Lessor's actual reasonable costs and expenses (including but not limited to
architects', aorneys', engineers' and other consultants' fees) incurred in the consideraon of, or response to, a request by Lessee for any Lessor consent, including
but not limited to consents to an assignment, a subleng or the presence or use of a Hazardous Substance, shall be paid by Lessee upon receipt of an invoice and
supporng documentaon therefor. Lessor's consent to any act, assignment or subleng shall not constute an acknowledgment that no Default or Breach by Lessee
of this Lease exists, nor shall such consent be deemed a waiver of any then exisng Default or Breach, except as may be otherwise specifically stated in wring by
Lessor at the me of such consent. The failure to specify herein any parcular condion to Lessor's consent shall not preclude the imposion by Lessor at the me of
consent of such further or other condions as are then reasonable with reference to the parcular maer for which consent is being given. In the event that either
Party disagrees with any determinaon made by the other hereunder and reasonably requests the reasons for such determinaon, the determining party shall furnish
its reasons in wring and in reasonable detail within 10 business days following such request.
37. Guarantor.
37.1 Execuon. The Guarantors, if any, shall each execute a guaranty in the form most recently published by AIR CRE, and each such Guarantor shall have the
same obligaons as Lessee under this Lease.
37.2 Default. It shall constute a Default of the Lessee if any Guarantor fails or refuses, upon request to provide: (a) evidence of the execuon of the guaranty,
including the authority of the party signing on Guarantor's behalf to obligate Guarantor, and in the case of a corporate Guarantor, a cerfied copy of a resoluon of its
board of directors authorizing the making of such guaranty, (b) current financial statements, (c) an Estoppel Cerficate, or (d) wrien confirmaon that the guaranty is
sll in effect.
38. Quiet Possession. Subject to payment by Lessee of the Rent and performance of all of the covenants, condions and provisions on Lessee's part to be observed
and performed under this Lease, Lessee shall have quiet possession and quiet enjoyment of the Premises during the term hereof.
39. Opons. If Lessee is granted any Opon, as defined below, then the following provisions shall apply.
39.1 Definion." Opon" shall mean: (a) the right to extend or reduce the term of or renew this Lease or to extend or reduce the term of or renew any lease
that Lessee has on other property of Lessor; (b) the right of first refusal or first offer to lease either the Premises or other property of Lessor; (c) the right to purchase,
the right of first offer to purchase or the right of first refusal to purchase the Premises or other property of Lessor.
39.2 Opons Personal To Original Lessee.AnyOp on granted to Lessee in this Lease is personal to the original Lessee, and cannot be assigned or exercised by
anyone other than said original Lessee and only while the original Lessee is in full possession of the Premises and, if requested by Lessor, with Lessee cerfying that
Lessee has no intenon of thereaer assigning or subleng.
39.3 Mulple Opons. In the event that Lessee has any mulple Opons to extend or renew this Lease, a later Opon cannot be exercised unless the prior
Opons have been validly exercised.
39.4 Effect of Default on Opons.
(a) Lessee shall have no right to exercise an Opon: (i) during the period commencing with the giving of any noce of Default and connuing unlsai d
Default is cured, (ii) during the period of me any Rent is unpaid (without regard to whether noce thereof is given Lessee), (iii) during the me Lessee is in Breach of
this Lease, or (iv) in the event that Lessee has been given 3 or more noces of separate Default, whether or not the Defaults are cured, during the 12 month period
immediately preceding the exercise of the Opon.
(b) The period of me within which an Oponmay be exercisedshall not be extended or enlarged byreason of Lessee's inability to exercise anOpon
because of the provisions of Paragraph 39.4(a).
(c) An Opon shall terminate and be of no further force or effect, notwithstanding Lessee's due and mely exercise of the Opon, if, aer such exercise
and prior to the commencement of the extended term or compleon of the purchase, (i) Lessee fails to pay Rent for a period of 30 days aer such Rent becomes due
(without any necessity of Lessor to give noce thereof), or (ii) if Lessee commits a Breach of this Lease.
40. Mulple Buildings. If the Premises are a part of a group of buildings controlled by Lessor, Lessee agrees that it will abide by and conform to all reasonable rules
and regulaons which Lessor may make from me to me for the management, safety, and care of said properes, including the care and cleanliness of the grounds
and including the parking, loading and unloading of vehicles, and to cause its employees, suppliers, shippers, customers, contractors and invitees to so abide and
conform. Lessee also agrees to pay its fair share of common expenses incurred in connecon with such rules and regulaons.
41. Security Measures. Lessee hereby acknowledges that the Rent payable to Lessor hereunder does not include the cost of guard service or other security
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measures, and that Lessor shall have no obligaon whatsoever to provide same. Lessee assumes all responsibility for the protecon of the Premises, Lessee, its
agents and invitees and their property from the acts of third pares.
42. Reservaons. Lessor reserves to itself the right, from me to me, to grant, without the consent or joinder of Lessee, such easements, rights and dedicaons
that Lessor deems necessary, and to cause the recordaon of parcel maps and restricons, so long as such easements, rights, dedicaons, maps and restricons do
not unreasonably interfere with the use of the Premises by Lessee. Lessee agrees to sign any documents reasonably requested by Lessor to effectuate any such
easement rights, dedicaon, map or restricons.
43. Performance Under Protest. If at any me adispute shall ariseas toany amountorsum ofmoney tobepaid byone Partytothe otherunder theprovisions
hereof, the Party against whom the obligaon to pay the money is asserted shall have the right to make payment "under protest" and such payment shall not be
regarded as a voluntary payment and there shall survive the right on the part of said Party to instute suit for recovery of such sum. If it shall be adjudged that there
was no legal obligaon on the part of said Party to pay such sum or any part thereof, said Party shall be entled to recover such sum or so much thereof as it was not
legally required to pay. A Party who does not iniate suit for the recovery of sums paid "under protest" within 6 months shall be deemed to have waived its right to
protest such payment.
44. Authority; Mulple Pares; Execuon.
(a) If either Party hereto is a corporaon, trust, limited liability company, partnership, or similar enty, each individual execung this Lease on behalf of
such enty represents and warrants that he or she is duly authorized to execute and deliver this Lease on its behalf. Each Party shall, within 30 days aer request,
deliver to the other Party sasfactory evidence of such authority.
(b) If this Lease is executed by more than one person or enty as "Lessee", each such person or enty shall be jointly and severally liable hereunder. It is
agreed that any one of the named Lessees shall be empowered to execute any amendment to this Lease, or other document ancillary thereto and bind all of the
named Lessees, and Lessor may rely on the same as if all of the named Lessees had executed such document.
(c) This Lease may be executed by the Pares in counterparts, each of which shall be deemed an original and all of which together shall constute one
and the same instrument.
45. Conflict. Any conflict between the printed provisions of this Lease and the typewrien or handwrien provisions shall be controlled by the typewrien or
handwrien provisions.
46. Offer. Preparaon of this Lease by either Party or their agent and submission of same to the other Party shall not be deemed an offer to lease to the other
Party. This Lease is not intended to be binding unl executed and delivered by all Pares hereto.
47. Amendments. This Lease may be modified only in wring, signed by the Pares in interest at the me of the modificaon. As long as they do not materially
change Lessee's obligaons hereunder, Lessee agrees to make such reasonable non­monetary modificaons to this Lease as may be reasonably required by a Lender
in connecon with the obtaining of normal financing or refinancing of the Premises.
48. Waiver of Jury Trial. THE PARTIES HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING INVOLVING THE PROPERTY
OR ARISING OUT OF THIS LEASE.
49. Arbitraon of Disputes. An Addendum requiring the Arbitraon of all disputes between the Pares and/or Brokers arising out of this Lease is is not
aached to this Lease.
50. Accessibility; Americans with Disabilies Act.
(a) The Premises:
have not undergone an inspecon by a Cerfied Access Specialist (CASp). Note: A Cerfied Access Specialist (CASp) can inspect the subject premises and
determine whether the subject premises comply with all of the applicable construcon­related accessibility standards under state law. Although state law does not
require a CASp inspecon of the subject premises, the commercial property owner or lessor may not prohibit the lessee or tenant from obtaining a CASp inspecon of
the subject premises for the occupancy or potenal occupancy of the lessee or tenant, if requested by the lessee or tenant. The pares shall mutually agree on the
arrangements for the me and manner of the CASp inspecon, the payment of the fee for the CASp inspecon, and the cost of making any repairs necessary to
correct violaons of construcon­related accessibility standards within the premises.
have undergone an inspecon by a Cerfied Access Specialist (CASp) and it was determined that the Premises met all applicable construcon­related
accessibility standards pursuant to California Civil Code §55.51 et seq. Lessee acknowledges that it received a copy of the inspecon report at least 48 hours prior to
execung this Lease and agrees to keep such report confidenal.
have undergone an inspecon by a Cerfied Access Specialist (CASp) and it was determined that thePremise s did not meet all applicable construcon­related
accessibility standards pursuant to California Civil Code §55.51 et seq. Lessee acknowledges that it received acopyoftheinspec on report at least 48 hours prior to
execung this Lease and agrees to keep such report confidenal except as necessary to complete repairs and correcons of violaons of construcon related
accessibility standards.
In the event that the Premises have been issued an inspecon report by a CASp the Lessor shall provide a copy of the disability access inspecon cerficate to Lessee
within 7 days of the execuon of this Lease.
(b) Since compliance with the Americans with Disabilies Act (ADA) and other state and local accessibility statutes are dependent upon Lessee's specific
use of the Premises, Lessor makes no warranty or representaon as to whether or not the Premises comply with ADA or any similar legislaon. In the event that
Lessee's use of the Premises requires modificaons or addions to the Premises in order to be in compliance with ADA or other accessibility statutes, Lessee agrees to
make any such necessary modificaons and/or addions at Lessee's expense.
LESSOR AND LESSEE HAVE CAREFULLY READ AND REVIEWED THIS LEASE AND EACH TERM AND PROVISION CONTAINED HEREIN, AND BY THE EXECUTION OF THIS
LEASE SHOW THEIR INFORMED AND VOLUNTARY CONSENT THERETO. THE PARTIES HEREBY AGREE THAT, AT THE TIME THIS LEASE IS EXECUTED, THE TERMS OF
THIS LEASE ARE COMMERCIALLY REASONABLE AND EFFECTUATE THE INTENT AND PURPOSE OF LESSOR AND LESSEE WITH RESPECT TO THE PREMISES.
ATTENTION: NO REPRESENTATION OR RECOMMENDATION IS MADE BY AIR CRE OR BY ANY BROKER AS TO THE LEGAL SUFFICIENCY, LEGAL EFFECT, OR TAX
CONSEQUENCES OF THIS LEASE OR THE TRANSACTION TO WHICH IT RELATES. THE PARTIES ARE URGED TO:
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1. SEEK ADVICE OF COUNSEL AS TO THE LEGAL AND TAX CONSEQUENCES OF THIS LEASE.
2. RETAIN APPROPRIATE CONSULTANTS TO REVIEW AND INVESTIGATE THE CONDITION OF THE PREMISES. SAID INVESTIGATION SHOULD INCLUDE BUT NOT BE
LIMITED TO: THE POSSIBLE PRESENCE OF HAZARDOUS SUBSTANCES, THE ZONING OF THE PREMISES, THE STRUCTURAL INTEGRITY, THE CONDITION OF THE ROOF
AND OPERATING SYSTEMS, AND THE SUITABILITY OF THE PREMISES FOR LESSEE'S INTENDED USE.
WARNING: IF THE PREMISES ARE LOCATED IN A STATE OTHER THAN CALIFORNIA, CERTAIN PROVISIONS OF THE LEASE MAY NEED TO BE REVISED TO COMPLY WITH
THELAWSOFTHESTATEINWHICHTHEPREMISESARELOCATED.
The pares hereto have executed this Lease at the place and on the dates specified above their respecve signatures.
Executed at:
On:
By LESSOR:
Thornmint 13, LLC, , a California limited
liability company
By:
Name Printed: John Weersing
Title: Member
Phone:
Fax:
Email:
By:
Name Printed: Rebecca Weersing
Title: Member
Phone:
Fax:
Email:
Address:
Federal ID No.:
Executed at:
On:
By LESSEE:
BioArkive, Inc., a California corporation
By:
Name Printed: Brett Hall
Title: CFO
Phone:
Fax:
Email:
By:
Name Printed: Praveen Nair
Title: CEO
Phone:
Fax:
Email:
Address: 10720 Thornmint Road, San Diego, CA
92127
Federal ID No.:
BROKER
Colliers International CA, Inc., Colliers
International
An: David Harper
Title: Senior Vice President
Address: 4350 La Jolla Village Drive, Suite
500, San Diego, CA 92122
Phone: 858-677-5331
Fax:
Email: david.harper@colliers.com
Federal ID No.:
Broker DRE License #: 01908588
Agent DRE License #: 00880644
BROKER
Horizon Resources, Inc.
An: Nehal Wadhwa
Title:
Address: 2260 Rutherford Road, Suite 211, San
Diego, CA 92008
Phone: (760)69 2-5205
Fax:
Email: Nehal@horizonresourcesinc.com
Federal ID No.:
Broker DRE License #:
Agent DRE License #:
AIR CRE * hps://www.aircre.com * 213­687­8777 * contracts@aircre.com
NOTICE: No part of these works may be reproduced in any form without permission in wring.
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ADDENDUM TO AIR COMMERCIAL REAL ESTATE ASSOCIATION
STANDARD INDUSTRIAL/COMMERCIAL SINGLE-TENANT LEASE – NET

This Addendum to AIR Commercial Real Estate Association Standard Industrial/Commercial
Single-Tenant Lease - Net (“Addendum”) is made and entered into to be effective as of this 22nd
day of July, 2021, by and between Thornmint 13, LLC, a California limited liability company
(“Lessor”) and BioArkive, Inc., a California corporation (“Lessee”).

RECITALS

WHEREAS, Lessor and Lessee have entered into that certain AIR Commercial Real Estate
Association Standard Industrial/Commercial Single-Tenant Lease – Net between them of even
date herewith (the “Lease”), concerning that certain real property in San Diego, California,
commonly known as 10864 Thornmint, California 92127 consisting of an approximately 38,613
square foot single tenant industrial building;

WHEREAS, the parties wish to amend certain matters set forth in the Lease, and accordingly
execute this Addendum.

OPERATIVE PROVISIONS

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

51. Definitions.  Capitalized terms not otherwise defined herein shall have the meaning set
forth in the Lease.
52. Conflicts. In the event of any conflict between the provisions of this Addendum and the
provisions of the Lease, this Addendum shall control.
53. Early Possession Date (Section 1.4).  Section 1.4 of the Lease shall be deleted in its
entirety and shall be replaced with the following:
 “If the Premises are available, Lessee may have non-exclusive possession of the Premises
commencing upon the occurrence of all of the following: (i) execution of the Lease and
this Addendum by Lessor and Lessee, (ii) Lessee’s payment to Lessor of the amount set
forth in Section 1.6(e) of the Lease, and (iii) Lessee’s delivery to Lessor of a certificate of
general liability insurance in the amount set forth in the Lease.  Lessor to pay no penalty
for delay in occupancy.”

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54. (a) Rent Escalation.  The Base Rent, as set forth in Section 1.6(a) of the Lease shall
be payable, and shall increase, as follows:
Year 01:  10/01/21 – 10/31/21: $55,990.00 NNN
11/01/21 – 09/31/22: $27,995.00 NNN (subject to Section 54(b) below)
Year 02:  10/01/22 – 12/31/22: $28,835.00 NNN (subject to Section 54(b) below)
01/01/22 – 09/30/23: $57,670.00 NNN
Year 03:  10/01/23 – 09/30/24: $59,400.00 NNN
Year 04:  10/01/24 – 09/30/25: $61,182.00 NNN
Year 05:  10/01/25 – 09/30/26: $63,017.00 NNN
Year 06:  10/01/26 – 09/30/27: $64,908.00 NNN
Year 07:  10/01/27 – 09/30/28: $66,855.00 NNN
Year 08:  10/01/28 – 09/30/29: $68,861.00 NNN
Year 09:  10/01/29 – 09/30/30: $70,926.00 NNN
Year 10:  10/01/30 – 09/30/31: $73,054.00 NNN
Year 11:  10/01/31 – 04/30/32: $75,246.00 NNN

(b) Rental Abatement.  Notwithstanding anything to the contrary contained in the
Lease, and provided that Lessee faithfully performs all of the terms and conditions of the
Lease, Lessor hereby agrees to abate Lessee's obligation to pay half of the Base Rent for
the months of November 2021 through December 2022.  During such abatement period,
Lessee shall still be responsible for the payment of all of its other monetary obligations
under the Lease.  In the event of a default by Lessee under the terms of the Lease that
results in early termination pursuant to the provisions of Section 13.1 of the Lease, then
as part of the recovery set forth in Section 13.2, Lessor shall be entitled to the recovery of
the Base Rent that was abated under the provisions of this Section 54.  The amount of
Base Rent to be abated pursuant to this Section 54 may be referred to herein as the
"Abated Rent Amount."  Notwithstanding the foregoing or anything to the contrary
contained herein, upon written notice to Lessee, Lessor shall have the option to satisfy all
or any portion of Lessee's Abated Rent Amount by paying such amount to Lessee, in
which case the amount so paid to Lessee shall nullify an equivalent amount of abatement
of Lessee's Base Rent as to the period so designated by Lessor in Lessor's written notice
to Lessee.
55. Option to Extend the Lease.  Lessee shall have the right and option to renew the Lease
("Renewal Option") for one (1) additional period of ten (10) years (the "Option Term");
provided, however, the Renewal Option is contingent upon the following:  (i) Lessee is
not in default beyond any applicable notice and cure period provided for herein at the
time Lessee gives Lessor notice of Lessee's intention to exercise the Renewal Option; (ii)
upon the Expiration Date, Lessee has no outstanding default beyond any applicable
notice and cure period provided for herein; (iii) no event has occurred that upon notice or
the passage of time would constitute a default; and (iv) Lessee is occupying the Premises.
Following the expiration of the Option Term, Lessee shall have no further right to renew
the Lease.
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Lessee shall exercise the Renewal Option by giving Lessor notice at least nine (9)
months, but not more than twelve (12) months, prior to the Expiration Date.  If Lessee
fails to give notice to Lessor prior to such nine (9) month period or provides written
notice more than twelve (12) months prior to the Expiration Date, then Lessee shall
forfeit the Renewal Option.  If Lessee exercises timely the Renewal Option, then during
the Option Term, Lessor’s and Lessee’s respective rights, duties and obligations shall be
governed by the terms and conditions of the Lease, except as provided otherwise herein.
Time is of the essence in exercising the Renewal Option.  If Lessee exercises timely the
Renewal Option, then during the Option Term, all references to the term “Term”, as used
in the Lease, shall mean the “Option Term”.
The Minimum Base Rent for the Option Term shall be the Fair Market Rental Rate.  The
term "Fair Market Rental Rate" shall mean an amount equal to the greater of the
Minimum Base Rent applicable for the Premises during the last year of the Term and the
market rental rate for the time period such determination is being made for similar
Flex/R&D/Corporate buildings with equivalent parking in the Rancho Bernardo,
California area within a five (5) mile radius, to include rental rate, rent increase  (the
"AREA") of comparable condition and of equivalent quality, size, utility, and location.
Lessor shall deliver to Lessee notice of the Fair Market Rental Rate (the "FMR Notice")
for the Premises for the Option Term within ten (10) days after Lessee exercises the
Option.  If Lessee disagrees with Lessor's assessment of the Fair Market Rental Rate
specified in the FMR Notice, then it shall so notify Lessor in writing within ten (10) days
after delivery of the FMR Notice; otherwise, the rate set forth in the FMR Notice shall be
the Fair Market Rental Rate.  If Lessee timely delivers to Lessor notice that Lessee
disagrees with Lessor's assessment of the Fair Market Rental Rate, then Lessor and
Lessee shall meet to attempt to determine the Fair Market Rental Rate.  If Lessee and
Lessor are unable to agree on such Fair Market Rental Rate within ten (10) days after
Lessee notifies Lessor of Lessee's disagreement with Lessor's assessment thereof, then
Lessor and Lessee shall each appoint an independent real estate appraiser with an MAI
designation and with at least ten (10) years' commercial real estate appraisal experience
in the AREA market.  The two appraisers shall then, within ten (10) days after their
designation, select an independent third appraiser with like qualifications.  Within twenty
(20) days after the selection of the third appraiser, a majority of the appraisers shall
determine the Fair Market Rental Rate.  If a majority of the appraisers is unable to agree
upon the Fair Market Rental Rate by such time, then the two (2) closest appraisals shall
be averaged and the average will be the Fair Market Rental Rate.  Lessee and Lessor shall
each bear the entire cost of the appraiser selected by it and shall share equally the cost of
the third appraiser. In no event shall the Fair Market Rental Rate be less than one hundred
three percent (103%) of the Minimum Base Rent applicable for the Premises during the
last year of the Term, together with a minimum of three percent (3%) annual increases to
the Minimum Base Rent.
If Lessee has exercised the Renewal Option and the Fair Market Rental Rate for the
applicable Option Term has not been determined as provided herein by the time that Rent
for the applicable Option Term is to commence in accordance with the terms hereof, then
Lessee shall pay Rent for the applicable Option Term based on the Fair Market Rental
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Rate proposed by Lessor pursuant to the terms hereof until such time as the Fair Market
Rental Rate has been so determined, at which time appropriate cash adjustments shall be
made between Lessor and Lessee such that Lessee is charged Rent based on the Fair
Market Rental Rate (as finally determined pursuant to the terms hereof) for the Option
Term.
56. Broker Commission. Section 1.9(b) and Section 15 of the Lease shall be deleted in their
entirety and Section 1.9(b) shall be replaced with the following: “Lessor shall pay a
brokerage commission to Lessor’s broker pursuant to a separate agreement between
them.”
57. Lessor Warranty.  The warranty described in Section 2.2 of the Lease is hereby modified
to provide that Lessor shall warranty the Premises’ roof, mechanical, electrical and
plumbing systems for the initial thirty-six (36) months of the Lease Term; provided,
however, Lessee shall remain fully responsible for any and all costs and expenses related
to such systems caused by the negligence or willful misconduct of Lessee.
58. Maintenance, Repairs, Utility Installations, Trade Fixtures and Alterations.  The
following is hereby added to Section 7 of the Lease:
Notwithstanding anything in Section 7 of the Lease to the contrary:
(1) Starting in year four (4) of the Lease Term, Lessee’s responsibility for
repairs to the Premises’ HVAC system (not including the cost of the
Service Contracts referenced in Section 7.1(b) of the Lease) shall be
capped at Five Thousand Dollars ($5,000.00) per Lease year on a non-
cumulative basis (i.e., the Five Thousand Dollar ($5,000.00) cap on the
Premises’ HVAC system repairs shall reset each Lease year). Anything
over the cap, Landlord will pay.
(2) Starting in year four (4) of the Lease Term, Lessee’s responsibility for
repairs to the Premises’ roof (including, without limitation, roof support
system, roof membrane, and roof drainage systems) shall be capped at
Three Thousand Five Hundred Dollars ($3,500.00) per Lease year on a
non-cumulative basis (i.e., the Three Thousand Five Hundred Dollar
($3,500.00) cap on the Premises’ roof shall reset each Lease year).
Anything over the cap, Landlord will pay.
(3) Lessee shall be solely responsible for any and all costs and expenses
incurred in connection with the sealing and re-painting of the Premises’
parking lot once during the Lease Term and once during any Option Term.
(4) Lessee shall not be responsible for painting the outside of the Building.
(5) If, and to the extent, an item described in Section 7.1(b) of the Lease
cannot be repaired other than at a cost in excess of twenty-five percent
(25%) of the replacement cost of such item then, in such event, the item
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shall be replaced by Lessor, and the cost thereof shall be prorated between
Lessor and Lessee such that Lessee shall only be obligated to pay, each
month during the remainder of the Lease Term and any Option Term, on
the same date on which Base Rent is due, an amount equal to the product
of multiplying the cost of such replacement by a fraction, the numerator of
which is one, and the denominator of which is 144 (i.e., 1/144th of the
replacement cost per month remaining in the Lease Term and any
applicable Option Term).
59. Utilities, Services and Operating Expenses.  The following is hereby added to Section 11
of the Lease:
 “The utilities, services and other operating expenses for the Building are currently
running approximately $0.31/SF.  Lessee shall pay one hundred percent (100%) of such
utilities, services and other operating expenses for the Building including, but not limited
to real property taxes, insurance, property management (currently running three percent
(3%)), association costs, maintenance, including repairs and servicing of HVAC, and fire
sprinkler systems, property management, and security costs.  Following the written
agreement between Lessor and Lessee some of these costs may be paid directly and
others are charged on an estimated monthly basis.”

60. Signage.  Lessee shall have all sign rights pertaining to the Premises and the Building
including any monument sign at the street, if any, and shall pay all costs of design,
fabrication and installation, and eventual removal upon expiration or earlier termination
of the Lease, all at Lessee’s sole expense.  Prior to installation of any signs or signage of
any kind, Lessee shall submit plans therefor to Lessor for approval (which may be
granted, withheld, conditioned or delayed in Lessor’s sole discretion).  Thereafter, Lessee
shall obtain any and all required approvals by the 4-S Ranch Business Park Corporation
and/or County, again at Lessee’s sole expense.
61. Tenant Improvements.  Tenant Improvements for the Building shall be constructed and
paid for as set forth in the Work Letter Agreement attached hereto as Exhibit “A” and
which is incorporated herein by this reference as set forth in full.
62. Rent Paid In Advance. Notwithstanding anything contained in the Lease to the Contrary,
all Rent (including Base Rent and any other monetary obligations of the Lessee) shall be
payable in advance on the first day of each calendar month together with the Base Rent.
63. Disclosure of Agency Relationship.  Section 25 of the Lease is hereby deleted in its
entirety.
64. Certified Access Specialist.  Section 50(a) of the Lease is hereby deleted in its entirety
and hereby replaced with the following:
Lessor hereby advises Lessee that the Premises and the Building have not
undergone an inspection by a certified access specialist. The following disclosure
is hereby made pursuant to applicable California law:
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 “A Certified Access Specialist (CASp) can inspect the subject premises and determine
whether the subject premise comply with all of the applicable construction-related
accessibility standards under state law.  Although state law does not require a CASp
inspection of the subject premises, the commercial property owner or lessor may not
prohibit the lessee or tenant from obtaining a CASp inspection of the subject premises for
the occupancy or potential occupancy of the lessee or tenant, if requested by the lessee or
tenant.  The parties shall mutually agree upon the arrangements for the time and manner
of the CASp inspection, the payment of the fee for the CASp inspection, and the cost of
making any repairs necessary to correct violations of construction-related accessibility
standards within the premises.”
65. Use Restrictions. The following uses, operations and associated equipment are not
allowed without Lessor’s prior written consent, which consent may be withheld,
conditioned, or delayed in Lessor’s sole and absolute discretion:
a. Electroplating processes;
b. Chemical etching processes;
c. Paint booths;
d. Open chemical cleaning systems;
e. Punch press operations;
f. Open mills and lathes (15 hp and above);
g. Turret lathe processes;
h. Metal spray processes;
i. Freon cleaning processes;
j. Equipment that requires “through” bolting to the concrete floor; and
k. Fixture welding processes.
66. Title 24 Modifications.  Lessee intends to have a generator installed at the Premises
within the first year of the Lease Term. In the event that a permit application submitted
to the County by Lessee within the first year of the Lease Term related to the installation
of a generator at the Premises results in a requirement by the County to modify the
Premises to comply with Title 24 of the California Code of Regulations (whether
pertaining to physical access regulations or energy efficiency regulations), the following
shall apply: (a) Lessee shall be responsible for that portion of the cost of the
modifications to the Premises that  relate directly to the installation of a generator at the
Premises; and (b) Lessor shall be responsible for that portion of the cost of the
modifications to the Premises, if any, that do not relate directly to the installation of a
DocuSign Envelope ID: AB7F1110-C8E1-470A-BB05-5F47A0DAEF7A DocuSign Envelope ID: 3ECC8561-D258-4806-BD9B-6357FBA2391C

	
	Lease Addendum Page 7
______
______
INITIALS
______
______
INITIALS

generator at the Premises. Landlord shall have no liability or responsibility to make any
repairs or modifications to the Premises or the Building to comply with Title 24 of the
California Code of Regulations (either for physical access or energy efficiency issues or
conditions) arising from any permit application submitted to the County by Lessee after
the first year of the Lease Term.
IN WITNESS WHEREOF, the parties have executed this Amendment to be effective as
of the date and year first above written.

 “LESSOR”

THORNMINT 13, LLC, a
California limited liability company

By:  ____________________________  By:  ____________________________
John Weersing, Member      Rebecca Weersing, Member

Date:     ____________________________  Date:     ____________________________

 “LESSEE”

BIOARKIVE, INC.,
a California corporation

By:  ____________________________  By:  ____________________________
            Brett Hall, CFO     Praveen Nair, CEO

Date:     ____________________________  Date:     ____________________________

DocuSign Envelope ID: AB7F1110-C8E1-470A-BB05-5F47A0DAEF7A
7/23/2021 | 1:02 PDT 7/23/2021 | 2:54 PDT
DocuSign Envelope ID: 3ECC8561-D258-4806-BD9B-6357FBA2391C
7/24/2021 | 8:13 PDT 7/25/2021 | 1:16 PDT

	
	Floor Change + Ceiling Tile
Carpet to tile or polished concrete
New Laminate/Carpet
Exhibits To Lease
Exhibit ‘A”
Security Camera System
DocuSign Envelope ID: AB7F1110-C8E1-470A-BB05-5F47A0DAEF7A DocuSign Envelope ID: 3ECC8561-D258-4806-BD9B-6357FBA2391C

	
	Keycard Access 2
1
3
4
5 6
7 8
9
10
11
12
13
14
Exhibits To Lease
Exhibit ‘A”
Lab Casework
Casework, no shelf
Casework, with shelf Tissue culture Room Main Lab
Sink
Relocating Doors
DocuSign Envelope ID: AB7F1110-C8E1-470A-BB05-5F47A0DAEF7A DocuSign Envelope ID: 3ECC8561-D258-4806-BD9B-6357FBA2391C

	
	Exhibits To Lease
Exhibit ‘A”
DocuSign Envelope ID: AB7F1110-C8E1-470A-BB05-5F47A0DAEF7A DocuSign Envelope ID: 3ECC8561-D258-4806-BD9B-6357FBA2391C

	
	REVISION DATE
SHEET NUMBER
SIDE MARK:
 © Copyright 2009 OMNI Pacific.  All ideas, designs, layouts and plans depicted by this drawing are the property of OMNI Pacific.  These drawings were created, evolved and developed for use in connection with the specified project only and shall not be used or disclosed in
any manner to any person, firm or corporation for any purpose whatsoever without the express written consent of OMNI Pacific.  Written dimensions on these drawings shall have precedence over scaled dimensions.  Dealer shall be responsible for the verification of all
dimensions and conditions on the job, and OMNI Pacific must be notified of any as-built variations from the dimensions listed on these drawings.
PROJECT:
OMNI DESIGNER:
NOT TO SCALE
SCALE:
DEALER:
ORIGINAL DATE:
QUOTE NUMBER:
   DEALER/CLIENT SIGNOFF:
THORNMINT CT
DEALER
05/27/2021
A-1
REV1 - TT                 06/24/2021
505 RALEIGH AVENUE
EL CAJON, CA 92020
619-579-6664 TEL
619-579-2705 FAX
LABORATORY FURNISHINGS
FIT - OUT
OE6856
REV2 - TT                 07/08/2021
TT
145 1/2"
69"
146"
174" 60" 106" 84"
241"
74" 104"
62 3/4" 110 1/16"
172 13/16"
146"
254 3/8"
60"
60"
MAIN LABORATORY
TISSUE CULTURE
EQUIPMENT 1 EQUIPMENT 3
EQUIPMENT 4
KO
KO
KO KO
KO KO
KO KO
KO KO
KO KO
KO KO
KO KO
KO KO
KO KO
KO KO
KO KO
KO KO
KO KO
KO KO
KO KO
KO KO KO
KO KO KO
KO
KO
KO KO KO KO
EQUIPMENT 2
KO
1 2 3 4
5
PARTIAL FLOOR PLAN
Exhibits To Lease
Exhibit ‘A”
REVISION DATE
SHEET NUMBER
SIDE MARK:
 © Copyright 2009 OMNI Pacific.  All ideas, designs, layouts and plans depicted by this drawing are the property of OMNI Pacific.  These drawings were created, evolved and developed for use in connection with the specified project only and shall not be used or disclosed in
any manner to any person, firm or corporation for any purpose whatsoever without the express written consent of OMNI Pacific.  Written dimensions on these drawings shall have precedence over scaled dimensions.  Dealer shall be responsible for the verification of all
dimensions and conditions on the job, and OMNI Pacific must be notified of any as-built variations from the dimensions listed on these drawings.
PROJECT:
OMNI DESIGNER:
NOT TO SCALE
SCALE:
DEALER:
ORIGINAL DATE:
QUOTE NUMBER:
   DEALER/CLIENT SIGNOFF:
THORNMINT CT
DEALER
05/27/2021
A-2
REV1 - TT                 06/24/2021
505 RALEIGH AVENUE
EL CAJON, CA 92020
619-579-6664 TEL
619-579-2705 FAX
LABORATORY FURNISHINGS
FIT - OUT
OE6856
REV2 - TT                 07/08/2021
TT
(2) DROP-IN EPOXY
SINKS W/ (2) HWCW
MIXING VALVES &
(1) DRENCH HOSE
MAIN LABORATORY
DocuSign Envelope ID: AB7F1110-C8E1-470A-BB05-5F47A0DAEF7A DocuSign Envelope ID: 3ECC8561-D258-4806-BD9B-6357FBA2391C

	
	REVISION DATE
SHEET NUMBER
SIDE MARK:
 © Copyright 2009 OMNI Pacific.  All ideas, designs, layouts and plans depicted by this drawing are the property of OMNI Pacific.  These drawings were created, evolved and developed for use in connection with the specified project only and shall not be used or disclosed in
any manner to any person, firm or corporation for any purpose whatsoever without the express written consent of OMNI Pacific.  Written dimensions on these drawings shall have precedence over scaled dimensions.  Dealer shall be responsible for the verification of all
dimensions and conditions on the job, and OMNI Pacific must be notified of any as-built variations from the dimensions listed on these drawings.
PROJECT:
OMNI DESIGNER:
NOT TO SCALE
SCALE:
DEALER:
ORIGINAL DATE:
QUOTE NUMBER:
   DEALER/CLIENT SIGNOFF:
THORNMINT CT
DEALER
05/27/2021
A-3
REV1 - TT                 06/24/2021
505 RALEIGH AVENUE
EL CAJON, CA 92020
619-579-6664 TEL
619-579-2705 FAX
LABORATORY FURNISHINGS
FIT - OUT
OE6856
REV2 - TT                 07/08/2021
TT
TISSUE CULTURE
Exhibits To Lease
Exhibit ‘A”
REVISION DATE
SHEET NUMBER
SIDE MARK:
 © Copyright 2009 OMNI Pacific.  All ideas, designs, layouts and plans depicted by this drawing are the property of OMNI Pacific.  These drawings were created, evolved and developed for use in connection with the specified project only and shall not be used or disclosed in
any manner to any person, firm or corporation for any purpose whatsoever without the express written consent of OMNI Pacific.  Written dimensions on these drawings shall have precedence over scaled dimensions.  Dealer shall be responsible for the verification of all
dimensions and conditions on the job, and OMNI Pacific must be notified of any as-built variations from the dimensions listed on these drawings.
PROJECT:
OMNI DESIGNER:
NOT TO SCALE
SCALE:
DEALER:
ORIGINAL DATE:
QUOTE NUMBER:
   DEALER/CLIENT SIGNOFF:
THORNMINT CT
DEALER
05/27/2021
A-4
REV1 - TT                 06/24/2021
505 RALEIGH AVENUE
EL CAJON, CA 92020
619-579-6664 TEL
619-579-2705 FAX
LABORATORY FURNISHINGS
FIT - OUT
OE6856
REV2 - TT                 07/08/2021
TT
EQUIPMENT 1
DocuSign Envelope ID: AB7F1110-C8E1-470A-BB05-5F47A0DAEF7A DocuSign Envelope ID: 3ECC8561-D258-4806-BD9B-6357FBA2391C

	
	REVISION DATE
SHEET NUMBER
SIDE MARK:
 © Copyright 2009 OMNI Pacific.  All ideas, designs, layouts and plans depicted by this drawing are the property of OMNI Pacific.  These drawings were created, evolved and developed for use in connection with the specified project only and shall not be used or disclosed in
any manner to any person, firm or corporation for any purpose whatsoever without the express written consent of OMNI Pacific.  Written dimensions on these drawings shall have precedence over scaled dimensions.  Dealer shall be responsible for the verification of all
dimensions and conditions on the job, and OMNI Pacific must be notified of any as-built variations from the dimensions listed on these drawings.
PROJECT:
OMNI DESIGNER:
NOT TO SCALE
SCALE:
DEALER:
ORIGINAL DATE:
QUOTE NUMBER:
   DEALER/CLIENT SIGNOFF:
THORNMINT CT
DEALER
05/27/2021
A-5
REV1 - TT                 06/24/2021
505 RALEIGH AVENUE
EL CAJON, CA 92020
619-579-6664 TEL
619-579-2705 FAX
LABORATORY FURNISHINGS
FIT - OUT
OE6856
REV2 - TT                 07/08/2021
TT
EQUIPMENT 2
Exhibits To Lease
Exhibit ‘A”
REVISION DATE
SHEET NUMBER
SIDE MARK:
 © Copyright 2009 OMNI Pacific.  All ideas, designs, layouts and plans depicted by this drawing are the property of OMNI Pacific.  These drawings were created, evolved and developed for use in connection with the specified project only and shall not be used or disclosed in
any manner to any person, firm or corporation for any purpose whatsoever without the express written consent of OMNI Pacific.  Written dimensions on these drawings shall have precedence over scaled dimensions.  Dealer shall be responsible for the verification of all
dimensions and conditions on the job, and OMNI Pacific must be notified of any as-built variations from the dimensions listed on these drawings.
PROJECT:
OMNI DESIGNER:
NOT TO SCALE
SCALE:
DEALER:
ORIGINAL DATE:
QUOTE NUMBER:
   DEALER/CLIENT SIGNOFF:
THORNMINT CT
DEALER
05/27/2021
A-6
REV1 - TT                 06/24/2021
505 RALEIGH AVENUE
EL CAJON, CA 92020
619-579-6664 TEL
619-579-2705 FAX
LABORATORY FURNISHINGS
FIT - OUT
OE6856
REV2 - TT                 07/08/2021
TT
NOTE:
ELECTRIC PANEL BOARD, VERIFY
CLEARANCES PER CODE
BY OTHERS
EQUIPMENT 3
DocuSign Envelope ID: AB7F1110-C8E1-470A-BB05-5F47A0DAEF7A DocuSign Envelope ID: 3ECC8561-D258-4806-BD9B-6357FBA2391C

	
	REVISION DATE
SHEET NUMBER
SIDE MARK:
 © Copyright 2009 OMNI Pacific.  All ideas, designs, layouts and plans depicted by this drawing are the property of OMNI Pacific.  These drawings were created, evolved and developed for use in connection with the specified project only and shall not be used or disclosed in
any manner to any person, firm or corporation for any purpose whatsoever without the express written consent of OMNI Pacific.  Written dimensions on these drawings shall have precedence over scaled dimensions.  Dealer shall be responsible for the verification of all
dimensions and conditions on the job, and OMNI Pacific must be notified of any as-built variations from the dimensions listed on these drawings.
PROJECT:
OMNI DESIGNER:
NOT TO SCALE
SCALE:
DEALER:
ORIGINAL DATE:
QUOTE NUMBER:
   DEALER/CLIENT SIGNOFF:
THORNMINT CT
DEALER
05/27/2021
A-7
REV1 - TT                 06/24/2021
505 RALEIGH AVENUE
EL CAJON, CA 92020
619-579-6664 TEL
619-579-2705 FAX
LABORATORY FURNISHINGS
FIT - OUT
OE6856
REV2 - TT                 07/08/2021
TT
EQUIPMENT 4
Exhibits To Lease
Exhibit ‘A”
DocuSign Envelope ID: AB7F1110-C8E1-470A-BB05-5F47A0DAEF7A DocuSign Envelope ID: 3ECC8561-D258-4806-BD9B-6357FBA2391C

	
	Lease Addendum Page 8
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INITIALS
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INITIALS

EXHIBIT “A”
WORK LETTER AGREEMENT
THIS WORK LETTER AGREEMENT (“Work Letter Agreement”) is entered into as of
the ________ day of July, 2021 by and between Thornmint 13, LLC, a California limited
liability company (“Lessor”), and BioArkive, Inc., a California corporation (collectively,
 “Lessee”).
RECITALS
A. Concurrently with the execution of this Work Letter Agreement, Lessor and
Lessee have entered into a lease (the “Lease”) covering certain premises (the “Premises”) more
particularly described in the Lease. All terms not defined herein have the same meaning as set
forth in the Lease. To the extent applicable, the provisions of the Lease are incorporated herein
by this reference.
B. In order to induce Lessee to enter into the Lease and in consideration of the
mutual covenants hereinafter contained, Lessor and Lessee agree as follows:
OPERATIVE PROVISIONS
1. LESSEE IMPROVEMENTS.  As used in the Lease and this Work Letter
Agreement, the term “Tenant Improvements”, “Lessee Improvements” or “Lessee Improvement
Work” or “Lessee’s Work” means those items of general Lessee improvement construction
shown on the Final Plans (described in Section 4 below). Lessee shall complete the Lessee
Improvements on or before August 1, 2022.
2. WORK SCHEDULE.  Prior to commencing construction, Lessee will deliver to
Lessor for Lessor’s review and approval, a schedule (“Work Schedule”) which will set forth the
timetable for the planning and completion of the installation of the Lessee Improvements.
3. CONSTRUCTION REPRESENTATIVES.  Lessor hereby appoints the
following person(s) as Lessor’s representative (collectively, “Lessor’s Representative”) to act for
Lessor in all matters covered by this Work Letter Agreement: Charles Baber.
Lessee hereby appoints the following person(s) as Lessee’s representative (“Lessee’s
Representative”) to act for Lessee in all matters covered by this Work Letter Agreement: Praveen
Nair.
All communications with respect to the matters covered by this Work Letter Agreement are to be
made to Lessor’s Representative or Lessee’s Representative, as the case may be, in writing in
compliance with the notice provisions of the Lease. Either party may change its representative
under this Work Letter Agreement at any time by written notice to the other party in compliance
with the notice provisions of the Lease.
DocuSign Envelope ID: AB7F1110-C8E1-470A-BB05-5F47A0DAEF7A DocuSign Envelope ID: 3ECC8561-D258-4806-BD9B-6357FBA2391C

	
	Lease Addendum Page 9
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INITIALS
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INITIALS

4. LESSEE IMPROVEMENT PLANS
(a) Preparation of Space Plans.  In accordance with the Work Schedule,
Lessor agrees to meet with Lessee’s space planner at a mutually agreeable location in San Diego,
California (or other location acceptable to Lessor), for the purpose of promptly reviewing
preliminary space plans for the layout of the Premises prepared by Lessee (“Space Plans”). The
Space Plans are to be sufficient to convey the architectural design of the Premises and layout of
the Lessee Improvements only therein and are to be submitted to Lessor in accordance with the
Work Schedule for Lessor’s approval. If Lessor reasonably disapproves any aspect of the Space
Plans, Lessor will advise Lessee in writing of such disapproval and the reasons therefor in
accordance with the Work Schedule. Lessee will then submit to Lessor for Lessor’s approval, in
accordance with the Work Schedule, a redesign of the Space Plans incorporating the revisions
reasonably required by Lessor.  Space plans will be sufficient for the cosmetic work and minor
modifications to the interior of the Building.
(b) Preparation of Final Plans.  Based on the approved Space Plans, and in
accordance with the Work Schedule, Lessee’s architect will prepare complete architectural plans,
drawings and specifications and complete engineered mechanical, structural and electrical
working drawings only for the back-up generator proposed as a part of the Lessee Improvements
for the Premises (collectively, the “Final Plans”). The Final Plans will show (a) the subdivision
(including partitions and walls), layout, lighting, finish and decoration work (including window
coverings, carpeting and other floor coverings) for the Premises; (b) all internal and external
communications and utility facilities which will require conduiting or other improvements from
the base Building shell work and/or within common areas; and (c) all other specifications for the
Lessee Improvements. The Final Plans will be submitted to Lessor for signature to confirm that
they are consistent with the Space Plans. If Lessor reasonably disapproves any aspect of the Final
Plans based on any inconsistency with the Space Plans, Lessor agrees to advise Lessee in writing
of such disapproval and the reasons therefor within the time frame set forth in the Work
Schedule. In accordance with the Work Schedule, Lessee will then cause Lessee’s architect to
redesign the Final Plans incorporating the revisions reasonably requested by Lessor so as to
make the Final Plans consistent with the Space Plans.
(c) Requirements of Lessee’s Final Plans.  Lessee’s Final Plans will include
locations and complete dimensions, and the back-up generator proposed as a part of the Lessee
Improvements, as shown on the Final Plans, and will: (i) be compatible with the Building shell
and with the design, construction and equipment of the Building; (ii) if not comprised of the
Building standards set forth in the written description thereof (the “Standards”), then compatible
with and of at least equal quality as the Standards and approved by Lessor; (iii) comply with all
applicable laws, ordinances, rules and regulations of all governmental authorities having
jurisdiction, and all applicable insurance regulations; (iv) not require Building service beyond the
level normally provided to other Lessees in the Building and will not overload the Building
floors; and (v) be of a nature and quality consistent with the overall objectives of Lessor for the
Building, as determined by Lessor in its reasonable but subjective discretion.
(d) Submittal of Final Plans.  Once approved by Lessor and Lessee, Lessee’s
architect will submit the Final Plans for the back-up generator proposed as a part of the Lessee
DocuSign Envelope ID: AB7F1110-C8E1-470A-BB05-5F47A0DAEF7A DocuSign Envelope ID: 3ECC8561-D258-4806-BD9B-6357FBA2391C

	
	Lease Addendum Page 10
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INITIALS
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INITIALS

Improvements to the appropriate governmental agencies for plan checking and the issuance of a
building permit. Lessee’s architect, with Lessor’s cooperation, will make any changes to the
Final Plans, which are requested by the applicable governmental authorities to obtain the
building permit. After approval of the Final Plans, no further changes may be made without the
prior written approval of both Lessor and Lessee, and then only after agreement by Lessee to pay
any excess costs resulting from the design and/or construction of such changes.
(e) Changes to Shell of Building.  If the Final Plans or any amendment
thereof or supplement thereto shall require changes in the Building shell, the increased cost of
the Building shell work caused by such changes will be paid for by Lessee or charged against the
 “Allowance” described in Section 5 below.
(f) Work Cost Estimate and Statement.  Prior to the commencement of
construction of any of the Lessee Improvements shown on the Final Plans, Lessee will submit to
Lessor a written estimate of the cost to complete the Lessee Improvement Work, which written
estimate will be based on the Final Plans taking into account any modifications which may be
required to reflect changes in the Final Plans required by the County in which the Premises are
located (the “Work Cost Estimate”). Lessor will either approve the Work Cost Estimate or
disapprove specific items and submit to Lessee revisions to the Final Plans to reflect deletions of
and/or substitutions for such disapproved items. Submission and approval of the Work Cost
Estimate will proceed in accordance with the Work Schedule. Upon Lessor’s approval of the
Work Cost Estimate (such approved Work Cost Estimate to be hereinafter known as the ‘Work
Cost Statement”), Lessee will have the right to purchase materials and to commence the
construction of the items included in the Work Cost Statement pursuant to Section 6 hereof. If
the total costs reflected in the Work Cost Statement exceed the Allowance described in Section 5
below, Lessee agrees to pay such excess.
5. PAYMENT FOR THE LESSEE IMPROVEMENTS
(a) Allowance. Lessor hereby grants to Lessee a Lessee improvement
allowance of Five Hundred Eighty Thousand and No/100 Dollars ($580,000.00) (the
 “Allowance”). The Allowance is to be used only for:
(i) Construction of the Lessee Improvements, including, without
limitation, the following:
(aa) Installation within the Premises of all partitioning, doors,
floor coverings, ceilings, wall coverings and painting, millwork and similar items;
(bb) All electrical wiring, lighting fixtures, outlets and switches,
and other electrical work necessary for the Premises (including, without limitation, a backup
generator);
(cc) The furnishing and installation of all duct work, terminal
boxes, diffusers and accessories necessary for the heating, ventilation and air conditioning
systems within the Premises, including the cost of meter and key control for after-hour air
conditioning;
DocuSign Envelope ID: AB7F1110-C8E1-470A-BB05-5F47A0DAEF7A DocuSign Envelope ID: 3ECC8561-D258-4806-BD9B-6357FBA2391C

	
	Lease Addendum Page 11
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INITIALS
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INITIALS

(dd) Any additional improvements to the Premises required for
Lessee’s use of the Premises including, but not limited to, window coverings, odor control,
special heating, ventilation and air conditioning, noise or vibration control or other special
systems or improvements including case work for the laboratories;
(ee) All fire and life safety control systems such as fire walls,
sprinklers, halon, fire alarms, including piping, wiring and accessories, necessary for the
Premises;
(ff) All plumbing, fixtures, pipes and accessories necessary for
the Premises; (gg) Testing and inspection costs; and
(gg) Fees for the contractor and Lessee improvement
coordinator including, but not limited to, fees and costs attributable to general conditions
associated with the construction of the Lessee Improvements.
(b) Excess Costs.  The cost of each item referenced in Section 5(a) above
shall be charged against the Allowance. If the work cost exceeds the Allowance, Lessee shall be
solely responsible for payment of all excess costs, including the Construction Administration
Fee, which fee shall be paid to Lessor within five (5) business days after invoice therefor. In no
event will the Allowance be used to pay for Lessee’s furniture, artifacts, equipment, telephone
systems or any other item of personal property, which is not affixed, to the Premises.
(c) Changes.  Any changes to the Final Plans will be approved by Lessor and
Lessee in the manner set forth in Section 4 above. Lessee shall be solely responsible for any
additional costs associated with such changes including the Construction Administration Fee,
which fee shall be paid to Lessor within five (5) business days after invoice therefor. Lessor will
have the right to decline Lessee’s request for a change to the Final Plans if such changes are
inconsistent with the provisions of Section 4 above.
(d) Governmental Cost Increases.  If increases in the cost of the Lessee
Improvements as set forth in the Work Cost Statement are due to requirements of any
governmental agency or the 4-S Business Park Corporation, Lessee shall be solely responsible
for such additional costs including the Construction Administration Fee, which fee shall be paid
to Lessor within five (5) business days after invoice therefor; provided, however, that Lessor will
first apply toward any such increase any remaining balance of the Allowance.
(e) Unused Allowance Amounts.  Any unused portion of the Allowance
upon completion of the Lessee Improvements will not be refunded to Lessee or be available to
Lessee as a credit against any obligations of Lessee under the Lease.
(f) Disbursement of the Allowance.  Provided Lessee is not in default
following the giving of notice and passage of any applicable cure period under the Lease or this
Work Letter Agreement, Lessor shall disburse the Allowance to Lessee in the form of a two
party check payable to the Contractor/vendor and Lessee to pay construction costs which Lessee
incurs in connection with the construction of the Lessee Improvements in accordance with the
following:
DocuSign Envelope ID: AB7F1110-C8E1-470A-BB05-5F47A0DAEF7A DocuSign Envelope ID: 3ECC8561-D258-4806-BD9B-6357FBA2391C

	
	Lease Addendum Page 12
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INITIALS
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INITIALS

(i) Twenty-five percent (25%) of the Allowance shall be disbursed to
Lessee when Lessor shall have received “Evidence of Completion and Invoice” as to fifty
percent (50%) of Lessee’s Work having been completed and as described hereinbelow;
(ii) Fifty percent (50%) of the Allowance shall be disbursed to Lessee
when Lessor shall have received “Evidence of Completion and Invoice” as to seventy-five
percent (75%) of Lessee’s Work having been completed and as described hereinbelow;
(iii) Fifteen percent (15%) of the Allowance shall be disbursed to
Lessee when Lessor shall have received “Evidence of Completion and Invoice” as to ninety
percent (90%) of Lessee’s Work having been completed and as described hereinbelow;
(iv) The final ten percent (10%) of the Allowance shall be disbursed to
Lessee when Lessor shall have received “Evidence of Completion and Invoice” as to one
hundred percent (100%) of Lessee’s Work having been completed and as described hereinbelow
and satisfaction of the items described in subparagraph (vi) below;
(v) As to each phase of completion of Lessee’s Work described in
subparagraphs (i) through (iv) above, the appropriate portion of the Allowance shall be disbursed
to Lessee when Lessor has received the following “Evidence of Completion and Invoice”:
(A) Lessee has delivered to Lessor a draw request (“Draw
Request”) in a form satisfactory to Lessor and Lessor’s lender with respect to the Improvements
specifying that the requisite portion of Lessee’s Work has been completed, together with
invoices, receipts and bills evidencing the costs and expenses set forth in such Draw Request and
evidence of payment by Lessee for all costs which are payable in connection with such Lessee’s
Work covered by the Draw Request. The Draw Request shall constitute a representation by
Lessee that the Lessee’s Work identified therein has been completed in a good and workmanlike
manner and in accordance with the Final Plans and the Work Schedule and has been invoiced;
(B) Lessee has delivered to Lessor such other evidence of the
absence of any liens generated by such portions of the Lessee’s Work as may be required by
Lessor (i.e., either unconditional lien releases in accordance with California Civil Code Section
8132 or release bond(s) in accordance with California Civil Code Section 8424);
(C) Lessor or Lessor’s architect (or qualified space planner) or
construction representative has inspected the Lessee Improvements and determined that the
portion of Lessee’s Work covered by the Draw Request has been completed in a good and
workmanlike manner;
(D) Allowance shall be disbursed within 10 days of receiving
the Draw Request and verification of that the work has been completed in a good workmanlike
manner.
 (vi) The final disbursement of the balance of the Allowance shall be
disbursed to Lessee only when Lessor has received Evidence of Completion and Invoice as to all
of Lessee’s Work as provided hereinabove and the following conditions have been satisfied:
DocuSign Envelope ID: AB7F1110-C8E1-470A-BB05-5F47A0DAEF7A DocuSign Envelope ID: 3ECC8561-D258-4806-BD9B-6357FBA2391C

	
	Lease Addendum Page 13
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INITIALS
______
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INITIALS

(a) Thirty-five (35) days shall have elapsed following the filing
of a valid notice of completion by Lessee for the Lessee Improvements;
(b) Lessee has delivered to Lessor: (i) properly executed
mechanics lien releases from all of Lessee’s contractors, agents and suppliers in compliance with
California law, which lien releases shall be conditional with respect to the then-requested
payment amounts and unconditional with respect to payment amounts previously disbursed by
Lessor; (ii) an application and certificate for payment in compliance with California law signed
by Lessee’s architect with regards only to the back-up generator proposed as a part of the Lessee
Improvements; (iii) original stamped building permit plans with regards only to the back-up
generator proposed as a part of the Lessee Improvements; (iv) copy of the building permit for the
back-up generator proposed as a part of the Lessee Improvements; (v) original stamped building
permit inspection card with all final sign-offs only for the back-up generator proposed to be a
part of the Lessee Improvements; (vi) a reproducible copy (in a form approved by Lessor) of the
 “as-built” drawings for the back-up generator proposed as a part of the Lessee Improvements;
(vii) one year warranty letters from Lessee’s contractors; (viii) manufacturer’s warranties and
operating instructions; and (ix) an acceptance of the Premises signed by Lessee;
(c) Lessor has determined that no work exists which adversely
affects the mechanical, electrical, plumbing, heating, ventilating and air conditioning, life-safety
or other systems of the Building, the curtain wall of the Building, the structure or exterior
appearance of the Building, or any other Lessee’s use of such other Lessee’s leased premises in
the Building;
(d) The satisfaction of any other requirements or conditions
which may be required or imposed by Lessor’s lender with respect to the construction of the
Lessee Improvements; and
(e) Lessee has delivered to Lessor evidence satisfactory to
Lessor that all construction costs in excess of the Allowance have been paid for by Lessee.
Notwithstanding anything to the contrary contained hereinabove, all disbursements of the
Allowance shall be subject to the prior deduction of the portion of the Construction
Administration Fee allocable to the Lessee Improvements described in the applicable Draw
Request.
(g) Books and Records.  At its option, Lessor, at any time within three (3)
years after final disbursement of the Allowance to Lessee, and upon at least ten (10) days prior
written notice to Lessee, may cause an audit to be made of Lessee’s books and records relating to
Lessee’s expenditures in connection with the construction of the Lessee Improvements. Lessee
shall maintain complete and accurate books and records in accordance with generally accepted
accounting principles of these expenditures for at least three (3) years. Lessee shall make
available to Lessor’s auditor at the Premises within ten (10) business days following Lessor’s
notice requiring the audit, all books and records maintained by Lessee pertaining to the
construction and completion of the Lessee Improvements. In addition to all other remedies which
Lessor may have pursuant to the Lease, Lessor may recover from Lessee the reasonable cost of
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its audit if the audit discloses that Lessee falsely reported to Lessor expenditures which were not
in fact made or falsely reported a material amount of any expenditure or the aggregate
expenditures.
6. CONSTRUCTION OF LESSEE IMPROVEMENTS.  Following Lessor’s
approval of the Final Plans and the Work Cost Statement described in Section 4(f) above,
Lessee’s contractor (selected as provided in Paragraph 9(n)) will commence and diligently
proceed with the construction of the Lessee Improvements. Lessee shall use diligent efforts to
cause its contractor to complete the Lessee Improvements in a good and workmanlike manner in
accordance with the Final Plans and the Work Schedule. Lessee agrees to use diligent efforts to
cause construction of the Lessee Improvements to commence promptly following the issuance of
a building permit for the Lessee Improvements. Lessor shall have the right to enter upon the
Premises to inspect Lessee’s construction activities following reasonable advance notice Lessee.
No used materials may be used in constructing the Lessee Improvements without Lessor prior
written consent.
7. DELIVERY OF POSSESSION; TERM AND RENT COMMENCEMENT
DATE
(a) Delivery of Possession.  Lessor agrees to use its commercially reasonable
efforts to deliver possession of the Premises to Lessee on or before August 1, 2021 (the
 “Scheduled Turnover Date”). Lessee agrees that if Lessor is unable to deliver possession of the
Premises to Lessee on or prior to the Scheduled Turnover Date specified in the Basic Lease
Information section of the Lease, the Lease will not be void or voidable, nor will Lessor be liable
to Lessee for any loss or damage resulting therefrom.  The actual date upon which Lessor turns
over possession of the Premises to Lessee is the “Turnover Date.”
(b) Term Commencement Date. The Term of the Lease and Lessee’s
obligation to pay rent will commence upon the earlier of substantial completion of the Lessee
Improvements (as defined below in Paragraph 8(c)) below or October 1, 2021 (the “Term
Commencement Date” and “Rent Commencement Date”).
(c) Substantial Completion; Punch list. For purposes of Section 8(b) above,
the Lessee Improvements will be deemed to be “substantially completed” when Lessee’s
contractor certifies in writing to Lessor and Lessee that Lessee has substantially performed all of
the Lessee Improvement Work required to be performed by Lessee under this Work Letter
Agreement, other than decoration and minor “punch list” type items and adjustments which do
not materially interfere with Lessee’s use of the Premises. Within ten (10) days after receipt of
such certificate, Lessee and Lessor will conduct a walk-through inspection of the Premises and
Lessor shall provide to Lessee a written punch list specifying those decoration and other punch
list items which require completion, which items Lessee will thereafter diligently complete.

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8. MISCELLANEOUS CONSTRUCTION COVENANTS
(a) No Liens.  Lessee shall not allow the Lessee Improvements or the
Building or any portion thereof to be subjected to any mechanic’s, materialmen’s or other liens
or encumbrances arising out of the construction of the Lessee Improvements.
(b) Diligent Construction. Lessee will promptly, diligently and continuously
pursue construction of the Lessee Improvements to successful completion in full compliance
with the Final Plans the Work Schedule and this Work Letter Agreement. Lessor and Lessee
shall cooperate with one another during the performance of Lessee’s Work to effectuate such
work in a timely and compatible manner.
(c) Compliance with Laws.  Lessee will construct the Lessee Improvements
in a safe and lawful manner. Lessee shall, at its sole cost and expense, comply with all applicable
laws and all regulations and requirements of, and all licenses and permits issued by, all
municipal or other governmental bodies with jurisdiction, which pertain to the installation of the
Lessee Improvements. Copies of all filed documents and all permits and licenses shall be
provided to Lessor. Any portion of the Lessee Improvements, which is not acceptable to any
applicable governmental body, agency or department, or not reasonably satisfactory to Lessor,
shall be promptly repaired or replaced by Lessee at Lessee’s expense. Notwithstanding any
failure by Lessor to object to any such Lessee Improvements, Lessor shall have no responsibility
therefor.
(d) Indemnification.  Subject to the terms of the Lease regarding insurance
and waiver of subrogation by the parties, Lessee hereby indemnifies and agrees to defend and
hold Lessor, the Premises and the Building harmless from and against any and all suits, claims,
actions, losses, costs or expenses of any nature whatsoever, together with reasonable attorneys’
fees for counsel of Lessor’s choice, arising out of or in connection with the Lessee Improvements
or the performance of Lessee’s Work (including, but not limited to, claims for breach of
warranty, worker’s compensation, personal injury or property damage, and any materialmen’s
and mechanic’s liens).
(e) Insurance.  Construction of the Lessee Improvements shall not proceed
without Lessee first acquiring workers’ compensation and commercial general liability insurance
and property damage insurance as well as “All Risks” builders’ risk insurance, with minimum
coverage of $2,000,000 or such other amount as may be approved by Lessor in writing and
issued by an insurance company reasonably satisfactory to Lessor. In addition to the foregoing,
at Lessor’s request, Lessee shall furnish to Lessor a completion and lien indemnity bond or other
surety satisfactory to Lessor with respect to the performance of the Lessee Improvements. Not
less than thirty (30) days before commencing the construction of the Lessee Improvements,
certificates of such insurance shall be furnished to Lessor or, if requested, the original policies
thereof shall be submitted for Lessor’s approval. All such policies shall provide that thirty (30)
days prior notice must be given to Lessor before modification, termination or cancellation. All
insurance policies maintained by Lessee pursuant to this Work Letter Agreement shall name
Lessor and any lender with an interest in the Premises as additional insureds and comply with all
of the applicable terms and provisions of the Lease relating to insurance. Lessee’s contractor
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shall be required to maintain the same insurance policies as Lessee, and such policies shall name
Lessee, Lessor and any lender with an interest in the Premises as additional insureds.
(f) Construction Defects.  Lessor shall have no responsibility for the Lessee
Improvements and Lessee will remedy, at Lessee’s own expense, and be responsible for any and
all defects in the Lessee Improvements that may appear during or after the completion thereof
whether the same shall affect the Lessee Improvements in particular or any parts of the Premises
in general. Lessee shall indemnify, hold harmless and reimburse Lessor for any costs or expenses
incurred by Lessor by reason of any defect in any portion of the Lessee Improvements
constructed by Lessee or Lessee’s contractor or subcontractors, or by reason of inadequate
cleanup following completion of the Lessee Improvements.
(g) Additional Services.  If the construction of the Lessee Improvements
shall require that additional services or facilities (including, but not limited to, hoisting, cleanup
or other cleaning services, trash removal, field supervision, or ordering of materials) be provided
by Lessor, then Lessee shall pay Lessor for such items at Lessor’s cost or at a reasonable charge
if the item involves time of Lessor’s personnel only. Electrical power and heating, ventilation
and air conditioning shall be available to Lessee during normal business hours for construction
purposes at no charge to Lessee.
(h) Coordination of Labor.  All of Lessee’s contractors, subcontractors,
employees, servants and agents must work in harmony with and shall not interfere with any labor
employed by Lessor, or Lessor’s contractors. Nothing in this Work Letter shall, however, require
Lessee to use union labor.
(i) Work in Adjacent Areas.  Any work to be performed in areas adjacent to
the Premises shall be performed only after obtaining Lessor’s express written permission, which
shall not be unreasonably withheld, conditioned or delayed, and shall be done only if an agent or
employee of Lessor is present; Lessee will reimburse Lessor for the expense of any such
employee or agent.
(j) HVAC Systems.  Lessee agrees to be entirely responsible for the
maintenance or the balancing of any heating, ventilating or air conditioning system installed by
Lessee (and all HVAC and other outlets, new or existing, must be sealed by Tenant for dry
method polishing) and/or maintenance of the electrical or plumbing work installed by Lessee
and/or for maintenance of lighting fixtures, partitions, doors, hardware or any other installations
made by Lessee.
(k) Coordination with Lease.  Nothing herein contained shall be construed
as (i) constituting Lessee as Lessor’s agent for any purpose whatsoever, or (ii) a waiver by
Lessor or Lessee of any of the terms or provisions of the Lease. Any default by Lessee following
the giving of notice and the passage of any applicable cure period with respect to any portion of
this Work Letter Agreement shall be deemed a breach of the Lease for which Lessor shall have
all the rights and remedies as in the case of a breach of said Lease.
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(l) Approval of Plans.  Lessor will not check Lessee drawings for building
code compliance. Approval of the Final Plans by Lessor is not a representation that the drawings
are in compliance with the requirements of governing authorities, and it shall be Lessee’s
responsibility to meet and comply with all federal, state, and local code requirements. Approval
of the Final Plans does not constitute assumption of responsibility by Lessor or its architect (or
qualified space planner) for their accuracy, sufficiency or efficiency, and Lessee shall be solely
responsible for such matters.
(m) Lessee’s Deliveries.  Lessee shall deliver to Lessor, at least five (5) days
prior to the commencement of construction of Lessee’s Work, the following information:
(i) The names, addresses, telephone numbers, and primary contacts
for the general, mechanical and electrical contractors Lessee intends to engage in the
performance of Lessee’s Work; and
(ii) The date on which Lessee’s Work will commence, together with
the estimated dates of completion of Lessee’s construction and fixturing work.
(n) Qualification of Contractors.  Once the Final Plans have been proposed
and approved, Lessee shall select and retain a contractor and subcontractors of Lessee’s choice
approved by Lessor for the construction of the Lessee Improvement Work in accordance with the
Final Plans. All contractors engaged by Lessee shall be bondable, licensed contractors (without
suspension or restrictions whatsoever), possessing good labor relations, capable of performing
quality workmanship.
(o) Warranties.  Lessee shall cause its contractor to provide warranties for
not less than one (1) year (or such shorter time as may be customary and available without
additional expense to Lessee) against defects in workmanship, materials and equipment, which
warranties shall run to the benefit of Lessor or shall be assignable to Lessor to the extent that
Lessor is obligated to maintain any of the improvements covered by such warranties.
(p) Lessor’s Performance of Work.  Within ten (10) working days after
receipt of Lessor’s notice of Lessee’s failure to perform its obligations under this Work Letter
Agreement, if Lessee shall fail to commence to cure such failure, Lessor shall have the right, but
not the obligation, to perform, on behalf of and for the account of Lessee, subject to
reimbursement of the cost thereof by Lessee, any and all of Lessee’s Work which Lessor
determines, in its reasonable discretion, should be performed immediately and on an emergency
basis for the best interest of the Premises including, without limitation, work which pertains to
structural components, mechanical, sprinkler and general utility systems, roofing and removal of
unduly accumulated construction material and debris; provided, however, Lessor shall use
reasonable efforts to give Lessee at least ten (10) days prior notice to the performance of any of
Lessee’s Work.
(q) As-Built Drawings.  Lessee shall cause “As-Built Drawings” (excluding
furniture, fixtures and equipment) only for the back-up generator proposed as a part of the Lessee
Improvements to be delivered to Lessor and/or Lessor’s representative no later than sixty (60)
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days after Lessor’s written approval of Lessee’s Work. In the event these drawings are not
received by such date, Lessor may, at its election, cause said drawings to be obtained and Lessee
shall pay to Lessor, as additional rent, the cost of producing these drawings.
IN WITNESS WHEREOF, the undersigned Lessor and Lessee have caused this Work
Letter Agreement to be duly executed by their duly authorized representatives as of the date of
the Lease.
 “LESSOR”

THORNMINT 13, LLC, a
California limited liability company

By:  ____________________________  By:  ____________________________
        John Weersing, Member       Rebecca Weersing, Member

Date:     ____________________________  Date:     ____________________________

 “LESSEE”

BIOARKIVE, INC.,
a California corporation

By:  ____________________________  By:  ____________________________
            Brett Hall, CFO     Praveen Nair, CEO

Date:     ____________________________  Date:     ____________________________

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AD­3.01, Revised 10­22­2020 Page 1 of 4
DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIP
(As required by the Civil Code)
When you enter into a discussion with a real estate agent regarding a real estate transacon, you should from the outset understand what type of agency relaonship
or representaon you wish to have with the agent in the transacon.
SELLER'S AGENT
A Seller's agent under a lisng agreement with the Seller acts as the agent for the Seller only. A Seller's agent or a subagent of that agent has the following affirmave
obligaons:
To the Seller: A fiduciary duty of utmost care, integrity, honesty and loyalty in dealings with the Seller.
To the Buyer and the Seller:
(a) Diligent exercise of reasonable skill and care in performance of the agent's dues.
(b) A duty of honest and fair dealing and good faith.
(c) A duty to disclose all facts known to the agent materially affecng the value or desirability of the property that are not known to, or within the diligent aenon
and observaon of, the pares.
An agent is not obligated to reveal to either party any confidenal informaon obtained from the other party that does not involve the affirmave dues set
forth above.
BUYER'S AGENT
A Buyer's agent can, with a Buyer's consent, agree to act as agent for the Buyer only. In these situaons, the agent is not the Seller's agent, even if by agreement the
agent may receive compensaon for services rendered, either in full or in part from the Seller. An agent acng only for a Buyer has the following affirmave
obligaons:
To the Buyer: A fiduciary duty of utmost care, integrity, honesty and loyalty in dealings with the Buyer.
To the Buyer and the Seller:
(a) Diligent exercise of reasonable skill and care in performance of the agent's dues.
(b) A duty of honest and fair dealing and good faith.
(c) A duty to disclose all facts known to the agent materially affecng the value or desirability of the property that are not known to, or within the diligent
aenon and observaon of, the pares.
An agent is not obligated to reveal to either party any confidenal informaon obtained from the other party that does not involve the affirmave dues set forth
above.
AGENT REPRESENTING BOTH SELLER AND BUYER
Arealestateagent,eitherac ng directly or through one or more salesperson and broker associates, can legally be the agent of both the Seller and the Buyer in a
transacon, but only with the knowledge and consent of both the Seller and the Buyer.
In a dual agency situaon, the agent has the following affirmave obligaons to both the Seller and the Buyer:
(a) A fiduciary duty of utmost care, integrity, honesty and loyalty in the dealings with either the Seller or the Buyer.
(b) Other dues to the Seller and the Buyer as stated above in their respecve secons.
In represenng both Seller and Buyer, a dual agent may not, without the express permission of the respecve party, disclose to the other party confidenal
informaon, including, but not limited to, facts relang to either the Buyer's or Seller's financial posion, movaons, bargaining posion, or other personal
informaon that may impact price, including the Seller's willingness to accept a price less than the lisng price or the Buyer's willingness to pay a price greater than
the price offered.
SELLER AND BUYER RESPONSIBILITIES
Either the purchase agreement or a separate document will contain a confirmaon of which agent is represenng you and whether that agent is represenng you
exclusively in the transacon or acng as a dual agent. Please pay aenon to that confirmaon to make sure it accurately reflects your understanding of your agent’s
role. The above dues of the agent in a real estate transacon do not relieve a Seller or Buyer from the responsibility to protect his or her own interests. You should
carefully read all agreements to assure that they adequately express your understanding of the transacon. A real estate agent is a person qualified to advise about
real estate. If legal or tax advice is desired, consult a competent professional. If you are a Buyer, you have the duty to exercise reasonable care to protect yourself,
including as to those facts about the property which are known to you or within your diligent aenon and observaon. Both Sellers and Buyers should strongly
consider obtaining tax advice from a competent professional because the federal and state tax consequences of a transacon can be complex and subject to change.
Throughout your real property transacon you may receive more than one disclosure form, depending upon the number of agents assisng in the transacon. The
law requires each agent with whom you have more than a casual relaonship to present you with this disclosure form. You should read its contents each me it is
presented to you, considering the relaonship between you and the real estate agent in your specifictransac on. This disclosure form includes the provisions of
Secons 2079.13 to 2079.24, inclusive, of the Civil Code set forth on page 2. Read it carefully. I/WE ACKNOWLEDGE RECEIPT OF A COPY OF THIS DISCLOSURE AND
THE PORTIONS OF THE CIVIL CODE PRINTED ON THE BACK (OR A SEPARATE PAGE).
Buyer Seller Lessor Lessee Thornmint 13, LLC, , a California
limited liability company Date:
Buyer Seller Lessor Lessee Date:
Agent: Colliers International CA, Inc., Colliers International DRE Lic. #: 01908588
Real Estate Broker (Firm)
By: David Harper DRE Lic. #: 00880644 Date:
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AD­3.01, Revised 10­22­2020 Page 2 of 4
(Salesperson or Broker­Associate)
THIS FORM HAS BEEN PREPARED BY AIR CRE. NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR ADEQUACY OF THIS FORM FOR ANY SPECIFIC
TRANSACTION. PLEASE SEEK LEGAL COUNSEL AS TO THE APPROPRIATENESS OF THIS FORM.
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 © 2019 AIR CRE. All Rights Reserved. Last Edited: 7/22/2021 12:33 PM
AD­3.01, Revised 10­22­2020 Page 3 of 4
DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIP
CIVIL CODE SECTIONS 2079.13 THROUGH 2079.24 (2079.16 APPEARS ON THE FRONT)
2079.13.AsusedinSec ons 2079.7 and 2079.14 to 2079.24, inclusive, the following terms have the following meanings:
(a) “Agent”means aperson acng under provisions of Title 9 (commencing with Secon 2295) in a real property transacon, and includes a person who is licensed as
a real estate broker under Chapter 3 (commencing with Secon 10130) of Part 1 of Division 4 of the Business and Professions Code, and under whose license a lisng
is executed or an offer to purchase is obtained. The agent in the real property transacon bears responsibility for that agent’s salespersons or broker associates who
perform as agents of the agent. When a salesperson or broker associate owes a duty to any principal, or to any buyer or seller who is not a principal, in a real property
transacon, that duty is equivalent to the duty owed to that party by the broker for whom the salesperson or broker associate funcons. (b) “Buyer” means a
transferee in a real property transacon, and includes a person who executes an offer to purchase real property from a seller through an agent, or who seeks the
services of anagent in more thana casual, transitory, orpreliminary manner, with the object of entering into a real property transacon. “Buyer” includes vendee or
lessee of real property. (c) “Commercial real property” means all real property in the state, except (1) single­family residenal real property, (2) dwelling units made
subject to Chapter 2 (commencing with Secon 1940) of Title 5, (3) a mobile home, as defined in Secon 798.3, (4) vacant land, or (5) a recreaonal vehicle, as
defined in Secon 799.29. (d) “Dual agent” means an agent acng, either directly or through a salesperson or broker associate, as agent for both the seller and the
buyer in a real property transacon. (e) “Lisng agreement” means a wrien contract between a seller of real property and an agent, by which the agent has been
authorized to sell the real property or to find or obtain a buyer, including rendering other services for which a real estate license is required to the seller pursuant to
the terms of the agreement. (f) “Seller's agent” means a person who has obtained a lisng of real propertyto act as an agent for compensaon. (g) “Lisng price” is
the amount expressed in dollars specified in the lisng for which the seller is willing to sell the real property through the seller’s agent. (h) “Offering price” is the
amount expressed in dollars specified in an offer to purchase for which the buyer is willing to buy the real property. (i) “Offer to purchase” means a wrien contract
executed by a buyer acng through a buyer’s agent that becomes the contract for the sale of the real property upon acceptance by the seller. (j) “Real property”
means any estate specified by subdivision (1) or (2) of Secon 761 in property, and includes (1) single­family residenal property, (2) mul­unit residenal property
with more than four dwelling units, (3) commercial real property, (4) vacant land, (5) a ground lease coupled with improvements, or (6) a manufactured home as
defined in Secon 18007 of the Health and Safety Code, or a mobile home as definedinSec on 18008 of the Health and Safety Code, when offeredforsaleorsold
through an agent pursuant to the authority contained in Secon 10131.6 of the Business and Professions Code. (k) “Real property transacon” means a transacon for
the sale of real property in which an agent is retained by a buyer, seller, or both a buyer and seller to act in that transacon, and includes a lisng or an offer to
purchase. (l) “Sell,” “sale,” or “sold” refers to a transacon for the transfer of real property from the seller to the buyer and includes exchanges of real property
between the seller and buyer, transacons for the creaon of a real property sales contract within the meaning of Secon 2985, and transacons for the creaon of a
leasehold exceeding one year’s duraon. (m) “Seller” means the transferor in arealpropertytra nsacon and includes an owner who lists real property with an agent,
whether or not a transfer results, or who receives an offer to purchase real property of which he or she is the owner from an agent on behalf of another. “Seller”
includes both a vendor and a lessor of real property. (n) “Buyer's agent” means an agent who represents a buyer in a real property transacon.
2079.14. A seller’s agent and buyer’s agent shall provide the seller and buyer in a real property transacon with a copy of the disclosure form specified in Secon
2079.16, and shall obtain a signed acknowledgment of receipt from that seller and buyer, except as provided in Secon 2079.15, as follows: (a) The seller’s agent, if
any, shall provide the disclosure form to the seller prior to entering into the lisng agreement. (b) The buyer’s agent shall provide the disclosure form to the buyer as
soon as praccable prior to execuon of the buyer’s offer to purchase. If the offer to purchase is not prepared by the buyer’s agent, the buyer’s agent shall present the
disclosure form to the buyer not later than the next business day aer receiving the offer to purchase from the buyer.
2079.15. In any circumstance in which the seller or buyer refuses to sign an acknowledgment of receipt pursuant to Secon 2079.14, the agent shall set forth, sign,
and date a wrien declaraon of the facts of the refusal.
2079.16 Reproduced on Page 1 of this AD form.
2079.17(a) As soon as praccable, the buyer’s agent shall disclose to the buyer and seller whether the agent is acng in the real property transacon as the buyer’s
agent, or as a dual agent represenng both the buyer and the seller. This relaonship shall be confirmed in the contract to purchase and sell real property or in a
separate wring executed or acknowledged by the seller, the buyer, and the buyer’s agent prior to or coincident with execuon of that contract by the buyer and the
seller, respecvely. (b) As soon as praccable, the seller’s agent shall disclose to the seller whether the seller’s agent is acng in the real property transacon as the
seller’s agent, or as a dual agent represenng both the buyer and seller. This relaonship shall be confirmed in the contract to purchase and sell real property or in a
separate wring executed or acknowledged by the seller and the seller’s agent prior to or coincident with the execuon of that contract by the seller.
(C) CONFIRMATION: The following agency relaonships are confirmed for this transacon.
Seller's Brokerage Firm DO NOT COMPLETE, SAMPLE ONLY License Number
Is the broker of (check one): † the seller; or † both the buyer and seller. (dual agent)
Seller's Agent DO NOT COMPLETE, SAMPLE ONLY License Number
Is (check one): † the Seller's Agent. (salesperson or broker associate); or † both the Buyer's Agent and the Seller's Agent. (dual agent)
Buyer's Brokerage Firm DO NOT COMPLETE, SAMPLE ONLY License Number
Is the broker of (check one): † the buyer; or † both the buyer and seller. (dual agent)
Buyer's Agent DO NOT COMPLETE, SAMPLE ONLY License Number
Is (check one): † the Buyer's Agent. (salesperson or broker associate); or † both the Buyer's Agent and the Seller's Agent. (dual agent)
(d) The disclosures and confirmaon required by this secon shall be in addion to the disclosure required by Secon 2079.14. An agent’s duty to provide disclosure
and confirmaon of representaon in this secon may be performed by a real estate salesperson or broker associate affiliated with that broker.
2079.18 (Repealed pursuant to AB­1289, 2017­18 California Legislave session)
2079.19 The payment of compensaon or the obligaon to pay compensaon to an agent by the seller or buyer is not necessarily determinave of a parcular agency
relaonship between an agent and the seller or buyer. A lisng agent and a selling agent may agree to share any compensaon or commission paid, or any right to any
compensaon or commission for which an obligaon arises as the result of a real estate transacon, and the terms of any such agreement shall not necessarily be
determinave of a parcular relaonship.
2079.20 Nothing in this arcle prevents an agent from selecng, as a condion of the agent’s employment, aspeci ficformofagencyrela onship not specifically
DocuSign Envelope ID: AB7F1110-C8E1-470A-BB05-5F47A0DAEF7A DocuSign Envelope ID: 3ECC8561-D258-4806-BD9B-6357FBA2391C

	
	________ ________
________ ________
INITIALS INITIALS
 © 2019 AIR CRE. All Rights Reserved. Last Edited: 7/22/2021 12:33 PM
AD­3.01, Revised 10­22­2020 Page 4 of 4
prohibited by this arcle if the requirements of Secon 2079.14 and Secon 2079.17 are complied with.
2079.21 (a) A dual agent may not, without the express permission of the seller, disclose to the buyer any confidenal informaon obtained from the seller. (b) Adual
agent may not, without the express permission of the buyer, disclose to the seller any confidenal informaon obtained from the buyer. (c) “Confidenal informaon”
means facts relang to the client’s financial posion, movaons, bargaining posion, or other personal informaon that may impact price, such as the seller is willing
to accept a price less than the lisng price or the buyer is willing to pay a price greater than the price offered. (d) This secon does not alter in any way the duty or
responsibility of a dual agent to any principal with respect to confidenal informaon other than price.
2079.22 Nothing in this arcle precludes a seller’s agent from also being a buyer’s agent. If a seller or buyer in a transacon chooses to not be represented by an
agent, that does not, of itself, make that agent a dual agent.
2079.23 (a) A contract between the principal and agent may be modified or altered to change the agency relaonship at any me before the performance of the act
which is the object of the agency with the wrien consent of the pares to the agency relaonship. (b) A lender or an aucon company retained by a lender to
control aspects of a transacon of real property subject to this part, including validang the sales price, shall not require, as acondi on of receiving the lender’s
approval of the transacon, the homeowner or lisng agent to defend or indemnify the lender or aucon company from any liability alleged to result from the acons
of the lender or aucon company. Any clause, provision, covenant, or agreement purporng to impose an obligaon to defend or indemnify a lender or an aucon
company in violaon of this subdivision is against public policy, void, and unenforceable.
2079.24 Nothing in this arcle shall be construed to either diminish the duty of disclosure owed buyers and sellers by agents and their associate licensees, subagents,
and employees or to relieve agents and their associate licensees, subagents, and employees from liability for their conduct in connecon with acts governed by this
arcle or for any breach of a fiduciary duty or a duty of disclosure.
AIR CRE * hps://www.aircre.com * 213­687­8777 * contracts@aircre.com
NOTICE: No part of these works may be reproduced in any form without permission in wring.
DocuSign Envelope ID: AB7F1110-C8E1-470A-BB05-5F47A0DAEF7A DocuSign Envelope ID: 3ECC8561-D258-4806-BD9B-6357FBA2391CExhibit 10.7

 

LEASE OF SPACE

SINGLE-STORY OFFICE

 

SUMMARY OF BASIC LEASE TERMS

 

		1.	Tenant: Charlotte's Web, Inc. .

 

		2.	Project/Building:

 

		(a)	Project Name: Louisville Corporate Campus at CTC

 

		(b)	Approximate Total Building Floor Area: 136,610 square feet

 

		3.	Demised Premises:

 

		(a)	Approximate Total Floor Area: 136,610 square feet

 

		(b)	Address: The Building located at 700 Tech Court, Louisville,
Colorado 80027

 

		4.	Initial Lease Term:

 

		(a)	Period: One hundred twenty-six (126) months (plus the remainder of any incomplete month as provided in
Section 4.1 of this Lease)

 

		(b)	Commencement Date: September 1, 2019

 

		5.	Base Rent:

 

	Period	 	Rental Rate	 	Annual Base Rent	 	Monthly Base Rent
	09/1/2019-08/31/2020	 	$10.50/SF/Yr/NNN	 	$1,434,405.00/Yr	 	$119,533.75/Mo
	09/1/2020-08/31/2021	 	$10.76/SF/Yr/NNN	 	$1,470,265.13/Yr	 	$122,522.09/Mo
	09/1/2021-08/31/2022	 	$11,03/SF/Yr/NNN	 	$1,507,021.75/Yr	 	$125,585.15/Mo
	09/1/2022-08/31/2023	 	511.31/SF/Yr/NNN	 	$1,544,697.30/Yr	 	$128,724.77/Mo
	09/1/2023-08/31/2024	 	$11.59/SF/Yr/NNN	 	$1,583,314.73/Yr	 	$131,942.89/Mo
	09/1/2024-08/31/2025	 	$11.88/SF/Yr/NNN	 	$1,622,897.60/Yr	 	$135,241.47/Mo
	09/1/2025-08/31/2026	 	$12.18/SF/Yr/NNN	 	$1,663,470.04/Yr	 	$138,622.50/Mo
	09/1/2026-08/31/2027	 	$12.48/SF/Yr/NNN	 	$1,705,056.79/Yr	 	$142,088.07/Mo
	09/1/2027-08/31/2028	 	$12.79/SF/Yr/NNN	 	$1,747,683.21/Yr	 	$145,640.27/Mo
	09/1/2028-08/31/2029	 	$13.11/SF/Yr/NNN	 	$1,791,375.29/Yr	 	$149,281.27/Mo
	09/1/2029-02/28/2030	 	513.44/SF/Yr/NNN	 	$1,836,159.67/Yr	 	$153,013.31/Mo

 

NOTE:
The period commencing on September 1, 2019 and continuing through February 29, 2020 ("First Rental Abatement Period")
is subject to the First Rental Abatement as provided in the Addendum. The period commencing on March 1, 2020 and continuing through
August 31, 2020 ("Second Rental Abatement Period") is subject to the Second Rental Abatement as provided in the
Addendum.

 

    i 

     

    

 

		6.	Additional Rent:

 

		(a)	Initial Monthly Payment for Taxes, Landlord's Insurance and Common Facilities Charges: $51,228.75

 

		(b)	Tenant's Pro Rata Share of the Building (for Additional Rent): 100%

 

		7.	Initial Payment Due upon Lease Execution:

 

		(a)	First Month's Base Rent of $90,956.25

 

		(b)	First Month's Additional Rent of $51,228,75

 

		8.	Address for Notices to Landlord:

 

EJ 700 Tech Court LLC 

c/o Etkin Johnson Real Estate Partners
LLC 

1512 Larimer Street, Suite 100
(Bridge Level) 

Denver, Colorado 80202 

Attn: Cyndi Thomas 

Email: cthomas@etkinjohnsoricom

 

		9.	Address for Payments to Landlord:

 

EJ 700 Tech Court LLC 

Etkin Johnson Real Estate Partners
LLC 

1512 Larimer Street, Suite 100
(Bridge Level) 

Denver, Colorado 80202

 

		10.	Address for Notices to Tenant:

 

Charlotte's Web, Inc. 

c/o Charlotte's Web Holdings, Inc. 

1720 S. Bellaire St., Suite 600 

Denver, Colorado 80222 

Attn: Chief Financial Officer 

Email: rich.mohr@ charlottesweb.com

 

With a copy to:

 

Davis Graham & Stubbs LLP 

1550 17th Street, Suite 500 

Denver, CO 80202 

Attn: Zachary D. Detra 

Email: zach.detra@dgslaw.com

 

		11.	Address for Billings to Tenant:

 

Charlotte's Web, Inc. 

c/o Charlotte's Web Holdings, Inc. 

1720 S. Bellaire St., Suite 600 

Denver, Colorado 80222 

Attn: Chief Financial Officer 

Email: rich.mohr@charlottesweb.com

 

    ii 

     

    

 

		12.	Permitted Use(s) by Tenant: general office, manufacturing,
storage, distribution and warehouse purposes.

 

		13.	Broker(s):

 

		(a)	Landlord is represented by Etkin Johnson Real Estate Partners LLC, which is acting as Landlord's Broker

 

		(b)	Tenant is represented by Avison Young—Northern California, Ltd. d/b/a Avison Young, which is
acting as Tenant's Broker

 

		14.	Parking: The parking spaces contained in the Parking Area on
the Property

 

		15.	Guarantor: Charlotte's Web Holdings, Inc., a Canadian corporation
(British Columbia Incorporation Number BC1164820)

 

    iii 

     

    

 

LEASE OF SPACE

(Single-Story Office)

 

This Lease ("Lease")
is made this 7th day of May, 2019 ("Effective Date"), between EJ 700 TECH COURT LLC, a Delaware limited liability company
("Landlord"), and CHARLOTTE'S WEB, INC., a Delaware corporation ("Tenant").

 

1.              GENERAL.

 

1.1            Consideration.
Landlord enters into this Lease in consideration of the payment by Tenant of the rents herein reserved and the keeping, observance and
performance by Tenant of the covenants and agreements of Tenant herein contained.

 

1.2            Exhibits
and Attachments. The Summary of Basic Lease Terms ("Summary"), Attachments, Exhibits and Addenda listed below shall
be attached to this Lease and be deemed incorporated in this Lease by this reference. In the event of any inconsistency between such Summary,
Attachments, Exhibits and Addenda and the terms and provisions of this Lease, the terms and provisions of the Summary, Attachments, Exhibits
and Addenda shall control. The Summary, Attachments, Exhibits and Addenda to this Lease are:

 

Summary of Basic Lease Terms 

Exhibit A— Legal Descriptions
of Land 

Exhibit B — Location of
Demised Premises and Parking Area 

Exhibit C — Rules and
Regulations 

Exhibit D — Signage Specifications 

Exhibit E— Base Building
and Site Outline Specifications 

Exhibit F — Permitted Hazardous
Substances 

Brokerage Disclosure 

Addendum to Lease of Space 

Work Letter 

Guaranty

 

II.             DEFINITIONS;
DEMISE OF PREMISES.

 

2.1            Demise.
Subject to the provisions, covenants and agreements herein contained, Landlord hereby leases and demises to Tenant, and Tenant hereby
leases from Landlord, the Demised Premises as hereinafter defined, for the Lease Term as hereinafter defined, subject to all covenants,
conditions, restrictions, easements and encumbrances now existing or hereafter affecting the Property. Landlord and Tenant acknowledge
and agree that Landlord has completed the work to the Demised Premises described in the Base Building and Site Outline Specifications
attached as Exhibit E ("Landlord's Work"). During the period commencing on September 1, 2019 and continuing
until August 31, 2020, in the event that there is a defect in Landlord's Work, and Tenant provides written notice thereof to Landlord,
Landlord, at its sole cost, shall repair such defect whether or not through the enforcement of any unexpired construction warranty(s) applicable
to such defect or otherwise. Notwithstanding the foregoing, if any defect in Landlord's Work is caused by the negligence or willful misconduct
of Tenant or Tenant's Agents or misuse of the applicable improvements by Tenant or Tenant's Agents, Tenant shall pay Landlord's reasonable
out-of-pocket costs therefor promptly upon receipt of a documented invoice therefor. Tenant shall have access to the Demised Premises
24 hours per day, seven days a week beginning on the Early Access Date (defined in the Addendum attached hereto), subject to reasonable
security restrictions which may be imposed by Landlord including, without limitation, a card key access system for access to the Building.

 

2.2            Demised
Premises. The "Demised Premises" shall mean the space to be occupied by Tenant as depicted on Exhibit B
attached hereto. The depiction of the Demised Premises on Exhibit B contains approximately the number of square feet of gross floor
area ("Floor Area") set forth in the Summary, which depiction is herein referred to as the "Space Plan."
The Demised Premises are located within the Building which is located on the Land, as such terms are hereinafter defined. The Demised
Premises, the Building and the Property shall be measured at all times in accordance with the applicable BOMA/SIOR standard as determined
by Landlord from time to time, in its sole and absolute discretion ("BOMA Standard"). All references to Floor Area or
other square footages or area measurements in this Lease shall be based upon BOMA Standard, notwithstanding anything to the contrary.

 

    1 

     

    

 

2.3            Area
and Address. The Demised Premises contains approximately the Floor Area set forth in the Summary. The address of the Demised Premises
is the address set forth in the Summary.

 

2.4            Land.
 "Land" shall mean the parcel of real property more particularly described as the Land in Exhibit A attached hereto.

 

15             Building.
 "Building" shall mean the building or buildings constructed on the Land and containing approximately the Floor Area set
forth on the Summary. If there is more than one building constructed on the Land, the term "Building" shall mean collectively
all buildings constructed upon the Land.

 

2.6            Improvements.
 "Improvements" shall mean the Building, the Parking Area as hereinafter defined, and all other fixtures and improvements
owned by Landlord on the Land, including landscaping thereon.

 

2.7            [Intentionally
omitted]

 

2.8            Property.
 "Property" shall mean the Land, the Building and the Improvements and any fixtures and personal property used in operation
and maintenance of the Land, Building and Improvements other than fixtures and personal property of Tenant and other users of space in
the Building.

 

2.9            Common
Facilities. "Common Facilities" shall mean all of the Property except (a) the Demised Premises, (b) areas
reserved by Landlord for special purposes (including, without limitation, satellite dishes and generators), as determined by Landlord
from time to time. Common Facilities shall include the Parking Area, any walks and driveways, any other exterior areas designated by Landlord
from time to time. Notwithstanding the foregoing, Landlord may only use the Common Facilities and/or designate additional Common Facilities
in a manner reasonably required for the maintenance, repair and operation of the Property and to facilitate the development of adjacent
parcels owned by Landlord and/or its affiliates and so as to not materially interfere with Tenant's use of the Demised Premises and the
Parking Area.

 

2.10          Parking
Area. "Parking Area" shall mean that area shown on Exhibit B attached hereto.

 

2.11          Use
of Common Facilities and Parking Area. Tenant is hereby granted the exclusive use the Common Facilities, as it from time to time
exists, subject to the rights of Landlord reserved herein and Section 2.9 above. Tenant shall not interfere, at any time, with the
rights of Landlord to use any part of the Common Facilities, and shall not store, either permanently or temporarily, any materials, supplies
or equipment in or on the Common Facilities. Landlord shall have the right, at any time, to change, reduce or otherwise alter the Common
Facilities, in its sole and absolute discretion and without compensation to Tenant; provided, however, such change (a) does not reduce
the number of Tenant's parking spaces provided in the Summary, (b) permits reasonable access to the Demised Premises, subject to
the provisions of Section 2.12, and (c) does not materially interfere with Tenant's use of the Demised Premises and the Parking
Area. Landlord may use any of the Common Facilities, including one or more street entrances to the Property, as are necessary in Landlord's
judgment, for the purpose of completing or making repairs or alterations in any portion of the Property. Notwithstanding the foregoing,
Landlord shall not alter the access to the rear of the Building in any material manner, unless required by law. For the avoidance of doubt,
Tenant shall have the exclusive right to use the Parking Area, roof, the demising floors, walls and ceilings, and the exterior walls of
the Demised Premises and the Building, and all telecommunications and utilities chases, ducts or other passageways located within the
Demised Premises, the Building or the Property ("Reserved Area"). Tenant shall have the sole right to place equipment
on and/or lease or license the rooftop of the Building (including, without limitation, for solar panels and other energy generating equipment
and facilities). If Landlord determines that Tenant's use of the Reserved Area shall require additional improvements or other costs to
Landlord, after providing Tenant prior written notice thereof, Landlord shall be entitled to charge such commercially reasonable costs
to Tenant. Landlord reserves to itself the right, from time to time, to grant such easements, rights and dedications with respect to the
Property that Landlord deems necessary or desirable, and to cause the recordation of parcel maps and restrictions with respect to the
Property, so long as such easements, rights, dedications, maps and restrictions do not materially adversely affect Tenant's rights or
materially increase Tenant's costs under this Lease. At Landlord's request, Tenant shall sign any of the aforementioned documents within
ten (10) days after written notice thereof from Landlord. The obstruction of Tenant's view, air, or light by any structure erected
in the vicinity of the Demised Premises, whether by Landlord or third parties, shall in no way affect this Lease or impose any liability
upon Landlord.

 

    2 

     

    

 

2.12          Covenant
of Quiet Enjoyment. Landlord covenants and agrees that, provided a Default by Tenant has not occurred that has not been cured,
and provided that Tenant keeps, observes and performs its covenants and agreements contained in this Lease, Tenant shall have quiet possession
of the Demised Premises and such possession shall not be disturbed or interfered with by Landlord. Except as otherwise expressly provided
herein, Landlord shall under no circumstances be held responsible for restriction or disruption of use, enjoyment or access to the Property
from public streets caused by construction work or other actions taken by governmental authorities or tenants or occupants of adjacent
properties not under the control of Landlord (their employees, agents, visitors, contractors or invitees), or any entry or work by Landlord
in or around the Demised Premises authorized under this Lease, or any other cause not within Landlord's direct control, and such circumstances
shall not constitute a constructive eviction of Tenant nor give rise to any right of Tenant against Landlord.

 

2.13          Condition
of Demised Premises. Except for any improvements expressly required to be constructed by Landlord pursuant to the Addendum to
this Lease, if any, Tenant covenants and agrees that, upon taking possession of the Demised Premises, Tenant shall be deemed to have accepted
the Demised Premises "as is", subject to any latent defects in Landlord's Work that were not readily discoverable by Tenant
upon taking possession of the Demised Premises, which defects shall be remedied by Landlord in accordance with Section 7.4 hereof,
and Tenant shall be deemed to have waived any warranty of condition or habitability, suitability for occupancy, use or habitation, fitness
for a particular purpose or merchantability, express or implied, relating to the Demised Premises. Tenant's acceptance of the Demised
Premises shall constitute its acknowledgment that the Demised Premises was in good condition, order and repair at the time of such acceptance
including, without limitation, all doors, loading dock doors, dock levelers, related dock systems and areas, and all other mechanical
and electrical systems.

 

III.           LEASE
TERM.

 

3.1           Lease
Term. "Initial Lease Term" shall mean the period of time specified in the Summary commencing at noon on the commencement
date specified in the Summary ("Commencement Date") and expiring at noon on the last day of the calendar month falling
on or after the time period described in the Summary (the Initial Lease Term together with any extensions thereof is herein referred to
as the "Lease Term").

 

3.2            Tenant
Entry If Landlord grants access or occupancy of the Demised Premises prior to the that Tenant shall not be obligated to pay Base
Rent, Taxes, Landlord's Insurance or Common Facilities Charges until the Commencement Date of this Lease Term.

 

1V.           BASE RENT
AND ADDITIONAL RENT.

 

4.1            Base
Rent. Tenant covenants and agrees to pay to Landlord, without offset, reduction, deduction, counterclaim or abatement except as
otherwise expressly set forth herein, base rent for the Lease Term in the amount specified as base rent in the Summary ("Base
Rent"). The term "Rent" as used herein shall mean collectively Base Rent and Additional Rent.

 

4.2            Monthly
Payments. Base Rent shall be payable monthly in advance, without notice, in equal installments in the amount of monthly rent specified
in the Summary. The first such monthly installment shall be due and payable upon execution hereof and a like monthly installment shall
be due and payable on or before the fifth (5th) day of each calendar month succeeding the Commencement Date recited in the Summary during
the Lease Term, except that the rental payment for any fractional calendar month at the commencement or end of the Lease Term shall be
prorated based on a thirty (30) day month.

 

    3 

     

    

 

4.3            Place
of Payments. Base Rent and all other sums payable by Tenant to Landlord under this Lease shall be paid to Landlord by check in
immediately available funds at the place for payments specified in the Summary, or such other place as Landlord may, from time to time
and at least thirty (30) days in advance, designate in writing. All payments made to Landlord by Tenant by check or draft shall be payable
to the name set forth in the Summary, until such time as Landlord may notify Tenant otherwise. At Landlord's option, Landlord may elect
from time to time to require the Base Rent and other sums payable by Tenant to Landlord under this Lease to be paid by electronic wire
transfer or ACH payment. In such event, Landlord shall provide written notice to Tenant at least thirty (30) days in advance with instructions
and requirements for payments by Tenant to Landlord and Tenant shall make all payments thereafter in accordance with such instructions.
Tenant shall also provide to Landlord such information and execute and deliver such authorizations and other documents as are reasonably
necessary from time to time to initiate and perform such payments by wire transfer or debit entries from Tenant's designated deposit account
to Landlord's designated deposit account.

 

4.4            Net
Lease. It is the intent of the parties that the Base Rent provided in this Lease shall be a net payment to Landlord; that this
Lease shall continue for the full Lease Term notwithstanding any occurrence preventing or restricting use and occupancy of the Demised
Premises, including any damage or destruction affecting the Demised Premises, and any action by governmental authority relating to or
affecting the Demised Premises, except as otherwise specifically provided in this Lease; that the Rent shall be absolutely payable without
offset, reduction, deduction, counterclaim, or abatement for any cause except as otherwise specifically provided in this Lease; that Landlord
shall not bear any costs or expenses relating to the Demised Premises or provide any services or do any act in connection with the Demised
Premises except as otherwise specifically provided in this Lease; and that Tenant shall pay, in addition to Base Rent, Additional Rent
to cover its share of costs and expenses relating to the Demised Premises, the Common Facilities, and the Property, all as hereinafter
provided.

 

4.5            Additional
Rent. Tenant covenants and agrees to pay, as additional rent under this Lease ("Additional Rent"), without offset,
reduction, deduction, counterclaim or abatement except as otherwise expressly set forth herein, all costs and expenses relating to the
use, operation, maintenance and repair of the Demised Premises by Tenant; Tenant's Pro Rata Share (as defined in Section 4.6) of
the Common Facilities Charges (as defined in Section 7.2); Tenant's Pro Rata Share of all Taxes (as defined in Section 5.1)
and Landlord's Insurance (as defined in Section 4.7); and all other costs and expenses which Tenant is obligated to pay to Landlord
or any other person or entity under this Lease, whether or not stated or characterized as Additional Rent.

 

4.6            Tenant's
Pro Rata Share. "Tenant's Pro Rata Share" shall mean the percentage set forth in the Summary as Tenant's Pro
Rata Share which is the percentage derived by dividing the approximate Floor Area of the Demised Premises, as initially set forth in the
Summary, by the approximate Floor Area of the Building, as initially set forth in the Summary. Landlord and Tenant agree that such approximations
of Floor Area of the Demised Premises and the Building are reasonable, and that the calculations of Base Rent and Tenant's Pro Rata Share
based on such approximations are not subject to revision under any circumstances, except as expressly provided in this Section 4.6.
If the Floor Area of the Demised Premises or the Building are ever remeasured, the result may only be used to adjust the identification
thereof, and neither Landlord nor Tenant shall be entitled to claim an increase or decrease in the amount of the Monthly Base Rent specified
in the Summary or the amount of Tenant's Pro Rata Share specified in the Summary based upon such remeasurement. The Demised Premises shall
be approximately as depicted in the Space Plan; provided, however, in no event shall Landlord be liable to Tenant or Tenant have any claims
or rights against Landlord if the actual Floor Area of the Demised Premises is different than the estimated Floor Area of the Demised
Premises herein provided. Notwithstanding anything to the contrary, if Landlord from time to time increases or reduces the Floor Area
of the Building or constructs additional building(s) upon the Property then Landlord shall recalculate Tenant's Pro Rata Share using
the formulas hereinabove set forth based upon the added or reduced Floor Area. Landlord shall also be entitled to provide specific services
for the Common Facilities to the tenants and other occupants of the Building or a specific group of tenants, as Landlord determines from
time to time. In such event, Landlord acting in a commercially reasonable manner shall be entitled to charge from time to time any items
of the Common Facilities Charges, Taxes or Landlord's Insurance on the basis of the Building or such specific group of tenants receiving
such service or participating in such line item. For all items to be charged for the Building, Tenant's Pro Rata Share of the Building
shall be used; and for all items relating to any specific group of tenants, Tenant's Pro Rata Share thereof shall be determined based
on the Floor Area of all tenants in such specific group.

 

4.7            Monthly
Deposits. Tenant shall pay to Landlord, as a monthly deposit ("Monthly Deposit"), in and Liability Insurance
(defined in Section 6.2) (such Property Insurance and Liability Insurance are collectively referred to herein as "Landlord's
Insurance"), and Common Facilities Charges (defined in Section 7.2). Landlord shall be entitled to adjust the amount of
the Monthly Deposit from time to time if Landlord anticipates any increase or decrease in Taxes, Landlord's Insurance or Common Facilities
Charges, including the right to make annual adjustment thereof each calendar year.

 

    4 

     

    

 

4.8            General
Provisions as to Monthly Deposits. Landlord may commingle the Monthly Deposits with Landlord's own funds and use such funds as
Landlord determines in its commercially reasonable discretion and in accordance with this Lease. In no event shall Landlord be required
to hold such funds in escrow or trust for Tenant. Landlord shall not be obligated to pay interest to Tenant on account of the Monthly
Deposits. In the event of a transfer by Landlord of Landlord's interest in the Demised Premises, Landlord or the property manager of Landlord
shall deliver the remaining balance of any Monthly Deposits to the transferee of Landlord's interest and Landlord and such property manager
shall thereupon be discharged from any further liability to Tenant with respect to such Monthly Deposits so long as such transferee expressly
assumes Landlord's obligations hereunder arising from and after such transfer. In the event of a Transfer (as defined in Section 8.16)
by Tenant of Tenant's interest in this Lease, Landlord shall be entitled to return the Monthly Deposits to Tenant's successor in interest
and Landlord shall thereupon be discharged from any further liability with respect to the Monthly Deposits.

 

4.9            Annual
Adjustment. Following the end of each calendar year of the Lease Term, Landlord shall submit to Tenant a statement setting forth
the exact amount of Tenant's Pro Rata Share of Taxes, Landlord's Insurance, and Common Facilities Charges for the previous calendar year
("Statement") which Statement shall be considered a final determination of such amounts as between Landlord and Tenant
subject to Tenant's right to audit outlined below. If Landlord determines that the actual amount of Tenant's Pro Rata Share of Taxes,
Landlord's Insurance, and Common Facilities Charges for the previous calendar year exceeds the Monthly Deposits for such previous calendar
year, Tenant shall pay to Landlord, within thirty (30) days after receipt of the Statement, such deficiency in the amount reflected in
the Statement. If Landlord determines that the Monthly Deposits exceeded the actual 'amount of Tenant's Pro Rata Share of Taxes, Landlord's
Insurance and Common Facilities Charges for the previous calendar year, the excess amount shall, at Landlord's option, either be paid
to Tenant within thirty (30) days thereof or credited against future Monthly Deposits or against Rent or other amounts payable by Tenant
under this Lease. If Tenant disputes any Statement submitted by Landlord, including the estimated Monthly Deposits, Tenant shall give
Landlord written notice of such dispute within sixty (60) days after Landlord provides the Statement to Tenant. If Tenant does not give
Landlord timely written notice, Tenant waives its right to dispute that particular Statement and Tenant shall be deemed to have accepted
the calculation of the Taxes, Landlord's Insurance and Common Facilities Charges and Tenant's Pro Rata Share thereof for such calendar
year, and Tenant shall not be thereafter entitled to dispute or object to that particular Statement or the calculation thereof. If Tenant
timely objects and provided that Tenant has paid the entire amount of Tenant's Pro Rata Share of Taxes, Landlord's Insurance and Common
Facilities Charges and there is no Default by Tenant, then Tenant for a period of thirty (30) days after Tenant's written notice may engage
its own certified public accountants ("Tenant's Accountants") to verify the accuracy of the Statement objected to by
Tenant. During such thirty (30) day period, Tenant's Accountants shall be entitled to examine the books and records of Landlord pertaining
to that particular Statement, which examination shall be conducted only during the regular business hours of Landlord at the office where
Landlord maintains such books and records, Tenant's Accountants shall enter into a confidentiality agreement with Landlord reasonably
satisfactory to Landlord. Tenant shall deliver to Landlord copies of all audits, reports or other results from its examination within
fifteen (l5) business days after receipt thereof by Tenant. All costs incurred by Tenant for Tenant's Accountants shall be paid by Tenant
unless the Statement contains an overcharge of Tenant's Pro Rata Share of Taxes, Landlord's Insurance and Common Facilities Charges for
the previous calendar year by more than five percent (5%), in which event Landlord shall promptly pay all reasonable costs of Tenant's
Accountants relating thereto (not to exceed a total reimbursement of $5,000.00). Notwithstanding any pending dispute, Tenant shall continue
to pay Landlord the amount of the estimated Monthly Deposits until such amount has been determined to be incorrect. The amounts of Taxes,
Landlord's Insurance and Common Facilities Charges payable by Tenant for the calendar years in which the Lease Term commences and expires
shall be subject to the provisions hereinafter contained in this Lease for proration of such amounts in such years. Prior to the dates
on which payment is due for Taxes, Landlord's Insurance and Common Facilities Charges, Landlord shall make payment of Taxes, Landlord's
Insurance and Common Facilities Charges, to the extent of funds from Monthly Deposits are available therefor and, upon request by Tenant,
shall furnish Tenant with a copy of any receipt for such payments. Except for Landlord's obligation to make payments out of funds available
from Monthly Deposits, the making of Monthly Deposits by Tenant shall not limit or alter Tenant's obligation to pay Taxes and to maintain
insurance as elsewhere provided in this Lease.

 

    5 

     

    

 

V.              TAXES.

 

5.1            Covenant
to Pay Taxes. Tenant covenants and agrees to pay Tenant's Pro Rata Share of Taxes, as hereinafter defined, which accrue during
or are attributable to the Lease Term. "Taxes" shall mean all taxes, assessments or other impositions, general or special,
ordinary or extraordinary, of every kind or nature, which may be levied, assessed or imposed upon or with respect to the Property, or
any part thereof, or upon any building, improvements or personal property at any time situated thereon but which shall not include (1) local,
state or federal net income taxes assessed against Landlord, (2) local, state or federal capital levy taxes assessed against Landlord,
or (3) sales, excise, franchise, gift, estate, succession, inheritance, or transfer taxes assessed against Landlord.

 

5.2            Proration
of Taxes. Taxes shall be prorated between Landlord and Tenant for the year in which the Lease Term commences and for the year
in which the Lease Term expires as of, respectively, the Commencement Date of the Lease Term and the date of expiration of the Lease Term,
except as hereinafter provided. Proration of Taxes shall be made on the basis of actual Taxes. Tenant's Pro Rata Share of Taxes for the
years in which the Lease Term commences and expires shall be paid and deposited with Landlord through Monthly

 

5.3            Special
Assessments. If any Taxes are payable in installments over a period of years, Tenant shall be responsible only for installments
for periods during the Lease Term with proration, as above provided, of any installment payable prior to the Commencement Date or after
the expiration date of the Lease Term.

 

5.4            New
Taxes. Tenant's obligation to pay Tenant's Pro Rata Share of Taxes shall include any Taxes of a nature not presently in effect
but which may hereafter be levied, assessed or imposed upon Landlord or upon the Property, if such tax shall be based upon or arise out
of the ownership, use or operation of the Property or the rents received therefrom, other than income taxes or estate taxes of Landlord.
For the purposes of computing Tenant's liability for such new type of tax or assessment, the Property shall be deemed the only property
of Landlord.

 

5.5            Right
to Contest Taxes. Landlord shall have the sole right to contest any Taxes; provided, however, Landlord shall protest Taxes for
a given calendar year upon Tenant's written request provided at least two (2) weeks before the applicable protest deadline. Landlord
shall credit Tenant with Tenant's Pro Rata Share of any abatement, reduction or recovery of any Taxes attributable to the Lease Term less
Tenant's Pro Rata Share of all reasonable costs and expenses incurred by Landlord, including reasonable attorney's fees, in connection
with such abatement, reduction or recovery.

 

VI.           INSURANCE.

 

6.1            Landlord's
Property Insurance. Landlord covenants and agrees to maintain property insurance ("Property Insurance") for the
Building envelope, in such amounts equal to the full replacement cost for the Building, from such company, with such deductible and on
such terms and conditions as Landlord deems commercially reasonable. Further, Landlord shall obtain extended insurance coverage for Machinery &
Equipment Breakdown and may, in its sole and absolute discretion, obtain Loss of Rents to the benefit of the Landlord. Extended insurance
coverage for Machinery & Equipment Breakdown is specific to the equipment as it relates to the operation of the Building and
is not intended coverage for the machinery or equipment of the Tenant. Property Insurance obtained by Landlord need not name Tenant as
an additional insured or loss payee, but at Landlord's directive may name any Mortgagee (as herein defined) as an additional insured and/or
loss payee as their interests may appear. Tenant covenants and agrees to pay its Pro Rata Share of the cost of the Property Insurance
obtained by Landlord for the Property and its Pro Rata Share of the cost of any deductible under such Property Insurance.

 

6.2            Landlord's
General Liability Insurance. Landlord covenants and agrees to maintain a Commercial General Liability Policy ("Liability
Insurance") covering the Common Facilities of the Property in such amounts, from such company, with such deductible and on such terms
and conditions as Landlord deems appropriate in its commercially reasonable discretion. Liability Insurance obtained by Landlord need
not name Tenant as an additional insured or loss payee, but at Landlord's directive may name any Mortgagee as an additional insured as
their interests may appear. Tenant covenants and agrees to pay its Pro Rata Share of the cost of the Liability Insurance obtained by the
Landlord and its Pro Rata Share of the cost of any deductible under Liability Insurance.

 

    6 

     

    

 

6.3            Tenant's
Property Insurance. Tenant covenants and agrees to obtain and maintain throughout the Lease Term, personal property insurance
on Tenant's Equipment ("Tenant's Property Insurance"). Such insurance coverage must be as broad as ISO Causes of Loss
-Special Form- against risks of direct physical loss or damage (commonly known as "all risk") for an amount adequate to replace,
and at replacement cost coverage, all of Tenant's equipment, fixtures, improvements, business or personal property, and any other property
for which Tenant is responsible located in or about the Building and Demised Premises. Coverage should also be extended to include Business
Income and Extra Expense to the benefit of Tenant. Landlord and its property manager assume and have no responsibility to determine adequate
Property values for Tenant.

 

6.4            Waiver.
Tenant and Landlord hereby waive all right of recovery against the other party and their respective officers, partners, members, agents,
representatives, and employees, including, without limitation, Landlord's property manager, for loss or damage to their respective real
business or personal property kept in or about the Building or the Demised Premises, for loss which is capable of being insured against
or for loss of business revenue or extra expense arising out of or related to the use and occupancy of the Demised Premises, to the extent
there is valid and collectible insurance provided by Tenant's Property Insurance policy or Landlord's Property Insurance as required to
be carried by the applicable party under this Lease. In obtaining Property Insurance as required by this Lease, Tenant shall notify their
insurance carrier of this foregoing waiver and provide to Landlord a certificate of insurance so representing such waiver of subrogation.

 

6.5            Tenant's
General Liability Insurance. Tenant covenants and agrees to maintain throughout the Lease Term, a Commercial General Liability
Insurance policy. Coverage must include protection against bodily injury (up to and including death), property damage, personal injury,
fire legal liability, and medical payment coverage issued by an insurance company qualified to do business in the state in which the Demised
Premises are located. Coverage shall be written on a claims made basis and may include a deductible up to $25,000 per occurrence. The
limit of liability shall be no less than $2,000,000 (Two Million Dollars) per occurrence. Such limit may be derived by a Combined Single
Limit (CSL) on the Liability policy or in combination of $1,000,000 (One Million Dollars) Liability CSL supported by a $1,000,000 (One
Million Dollars) or greater Umbrella Policy. Evidence of said insurance shall be provided to Landlord via a certificate of insurance.

 

The above General Liability
policy shall:

 

(a)            Name
the Landlord, its property manager, and Mortgagee as additional insureds (CO 20 11 04 13 or prior editions (or equivalent insurance language))
as regards this location.

 

(b)            Be
endorsed to be Primary and non-contributory to any other similar insurance of said Be endorsed to include a waiver of subrogation in favor
of additional insureds.

 

(c)            Provide,
if an endorsement is available, at least thirty (30) days prior written notice be given to additional insureds of any cancellation, non-renewal
or material change as respects the coverages required by this Lease.

 

(d)            Not
contain any deductible (except as provided above), retention or self-insured provisions or any contractual liability coverage exclusion
modifying or deleting the definition of "insured contract", unless otherwise approved in writing by the Landlord.

 

The limits of insurance required in this Lease
do not limit or restrict the limit of liability of Tenant hereunder. Prior to the occupancy of the Demised Premises and prior to the expiration
of the then-current policy, Tenant shall cause to be delivered to the Landlord certificates of insurance evidencing that the insurance
required under this Lease are so in effect. Tenant covenants and agrees to obtain other insurance, coverages and endorsements as reasonably
requested from time to time by Landlord's lender.

 

6.6            Commercial
Automobile Insurance. Should Tenant own or operate any commercial vehicles, Tenant agrees to acquire and maintain Commercial Automobile
Insurance as is required by law. The Commercial Auto Insurance shall represent that coverage for Tenant's auto to include "Any Auto"
or "All Owned Auto" including "Hired and Non-Owned Auto." Limits of coverage shall be $2,000,000 (Two Million Dollars)
for Liability. Such limit may be derived either by a Combined Single Limit (CSL) on the Auto policy, or a $1,000,000 (One Million Dollars)
Auto CSL supported by a $1,000,000 (One Million Dollars) or greater Umbrella Policy. Such policy shall list Landlord and its property
manager as additional insureds. Evidence of said insurance shall be provided to Landlord via certificate of insurance.

 

    7 

     

    

 

6.7            Worker's
Compensation. Tenant covenants and agrees to maintain Worker's Compensation Insurance coverage as required by statutory law. Such
policy shall afford a waiver of subrogation on behalf of the Landlord and its property manager. Evidence of said insurance shall be provided
to Landlord via certificate of insurance.

 

6.8            Cooperation.
Landlord and Tenant shall cooperate with each other in the collection of any insurance proceeds which may be payable in the event of any
loss, including execution and delivery of any proof of loss or other action required to such recovery.

 

6.9            Plate
Glass. Tenant acknowledges that Landlord is not obligated to maintain any insurance or extended coverage insurance with respect
to damage to any plate glass or other glass located in the Demised Premises. Tenant shall be entitled to obtain any such insurance for
plate glass or other glass located in the Demised Premises; provided, however, that Tenant shall be obligated to replace any damaged or
broken or plate glass or other glass located in the Demised Premises, whether or not Tenant has obtained such insurance coverage.

 

VII.         OPERATING,
MAINTENANCE AND REPAIR EXPENSES.

 

7.1            Utility
Charges. Tenant covenants and agrees to contract in Tenant's own name and to pay all charges for gas, electricity, light, heat,
power, telephone, telecommunication, internet, or other data transmission or utility services used, rendered or supplied to or for the
Demised Premises. If any such utility charges are not separately metered or billed to the Demised Premises, then Tenant shall pay Tenant's
Pro Rata Share thereof to Landlord, which amount shall be included in the Common Facilities Charges. Tenant shall comply with all energy
efficiency programs applicable to Tenant or Tenant's use and occupancy of the Demised Premises. Tenant shall reasonably cooperate with
Landlord in connection with all benchmarking, rating, reporting and other requirements of Landlord under any mandatory energy efficiency
programs and providing Landlord with information and reports regarding Tenant's energy and other utility usage in the Demised Premises
as requested by Landlord from time to time in connection therewith. Tenant acknowledges and agrees that Landlord may be required to disclose
energy and other utility usage data for the Building (including the Demised Premises) to governmental authorities and such data may be
made available to the public.

 

7.2            Common
Facilities Charges. Tenant covenants and agrees to pay Tenant's Pro Rata Share of the Common Facilities Charges (as herein defined).
The term "Common Facilities Charges" shall mean: all commercially reasonable costs and expenses of operating, repairing,
maintaining, upkeep and replacing of the Common Facilities, the Building, the Improvements and the Property including, without limitation,
upkeep and replanting of grass, trees, shrubs and landscaping; removal of dirt, debris, obstructions and litter from the Parking Area,
landscaped areas, sidewalks and driveways; trash and garbage disposal for the Common Facilities; exterior window washing; repairs, resurfacing,
resealing, re-striping, sweeping and snow and ice removal from the Parking Area, sidewalks, and driveways; removal of graffiti and repair
of vandalism; building signs; stairways; elevators; skylights; gas, electricity, light, heat, power and other utilities for the Common
Facilities; utility pipes, lines, equipment and facilities not exclusively serving the Demised Premises; extermination services; fire
protection systems, monitoring and sprinkler systems; exterior painting; interior painting of the Common Facilities; replacement of light
bulbs, light fixtures and ballasts in the Common Facilities; maintenance and repairs to roofs; repair, maintenance and replacement of
damaged or broken exterior glass or windows; water, sewer and storm drainage charges for the Property; water, sewage and storm drainage
systems and charges (including, without limitation, any detention, drainage or pond areas located within or serving the Property); irrigation
and landscaping sprinkler systems; association assessments, dues and fees; assessments, dues and fees charged under any existing or future
declarations, reciprocal easement agreements or other matters of record affecting the Property; supplies and the cost of any rental of
equipment in implementing such services; wages, salaries, compensation, taxes, medical and other insurance, pension and retirement plans,
and all other benefits and costs of personnel at or below the level of property manager to the extent engaged in the operation, management,
maintenance, service or security of the professional management and administration of the Building, the Common Facilities and the Property
which amount shall not be in excess of 5% of the gross rental revenue; all alterations, additions, improvements and other capital expenditures
for the Property (a) in order to conform to changes subsequent to the date of this Lease in any laws, ordinances, rules, regulations
or orders of any applicable governmental authority, or (b) which are intended as a cost or labor saving device or to effect other
economies in the operation of the Property and do in fact effect cost savings, subject to amortization of such costs at a market rate
of interest over the useful life thereof, as determined by Landlord's accountants; personal property taxes, licenses and permits; and
any other costs or expenses expressly included in Common Facilities Charges under this Lease. Landlord may elect from time to time to
provide trash and garbage disposal as part of the Common Facilities Charges (in lieu of Tenant providing such service under Section 7.3),
provided Tenant shall remain responsible for any trash or garbage disposal exceeding ordinary usage as reasonably determined by Landlord.
The Common Facilities Charges shall not be subject to amortization except as otherwise expressly herein required. Landlord may cause any
or all of such services to be provided by independent contractor(s) and subcontractor(s) and if Landlord elects to have such
services performed by an affiliate or related party, such services shall be provided at rates and on terms that are considered arm's length.
The cost of personnel may be prorated, in Landlord's sole and absolute discretion, if such personnel provide services for other properties
in addition to the Property.

 

    8 

     

    

 

7.3            Tenant's
Maintenance Obligation. Tenant, at its sole cost and expense, shall maintain, repair, replace (except for replacements considered
Capital Replacements) and keep the Demised Premises and all improvements, fixtures and personal property thereon in good, safe and sanitary
condition, order and repair and in accordance with all applicable laws, ordinances, orders, rules and regulations of governmental
authorities having jurisdiction. Tenant shall perform or contract for and promptly pay for trash and garbage disposal, janitorial and
cleaning services, security systems and services, the installation, maintenance and inspections of portable fire extinguishers in compliance
with NFPA 10 standards (as amended from time to time) and any other life safety and extinguishing systems necessary or appropriate for
Tenant's business in compliance with applicable NFPA standards (as amended from time to time), maintenance, repair and replacement of
heating, ventilation and air conditioning units, systems, equipment and facilities ("HVAC") and other building systems
serving the Demised Premises, including, without limitation, replacement of filters, periodic inspections and a HVAC maintenance contract
(reasonably approved by Landlord), interior window washing services, interior painting, repair and replacement of all interior and exterior
doors (including, without limitation, any loading dock doors, dock levelers and related dock systems and areas), repair, maintenance and
replacement of damaged or broken interior and exterior glass, windows, plate glass and other breakable materials, and replacement of interior
light bulbs, light fixtures and ballasts in or serving the Demised Premises. Tenant shall not dispose of light bulbs, ballasts or any
fixtures or equipment containing Hazardous Substances (as herein defined) in any trash dumpster, rather Tenant shall dispose of all such
materials in accordance with Applicable Laws (as herein defined) and in accordance with the requirements of this Lease. Tenant shall operate,
maintain, repair and replace the pipes, lines and other equipment and facilities for water, sewage and other utility services serving
the Demised Premises from the point exclusively serving the Demised Premises, even if outside of the Demised Premises. All costs of maintenance
and repairs by Tenant shall be considered Additional Rent hereunder. All maintenance and repairs to be performed by Tenant shall be done
promptly, in a good and workmanlike fashion, and without diminishing the original quality of the Demised Premises or the Property.

 

7.4            Landlord's
Maintenance Obligation. Landlord shall maintain and replace the exterior walls and structural elements and roof of the Building
and the Improvements and shall repair any latent defects in the Landlord's Work, which shall be at Landlord's sole cost except as expressly
included in Common Facilities Charges. Landlord, at its sole cost and expense, shall be responsible for the replacement of the roofs of
the Building. Landlord's maintenance obligation under this Section shall be determined in Landlord's commercially reasonable discretion.
For the purposes of this Section, all work and costs for the roofs of the Building shall be considered to be maintenance and repairs included
in the Common Facilities Charges, except for the replacement of the entire roofing system of the Building by Landlord hereunder. Landlord
shall also be responsible for all replacements that are considered capital in nature as reasonably determined by Landlord's accountants
("Capital Replacements") which include, but are not limited to, the replacement of the HVAC components and other building
systems and the repaving of the Parking Areas, and Landlord may charge back to Tenant as Common Facilities Charges on a monthly basis
the cost of such Capital Replacements amortized over the useful life of such item as reasonably determined by Landlord's accountants.
Notwithstanding the foregoing, Landlord shall not be obligated to repair or replace any damage caused by the negligence or willful misconduct
of Tenant or Tenant's Agents, which repair and replacement shall be at the sole cost and expense of Tenant.

 

    9 

     

    

 

7.5            Building
Services.

 

(a)            Landlord
shall cause to be made available at general points of usage in the Demised Premises facilities for the supply of domestic hot (or tempered)
and cold running water, and facilities for 2,500 AMP, 277/480 Volt, 3 Phase electric power. Tenant acknowledges that, other than as expressly
provided herein, Landlord is not responsible for providing facilities or service for telephone, cable, data or other communications systems,
alarm, or other utilities, facilities or services not expressly provided under this Lease and Tenant shall be responsible for all costs
related thereto.

 

(b)            Tenant
shall be entitled to connect electrical equipment (including telephones and computer equipment), install heat-generating equipment or
machinery in the Demised Premises and to use conduits within the Building for the installation and maintenance of conduits, cables, ducts,
pipes and other devices for communications/wireless networks, data processing devices, supplementary HVAC and other facilities consistent
with its use of the Demised Premises, provided that Tenant, at its sole cost, shall be responsible for all alterations and improvements
to the HVAC, electric and other utility and mechanical systems serving the Demised Premises the Building, and Landlord shall not be responsible
for any improvements or other modifications thereto except as expressly provided herein. Tenant shall pay the cost of any modifications
to the electrical system or heating and air conditioning system of the Building necessitated by such usage and the cost of any additional
electrical service provided to Tenant, unless billed directly to Tenant by the utility company.

 

(c)            Landlord
shall not be liable for any damage, loss or expense incurred by Tenant by reason of any interruption, reduction (permanent or temporary)
or failure of any utilities or services for the Demised Premises or the Building unless caused by the gross negligence or intentional
misconduct of Landlord or Landlord's agents. Landlord may, with written notice to Tenant (except that no notice shall be required in the
event of an emergency), temporarily suspend any utilities and services when such suspension is necessary in order to make repairs or alterations
or if otherwise required in connection with the fulfillment of Landlord's obligations under this Lease. Except as expressly provided below,
in no event shall Tenant be entitled to any abatement of rent as a result of the Demised Premises being rendered unusable for their intended
purpose due to any such failure, interruption or reduction. Except in the event of emergency, Landlord and Tenant shall coordinate and
agree to any suspension of utilities by Landlord. If any interruptions or suspensions of utilities is caused by the negligence or willful
misconduct of Landlord or its agents, employees or contractors, or is in any way related to the construction of any new building at the
Project by Landlord, and such interruption or suspension lasts for more than forty-eight (48) hours after written notice thereof to Landlord,
Tenant shall be entitled to an equitable abatement of Rent to the extent that Tenant is unable to use the Demised Premises as a result
of such interruption or suspension for every day after such forty-eight (48) hours until the interruption or suspension is cured, which
abatement shall be the sole and exclusive remedy of Tenant for any such interruption or suspension. No temporary suspension of utilities
or services shall be construed as an eviction or disturbance of possession by Landlord and Tenant shall have no right to terminate this
Lease as a result thereof

 

(d)            Tenant
shall promptly notify Landlord of any accidents or defects in the Building or the Property of which Tenant becomes aware, including defects
in pipes, electric wiring and HVAC equipment, and of any condition which may cause injury or damage to the Building or Property or any
person or property therein. Unless caused by the gross negligence or willful misconduct of Landlord, in no event shall Landlord be liable
for injury or damage to person or property caused by fire, theft, heating, air conditioning or lighting apparatus, falling plaster, steam,
gas, electricity, water, rain, or dampness, which may leak or flow from or through any part of the Building, or from the pipes, appliances,
or plumbing work of the Building.

 

7.6            Parking.
Tenant shall be entitled to the exclusive use of the Parking Area on the Property. Landlord shall be entitled to establish reasonable
rules and regulations governing the use of the Parking Area including, without limitation, the right to issue parking permits and
decals to be affixed to motor vehicles (with the reasonable costs thereof being a part of the Common Facilities Charges). Landlord may
designate a specific area for Tenant's parking spaces within the Parking Area and may modify, relocate, reduce or restrict any of the
parking spaces in the Parking Area. Landlord shall be entitled to permit the use of the Parking Area for other purposes, including uses
not related to the operation of the Building so long as such uses do not interfere with Tenant's parking and access to the Demised Premises.
Landlord shall not be liable for and Tenant hereby releases and covenants not to bring any action against Landlord for any loss, damage
or theft to or from any motor vehicle or other property of Tenant or Tenant's Agents which occurs in or about the Parking Area, unless
such loss, damage, or theft is due to the gross negligence or willful misconduct of Landlord. Notwithstanding the foregoing, Landlord's
inability to make such spaces available at any time in connection with a temporary taking of the Parking Area or other reasons beyond
Landlord's control shall not constitute a default by Landlord under this Lease.

 

    10 

     

    

 

VIII.        ADDITIONAL
COVENANTS.

 

8.1            Use
by Tenant. Tenant covenants and agrees to use the Demised Premises only for the use or uses set forth as Permitted Uses by Tenant
in the Summary and for no other purposes, except with the prior written consent of Landlord, not to be unreasonably withheld, conditioned
or delayed. If during the Lease Term Tenant is not occupying the Demised Premises on an uninterrupted basis, Tenant covenants and agrees
to inspect and monitor the Demised Premises on a reasonable basis (but not less than once per week) in order to properly maintain and
secure the Demised Premises.

 

8.2            Compliance
with Laws.

 

(a)            Tenant
covenants and agrees that nothing shall be done or kept on the Demised Premises in violation of any law, ordinance, order, rule or
regulation of any governmental authority having jurisdiction and that the Demised Premises shall be used, kept and maintained in compliance
with any such law, ordinance, order, rule or regulation and with the certificate of occupancy issued for the Building and the Demised
Premises. Tenant shall provide written notice to Landlord within three (3) business days after Tenant receives any notice of a violation
or other requirement to comply with any such law, ordinance, rule or regulation with respect to the Demised Premises or Tenant's
operation at the Demised Premises, together with a copy of such notice of such violation or non-compliance.

 

(b)            Tenant
shall not use or occupy or knowingly permit the use or occupancy of the Property in any manner that would be a violation of federal, state
or local law or regulation, regardless of whether such use or occupancy is lawful under any conflicting law, including, without limitation,
any law relating to the use, sale, possession, cultivation, manufacture, distribution or marketing of any controlled substances or other
contraband or any law relating to the medicinal or recreational use or distribution of marijuana; provided, however, Landlord and Tenant
acknowledge and agree that hemp is used in the production of Tenant's products and the use of hemp in the production of Tenant's products
is not prohibited by this Section 8.2(b).

 

8.3            Compliance
with Insurance Requirements. Tenant covenants and agrees that it shall pay for any increases to the cost of insurance maintained
by Landlord with respect to the Demised Premises or the Property resulting from anything done or kept on the Demised Premises by Tenant
and that Tenant will not do or keep anything on the Demised Premises which might reasonably be expected to and actually results in cancellation
of any such insurance.

 

8.4            No
Waste. Tenant covenants and agrees that nothing shall be done or kept on the Demised Premises or the Property which would constitute
waste.

 

8.5            No
Overloading. Tenant covenants and agrees that nothing shall be done or kept on the Demised Premises or the Building and that no
improvements, changes, alterations, additions, maintenance or repairs shall be made to the Demised Premises which might reasonably be
expected to or does in fact impair the structural soundness of the Building, which might reasonably be expected to or does in fact result
in an overload of electrical lines serving the Building or which might reasonably be expected to or does in fact interfere with electric
or electronic equipment on any adjacent or nearby property.

 

8.6            No
Nuisance. Tenant covenants and agrees that no unlawful activity shall be carried on upon the Demised Premises or the Property
nor shall anything be done or kept on the Demised Premises or the Property which may reasonably be expected to or does in fact become
a public or private nuisance or which may cause an unlawful disturbance to others on adjacent or nearby property.

 

    11 

     

    

 

8.7            No
Annoying Lights. Sounds or Odors. Tenant covenants and agrees that no light shall be emitted from the Demised Premises which is
unlawful, no sound shall be emitted from the Demised Premises which is unlawfully loud or annoying, and no odor shall be emitted from
the Demised Premises which is unlawful. If odors emitting from the Demised Premises are deemed a nuisance by any governmental authority
or Landlord otherwise reasonably determines that odors emitting from the Demised Premises are noxious or offensive to occupants of adjacent
properties, then Landlord and Tenant shall mutually cooperate to determine what commercially reasonable measures Tenant should take to
cure the problem, except that in no event shall Tenant be required to install any additional odor "scrubbers" or any similar
devices (unless such odors are determined to be unlawful or such devices are required by any applicable governmental authority). So long
as any odor is not deemed unlawful and Tenant cooperates with Landlord pursuant to the preceding sentence, then such odor shall not be
considered a Default under this Lease.

 

8.8            No
Unsightliness. Tenant covenants and agrees that no unsightliness shall be permitted on the Demised Premises or the Property which
is visible from any adjacent or nearby property. Without limiting the generality of the foregoing, all unsightly conditions, equipment,
objects and conditions shall be kept enclosed within the Demised Premises; no refuse, scrap, debris, garbage, trash, bulk materials or
waste shall be kept, stored or allowed to accumulate on the Demised Premises or the Property except as may be enclosed within the Demised
Premises; all pipes, wires, poles, antennas and other facilities for utilities or the transmission or reception of audio or visual signals
or electricity shall be kept and maintained underground or enclosed within the Demised Premises or appropriately screened from view; and
no temporary structure shall be placed or permitted on the Demised Premises or the Property without the prior written consent of Landlord,
in its sole and absolute discretion. Notwithstanding the foregoing, Landlord has agreed that Tenant may erect (i) a ten thousand
(10,000) gallon ethanol/alcohol tank and (ii) a ten thousand (10,000) gallon carbon dioxide tank on the Property, as provided in
Section 7 of the Addendum attached hereto.

 

8.9            No
Animals. Tenant covenants and agrees that no animals shall be permitted or kept on the Demised Premises or the Property, except
as may be required for any person with a disability.

 

8.10          Restriction
on Signs and Exterior Lighting. Tenant covenants and agrees that no signs or advertising devices of any nature shall be erected
or maintained by Tenant on the Demised Premises or the Property and no exterior lighting shall be permitted on the Demised Premises or
the Property, except for signs complying with the signage specifications attached hereto as Exhibit D and approved by Landlord in
writing, such approval not to be unreasonably withheld, conditioned or delayed. No signs, stickers, decals or other advertising devices
shall be installed or displayed in any windows or on any doors of the Demised Premises or otherwise be visible from outside of the Demised
Premises (other than suite identification signage (if any) approved by Landlord as provided in the preceding sentence).

 

8.11          No
Violation of Covenants. Tenant covenants and agrees not to commit, suffer or permit any violation of any covenant, condition or
restriction affecting the Demised Premises or the Property so long as Tenant has been provided notice thereof

 

8.12          Restriction
on Chances and Alterations. Tenant covenants and agrees not to improve, change, alter, add to, remove or demolish any improvements
on the Demised Premises, including, without limitation, any work, restoration, removal or decommissioning pursuant to Section 14.1
below ("Chances"), without the prior written consent of Landlord which consent shall not be unreasonably withheld, conditioned
or delayed and unless Tenant complies with all conditions which may be imposed by Landlord, in its commercially reasonable discretion,
in connection with such consent; and unless Tenant pays to Landlord the reasonable costs and expenses of Landlord for architectural, engineering
or other consultants which may be reasonably incurred by Landlord in determining whether to approve any such Changes up to five percent
(5%) of the hard costs of such Changes. Landlord's consent to any Changes and the conditions imposed in connection therewith shall be
subject to all requirements and restrictions of any Mortgagee. If such consent is given, no such Changes shall be permitted unless (a) Tenant
shall have procured and paid for all necessary permits and authorizations from any governmental authorities having jurisdiction; (b) such
Changes shall not reduce the value of the Property; (c) such Changes are located wholly within the Demised Premises, shall not adversely
affect the structural integrity of the Building or roof of the Building or the _ . not affect or impair existing insurance on the Property;
and (e) Tenant, at Tenant's sole cost and expense, shall maintain or cause to be maintained workmen's compensation insurance covering
all persons employed in connection with the work and obtains liability insurance covering any loss or damage to persons or property arising
in connection with any such Changes and such other insurance or bonds as Landlord may reasonably require. At least twenty (20) days prior
to any Changes, Tenant shall provide written notice to Landlord of the date of commencement of any Changes. Tenant covenants and agrees
that any Changes approved by Landlord shall be completed with due diligence and in a good and workmanlike fashion and in compliance with
all commercially reasonable conditions imposed by Landlord and all applicable permits, authorizations, laws, ordinances, orders, rules and
regulations of governmental authorities having jurisdiction and that the costs and expenses with respect to such Changes shall be paid
promptly when due and that the Changes shall be accomplished free of mechanics' and materialmen's liens. Notwithstanding the foregoing,
in the event a mechanics' or materialmen's lien is placed on the Demised Premises, it shall not be considered a Default by Tenant hereunder
so long as Tenant has caused such lien to be released or, if Tenant contests such lien, provided a bond in accordance with law or other
security in relation thereto as provided in Section 8.13 below within thirty (30) days of receiving notice of such lien. Promptly
following completion of any such Changes, Tenant shall deliver to Landlord a set of field record drawings and specifications reflecting
as-built conditions, if applicable. Tenant covenants and agrees that all Changes shall become the property of Landlord at the expiration
or earlier termination of the Lease Term or, if Landlord so requests at the time of approval of such Changes, Tenant shall, at or prior
to expiration of the Lease Term and at its sole cost and expense, remove such Changes and restore the Demised Premises to their condition
prior to such Changes. Notwithstanding the foregoing, Tenant may, without Landlord's prior written consent, undertake Minor Changes at
any time in its sole discretion. "Minor Changes" mean any Changes that (i) do not involve any of the structural elements
of the Building or any Building system, and (ii) are reasonably estimated to cost $100,000.00 or less.

 

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8.13          No
Mechanic's Liens. Tenant covenants and agrees not to permit or suffer, and to cause to be removed and released, or bonded over
in accordance with law, any mechanic's, materialmen's or other lien on account of supplies, machinery, tools, equipment, labor or material
furnished or used in connection with the construction, alteration, improvement, addition to or repair of the Demised Premises by, through
or under Tenant. Landlord shall have the right, at any time and from time to time, to post and maintain on the Demised Premises and Building
such notices as Landlord deems necessary to protect the Demised Premises against such liens. Tenant shall have the right to contest, in
good faith and with reasonable diligence, the validity of any such lien or claimed lien, provided that Tenant shall give to Landlord such
security as may be reasonably requested by Landlord to insure the payment of any amounts claimed, including interest and costs, and to
prevent any sale, foreclosure or forfeiture of any interest in the Property on account of any such lien, including, without limitation,
bonding, escrow or endorsement of the title insurance policy of Landlord and any Mortgagee (and in the event Tenant bonds over such lien
as required by law, Landlord shall not require any additional security). If Tenant so contests, then on final determination of the lien
or claim for lien, Tenant shall immediately pay any judgment rendered, with interest and costs, and shall cause the lien to be released
and any judgment satisfied.

 

8.14          No
Other Encumbrances. Tenant covenants and agrees not to obtain any financing secured by Tenant's interest in the Demised Premises
and not to encumber the Demised Premises or Landlord's or Tenant's interest therein, without the prior written consent of Landlord, in
its commercially reasonable discretion, and to keep the Demised Premises free from all liens and encumbrances except liens and encumbrances
existing upon the Commencement Date of the Lease Term, liens and encumbrances created by Landlord or liens and encumbrances encumbering
all personal property of Tenant in the event Tenant procures or has procured commercial financing.

 

8.15          Subordination
to Landlord Mortgages. Tenant covenants and agrees that this Lease and Tenant's interest in the Demised Premises shall be junior
and subordinate to any mortgage or deed of trust ("Mortgage") now encumbering the Property. Tenant further covenants
and agrees that this Lease and Tenant's interest in the Demised Premises shall be junior and subordinate to any future Mortgage encumbering
the Property; provided that as a condition of such subordination, any such mortgagee or holder of a Mortgage ("Mortgagee")
encumbering the Property agrees to enter into a commercially reasonable subordination, non-disturbance and attornment agreement ("SNDA")
which shall include a covenant not to disturb this Lease, in a form reasonably acceptable to Tenant. Tenant shall attorn to the party
acquiring title to the Property as the result of such foreclosure. Provided that the Mortgagee has entered into an SNDA, no act or further
agreement by Tenant shall be necessary to establish the subordination of this Lease to any such Mortgage, but Tenant covenants and agrees,
upon request of Landlord, to execute such documents as may be necessary or appropriate to confirm and establish this Lease as subordinate
to any Mortgage in accordance with the foregoing provisions in forms reasonably satisfactory to Tenant. Alternatively, Tenant covenants
and agrees that, at the option of any Mortgagee, Tenant shall execute documents as may be necessary to establish this Lease and Tenant's
interest in the Demised Premises as superior to any such Mortgage, in a form reasonably satisfactory to Tenant, within ten (10) days
after Tenant's receipt thereof. If Tenant fails to execute any documents required to be executed by Tenant under the provisions hereof
or, in the alternative, to respond to any request with any reasonable objections to such document within the ten (10) days period
described above, Tenant shall be deemed to have agreed to and be bound by the covenants, terms and conditions provided in such documents.
If any Mortgagee or purchaser at foreclosure thereof, succeeds to the interest of Landlord in the Land or the Building, such person shall
not be (i) liable for any act or omission of Landlord under this Lease; (ii) liable for the performance of Landlord's covenants
hereunder which arise prior to such person succeeding to the interest of Landlord hereunder; (iii) bound by the payment of any rent
which Tenant may have paid more than one month in advance; (iv) liable for any security deposit which was not delivered to such person;
or (v) bound by any modifications to this Lease to which such Mortgagee has not consented in writing. If any Mortgagee requires a
modification of this Lease, which modification will not bring about any increased cost or expense to Tenant or will not in any other way
change the rights and obligations of Tenant hereunder, then and in such event, Tenant agrees to cooperate with Landlord in connection
therewith (including, without limitation, executing and delivering

 

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8.16          No
Assignment or Subletting.

 

(a)            Tenant
covenants and agrees not to make or permit a Transfer by Tenant, as hereinafter defined, without Landlord's prior written consent, which
consent shall not be unreasonably withheld, conditioned or delayed. A "Transfer" by Tenant shall include an assignment
of this Lease, a sublease of all or any part of the Demised Premises or any assignment, sublease, transfer, mortgage, pledge or encumbrance
of all or any part of the Demised Premises or of Tenant's interest under this Lease or in the Demised Premises, by operation of law or
otherwise, or the use or occupancy of all or any part of the Demised Premises by anyone other than Tenant. Any such Transfer by Tenant
without Landlord's written consent shall be void and shall constitute a Default by Tenant under this Lease. Notwithstanding any Transfer
by Tenant, Tenant shall not be relieved of its obligations under this Lease and Tenant shall remain liable, jointly and severally, and
as a principal, not as a guarantor or surety, under this Lease, to the same extent as though no Transfer by Tenant had been made, unless
specifically provided to the contrary in Landlord's prior written consent. The acceptance of rent by Landlord from any person other than
Tenant shall not be deemed to be a waiver by Landlord of the provisions of this Section or of any other provision of this Lease and
any consent by Landlord to a Transfer by Tenant shall not be deemed a consent to any subsequent Transfer by Tenant.

 

(b)            If
Tenant requests Landlord's consent to a Transfer, Tenant shall submit to Landlord in writing the name of the proposed transferee, the
effective date of the Transfer, the terms of the proposed Transfer, a copy of the proposed form of sublease or assignment, and such information
as to the business and financial capacity of the transferee as Landlord shall reasonably require to evaluate the request. It shall be
reasonable for Landlord to withhold its consent to any Transfer where: (i) in the case of a sublease, the subtenant has not acknowledged
that the provisions of this Lease control over any inconsistent provision in the sublease; or (ii) in Landlord's commercially reasonable
opinion, the proposed transferee does not have the financial standing to perform its obligations under the assignment or sublease; or
(iii) the intended use is not permitted by applicable law or covenant. The foregoing criteria are not exhaustive, and Landlord may
withhold consent to a Transfer on any other reasonable grounds. Tenant shall reimburse Landlord for all of Landlord's reasonable out of
pocket costs incurred in connection with any request for consent to a Transfer up to Two Thousand Dollars ($2,000.00) in the aggregate,
including, without limitation, a sum for attorneys' fees.

 

(c)            Notwithstanding
the foregoing, except in the case of a Permitted Transfer, Landlord shall, at Landlord's option, have the right in lieu of consenting
to a Transfer by Tenant, to terminate this Lease as to the portion of the Demised Premises that is the subject of the proposed Transfer,
and to enter into a new lease with the proposed transferee and receive directly from the proposed transferee the consideration agreed
to be given by such transferee to Tenant for the Transfer by Tenant. Alternatively, at the request of Landlord, Tenant shall pay over
to Landlord fifty percent (50%) of all sums received by Tenant in excess of the rent payable by Tenant hereunder which is attributable
on an equally allocable Floor Area basis, to any subletting of all or any portion of the Demised Premises so subleased, and all consideration
received on account of or attributable to any assignment of this Lease.

 

(d)            In
the event of a Transfer by Tenant (other than a Permitted Transfer), then any option to renew this Lease, right to extend the Lease Term,
or option or right of refusal to expand the Demised Premises shall automatically terminate.

 

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(e)            Notwithstanding
anything to the contrary, Tenant shall not be entitled to make a Transfer to an existing or prospective tenant (defined as a party to
which Landlord has provided a letter of intent in the previous ninety (90) days) of Landlord or its Related Parties (as herein defined),
or any subtenant or assignee thereof. Tenant shall not publicly advertise the rate or other terms upon which Tenant is willing to Transfer
the Demised Premises, and all other public advertisements of a Transfer shall be subject to the prior written approval of Landlord, which
approval shall not be unreasonably withheld, conditioned or delayed. Public advertisement shall include, without limitation, the placement
or displays of any signs or lettering on or above the Demised Premises. Notwithstanding the foregoing, subject to the other terms and
conditions hereof, Tenant shall be entitled to Transfer or offer to Transfer the Demised Premises with no restriction to the advertised
rate so long as the advertised rate is not less than seventy-five percent (75%) of the then-current Base Rent hereunder.

 

(f)             For
the purposes of this Lease, the term "Transfer" shall also include: the transfer or change, whether voluntary, involuntary or
by operation of law, of fifty percent (50%) or more of the control or ownership, whether legal or beneficial, in Tenant within a twelve
(12) month period; the dissolution, merger, consolidation or other reorganization of Tenant.

 

(g)            As
a condition to any Transfer by Tenant, Tenant shall acknowledge in writing to Landlord that Tenant shall remain obligated and liable under
this Lease, any assignee or other transferee (other than a subtenant) shall expressly assume all the obligations of Tenant under this
Lease, and any subtenant shall covenant to Landlord to comply with all obligations of Tenant under this Lease as applied to the portion
of the Demised Premises so sublet and to attorn to Landlord, at Landlord's written election, in the event of any termination of this Lease
prior to the expiration date of the Lease Term; all of which shall be in a written instrument satisfactory to Landlord and furnished to
Landlord not later than fifteen (15) days prior to the effective date of such Transfer.

 

(h)            Notwithstanding
anything to the contrary contained in this Section 8.16, Tenant may, without being required to obtain Landlord's consent, assign
this Lease or sublet all or any portion of the Demised Premises to a parent, subsidiary, affiliate, successor by merger, an entity that
acquires directly or indirectly substantially all of Tenant's assets, an entity that acquires directly or indirectly all of Tenant's stock
or a related entity or person which controls Tenant, is controlled by Tenant or is under common control of Tenant ("Permitted
Transfer"), provided that (A) the transferee must have a tangible net worth, revenues and earnings equal to or greater than
Tenant as of the Effective Date, (B) Tenant shall not be released under this Lease and Tenant shall remain liable, jointly and severally,
and as a principal, not as a guarantor or surety, under this Lease, (C) the transferee shall Permitted Transfer and assumption within
ten (10) business days following such Permitted Transfer. Notwithstanding the foregoing, Guarantor shall be released from all liability
under the Guaranty attached hereto arising from and after a Permitted Transfer, provided that (i) the transferee of such Permitted
Transfer has a tangible net worth that is equal to or greater than the combined tangible net worth of Tenant and Guarantor as of the date
of the Permitted Transfer, and (ii) such transferee and Tenant shall continue to remain liable under this Lease following such Permitted
Transfer and any subsequent Transfer or Permitted Transfer.

 

8.17          Annual
Financial Statements. Landlord and Tenant acknowledge that the financial statements of Charlotte's Web Holdings, Inc.
("Guarantor"), which is the sole owner of Tenant, are publicly available at
https://investors.charlottesweb.com/financials/quarterly-earnings/defaultaspx. If Tenant's financials are not publicly available as
part of Guarantor's financial statements, then Tenant covenants and agrees to furnish to Landlord, within fifteen (15) days after
written request thereof from Landlord, but in no event more than once per calendar year in addition to any requests made during the
continuance of a Default by Tenant, copies of financial statements of Tenant certified by the chief financial officer of Tenant and
audited, if requested by Landlord, by a certified public accountant. Landlord may deliver any such financial statements to any
existing or prospective Mortgagee or purchaser of the Property. The financial statements shall include a balance sheet as of the end
of, and a statement of profit and loss for, the preceding fiscal year of Tenant and, if regularly prepared by Tenant, a statement of
sources and use of funds for the preceding fiscal year of Tenant.

 

8.18          Payment
of Taxes. Tenant covenants and agrees to pay promptly when due, all personal property taxes on personal property of Tenant on
the Demised Premises and all federal, state and local income taxes, sales taxes, use taxes, Social Security taxes, unemployment taxes
and taxes withheld from wages or salaries paid to Tenant's employees, the nonpayment of which might give rise to a lien on the Demised
Premises or Tenant's interest therein.

 

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8.19          Estoppel
Certificates. Tenant covenants and agrees to execute, acknowledge and deliver to Landlord, upon Landlord's written request, a
written statement certifying that this Lease is unmodified (or, if modified, stating the modifications) and in full force and effect;
stating the dates to which Base Rent has been paid; stating the amount of the Monthly Deposits held by Landlord for the then tax and insurance
year; stating that, to the knowledge of Tenant, there have been no defaults by Landlord or Tenant and no event which with the giving of
notice or the passage of time, or both, would constitute such a default (or, if there have been defaults, setting forth the nature thereof);
and stating such other matters concerning this Lease as Landlord may reasonably request. Tenant agrees that such statement may be delivered
to and relied upon by any existing or prospective Mortgagee or purchaser of the Property. Tenant agrees that a failure to deliver such
a statement within twenty (20) days after written request from Landlord shall be conclusive upon Tenant that this Lease is in full force
and effect without modification except as may be represented by Landlord; that there are no uncured defaults by Landlord or Tenant under
this Lease except as may be represented by Landlord; and that any representation by Landlord with respect to Base Rent, the Monthly Deposits
and any other permitted matter are true.

 

8.20          Landlord's
Access to Demised Premises. Tenant covenants and agrees that Landlord and the authorized representatives of Landlord shall have
the right to enter the Demised Premises at any reasonable time during ordinary business hours after providing at least one (1) business
day prior written or verbal notice (or at any time in the event of an emergency) for the purposes of inspecting, repairing or maintaining
the Demised Premises or the Building, performing any alterations or improvements to the Demised Premises or the Building as Landlord may
determine from time to time, performing any obligations of Tenant which Tenant has failed to perform hereunder, or for the purposes of
showing the Demised Premises to any existing or prospective Mortgagee, purchaser or tenant (but only during the last nine (9) months
of the Lease Term) of the Property or the Demised Premises. Tenant covenants and agrees that Landlord may at any time and from time to
time place on the Property or the Demised Premises one or more signs advertising the Property or the Demised Premises for sale or for
lease.

 

8.21          Landlord
Title to Fixtures, Improvements and Equipment. Tenant covenants and agrees that all fixtures and improvements on the Demised
Premises and all equipment and personal property relating to the use and operation of the Demised Premises supplied by or paid for by
Landlord (as distinguished from Tenant's Equipment), including all plumbing, heating, lighting, electrical and air conditioning fixtures
and equipment, whether or not attached to or affixed to the Demised Premises, and whether now or hereafter located upon the Demised Premises,
shall be and remain the property of Landlord upon expiration of the Lease Term.

 

8.22          Removal
of Tenant's Equipment. Tenant covenants and agrees to remove, prior to the expiration or earlier termination of the Lease Term,
or within five (5) business days thereof, all of Tenant's Equipment, as hereinafter defined. "Tenant's Equipment"
shall mean all equipment, apparatus, machinery, signs, furniture, furnishings, data or utility equipment or facilities, and other personal
property used in the operation of the business of Tenant (as distinguished from the use and operation of the Demised Premises). If such
removal shall injure or damage the Demised Premises, Tenant covenants and agrees, at its sole cost and expense, within fifteen (15) days
after the expiration of the Lease Term, to repair such injury and damage in good and workmanlike fashion and to place the Demised Premises
in the same condition as the Demised Premises would have been in if such Tenant's Equipment had not been installed. If Tenant fails to
remove any of Tenant's Equipment within such aforementioned timeframe, Landlord may, at its option, keep and retain any such Tenant's
Equipment or dispose of the same and retain any proceeds therefrom, and Landlord shall be entitled to recover from Tenant, any costs or
expenses of Landlord in removing the same and in restoring the Demised Premises, in excess of the actual proceeds, if any, received by
Landlord from disposition thereof. Tenant releases and discharges Landlord from any and all claims and liabilities of any kind arising
out of Landlord's disposition of Tenant's Equipment pursuant hereto.

 

8.23          Tenant
Indemnification of Landlord. Tenant covenants and agrees to protect, indemnify, defend and save Landlord and Landlord's managers,
employees, agents, beneficiaries, successors, assigns and other affiliated or related parties ("Related Parties") harmless
from and against all liability, obligations, claims, damages, penalties, causes of action, costs and expenses, including attorneys' fees,
imposed upon, incurred by or asserted against Landlord or its Related Parties, to the extent not caused by the negligence or willful misconduct
of Landlord, by reason of (a) any accident, injury to or death of any person or loss of or damage to any property occurring on or
about the Demised Premises; (b) any act or omission of Tenant or Tenant's agents, officers or employees or any other person entering
upon the Demised Premises under express or implied invitation of Tenant (collectively, "Tenant's Agents") (c) any
use made by Tenant, or condition existing upon, the Demised Premises during the Lease Term; (d) any improvements, fixtures or equipment
placed upon the Demised Premises by Tenant or Tenant's Agents; (e) any failure on the part of Tenant or Tenant's Agents to perform
or comply with any of the provisions, covenants or agreements of Tenant contained in this Lease; (f) any violation of any law, ordinance,
order, rule or regulation of governmental authorities having jurisdiction over Tenant or Tenant's Agents; or (g) any repairs,
maintenance or Changes to the Demised Premises made by, through or under Tenant. Tenant further covenants and agrees that, in case any
action, suit or proceeding is brought against Landlord or its Related Parties by reason of any of the foregoing, Tenant shall, at Tenant's
sole cost and expense, defend Landlord and its Related Parties in any such action, suit or proceeding. Notwithstanding anything to the
contrary, Tenant's Agents (but specifically excluding Guarantor which shall be liable to Landlord pursuant to the terms and conditions
of the Guaranty attached hereto) shall not be personally liable to Landlord or Landlord's Related Parties under this Lease with respect
to any of the terms, covenants and conditions of this Lease, such exculpation of liability to be absolute and without any exception whatsoever
(except as provided above with respect to Guarantor).

 

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8.24          Landlord
Indemnification of Tenant. Landlord covenants and agrees to protect, indemnify, defend and save Tenant harmless from and against
all liability, obligations, claims, damages, penalties, causes of action, costs and expenses, including attorneys' fees, imposed upon,
incurred by, or asserted against Tenant by reason of (a) the negligence (to the extent not covered by insurance required to be carried
hereunder), gross negligence or willful misconduct of Landlord or Landlord's agents, employees or contractors; or (b) a default by
Landlord under this Lease, after the lapse of all applicable notice grace and cure periods. Tenant waives and releases any claims Tenant
may have against Landlord or its Related Parties for loss, damage or injury to person or property sustained by Tenant or Tenant's Agents
resulting from any cause whatsoever other than as expressly provided in this Lease. Notwithstanding anything to the contrary, the foregoing
indemnification of Tenant by Landlord shall be subject to all waivers, limitations and restrictions otherwise provided in this Lease.
Notwithstanding anything to the contrary, Landlord and its Related Parties shall not be personally liable with respect to any of the terms,
covenants and conditions of this Lease, and Tenant shall look solely to the equity of Landlord in the Property in the event of any default
or liability of Landlord under this Lease, such exculpation of liability to be absolute and without any exception whatsoever.

 

8.25          Release
upon Transfer by Landlord. In the event of a transfer by Landlord of the Property or of Landlord's interest as Landlord under
this Lease, Landlord's successor or assign shall take subject to and be bound by this Lease and in such event, Tenant covenants and agrees
that, so long as such successor and assign has agreed to be bound by the Lease obligations arising from and after such transfer, Landlord
and its Related Parties shalt be released from all obligations of Landlord under this Lease, except obligations which arose and matured
prior to such transfer by Landlord; that Tenant shall thereafter look solely to Landlord's successor or assign for satisfaction of the
obligations of Landlord under this Lease; and that, upon demand by Landlord or Landlord's successor or assign, Tenant shall attorn to
such successor or assign.

 

8.26          Rules and'
Regulations. Tenant shall observe and comply with rules and regulations attached hereto as Exhibit C, which may be amended
from time to time by Landlord by providing at least thirty (30) days prior written notice thereof to Tenant.

 

8.27          Hazardous
Substances.

 

(a)            Tenant
shall, at its sole cost and expense, keep and maintain the Property in good condition, ordinary wear and tear and damage by fire or other
casualty excepted and promptly respond to and clean up any release or threatened release of any Hazardous Substance by Tenant or Tenant's
Agent into the drainage systems, soil, surface water, groundwater, or atmosphere, in a safe manner, in strict accordance with Applicable
Law, and as authorized or approved by all federal, state, and/or local agencies having authority to regulate the permitting, handling,
and cleanup of Hazardous Substances; provided, however, Tenant's obligations under this sentence shall not include any Hazardous Substances
which existed on the Property on the Commencement Date of the Lease Term unless caused by any act or omission of Tenant or Tenant's Agents.
Tenant and Tenant's Agents shall not use, store, generate, treat, transport, or dispose of any Hazardous Substance at the Property without
first obtaining Landlord's written approval, which consent shall be in Landlord's reasonable discretion. Tenant shall notify Landlord
and seek such approval in writing at least thirty (30) days prior to bringing any Hazardous Substance onto the Property. Landlord may
withdraw approval of any such Hazardous Substance at any time, for reasonable cause related to a change in circumstances resulting in
the imminent threat of site contamination, or damage or injury to persons, property or resources on or near the Property. Upon withdrawal
of such approval, Tenant shall promptly remove the Hazardous Substances from the site. Landlord's failure to approve the use of a Hazardous
Substance under this Section shall not limit or affect Tenant's obligations under this Lease, including Tenant's duty to remedy or
remove releases or threatened releases; to comply with Applicable Law relating to the use, storage, generation, treatment, transportation,
and/or disposal of any such Hazardous Substances; or to indemnify Landlord against any harm or damage caused thereby.

 

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(b)            At
Landlord's written request (not more often than two (2) times per calendar year, in addition to requests during an uncured Default
by Tenant), Tenant shall provide Landlord with a written report listing the Hazardous Substances which were present on the Property; all
releases of Hazardous Substances that occurred or were discovered on the Demised Premises; all compliance activities related to such Hazardous
Substances, including all contacts with government agencies or material contacts with adjacent property owners of any kind concerning
Hazardous Substances; and all manifests, business plans, consent agreements or other documents relating to Hazardous Substances executed
or requested during that time period. The report shall include copies of all documents and correspondence related to such activities and
written reports of all oral contacts relating thereto. Tenant shall permit Landlord and its Related Parties to enter into and upon the
Demised Premises, with at least twenty four (24) hours prior verbal or written notice except in the case of emergency, at all reasonable
times but no more frequently than two (2) times per calendar year (or at any time in the event of an emergency, or if Landlord reasonably
suspects that Tenant is releasing Hazardous Substances in violation of applicable Laws) for the purpose of inspecting the Demised Premises
in connection with activities involving Hazardous Substances. Such right of entry and inspection shall not constitute managerial or operational
control by Landlord over any activities or operations conducted on the Property by Tenant.

 

(c)            Tenant
hereby indemnifies, defends and holds harmless Landlord from and against any suits, actions, legal or administrative proceedings, demands,
claims, liabilities, fines, penalties, losses, injuries,' damages, expenses or costs, including interest and attorneys' fees, incurred
by, claimed or assessed against Landlord or its Related Parties (i) arising out of Tenant or Tenant's Agent's violation of any laws,
rules, regulations including, without limitation, Applicable Laws, or (ii) any loss to Landlord or its Related Parties occasioned
in any way by Hazardous Substances on the Property introduced by Tenant or Tenant's Agents; provided, however, Tenant's obligations under
this sentence shall not include any Hazardous Substances which existed on the Property on the Commencement Date of the Lease Term unless
caused by any act or omission of Tenant or Tenant's Agents. This indemnity specifically includes the direct obligation of Tenant to perform
any remedial or other activities required or ordered by any agency or government official in accordance with law ("Remedial Work")
if such remedial or other activity is required due to the acts or omissions of Tenant or Tenant's Agents. Tenant shall perform all Remedial
Work in its own name in accordance with Applicable Laws. Without waiving its rights hereunder, Landlord may, at its option, perform the
Remedial Work and thereafter seek reimbursement for the reasonable costs thereof. Tenant shall permit Landlord access to the Property
to perform any Remedial Work. Whenever Landlord has incurred costs described in this Section, Tenant shall, within thirty (30) days of
receipt of written notice thereof, reimburse Landlord for all such expenses.

 

(d)            Without
limiting its obligations under any other Section of this Lease, Tenant shall be solely and completely responsible for responding
to and complying with any administrative notice, order, request or demand, or any third party claim or demand relating to potential or
actual contamination on the Property and resulting from the acts of Tenant and Tenant's Agents. The responsibility conferred under this
Section includes but is not limited to responding to such orders on behalf of Landlord and defending against any assertion of Landlord's
financial responsibility or individual duty to perform under such orders. Tenant assumes all liabilities or responsibilities which are
assessed against Landlord in any action described under this Section. Tenant shall cooperate with Landlord in responding to all appropriate
inquiries in the preparation and completion of any Phase 1 environmental report and any other environmental studies including, without
limitation, completing any questionnaires, certifications or other documents, and providing any other information reasonably requested
by Landlord. Any such Phase 1 environmental report and any other environmental studies obtained by Landlord shall be at Landlord's sole
cost and expense except in the event of a related Default by Tenant in which case it shall be at Tenant's sole cost and expense. Tenant
hereby waives, releases and discharges forever Landlord from all present and future claims, demands, suits, legal and administrative proceedings
and from all liability for damages, losses, costs, liabilities, fees and expenses, present and future, arising out of or in any way connected
with any condition of environmental contamination of the Property, or the existence of Hazardous Substances in any state on the Property,
except to the extent caused by Landlord or its agents, employees or contractors.

 

    	 	18	 

     

    

 

 

(e)            Landlord
consents to Tenant's use of ordinary office and cleaning products in customary quantities within the Demised Premises, in accordance with
Applicable Laws and the terms and conditions of this Lease. In addition, Landlord consents to Tenant's use of the Hazardous Substances
described on Exhibit F attached hereto, in customary quantities reasonably required for Tenant's operations. The foregoing consent
by Landlord does not limit or otherwise modify any of Tenant's obligations or Landlord's rights under this Section 8.27 or otherwise
under this Lease or Applicable Laws including, without limitation, Tenant's responsibility for the proper handling, storage and disposal
of any such Hazardous Substances in accordance with Applicable Laws.

 

(f)            "Hazardous
Substance(s)" shall mean any hazardous substance, pollutant, contaminant, waste, by-product or constituent regulated under any
of the Applicable Laws (as hereinafter defined); oil and petroleum products, natural gas, natural gas liquids, liquefied natural gas,
and synthetic gas usable for fuel; pesticides regulated under any of the Applicable Laws; asbestos and asbestos containing materials,
PCBs and other substances regulated under any of the Applicable Laws; raw materials, building components and the product of any manufacturing
or other activities on the Property; source material, special nuclear material, by-product material and any other radioactive materials
or radioactive wastes, however produced, regulated under the Atomic Energy Act or the Nuclear Waste Policy Act; chemicals subject to the
OSHA Hazard Communications Standard, 29 C.F.R. § 19.10.1200 et seq.; radon; industrial process and pollution control wastes, whether
or not defined as hazardous within the meaning of any Applicable Law, and any substance which at any time shall be listed as "hazardous"
or "toxic" or regulated under any of the Applicable Laws.

 

(g)            "Applicable
Law(s)" shall include, but shall not be limited to, all federal, state, and local statutes, ordinances, regulations and rules regulating
the environmental quality, health, safety, contamination and cleanup including, without limitation, the Clean Air Act, as amended, 42
U.S.C. § 7401 et seq., the Federal Water Pollution Control Act, as amended, 33 U.S.C. § 1251 et seq.; the Water Quality Act
of 1987, as amended; the Federal Insecticide, Fungicide and Rodenticide Act, as amended, 7 U.S.C. § 136 et seq.; the Marine Protection,
Research and Sanctuaries Act, as amended, 33 U.S.C. § 1401 et seq.; the National Environmental Policy Act, as amended, 42 U.S.C.
 § 4321 et seq.; the Noise Control Act, as amended, 42 U.S.C. § 4901 et seq.; the Occupational Safety and Health Act, as amended,
29 U.S.C. § 651 et seq.; the Resource Conservation and Recovery Act, as amended, 42 U.S.C. § 609 et seq.; the Safe Drinking
Water Act, as amended, 42 U.S.C. § 300(f) et seq.; the Comprehensive Environmental Response, Compensation and Liability Act,
as amended, 42 U.S.C. § 9601 et seq.; the Toxic Substances Control Act, as amended, 15 U.S.C. § 2601 et seq.; the Atomic Energy
Act, as amended. 42 U.S.C. § 2011 et seq.; the Nuclear Waste Policy Act of 1982, as amended, 42 U.S.C. § 10101 a seq.; and state
superlien and environmental cleanup statutes, with implementing regulations and guidelines. Applicable Laws shall also include all federal,
state, regional, county, municipal, agency, judicial and other local laws, statutes, ordinances, regulations, rules and rulings,
whether currently in existence or hereinafter enacted or promulgated, that govern or relate to: (i) the existence, cleanup and/or
remedy of contamination of property; (ii) the protection of the environment from spilled, deposited or otherwise emplaced contamination;
(iii) the control of Hazardous Substances; or (iv) the use, generation, discharge, transportation, treatment, removal or recovery
of Hazardous Substances.

 

IX.          DAMAGE
OR DESTRUCTION.

 

9.1            Tenant's
Notice of Damage. If any portion of the Demised Premises shall be damaged or destroyed by fire or other casualty, Tenant shall
give prompt written notice thereof to Landlord ("Tenant's Notice of Damage"). As used herein "other casualty"
shall mean casualty insured under a customary property damage insurance policy without modifications or endorsements, and does not include
an event or occurrence involving Hazardous Substances or other environmental matters or similar events or occurrences (which events or
occurrences shall be governed by Section 8.27 above).

 

9.2            Substantial
Damage. Upon receipt of Tenant's Notice of Damage, Landlord shall promptly proceed to determine the nature and extent of the damage
or destruction and to estimate the time necessary to repair or restore the Demised Premises. Within forty-five (45) days after receipt
of Tenant's Notice of Damage, Landlord shall give written notice to Tenant stating Landlord's estimate of the time necessary to repair
or restore the Demised Premises ("Landlord's Notice of Repair Time"). If Landlord reasonably estimates that repair or
restoration of the Demised Premises cannot be completed within two hundred seventy (270) days from the time of Tenant's Notice of Damage,
Landlord and Tenant shall each have the option to terminate this Lease. If, however, the damage or destruction was caused by the act or
omission of Tenant or Tenant's Agents, Landlord shall have the option to terminate this Lease if Landlord reasonably estimates that the
repair or restoration cannot reasonably be completed within two hundred seventy (270) days from the time of Tenant's Notice of Damage,
but Tenant shall not have the option to terminate this Lease. Any option granted hereunder shall be exercised by written notice to the
other party given within ten (10) days after Landlord's Notice of Repair Time. If either Landlord or Tenant exercises its option
to terminate this Lease, the Lease Term shall expire ten (10) days after written notice by either Landlord or Tenant exercising such
party's option to terminate this Lease. Following termination of this Lease under the provisions hereof, Landlord shall refund to Tenant
such amounts of Rent theretofore paid by Tenant as may be applicable to the period subsequent to the time of Tenant's Notice of Damage
less the reasonable value of any use or occupation of the Demised Premises by Tenant subsequent to the time of Tenant's Notice of Damage.

 

    	 	19	 

     

    

 

 

9.3            Intentionally
Omitted.

 

9.4            Damage
During Final Year. Notwithstanding anything to the contrary set forth herein, if the Demised Premises or the Building shall be
damaged during the last year of the Lease Term to the extent of twenty percent (20%) or more of the then cost of replacement, to the extent
Landlord is obligated to repair the Demised Premises or the Building pursuant to this Lease, either party may terminate this Lease, which
termination shall be effective upon giving notice of termination to the other party in writing within thirty (30) days after the happening
of the event causing the damage. If neither party timely gives such notice of termination, this Lease shall, except as may be otherwise
herein provided, remain in full force and effect, and Landlord shall proceed to commence repair or rebuilding in accordance with this
Lease.

 

9.5            Repair
and Abatement. If repair and restoration of the Demised Premises can be completed within the period specified in Section 9.2,
in Landlord's reasonable estimation, or if neither Landlord nor Tenant terminate this Lease as provided in Sections 9.2, then this Lease
shall continue in full force and effect and Landlord shall proceed forthwith to cause the Demised Premises (including any improvements
constructed by Landlord but excluding any alterations, improvements, Changes, fixtures and personal property constructed or owned by Tenant)
to be repaired and restored with reasonable diligence and there shall be abatement of Rent proportionate to the extent of the space and
period of time that Tenant is unable to use and enjoy the Demised Premises.

 

9.6            Insurance
Proceeds. The proceeds of any Property Insurance maintained on the Demised Premises, other than property insurance maintained
by Tenant on fixtures and personal property of Tenant, shall be paid to and become the property of Landlord, subject to any obligation
of Landlord to cause the Demised Premises to be repaired and restored and further subject to any rights under any Mortgage encumbering
the Property to such proceeds. Landlord's obligation to repair and restore the Demised Premises provided in this Section 9 is limited
to the repair and restoration that can be accomplished with the proceeds of any Property Insurance maintained on the Demised Premises.
The amount of any such insurance proceeds is subject to any right of any Mortgagee to apply such proceeds to its secured debt under its
Mortgage. In the event that Landlord determines, in Landlord's reasonable discretion, that the proceeds of any Property Insurance are
not sufficient to complete the repair and restoration of the Demised Premises or the Building (as the case may be), Landlord shall have
the right to terminate this Lease by providing written notice thereof to Tenant, whereupon this Lease shall terminate ten (10) days
thereafter.

 

X.            CONDEMNATION.

 

10.1          Taking.
A "Taking" shall mean the taking of all or any portion of the Demised Premises or the Building as a result of the exercise
of the power of eminent domain or condemnation for public or quasi-public use or the sale of all or part of the Demised Premises or the
Building under the threat of condemnation. A "Substantial Taking" shall mean a Taking of thirty-three percent (33%) or
more of the Floor Area of either the Demised Premises or the Building. An "Insubstantial Taking" shall mean a Taking
which does not constitute a Substantial Taking.

 

10.2          Substantial
Taking. If there is a Substantial Taking with respect to the Demised Premises or the Building, the Lease Term shall expire on
the date of vesting of title pursuant to such Taking. In the event of termination of this Lease under the provisions hereof, Landlord
shall refund to Tenant such amounts of Rent theretofore paid by Tenant as may be applicable to the period subsequent to the time of termination
of this Lease.

 

10.3          Insubstantial
Taking. In the event of an Insubstantial Taking with respect to the Demised Premises or the Building, this Lease shall continue
in full force and effect, Landlord shall proceed forthwith to cause the Demised Premises (but excluding any alterations, improvements,
Changes, fixtures and personal property constructed or owned by Tenant), less such Taking, to be restored as near as may be to the original
condition thereof and there shall be abatement of Rent proportionate to the extent of the space so taken.

 

    	 	20	 

     

    

 

10.4          Award.
The total award, compensation, damages or consideration received or receivable as a result of a Taking ("Award"), except
for any portion attributable to loss of Tenant's personal property, the loss of Tenant's business and profits, and Tenant's moving expenses
shall be paid to and be the property of Landlord, including, without limitation, any part of the Award made as compensation for diminution
of the value of this leasehold or the fee of the Demised Premises. Tenant hereby assigns to Landlord, all of Tenant's right, title and
interest in and to any such Award. Tenant covenants and agrees to execute, immediately upon demand by Landlord, such documents as may
be necessary to facilitate collection by Landlord of any such Award. Notwithstanding Landlord's right to the Award, Tenant shall be entitled
to that portion of the Award, if any, for the loss of Tenant's personal property, the loss of Tenant's business and profits, and Tenant's
moving expenses.

 

XI.           DEFAULTS
BY TENANT.

 

11.1          Defaults.
In the event that any of the following events shall occur, Tenant shall be deemed to be in default of Tenant's obligations under this
Lease (each of the following shall be referred to as a "Default by Tenant").

 

11.2          Failure
to Pay. A Default by Tenant shall exist if Tenant fails to pay Rent, Monthly Deposits, or any other amounts payable by Tenant
within five (5) days after such rental or other amount is due under the terms of this Lease. Notwithstanding the foregoing, in the
event of Tenant's first failure to make any such payment during any twelve (12) month period, a Default by Tenant shall exist if Tenant
fails to make such payment within five (5) days after written notice from Landlord that such rental or other amount is due under
the terms of this Lease.

 

11.3          Violation
of Lease Terms. A Default by Tenant shall exist if Tenant breaches or fails to comply with any non-monetary agreement, term, covenant
or condition in this Lease applicable to Tenant, and Tenant does not cure such breach or failure within thirty (30) days after written
notice thereof by Landlord to Tenant, or, if such breach or failure to comply cannot be reasonably cured within such 30-day period, if
Tenant shall not in good faith commence to cure such breach or failure to comply within such 30-day period or shall not diligently proceed
therewith to completion within ninety (90) days following such notice. Landlord shall not be required to give written notice of a non-monetary
default more than two (2) times in any twelve month period during the Lease Term, and thereafter Tenant's failure to perform any
non-monetary agreement, term, covenant, or condition as and when required to be performed by Tenant under the terms of this Lease shall
be a Default by Tenant without notice or demand.

 

11.4          Transfer
of Interest Without Consent. A Default by Tenant shall exist if Tenant's interest under this Lease or in the Demised Premises
shall be transferred to or pass to or devolve upon any other party without Landlord's prior written consent except in the event of a Permitted
Transfer.

 

11.5          Execution
and Attachment. A Default by Tenant shall exist if Tenant's interest under this Lease or in the Demised Premises shall be taken
upon execution or by other process of law directed against Tenant, or shall be subject to any attachment at the instance of any creditor
or claimant against Tenant and said attachment shall not be discharged or disposed of within sixty (60) days after the levy thereof.

 

11.6          Bankruptcy.
A Default by Tenant shall exist if Tenant shall file a petition in bankruptcy or insolvency or for reorganization or arrangement under
the bankruptcy laws of the United States or under any similar act of any state, or shall voluntarily take advantage of any such law or
act by answer or otherwise, or shall be dissolved or shall make an assignment for the benefit of creditors or if involuntary proceedings
under any such bankruptcy or insolvency law or for the dissolution of Tenant shall be instituted against Tenant or a receiver or trustee
shall be appointed for the Demised Premises or for all or substantially all of the property of Tenant, and such proceedings shall not
be dismissed or such receivership or trusteeship vacated within ninety (90) days after such institution or appointment.

 

    	 	21	 

     

    

 

XII.          LANDLORD'S
REMEDIES.

 

12.1          Remedies.
Upon the occurrence of any Default by Tenant, Landlord shall have the right, at Landlord's election, then or any time thereafter, to exercise
any one or more of the following remedies.

 

12.2          Cure.
In the event of a Default by Tenant, Landlord may, at Landlord's option, but without obligation to do so, and without releasing Tenant
from any obligations under this Lease, make any payment or take any action as Landlord may deem necessary or desirable to cure any such
Default by Tenant in such manner and to such extent as Landlord may deem necessary or desirable. Landlord may do so without demand on,
or written notice to, Tenant and without giving Tenant an opportunity to cure such Default by Tenant. Tenant covenants and agrees to pay
to Landlord, within ten (10) days after demand, all advances, costs and expenses of Landlord in connection with the making of any
such payment or the taking of any such action including, without limitation, (a) a charge in the amount of fifteen percent (15%)
of such advances, costs and expenses payable to Landlord to compensate for the administrative overhead attributable to such action, (b) reasonable
attorneys' fees, and (c) interest as hereinafter provided from the date of payment of any such advances, costs and expenses by Landlord.
Action taken by Landlord may include commencing, appearing in, defending or otherwise participating in any action or proceeding and paying,
purchasing, contesting or compromising any claim, right, encumbrance, charge or lien, with respect to the Demised Premises which Landlord,
in its sole and absolute discretion, may deem necessary or desirable to protect its interest in the Demised Premises and under this Lease.
In the event that the Lease Term has expired or Tenant is no longer occupying the Demised Premises, Landlord shall be entitled to take
such actions as provided under this Section 12.2 without Landlord being required to provide the notice to Tenant under Section 11.3.

 

12.3          Termination
and Damages. In the event of a Default by Tenant, Landlord may terminate this Lease, effective at such time as may be specified
by written notice to Tenant, and demand (and, if such demand is refused, recover) possession of the Demised Premises from Tenant. Tenant
shall remain liable to Landlord for damages in an amount equal to the Rent and other sums which would have been owing by Tenant hereunder
for the balance of the Lease Term, had this Lease not been terminated, less the net proceeds, if any, of any reletting of the Demised
Premises by Landlord subsequent to such termination, after deducting all Landlord's expenses in connection with such recovery of possession
or reletting. Landlord shall be entitled to collect and receive such damages from Tenant on the days on which the Rent and other amounts
would have been payable if this Lease had not been terminated. Alternatively, at the option of Landlord, Landlord shall be entitled to
recover forthwith from Tenant, as damages for loss of the bargain and not as a penalty, an aggregate sum which, at the time of such termination
of this Lease, represents the excess, if any, of (a) the aggregate of the Rent and all other sums payable by Tenant hereunder that
would have accrued for the balance of the Lease Term, over (b) the aggregate rental value of the Demised Premises for the balance
of the Lease Term, both discounted to present worth at the discount rate of the Federal Reserve Bank of San Francisco at the time of such
award plus one percent (1%) per annum.

 

12.4          Repossession
and Reletting. In the event of a Default by Tenant, Landlord may reenter and take possession of the Demised Premises or any part
thereof, without demand or notice except as required by law, and repossess the same and expel Tenant and any party claiming by, under
or through Tenant, and remove the effects of both using such force for such purposes as may be necessary, without being liable for prosecution
on account thereof or being deemed guilty of any manner of trespass, and without prejudice to any remedies for arrears of rent or right
to bring any proceeding for breach of covenants or conditions. No such reentry or taking possession of the Demised Premises by Landlord
shall be construed as an election by Landlord to terminate this Lease unless a written notice of such intention is given to Tenant. No
notice from Landlord hereunder or under a forcible entry and detainer statute or similar law shall constitute an election by Landlord
to terminate this Lease unless such notice specifically so states. Landlord reserves the right, following any reentry or reletting, to
exercise its right to terminate this Lease by giving Tenant such written notice, in which event this Lease shall terminate as specified
in said notice. After recovering possession of the Demised Premises, Landlord may, from time to time, but shall not be obligated to except
as required by law, relet the Demised Premises, or any part thereof, for the account of Tenant, for such term or terms and on such conditions
and upon such other terms as Landlord, in its sole and absolute discretion, may determine. Landlord may make such repairs, alterations
or improvements as Landlord may consider commercially reasonable to accomplish such reletting, and Tenant shall reimburse Landlord upon
demand for all reasonable costs and expenses, including attorneys' fees, which Landlord may incur in connection with such reletting. Landlord
may collect and receive the rents for such reletting but Landlord shall in no way be responsible for or liable for any failure to relet
the Demised Premises, or any part thereof, or for any failure to collect any rent due upon such reletting. Notwithstanding Landlord's
recovery of possession of the Demised Premises, Tenant shall continue to pay on the dates herein specified, the Rent and other amounts
which would be payable hereunder if such repossession had not occurred. Upon the expiration or earlier termination of this Lease, Landlord
shall refund to Tenant any amount, without interest, by which the amounts paid by Tenant, when added to the net amount, if any, recovered
by Landlord through any reletting of the Demised Premises, exceeds the amounts payable by Tenant under this Lease. If, in connection with
any reletting, the new lease term extends beyond the existing Lease Term, or the premises covered thereby include other premises not part
of the Demised Premises, a fair apportionment of the rent received from such reletting and the expenses incurred in connection therewith
shall be made in determining the net amount recovered from such reletting. Nothing herein shall limit Landlord's obligation to mitigate
damages in accordance with Colorado law.

 

    	 	22	 

     

    

 

12.5          Intentionally
Deleted.

 

12.6          Suits
by Landlord. Actions or suits for the recovery of amounts and damages payable under this Lease may be brought by Landlord from
time to time, at Landlord's election, and Landlord shall not be required to await the date upon which the Lease Term would have expired
to bring any such action or suit.

 

12.7          Landlord
Enforcement Costs. During the continuance of a Default, all costs and expenses incurred by Landlord in connection with collecting
any amounts and damages owing by Tenant pursuant to the provisions of this Lease or to enforce any provision of this Lease, including
reasonable attorneys' fees, whether or not any action is commenced by Landlord, shall be paid by Tenant to Landlord upon demand.

 

12.8          Administrative
Late Charge. Notwithstanding any other remedies for nonpayment of rent, if the monthly payment of Rent is not received by Landlord
on or before the fifth (5th) day of the month for which such rental is due, or if any other payment due Landlord by Tenant is not received
by Landlord on or before the fifth (5th) day of the month next following the month in which Tenant was invoiced, an administrative late
charge of three percent (3%) of such past due amount shall become due and payable, in addition to such amounts owed under this Lease,
to help defray the additional cost to Landlord for processing such late payments.

 

12.9          Interest
on Past-Due Payments and Advances. Tenant covenants and agrees to pay Landlord interest on demand at the rate of twelve percent
(12%) per annum, compounded on a monthly basis, on the amount expenses, including reasonable attorneys' fees, paid by Landlord in connection
with the taking of any action to cure any Default by Tenant, from the date of making any such payment or the advancement of such costs
and expenses by Landlord.

 

12.10        Additional
Damages. In the event of a Default by Tenant, Landlord shall be entitled to recover as damages, in addition to all other damages
and remedies provided hereunder, an amount equal to the total of (i) the cost of recovering possession of the Demised Premises as
provided in Section 12.4 above, and (ii) the unpaid Rent and any other amounts current at the time of such Default by Tenant
and (iii) consequential damages and loss of profits in connection with any holdover by Tenant. Moreover, in the event of a Default
by Tenant, Tenant shall be liable to Landlord for the amount of the Tenant Improvement Allowance after amortizing such amount over the
Term on a straight-line basis in addition to all other remedies and damages available to Landlord.

 

12.11        Bankruptcy
Remedies. Nothing contained in this Lease shall limit or prejudice the right of Landlord to prove and obtain as liquidated damages
in any bankruptcy, insolvency, receivership, reorganization or dissolution proceeding, an amount equal to the maximum allowable by any
statute or rule of law governing such proceeding in effect at the time when such damages are to be proved, whether or not such amount
be greater, equal or less than the amounts recoverable, either as damages or rent, under this Lease.

 

12.12        Remedies
Cumulative. Exercise of any of the remedies of Landlord under this Lease shall not prevent the concurrent or subsequent exercise
of any other remedy provided for in this Lease or otherwise available to Landlord at law or in equity.

 

    	 	23	 

     

    

 

XIII.        DEFAULTS
BY LANDLORD.

 

13.1          Tenant's
Remedies. Tenant may bring a separate action against Landlord for any claim Tenant may have against Landlord under this Lease,
provided Tenant shall first give written notice thereof to Landlord and shall afford Landlord a reasonable opportunity to cure any such
default but in no event less than thirty (30) days following such notice or such longer period not to exceed ninety (90) days reasonably
required to cure such default as long as Landlord diligently proceeds therewith. In addition, Tenant shall send written notice of such
default by certified or registered mail, postage prepaid, to any Mortgagee of whose address Tenant has been notified in writing, and shall
afford such Mortgagee a reasonable opportunity to cure any default on Landlord's behalf but in no event less than thirty (30) days following
such notice or such longer period not to exceed ninety (90) days reasonably required to cure such default as long as Mortgagee diligently
proceeds therewith. In no event shall Landlord be responsible for any consequential damages incurred by Tenant including, but not limited
to, loss of profits or interruption of business as a result of any default by Landlord hereunder. Nothing herein contained shall be construed
or interpreted as requiring any Mortgagee receiving any such notice of default to remedy any default by Landlord. Notwithstanding the
foregoing, in the event Landlord fails to make a repair or replacement to the Demised Premises that is required to be made by Landlord
under this Lease that continues beyond the cure periods provided pursuant to this Section 13.1, and such failure materially and adversely
impacts Tenant's business operations in the Demised Premises, then Tenant may perform such repair or replacement and if Landlord does
not reimburse Tenant for all reasonably costs relating thereto within thirty (30) days of receiving an invoice (and reasonable supporting
documentation therefor) from Tenant, all reasonable costs relating thereto may be offset against up to twenty-five percent (25%) of Base
Rent each month until Tenant has been paid or recovered such costs through offset in full except in the event there are not enough months
remaining in the Lease Term to offset such amount fully, in which event Tenant may offset only such amount of Base Rent as is necessary
over twenty-five percent such that the entire amount will be offset prior to the end of the Lease Term.

 

XIV.        SURRENDER
AND HOLDING OVER.

 

14.1          Surrender.
Upon the expiration or earlier termination of this Lease, or on the date specified in any demand for possession by Landlord after any
Default by Tenant, Tenant shall immediately quit and surrender possession of the Demised Premises to Landlord broom clean, in good order
and condition, ordinary wear and tear excepted, and in the condition required under this Lease, with all lighting, doors (including, without
limitation, all loading dock doors, dock levelers, and related dock systems and areas) electrical and mechanical systems in good working
order and condition, ordinary wear and tear excepted, all walls in clean condition and holes or punctures in the walls repaired, and otherwise
in the same condition as when Tenant first occupied the Demised Premises. Prior to the expiration or earlier termination of this Lease,
Tenant shall remove all of Tenant's Equipment and Changes (subject to Section 8.12) but Tenant shall have no obligation to remove
any of the Tenant Improvements (except as provided below). Notwithstanding the foregoing, in connection with Landlord's and Tenant's approval
of the Preliminary Plans and/or Working Drawings as provided in the Work Letter attached hereto, Landlord and Tenant shall mutually agree
in writing on which Tenant Improvements Tenant shall be required to remove at or prior to the expiration of the Lease Term, which shall
not include standard office improvements. If, within the last ninety (90) days of the Lease Term, Tenant has vacated the Demised Premises,
Landlord shall have the right to decorate, remodel, repair, or otherwise prepare the Demised Premises for reletting and re-occupancy.
By taking possession of the Demised Premises pursuant to the previous sentence, Landlord will be deemed to have released Tenant from all
liability and obligations arising under this Section 14.1.

 

14.2          Holding
Over. If Tenant shall hold over after the expiration of the Lease Term, without the written agreement of Landlord providing otherwise,
Tenant shall be deemed to be a trespasser upon the Demised Premises, without permission from Landlord. If Landlord consents in writing
to such holdover, then Tenant shalt be deemed to be a tenant from month to month. In either such event, such holdover by Tenant shall
be at a rental, payable in advance, equal to one hundred fifty percent (150%) of the Rent payable Under this Lease immediately prior to
such holdover, and Tenant shall be bound by all of the other terms, covenants and agreements of this Lease. Nothing contained herein shall
be construed to give Tenant the right to hold over at any time, and Landlord may Landlord as herein provided (including, without limitation,
any amounts incurred by Landlord or payable to third parties that are delayed in accessing, working on or occupying the Demised Premises
so long as Landlord has provided Tenant prior written notice of the possibility thereof with regard to any such third party).

 

    	 	24	 

     

    

 

XV. MISCELLANEOUS.

 

15.1          No
Implied Waiver. No failure by Landlord to insist upon the strict performance of any term, covenant or agreement contained in this
Lease, no failure by Landlord to exercise any right or remedy under this Lease, and no acceptance of full or partial payment during the
continuance of any Default by Tenant, shall constitute a waiver of any such term, covenant or agreement, or a waiver of any such right
or remedy, or a waiver of any such Default by Tenant.

 

15.2          Survival.
The covenants, agreements, obligations and indemnifications of the parties hereto shall continue in force and effect and survive the expiration
or earlier termination of this Lease.

 

15.3          Covenants
Independent. This Lease shall be construed as if the covenants herein between Landlord and Tenant are independent, and not dependent,
and Tenant shall not be entitled to any offset against Landlord if Landlord fails to perform its obligations under this Lease.

 

15.4          Covenants
as Conditions. Each provision of this Lease performable by Tenant shall be deemed both a covenant and a condition.

 

15.5          Binding
Effect. This Lease shall extend to and be binding upon the heirs, executors, legal representatives, successors and assigns of
the respective parties hereto. The terms, covenants, agreements and conditions in this Lease shall be construed as covenants running with
the Land. If there is more than one party constituting Tenant or liable for the obligations of Tenant under this Lease, such parties shall
be jointly and severally liable for the obligations of Tenant under this Lease.

 

15.6          No
Recording. Neither this Lease nor any memorandum or other memorialization of this Lease shall be recorded in the records of any
County Clerk and Recorder of the State of Colorado or any other public records without Landlord's prior consent.

 

15.7          Notices.
All billings under this Lease shall be provided by Landlord to Tenant at the address for billings set forth in the Summary by regular
mail or personal delivery. All other notices and demands under this Lease shall be in writing, signed by the party giving the same and
shall be deemed properly given and received when personally delivered or three (3) business days after mailing through the United
States mail, postage prepaid, certified or registered, return receipt requested, addressed to the party to receive the notice at the address
set forth for such party in the Summary or at such other address as either party may notify the other of in writing.

 

15.8          Time
of the Essence. Time is of the essence under this Lease, and all provisions herein relating thereto shall be strictly construed.
As used in this Lease, the term "day" shall mean and refer to calendar days unless expressly referred to as a business
day, and a "business day" shall mean any day other than a Saturday, Sunday, Federal holiday, date on which national banking
associations are not open for business, or any state holiday in the State of Colorado.

 

15.9          Captions.
The headings and captions hereof are for convenience only and shall not be considered in interpreting the provisions hereof.

 

15.10        Severability.
If any provision of this Lease shall be held invalid or unenforceable, the remainder of this Lease shall not be affected thereby, and
there shall be deemed substituted for the affected provision a valid and enforceable provision as similar as possible to the affected
provision.

 

15.11        Governing
Law. This Lease shall be interpreted and enforced according to the laws of the State of Colorado.

 

15.12        Entire
Agreement. This Lease, the Summary, Attachments, Exhibits and Addenda referred to herein, constitute the final and complete expression
of the parties' agreements with respect to the Demised Premises and Tenant's occupancy thereof. Each party agrees that it has not relied
upon or regarded as binding any prior agreements, negotiations, representations, or understandings, whether oral or written, except as
expressly set forth herein.

 

    	 	25	 

     

    

 

15.13        No
Oral Modifications. No amendment or modification of this Lease, and no approvals, consents or waivers by Landlord under this Lease,
shall be valid or binding unless in writing and executed by the party to be bound.

 

15.14        Format.
Tenant acknowledges that it has had the opportunity to thoroughly review and negotiate this Lease and that the rule of construction
to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Lease.

 

15.15        Real
Estate Brokers. Tenant covenants to pay, hold harmless and indemnify Landlord from and against any and all cost, expense or liability
for any compensation, commissions, charges, claims or liens by any broker or other agent with respect to this Lease or the negotiation
thereof claiming by or under Tenant, whether or not meritorious, other than the broker(s) listed as the Broker(s) on the Summary.
Tenant acknowledges Landlord is not liable for any representations by Tenant's Broker (as set forth in Section 13 of the Summary)
or by Landlord's Broker except as required in the Brokerage Disclosure attached hereto, regarding the Demised Premises, the broker or
other agent with respect to this Lease or the negotiation thereof claiming by or under Landlord, whether or not meritorious, including
claims by the broker(s) listed as the Broker(s) on the Summary for payment of a commission pursuant to the terms of separate
written agreements. Landlord shall pay the Brokers a commission pursuant to the terms of separate written agreements.

 

15.16        Patriot
Act Compliance.

 

(a)            No
action, proceeding, investigation, charge, claim, report or notice has been filed, commenced, or threatened against Tenant or any of its
Affiliates (as herein defined) alleging any violation of any laws relating to terrorism or money laundering including, without limitation,
Executive Order No. 13224 on Terrorist Financing (effective September 24, 2001) ("Executive Order") and the
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law
107-56) ("Patriot Act"). To Tenant's knowledge, neither Tenant nor any of its Affiliates is in violation of taking any
action which could reasonably be expected to result in any action, proceeding, investigation, charge, claim, report or notice being filed,
commenced, or threatened against Tenant or any of its Affiliates alleging any violation of, or failure to comply with, the Executive Order
or the Patriot Act. For the purposes of this Section 15.16, the term "Affiliates" shall mean all affiliated and
related entities of Tenant, as well as all officers, directors, managers, shareholders, partners, members or other parties having an interest
in Tenant or its affiliated or related entities (except that if the company is publicly traded on a nationally recognized stock exchange,
then shareholders, partners and lenders with less than a twenty-five percent (25%) ownership interest shall be excluded).

 

(b)            Neither
Tenant nor, to its knowledge, its Affiliates is a "Prohibited Person" which is defined as follows: (i) a person
or entity that is listed in the Annex to, or is otherwise subject to the provisions of the Executive Order and relating to blocking property
and prohibiting transactions with persons who commit, threaten to commit, or support terrorism; (ii) a person or entity owned or
controlled by, or acting for or on behalf of, any person or entity that is listed in the Annex to, or is otherwise subject to the provisions
of, the Executive Order; (iii) a person or entity with whom Landlord is prohibited from dealing or otherwise engaging in any transaction
by any terrorism or money laundering law, including the Executive Order and the Patriot Act; (iv) a person or entity who commits,
threatens, or conspires to commit or supports "terrorism" as defined in the Executive Order; (v) a person or entity that
is named as a "specially designated national and blocked person" on the most current list published by the U.S. Treasury Department
Office of Foreign Assets Control at its official website, http://www.treas.gov/ofac/tl 1 sdn.pdf, or at any replacement website or other
replacement official publication of such list; and (vi) a person or entity who is affiliated with a person or entity listed above.

 

(c)            Neither
Tenant nor any of its Affiliates is or will, knowingly (i) conduct any business or engage in any transaction or dealing with any
Prohibited Person, including the making or receiving any contribution of funds, goods, or services to or for the benefit of any Prohibited
Person; (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant
to any terrorism or money laundering law, including the Executive Order and the Patriot Act; or (iii) engage in or conspire to engage
in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set
forth in any terrorism or money laundering law, including the Executive Order and the Patriot Act.

 

    	 	26	 

     

    

 

(d)            In
connection with any changes of direct or indirect ownership of Tenant or any of its Affiliates requiring notice to Landlord or requiring
Landlord's consent under Section 8.16, Tenant shall give written notice to Landlord (i) advising Landlord, in reasonable detail,
as to the proposed ownership change, and (ii) reaffirming that the representations and warranties set forth in this Section will
remain true and correct. Tenant agrees to promptly deliver to Landlord (but in any event within ten (10) days following Landlord's
written request) any certification or other evidence requested from time to time by Landlord in its reasonable discretion, confirming
Tenant's and any of its Affiliates' compliance with the foregoing terms and conditions.

 

15.17        Relationship.
Nothing contained herein shall be deemed or construed as creating the relationship of principal and agent or of partnership, or of joint
venture by the parties hereto, it being understood and agreed that no provision contained in this Lease nor any acts of the parties hereto
shall be deemed to create any relationship other than the relationship of landlord and tenant.

 

15.18        Waiver
of Jury Trial. LANDLORD AND TENANT HEREBY EXPRESSLY WAIVE ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, CAUSE OF ACTION,
OR PROCEEDING ARISING UNDER OR WITH RESPECT TO THIS LEASE, OR IN ANY WAY CONNECTED WITH, OR RELATED TO, OR INCIDENTAL TO, THE DEALINGS
OF THE PARTIES HERETO WITH RESPECT TO THIS LEASE, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND IRRESPECTIVE OF WHETHER
SOUNDING IN CONTRACT, TORT, OR OTHERWISE.

 

15.19        Confidentiality.
The terms and conditions of this Lease constitute proprietary information of Landlord that Tenant covenants and agrees to keep strictly
confidential. Tenant acknowledges that the disclosure of such information would adversely affect Landlord's ability to negotiate other
leases and impair Landlord's relationship with other tenants. Tenant covenants and agrees that neither Tenant nor its employees or agents
will directly or indirectly disclose the Rent, financial terms or other terms and conditions of this Lease to any other tenant or prospective
tenant of Landlord or any landlord related to Landlord, or to any other person or entity, other than Tenant's employees and agents who
have a legitimate need to know such information (and who Tenant will also require to keep the same in confidence).

 

15.20        Authority
of Tenant. Each individual executing this Lease on behalf of Tenant represents and warrants that he or she is duly authorized
to deliver this Lease on behalf of Tenant and that this Lease is binding upon Tenant in accordance with its terms.

 

15.21        Full
Execution. The delivery or negotiation of this Lease by Landlord shall not be deemed an offer by Landlord to enter into any lease
transaction or to enter into any relationship, whether on the terms contained in this Lease or on any other terms. This Lease shall not
be binding upon Landlord or its agents, nor shall Landlord or its agents have any obligations or liabilities (including, without limitation,
any attorneys' and architects' fees or any other costs expended by either party- prior to the full execution of this Lease), nor Tenant
any rights with respect thereto or the Demised Premises unless and until Landlord has actually executed and delivered this Lease. Until
such execution and delivery of this Lease, Landlord may terminate all negotiation and discussion of the subject matter hereof; without
any cause and for any reason, without recourse or liability.

 

15.22        Counterparts/Electronic/Signatures.
This Lease may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute the binding
and enforceable agreement of the parties hereto. This Lease may be executed and delivered by a party by facsimile or email transmission,
which transmission copy shall be considered an original and shall be binding and enforceable against such party. Landlord and Tenant acknowledge
and agree that electronic signatures used for the execution of this Lease and/or amendments hereto (if any) shall be valid, binding and
enforceable against such party.

 

Signature Page Follows

 

    	 	27	 

     

    

 

IN WITNESS WHEREOF the parties
hereto have caused this Lease to be executed the day and year first above written.

 

	 	TENANT:
	 	 
	 	CHARLOTTE'S WEB, INC.,
	 	a Delaware Corporation
	 	 
	 	 
	 	By: 	/s/ Stephen Lermer
	 	Name: 	Stephen Lermer
	 	Title: 	Chief Operating Officer
	 	 
	 	 
	 	LANDLORD:
	 	 
	 	EJ 700 TECH COURT LLC.,
	 	a Delaware limited liability Company
	 	 
	 	 
	 	By: 	/s/ David C. Johnson
	 	Name:	 David C. Johnson
	 	Title:	 Manager

 

 

    	 	28	 

     

    

   

ADDENDUM TO LEASE OF SPACE

 

THIS ADDENDUM TO LEASE OF
SPACE ("Addendum") shall be a part of that certain Lease of Space, dated May 7th, 2019 (the "Lease") between
EJ 700 TECH COURT LLC, a Delaware limited liability company ("Landlord") and CHARLOTTE'S WEB, INC., a Delaware corporation
("Tenant"), pertaining to the Demised Premises located at 700 Tech Court, Louisville, Colorado 80027.

 

The following provisions shall
be a part of the Lease and to the extent of any conflict between the terms of this Addendum and the terms of the Lease, the terms of this
Addendum shall control. For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Landlord and
Tenant agree that the Lease shall have the following additional terms:

 

1.             Early
Occupancy. Tenant shall be entitled to early occupancy of the Demised Premises commencing upon the Effective Date, subject to
compliance with applicable laws and any delays beyond Landlord's control. During such period of early occupancy, Tenant's possession of
the Demised Premises shall be subject to all terms and conditions of the Lease except that Tenant shall not be obligated to pay any Base
Rent, Taxes, Landlord's Insurance or Common Facilities Charges until the Commencement Date of the Lease Term (provided that Tenant shall
pay for all utility services and costs for the Demised Premises during such period of early occupancy). Tenant acknowledges that such
early occupancy is being provided to Tenant only as a courtesy and, notwithstanding any delay in such early occupancy for any reason whatsoever,
the Commencement Date of the Lease Term and Tenant's obligation to pay rentals under the Lease shall not be delayed or affected and Landlord
shall not be liable in any manner whatsoever to Tenant for such delay.

 

2.             Tenant
Improvements. Tenant shall, at Tenant's sole cost and expense, construct the Tenant Improvements in accordance with and as defined
in the Work Letter attached hereto. Landlord shall pay the costs of the Tenant Improvements up to the Tenant Improvement Allowance in
accordance with and as defined in the Work Letter, and Tenant shall pay all costs of the Tenant Improvements in excess thereof in accordance
with the Work Letter.

 

3.             Rent
Abatement.

 

(a)            During
the First Rental Abatement Period, Tenant shall not be required to pay to Landlord any Base Rent for the Demised Premises as set forth
in the Base Rent schedule provided in the Summary ("First Rental Abatement"). All other terms and conditions of the Lease
shall remain in full force and effect during the period of the First Rental Abatement. If there is a Default by Tenant under the Lease
and such Default by Tenant is not cured within applicable notice and grace periods, Tenant shall be liable to Landlord for the unamortized
portion of the Base Rent for the First Rental Abatement (calculated at a rental rate of $10.50 per square foot of Floor Area of the Demised
Premises per year) after amortizing such amount over the Initial Lease Term on a straight line basis, in addition to all other remedies
and damages available to Landlord. Tenant shall continue to pay its Pro Rata Share of Taxes, Landlord's Insurance and Common Facilities
Charges during the period of the First Rental Abatement.

 

(b)            During
the Second Rental Abatement Period, Tenant shall be required to pay to Landlord Base Rent for only a portion of the Demised Premises consisting
of 103,950 square feet of Floor Area as set forth in the Base Rent schedule provided in the Summary and Tenant shall be required to pay
to Landlord Tenant's Pro Rata Share of Taxes, Landlord's Insurance, and Common Facilities Charges for only a portion of the Demised Premises
consisting of 103,950 square feet of Floor Area (e.g., Tenant's Pro Rata Share shall be based upon 103,950 square feet of Floor Area)
("Second Rental Abatement"). All other terms and conditions of the Lease shall remain in full force and effect during
the period of the Second Rental Abatement. If there is a Default by Tenant under the Lease and such Default by Tenant is not cured within
applicable notice and grace periods, Tenant shall be liable to Landlord for the unamortized amount of the Base Rent and Additional Rent
for the Second Rental Abatement (calculated at a rental rate of $10.50 per square foot of the Floor Area of the Demised Premises per year
for the Base Rent and using the actual charges for the Additional Rent) after amortizing such amount over the Initial Lease Term on a
straight line basis, in addition to all other remedies and damages available to Landlord.

 

4.             Option
to Extend. Landlord grants to Tenant the right to extend the Lease Term ("Extension Option") for one (1) successive
period of five (5) years ("Extension Term"), upon the following terms and conditions:

 

    	 	ADDENDUM-1	 

     

    

 

 

(a)            Tenant
must exercise each Extension Option, if at all, by providing Landlord with written notice thereof at least twelve (12) months but not
more than eighteen (18) months prior to the expiration date of the then-current Lease Term ("Extension Notice"). If
Tenant does not provide Landlord with the Extension Notice as and when herein specified, the Extension Option shall terminate and be
of no further force or effect. If Tenant exercises an Extension Option, the Lease Term shall be extended for an additional period of
five (5) years upon the same terms and conditions as set forth in the Lease, except the Base Rent and this Extension Option. The
Base Rent for such Extension Term shall be at the then-current "Market Rate" as defined below. The Base Rent for the Extension
Term shall be in addition to the Taxes, Landlord's Insurance and the Common Facilities Charges. An Extension Option may be exercised
only once and once exercised, such Extension Option shall not be effective during any subsequent Extension Term.

 

(b)            The
Extension Option shall apply to the entire Demised Premises, as amended or expanded as of the commencement date of each Extension Term,
and may not be exercised as to only a portion of the Demised Premises. Upon exercise of an Extension Option, Landlord and Tenant shall
enter into an amendment to the Lease memorializing the terms and conditions of the Lease during such Extension Term. If there is a Default
by Tenant on the date it exercises an Extension Option or on the date upon which such Extension Term is to commence, then Landlord at
its option may elect to treat the exercise of such Extension Option as ineffective in which case the Lease shall terminate upon expiration
of the then-current Lease Term.

 

(c)            The
Extension Option is personal to Tenant and in the event of any Transfer by Tenant (other than a Permitted Transfer), whether or not with
the consent of Landlord, any Extension Options which have not been exercised as of the date of such Transfer shall automatically terminate.

 

(d)            The
 "Market Rate" means the rate at which Landlord under no compulsion to lease the Demised Premises and a tenant under
no compulsion to renew a lease for the Demised Premises would determine as the rental (including initial monthly rental and rental increases)
for the Extension Option, as of the commencement date of such Extension Term, taking into consideration the uses permitted under the
Lease, the quality, size, design and location of the Demised Premises, and the rental for the renewal of leases for comparable space
located in the vicinity of the Property. The Market Rate shall include any tenant improvements, tenant improvement allowances, rental
abatements, or other concessions or allowances that are then being offered by Landlord or other property owners at the time the Option
to Extend is exercised.

 

(e)            If
Tenant provides the Extension Notice, Landlord will notify Tenant of the Market Rate for the Extension Term ("Landlord's Rate")
within twenty (20) days after receiving the Extension Notice. If Tenant does not agree that Landlord's Rate is the Market Rate, Tenant
shall provide written notice thereof to Landlord within thirty (30) days after Landlord's notice, indicating the rental rate that Tenant
asserts as the Market Rate for the Extension Term ("Tenant's Rate"). If Tenant fails to provide written notice within
such thirty (30) day period, Tenant shall be deemed to have accepted Landlord's Rate as the Market Rate. If Tenant timely provides such
notice, then each party shall, within ten (10) business days after Landlord receives Tenant's written notice of such dispute, designate
by written notice to the other party one (1) independent licensed Colorado real estate broker with appropriate industrial property
leasing experience and of good reputation, having at least five (5) years of such experience in the metropolitan Denver real estate
market ("Broker(s)"). The two Brokers so designated shall together determine whether Landlord's Rate or Tenant's Rate
is closest to the Market Rate for the space in question. Landlord and Tenant shall each require the Brokers to make such determination
and report it in writing to Landlord and Tenant within twenty (20) days after such selection, and each party shall use its best efforts
to secure such determination within such time period. If the two selected Brokers agree as to which rate is closest to the Market Rate,
the rate agreed to be the closest (either Landlord's Rate or Tenant's Rate) shall be deemed the effective Market Rate. If the two selected
Brokers fail to agree pursuant to this procedure, they shall together immediately select a third Broker who shall then (within ten (10) business
days of the third Broker's selection) determine which rate is closest to the Market Rate as determined by the third Broker. The third
Broker shall notify Landlord and Tenant of the Broker's determination and the rental rate selected shall be the Market Rate. Each party
will pay the fee of the Broker selected by it and one-half (1⁄2) of the fee of the third Broker.

 

    ADDENDUM-2

     

    

 

5.             Signage.
Tenant shall be entitled to install and display a monument and Building exterior signage (each referred to as a "Sign") in
accordance with the signage criteria provided on Exhibit D attached hereto. At least fifteen (15) days prior to the installation
of any Sign, Tenant shall provide written notice to Landlord, including the plans, specifications, design and specific location of such
Sign, which shall be subject to Landlord's approval, such approval not to be unreasonably withheld, conditioned or delayed, and compliance
with all applicable laws. Tenant shall pay all costs of installing such Sign, subject to reimbursement from the Tenant Improvement Allowance,
and all costs of maintenance and utilities for such Sign. Tenant shall remove such Sign within five (5) business days of the termination
of the Lease Term and repair any damage caused thereby in accordance with the terms and conditions of the Lease.

 

6.             Security
System. Tenant, at its sole cost and expense, shall have the right to install and maintain a security system and related equipment
in the Demised Premises during the Lease Term, subject to the following terms and conditions. Prior to installation of such security
system and related equipment, Tenant shall comply with all requirements for Changes, or the Tenant Improvements, if being installed pursuant
thereto, under the Lease including, without limitation, Landlord's approval, such approval not to be unreasonably withheld, conditioned
or delayed of the plans and specifications therefor and compliance with all applicable laws. Tenant shall remove such security system
and related equipment prior to the termination of the Lease Term and repair any damage caused thereby in accordance with the terms and
conditions of the Lease

 

7.             Alcohol/Ethanol
and Carbon Dioxide Tanks. Landlord grants a license to Tenant to install at Tenant's sole cost and expense and operate during
the Lease Term (i) an above-ground alcohol or ethanol tank (not to exceed ten thousand (10,000) gallons) and (ii) an above-ground
carbon dioxide tank (not to exceed ten thousand (10,000) gallons) (together, the "Tanks" and each, a "Tank"),
each in a location on the Property east of the Building to be designated by Landlord and reasonably acceptable to Tenant (the "Installation
Area"). The installation, use and operation of such Tanks shall be subject to the following terms and conditions:

 

(a)            Tenant
shall not install or operate any Tank until it receives prior written approval from Landlord and on the condition that Tenant submits
plans and specifications for the installation of such Tank for Landlord's approval, such approval not to be unreasonably withheld, conditioned
or delayed, and architectural control committee approval, which Landlord shall reasonably cooperate with Tenant in obtaining. Prior to
commencing installation, Tenant shall provide Landlord with (i) copies of all required governmental and quasi-governmental permits,
licenses and authorizations which Tenant will obtain at its own expense and which Tenant will maintain at all times during the operation
of the Tank; and (ii) a certificate of insurance evidencing insurance coverage as required by this Lease and any other insurance
reasonably required by Landlord for the installation and operation of the Tank. The installation of the Tank shall be made subject to
and in accordance with all of the provisions of the Lease.

 

(b)            Tenant
shall repair in a good and workmanlike manner any damage to the Property caused by the installation, maintenance, modification, filling,
operation, repair and removal of any Tank. Tenant shall, at Tenant's cost and expense, maintain the Tank and all improvements within
the Installation Area. Tenant's operation of the Tank shall not cause interference with the use and enjoyment of other tenants or occupants
of other buildings located in the vicinity of the Building. Tenant's installation, maintenance, filling, operation, modification, repair
and removal of the Tank shall not violate any applicable laws, ordinances, rules, orders or regulations, of any governmental authority.
Not less than five (5) business days prior to commencing the installation, maintenance, filling, modification, repair or removal
of any Tank, Tenant shall provide Landlord with written notice of the time Tenant intends to access such Tank and Landlord shall be afforded
the opportunity to supervise such installation, maintenance, filling, modification, repair or removal.

 

(c)            Tenant
shall pay to Landlord the amount, if any, by which Landlord's Insurance or Taxes increase as a result of the installation of either Tank
and Tenant shall pay such increase each year as Additional Rent upon receipt of a bill from Landlord. Tenant shall have no right to an
abatement or reduction in the Base Rent or the Additional Rent if, for any reason, Tenant is unable to or chooses not to use the Tank'
after installation.

 

(d)            Tenant
covenants and agrees that the installation, maintenance, filling, modification, operation, repair and removal of each Tank will be at
its sole risk. Tenant agrees to protect, indemnify, defend and save Landlord and its Related Parties harmless from and against all claims,
actions, damages, liability, obligations, penalties, causes of action, costs and expenses, including reasonable attorneys' fees and disbursements,
imposed upon, incurred by or asserted against Landlord by reason of any accident, injury to or death of any person or loss of or damage
to any property or business, or any other loss or injury, or as a result of any litigation arising out of the installation, maintenance,
filling, modification, operation, repair or removal of any Tank by or on behalf of Tenant.

 

    ADDENDUM-3

     

    

 

(e)            Landlord,
in its reasonable discretion, may require Tenant, at any time prior to the expiration date of the Lease Term, to terminate the operation
of either Tank if it is causing physical damage to the Property or materially interfering with any other tenants or occupants of any
building located in the vicinity of the Building. Notwithstanding the foregoing, if Tenant can correct the damage or disturbance caused
by such Tank to Landlord's reasonable satisfaction, Tenant may restore its operation. If damage or disturbance caused by the applicable
Tank is not corrected and the Tank restored to operation within thirty (30) days, Landlord, in its sole and absolute discretion, may
require that Tenant remove the Tank at its own cost and expense.

 

(f)            At
the expiration or earlier termination of the Lease, or upon termination of the operation of the Tank, or revocation of any license issued,
Tenant shall remove the Tank from the Property at its sole cost and expense. Tenant shall leave the Installation Area in good order and
repair. If Tenant does not remove the Tank when so required, Tenant hereby authorizes Landlord to remove and dispose of the Tank and
to charge Tenant for all costs and expenses incurred.

 

8.             Satellite
Dish. Landlord grants a license to Tenant to install and operate during the Lease Term a satellite antenna receiving dish or
terrestrial microwave antenna ("Satellite Antenna") at Tenant's sole cost and expense, on the roof of the Building at
a location to be designated by Landlord, and reasonably acceptable to Tenant ("Installation Area"). The installation,
use and operation of such Satellite Antenna shall be subject to the following terms and conditions:

 

(a)            Tenant
shall not install or operate the Satellite Antenna until it receives prior written approval from Landlord, which shall not be unreasonably
withheld, conditioned or delayed and on the condition that Tenant submits plans and specifications for the installation of the Satellite
Antenna for approval by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed. Prior to commencing installation,
Tenant shall provide Landlord with (i) copies of all required governmental and quasi-governmental permits, licenses and authorizations
which Tenant will obtain at its own expense and which Tenant will maintain at all times during the operation of the Satellite Antenna,
and (ii) a certificate of insurance evidencing insurance coverage as required by this Lease and any other insurance reasonably required
by Landlord for the installation and operation of the Satellite Antenna. The installation of the Satellite Antenna shall be made subject
to and in accordance with all of the provisions of the Lease. The contractors performing the installation of the Satellite Antenna and/or
performing any work on or to the roof of the Building shall be approved or designated by Landlord prior to the commencement of any work,
which approval shall not be unreasonably withheld, conditioned, or delayed. Tenant shall cause walking stones and any other improvements
required by Landlord, in its reasonable discretion, to protect the roof and the Building to be installed prior to the installation of
the Satellite Antenna. Such walking stones and other improvements shall be reflected in the plans and specifications that are subject
to Landlord's prior approval. Tenant shall require Tenant's representatives, employees, contractors and all other persons entering the
roof on behalf of Tenant to access the Installation Area only by way of the walking stones or such other protective roofing devices and
shall prohibit such individuals from walking on any other portions of the roof

 

(b)            Tenant
shall repair in a good and workmanlike manner any damage to the roof or other parts of the Building caused by the installation, maintenance,
modification, operation, repair and removal of the Satellite Antenna. Tenant, at its sole cost and expense, shall maintain the Satellite
Antenna and all improvements within the Installation Area in a good and workmanlike manner. Tenant's maintenance and operation of the
Satellite Antenna on the roof shall not cause interference with any telecommunications, mechanical or other systems either located at
or servicing the Building or the Project (whether belonging to or utilized by Landlord or any other tenant or occupant) or located at
or servicing any building, premises or location in the vicinity of the Building, limited however to that permissible under applicable
F.C.C. regulations to the extent that such regulations apply. Tenant's installation, existence, maintenance, operation, modification,
repair and removal of the Satellite Antenna shall not violate any applicable laws, ordinances, rules, orders or regulations of any governmental
authority. Not less than five (5) business days prior to commencing the installation, maintenance, modification, repair or removal
of the Satellite Antenna, Tenant shall provide Landlord with written notice of the time Tenant intends to access the Satellite Antenna
and Landlord shall be afforded the opportunity to supervise such installation, maintenance, modification, repair or removal.

 

    ADDENDUM-4

     

    

 

(c)            Tenant
shall pay to Landlord, as Additional Rent, the amount, if any, by which Landlord's insurance premiums or Taxes increase as a result of
the installation of the Satellite Antenna. Tenant shall have no right to an abatement or reduction in the Base Rent or the Additional
Rent if, for any reason, Tenant is unable to or chooses not to use the Satellite Antenna after installation. Tenant covenants and agrees
that the installation, maintenance, modification, operation, repair and removal of the Satellite Antenna will be at its sole risk. Tenant
agrees to protect, indemnify, defend and save Landlord harmless from and against all claims, actions, damages, liability, obligations,
penalties, causes of action, costs and expenses, including reasonable attorneys' fees and disbursements, imposed upon, incurred by or
asserted against Landlord by reason of any accident, injury to or death of any person or loss of or damage to any property or business,
or any other loss or injury, or as a result of any litigation arising out of the installation, maintenance, modification, operation,
repair or removal of the Satellite Antenna, except as a result of Landlord's or its agents' gross negligence or willful misconduct.

 

(d)            Landlord,
in its sole and absolute discretion, may require Tenant, at any time prior to the expiration date of the Lease Term, to terminate the
operation of the Satellite Antenna if it is causing physical damage to the Building, interfering with any service provided to other tenants
in the Project or interfering with another tenant's business. Notwithstanding the foregoing, if Tenant can correct the damage or disturbance
caused by the Satellite Antenna to Landlord's reasonable satisfaction, Tenant may restore its operation. If damage or disturbance caused
by the Satellite Antenna is not corrected and the Satellite Antenna restored to operation within thirty (30) days, Landlord, in its sole
and absolute discretion, may require that Tenant remove the Satellite Antenna at its own cost and expense. Landlord, in its sole and
absolute discretion, may require Tenant to temporarily or permanently relocate the Installation Area and/or the Satellite Antenna and
related facilities at any time upon thirty (30) days prior written notice, at Tenant's sole cost and expense.

 

(e)            At
the expiration or sooner termination of this Lease, or upon termination of the operation of the Satellite Antenna, or revocation of any
license issued, Tenant shall remove the Satellite Antenna from the Building at its sole cost and expense. Tenant shall leave the Installation
Area and the roof in good order and repair. If Tenant does not remove the Satellite Antenna when so required, Tenant hereby authorizes
Landlord to remove and dispose of the Satellite Antenna and to charge Tenant for all costs and expenses incurred. Landlord may elect
to require Tenant to remove all wiring, cables, risers and similar installations appurtenant thereto installed by Tenant in Demised Premises
and the risers and other portions of the Installation Area or the Building.

 

9.             Temporary
Storage. Promptly upon execution of the Lease, Tenant shall have the right to work with the City of Louisville to secure a temporary
certificate of occupancy (and other required governmental approvals, if any) for Tenant to utilize a portion of the north end of the
Building for storage ("Temporary Storage Space"). Landlord shall reasonably cooperate with Tenant to obtain such governmental
approvals for the Temporary Storage Space. Tenant shall not be charged Base Rent for the Temporary Storage Space until the Commencement
Date of the Lease Term and then only in accordance with the Lease, but the other terms and conditions of the Lease shall apply to Tenant's
use of such Temporary Storage Space.

 

[Remainder of page intentionally left blank]

 

    ADDENDUM-5

     

    

 

EXECUTED as of this 7th day of May, 2019

 

	 	TENANT
	 	 
	 	CHARLOTTE'S WEB, INC.,

                                                         a Delaware Corporation

 

	 	By:	/s/ Stephen Lermer
	 	Name:	Stephen Lermer
	 	Title:	Chief Operating Officer

 

	 	LANDLORD:
	 	 
	 	EJ 700 TECH COURT LLC.,
 a Delaware limited liability Company

 

	 	By:	/s/ David C. Johnson
	 	Name:	David C. Johnson
	 	Title:	Manager

 

    ADDENDUM-6

     

    

 

WORK LETTER

 

This Work Letter ("Work
Letter") shall be part of that certain Lease of Space, dated May 7th 2019 ("Lease", to which reference
should be made for all terms not otherwise herein defined), between EJ 700 TECH COURT LLC, a Delaware limited liability company ("Landlord"),
and CHARLOTTE'S WEB, INC., a Delaware corporation ("Tenant"), pertaining to the Demised Premises commonly known as 700
Tech Court, Louisville, Colorado 80027.

 

1.             Preliminary
Plans/Working Drawings.

 

(a)            Tenant
and Landlord shall, both acting reasonably, mutually select the architect ("Architect") and general contractor, and
Tenant shall enter into written agreements directly with the Architect, such general contractor, and any other contractors used for the
construction of the Tenant Improvements that are not otherwise directly engaged by the general contractor. Notwithstanding the foregoing,
Tenant acknowledges and agrees that Tenant shall be required to use Landlord's structural engineer and life safety, fire alarm and fire
protection contractors for the Building. Tenant acknowledges that if Tenant retains Landlord's architect, engineer or other contractor,
such architect, engineer and/or other contractor shall be considered to be Tenant's agent or contractor for purposes of this Work Letter.

 

(b)            Landlord
and Tenant shall consult and cooperate with each other as necessary to reach agreement regarding schematic designs, performance requirements
and preliminary plans for the Tenant Improvements ("Preliminary Plans"). Tenant acknowledges and agrees that the Tenant
Improvements shall generally include an approximately fifty-five thousand (55,000) square foot manufacturing lab, an approximately sixty
thousand (60,000) square foot warehouse/storage area and an approximately fifteen thousand (15,000) to twenty thousand (20,000) square
foot office and meeting space at the front of the Demised Premises. The Architect shall prepare the Preliminary Plans based on information
provided by Landlord and Tenant and provide the Preliminary Plans to Landlord and Tenant for approval no later than ninety (90) days
after the date of the Lease. Landlord and Tenant shall review the Preliminary Plans and provide written notice to the Architect and the
other party of any objection to the Preliminary Plans, specifying any changes required for such party's approval. If Landlord or Tenant
do not provide written notice of objection within ten (10) business days after receipt of the Preliminary Plans, such party (or
parties) shall be deemed to have approved the Preliminary Plans.

 

(c)            Upon
approval of the Preliminary Plans, Landlord and Tenant shall consult and cooperate with each other as necessary to reach agreement regarding
the complete construction and engineering plans and specifications for the construction of the Tenant Improvements (the "Working
Drawings"), including, without limitation, a budget estimate for the cost of the construction of the Tenant Improvements ("Construction
Budget"). The Working Drawings shall be prepared by the Architect and shall be an evolution and incorporation of the Preliminary
Plans. The Architect shall provide the Working Drawings to Landlord and Tenant for approval no later than one hundred twenty (120) days
after the date of the Lease. Landlord and Tenant shall review the Working Drawings and provide written notice to the Architect and the
other party of any objection to the Working Drawings, specifying any changes required for such party's approval of the Working Drawings.
If Landlord or Tenant do not provide written notice of objection within ten (10) business days after receipt of the Working Drawings,
such party (or parties) shall be deemed to have approved the Working Drawings.

 

(d)            In
the event either party timely provides written notice of objection to the Preliminary Plans or the Working Drawings, then Landlord, Tenant
and the Architect shall cooperate as necessary to reach agreement regarding any outstanding changes. The Architect shall prepare a revised
draft of the Preliminary Plans or the Working Drawings, as the case may be, as soon as reasonably possible and submit a revised draft
thereof to Landlord and Tenant for approval. The same procedures for review and approval by Landlord and Tenant shall apply to revised
drafts, except for any subsequent revisions, if Landlord or Tenant do not provide written notice of objection within seven (7) business
days after receipt of the Working Drawings, such party (or parties) shall be deemed to have approved the Working Drawings. Landlord's
approval of the Preliminary Plans or the Working Drawings shall not constitute any opinion or agreement by Landlord or impose any present
or future liability or responsibility on Landlord, except as expressly herein set forth.

 

    WORK LETTER-1

     

    

 

2.             Building
Permit. After approval by Landlord of the Working Drawings, Tenant shall submit the drawings to the appropriate governmental
authority for plan review and issuance of a building permit and any other applicable governmental approvals. Landlord shall reasonably
cooperate with Tenant and sign any applications required to obtain such building permits. All permit and processing fees shall be paid
by Tenant, subject to reimbursement from the Tenant Improvement Allowance. Tenant shall diligently pursue obtaining all such approvals
and shall provide written updates to Landlord upon request from Landlord. Tenant shall furnish to Landlord, upon receipt, copies of all
building permit applications, statements, amendments and other documents, and all permits, inspection reports, certificates and other
documents as required by the applicable governmental authorities.

 

3.             Tenant
Improvement Allowance. Except for the Tenant Improvement Allowance, Tenant shall be responsible, as to both cost and performance,
for the Tenant Improvements. Landlord shall pay up to $30.00 per square foot of the Floor Area of the Demised Premises (which is a total
of $4,098,300.00) ("Tenant Improvement Allowance") for the costs of the Tenant Improvements; provided, however, Tenant
may use up to $10.00 per square foot of Floor Area of the Demised Premises (which is a total of up to $1,366,100.00) of the Tenant Improvement
Allowance for the costs of upgrades to the Building's infrastructure and Tenant's equipment for the Demised Premises. Additionally, up
to $10.00 per square foot of Floor Area of the Demised Premises (which is a total of up to $1,366,100.00) of any remainder of the Tenant
Improvement Allowance shall be applied towards Base Rent commencing immediately after the First Rental Abatement until fully applied;
provided, however, no more than $4.00 per square foot of Floor Area of the Demised Premises shall be applied annually towards Base Rent.

 

4.             Disbursements.

 

(a)            Tenant
shall be entitled to disbursements from Landlord from time to time (but not more often than one (1) time per month) from the Tenant
Improvement Allowance for payment of actual costs incurred by Tenant for the Tenant Improvements. Tenant shall provide written notice
to Landlord at least thirty (30) days prior to the requested date of each such disbursement, which notice shall include a certified statement
by the Architect, the general contractor and Tenant indicating the proposed date of such disbursement, the proposed amount of such disbursement
and a list of the contractors, major subcontractors and suppliers and the amounts to be paid to such persons from such disbursement,
and a description of the work and supplies which have been furnished and completed by such persons for such disbursement. Such certified
statement shall be in the form of an Application for Payment (AIA Forms G702 and 6703) and shall contain such additional information
as may be reasonably required by Landlord. Landlord shall be entitled to make all or part of any disbursement directly to the respective
contractors, subcontractors and suppliers.

 

(b)            As
a condition precedent to each disbursement, there shall have been no Default by Tenant under the Lease and there shall have been no mechanic's
lien recorded or asserted against Tenant or the Demised Premises with respect to the Tenant Improvements. As a condition precedent to
each disbursement, Tenant shall furnish to Landlord, at least seven (7) days prior to such disbursement, mechanic's lien waivers
from the contractors, subcontractors and suppliers as to the payment, work and supplies relating to such disbursements made hereunder
in a form and substance reasonably satisfactory to Landlord.

 

(c)            Tenant
shall be required to pay for the portion of the cost of the Tenant Improvements in excess of the Tenant Improvement Allowance prior to
Landlord being required to contribute the Tenant Improvement Allowance. If prior to commencement of construction of the Tenant Improvements,
the Construction Budget agreed upon by the parties estimates that the cost of the Tenant Improvements exceeds the Tenant Improvement
Allowance, then Tenant shall be responsible for all payments until such time as Tenant has paid the entire excess amount. If at any time
during construction after a change order has been executed the panics mutually determine that the remaining cost of the Tenant Improvements
exceeds the remaining balance of the Tenant Improvement Allowance, then Tenant shall thereafter be responsible for all payments until
such time as Tenant has paid the entire excess amount. If following completion of construction Landlord determines that the amount paid
by Tenant is less than the portion of the final cost of the Tenant Improvements that exceeds the Tenant Improvement Allowance, then Tenant
shall pay to Landlord the amount of such deficiency within ten (10) days after Landlord provides written notice thereof to Tenant
unless Tenant has previously paid such amount to a third party pursuant to a contract for construction of the Demised Premises. Landlord
shall not be required to disburse any portion of the Tenant Improvement Allowance until and unless Tenant pays to Landlord any deposit
or other amount required to be paid by Tenant under this Work Letter. For the avoidance of doubt, Landlord shall not be required to make
any disbursements of the Tenant Improvement Allowance when the estimated cost of the Tenant Improvements (or remaining portion thereof)
or any change orders to the Tenant Improvements exceeds the Construction Budget (or remaining portion thereof).

 

    WORK LETTER-2

     

    

 

(d)            Upon
full satisfaction by Tenant of all conditions required under this Work Letter for each disbursement and approval thereof by Landlord,
Landlord shall pay to Tenant ninety percent (90%) of the amount of the completed Tenant Improvements for such disbursement and the remaining
balance thereof shall be held by Landlord until the Final Disbursement (as herein defined). Tenant shall construct Tenant Improvements
for the entire Floor Area of the Demised Premises, and all requests for disbursements (including the Final Disbursement) must be provided
to Landlord with all work complete and all other conditions for such disbursement satisfied prior to the sixteen (16) month anniversary
of the Commencement Date, and any undisbursed portion, less any pending requests, shall be forfeited without payment, refund, credit
or reduction.

 

(e)            Except
as otherwise provided in Section 3 above, the Tenant Improvement Allowance shall not include reimbursement of any of Tenant's trade
fixtures, other fixtures not permanently attached to the Demised Premises, and other portable machinery and equipment, furniture, furnishings,
merchandise and other miscellaneous movable personal property placed or installed by Tenant in the Demised Premises.

 

(f)            At
Landlord's request (from time to time), Tenant shall provide to Landlord during construction of the Tenant Improvements the costs of
the Tenant Improvements incurred by Tenant as of the date of such request. Upon Substantial Completion of the Tenant Improvements, Tenant
shall deliver to Landlord a Certificate of Completion (AIA Form G704) (as provided in Section 13 below), together with a written
statement of the total costs of the Tenant Improvements (including any tenant improvement allowance paid by Landlord), each certified
to Landlord by the general contractor and Tenant.

 

5.             Final
Disbursement. At such time as Landlord determines that Tenant has satisfied the following requirements, the remaining balance
of the Tenant Improvement Allowance shall be disbursed by Landlord (the "Final Disbursement"): (a) the Tenant Improvements
have been fully completed by Tenant in accordance with Section 13 of this Work Letter (including, without limitation, obtaining
a final certificate of occupancy (or its equivalent); (b) there are no outstanding amounts owed for the Tenant Improvements, other
than as contained in the final draw request submitted by Tenant; (c) Tenant has fully completed all punchlist items in accordance
with Section 15 of this Work Letter; (d) intentionally deleted; (e) Tenant has delivered to Landlord a copy of all maintenance
and operating manuals; (f) Tenant has delivered to Landlord a set of field record drawings and specifications reflecting as-built
conditions; and (g) Tenant has otherwise complied with all other conditions precedent to draws under Section 4 and otherwise
under this Work Letter.

 

6.             General
Conditions. Tenant's construction of the Tenant Improvements shall comply with the following general requirements, all of which
shall be conditions to each disbursement:

 

(a)            Tenant
shall only use contractors and subcontractors licensed by applicable governmental authorities and approved in writing by Landlord to
construct the Tenant Improvements, such approval not to be unreasonably withheld, conditioned or delayed. All costs for labor, services
and supplies for the Tenant Improvements shall be at market rates. Tenant shall disclose all costs paid to affiliates of Tenant.

 

(b)            Tenant
and its contractors shall maintain liability, builder's risk and worker's compensation insurance with a deductible of not more than $25,000
per occurrence, and such other insurance coverage as reasonably required by Landlord. Tenant shall also comply with Tenant's insurance
requirements set forth in Section 6 of the Lease.

 

(c)            The
construction of the Tenant Improvements shall comply in all respects with all applicable federal, state and local laws, ordinances and
codes. Tenant shall be responsible for all compliance with the Americans With Disabilities Act (the "ADA") relating to or arising
as a result of the Tenant Improvements (which shall be addressed in the Working Drawings for the Tenant Improvements). Tenant shall also
be responsible for all ADA compliance relating to the Demised Premises, as well as compliance relating to the Property to the extent
or arising as a result of any alterations or improvements constructed by Tenant, any specific uses of the Property made by Tenant or
any employee of Tenant.

 

(d)            Tenant
shall cause its contractors, subcontractors and suppliers to provide warranties for a period of not less than one (1) year against
defects and workmanship, materials or supplies. At Landlord's written request upon termination or repossession, Tenant shall assign on
a non-exclusive basis and deliver to Landlord all such warranties.

 

    WORK LETTER-3

     

    

 

(e)            Tenant
shall maintain the Demised Premises and all surrounding areas in a clean and orderly condition during the construction of the Tenant
Improvements. Tenant shall not drain or discharge water onto or divert water from any portion of the Property or any adjacent lands.
Any flammable waste shall be confined to covered metal containers until removed by Tenant. At Landlord's request, a construction fence
shall be erected by Tenant's contractor in a location acceptable to Landlord and maintained in a good condition during all phases of
construction of the Tenant Improvements. If Tenant fails to clean up and keep in an orderly condition the Demised Premises and surrounding
areas affected by Tenant's construction of the Tenant Improvements, after Landlord provides written notice to Tenant thereof and a five
(5) day period to cure, Tenant hereby authorizes Landlord to perform any necessary clean-up thereof at Tenant's sole expense.

 

(f)            Tenant
shall coordinate its construction activities with Landlord and Landlord's contractors to avoid disruption to any other construction on
the Property or the utility and other operations serving the Property. Storage of Tenant's contractor's construction materials, tools,
equipment and debris shall be confined to the Demised Premises and to any areas which may be designated for such purpose by Landlord.
No work will be done to the exterior of the Demised Premises without Landlord's prior written approval, such approval not to be unreasonably
withheld, conditioned or delayed.

 

(g)            Tenant
shall provide and pay for all utility services, facilities and other costs for the Demised Premises during construction of the Tenant
Improvements. Tenant shall provide and pay for the removal of debris as necessary and required in connection with the construction of
the Tenant Improvements, subject to reimbursement by Landlord as part of the Tenant Improvement Allowance. Tenant shall not enter into
any contract or agreement with any governmental or quasi-governmental authority with reference to any utilities, sewer lines, water lines,
street improvements or similar matters, without the prior written consent of Landlord, which consent may be withheld by Landlord in its
sole and absolute discretion.

 

7.             Inspection.
Landlord and its supervisory personnel and contractors shall be entitled to enter the Demised Premises from time to time, after providing
reasonable prior verbal or written notice to Tenant, to inspect the construction of the Tenant Improvements. Landlord's review of the
Tenant Improvements shall be limited to a determination of Tenant's compliance with its obligations under this Work Letter and shall
not constitute a review of the quality, completeness, safety or legal compliance of the Tenant Improvements. Neither Landlord's approval
of the Preliminary Plans, the Working Drawings or any application for payment, nor Landlord's inspection of the Tenant Improvements shall
constitute any representation or warranty, or an assumption of responsibility by Landlord for the accuracy, sufficiency, condition or
safety of the Tenant Improvements. Tenant acknowledges that Tenant shall be solely and entirely responsible for ensuring that the Preliminary
Plans and the Working Drawings are in conformity with applicable governmental codes, regulations, rules and other laws, and that
the Tenant Improvements shall be suitable for Tenant's intended purpose. Landlord shall have the right to require any portion of the
Tenant Improvements that does not comply with Tenant's approved Working Drawings to be corrected within thirty (30) days of written notice
thereof to Tenant. Tenant shall be solely responsible for the accuracy, sufficiency and condition of the Tenant Improvements.

 

8.             Commencement
of Construction. Tenant shall construct the tenant improvements for the Demised Premises in accordance with the Working Drawings
(the "Tenant Improvements"). Tenant shall not commence construction of the Tenant Improvements until the occurrence
of the following events: approval of the Working Drawings and bid estimate by Landlord and Tenant; and issuance of the building permit
and all other government approvals required for the construction of the Tenant Improvements. Tenant shall commence construction of the
Tenant Improvements on or before the Commencement Date of the Lease Term and complete construction of the Tenant Improvements as soon
as reasonable practicable; subject, however, to delays beyond Tenant's control.

 

9.             Delays.
If Tenant or Tenant's Agents shall cause any delay in the construction of the Tenant Improvements which results in an increase of the
cost of the Tenant Improvements, Tenant shall pay such additional cost.

 

    WORK LETTER-4

     

    

 

10.           Change
Orders. Subject to Landlord's prior written approval, such approval not to be unreasonably withheld,
conditioned or delayed, Tenant may request changes in the Tenant Improvements (each, a "Change Order") but if Landlord
incurs any additional costs as a result of such Change Order which causes the cost of the Tenant Improvements to exceed the Tenant Improvement
Allowance, Tenant shall pay all such additional costs. Tenant shall not construct the Tenant Improvements in accordance with any Change
Order until Landlord has approved such Change Order in writing; provided, however, that if Landlord does not provide written notice of
objection to any changes in the Tenant Improvements within seven (7) business days after receipt of the Change Order request, Landlord
shall be deemed to have approved the Change Order.

 

11.           Governmental
Requirements. If any changes to the Tenant Improvements are required by any applicable governmental authority or quasi-governmental
authority including, without limitation, any county or municipal planning department, building department, fire department or utility
provider, then Landlord and Tenant agree to modify the Working Drawings and the Tenant Improvements to either eliminate or comply with
the government requirement.

 

12.           Planning.
All costs for space planning design, architectural and engineering services for the Tenant Improvements (including without limitation,
the Preliminary Plans and the Working Drawings and construction administration) shall be included in the costs of the Tenant Improvements
and shall be disbursed by Landlord from the Tenant Improvement Allowance. Notwithstanding the foregoing, Landlord, at Landlord's sole
cost and expense, shall provide Tenant with an initial test fit for the Demised Premises with two revisions.

 

13.            Completion
of Tenant Improvements. Substantial completion of the Tenant Improvements ("Substantial Completion") shall be
deemed to have occurred when (i) the Tenant Improvements are fully complete and properly operable (except for customary punch list
items) by execution of Certificate of Completion (AIA Form G704) certified by the Architect, the general contractor and Tenant,
and approved by Landlord, such approval not to be unreasonably withheld, conditioned or delayed, and (ii) Tenant has obtained a
final certificate of occupancy (or its equivalent) from the applicable governmental authority. The Commencement Date of the Lease Term
and the commencement of Tenant's obligation to pay rentals due under the Lease shall be upon the date specified as the Commencement Date
in the Summary (as provided in Section 3.1 of the Lease and subject to the Base Rent abatement provided in Section 3 of the
Addendum to the Lease), irrespective of whether or not the Tenant Improvements are complete, but subject to a day for day delay in the
Commencement Date for any delay in Substantial Completion of the Tenant Improvements caused by Force Majeure (subject to the terms and
conditions of Section 17 below). In no event shall the Lease Term be delayed if there is any delay in the completion of the Tenant
Improvements as a result of any special equipment, fixtures or materials, changes, alterations, or additions requested by Tenant, any
delay of Tenant or Tenant's Agents in submitting information or taking other action necessary or appropriate for the preparation and
completion of the Working Drawings or the Tenant Improvements, the failure- of Tenant to timely approve or agree to any matter required
for the completion of the Tenant Improvements, any delay by Tenant in making any payment to Landlord or any other party required pursuant
to the terms of this Work Letter, any delay caused by Force Majeure (except as expressly provided below), any delay caused by any governmental
or quasi-governmental authority, associations or other third parties, any delay caused by Tenant, Tenant's Agents, the Architect or any
contractors, subcontractors or suppliers.

 

14.           Assumption
of Risk. All materials, work, equipment, supplies and Tenant Improvements of any nature whatsoever brought on or installed in
the Demised Premises hereunder shall be at Tenant's sole risk. Neither Landlord nor any party acting on behalf of Landlord shall be responsible
for any damage thereto or loss or destruction thereof due to any reason or cause whatsoever, except as a result of Landlord's or any
party acting on behalf of Landlord's gross negligence or willful misconduct. Tenant covenants and agrees to protect, indemnify, defend
and save Landlord and Landlord's Related Parties (as defined in the Lease) harmless from and against all liability, obligations, claims,
damages, penalties, causes of action, costs and expenses, including attorneys' fees, imposed upon, incurred by or asserted against Landlord
or its Related Parties which arise out of, are occasioned by, or are in any way attributable to the construction of the Tenant Improvements,
except to the extent caused by Landlord's or any party acting on behalf of Landlord's gross negligence or willful misconduct.

 

15.           Punch
List. Notwithstanding Substantial Completion of the Tenant Improvements by Tenant, Landlord shall be entitled to provide Tenant
with written notice within thirty (30) days after the Commencement Date of the Lease Term of a punch list of minor items which are required
for completion of the Tenant Improvements. Tenant shall complete all such punch list items as soon as reasonably possible after receipt
of Landlord's notice.

 

    WORK LETTER-5

     

    

 

16.           Tenant's
Representative. Tenant shall designate a person to serve as the sole representative of Tenant with respect to all approvals,
consents and other matters set forth in this Work Letter, subject to Landlord's reasonable approval of such representative. Tenant represents
and warrants that such representative shall have full authority and responsibility to act on behalf of Tenant as required in this Work
Letter. Tenant shall not change such representative except upon prior written notice and approval by Landlord.

 

17.           Force
Majeure.

 

(a)            Whenever
a period of time is herein provided or date is herein prescribed for action to be taken by (i) Landlord or Tenant, there shall be
excluded from the computation of any such period of time or an extension of such date shall be provided for, any delays due to strikes,
riots, acts of God, inability to obtain labor or materials, war, terrorism or its after effects, crime, governmental laws, regulations,
or restrictions, or any other causes of a like kind whatsoever which are beyond the reasonable control of Landlord or Tenant, (ii) Tenant,
there shall be excluded from the computation of any such period of time or an extension of such date shall be provided for delay attributable
to the willful misconduct or negligence of Landlord, its agents or contractors, where such acts or failures to act delay the completion
of the Tenant Improvements ("Force Majeure").

 

(b)           Notwithstanding
the foregoing, in order for Tenant to claim any extension of any date herein as a result of delays in Substantial Completion of the Tenant
Improvements caused by Force Majeure, Tenant must give Landlord written notice of such Force Majeure delay (the "Force Majeure
Delay Notice") within five (5) business days following the first occurrence giving rise to the Force Majeure delay setting
forth the circumstance giving rise to the Force Majeure delay. Landlord shall have five (5) business days after receipt of the Force
Majeure Delay Notice to agree or disagree with Tenant, in Landlord's reasonable discretion, whether a Force Majeure delay actually exists
and, if Landlord does not agree that such Force Majeure delay exists, Landlord shall provide written notice to Tenant not later than
five (5) business days after Landlord's receipt of the Force Majeure Delay Notice. Within five (5) business days following
the end of the occurrence giving rise to the Force Majeure delay, Tenant will give an additional written notice to Landlord setting forth
the number of days that the Substantial Completion of the Tenant Improvements has been delayed as a result of such Force Majeure delay.
Upon agreement of the existence of a Force Majeure delay and the duration thereof (and its impact on Tenant's ability to Substantially
Complete the Tenant Improvements prior to the Commencement Dale), the parties shall cooperate in good faith to execute a written amendment
to the Lease evidencing the new date upon which the Commencement Date shall occur. Notwithstanding anything to the contrary contained
herein, in no event shall the Commencement Date be delayed more than thirty (30) days in the aggregate as a result of Force Majeure delays.

 

18.           Blow
Out Panels. As part of the Tenant Improvements (and subject to the other terms and conditions of this Work Letter), Tenant, at
Tenant's cost, shall be allowed to install Blow-Out Panels within the Demised Premises as required for Tenant's use. Blow-Out Panels
shall be installed in a mutually agreed upon location and in accordance with federal, state and local ordinances and codes.

 

EXECUTED as of this 7th day
of May, 2019.

 

	 	TENANT:
	 	 
	 	CHARLOTTE'S WEB, INC.,
 a Delaware Corporation

 

	 	By:	/s/ Stephen Lermer
	 	Name:	Stephen Lermer
	 	Title:	Chief Operating Officer

 

	 	LANDLORD:
	 	 
	 	EJ 700 TECH COURT LLC.,
 a Delaware limited liability Company

 

	 	By:	/s/ David C. Johnson
	 	Name:	David C. Johnson
	 	Title:	Manager

 

    WORK LETTER-6

     

    

 

GUARANTY

 

THIS GUARANTY is given as
of this 7th day of May, 2019, by CHARLOTTE'S WEB HOLDINGS, INC., a Canadian corporation ("Guarantor") and relates
to that certain Lease of Space dated May7th 2019 ("Lease"), between El 700 TECH COURT LLC, a Delaware limited liability
company ("Landlord"), and CHARLOTTE'S WEB, INC., a Delaware corporation ("Tenant") pertaining
to the premises located at 700 Tech Court, Louisville, Colorado 80027 (the "Demised Premises").

 

WITNESSETH:

 

WHEREAS, Landlord is willing
to enter into the Lease with Tenant on condition of receiving this Guaranty from Guarantor as herein contained. Capitalized terms not
otherwise defined herein shall have the meanings attributed to such terms in the Lease.

 

NOW, THEREFORE, for and in
consideration of leasing the Demised Premises by Landlord to Tenant in accordance with the terms and provisions of the Lease, which Lease
is executed concurrently herewith, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged
by Guarantor, Guarantor hereby agrees as follows:

 

1.             Guarantor
hereby, jointly and severally, unconditionally and irrevocably, guarantees the prompt and faithful performance of all the terms and provisions
of the Lease by Tenant and any assignee of Tenant, including, but not limited to, the payment of all installments of Basic Rent, Additional
Rent, and other sums due to Landlord thereunder. Guarantor does hereby waive each and every notice to which Guarantor may be entitled
under the Lease or otherwise, and expressly consents to any extension of time, leniency, modification, waiver, forbearance, or any change
which may be made to any term and condition of the Lease, and no such change, modification, extension, waiver, or forbearance shall release
Guarantor from any liability or obligation hereby incurred or assumed. Guarantor further expressly waives any notice of default in or
under any of the terms of the Lease, notice of acceptance of the Guaranty, and all setoffs and counterclaims; provided, however, Guarantor
shall be given the same right to cure Tenant's default as that afforded Tenant under the Lease.

 

2.             It
is specifically understood and agreed that, in the event of a Default by Tenant under the Lease, Landlord shall be entitled to commence
any action or proceeding against Guarantor or otherwise exercise any available remedy at law or in equity to enforce the provisions of
this Guaranty without first commencing any action or otherwise proceeding against Tenant or otherwise exhausting any or all of its available
remedies against Tenant, it being expressly agreed by the undersigned that its liability under this Guaranty shall be primary. Landlord
may maintain successive actions for other defaults. Landlord's rights hereunder shall not be exhausted by its exercise of any of its
rights or remedies or by any such action, until and unless all obligations hereby guaranteed have been paid and fully performed.

 

3.             If
any action is commenced by Landlord to enforce the provisions of this Guaranty, Landlord shall be entitled, if it shall prevail in any
such action or proceeding, to recover from Guarantor all reasonable costs incurred in connection therewith, including reasonable attorneys'
fees. No payment by Guarantor shall entitle Guarantor, by subrogation or otherwise, to any payment by Tenant under or out of the property
of Tenant, including specifically, but not limited to, the revenues derived from the Demised Premises, except after payment in full to
Landlord of all amounts due and payable by Tenant to Landlord pursuant to the Lease.

 

4.             Guarantor
represents, warrants and acknowledges that Guarantor is financially interested in Tenant. Guarantor's Incorporation Number is BC1164820
and Guarantor's federal Business Number is 753059112BC0001.

 

5.             The
liability of Guarantor hereunder shall in no way be affected by, and Guarantor expressly waives any defenses that may arise by reason
of (a) the release or discharge of Tenant in any creditors, receivership, bankruptcy or other proceeding; (b) the impairment,
limitation or modification of the liability of Tenant or the estate of Tenant in bankruptcy, or of any remedy for the enforcement of
Tenant's said liability under the Lease, resulting from the operation of any present or future provision of the Federal Bankruptcy Code
or other statute or from the decision in any court; (c) the rejection or disaffirmance of the Lease in any such proceedings; (d) the
modification, assignment or transfer of the Lease by Tenant; (e) any disability or other defenses of Tenant; or (f) the cessation
from any cause whatsoever of the liability of Tenant.

 

    GUARANTY-1

     

    

 

6.             Guarantor
agrees that if Tenant shall become insolvent or shall be adjudicated as bankrupt, or shall file a petition for reorganization, arrangement
or similar relief under any present or future provisions of the Federal Bankruptcy Code or any similar law or statute of the United States
or any State thereof or if such a petition filed by creditors of Tenant shall be approved by any court, or if Tenant shall seek a judicial
readjustment of the rights of its creditors under any present or future Federal or State law, or if a receiver of all or part of its
property and assets is appointed by any State or Federal Court, then:

 

(a)            If
the Lease shall be terminated or rejected, or the obligations of Tenant thereunder shall be modified, Landlord shall have the option
either to (i) require the undersigned, and the undersigned hereby so agrees, to execute and deliver to Landlord a new lease as tenant
for the balance of the Lease Term then remaining, as provided in the Lease and upon the same terms and conditions as set forth therein,
or (ii) recover from the undersigned that which Landlord would be entitled to recover from Tenant under the Lease in the event of
a termination of the Lease by Landlord because of a Default by Tenant, and such shall be recoverable from the undersigned without regard
to whether Landlord is entitled to recover the same from Tenant in any such proceeding.

 

(b)            If
any obligation under the Lease is performed by Tenant and all or any part of such performance is avoided or recovered from Landlord as
a preference, fraudulent transfer or otherwise, in any bankruptcy, insolvency, liquidation, reorganization or other proceeding involving
Tenant, the liability of Guarantor under this Guaranty shall remain in full force and effect.

 

(c)            As
further security for the payment of amounts under this Guaranty, Guarantor shall file all claims against Tenant upon any indebtedness
of Tenant to the undersigned in any bankruptcy or other proceeding in which the filing of claims is required by law and shall assign
to Landlord all rights of the undersigned thereunder, to the extent of Guarantor's obligations under this Guaranty. If Guarantor does
not file any such claim. Landlord, as attorney-in-fact for Guarantor, is hereby authorized to do so in the name of Guarantor or, in Landlord's
discretion, to assign the claim and to cause proof of claim to be tiled in the name of Landlord's nominee. In all such cases, whether
in administration, bankruptcy, or otherwise, the person or persons authorized to pay such claim shall pay to Landlord the full amount
thereof, and, to the full extent necessary for that purpose, Guarantor hereby assigns to Landlord all of Guarantor's rights to any such
payments or distributions to which Guarantor would otherwise be entitled.

 

7.             This
Guaranty shall be enforced in accordance with the laws of the State of Colorado, and shall be deemed executed in the County of Boulder,
State of Colorado. This Guaranty shall inure to the benefit of Landlord, its heirs, personal representatives, successors, and assigns
and shall be binding upon the heirs, personal representatives, successors, and assigns of Guarantor.

 

	 	GUARANTOR:
	 	 
	 	CHARLOTTE'S WEB HOLDINGS, INC.,
 a Canadian Corporation

 

	 	By:	/s/ Stephen Lermer
	 	Name:	Stephen Lermer
	 	Title:	Chief Operating Officer

 

	STATE OF COLORADO	)	 
	 	) ss.	 
	COUNTY OF BOULDER	)	 

 

Subscribed and sworn to this
7th day of May   , 2019, by Stephen Lermer as Chief Operating Officer of Charlotte's
Web Holdings, Inc., a Canadian corporation, as Guarantor, Witness my hand and official seal.

 

    GUARANTY-2

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