Document:

Exhibit 10.15

 

LEASE

 

Agreement of Lease,
made as of this _____ day of ___________, 2021, between 7812 5th Ave Realty LLC, whose address is 1870 Bath Avenue, Brooklyn, NY
11214, (“Landlord”), and Joe’s Appliances LLC, whose address is 7812 5th Avenue, Brooklyn, NY 11209, (“Tenant”),

 

WITNESSETH:

 

WHEREAS, Landlord
is willing to lease to Tenant and Tenant is willing to hire from Landlord on the terms hereinafter set forth, certain premises
on the 1st floor and the basement in the building known as 7812 5th Avenue, Brooklyn, NY 11209, (the “Building”),
consisting of approximately 3,800 rentable square feet (2,000 rentable square feet on the 1st floor and 1,800 rentable
square feet in basement) (the “Demised Premises”).

 

NOW THEREFORE,
the parties hereto, for themselves, their heirs, distributees, executors, administrators, legal representatives, successors and
assigns, hereby covenant as follows:

 

ARTICLE 1

 

Demised Premises; Term; Use

 

1.01 Demise.
(a) Landlord hereby leases to Tenant and Tenant hereby hires from Landlord, subject to the terms and conditions of this lease,
the Demised Premises.

 

1.02 Term.
(a) The term of this Lease (the “Term”) shall commence on ____________, 2021, (the “Commencement Date”),
and shall end, unless sooner terminated as herein provided, on ______________, 2031, (such date is called the “Expiration
Date”).

 

1.03 Use.
The Demised Premises shall be used and occupied by Tenant solely as a store for the sale of electronics and appliances (“Permitted
Use”), and for no other purpose. All use of the Demised Premises must be in compliance with rules and regulations promulgated
for the Demised Premises by Landlord which may now or hereafter be in effect and of which Tenant has notice.

 

ARTICLE 2

 

Rent

 

2.01 Rent
“Rent” shall consist of Fixed Rent (as hereinafter defined) and Additional Rent (as hereinafter defined).

 

2.02 Fixed
Rent. Tenant covenants to pay to Landlord as a net minimum rent (“Fixed Rent”), as follows:

 

	Lease Period	 	Rate PSF	 	 	Monthly Fixed Rent	 	 	Annual Fixed Rent	 
	 	 	 	 	 	 	 	 	 	 
	__/__/2021 – __/__/2022	 	$	20.101	 	 	$	6,365.40	 	 	$	76,384.80	 
	__/__/2022 – __/__/2023	 	$	20.704	 	 	$	6,556.36	 	 	$	78,676.34	 
	__/__/2023 – __/__/2024	 	$	21.325	 	 	$	6,753.05	 	 	$	81,036.63	 
	__/__/2024 – __/__/2025	 	$	21.965	 	 	$	6,995.64	 	 	$	83,467.73	 
	__/__/2025 – __/__/2026	 	$	22.624	 	 	$	7,164.31	 	 	$	85,971.77	 
	__/__/2026 – __/__/2027	 	$	23.303	 	 	$	7,379.24	 	 	$	88,550.92	 
	__/__/2027 – __/__/2028	 	$	24.002	 	 	$	7,600.62	 	 	$	91,207.45	 
	__/__/2028 – __/__/2029	 	$	24.722	 	 	$	7,828.64	 	 	$	93,943.67	 
	__/__/2029 – __/__/2030	 	$	25.464	 	 	$	8,063.50	 	 	$	96,761.98	 
	__/__/2030 – __/__/2031	 	$	26.228	 	 	$	8,305.40	 	 	$	99,664.84	 

 

Tenant shall pay the Annual Fixed Rent
in advance in equal monthly installments of the monthly Fixed Rent on the 1st day of each calendar month.

 

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2.03 Additional
Rent. Tenant also covenants to pay to Landlord, all amounts and obligations, other than Fixed Rent, which Tenant assumes
or agrees to pay under this lease, (“Additional Rent”), all of which Additional Rent shall be deemed to be rent.

 

In the event of any
failure on the part of Tenant to pay any Additional Rent, Landlord shall have all the rights, powers and remedies provided for
in this lease, at law, in equity or otherwise, in the case of nonpayment of Fixed Rent.

 

2.04 Manner
of Payment. Tenant shall pay all Fixed Rent and Additional Rent as the same shall become due and payable under this lease
by wire transfer or by check (subject to collection) drawn on a New York Clearing House Association member bank, in each case at
the times provided herein without notice or demand and without setoff or counterclaim. All Rent shall be paid in lawful money of
the United States to Landlord at the following address:

 

7812 5th
Ave Realty LLC

1870 Bath Avenue

Brooklyn, NY 11214

 

or such other place as Landlord may from
time to time designate.

 

Any Additional Rent
for which no due date is specified in this lease shall be due and payable on the 30th day after receipt of invoice for
same from Landlord. All bills, invoices and statements rendered to Tenant with respect to this lease shall be binding and conclusive
on Tenant unless, within sixty (60) days after receipt of same, Tenant notifies Landlord that it is disputing same.

 

Nothing herein shall
be construed to extend the due dates of Tenant’s payments under this lease, or to waive any rights or remedies of Landlord in the
event of Tenant’s late payment. Tenant’s obligations to pay Fixed Rent and Additional Rent shall survive the expiration of the
lease term or earlier termination of this lease.

 

2.05 Application.
If Landlord receives from Tenant any payment less than the sum of the Fixed Rent and Additional Rent due and owing pursuant to
this Lease, Tenant hereby waives its right, if any, to designate the items to which such payment shall be applied and agrees that
Landlord in its sole discretion may apply such payment in whole or in part to any Fixed Rent, any Additional Rent or to any combination
thereof then due and payable hereunder.

 

2.06 Unconditional
Obligations. THIS LEASE IS A NET LEASE AND, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, THE LANDLORD SHALL HAVE NO RESPONSIBILITY
(OPERATIONALLY OR FINANCIALLY) IN RESPECT OF THE USE OR OPERATION OF THE DEMISED PREMISES. THE TENANT’S OBLIGATION TO PAY ALL RENT
AND ALL OTHER AMOUNTS DUE HEREUNDER AND TO PERFORM ALL THE TERMS HEREOF SHALL BE ABSOLUTE AND UNCONDITIONAL AND SHALL NOT BE AFFECTED
OR REDUCED BY ANY CIRCUMSTANCES, INCLUDING ANY SETOFF, COUNTERCLAIM, RECOUPMENT, DEFENSE, OR OTHER RIGHT WHICH THE TENANT MAY HAVE
AGAINST THE LANDLORD OR ANY OTHER PERSON.

 

2.07 Interest.
If Tenant shall fail to pay (1) any installment of Fixed Rent or any amount of Additional Rent or (2) any other sum of money
which shall become due and payable by Tenant to Landlord pursuant to the terms of this Lease or by reason of Tenant’s occupancy
of the Demised Premises within ten (10) days after the date on which such installment or payment is due, Tenant shall pay (i) a
late payment charge of Five Hundred and 00/100 ($500.00) Dollars and (ii) interest on the amount overdue at a rate of fifteen percent
(15%) per annum (or, if less, the maximum rate permitted by applicable law), from the date on which such installment or payment
is due to the date of payment thereof (but in no event shall such interest be calculated and payable for less than a full calendar
month), and such late payment charge and interest shall be deemed to be Additional Rent.

 

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ARTICLE 3

 

Utility Services; Waste Removal; Real
Estate Taxes and Water and Sewer Charges

 

3.01 Utility
Services. Tenant shall pay all charges for gas and electric services serving the Demised Premises.

 

Landlord shall not
be liable or responsible for charges for electricity at the Demised Premises, or any loss, damage or expense which Tenant may sustain
or incur if either the quantity or character of electric service is changed or is no longer available or suitable for Tenant’s
requirements. Tenant covenants and agrees that its use of electric current shall never exceed the capacity of the existing conductors,
feeders, risers, wiring installations or other equipment servicing the Demised Premises. Tenant shall not alter or make any addition
to the electrical equipment without the prior written consent of Landlord. If Landlord grants such consent, all additional risers
and other equipment shall be provided by Landlord, and the reasonable costs and expenses thereof shall be paid by Tenant to Landlord
on demand, as Additional Rent, without setoff or deduction. Tenant will not use or cause to be used equipment which will overload
the existing service and installations or interfere with other tenants’ electrical service. Any change in the character or
nature of electrical service to the Demised Premises which does not result from acts or omissions of Landlord, shall not impose
liability on the Landlord for any loss or damage sustained by Tenant as a result thereof.

 

3.02 Waste
Removal. Tenant shall pay all charges for the garbage removal and collection imposed against the Demised Premises. Landlord
shall not be responsible for any cleaning, waste removal, janitorial or similar services for the Demised Premises.

 

3.03 Real
Estate Taxes and Water and Sewer Charges. As used herein, the following terms shall have the meanings set forth below:

 

“Real Estate Taxes” shall
mean all real estate taxes, assessments, water charges and sewer rents, and other taxes and charges of every nature and kind whatsoever,
whether general or special, ordinary or extraordinary, foreseen or unforeseen, of every character, which at any time may be assessed,
levied, charged, confirmed or imposed on or in respect of or be a lien upon the Demised Premises. “Real Estate Taxes”
shall exclude income, franchise, inheritance or similar taxes; provided, however, that if the method of taxation or assessment
shall be changed so that the whole or any part of the Real Estate Taxes theretofore payable with respect to the building instead
shall be levied, charged, assessed or imposed in whole or in part on the income or rents received by Landlord from the Building
or shall otherwise be imposed against Landlord in the form of a franchise tax or otherwise, then the same shall be deemed Real
Estate Taxes for purposes of this Article 3.

 

Tenant shall pay to
Landlord, as additional rent, an amount equal to all Real Estate Taxes, irrespective of whether such excess is due to higher tax
rates, increases in assessed valuation or other cause. Such additional rent may be billed by Landlord at or about the dates on
which installments of Real Estate Taxes are due and payable by Landlord, or at any time thereafter, and such additional rent shall
be payable by Tenant to Landlord within ten days after being billed therefor. An ordinary tax bill shall be conclusive evidence
of the amount of Real Estate Taxes for purposes of computing the amount to be paid by Tenant.

 

The Real Estate Taxes
actually payable by Landlord shall be used in computing the additional rent hereunder. If the amount of Real Estate Taxes is reduced
by final determination of legal proceedings, settlement or otherwise, the additional rent theretofore paid or payable hereunder
shall be recomputed on the basis of such reduced amount, and Tenant shall pay to Landlord as additional rent, within thirty days
after being billed therefor, any deficiency between the additional rent theretofore paid and the amount due as the result of such
re-computation. If Landlord receives a refund of any Real Estate Taxes on which additional rent shall have been based, as a result
of a reduction of Real Estate Taxes by final determination of legal proceedings, settlement or otherwise, the additional rent shall
be recomputed based on the net refund, after deducting Landlord’s expenses, and Tenant shall receive a credit for or refund of
any overpayment of additional rent.

 

Landlord shall not
be obligated to contest the levy or assessment of any Real Estate Taxes, and it shall be at Landlord’s sole discretion whether
any such contest shall be undertaken. Landlord hereby reserves the exclusive right to take and prosecute all such proceedings,
and if so taken, Landlord may proceed without notice to Tenant and may prosecute the proceeding, including settlement and discontinuance,
in such manner as Landlord may determine in its sole discretion.

 

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In no event shall the
annual Fixed Rent under this lease be reduced by virtue of this Article 3.

 

3.04. Apportionment.
The Additional Rent provided herein shall be apportioned as of the expiration of the lease term or earlier termination of this
lease. The obligations of Tenant to pay Additional Rent as provided for herein shall survive the expiration of the lease term or
earlier termination of this lease. If Tenant continues in possession of the Demised Premises after the expiration of the lease
term or earlier termination of this lease, as a month to month tenant or otherwise, the provisions of this Article 3 shall continue
in full force and effect for so long as Tenant remains in possession of the Demised Premises.

 

The Additional Rent
provided for herein shall be collectible by Landlord in the same manner as the regular installments of fixed rent due under this
lease. No delay or failure by Landlord in preparing or delivering any statement or demand for any additional rent shall constitute
a waiver of, or impair Landlord’s rights to collect, such additional rent.

 

ARTICLE 4

 

Leasehold Improvements; Tenant Covenants

 

4.01 Condition
of Premises. Tenant represents that it has thoroughly inspected the Demised Premises and is fully familiar with the condition
thereof. The Tenant agrees to accept the Demised Premises in its “as is” condition.

 

4.02 Alterations.

 

(a) Tenant
shall make no material structural additions, changes or alterations in or to the Demised Premises (“Material Alterations”)
without Landlord’s prior approval, which approval may be granted or withheld in Landlord’s sole discretion. Landlord shall
not need to approve an Alteration that is not a Material Alteration.

 

“Material Alteration”
means an Alteration that: (i) is not limited to the interior of the Demised Premises or which affects the exterior (including the
appearance) of the Building; (ii) is structural or affects the strength of the Building; (iii) affects the usage or the proper
functioning of any of the Building systems; (iv) has a cost of more than $100,000.00; or (v) requires a change to the Building’s
certificate of occupancy.

 

(b) Tenant,
in connection with any Alteration, shall comply with any and all rules and regulations as may be required by the New York City
Department of Buildings, (“DOB”), and any other agency having jurisdiction thereof. Tenant shall not proceed
with any Alteration unless and until Landlord approves Tenant’s plans and specifications therefor which shall not be unreasonably
withheld, conditioned or delayed. If Landlord does not object to Tenant’s plans within fifteen (15) business days, then these
plans are deemed to be approved by Landlord. Any review or approval by Landlord of plans and specifications with respect to any
Alteration is solely for Landlord’s benefit, and without any representation or warranty to Tenant with respect to the adequacy,
correctness or efficiency thereof, its compliance with Laws or otherwise.

 

(c) Tenant
shall pay to Landlord upon demand Landlord’s reasonable costs and expenses (including, without limitation, the fees of any architect
or engineer employed by Landlord or any Superior Lessor or Superior Mortgagee for such purpose) for reviewing plans and specifications
and inspecting Material Alterations. Notwithstanding the foregoing, Landlord agrees that Tenant shall not be responsible to reimburse
Landlord for or to pay for any costs incurred by Landlord for the review of Tenant’s plans relative to the initial alteration
made by Tenant at the Premises. Tenant or any of its contractors or subcontractors shall be required to post a bond or other security
in connection with the performance of any alterations.

 

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(d) Upon
the completion of the Alteration in accordance with the terms of this Section 4.02; Tenant shall provide landlord with:

 

		(i)	proof evidencing the payment in full for said Alteration; and

 

		(ii)	written unconditional lien waivers of mechanics’ liens and other liens on the Building from all
contractors performing said Alteration; and

 

		(iii)	all other submissions as may be, from time to time reasonably required by Landlord.

 

(e) Tenant
shall obtain (and furnish copies to Landlord of) all necessary governmental permits and certificates for the commencement and prosecution
of Alterations and for final approval thereof upon completion, and shall cause Alterations to be performed in compliance therewith,
and in compliance with all Laws and, with the plans and specifications approved by Landlord. Alterations shall be diligently performed
in a good and workmanlike manner, using new or high-quality materials and equipment at least equal in quality and class to the
then standards for the Building established by the DOB and any other agency having jurisdiction thereof. Alterations shall be performed
by architects, engineers and contractors first approved by Landlord (which approval shall not be unreasonably withheld, conditioned
or delayed). The performance of any Alteration shall not be done in a manner which would violate Landlord’s union contracts affecting
the Building, or create any work stoppage, picketing, labor disruption, disharmony or dispute or any interference with the business
of Landlord or any tenant or occupant of the Building. Tenant shall immediately stop the performance of any Alteration if Landlord
notifies Tenant that continuing such Alteration would violate Landlord’s union contracts affecting the Building, or create any
work stoppage, picketing, labor disruption, disharmony or dispute or any interference with the business of Landlord or any tenant
or occupant of the Building. Notwithstanding the foregoing, Landlord agrees that Tenant shall not be obligated to use union labor
in the performance of its alterations or in the daily operation of its business. Tenant shall not resume the performance of such
Alteration until such time as such Alteration may be performed in a manner which shall not violate such union contracts or create
such work stoppage, picketing, labor disruption, disharmony or dispute or interference. Landlord hereby consents to Tenant obtaining,
at Tenant’s sole cost and expense, any required permits and approvals for any alterations based upon Tenant’s architect’s
and engineer’s self-certification of the approved plans.

 

(f) Throughout
the performance of Alterations, Tenant or its contractor(s) shall carry worker’s compensation insurance in statutory limits, Builder’s
Risk Completed Value Non-Reporting Form coverage and a policy of commercial general liability providing coverage of the latest
version of ISO form CG0001 or its equivalent, covering Tenant’s indemnity obligations under this Lease, subject to the terms
and conditions of the policy, against claims for bodily injury and property damage, with completed operation endorsement, for any
occurrence in or about the Building, under which Landlord and its agent and any Superior Mortgagee whose name and address have
been furnished to Tenant shall be named as additional insured, with minimum limits of liability under such policy, including products
liability and completed operations, shall be a combined single limit with respect to each occurrence in an amount of not less than
Three Million ($3,000,000.00), per occurrence and aggregate, it being agreed and understood that such limit of coverage may be
provided by Tenant’s commercial general liability policy in conjunction with an umbrella liability or excess liability policy;
such policy is to be written by an authorized insurance company by the State of New York rated A-/XII or better by AM Best Company.
Tenant shall furnish Landlord with evidence that such insurance is in effect at or before the commencement of Alterations and,
on request, at reasonable intervals thereafter during the continuance of Alterations.

 

(g) Tenant
shall indemnify and hold Landlord harmless from and against any and all bills for labor performed or equipment, fixtures and materials
furnished to or for Tenant, and from and against any and all violations, liens or claims therefor or against the Demised Premises
or the Building of which it forms a part, and from and against any and all liability, claim, loss, damage or expense, including
reasonable attorneys’ fees, in connection with any work performed by or for Tenant. The Demised Premises and the Building shall
at all times be free of violations and liens for labor and materials supplied or claimed to have been supplied to or on behalf
of Tenant, and no financing statements or other security instruments shall be filed against the Demised Premises or the building
or the contents thereof.

 

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Tenant shall not directly
or indirectly create or permit to be created any mortgage, lien, security interest, pledge, conditional sale, or other encumbrance
on the Demised Premises or any part thereof, any fixtures or materials therein, Tenant’s interest under this Lease, or any Rent
hereunder. The foregoing shall not apply to liens for impositions not yet due, or liens of mechanics, materialmen, suppliers or
vendors, incurred in the ordinary course of business for sums which are not yet due, provided that adequate provision for the payment
thereof shall have been made and the following paragraph is complied with.

 

If, in connection with
any work being performed by or for Tenant or any subtenant, or in connection with any materials being furnished to Tenant or any
subtenant, any mechanic’s lien or other lien or charge or violation shall be filed or made against the Demised Premises or any
part thereof, or if any such lien or charge or violation shall be filed or made against Landlord as owner, then Tenant, at Tenant’s
expense, within forty-five (45) days after written notice to Tenant of such lien or charge or violation shall have been filed or
made, shall cause the same to be canceled and discharged of record by payment thereof or filing a bond or otherwise. Tenant promptly
and diligently shall defend any suit, action or proceeding which may be brought for the enforcement of such lien or charge or violation;
shall satisfy and discharge any judgment entered therein within thirty (30) days after the entry of such judgment by payment thereof
or filing a bond or otherwise; and on demand shall pay any and all liability, claim, loss, damage or expense, including reasonable
attorneys’ fees, suffered or incurred by Landlord in connection therewith.

 

Nothing in this Lease
shall constitute any consent or request by Landlord, express or implied, for the performance of any labor or services or the furnishing
of any materials or other property in respect of the Demised Premises or any part thereof, nor as giving Tenant any right, power
or authority to contract for or permit the performance of any labor or services or the furnishing of any materials or other property
in any fashion that would permit the filing or making of any lien or claim against Landlord, the Demised Premises or the Building.

 

(h) Tenant
shall deliver to Landlord, within thirty (30) days after the completion of an Alteration, “as-built” drawings thereof.
During the Term, Tenant shall keep records of Alterations costing in excess of $25,000.00 including plans and specifications, copies
of contracts, invoices, evidence of payment and all other records customarily maintained in the real estate business relating to
Alterations and the cost thereof and shall, within thirty (30) days after demand by Landlord, furnish to Landlord copies of such
records.

 

(i) All
Alterations to and Fixtures installed by Tenant in the Demised Premises shall be fully paid for by Tenant in cash and shall not
be subject to conditional bills of sale, chattel mortgages, or other title retention agreements.

 

4.03 Landlord’s
and Tenant’s Property. (a) All fixtures, improvements and appurtenances attached to or built into the Demised Premises
as permitted by the terms hereof, whether or not at the expense of Tenant (collectively, “Fixtures”), shall be
and remain a part of the Demised Premises and shall not be removed by Tenant and Tenant has no accountability for same. All Fixtures
constituting Improvements and Betterments (as hereinafter defined) shall be the property of Tenant during the Term and, upon expiration
or earlier termination of this Lease, shall become the property of Landlord. All Fixtures other than Improvements and Betterments
shall, upon installation, be the property of Landlord.

 

“Improvements
and Betterments” means: (i) all Fixtures, if any, installed at the expense of Tenant, whether installed by Tenant or by
Landlord (i.e., excluding any Fixtures paid for by Landlord directly or by way of an allowance); and (ii) all carpeting in the
Demised Premises.

 

(b) Notwithstanding
anything to the contrary in Section 4.03(a), all movable partitions, business and trade fixtures, machinery and equipment,
and all furniture, furnishings and other articles of movable personal property owned by Tenant and located in the Demised Premises
(collectively, “Tenant’s Property”) shall be and shall remain the property of Tenant and may be removed by Tenant
at any time during the Term; provided, that if any of Tenant’s Property is removed, Tenant shall repair any damage to the Demised
Premises or to the Building resulting from the installation and/or removal thereof. Notwithstanding the foregoing, any equipment
or other property identified in this Lease or in any leasehold improvement agreement as having been paid for with any allowance
or credit granted by Landlord to Tenant shall not be considered Tenant’s Property and shall be and remain a part of the Demised
Premises, shall, upon the expiration or earlier termination of this Lease, be the property of Landlord and shall not be removed
by Tenant.

 

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(c) At
or before the Expiration Date, or within ten (10) business days after any earlier termination of this Lease, Tenant, at Tenant’s
expense, shall remove all of Tenant’s Property from the Demised Premises. Tenant shall repair any damage to the Demised Premises
or the Building resulting from any installation and/or removal of Tenant’s Property. Any items of Tenant’s Property which remain
in the Demised Premises after the Expiration Date, or more than ten (10) business days after an earlier termination of this Lease
shall be deemed to have been abandoned, and may be retained by Landlord as Landlord’s property or disposed of by Landlord, without
accountability, in such manner as Landlord shall determine, at Tenant’s expense.

 

4.04 Access
and Changes to Building. (a) Landlord reserves the right, at any time, to make such changes in or to the Building as Landlord
may deem necessary or desirable, and Landlord shall have no liability to Tenant therefor, provided any such change does not unreasonably
deprive Tenant and/or Tenant’s customers, vendors, suppliers, employees, directors, officers, agents, invitees and licensees
of easy access to the Demised Premises or any loss of signage or visibility. Landlord may install and maintain concealed pipes,
fans, ducts, wires and conduits within or through the walls, floors or ceilings of the Demised Premises. In exercising its rights
under this Section 4.04, Landlord shall use reasonable efforts to minimize interference with Tenant’s use of the Demised
Premises for the ordinary conduct of Tenant’s business. Landlord agrees that except in the event of an emergency, it will not perform
any work in the Demised Premises which adversely affects Tenant’s business during its ordinary business hours. Landlord will,
at its sole cost and expense, promptly repair any damages to the Demised Premises existing as of the date hereof. Tenant shall
not have any easement for light, views or air, or any other easement or right in or to the use of any door or any passage or any
concourse or any plaza connecting the Building with any other building or to any public conveniences, and the use of such doors,
passages, concourses, plazas and conveniences may, without notice to Tenant, be regulated or discontinued at any time by Landlord.

 

(b) Except
for the space within the inside surfaces of all walls, hung ceilings, floors, windows and doors bounding the Demised Premises,
all of the Building, including, without limitation, the Building walls, core corridor walls and doors and any core corridor entrance,
any terraces or roofs adjacent to the Demised Premises, and any space in or adjacent to the Demised Premises used for shafts, stacks,
pipes, conduits, fan rooms, ducts, electric or other utilities, sinks or other Building facilities, and the use thereof, as well
as access thereto through the Demised Premises, are reserved to Landlord and are not part of the Demised Premises provided same
does not unreasonably interview with Tenant’s use of the Premises. Landlord reserves the right to name the Building and to
change the name or address of the Building at any time and from time to time.

 

(c) Landlord
shall have no liability to Tenant if at any time any windows of the Demised Premises are either temporarily darkened or obstructed
by reason of any repairs, improvements, maintenance and/or cleaning in or about the Building (or permanently darkened or obstructed
if required by law) or covered by any translucent material for the purpose of energy conservation, or if any part of the Building,
other than the Demised Premises, is temporarily or permanently closed or inoperable.

 

(d) Landlord
and persons authorized by Landlord shall have the right, outside of Tenant’s normal
business hours upon reasonable prior written or telephonic notice to Tenant (except in an emergency), to enter the Demised
Premises (together with any necessary materials and/or equipment), to inspect, clean or perform such work or repairs as Landlord
may reasonably deem necessary or to exhibit the Demised Premises to prospective lenders or purchasers. Landlord shall have no liability
to Tenant by reason of any such entry. Landlord shall not be required to make any improvements or repairs of any kind or character
to the Demised Premises during the Term. Landlord shall operate, maintain and make all necessary repairs (both structural and nonstructural)
to the Premises and Building (including the without limitation, the foundation, the exterior walls and any load-bearing interior
walls, the roof, roof membrane, roof), the Building Systems which provide service to the Demised Premises (but not to the distribution
portions of such Building Systems located within the Demised Premises), the public portions of the Building, both exterior and
interior (but excluding storefront and doors of the Demised Premises). Landlord agrees to use commercially reasonable to minimize
interference with any such access/work.

 

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4.05 Maintenance
of Demised Premises. (a) Tenant, at Tenant’s expense, shall repair and maintain the interior of the Demised Premises,
HVAC serving the Demised Premises and fixtures of the Demised Premises (but not common areas), all plumbing, electrical, and heating
lines, conduits, and risers serving the Demised Premises from the point where they enter the interior of the Demised Premises;
shall repair and maintain all water, sewer, electric, gas, and other utility lines that service the Demised Premises from the point
where they enter the interior of the Demised Premises and, upon expiration or earlier termination of the Term, Tenant shall surrender
the same to Landlord in the working condition as when first occupied, reasonable wear and tear excepted. Without limiting the foregoing,
Tenant shall keep the Demised Premises clean in a manner commensurate with the standards of first-class office buildings located
in the neighborhood of the Building. Tenant’s obligation shall include, without limitation: the obligation to repair all damage
caused by Tenant, its agents, employees, invitees and licensees to the equipment and other installations in the Demised Premises
or anywhere in the Building.

 

(b) Tenant
shall not commit or allow to be committed any waste or damage to any portion of the Demised Premises or the Building.

 

(c) Tenant,
at Tenant’s sole cost and expense, shall maintain (but not be obligated to repair) the sidewalk adjacent to the Demised Premises
and keep it free from obstruction, garbage, refuse, rubbish, trash, snow and ice. However, Tenant, at Tenant’s sole cost
and expense, shall repair the sidewalk if it is damaged by Tenant’s activities or negligence.

 

4.06 Compliance
with Laws. Tenant shall comply with all laws, ordinances, rules, orders and regulations (present, future, ordinary, extraordinary,
foreseen or unforeseen) of any governmental, public or quasi-public authority and of the New York Board of Underwriters, the New
York Fire Insurance Rating Organization and any other entity performing similar functions, at any time in force (collectively “Laws”),
attributable to any work, installation, occupancy, use or manner of use by Tenant of the Demised Premises or any part thereof.
Nothing contained in this Section 4.06 shall require Tenant to make any structural changes unless the same are necessitated
by reason of Tenant’s performance of any Alterations, Tenant’s manner of use of the Demised Premises or the use by Tenant of the
Demised Premises for purposes other than normal and customary ordinary for the Permitted Use. Tenant shall procure and maintain
all licenses and permits required for its business. Tenant shall be permitted to contest all municipal, governmental or other regulatory
violations, where permitted by law.

 

4.07 Tenant
Advertising and Signage. Tenant shall have the right to use the name or likeness of the Building in any advertising (by
whatever medium) without Landlord’s consent.

 

Subject to Landlord’s
prior written approval, which shall not be unreasonably withheld, conditioned or delayed, Tenant, at its sole cost and expense,
may install identification signage on the façade of the Building (collectively, “Tenant’s Signage”).
All such signage shall be subject to Tenant’s obtaining all required governmental approvals. All permitted signs shall be
maintained by Tenant at its expense in a first-class and safe condition and appearance. Upon the expiration or earlier termination
of this Lease, Tenant shall remove all of its signs at Tenant’s sole cost and expense and repair any damage caused by such
removal. The graphics, materials, color, design, lettering, lighting, size, illumination, specifications and exact location and
size of Tenant’s Signage (collectively, the “Sign Specifications”) shall be subject to the prior written
approval of Landlord, which approval shall not be unreasonably withheld, conditioned or delayed. Tenant hereby acknowledges that,
notwithstanding Landlord’s approval of Tenant’s Signage, Landlord has made no representation or warranty to Tenant
with respect to the probability of obtaining all necessary governmental approvals and permits for Tenant’s Signage. In the
event Tenant does not receive the necessary governmental approvals and permits for Tenant’s Signage, Tenant’s and Landlord’s
rights and obligations under the remaining terms of this Lease shall be unaffected. If Landlord elects to install a multi-tenant
identification sign at the entrance to the Building, Tenant shall be entitled to install its name on such sign (subject to availability
on a pro-rata basis based on the relative square footages leased by the tenants of the Building), at Tenant’s sole cost and
expense. Where the erection of scaffolding and/or protective barriers are required for work performed by the Landlord or Landlord’s
agents, Landlord shall provide signage for Tenant’s business, at Landlord’s sole cost and expense and any scaffold
shall be double height and erected only for shortest period necessary to perform any work. Landlord represents that all
local law work has been completed and no anticipated scaffolding is to be erected in the next 12 months. Landlord’s
consent is not required for interior or window signage.

 

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4.08 Right
to Perform Tenant Covenants. If Tenant fails to perform any of its obligations under this Lease beyond the expiration of
any grace period or applicable notice and cure period, Landlord, any Superior Lessor or any Superior Mortgagee (each, a “Curing
Party”) may perform the same at the expense of Tenant: (a) immediately and without notice in the case of emergency or
in case such failure interferes with the use of space by any other tenant in the Building or with the efficient operation of the
Building or may result in a violation of any Law or in a cancellation of any insurance policy maintained by Landlord; and (b) in
any other case if such failure continues beyond any applicable grace period. If a Curing Party performs any of Tenant’s obligations
under this Lease, Tenant shall pay to Landlord (as Additional Rent) the costs thereof, together with interest at the Interest Rate
from the date incurred by the Curing Party until paid by Tenant, within fifteen (15) days after receipt by Tenant of a statement
as to the amounts of such costs. If the Curing Party effects such cure by bonding any lien which Tenant is required to bond or
otherwise discharge, Tenant shall obtain and substitute a bond for the Curing Party’s bond and shall reimburse the Curing Party
for the cost of the Curing Party’s bond.

 

ARTICLE 5

 

Assignment and Subletting

 

5.01 Assignment;
Etc. (a) Subject to the further provisions of this Article 5, neither this lease nor the term and estate hereby
granted, nor any part hereof or thereof, shall be assigned, mortgaged, pledged, encumbered or otherwise transferred voluntarily,
involuntarily, by operation of law or otherwise, and neither the Demised Premises, nor any part thereof, shall be subleased, licensed,
used or occupied by any person or entity other than Tenant or encumbered in any manner by reason of any act or omission on the
part of Tenant, and no rents or other sums receivable by Tenant under any sublease of all or any part of the Demised Premises shall
be assigned or otherwise encumbered, without the prior consent of Landlord, which consent shall not be unreasonably withheld. The
dissolution or direct or indirect transfer of a majority of the interest in, or control of, Tenant (however accomplished including,
by way of example, the addition of new partners or members or withdrawal of existing partners or members, or transfers of interests
in distributions of profits or losses of Tenant, issuance of additional stock, redemption of stock, stock voting agreement, or
change in classes of stock) shall be deemed an assignment of this lease regardless of whether the transfer is made in or by one
or more transactions, or whether one or more persons or entities hold the controlling interest prior to the transfer or afterwards.
An agreement under which another person or entity becomes responsible for all or a portion of Tenant’s obligations under this lease
shall be deemed an assignment of this lease. No assignment or other transfer of this lease and the term and estate hereby granted,
and no subletting of all or any portion of the Demised Premises shall relieve Tenant of its liability under this lease or of the
obligation to obtain Landlord’s prior consent to any further assignment, other transfer or subletting. Any attempt to assign this
lease or sublet all or any portion of the Demised Premises in violation of this Article 5 shall be null and void.

 

5.02 Assignment
and Subletting Procedures. (a) If Tenant desires to assign this lease or sublet the Demised Premises, Tenant shall notify
Landlord (a “Transfer Notice”) of such desire, which notice shall be accompanied by: (i) a copy of the proposed
assignment or sublease and all related agreements, the effective date of which shall be at least 30 days after the giving of the
Transfer Notice; (ii) a statement setting forth in reasonable detail the identity of the proposed assignee or subtenant, the nature
of its business and its proposed use of the Demised Premises; (iii) current financial information with respect to the proposed
assignee or subtenant, including without limitation, its most recent financial statements; and (iv) such other information as Landlord
may reasonably request. Landlord’s consent to the proposed assignment or sublease shall not be unreasonably withheld or delayed,
provided that:

 

		(i)	in Landlord’s judgment the proposed assignee or subtenant will use the Demised Premises in a manner
that: (A) is in keeping with the then standards of the Demised Premises; and (B) is limited to the use expressly permitted under
this lease;

 

		(ii)	the proposed assignee or subtenant is, in Landlord’s judgment, a reputable person or entity of
good character and with sufficient financial worth considering the responsibility involved;

 

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		(iii)	the form of the proposed sublease shall be reasonably satisfactory to Landlord and shall comply
with the applicable provisions of this Article 5;

 

		(iv)	the aggregate rent to be paid by the proposed subtenant is not less than the greater of: (A) the
fair rental value of the sublet space as sublet space; or (B) 90% of the fair rental value of the sublet space if such space were
being leased directly by Landlord (in each case as reasonably determined by Landlord);

 

		(v)	Tenant shall reimburse Landlord on demand for any costs incurred by Landlord in connection with
said assignment or sublease, including, without limitation, the costs of making investigations as to the acceptability of the proposed
assignee or subtenant, and legal costs incurred in connection with the granting of any requested consent.

 

(b) If
Landlord consents to a proposed assignment or sublease and Tenant fails to execute and deliver the assignment or sublease to which
Landlord consented within days after the giving of such consent, then Tenant shall again comply with this Article 5 before assigning
this lease or subletting all or part of the Demised Premises.

 

5.03 General
Provisions. (a) If this lease is assigned, whether or not in violation of this lease, Landlord may collect rent from the
assignee. If the Demised Premises or any part thereof are sublet or occupied by anybody other than Tenant, whether or not in violation
of this lease, Landlord may, after default by Tenant, and expiration of Tenant’s time to cure such default, collect rent from the
subtenant or occupant. In either event, Landlord may apply the net amount collected against Rent, but no such assignment, subletting,
occupancy or collection shall be deemed a waiver of any of the provisions of Section 5.01(a), or the acceptance of the assignee,
subtenant or occupant as tenant, or a release of Tenant from the performance of Tenant’s obligations under this lease.

 

(b) No
assignment or transfer shall be effective until the assignee delivers to Landlord: (i) evidence that the assignee, as Tenant hereunder,
has complied with the requirements of Sections 7.02 and 7.03; and (ii) an agreement in form and substance satisfactory to
Landlord whereby the assignee assumes Tenant’s obligations under this lease.

 

(c) Notwithstanding
any assignment or transfer, whether or not in violation of this lease, and notwithstanding the acceptance of any Rent by Landlord
from an assignee, transferee, or any other party, the original named Tenant and each successor Tenant shall remain fully liable
for the payment of the Rent and the performance of all of Tenant’s other obligations under this lease. The joint and several liability
of Tenant and any immediate or remote successor in interest of Tenant shall not be discharged, released or impaired in any respect
by any agreement made by Landlord extending the time to perform, or otherwise modifying, any of the obligations of Tenant under
this lease, or by any waiver or failure of Landlord to enforce any of the obligations of Tenant under this lease.

 

(d) Each
subletting by Tenant shall be subject to the following:

 

		(i)	No subletting shall be for a term (including any renewal or extension options contained in the sublease) ending later than
one day prior to the Expiration Date.

 

		(ii)	No sublease shall be valid, and no subtenant shall take possession of the Demised Premises or any
part thereof, until there has been delivered to Landlord, both: (A) an executed counterpart of such sublease; and (B) a certificate
of insurance evidencing that: (x) Landlord is an additional insured under the insurance policies required to be maintained by occupants
of the Demised Premises pursuant to Section 7.02; and (y) there is in full force and effect, the insurance otherwise required
by Section 7.02.

 

		(iii)	Each sublease shall provide that it is subject and subordinate to this lease, and that in the event
of termination, reentry or dispossess by Landlord under this lease Landlord may, at its option, take over all of the right, title
and interest of Tenant, as sublessor, under such sublease, and such subtenant shall, at Landlord’s option, attorn to Landlord pursuant
to the then executory provisions of such sublease, except that Landlord shall not be liable for, subject to or bound by any item
of the type that a Successor Landlord is not so liable for, subject to or bound by in the case of an attornment by Tenant to a
Successor Landlord under Section 6.01(a).

 

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(e) Each
sublease shall provide that the subtenant may not assign its rights thereunder or further sublet the space demised under the sublease,
in whole or in part, without Landlord’s consent and without complying with all of the terms and conditions of this Article 5,
including, without limitation, Section 5.04, which for purposes of this Section 5.04(e) shall be deemed to be appropriately
modified to take into account that the transaction in question is an assignment of the sublease or a further subletting of the
space demised under the sublease, as the case may be.

 

(f) Tenant
shall not publicly advertise the availability of the Demised Premises or any portion thereof as sublet space or by way of an assignment
of this lease, without first obtaining Landlord’s written consent, which consent shall not be unreasonably withheld or delayed
provided that Tenant shall in no event advertise the rental rate or any description thereof.

 

ARTICLE 6

 

Subordination; Default; Indemnity

 

6.01 Subordination.
(a) This lease is subject and subordinate to each mortgage (a “Superior Mortgage”) and each underlying lease
(a “Superior lease”) which may now or hereafter affect all or any portion of the Demised Premises or any interest
therein. The lessor under a Superior lease is called a “Superior Lessor” and the mortgagee under a Superior Mortgage
is called a “Superior Mortgagee.” Tenant shall execute, acknowledge and deliver any instrument reasonably requested
by Landlord, a Superior Lessor or Superior Mortgagee to evidence such subordination, but no such instrument shall be necessary
to make such subordination effective. Tenant shall execute any amendment of this lease requested by a Superior Mortgagee or a Superior
Lessor, provided such amendment shall not result in a material increase in Tenant’s obligations under this lease or a material
reduction in the benefits available to Tenant. In the event of the enforcement by a Superior Mortgagee of the remedies provided
for by law or by such Superior Mortgage, or in the event of the termination or expiration of a Superior lease, Tenant, upon request
of such Superior Mortgagee, Superior Lessor or any person succeeding to the interest of such mortgagee or lessor (each, a “Successor
Landlord”), shall automatically become the tenant of such Successor Landlord without change in the terms or provisions
of this lease (it being understood that Tenant shall, if requested, enter into a new lease on terms materially the same as the
terms of this Lease); provided that Successor Landlord shall not be:

 

		(i)	liable for any act, omission or default of any prior landlord (including, without limitation, Landlord);

 

		(ii)	liable for the return of any moneys paid to or on deposit with any prior landlord (including, without
limitation, Landlord), except to the extent such moneys or deposits are delivered to such Successor Landlord;

 

		(iii)	subject to any offset, claims or defense that Tenant might have against any prior landlord (including,
without limitation, Landlord);

 

		(iv)	bound by any Rent which Tenant might have paid for more than the current month to any prior landlord
(including, without limitation, Landlord) unless actually received by such Successor Landlord;

 

		(v)	bound by any covenant to perform or complete any construction in connection with the Demised Premises
or to pay any sums to Tenant in connection therewith; or

 

		(vi)	bound by any waiver or forbearance under, or any amendment, modification, abridgment, cancellation
or surrender of, this lease made without the consent of such Successor Landlord.

 

Upon request by such
Successor Landlord, Tenant shall execute and deliver an instrument or instruments, reasonably requested by such Successor Landlord,
confirming the attornment provided for herein, but no such instrument shall be necessary to make such attornment effective.

 

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(b) Tenant
shall give each Superior Mortgagee and each Superior Lessor a copy of any notice of default served upon Landlord, provided that
Tenant has been notified of the address of such mortgagee or lessor. If Landlord fails to cure any default as to which Tenant is
obligated to give notice pursuant to the preceding sentence within the time provided for in this lease, then each such mortgagee
or lessor shall have an additional 30 days after receipt of such notice within which to cure such default or if such default cannot
be cured within that time, then such additional time as may be necessary if, within such 30 days, any such mortgagee or lessor
has commenced and is diligently pursuing the remedies necessary to cure such default (including, without limitation, commencement
of foreclosure proceedings or eviction proceedings, if necessary to effect such cure), in which event this lease shall not be terminated
and Tenant shall not exercise any other rights or remedies under this lease or otherwise while such remedies are being so diligently
pursued. Nothing herein shall be deemed to imply that Tenant has any right to terminate this lease or any other right or remedy,
except as may be otherwise expressly provided for in this lease.

 

(c) Without
limiting Tenant’s obligations under Section 6.01(a), Tenant covenants and agrees that if by reason of a default under any
underlying lease through which Landlord derives its leasehold estate in the Demised Premises (an “Underlying lease”),
the Underlying lease and the leasehold estate of the Landlord in the Demised Premises is terminated, Tenant will attorn to the
then holder of the reversionary interest in the Demised Premises (the “Underlying Landlord”) and will recognize
the Underlying Landlord as Tenant’s landlord under this lease, at the election of such Underlying Landlord. Tenant agrees to execute
and deliver, at any time and from time to time, upon the request of the Landlord or of the Underlying Landlord any instrument which
may be necessary or appropriate to evidence such attornment and Tenant hereby irrevocably appoints the Landlord or the Underlying
Landlord under such Underlying lease the attorney-in-fact of Tenant to execute and deliver for and on behalf of Tenant any such
instrument. Tenant further waives the provisions of any statute or rule or law now or hereafter in effect which may give or purport
to give Tenant any right of election to terminate this lease or to surrender possession of the Demised Premises in the event any
proceeding is brought by the Underlying Landlord to terminate the Underlying lease, and agrees that unless and until the Underlying
Landlord, in connection with any such proceeding, shall elect to terminate this lease and the rights of the Tenant hereunder, this
lease shall not be affected in any way whatsoever by any such proceeding.

 

6.02 Estoppel
Certificate. Tenant shall, at any time and from time to time, within 10 days after request by Landlord, execute and deliver
to Landlord (or to such person or entity as Landlord may designate) a statement certifying that this lease is unmodified and in
full force and effect (or if there have been modifications, that the same is in full force and effect as modified and stating the
modifications), certifying the Commencement Date, Expiration Date and the dates to which the Fixed Rent and Additional Rent have
been paid and stating whether or not, to the best knowledge of Tenant, Landlord is in default in performance of any of its obligations
under this lease, and, if so, specifying each such default of which Tenant has knowledge, it being intended that any such statement
shall be deemed a representation and warranty to be relied upon by Landlord. Tenant also shall include or confirm in any such statement
such other information concerning this lease as Landlord may reasonably request.

 

6.03 Default.
This lease and the term and estate hereby granted are subject to the limitation that:

 

		(a)	if Tenant defaults in the payment of any Rent, Fixed or Additional, and such default continues
for 5 days after Landlord gives to Tenant a notice specifying such default;

 

		(b)	if Tenant defaults in the keeping, observance or performance of any covenant or agreement, (other
than a default of the character referred to in Sections 6.03(a), (c), (d), (e), (f) or (g))
and if such default continues and is not cured within 15 days after Landlord gives to Tenant a written notice specifying the same,
or, in the case of a default which for causes beyond Tenant’s reasonable control cannot with due diligence be cured within such
period of 15 days, if Tenant shall not immediately upon the receipt of such notice: (i) notify Landlord of Tenant’s intention duly
to institute all steps necessary to cure such default; and (ii) institute and thereafter diligently prosecute to completion all
steps necessary to cure the same;

 

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		(c)	if this lease or the estate hereby granted would, by operation of law or otherwise, devolve upon
or pass to any person or entity other than Tenant, except as permitted by Article 5;

 

		(d)	if Tenant shall abandon the Demised Premises (and the fact that any of Tenant’s Property remains
in the Demised Premises shall not be evidence that Tenant has not abandoned the Demised Premises);

 

		(e)	if Tenant or any Affiliate of Tenant defaults under any other lease with Landlord or any Affiliate
of Landlord, which default shall continue beyond any applicable grace period provided under such other lease;

 

		(f)	if a default of the kind set forth in Section 6.03(a) or (b) shall occur and have
been cured, and if a similar default shall occur more than once within the next 365 days, whether or not such similar defaults
are cured within the applicable grace period; or

 

		(g)	if Tenant fails to deliver to Landlord any Security Deposit within the time period required.

 

then, in any of such
cases, in addition to any other remedies available to Landlord at law or in equity, Landlord shall be entitled to give to Tenant
a written notice of intention to end the Term or a renewal thereof at the expiration of 5 days from the date of the giving of such
notice, and, in the event such notice is given, this lease and the term and estate hereby granted shall terminate upon the expiration
of such 5 days with the same effect as if the last of such 5 days were the Expiration Date, but Tenant shall remain liable for
damages as provided herein or pursuant to law.

 

6.04 Re-entry
by Landlord. If Tenant defaults in the payment of any Rent and such default continues for 5 days, or if this lease shall
terminate as in Section 6.03 provided, Landlord or Landlord’s agents and servants may immediately or at any time thereafter
re-enter into or upon the Demised Premises, or any part thereof, either by summary dispossess proceedings or by any suitable action
or proceeding at law, without being liable to indictment, prosecution or damages therefor, and may repossess the same, and may
remove any persons therefrom, to the end that Landlord may have, hold and enjoy the Demised Premises. The words “re-enter”
and “re-entering” as used in this lease are not restricted to their technical legal meanings. Upon such termination or
re-entry, Tenant shall pay to Landlord any Rent then due and owing (in addition to any damages payable under Section 6.05).

 

6.05 Damages.
If this lease is terminated under Section 6.03, or if Landlord re-enters the Demised Premises under Section 6.04,
Tenant shall pay to Landlord as damages, at the election of Landlord, either:

 

		(a)	a sum which, at the time of such termination, represents the then value of the excess, if any,
of: (1) the aggregate of the Rent which, had this lease not terminated, would have been payable hereunder by Tenant for the period
commencing on the day following the date of such termination or re-entry to and including the Expiration Date; over (2) the aggregate
fair rental value of the Demised Premises for the same period (for the purposes of this clause (a) the amount of Additional
Rent which would have been payable by Tenant under Sections 2.02 and 2.03 shall, for each calendar year ending after
such termination or re-entry, be deemed to be an amount equal to 105% of the amount of such Additional Rent payable by Tenant for
the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur in the case of the
first such calendar year and the immediately prior calendar year in the case of each succeeding calendar year); or

 

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		(b)	sums equal to the Rent that would have been payable by Tenant through and including the Expiration
Date had this lease not terminated or had Landlord not re-entered the Demised Premises, payable upon the due dates therefor specified
in this lease; provided, that if Landlord shall relet all or any part of the Demised Premises for all or any part of the
period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord
shall credit Tenant with the net rents received by Landlord from such reletting, such net rents to be determined by first deducting
from the gross rents as and when received by Landlord from such reletting the expenses incurred or paid by Landlord in terminating
this lease and of re-entering the Demised Premises and of securing possession thereof, as well as the expenses of reletting, including,
without limitation, altering and preparing the Demised Premises for new tenants, brokers’ commissions, and all other expenses properly
chargeable against the Demised Premises and the rental therefrom in connection with such reletting, it being understood that any
such reletting may be for a period equal to or shorter or longer than said period; provided, further, that: (i) in no event
shall Tenant be entitled to receive any excess of such net rents over the sums payable by Tenant to Landlord under this lease;
(ii) in no event shall Tenant be entitled, in any suit for the collection of damages pursuant to this Section 6.05(b), to
a credit in respect of any net rents from a reletting except to the extent that such net rents are actually received by Landlord
prior to the commencement of such suit; (iii) if the Demised Premises or any part thereof should be relet in combination with other
space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such reletting and
of the expenses of reletting; and (iv) Landlord shall have no obligation to so relet the Demised Premises and Tenant hereby waives
any right Tenant may have, at law or in equity, to require Landlord to so relet the Demised Premises.

 

Suit or suits for the
recovery of any damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time
at its election, and nothing contained herein shall require Landlord to postpone suit until the date when the Term or a renewal
thereof would have expired but for such termination or re-entry.

 

6.06 Other
Remedies. Nothing contained in this lease shall be construed as limiting or precluding the recovery by Landlord against
Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled
by reason of any default hereunder on the part of Tenant. Anything in this lease to the contrary notwithstanding, during the continuation
of any default by Tenant, Tenant shall not be entitled to exercise any rights or options, or to receive any funds or proceeds being
held, under or pursuant to this lease.

 

6.07 Right
to Injunction. In the event of a breach or threatened breach by Tenant of any of its obligations under this lease, Landlord
shall also have the right of injunction. The specified remedies to which Landlord may resort hereunder are cumulative and are not
intended to be exclusive of any other remedies or means of redress to which Landlord may lawfully be entitled and Landlord may
invoke any remedy allowed at law or in equity as if specific remedies were not herein provided for.

 

6.08 Certain
Waivers. Tenant waives and surrenders all right and privilege that Tenant might have under or by reason of any present
or future law to redeem the Demised Premises or to have a continuance of this lease after Tenant is dispossessed or ejected therefrom
by process of law or under the terms of this lease or after any termination of this lease. Tenant also waives the provisions of
any law relating to notice and/or delay in levy of execution in case of any eviction or dispossession for nonpayment of rent, and
the provisions of any successor or other law of like import. Landlord and Tenant each waive trial by jury in any action in connection
with this lease.

 

6.09 No
Waiver. Failure by Landlord to declare any default immediately upon its occurrence or delay in taking any action in connection
with such default shall not waive such default but Landlord shall have the right to declare any such default at any time thereafter.
Any amounts paid by Tenant to Landlord may be applied by Landlord, in Landlord’s discretion, to any items then owing by Tenant
to Landlord under this lease. Receipt by Landlord of a partial payment shall not be deemed to be an accord and satisfaction (notwithstanding
any endorsement or statement on any check or any letter accompanying any check or payment) nor shall such receipt constitute a
waiver by Landlord of Tenant’s obligation to make full payment. No act or thing done by Landlord or its agents shall be deemed
an acceptance of a surrender of the Demised Premises, and no agreement to accept such surrender shall be valid unless in writing
and signed by Landlord and by each Superior Lessor and Superior Mortgagee whose lease or mortgage provides that any such surrender
may not be accepted without its consent. Landlord’s receipt of Fixed Rent and Additional Rent at a time when Landlord has
knowledge or should have knowledge of any default or violation shall not be deemed a waiver thereof.

 

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6.10 Holding
Over. If Tenant holds over without the consent of Landlord after expiration or termination of this lease, Tenant shall:

 

		(a)	pay as a use and occupancy charge for each month of the holdover tenancy an amount equal to 200%
multiplied by the greater of: (i) the fair market rental value of the Demised Premises for such month (as reasonably determined
by Landlord); or (ii) the Rent which Tenant was obligated to pay for the month immediately preceding the end of the Term or a renewal
thereof; and

 

		(b)	be liable to Landlord for and indemnify Landlord against: (i) any payment or rent concession which
Landlord may be required to make to any tenant obtained by Landlord for all or any part of the Demised Premises (a “New
Tenant”) by reason of the late delivery of space to the New Tenant as a result of Tenant’s holding over or in order to
induce such New Tenant not to terminate its lease by reason of the holding over by Tenant; (ii) the loss of the benefit of the
bargain if any New Tenant shall terminate its lease by reason of the holding over by Tenant; and (iii) any claim for damages by
any New Tenant.

 

No holding over by
Tenant after the Term or a renewal thereof shall operate to extend the Term or a renewal thereof. Notwithstanding the foregoing,
the acceptance of any use and occupancy charges paid by Tenant pursuant to this Section 6.10 shall not preclude Landlord
from commencing and prosecuting a holdover or summary eviction proceeding.

 

6.11 Attorneys’
Fees. If Landlord places the enforcement of this lease or any part thereof, or the collection of any Rent due or to become
due hereunder, or recovery of the possession of the Demised Premises, in the hands of an attorney, or files suit upon the same,
or in the event any bankruptcy, insolvency or other similar proceeding is commenced involving Tenant, Tenant shall, upon demand,
pay Landlord for any attorneys’ fees and disbursements and court costs incurred by Landlord.

 

6.12 Nonliability
and Indemnification. (a) None of Landlord, any Superior Lessor, any Superior Mortgagee or any direct or indirect member,
partner, director, officer, shareholder, principal, agent, servant or employee of Landlord, any Superior Lessor or any Superior
Mortgagee (whether disclosed or undisclosed), shall be liable to Tenant for:

 

		(i)	any loss, injury or damage to Tenant or to any other person, or to its or their property, irrespective
of the cause of such injury, damage or loss, nor shall the aforesaid parties be liable for any loss of or damage to property of
Tenant or of others entrusted to employees of Landlord; provided, that, except to the extent of the release of liability
and waiver of subrogation provided in Section 7.03, the foregoing shall not be deemed to relieve Landlord of any liability
to the extent resulting from the gross negligence or willful misconduct of Landlord, its agents, servants or employees in the operation
or maintenance of the Demised Premises;

 

		(ii)	any loss, injury or damage described in clause (i) above caused by other tenants or persons in,
upon or about the Demised Premises, or caused by operations in construction of any private, public or quasi-public work; or

 

		(iii)	even if negligent, consequential damages arising out of any loss of use of the Demised Premises
or any equipment, facilities or other Tenant’s Property therein or otherwise.

 

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(b) Tenant
shall indemnify and hold harmless Landlord, all Superior Lessors and all Superior Mortgagees and each of their respective direct
and indirect members, partners, directors, officers, shareholders, principals, agents and employees (each, an “Indemnified
Party”), from and against any and all claims arising from or in connection with:

 

		(i)	the conduct or management of the Demised Premises or of any business therein, or any work or thing
done, or any condition created, in or about the Demised Premises;

 

		(ii)	any act, omission or negligence of Tenant or any person claiming through or under Tenant or any
of their respective direct or indirect members, partners, shareholders, directors, officers, agents, employees or contractors;

 

		(iii)	any accident, injury or damage occurring in, at or upon the Demised Premises;

 

		(iv)	any default by Tenant in the performance of Tenant’s obligations under this lease; and

 

		(v)	any brokerage commission or similar compensation claimed to be due by reason of any proposed subletting
or assignment by Tenant;

 

together with all costs, expenses and liabilities
incurred in connection with each such claim or action or proceeding brought thereon, including, without limitation, all attorneys’
fees and disbursements; provided, that the foregoing indemnity shall not apply to the extent such claim results from the
gross negligence (other than negligence to which the release of liability and waiver of subrogation provided in Section 7.03
applies) or willful misconduct of the Indemnified Party. If any action or proceeding is brought against any Indemnified Party by
reason of any such claim, Tenant, upon notice from such Indemnified Party shall resist and defend such action or proceeding (by
counsel reasonably satisfactory to such Indemnified Party).

 

ARTICLE 7

 

Insurance; Casualty; Condemnation

 

7.01 Compliance
with Insurance Standards. (a) Tenant shall not violate, or permit the violation of, any condition imposed by any insurance
policy then issued in respect of the Demised Premises and shall not do, or permit anything to be done, or keep or permit anything
to be kept in the Demised Premises, which would subject Landlord or any Superior Mortgagee to any liability or responsibility for
personal injury or death or property damage, or which would increase any insurance rate in respect of the Demised Premises over
the rate which would otherwise then be in effect or which would result in insurance companies of good standing refusing to insure
the Demised Premises in amounts reasonably satisfactory to Landlord, or which would result in the cancellation of, or the assertion
of any defense by the insurer in whole or in part to claims under, any policy of insurance in respect of the Demised Premises.

 

(b) If,
by reason of any failure of Tenant to comply with this lease, the premiums on Landlord’s insurance on the Demised Premises shall
be higher than they otherwise would be, Tenant shall reimburse Landlord, on demand, for that part of such premiums attributable
to such failure on the part of Tenant. A schedule or “make up” of rates for the Demised Premises issued by the New York
Fire Insurance Rating Organization or other similar body making rates for insurance for the Demised Premises shall be conclusive
evidence of the facts therein stated and of the several items and charges in the insurance rate then applicable to the Demised
Premises.

 

7.02 Tenant’s
Insurance. Tenant shall maintain at all times during the Term or a renewal thereof:

 

		(a)	general liability providing coverage of the latest version of ISO form CG0001 or its equivalent,
covering Tenant’s indemnity obligations under this Lease, subject to the terms and conditions of the policy, against claims
for bodily injury and property damage, with completed operation endorsement, for any occurrence in or about the Building, including
any sidewalk contiguous to or abutting the Demised Premises, under which Landlord and its agent and any Superior Mortgagee whose
name and address have been furnished to Tenant shall be named as additional insured, with minimum limits of liability under such
policy, including products liability and completed operations, shall be a combined single limit with respect to each occurrence
in an amount of not less than Five Million ($5,000,000.00), per occurrence and aggregate, it being agreed and understood that such
limit of coverage may be provided by Tenant’s commercial general liability policy in conjunction with an umbrella liability
or excess liability policy;

 

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		(b)	insurance against loss or damage by fire and such other risks and hazards (including, burglary,
theft and breakage of glass within the premises) as are insurable under a Special Cause of Loss form or its equivalent, to Tenant’s
property and Alterations, for the full replacement cost value thereof (including an “agreed amount” endorsement);

 

		(c)	business Interruption covering base Rent and Additional Rent for a period of at least one (1) year;

 

		(d)	worker’s compensation insurance and disability benefits insurance in statutory limits;

 

		(e)	when Alterations are in process, the insurance specified in Section 4.02(f).

 

The limits of such
insurance shall not limit the liability of Tenant. Tenant shall deliver to Landlord and any additional insureds, at least 10 days
prior to the Commencement Date, such fully paid-for policies or certificates of insurance, in form reasonably satisfactory to Landlord
issued by the insurance company or its authorized agent. Tenant shall procure and pay for renewals of such insurance from time
to time before the expiration thereof, and Tenant shall deliver to Landlord and any additional insureds such renewal policy or
a certificate thereof at least 30 days before the expiration of any existing policy. All such policies shall be issued by companies
of recognized responsibility licensed to do business in New York State and rated by Best’s Insurance Reports or any successor publication
of comparable standing as A/XII or better or the then equivalent of such rating, and all such policies shall contain a provision
whereby the same cannot be canceled, allowed to lapse or modified unless Landlord and any additional insureds are given at least
30 days prior written notice of such cancellation, lapse or modification. Tenant shall cooperate with Landlord in connection with
the collection of any insurance moneys that may be due in the event of loss and Tenant shall execute and deliver to Landlord such
proofs of loss and other instruments which may be required to recover any such insurance moneys. Landlord may from time to time
require that the amount of the insurance to be maintained by Tenant under this Section 7.02 be increased, so that the amount
thereof adequately protects Landlord’s interest.

 

7.03 Subrogation
Waiver. Landlord and Tenant shall each include in each of its insurance policies (insuring the Demised Premises in case
of Landlord, and insuring Tenant’s Property, Fixtures and Improvements and Betterments in the case of Tenant, against loss, damage
or destruction by fire or other casualty) a waiver of the insurer’s right of subrogation against the other party during the Term
or a renewal thereof or, if such waiver should be unobtainable or unenforceable:

 

		(a)	an express agreement that such policy shall not be invalidated if the assured waives the right
of recovery against any party responsible for a casualty covered by the policy before the casualty; or

 

		(b)	any other form of permission for the release of the other party.

 

Each party hereby releases
the other party with respect to any claim (including a claim for negligence) which it might otherwise have against the other party
for loss, damage or destruction with respect to its property occurring during the Term or a renewal thereof to the extent to which
it is insured under a policy or policies containing a waiver of subrogation or permission to release liability. Nothing contained
in this Section 7.03 shall be deemed to relieve either party of any duty imposed elsewhere in this lease to repair, restore
or rebuild or to nullify any abatement of rents provided for elsewhere in this lease.

 

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7.04 Condemnation.
(a) If there shall be a total taking of the Demised Premises in condemnation proceedings or by any right of eminent domain, this
lease and the term and estate hereby granted shall terminate as of the date of taking of possession by the condemning authority
and all Rent shall be prorated and paid as of such termination date. If there shall be a taking of any material (in Landlord’s
reasonable judgment) portion of the Land or the Demised Premises, then Landlord may terminate this lease and the term and estate
granted hereby by giving notice to Tenant within 60 days after the date of taking of possession by the condemning authority. If
there shall be a taking of the Demised Premises of such scope (but in no event less than 20% thereof) that the untaken part of
the Demised Premises would in Tenant’s reasonable judgment be uneconomic to operate, then Tenant may terminate this lease and the
term and estate granted hereby by giving notice to Landlord within 60 days after the date of taking of possession by the condemning
authority. If either Landlord or Tenant shall give a termination notice as aforesaid, then this lease and the term and estate granted
hereby shall terminate as of the date of such notice and all Rent shall be prorated and paid as of such termination date. In the
event of a taking of the Demised Premises which does not result in the termination of this lease:

 

		(i)	the term and estate hereby granted with respect to the taken part of the Demised Premises shall
terminate as of the date of taking of possession by the condemning authority and all Rent shall be appropriately abated for the
period from such date to the Expiration Date; and

 

		(ii)	Landlord shall with reasonable diligence restore the remaining portion of the Demised Premises
(exclusive of Tenant’s Property) as nearly as practicable to its condition prior to such taking.

 

(b) In
the event of any taking of all or a part of the Demised Premises, Landlord shall be entitled to receive the entire award in the
condemnation proceeding, including, without limitation, any award made for the value of the estate vested by this lease in Tenant
or any value attributable to the unexpired portion of the Term or a renewal thereof, and Tenant hereby assigns to Landlord any
and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, and Tenant shall
be entitled to receive no part of such award; provided, that nothing shall preclude Tenant from intervening in any such
condemnation proceeding to claim or receive from the condemning authority any compensation to which Tenant may otherwise lawfully
be entitled in such case in respect of Tenant’s Property or moving expenses, provided the same do not include any value of the
estate vested by this lease in Tenant or of the unexpired portion of the Term or a renewal thereof and do not reduce the amount
available to Landlord or delay the payment thereof.

 

(c) If
all or any part of the Demised Premises shall be taken for a limited period, Tenant shall be entitled, except as hereinafter set
forth, to that portion of the award for such taking which represents compensation for the use and occupancy of the Demised Premises,
for the taking of Tenant’s Property and for moving expenses, and Landlord shall be entitled to that portion which represents reimbursement
for the cost of restoration of the Demised Premises. This lease shall remain unaffected by such taking and Tenant shall continue
responsible for all of its obligations under this lease to the extent such obligations are not affected by such taking and shall
continue to pay in full all Rent when due. If the period of temporary use or occupancy shall extend beyond the Expiration Date,
that part of the award which represents compensation for the use and occupancy of the Demised Premises shall be apportioned between
Landlord and Tenant as of the Expiration Date. Any award for temporary use and occupancy for a period beyond the date to which
the Rent has been paid shall be paid to, held and applied by Landlord as a trust fund for payment of the Rent thereafter becoming
due.

 

(d) In
the event of any taking which does not result in termination of this lease:

 

		(i)	Landlord, whether or not any award shall be sufficient therefor, shall proceed with reasonable
diligence to repair the remaining parts of the Demised Premises (other than those parts of the Demised Premises which constitute
Tenant’s Property, Fixtures and Improvements and Betterments) to substantially their former condition to the extent that the same
may be feasible (subject to reasonable changes which Landlord deems desirable) and so as to constitute a complete and rentable
building; and

 

		(ii)	Tenant, whether or not any award shall be sufficient therefor, shall proceed with reasonable diligence
to repair the remaining parts of the Demised Premises which constitute Tenant’s Property, Fixtures and Improvements and Betterments,
to substantially their former condition to the extent that the same may be feasible, subject to reasonable changes which shall
be deemed Alterations.

 

7.05 Casualty.
(a) If the Demised Premises shall be partially or totally damaged or destroyed by fire or other casualty (each, a “Casualty”),
then Tenant, at Tenant’s sole cost and expense, shall promptly repair and restore the Demised Premises, including Landlords’ Work,
Tenant’s Improvements and Betterments, Tenant’s Property and Fixtures with or without the collection of the insurance proceeds
attributable to such Casualty.

 

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(b) If
all or part of the Demised Premises shall be rendered untenantable by reason of a Casualty, the Fixed Rent and the Additional Rent
under Sections 2.02 and 2.03 shall be abated in the proportion that the untenantable area of the Demised Premises
bears to the total area of the Demised Premises, for the period from the date of the Casualty to the earlier of:

 

		(i)	the date the Demised Premises is made tenantable (provided, that if the Demised Premises
would have been tenantable at an earlier date but for Tenant having failed diligently to prosecute repairs or restoration, then
the Demised Premises shall be deemed to have been made tenantable on such earlier date and the abatement shall cease); or

 

		(ii)	the date Tenant or any subtenant reoccupies a portion of the Demised Premises for the ordinary
conduct of business (in which case the Fixed Rent and the Additional Rent allocable to such reoccupied portion shall be payable
by Tenant from the date of such occupancy).

 

Landlord’s determination
of the date the Demised Premises is tenantable shall be controlling unless Tenant disputes same by written notice to Landlord within
10 days after such determination by Landlord and pending resolution of such dispute, Tenant shall pay Rent in accordance with Landlord’s
determination. Notwithstanding the foregoing, if by reason of any act or omission by Tenant, any subtenant or any of their respective
partners, directors, officers, servants, employees, agents or contractors, Landlord, any Superior Lessor or any Superior Mortgagee
shall be unable to collect all of the insurance proceeds (including, without limitation, rent insurance proceeds) applicable to
the Casualty, then, without prejudice to any other remedies which may be available to Landlord, there shall be no abatement of
Rent. Nothing contained in this Section 7.05 shall relieve Tenant from any liability that may exist as a result of any Casualty.

 

(c) Landlord
shall not carry any insurance on Tenant’s Property, Tenant’s Improvements and Betterments or Fixtures and shall not be obligated
to repair or replace the Demised Premises, Tenant’s Property, Tenant’s Improvements and Betterments or Fixtures. Tenant shall look
solely to its insurance for recovery of any damage to or loss of Tenant’s Property, Tenant’s Improvements and Betterments or Fixtures.
Tenant shall notify Landlord promptly of any Casualty in or affecting the Demised Premises.

 

(d) This
Section 7.05 shall be deemed an express agreement governing any damage or destruction of the Demised Premises by fire or
other casualty, and Real Property Law §227 providing for such a contingency in the absence of an express agreement, and any
other law of like import now or hereafter in force, shall have no application.

 

7.06 Risk
of Loss. Tenant and all those claiming by, through or under Tenant shall store their property in and shall occupy and use
the Demised Premises and any improvements therein and appurtenances thereto solely at their risk and Tenant and all those claiming
by, through or under Tenant hereby release Landlord and any fee owner or ground or underlying lessors of the Demised Premises,
to the full extent permitted by law, from all claims, of every kind, including loss of life, bodily or personal injury, damage
to merchandise, furniture, fixtures, equipment or other property, or damage to business or for business interruption, arising directly
or indirectly out of or from or on account of such occupancy and use or resulting from any present or future condition or state
of repair of the Demised Premises.

 

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7.07 Indemnity.
Tenant shall not do or permit any act or thing to be done upon the Demised Premises which may subject Landlord to any liability
or responsibility for injury, damages to persons or property or to any liability by reason of any violation of law or of any legal
requirement of public authority, but shall exercise such control over the Demised Premises as to fully protect Landlord against
any such liability. Tenant agrees to indemnify, defend and save harmless Landlord from and against (1) all claims of whatever nature
against Landlord arising from any act, omission or negligence of Tenant, its subtenants, contractors, licensees, agents, servants,
employees, invitees or visitors, including any claims arising from any act, omission or negligence of Landlord or Landlord and
Tenant, (2) all claims against Landlord arising from any accident, injury or damage whatsoever caused to any person or to the property
of any person and occurring during the Term or a renewal thereof in or about the Demised Premises, (3) all claims against Landlord
arising from any accident, injury or damage to any person, entity or property, occurring outside of the Demised Premises but anywhere
within or about the Real Property, where such accident, injury or damage resulted or is claimed to have resulted from an act or
omission of Tenant or Tenant’s subtenants, agents, employees, invitees or visitors, including any claims arising from any
act, omission or negligence of Landlord or Landlord and Tenant, (4) any breach, violation or nonperformance of any covenant, condition
or agreement in this Lease set forth and contained on the part of Tenant to be fulfilled, kept, observed and performed and (5)
any claim, loss or liability arising or claimed to arise from Tenant, or any of Tenant’s subtenants, contractors, licensees,
agents, servants, employees, invitees or visitors causing or permitting any Hazardous Substance to be brought upon, kept or used
in or about the Demised Premises or the Real Property or any seepage, escape or release of such Hazardous Substances (including,
without limitation, the costs and expenses of any remediation required as a result thereof). As used herein, the term “Hazardous
Substances” shall mean, collectively, (a) asbestos and polychlorinated biphenyls and (b) hazardous or toxic materials,
wastes and substances which are defined, determined and identified as such pursuant to any law. As used herein and in all other
provisions in this Lease containing indemnities made for the benefit of Landlord, the term “Landlord” shall mean Landlord
and Landlord’s managing agent and their respective parent companies and/or corporations, their respective controlled, associated,
affiliated and subsidiary companies and/or corporations and their respective members, officers, partners, agents, consultants,
servants, employees, sub-lessees and assigns. This indemnity and hold harmless agreement shall include indemnity from and against
any and all liability, fines, suits, demands, costs and expenses of any kind or nature incurred in or in connection with any such
claim or proceeding brought thereon, and the defense thereof. The indemnity contained in this Section 7.07 shall survive
the expiration or earlier termination of this lease.

 

ARTICLE 8

 

Miscellaneous Provisions

 

8.01 Notice.
All notices, demands, consents, approvals, advices, waivers or other communications which may or are required to be given by either
party to the other under this lease (each, “Notice”) shall be in writing and shall be delivered by:

 

		(a)	personal delivery;

 

		(b)	the United States Postal Service, certified or registered, postage prepaid, return receipt requested;
or

 

		(c)	a nationally recognized overnight courier,

 

in each case addressed
to the party to be notified at the address for such party specified in the first paragraph of this lease.

 

Notices from Landlord
may be given by Landlord’s managing agent, if any, or attorney. Each Notice shall be deemed to have been given on the date such
Notice is actually received as evidenced by a written receipt therefor, and in the event of failure to deliver by reason of changed
address of which no Notice was given or refusal to accept delivery, as of the date of such failure.

 

8.02 Severability.
If any term or provision of this lease, or the application thereof to any person or circumstances shall to any extent be invalid
or unenforceable, the remainder of this lease, or the application of such provision to persons or circumstances other than those
as to which it is invalid or unenforceable, shall not be affected, and each provision of this lease shall be valid and shall be
enforceable to the extent permitted by law.

 

8.03 Certain
Definitions. (a) “Landlord” means only the owner, at the time in question, of the Demised Premises or
of a lease of the Demised Premises, so that in the event of any transfer or transfers of title to the Demised Premises or of Landlord’s
interest in a lease of the Demised Premises, the transferor shall be and hereby is relieved and freed of all obligations of Landlord
under this lease accruing after such transfer, and it shall be deemed, without further agreement, that such transferee has assumed
all obligations of Landlord during the period it is the holder of Landlord’s interest under this lease.

 

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(b) “Landlord
shall have no liability to Tenant” or words of similar import mean that Tenant is not entitled to terminate this lease,
or to claim actual or constructive eviction, partial, or total, or to receive any abatement or diminution of Rent, or to be relieved
in any manner or any of its other obligations under this lease, or to be compensated for loss or injury suffered or to enforce
any other right or kind of liability whatsoever against Landlord under or with respect to this lease or with respect to Tenant’s
use or occupancy of the Demised Premises.

 

8.04 Quiet
Enjoyment. Tenant shall and may peaceably and quietly have, hold and enjoy the Demised Premises, subject to the other terms
of this lease and to the Superior Leases and Superior Mortgages, provided that Tenant pays the Fixed Rent and Additional Rent to
be paid by Tenant and performs all of Tenant’s covenants and agreements contained in this lease.

 

8.05 Limitation
of Landlord’s Personal Liability. Tenant shall look solely to Landlord’s interest in the Demised Premises, for the recovery
of any judgment against Landlord, and no other property or assets of Landlord or Landlord’s partners, members, officers, directors,
shareholders or principals, direct or indirect, disclosed or undisclosed, shall be subject to levy, execution or other enforcement
procedure for the satisfaction of Tenant’s remedies under or with respect to this lease.

 

8.06 Counterclaims.
If Landlord commences any summary proceeding or action for nonpayment of Rent or to recover possession of the Demised Premises,
Tenant shall not interpose any counterclaim of any nature or description in any such proceeding or action, unless Tenant’s failure
to interpose such counterclaim in such proceeding or action would result in the waiver of Tenant’s right to bring such claim in
a separate proceeding under applicable law.

 

8.07 Survival.
All obligations and liabilities of Landlord or Tenant to the other which accrued before the expiration or other termination of
this lease and all such obligations and liabilities which by their nature or under the circumstances can only be, or by the provisions
of this lease may be, performed after such expiration or other termination, shall survive the expiration or other termination of
this lease. Without limiting the generality of the foregoing, the rights and obligations of the parties with respect to any indemnity
under this lease, and with respect to Real Estate Tax Escalations and any other amounts payable under this lease, shall survive
the expiration or other termination of this lease.

 

8.08 Certain
Remedies. If Tenant requests Landlord’s consent and Landlord fails or refuses to give such consent, Tenant shall not be
entitled to any damages for any withholding by Landlord of its consent, it being intended that Tenant’s sole remedy shall be an
action for specific performance or injunction, and that such remedy shall be available only in those cases where this lease provides
that Landlord shall not unreasonably withhold its consent. No dispute relating to this lease or the relationship of Landlord and
Tenant under this lease shall be resolved by arbitration unless this lease expressly provides for such dispute to be resolved by
arbitration.

 

8.09 No
Offer. The submission by Landlord of this lease in draft form shall be solely for Tenant’s consideration and not for acceptance
and execution. Such submission shall have no binding force or effect and shall confer no rights nor impose any obligations, including
brokerage obligations, on either party unless and until both Landlord and Tenant shall have executed a lease and duplicate originals
thereof shall have been delivered to the respective parties.

8.10 Captions;
Construction. The table of contents, captions, headings and titles in this lease are solely for convenience of reference
and shall not affect its interpretation. This lease shall be construed without regard to any presumption or other rule requiring
construction against the party causing this lease to be drafted. Each covenant, agreement, obligation or other provision of this
lease on Tenant’s part to be performed, shall be deemed and construed as a separate and independent covenant of Tenant, not dependent
on any other provision of this lease.

 

8.11 Amendments.
This lease may not be altered, changed or amended, except by an instrument in writing signed by the party to be charged.

 

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8.12 Broker.
Each party represents to the other that such party has dealt with no broker other than None, (“Broker”) in connection
with this lease, and each party shall indemnify and hold the other harmless from and against all loss, cost, liability and expense
(including, without limitation, reasonable attorneys’ fees and disbursements) arising out of any claim for a commission or other
compensation by any broker (other than Broker) who has dealt with the indemnifying party in connection with this lease. Landlord
and Tenant shall enter into a separate agreement with Broker which provides that, if this lease is executed and delivered by both
Landlord and Tenant, Landlord and Tenant shall equally pay to Broker a commission to be agreed upon between Landlord, Tenant and
Broker, subject to, and in accordance with, the terms and conditions of such agreement.

 

8.13 Merger.
Tenant acknowledges that Landlord has not made and is not making, and Tenant, in executing and delivering this lease, is not relying
upon, any warranties, representations, promises or statements, except to the extent that the same are expressly set forth in this
lease. This lease embodies the entire understanding between the parties with respect to the subject matter hereof, and all prior
agreements, understanding and statements, oral or written, with respect thereto are merged in this lease.

 

Tenant has made investigation
into the Demised Premises and acknowledges that the Demised Premises are fit for their intended use under this lease.

 

Landlord has not made
and does not make any representations that Demised Premises are fit for their intended use under this lease. Landlord has not made
and does not make any representations as to the rents, leases, expenses, operation or any other matter or thing affecting or related
to the Demised Premises, except as herein specifically set forth, and Tenant hereby expressly acknowledges that no such representations
have been made.

 

8.14 Successors.
This lease shall be binding upon and inure to the benefit of Landlord, its successors and assigns, and shall be binding upon and
inure to the benefit of Tenant, its successors, and to the extent that an assignment may be approved by Landlord, Tenant’s assigns.

 

8.15 Applicable
Law. This lease shall be governed by, and construed in accordance with, the laws of the State of New York, without giving
effect to any principles of conflicts of laws.

 

8.16 No
Development Rights. Tenant acknowledges that it has no rights to any development rights, air rights or comparable rights
appurtenant to the Demised Premises, and consents, without further consideration, to any utilization of such rights by Landlord.
Tenant shall promptly execute and deliver any instruments, which may be requested by Landlord, including instruments merging zoning
lots, evidencing such acknowledgment and consent. The provisions of this Section 8.16 shall be construed as an express waiver
by Tenant of any interest Tenant may have as a party in interest in the Demised Premises.

 

IN WITNESS WHEREOF,
Landlord and Tenant have executed this lease as of the day and year first written above.

 

	 	7812 5th Ave Realty LLC
	 	 
	 	 
	 	By:
	 	 
	 	Joe’s Appliances LLC
	 	 
	 	 
	 	By:

 

 

22Exhibit 10.26

 

EMPLOYMENT AGREEMENT

 

EMPLOYMENT AGREEMENT (this “Employment
Agreement”), dated as of _______, 2020, between Appliances Connection Inc., a Delaware corporation (the “Company”),
and Albert Fouerti, an individual (the “Executive”).

 

BACKGROUND

 

The Company wishes to secure the services
of the Executive as President of the Company and of its subsidiaries (with such other related duties and/or offices in the Company
or its affiliates as may be assigned by the Company, its Board of Directors or Chief Executive Officer) upon the terms and conditions
hereinafter set forth, and the Executive wishes to render such services to the Company and its subsidiaries upon the terms and
conditions hereinafter set forth.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the
foregoing and the mutual covenants herein contained and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

 

1. Employment by
the Company. The Company agrees to employ the Executive in the position of President of the Company and of the Company’s
subsidiaries and have such duties and responsibilities as are reasonably and customarily assigned, and delegated to individuals
serving in such positions and such other duties consistent with Executive’s title (with such other related duties and/or
offices in the Company and its affiliates as may be assigned from time to time by the Company, its Board of Directors or Chief
Executive Officer) and the Executive accepts such employment and agrees to perform such duties. The Executive agrees to devote
his full customary business time and energies to the business of the Company and/or its affiliates to perform his duties hereunder.
The Company represents and acknowledges that Executive shall serve as a member of the Board of Directors of 1847 Goedeker Inc.,
the Company’s parent, for no additional compensation.

 

2. Term of Employment.
The term of this Employment Agreement (the “Term”) shall be for the initial period commencing on the date hereof
and ending on the first anniversary of the date hereof, unless the Executive is earlier terminated as provided in Section 4 hereof.
The Term shall be automatically extended for successive one-year periods unless either party provides the other with written notice
of non-renewal at least thirty (30) days prior to the end of the initial Term or any renewal Term.

 

3. Compensation.
As full compensation for all services to be rendered by the Executive to the Company and/or its affiliates in all capacities during
the Term, the Executive shall receive the following compensation and benefits:

 

(a) Salary.
An annual base salary of $400,000 (the “Base Salary”) payable not less frequently than monthly or at more frequent
intervals in accordance with the then customary payroll practices of the Company.

 

     

     

    

  

(b) Participation
in Employee Benefit Plans; Other Benefits. The Executive shall be permitted during the Term, if and to the extent eligible,
to participate in all employee benefit plans, policies and practices now or hereafter maintained by or on behalf of the Company
commensurate with the Executive’s position with the Company. Nothing in this Employment Agreement shall preclude the Company
from terminating or amending any such plans or coverage so as to eliminate, reduce or otherwise change any benefit payable thereunder,
so long as such change similarly affects all Company employees. Notwithstanding anything herein to the contrary, Executive shall
receive health, medical, dental and visions insurance equal to or greater than that which 1847 Goedeker Inc., the Company’s
parent company, provides to its senior management executives. For the avoidance of doubt, annexed hereto as Exhibit A is a Benefits
Overview containing specific benefit plan information applicable to Executive.

 

(c) Expenses.
The Company shall pay or reimburse the Executive for all reasonable and necessary expenses actually incurred or paid by the Executive
during the Term in the performance of the Executive’s duties under this Employment Agreement, upon submission and approval
of expense statements, vouchers or other supporting information in accordance with the then customary practices of the Company.

 

(d) Vacation.
The Executive shall be entitled to four weeks of paid vacation per year.

 

(e) Withholding
of Taxes. The Company may withhold from any benefits payable under this Employment Agreement all federal, state, city and other
taxes as shall be required pursuant to any law or governmental regulation or ruling.

 

(f) Bonus.
In addition to the Base Salary, the Executive shall be entitled to an annual incentive bonus to the extent the Company achieves
or exceeds the annual EBITDA objectives of the Company which shall be established by the Board of Directors of the Company promptly
following the date of this Agreement. The percentage of Base Salary which the Executive shall be entitled to receive as a bonus
is set forth on Exhibit B hereto next to the corresponding percentage of budgeted EBITDA of the Company which must be achieved
in order to earn such bonus level. Any such bonus shall be payable within 30 days following delivery of the Company’s audited
financial statements for the applicable year no later than April 30. For purposes of this Section 3(f), EBITDA of Company for any
period shall mean the sum of the Company’s net earnings (or loss) before interest expense, income taxes, depreciation and
amortization for said period (but excluding any extraordinary gains for such period), as determined in accordance with generally
accepted accounting principles applied on a consistent basis.

 

4. Termination.

 

(a) Termination
upon Death. If the Executive dies during the Term, this Employment Agreement shall terminate as of the date of his death.

 

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(b) Termination
upon Disability. If during the Term the Executive becomes unable, due to a physical or mental impairment to perform the essential
functions of Executive’s job, with or without a reasonable accommodation, for a period of 180 days during any twelve-month
period. Any question as to the existence of the Executive’s disability as to which Executive and the Company cannot agree
shall be determined in writing by a qualified independent physician mutually acceptable to the Executive and the Company. If the
Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two
physicians shall select a third who shall make such determination in writing. The determination of disability made in writing to
the Company and the Executive shall be deemed final for purposes of this Agreement. Upon a determination of disability, the Company
may, by written notice to the Executive, terminate this Employment Agreement, in which event the Term shall terminate 10 days after
the date upon which the Company shall have given notice to the Executive of its intention to terminate this Employment Agreement
because of the disability.

 

(c) Termination
for Cause. The Company may at any time by written notice to the Executive terminate this Employment Agreement immediately and,
except as provided in Section 5(b) hereof, the Executive shall have no right to receive any compensation or benefit hereunder on
and after the date of such notice, in the event that an event of “Cause” occurs. For purposes of this Employment Agreement
“Cause” shall mean:

 

(i) the
Executive’s willful failure to perform Executive’s duties hereunder other than a failure to perform resulting from
death or physical or mental disability) and failure by the Executive to cure such breach within thirty (30) days of written notice
thereof from the Company;

 

(ii) the
commission by the Executive of fraud or intentional material misrepresentation in connection with his employment, including, but
not limited to, misappropriation or embezzlement of any funds of the Company or any of its affiliates;

 

(iii) the
commission by the Executive of any willful misconduct having the effect of materially injuring the reputation, business or business
relationships of the Company or any of its affiliates;

 

(iv) the
entering by the Executive of a plea of guilty or nolo contendere to, or the conviction of the Executive for, a crime involving
the unlawful theft or conversion of monies or other property, or any fraud or embezzlement offense which carries a potential penalty
of imprisonment for more than ninety (90) days and/or a fine in excess of Ten Thousand US Dollars ($10,000);

 

(v) the
Executive’s consistent abuse of alcohol, prescription drugs or controlled substances, which interferes with the performance
of his duties to the Company and which continues after the Company has provided the Executive at least thirty (30) days’
prior written notice thereof;

 

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(vi) the
Executive’s willful disregard of any material rule or policy of the Company and failure to cure the same within thirty (30)
days of written notice thereof from the Company; or

 

(vii) excessive
absenteeism of the Executive other than for reasons of illness that has not been cured, after at least thirty (30) days’
written notice from the Company with respect thereto.

 

For purposes of this provision, no act
or failure to act on the part of the Executive shall be considered “willful” unless it is done, or omitted to be done,
by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests
of the Company. Any act, or failure to act, based on authority given pursuant to a resolution duly adopted by the Board or on the
advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith
and in the best interests of the Company.

 

Except for a failure, breach, or refusal
which, by its nature, cannot reasonably be expected to be cured, the Executive shall have ten (10) business days from the delivery
of written notice by the Company within which to cure any acts constituting Cause; provided however, that, if the Company reasonably
expects irreparable injury from a delay of ten (10) business days, the Company may give the Executive notice of such shorter period
within which to cure as is reasonable under the circumstances, which may include the termination of the Executive's employment
without notice and with immediate effect.

 

(d) Termination
without Cause. The Company may terminate this Employment Agreement at any time, without cause, upon 30 days’ written
notice by the Company to the Executive and, except as (i) provided in Section 5(a) hereof; (ii) the payment of any accrued but
unpaid Base Salary, unused vacation, reimbursement for unreimbursed expenses; (iii) all previously earned, accrued, and unpaid
benefits from the Company and its employee benefit plans, including any such benefits under the Company’s pension, disability,
and life insurance plans, policies, and programs; and (iii) so long as the Company has achieved its budgeted EBITDA level for the
period commencing with the end of the Company’s immediately previous fiscal year through the Termination Date, an amount
equal to the product of the bonus paid to the Executive in respect of the immediately preceding fiscal year pursuant to Section
3(g), times the quotient obtained by dividing (x) the number of full calendar months occurring since the end of the immediately
previous fiscal year through the Termination Date, by (y) 12, the Executive shall have no right to receive any compensation or
benefit hereunder after such termination. The amounts set for in this subsection (d)(ii) through (iii) shall be referred to herein
collectively as the “Accrued Amounts.” The Company’s non-renewal of the Term shall be deemed a Termination
without Cause.

 

(e) Resignation
for Good Reason. Executive may termination this Employment Agreement at any time, for Good Reason (as defined below), upon
30 days’ written notice by the Executive to the Company and, except as provided in Section 5(a) hereof and the Accrued Amounts.
The Executive’s non-renewal of the Term for Good Reason shall be deemed a resignation for Good Reason. For purposes of this
Agreement, “Good Reason” shall mean:

 

(a) a reduction
in the Executive’s Base Salary;

 

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(b) a reduction
in the Executive’s Bonus opportunity;

 

(c) a relocation
of the Executive’s principal place of employment by more than twenty five (25) miles;

 

(d) any breach
by the Company of any material provision of this Agreement or any provision of any other agreement between the Executive and the
Company;

 

(e) the Company’s
failure to obtain an agreement from any successor to the Company to assume and agree to perform this Agreement in the same manner
and to the same extent that the Company would be required to perform if no succession had taken place, except where such assumption
occurs by operation of law;

 

(f) the Company’s
failure to nominate the Executive for election to the Board and for the Executive to be elected and re-elected, as applicable;

 

(g) an adverse
change in the Executive’s title, authority, duties, or responsibilities (other than temporarily while the Executive is physically
or mentally incapacitated or as required by applicable law); and

 

(h) an adverse
change in the reporting structure applicable to the Executive.

 

The Executive
cannot terminate employment for Good Reason unless the Executive has provided written notice to the Company of the existence of
the circumstances providing grounds for termination for Good Reason and the Company has had at least ten (10) business days from
the date on which such notice is provided to cure such circumstances.

 

5. Severance Payments.

 

(a) Certain
Severance Payments. If during the Term the Company terminates this Employment Agreement pursuant to Section 4(d) hereof, or
the Executive terminates this Employment Agreement pursuant to Section 4(e) hereof, all compensation payable to the Executive under
Section 3 hereof shall cease as of the date of termination specified in the Company’s notice (the “Termination Date”),
and the Company shall in addition to paying the Accrued Amounts, pay to the Executive, subject to Section 6 hereof, the following
sums: (i) the Base Salary on the Termination Date for the greater of (x) six months and (y) the remainder of the Term (the applicable
period being referred to as the “Severance Period”), payable in monthly installments; If, prior to the date
on which the Company’s obligations under clause (i) of this Section 5(a) cease, the Executive violates Section 6 hereof,
then the Company shall have no obligation to make any of the payments that remain payable by the Company under this section on
or after the date of such violation. The payment of severance as required by this Section 5(a) may be conditioned by the Company
on the delivery by the Executive of a release of and all claims that the Executive may have against the Company which release shall
be in form and substance satisfactory to the Company.

 

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(b) Severance
Payments upon Termination for Cause, Death or Disability. If this Employment Agreement is terminated by the Company pursuant
to Sections 4(a), 4(b) or 4(c) hereof, the Executive (or his estate or representative as applicable) shall receive only the amounts
specified in clause (ii), (iii) and (iv) of Section 5(a) hereof.

 

6. Certain Covenants
of the Executive.

 

(a) Covenants
Against Competition. The Executive acknowledges that: (i) he is one of the limited number of persons who will assist with developing
the current business of the Company, which involves the wholesale and retail sale of home goods and appliances (the “Company’s
Current Lines of Business”); (ii) the Company and its affiliates conduct business nationwide; (iii) his work for the
Company will bring him into close contact with many confidential affairs not readily available to the public; and (iv) the covenants
contained in this Section 6 will not involve a substantial hardship upon his future livelihood. In order to induce the Company
to enter into this Employment Agreement, the Executive covenants and agrees that:

 

(i) Non-Compete.
During the Term and for the Severance Period (the “Restricted Period”), the Executive shall not, in those states
in the United States of America in which either the Company or any of its Subsidiaries or affiliates then operates within the Company’s
Current Lines of Business, directly or indirectly, (i) in any manner whatsoever engage in any capacity with any business that is
competitive with the Company’s Current Lines of Business for the Executive’s own benefit or for the benefit of any
person or entity other than the Company or affiliate of the Company; or (ii) have any interest as owner, sole proprietor, shareholder,
partner, lender, director, officer, manager, employee, consultant, agent or otherwise in any business that operates within the
Company’s Current Lines of Business; provided, however, that the Executive may hold, directly or indirectly,
solely as an investment, not more than two percent (2%) of the outstanding securities of any person or entity which are listed
on any national securities exchange or regularly traded in the over-the-counter market notwithstanding the fact that such person
or entity is engaged in a business competitive with the Company’s Current Lines of Business. In addition, during the Restricted
Period, the Executive shall not develop any property for use in the Company’s Current Lines of Business on behalf of any
person or entity other than the Company, its Subsidiaries and affiliates.

 

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(ii) Confidential
Information. The Executive understands that during the Term, the Executive will have access to and learn about Confidential
Information, which includes information not generally known to the public, in spoken, printed, electronic, or any other form or
medium relating directly to account information, pricing policies, customer lists, computer software and hardware, or any other
written materials relating to the Company’s business or the customers of the Company or any affiliate of the Company or any
trade secrets or confidential information, including, without limitation, any business or operational methods, drawings, sketches,
designs or product concepts, know-how, marketing plans or strategies, product development techniques or plans, business acquisition
plans, financial or other performance data, personnel and other policies of the Company or any affiliate of the Company, whether
generated by the Executive or by any other person, except as required in the course of performing his duties hereunder or with
the express written consent of the Company; provided, however, that the confidential information shall not include
any information readily ascertainable from public or published information, or trade sources or independent third parties (other
than as a direct or indirect result of unauthorized disclosure by the Executive).

 

(iii) Employees
of and Consultants to the Company. During the Restricted Period, the Executive shall not, directly or indirectly (other than
in furtherance of the business of the Company), initiate communications with, solicit, persuade, entice, induce or encourage any
individual who is then or who has been within the preceding 12-month period, an employee of or consultant to the Company or any
of its affiliates to terminate employment with, or a consulting relationship with, the Company or such affiliate, as the case may
be, or to become employed by or enter into a contract or other agreement with any other person, and the Executive shall not approach
any such employee or consultant for any such purpose or authorize or knowingly approve the taking of any such actions by any other
person.

 

(iv) Solicitation
of Customers. During the Restricted Period, the Executive shall not, knowingly directly or indirectly, initiate communications
with, solicit, persuade, entice, induce, encourage (or assist in connection with any of the foregoing) any person who is then or
has been within the preceding 12-month period a customer or account of the Company or its affiliates, or any actual customer leads
whose identity the Executive learned during the course of his employment with the Company, to terminate or to adversely alter its
contractual or other relationship with the Company or its affiliates.

 

(b) Rights
and Remedies Upon Breach. If the Executive breaches any of the provisions of Section 6(a) hereof (collectively, the “Restrictive
Covenants”), the Company and its affiliates shall, in addition to the rights set forth in Section 5(a) hereof, have the
right and remedy to seek from any court of competent jurisdiction specific performance of the Restrictive Covenants or injunctive
relief against any act which would violate any of the Restrictive Covenants, it being acknowledged and agreed that any such breach
may cause irreparable injury to the Company and its affiliates and that money damages will not provide an adequate remedy to the
Company and its affiliates.

 

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(c) Severability
of Covenants. If any of the Restrictive Covenants, or any part thereof, is held by a court of competent jurisdiction or any
foreign, federal, state, county or local government or other governmental, regulatory or administrative agency or authority to
be invalid, void, unenforceable or against public policy for any reason, the remainder of the Restrictive Covenants shall remain
in full force and effect and shall in no way be affected, impaired or invalidated, and such court, government, agency or authority
shall be empowered to substitute, to the extent enforceable, provisions similar thereto or other provisions so as to provide to
the Company and its affiliates, to the fullest extent permitted by applicable law, the benefits intended by such provisions.

 

(d) Enforceability
in Jurisdictions. The parties intend to and hereby confer jurisdiction to enforce the Restrictive Covenants upon the courts
of any jurisdiction within the geographical scope of such Covenants and only in such jurisdiction where the Executive’s alleged
violation of the Restrictive Covenants occurred. If the courts of any one or more of such jurisdictions hold the Restrictive Covenants
wholly invalid or unenforceable by reason of the breadth of such scope or otherwise, it is the intention of the parties that such
determination not bar or in any way affect the Company’s right to the relief provided above in the courts of any other jurisdiction
within the geographical scope of such Restrictive Covenants, as to breaches of such Restrictive Covenants in such other respective
jurisdictions, such Restrictive Covenants as they relate to each jurisdiction being, for this purpose, severable into diverse and
independent covenants.

 

7. Other Provisions.

 

(a) Notices.
Any notice or other communication required or which may be given hereunder shall be in writing and shall be delivered personally,
telecopied, telegraphed or telexed, or sent by certified, registered or express mail, postage prepaid, to the parties at the addresses
specified on the signature page hereto, or at such other addresses as shall be specified by the parties by like notice, and shall
be deemed given so long as such provides a receipt of delivery, when so delivered personally, telecopied, telegraphed or telexed,
or mailed.

 

(b) Entire
Agreement. This Employment Agreement contains the entire agreement between the parties with respect to the subject matter hereof
and supersedes all prior contracts and other agreements, written or oral, with respect thereto.

 

(c) Waivers
and Amendments. This Employment Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms
and conditions hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party
waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a
waiver thereof, nor shall any waiver on the part of any party of any right, power or privilege hereunder, nor any single or partial
exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other
right, power or privilege hereunder.

 

    8

     

    

  

(d) Governing
Law. This Employment Agreement shall be governed by, and construed in accordance with and subject to, the laws of the State
of New York applicable to agreements made and to be performed entirely within such state.

 

(e) Binding
Effect; Benefit. This Employment Agreement shall inure to the benefit of and be binding upon the parties hereto and any successors
and assigns permitted or required by Section 7(f) hereof. Nothing in this Employment Agreement, expressed or implied, is intended
to confer on any person other than the parties hereto or such successors and assigns, any rights, remedies, obligations or liabilities
under or by reason of this Employment Agreement.

 

(f) Assignment.
This Employment Agreement, and the Executive’s rights and obligations hereunder, may not be assigned by the Executive. The
Company may assign this Employment Agreement and its rights, together with its obligations, hereunder in connection with any sale,
transfer or other disposition of all or substantially all of its assets or business, whether by merger, consolidation or otherwise.

 

(g) Counterparts.
This Employment Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

 

(h) Headings.
The headings in this Employment Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation
of this Employment Agreement.

 

[Signature page follows]

 

    9

     

    

 

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

 

	 	APPLIANCES CONNECTION INC.
	 	 	 
	 	By:	 
	 	 	Name:  	Douglas T. Moore
	 	 	Title: 	Chief Executive Officer
	 	 	 
	 	 	Address:

 

	 	EXECUTIVE:
	 	 
	 	 
	 	Name:  	Albert Fouerti

 

	 	Address:	 
	 	 
	 	 

 

    10

     

    

 

Exhibit A

 

Benefits Overview

 

		1.	Goedeker 401(k) Plan

 

		●	Eligible to all full-time employees after one-year of
service

 

		●	Company will match 1% of employee 5% contribution

 

		2.	See attached for summary of benefits under Health, Life
and Disability, Dental, Vision and Critical Illness and Accident policies

 

     

     

    

  

Exhibit B

 

Bonus Criteria

 

	 	 	 	Bonus as a	 
	%
    of Budgeted Company EBITDA	 	 	% of
    Base Salary	 
	 	 	 	 	 
	 	125	%	 	 	100	%
	 	120	%	 	 	95	%
	 	115	%	 	 	90	%
	 	110	%	 	 	85	%
	 	105	%	 	 	80	%
	 	100	%	 	 	75	%
	 	95	%	 	 	80	%
	 	90	%	 	 	65	%
	 	<90%	 	 	 	0

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